-----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, OY/i3zjZnyN9iE4S7xzPF9pVAnWIMCn98oo84tqVbJgT3BwZYJdxeP3XYymM4nEC 6TR+n9wyaJVkULIwDMgtgg== 0000935069-07-000426.txt : 20070301 0000935069-07-000426.hdr.sgml : 20070301 20070301140547 ACCESSION NUMBER: 0000935069-07-000426 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20061231 FILED AS OF DATE: 20070301 DATE AS OF CHANGE: 20070301 EFFECTIVENESS DATE: 20070301 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: 07662217 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_37525nq.txt RQ880_37525NQ.TXT UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM N-Q QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY Investment Company Act file number 811-07255 --------- OPPENHEIMER INTERNATIONAL BOND FUND -------------------------------------------------- (Exact name of registrant as specified in charter) 6803 SOUTH TUCSON WAY, CENTENNIAL, COLORADO 80112-3924 ------------------------------------------------------ (Address of principal executive offices) (Zip code) ROBERT G. ZACK, ESQ. OPPENHEIMERFUNDS, INC. TWO WORLD FINANCIAL CENTER, NEW YORK, NEW YORK 10281-1008 --------------------------------------------------------- (Name and address of agent for service) Registrant's telephone number, including area code: (303) 768-3200 -------------- Date of fiscal year end: SEPTEMBER 30 ------------ Date of reporting period: DECEMBER 31, 2006 ----------------- ITEM 1. SCHEDULE OF INVESTMENTS. Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS DECEMBER 31, 2006 / UNAUDITED - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - -------------------------------------------------------------------------------------------------------------------------- ASSET-BACKED SECURITIES--0.0% - -------------------------------------------------------------------------------------------------------------------------- Taganka Car Loan Finance plc, Automobile Asset-Backed Certificates, Series 2006-1A, Cl. C, 8.65%, 11/14/13 1,2 (Cost $1,350,000) $ 1,350,000 $ 1,350,000 - -------------------------------------------------------------------------------------------------------------------------- U.S. GOVERNMENT OBLIGATIONS--15.5% - -------------------------------------------------------------------------------------------------------------------------- U.S. Treasury Bills, 5.14%, 5/10/07 3,4,5 644,860,000 633,781,305 - -------------------------------------------------------------------------------------------------------------------------- U.S. Treasury Inflationary Index Bonds, 2.50%, 7/15/16 3,6 93,430,000 94,096,631 - -------------------------------------------------------------------------------------------------------------------------- U.S. Treasury Nts., 5.125%, 5/15/16 3,7 197,180,000 203,164,807 -------------------- Total U.S. Government Obligations (Cost $926,881,225) 931,042,743 - -------------------------------------------------------------------------------------------------------------------------- FOREIGN GOVERNMENT OBLIGATIONS--43.3% - -------------------------------------------------------------------------------------------------------------------------- ARGENTINA--1.5% Argentina (Republic of) Bonds: 2%, 9/30/14 1 [ARP] 21,270,000 7,627,348 5.589%, 8/3/12 2 20,544,000 19,376,282 Series V, 7%, 3/28/11 47,005,000 46,552,584 Series VII, 7%, 9/12/13 1,420,000 1,390,890 - -------------------------------------------------------------------------------------------------------------------------- Buenos Aires (Province of) Bonds, Bonos de Consolidacion de Deudas, Series PBA1, 4/1/07 1,8 [ARP] 162,207 72,500 - -------------------------------------------------------------------------------------------------------------------------- Central Bank of Argentina Bonds, 2%, 2/4/18 1 [ARP] 23,237,758 12,253,990 - -------------------------------------------------------------------------------------------------------------------------- Neuquen (Province Del) Sr. Sec. Nts., 8.656%, 10/18/14 1 3,375,000 3,501,563 -------------------- 90,775,157 - -------------------------------------------------------------------------------------------------------------------------- AUSTRALIA--2.4% New South Wales Treasury Corp. Gtd. Bonds, 8%, 3/1/08 [AUD] 181,485,000 145,775,631 - -------------------------------------------------------------------------------------------------------------------------- BELGIUM--1.8% Belgium (Kingdom of) Bonds, Series 44, 5%, 3/28/35 [EUR] 23,355,000 35,188,960 - -------------------------------------------------------------------------------------------------------------------------- Belgium (Kingdom of) Treasury Bills, 3.605%, 5/10/07 9 [EUR] 54,960,000 71,643,014 -------------------- 106,831,974 - -------------------------------------------------------------------------------------------------------------------------- BRAZIL--1.5% Brazil (Federal Republic of) Bonds: 6%, 1/17/17 12,480,000 12,336,480 8%, 1/15/18 14,015,000 15,619,718 8.75%, 2/4/25 1,990,000 2,462,625 8.875%, 10/14/19 23,654,000 28,917,015 10.50%, 7/14/14 18,700,000 23,702,250 - -------------------------------------------------------------------------------------------------------------------------- Brazil (Federal Republic of) Nts., 7.875%, 3/7/15 4,000,000 4,466,000 - -------------------------------------------------------------------------------------------------------------------------- Brazil (Federal Republic of) Unsec. Bonds, 4.75%, 4/10/07 1 [JPY] 500,000,000 4,275,030 -------------------- 91,779,118 - -------------------------------------------------------------------------------------------------------------------------- BULGARIA--0.1% Bulgaria (Republic of) Bonds: 8.25%, 1/15/15 1,500,000 1,786,875 8.25%, 1/15/15 10 1,440,000 1,715,400 -------------------- 3,502,275 - -------------------------------------------------------------------------------------------------------------------------- CANADA--2.3% Canada (Government of) Nts., 4%, 9/1/10 [CAD] 162,770,000 139,659,912 - -------------------------------------------------------------------------------------------------------------------------- COLOMBIA--1.6% Colombia (Republic of) Bonds: 7.375%, 9/18/37 12,096,000 13,015,296
1 | OPPENHEIMER INTERNATIONAL BOND FUND Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS DECEMBER 31, 2006 / UNAUDITED - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - -------------------------------------------------------------------------------------------------------------------------- 10.75%, 1/15/13 $ 10,000,000 $ 12,425,000 12%, 10/22/15 [COP] 64,578,000,000 33,987,400 - -------------------------------------------------------------------------------------------------------------------------- Colombia (Republic of) Nts. 8.25%, 12/22/14 6,655,000 7,586,700 11.75%, 3/1/10 [COP] 35,992,780,000 17,362,155 - -------------------------------------------------------------------------------------------------------------------------- Colombia (Republic of) Unsec. Bonds, 8.125%, 5/21/24 8,290,000 9,616,400 -------------------- 93,992,951 - -------------------------------------------------------------------------------------------------------------------------- COSTA RICA--0.1% Costa Rica (Republic of) Unsec. Bonds, 9.995%, 8/1/20 2,730,000 3,494,400 - -------------------------------------------------------------------------------------------------------------------------- DENMARK--0.5% Denmark (Kingdom of) Bonds: 4%, 11/15/10 [DKK] 51,115,000 9,071,220 4%, 11/15/15 [DKK] 37,735,000 6,724,469 7%, 11/10/24 [DKK] 13,775,000 3,353,035 - -------------------------------------------------------------------------------------------------------------------------- Denmark (Kingdom of) Nts., 4%, 8/15/08 [DKK] 54,440,000 9,658,648 -------------------- 28,807,372 - -------------------------------------------------------------------------------------------------------------------------- EL SALVADOR--0.1% El Salvador (Republic of) Bonds: 7.625%, 9/21/34 10 1,185,000 1,373,415 7.65%, 6/15/35 10 3,025,000 3,440,938 -------------------- 4,814,353 - -------------------------------------------------------------------------------------------------------------------------- FRANCE--4.5% France (Government of) Bonds, 3.25%, 4/25/16 [EUR] 103,420,000 128,810,494 - -------------------------------------------------------------------------------------------------------------------------- France (Government of) Obligations Assimilables du Tresor Bonds, 4%, 4/25/55 [EUR] 63,930,000 83,284,110 - -------------------------------------------------------------------------------------------------------------------------- France (Government of) Treasury Bills, 3.564%, 5/10/07 9 [EUR] 44,460,000 57,945,897 -------------------- 270,040,501 - -------------------------------------------------------------------------------------------------------------------------- GERMANY--5.4% Germany (Federal Republic of) Bonds, Series 05, 4%, 1/4/37 [EUR] 90,775,000 118,904,406 - -------------------------------------------------------------------------------------------------------------------------- Germany (Federal Republic of) Treasury Bills, Series 0906, 3.362%, 3/14/07 155,690,000 204,133,625 9 [EUR] -------------------- 323,038,031 - -------------------------------------------------------------------------------------------------------------------------- GREECE--1.2% Greece (Republic of) Bonds, 4.60%, 5/20/13 [EUR] 54,090,000 73,371,545 - -------------------------------------------------------------------------------------------------------------------------- GUATEMALA--0.0% Guatemala (Republic of) Nts.: 10.25%, 11/8/11 1 160,000 189,440 10.25%, 11/8/11 1 525,000 621,600 -------------------- 811,040 - -------------------------------------------------------------------------------------------------------------------------- INDONESIA--0.2% Indonesia (Republic of) Nts.: 6.75%, 3/10/14 10 5,170,000 5,422,038 7.25%, 4/20/15 10 200,000 216,500 - -------------------------------------------------------------------------------------------------------------------------- Indonesia (Republic of) Unsec. Nts., 8.50%, 10/12/35 3,10 6,540,000 8,134,125 -------------------- 13,772,663
2 | OPPENHEIMER INTERNATIONAL BOND FUND Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS DECEMBER 31, 2006 / UNAUDITED - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - -------------------------------------------------------------------------------------------------------------------------- ISRAEL--0.7% Israel (State of) Bonds, Series 2682, 7.50%, 3/31/14 [ILS] 161,700,000 $ 42,700,439 - -------------------------------------------------------------------------------------------------------------------------- ITALY--3.8% Italy (Republic of) Nts., Certificati di Credito del Tesoro, 3.40%, 7/1/09 2 [EUR] 173,405,000 230,069,785 - -------------------------------------------------------------------------------------------------------------------------- JAPAN--2.6% Japan (Government of) Bonds: 10 yr., Series 268, 1.50%, 3/20/15 [JPY] 5,939,000,000 49,705,844 Series 7, 0.80%, 3/10/16 [JPY] 12,880,275,000 104,986,066 -------------------- 154,691,910 - -------------------------------------------------------------------------------------------------------------------------- MALAYSIA--0.8% Johor Corp. Malaysia (Government of) Bonds, Series P3, 1%, 7/31/12 1 [MYR] 107,980,000 33,973,299 - -------------------------------------------------------------------------------------------------------------------------- Malaysia (Government of) Bonds, Series 2/05, 4.72%, 9/30/15 1 [MYR] 39,730,000 12,016,974 -------------------- 45,990,273 - -------------------------------------------------------------------------------------------------------------------------- MEXICO--0.4% Mexican Williams Sr. Nts., 6.128%, 11/15/08 1,2 500,000 515,313 - -------------------------------------------------------------------------------------------------------------------------- United Mexican States Bonds, Series M30, 10%, 11/20/36 [MXN] 223,830,000 26,944,443 -------------------- 27,459,756 - -------------------------------------------------------------------------------------------------------------------------- NIGERIA--0.4% Nigeria (Federal Republic of) Promissory Nts., Series RC, 5.092%, 1/5/10 408,584 379,962 - -------------------------------------------------------------------------------------------------------------------------- Nigeria (Federal Republic of) Treasury Bonds: Series 5Y13, 12.99%, 9/29/11 [NGN] 866,700,000 7,208,481 Series 7Y16, 11.99%, 12/22/13 11 [NGN] 1,422,500,000 11,044,255 Series 7YR, 12.74%, 10/27/13 [NGN] 487,500,000 4,018,658 -------------------- 22,651,356 - -------------------------------------------------------------------------------------------------------------------------- PANAMA--0.3% Panama (Republic of) Bonds: 7.25%, 3/15/15 13,450,000 14,626,875 9.375%, 4/1/29 1,650,000 2,211,000 -------------------- 16,837,875 - -------------------------------------------------------------------------------------------------------------------------- PERU--2.4% Peru (Republic of) Bonds: 7.84%, 8/12/20 [PEN] 159,510,000 56,283,480 8.20%, 8/12/26 [PEN] 14,410,000 5,287,184 8.375%, 5/3/16 1,380,000 1,645,650 9.91%, 5/5/15 [PEN] 128,732,000 49,987,583 Series 7, 8.60%, 8/12/17 [PEN] 56,965,000 20,977,010 Series 8-1, 12.25%, 8/10/11 [PEN] 18,633,000 7,305,593 - -------------------------------------------------------------------------------------------------------------------------- Peru (Republic of) Sr. Nts., 4.533%, 2/28/16 9 2,470,409 1,429,724 - -------------------------------------------------------------------------------------------------------------------------- Peru (Republic of) Unsec. Unsub. Bonds, 8.75%, 11/21/33 595,000 785,400 -------------------- 143,701,624 - -------------------------------------------------------------------------------------------------------------------------- PHILIPPINES--0.5% Philippines (Republic of the) Bonds: 8%, 1/15/16 2,910,000 3,324,675 9.50%, 2/2/30 6,260,000 8,357,100
3 | OPPENHEIMER INTERNATIONAL BOND FUND Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS DECEMBER 31, 2006 / UNAUDITED - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - -------------------------------------------------------------------------------------------------------------------------- Philippines (Republic of the) Unsec. Bonds: 7.75%, 1/14/31 $ 4,844,000 $ 5,522,160 9%, 2/15/13 12,145,000 14,088,200 -------------------- 31,292,135 - -------------------------------------------------------------------------------------------------------------------------- POLAND--1.1% Poland (Republic of) Bonds: Series 0K0807, 4.191%, 8/12/07 9 [PLZ] 43,990,000 14,740,733 Series DS1013, 5%, 10/24/13 [PLZ] 55,940,000 19,173,800 Series WS0922, 5.75%, 9/23/22 [PLZ] 10,000,000 3,601,333 Series 0511, 4.25%, 5/24/11 [PLZ] 87,085,000 29,145,564 -------------------- 66,661,430 - -------------------------------------------------------------------------------------------------------------------------- RUSSIA--0.1% Russian Ministry of Finance Debs., Series VII, 3%, 5/14/11 4,180,000 3,774,749 - -------------------------------------------------------------------------------------------------------------------------- SPAIN--2.0% Spain (Government of) Bonds, 3.80%, 1/31/17 [EUR] 30,885,000 40,084,249 - -------------------------------------------------------------------------------------------------------------------------- Spain (Government of) Treasury Bills, 3.694%, 10/19/07 9 [EUR] 61,755,000 79,115,447 -------------------- 119,199,696 - -------------------------------------------------------------------------------------------------------------------------- TURKEY--0.4% Turkey (Republic of) Bonds, 7%, 9/26/16 13,160,000 13,439,650 - -------------------------------------------------------------------------------------------------------------------------- Turkey (Republic of) Nts.: 7.25%, 3/15/15 2,515,000 2,612,456 9.50%, 1/15/14 1,610,000 1,883,700 11%, 1/14/13 3,850,000 4,735,500 19.868%, 7/16/08 9 [TRY] 8,755,000 4,584,750 -------------------- 27,256,056 - -------------------------------------------------------------------------------------------------------------------------- UKRAINE--0.1% Ukraine (Government of) Bonds, 7.65%, 6/11/13 4,675,000 5,078,219 - -------------------------------------------------------------------------------------------------------------------------- UNITED KINGDOM--3.8% United Kingdom Treasury Bonds: 5%, 3/7/08 [GBP] 33,070,000 64,602,824 6%, 12/7/28 [GBP] 42,705,000 102,165,314 - -------------------------------------------------------------------------------------------------------------------------- United Kingdom Treasury Nts., 4%, 3/7/09 [GBP] 33,725,000 64,457,387 -------------------- 231,225,525 - -------------------------------------------------------------------------------------------------------------------------- URUGUAY--0.7% Uruguay (Oriental Republic of) Bonds, 7.625%, 3/21/36 12,640,000 13,967,200 - -------------------------------------------------------------------------------------------------------------------------- Uruguay (Oriental Republic of) Unsec. Bonds: 5%, 9/14/18 [UYU] 403,060,000 18,200,768 8%, 11/18/22 11,375,000 12,967,500 -------------------- 45,135,468 -------------------- Total Foreign Government Obligations (Cost $2,495,451,528) 2,604,193,219 - -------------------------------------------------------------------------------------------------------------------------- LOAN PARTICIPATIONS--0.2% - -------------------------------------------------------------------------------------------------------------------------- Credit Suisse First Boston International Export-Import Bank of Ukraine Loan Participation Nts., 8.40%, 2/9/16 5,890,000 6,037,250
4 | OPPENHEIMER INTERNATIONAL BOND FUND Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS DECEMBER 31, 2006 / UNAUDITED - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - -------------------------------------------------------------------------------------------------------------------------- Reachcom Public Ltd. Renaissance Consumer Finance Bank of Russia Loan Participation Nts., 10.50%, 7/27/07 1 [RUR] 131,000,000 $ 4,976,164 -------------------- Total Loan Participations (Cost $10,527,494) 11,013,414 - -------------------------------------------------------------------------------------------------------------------------- CORPORATE BONDS AND NOTES--7.8% - -------------------------------------------------------------------------------------------------------------------------- Aes Dominicana Energia Finance SA, 11% Sr. Nts., 12/13/15 1 7,923,000 8,358,765 - -------------------------------------------------------------------------------------------------------------------------- AES Panama SA, 6.35% Sr. Nts., 12/21/16 1 2,225,000 2,183,148 - -------------------------------------------------------------------------------------------------------------------------- Alrosa Finance SA: 8.875% Nts., 11/17/14 7,050,000 8,186,813 8.875% Nts., 11/17/14 10 7,625,000 8,854,531 - -------------------------------------------------------------------------------------------------------------------------- Autopistas del Nordeste Cayman Ltd., 9.39% Nts., 1/15/26 1 8,544,246 8,843,295 - -------------------------------------------------------------------------------------------------------------------------- Banco BMG SA, 9.15% Nts., 1/15/16 10 9,710,000 9,865,360 - -------------------------------------------------------------------------------------------------------------------------- Banco de Credito del Peru, 6.95% Sub. Nts., 11/7/21 1,2 2,750,000 2,750,000 - -------------------------------------------------------------------------------------------------------------------------- Banco Hipotecario SA, 9.75% Sr. Unsec. Nts., 4/27/16 1 4,325,000 4,173,625 - -------------------------------------------------------------------------------------------------------------------------- C10 Capital SPV Ltd., 6.722% Unsec. Perpetual Debs. 1,12 11,120,000 11,086,195 - -------------------------------------------------------------------------------------------------------------------------- Cloverie plc, 9.615% Sec. Nts., Series 2005-93, 12/20/10 1,2 3,600,000 3,628,800 - -------------------------------------------------------------------------------------------------------------------------- Depfa ACS Bank, 3.50% Sec. Nts., 3/16/11 [EUR] 21,150,000 27,299,986 - -------------------------------------------------------------------------------------------------------------------------- Eletropaulo Metropolitana SA, 19.125% Nts., 6/28/10 1 [BRR] 13,295,000 7,062,872 - -------------------------------------------------------------------------------------------------------------------------- Gaz Capital SA, 8.625% Sr. Unsec. Nts., 4/28/34 10 7,650,000 9,849,375 - -------------------------------------------------------------------------------------------------------------------------- Halyk Savings Bank Kazakhstan Europe BV, 7.75% Nts., 5/13/13 10 4,400,000 4,664,000 - -------------------------------------------------------------------------------------------------------------------------- HBOS Treasury Services plc: 4.375% Sr. Sec. Nts., 7/13/16 [EUR] 59,810,000 80,369,071 4.50% Sr. Sec. Nts., 7/13/21 [EUR] 55,965,000 75,931,181 - -------------------------------------------------------------------------------------------------------------------------- HSBC Bank plc: 11.601% Sr. Unsec. Nts., 1/12/10 9 42,800,000 23,968,000 12.278% Sr. Unsec. Nts., 3/9/09 9 30,220,000 19,038,600 9.751% Sr. Unsec. Nts., 7/8/09 9 30,220,000 19,945,200 - -------------------------------------------------------------------------------------------------------------------------- IIRSA Norte Finance Ltd., 8.75% Sr. Nts., 5/30/24 1 8,915,092 10,497,521 - -------------------------------------------------------------------------------------------------------------------------- Inter-American Development Bank: 6.26% Nts., 12/8/09 2 [BRR] 11,200,000 5,162,222 7.889% Nts., 1/25/12 2 [COP] 13,280,142,929 6,406,167 - -------------------------------------------------------------------------------------------------------------------------- International Bank for Reconstruction & Development (The), 15% Nts., 1/7/10 1 [TRY] 3,000,000 1,963,617 - -------------------------------------------------------------------------------------------------------------------------- Kuznetski Capital SA/Bank of Moscow, 7.375% Nts., 11/26/10 1 5,560,000 5,817,150 - -------------------------------------------------------------------------------------------------------------------------- Majapahit Holding BV: 7.25% Nts., 10/17/11 10 2,860,000 2,949,375 7.75% Nts., 10/17/16 10 2,640,000 2,808,300 - -------------------------------------------------------------------------------------------------------------------------- MHP SA, 10.25% Sr. Sec. Sub. Bonds, 11/30/11 1 2,745,000 2,820,488 - -------------------------------------------------------------------------------------------------------------------------- National Gas Co., 6.05% Nts., 1/15/36 10 4,945,000 4,847,569 - -------------------------------------------------------------------------------------------------------------------------- National Power Corp.: 5.875% Unsec. Unsub. Bonds, 12/19/16 [PHP] 665,100,000 13,843,029 6.875% Nts., 11/2/16 10 2,739,000 2,788,916 9.625% Unsec. Bonds, 5/15/28 5,095,000 6,197,476 - -------------------------------------------------------------------------------------------------------------------------- Nordic Investment Bank, 12.50% Sr. Unsec. Nts., 2/15/09 1 [TRY] 5,000,000 3,156,129 - -------------------------------------------------------------------------------------------------------------------------- Ongko International Finance Co. BV, 10.50% Sec. Nts., 3/29/10 1,13 550,000 -- - -------------------------------------------------------------------------------------------------------------------------- Pemex Project Funding Master Trust, 9.125% Unsec. Unsub. Nts., 10/13/10 4,570,000 5,136,680 - -------------------------------------------------------------------------------------------------------------------------- Petroleum Export Ltd. Cayman SPV, 5.265% Sr. Nts., Cl. A3, 6/15/11 10 11,899,457 11,586,703
5 | OPPENHEIMER INTERNATIONAL BOND FUND Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS DECEMBER 31, 2006 / UNAUDITED - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - -------------------------------------------------------------------------------------------------------------------------- RSHB Capital SA/OJSC Russian Agricultural Bank, 7.175% Nts., 5/16/13 10 $ 10,520,000 $ 11,111,750 - -------------------------------------------------------------------------------------------------------------------------- Salisbury International Investments Ltd., 9.524% Sec. Nts., Series 2006-003, Tranche E, 7/20/11 1,2 2,400,000 2,400,000 - -------------------------------------------------------------------------------------------------------------------------- Telefonica del Peru SA, 8% Sr. Unsec. Bonds, 4/11/16 1 [PEN] 26,033,700 8,979,411 - -------------------------------------------------------------------------------------------------------------------------- Tengizchevroil LLP, 6.124% Nts., 11/15/14 10 5,840,000 5,854,600 - -------------------------------------------------------------------------------------------------------------------------- Tiers-BSP, 0%/8.60% Collateralized Trust, Cl. A, 6/15/97 14 6,065,000 2,562,463 - -------------------------------------------------------------------------------------------------------------------------- UBS Luxembourg SA, 6.23% Sub. Nts., 2/11/15 2 8,020,000 8,162,836 - -------------------------------------------------------------------------------------------------------------------------- VTB Capital SA, 6.25% Sr. Nts., 6/30/35 10 9,490,000 9,703,525 -------------------- Total Corporate Bonds and Notes (Cost $474,548,318) 470,814,744 UNITS - -------------------------------------------------------------------------------------------------------------------------- RIGHTS, WARRANTS AND CERTIFICATES--0.0% - -------------------------------------------------------------------------------------------------------------------------- Venezuela (Republic of) Oil Linked Payment Obligation Wts., Exp. 4/15/20 1,15 (Cost $0) 500 16,625 PRINCIPAL AMOUNT - -------------------------------------------------------------------------------------------------------------------------- STRUCTURED NOTES--24.1% - -------------------------------------------------------------------------------------------------------------------------- Citigroup Global Markets Holdings, Inc.: Argentina (Republic of) Credit Linked Nts., 4%, 5/22/08 6 [ARP] 11,655,000 10,452,083 Argentina (Republic of) Unsec. Credit Linked Nts., 4%, 4/16/10 6 [ARP] 8,940,957 4,976,162 Brazil (Federal Republic of) Unsec. Credit Linked Nts., 10%, 1/5/10 [BRR] 38,356,000 17,741,243 Brazil (Federal Republic of) Unsec. Credit Linked Nts., 10%, 1/5/10 [BRR] 59,878,000 27,696,062 Brazil (Federal Republic of) Unsec. Credit Linked Nts., 10%, 1/5/10 [BRR] 100,000,000 46,254,154 Brazil (Federal Republic of) Unsec. Credit Linked Nts., 14.809%, 1/5/10 9 [BRR] 32,035,902 10,527,689 Brazil (Federal Republic of) Unsec. Credit Linked Nts., 15.427%, 1/2/09 9 [BRR] 28,074,132 10,398,007 Brazil (Federal Republic of) Unsec. Credit Linked Nts., 15.728%, 1/3/08 9 [BRR] 24,719,335 10,297,081 Colombia (Republic of) Credit Linked Bonds, 11%, 7/24/20 [COP] 12,570,000,000 6,565,488 Colombia (Republic of) Credit Linked Nts., Series II, 15%, 4/27/12 [COP] 6,942,469,928 3,862,786 Colombia (Republic of) Unsec. Credit Linked Nts., 15%, 4/27/12 [COP] 31,110,000,000 17,309,585 Colombia (Republic of) Unsec. Credit Linked Nts., 15%, 4/27/12 [COP] 12,430,000,000 6,916,044 Colombia (Republic of) Unsec. Credit Linked Nts., 15%, 4/27/12 [COP] 11,705,100,000 6,512,710 Dominican Republic Credit Linked Nts., 10.105%, 7/2/07 (linked to Dominican Republic Treasury Bills) 9,11 [DOP] 97,400,000 2,765,054 Dominican Republic Credit Linked Nts., 10.705%, 3/5/07 (linked to Dominican Republic Treasury Bills) 9 [DOP] 161,260,000 4,733,523 Dominican Republic Credit Linked Nts., 14.608%, 5/14/07 (linked to Dominican Republic Treasury Bills) 9 [DOP] 189,200,000 5,441,720 Dominican Republic Credit Linked Nts., 16.15%, 3/12/07 (linked to Dominican Republic Treasury Bills) 9 [DOP] 205,500,000 6,019,829 Dominican Republic Credit Linked Nts., 17%, 3/12/07 [DOP] 256,400,000 7,747,879 Dominican Republic Credit Linked Nts., 22%, 10/3/11 [DOP] 158,100,000 5,434,764 Dominican Republic Credit Linked Nts., Series II, 15.603%, 4/23/07 (linked to Dominican Republic Treasury Bills) 9 [DOP] 118,210,000 3,420,739 Dominican Republic Unsec. Credit Linked Nts., 11.648%, 9/24/07 (linked to Dominican Republic Treasury Bills) 9 [DOP] 57,500,000 1,580,674
6 | OPPENHEIMER INTERNATIONAL BOND FUND Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS DECEMBER 31, 2006 / UNAUDITED - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - -------------------------------------------------------------------------------------------------------------------------- Dominican Republic Unsec. Credit Linked Nts., 15.638%, 4/30/07 (linked to Dominican Republic Treasury Bills) 9 [DOP] 108,450,000 $ 3,131,919 Dominican Republic Unsec. Credit Linked Nts., Series II, 15.736%, 4/30/07 (linked to Dominican Republic Treasury Bills) 9 [DOP] 237,770,000 6,866,542 Egypt (The Arab Republic of) Credit Linked Nts., 8.70%, 7/12/07 (linked to Egyptian Treasury Bills) 1,9 [EGP] 51,690,000 8,600,293 Egypt (The Arab Republic of) Credit Linked Nts., 9.079%, 3/22/07 (linked to Egyptian Treasury Bills) 1,9 [EGP] 43,000,000 7,367,653 Egypt (The Arab Republic of) Unsec. Credit Linked Nts., 8.50%, 2/16/08 [EGP] 34,150,000 6,066,726 Egypt (The Arab Republic of) Unsec. Credit Linked Nts., 8.775%, 2/22/07 (linked to Egyptian Treasury Bills) 1,9 [EGP] 49,620,000 8,566,482 Nigeria (Federal Republic of) Credit Linked Nts., 12.474%, 7/22/07 9 [NGN] 1,606,440,000 11,775,155 Nigeria (Federal Republic of) Credit Linked Nts., 14.50%, 3/1/11 [NGN] 2,672,000,000 22,393,974 Nigeria (Federal Republic of) Credit Linked Nts., Series II, 14.50%, 4/4/11 [NGN] 2,032,000,000 17,052,708 Ukraine Hryvnia Unsec. Credit Linked Nts., 11.94%, 1/4/10 [UAH] 13,799,000 2,975,328 Zambia (Republic of) Credit Linked Nts., 10.684%, 2/21/07 (linked to Zambian Treasury Bills) 9 [ZMK] 24,420,000,000 5,442,282 Zambia (Republic of) Credit Linked Nts., Series II, 10.745%, 2/21/07 (linked to Zambian Treasury Bills) 9 [ZMK] 9,980,000,000 2,224,159 - -------------------------------------------------------------------------------------------------------------------------- Credit Suisse First Boston International: Indonesia (Republic of) Total Return Linked Nts., 12%, 9/16/11 [IDR] 116,800,000,000 14,193,924 Lukoil Credit Linked Nts., Series Fbi 105, 7.25%, 11/17/09 [RUR] 321,528,000 12,360,120 Moscow (City of) Credit Linked Nts., Series Fbi 101, 10%, 12/31/10 1 [RUR] 277,800,000 11,871,569 Moscow (City of) Credit Linked Nts., Series Fbi 98, 11%, 4/23/09 [RUR] 280,840,000 11,925,632 OAO Gazprom Credit Linked Nts., 8.11%, 1/21/07 [RUR] 289,282,000 11,403,593 South African Rand Interest Bearing Linked Nts., Series FBi 43, 5.245%, 5/23/22 2 2,100,000 2,063,250 Turkey (Republic of) Credit Linked Nts., Series EMG 59, 21.41%, 7/16/08 9 [TRY] 28,495,000 14,927,132 Ukraine (Republic of) Credit Linked Nts., Series EMG 13, 11.94%, 12/30/09 [UAH] 30,400,000 6,701,841 - -------------------------------------------------------------------------------------------------------------------------- Credit Suisse First Boston, Inc. (Nassau Branch): Turkey (Republic of) Credit Linked Nts., Series 2, 20.853%, 7/16/08 9 [TRY] 39,420,000 20,650,204 Ukraine (Republic of) Credit Linked Nts., Series EMG 11, 11.94%, 12/30/09 [UAH] 9,163,000 2,020,032 Ukraine (Republic of) Credit Linked Nts., Series NPC 12, 11.94%, 12/30/09 [UAH] 65,490,000 14,437,618 - -------------------------------------------------------------------------------------------------------------------------- Deutsche Bank AG: Argentina (Republic of) Credit Linked Nts., 4%, 12/21/11 [ARP] 35,580,000 30,417,713 Arrendadora Capita Corp. SA de CV/Capita Corp. (The) de Mexico SA de CV Credit Linked Nts., 9.09%, 1/5/11 1 [MXN] 124,467,133 11,535,936 Arrendadora Capita Corp. SA de CV/Capita Corp. (The) de Mexico SA de CV Credit Linked Nts., 9.65%, 1/5/11 1 [MXN] 82,043,098 7,632,446 Brazil Real Credit Linked Nts., 13.882%, 3/3/10 9 [BRR] 61,128,560 23,887,777 Brazil Real Credit Linked Nts., 6%, 8/18/10 [BRR] 15,895,000 11,301,340 Campania Total Return Linked Nts., 4.211%, 7/30/10 2 [EUR] 34,900,000 45,691,796 Campania Total Return Linked Nts., 4.248%, 7/30/10 2 [EUR] 40,150,000 53,174,701 Colombia (Republic of) Credit Linked Nts., 13.50%, 9/15/14 [COP] 13,259,000,000 7,355,976
7 | OPPENHEIMER INTERNATIONAL BOND FUND Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS DECEMBER 31, 2006 / UNAUDITED - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - -------------------------------------------------------------------------------------------------------------------------- Egypt (The Arab Republic of) Total Return Linked Nts., 10.029%, 9/12/07 (linked to Egyptian Treasury Bills) 1,9 [EGP] 71,360,000 $ 11,627,510 Egypt (The Arab Republic of) Total Return Linked Nts., 9.096%, 2/1/07 (linked to Egyptian Treasury Bills) 1,9 [EGP] 37,750,000 6,552,917 European Investment Bank, Russian Federation Credit Linked Nts., 5.502%, 1/19/10 9 8,475,000 7,343,588 Grupo TMM SA Credit Linked Nts., 6%, 9/7/12 1 5,264,277 5,304,112 Halyk Bank of Kazakhstan Total Return Linked Nts., Series I, 7.25%, 3/20/09 [KZT] 2,003,690,000 16,517,794 Indonesia (Republic of) Credit Linked Nts., 9.50%, 6/22/15 10,300,162 9,896,395 Indonesia (Republic of) Credit Linked Nts., Series III, 14.25%, 6/15/13 12,412,800 14,913,979 Indonesia (Republic of) Total Return Linked Nts., 12.50%, 3/22/13 [IDR] 84,850,000,000 10,637,502 Nigeria (Federal Republic of) Credit Linked Nts., 12.50%, 2/24/09 [NGN] 525,300,000 4,367,168 Nigeria (Federal Republic of) Credit Linked Nts., 15%, 1/27/09 [NGN] 704,900,000 6,213,847 OAO Gazprom I Credit Nts., 9.22%, 10/20/07 1,435,000 1,502,331 OAO Gazprom II Credit Nts., 8.97%, 4/20/07 1,435,000 1,475,381 Peru (Republic of) Credit Linked Nts., 6.73%, 2/20/11 2 3,255,000 3,315,978 Romania (Republic of) 3 yr. Linked Nts., 12.25%, 10/15/07 [RON] 22,740,000 9,438,709 Romania (Republic of) 3 yr. Linked Nts., 12.89%, 9/24/07 [RON] 3,320,000 1,391,257 Romania (Republic of) 3 yr. Linked Nts., 12.89%, 9/24/07 [RON] 10,000,000 4,190,532 Romania (Republic of) 3 yr. Linked Nts., 12.89%, 9/24/07 [RON] 5,640,000 2,363,460 Russian Federation Credit Linked Nts., 0%, 12/2/09 9 [RUR] 233,573,000 9,278,417 Russian Federation Total Return Linked Nts., Series II, 9%, 4/22/11 [RUR] 288,935,000 11,999,163 Ukraine (Republic of) 5 yr. Credit Linked Nts., 4.05%, 8/25/10 2,505,000 2,608,757 Ukraine (Republic of) 5.5 yr. Credit Linked Nts., 4.05%, 2/25/11 2,505,000 2,606,678 Ukraine (Republic of) 6 yr. Credit Linked Nts., 4.05%, 8/25/11 2,505,000 2,606,227 Ukraine (Republic of) 6.5 yr. Credit Linked Nts., 4.05%, 2/27/12 2,505,000 2,603,021 Ukraine (Republic of) 7 yr. Credit Linked Nts., 4.05%, 8/28/12 2,505,000 2,596,282 Ukraine (Republic of) Credit Linked Nts., 10.208%, 7/1/09 1 [UAH] 27,763,200 5,826,022 Ukraine (Republic of) Credit Linked Nts., 11.94%, 12/30/09 [UAH] 3,228,000 700,147 Ukraine (Republic of) Credit Linked Nts., 11.94%, 12/30/09 [UAH] 11,438,000 2,480,879 Ukraine (Republic of) Credit Linked Nts., 5.592%, 5/16/07 [UAH] 27,990,000 5,598,277 Ukraine (Republic of) Credit Linked Nts., 9.60%, 7/1/09 1 [UAH] 7,953,600 1,669,038 Ukraine (Republic of) Credit Linked Nts., Series A, 5.592%, 5/16/07 [UAH] 27,980,000 5,596,277 United Mexican States BORHIS Total Return Linked Nts., 6.10%, 9/27/35 [MXN] 24,438,872 9,507,956 United Mexican States Credit Linked Nts., 9.52%, 1/5/11 1 [MXN] 82,126,268 7,630,680 Videocon International Ltd. Credit Linked Nts., 6.26%, 12/29/09 1 7,300,000 7,337,741 - -------------------------------------------------------------------------------------------------------------------------- Dresdner Bank AG, Lukoil Credit Linked Nts., Series 3, 7.04%, 12/8/11 [RUR] 213,030,000 8,092,154 - -------------------------------------------------------------------------------------------------------------------------- Goldman Sachs International, Russian Federation Total Return Linked Nts., 8%, 5/13/09 2 [RUR] 573,900,000 22,115,982 - -------------------------------------------------------------------------------------------------------------------------- ING Bank NV, Ukraine (Republic of) Credit Linked Nts., Series 725, 11.89%, 12/30/09 1 [UAH] 64,285,000 13,942,648 - -------------------------------------------------------------------------------------------------------------------------- JPMorgan Chase Bank: Argentina (Republic of) Credit Linked Nts., 4%, 12/19/11 1 [ARP] 36,445,000 31,493,208 Brazil (Federal Republic of) Credit Linked Nts., 12.08%, 1/2/15 9 [BRR] 51,226,300 9,338,700 Brazil (Federal Republic of) Credit Linked Nts., 12.683%, 6/1/13 9 [BRR] 75,340,000 16,428,087 Brazil (Federal Republic of) Credit Linked Nts., 13.847%, 4/1/10 9 [BRR] 129,150,391 41,299,109 Brazil (Federal Republic of) Credit Linked Nts., 15.326%, 1/2/15 9 [BRR] 138,200,796 25,194,396 Brazil (Federal Republic of) Credit Linked Nts., 2.731%, 11/30/12 9 [ARP] 35,605,000 9,664,846 Brazil (Federal Republic of) Credit Linked Nts., 6%, 5/16/45 1 [BRR] 45,170,000 28,693,785
8 | OPPENHEIMER INTERNATIONAL BOND FUND Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS DECEMBER 31, 2006 / UNAUDITED - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - -------------------------------------------------------------------------------------------------------------------------- Brazil (Federal Republic of) Credit Linked Nts., Series II, 13.553%, 1/2/15 9 [BRR] 114,770,000 $ 20,922,896 Colombia (Republic of) Credit Linked Bonds, 10.19%, 1/5/16 9 [COP] 153,800,000,000 27,888,059 Colombia (Republic of) Credit Linked Bonds, 10.218%, 10/31/16 1,9 [COP] 90,697,000,000 14,383,487 Colombia (Republic of) Credit Linked Bonds, 11.198%, 8/3/20 9 [COP] 132,560,000,000 16,452,126 Colombia (Republic of) Credit Linked Bonds, Series A, 10.218%, 10/31/16 1,9 [COP] 90,312,000,000 14,322,430 Peru (Republic of) Credit Linked Nts., 8.115%, 9/2/15 9 [PEN] 40,860,000 7,020,974 Russian Federation Railways Credit Linked Nts., 6.59%, 6/15/07 [RUR] 297,950,000 12,335,119 Swaziland (Kingdom of) Credit Linked Nts., 7.25%, 6/20/10 3,850,000 3,821,895 - -------------------------------------------------------------------------------------------------------------------------- Lehman Brothers International, Romania (Republic of) Total Return Linked Nts., 7.90%, 2/9/10 (linked to Romanian Treasury Bills) [RON] 10,726,400 4,817,727 - -------------------------------------------------------------------------------------------------------------------------- Lehman Brothers Special Financing, Inc.: Argentina (Republic of) Credit Linked Nts., 9.655%, 12/20/15 20,000,000 22,554,000 Romania (Republic of) Total Return Linked Nts., 6.50%, 3/10/10 (linked to Romanian Treasury Bills) [RON] 30,904,100 13,039,524 Romania (Republic of) Total Return Linked Nts., 6.75%, 3/11/08 (linked to Romanian Treasury Bills) [RON] 36,650,000 15,848,268 Romania (Republic of) Total Return Linked Nts., 7.25%, 4/18/10 (linked to Romanian Treasury Bills) [RON] 3,105,000 1,340,432 Romania (Republic of) Total Return Linked Nts., 7.50%, 3/6/07 (linked to Romanian Treasury Bills) [RON] 5,155,000 2,282,533 Romania (Republic of) Total Return Linked Nts., 7.75%, 4/18/08 (linked to Romanian Treasury Bills) [RON] 3,101,000 1,366,477 Romania (Republic of) Total Return Linked Nts., 7.75%, 4/18/08 (linked to Romanian Treasury Bills) [RON] 7,453,000 3,284,217 Romania (Republic of) Total Return Linked Nts., 7.90%, 2/12/08 (linked to Romanian Treasury Bills) [RON] 24,895,500 11,148,784 - -------------------------------------------------------------------------------------------------------------------------- Merrill Lynch, Colombia (Republic of) Credit Linked Nts., 10%, 11/17/16 [COP] 13,289,000,000 5,995,930 - -------------------------------------------------------------------------------------------------------------------------- Merrill Lynch Global Markets & Investment Banking Group Total Return Linked Nts., 10.50%, 5/12/08 (linked to RCCF Loan Participation Nts.) 1 [RUR] 279,000,000 10,598,089 - -------------------------------------------------------------------------------------------------------------------------- Morgan Stanley & Co. International Ltd./Red Arrow International Leasing plc: Total Return Linked Nts., Series A, 8.375%, 6/30/12 1 [RUR] 261,860,487 10,285,227 Total Return Linked Nts., Series B, 11%, 6/30/12 1 [RUR] 216,321,218 8,429,259 - -------------------------------------------------------------------------------------------------------------------------- Morgan Stanley Capital Services, Inc.: Bank Center Credit Total Return Linked Nts., 7.52%, 6/6/08 [KZT] 3,273,000,000 26,063,317 Brazil (Federal Republic of) Sr. Linked Nts., 14.40%, 8/4/16 [BRR] 56,967,568 31,796,782 Philippines (Republic of the) Credit Linked Nts., 10.24%, 9/20/15 1 30,000,000 35,520,000 Philippines (Republic of the) Credit Linked Nts., 8.619%, 9/20/15 1 980,000 1,112,398 Philippines (Republic of the) Credit Linked Nts., 8.22%, 6/20/16 1,2 2,640,000 2,762,496 United Mexican States Credit Linked Nts., 5.64%, 11/20/15 11,760,000 11,934,048 Venezuela (Republic of) 10 yr. Credit Linked Nts., 7.85%, 11/20/15 4,415,000 4,807,494 Venezuela (Republic of) Credit Linked Nts., 6.49%, 5/20/10 8,435,000 8,677,085 Venezuela (Republic of) Credit Linked Nts., 7.382%, 5/20/10 3,850,000 4,200,735 WTI Trading Ltd. Total Return Linked Nts., Series A, 0%, 2/1/09 9,11 10,900,000 10,900,000 WTI Trading Ltd. Total Return Linked Nts., Series B, 0%, 2/1/09 9,11 14,550,000 14,550,000 - -------------------------------------------------------------------------------------------------------------------------- UBS AG: Ghana (Republic of) Credit Linked Nts., 14.47%, 12/21/11 11 [GHC] 73,692,320,000 8,057,726
9 | OPPENHEIMER INTERNATIONAL BOND FUND Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS DECEMBER 31, 2006 / UNAUDITED - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - -------------------------------------------------------------------------------------------------------------------------- Indonesia (Republic of) Credit Linked Nts., 12.80%, 6/15/21 [IDR] 80,000,000,000 $ 10,736,432 Israel (State of) Credit Linked Nts., 7.50%, 4/5/14 [ILS] 56,205,300 16,293,253 -------------------- Total Structured Notes (Cost $1,310,630,371) 1,452,179,253 STRIKE DATE PRICE CONTRACTS - -------------------------------------------------------------------------------------------------------------------------- OPTIONS PURCHASED--0.1% - -------------------------------------------------------------------------------------------------------------------------- Euro (EUR) Call 15 1/4/07 $1.32 384,730,000 1,093,056 - -------------------------------------------------------------------------------------------------------------------------- Euro (EUR) Call 15 1/4/07 1.32 88,780,000 515,812 - -------------------------------------------------------------------------------------------------------------------------- Euro (EUR) Call 15 1/4/07 1.34 111,100,000 14,921 - -------------------------------------------------------------------------------------------------------------------------- Euro (EUR) Call 15 3/5/07 1.33 98,540,000 1,023,436 - -------------------------------------------------------------------------------------------------------------------------- New Turkish Lira (TRY)/Japanese Yen (JPY) Call 15 1/30/07 77.00TRY 32,820,000 1,683,449 -------------------- Total Options Purchased (Cost $8,959,128) 4,330,674 SHARES - -------------------------------------------------------------------------------------------------------------------------- MONEY MARKET FUND--7.2% - -------------------------------------------------------------------------------------------------------------------------- Oppenheimer Institutional Money Market Fund, Cl. E, 5.25% 16,17 (Cost $436,426,915) 436,426,915 436,426,915 - -------------------------------------------------------------------------------------------------------------------------- TOTAL INVESTMENTS, AT VALUE (EXCLUDING INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITIES LOANED) (COST $5,664,774,979) 5,911,367,587 - -------------------------------------------------------------------------------------------------------------------------- PRINCIPAL AMOUNT - -------------------------------------------------------------------------------------------------------------------------- INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITIES LOANED--13.9% 18 - -------------------------------------------------------------------------------------------------------------------------- ASSET-BACKED FLOATING NOTES--0.1% Citigroup Mortgage Loan Trust, Inc., Series 2006-HE1, Cl. A1, 5.41%, 1/25/07 $ 2,060,505 2,060,505 - -------------------------------------------------------------------------------------------------------------------------- Countrywide Asset-Backed Certificates, Series 2005-17, Cl. 4AV1, 5.46%, 1/25/07 1,003,602 1,003,602 - -------------------------------------------------------------------------------------------------------------------------- Whitehawk CDO Funding Corp., 5.41%, 3/15/07 2,000,000 2,000,000 -------------------- 5,064,107 - -------------------------------------------------------------------------------------------------------------------------- JOINT REPURCHASE AGREEMENTS--13.7% Undivided interest of 20.02% in joint repurchase agreement (Principal Amount/Value $3,000,000,000, with a maturity value of $3,001,776,667) with Morgan Stanley, 5.33%, dated 12/29/06, to be repurchased at $600,919,677 on 1/2/07, collateralized by U.S. Agency Mortgages, 4%-6.50%, 1/1/18-11/1/46, with a value of $3,060,000,000 600,564,010 600,564,010 - -------------------------------------------------------------------------------------------------------------------------- Undivided interest of 3.08% in joint repurchase agreement (Principal Amount/Value $4,100,000,000, with a maturity value of $4,102,437,222) with Nomura Securities, 5.35%, dated 12/29/06, to be repurchased at $126,349,265 on 1/2/07, collateralized by U.S. Agency Mortgages, 0.00%-22.12%, 3/15/14-5/1/46, with a value of $4,182,000,000 126,274,202 126,274,202 - -------------------------------------------------------------------------------------------------------------------------- Undivided interest of 6.67% in joint repurchase agreement (Principal Amount/Value $1,500,000,000, with a maturity value of 1,500,887,083 with Banc of America Securities LLC, 5.3225%, dated 12/29/06, to be repurchased at $100,059,139 on 1/2/07, collateralized by U.S. Agency Mortgages, 0.00%-6%, 8/1/34-11/15/36, with a value of $1,530,000,000 100,000,000 100,000,000 -------------------- 826,838,212
10 | OPPENHEIMER INTERNATIONAL BOND FUND Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS DECEMBER 31, 2006 / UNAUDITED - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - -------------------------------------------------------------------------------------------------------------------------- MEDIUM-TERM FLOATING NOTE--0.1% American Express Credit Corp., 5.36%, 1/16/07 $ 2,000,000 $ 2,000,000 MBIA Global Funding LLC, 5.36%, 1/30/07 2,000,000 2,000,000 -------------------- 4,000,000 - -------------------------------------------------------------------------------------------------------------------------- YANKEE CERTIFICATE OF DEPOSIT FLOATING NOTE--0.0% Natexis Banques Populaires NY, 5.37%, 1/2/07 2,000,000 2,000,000 -------------------- Total Investments Purchased with Cash Collateral from Securities Loaned (Cost $837,902,319) 837,902,319 - -------------------------------------------------------------------------------------------------------------------------- TOTAL INVESTMENTS, AT VALUE (COST $6,502,677,298) 112.1% 6,749,269,906 - -------------------------------------------------------------------------------------------------------------------------- LIABILITIES IN EXCESS OF OTHER ASSETS (12.1) (730,293,168) -------------------------------------- NET ASSETS 100.0% $ 6,018,976,738 ======================================
FOOTNOTES TO STATEMENT OF INVESTMENTS PRINCIPAL AMOUNT IS REPORTED IN U.S. DOLLARS, EXCEPT FOR THOSE DENOTED IN THE FOLLOWING CURRENCIES: ARP Argentine Peso AUD Australian Dollar BRR Brazilian Real CAD Canadian Dollar COP Colombian Peso DKK Danish Krone DOP Dominican Republic Peso EGP Egyptian Pounds EUR Euro GBP British Pound Sterling GHC Ghanaian Cedi IDR Indonesia Rupiah ILS Israeli Shekel JPY Japanese Yen KZT Kazakhstan Tenge MXN Mexican Nuevo Peso MYR Malaysian Ringgit NGN Nigeria Naira PEN Peruvian New Sol PHP Philippines Peso PLZ Polish Zloty RON New Romanian Leu RUR Russian Ruble TRY New Turkish Lira UAH Ukraine Hryvnia UYU Uruguay Peso ZMK Zambian Kwacha 1. Illiquid security. The aggregate value of illiquid securities as of December 31, 2006 was $438,176,288, which represents 7.28% of the Fund's net assets. In addition, the Fund has restricted currency of $3,712,719, which represents 0.06% of the Fund's net assets. See accompanying Notes. 2. Represents the current interest rate for a variable or increasing rate security. 3. Partial or fully-loaned security. See accompanying Notes. 4. A sufficient amount of securities has been designated to cover outstanding written put options, as follows 11 | OPPENHEIMER INTERNATIONAL BOND FUND Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS DECEMBER 31, 2006 / UNAUDITED - --------------------------------------------------------------------------------
CONTRACTS EXPIRATION EXERCISE PREMIUM SUBJECT TO PUT DATES PRICE RECEIVED VALUE - --------------------------------------------------------------------------------------------------------------------------- Euro (EUR) 98,540,000 3/5/07 $ 1.3055 $ 729,196 $771,401 - --------------------------------------------------------------------------------------------------------------------------- New Turkish Lira (TRY)/Japanese Yen (JPY) 32,820,000 1/30/07 65.0000 TRY 556,532 -- --------------------------- $ 1,285,728 $771,401 ===========================
5. A sufficient amount of securities has been designated to cover outstanding foreign currency contracts. See accompanying Notes. 6. Denotes an inflation-indexed security: coupon and principal are indexed to the consumer price index. 7. All or a portion of the security is held in collateralized accounts to cover initial margin requirements on open futures contracts. The aggregate market value of such securities is $41,152,259. See accompanying Notes. 8. Issue is in default. See accompanying Notes. 9. Zero coupon bond reflects effective yield on the date of purchase. 10. 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 $105,186,420 or 1.75% of the Fund's net assets as of December 31, 2006. 11. When-issued security or forward commitment to be delivered and settled after December 31, 2006. See accompanying Notes. 12. This bond has no contractual maturity date, is not redeemable and contractually pays an indefinite stream of interest. Rate reported represents the current interest rate for this variable rate security. 13. Issuer is in default. Non-income producing security. See accompanying Notes. 14. Denotes a step bond: a zero coupon bond that converts to a fixed or variable interest rate at a designated future date. 15. Non-income producing security. 16. Rate shown is the 7-day yield as of December 31, 2006. 17. Represents ownership of an affiliated fund, at or during the period ended December 31, 2006. Transactions during the period in which the issuer was an affiliate are as follows:
SHARES GROSS GROSS SHARES SEPTEMBER 30, 2006 ADDITIONS REDUCTIONS DECEMBER 31, 2006 - ---------------------------------------------------------------------------------------------------------------------------- Oppenhiemer Institutional Money Market Fund, Cl. E, 5.25%* -- 1,069,998,912 633,571,997 436,426,915
DIVIDEND VALUE INCOME - ---------------------------------------------------------------------------------------------------------------------------- Oppenhiemer Institutional Money Market Fund, Cl. E, 5.25%* $436,426,915 $4,879,218
* The money market fund and the Fund are affiliated by having the same investment advisor. 18. The security/securities have 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 $2,208,019,202 32.7% Brazil 450,149,304 6.7 United Kingdom 387,525,777 5.7 Italy 328,936,282 4.9 Germany 323,038,031 4.8 France 270,040,501 4.0 Russia 222,802,517 3.3 Colombia 221,557,572 3.3 Argentina 194,841,948 2.9 Peru 176,265,508 2.6 Japan 154,691,910 2.3 Australia 145,775,631 2.1 Canada 139,659,912 2.1 Turkey 125,785,192 1.9 Spain 119,199,696 1.8 Ukraine 114,355,029 1.7 Belgium 106,831,974 1.6 12 | OPPENHEIMER INTERNATIONAL BOND FUND Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS DECEMBER 31, 2006 / UNAUDITED - -------------------------------------------------------------------------------- Mexico 97,227,809 1.4 Philippines 96,078,913 1.4 Nigeria 84,454,208 1.2 Indonesia 79,908,570 1.2 Greece 73,371,545 1.1 Romania 70,511,920 1.0 Poland 66,661,430 1.0 Dominican Republic 64,344,703 0.9 Egypt 60,368,284 0.9 Israel 58,993,692 0.9 Kazakhstan 53,099,711 0.8 Malaysia 45,990,273 0.7 Uruguay 45,135,468 0.7 Denmark 28,807,372 0.4 Ireland 27,299,986 0.4 Supranational 24,400,384 0.3 Panama 19,021,023 0.3 Venezuela 17,701,939 0.2 Ghana 8,057,726 0.1 Zambia 7,666,441 0.1 India 7,337,741 0.1 Trinidad & Tobago 4,847,569 0.1 El Salvador 4,814,353 0.1 Swaziland 3,821,895 0.1 Bulgaria 3,502,275 0.1 Costa Rica 3,494,400 0.1 South Africa 2,063,250 0.0 Guatemala 811,040 0.0 ------------------------------------ Total $ 6,749,269,906 100.0% ==================================== NOTES TO STATEMENT OF INVESTMENTS SECURITIES VALUATION. The Fund calculates the net asset value of its shares as of the close of the New York Stock Exchange (the "Exchange"), normally 4:00 P.M. Eastern time, on each day the Exchange is open for 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(R) 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. Options are valued daily based upon the last sale price on the principal exchange on which the option is traded. 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. Investments in open-end registered investment companies (including affiliated funds) are valued at that fund's net asset value. Short-term "money market type" debt securities with remaining maturities of sixty days or less are valued at amortized cost (which approximates market value). 13 | OPPENHEIMER INTERNATIONAL BOND FUND Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS DECEMBER 31, 2006 / UNAUDITED - -------------------------------------------------------------------------------- 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. 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 take place generally at least ten days or more after the trade date. Normally the settlement date occurs within six months after the trade date; however, the Fund may, from time to time, purchase securities whose settlement date extends six months or more beyond trade date. During this period, such securities do not earn interest, are subject to market fluctuation and may increase or decrease in value prior to their delivery. The Fund maintains internally designated assets with a market value equal to or greater than the amount of its purchase commitments. The purchase of securities on a when-issued basis or forward commitment may increase the volatility of the Fund's net asset value to the extent the Fund executes such transactions while remaining substantially fully invested. The Fund may also sell securities that it purchased on a when-issued basis or forward commitment prior to settlement of the original purchase. As of December 31, 2006, the Fund had purchased $47,494,586 of securities issued on a when-issued basis or forward commitment. SECURITY CREDIT RISK. The Fund invests in high-yield securities, which may be subject to a greater degree of credit risk, market fluctuations and loss of income and principal, and may be more sensitive to economic conditions than lower-yielding, higher-rated fixed-income securities. The Fund may acquire securities in default, and is not obligated to dispose of securities whose issuers subsequently default. As of December 31, 2006, securities with an aggregate market value of $72,500, representing less than 0.01% of the Fund's net assets, were in default. FOREIGN CURRENCY TRANSLATION. The Fund's accounting records are maintained in U.S. dollars. The values of securities denominated in foreign currencies and amounts related to the purchase and sale of foreign securities and foreign investment income are translated into U.S. dollars as of the close of the New York Stock Exchange (the "Exchange"), normally 4:00 P.M. Eastern time, on each day the Exchange is open for business. Foreign exchange rates may be valued primarily using dealer supplied valuations or a portfolio pricing service authorized by the Board of Trustees. Reported net realized foreign exchange gains or losses arise from sales of portfolio securities, sales and maturities of short-term securities, sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the values of assets and liabilities, including investments in securities at fiscal period end, resulting from changes in exchange rates. The effect of changes in foreign currency exchange rates on investments is separately identified from the fluctuations arising from changes in market values of securities held and reported with all other foreign currency gains and losses in the Fund's Statement of Operations in the annual and semiannual reports. AFFILIATED FUNDS. The Fund is permitted to invest daily available cash balances in affiliated money market funds. Each day, the Fund invests the available cash in Class E shares of Oppenheimer Institutional Money Market Fund ("IMMF") which seeks current income and stability of principal. IMMF is a registered open-end management investment company, regulated as a money market fund under the Investment Company Act of 1940, as amended. The Manager is also the investment advisor of IMMF. The Fund's investment in IMMF is included in the Statement of Investments. As a shareholder, the Fund is subject to its proportional share of IMMF's Class E expenses, including its management fee. The Manager will waive fees and/or reimburse Fund expenses in an amount equal to the indirect management fees incurred through the Fund's investment in IMMF. 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. 14 | OPPENHEIMER INTERNATIONAL BOND FUND Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS DECEMBER 31, 2006 / UNAUDITED - -------------------------------------------------------------------------------- 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. INVESTMENTS WITH OFF BALANCE SHEET RISK. The Fund enters into financial instrument transactions (such as swaps, futures, options and other derivatives) that may have off-balance sheet market risk. Off-balance sheet market risk exists when the maximum potential loss on a particular financial instrument is greater than the value of such financial instrument, as reflected in the Fund's Statement of Assets and Liabilities in the annual and semiannual reports. FOREIGN CURRENCY CONTRACTS A foreign currency contract is a commitment to purchase or sell a foreign currency at a future date, at a negotiated rate. The Fund may enter into foreign currency contracts to settle specific purchases or sales of securities denominated in a foreign currency and for protection from adverse exchange rate fluctuation. Risks to the Fund include the potential inability of the counterparty to meet the terms of the contract. The net U.S. dollar value of foreign currency underlying all contractual commitments held by the Fund and the resulting unrealized appreciation or depreciation are determined using prevailing foreign currency exchange rates. Unrealized appreciation and depreciation on foreign currency contracts are reported in the Statement of Assets and Liabilities in the annual and semiannual reports as a receivable or payable and in the Statement of Operations in the annual and semiannual reports with the change in unrealized appreciation or depreciation. The Fund may realize a gain or loss upon the closing or settlement of the foreign transaction. Contracts closed or settled with the same broker are recorded as net realized gains or losses. Such realized gains and losses are reported with all other foreign currency gains and losses in the Statement of Operations in the annual and semiannual reports. As of December 31, 2006, the Fund had outstanding foreign currency contracts as follows:
EXPIRATION CONTRACT AMOUNT VALUATION AS OF UNREALIZED UNREALIZED CONTRACT DESCRIPTION DATES (000S) DECEMBER 31, 2006 APPRECIATION DEPRECIATION - ----------------------------------------------------------------------------------------------------------------------------------- CONTRACTS TO PURCHASE Argentine Peso (ARP) 1/19/07 177,850 ARP $ 58,143,717 $ 117,615 $ -- Australian Dollar (AUD) 1/16/07 1,823 AUD 1,438,332 7,277 -- Brazilian Real (BRR) 2/2/07-1/13/10 463,329 BRR 196,349,615 33,478,321 -- British Pound Sterling (GBP) 1/10/07-1/16/07 58,215 GBP 113,992,340 2,900,915 28,407 Canadian Dollar (CAD) 1/16/07 6,345 CAD 5,443,621 -- 54,646 Chilean Peso (CLP) 2/20/07-3/28/07 23,557,000 CLP 44,248,275 -- 402,937 Dominican Republic Peso (DOP) 1/10/07 92,914 DOP 2,777,700 -- 8,329 Euro (EUR) 1/5/07-1/16/07 508,315 EUR 671,204,949 16,277,903 319,080 Ghanaian Cedi (GHC) 1/8/07 74,945,089 GHC 8,125,640 5,912 -- Hungarian Forint (HUF) 1/4/07 11,500,000 HUF 60,364,949 1,366,385 -- Japanese Yen (JPY) 1/10/07-1/16/07 155,623,000 JPY 1,309,666,254 -- 20,645,282
15 | OPPENHEIMER INTERNATIONAL BOND FUND Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS DECEMBER 31, 2006 / UNAUDITED - -------------------------------------------------------------------------------- Malaysian Ringgit (MYR) 2/16/07-2/21/07 97,730 MYR 27,768,086 754,071 -- Mexican Nuevo Peso (MXN) 2/22/07-2/27/07 1,402,690 MXN 129,534,314 2,465,059 -- New Turkish Lira (TRY) 1/22/07 80,000 TRY 56,028,137 703,103 -- Norwegian Krone (NOK) 1/10/07 590,510 NOK 94,752,106 1,487,414 756,309 Russian Ruble (RUR) 3/6/07-3/7/06 1,424,045 RUR 54,107,221 -- 234,326 South African Rand (ZAR) 1/8/07 416,000 ZAR 59,259,550 1,433,584 -- South Korean Won (KRW) 1/12/07-2/2/07 51,918,000 KRW 55,852,668 828,692 -- Swiss Franc (CHF) 1/5/07-1/16/07 129,824 CHF 106,628,385 1,097,177 439,550 Thailand Baht (THB) 1/17/07 1,348,000 THB 37,814,726 1,906,361 -- ------------------------------ 64,829,789 22,888,866 ------------------------------ CONTRACTS TO SELL Australian Dollar (AUD) 1/10/07 129,580 AUD 102,254,809 -- 4,556,824 Brazilian Real (BRR) 1/24/07 106,600 BRR 49,662,512 -- 837,538 British Pound Sterling (GBP) 2/7/07 17,700 GBP 34,664,466 -- 1,197,236 Canadian Dollar (CAD) 1/10/07 146,900 CAD 126,008,275 5,730,323 -- Chinese Renminbi (CNY) 1/22/07 444,600 CNY 57,162,262 -- 48,767 Czech Koruna (CZK) 1/22/07 1,230,000 CZK 59,185,734 148,564 -- Euro (EUR) 2/7/07-2/15/07 56,920 EUR 75,288,001 -- 1,901,901 Indian Rupee (INR) 1/2/07 3,500 INR 79,073 -- 497 Japanese Yen (JPY) 1/22/07-2/15/07 20,929,000 JPY 176,738,229 3,337,774 -- New Taiwan Dollar (TWD) 1/4/07 1,850,000 TWD 56,802,570 255,691 -- Swedish Krone (SEK) 1/10/07 417,160 SEK 60,977,069 174,498 355,720 Swiss Franc (CHF) 1/22/07-2/15/07 103,650 CHF 85,303,719 131,786 464,727 ------------------------------ 9,778,636 9,363,210 ------------------------------ Total unrealized appreciation and depreciation $ 74,608,425 $ 32,252,076 ==============================
FUTURES CONTRACTS 16 | OPPENHEIMER INTERNATIONAL BOND FUND Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS DECEMBER 31, 2006 / UNAUDITED - -------------------------------------------------------------------------------- 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 at the closing and expiration of futures contracts. The net change in unrealized appreciation and depreciation is reported in the Statement of Operations in the annual and semiannual reports. Risks of entering into futures contracts (and related options) include the possibility that there may be an illiquid market and that a change in the value of the contract or option may not correlate with changes in the value of the underlying securities. As of December 31, 2006, the Fund had outstanding futures contracts as follows:
UNREALIZED EXPIRATION NUMBER OF VALUATION AS OF APPRECIATION CONTRACT DESCRIPTION DATES CONTRACTS DECEMBER 31, 2006 (DEPRECIATION) - ----------------------------------------------------------------------------------------------------------------- CONTRACTS TO PURCHASE Amsterdam Exchange Index 1/19/07 46 $ 6,031,523 $ 157,307 Canada (Government of) Bonds, 10 yr. 3/21/07 588 57,390,696 (558,622) DAX Index 3/16/07 198 43,468,913 762,799 Euro-Bundesobligation, 10 yr. 3/8/07 3,989 610,974,418 (14,828,861) Euro-Schatz 3/8/07 4,684 639,733,430 (3,691,305) Japan (Government of) Bonds, 10 yr. 3/9/07 435 489,994,118 (2,527,160) OMXS30 Index 1/26/07 2,582 43,505,094 271,974 Stardard & Poor's/MIB Index, 10 yr. 3/16/07 22 6,063,032 75,749 U.S. Long Bonds 3/21/07 44 4,903,250 (95,291) United Kingdom Long Gilt 3/28/07 681 144,178,979 (1,815,392) --------------- (22,248,802) ---------------
17 | OPPENHEIMER INTERNATIONAL BOND FUND Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS DECEMBER 31, 2006 / UNAUDITED - -------------------------------------------------------------------------------- CONTRACTS TO SELL Australia (Commonwealth of) Bonds, 10 yr. 3/15/07 283 22,547,385 413,604 CAC-40 10 Index 1/19/07 273 20,007,867 (395,239) DAX Index 3/16/07 110 24,149,396 (423,884) Euro-Bundesobligation 3/8/07 196 28,154,868 207,712 FTSE 100 Index 3/16/07 333 40,528,812 (247,608) FTSE/JSE Top 40 Index 3/15/07 202 6,592,344 (181,869) Nikkei 225 Index 3/8/07 633 91,860,930 (5,289,573) Stardard & Poor's 500 E-Mini 3/16/07 662 47,280,040 (54,052) U.S. Treasury Nts., 5 yr. 3/30/07 1,208 126,915,500 945,257 U.S. Treasury Nts., 10 yr. 3/21/07 929 99,838,469 792,937 --------------- (4,232,715) --------------- $ (26,481,517) ===============
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 or put options are noted in the Statement of Investments where applicable. Contracts subject to call or put, expiration date, exercise price, premium received and market value are detailed in a note to the Statement of Investments. Options written are reported as a liability in the Statement of Assets and Liabilities in the annual and semiannual reports. Realized gains and losses are reported in the Statement of Operations in the annual and semiannual reports. The risk in writing a call option is that the Fund gives up the opportunity for profit if the market price of the security increases and the option is exercised. The risk in writing a put option is that the Fund may incur a loss if the market price of the security decreases and the option is exercised. The risk in buying an option is that the Fund pays a premium whether or not the option is exercised. The Fund also has the additional risk of not being able to enter into a closing transaction if a liquid secondary market does not exist. Written option activity for the period ended December 31, 2006 was as follows: 18 | OPPENHEIMER INTERNATIONAL BOND FUND Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS DECEMBER 31, 2006 / UNAUDITED - --------------------------------------------------------------------------------
CALL OPTIONS PUT OPTIONS --------------------------- ------------------------- NUMBER OF AMOUNT OF NUMBER OF AMOUNT OF CONTRACTS PREMIUMS CONTRACTS PREMIUMS - ---------------------------------------------------------------------------------------- Options outstanding as of September 30, 2006 -- $ -- 32,820,000 $ 556,532 Options written 12,620,000 91,713 111,160,000 820,908 Options closed or expired (12,620,000) (91,713) (12,620,000) (91,712) ------------------------------------------------------- Options outstanding as of December 31, 2006 -- $ -- 131,360,000 $1,285,728 =======================================================
TOTAL RETURN SWAP CONTRACTS A total return swap is an agreement under which a set of future cash flows is exchanged between two counterparties. One cash flow stream will typically be based on a reference interest rate or index and the other on the total return of a reference asset such as a security, a basket of securities, or an index. The total return includes appreciation or depreciation on the reference asset, plus any interest or dividend payments. Payments under the swap are based on an agreed upon principal amount but since this principal amount is not exchanged, it represents neither an asset nor a liability to either counterparty, and is referred to as notional. Total return swaps are marked to market daily using different sources, including quotations from counterparties, pricing services, brokers or market makers. The unrealized appreciation (depreciation) related to the change in the valuation of the notional amount of the swap is combined with the amount due to (owed by) the Fund at termination or settlement and disclosed separately on the Statement of Assets and Liabilities in the annual and semiannual reports. The net change in this amount is included on the Statement of Operations in the annual and semiannual reports. The Fund also records any periodic payments received from (paid to) the counterparty, including at termination, under such contracts as realized gain (loss) on the Statement of Operations in the annual and semiannual reports. The primary risks associated with total return swaps are credit risks (if the counterparty fails to meet its obligations) and market risk (if there is no liquid market for the agreement or unfavorable changes occur in the reference asset). As of December 31, 2006, the Fund had entered into the following total return swap agreements:
UNREALIZED SWAP NOTIONAL TERMINATION APPRECIATION COUNTERPARTY AMOUNT/UNITS PAID BY THE FUND RECEIVED BY THE FUND DATES (DEPRECIATION) - ------------------------------------------------------------------------------------------------------------------------------------ Deutsche Bank AG: 16,760,000 Six-Month BBA LIBOR 5.46 % 5/13/15 $ 3,459,766 11,050,000 Six-Month LIBOR 5.25 6/23/15 1,906,171 - ------------------------------------------------------------------------------------------------------------------------------------ Goldman Sachs Group, Inc. (The): 11,580,000 Six-Month BBA LIBOR 5.10 1/14/15 2,346,359 11,580,000 Six-Month BBA LIBOR 5.08 1/20/15 2,579,039 - ------------------------------------------------------------------------------------------------------------------------------------ Goldman Sachs International: If negative, the absolute value of the If positive, the Total Total Return of the Return of the BMU/BOVESPA 312 BMU/BOVESPA 2/07 Index. 2/07 Index. 2/14/07 133,458 If negative, the absolute If positive, the Total value of the Total Return Return of the INDF/NSE INDF/NSE NIFTY Index 1/07 703 NIFTY Index 1/07 Future. Future. 1/25/07 (215,049)
19 | OPPENHEIMER INTERNATIONAL BOND FUND Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS DECEMBER 31, 2006 / UNAUDITED - -------------------------------------------------------------------------------- If positive, the absolute value of the Total Return of the If negative, the Total Swiss Market Index 3/07 Return of the Swiss 81 Future. Market Index 3/07 Future. 3/19/07 (84,519) One-Month BBA LIBOR USD and if negative, the absolute value of the If positive, the Total Total Return of the MSCI Return of the MSCI Daily Daily Total Return Net Total Return Net Belgium 552 Belgium USD Market Index. USD Market Index. 10/8/07 $ 259,203 - ------------------------------------------------------------------------------------------------------------------------------------ Morgan Stanley & Co. International Ltd. If negative, the absolute value of the Total Return of the If positive, the Total 57 KS200 12/06 Future. Return KS200 12/06 Future. 12/15/09 243,954 - ------------------------------------------------------------------------------------------------------------------------------------ Morgan Stanley International: One-Month BBA LIBOR EUR If positive, the Total and if negative the Return of a custom basket absolute value of the of securities plus the Total Return of a custom dividends from the basket 345,603 basket of securities. of securities. 10/9/07 3,373,378 One-Month BBA LIBOR GBP If positive, the Total and if negative the Return of a custom basket absolute value of the of securities plus the Total Return of a custom dividends from the basket 162,850 basket of securities. of securities. 10/9/07 2,261,967 One-Month BBA LIBOR JPY If positive, the Total and if negative the Return of a custom basket absolute value of the of securities plus the Total Return of a custom dividends from the basket 40,719,806 basket of securities. of securities. 12/20/07 813,537 ------------- $ 18,630,859 =============
Abbreviations are as follows: BBA LIBOR British Bankers' Association London-Interbank Offered Rate BBA LIBOR EUR British Bankers' Association London-Interbank Offered Rate for Euro British Bankers' Association London-Interbank Offered Rate for British Pound BBA LIBOR GBP Sterling BBA LIBOR JPY British Bankers' Association London-Interbank Offered Rate for Yen British Bankers' Association London-Interbank Offered Rate for United States BBA LIBOR USD Dollar BMU/BOVESPA Bovespa Index that trades on the Sao Paulo Stock Exchange INDF/NSE NIFTY Index Indian National Stock Exchange Nifty Index KS200 Korean Stock Exchange Capitalization-weighted Index LIBOR London-Interbank Offered Rate. INTEREST RATE SWAP CONTRACTS An interest rate swap is an agreement under which a set of future cash flows is exchanged between two counterparties. Interest rate swaps involve the exchange of rights to receive or commitments to pay interest. One cash flow stream will typically be a floating rate payment based upon a specified index while the other is typically a fixed rate. Payments under the swap are based on an agreed upon principal amount but since this principal amount is not exchanged, it represents neither an asset nor a liability to either counterparty, and is referred to as notional. Interest rate swaps are marked to market daily using different sources, including quotations from counterparties, pricing services, brokers or market makers. The unrealized appreciation (depreciation) related to the change in the 20 | OPPENHEIMER INTERNATIONAL BOND FUND Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS DECEMBER 31, 2006 / UNAUDITED - -------------------------------------------------------------------------------- valuation of the notional amount of the swap is combined with the amount due to (owed by) the Fund at termination or settlement and disclosed separately on the Statement of Assets and Liabilities in the annual and semiannual reports. The net change in this amount is included on the Statement of Operations in the annual and semiannual reports. The Fund also records any periodic payments received from (paid to) the counterparty, including at termination, under such contracts as realized gain (loss) on the Statement of Operations in the annual and semiannual reports. Swap agreements entail both interest rate risk and credit risk. There is a risk, based on movements of interest rates in the future, the payments made by the Fund under a swap agreement will be greater than the payments it received. Credit risk arises from the possibility that the counterparty will default. If the counterparty defaults, the Fund's loss will consist of the net amount of contractual interest payments that the Fund has not yet received. The Manager will monitor the creditworthiness of counterparties to the Fund's interest rate swap transactions on an ongoing basis. As of December 31, 2006, the Fund had entered into the following interest rate swap agreements:
UNREALIZED SWAP NOTIONAL PAID BY RECEIVED BY TERMINATION APPRECIATION COUNTERPARTY AMOUNT THE FUND THE FUND DATES (DEPRECIATION) - ------------------------------------------------------------------------------------------------------------------------------ Barclays Bank plc 114,700,000 MXN MXN TIIE 9.27 % 7/17/26 $ 1,150,050 - ------------------------------------------------------------------------------------------------------------------------------ Citigroup Global Markets Holdings, Inc.: 16,830,000 PLZ Six-Month WIBO 5.52 3/24/10 283,995 26,928,000 PLZ Six-Month WIBO 5.55 3/25/10 460,623 489,400,000 TWD 2.320 % TWD-telerate 6/27/11 (203,347) - ------------------------------------------------------------------------------------------------------------------------------ Credit Suisse First Boston, Inc. (Nassau Branch) 46,785,000 PLZ Six-Month WIBO 4.48 7/1/10 (220,344) - ------------------------------------------------------------------------------------------------------------------------------ Credit Suisse First Boston International 112,580,000 MXN 28-Day MXN TIIE 10.00 7/9/15 1,472,993 - ------------------------------------------------------------------------------------------------------------------------------ Deutsche Bank AG 2,387,000,000 HUF 8.440 Six-Month BUBOR 7/4/11 (3,002) - ------------------------------------------------------------------------------------------------------------------------------ Deutsche Bank AG, 5 yr. 490,200,000 INR 7.175 INR MIBOR-OIS Compound 6/27/11 128,663 - ------------------------------------------------------------------------------------------------------------------------------ Goldman Sachs Capital Markets LP: 16,060,000 BRR BZDI 12.84 1/2/14 103,846 26,730,000 BRR BZDI 12.87 1/2/14 183,326 34,800,000 BRR BZDI 12.73 1/2/14 175,133 53,240,000 BRR BZDI 12.67 1/4/10 144,588 53,240,000 BRR BZDI 12.71 1/4/10 163,897 53,700,000 BRR BZDI 12.92 1/2/14 402,976 55,700,000 MXN MXN TIIE 10.00 6/24/15 733,095 60,800,000 MXN MXN TIIE 9.33 9/16/26 724,951 75,174,396 BRR BZDI 17.18 1/2/08 2,233,091 93,375,000 MXN MXN TIIE 10.43 5/29/15 1,457,860 93,375,000 MXN MXN TIIE 10.30 6/1/15 1,384,508 94,500,000 MXN MXN TIIE 10.29 6/4/15 1,394,972 120,050,000 MXN MXN TIIE 10.22 1/30/15 1,695,466 159,910,000 BRR BZDI 12.61 1/4/10 350,088 - ------------------------------------------------------------------------------------------------------------------------------
21 | OPPENHEIMER INTERNATIONAL BOND FUND Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS DECEMBER 31, 2006 / UNAUDITED - -------------------------------------------------------------------------------- Goldman Sachs Group, Inc. (The): 27,880,000 BRR BZDI 14.05 1/2/12 548,910 38,800,000 MXN MXN TIIE 8.70 2/5/16 216,375 48,030,000 MXN MXN TIIE 9.41 8/31/20 561,688 61,200,000 MXN MXN TIIE 10.85 3/5/15 1,089,144 91,750,000 MXN MXN TIIE 9.29 7/17/26 1,059,271 96,930,000 MXN MXN TIIE 9.50 8/28/25 1,307,347 100,000,000 MXN MXN TIIE 10.75 5/8/15 1,735,973 109,710,000 MXN MXN TIIE 10.70 5/8/15 1,872,591 140,720,000 MXN MXN TIIE 9.15 8/27/26 1,448,036 144,000,000 MXN MXN TIIE 9.51 8/26/25 1,955,892 289,270,000 MXN MXN TIIE 9.84 12/31/09 1,822,608 - ------------------------------------------------------------------------------------------------------------------------------ JPMorgan Chase Bank: 55,370,000 BRR BZDI 13.91 1/2/12 990,022 114,500,000 MXN MXN TIIE 9.76 8/17/15 1,323,525 264,090,000 ZAR 8.290 Three-Month JIBA 6/23/08 397,570 - ------------------------------------------------------------------------------------------------------------------------------ Lehman Brothers Special Financing. Inc.: 55,540,000 PLZ Six-Month WIBO 4.53 7/5/10 (231,113) 111,440,000 MXN 28-Day MXN TIIE 9.99 7/9/15 1,437,109 - ------------------------------------------------------------------------------------------------------------------------------ Santander Central Hispano 27,880,000 BRR BZDI 14.00 1/3/12 518,060 ---------------- $ 32,270,436 ================
Notional amount is reported in U.S. Dollars, except for those denoted in the following currencies: BRR Brazilian Real HUF Hungarian Forint INR Indian Rupee MXN Mexican Nuveo Peso PLZ Polish Zloty TWD New Taiwan Dollar ZAR South African Rand Index abbreviations are as follows: BUBOR Budapest Interbank Offered Rate BZDI Brazil Interbank Deposit Rate JIBA South Africa Johannesburg Interbank Agreed Rate MXN TIIE Mexican Peso-Interbank Equilibrium Interest Rate MIBOR-OIS Mid Market Interest Rate for French Franc/Austrian Schilling and India Swap Composites-Overnight Indexed Swap WIBO Poland Warsaw Interbank Offer Bid Rate CREDIT DEFAULT SWAP CONTRACTS Credit default swaps are designed to transfer the credit exposure of fixed income products between counterparties. The Fund may enter into credit default swaps, both directly ("unfunded swaps") and indirectly in the form of a swap embedded within a structured note ("funded swaps"), to protect against the risk that a security will default. Unfunded and funded credit default swaps may be on a single security, or a basket of securities. The Fund may take a short position (purchaser of credit protection) or a long position (seller of credit protection) in the credit default swap. Risks of credit default swaps include, but are not limited to, the cost of paying for credit protection if there are no credit events, pricing transparency when assessing the cost of a credit default swap, counterparty risk, 22 | OPPENHEIMER INTERNATIONAL BOND FUND Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS DECEMBER 31, 2006 / UNAUDITED - -------------------------------------------------------------------------------- and the need to fund the delivery obligation (either cash or defaulted bonds depending on whether the Fund is long or short the swap, respectively). The Fund would take a short position in a credit default swap (the "unfunded swap") against a long portfolio position to decrease exposure to specific high yield issuers. As a purchaser of credit protection under a swap contract, the Fund pays a periodic interest fee on the notional amount to the counterparty. This interest fee is accrued daily as a component of unrealized appreciation (depreciation) and is recorded as realized loss upon payment. Upon occurrence of a specific credit event with respect to the underlying referenced debt obligation, the Fund is obligated to deliver that security to the counterparty in exchange for receipt of the notional amount from the counterparty. The difference between the value of the security delivered and the notional amount received is recorded as realized gain and is included on the Statement of Operations in the annual and semiannual reports. Credit default swaps are marked to market daily using different sources, including quotations from counterparties, pricing services, brokers or market makers. The unrealized appreciation (depreciation) related to the change in the valuation of the notional amount of the swap is combined with the amount due to (owed by) the Fund at termination or settlement and disclosed separately on the Statement of Assets and Liabilities in the annual and semiannual reports. The net change in this amount is included on the Statement of Operations in the annual and semiannual reports. Information regarding such credit default swaps as of December 31, 2006 is as follows:
ANNUAL NOTIONAL AMOUNT INTEREST RECEIVED BY THE FUND RATE PAID TERMINATION UNREALIZED COUNTERPARTY REFERENCED DEBT OBLIGATION UPON CREDIT EVENT BY THE FUND DATES DEPRECIATION - ------------------------------------------------------------------------------------------------------------------------------------ Barclays Bank plc: Dow Jones CDX Emerging Markets Index $ 49,660,000 1.40% 12/20/11 $ 587,782 Dow Jones CDX Emerging Markets Index 49,660,000 1.40 12/20/11 587,782 - ------------------------------------------------------------------------------------------------------------------------------------ Citigroup Global Markets Holdings, Inc.: Republic of Hungary 7,535,000 0.40 12/20/15 23,738 Republic of Ukraine 2,730,000 1.08 11/20/09 11,380 - ------------------------------------------------------------------------------------------------------------------------------------ Deutsche Bank AG: Dow Jones CDX Emerging Markets Index 74,500,000 1.40 12/20/11 947,437 Dow Jones CDX Emerging Markets Index 99,310,000 1.40 12/20/11 1,262,953 Republic of the Philippines 14,000,000 3.69 9/20/15 1,707,849 - ------------------------------------------------------------------------------------------------------------------------------------ JPMorgan Chase Bank: Dow Jones CDX Emerging Markets Index 49,660,000 1.40 12/20/11 578,491 Russian Federation 550,000 2.40 10/9/13 61,151 - ------------------------------------------------------------------------------------------------------------------------------------ Morgan Stanley Capital Services, Inc.: Dominican Republic 7,970,000 3.25 6/20/11 572,614 Dow Jones CDX Emerging Markets Index 99,300,000 1.40 12/20/11 1,245,300
23 | OPPENHEIMER INTERNATIONAL BOND FUND Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS DECEMBER 31, 2006 / UNAUDITED - -------------------------------------------------------------------------------- Dow Jones CDX Emerging Markets Index 49,700,000 1.40 12/20/11 623,277 Dow Jones CDX Emerging Markets Index 49,650,000 1.40 12/20/11 622,650 Republic of Colombia 1,980,000 3.70 8/20/15 288,422 Republic of Indonesia 4,900,000 1.68 3/20/11 142,300 Republic of Venezuela 8,435,000 2.20 5/20/10 382,071 Republic of Venezuela 4,415,000 3.48 11/20/15 466,264 - ------------------------------------------------------------------------------------------------------------------------------------ UBS AG: Dow Jones CDX Emerging Markets Index 74,500,000 1.40 12/20/11 861,895 Dow Jones CDX Emerging Markets Index 49,650,000 1.40 12/20/11 574,404 Dow Jones CDX Emerging Markets Index 49,660,000 1.40 12/20/11 574,520 -------------- $ 12,122,280 ==============
The Fund would take a long position in the credit default swap note (the "funded swap") to increase the exposure to specific high yield corporate issuers. As a seller of credit protection under a swap contract, the Fund receives a periodic interest fee on the notional amount from the counterparty. This interest fee is accrued daily as a component of unrealized appreciation (depreciation) and is recorded as realized gain upon receipt. Upon occurrence of a specific credit event with respect to the underlying referenced debt obligation, the Fund receives that security from the counterparty in exchange for payment of the notional amount to the counterparty. The difference between the value of the security received and the notional amount paid is recorded as realized loss and is included on the Statement of Operations in the annual and semiannual reports. Credit default swaps are marked to market daily using different sources, including quotations from counterparties, pricing services, brokers or market makers. The unrealized appreciation (depreciation) related to the change in the valuation of the notional amount of the swap is combined with the amount due to (owed by) the Fund at termination or settlement and disclosed separately on the Statement of Assets and Liabilities in the annual and semiannual reports. The net change in this amount is included on the Statement of Operations in the annual and semiannual reports. Information regarding such credit default swaps as of December 31, 2006 is as follows:
ANNUAL NOTIONAL AMOUNT PAID INTEREST RATE UNREALIZED BY THE FUND UPON RECEIVED BY TERMINATION APPRECIATION COUNTERPARTY REFERENCED DEBT OBLIGATION CREDIT EVENT THE FUND DATES (DEPRECIATION) - ------------------------------------------------------------------------------------------------------------------------------------ JPMorgan Chase Bank Republic of Ukraine $ 1,056,000 1.92% 8/20/11 $ 27,011 - ------------------------------------------------------------------------------------------------------------------------------------ Morgan Stanley Capital Services, Inc.: Istanbul Bond Co. SA for Finansbank 17,390,000 1.30 3/24/13 (114,423) Republic of Indonesia 4,900,000 1.67 6/20/11 134,589 Republic of Turkey 5,150,000 2.75 11/20/16 136,344 -------------- $ 183,521 ==============
24 | OPPENHEIMER INTERNATIONAL BOND FUND Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS DECEMBER 31, 2006 / UNAUDITED - -------------------------------------------------------------------------------- ILLIQUID OR RESTRICTED SECURITIES AND CURRENCY As of December 31, 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 currency is as follows:
ACQUISITION VALUATION AS OF UNREALIZED CURRENCY DATES COST DECEMBER 31, 2006 APPRECIATION - --------------------------------------------------------------------------------------------- Argentine Peso (ARP) 7/17/06-12/22/06 $3,681,180 $3,712,719 $31,539
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 December 31, 2006, the Fund had on loan securities valued at $873,401,416, which are included in the Statement of Assets and Liabilities in the annual and semiannual reports as "Investments, at value" and, when applicable, as "Receivable for Investments sold." Collateral of $889,930,501 was received for the loans, $837,902,319 of which was received in cash and subsequently invested in approved investments or held as cash. RECENT ACCOUNTING PRONOUNCEMENTS In September 2006, the Financial Accounting Standards Board issued Statement of Financial Accounting Standards ("SFAS") No. 157, FAIR VALUE MEASUREMENTS. This standard establishes a single authoritative definition of fair value, sets out a framework for measuring fair value and expands disclosures about fair value measurements. SFAS No. 157 applies to fair value measurements already required or permitted by existing standards. SFAS No. 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007, and interim periods within those fiscal years. As of December 31, 2006, the Manager does not believe the adoption of SFAS No. 157 will materially impact the financial statement amounts; however, additional disclosures may be required about the inputs used to develop the measurements and the effect of certain of the measurements on changes in net assets for the period. FEDERAL TAX. The approximate aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments for federal income tax purposes as of December 31, 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 $ 6,504,291,578 Federal tax cost of other investments 1,608,906,012 -------------------- Total federal tax cost $ 8,113,197,590 ==================== Gross unrealized appreciation $ 374,035,679 Gross unrealized depreciation (87,968,508) -------------------- Net unrealized appreciation $ 286,067,171 ==================== 25 | OPPENHEIMER INTERNATIONAL BOND FUND ITEM 2. CONTROLS AND PROCEDURES. (a) Based on their evaluation of the registrant's disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c)) as of December 31, 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: February 8, 2007 Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. By: /s/ John V. Murphy --------------------------- John V. Murphy Principal Executive Officer Date: February 8, 2007 By: /s/ Brian W. Wixted --------------------------- Brian W. Wixted Principal Financial Officer Date: February 8, 2007 EX-99.CERT 2 rq880_37525cert302.txt RQ880_37525CERT302.TXT 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: February 8, 2007 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: February 8, 2007 -----END PRIVACY-ENHANCED MESSAGE-----