N-Q 1 rq880_51062nq.txt RQ880_51062NQ 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: 12/31/2008 ITEM 1. SCHEDULE OF INVESTMENTS. Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS DECEMBER 31, 2008 / UNAUDITED
PRINCIPAL AMOUNT VALUE ---------------- ---------------- ASSET-BACKED SECURITIES--0.0% Taganka Car Loan Finance plc, Automobile Asset-Backed Certificates, Series 2006-1A, Cl. C, 4.739%, 11/14/13(1,2) (Cost $1,036,928) $ 1,036,928 $ 943,604 U.S. GOVERNMENT OBLIGATIONS--6.1% U.S. Treasury Inflationary Index Nts., 0.64%, 4/15/13(3,4) (Cost $603,220,470) 644,430,000 631,517,752 FOREIGN GOVERNMENT OBLIGATIONS--64.1% ARGENTINA--0.1% Argentina (Republic of) Bonds: 3.127%, 8/3/12(2) 8,213,500 4,426,075 Series GDP, 1.626%, 12/15/35(2) 14,920,000 447,600 Series V, 7%, 3/28/11 18,993,000 7,359,526 Series VII, 7%, 9/12/13 4,700,000 1,510,658 ---------------- 13,743,859 ---------------- AUSTRALIA--0.3% New South Wales Treasury Corp. Sr. Bonds, Series 12RG, 6%, 5/1/12 14,940,000 AUD 11,063,735 New South Wales Treasury Corp. Sr. Unsec. Bonds, Series 14RG, 5.50%, 8/1/14 21,765,000 AUD 15,956,153 ---------------- 27,019,888 ---------------- BELGIUM--0.5% Belgium (Kingdom of) Bonds, Series 44, 5%, 3/28/35 33,220,000 EUR 52,760,194 BRAZIL--4.3% Banco Nacional de Desenvolvimento Economico e Social Nts., 6.369%, 6/16/18(5) 19,160,000 18,297,800 Brazil (Federal Republic of) Bonds: 6%, 1/17/17 26,320,000 27,307,000 8%, 1/15/18 29,260,000 32,917,500 8.75%, 2/4/25 2,135,000 2,636,725 8.875%, 10/14/19 24,130,000 29,559,250 10.50%, 7/14/14 17,650,000 22,239,000 Brazil (Federal Republic of) Nota Do Tesouro Nacional Nts.: 10%, 1/10/10 198,234,000 BRR 86,826,389 10%, 1/1/12 243,328,000 BRR 103,403,803 10%, 1/1/17 301,170,000 BRR 115,429,463 Brazil (Federal Republic of) Nts., 7.875%, 3/7/15 4,000,000 4,560,000 ---------------- 443,176,930 ---------------- BULGARIA--0.0% Bulgaria (Republic of) Bonds: 8.25%, 1/15/15 1,500,000 1,470,000 8.25%, 1/15/15(5) 1,440,000 1,411,200 ---------------- 2,881,200 ---------------- CANADA--1.0% Canada (Government of) Bonds: 3.50%, 6/1/13 35,350,000 CAD 31,269,366 5%, 6/1/37 37,175,000 CAD 39,072,401 ----------------
1 | OPPENHEIMER INTERNATIONAL BOND FUND Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS DECEMBER 31, 2008 / UNAUDITED
PRINCIPAL AMOUNT VALUE ---------------- ---------------- Canada (Government of) Nts.: 3.75%, 6/1/10 26,550,000 CAD $ 22,669,296 4.25%, 6/1/18 16,180,000 CAD 15,010,418 ---------------- 108,021,481 ---------------- COLOMBIA--0.5% Bogota Distrio Capital Sr. Bonds, 9.75%, 7/26/28(5) 16,413,000,000 COP 6,048,470 Colombia (Republic of) Bonds: 7.375%, 9/18/37 3,390,000 3,339,150 10.75%, 1/15/13 2,330,000 2,726,100 12%, 10/22/15 19,665,000,000 COP 9,627,680 Colombia (Republic of) Nts.: 8.25%, 12/22/14 7,625,000 8,254,063 11.75%, 3/1/10 7,228,000,000 COP 3,304,478 Colombia (Republic of) Unsec. Nts., 7.375%, 1/27/17 11,650,000 12,174,250 EEB International Ltd. Sr. Unsec. Bonds, 8.75%, 10/31/14(5) 6,850,000 6,387,625 ---------------- 51,861,816 ---------------- DENMARK--0.5% Denmark (Kingdom of) Bonds, 5%, 11/15/13 225,920,000 DKK 46,231,394 ---------------- EGYPT--0.3% Egypt (The Arab Republic of) Treasury Bills: Series 182, 11.021%, 1/6/09(6) 54,425,000 EGP 9,883,130 Series 364, 8.371%, 1/6/09(6) 45,675,000 EGP 8,287,558 Egypt (The Arab Republic of) Unsec. Unsub. Bonds, 8.75%, 7/15/12(5) 108,210,000 EGP 16,281,574 34,452,262 ---------------- FRANCE--5.8% France (Government of) Obligations Assimilables du Tresor Bonds, 4%, 10/25/38 166,290,000 EUR 242,996,816 France (Government of) Treasury Nts.: 3.75%, 1/12/13 174,985,000 EUR 254,468,448 4.50%, 7/12/12 69,270,000 EUR 103,074,401 ---------------- 600,539,665 ---------------- GERMANY--10.3% Germany (Federal Republic of) Bonds: 5.50%, 1/4/31 71,445,000 EUR 124,304,954 Series 03, 3.75%, 7/4/13 390,350,000 EUR 577,614,091 Series 05, 4%, 1/4/37 247,605,000 EUR 371,447,251 ---------------- 1,073,366,296 ---------------- GREECE--1.0% Greece (Republic of) Bonds, 4.60%, 5/20/13 77,300,000 EUR 106,991,606 ---------------- HUNGARY--0.3% Hungary (Republic of) Bonds: Series 12/C, 6%, 10/24/12 5,767,000,000 HUF 27,420,895 Series 14/C, 5.50%, 2/12/14 1,829,100,000 HUF 8,309,979 ---------------- 35,730,874 ----------------
2 | OPPENHEIMER INTERNATIONAL BOND FUND Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS DECEMBER 31, 2008 / UNAUDITED
PRINCIPAL AMOUNT VALUE ---------------- ---------------- INDONESIA--0.6% Indonesia (Republic of) Nts.: 6.75%, 3/10/14(5) $ 11,305,000 $ 10,117,975 6.875%, 1/17/18(5) 18,360,000 15,835,684 7.25%, 4/20/15(5) 7,450,000 6,667,750 Indonesia (Republic of) Sr. Unsec. Nts., 7.75%, 1/17/38(5) 13,710,000 11,447,850 Indonesia (Republic of) Unsec. Nts., 8.50%, 10/12/35(5) 23,270,000 19,895,850 ---------------- 63,965,109 ---------------- ISRAEL--0.6% Israel (State of) Bonds: 5.50%, 2/28/17 106,630,000 ILS 30,945,267 Series 2682, 7.50%, 3/31/14 107,990,000 ILS 33,502,269 ---------------- 64,447,536 ---------------- ITALY--1.4% Italy (Republic of) Nts., Certificati di Credito del Tesoro, 4.70%, 7/1/09(2) 103,305,000 EUR 144,329,378 ---------------- JAPAN--22.1% Japan (Government of) Bonds: 2 yr., Series 269, 0.90%, 6/15/10 57,587,000,000 JPY 639,796,839 5 yr., Series 72, 1.50%, 6/20/13 66,081,000,000 JPY 755,648,472 10 yr., Series 279, 2%, 3/20/16 10,758,000,000 JPY 129,011,014 10 yr., Series 282, 1.70%, 9/20/16 30,111,000,000 JPY 351,153,383 20 yr., Series 61, 1%, 3/20/23 17,908,000,000 JPY 183,697,810 20 yr., Series 73, 2%, 12/20/24 13,427,000,000 JPY 155,824,439 20 yr., Series 75, 2.10%, 3/20/25 7,467,000,000 JPY 87,770,447 ---------------- 2,302,902,404 ---------------- MALAYSIA--0.3% Johor Corp. Malaysia (Government of) Bonds, Series P3, 1%, 7/31/12(1) 107,980,000 MYR 31,809,271 ---------------- MEXICO--2.0% United Mexican States Bonds: 8.375%, 1/14/11 41,430,000 44,951,550 Series A, 6.375%, 1/16/13 10,815,000 11,409,825 Series MI10, 8%, 12/19/13 547,680,000 MXN 40,298,188 Series M20, 10%, 12/5/24(2) 289,600,000 MXN 24,361,215 United Mexican States Treasury Bills, Series BI, 8.15%, 4/2/09(6) 1,167,300,000 MXN 83,410,376 ---------------- 204,431,154 ---------------- NIGERIA--0.9% Nigeria (Federal Republic of) Promissory Nts., Series RC, 5.092%, 1/5/10 165,153 154,354 Nigeria (Federal Republic of) Treasury Bills: Series 364, 9.187%, 1/8/09(6) 3,517,400,000 NGN 25,178,239 Series 364, 9.171%, 2/5/09(6) 2,714,000,000 NGN 19,417,631 Series 364, 9.30%, 4/9/09(6) 783,500,000 NGN 5,552,362 Nigeria (Federal Republic of) Treasury Bonds: Series 3 yr., 9.23%, 5/25/12 1,180,900,000 NGN 8,000,872 Series 3Y2S, 12.50%, 2/24/09 356,000,000 NGN 2,573,801
3 | OPPENHEIMER INTERNATIONAL BOND FUND Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS DECEMBER 31, 2008 / UNAUDITED
PRINCIPAL AMOUNT VALUE ---------------- ---------------- Series 3Y1S, 15%, 1/27/09 522,300,000 NGN $ 3,757,419 Series 5 yr., 9.50%, 2/23/12 1,180,900,000 NGN 8,030,458 Series 10 yr., 9.35%, 8/31/17 2,514,200,000 NGN 15,495,535 ---------------- 88,160,671 ---------------- NORWAY--0.2% Norway (Kingdom of) Bonds, 6.50%, 5/15/13 100,950,000 NOK 16,456,870 ---------------- PANAMA--0.6% Panama (Republic of) Bonds: 6.70%, 1/26/36 7,975,000 7,217,375 7.25%, 3/15/15 26,895,000 27,567,375 8.875%, 9/30/27 8,195,000 8,399,875 9.375%, 4/1/29 11,550,000 12,762,750 Panama (Republic of) Unsec. Bonds, 7.125%, 1/29/26 11,625,000 11,014,688 ---------------- 66,962,063 ---------------- PERU--2.0% Peru (Republic of) Bonds: 7.84%, 8/12/20 86,585,000 PEN 28,086,467 9.91%, 5/5/15 135,047,000 PEN 48,423,903 Series 7, 8.60%, 8/12/17 123,865,000 PEN 42,183,254 Series 8-1, 12.25%, 8/10/11 146,090,000 PEN 52,318,816 Peru (Republic of) Certificates of Deposit: 4.066%, 4/13/09(6) 2,646,000 PEN 823,855 5.708%, 1/5/09(6) 120,037,000 PEN 38,239,128 Peru (Republic of) Sr. Nts., 4.533%, 2/28/16(6) 1,426,420 961,835 ---------------- 211,037,258 ---------------- PHILIPPINES--0.3% Philippines (Republic of the) Bonds, 8%, 1/15/16 2,910,000 3,011,850 Philippines (Republic of the) Unsec. Bonds: 7.75%, 1/14/31 14,310,000 14,524,650 9%, 2/15/13 13,985,000 14,894,025 ---------------- 32,430,525 ---------------- POLAND--0.5% Poland (Republic of) Bonds: Series WS0922, 5.75%, 9/23/22 10,000,000 PLZ 3,461,694 Series 0413, 5.25%, 4/25/13 155,650,000 PLZ 52,395,265 ---------------- 55,856,959 ---------------- SWEDEN--0.4% Sweden (Kingdom of) Bonds, Series 1049, 4.50%, 8/12/15 308,540,000 SEK 44,961,355 ---------------- THE NETHERLANDS--0.7% Netherlands (Kingdom of the) Bonds, 5%, 7/15/11 51,715,000 EUR 76,853,082 ---------------- TURKEY--2.8% Turkey (Republic of) Bonds: 6.75%, 4/3/18 22,650,000 21,630,750 7%, 9/26/16 13,755,000 13,479,900 7%, 3/11/19 4,960,000 4,822,757 14%, 1/19/11(2) 66,350,000 TRY 40,927,678 15.861%, 10/7/09(6) 79,000,000 TRY 45,556,923
4 | OPPENHEIMER INTERNATIONAL BOND FUND Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS DECEMBER 31, 2008 / UNAUDITED
PRINCIPAL AMOUNT VALUE ---------------- ---------------- 15.935%, 6/23/10(6) 22,160,000 TRY $ 11,459,762 16%, 3/7/12(2) 112,580,000 TRY 71,801,266 18.134%, 1/13/10(6) 109,390,000 TRY 60,592,900 Series CPI, 10%, 2/15/12(2) 24,270,000 TRY 17,215,986 Series CPI, 12%, 8/14/13(2) 5,430,000 TRY 3,254,885 Turkey (Republic of) Nts., 7.25%, 3/15/15 4,755,000 4,755,000 ---------------- 295,497,807 ---------------- UNITED KINGDOM--3.1% United Kingdom Gilt Bonds: 4.75%, 6/7/10 39,800,000 GBP 61,102,221 5%, 3/7/12 36,290,000 GBP 57,401,462 United Kingdom Treasury Bonds: 4.75%, 12/7/38 77,530,000 GBP 134,493,253 5%, 3/7/18 38,735,000 GBP 65,416,687 ---------------- 318,413,623 ---------------- URUGUAY--0.4% Uruguay (Oriental Republic of) Bonds: 4.25%, 4/5/27 248,600,000 UYU 5,756,094 7.625%, 3/21/36 9,935,000 8,395,075 Uruguay (Oriental Republic of) Unsec. Bonds: 5%, 9/14/18 403,060,000 UYU 13,193,244 8%, 11/18/22 10,815,000 10,057,950 ---------------- 37,402,363 ---------------- VENEZUELA--0.3% Venezuela (Republic of) Bonds, 9%, 5/7/23 43,165,000 18,560,950 Venezuela (Republic of) Nts., 10.75%, 9/19/13 5,630,000 3,715,800 Venezuela (Republic of) Unsec. Bonds, 7.65%, 4/21/25 20,110,000 8,219,963 ---------------- 30,496,713 ---------------- Total Foreign Government Obligations (Cost $6,572,527,362) 6,683,191,606 ---------------- LOAN PARTICIPATIONS--1.5% Bayerische Hypo-und Vereinsbank AG for the City of Kiev, Ukraine, 8.625% Nts., 7/15/11(5) 18,470,000 7,388,000 Credit Suisse First Boston International, Export-Import Bank of Ukraine, 8.40% Sec. Nts., 2/9/16(1) 18,180,000 3,272,400 Dali Capital plc/Bank of Moscow, 7.25% Sec. Nts., Series 28, Tranche 1, 11/25/09 72,600,000 RUR 1,604,693 Dali Capital SA (ROSBANK), 8% Sec. Nts., Series 23, Tranche 1, 9/30/09 71,200,000 RUR 1,694,806 Gaz Capital SA: 7.288% Sr. Sec. Nts., 8/16/37(5) 25,320,000 14,938,800 7.51% Sr. Sec. Nts., 7/31/13(5) 21,790,000 16,560,400 8.625% Sr. Sec. Nts., 4/28/34(5) 17,975,000 13,481,250 Kuznetski Capital SA/Bank of Moscow, 7.375% Nts., 11/26/10(5) 2,780,000 2,335,200 RSHB Capital SA/OJSC Russian Agricultural Bank: 7.175% Nts., 5/16/13(5) 3,820,000 2,788,600 7.75% Nts., 5/29/18(5) 7,195,000 4,676,750
5 | OPPENHEIMER INTERNATIONAL BOND FUND Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS DECEMBER 31, 2008 / UNAUDITED
PRINCIPAL AMOUNT VALUE ---------------- ---------------- Steel Capital SA for OAO Severstal, 9.75% Sec. Nts., 7/29/13(5) $ 19,370,000 $ 10,362,950 TransCapitalInvest Ltd. for OJSC AK Transneft, 5.67% Sec. Bonds, 3/5/14(1,7) 4,100,000 2,658,030 TransCapitalInvest Ltd 8.70% Sec. Nts., 8/7/18(5) 9,900,000 6,383,807 VIP Finance Ireland Ltd., 9.125% Bonds, 4/30/18(5) 29,270,000 15,952,150 VTB Capital SA: 6.25% Sr. Nts., 6/30/35(5) 2,950,000 1,681,500 6.315% Sub. Unsec. Nts., 2/4/15 57,670,000 36,488,040 6.875% Sr. Sec. Nts., 5/29/18(5) 25,798,000 17,026,680 ---------------- Total Loan Participations (Cost $264,765,976) 159,294,056 ---------------- CORPORATE BONDS AND NOTES--10.1% AES Dominicana Energia Finance SA, 11% Sr. Nts., 12/13/15(5) 3,355,000 1,325,225 AES Panama SA, 6.35% Sr. Nts., 12/21/16(5) 1,240,000 995,904 Alrosa Finance SA: 8.875% Nts., 11/17/14 7,010,000 4,241,050 8.875% Nts., 11/17/14(5) 10,295,000 6,228,475 AmBev International Finance Co. Ltd., 9.50% Bonds, 7/24/17(5) 24,030,000 BRR 7,475,308 America Movil SAB de CV, 8.46% Sr. Unsec. Unsub. Bonds, 12/18/36 140,800,000 MXN 7,724,765 Autopistas del Nordeste Cayman Ltd., 9.39% Nts., 1/15/26(5) 9,609,251 4,131,978 BA Covered Bond Issuer, 4.25% Sec. Nts., 4/5/17 37,500,000 EUR 49,784,411 Banco Bilbao Vizcaya Argentaria SA, 4.25% Sec. Bonds, 7/15/14 28,175,000 EUR 39,608,007 Banco BMG SA, 9.15% Nts., 1/15/16(5) 9,710,000 5,874,550 Banco de Credito del Peru, 6.95% Sub. Nts., 11/7/21(2,5) 2,750,000 2,337,500 Banco Hipotecario SA, 9.75% Sr. Unsec. Nts., 4/27/16(5) 2,630,000 828,450 Banco Invex SA, 26.951% Mtg.-Backed Certificates, Series 062U, 3/13/34(2,3) 27,603,725 MXN 7,324,188 Bank of Scotland plc: 4.375% Sr. Sec. Nts., 7/13/16 129,737,000 EUR 170,820,697 4.50% Sr. Sec. Nts., 7/13/21 71,166,000 EUR 88,891,230 Braskem Finance Ltd., 7.25% Sr. Unsec. Nts., 6/5/18(5) 19,200,000 13,728,000 C10 Capital SPV Ltd., 6.722% Unsec. Perpetual Debs.(5,8) 4,440,000 2,116,468 Cloverie plc, 5.775% Sec. Nts., Series 2005-93, 12/20/10(1,2) 3,600,000 2,301,480 Coriolanus Ltd., 10.62% Sec. Nts., 8/10/10(1) 16,300,000 1,067,650 Depfa ACS Bank, 3.875% Sec. Nts., 11/14/16 7,185,000 EUR 8,637,976 Eirles Two Ltd., 5.13% Sec. Nts., Series 335, 4/30/12(1,2) 10,800,000 3,767,040 Eletropaulo Metropolitana SA, 19.125% Nts., 6/28/10(5) 13,295,000 BRR 5,816,024 Gaz Capital SA, 8.146% Sr. Sec. Nts., 4/11/18(5) 19,230,000 12,691,800 Gazprom International SA, 7.201% Unsec. Unsub. Bonds, 2/1/20(5) 5,313,057 3,905,097 GTL Trade Finance, Inc., 7.25% Sr. Unsec. Nts., 10/20/17(5) 13,420,000 11,274,732 HSBC Bank plc: 11.601% Sr. Unsec. Nts., 1/12/10(6) 42,800,000 33,409,680 12.278% Sr. Unsec. Nts., 3/9/09(6) 30,220,000 27,548,552 9.751% Sr. Unsec. Nts., 7/8/09(6) 30,220,000 27,409,540
6 | OPPENHEIMER INTERNATIONAL BOND FUND Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS DECEMBER 31, 2008 / UNAUDITED
PRINCIPAL AMOUNT VALUE ---------------- --------------- HSBK Europe BV: 7.25% Unsec. Unsub. Nts., 5/3/17(5) $ 3,260,000 $ 1,776,700 9.25% Sr. Nts., 10/16/13(5) 38,620,000 28,385,700 ICICI Bank Ltd., 6.375% Bonds, 4/30/22(2,5) 12,125,000 6,383,970 IIRSA Norte Finance Ltd., 8.75% Sr. Nts., 5/30/24(5) 10,140,295 7,351,714 Inter-American Development Bank: 6.26% Nts., 12/8/09(2) 11,200,000 BRR 4,524,519 11.108% Nts., 1/25/12(2) 8,451,000,169 COP 3,663,781 International Bank for Reconstruction & Development (The), 15% Nts., 1/7/10(1) 3,000,000 TRY 1,941,957 ISA Capital do Brasil SA: 7.875% Sr. Nts., 1/30/12(5) 1,160,000 1,102,000 8.80% Sr. Nts., 1/30/17(5) 2,780,000 2,460,300 Israel Electric Corp. Ltd., 7.25% Nts., 1/15/19(5) 28,160,000 26,308,790 JPMorgan Hipotecaria su Casita: 6.47% Sec. Nts., 8/26/35(1) 34,774,004 MXN 2,127,759 24.791% Mtg.-Backed Certificates, Series 06U, 9/25/35(2) 17,048,703 MXN 3,569,980 JSC Astana Finance, 9.16% Nts., 3/14/12(1) 14,000,000 6,481,897 Kazmunaigaz Finance Sub BV, 9.125% Nts., 7/2/18(5) 22,970,000 15,045,350 Majapahit Holding BV: 7.25% Nts., 10/17/11(5) 2,860,000 2,187,900 7.75% Nts., 10/17/16(5) 6,420,000 3,691,500 MHP SA, 10.25% Sr. Sec. Sub. Bonds, 11/30/11(5) 2,745,000 1,221,525 National Power Corp., 5.875% Unsec. Unsub. Bonds, 12/19/16 665,100,000 PHP 11,901,789 Nordic Investment Bank, 12.50% Sr. Unsec. Nts., 2/15/09(1) 5,000,000 TRY 3,230,752 Ongko International Finance Co. BV, 10.50% Sec. Nts., 3/29/10(1,9,10) 550,000 -- Panama Canal Railway Co., 7% Sr. Sec. Nts., 11/1/26(5) 9,315,000 5,169,825 Pemex Project Funding Master Trust, 6.625% Nts., 6/15/38(5) 23,960,000 20,066,500 Petrobras International Finance Co., 5.785% Sr. Unsec. Nts., 3/1/18 20,900,000 18,893,600 Petroleum Export Ltd. Cayman SPV, 5.265% Sr. Nts., Cl. A3, 6/15/11(5) 8,089,625 7,513,239 Salisbury International Investments Ltd., 8.653% Sec. Nts., Series 2006-003, Tranche E, 7/20/11(1,2) 2,400,000 1,022,160 Telefonica del Peru SA, 8% Sr. Unsec. Bonds, 4/11/16(5) 26,033,700 PEN 7,566,343 Tengizchevroil LLP, 6.124% Nts., 11/15/14(5) 5,006,473 3,829,952 TGI International Ltd., 9.50% Nts., 10/3/17(5) 10,640,000 9,735,600 Tiers-BSP, 0%/8.60% Collateralized Trust, Cl. A, 6/15/97(11) 6,065,000 2,001,450 Vedanta Resources plc, 9.50% Sr. Unsec. Nts., 7/18/18(5) 51,120,000 26,838,000 WM Covered Bond Program: 3.875% Sec. Nts., Series1, 9/27/11 91,057,000 EUR 117,119,428 4% Sec. Mtg. Nts., Series 2, 9/27/16 122,465,000 EUR 147,801,596 ---------------- Total Corporate Bonds and Notes (Cost $1,259,049,767) 1,052,181,353
7 | OPPENHEIMER INTERNATIONAL BOND FUND Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS DECEMBER 31, 2008 / UNAUDITED
UNITS VALUE ---------------- ---------------- RIGHTS, WARRANTS AND CERTIFICATES--0.0% MHP SA, GDR Wts., Strike Price 0.01UAH, Exp. 5/8/09 (9) (Cost $0) 169,861 $ 552,048
PRINCIPAL AMOUNT ---------------- STRUCTURED SECURITIES--8.4% Barclays Bank plc: Custom Basket of African Currencies Cv. Unsec. Unsub. Nts., 10.25%, 5/15/09(1) $ 13,300,000 11,632,180 Custom Basket of African Currencies Cv. Unsec. Unsub. Nts., 10.25%, 5/7/09(1) 13,300,000 11,584,300 Citibank NA, New York: Dominican Republic Credit Linked Nts., 14.218%, 5/11/09(6) 263,610,000 DOP 6,879,280 Dominican Republic Credit Linked Nts., 12%, 2/22/11(1) 96,170,000 DOP 2,207,676 Citigroup Funding, Inc., Custom Basket of African Currencies Credit Linked Nts., 0%, 4/29/09(6) 26,610,000 23,492,639 Citigroup Global Markets Holdings, Inc.: Brazil (Federal Republic of) Unsec. Credit Linked Nts., 14.809%, 1/5/10(6) 32,035,902 BRR 12,329,458 Colombia (Republic of) Credit Linked Bonds, 11.25%, 10/25/18 11,920,000,000 COP 5,484,713 Colombia (Republic of) Credit Linked Nts., 12.710%, 2/26/15(1,3) 10,435,000,000 COP 9,055,363 Colombia (Republic of) Credit Linked Nts., Series 01, 12.710%, 2/26/15(1,3) 3,833,000,000 COP 3,326,230 Colombia (Republic of) Credit Linked Nts., Series 02, 12.710% 12/26/15(1,3) 4,568,000,000 COP 3,964,054 Colombia (Republic of) Credit Linked Nts., Series II, 15%, 4/27/12 6,942,469,928 COP 3,519,961 Colombia (Republic of) Unsec. Credit Linked Nts., 15%, 4/27/12(1) 31,110,000,000 COP 15,773,347 Colombia (Republic of) Unsec. Credit Linked Nts., 15%, 4/27/12 12,430,000,000 COP 6,302,240 Colombia (Republic of) Unsec. Credit Linked Nts., 15%, 4/27/12 11,705,100,000 COP 5,934,703 Dominican Republic Unsec. Credit Linked Nts., 13.182%, 2/23/09(6) 400,000,000 DOP 10,933,506 Dominican Republic Unsec. Credit Linked Nts., 15%, 3/12/12 289,700,000 DOP 6,490,899 Egypt (The Arab Republic of) Credit Linked Nts., 5.765%, 2/5/09(6) 76,850,000 EGP 13,819,082 Egypt (The Arab Republic of) Credit Linked Nts., 6.089%, 3/5/09(6) 57,120,000 EGP 10,178,508 Egypt (The Arab Republic of) Credit Linked Nts., 6.267%, 3/26/09(6) 77,610,000 EGP 13,736,873 Egypt (The Arab Republic of) Credit Linked Nts., 6.641%, 2/19/09(6) 77,660,000 EGP 13,901,333 Egypt (The Arab Republic of) Credit Linked Nts., 7.812%, 4/16/09(6) 31,090,000 EGP 5,466,146 Egypt (The Arab Republic of) Unsec. Credit Linked Nts., 6.529%, 3/26/09(6) 77,010,000 EGP 13,630,673 Ghana (Republic of) Credit Linked Nts., 13.50%, 4/2/10 15,350,000 GHS 10,563,753 Nigeria (Federal Republic of) Credit Linked Nts., 14.50%, 3/1/11(1,2) 2,672,000,000 NGN 19,463,713
8 | OPPENHEIMER INTERNATIONAL BOND FUND Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS DECEMBER 31, 2008 / UNAUDITED
PRINCIPAL AMOUNT VALUE ---------------- --------------- Ukraine Hryvnia Unsec. Credit Linked Nts., 11.94%, 1/2/10 13,799,000 UAH $ 1,482,321 Zambia (Republic of) Credit Linked Nts., 10.717%, 3/4/09(6) 16,940,000,000 ZMK 3,364,779 Zambia (Republic of) Credit Linked Nts., 10.793%, 2/25/09(6) 16,940,000,000 ZMK 3,352,736 Zambia (Republic of) Credit Linked Nts., 11.399%, 6/11/09(6) 10,050,000,000 ZMK 1,877,841 Credit Suisse First Boston International: Boryspil Airport Total Return Linked Nts., 10%, 4/19/10(2) 49,215,000 UAH 2,621,173 Indonesia (Republic of) Total Return Linked Nts., 12%, 9/16/11 116,800,000,000 IDR 10,749,120 Lukoil Credit Linked Nts., Series Fbi 105, 7.25%, 11/19/09(1,2) 321,528,000 RUR 8,346,990 Moitk Total Return Linked Nts., 8.966%, 3/26/11(1,2) 244,714,000 RUR 2,696,160 Moscow (City of) Credit Linked Nts., Series Fbi 101, 10%, 12/31/10(1) 277,800,000 RUR 8,336,598 Moscow (City of) Credit Linked Nts., Series Fbi 98, 11%, 4/23/09(1) 280,840,000 RUR 8,796,359 Oreniz Total Return Linked Nts., 9.24%, 2/21/12(1,2) 64,940,000 RUR 894,353 Ukraine (Republic of) Credit Linked Nts., Series EMG 13, 11.94%, 12/30/09(1) 30,400,000 UAH 2,660,963 Vietnam Shipping Industry Group Total Return Linked Nts., 10.50%, 1/19/17(1) 85,958,000,000 VND 3,004,836 Credit Suisse First Boston, Inc. (Nassau Branch): Russian Oreniz Total Return Linked Nts., Series 009, 9.24%, 2/21/12(1,2) 75,000,000 RUR 1,032,900 Russian Specialized Construction and Installation Administration Credit Linked Nts., 5/20/10(1,2) 64,600,000 RUR 177,934 Ukraine (Republic of) Credit Linked Nts., Series EMG 11, 11.94%, 12/30/09 9,163,000 UAH 802,053 Ukraine (Republic of) Credit Linked Nts., Series NPC 12, 11.94%, 12/30/09(1) 65,490,000 UAH 5,732,450 Credit Suisse Group, Russian Moscoblgaz Finance Total Return Linked Nts., 9.25%, 6/24/12(1) 64,500,000 RUR 888,294 Deutsche Bank AG: Arrendadora Capita Corp. SA de CV/Capita Corp. (The) de Mexico SA de CV Credit Linked Nts., 9.09%, 1/5/11(1) 70,247,438 MXN 4,759,936 Arrendadora Capita Corp. SA de CV/Capita Corp. (The) de Mexico SA de CV Credit Linked Nts., 9.65%, 1/5/11(1) 46,450,999 MXN 3,147,499 Brazil Real Credit Linked Nts., 13.882%, 3/3/10(6) 61,128,560 BRR 23,300,617 Brazil Real Total Return Linked Nts., 6%, 8/18/10 15,895,000 BRR 12,230,806 Colombia (Republic of) Credit Linked Nts., 13.50%, 9/16/14 13,259,000,000 COP 6,593,236 Coriolanus Ltd. Sec. Credit Linked Nts., Series 109, (0.196)%, 3/25/09(1) 16,925,000 16,755,750 Coriolanus Ltd. Sec. Credit Linked Nts., Series 110, (2.256)%, 12/22/11(1) 10,675,000 10,675,000 Coriolanus Ltd. Sec. Credit Linked Nts., Series 112, 0.004%, 12/7/09 (1) 7,890,000 7,755,870 Coriolanus Ltd. Sec. Credit Linked Nts., Series 113, (2.186)%, 4/26/11(1) 8,755,000 7,835,725 European Investment Bank, Russian Federation Credit Linked Nts., 5.502%, 1/19/10(1,6) 8,475,000 6,778,305 Grupo TMM SA Credit Linked Nts., 6%, 9/7/12(1) 4,404,346 2,422,390 Indonesia (Republic of) Credit Linked Nts., 9.50%, 6/22/15 10,300,162 7,754,549
9 | OPPENHEIMER INTERNATIONAL BOND FUND Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS DECEMBER 31, 2008 / UNAUDITED
PRINCIPAL AMOUNT VALUE ---------------- --------------- Indonesia (Republic of) Credit Linked Nts., Series 02, 12.80%, 6/22/21 140,400,000,000 IDR $ 13,563,666 Indonesia (Republic of) Credit Linked Nts., Series III, 14.25%, 6/22/13 12,412,800 11,579,187 Nigeria (Federal Republic of) Credit Linked Nts., 12.50%, 2/24/09 525,300,000 NGN 3,936,178 Nigeria (Federal Republic of) Credit Linked Nts., 15%, 1/27/09 704,900,000 NGN 5,383,882 Opic Reforma I Credit Linked Nts., Cl. 1A, 10.75%, 9/24/14(1,2) 27,100,000 MXN 1,974,499 Opic Reforma I Credit Linked Nts., Cl. 1B, 10.75%, 9/24/14(1,2) 5,420,000 MXN 394,900 Opic Reforma I Credit Linked Nts., Cl. 1C, 10.75%, 9/24/14(1,2) 9,033,333 MXN 658,166 Opic Reforma I Credit Linked Nts., Cl. 2A, 12.25%, 5/22/15(1,2) 2,585,931 MXN 188,410 Opic Reforma I Credit Linked Nts., Cl. 2B, 12.25%, 5/22/15(1,2) 4,524,148 MXN 329,628 Opic Reforma I Credit Linked Nts., Cl. 2C, 12.25%, 5/22/15(1,2) 68,213,181 MXN 4,969,995 Opic Reforma I Credit Linked Nts., Cl. 2D, 12.25%, 5/22/15(1,2) 4,971,283 MXN 362,206 Opic Reforma I Credit Linked Nts., Cl. 2E, 12.25%, 5/22/15(1,2) 3,611,731 MXN 263,150 Opic Reforma I Credit Linked Nts., Cl. 2F, 12.25%, 5/22/15(1,2) 2,306,631 MXN 168,061 Opic Reforma I Credit Linked Nts., Cl. 2G, 12.25%, 5/22/15(1,2) 424,788 MXN 30,950 Ukraine (Republic of) 5 yr. Credit Linked Nts., 4.05%, 8/27/10 2,505,000 1,415,475 Ukraine (Republic of) 5.5 yr. Credit Linked Nts., 4.05%, 3/1/11 2,505,000 1,268,156 Ukraine (Republic of) 6 yr. Credit Linked Nts., 4.05%, 8/29/11 2,505,000 1,150,296 Ukraine (Republic of) 6.5 yr. Credit Linked Nts., 4.05%, 2/29/12 2,505,000 1,069,109 Ukraine (Republic of) 7 yr. Credit Linked Nts., 4.05%, 8/30/12 2,505,000 1,016,404 United Mexican States Credit Linked Nts., 9.52%, 1/5/11(1) 46,365,189 MXN 3,141,685 Videocon International Ltd. Credit Linked Nts., 6.26%, 12/29/09 7,300,000 7,996,055 Deutsche Bank AG, Singapore, Vietnam Shipping Industry Group Total Return Linked Nts., 9%, 4/20/17 216,800,000,000 VND 5,262,836 Dresdner Bank AG, Lukoil Credit Linked Nts., Series 3, 7.04%, 12/12/11(1,2) 213,030,000 RUR 6,010,200 Goldman Sachs & Co., Turkey (Republic of) Credit Linked Nts., 14.802%, 3/29/17(1,6) 129,050,000 TRY 18,195,170 Goldman Sachs Capital Markets LP, Colombia (Republic of) Credit Linked Nts., 10.476%, 2/8/37(1,6) 376,977,600,000 COP 2,464,476 Goldman Sachs International, Rosselkhozbank Total Return Linked Nts., 8%, 5/13/09(2) 573,900,000 RUR 17,608,669 Hallertau SPC, Philippines (Republic of) Credit Linked Nts., Series 2007-01, 3.914%, 12/20/17(1,2) 45,030,000 32,804,355 Hallertau SPC Credit Linked Nts., Series 2008-2A, 8.636%, 9/17/13(1,2) 24,870,000 25,185,849 Hallertau SPC Segregated Portfolio, Brazil (Federal Republic of) Credit Linked Nts., Series 2008-01, 9.888%, 8/2/10(1,6,10) 63,164,246 BRR 5,534,547 ING Bank NV, Ukraine (Republic of) Credit Linked Nts., Series 725, 11.89%, 12/30/09(1) 64,285,000 UAH 5,190,714 JPMorgan Chase Bank NA: Brazil (Federal Republic of) Credit Linked Nts., 10.564%, 5/16/45(1) 11,130,000 BRR 7,198,311 Brazil (Federal Republic of) Credit Linked Nts., 13.847%, 4/1/10(1,6) 129,150,391 BRR 48,630,186 Brazil (Federal Republic of) Credit Linked Nts., 15.326%, 1/2/15(6) 115,066,796 BRR 23,519,243
10 | OPPENHEIMER INTERNATIONAL BOND FUND Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS DECEMBER 31, 2008 / UNAUDITED
PRINCIPAL AMOUNT VALUE ---------------- --------------- Colombia (Republic of) Credit Linked Bonds, 10.19%, 1/5/16(1,6) 153,800,000,000 COP $ 33,125,501 Colombia (Republic of) Credit Linked Bonds, 10.218%, 10/31/16(1,6) 90,697,000,000 COP 17,920,944 Colombia (Republic of) Credit Linked Bonds, Series A, 10.218%, 10/31/16(1,6) 90,312,000,000 COP 17,844,872 Peru (Republic of) Credit Linked Nts., 8.115%, 9/2/15(1,6) 40,860,000 PEN 6,976,638 Swaziland (Kingdom of) Credit Linked Nts., 7.25%, 6/20/10(1) 3,850,000 4,074,840 JPMorgan Chase Bank NA London Branch, Indonesia (Republic of) Credit Linked Nts., 12.80%, 6/17/21(1) 120,620,000,000 IDR 11,540,084 Lehman Brothers Special Financing, Inc., Argentina (Republic of) Credit Linked Nts., 9.655%, 12/20/15(5) 20,000,000 1,900,000 Lehman Brothers Treasury Co. BV, Brazil (Federal Republic of) Credit Linked Nts., 6.357%, 4/20/11(5,6,10) 60,726,873 BRR 5,769,053 Merrill Lynch, Colombia (Republic of) Credit Linked Nts., 10%, 11/17/16(1) 13,289,000,000 COP 5,535,852 Morgan Stanley: Peru (Republic of) Credit Linked Nts., 6.25%, 3/23/17(1) 26,120,000 PEN 5,066,505 Russian Federation Total Return Linked Bonds, Series 007, Cl. VR, 5%, 8/22/34 441,622,783 RUR 7,688,281 Morgan Stanley & Co. International Ltd./Red Arrow International Leasing plc Total Return Linked Nts., Series A, 8.375%, 7/9/12(1) 157,989,474 RUR 4,351,661 Morgan Stanley Capital Services, Inc.: Brazil (Federal Republic of) Credit Linked Nts., 12.551%, 1/5/22(1,6) 173,500,000 BRR 1,724,130 Brazil (Federal Republic of) Credit Linked Nts., 14.40%, 8/4/16(1) 56,967,568 BRR 18,691,368 Ukraine (Republic of) Credit Linked Nts., 6.176%, 10/15/17(1,2) 17,600,000 4,400,000 Ukraine (Republic of) Credit Linked Nts., Series 2, 7.046%, 10/15/17(1,2) 12,250,000 3,062,500 United Mexican States Credit Linked Nts., 5.64%, 11/20/15(1) 11,760,000 10,584,000 VimpelCom Total Return Linked Nts., 9.05%, 7/26/13(2) 692,500,000 RUR 20,724,960 WTI Trading Ltd. Total Return Linked Nts., Series A, 15%, 3/8/12(1) 13,333,713 8,194,900 WTI Trading Ltd. Total Return Linked Nts., Series C, 15%, 3/8/12(1) 17,803,494 11,007,901 UBS AG, Ghana (Republic of) Credit Linked Nts., 14.47%, 12/28/11(1) 7,369,232 GHS 3,747,806 ---------------- Total Structured Securities (Cost $1,167,368,040) 878,894,583 ================
EXERCISE NOTIONAL DATE AMOUNT -------- ---------------- SWAPTIONS PURCHASED--0.0% J Aron & Co., Swap Counterparty, Interest Rate Swap call option; Swap Terms-Receive fixed rate of 9.32% and pay floating rate based on 28 day MXN TIIE BANXICO; terminating 5/31/19(9,12) (Cost $1,538,550) 6/11/09 542,810,000 MXN 2,917,813
11 | OPPENHEIMER INTERNATIONAL BOND FUND Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS DECEMBER 31, 2008 / UNAUDITED
SHARES VALUE ---------------- ---------------- INVESTMENT COMPANY--3.8% Oppenheimer Institutional Money Market Fund, Cl. E, 1.96%(13,14) (Cost $391,957,963) 391,957,963 $ 391,957,963
PRINCIPAL AMOUNT ---------------- SHORT-TERM NOTES--2.9% Federal Home Loan Mortgage Corp.: 2.739, 2/26/09(15,16) $ 117,000,000 116,508,600 Federal National Mortgage Assn.: 2.76%, 2/23/09(16,17) 64,130,000 63,877,916 2.67%, 2/25/09(16,18) 117,000,000 116,513,800 ---------------- Total Short-Term Notes (Cost $296,900,316) 296,900,316 ---------------- TOTAL INVESTMENTS, AT VALUE (EXCLUDING INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITIES LOANED) (COST $10,558,365,372) 10,098,351,094 ----------------
SHARES ---------------- INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITIES LOANED(19) --2.7% OFI Liquid Assets Fund, LLC, 1.71%(13, 14) (Cost $286,399,250) 286,399,250 286,399,250 TOTAL INVESTMENTS, AT VALUE (COST $10,844,764,622) 99.6% 10,384,750,344 OTHER ASSETS NET OF LIABILITIES 0.4 37,480,712 ---------------- ---------------- NET ASSETS 100.0% $ 10,422,231,056 ================ ================
FOOTNOTES TO STATEMENT OF INVESTMENTS Principal/notional amount and strike price are reported in U.S. Dollars, except for those denoted in the following currencies: 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 GHS Ghana Cedi HUF Hungarian Forint IDR Indonesia Rupiah ILS Israeli Shekel JPY Japanese Yen MXN Mexican Nuevo Peso MYR Malaysian Ringgit NGN Nigeria Naira NOK Norwegian Krone PEN Peruvian New Sol PHP Philippines Peso PLZ Polish Zloty RUR Russian Ruble SEK Swedish Krona TRY New Turkish Lira
12 | OPPENHEIMER INTERNATIONAL BOND FUND OPPENHEIMER INTERNATIONAL BOND FUND STATEMENT OF INVESTMENTS DECEMBER 31, 2008 / UNAUDITED UAH Ukraine Hryvnia UYU Uruguay Peso VND Vietnam Dong ZMK Zambian Kwacha Swaption Purchased abbreviation is as follows: MXN-TIIE-BANXICO Mexican Nuevo Peso-Interbank Equilibrium Interest Rate-Banco de Mexico 1. Illiquid or restricted security. The aggregate value of illiquid or restricted securities as of December 31, 2008 was $571,874,135, which represents 5.49% of the Fund's net assets, of which $9,339,965 is considered restricted. See accompanying Notes. Information concerning restricted securities is as follows:
Acquisition Unrealized Security Date Cost Value Depreciation -------- ----------- ----------- ----------- ------------ Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 1A, 10.75%, 9/24/14 12/27/07 $ 2,490,580 $1,974,499 $ 516,081 Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 1B, 10.75%, 9/24/14 6/12/08 522,536 394,900 127,636 Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 1C, 10.75%, 9/24/14 8/12/08 888,889 658,166 230,723 Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2A, 12.25%, 5/22/15 5/21/08 249,324 188,410 60,914 Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2B, 12.25%, 5/22/15 6/12/08 436,168 329,628 106,540 Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2C, 12.25%, 5/22/15 6/18/08 6,617,724 4,969,995 1,647,729 Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2D, 12.25%, 5/22/15 7/8/08 481,935 362,206 119,729 Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2E, 12.25%, 5/22/15 7/15/08 350,722 263,150 87,572 Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2F, 12.25%, 5/22/15 8/8/08 227,066 168,061 59,005 Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2G, 12.25%, 5/22/15 8/22/08 41,897 30,950 10,947 ----------- ---------- ---------- $12,306,841 $9,339,965 $2,966,876 =========== ========== ==========
2. Represents the current interest rate for a variable or increasing rate security. 3. Denotes an inflation-indexed security: coupon and principal are indexed to the consumer price index. 4. 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 $192,094,346. See accompanying Notes. 5. Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended. These securities have been determined to be liquid under guidelines established by the Board of Trustees. These securities amount to $489,001,337 or 4.69% of the Fund's net assets as of December 31, 2008. 6. Zero coupon bond reflects effective yield on the date of purchase. 7. When-issued security or delayed delivery to be delivered and settled after December 31, 2008. See accompanying Notes. 8. 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. 9. Non-income producing security. 10. Issue is in default. See accompanying Notes. 11. Denotes a step bond: a zero coupon bond that converts to a fixed or variable interest rate at a designated future date. 12. Swap contract terms if the option was exercised on exercise date. 13. Is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended December 31, 2008, by virtue of the Fund owning at least 5% of the voting securities of the issuer or as a result of the Fund and the issuer having the same investment adviser. Transactions during the period in which the issuer was an affiliate are as follows:
Shares Gross Gross Shares September 30, 2008 Additions Reductions December 31, 2008 ------------------ ------------- ------------- ----------------- OFI Liquid Assets Fund, LLC 369,679,710 295,365,050 378,645,510 286,399,250 Oppenheimer Institutional Money Market Fund, Cl. E 264,206,183 2,172,287,174 2,044,535,394 391,957,963
Value Income ------------ ---------- OFI Liquid Assets Fund, LLC $286,399,250 $ 906,816(a) Oppenheimer Institutional Money Market Fund, Cl. E 391,957,963 3,920,562 ------------ ---------- $678,357,213 $4,827,378 ============ ==========
a. Net of compensation to the securities lending agent and rebates paid to the borrowing counterparties. 14. Rate shown is the 7-day yield as of December 31, 2008. 15. A sufficient amount of securities has been designated to cover outstanding foreign currency exchange contracts. See accompanying Notes. 16. Partial or fully-loaned security. See accompanying Notes. 17. A sufficient amount of liquid assets has been designated to cover outstanding written call options. See accompanying Notes. 18. A sufficient amount of liquid assets has been designated to cover outstanding written put options. See accompanying Notes. 19. 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. 13 | OPPENHEIMER INTERNATIONAL BOND FUND OPPENHEIMER INTERNATIONAL BOND FUND STATEMENT OF INVESTMENTS DECEMBER 31, 2008 / UNAUDITED VALUATION INPUTS Various data inputs are used in determining the value of each of the Fund's investments as of the reporting period end. These data inputs are categorized in the following hierarchy under applicable financial accounting standards: 1) Level 1-quoted prices in active markets for identical assets or liabilities (including securities actively traded on a securities exchange) 2) Level 2-inputs other than quoted prices that are observable for the asset (such as quoted prices for similar assets and market corroborated inputs such as interest rates, prepayment speeds, credit risks, etc.) 3) Level 3-unobservable inputs (including the Manager's own judgments about assumptions that market participants would use in pricing the asset). The market value of the Fund's investments was determined based on the following inputs as of December 31, 2008:
Investments in Other Financial Valuation Description Securities Instruments* --------------------- --------------- --------------- Level 1--Quoted Prices $ 678,357,213 $ 1,779,989 Level 2--Other Significant Observable Inputs 9,706,393,131 59,902,426 Level 3--Significant Unobservable Inputs -- -- --------------- ----------- Total $10,384,750,344 $61,682,415 =============== ===========
* Other financial instruments include options written, currency contracts, futures, forwards, swap contracts and unfunded loan commitments. Currency contracts and forwards are reported at their unrealized appreciation/depreciation at measurement date, which represents the change in the contract's value from trade date. Futures are reported at their variation margin at measurement date, which represents the amount due to/from the Fund at that date. Options written and swaps are reported at their market value at measurement date. SEE THE ACCOMPANYING NOTES FOR FURTHER DISCUSSION OF THE METHODS USED IN DETERMINING VALUE OF THE FUND'S INVESTMENTS, AND A SUMMARY OF CHANGES TO THE VALUATION TECHNIQUES, IF ANY, DURING THE REPORTING PERIOD. 14 | OPPENHEIMER INTERNATIONAL BOND FUND OPPENHEIMER INTERNATIONAL BOND FUND STATEMENT OF INVESTMENTS DECEMBER 31, 2008 / UNAUDITED FOREIGN CURRENCY EXCHANGE CONTRACTS AS OF DECEMBER 31, 2008 ARE AS FOLLOWS:
CONTRACT BUY/ AMOUNT EXPIRATION UNREALIZED UNREALIZED CONTRACT DESCRIPTION SELL (000S) DATES VALUE APPRECIATION DEPRECIATION -------------------- ---- --------------- ---------------- ------------ ------------ ------------ Argentine Peso (ARP) Buy 169,350 ARP 2/3/09 $ 46,791,434 $ 5,284,081 $ - Australian Dollar (AUD) Sell 268,120 AUD 1/9/09-1/27/09 184,978,206 27,633 5,962,546 Australian Dollar (AUD) Buy 88,038 AUD 1/16/09-2/3/09 60,597,077 1,796,509 - Brazilian Real (BRR) Sell 89,655 BRR 2/3/09 37,939,155 - 1,172,700 Brazilian Real (BRR) Buy 216,024 BRR 2/3/09-1/5/10 89,596,414 12,124,918 691,796 British Pound Sterling (GBP) Sell 192,275 GBP 1/9/09-2/5/09 277,418,127 74,401,398 - British Pound Sterling (GBP) Buy 44,890 GBP 1/16/09-2/3/09 64,748,913 - 3,499,294 Canadian Dollar (CAD) Sell 406,690 CAD 1/9/09-2/9/09 333,008,331 18,204,946 5,427,149 Canadian Dollar (CAD) Buy 13,155 CAD 1/16/09 10,771,228 421,110 - Chinese Renminbi (Yuan) (CNY) Buy 638,630 CNY 5/13/09-12/17/09 91,396,123 251,588 3,559,073 Colombian Peso (COP) Sell 173,961,000 COP 1/21/09-4/2/09 76,619,883 130,392 2,810,276 Czech Koruna (CZK) Sell 1,014,781 CZK 2/9/09-12/31/09 53,632,722 114,760 3,270,024 Euro (EUR) Sell 561,915 EUR 1/9/09-3/3/09 789,998,001 11,852,524 51,566,547 Euro (EUR) Buy 429,055 EUR 1/9/09-1/16/09 603,459,794 12,652,509 26,440,411 Hong Kong Dollar (HKD) Sell 388,000 HKD 2/4/09 50,075,932 1,268 - Hungarian Forint (HUF) Sell 5,100,393 HUF 2/2/09-12/31/09 26,687,075 24,129 1,700,708 Hungarian Forint (HUF) Buy 16,686,000 HUF 2/2/09 87,322,443 30,651 2,208,921 Indian Rupee (INR) Sell 2,863,000 INR 2/3/09-3/9/09 58,739,647 - 2,967,836 Indian Rupee (INR) Buy 2,506,500 INR 1/30/09 51,505,189 2,636,013 - Indonesia Rupiah (IDR) Buy 226,240,000 IDR 2/17/09-2/19/09 20,661,187 653,945 - Israeli Shekel (ILS) Sell 224,330 ILS 1/30/09-2/9/09 59,437,998 - 1,589,119 Japanese Yen (JPY) Sell 37,181,000 JPY 1/16/09-2/5/09 411,961,476 - 39,865,588 Japanese Yen (JPY) Buy 88,393,000 JPY 1/9/09-3/3/09 979,165,141 50,955,677 - Malaysian Ringgit (MYR) Sell 135,475 MYR 1/9/09-2/18/09 38,911,229 - 334,676 Malaysian Ringgit (MYR) Buy 75,020 MYR 1/9/09-2/17/09 21,556,907 54,446 52 Mexican Nuevo Peso (MXN) Sell 6,740 MXN 1/21/09 485,858 18,520 - Mexican Nuevo Peso (MXN) Buy 371,560 MXN 2/18/09 26,572,440 - 391,087 New Taiwan Dollar (TWD) Sell 1,541,500 TWD 3/2/09 47,242,770 - 906,952 New Turkish Lira (TRY) Sell 222,910 TRY 1/20/09-2/13/09 144,866,652 - 7,869,059 New Turkish Lira (TRY) Buy 83,300 TRY 1/26/09 54,216,034 2,330,593 - New Zealand Dollar (NZD) Sell 63,210 NZD 1/27/09 36,336,183 124,926 - New Zealand Dollar (NZD) Buy 382,180 NZD 1/16/09 220,085,206 - 56,326,776 Norwegian Krone (NOK) Sell 598,800 NOK 1/9/09 85,300,350 285,300 - Norwegian Krone (NOK) Buy 1,581,700 NOK 1/9/09-1/16/09 225,237,112 1,371,101 47,204,516 Peruvian New Sol (PEN) Sell 280,718 PEN 1/7/09-2/26/09 88,947,182 1,862,149 - Philippines Peso (PHP) Sell 564,000 PHP 2/17/09 11,800,139 - 829,297 Philippines Peso (PHP) Buy 2,513,000 PHP 1/26/09 52,673,076 3,350,210 - Polish Zloty (PLZ) Sell 671,734 PLZ 1/9/09-12/31/09 226,227,212 29,699,841 834,084 Polish Zloty (PLZ) Buy 155,690 PLZ 2/3/09 52,335,337 - 552,806 Russian Ruble (RUR) Sell 3,982,290 RUR 9/18/09-11/18/09 114,919,249 17,992,274 635,277 Russian Ruble (RUR) Buy 609,940 RUR 2/11/09 19,791,955 - 842,010 Singapore Dollar (SGD) Sell 76,625 SGD 1/30/09 53,259,887 - 2,430,700 Singapore Dollar (SGD) Buy 32,210 SGD 1/9/09 22,406,807 375,343 - South African Rand (ZAR) Sell 661,090 ZAR 1/20/09 70,158,396 - 8,519,182 South African Rand (ZAR) Buy 18,364 ZAR 12/31/09 1,823,667 - 428,209 South Korean Won (KRW) Sell 74,270,000 KRW 1/30/09 59,153,359 - 9,043,721 Swedish Krona (SEK) Sell 1,265,110 SEK 1/16/09 162,945,570 29,935,722 2,132,698 Swiss Franc (CHF) Sell 415,140 CHF 1/9/09-2/4/09 392,529,515 - 40,090,395
15 | OPPENHEIMER INTERNATIONAL BOND FUND Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS DECEMBER 31, 2008 / UNAUDITED Swiss Franc (CHF) Buy 516,661 CHF 1/9/09-2/3/09 488,391,608 48,208,637 -- Ukraine Hryvnia (UAH) Sell 54,570 UAH 1/28/09 6,978,126 497,217 -- Ukraine Hryvnia (UAH) Buy 54,570 UAH 1/28/09 6,978,126 -- 3,493,953 ------------ ------------ Total unrealized appreciation and depreciation $327,670,330 $335,597,438 ============ ============
FUTURES CONTRACTS AS OF DECEMBER 31, 2008 ARE AS FOLLOWS:
UNREALIZED BUY/ NUMBER OF EXPIRATION APPRECIATION CONTRACT DESCRIPTION SELL CONTRACTS DATE VALUE (DEPRECIATION) -------------------- ---- --------- ---------- ----------- -------------- Amsterdam Exchange Index Buy 151 1/16/09 $10,391,127 $ (147,575) CAC 40 10 Euro Index Sell 839 1/16/09 37,744,686 (305,998) Canadian Bond, 10 yr. Buy 3,167 3/20/09 329,948,977 19,805,986 DAX Index Sell 894 3/20/09 150,914,936 (4,840,433) Euro-Bundesobligation, 5 yr. Buy 1,945 3/6/09 315,693,934 2,956,410 Euro-Bundesobligation, 10 yr. Buy 2,401 3/6/09 418,648,029 2,393,561 Euro-Bundesobligation, 10 yr. Sell 166 3/6/09 28,944,428 (83,155) Euro-Schatz Buy 3,925 3/6/09 589,155,641 2,470,990 FTSE 100 Index Sell 1,098 3/20/09 70,302,908 (2,358,178) H Shares Index Sell 213 1/29/09 10,851,726 (456,257) Japan (Government of) Bonds, 10 yr. Sell 644 3/11/09 994,679,012 (7,808,071) Mexican Bolsa Index Sell 631 3/20/09 10,510,230 (1,067,365) MSCI Taiwan Stock Index Buy 536 1/20/09 9,347,840 631,590 Nikkei 225 Index Sell 614 3/12/09 59,762,125 (3,082,829) Nikkei 225 Index Buy 116 3/12/09 11,290,564 582,177 OMXS30 Index Sell 9,347 1/23/09 78,689,708 496,438 SGX CNX Nifty Index Sell 1,868 1/29/09 11,077,240 515,901 Standard & Poor's 500 E-Mini Buy 2,020 3/20/09 90,900,000 1,486,114 Standard & Poor's/MIB Index, 10 yr. Buy 81 3/20/09 10,986,316 59,922 Standard & Poor's/Toronto Stock Exchange 60 Index Buy 875 3/19/09 77,654,722 3,685,077 U.S. Treasury Bonds, 10 yr. Sell 1,961 3/20/09 246,595,750 (11,160,394) U.S. Treasury Bonds, 20 yr. Buy 1,164 3/20/09 160,686,563 12,665,797 U.S. Treasury Bonds, 20 yr. Sell 4,307 3/31/09 512,768,541 (10,492,421) U.S. Treasury Bonds, 20 yr. Buy 1,723 3/31/09 205,131,227 5,011,190 ------------ $ 10,958,477 ============
WRITTEN OPTIONS AS OF DECEMBER 31, 2008 ARE AS FOLLOWS:
NUMBER OF EXERCISE EXPIRATION PREMIUMS DESCRIPTION TYPE CONTRACTS PRICE DATE RECEIVED VALUE ----------- ---- --------- -------- ---------- -------- --------- Euro (EUR) Call 7,375,000 $1.411 1/6/09 $120,711 $ (50,730) Euro (EUR) Call 7,140,000 1.392 1/7/09 109,848 (126,699) Euro (EUR) Put 7,375,000 1.411 1/6/09 120,711 (159,214) Euro (EUR) Put 7,140,000 1.392 1/7/09 109,848 (86,855) -------- --------- $461,118 $(423,498) ======== =========
16 | OPPENHEIMER INTERNATIONAL BOND FUND Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS DECEMBER 31, 2008 / UNAUDITED CREDIT DEFAULT SWAPS AS OF DECEMBER 31, 2008 ARE AS FOLLOWS:
PAY/ BUY/SELL NOTIONAL RECEIVE SWAP CREDIT AMOUNT FIXED TERMINATION REFERENCE ENTITY COUNTERPARTY PROTECTION (000's) RATE DATE VALUE ---------------- --------------------------- ---------- -------- ------- ----------- ------------ Bolivarian Republic of Venezuela: Goldman Sachs International Sell $ 2,635 6.350% 5/20/13 $ (1,299,313) UBS AG Sell 9,950 6.050 8/20/13 (4,810,794) -------- ------------ Total 12,585 (6,110,107) -------- ------------ Cemex SAB de CV: UBS AG Buy 2,220 5.300 10/20/13 147,057 UBS AG Buy 2,220 5.300 10/20/13 147,057 -------- ------------ Total 4,440 294,114 -------- ------------ Development Bank of Kazakhstan JSC Credit Suisse International Sell 18,510 3.750 2/20/13 (3,643,353) -------- ------------ Total 18,510 (3,643,353) -------- ------------ Federative Republic of Brazil: Citibank NA, New York Sell 12,760 4.250 12/20/13 721,616 Deutsche Bank AG Sell 19,770 1.050 7/20/13 (1,392,571) Deutsche Bank AG Sell 9,850 1.210 8/20/13 (644,956) Goldman Sachs Bank USA Sell 9,850 1.210 8/20/13 (644,956) Goldman Sachs International Sell 19,780 1.060 7/20/13 (1,384,539) JPMorgan Chase Bank NA, NY Branch Sell 4,925 1.210 8/20/13 (322,478) -------- ------------ Total 76,935 (3,667,884) -------- ------------ HSBK Europe BV: Credit Suisse International Sell 3,840 4.950 3/20/13 (619,624) Morgan Stanley Capital Services, Inc. Sell 7,670 4.780 3/20/13 (1,275,994) Morgan Stanley Capital Services, Inc. Sell 7,680 4.880 3/20/13 (1,255,064) -------- ------------ Total 19,190 (3,150,682) -------- ------------ Islamic Republic of Pakistan Citibank NA, New York Sell 3,010 5.100 3/20/13 (1,303,731) -------- ------------ Total 3,010 (1,303,731) -------- ------------ Istanbul Bond Company SA Morgan Stanley Capital Services, Inc. Sell 17,390 1.300 3/24/13 (3,190,406) -------- ------------ Total 17,390 (3,190,406) -------- ------------ PEMEX Project Funding Master Goldman Sachs Bank USA Buy 3,595 3.450 11/20/13 (57,668) -------- ------------ Total 3,595 (57,668) -------- ------------ Republic of Colombia Goldman Sachs Bank USA Sell 4,950 1.430 8/20/13 (285,622) -------- ------------ Total 4,950 (285,622) -------- ------------ Republic of the Philippines UBS AG Sell 5,945 1.450 6/20/17 (921,073) -------- ------------ Total 5,945 (921,073) -------- ------------ Republic of Turkey: Citibank NA, New York Buy 12,760 5.250 12/20/13 (481,429) Goldman Sachs Bank USA Buy 25,520 5.290 12/20/13 (1,004,346) Morgan Stanley Capital Services, Inc. Buy 12,350 2.670 9/20/13 711,434 -------- ------------ Total 50,630 (774,341) -------- ------------ Deutsche Bank AG Sell 14,580 2.550 8/20/13 (809,350) Goldman Sachs Bank USA Sell 14,630 2.560 8/20/13 (860,245) JPMorgan Chase Bank NA, NY Branch Sell 4,870 2.640 8/20/13 (270,015) JPMorgan Chase Bank NA, NY Branch Sell 4,965 2.680 9/20/13 (283,947) JPMorgan Chase Bank NA, NY Branch Sell 14,630 2.560 8/20/13 (860,245) JPMorgan Chase Bank NA, NY Branch Sell 14,630 2.850 8/20/13 (682,291) -------- ------------ Total 68,305 (3,766,093) -------- ------------ Russian Federation: Citibank NA, New York Sell 19,600 1.110 8/20/13 (4,550,077) JPMorgan Chase Bank NA, NY Branch Sell 9,800 1.100 8/20/13 (2,278,675) -------- ------------ Total 29,400 (6,828,752) -------- ------------ Standard Bank London Holdings plc for NAK Naftogaz Ukrainy Credit Suisse International Sell 5,000 3.250 4/20/11 (2,031,064) -------- ------------ Total 5,000 (2,031,064) -------- ------------ Troy Capital SA for Yasar Holdings SA: Morgan Stanley Capital Services, Inc. Sell 4,800 8.750 6/20/10 (816,391) Morgan Stanley Capital Services, Inc. Sell 4,800 8.500 10/20/09 (535,703) -------- ------------
17 | OPPENHEIMER INTERNATIONAL BOND FUND Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS DECEMBER 31, 2008 / UNAUDITED Total 9,600 (1,352,094) -------- ------------ Ukraine: Citibank NA, New York Buy 10,220 6.650 10/20/13 5,451,399 Goldman Sachs Bank USA Buy 12,180 4.220 8/20/13 6,659,646 Merrill Lynch International Buy 12,180 4.300 8/20/13 6,649,854 UBS AG Buy 11,630 4.180 8/20/13 6,363,610 -------- ------------ Total 46,210 25,124,509 -------- ------------ Goldman Sachs Bank USA Sell 9,850 3.950 8/20/13 (5,412,425) UBS AG Sell 9,850 3.950 8/20/13 (5,412,425) -------- ------------ Total 19,700 (10,824,850) -------- ------------ VTB Capital SA Goldman Sachs Bank USA Buy 12,290 7.400 5/28/13 1,519,204 -------- ------------ Total 12,290 1,519,204 -------- ------------ Grand Total Buys 117,165 26,105,818 Grand Total Sells 290,520 (47,075,711) ------------ $(20,969,893) ============
The table that follows shows the undiscounted maximum potential payment by the Fund related to selling credit protection in credit default swaps:
TYPE OF REFERENCE ASSET ON WHICH THE TOTAL MAXIMUM POTENTIAL FUND SOLD PAYMENTS FOR SELLING CREDIT REFERENCE ASSET PROTECTION PROTECTION (UNDISCOUNTED) AMOUNT RECOVERABLE* RATING RANGE** ------------------ --------------------------- ------------------- --------------- Sovereign Debt $112,085,000 $-- BBB to BBB- Sovereign Debt 178,435,000 -- BB+ to CCC+ --------------------------- ------------------- Total $290,520,000 $-- =========================== ===================
* The Fund has no amounts recoverable from related purchased protection. In addition, the Fund has no recourse provisions under the credit derivatives and holds no collateral which can offset or reduce potential payments under a triggering event. ** The reference asset security rating, as rated by any rating organization, are included in the equivalent Standard & Poor's rating category. The reference asset rating represents the likelihood of a potential payment by the Fund if the reference asset experiences a credit event as of period end. INTEREST RATE SWAP CONTRACTS AS OF DECEMBER 31, 2008 ARE AS FOLLOWS:
NOTIONAL AMOUNT TERMINATION REFERENCE ENTITY/SWAP COUNTERPARTY (000'S) PAID BY THE FUND RECEIVED BY THE FUND DATE VALUE ---------------------------------- -------- ---------------- -------------------- ----------- ------------ AUD BBR BBSW: Six-Month AUD Westpac Banking Corp. 154,560 AUD BBR BBSW 4.88% 12/3/18 $ 4,223,661 BZDI: Banco Santander Central Hispano SA 27,880 BRR BZDI 14.00 1/3/12 641,041 Banco Santander SA, Inc. 116,100 BRR BZDI 14.90 1/2/12 2,029,706 Banco Santander SA, Inc. 34,370 BRR BZDI 13.55 1/2/17 645,271 Goldman Sachs International 9,700 BRR BZDI 14.10 1/2/17 165,891 J Aron & Co. 46,300 BRR BZDI 10.67 1/2/12 (1,245,819) J Aron & Co. 35,650 BRR BZDI 14.16 1/2/17 925,113 J Aron & Co. 53,700 BRR BZDI 12.92 1/2/14 73,479 J Aron & Co. 26,730 BRR BZDI 12.87 1/2/14 18,282 J Aron & Co. 53,240 BRR BZDI 12.71 1/4/10 386,056 J Aron & Co. 110,230 BRR BZDI 12.61 1/4/10 754,060
18 | OPPENHEIMER INTERNATIONAL BOND FUND Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS DECEMBER 31, 2008 / UNAUDITED J Aron & Co. 99,100 BRR BZDI 12.26 1/2/15 (1,294,237) J Aron & Co. 45,260 BRR BZDI 12.29 1/2/15 (578,087) J Aron & Co. 27,880 BRR BZDI 14.05 1/2/12 647,522 J Aron & Co. 53,300 BRR BZDI 14.30 1/2/17 1,616,479 J Aron & Co. 34,640 BRR BZDI 13.67 1/2/17 650,370 J Aron & Co. 44,980 BRR BZDI 13.10 1/2/17 (24,134) JPMorgan Chase Bank NA 34,270 BRR BZDI 13.91 1/2/12 791,031 JPMorgan Chase Bank NA 56,300 BRR BZDI 13.90 1/2/17 1,160,599 Morgan Stanley 45,950 BRR BZDI 14.95 1/2/17 1,764,722 Morgan Stanley 45,950 BRR BZDI 15.00 1/2/17 1,775,741 Morgan Stanley 41,690 BRR BZDI 14.88 1/2/17 1,264,624 Morgan Stanley 113,800 BRR BZDI 13.90 1/2/17 2,345,935 Morgan Stanley 41,690 BRR BZDI 14.86 1/2/17 1,264,606 Morgan Stanley Capital Services, Inc. 41,020 BRR BZDI 13.93 1/2/17 769,889 UBS AG 100,000 BRR BZDI 10.67 1/2/12 (2,689,386) UBS AG 37,300 BRR BZDI 14.34 1/2/17 1,131,458 ---------- ----------- Reference Entity Total 1,377,030 BRR 14,990,212 ---------- ----------- CNY CFXSREPOFIX01: CNY Goldman Sachs International 107,900 CNY 4.00% CFXSREPOFIX01 2/16/17 (1,176,837) CZK PRIBOR PRBO: Six-Month CZK Citibank NA, New York 1,062,000 CZK PRIBOR PRBO 3.56 9/27/10 1,171,506 Six-Month CZK Goldman Sachs Group, Inc. (The) 1,235,000 CZK PRIBOR PRBO 2.76% times UDI 12/5/10 373,972 Six-Month CZK Goldman Sachs Group, Inc. (The) 507,500 CZK PRIBOR PRBO 3.76 10/6/18 1,266,658 Six-Month CZK JPMorgan Chase Bank NA 1,235,000 CZK PRIBOR PRBO 2.75 12/5/10 365,878 Six-Month CZK JPMorgan Chase Bank NA 1,056,000 CZK PRIBOR PRBO 3.47 9/18/10 1,068,660 Six-Month CZK JPMorgan Chase Bank NA 868,000 CZK PRIBOR PRBO 3.56 9/12/10 967,073 Six-Month CZK JPMorgan Chase Bank NA 1,166,000 CZK PRIBOR PRBO 3.30 10/17/10 1,067,967 Six-Month CZK Morgan Stanley 501,200 CZK PRIBOR PRBO 3.83 10/3/18 1,413,182 ---------- ----------- Reference Entity Total 7,630,700 CZK 7,694,896 ---------- ----------- HUF BUBOR Reuters: Six-Month HUF Barclays Bank plc 5,136,000 HUF BUBOR Reuters 7.82 9/19/13 (129,787) Six-Month HUF Barclays Bank plc 3,093,000 HUF BUBOR Reuters 7.18 10/8/18 (475,500) Six-Month HUF Citibank NA 3,045,000 HUF BUBOR Reuters 7.20 10/8/18 (283,856) Six-Month HUF Citibank NA 3,037,000 HUF BUBOR Reuters 7.18 10/3/18 (471,560) Six-Month HUF JPMorgan Chase Bank NA 3,093,000 HUF BUBOR Reuters 7.20 10/6/18 (288,330)
19 | OPPENHEIMER INTERNATIONAL BOND FUND Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS DECEMBER 31, 2008 / UNAUDITED Six-Month HUF JPMorgan Chase Bank NA 6,940,000 HUF BUBOR Reuters 8.60 12/17/10 193,696 Six-Month HUF JPMorgan Chase Bank NA 2,411,000 HUF BUBOR Reuters 7.89 9/12/13 (31,098) Six-Month HUF JPMorgan Chase Bank NA 5,319,000 HUF BUBOR Reuters 8.48 6/6/13 1,703,206 Six-Month HUF JPMorgan Chase Bank NA 2,855,000 HUF BUBOR Reuters 7.88 8/12/13 (56,091) ---------- ----------- Reference Entity Total 34,929,000 HUF 160,680 ---------- ----------- ILS TELBOR01 Reuters: Three-Month ILS Credit Suisse International 23,060 ILS TELBOR01 Reuters 4.65 12/22/18 90,074 Three-Month ILS Credit Suisse International 24,310 ILS TELBOR01 Reuters 4.94 12/15/18 211,137 Three-Month ILS UBS AG 56,950 ILS TELBOR01 5.88 8/28/10 1,807,711 Three-Month ILS UBS AG 57,850 ILS TELBOR01 5.85 9/4/18 1,793,166 Three-Month ILS UBS AG 62,000 ILS TELBOR01 Reuters 5.04 12/12/18 547,995 ---------- ----------- Reference Entity Total 224,170 ILS 4,450,083 ---------- ----------- MXN TIIE BANXICO: MXN TIIE Banco Santander SA, Inc. 323,900 MXN BANXICO 8.54 9/27/13 460,611 MXN TIIE Banco Santander SA, Inc. 131,000 MXN BANXICO 8.65 5/17/18 191,503 MXN TIIE Banco Santander SA, Inc. 184,100 MXN BANXICO 8.57 5/3/18 201,175 MXN TIIE Citibank NA 645,100 MXN BANXICO 8.92 11/24/11 1,283,197 MXN TIIE Credit Suisse International 128,200 MXN BANXICO 8.56 9/27/13 186,626 Credit Suisse International 133,400 MXN MXN TIIE 8.30 12/17/26 (235,737) Goldman Sachs Capital Markets LP 261,580 MXN MXN TIIE 8.14 1/10/18 (258,453) MXN TIIE Goldman Sachs Group, Inc. (The) 195,700 MXN BANXICO 8.54 9/27/13 278,300 MXN TIIE Goldman Sachs Group, Inc. (The) 623,700 MXN BANXICO 9.35 11/18/11 1,698,327 MXN TIIE Goldman Sachs Group, Inc. (The) 1,996,000 MXN BANXICO 10.00 11/11/11 2,222,577 MXN TIIE Goldman Sachs Group, Inc. (The) 802,600 MXN BANXICO 9.27 11/21/11 2,080,561 MXN TIIE Goldman Sachs Group, Inc. (The) 784,100 MXN BANXICO 9.08 11/22/11 1,742,502 J Aron & Co. 140,720 MXN MXN TIIE 9.15 8/27/26 632,107 One-Month MXN J Aron & Co. 60,800 MXN TIIE BANXICO 9.33 9/16/26 351,758 One-Month MXN JPMorgan Chase Bank NA 1,314,800 MXN TIIE BANXICO 9.58 10/23/18 8,484,268 MXN TIIE JPMorgan Chase Bank NA 1,983,000 MXN BANXICO 10.00 11/11/11 2,208,101 MXN TIIE JPMorgan Chase Bank NA 630,300 MXN BANXICO 8.92 11/24/11 1,253,757 MXN TIIE JPMorgan Chase Bank NA 124,850 MXN BANXICO 9.32 6/1/18 561,475 MXN TIIE Merrill Lynch Capital Services, Inc. 168,880 MXN BANXICO 8.57 5/11/18 186,402
20 | OPPENHEIMER INTERNATIONAL BOND FUND Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS DECEMBER 31, 2008 / UNAUDITED One-Month MXN Morgan Stanley 249,000 MXN TIIE BANXICO 9.07 11/26/18 889,633 ---------- ----------- Reference Entity Total 10,881,730 24,418,690 ---------- ----------- PLZ WIBOR WIBO: Six-Month PLZ Goldman Sachs Group, Inc. (The) 77,340 PLZ WIBOR WIBO 5.33 10/6/18 1,815,686 Six-Month PLZ Goldman Sachs Group, Inc. (The) 77,000 PLZ WIBOR WIBO 5.32 10/3/18 1,802,052 Six-Month PLZ Goldman Sachs International 89,560 PLZ WIBOR WIBO 6.14 8/26/10 794,413 Six-Month PLZ JPMorgan Chase Bank NA 60,160 PLZ WIBOR WIBO 6.04 8/8/13 1,493,982 ---------- ----------- Reference Entity Total 304,060 5,906,133 ---------- ----------- SEK STIBOR SIDE: Three-Month SEK Barclays Bank plc 246,015 SEK 3.14% STIBOR SIDE 12/9/18 89,194 Three-Month SEK Barclays Bank plc 184,500 SEK 3.22% STIBOR SIDE 12/22/18 (22,969) Three-Month SEK Barclays Bank plc 307,600 SEK 3.52% STIBOR SIDE 12/15/18 (1,187,096) Three-Month SEK Deutsche Bank AG, London 61,505 SEK 3.13% STIBOR SIDE 12/09/18 148,070 ---------- ----------- Total where Fund pays a fixed rate 799,620 SEK (972,801) Three-Month SEK Deutsche Bank AG 692,800 SEK STIBOR SIDE 5.11 7/16/18 15,701,331 Three-Month SEK Goldman Sachs International 692,800 SEK STIBOR SIDE 5.08 7/17/18 15,467,589 Three-Month SEK Goldman Sachs International 766,700 SEK STIBOR SIDE 4.84 8/21/18 14,769,538 ---------- ----------- Total where Fund pays a variable rate 2,152,300 SEK 45,938,458 ----------- Reference Entity Total 44,965,657 ----------- ZAR JIBAR SAFEX: Three-Month ZAR JPMorgan Chase Bank NA 500,600 ZAR 8.93% JIBAR SAFEX 11/3/18 (3,990,481) Three-Month ZAR UBS AG 500,600 ZAR 8.92% JIBAR SAFEX 11/3/18 (3,994,471) ---------- ----------- Reference Entity Total 1,001,200 ZAR (7,984,952) ----------- Total Interest Rate Swaps $97,648,223 ===========
Notional amount is reported in U.S. Dollars (USD), except for those denoted in the following currencies: AUD Australian Dollar BRR Brazilian Real CNY Chinese Renminbi (Yuan) CZK Czech Koruna HUF Hungarian Forint ILS Israeli Shekel MXN Mexican Nuevo Peso PLZ Polish Zloty SEK Swedish Krona ZAR South African Rand Abbreviations/Definitions are as follows: BANIXCO Banco de Mexico BBA LIBOR British Bankers' Association London-Interbank Offered Rate BBR BBSW Bank Bill Swap Reference Rate (Australian financial market) BUBOR Reuters Budapest Interbank Offered Rate BZDI Brazil Interbank Deposit Rate CFXSREPOFIX01 7 Days Repurchase Fixing Rates JIBAR South Africa Johannesburg Interbank Agreed Rate PRIBOR PRIBO Prague Interbank Offering Rate SAFEX South African Futures Exchange 21 | OPPENHEIMER INTERNATIONAL BOND FUND OPPENHEIMER INTERNATIONAL BOND FUND STATEMENT OF INVESTMENTS DECEMBER 31, 2008 /UNAUDITED STIBOR SIDE Stockholm Interbank Offered Rate TELBOR01 Tel Aviv Interbank Offered Rate 1Month TIIE Interbank Equilibrium Interest Rate UDI Unidad de Inversion (Unit of Investment) WIBOR WIBO Poland Warsaw Interbank Offer Bid Rate
TOTAL RETURN SWAP CONTRACTS AS OF DECEMBER 31, 2008 ARE AS FOLLOWS:
UPFRONT NOTIONAL PAYMENT REFERENCE ENTITY/ AMOUNT PAID BY RECEIVED BY TERMINATION RECEIVED/ SWAP COUNTERPARTY (000'S) THE FUND THE FUND DATE (PAID) VALUE ---------------------------- --------- --------------------------- --------------------- ----------- ----------- ------------- BOVESPA INDEX: Citibank NA 26,412 BRR If negative, the absolute value of the If positive, the Total Total Return of the Return of the BOVESPA Index BOVESPA Index 2/20/09 $ -- $ 638,787 CONSTANT MATURITY OPTION PRICE: Merrill Lynch 248,000 The Constant Merrill Lynch 134,690 Maturity Option Price divided by 4.66% 10,000 6/11/17 (8,268,320) (13,901,109) The Constant Maturity Option Price divided by 5.33 10,000 8/13/17 801,406 (17,796,514) ----------- ------------- Reference Entity Total (7,466,914) (31,697,623) ----------- ------------- CUSTOM BASKET OF SECURITIES: Morgan Stanley 32,615 EUR One-Month EUR BBA LIBOR Morgan Stanley International 31,658 EUR plus 25 basis points and if If positive, the negative, the absolute Total Return of a value of the Total Return custom basket of of a custom basket of securities 3/6/09 -- 3,173,872 securities One-Month EUR BBA LIBOR plus 30 basis points and if negative, the If positive, the absolute value of the Total Total Return of a custom basket Return of a custom of securities basket of securities 10/7/08 -- 1,815,584 ----------- ------------- Reference Entity Total -- 4,989,456 ----------- ------------- CUSTOM BASKET OF SECURITIES TRADED ON THE LONDON STOCK EXCHANGE: Citibank NA, New York 39,699 GBP One-Month GBP BBA Citibank NA, New York 5,487,378 JPY LIBOR plus 35 basis points and if negative, the If positive, absolute value of the Total the Total Return of a custom basket Return of a custom of securities basket of securities 5/8/09 -- (572,911) One-Month JPY BBA LIBOR plus 40 basis points If positive, the and if negative, the Total absolute value of the Total Return of a custom Return of a custom basket basket of securities 4/14/09 -- 8,413,330 of securities ----------- ------------- Reference Entity Total -- 7,840,419 ----------- ------------- EURX/EURX SMI INDEX: Goldman Sachs Group, Inc. If positive, the (The) 11,652 CHF If negative, the absolute Total value of the Total Return Return of the EURX of the EURX SMI Index SMI Index 3/24/09 -- (60,941) ----------- -------------
22 | OPPENHEIMER INTERNATIONAL BOND FUND OPPENHEIMER INTERNATIONAL BOND FUND STATEMENT OF INVESTMENTS DECEMBER 31, 2008 /UNAUDITED MSCI DAILY TR NET BELGIUM: Citibank NA 2,841 One-Month USD BBA If positive, the LIBOR and if negative, the Total absolute value of the MSCI Return of the MSCI Daily Net Belgium USD Daily Net Belgium Market Index USD Market Index 10/7/09 -- 294,605 One-Month USD BBA Citibank NA 12,551 If positive, the LIBOR and if negative, the Total absolute value of the MSCI Return of the MSCI Daily Net Belgium USD Daily Net Belgium Market Index USD Market Index 10/7/09 -- 865,054 ----------- ------------- Reference Entity Total -- 1,159,659 ----------- ------------- MXN TIIE BANXICO: Deutsche Bank AG 16,760 Six-Month USD BBA LIBOR 5.46% times UDI 5/13/15 -- 648,486 Deutsche Bank AG 11,050 Six-Month USD LIBOR 5.25% times UDI 6/23/15 -- 125,345 Goldman Sachs Group, Inc. (The) 11,580 Six-Month USD BBA LIBOR 5.10% times UDI 1/14/15 -- 548,168 Goldman Sachs Group, Inc. (The) 11,580 Six-Month BBA LIBOR 5.08% times UDI 1/20/15 -- 652,189 ----------- ------------- Reference Entity Total -- 1,974,188 ----------- ------------- Total of Total Return Swaps $(7,466,914) $ (15,156,055) =========== =============
Notional amount is reported in U.S. Dollars (USD), except for those denoted in the following currencies: BRR Brazilian Real CHF Swiss Franc EUR Euro GBP British Pound Sterling JPY Japanese Yen
Abbreviations/Definitions are as follows: BBA LIBOR British Bankers' Association London-Interbank Offered Rate BOVESPA Bovespa Index that trades on the Sao Paulo Stock Exchange EURX Euro Index MSCI Morgan Stanley Capital International SMI Swiss Market Index UDI Unidad de Inversion (Unit of Investment)
CURRENCY SWAPS AS OF DECEMBER 31, 2008 ARE AS FOLLOWS:
Notional REFERENCE ENTITY/ AMOUNT PAID BY RECEIVED BY TERMINATION SWAP COUNTERPARTY (000S) THE FUND THE FUND DATE VALUE --------------------------- -------- --- ------------------------- ----------- ----------- ---------- USD BBA LIBOR Credit Suisse International 18,590 TRY Three Month USD BBA LIBOR 16.75% 2/26/12 $ 926,639 Credit Suisse International 7,370 TRY Three-Month USD BBA LIBOR 17.25 2/7/12 494,778 Credit Suisse International 11,105 TRY Three-Month USD BBA LIBOR 17.30 2/9/12 736,332 Merrill Lynch International 3,840 TRY Three-Month BBA LIBOR 17.10 2/6/12 386,630 --------- ---------- Total Currency Swaps 40,905 TRY $2,544,379 ========= ==========
Notional amount is reported in U.S. Dollars (USD), except for those denoted in the following currency: TRY New Turkish Lira Abbreviation/Definition is as follows: BBA LIBOR British Bankers' Association London-Interbank Offered Rate 23 | OPPENHEIMER INTERNATIONAL BOND FUND OPPENHEIMER INTERNATIONAL BOND FUND STATEMENT OF INVESTMENTS DECEMBER 31, 2008 / UNAUDITED SWAP SUMMARY AS OF DECEMBER 31, 2008 IS AS FOLLOWS: The following table aggregates, as of period end, the amount receivable from/(payable to) each counterparty with whom the Fund has entered into a swap agreement. Swaps are individually disclosed in the preceding tables.
NOTIONAL SWAP TYPE FROM AMOUNT SWAP COUNTERPARTY FUND PERSPECTIVE (000'S) VALUE ---------------------------------- ------------------------------ --------- ----------- Banco Santander Central Hispano SA Interest Rate 27,880 BRR $ 641,041 ----------- Banco Santander SA, Inc.: Interest Rate 150,470 BRR 2,674,977 Interest Rate 639,000 MXN 853,289 ----------- 3,528,266 ----------- Barclays Bank plc: Interest Rate 8,229,000 HUF (605,287) Interest Rate 738,115 SEK (1,120,871) ----------- (1,726,158) ----------- Citibank NA: Interest Rate 6,082,000 HUF (755,416) Interest Rate 645,100 MXN 1,283,197 Total Return 26,412 BRR 638,787 Total Return 15,392 1,159,659 ----------- 2,326,227 ----------- Citibank NA, New York: Credit Default Buy Protection 22,980 4,969,970 Credit Default Sell Protection 35,370 (5,132,192) Interest Rate 1,062,000 CZK 1,171,506 Total Return 39,699 GBP (572,911) Total Return 5,487,378 JPY 8,413,330 ----------- 8,849,703 ----------- Credit Suisse International: Credit Default Sell Protection 27,350 (6,294,041) Currency 37,065 TRY 2,157,749 Interest Rate 47,370 ILS 301,211 Interest Rate 261,600 MXN (49,111) ----------- (3,884,192) ----------- Deutsche Bank AG: Credit Default Sell Protection 44,200 (2,846,877) Interest Rate 692,800 SEK 15,701,331 Total Return 27,810 773,831 ----------- 13,628,285 ----------- Deutsche Bank AG, London Interest Rate 61,505 SEK 148,070 ----------- Goldman Sachs Bank USA: Credit Default Buy Protection 53,585 7,116,836 Credit Default Sell Protection 39,280 (7,203,248) ----------- (86,412) ----------- Goldman Sachs Capital Markets LP Interest Rate 261,580 MXN (258,453) ----------- Goldman Sachs Group, Inc. (The): Interest Rate 1,742,500 CZK 1,640,630 Interest Rate 4,402,100 MXN 8,022,267 Interest Rate 154,340 PLZ 3,617,738 Total Return 11,652 CHF (60,941) Total Return 23,160 1,200,357 ----------- 14,420,051 ----------- Goldman Sachs International: Credit Default Sell Protection 22,415 (2,683,852) Interest Rate 9,700 BRR 165,891 Interest Rate 107,900 CNY (1,176,837) Interest Rate 89,560 PLZ 794,413 Interest Rate 1,459,500 SEK 30,237,127 ----------- 27,336,742 -----------
24 | OPPENHEIMER INTERNATIONAL BOND FUND OPPENHEIMER INTERNATIONAL BOND FUND STATEMENT OF INVESTMENTS DECEMBER 31, 2008 / UNAUDITED J Aron & Co.: Interest Rate 631,010 BRR 1,929,084 Interest Rate 201,520 MXN 983,865 ----------- 2,912,949 ----------- JPMorgan Chase Bank NA: Interest Rate 90,570 BRR 1,951,630 Interest Rate 4,325,000 CZK 3,469,578 Interest Rate 20,618,000 HUF 1,521,383 Interest Rate 4,052,950 MXN 12,507,601 Interest Rate 60,160 PLZ 1,493,982 Interest Rate 500,600 ZAR (3,990,481) ----------- 16,953,693 ----------- JPMorgan Chase Bank NA, NY Branch Credit Default Sell Protection 53,820 (4,697,651) ----------- Merrill Lynch Total Return 382,690 (31,697,623) ----------- Merrill Lynch Capital Services, Inc. Interest Rate 168,880 MXN 186,402 ----------- Merrill Lynch International: Credit Default Buy Protection 12,180 6,649,854 Currency 3,840 TRY 386,630 ----------- 7,036,484 ----------- Morgan Stanley: Interest Rate 289,080 BRR 8,415,628 Interest Rate 501,200 CZK 1,413,182 Interest Rate 249,000 MXN 889,633 Total Return 32,615 EUR 3,173,872 ----------- 13,892,315 ----------- Morgan Stanley Capital Services, Inc.: Credit Default Buy Protection 12,350 711,434 Credit Default Sell Protection 42,340 (7,073,558) Interest Rate 41,020 BRR 769,889 ----------- (5,592,235) ----------- Morgan Stanley International Total Return 31,658 EUR 1,815,584 ----------- UBS AG: Credit Default Buy Protection 16,070 6,657,724 Credit Default Sell Protection 25,745 (11,144,292) Interest Rate 137,300 BRR (1,557,928) Interest Rate 176,800 ILS 4,148,872 Interest Rate 500,600 ZAR (3,994,471) ----------- (5,890,095) ----------- Westpac Banking Corp. Interest Rate 154,560 AUD 4,223,661 ----------- Total Swaps $64,066,654 ===========
Notional amount is reported in U.S. Dollars (USD), except for those denoted in the following currencies:
AUD Australian Dollar BRR Brazilian Real CHF Swiss Franc CNY Chinese Renminbi (Yuan) CZK Czech Koruna EUR Euro GBP British Pound Sterling HUF Hungarian Forint ILS Israeli Shekel JPY Japanese Yen MXN Mexican Nuevo Peso PLZ Polish Zloty SEK Swedish Krona TRY New Turkish Lira ZAR South African Rand
25 | OPPENHEIMER INTERNATIONAL BOND FUND Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS DECEMBER 31, 2008/UNAUDITED DISTRIBUTION OF INVESTMENTS REPRESENTING GEOGRAPHIC HOLDINGS, AS A PERCENTAGE OF TOTAL INVESTMENTS AT VALUE, IS AS FOLLOWS:
GEOGRAPHIC HOLDINGS VALUE PERCENT ------------------- --------------- ------- Japan $ 2,302,902,404 22.2% United States 1,921,480,716 18.5 Germany 1,082,004,272 10.4 Brazil 693,915,012 6.7 France 600,539,665 5.8 United Kingdom 578,125,550 5.6 Turkey 402,060,749 3.9 Russia 287,634,591 2.8 Mexico 283,674,102 2.7 Peru 240,335,958 2.3 Colombia 198,442,908 1.9 Italy 144,329,378 1.4 Indonesia 125,031,115 1.2 Nigeria 116,944,444 1.1 Egypt 112,698,116 1.1 Canada 108,021,481 1.0 Greece 106,991,606 1.0 Israel 90,756,326 0.9 Philippines 79,138,119 0.8 The Netherlands 76,853,082 0.7 Panama 73,127,792 0.7 Kazakhstan 72,275,349 0.7 Supranational 67,160,808 0.7 Ukraine 63,508,388 0.6 Poland 55,856,959 0.5 Belgium 52,760,194 0.5 Denmark 46,231,394 0.4 Sweden 44,961,355 0.4 India 41,218,025 0.4 Spain 39,608,007 0.4 Uruguay 37,402,363 0.4 Hungary 35,730,874 0.3 Dominican Republic 31,968,564 0.3 Malaysia 31,809,271 0.3 Venezuela 30,496,713 0.3 Argentina 27,147,309 0.3 Australia 27,019,888 0.3 Norway 16,456,870 0.2 Ghana 14,311,559 0.1 Zambia 8,595,356 0.1 Vietnam 8,267,672 0.1 Swaziland 4,074,840 0.0 Bulgaria 2,881,200 0.0 --------------- ------- Total $10,384,750,344 100.0% =============== =======
26 | OPPENHEIMER INTERNATIONAL BOND FUND Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS DECEMBER 31, 2008/UNAUDITED 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 trading. Effective for fiscal periods beginning after November 15, 2007, FASB Statement of Financial Accounting Standards No. 157, FAIR VALUE MEASUREMENTS, establishes a hierarchy for measuring fair value of assets and liabilities. As required by the standard, each investment asset or liability of the Fund is assigned a level at measurement date based on the significance and source of the inputs to its valuation. Quoted prices in active markets for identical securities are classified as "Level 1", inputs other than quoted prices for an asset that are observable are classified as "Level 2" and unobservable inputs, including the Manager's judgment about the assumptions that a market participant would use in pricing an asset or liability are classified as "Level 3". The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. A table summarizing the Fund's investments under these levels of classification is included following the Statement of Investments. Securities are valued using quoted market prices, when available, as supplied primarily either by portfolio pricing services approved by the Board of Trustees or dealers. These securities are typically classified within Level 1 or 2; however, they may be designated as Level 3 if the dealer or portfolio pricing service values a security through an internal model with significant unobservable market data inputs. Securities traded on a registered U.S. securities exchange are valued based on the last sale price of the security reported on the principal exchange on which traded, prior to the time when the Fund's assets are valued. Securities whose principal exchange is NASDAQ(R) are valued based on the official closing prices reported 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 current day's closing "bid" and "asked" prices, and if not, at the current day's closing bid price. A foreign security traded on a foreign exchange is valued based on the last sale price on the principal exchange on which the security is traded, as identified by the portfolio pricing service used by the Manager, prior to the time when the Fund's assets are valued. In the absence of a sale, the security is valued at the most recent official closing price on the principal exchange on which it is traded. Shares of a registered investment company that are not traded on an exchange are valued at that investment company's net asset value per share. Corporate, government and municipal debt instruments having a remaining maturity in excess of sixty days and all mortgage-backed securities, collateralized mortgage obligations and other asset-backed securities are valued at the mean between the "bid" and "asked" prices. "Money market-type" debt instruments with remaining maturities of sixty days or less are valued at cost adjusted by the amortization of discount or premium to maturity (amortized cost), which approximates market value. These securities are typically designated as Level 2. In the absence of a readily available quoted market price, including for 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 the securities' respective exchanges, the Manager, acting through its internal valuation committee, in good faith determines the fair valuation of that asset using consistently applied procedures under the supervision of the Board of Trustees (which reviews those fair valuations by the Manager). Those procedures include certain standardized methodologies to fair value securities. Such methodologies include, but are not limited to, pricing securities initially at cost and subsequently adjusting the value based on: changes in company specific fundamentals, changes in an appropriate securities index, or changes in the value of similar securities which may be adjusted for any discounts related to resale restrictions. When possible, such methodologies use observable market inputs such as quoted prices of similar securities, observable interest rates, currency rates and yield curves. The methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Fair valued securities may be classified as "Level 3" if the valuation primarily reflects the Manager's own assumptions about the inputs that market participants would use in valuing such securities. 27 | OPPENHEIMER INTERNATIONAL BOND FUND Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS DECEMBER 31, 2008/UNAUDITED There have been no significant changes to the fair valuation methodologies during the period. STRUCTURED SECURITIES. The Fund invests in structured securities 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 securities 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 security is sold or matures. SECURITIES ON A WHEN-ISSUED OR DELAYED DELIVERY BASIS. The Fund may purchase securities on a "when-issued" basis, and may purchase or sell securities on a "delayed delivery" basis. "When-issued" or "delayed delivery" refers to securities whose terms and indenture are available and for which a market exists, but which are not available for immediate delivery. Delivery and payment for securities that have been purchased by the Fund on a when-issued basis normally takes place within six months and possibly as long as two years or more after the 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 purchase of securities on a when-issued basis may increase the volatility of the Fund's net asset value to the extent the Fund executes such transactions while remaining substantially fully invested. When the Fund engages in when-issued or delayed delivery transactions, it relies on the buyer or seller, as the case may be, to complete the transaction. Their failure to do so may cause the Fund to lose the opportunity to obtain or dispose of the security at a price and yield it considers advantageous. The Fund maintains internally designated assets with a market value equal to or greater than the amount of its purchase commitments. 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, 2008, the Fund had purchased securities issued on a when-issued or delayed delivery basis and sold securities issued on a delayed delivery basis as follows:
WHEN-ISSUED OR DELAYED DELIVERY BASIS TRANSACTIONS ------------------------------- Purchased securities $1,047,128
CREDIT RISK. The Fund invests in high-yield, non-investment-grade bonds, which may be subject to a greater degree of credit risk. Credit risk relates to the ability of the issuer to meet interest or principal payments or both as they become due. The Fund may acquire securities in default, and is not obligated to dispose of securities whose issuers subsequently default. As of December 31, 2008, securities with an aggregate market value of $11,303,600, representing 0.11% 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 Exchange, normally 4:00 P.M. Eastern time, on each day the Exchange is open for trading. Foreign exchange rates may be valued primarily using a reliable bank, dealer or service authorized by the Board of Trustees. Reported net realized gains and losses from foreign currency transactions arise from sales of portfolio securities, sales and maturities of short-term securities, sales of foreign currencies, exchange rate fluctuations between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized appreciation and depreciation on the translation of assets and liabilities denominated in foreign currencies arise from changes in the values of assets and liabilities, including investments in securities at fiscal period end, resulting from changes in exchange rates. The effect of changes in foreign currency exchange rates on investments is separately identified from the fluctuations arising from changes in market values of securities held and reported with all other foreign currency gains and losses in the Fund's Statement of Operations in the annual and semiannual reports. 28 | OPPENHEIMER INTERNATIONAL BOND FUND Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS DECEMBER 31, 2008 / UNAUDITED INVESTMENT IN OPPENHEIMER INSTITUTIONAL MONEY MARKET FUND. The Fund is permitted to invest daily available cash balances in an affiliated money market fund. The Fund may invest the available cash in Class E shares of Oppenheimer Institutional Money Market Fund ("IMMF") to seek current income while preserving liquidity. IMMF is a registered open-end management investment company, regulated as a money market fund under the Investment Company Act of 1940, as amended. The Manager is also the investment adviser of IMMF. The Fund's investment in IMMF is included in the Statement of Investments. As a shareholder, the Fund is subject to its proportional share of IMMF's Class E expenses, including its management fee. 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. INVESTMENTS IN OFI LIQUID ASSETS FUND, LLC. The Fund is permitted to invest cash collateral received in connection with its securities lending activities. Pursuant to the Fund's Securities Lending Procedures, the Fund may invest cash collateral in, among other investments, an affiliated money market fund. OFI Liquid Assets Fund, LLC ("LAF") is a limited liability company whose investment objective is to seek current income and stability of principal. The Manager is also the investment adviser of LAF. LAF is not registered under the Investment Company Act of 1940. However, LAF does comply with the investment restrictions applicable to registered money market funds set forth in Rule 2a-7 adopted under the Investment Company Act. The Fund's investment in LAF is included in the Statement of Investments. As a shareholder, the Fund is subject to its proportional share of LAF's expenses, including its management fee of 0.08%. INVESTMENTS WITH OFF-BALANCE SHEET MARKET 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 EXCHANGE CONTRACTS The Fund may enter into foreign currency exchange contracts ("forward contracts") for the purchase or sale of a foreign currency at a negotiated rate at a future date. Forward contracts are reported on a schedule following the Statement of Investments. Forward contracts will be valued daily based upon the closing prices of the forward currency rates determined at the close of the Exchange as provided by a bank, dealer or pricing service. The resulting unrealized appreciation (depreciation) is 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 within the change in unrealized appreciation (depreciation). At contract close, the difference between the original cost of the contract and the value at the close date is recorded as a realized gain (loss) in the Statement of Operations in the annual and semiannual reports. Risks to the Fund include both market and credit risk. Market risk is the risk that the value of the forward contract will depreciate due to unfavorable changes in the exchange rates. 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 payments that the Fund has not yet received. FUTURES CONTRACTS A futures contract is a commitment to buy or sell a specific amount of a financial instrument at a negotiated price on a stipulated future date. The Fund may buy and sell futures contracts and may also buy or write put or call options on these futures contracts. 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. 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. Futures contracts are reported on a schedule following the Statement of Investments. Securities held in collateralized accounts to cover initial margin requirements on open futures contracts are noted in the Statement of Investments. Cash held by the broker to cover initial margin requirements on open futures contracts and the receivable and/or payable for the daily mark to market for the 29 | OPPENHEIMER INTERNATIONAL BOND FUND Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS DECEMBER 31, 2008 / UNAUDITED variation margin are noted in the Statement of Assets and Liabilities in the annual and semiannual reports. The net change in unrealized appreciation and depreciation is reported in the Statement of Operations in the annual and semiannual reports. Realized gains (losses) are reported in the Statement of Operations in the annual and semiannual reports at the closing or expiration of futures contracts. Risks of entering into futures contracts (and related options) include the possibility that there may be an illiquid market where the Fund is unable to liquidate the contract or enter into an offsetting position and, if used for hedging purposes, the risk that the price of the contract will correlate imperfectly with the prices of the Fund's securities. OPTION ACTIVITY The Fund may buy and sell put and call options, or write put and covered call options. 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. The difference between the premium received or paid, and market value of the option, is recorded as unrealized appreciation or depreciation. The net change in unrealized appreciation or depreciation is reported in the Statement of Operations in the annual and semiannual reports. When an option is exercised, the cost of the security purchased or the proceeds of the security sale are adjusted by the amount of premium received or paid. Upon the expiration or closing of the option transaction, a gain or loss is reported in the Statement of Operations in the annual and semiannual reports. Securities designated to cover outstanding call or put options are noted in the Statement of Investments where applicable. Options written are reported in a schedule following the Statement of Investments and as a liability in the Statement of Assets and Liabilities 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 that there may be an illiquid market where the Fund is unable to close the contract. Written option activity for the period ended December 31, 2008 was as follows:
CALL OPTIONS PUT OPTIONS ------------------------------- ----------------------------- NUMBER OF AMOUNT OF NUMBER OF AMOUNT OF CONTRACTS PREMIUMS CONTRACTS PREMIUMS --------------- ------------ --------------- ----------- Options outstanding as of September 30, 2008 4,446,330,000 $ 1,203,228 4,446,330,000 $ 1,203,228 Options written 36,418,890,000 15,501,669 36,418,890,000 15,592,796 Options closed or expired (13,849,890,000) (8,810,350) (27,000,815,000) (7,708,106) Options exercised (27,000,815,000) (7,663,988) (13,849,890,000) (8,857,359) --------------- ----------- --------------- ----------- Options outstanding as of December 31, 2008 14,515,000 $ 230,559 14,515,000 $ 230,559 =============== =========== =============== ===========
SWAP CONTRACTS The Fund may enter into privately negotiated agreements with a counterparty to exchange or "swap" payments at specified future intervals based on the return of an asset (such as a stock, bond or currency) or non-asset reference (such as an interest rate or index). The swap agreement will specify the "notional" amount of the asset or non-asset reference to which the contract relates. As derivative contracts, swaps typically do not have an associated cost at contract inception. At initiation, contract terms are typically set at market value such that the value of the swap is $0. If a counterparty specifies terms that would result in the contract having a value other than $0 at initiation, one counterparty will pay the other an upfront payment to equalize the contract. Subsequent 30 | OPPENHEIMER INTERNATIONAL BOND FUND Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS DECEMBER 31, 2008 / UNAUDITED changes in market value are calculated based upon changes in the performance of the asset or non-asset reference multiplied by the notional value of the contract. Contract types may include credit default, interest rate, total return, and currency swaps. Swaps are marked to market daily using quotations primarily from pricing services, counterparties or brokers. Swap contracts are reported on a schedule following the Statement of Investments. The value of the contracts is separately disclosed on the Statement of Assets and Liabilities in the annual and semiannual reports. The unrealized appreciation (depreciation) is comprised of the change in the valuation of the swap combined with the accrued interest due to (owed by) the Fund at termination or settlement. The net change in this amount during the period is included on the Statement of Operations in the annual and semiannual reports. Any payment received or paid to initiate a contract is recorded as a cost of the swap in the Statement of Assets and Liabilities in the annual and semiannual reports and as a component of unrealized gain or loss on the Statement of Operations in the annual and semiannual reports until contract termination; upon contract termination, this amount is recorded as realized gain or loss on the Statement of Operations in the annual and semiannual reports. Excluding amounts paid at contract initiation as described above, the Fund also records any periodic payments received from (paid to) the counterparty, including at termination, as realized gain (loss) on the Statement of Operations in the annual and semiannual reports. Risks of entering into swap contracts include credit, market and liquidity risk. Credit risk arises from the possibility that the counterparty fails to make a payment when due or otherwise defaults under the terms of the contract. If the counterparty defaults, the Fund's loss will consist of the net amount of contractual payments that the Fund has not yet received. Market risk is the risk that the value of the contract will depreciate due to unfavorable changes in the performance of the asset or non-asset reference. Liquidity risk is the risk that the Fund may be unable to close the contract prior to its termination. CREDIT DEFAULT SWAP CONTRACTS. A credit default swap is a bilateral contract that enables an investor to buy or sell protection on a debt security against a defined-issuer credit event, such as the issuer's failure to make timely payments of interest or principal on the debt security, bankruptcy or restructuring. The Fund may enter into credit default swaps either by buying or selling protection on a single security or a basket of securities (the "reference asset"). The buyer of protection pays a periodic fee to the seller of protection based on the notional amount of debt securities underlying the swap contract. The seller of protection agrees to compensate the buyer of protection for future potential losses as a result of a credit event on the reference asset. The contract effectively transfers the credit event risk of the reference asset from the buyer of protection to the seller of protection. The ongoing value of the contract will fluctuate throughout the term of the contract based primarily on the credit risk of the reference asset. If the credit quality of the reference asset improves relative to the credit quality at contract initiation, the buyer of protection may have an unrealized loss greater than the anticipated periodic fee owed. This unrealized loss would be the result of current credit protection being cheaper than the cost of credit protection at contract initiation. If the buyer elects to terminate the contract prior to its maturity, and there has been no credit event, this unrealized loss will become realized. If the contract is held to maturity, and there has been no credit event, the realized loss will be equal to the periodic fee paid over the life of the contract. If there is a credit event, the buyer of protection can exercise its rights under the contract and receive a payment from the seller of protection equal to the notional amount of the reference asset less the market value of the reference asset. Upon exercise of the contract the difference between the value of the underlying reference asset and the notional amount is recorded as realized gain (loss) and is included on the Statement of Operations in the annual and semiannual reports. Risks of credit default swaps include credit, market and liquidity risk. Additional risks include but are not limited to: the cost of paying for credit protection if there are no credit events or the cost of selling protection when a credit event occurs (paying the notional amount to the protection buyer); and pricing transparency when assessing the value of a credit default swap. As of the period end, the Fund has sold credit protection through credit default swaps to gain exposure to the credit risk of individual securities and/or indexes that are either unavailable or considered to be less attractive in the bond market. 31 | OPPENHEIMER INTERNATIONAL BOND FUND Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS DECEMBER 31, 2008 / UNAUDITED INTEREST RATE SWAP CONTRACTS. An interest rate swap is an agreement between counterparties to exchange periodic payments based on interest rates. One cash flow stream will typically be a floating rate payment based upon a specified interest rate while the other is typically a fixed interest rate. Risks of interest rate swaps include credit, market and liquidity risk. Additional risks include but are not limited to, interest rate risk. There is a risk, based on future movements of interest rates that the payments made by the Fund under a swap agreement will be greater than the payments it received. TOTAL RETURN SWAP CONTRACTS. A total return swap is an agreement between counterparties to exchange periodic payments based on asset or non-asset references. One cash flow is typically based on a non-asset reference (such as an interest rate or index) and the other on the total return of a reference asset (such as a security or a basket of securities). The total return of the reference asset typically includes appreciation or depreciation on the reference asset, plus any interest or dividend payments. Risks of total return swaps include credit, market and liquidity risk. CURRENCY SWAPS. A currency swap is an agreement between counterparties to exchange different currencies equivalent to the notional value at contract inception and reverse the exchange of the same notional values of those currencies at contract termination. The contract may also include periodic exchanges of cash flows based on a specified index or interest rate. Risks of currency swaps include credit, market and liquidity risk. Additional risks of currency swaps include, but are not limited to, exchange rate risk. Due to the exchange of currency at contract termination, changes in currency exchange rates may result in the Fund paying an amount greater than the amount received. There is also a risk, based on movements of interest rates or indexes that periodic payments made by the Fund will be greater than the payments received. SWAPTION TRANSACTIONS. The Fund may enter into a swaption contract which grants the purchaser the right, but not the obligation, to enter into an interest rate swap at a preset rate within a specified period of time. The purchaser pays a premium to the swaption writer who bears the risk of unfavorable changes in the preset rate on the underlying interest rate swap. Swaptions are marked to market daily using primarily quotations from counterparties and brokers. Written swaptions are reported on a schedule following the Statement of Investments. Written swaptions are reported as a liability in the Statement of Assets and Liabilities in the annual and semiannual reports. The difference between the premium received or paid, and market value of the swaption, is recorded as unrealized appreciation or depreciation. The net change in unrealized appreciation or depreciation is reported in the Statement of Operations in the annual and semiannual reports. When a swaption is exercised, the cost of the swap is adjusted by the amount of premium paid or received. Upon the expiration or closing of an unexercised swaption contract, a gain or loss is reported in the Statement of Operations in the annual and semiannual reports for the amount of the premium paid or received. Swaption contracts written by the Fund do not give rise to counterparty credit risk as they obligate the Fund, not its counterparty, to perform. The Fund generally will incur a greater risk when it writes a swaption than when it purchases a swaption. When the Fund writes a swaption it will become obligated, upon exercise of the option, according to the terms of the underlying agreement. When the Fund purchases a swaption it only risks losing the amount of the premium it paid if the option expires unexercised. However, when the Fund purchases a swaption there is a risk that the counterparty will fail to perform or otherwise default on its obligations under the swaption contract. ILLIQUID OR RESTRICTED SECURITIES As of December 31, 2008, investments in securities included issues that are illiquid or restricted. Investments may be illiquid because they do not have an active trading market, making it difficult to value them or dispose of them promptly at an acceptable price. A restricted security may have a contractual restriction on its resale and is valued under methods approved by the Board of Trustees as reflecting fair value. The Fund will not invest more than 15% of its net assets (determined at the time of purchase and reviewed periodically) in illiquid and restricted securities. Certain restricted securities, eligible for resale to qualified institutional purchasers, may not be subject to that limitation. Securities that are illiquid or restricted are marked with an applicable footnote on the Statement of Investments. Restricted securities are reported on a schedule following the Statement of Investments. 32 | OPPENHEIMER INTERNATIONAL BOND FUND Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS DECEMBER 31, 2008 / UNAUDITED UNFUNDED PURCHASE COMMITMENTS Pursuant to the terms of certain indenture agreements, the Fund has unfunded purchase commitments of $29,316,787 at December 31, 2008. The Fund generally will maintain with its custodian, liquid investments having an aggregate value at least equal to the amount of unfunded purchase loan commitments. The following commitments are subject to funding based on the borrower's discretion. The Fund is obligated to fund these commitments at the time of the request by the borrower. These commitments have been excluded from the Statement of Investments. As of December 31, 2008, the Fund had unfunded purchase commitments as follows:
COMMITMENT TERMINATION UNFUNDED DATE AMOUNT ----------- -------- Deutsche Bank AG, Optic Reforma I Credit Linked Nts. 10/23/13 $ 91,787
COMMITMENT INTEREST TERMINATION UNFUNDED UNREALIZED RATE DATE AMOUNT APPRECIATION ---------- ----------- ----------- ------------ Deutsche Bank AG; An unfunded commitment that Oppenheimer receives 0.125% quarterly; and will pay out, upon request, up to 29,225,000 USD to a Peruvian Trust through Deutsche Bank's Global Note Program. Upon funding requests, the unfunded portion decreases and new structured securities will be created and held by the fund to maintain a consistent exposure level. 0.50% 9/20/10 $29,225,000 $4,186,378
SECURITIES LENDING The Fund lends portfolio securities from time to time in order to earn additional income in the form of fees or interest on securities received as collateral or the investment of any cash received as collateral. The loans are secured by collateral (either securities, letters of credit, or cash) 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 each business day and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund could experience delays and cost in recovering the securities loaned or in gaining access to the collateral. 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 and recognizes the gain or loss in the fair value of the securities loaned that may occur during the term of the loan. The Fund has the right under the lending agreement to recover the securities from the borrower on demand. As of December 31, 2008, the Fund had on loan securities valued at $280,900,000. Collateral of $286,518,000 was received for the loans, all of which was received in cash and subsequently invested in approved instruments or held as cash. RECENT ACCOUNTING PRONOUNCEMENT In March 2008, the Financial Accounting Standards Board ("FASB") issued Statement on Financial Accounting Standards ("SFAS") No. 161, DISCLOSURES ABOUT DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES. This standard requires enhanced disclosures about derivative and hedging activities, including qualitative disclosures about how and why the Fund uses derivative instruments, how these activities are accounted for, and their effect on the Fund's financial position, financial performance and cash flows. SFAS No. 161 is effective for financial statements issued for fiscal years and interim periods beginning after November 15, 2008. At this time, management is evaluating the implications of SFAS No. 161 and its impact on the Fund's financial statements and related disclosures. 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, 2008 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. 33 | OPPENHEIMER INTERNATIONAL BOND FUND Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS DECEMBER 31, 2008 / UNAUDITED Federal tax cost of securities $10,845,482,067 Federal tax cost of other investments 18,986,720 --------------- Total federal tax cost $10,864,468,787 =============== Gross unrealized appreciation $ 819,793,679 Gross unrealized depreciation (1,208,777,784) --------------- Net unrealized depreciation $ (388,984,105) ===============
34 | 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 12/31/2008, the registrant's principal executive officer and principal financial officer found the registrant's disclosure controls and procedures to provide reasonable assurances that information required to be disclosed by the registrant in the reports that it files under the Securities Exchange Act of 1934 (a) is accumulated and communicated to 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: 02/11/2009 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: 02/11/2009 By: /s/ Brian W. Wixted ---------------------------- Brian W. Wixted Principal Financial Officer Date: 02/11/2009