-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, J52AlS6/4wz/Jw22+bPW6FQEkk1RpXOBfFrCxNkd672Vm7DKkJ4fdxWYTfwtQWLB 2bN27WOhldzI+m04gmSCfw== 0000950123-09-038348.txt : 20090827 0000950123-09-038348.hdr.sgml : 20090827 20090826184757 ACCESSION NUMBER: 0000950123-09-038348 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20090630 FILED AS OF DATE: 20090827 DATE AS OF CHANGE: 20090826 EFFECTIVENESS DATE: 20090827 FILER: COMPANY DATA: COMPANY CONFORMED NAME: OPPENHEIMER INTERNATIONAL BOND FUND CENTRAL INDEX KEY: 0000939800 IRS NUMBER: 841308320 STATE OF INCORPORATION: MA FISCAL YEAR END: 0931 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-07255 FILM NUMBER: 091037277 BUSINESS ADDRESS: STREET 1: 6803 SOUTH TUCSON WAY CITY: CENTENNIAL STATE: CO ZIP: 80112-3924 BUSINESS PHONE: 3037683200 MAIL ADDRESS: STREET 1: 6803 SOUTH TUCSON WAY CITY: CENTENNIAL STATE: CO ZIP: 80112-3924 0000939800 S000007072 OPPENHEIMER INTERNATIONAL BOND FUND C000019293 A C000019294 B C000019295 C C000019296 N C000019297 Y N-Q 1 p14673nvq.txt N-Q 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: 06/30/2009 ITEM 1. SCHEDULE OF INVESTMENTS. Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS June 30, 2009 / Unaudited
Principal Amount Value ---------------- -------------- ASSET-BACKED SECURITIES--0.0% Taganka Car Loan Finance plc, Automobile Asset-Backed Certificates, Series 2006-1A, Cl. C, 3.621%, 11/14/13(1, 2) (Cost $250,847) $ 250,847 $ 200,678 U.S. GOVERNMENT OBLIGATIONS--1.6% U.S. Treasury Nts., 0.875%, 5/31/11(3) (Cost $158,441,344) 159,700,000 159,194,230 FOREIGN GOVERNMENT OBLIGATIONS--66.0% ARGENTINA--0.3% Argentina (Republic of) Bonds: 1.683%, 8/3/12(2) 8,213,500 5,980,125 Series GDP, 1.626%, 12/15/35(2) 15,020,000 623,330 Series V, 7%, 3/28/11 19,088,000 13,299,034 Series VII, 7%, 9/12/13 4,720,000 2,708,886 Argentina (Republic of) Sr. Unsec. Nts., 7%, 10/3/15 16,550,000 8,150,875 -------------- 30,762,250 -------------- AUSTRALIA--0.3% New South Wales Treasury Corp. Bonds: Series 12, 6%, 5/1/12 15,445,000 AUD 12,756,873 Series 14, 5.50%, 8/1/14 22,500,000 AUD 17,912,248 -------------- 30,669,121 -------------- BELGIUM--0.4% Belgium (Kingdom of) Bonds, Series 44, 5%, 3/28/35 28,270,000 EUR 42,018,128 BRAZIL--6.8% Banco Nacional de Desenvolvimento Economico e Social Nts., 6.369%, 6/16/18(4) 14,400,000 14,220,000 Brazil (Federal Republic of) Bonds: 6%, 1/17/17 26,495,000 27,329,593 8%, 1/15/18 29,400,000 33,075,000 8.75%, 2/4/25 2,135,000 2,636,725 8.875%, 10/14/19 24,260,000 29,839,800 10.50%, 7/14/14 17,650,000 22,062,500 Brazil (Federal Republic of) Nota Do Tesouro Nacional Nts.: 10%, 1/10/10 36,149,000 BRR 19,323,143 10%, 1/1/12 243,328,000 BRR 126,520,377 10%, 1/1/14 59,480,000 BRR 27,999,329 10%, 1/1/17 589,410,000 BRR 278,413,896 10.812%, 5/15/45 15,030,000 BRR 13,281,422 Brazil (Federal Republic of) Nts., 7.875%, 3/7/15 29,000,000 32,944,000 Brazil (Federal Republic of) Sr. Nts., 5.875%, 1/15/19 42,610,000 43,206,540 -------------- 670,852,325 -------------- BULGARIA--0.0% Bulgaria (Republic of) Bonds: 8.25%, 1/15/15 1,500,000 1,575,000 8.25%, 1/15/15(4) 1,440,000 1,512,000 -------------- 3,087,000 -------------- CANADA--1.1% Ontario (Province of) Bonds, 4.20%, 3/8/18 59,255,000 CAD 51,467,768
1 | Oppenheimer International Bond Fund Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS June 30, 2009 / Unaudited
Principal Amount Value ---------------- -------------- Quebec (Province of) Nts., 4.50%, 12/1/18 58,725,000 CAD $ 51,399,206 -------------- 102,866,974 -------------- COLOMBIA--0.8% Bogota Distrio Capital Sr. Bonds, 9.75%, 7/26/28(4) 16,413,000,000 COP 6,559,152 Colombia (Republic of) Bonds: 7.375%, 9/18/37(5, 6) 3,390,000 3,474,750 12%, 10/22/15 43,307,000,000 COP 23,102,588 Colombia (Republic of) Nts., 11.75%, 3/1/10 7,228,000,000 COP 3,458,753 Colombia (Republic of) Sr. Nts., 7.375%, 3/18/19 20,150,000 21,610,875 Colombia (Republic of) Unsec. Nts., 7.375%, 1/27/17 15,520,000 16,784,880 Colombia (Republic of) Unsec. Unsub. Bonds, 9.85%, 6/28/27 6,656,000,000 COP 3,143,299 EEB International Ltd. Sr. Unsec. Bonds, 8.75%, 10/31/14(4) 4,070,000 4,222,625 -------------- 82,356,922 -------------- DENMARK--0.4% Denmark (Kingdom of) Bonds, 5%, 11/15/13 190,850,000 DKK 39,206,320 EGYPT--0.2% Egypt (The Arab Republic of) Unsec. Unsub. Bonds, 8.75%, 7/15/12(4) 108,205,000 EGP 18,956,185 FRANCE--5.0% France (Government of) Obligations Assimilables du Tresor Bonds, 4%, 10/25/38 61,065,000 EUR 80,748,810 France (Government of) Treasury Nts.: 1.5%, 9/12/11 140,115,000 EUR 196,292,303 3.75%, 1/12/13 148,940,000 EUR 219,628,153 -------------- 496,669,266 -------------- GERMANY--7.0% Bundesschatzanweisungen Bonds, 1.25%, 3/11/11 93,575,000 EUR 131,351,297 Germany (Federal Republic of) Bonds: 3.50%, 7/4/19 208,905,000 EUR 296,170,746 Series 03, 3.75%, 7/4/13 113,082,000 EUR 167,299,745 Series 08, 4.75%, 7/4/40 63,940,000 EUR 97,780,669 -------------- 692,602,457 -------------- GREECE--5.0% Greece (Republic of) Bonds: 4.30%, 3/20/12 67,375,000 EUR 98,381,035 4.60%, 5/20/13 269,511,000 EUR 396,836,355 -------------- 495,217,390 -------------- HUNGARY--0.6% Hungary (Republic of) Bonds: Series 10/C, 6.75%, 4/12/10 1,080,000,000 HUF 5,453,750 Series 11/C, 6.75%, 4/22/11 1,471,000,000 HUF 7,256,493 Series 12/C, 6%, 10/24/12 5,790,000,000 HUF 27,008,818 Series 12/B, 7.25%, 6/12/12 2,479,000,000 HUF 12,098,486 Series 14/C, 5.50%, 2/12/14 1,837,800,000 HUF 8,054,215 -------------- 59,871,762 --------------
2 | Oppenheimer International Bond Fund Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS June 30, 2009 / Unaudited
Principal Amount Value ---------------- -------------- INDONESIA--1.0% Indonesia (Republic of) Nts.: 6.75%, 3/10/14(4) $ 1,950,000 $ 1,959,750 6.875%, 1/17/18(4) 28,177,000 27,120,363 7.25%, 4/20/15(4) 6,637,000 6,719,963 Indonesia (Republic of) Sr. Unsec. Nts.: 7.75%, 1/17/38(4) 16,240,000 14,940,800 10.375%, 5/4/14(4) 13,080,000 14,976,600 11.625%, 3/4/19(4) 8,030,000 10,208,138 Indonesia (Republic of) Unsec. Nts., 8.50%, 10/12/35(4) 23,355,000 23,968,069 -------------- 99,893,683 -------------- ISRAEL--0.6% Israel (State of) Bonds: 5.50%, 2/28/17 107,280,000 ILS 28,749,948 Series 2682, 7.50%, 3/31/14 107,990,000 ILS 32,245,869 -------------- 60,995,817 -------------- ITALY--2.4% Buoni Poliennali Del Tesoro Bonds, 3.75%, 12/15/13 162,844,000 EUR 234,523,870 JAPAN--14.1% Japan (Government of) Bonds: 2 yr., Series 269, 0.90%, 6/15/10 25,091,000,000 JPY 262,218,987 5 yr., Series 72, 1.50%, 6/20/13 36,182,000,000 JPY 389,098,753 10 yr., Series 279, 2%, 3/20/16 9,488,000,000 JPY 105,439,075 10 yr., Series 282, 1.70%, 9/20/16 26,552,000,000 JPY 289,322,124 20 yr., Series 61, 1%, 3/20/23 15,792,000,000 JPY 149,594,099 20 yr., Series 73, 2%, 12/20/24 11,841,000,000 JPY 125,734,495 20 yr., Series 75, 2.10%, 3/20/25 6,585,000,000 JPY 70,692,284 -------------- 1,392,099,817 -------------- KOREA, REPUBLIC OF SOUTH--0.1% Export-Import Bank of Korea (The), 8.125% Sr. Nts., 1/21/14 12,570,000 13,776,821 MEXICO--2.7% United Mexican States Bonds: 5.625%, 1/15/17 20,720,000 21,051,520 Series A, 6.375%, 1/16/13 11,115,000 12,059,775 Series M 10, 7.75%, 12/14/17(2) 982,900,000 MXN 73,114,489 Series MI10, 8%, 12/19/13 1,059,150,000 MXN 82,997,063 Series M20, 10%, 12/5/24(2) 709,800,000 MXN 61,105,569 United Mexican States Sr. Unsec. Bonds, 6.05%, 1/11/40 7,469,000 6,822,932 United Mexican States Sr. Unsec. Nts., 5.875%, 2/17/14 6,140,004 6,462,352 -------------- 263,613,700 -------------- NORWAY--0.2% Norway (Kingdom of) Bonds, 6.50%, 5/15/13 100,220,000 NOK 17,562,639 PANAMA--0.8% Panama (Republic of) Bonds: 6.70%, 1/26/36 8,025,000 7,824,375 7.25%, 3/15/15 27,080,000 29,652,600 8.875%, 9/30/27 8,215,000 10,032,569
3 | Oppenheimer International Bond Fund Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS June 30, 2009 / Unaudited
Principal Amount Value ---------------- -------------- 9.375%, 4/1/29 $ 11,570,000 $ 14,578,200 Panama (Republic of) Unsec. Bonds, 7.125%, 1/29/26 11,655,000 12,121,200 -------------- 74,208,944 -------------- PERU--1.6% Peru (Republic of) Bonds: 7.84%, 8/12/20(7) 86,585,000 PEN 32,826,702 9.91%, 5/5/15 135,047,000 PEN 56,124,797 Series 7, 8.60%, 8/12/17 123,865,000 PEN 49,270,378 Series 8-1, 12.25%, 8/10/11 15,215,000 PEN 5,951,588 Peru (Republic of) Sr. Nts., 4.533%, 2/28/16(8) 1,426,420 1,059,687 Peru (Republic of) Sr. Unsec. Nts., 7.125%, 3/30/19 10,989,000 11,785,703 -------------- 157,018,855 -------------- PHILIPPINES--0.5% Philippines (Republic of the) Bonds, 8%, 1/15/16 2,910,000 3,222,825 Philippines (Republic of the) Unsec. Bonds: 7.75%, 1/14/31 18,700,000 19,541,500 9%, 2/15/13 14,390,000 16,152,775 Power Sector Assets & Liabilities Management Corp., 7.25% Gtd. Sr. Unsec. Nts., 5/27/19(4) 7,500,000 7,593,750 -------------- 46,510,850 -------------- POLAND--1.4% Poland (Republic of) Bonds: Series WS0922, 5.75%, 9/23/22 10,000,000 PLZ 2,989,884 Series 0413, 5.25%, 4/25/13 133,180,000 PLZ 41,438,488 Series 0511, 4.25%, 5/24/11 309,220,000 PLZ 95,781,022 -------------- 140,209,394 -------------- PORTUGAL--0.5% Portugal (Republic of) Obrigacoes Do Tesouro Bonds, 5%, 6/15/12 32,105,000 EUR 48,503,623 SOUTH AFRICA--0.1% South Africa (Republic of) Nts., 6.875%, 5/27/19 7,520,000 7,764,400 SPAIN--0.5% Spain (Government of) Bonos Y Oblig Del Estado, 4.25% 1/31/14 32,510,000 EUR 48,312,351 SWEDEN--0.4% Sweden (Kingdom of) Bonds, Series 1049, 4.50%, 8/12/15 289,575,000 SEK 40,666,207 THE NETHERLANDS--0.7% Netherlands (Kingdom of the) Bonds, 5%, 7/15/11 44,015,000 EUR 66,013,547 TURKEY--5.6% Turkey (Republic of) Bonds: 6.75%, 4/3/18 22,775,000 22,675,473 7%, 9/26/16 13,755,000 14,133,263 7%, 3/11/19 11,380,000 11,465,350 12.366%, 2/2/11(8) 146,650,000 TRY 79,261,241 14%, 1/19/11(2) 66,670,000 TRY 44,589,457 14.559%, 11/3/10(8) 50,700,000 TRY 28,326,486 15.848%, 10/7/09(8) 79,390,000 TRY 50,262,815
4 | Oppenheimer International Bond Fund Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS June 30, 2009 / Unaudited
Principal Amount Value ---------------- -------------- 15.891%, 6/23/10(8) 32,100,000 TRY $ 18,818,750 16%, 3/7/12(2) 151,060,000 TRY 105,540,038 18.127%, 1/13/10(8) 109,600,000 TRY 67,526,560 Series CPI, 11.957%, 2/15/12(2) 24,375,000 TRY 19,581,958 Series CPI, 12.463%, 8/14/13(2) 23,725,000 TRY 17,927,629 Turkey (Republic of) Nts.: 7.25%, 3/15/15 4,930,000 5,151,850 7.50%, 7/14/17 44,090,000 46,294,500 Turkey (Republic of) Sr. Unsec. Nts., 7.50%, 11/7/19 16,230,000 16,879,200 -------------- 548,434,570 -------------- UKRAINE--0.0% Ukraine (Republic of) Unsec. Unsub. Nts., 6.875%, 3/4/11 180,000 153,450 UNITED KINGDOM--3.8% United Kingdom Treasury Bills, 0.454%, 11/23/09(8) 70,705,000 GBP 116,093,699 United Kingdom Treasury Bonds: 4.50%, 3/7/19 62,495,000 GBP 109,684,724 4.75%, 12/7/38 85,640,000 GBP 149,408,922 -------------- 375,187,345 -------------- URUGUAY--0.5% Uruguay (Oriental Republic of) Bonds: 4.82%, 4/5/27 248,600,000 UYU 8,566,352 7.625%, 3/21/36 9,935,000 9,612,113 Uruguay (Oriental Republic of) Unsec. Bonds: 5%, 9/14/18 403,060,000 UYU 19,251,389 8%, 11/18/22 10,950,000 11,497,500 -------------- 48,927,354 -------------- VENEZUELA--0.6% Venezuela (Republic of) Bonds, 9%, 5/7/23 43,330,000 26,734,610 Venezuela (Republic of) Nts.: 8.50%, 10/8/14 13,290,000 9,502,350 10.75%, 9/19/13 5,650,000 4,689,500 Venezuela (Republic of) Unsec. Bonds, 7.65%, 4/21/25 22,115,000 11,958,686 Venezuela (Republic of) Unsec. Nts., 6%, 12/9/20 7,200,000 3,611,880 -------------- 56,497,026 -------------- Total Foreign Government Obligations (Cost $6,323,836,340) 6,506,010,363 -------------- LOAN PARTICIPATIONS--2.4% Bayerische Hypo-und Vereinsbank AG for the City of Kiev, Ukraine, 8.625% Nts., 7/15/11(4) 18,560,000 11,646,400 Credit Suisse First Boston International, Export-Import Bank of Ukraine, 8.40% Sec. Nts., 2/9/16 18,240,000 11,719,200 Dali Capital plc/Bank of Moscow, 7.25% Sec. Nts., Series 28, Tranche 1, 11/25/09 72,600,000 RUR 2,253,538 Dali Capital SA (ROSBANK), 8% Sec. Nts., Series 23, Tranche 1, 9/30/09 71,200,000 RUR 2,215,791 Gaz Capital SA: 7.288% Sr. Sec. Nts., 8/16/37(4) 25,440,000 19,111,800 7.51% Sr. Sec. Nts., 7/31/13(4) 21,880,000 21,305,650
5 | Oppenheimer International Bond Fund Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS June 30, 2009 / Unaudited
Principal Amount Value ---------------- -------------- 8.625% Sr. Sec. Nts., 4/28/34(4) $ 18,050,000 $ 17,598,750 Kuznetski Capital SA/Bank of Moscow, 7.375% Nts., 11/26/10(4) 2,780,000 2,807,800 RSHB Capital SA/OJSC Russian Agricultural Bank: 7.175% Nts., 5/16/13(4) 3,820,000 3,648,100 7.75% Nts., 5/29/18(4) 7,225,000 6,538,625 Steel Capital SA for OAO Severstal, 9.75% Sec. Nts., 7/29/13(4) 19,450,000 16,046,250 TransCapitalInvest Ltd., 8.70% Sec. Nts., 8/7/18(4) 9,900,000 9,543,353 TransCapitalInvest Ltd. for OJSC AK Transneft, 5.67% Sec. Bonds, 3/5/14(4) 9,250,000 7,962,844 VIP Finance Ireland Ltd., 9.125% Bonds, 4/30/18(4) 29,400,000 25,063,500 VTB Capital SA: 6.25% Sr. Nts., 6/30/35(4) 2,950,000 2,433,750 6.315% Sub. Unsec. Nts., 2/4/15 57,895,000 53,480,506 6.875% Sr. Sec. Nts., 5/29/18(4) 25,908,000 23,446,740 -------------- Total Loan Participations (Cost $269,116,604) 236,822,597 -------------- CORPORATE BONDS AND NOTES--10.3% CONSUMER STAPLES--0.1% BEVERAGES--0.1% AmBev International Finance Co. Ltd., 9.50% Sr. Unsec. Unsub. Nts., 7/24/17(2, 4) 24,030,000 BRR 11,282,266 FOOD PRODUCTS--0.0% MHP SA, 10.25% Sr. Sec. Sub. Bonds, 11/30/11(4) 2,745,000 1,825,425 ENERGY--1.2% OIL, GAS & CONSUMABLE FUELS--1.2% Empresa Nacional Del Petroleo, 6.25% Sr. Unsec. Nts., 7/8/19(4, 9) 5,100,000 5,063,280 Gaz Capital SA, 8.146% Sr. Sec. Nts., 4/11/18(4) 19,320,000 17,605,350 Kazmunaigaz Finance Sub BV, 9.125% Nts., 7/2/18(4) 23,060,000 20,696,350 Pemex Project Funding Master Trust, 6.625% Sr. Unsec. Unsub. Nts., 6/15/38(4) 24,060,000 20,932,200 Petrobras International Finance Co.: 5.785% Sr. Unsec. Nts., 3/1/18 6,090,000 6,015,586 7.875% Sr. Unsec. Nts., 3/15/19 12,470,000 13,654,650 Petroleos Mexicanos, 8% Nts., 5/3/19 12,580,000 13,712,200 Petroleum Export Ltd. Cayman SPV, 5.265% Sr. Nts., Cl. A3, 6/15/11(4) 7,073,690 6,817,820 Tengizchevroil LLP, 6.124% Nts., 11/15/14(4) 4,589,709 4,153,687 TGI International Ltd., 9.50% Nts., 10/3/17(4) 8,770,000 8,857,700 -------------- 117,508,823 -------------- FINANCIALS--6.7% COMMERCIAL BANKS--3.4% Banco BMG SA, 9.15% Nts., 1/15/16(4) 9,770,000 9,501,325 Banco de Credito del Peru, 6.95% Sub. Nts., 11/7/21(2, 4) 2,750,000 2,688,125 Bank of Scotland plc: 4.375% Sr. Sec. Nts., 7/13/16 128,368,000 EUR 170,753,949 4.50% Sr. Sec. Nts., 7/13/21 70,172,000 EUR 85,506,221 Corparacion Adina de Fomento, 8.125% Nts., 6/4/19 7,530,000 8,004,104
6 | Oppenheimer International Bond Fund Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS June 30, 2009 / Unaudited
Principal Amount Value ---------------- -------------- Hana Bank, 6.50% Sr. Unsec. Nts., 4/9/12(4) $ 8,990,000 $ 9,303,769 HSBK Europe BV: 7.25% Unsec. Unsub. Nts., 5/3/17(4) 3,275,000 1,899,500 9.25% Sr. Nts., 10/16/13(4) 38,790,000 29,480,400 ICICI Bank Ltd., 6.375% Bonds, 4/30/22(2, 4) 12,195,000 9,536,563 Inter-American Development Bank: 6.26% Nts., 12/8/09(2) 11,200,000 BRR 5,681,449 11.377% Nts., 1/25/12(2) 7,243,714,479 COP 3,304,482 Ongko International Finance Co. BV, 10.50% Sec. Nts., 3/29/10(1, 10, 11) 550,000 -- Salisbury International Investments Ltd., 5.257% Sec. Nts., Series 2006-003, Tranche E, 7/20/11(1, 2) 2,400,000 1,456,320 -------------- 337,116,207 -------------- CONSUMER FINANCE--0.0% JSC Astana Finance, 9.16% Nts., 3/14/12(1) 14,000,000 1,824,200 DIVERSIFIED FINANCIAL SERVICES--0.6% Autopistas del Nordeste Cayman Ltd., 9.39% Nts., 1/15/26(4) 9,862,126 5,621,412 BA Covered Bond Issuer, 4.25% Sec. Nts., 4/5/17 21,742,000 EUR 26,767,643 Banco Invex SA, 27.399% Mtg.-Backed Certificates, Series 062U, 3/13/34(2, 12) 27,603,725 MXN 6,566,451 Cloverie plc, 4.859% Sec. Nts., Series 2005-93, 12/20/10(1, 2) 3,600,000 2,948,040 International Bank for Reconstruction & Development (The), 15% Nts., 1/7/10 3,000,000 TRY 1,992,913 JPMorgan Hipotecaria su Casita: 6.47% Sec. Nts., 8/26/35(1) 34,101,099 MXN 2,087,236 25.628% Mtg.-Backed Certificates, Series 06U, 9/25/35(2) 15,513,068 MXN 3,016,791 Korea Development Bank, 8% Sr. Nts., 1/23/14 10,000,000 10,857,520 Tiers-BSP, 0%/8.60% Collateralized Trust, Cl. A, 6/15/97(13) 6,065,000 1,971,131 -------------- 61,829,137 -------------- THRIFTS & MORTGAGE FINANCE--2.7% Banco Hipotecario SA, 9.75% Sr. Unsec. Nts., 4/27/16(4) 2,650,000 1,616,500 WM Covered Bond Program: 3.875% Sec. Nts., Series1, 9/27/11 85,515,000 EUR 117,374,235 4% Sec. Mtg. Nts., Series 2, 9/27/16 117,020,000 EUR 141,705,125 -------------- 260,695,860 -------------- INDUSTRIALS--0.3% CONSTRUCTION & ENGINEERING--0.2% IIRSA Norte Finance Ltd., 8.75% Sr. Nts., 5/30/24(4) 10,219,520 9,555,251 Odebrecht Finance Ltd., 9.625% Sr. Unsec. Nts., 4/9/14(4) 10,040,000 10,981,752 -------------- 20,537,003 -------------- ROAD & RAIL--0.1% Panama Canal Railway Co., 7% Sr. Sec. Nts., 11/1/26(4) 9,186,610 6,476,560 MATERIALS--0.8% CHEMICALS--0.2% Braskem Finance Ltd., 7.25% Sr. Unsec. Nts., 6/5/18(4) 15,030,000 14,053,050 CONSTRUCTION MATERIALS--0.0% C10 Capital SPV Ltd., 6.722% Unsec. Perpetual Debs.(4, 14) 4,000,000 2,050,584
7 | Oppenheimer International Bond Fund Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS June 30, 2009 / Unaudited
Principal Amount Value ---------------- -------------- METALS & MINING--0.6% Alrosa Finance SA: 8.875% Nts., 11/17/14 $ 7,010,000 $ 6,185,982 8.875% Nts., 11/17/14(4) 10,540,000 9,064,400 Vedanta Resources plc, 9.50% Sr. Unsec. Nts., 7/18/18(4) 51,325,000 42,856,375 -------------- 58,106,757 -------------- TELECOMMUNICATION SERVICES--0.3% DIVERSIFIED TELECOMMUNICATION SERVICES--0.2% Telefonica del Peru SA, 8% Sr. Unsec. Bonds, 4/11/16(1) 26,033,700 PEN 8,774,651 Telmar Norte Leste SA, 9.50% Sr. Unsec. Nts., 4/23/19(4) 8,525,000 9,324,219 -------------- 18,098,870 -------------- WIRELESS TELECOMMUNICATION SERVICES--0.1% America Movil SAB de CV, 8.46% Sr. Unsec. Unsub. Bonds, 12/18/36 140,800,000 MXN 7,655,748 UTILITIES--0.9% ELECTRIC UTILITIES--0.6% Eletropaulo Metropolitana SA, 19.125% Nts., 6/28/10(1) 13,295,000 BRR 7,225,912 ISA Capital do Brasil SA, 8.80% Sr. Nts., 1/30/17(4) 2,190,000 2,255,700 Israel Electric Corp. Ltd., 7.25% Nts., 1/15/19(4) 28,270,000 27,967,709 Majapahit Holding BV: 7.25% Nts., 10/17/11(4) 2,860,000 2,817,100 7.75% Nts., 10/17/16(4) 6,450,000 5,708,250 National Power Corp., 5.875% Unsec. Unsub. Bonds, 12/19/16 665,100,000 PHP 12,403,683 -------------- 58,378,354 -------------- ENERGY TRADERS--0.3% AES Panama SA, 6.35% Sr. Nts., 12/21/16(4) 1,240,000 1,179,786 Electric Power Development Co. Ltd., 1.80% Gtd. Unsec., 6/28/10 3,043,000,000 JPY 31,850,182 -------------- 33,029,968 -------------- Total Corporate Bonds and Notes (Cost $1,105,851,679) 1,010,468,812
Shares ---------------- COMMON STOCKS--0.0% MHP SA, GDR(4, 11) (Cost $8,495) 169,861 1,443,819
Principal Amount ---------------- STRUCTURED SECURITIES--5.5% Citibank NA, New York, Dominican Republic Credit Linked Nts., 12%, 2/22/11(1) 96,170,000 DOP 2,455,252 Citigroup Global Markets Holdings, Inc.: Colombia (Republic of) Credit Linked Bonds, 11.25%, 10/25/18 11,920,000,000 COP 6,332,306 Colombia (Republic of) Credit Linked Nts., 12.975%, 2/26/15(1, 12) 10,435,000,000 COP 9,707,380 Colombia (Republic of) Credit Linked Nts., Series 01, 12.975%, 2/26/15(1, 12) 3,833,000,000 COP 3,565,730 Colombia (Republic of) Credit Linked Nts., Series 02, 12.975% 12/26/15(1, 12) 4,568,000,000 COP 4,249,479
8 | Oppenheimer International Bond Fund Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS June 30, 2009 / Unaudited
Principal Amount Value ---------------- -------------- Colombia (Republic of) Credit Linked Nts., Series II, 15%, 4/27/12 6,942,469,928 COP $ 3,840,554 Colombia (Republic of) Total Return Linked Nts., 11%, 5/19/11 21,780,000,000 COP 10,995,136 Colombia (Republic of) Unsec. Credit Linked Nts., 15%, 4/27/12(1) 31,110,000,000 COP 17,209,961 Colombia (Republic of) Unsec. Credit Linked Nts., 15%, 4/27/12 12,430,000,000 COP 6,876,240 Colombia (Republic of) Unsec. Credit Linked Nts., 15%, 4/27/12 11,705,100,000 COP 6,475,227 Dominican Republic Unsec. Credit Linked Nts., 15%, 3/12/12 289,700,000 DOP 7,444,590 Ghana (Republic of) Credit Linked Nts., 13.50%, 4/2/10 15,350,000 GHS 8,847,676 Ukraine Hryvnia Unsec. Credit Linked Nts., 11.94%, 1/2/10 13,799,000 UAH 1,705,499 Coriolanus Ltd., Peru (Republic of) Credit Linked Bonds, 3.346%, 4/30/25(1, 8) 5,199,767 2,839,288 Credit Suisse First Boston International: Boryspil Airport Total Return Linked Nts., 10%, 4/19/10(2) 49,215,000 UAH 2,407,073 Indonesia (Republic of) Total Return Linked Nts., 12%, 9/16/11 116,800,000,000 IDR 12,229,381 Lukoil Credit Linked Nts., Series Fbi 105, 7.25%, 11/19/09(1, 2) 321,528,000 RUR 10,057,743 Moitk Total Return Linked Nts., 21%, 3/26/11(1, 2) 220,242,600 RUR 2,826,431 Moscow (City of) Credit Linked Nts., Series Fbi 101, 10%, 12/31/10(4) 277,800,000 RUR 8,692,050 Oreniz Total Return Linked Nts., 9.24%, 2/21/12(1, 2) 64,940,000 RUR 1,041,740 Ukraine (Republic of) Credit Linked Nts., Series EMG 13, 11.94%, 12/30/09 30,400,000 UAH 3,059,217 Vietnam Shipping Industry Group Total Return Linked Nts., 10.50%, 1/19/17(1) 85,958,000,000 VND 2,865,267 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 1,203,118 Russian Specialized Construction and Installation Administration Credit Linked Nts., 5/20/10(1, 10, 11) 64,600,000 RUR 207,257 Ukraine (Republic of) Credit Linked Nts., Series EMG 11, 11.94%, 12/30/09 9,163,000 UAH 922,092 Ukraine (Republic of) Credit Linked Nts., Series NPC 12, 11.94%, 12/30/09(1) 65,490,000 UAH 6,590,398 Credit Suisse Group AG, Russian Moscoblgaz Finance Total Return Linked Nts., 9.25%, 6/24/12(1) 64,500,000 RUR 1,138,150 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 54,784,652 MXN 3,894,096 Arrendadora Capita Corp. SA de CV/Capita Corp. (The) de Mexico SA de CV Credit Linked Nts., 9.65%, 1/5/11 36,256,440 MXN 2,577,110 Coriolanus Ltd. Sec. Credit Linked Nts., 10.62%, 9/10/10(1) 16,500,000 3,357,750 Coriolanus Ltd. Sec. Credit Linked Nts., Series 112, 8.33%, 12/7/09(2, 4) 7,890,000 7,485,795 Coriolanus Ltd. Sec. Credit Linked Nts., Series 113, 9%, 4/26/11(1, 2) 8,755,000 8,333,885 European Investment Bank, Russian Federation Credit Linked Nts., 5.502%, 1/19/10(1, 8) 8,475,000 7,982,772 Grupo TMM SA Credit Linked Nts., 6%, 9/7/12 4,152,170 1,621,007
9 | Oppenheimer International Bond Fund Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS June 30, 2009 / Unaudited
Principal Amount Value ---------------- -------------- Indonesia (Republic of) Credit Linked Nts., 9.50%, 6/22/15 $ 10,300,162 $ 8,941,972 Indonesia (Republic of) Credit Linked Nts., Series 02, 12.80%, 6/22/21 140,400,000,000 IDR 14,836,735 Indonesia (Republic of) Credit Linked Nts., Series III, 14.25%, 6/22/13 12,412,800 13,105,385 Opic Reforma I Credit Linked Nts., Cl. 1A, 7.204%, 9/24/14(1, 2) 27,100,000 MXN 2,057,980 Opic Reforma I Credit Linked Nts., Cl. 1B, 7.204%, 9/24/14(1, 2) 5,420,000 MXN 411,596 Opic Reforma I Credit Linked Nts., Cl. 1C, 7.204%, 9/24/14(1, 2) 9,033,333 MXN 685,993 Opic Reforma I Credit Linked Nts., Cl. 2A, 8.704%, 5/22/15(1, 2) 2,585,931 MXN 196,376 Opic Reforma I Credit Linked Nts., Cl. 2B, 8.704%, 5/22/15(1, 2) 4,524,148 MXN 343,565 Opic Reforma I Credit Linked Nts., Cl. 2C, 8.704%, 5/22/15(1, 2) 68,213,181 MXN 5,180,125 Opic Reforma I Credit Linked Nts., Cl. 2D, 8.704%, 5/22/15(1, 2) 4,971,283 MXN 377,520 Opic Reforma I Credit Linked Nts., Cl. 2E, 8.704%, 5/22/15(1, 2) 3,611,731 MXN 274,276 Opic Reforma I Credit Linked Nts., Cl. 2F, 8.704%, 5/22/15(1, 2) 2,306,631 MXN 175,166 Opic Reforma I Credit Linked Nts., Cl. 2G, 8.704%, 5/22/15(1, 2) 424,788 MXN 32,258 Ukraine (Republic of) 5 yr. Credit Linked Nts., 4.05%, 8/27/10 2,505,000 1,396,362 Ukraine (Republic of) 5.5 yr. Credit Linked Nts., 4.05%, 3/1/11 2,505,000 1,199,920 Ukraine (Republic of) 6 yr. Credit Linked Nts., 4.05%, 8/29/11 2,505,000 1,069,460 Ukraine (Republic of) 6.5 yr. Credit Linked Nts., 4.05%, 2/29/12 2,505,000 1,047,341 Ukraine (Republic of) 7 yr. Credit Linked Nts., 4.05%, 8/30/12 2,505,000 1,036,820 United Mexican States Credit Linked Nts., 9.52%, 1/5/11 36,162,267 MXN 2,570,416 Deutsche Bank AG, Singapore, Vietnam Shipping Industry Group Total Return Linked Nts., 9%, 4/20/17 216,800,000,000 VND 7,206,527 Dresdner Bank AG, Lukoil Credit Linked Nts., Series 3, 7.04%, 12/12/11(2, 4) 213,030,000 RUR 5,844,823 Eirles Two Ltd. Sec. Nts., Series 335, 3.291%, 4/30/12(1, 2) 11,200,000 7,101,920 Goldman Sachs & Co., Turkey (Republic of) Credit Linked Nts., 14.802%, 3/29/17(4, 8) 129,050,000 TRY 25,908,664 Goldman Sachs Capital Markets LP, Colombia (Republic of) Credit Linked Nts., 10.476%, 2/8/37(1, 8) 376,977,600,000 COP 4,167,150 Hallertau SPC Credit Linked Nts., Series 2008-2A, 7.083%, 9/17/13(1, 2) 25,340,000 25,583,264 Hallertau SPC Philippines (Republic of) Credit Linked Nts., Series 2007-01, 3.211%, 12/20/17(1, 2) 45,030,000 34,132,740 Hallertau SPC Segregated Portfolio, Brazil (Federal Republic of) Credit Linked Nts., Series 2008-01, 9.888%, 8/2/10(1, 8, 10) 63,164,246 BRR 3,223,488 ING Bank NV, Ukraine (Republic of) Credit Linked Nts., Series 725, 11.89%, 12/30/09(1) 64,285,000 UAH 7,693,549 JPMorgan Chase Bank NA: Brazil (Federal Republic of) Credit Linked Nts., 10.703%, 5/16/45(1) 11,130,000 BRR 9,796,765 Colombia (Republic of) Credit Linked Bonds, 10.19%, 1/5/16(1, 8) 69,010,000,000 COP 16,924,188 Colombia (Republic of) Credit Linked Bonds, 10.218%, 10/31/16(1, 8) 90,697,000,000 COP 20,326,450 Colombia (Republic of) Credit Linked Bonds, Series A, 10.218%, 10/31/16(1, 8) 90,312,000,000 COP 20,240,166 Peru (Republic of) Credit Linked Nts., 8.115%, 9/2/15(4, 8) 40,860,000 PEN 8,763,801 Swaziland (Kingdom of) Credit Linked Nts., 7.25%, 6/20/10(1) 3,850,000 3,999,765
10 | Oppenheimer International Bond Fund Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS June 30, 2009 / Unaudited
Principal Amount Value ---------------- -------------- JPMorgan Chase Bank NA London Branch, Indonesia (Republic of) Credit Linked Nts., 12.80%, 6/17/21(4) 120,620,000,000 IDR $ 12,746,488 Merrill Lynch, Colombia (Republic of) Credit Linked Nts., 10%, 11/17/16(1) 13,289,000,000 COP 4,434,832 Morgan Stanley: Peru (Republic of) Credit Linked Nts., 6.25%, 3/23/17(4) 26,120,000 PEN 5,698,904 Russian Federation Total Return Linked Bonds, Series 007, Cl. VR, 5%, 8/22/34 422,078,290 RUR 6,437,859 Morgan Stanley & Co. International Ltd./Red Arrow International Leasing plc Total Return Linked Nts., Series A, 8.375%, 7/9/12 133,694,220 RUR 3,799,388 Morgan Stanley Capital Services, Inc.: Brazil (Federal Republic of) Credit Linked Nts., 12.551%, 1/5/22(4, 8) 173,500,000 BRR 5,391,383 Ukraine (Republic of) Credit Linked Nts., 3.476%, 10/15/17(1, 2) 17,600,000 7,040,000 Ukraine (Republic of) Credit Linked Nts., Series 2, 4.346%, 10/15/17(1, 2) 12,250,000 4,900,000 United Mexican States Credit Linked Nts., 5.64%, 11/20/15(1) 11,760,000 8,376,648 VimpelCom Total Return Linked Nts., 9.05%, 7/26/13(2) 692,500,000 RUR 21,647,551 WTI Trading Ltd. Total Return Linked Nts., Series A, 15%, 3/8/12 14,344,852 11,001,067 WTI Trading Ltd. Total Return Linked Nts., Series C, 15%, 3/8/12 19,175,847 14,746,220 UBS AG, Ghana (Republic of) Credit Linked Nts., 14.47%, 12/28/11(1) 7,369,232 GHS 3,153,667 -------------- Total Structured Securities (Cost $747,690,569) 546,263,183
Expiration Strike Date Price Contracts ---------- ------ ----------- OPTIONS PURCHASED--0.2% Euro Call(11) 12/3/09 $1.401 200,000,000 8,790,000 Euro Call(11) 12/3/09 1.411 200,000,000 9,280,120 Hungarian Forint Put(11) 8/18/09 270 EUR 49,120,000 598,599 -------------- Total Options Purchased (Cost $25,482,889) 18,668,719
Shares ---------------- INVESTMENT COMPANIES--11.9% JPMorgan U.S. Treasury Plus Money Market Fund, Agency Shares, 0.00%(15, 16) 8,938,995 8,938,995 Oppenheimer Institutional Money Market Fund, Cl. E, 0.48%(15, 17) 1,164,372,448 1,164,372,448 -------------- Total Investment Companies (Cost $1,173,311,443) 1,173,311,443
11 | Oppenheimer International Bond Fund Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS June 30, 2009 / Unaudited
Value -------------- TOTAL INVESTMENTS, AT VALUE (COST $9,803,990,210) 97.9% $9,652,383,844 Other Assets Net of Liabilities 2.1 204,374,197 ---------------- -------------- Net Assets 100.0% $9,856,758,041 ================ ==============
Footnotes to Statement of Investments Principal 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 NOK Norwegian Krone PEN Peruvian New Sol PHP Philippines Peso PLZ Polish Zloty RUR Russian Ruble SEK Swedish Krona TRY New Turkish Lira UAH Ukraine Hryvnia UYU Uruguay Peso VND Vietnam Dong 12 | Oppenheimer International Bond Fund Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS June 30, 2009 / Unaudited (1.) Illiquid or restricted security. The aggregate value of illiquid or restricted securities as of June 30, 2009 was $300,978,085, which represents 3.05% of the Fund's net assets, of which $9,734,855 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, 7.204%, 9/24/14 12/27/07 $ 2,490,580 $2,057,980 $ 432,600 Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 1B, 7.204%, 9/24/14 6/12/08 522,536 411,596 110,940 Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 1C, 7.204%, 9/24/14 8/12/08 888,889 685,993 202,896 Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2A, 8.704%, 5/22/15 5/21/08 249,324 196,376 52,948 Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2B, 8.704%, 5/22/15 6/12/08 436,168 343,565 92,603 Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2C, 8.704%, 5/22/15 6/18/08 6,617,724 5,180,125 1,437,599 Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2D, 8.704%, 5/22/15 7/8/08 481,935 377,520 104,415 Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2E, 8.704%, 5/22/15 7/15/08 350,722 274,276 76,446 Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2F, 8.704%, 5/22/15 8/8/08 227,066 175,166 51,900 Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2G, 8.704%, 5/22/15 8/22/08 41,897 32,258 9,639 ----------- ---------- ---------- $12,306,841 $9,734,855 $2,571,986 =========== ========== ==========
(2.) Represents the current interest rate for a variable or increasing rate security. (3.) 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 $59,809,980. See accompanying Notes. (4.) 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 $713,259,092 or 7.24% of the Fund's net assets as of June 30, 2009. (5.) A sufficient amount of liquid assets has been designated to cover outstanding written call options. See accompanying Notes. (6.) A sufficient amount of liquid assets has been designated to cover outstanding written put options. See accompanying Notes. (7.) A sufficient amount of securities has been designated to cover outstanding foreign currency exchange contracts. See accompanying Notes. (8.) Zero coupon bond reflects effective yield on the date of purchase. (9.) When-issued security or delayed delivery to be delivered and settled after June 30, 2009. See accompanying Notes. (10.) Issue is in default. See accompanying Notes. (11.) Non-income producing security. (12.) Denotes an inflation-indexed security: coupon and principal are indexed to a consumer price index. (13.) Denotes a step bond: a zero coupon bond that converts to a fixed or variable interest rate at a designated future date. (14.) 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. (15.) Rate shown is the 7-day yield as of June 30, 2009. (16.) Interest rate is less than 0.0005%. 13 | Oppenheimer International Bond Fund Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS June 30, 2009 / Unaudited (17.) Is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended June 30, 2009, 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 SEPTEMBER 30, GROSS GROSS SHARES 2008 ADDITIONS REDUCTIONS JUNE 30, 2009 ------------- ------------- -------------- ------------- OFI Liquid Assets Fund, LLC 369,679,710 295,592,353 665,272,063 -- Oppenheimer Institutional Money Market Fund, Cl. E 264,206,183 6,872,996,640 5,972,830,375 1,164,372,448
VALUE INCOME -------------- ------------- OFI Liquid Assets Fund, LLC $ -- $ 1,303,751(a) Oppenheimer Institutional Money Market Fund, Cl. E 1,164,372,448 7,373,240 -------------- ------------- $1,164,372,448 $ 8,676,991 ============== =============
(a.) Net of compensation to the securities lending agent and rebates paid to the borrowing counterparties. 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-unadjusted quoted prices in active markets for identical assets or liabilities (including securities actively traded on a securities exchange) 2) Level 2-inputs other than unadjusted quoted prices that are observable for the asset (such as unadjusted 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). 14 | Oppenheimer International Bond Fund Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS June 30, 2009 / Unaudited The table below categorizes amounts that are included in the Fund's Statement of Assets and Liabilities as of June 30, 2009 based on valuation input level:
LEVEL 1-- LEVEL 2-- LEVEL 3-- UNADJUSTED QUOTED OTHER SIGNIFICANT SIGNIFICANT PRICES OBSERVABLE INPUTS UNOBSERVABLE INPUTS VALUE ----------------- ----------------- ------------------- -------------- ASSETS TABLE INVESTMENTS, AT VALUE: Asset-Backed Securities $ -- $ 200,678 $ -- $ 200,678 U.S. Government Obligations -- 159,194,230 -- 159,194,230 Foreign Government Obligations -- 6,506,010,363 -- 6,506,010,363 Loan Participations -- 236,822,597 -- 236,822,597 Corporate Bonds and Notes -- 1,004,787,363 5,681,449 1,010,468,812 Common Stocks 1,443,819 -- -- 1,443,819 Structured Securities -- 546,263,183 -- 546,263,183 Options Purchased -- 18,668,719 -- 18,668,719 Investment Companies 1,173,311,443 -- -- 1,173,311,443 -------------- -------------- ---------- -------------- Total Investments, at Value 1,174,755,262 8,471,947,133 5,681,449 9,652,383,844 OTHER FINANCIAL INSTRUMENTS: Swaps -- 84,863,095 -- 84,863,095 Foreign Currency Exchange Contracts -- 59,305,965 -- 59,305,965 Futures 2,975,758 -- -- 2,975,758 -------------- -------------- ---------- -------------- Total Assets $1,177,731,020 $8,616,116,193 $5,681,449 $9,799,528,662 -------------- -------------- ---------- -------------- LIABILITIES TABLE OTHER FINANCIAL INSTRUMENTS: Swaps $ -- $ (45,888,410) $ -- $ (45,888,410) Options written -- (849,149) -- (849,149) Unfunded Loan Commitments -- (2,062,512) -- (2,062,512) Foreign Currency Exchange Contracts -- (39,778,149) -- (39,778,149) Futures (5,615,315) -- -- (5,615,315) -------------- -------------- ---------- -------------- Total Liabilities $ (5,615,315) $ (88,578,220) $ -- $ (94,193,535) -------------- -------------- ---------- --------------
Currency contracts, forwards and unfunded loan commitments, if any, are reported at their unrealized appreciation/depreciation at measurement date, which represents the change in the contract's value from trade date. Futures, if any, are reported at their variation margin at measurement date, which represents the amount due to/from the Fund at that date. All additional assets and liabilities included in the above table 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. 15 | Oppenheimer International Bond Fund Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS June 30, 2009 / Unaudited Distribution of investments representing geographic holdings, as a percentage of total investments at value, is as follows:
Geographic Holdings Value Percent - ------------------- -------------- ------- United States 1,636,422,796 17.0 Japan 1,423,949,999 14.8 Brazil 799,141,685 8.3 Germany 692,602,457 7.2 United Kingdom 631,447,515 6.5 Turkey 574,343,234 6.0 France 496,669,266 5.1 Greece 495,217,390 5.1 Mexico 348,409,042 3.6 Russia 336,569,719 3.5 Italy 234,523,870 2.4 Colombia 226,559,421 2.3 Peru 195,338,875 2.0 Indonesia 170,278,994 1.8 Poland 140,209,394 1.5 Canada 102,866,974 1.1 Philippines 95,018,404 1.0 Ukraine 92,603,312 1.0 Israel 88,963,526 0.9 Panama 81,865,290 0.8 The Netherlands 66,013,547 0.7 Hungary 59,871,762 0.6 Kazakhstan 58,054,137 0.6 Venezuela 56,497,026 0.6 India 52,392,938 0.5 Uruguay 48,927,354 0.5 Portugal 48,503,623 0.5 Spain 48,312,351 0.5 Belgium 42,018,128 0.4 Sweden 40,666,207 0.4 Denmark 39,206,320 0.4 Korea, Republic of South 33,938,110 0.4 Argentina 32,378,750 0.3 Supranational 31087,827 0.3 Australia 30,669,121 0.3 Egypt 25,774,005 0.3 Norway 17,562,639 0.2 Dominican Republic 15,521,254 0.2 Ghana 12,001,343 0.1 Vietnam 10,071,794 0.1 South Africa 7,764,400 0.1 Chile 5,063,280 0.1 Swaziland 3,999,765 0.0 Bulgaria 3,087,000 0.0 -------------- ----- Total $9,652,383,844 100.0% ============== =====
16 | Oppenheimer International Bond Fund Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS June 30, 2009 / Unaudited FOREIGN CURRENCY EXCHANGE CONTRACTS AS OF JUNE 30, 2009 ARE AS FOLLOWS:
CONTRACT AMOUNT EXPIRATION UNREALIZED UNREALIZED COUNTERPARTY/CONTRACT DESCRIPTION BUY/SELL (000S) DATES VALUE APPRECIATION DEPRECIATION - --------------------------------- -------- ----------- --------------- ------------ ------------ ------------ BANC OF AMERICA: Hungarian Forint (HUF) Buy 9,642,000 HUF 7/6/09 $ 49,640,198 $ 802,635 $ -- Indonesia Rupiah (IDR) Buy 313,016,000 IDR 8/19/09-8/26/09 30,286,175 313,223 -- Japanese Yen (JPY) Buy 13,801,000 JPY 11/12/09 143,522,050 3,410,375 -- New Taiwan Dollar (TWD) Sell 1,557,000 TWD 7/6/09 47,523,514 949,448 -- New Zealand Dollar (NZD) Buy 240,625 NZD 8/10/09 154,866,053 1,954,686 649,350 Philippines Peso (PHP) Sell 564,000 PHP 7/17/09 11,698,092 -- 13,816 Polish Zloty (PLZ) Buy 185,070 PLZ 8/10/09 58,141,336 1,231,742 -- ----------- ----------- 8,662,109 663,166 ----------- ----------- BANK PARIBAS ASIA - FGN: Euro (EUR) Sell 212,405 EUR 8/3/09-11/12/09 297,923,562 460,985 10,930,579 Hungarian Forint (HUF) Buy 10,690,000 HUF 8/3/09 54,656,848 1,626,551 -- Japanese Yen (JPY) Sell 5,009,640 JPY 8/10/09 52,027,371 1,352 1,076,078 Polish Zloty (PLZ) Buy 210,690 PLZ 8/3/09 66,220,873 293,719 -- Polish Zloty (PLZ) Sell 104,930 PLZ 11/12/09 32,776,196 -- 988,859 Swedish Krona (SEK) Sell 226,420 SEK 8/10/09 29,346,232 -- 1,035,947 Swiss Franc (CHF) Buy 7,327 CHF 8/10/09 6,746,858 25,826 -- ----------- ----------- 2,408,433 14,031,463 ----------- ----------- BARCLAY'S CAPITAL: Euro (EUR) Buy 200,000 EUR 12/2/09 280,501,412 -- 1,253,589 Euro (EUR) Sell 171,183 EUR 8/10/09 240,144,943 145,715 2,035,867 Israeli Shekel (ILS) Sell 191,000 ILS 7/6/09 48,601,869 598,813 -- Polish Zloty (PLZ) Sell 210,160 PLZ 11/12/09 65,646,100 -- 931,705 ----------- ----------- 744,528 4,221,161 ----------- ----------- CHASE MANHATTAN BANK Japanese Yen (JPY) Sell 44 JPY 7/7/09 457 -- 2 ----------- ----------- CITIGROUP: British Pound Sterling (GBP) Buy 15,550 GBP 8/10/09 25,581,927 764,314 -- Chilean Peso (CLP) Sell 27,117,000 CLP 8/3/09 50,946,443 179,122 -- Chinese Renminbi (Yuan) (CNY) Buy 325,400 CNY 9/2/09 47,672,302 -- 1,223,265 Peruvian New Sol (PEN) Sell 37,625 PEN 10/26/09 12,444,252 -- 423,485 Singapore Dollar (SGD) Buy 27,740 SGD 8/11/09 19,144,766 79,474 -- ----------- ----------- 1,022,910 1,646,750 ----------- ----------- CREDIT SUISSE: Japanese Yen (JPY) Buy 32,020,000 JPY 11/12/09 332,988,628 7,919,767 -- Japanese Yen (JPY) Sell 654,000 JPY 8/10/09 6,792,085 -- 131,122 Mexican Nuevo Peso (MXN) Sell 2,816,460 MXN 8/10/09 212,556,428 -- 3,775,109
17 | Oppenheimer International Bond Fund Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS June 30, 2009 / Unaudited New Turkish Lira (TRY) Buy 115,591 TRY 7/2/09-7/29/09 74,658,191 -- 209,448 New Turkish Lira (TRY) Sell 168,174 TRY 8/10/09 108,025,315 22,465 368,469 Russian Ruble (RUR) Buy 469,530 RUR 11/16/09 14,467,106 379,798 -- South African Rand (ZAR) Buy 527,765 ZAR 7/15/09-8/17/09 67,878,367 3,045,048 -- ----------- ----------- 11,367,078 4,484,148 ----------- ----------- DEUTSCHE BANK CAPITAL CORP.: Australian Dollar (AUD) Buy 3,312 AUD 7/20/09 2,664,553 66,322 -- British Pound Sterling (GBP) Buy 6,420 GBP 7/20/09 10,562,048 108,041 -- Canadian Dollar (CAD) Buy 11,415 CAD 7/20/09 9,814,824 -- 163,236 Euro (EUR) Buy 41,530 EUR 7/20/09 58,261,825 773,092 -- Euro (EUR) Sell 129,570 EUR 11/12/09 181,725,105 -- 6,287,325 Japanese Yen (JPY) Buy 1,350,000 JPY 7/21/09 14,017,118 -- 79,744 Russian Ruble (RUR) Sell 386,150 RUR 9/18/09 12,126,086 2,274,436 -- Swiss Franc (CHF) Buy 2,630 CHF 7/20/09 2,421,129 758 -- ----------- ----------- 3,222,649 6,530,305 ----------- ----------- GOLDMAN, SACHS & CO.: Brazilian Real (BRR) Buy 174,426 BRR 8/4/09-1/5/10 87,555,045 16,042,610 697,212 Mexican Nuevo Peso (MXN) Buy 4,257,000 MXN 8/10/09 321,273,057 4,374,008 -- South African Rand (ZAR) Buy 98,950 ZAR 7/15/09 12,789,911 545,897 -- South Korean Won (KRW) Buy 39,231,000 KRW 8/24/09 30,883,271 -- 888,659 ----------- ----------- 20,962,515 1,585,871 ----------- ----------- HONG KONG & SHANGHAI BANK CORP.: Hungarian Forint (HUF) Buy 7,747,000 HUF 7/20/09 39,743,419 1,669,010 -- Israeli Shekel (ILS) Sell 224,330 ILS 7/31/09 57,089,851 -- 410,088 Russian Ruble (RUR) Sell 12,890 RUR 9/18/09 404,779 -- 42,700 ----------- ----------- 1,669,010 452,788 ----------- ----------- JP MORGAN CHASE: Argentine Peso (ARP) Buy 169,350 ARP 7/28/09 43,921,195 217,969 -- Australian Dollar (AUD) Buy 178,530 AUD 8/10/09 143,401,624 517,916 -- Chinese Renminbi (Yuan) (CNY) Buy 313,230 CNY 12/17/09 46,032,661 965,737 180,770 Hong Kong Dollar (HKD) Sell 382,500 HKD 8/3/09 49,369,278 -- 2,974 Indonesia Rupiah (IDR) Buy 89,750,000 IDR 8/18/09 8,694,442 14,558 -- Malaysian Ringgit (MYR) Buy 83,760 MYR 7/8/09 23,822,080 -- 114,136 Mexican Nuevo Peso (MXN) Buy 1,745,080 MXN 8/10/09 131,700,067 2,663,325 -- Russian Ruble (RUR) Buy 399,040 RUR 9/18/09 12,530,864 153,693 -- Russian Ruble (RUR) Sell 469,530 RUR 11/16/09 14,467,106 -- 527,923 South Korean Won (KRW) Sell 60,680,000 KRW 8/3/09 47,728,825 -- 322,575 ----------- ----------- 4,533,198 1,148,378 ----------- ----------- MORGAN STANLEY & CO., INC. South African Rand (ZAR) Buy 100,850 ZAR 7/15/09 13,035,498 769,626 -- ----------- -----------
18 | Oppenheimer International Bond Fund Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS June 30, 2009 / Unaudited RBS GREENWICH CAPITAL: Norwegian Krone (NOK) Buy 1,015,025 NOK 8/10/09 157,680,534 574,603 148,918 Polish Zloty (PLZ) Buy 77,130 PLZ 8/3/09 24,242,327 558,844 -- Swiss Franc (CHF) Sell 178,432 CHF 8/10/09 164,303,997 9,376 -- ----------- ----------- 1,142,823 148,918 ----------- ----------- SANTANDER INVESTMENTS: Brazilian Real (BRR) Buy 89,500 BRR 8/4/09 45,359,579 -- 345,661 Colombian Peso (COP) Sell 147,295,000 COP 7/17/09-8/5/09 68,345,533 -- 2,424,862 Mexican Nuevo Peso (MXN) Sell 903,155 MXN 8/31/09 67,958,154 -- 400,427 Peruvian New Sol (PEN) Sell 54,776 PEN 9/4/09 18,153,384 -- 1,694,249 ----------- ----------- -- 4,865,199 ----------- ----------- STANDARD NEW YORK SECURITIES, INC. South African Rand (ZAR) Buy 773,570 ZAR 8/3/09-8/17/09 99,447,797 2,117,000 -- ----------- ----------- STATE STREET Canadian Dollar (CAD) Sell 97,250 CAD 8/10/09 83,628,506 684,086 -- ----------- ----------- Total unrealized appreciation and depreciation $59,305,965 $39,778,149 =========== ===========
FUTURES CONTRACTS AS OF JUNE 30, 2009 ARE AS FOLLOWS:
UNREALIZED NUMBER OF EXPIRATION APPRECIATION CONTRACT DESCRIPTION BUY/SELL CONTRACTS DATE VALUE (DEPRECIATION) - -------------------- -------- --------- ---------- ------------ -------------- CAC 40 10 Euro Index Sell 741 7/17/09 $ 32,599,301 $1,223,246 DAX Index Sell 203 9/18/09 34,312,476 886,071 Euro-Bundesobligation, 5 yr. Buy 1,929 9/8/09 312,420,984 3,085,196 Euro-Bundesobligation, 10 yr. Sell 999 9/8/09 169,688,313 (2,077,051) FTSE 100 Index Buy 135 9/18/09 9,368,244 (311,186) FTSE 100 Index Sell 676 9/18/09 46,910,616 1,197,509 IBEX 35 Index Buy 79 7/17/09 10,768,949 286,111 Mexican Bolsa Index Sell 519 9/18/09 9,686,134 258,630 MSCI Taiwan Index Buy 398 7/30/09 9,169,920 (16,740) NIKKEI 225 Index Sell 506 9/10/09 52,157,368 (473,993) SGX CNX Nifty Index Sell 1,073 7/30/09 9,233,165 (133,314) SPI 200 Index Buy 148 9/17/09 11,630,701 (181,715) Standard & Poor's 500 E-Mini Index Sell 209 9/18/09 9,566,975 220,725 Standard & Poor's/MIB Index, 10 yr. Buy 75 9/18/09 10,041,665 (333,210)
19 | Oppenheimer International Bond Fund Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS June 30, 2009 / Unaudited U.S. Treasury Long Bonds Buy 2,646 9/21/09 313,178,906 8,507,931 U.S. Treasury Nts., 5 yr. Buy 3,409 9/30/09 391,076,219 (381,048) U.S. Treasury Nts., 10 yr. Buy 8,393 9/21/09 975,817,391 8,233,559 U.S. Treasury Nts., 10 yr. Sell 4,900 9/21/09 569,701,563 (2,726,400) United Kingdom Long Gilt Buy 1,720 9/28/09 334,135,531 2,760,733 ----------- $20,025,054 ===========
WRITTEN OPTIONS AS OF JUNE 30, 2009 ARE AS FOLLOWS:
NUMBER OF EXERCISE EXPIRATION PREMIUMS DESCRIPTION TYPE CONTRACTS PRICE DATE RECEIVED VALUE - ----------- ---- ---------- -------- ---------- ---------- --------- Hungarian Forint (HUF) Put 49,120,000 255.000 EUR 8/18/09 $ 317,863 $ (72,096) Polish Zloty (PLN) Call 24,640,000 4.670 EUR 7/27/09 246,462 (292,432) Polish Zloty (PLN) Call 24,640,000 4.687 EUR 7/27/09 255,080 (96,786) Polish Zloty (PLN) Put 24,640,000 4.379 EUR 7/27/09 249,047 (213,966) Polish Zloty (PLN) Put 24,640,000 4.381 EUR 7/27/09 239,568 (173,869) ---------- --------- $1,308,020 $(849,149) ========== =========
Exercise price is reported in U.S. Dollars (USD), except for those denoted in the following currency: EUR Euro CREDIT DEFAULT SWAP CONTRACTS AS OF JUNE 30, 2009 ARE AS FOLLOWS:
BUY/SELL NOTIONAL RECEIVE SWAP CREDIT AMOUNT FIXED TERMINATION REFERENCE ENTITY COUNTERPARTY PROTECTION (000S) RATE DATE VALUE - ---------------- --------------------------------- ---------- -------- ------- ----------- ------------- Bolivarian Republic of Venezuela: Barclays Bank plc Sell $ 5,060 30.50% 1/20/10 $ 1,220,487 Morgan Stanley Capital Services, Inc. Sell 5,060 30.00 1/20/10 1,195,602 ------- ------------ Total 10,120 2,416,089 ------- ------------ Cemex SAB de CV: UBS AG Buy 2,220 5.30 10/20/13 215,811 UBS AG Buy 2,220 5.30 10/20/13 215,811 ------- ------------ Total 4,440 431,622 ------- ------------
20 | Oppenheimer International Bond Fund Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS June 30, 2009 / Unaudited Development Bank of Kazakhstan JSC Credit Suisse International Sell 18,510 3.75 2/20/13 (3,210,319) ------- ------------ Total 18,510 (3,210,319) ------- ------------ HSBK Europe BV: Credit Suisse International Sell 3,840 4.95 3/20/13 (1,385,737) Morgan Stanley Capital Services, Inc. Sell 7,680 4.88 3/20/13 (2,781,859) Morgan Stanley Capital Services, Inc. Sell 7,670 4.78 3/20/13 (2,793,052) ------- ------------ Total 19,190 (6,960,648) ------- ------------ Islamic Republic of Pakistan Citibank NA, New York Sell 3,010 5.10 3/20/13 (1,060,268) ------- ------------ Total 3,010 (1,060,268) ------- ------------ Istanbul Bond Co. SA Morgan Stanley Capital Services, Inc. Sell 17,390 1.30 3/24/13 (2,859,909) ------- ------------ Total 17,390 (2,859,909) ------- ------------ PEMEX Project Funding Master Goldman Sachs Bank USA Buy 3,595 3.45 11/20/13 (161,258) ------- ------------ Total 3,595 (161,258) ------- ------------ Republic of Turkey: Citibank NA, New York Buy 12,760 5.25 12/20/13 (1,331,856) Goldman Sachs Bank USA Buy 25,520 5.29 12/20/13 (2,703,962) ------- ------------ Total 38,280 (4,035,818) ------- ------------
21 | Oppenheimer International Bond Fund Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS June 30, 2009 / Unaudited Russian Federation: Citibank NA, New York Sell 19,600 1.11 8/20/13 (1,539,285) JPMorgan Chase Bank NA, NY Branch Sell 9,800 1.10 8/20/13 (773,503) ------- ------------ Total 29,400 (2,312,788) ------- ------------ Standard Bank London Holdings plc for NAK Naftogaz Ukrainy Credit Suisse International Sell 5,000 3.25 4/20/11 (2,015,521) ------- ------------ Total 5,000 (2,015,521) ------- ------------ Troy Capital SA for Yasar Holdings SA: Morgan Stanley Capital Services, Inc. Sell 4,800 8.75 6/20/10 (717,597) Morgan Stanley Capital Services, Inc. Sell 4,800 8.50 10/20/09 (174,399) ------- ------------ Total 9,600 (891,996) ------- ------------ Ukraine: Citibank NA, New York Buy 10,220 6.65 10/20/13 3,290,309 Merrill Lynch International Buy 12,180 4.30 8/20/13 4,423,520 ------- ------------ Total 22,400 7,713,829 ------- ------------ United Mexican States Citibank NA, New York Sell 9,935 3.75 2/20/14 728,782 ------- ------------ Total 9,935 728,782 ------- ------------ VTB Capital SA Goldman Sachs Bank USA Buy 12,290 7.40 5/28/13 (626,727) ------- ------------ Total 12,290 (626,727) ------------- Grand Total Buys 3,321,648 Grand Total Sells (16,166,578) ------------- Total Credit Default Swaps $(12,844,930) =============
22 | Oppenheimer International Bond Fund Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS June 30, 2009 / Unaudited The table that follows shows the undiscounted maximum potential payment by the Fund related to selling credit protection in credit default swaps:
TOTAL MAXIMUM POTENTIAL PAYMENTS FOR SELLING REFERENCE TYPE OF REFERENCE ASSET ON CREDIT PROTECTION AMOUNT ASSET RATING WHICH THE FUND SOLD PROTECTION (UNDISCOUNTED) RECOVERABLE* RANGE** - ------------------------------ ----------------------- ------------ ------------ Investment Grade Sovereign Debt $ 75,235,000 $-- BBB+ to BBB- Non-Investment Grade Sovereign Debt 46,920,000 -- BB to CCC+ ------------ --- Total $122,155,000 $-- ============ ===
* 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 period end reference asset security ratings, 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 credit event on the reference asset which would result in a related payment by the Fund. INTEREST RATE SWAP CONTRACTS AS OF JUNE 30, 2009 ARE AS FOLLOWS:
NOTIONAL AMOUNT PAID BY RECEIVED BY TERMINATION INTEREST RATE/SWAP COUNTERPARTY (000'S) THE FUND THE FUND DATE VALUE - ------------------------------- -------------- ------------ ----------- ----------- -------------- AUD BBR BBSW: Six-Month Westpac Banking Corp. 160,220 AUD AUD BBR BBSW 5.580% 6/23/14 $ 1,108,629 Six-Month Westpac Banking Corp. 80,005 AUD AUD BBR BBSW 5.368 6/19/14 (19,712) Six-Month Westpac Banking Corp. 180,200 AUD AUD BBR BBSW 5.525 6/25/14 909,277 ---------- -------------- Total 420,425 AUD 1,998,194 ---------- -------------- BZDI: Banco Santander Central Hispano SA 27,880 BRR BZDI 14.000 1/3/12 1,228,612 Banco Santander SA, Inc. 116,100 BRR BZDI 14.900 1/2/12 4,715,278 Goldman Sachs Group, Inc. (The) 38,900 BRR BZDI 12.800 1/2/17 409,547 Goldman Sachs Group, Inc. (The) 120,000 BRR BZDI 11.720 1/2/12 1,569,890 Goldman Sachs International 9,700 BRR BZDI 14.100 1/2/17 312,014 J Aron & Co. 46,300 BRR BZDI 10.670 1/2/12 (433,753) J Aron & Co. 35,650 BRR BZDI 14.160 1/2/17 1,238,626 J Aron & Co. 53,700 BRR BZDI 12.920 1/2/14 1,279,510 J Aron & Co. 26,730 BRR BZDI 12.870 1/2/14 612,860 J Aron & Co. 99,100 BRR BZDI 12.260 1/2/15 975,727 J Aron & Co. 45,260 BRR BZDI 12.290 1/2/15 435,808 J Aron & Co. 27,880 BRR BZDI 14.050 1/2/12 1,241,019
23 | Oppenheimer International Bond Fund Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS June 30, 2009 / Unaudited J Aron & Co. 32,400 BRR BZDI 14.300 1/2/17 1,412,852 J Aron & Co. 34,640 BRR BZDI 13.670 1/2/17 1,120,466 J Aron & Co. 44,980 BRR BZDI 13.100 1/2/17 745,068 JPMorgan Chase Bank NA 34,270 BRR BZDI 13.910 1/2/12 1,516,065 JPMorgan Chase Bank NA 56,300 BRR BZDI 13.900 1/2/17 1,515,230 Morgan Stanley 42,600 BRR BZDI 12.810 1/2/17 615,966 Morgan Stanley 45,950 BRR BZDI 15.000 1/2/17 2,016,829 Morgan Stanley 41,690 BRR BZDI 14.880 1/2/17 1,727,981 Morgan Stanley 113,800 BRR BZDI 13.900 1/2/17 3,062,756 Morgan Stanley 41,690 BRR BZDI 14.860 1/2/17 1,821,254 Morgan Stanley 58,900 BRR BZDI 12.050 1/2/12 770,825 UBS AG 100,000 BRR BZDI 10.670 1/2/12 (935,208) ---------- -------------- Total 1,294,420 BRR 28,975,222 ---------- -------------- CAD BA CDOR: Six-Month JPMorgan Chase Bank NA 60,915 CAD CAD BA CDOR 3.000 4/30/19 (2,283,746) Six-Month JPMorgan Chase Bank NA 50,035 CAD CAD BA CDOR 3.010 5/1/19 (1,843,222) ---------- -------------- Total 110,950 CAD (4,126,968) ---------- -------------- CZK PRIBOR PRBO: Six-Month CZK PRIBOR Goldman Sachs Group, Inc. (The) 507,500 CZK PRBO 3.760 10/6/18 398,523 Six-Month CZK PRIBOR Morgan Stanley 501,200 CZK PRBO 3.830 10/3/18 379,543 ---------- -------------- Total 1,008,700 CZK 778,066 ---------- -------------- DKK DKNA13 CIBOR Six-Month DKK DKNA13 Barclays Bank plc 510,850 DKK 3.845% CIBOR 4/3/19 585,965 ---------- -------------- HUF BUBOR REUTERS: Six-Month HUF BUBOR Barclays Bank plc 5,136,000 HUF Reuters 7.820 9/19/13 (63,665) Six-Month HUF BUBOR Barclays Bank plc 3,093,000 HUF Reuters 7.180 10/8/18 (893,507) Six-Month HUF BUBOR Citibank NA 3,045,000 HUF Reuters 7.200 10/8/18 (846,350) Six-Month HUF BUBOR Citibank NA 3,037,000 HUF Reuters 7.180 10/3/18 (886,103) Six-Month HUF BUBOR JPMorgan Chase Bank NA 3,093,000 HUF Reuters 7.200 10/6/18 (859,691) Six-Month HUF BUBOR JPMorgan Chase Bank NA 2,411,000 HUF Reuters 7.890 9/12/13 23,383 Six-Month HUF BUBOR JPMorgan Chase Bank NA 5,319,000 HUF Reuters 8.480 6/6/13 (157,766)
24 | Oppenheimer International Bond Fund Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS June 30, 2009 / Unaudited Six-Month HUF BUBOR JPMorgan Chase Bank NA 2,855,000 HUF Reuters 7.880 8/12/13 28,323 ---------- -------------- Total 27,989,000 HUF (3,655,376) ---------- -------------- ILS TELBOR01 REUTERS: Three-Month ILS TELBOR01 Credit Suisse International 23,060 ILS Reuters 4.650 12/22/18 (328,302) Three-Month ILS TELBOR01 Credit Suisse International 24,310 ILS Reuters 4.940 12/15/18 (237,547) Three-Month ILS TELBOR01 UBS AG 56,950 ILS Reuters 5.880 8/28/10 1,044,040 Three-Month ILS TELBOR01 UBS AG 57,850 ILS Reuters 5.850 9/4/18 1,012,493 Three-Month ILS TELBOR01 UBS AG 61,662 ILS Reuters 4.780 1/7/19 (705,664) Three-Month ILS TELBOR01 UBS AG 62,000 ILS Reuters 5.036 12/12/18 (439,258) ---------- -------------- Total 285,832 ILS 345,762 ---------- -------------- JPY BBA LIBOR: Six-Month JPY BBA Citibank NA 2,989,500 JPY 1.236 LIBOR 3/10/19 286,366 Six-Month JPY BBA JPMorgan Chase Bank NA 2,989,400 JPY 1.210 LIBOR 3/5/19 355,929 Six-Month JPY BBA JPMorgan Chase Bank NA 2,989,500 JPY 1.268 LIBOR 3/6/19 187,777 ---------- -------------- Total 8,968,400 JPY 830,072 ---------- -------------- MXN TIIE BANXICO: MXN TIIE Banco Santander SA, Inc. 323,900 MXN BANXICO 8.540 9/27/13 1,219,349 MXN TIIE Banco Santander SA, Inc. 338,400 MXN BANXICO 8.060 2/6/14 1,024,946 MXN TIIE Citibank NA 645,100 MXN BANXICO 8.920 11/24/11 2,527,100 MXN TIIE Credit Suisse International 128,200 MXN BANXICO 8.560 9/27/13 556,688 MXN TIIE Credit Suisse International 133,400 MXN BANXICO 8.300 12/17/26 (338,010) MXN TIIE Goldman Sachs Group, Inc. (The) 195,700 MXN BANXICO 8.540 9/27/13 736,729 MXN TIIE Goldman Sachs Group, Inc. (The) 710,000 MXN BANXICO 6.250 6/7/11 (204,405) MXN TIIE Goldman Sachs Group, Inc. (The) 886,100 MXN BANXICO 6.000 6/6/11 (286,128)
25 | Oppenheimer International Bond Fund Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS June 30, 2009 / Unaudited MXN TIIE Goldman Sachs Group, Inc. (The) 149,800 MXN BANXICO 8.458 5/18/29 (267,977) MXN TIIE Goldman Sachs Group, Inc. (The) 201,520 MXN BANXICO 8.729 8/27/26 40,202 MXN TIIE Goldman Sachs Group, Inc. (The) 623,700 MXN BANXICO 9.350 11/18/11 3,559,920 MXN TIIE Goldman Sachs Group, Inc. (The) 1,996,000 MXN BANXICO 10.000 11/11/11 3,919,471 MXN TIIE Goldman Sachs Group, Inc. (The) 802,600 MXN BANXICO 9.270 11/21/11 3,572,867 MXN TIIE Goldman Sachs Group, Inc. (The) 784,100 MXN BANXICO 9.080 11/22/11 3,225,062 MXN TIIE JPMorgan Chase Bank NA 1,983,000 MXN BANXICO 10.000 11/11/11 3,893,943 MXN TIIE JPMorgan Chase Bank NA 630,300 MXN BANXICO 8.920 11/24/11 2,469,123 ---------- -------------- Total 10,531,820 MXN 25,648,880 ---------- -------------- NZD BBR FRA: Three-Month Westpac Banking Corp. 100,560 NZD 5.218 NZD BBR FRA 6/19/14 70,980 Three-Month Westpac Banking Corp. 219,685 NZD 5.345 NZD BBR FRA 6/25/14 (568,470) Three-Month Westpac Banking Corp. 200,270 NZD 5.400 NZD BBR FRA 6/23/14 (849,721) ---------- -------------- Total 520,515 NZD (1,347,211) ---------- -------------- PLZ WIBOR WIBO: Six-Month PLZ WIBOR Goldman Sachs Group, Inc. (The) 77,340 PLZ WIBO 5.330 10/6/18 64,320 Six-Month PLZ WIBOR Goldman Sachs Group, Inc. (The) 77,000 PLZ WIBO 5.320 10/3/18 47,124 ---------- -------------- Total 154,340 PLZ 111,444 ---------- -------------- USD BBA LIBOR Three-Month USD BBA Goldman Sachs Group, Inc. (The) 96,000 LIBOR 3.743 6/2/19 778,902 ZAR JIBAR SAFEX: Three-Month ZAR JIBAR Barclays Bank plc 271,460 ZAR SAFEX 8.100 4/13/14 (726,484) Three-Month ZAR JIBAR JPMorgan Chase Bank NA 278,460 ZAR SAFEX 8.080 4/2/14 (754,756) ---------- -------------- Total 549,920 ZAR (1,481,240) ---------- -------------- Total Interest Rate Swaps $ 49,441,712 ==============
26 | Oppenheimer International Bond Fund Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS June 30, 2009 / Unaudited Notional amount is reported in U.S. Dollars (USD), except for those denoted in the following currencies: AUD Australian Dollar BRR Brazilian Real CAD Canadian Dollar CZK Czech Koruna DKK Danish Krone HUF Hungarian Forint ILS Israeli Shekel JPY Japanese Yen MXN Mexican Nuevo Peso NZD New Zealand Dollar PLZ Polish Zloty ZAR South African Rand Abbreviations/Definitions are as follows: BA CDOR Canada Bankers Acceptances Deposit Offering Rate BANIXCO Banco de Mexico BBA LIBOR British Bankers' Association London-Interbank Offered Rate BBR Bank Bill Rate BBSW Bank Bill Swap Reference Rate BUBOR Budapest Interbank Offered Rate BZDI Brazil Interbank Deposit Rate CIBOR Copenhagen Interbank Offered Rate DKNA13 Reuters 12-Month CIBOR FRA Forward Rate Agreement JIBAR South Africa Johannesburg Interbank Agreed Rate PRIBOR PRBO Prague Interbank Offering Rate SAFEX South African Futures Exchange TIIE Interbank Equilibrium Interest Rate TELBOR01 Tel Aviv Interbank Offered Rate 1 Month WIBOR WIBO Poland Warsaw Interbank Offer Bid Rate 27 | Oppenheimer International Bond Fund Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS June 30, 2009 / Unaudited TOTAL RETURN SWAP CONTRACTS AS OF JUNE 30, 2009 ARE AS FOLLOWS:
NOTIONAL AMOUNT TERMINATION REFERENCE ENTITY/SWAP COUNTERPARTY (000'S) PAID BY THE FUND RECEIVED BY THE FUND DATE VALUE - ---------------------------------- -------------- ------------------------ ---------------------- ----------- -------------- CUSTOM BASKET OF SECURITIES: Citibank NA, New York 5,652,380 JPY One-Month JPY BBA LIBOR If positive, the Total 4/14/10 $ 3,038,280 plus 40 basis points and Return of a custom if negative, the basket of securities absolute value of the Total Return of a custom basket of securities Citibank NA, New York 36,350 GBP One-Month GBP BBA LIBOR If positive, the Total 5/7/10 (1,145,440) plus 35 basis points and Return of a custom if negative, the basket of securities absolute value of the Total Return of a custom basket of securities Morgan Stanley 25,670 EUR One-Month EUR BBA LIBOR If positive, the Total 3/5/10 (3,176,303) plus 25 basis points and Return of a custom if negative, the basket of securities absolute value of the Total Return of a custom basket of securities Morgan Stanley International 27,569 EUR One-Month EUR BBA LIBOR If positive, the Total 10/7/09 (2,501,970) plus 30 basis points and Return of a custom if negative, the basket of securities absolute value of the Total Return of a custom basket of securities ------------- Reference Entity Total (3,785,433) ------------- KOREA STOCK PRICE INDEX 200 Citibank NA 12,103,830 KRW If positive, the Total If negative, the 9/10/09 35,087 Return of the KOSPI 200 absolute value of the Index Total Return of the KOSPI 200 Index MSCI DAILY TR GROSS BELGIUM USD INDEX Morgan Stanley 9,326 If positive, the Total One-MonthBBA LIBOR 5/10/11 336,906 Return of MSCI Daily minus 95 basis points Gross Belgium USD Index and if negative, the absolute value of the Total Return of the MSCI Daily Gross Morgan Stanley 9,326 Belgium USD Index ------------- Total of Total Return Swaps $ (3,413,440) =============
28 | Oppenheimer International Bond Fund Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS June 30, 2009 / Unaudited Notional amount is reported in U.S. Dollars (USD), except for those denoted in the following currencies: EUR Euro GBP British Pounds Sterling JPY Japanese Yen KRW South Korean Won Abbreviations/Definitions are as follows: BBA LIBOR British Bankers' Association London-Interbank Offered Rate KOSPI Korean Stock Price Index MSCI Morgan Stanley Capital International TR Total Return CURRENCY SWAPS AS OF JUNE 30, 2009 ARE AS FOLLOWS:
NOTIONAL AMOUNT TERMINATION REFERENCE ENTITY/SWAP COUNTERPARTY (000'S) PAID BY THE FUND RECEIVED BY THE FUND DATE VALUE - ---------------------------------- -------- ----------------------- -------------------- ----------- ---------- MXN TIIE BANXICO: Deutsche Bank AG $16,760 Six-Month USD BBA LIBOR 5.46% times UDI 5/13/15 $1,840,326 Deutsche Bank AG 11,050 Six-Month USD BBA LIBOR 5.25% times UDI 6/23/15 863,604 Goldman Sachs Group, Inc. (The) 11,580 Six-Month USD BBA LIBOR 5.08% times UDI 1/20/15 1,570,364 ---------- Reference Entity Total 4,274,294 ---------- USD BBA LIBOR Goldman Sachs Group, Inc. (The) 11,580 Six-Month USD BBA LIBOR 5.10% times UDI 1/14/15 1,517,049 ---------- Total Currency Swaps $5,791,343 ==========
Abbreviations are as follows: BANXICO Banco de Mexico BBA LIBOR British Bankers' Association London-Interbank Offered Rate TIIE Interbank Equilibrium Interest Rate UDI Unidad de Inversion (Unit of Investment) 29 | Oppenheimer International Bond Fund Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS June 30, 2009 / Unaudited SWAP SUMMARY AS OF JUNE 30, 2009 IS AS FOLLOWS: The following table aggregates, as of period, 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 $ 1,228,612 ----------- Banco Santander SA, Inc.: Interest Rate 116,100 BRR 4,715,278 Interest Rate 662,300 MXN 2,244,295 ----------- 6,959,573 ----------- Barclays Bank plc: Credit Default Sell Protection 5,060 1,220,487 Interest Rate 510,850 DKK 585,965 Interest Rate 8,229,000 HUF (957,172) Interest Rate 271,460 ZAR (726,484) ----------- 122,796 ----------- Citibank NA: Interest Rate 6,082,000 HUF (1,732,453) Interest Rate 2,989,500 JPY 286,366 Interest Rate 645,100 MXN 2,527,100 Total Return 12,103,830 KRW 35,087 ----------- 1,116,100 ----------- Citibank NA, New York: Credit Default Buy Protection 22,980 1,958,453 Credit Default Sell Protection 32,545 (1,870,771) Total Return 36,350 GBP (1,145,440) Total Return 5,652,380 JPY 3,038,280 ----------- 1,980,522 ----------- Credit Suisse International: Credit Default Sell Protection 27,350 (6,611,577) Interest Rate 47,370 ILS (565,849) Interest Rate 261,600 MXN 218,678 ----------- (6,958,748) -----------
30 | Oppenheimer International Bond Fund Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS June 30, 2009 / Unaudited Deutsche Bank AG Currency 27,810 2,703,930 ----------- Goldman Sachs Bank USA Credit Default Buy Protection 41,405 (3,491,947) ----------- Goldman Sachs Group, Inc. (The): Currency 23,160 3,087,413 Interest Rate 158,900 BRR 1,979,437 Interest Rate 507,500 CZK 398,523 Interest Rate 6,349,520 MXN 14,295,741 Interest Rate 154,340 PLZ 111,444 Interest Rate 96,000 778,902 ----------- 20,651,460 ----------- Goldman Sachs International Interest Rate 9,700 BRR 312,014 ----------- J Aron & Co. Interest Rate 446,640 BRR 8,628,183 ----------- JPMorgan Chase Bank NA: Interest Rate 90,570 BRR 3,031,295 Interest Rate 110,950 CAD (4,126,968) Interest Rate 13,678,000 HUF (965,751) Interest Rate 5,978,900 JPY 543,706 Interest Rate 2,613,300 MXN 6,363,066 Interest Rate 278,460 ZAR (754,756) ----------- 4,090,592 ----------- JPMorgan Chase Bank NA, NY Branch Credit Default Sell Protection 9,800 (773,503) ----------- Merrill Lynch International Credit Default Buy Protection 12,180 4,423,520 ----------- Morgan Stanley: Interest Rate 344,630 BRR 10,015,611 Interest Rate 501,200 CZK 379,543 Total Return 25,670 EUR (3,176,303) Total Return 9,326 336,906 ----------- 7,555,757 -----------
31 | Oppenheimer International Bond Fund Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS June 30, 2009 / Unaudited Morgan Stanley Capital Services, Inc. Credit Default Sell Protection 47,400 (8,131,214) ----------- Morgan Stanley International Total Return 27,569 EUR (2,501,970) ----------- UBS AG: Credit Default Buy Protection 4,440 431,622 Interest Rate 100,000 BRR (935,208) Interest Rate 238,462 ILS 911,611 ----------- 408,025 ----------- Westpac Banking Corp.: Interest Rate 420,425 AUD 1,998,194 Interest Rate 520,515 NZD (1,347,211) ----------- 650,983 ----------- Total Swaps $38,974,685 ===========
Notional amount is reported in U.S.Dollars (USD), except for those denoted in the following currencies: AUD Australian Dollar BRR Brazilian Real CAD Canadian Dollar CZK Czech Koruna DKK Danish Krone EUR Euro GBP British Pounds Sterling HUF Hungarian Forint ILS Israeli Shekel JPY Japanese Yen KRW South Korean Won MXN Mexican Nuevo Peso NZD New Zealand Dollar PLZ Polish Zloty ZAR South African Rand 32 | Oppenheimer International Bond Fund Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS June 30, 2009 / 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. Unadjusted quoted prices in active markets for identical securities are classified as "Level 1," inputs other than unadjusted 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 unadjusted 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 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 unadjusted 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 33 | Oppenheimer International Bond Fund Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS June 30, 2009 / Unaudited 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 unadjusted 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 Manager's own assumptions about the inputs that market participants would use in valuing such securities are significant to the fair value. 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 34 | Oppenheimer International Bond Fund Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS June 30, 2009 / Unaudited 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 June 30, 2009, 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 $5,056,344
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 June 30, 2009, securities with an aggregate market value of $3,430,745, representing 0.03% 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. 35 | Oppenheimer International Bond Fund Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS June 30, 2009 / 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. When applicable, 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. INVESTMENT 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. When applicable, 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%. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS The Fund's investment objectives not only permit the Fund to purchase investment securities, they also allow the Fund to enter into various types of derivatives contracts, including, but not limited to, futures contracts, forward foreign currency exchange contracts, credit default swaps, interest rate swaps, total return swaps, and purchased and written options. In doing so, the Fund will employ strategies in differing combinations to permit it to increase, decrease, or change the level or types of exposure to market risk factors. Central to those strategies are features inherent to derivatives that make them more attractive for this purpose than equity and debt securities: they require little or no initial cash investment, they can focus exposure on only certain selected risk factors, and they may not require the ultimate receipt or delivery of the underlying security (or securities) to the contract. This may allow the Fund to pursue its objectives more quickly and efficiently than if it were to make direct purchases or sales of securities capable of effecting a similar response to market factors. MARKET RISK FACTORS. In pursuit of its investment objectives, the Fund may seek to use derivatives to increase or decrease its exposure to the following market risk factors: 36 | Oppenheimer International Bond Fund Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS June 30, 2009 / Unaudited INTEREST RATE RISK. Interest rate risk refers to the fluctuations in value of fixed-income securities resulting from the inverse relationship between price and yield. For example, an increase in general interest rates will tend to reduce the market value of already issued fixed-income investments, and a decline in general interest rates will tend to increase their value. In addition, debt securities with longer maturities, which tend to have higher yields, are subject to potentially greater fluctuations in value from changes in interest rates than obligations with shorter maturities. CREDIT RISK. Credit risk relates to the ability of the issuer to meet interest and principal payments, or both, as they come due. In general, lower-grade, higher-yield bonds are subject to credit risk to a greater extent than lower-yield, higher-quality bonds. FOREIGN EXCHANGE RATE RISK. Foreign exchange rate risk relates to the change in the U.S. dollar value of a security held that is denominated in a foreign currency. The U.S. dollar value of a foreign currency denominated security will decrease as the dollar appreciates against the currency, while the U.S. dollar value will increase as the dollar depreciates against the currency. EQUITY RISK. Equity risk relates to the change in value of equity securities as they relate to increases or decreases in the general market. RISKS OF INVESTING IN DERIVATIVES. The Fund's use of derivatives can result in losses due to unanticipated changes in the market risk factors and the overall market. In instances where the Fund is using derivatives to decrease, or hedge, exposures to market risk factors for securities held by the Fund, there are also risks that those derivatives may not perform as expected resulting in losses for the combined or hedged positions. Derivatives may have little or no initial cash investment relative to their market value exposure and therefore can produce significant gains or losses in excess of their cost. This use of embedded leverage allows the Fund to increase its market value exposure relative to its net assets and can substantially increase the volatility of the Fund's performance. Additional associated risks from investing in derivatives also exist and potentially could have significant effects on the valuation of the derivative and the Fund. Typically, the associated risks are not the risks that the Fund is attempting to increase or decrease exposure to, per its investment objectives, but are the additional risks from investing in derivatives. Examples of these associated risks are liquidity risk, which is the risk that the Fund will not be able to sell the derivative in the open market in a timely manner, and counterparty credit risk, which is the risk that the counterparty will not fulfill its obligation to the Fund. Associated risks can be different for each type of derivative and are discussed by each derivative type in the notes that follow. 37 | Oppenheimer International Bond Fund Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS June 30, 2009 / Unaudited COUNTERPARTY CREDIT RISK. Certain derivative positions are subject to counterparty credit risk, which is the risk that the counterparty will not fulfill its obligation to the Fund. The Fund's derivative counterparties are financial institutions who are subject to market conditions that may weaken their financial position. The Fund intends to enter into financial transactions with counterparties that the Manager believes to be creditworthy at the time of the transaction. As of June 30, 2009, the maximum amount of loss that the Fund would incur if the counterparties to its derivative transactions failed to perform would be $162,837,779, which represents the gross unrealized appreciation on these derivative contracts. To reduce this risk the Fund has entered into master netting arrangements, established within the Fund's International Swap and Derivatives Association, Inc. ("ISDA") master agreements, which allow the Fund to net unrealized appreciation and depreciation for positions in swaps, over-the-counter options, and forward currency exchange contracts for each individual counterparty. The amount of loss that the Fund would incur taking into account these master netting arrangements would be $94,078,327 as of June 30, 2009. CREDIT RELATED CONTINGENT FEATURES. The Fund has several credit related contingent features that if triggered would allow its derivatives counterparties to close out and demand payment or additional collateral to cover their exposure from the Fund. Credit related contingent features are established between the Fund and its derivatives counterparties to reduce the risk that the Fund will not fulfill its payment obligations to its counterparties. These triggering features include, but are not limited to, a percentage decrease in the Fund's net assets and or a percentage decrease in the Fund's Net Asset Value or NAV. The contingent features are established within the Fund's ISDA master agreements which govern positions in swaps, over-the-counter options, and forward currency exchange contracts for each individual counterparty. As of June 30, 2009, the total value of derivative positions with credit related contingent features in a net liability position was $17,750,969. If a contingent feature would have been triggered as of June 30, 2009, the Fund could have been required to pay this amount in cash to its counterparties. The Fund did not hold or post collateral for its derivative transactions. 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 38 | Oppenheimer International Bond Fund Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS June 30, 2009 / Unaudited (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. The Fund has entered into forward foreign currency exchange contracts with the obligation to purchase specified foreign currencies in the future at a currently negotiated forward rate in order to take a positive investment perspective on the related currency. These forward foreign currency exchange contracts seek to increase exposure to foreign exchange rate risk. The Fund has entered into forward foreign currency exchange contracts with the obligation to buy specified foreign currencies in the future at a currently negotiated forward rate in order to decrease exposure to foreign exchange rate risk associated with foreign currency denominated securities held by the portfolio. The Fund has entered into forward foreign currency exchange contracts with the obligation to sell specified foreign currencies in the future at a currently negotiated forward rate in order to take a negative investment perspective on the related currency. These forward foreign currency exchange contracts seek to increase exposure to foreign exchange rate risk. The Fund has entered into forward foreign currency exchange contracts with the obligation to sell specified foreign currencies in the future at a currently negotiated forward rate in order to decrease exposure to foreign exchange rate risk associated with foreign currency denominated securities held by the portfolio. Additional associated 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 39 | Oppenheimer International Bond Fund Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS June 30, 2009 / Unaudited 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 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. The Fund has purchased futures contracts on various bonds and notes to increase exposure to interest rate risk. The Fund has sold futures contracts on various bonds and notes to decrease exposure to interest rate risk. The Fund has purchased futures contracts on various equity indexes to increase exposure to equity risk. The Fund has sold futures contracts on various equity indexes to decrease exposure to equity risk. Additional associated 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 40 | Oppenheimer International Bond Fund Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS June 30, 2009 / Unaudited 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 Fund has written put options on currencies to increase exposure to foreign exchange rate risk. A written put option becomes more valuable as the price of the underlying financial instrument appreciates relative to the strike price. The Fund has written call options on currencies to decrease exposure to foreign exchange rate risk. A written call option becomes more valuable as the price of the underlying financial instrument depreciates relative to the strike price. The Fund has purchased call options on currencies to increase exposure to foreign exchange rate risk. A purchased call option becomes more valuable as the price of the underlying financial instrument appreciates relative to the strike price. The Fund has written covered call options on individual equity securities and, or, equity indexes to decrease exposure to equity risk. A written covered call option becomes more valuable as the price of the underlying financial instrument depreciates relative to the strike price. The Fund has purchased put options on currencies to decrease exposure to foreign exchange rate risk. A purchased put option becomes more valuable as the price of the underlying financial instrument depreciates relative to the strike price. 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. Additional associated risks to the Fund include counterparty credit risk for over-the-counter options and liquidity risk. Written option activity for the period ended June 30, 2009 was as follows: 41 | Oppenheimer International Bond Fund Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS June 30, 2009 / Unaudited
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 37,806,676,000 17,775,100 37,855,796,000 18,183,052 Options closed or expired (15,181,880,000) (10,411,976) (27,021,846,000) (8,108,928) Options exercised (27,021,846,000) (8,064,810) (15,181,880,000) (10,470,874) --------------- ------------ --------------- ------------ Options outstanding as of June 30, 2009 49,280,000 $ 501,542 98,400,000 $ 806,478 =============== ============ =============== ============
SWAP CONTRACTS The Fund may enter into swap contract agreements with a counterparty to exchange a series of cash flows based on either specified reference rates, or the occurrence of a credit event, over a specified period. Such contracts may include interest rate, equity, debt, index, total return, credit and currency swaps. Swaps are marked to market daily using primarily quotations from pricing services, counterparties and 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) related to the change in the valuation of the notional amount of the swap is 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. The Fund also records any periodic payments received from (paid to) the counterparty, including at termination, under such contracts as realized gain (loss) on the Statement of Operations in the annual and semiannual reports. Swap contract agreements are exposed to the market risk factor of the specific underlying reference asset. Swap contracts are typically more attractively priced compared to similar investments in related cash securities because they isolate the risk to one market risk factor and eliminate the other market risk factors. Investments in cash securities (for instance bonds) have exposure to multiple risk factors (credit and interest rate risk). Because swaps require little or no initial cash investment, they can expose the Fund to substantial risk in the isolated market risk factor. Additional associated risks to the Fund include counterparty credit risk and liquidity risk. Counterparty 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 42 | Oppenheimer International Bond Fund Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS June 30, 2009 / Unaudited received. If there is an illiquid market for the agreement, the Fund may be unable to close the contract prior to contract 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. The Fund has purchased credit protection through credit default swaps to decrease exposure to the credit risk of individual securities and, or, indexes. The Fund has sold credit protection through credit default swaps to increase 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. 43 | Oppenheimer International Bond Fund Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS June 30, 2009 / Unaudited Additional associated risks to the Fund include counterparty credit risk and liquidity risk. 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. The Fund has entered into interest rate swaps in which it pays a floating interest rate and receives a fixed interest rate in order to increase exposure to interest rate risk. Typically, if relative interest rates rise, payments made by the Fund under a swap agreement will be greater than the payments received by the Fund. The Fund has entered into interest rate swaps in which it pays a fixed interest rate and receives a floating interest rate in order to decrease exposure to interest rate risk. Typically, if relative interest rates rise, payments received by the Fund under the swap agreement will be greater than the payments made by the Fund. Additional associated risks to the Fund include counterparty credit risk and liquidity risk. 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. Total return swap contracts are exposed to the market risk factor of the specific underlying financial instrument or index. Total return swaps are less standard in structure than other types of swaps and can isolate and, or, include multiple types of market risk factors including equity risk, credit risk, and interest rate risk. The Fund has entered into total return swaps on various equity indexes to increase exposure to equity risk. These equity risk related total return swaps require the Fund to pay a floating reference interest rate, or an amount equal to the negative price movement of an index multiplied by the notional amount of the contract. The Fund will receive payments equal to the positive price movement of the same index multiplied by the notional amount of the contract. The Fund has entered into total return swaps on various equity indexes to decrease exposure to equity risk. These equity risk related total return 44 | Oppenheimer International Bond Fund Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS June 30, 2009 / Unaudited swaps require the Fund to pay an amount equal to the positive price movement of an index multiplied by the notional amount of the contract. The Fund will receive payments of a floating reference interest rate or an amount equal to the negative price movement of the same index multiplied by the notional amount of the contract. Additional associated risks to the Fund include counterparty credit risk 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. The Fund has entered into currency swap contracts with the obligation to pay an interest rate on the dollar notional amount and receive an interest rate on various foreign currency notional amounts in order to take a positive investment perspective on the related currencies for which the Fund receives a payment. These currency swap contracts seek to increase exposure to foreign exchange rate risk. The Fund has entered into currency swap contracts with the obligation to pay an interest rate various foreign currency notional amounts and receive an interest rate on on the dollar notional amount in order to take a negative investment perspective on the related currencies for which the Fund receives a payment. These currency swap contracts seek to decrease exposure to foreign exchange rate risk. 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. Additional associated risks to the Fund include counterparty credit risk and liquidity risk. ILLIQUID OR RESTRICTED SECURITIES As of June 30, 2009, 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 45 | Oppenheimer International Bond Fund Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS June 30, 2009 / Unaudited 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. UNFUNDED PURCHASE COMMITMENTS Pursuant to the terms of certain indenture agreements, the Fund has unfunded purchase commitments of $43,534,570 at June 30, 2009. 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 June 30, 2009, 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 $17,363,554
COMMITMENT INTEREST TERMINATION UNFUNDED UNREALIZED RATE DATE AMOUNT DEPRECIATION ----------- ----------- ----------- ------------ Deutsche Bank AG; An unfunded commitment that Oppenheimer receives 0.125% quarterly; and will pay out, upon request, up to 26,171,016 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 $26,171,016 $2,062,512
FEDERAL TAX. The approximate aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments for federal income tax purposes as of June 30, 2009 are noted below. The primary difference between book and tax appreciation or depreciation of securities and other investments, if applicable, is attributable to the tax deferral of losses. Federal tax cost of securities $ 9,804,758,862 Federal tax cost of other investments 1,427,850,585 --------------- Total federal tax cost $11,232,609,447 ===============
46 | Oppenheimer International Bond Fund Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS June 30, 2009 / Unaudited Gross unrealized appreciation $ 528,817,024 Gross unrealized depreciation (623,912,611) ------------- Net unrealized depreciation $ (95,095,587) =============
47 | Oppenheimer International Bond Fund ITEM 2. CONTROLS AND PROCEDURES. (a) Based on their evaluation of the registrant's disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c)) as of 06/30/2009, the registrant's principal executive officer and principal financial officer found the registrant's disclosure controls and procedures to provide reasonable assurances that information required to be disclosed by the registrant in the reports that it files under the Securities Exchange Act of 1934 (a) is accumulated and communicated to the registrant's management, including its principal executive officer and principal financial officer, to allow timely decisions regarding required disclosure, and (b) is recorded, processed, summarized and reported, within the time periods specified in the rules and forms adopted by the U.S. Securities and Exchange Commission. (b) There have been no significant changes in the registrant's internal controls over financial reporting that occurred during the registrant's last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting. ITEM 3. EXHIBITS. Exhibits attached hereto. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Oppenheimer International Bond Fund By: /s/ John V. Murphy -------------------------------- John V. Murphy Principal Executive Officer Date: 08/11/2009 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: 08/11/2009 By: /s/ Brian W. Wixted -------------------------------- Brian W. Wixted Principal Financial Officer Date: 08/11/2009 EX-99.CERT 2 p14673exv99wcert.txt EX-99.CERT Exhibit 99.CERT Section 302 Certifications CERTIFICATIONS I, John V. Murphy, certify that: 1. I have reviewed this report on Form N-Q of Oppenheimer International Bond Fund; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of Trustees (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. /s/ John V. Murphy - ------------------------------------ John V. Murphy Principal Executive Officer Date: 08/11/2009 Exhibit 99.CERT Section 302 Certifications CERTIFICATIONS I, Brian W. Wixted, certify that: 1. I have reviewed this report on Form N-Q of Oppenheimer International Bond Fund; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of Trustees (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. /s/ Brian W. Wixted - ------------------------------------ Brian W. Wixted Principal Financial Officer Date: 08/11/2009 -----END PRIVACY-ENHANCED MESSAGE-----