N-Q 1 p16687nvq.txt FORM 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: 12/31/2009 ITEM 1. SCHEDULE OF INVESTMENTS. Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS December 31, 2009 / Unaudited
Principal Amount Value -------------------- ---------------- U.S. GOVERNMENT OBLIGATIONS--0.6% U.S. Treasury Bills, 0.07%, 1/14/10(1, 2) (Cost $81,597,790) $ 81,600,000 $ 81,597,790 ---------------- FOREIGN GOVERNMENT OBLIGATIONS--76.6% ARGENTINA--0.8% Argentina (Republic of) Bonds: 0.943%, 8/3/12(3) 18,251,250 16,757,394 2.50%, 12/31/38(3) 16,330,000 5,756,325 Series GDP, 2.724%, 12/15/35(3) 26,370,000 1,827,441 Series V, 7%, 3/28/11 14,240,000 13,904,964 Series VII, 7%, 9/12/13 5,230,000 4,627,824 Argentina (Republic of) Sr. Unsec. Nts., 7%, 10/3/15 62,750,000 52,831,202 ---------------- 95,705,150 AUSTRALIA--0.3% New South Wales Treasury Corp. Bonds: Series 12, 6%, 5/1/12 19,550,000 AUD 17,939,857 Series 14, 5.50%, 8/1/14 28,485,000 AUD 25,518,495 ---------------- 43,458,352 BELGIUM--0.5% Belgium (Kingdom of) Bonds, Series 44, 5%, 3/28/35 38,035,000 EUR 58,623,311 ---------------- BRAZIL--6.8% Banco Nacional de Desenvolvimento Economico e Social Nts., 6.369%, 6/16/18(4) 10,960,000 11,795,700 ---------------- Brazil (Federal Republic of) Bonds: 6%, 1/17/17 26,495,000 28,747,075 8%, 1/15/18 14,435,833 16,543,465 8.875%, 10/14/19 24,260,000 31,416,700 10.50%, 7/14/14 9,150,000 11,712,000 Brazil (Federal Republic of) Nota Do Tesouro Nacional Nts.: 10%, 1/10/10 36,149,000 BRR 20,700,296 10%, 1/1/12 431,958,000 BRR 239,955,278 10%, 1/1/14 59,480,000 BRR 31,388,119 10%, 1/1/17 753,740,000 BRR 371,953,595 10.95%, 5/15/45 15,030,000 BRR 15,284,273 Brazil (Federal Republic of) Nts., 7.875%, 3/7/15 29,000,000 34,046,000 Brazil (Federal Republic of) Sr. Nts., 5.875%, 1/15/19 29,810,000 31,896,700 ---------------- 845,439,201 CANADA--1.3% Canada Housing Trust Sec. Bonds, 4.10%, 12/15/18 83,320,000 CAD 81,219,174 Quebec (Province of) Nts., 4.50%, 12/1/18 83,935,000 CAD 82,075,485 ---------------- 163,294,659 COLOMBIA--0.7% Bogota Distrio Capital Sr. Bonds, 9.75%, 7/26/28(4) 16,413,000,000 COP 8,617,406 Colombia (Republic of) Bonds: 7.375%, 9/18/37 9,860,000 10,796,700 12%, 10/22/15 34,907,000,000 COP 21,026,715 Colombia (Republic of) Nts., 11.75%, 3/1/10 7,228,000,000 COP 3,590,666 Colombia (Republic of) Sr. Nts., 7.375%, 3/18/19 15,875,000 18,057,813
1 | Oppenheimer International Bond Fund Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS December 31, 2009 / Unaudited
Principal Amount Value -------------------- ---------------- Colombia (Republic of) Sr. Unsec. Bonds, 6.125%, 1/18/41 $ 18,500,000 $ 17,251,250 Colombia (Republic of) Unsec. Nts., 7.375%, 1/27/17 9,320,000 10,554,900 Colombia (Republic of) Unsec. Unsub. Bonds, 9.85%, 6/28/27 6,656,000,000 COP 3,786,232 ---------------- 93,681,682 DENMARK--0.5% Denmark (Kingdom of) Bonds, 4%, 11/15/17 290,580,000 DKK 58,088,346 ---------------- EGYPT--1.1% Egypt (The Arab Republic of) Treasury Bills: 9.758%, 2/2/10(5) 29,800,000 EGP 5,389,645 9.817%, 2/2/10(5) 93,700,000 EGP 16,946,635 Series 91, 9.656%, 3/9/10(5, 6) 61,375,000 EGP 11,007,719 Series 182, 9.699%, 1/19/10(5) 131,575,000 EGP 23,884,890 Series 273, 9.839%, 1/12/10(5) 182,485,000 EGP 33,165,540 Series 273, 9.78%, 2/9/10(5) 29,325,000 EGP 5,293,070 Series 273, 9.911%, 2/16/10(5) 60,125,000 EGP 10,826,940 Series 273, 9.878%, 2/23/10(5) 45,350,000 EGP 8,155,931 Egypt (The Arab Republic of) Unsec. Unsub. Bonds, 8.75%, 7/15/12(4) 108,205,000 EGP 20,122,904 ---------------- 134,793,274 FRANCE--5.9% France (Government of) Bonds: 3.75% 10/25/19 82,335,000 EUR 119,081,643 4%, 10/25/38 82,160,000 EUR 113,277,672 France (Government of) Treasury Bills: 0.339%, 3/18/10(5) 33,500,000 EUR 47,864,751 0.35%, 2/18/10(5) 81,650,000 EUR 116,999,673 0.413%, 2/4/10(5) 47,000,000 EUR 67,358,694 France (Government of) Treasury Nts., 1.50%, 9/12/11 188,515,000 EUR 271,575,698 ---------------- 736,158,131 GERMANY--8.2% Germany (Federal Republic of) Bonds: 3.50%, 7/4/19 281,080,000 EUR 409,008,330 Series 03, 3.75%, 7/4/13 67,617,000 EUR 102,651,596 Series 08, 4.75%, 7/4/40 86,030,000 EUR 136,842,051 Germany (Federal Republic of) Treasury Bills: 0.27%, 3/17/10(5) 28,000,000 EUR 40,091,174 Series 011, 0.475%, 1/27/10(5) 99,100,000 EUR 142,052,094 Series 26, 0.49%, 1/13/10(5) 134,700,000 EUR 193,089,439 ---------------- 1,023,734,684 GHANA--0.1% Ghana (Republic of) Bonds, 8.50%, 10/4/17(4) 12,400,000 12,741,000 ---------------- HUNGARY--1.6% Hungary (Republic of) Bonds: Series 10/C, 6.75%, 4/12/10 1,080,000,000 HUF 5,741,623 Series 11/B, 6%, 10/12/11 297,000,000 HUF 1,557,588 Series 11/C, 6.75%, 4/22/11 5,451,400,000 HUF 28,975,175
2 | Oppenheimer International Bond Fund Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS December 31, 2009 / Unaudited
Principal Amount Value -------------------- ---------------- Series 11/A, 7.50%, 2/12/11 149,000,000 HUF $ 800,168 Series 12/C, 6%, 10/24/12 6,531,000,000 HUF 33,667,201 Series 12/B, 7.25%, 6/12/12 5,138,000,000 HUF 27,379,730 Series 13/D, 6.75%, 2/12/13 3,050,000,000 HUF 15,943,347 Series 14/C, 5.50%, 2/12/14 3,082,800,000 HUF 15,251,796 Series 15/A, 8%, 2/12/15 7,731,000,000 HUF 41,564,457 Series 17/B, 6.75%, 2/24/17 741,500,000 HUF 3,659,072 Series 19/A, 6.50%, 6/24/19 4,500,000,000 HUF 21,633,251 ---------------- 196,173,408 INDONESIA--1.0% Indonesia (Republic of) Nts.: 6.875%, 1/17/18(4) 31,330,000 34,619,650 7.25%, 4/20/15(4) 11,790,000 13,263,750 Indonesia (Republic of) Sr. Unsec. Nts.: 7.75%, 1/17/38(4) 17,005,000 19,300,675 10.375%, 5/4/14(4) 10,600,000 13,117,500 11.625%, 3/4/19(4) 8,400,000 12,096,000 Indonesia (Republic of) Unsec. Nts., 8.50%, 10/12/35(4) 24,080,000 29,076,600 ---------------- 121,474,175 ISRAEL--0.6% Israel (State of) Bonds: 5.50%, 2/28/17 107,280,000 ILS 30,762,712 6%, 2/28/19 56,040,000 ILS 16,658,126 Series 2682, 7.50%, 3/31/14 107,990,000 ILS 33,854,783 ---------------- 81,275,621 ITALY--9.9% Italy (Repubic of) Treasury Bonds, 5%, 9/1/40 382,435,000 EUR 567,584,592 Italy (Republic of) Treasury Bonds: Buoni del Tesoro Poliennali, 3.75%, 12/15/13 326,599,000 EUR 486,761,591 Buoni del Tesoro Poliennali, 5.25%, 8/1/11 117,910,000 EUR 178,848,563 ---------------- 1,233,194,746 JAPAN--16.3% Japan (Government of) Bonds: 2 yr., 0.20%, 10/15/11(7, 8) 12,656,000,000 JPY 136,062,022 5 yr., Series 72, 1.50%, 6/20/13 48,060,000,000 JPY 537,485,062 10 yr., Series 284, 1.70%, 12/20/16 47,586,000,000 JPY 542,840,610 10 yr., Series 301, 1.50%, 6/20/19 31,436,000,000 JPY 346,272,595 20 yr., Series 112, 2.10%, 6/20/29 44,167,000,000 JPY 477,669,413 ---------------- 2,040,329,702 MEXICO--3.0% United Mexican States Bonds: 5.625%, 1/15/17 22,640,000 23,715,400 Series A, 6.375%, 1/16/13 5,945,000 6,598,950 Series M10, 7.75%, 12/14/17(3) 1,282,900,000 MXN 97,673,781 Series MI10, 8%, 12/19/13 1,657,770,000 MXN 130,611,798 Series M10, 8%, 12/17/15 297,000,000 MXN 23,108,198 Series MI10, 9.50%, 12/18/14(3) 267,300,000 MXN 22,185,777
3 | Oppenheimer International Bond Fund Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS December 31, 2009 / Unaudited
Principal Amount Value -------------------- ---------------- Series M20, 10%, 12/5/24(3) 709,800,000 MXN $ 62,307,982 United Mexican States Sr. Unsec. Bonds, 6.05%, 1/11/40 3,489,000 3,371,421 United Mexican States Sr. Unsec. Nts., 5.875%, 2/17/14 6,140,000 6,707,950 ---------------- 376,281,257 NORWAY--0.2% Norway (Kingdom of) Bonds, 6.50%, 5/15/13 101,340,000 NOK 19,353,686 ---------------- PANAMA--0.5% Panama (Republic of) Bonds: 7.25%, 3/15/15 24,115,000 27,551,388 8.875%, 9/30/27 8,215,000 10,720,575 9.375%, 4/1/29 9,900,000 13,216,500 Panama (Republic of) Unsec. Bonds, 7.125%, 1/29/26 7,870,000 8,912,775 ---------------- 60,401,238 PERU--1.5% Peru (Republic of) Bonds: 7.35%, 7/21/25 22,720,000 26,128,000 7.84%, 8/12/20 86,585,000 PEN 34,544,688 9.91%, 5/5/15 123,905,000 PEN 54,024,467 Series 7, 8.60%, 8/12/17 123,865,000 PEN 52,382,590 Peru (Republic of) Sr. Nts., 4.533%, 2/28/16(5) 1,426,420 1,137,998 Peru (Republic of) Sr. Unsec. Nts., 7.125%, 3/30/19 16,048,000 18,535,440 ---------------- 186,753,183 PHILIPPINES--0.2% Philippines (Republic of the) Bonds, 8%, 1/15/16 6,105,000 7,112,325 Philippines (Republic of the) Unsec. Bonds, 7.75%, 1/14/31 16,360,000 18,527,700 ---------------- 25,640,025 POLAND--1.6% Poland (Republic of) Bonds: Series 0414, 5.75%, 4/25/14(4) 206,440,000 PLZ 72,308,470 Series 0511, 4.25%, 5/24/11 379,935,000 PLZ 132,110,327 ---------------- 204,418,797 PORTUGAL--0.5% Portugal (Republic of) Obrigacoes Do Tesouro Bonds, 5%, 6/15/12 43,195,000 EUR 66,131,504 ---------------- SOUTH AFRICA--0.9% South Africa (Republic of) Bonds: 7.50%, 1/15/14 175,320,000 ZAR 22,969,034 Series R157, 13.50%, 9/15/15 526,860,000 ZAR 87,680,784 ---------------- 110,649,818 SPAIN--2.1% Spain (Government of) Bonos Y Oblig Del Estado, 4.25% 1/31/14 128,325,000 EUR 194,158,961 Spain (Government of) Treasury Bills: 0.48%, 2/19/10(5) 40,000,000 EUR 57,314,105
4 | Oppenheimer International Bond Fund Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS December 31, 2009 / Unaudited
Principal Amount Value -------------------- ---------------- Series 12MO, 0.41%, 3/19/10(5) 10,000,000 EUR $ 14,322,577 ---------------- 265,795,643 SWEDEN--0.3% Sweden (Kingdom of) Bonds, Series 1050, 3%, 7/12/16 308,790,000 SEK 43,230,384 ---------------- THE NETHERLANDS--0.7% Netherlands (Kingdom of the) Bonds, 5%, 7/15/11 59,225,000 EUR 89,836,286 ---------------- TURKEY--4.5% Turkey (Republic of) Bonds: 6.75%, 4/3/18 24,225,000 26,405,250 7%, 9/26/16 23,115,000 25,657,650 7%, 3/11/19 9,650,000 10,566,750 10.622%, 8/6/14 63,840,000 TRY 43,674,035 10.673%, 5/11/11(5) 93,930,000 TRY 56,256,758 12.038%, 2/2/11(5) 90,970,000 TRY 55,950,084 16%, 3/7/12(3) 345,355,000 TRY 260,381,198 Series CPI, 10%, 2/15/12(3) 24,375,000 TRY 22,703,536 Series CPI, 12%, 8/14/13(3) 23,725,000 TRY 21,452,489 Turkey (Republic of) Nts.: 7.25%, 3/15/15 11,385,000 12,808,125 7.50%, 7/14/17 12,420,000 14,158,800 Turkey (Republic of) Sr. Unsec. Nts., 7.50%, 11/7/19 15,000,000 16,987,500 ---------------- 567,002,175 UKRAINE--0.1% Ukraine (Republic of) Sr. Unsec. Nts., 6.75%, 11/14/17(4) 3,470,000 2,671,900 Ukraine (Republic of) Unsec. Bonds, 6.385%, 6/26/12(4) 8,750,000 7,525,000 ---------------- 10,196,900 UNITED ARAB EMIRATES--0.1% Dubai DOF Sukuk Ltd. Sr. Unsec. Unsub. Nts., 6.396%, 11/3/14 10,860,000 10,371,300 ---------------- UNITED KINGDOM--3.8% United Kingdom Treasury Bonds: 2.25%, 3/7/14 89,286,000 GBP 141,723,210 4.25%, 3/7/11 85,390,000 GBP 143,460,496 4.75%, 12/7/38 110,430,000 GBP 188,094,688 ---------------- 473,278,394 URUGUAY--0.4% Uruguay (Oriental Republic of) Bonds, 7.625%, 3/21/36 11,650,000 12,669,375 Uruguay (Oriental Republic of) Sr. Nts., 6.875%, 9/28/25 13,000,000 13,715,000 Uruguay (Oriental Republic of) Unsec. Bonds, 8%, 11/18/22 23,255,000 26,743,250 ---------------- 53,127,625 VENEZUELA--0.6% Venezuela (Republic of) Bonds, 9%, 5/7/23 43,330,000 29,356,075 Venezuela (Republic of) Unsec. Bonds, 7.65%, 4/21/25 40,605,000 24,058,463 Venezuela (Republic of) Unsec. Nts.: 6%, 12/9/20 12,890,000 7,121,725
5 | Oppenheimer International Bond Fund Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS December 31, 2009 / Unaudited
Principal Amount Value -------------------- ---------------- 13.625%, 8/15/18(4) $ 17,160,000 $ 15,637,050 ---------------- 76,173,313 ---------------- Total Foreign Government Obligations (Cost $9,323,399,146) 9,576,806,970 ---------------- LOAN PARTICIPATIONS--2.3% Bayerische Hypo-und Vereinsbank AG for the City of Kiev, 19,720,000 15,923,900 Ukraine Nts., 8.625%, 7/15/11(4) Credit Suisse First Boston International: Export-Import Bank of Ukraine, 7.65% Sr. Sec. Bonds, 9/7/11 4,800,000 4,080,000 Export-Import Bank of Ukraine, 8.40% Sec. Nts., 2/9/16 16,470,000 12,187,800 Gaz Capital SA: 6.212% Sr. Unsec. Unsub. Nts., 11/22/16(4) 13,460,000 12,955,250 7.288% Sr. Sec. Nts., 8/16/37(4) 36,170,000 33,547,675 8.125% Nts., 7/31/14(4) 10,810,000 11,512,650 8.146% Sr. Sec. Nts., 4/11/18(4) 18,820,000 19,925,675 8.625% Sr. Sec. Nts., 4/28/34(4) 11,855,000 13,010,863 9.25% Sr. Unsec. Unsub. Nts., 4/23/19(4) 5,380,000 6,025,600 Kuznetski Capital SA/Bank of Moscow, 7.375% Nts., 11/26/10(4) 5,380,000 5,608,650 RSHB Capital SA/OJSC Russian Agricultural Bank, 7.75% Nts., 5/29/18(4) 8,040,000 8,827,920 Steel Capital SA for OAO Severstal, 9.75% Sec. Nts., 7/29/13(4) 21,490,000 21,758,625 TransCapitalInvest Ltd. for OJSC AK Transneft: 5.67% Sec. Bonds, 3/5/14(4) 9,780,000 9,862,719 8.70% Sec. Nts., 8/7/18(4) 5,340,000 6,128,659 VIP Finance Ireland Ltd., 9.125% Bonds, 4/30/18(4) 29,540,000 31,681,650 VTB Capital SA: 6.25% Sr. Nts., 6/30/35(4) 2,710,000 2,540,625 6.315% Sub. Unsec. Nts., 2/4/15 58,720,000 58,528,397 6.875% Sr. Sec. Nts., 5/29/18(4) 10,790,000 10,790,000 ---------------- Total Loan Participations (Cost $283,960,372) 284,896,658 ---------------- CORPORATE BONDS AND NOTES--11.9% CONSUMER STAPLES--0.1% BEVERAGES--0.1% AmBev International Finance Co. Ltd., 9.50% Sr. Unsec. Unsub. Nts., 7/24/17(3, 4) 24,030,000 BRR 13,526,364 FOOD PRODUCTS--0.0% MHP SA, 10.25% Sr. Sec. Sub. Bonds, 11/30/11(4) 5,370,000 4,940,400 ENERGY--1.5% OIL, GAS & CONSUMABLE FUELS--1.5% Bumi Capital Pte. Ltd., 12% Sr. Sec. Nts., 11/10/16(4) 9,700,000 9,772,750 Kazmunaigaz Finance Sub BV: 9.125% Nts., 7/2/18(4) 23,060,000 25,711,900 11.75% Sr. Unsec. Nts., 1/23/15(4) 46,800,000 56,628,000 Nak Naftogaz Ukraine, 9.50% Unsec. Nts., 9/30/14 5,000,000 4,249,950 Pemex Project Funding Master Trust, 6.625% Sr. Unsec. Unsub. Nts., 6/15/38(4) 19,980,000 18,691,949
6 | Oppenheimer International Bond Fund Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS December 31, 2009 / Unaudited
Principal Amount Value -------------------- ---------------- OIL, GAS & CONSUMABLE FUELS CONTINUED Petrobras International Finance Co., 7.875% Sr. Unsec. Nts., 3/15/19 $ 10,450,000 $ 12,099,127 Petroleos Mexicanos, 8% Unsec. Unsub. Nts., 5/3/19 8,530,000 9,916,125 Petroleum Co. of Trinidad & Tobago Ltd., 9.75% Sr. Unsec. Nts., 8/14/19(4) 12,630,000 14,192,963 Petroleum Export Ltd. Cayman SPV, 5.265% Sr. Nts., Cl. A3, 6/15/11(4) 5,857,645 5,711,584 PT Adaro Indonesia, 7.625% Nts., 10/22/19(4) 10,600,000 10,533,750 Tengizchevroil LLP, 6.124% Nts., 11/15/14(4) 4,172,946 4,193,810 TGI International Ltd., 9.50% Nts., 10/3/17(4) 9,170,000 9,949,450 ---------------- 181,651,358 FINANCIALS--7.7% CAPITAL MARKETS--0.0% Banco de Credito del Peru, 9.75% Jr. Sub. Nts., 11/6/69(6) 5,300,000 5,604,750 ---------------- COMMERCIAL BANKS--4.6% Banco BMG SA, 9.15% Nts., 1/15/16(4) 9,770,000 10,111,950 Banco de Credito del Peru, 6.95% Sub. Nts., 11/7/21(3, 4) 5,410,000 5,274,750 Banco do Brasil SA, 8.50% Jr. Sub. Perpetual Bonds(4, 9) 14,850,000 15,889,500 Bank of Scotland plc: 4.375% Sr. Sec. Nts., 7/13/16 127,693,000 EUR 184,029,708 4.50% Sr. Sec. Nts., 7/13/21 87,427,000 EUR 119,359,280 Corparacion Adina de Fomento, 8.125% Nts., 6/4/19 6,530,000 7,570,869 Depfa ACS Bank, 4.375% Sr. Sec. Nts., 1/15/15 88,450,000 EUR 127,271,913 HSBK Europe BV: 7.25% Unsec. Unsub. Nts., 5/3/17(4) 3,275,000 3,013,000 9.25% Sr. Nts., 10/16/13(4) 49,790,000 51,283,700 ICICI Bank Ltd.: 5.50% Sr. Unsec. Nts., 3/25/15(4) 21,660,000 21,582,371 6.375% Bonds, 4/30/22(3, 4) 20,975,000 18,882,723 Inter-American Development Bank, 8.729% Nts., 1/25/12(3) 6,036,428,789 COP 2,778,349 Ongko International Finance Co. BV, 10.50% Sec. Nts., 3/29/10(6, 10, 11) 550,000 -- Salisbury International Investments Ltd., 4.434% Sec. Nts., Series 2006-003, Tranche E, 7/20/11(3, 6) 2,400,000 1,970,160 ---------------- 569,018,273 CONSUMER FINANCE--0.0% JSC Astana Finance, 9.16% Nts., 3/14/12(6, 10) 14,000,000 2,380,000 ---------------- DIVERSIFIED FINANCIAL SERVICES--0.6% Autopistas del Nordeste Cayman Ltd., 9.39% Nts., 1/15/26(4) 18,487,974 13,865,981 BA Covered Bond Issuer, 4.25% Sec. Nts., 4/5/17 26,307,000 EUR 36,796,689 Banco Invex SA, 27.981% Mtg.-Backed Certificates, Series 062U, 3/13/34(3, 12) 27,603,725 MXN 7,131,982 Cloverie plc, 4.503% Sec. Nts., Series 2005-93, 12/20/10(3, 6) 3,600,000 3,344,400 Export-Import Bank of Korea (The), 5.875% Sr. Unsec. Nts., 1/14/15 10,100,000 10,862,055 International Bank for Reconstruction & Development (The), 15% Nts., 1/7/10 3,000,000 TRY 2,014,670
7 | Oppenheimer International Bond Fund Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS December 31, 2009 / Unaudited
Principal Amount Value -------------------- ---------------- DIVERSIFIED FINANCIAL SERVICES CONTINUED JPMorgan Hipotecaria su Casita: 6.47% Sec. Nts., 8/26/35(6) 34,101,099 MXN $ 2,295,949 25.825% Mtg.-Backed Certificates, Series 06U, 9/25/35(3) 14,181,060 MXN 2,644,233 Tiers-BSP, 0%/8.60% Collateralized Trust, Cl. A, 6/15/97(4, 13) 5,310,000 2,517,460 ---------------- 81,473,419 THRIFTS & MORTGAGE FINANCE--2.5% Banco Hipotecario SA, 9.75% Sr. Unsec. Nts., 4/27/16(4) 4,775,000 4,154,250 WM Covered Bond Program: 3.875% Sec. Nts., Series 1, 9/27/11 27,123,000 EUR 39,914,556 4% Sec. Mtg. Nts., Series 2, 9/27/16 168,290,000 EUR 237,193,195 4.375% Sec. Nts., 5/19/14 18,325,000 EUR 26,913,190 ---------------- 308,175,191 INDUSTRIALS--0.3% CONSTRUCTION & ENGINEERING--0.2% IIRSA Norte Finance Ltd., 8.75% Sr. Nts., 5/30/24(4) 16,018,407 16,899,419 Odebrecht Finance Ltd.: 7% Sr. Unsec. Nts., 4/21/20(4) 5,290,000 5,375,963 9.625% Sr. Unsec. Nts., 4/9/14(4) 5,350,000 6,192,625 ---------------- 28,468,007 ROAD & RAIL--0.1% Panama Canal Railway Co., 7% Sr. Sec. Nts., 11/1/26(4) 10,025,600 7,970,352 ---------------- MATERIALS--0.8% CHEMICALS--0.1% Braskem Finance Ltd., 7.25% Sr. Unsec. Nts., 6/5/18(4) 15,030,000 15,368,175 ---------------- CONSTRUCTION MATERIALS--0.1% C10 Capital SPV Ltd., 6.722% Unsec. Perpetual Debs.(4, 9) 4,000,000 2,826,724 CEMEX Finance LLC, 9.50% Sr. Sec. Bonds, 12/14/16(4) 8,150,000 8,577,875 ---------------- 11,404,599 METALS & MINING--0.5% CSN Islands XI Corp., 6.875% Sr. Unsec. Nts., 9/21/19(4) 6,450,000 6,482,250 Vedanta Resources plc, 9.50% Sr. Unsec. Nts., 7/18/18(4) 47,460,000 48,409,200 Voto-Votorantim Overseas Trading Operations, 6.625% Sr. Unsec. Nts., 9/25/19(4) 7,850,000 7,908,875 ---------------- 62,800,325 PAPER & FOREST PRODUCTS--0.1% Celulosa Arauco y Constitucion SA, 7.25% Sr. Unsec. Unsub. Nts., 7/29/19 6,070,000 6,618,995 ---------------- TELECOMMUNICATION SERVICES--0.3% DIVERSIFIED TELECOMMUNICATION SERVICES--0.2% Axtel SAB de CV, 9% Sr. Unsec. Nts., 9/22/19(4) 5,225,000 5,381,750 Telefonica del Peru SA, 8% Sr. Unsec. Bonds, 4/11/16(4) 26,033,700 PEN 9,371,772 Telmar Norte Leste SA, 9.50% Sr. Unsec. Nts., 4/23/19(4) 8,525,000 10,230,000 ---------------- 24,983,522 WIRELESS TELECOMMUNICATION SERVICES--0.1% America Movil SAB de CV, 8.46% Sr. Unsec. Unsub. Bonds, 12/18/36 140,800,000 MXN 8,811,516
8 | Oppenheimer International Bond Fund Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS December 31, 2009 / Unaudited
Principal Amount Value -------------------- ---------------- UTILITIES--1.2% ELECTRIC UTILITIES--0.8% Centrais Eletricas Brasileiras SA, 6.857% Sr. Unsec. Unsub. Nts., 7/30/19(4) $ 7,600,000 $ 8,274,500 Eletropaulo Metropolitana SA, 19.125% Nts., 6/28/10(6) 13,295,000 BRR 7,941,872 Empresas Publicas de Medellin ESP, 7.625% Sr. Unsec. Nts., 7/29/19(4) 8,960,000 9,900,800 Israel Electric Corp. Ltd., 7.25% Nts., 1/15/19(4) 31,120,000 33,759,256 Majapahit Holding BV: 7.25% Nts., 10/17/11(4) 6,870,000 7,213,500 7.75% Nts., 10/17/16(4) 15,500,000 16,488,900 8% Sr. Unsec. Nts., 8/7/19(4) 3,200,000 3,392,000 National Power Corp., 5.875% Unsec. Unsub. Bonds, 12/19/16 665,100,000 PHP 13,020,019 ---------------- 99,990,847 ENERGY TRADERS--0.4% Electric Power Development Co. Ltd., 1.80% Gtd. Unsec. Nts., 6/28/10 3,181,000,000 JPY 34,403,026 Power Sector Assets & Liabilities Management Corp.: 7.25% Gtd. Sr. Unsec. Nts., 5/27/19(4) 7,500,000 8,081,250 7.39% Gtd. Sr. Unsec. Nts., 12/2/24(4) 8,120,000 8,404,200 ---------------- 50,888,476 ---------------- Total Corporate Bonds and Notes (Cost $1,457,747,888) 1,484,074,569 Shares ---------------- COMMON STOCKS--0.0% MHP SA, GDR(4, 11) (Cost $11,892) 169,861 1,681,624 Principal Amount ---------------- STRUCTURED SECURITIES--5.4% Citigroup Funding, Inc.: Ghana (Republic of) Credit Linked Nts., 12.08%, 6/9/10(6) 3,820,000 GHS 2,597,360 Ghana (Republic of) Credit Linked Nts., 12.08%, 6/9/10(6) 3,820,000 GHS 2,597,360 Ghana (Republic of) Credit Linked Nts., 12.08%, 6/9/10(6) 3,820,000 GHS 2,597,360 Indonesia (Republic of) Credit Linked Nts., 11.50%, 9/18/19 100,050,000,000 IDR 11,621,667 Indonesia (Republic of) Credit Linked Nts., 11.50%, 9/18/19 51,890,000,000 IDR 6,027,469 Indonesia (Republic of) Credit Linked Nts., 11.50%, 9/18/19 100,100,000,000 IDR 11,627,475 Indonesia (Republic of) Credit Linked Nts., 9.50%, 6/17/15 105,850,000,000 IDR 11,461,319 Indonesia (Republic of) Credit Linked Nts., 9.50%, 6/17/15 50,050,000,000 IDR 5,419,358 Indonesia (Republic of) Credit Linked Nts., 9.50%, 6/17/15 50,670,000,000 IDR 5,486,490 Citigroup Global Markets Holdings, Inc.: Colombia (Republic of) Credit Linked Bonds, 11.25%, 10/25/18(6) 11,920,000,000 COP 6,702,148 Colombia (Republic of) Credit Linked Nts., 11%, 5/19/11 21,780,000,000 COP 11,552,219 Colombia (Republic of) Credit Linked Nts., 13.041%, 2/26/15(6, 12) 10,435,000,000 COP 10,609,281 Colombia (Republic of) Credit Linked Nts., Series 01, 13.041%, 2/26/15(6, 12) 3,833,000,000 COP 3,897,017 Colombia (Republic of) Credit Linked Nts., Series 02, 13.041% 12/26/15(6, 12) 4,568,000,000 COP 4,644,293
9 | Oppenheimer International Bond Fund Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS December 31, 2009 / Unaudited
Principal Amount Value -------------------- ---------------- Colombia (Republic of) Credit Linked Nts., Series II, 15%, 4/27/12(6) 6,942,469,928 COP $ 4,072,916 Colombia (Republic of) Unsec. Credit Linked Nts., 15%, 4/27/12(6) 11,705,100,000 COP 6,866,992 Colombia (Republic of) Unsec. Credit Linked Nts., 15%, 4/27/12(6) 12,430,000,000 COP 7,292,267 Colombia (Republic of) Unsec. Credit Linked Nts., 15%, 4/27/12(6) 31,110,000,000 COP 18,251,201 Dominican Republic Unsec. Credit Linked Nts., 15%, 3/12/12(6) 289,700,000 DOP 7,978,570 Ghana (Republic of) Credit Linked Nts., 13.50%, 4/2/10(6) 15,350,000 GHS 10,591,420 Ukraine Hryvnia Unsec. Credit Linked Nts., 11.94%, 1/11/10(6) 13,799,000 UAH 1,776,092 Credit Suisse First Boston International: Boryspil Airport Total Return Linked Nts., 10%, 4/19/10(3) 49,215,000 UAH 5,845,894 Moitk Total Return Linked Nts., 3/26/11(6, 10) 220,242,600 RUR 732 Oreniz Total Return Linked Nts., 9.24%, 2/21/12(3, 6) 64,940,000 RUR 1,866,883 Ukraine (Republic of) Credit Linked Nts., Series EMG 13, 11.94%, 1/11/10 30,400,000 UAH 3,907,064 Vietnam Shipping Industry Group Total Return Linked Nts., 10.50%, 1/19/17(6) 85,958,000,000 VND 2,286,117 Credit Suisse First Boston, Inc. (Nassau Branch): Russian Oreniz Total Return Linked Nts., Series 009, 9.24%, 2/21/12(3, 6) 75,000,000 RUR 2,156,086 Russian Specialized Construction & Installation Administration Credit Linked Nts., 5/20/10(6, 10, 11) 64,600,000 RUR 21,469 Ukraine (Republic of) Credit Linked Nts., Series EMG 11, 11.94%, 1/11/10 9,163,000 UAH 1,177,646 Ukraine (Republic of) Credit Linked Nts., Series NPC 12, 11.94%, 1/11/10(6) 65,490,000 UAH 8,416,896 Credit Suisse Group AG, Russian Moscoblgaz Finance Total Return Linked Nts., 9.25%, 6/24/12 64,500,000 RUR 1,757,771 Credit Suisse International: OAO Gazprom Total Return Linked Nts., 13.12%, 6/26/12(3) 144,200,000 RUR 5,252,481 OAO Gazprom Total Return Linked Nts., 13.12%, 6/26/12(3) 106,500,000 RUR 3,879,259 OAO Gazprom Total Return Linked Nts., 13.12%, 6/26/12(3) 155,430,000 RUR 5,661,533 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 38,473,924 MXN 2,748,936 Arrendadora Capita Corp. SA de CV/Capita Corp. (The) de Mexico SA de CV Credit Linked Nts., 9.65%, 1/5/11 25,483,636 MXN 1,820,788 Coriolanus Ltd. Sec. Credit Linked Bonds, 3.242%, 4/30/25(5, 6) 6,924,565 3,937,968 Coriolanus Ltd. Sec. Credit Linked Bonds, 3.269%, 4/30/25(5, 6) 5,531,917 3,145,976 Coriolanus Ltd. Sec. Credit Linked Bonds, 3.346%, 4/30/25(5, 6) 5,199,767 2,957,083 Coriolanus Ltd. Sec. Credit Linked Nts., 10.62%, 9/10/10(6) 16,500,000 6,237,000 Coriolanus Ltd. Sec. Credit Linked Nts., 3.191%, 4/30/25(5, 6, 14) 6,067,005 3,450,278 Coriolanus Ltd. Sec. Credit Linked Nts., Series 113, 9%, 4/26/11(3, 6) 8,755,000 9,333,443 European Investment Bank, Russian Federation Credit Linked Nts., 5.502%, 1/19/10(5, 6) 8,475,000 8,455,931 Indonesia (Republic of) Credit Linked Nts., 12.80%, 6/22/21 38,920,000,000 IDR 4,888,219 Indonesia (Republic of) Credit Linked Nts., 9.50%, 6/22/15 10,300,162 10,228,854
10 | Oppenheimer International Bond Fund Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS December 31, 2009 / Unaudited
Principal Amount Value -------------------- ---------------- Indonesia (Republic of) Credit Linked Nts., Series 02, 12.80%, 6/22/21 140,400,000,000 IDR $ 17,356,668 JSC Gazprom Total Return Linked Nts., 13.12%, 6/28/12(3) 160,790,000 RUR 5,857,038 JSC Gazprom Total Return Linked Nts., 13.12%, 6/28/12(3) 133,110,000 RUR 4,848,749 Opic Reforma I Credit Linked Nts., Cl. 1A, 6.958%, 9/24/14(3,6) 27,100,000 MXN 2,071,549 Opic Reforma I Credit Linked Nts., Cl. 1B, 6.958%, 9/24/14(3,6) 5,420,000 MXN 414,310 Opic Reforma I Credit Linked Nts., Cl. 1C, 6.958%, 9/24/14(3,6) 9,033,333 MXN 690,516 Opic Reforma I Credit Linked Nts., Cl. 1D, 6.958%, 9/24/14(3,6) 4,516,667 MXN 345,258 Opic Reforma I Credit Linked Nts., Cl. 1E, 6.958%, 9/24/14(3,6) 6,323,333 MXN 483,361 Opic Reforma I Credit Linked Nts., Cl. 2A, 8.42%, 5/22/15(3,6) 2,585,931 MXN 197,671 Opic Reforma I Credit Linked Nts., Cl. 2B, 8.42%, 5/22/15(3,6) 4,524,148 MXN 345,830 Opic Reforma I Credit Linked Nts., Cl. 2C, 8.42%, 5/22/15(3,6) 68,213,181 MXN 5,214,278 Opic Reforma I Credit Linked Nts., Cl. 2D, 8.42%, 5/22/15(3,6) 4,971,283 MXN 380,009 Opic Reforma I Credit Linked Nts., Cl. 2E, 8.42%, 5/22/15(3,6) 3,611,731 MXN 276,084 Opic Reforma I Credit Linked Nts., Cl. 2F, 8.42%, 5/22/15(3,6) 2,306,631 MXN 176,321 Opic Reforma I Credit Linked Nts., Cl. 2G, 8.42%, 5/22/15(3,6) 424,788 MXN 32,471 Ukraine (Republic of) 5 yr. Credit Linked Nts., 4.05%, 8/27/10 2,505,000 1,779,327 Ukraine (Republic of) 5.5 yr. Credit Linked Nts., 4.05%, 3/1/11 2,505,000 1,614,548 Ukraine (Republic of) 6 yr. Credit Linked Nts., 4.05%, 8/29/11 2,505,000 1,406,708 Ukraine (Republic of) 6.5 yr. Credit Linked Nts., 4.05%, 2/29/12 2,505,000 1,260,140 Ukraine (Republic of) 7 yr. Credit Linked Nts., 4.05%, 8/30/12 2,505,000 1,163,773 United Mexican States Credit Linked Nts., 9.52%, 1/5/11 25,397,976 MXN 1,814,668 Dresdner Bank AG, Lukoil Credit Linked Nts., Series 3, 7.04%, 12/12/11(3, 4) 213,030,000 RUR 6,694,144 Eirles Two Ltd. Sec. Nts., Series 335, 2.241%, 4/30/12(3, 6) 11,200,000 8,976,800 Goldman Sachs & Co., Turkey (Republic of) Credit Linked Nts., 14.802%, 3/29/17(4, 5) 129,050,000 TRY 33,010,451 Goldman Sachs Capital Markets LP, Colombia (Republic of) Credit Linked Nts., 10.476%, 2/8/37(5, 6) 376,977,600,000 COP 9,168,979 Hallertau SPC Credit Linked Nts.: Series 2007-01, 2.494%, 12/20/17(3, 6) 42,470,000 34,188,350 Series 2008-01, 9.888%, 8/2/10(5, 6, 10, 11) 63,164,246 BRR 3,628,044 Series 2008-2A, 6.707%, 9/17/13(3, 6) 23,756,250 23,981,934 ING Bank NV, Ukraine (Republic of) Credit Linked Nts., Series 725, 11.89%, 1/11/10(6) 64,285,000 UAH 8,245,599 JPMorgan Chase Bank NA: Brazil (Federal Republic of) Credit Linked Nts., 11.009%, 5/16/45(6) 11,130,000 BRR 11,310,279 Colombia (Republic of) Credit Linked Bonds, 10.19%, 1/5/16(5,6) 69,010,000,000 COP 19,723,884 Colombia (Republic of) Credit Linked Bonds, 10.218%, 10/31/16(5, 6) 90,697,000,000 COP 23,902,369 Colombia (Republic of) Credit Linked Bonds, Series A, 10.218%, 10/31/16(5, 6) 90,312,000,000 COP 23,800,906 Indonesia (Republic of) Credit Linked Nts., 11.50%, 9/18/19 22,790,000,000 IDR 2,619,819 Indonesia (Republic of) Credit Linked Nts., 11.50%, 9/18/19 49,990,000,000 IDR 5,746,589 Indonesia (Republic of) Credit Linked Nts., 11.50%, 9/18/19 80,430,000,000 IDR 9,245,812 Peru (Republic of) Credit Linked Nts., 8.115%, 9/2/15(4, 5) 40,860,000 PEN 9,399,851 Swaziland (Kingdom of) Credit Linked Nts., 7.25%, 6/20/10(6) 3,850,000 3,937,010
11 | Oppenheimer International Bond Fund Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS December 31, 2009 / Unaudited
Principal Amount Value -------------------- ---------------- JPMorgan Chase Bank NA London Branch, Indonesia (Republic of) Credit Linked Nts., 12.80%, 6/17/21 120,620,000,000 IDR $ 14,898,040 Merrill Lynch, Colombia (Republic of) Credit Linked Nts., 10%, 11/17/16(6) 13,289,000,000 COP 5,706,968 Morgan Stanley: Peru (Republic of) Credit Linked Nts., 6.25%, 3/23/17(4) 26,120,000 PEN 7,173,796 Russian Federation Total Return Linked Bonds, Series 007, Cl. VR, 5%, 8/22/34 403,550,336 RUR 6,478,961 Morgan Stanley & Co. International Ltd./Red Arrow International Leasing plc Total Return Linked Nts., Series A, 8.375%, 7/9/12 109,807,616 RUR 3,610,775 Morgan Stanley Capital Services, Inc.: Brazil (Federal Republic of) Credit Linked Nts., 12.551%, 1/5/22(4, 5) 173,500,000 BRR 9,358,935 Ukraine (Republic of) Credit Linked Nts., 2.396%, 10/15/17(3, 6) 17,600,000 8,448,000 Ukraine (Republic of) Credit Linked Nts., Series 2, 3.266%, 10/15/17(3, 6) 12,250,000 5,880,000 United Mexican States Credit Linked Nts., 5.64%, 11/20/15(6) 11,760,000 9,643,200 VimpelCom Total Return Linked Nts., 9.05%, 7/26/13(3) 692,500,000 RUR 23,025,106 WTI Trading Ltd. Total Return Linked Nts., Series A, 15%, 3/8/12 15,432,670 14,349,297 WTI Trading Ltd. Total Return Linked Nts., Series C, 15%, 3/8/12 20,630,015 19,185,914 UBS AG, Ghana (Republic of) Credit Linked Nts., 14.47%, 12/28/11(6) 7,369,232 GHS 4,632,309 ---------------- Total Structured Securities (Cost $783,314,925) 670,805,979
Expiration Strike Date Price Contracts ---------- ----------- ------------ OPTIONS PURCHASED--0.0% Euro (EUR) Call(11) 1/15/10 1.488 EUR 400,000,000 177,610 Euro (EUR) Call(11) 1/15/10 1.4879 EUR 400,000,000 157,690 Mexican Nuevo Peso (MXN) Call(11) 3/18/10 $ 12.50 333,400,000 204,041 ---------------- Total Options Purchased (Cost $30,223,777) 539,341
Shares ------------ INVESTMENT COMPANIES--0.9% JPMorgan U.S. Treasury Plus Money Market Fund, Agency Shares, 0.00%(15, 16) 309,586 309,586 Oppenheimer Institutional Money Market Fund, Cl. E, 0.21%(15, 17) 108,646,172 108,646,172 ---------------- Total Investment Companies (Cost $108,955,758) 108,955,758
12 | Oppenheimer International Bond Fund Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS December 31, 2009 / Unaudited
Value ---------------- TOTAL INVESTMENTS, AT VALUE (COST $12,069,211,548) 97.7% $ 12,209,358,689 OTHER ASSETS NET OF LIABILITIES 2.3 290,014,149 ------------ ---------------- Net Assets 100.0% $ 12,499,372,838 ============ ================
Footnotes to Statement of Investments Principal amount is 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 VND Vietnam Dong ZAR South African Rand
(1.) All or a portion of the security position is held in collateral accounts to cover the Fund's obligations under certain derivative contracts. The aggregate market value of such securities is $4,509,973. See accompanying Notes. (2.) 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 $57,499,655. See accompanying Notes. (3.) Represents the current interest rate for a variable or increasing rate security. (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 $1,117,250,858 or 8.94% of the Fund's net assets as of December 31, 2009. (5.) Zero coupon bond reflects effective yield on the date of purchase. 13 | Oppenheimer International Bond Fund Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS December 31, 2009 / Unaudited (6.) Illiquid or restricted security. The aggregate value of illiquid or restricted securities as of December 31, 2009 was $393,087,278, which represents 3.14% of the Fund's net assets, of which $10,627,658 is considered restricted. See accompanying Notes. Information concerning restricted securities is as follows:
UNREALIZED ACQUISITION APPRECIATION SECURITY DATE COST VALUE (DEPRECIATION) ----------------------------------- ----------- ----------- ----------- -------------- Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 1A, 6.958%, 9/24/14 12/27/07 $ 2,490,580 $2,071,549 $ (419,031) Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 1B, 6.958%, 9/24/14 6/12/08 522,536 414,310 (108,226) Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 1C, 6.958%, 9/24/14 8/12/08 888,889 690,516 (198,373) Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 1D, 6.958%, 9/24/14 8/6/09 346,616 345,258 (1,358) Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 1E, 6.958%, 9/24/14 9/10/09 472,684 483,361 10,677 Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2A, 8.42%, 5/22/15 5/21/08 249,324 197,671 (51,653) Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2B, 8.42%, 5/22/15 6/12/08 436,168 345,830 (90,338) Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2C, 8.42%, 5/22/15 6/18/08 6,617,724 5,214,278 (1,403,446) Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2D, 8.42%, 5/22/15 7/8/08 481,935 380,009 (101,926) Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2E, 8.42%, 5/22/15 7/15/08 350,722 276,084 (74,638) Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2F, 8.42%, 5/22/15 8/8/08 227,066 176,321 (50,745) Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2G, 8.42%, 5/22/15 8/22/08 41,897 32,471 (9,426) ----------- ----------- ----------- $13,126,141 $10,627,658 $(2,498,483) =========== =========== ===========
(7.) A sufficient amount of liquid assets has been designated to cover outstanding written put options. See accompanying Notes. (8.) A sufficient amount of securities has been designated to cover outstanding foreign currency exchange contracts. See accompanying Notes. (9.) 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. (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.)When-issued security or delayed delivery to be delivered and settled after December 31, 2009. See accompanying Notes. (15.)Rate shown is the 7-day yield as of December 31, 2009. (16.)Interest rate is less than 0.0005%. (17.)Is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended December 31, 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 SHARES SEPTEMBER 30, GROSS GROSS DECEMBER 31, 2009 ADDITIONS REDUCTIONS 2009 ------------- ------------- ------------- ------------ Oppenheimer Institutional Money Market Fund, Cl. E 240,101,093 1,127,565,117 1,259,020,038 108,646,172
VALUE INCOME ------------- ------------ Oppenheimer Institutional Money Market Fund, Cl. E $108,646,172 $ 112,305
14 | Oppenheimer International Bond Fund Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS December 31, 2009 / Unaudited VALUATION INPUTS Various data inputs are used in determining the value of each of the Fund's investments as of the reporting period end. These data inputs are categorized in the following hierarchy under applicable financial accounting standards: 1) Level 1-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-significant unobservable inputs (including the Manager's own judgments about assumptions that market participants would use in pricing the asset). The table below categorizes amounts as of December 31, 2009 based on valuation input level:
LEVEL 3-- LEVEL 1-- LEVEL 2-- SIGNIFICANT UNADJUSTED QUOTED OTHER SIGNIFICANT UNOBSERVABLE PRICES OBSERVABLE INPUTS INPUTS VALUE ----------------- ----------------- ------------ --------------- ASSETS TABLE INVESTMENTS, AT VALUE: U.S. Government Obligations $ -- $ 81,597,790 $ -- $ 81,597,790 Foreign Government Obligations -- 9,575,668,972 1,137,998 9,576,806,970 Loan Participations -- 284,896,658 -- 284,896,658 Corporate Bonds and Notes -- 1,484,074,569 -- 1,484,074,569 Common Stocks 1,681,624 -- -- 1,681,624 Structured Securities -- 647,282,682 23,523,297 670,805,979 Options Purchased -- 539,341 -- 539,341 Investment Companies 108,955,758 -- -- 108,955,758 ------------ --------------- ------------ --------------- Total Investments, at Value 110,637,382 12,074,060,012 24,661,295 12,209,358,689 OTHER FINANCIAL INSTRUMENTS: Appreciated swaps, at value -- 49,888,434 -- 49,888,434 Futures margins 3,840,234 -- -- 3,840,234 Foreign currency exchange contracts -- 129,417,876 -- 129,417,876 ------------ --------------- ------------ --------------- Total Assets $114,477,616 $12,253,366,322 $ 24,661,295 $12,392,505,233 ------------ --------------- ------------ --------------- LIABILITIES TABLE OTHER FINANCIAL INSTRUMENTS: Depreciated swaps, at value $ -- $ (12,584,726) $ -- $ (12,584,726) Appreciated written options, at value -- (325,119) -- (325,119) Futures margins (6,675,586) -- -- (6,675,586) Foreign currency exchange contracts -- (109,464,329) -- (109,464,329) Unfunded purchase agreements -- (863,466) -- (863,466) ------------ --------------- ------------ --------------- Total Liabilities $(6,675,586) $ (123,237,640) $ -- $ (129,913,226) ------------ --------------- ------------ ---------------
Currency contracts, unfunded purchase agreements and forwards, 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 METHODOLOGIES, IF ANY, DURING THE REPORTING PERIOD. 15 | Oppenheimer International Bond Fund Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS December 31, 2009 / Unaudited FOREIGN CURRENCY EXCHANGE CONTRACTS AS OF DECEMBER 31, 2009 ARE AS FOLLOWS:
CONTRACT COUNTERPARTY/CONTRACT BUY/ AMOUNT EXPIRATION UNREALIZED UNREALIZED DESCRIPTION SELL (000'S) DATES VALUE APPRECIATION DEPRECIATION --------------------- ---- ----------- --------------- -------------- ------------ ------------ BANC OF AMERICA: Australian Dollar (AUD) Sell 486,430 AUD 2/10/10 $ 435,107,688 $ 2,476,910 $ 3,168,073 Chinese Renminbi (Yuan) (CNY) Sell 410,900 CNY 2/4/10 60,208,805 40,462 -- Indonesia Rupiah (IDR) Buy 689,181,000 IDR 1/29/10-2/25/10 72,724,125 602,468 -- Japanese Yen (JPY) Buy 46,599,000 JPY 5/10/10 500,784,355 -- 14,608,597 New Zealand Dollar (NZD) Buy 376,160 NZD 2/10/10 272,288,946 1,377,548 7,285 ------------ ------------ 4,497,388 17,783,955 ------------ ------------ BANK PARIBAS ASIA - FGN: Norwegian Krone (NOK) Buy 1,291,000 NOK 2/10/10 222,569,940 -- 7,820,547 Norwegian Krone (NOK) Sell 871,000 NOK 2/10/10 150,161,439 1,643,104 48,393 Polish Zloty (PLZ) Buy 742,035 PLZ 1/7/10-2/10/10 258,743,354 2,544,996 2,496,000 Polish Zloty (PLZ) Sell 393,820 PLZ 5/10/10 136,317,541 137,407 -- ------------ ------------ 4,325,507 10,364,940 ------------ ------------ BARCLAY'S CAPITAL: Euro (EUR) Buy 200,000 EUR 3/2/10 286,684,371 -- 13,315,629 Euro (EUR) Sell 229,660 EUR 1/21/10-2/18/10 329,215,929 4,001,914 3,438,450 Hungarian Forint (HUF) Buy 2,876,000 HUF 2/8/10 15,211,785 -- 703,217 Japanese Yen (JPY) Sell 7,935,500 JPY 2/2/10-4/5/10 85,228,440 4,969,609 -- Mexican Nuevo Peso (MXN) Buy 173,200 MXN 1/29/10 13,193,993 -- 29,400 Philippines Peso (PHP) Buy 2,989,000 PHP 2/2/10 64,397,494 1,160,585 -- ------------ ------------ 10,132,108 17,486,696 ------------ ------------ CITIGROUP: Colombian Peso (COP) Sell 46,014,000 COP 1/29/10 22,473,238 322,898 -- Euro (EUR) Sell 205,370 EUR 2/10/10 294,393,100 7,644,340 -- New Taiwan Dollar (TWD) Sell 1,958,000 TWD 2/4/10 62,016,153 -- 728,102 Peruvian New Sol (PEN) Sell 68,770 PEN 1/19/10-1/21/10 23,796,047 92,274 -- Singapore Dollar (SGD) Buy 32,960 SGD 5/10/10 23,434,059 -- 185,456 Swedish Krona (SEK) Buy 221,100 SEK 2/10/10 30,910,060 -- 1,284,241 Swedish Krona (SEK) Sell 73,700 SEK 2/10/10 10,303,353 47,552 -- ------------ ------------ 8,107,064 2,197,799 ------------ ------------ CREDIT SUISSE: British Pound Sterling (GBP) Buy 69,840 GBP 2/10/10 112,777,888 -- 4,012,401 Euro (EUR) Sell 80,500 EUR 2/4/10-3/18/10 115,392,339 2,702,825 2,614 New Turkish Lira (TRY) Sell 80,220 TRY 1/13/10-2/16/10 53,474,564 -- 284,135 Russian Ruble (RUR) Buy 700,555 RUR 10/7/10 22,151,172 71,567 257,945 South African Rand (ZAR) Buy 811,005 ZAR 1/20/10 109,465,924 1,508,153 -- Swedish Krona (SEK) Buy 350,600 SEK 2/10/10 49,014,325 260,292 -- Swedish Krona (SEK) Sell 1,656,070 SEK 2/10/10 231,520,686 5,357,105 112,512 ------------ ------------ 9,899,942 4,669,607 ------------ ------------ DEUTSCHE BANK CAPITAL CORP.: Australian Dollar (AUD) Sell 3,334 AUD 1/21/10 2,988,222 -- 40,499 British Pound Sterling (GBP) Sell 7,295 GBP 1/21/10 11,781,388 -- 24,036 Euro (EUR) Sell 349,660 EUR 5/10/10 501,096,337 13,882,056 561,912 Indian Rupee (INR) Buy 2,399,000 INR 2/22/10 51,349,417 -- 37,538
16 | Oppenheimer International Bond Fund Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS December 31, 2009 / Unaudited Japanese Yen (JPY) Buy 2,356,000 JPY 5/10/10 25,319,169 -- 979,583 Japanese Yen (JPY) Sell 66,297,000 JPY 1/21/10-2/10/10 711,984,876 36,668,349 -- Norwegian Krone (NOK) Buy 769,800 NOK 2/10/10 132,714,438 -- 173,289 Norwegian Krone (NOK) Sell 1,320,720 NOK 2/10/10 227,693,704 4,009,565 34,120 Russian Ruble (RUR) Buy 575,700 RUR 10/7/10 18,203,324 -- 768,500 Swiss Franc (CHF) Buy 43,260 CHF 2/10/10 41,829,676 971 -- Swiss Franc (CHF) Sell 555,048 CHF 1/21/10-2/10/10 536,695,860 -- 52,028 ------------ ------------ 54,560,941 2,671,505 ------------ ------------ GOLDMAN, SACHS & CO.: Brazilian Real (BRR) Buy 199,660 BRR 2/2/10 113,858,472 3,033,289 -- Mexican Nuevo Peso (MXN) Buy 3,296,120 MXN 1/19/10-1/29/10 251,383,908 -- 4,946,039 South African Rand (ZAR) Buy 784,510 ZAR 2/17/10 105,338,608 1,640,832 -- South Korean Won (KRW) Buy 47,406,000 KRW 1/19/10 40,685,868 -- 79,460 ------------ ------------ 4,674,121 5,025,499 ------------ ------------ HONG KONG & SHANGHAI BANK CORP.: Israeli Shekel (ILS) Buy 115,750 ILS 1/29/10 30,559,953 47,831 7,117 Mexican Nuevo Peso (MXN) Sell 207,985 MXN 1/29/10 15,843,837 177,809 -- New Turkish Lira (TRY) Buy 90,425 TRY 2/8/10 60,186,711 47,711 -- Polish Zloty (PLZ) Buy 124,770 PLZ 1/7/10 43,553,750 -- 1,789,501 ------------ ------------ 273,351 1,796,618 ------------ ------------ JP MORGAN CHASE: Chilean Peso (CLP) Sell 31,832,000 CLP 2/8/10 62,823,444 713,482 -- Euro (EUR) Sell 72,700 EUR 1/13/10-3/19/10 104,211,908 -- 1,578,190 Indian Rupee (INR) Buy 3,518,000 INR 1/19/10 75,488,660 -- 199,808 Indonesia Rupiah (IDR) Buy 741,614,000 IDR 1/13/10-3/29/10 78,126,381 256,692 53,138 Japanese Yen (JPY) Sell 2,441,000 JPY 4/5/10 26,223,102 249,656 -- Malaysian Ringgit (MYR) Buy 111,360 MYR 5/10/10 32,353,113 -- 221,370 Mexican Nuevo Peso (MXN) Buy 1,123,360 MXN 1/19/10 85,677,005 -- 2,169,645 Mexican Nuevo Peso (MXN) Sell 109,830 MXN 1/29/10 8,366,606 90,638 -- Russian Ruble (RUR) Buy 339,500 RUR 11/8/10 10,684,655 -- 266,958 South Korean Won (KRW) Buy 91,958,000 KRW 1/19/10 78,922,310 -- 201,765 ------------ ------------ 1,310,468 4,690,874 ------------ ------------ RBS GREENWICH CAPITAL: Polish Zloty (PLZ) Buy 456,375 PLZ 1/7/10 159,307,866 1,867,922 2,352,946 South African Rand (ZAR) Buy 241,370 ZAR 3/18/10 32,227,477 595,187 -- Swiss Franc (CHF) Buy 439,460 CHF 2/10/10-5/10/10 424,958,704 195,734 5,414,952 Swiss Franc (CHF) Sell 763,600 CHF 2/2/10-2/10/10 738,349,896 12,503,231 177,260 ------------ ------------ 15,162,074 7,945,158 ------------ ------------ SANTANDER INVESTMENTS: Argentine Peso (ARP) Buy 229,800 ARP 2/9/10 59,640,646 199,363 -- Colombian Peso (COP) Sell 45,877,000 COP 1/19/10 22,406,327 775,583 -- Mexican Nuevo Peso (MXN) Sell 1,066,610 MXN 2/8/10 81,159,519 -- 1,995,975 ------------ ------------ 974,946 1,995,975 ------------ ------------ STANDARD NEW YORK SECURITIES, INC. South African Rand (ZAR) Buy 479,300 ZAR 2/8/10 64,462,474 85,426 -- STATE STREET: British Pound Sterling (GBP) Buy 82,360 GBP 2/10/10 132,995,230 172,841 226,262
17 | Oppenheimer International Bond Fund Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS December 31, 2009 / Unaudited British Pound Sterling (GBP) Sell 120,940 GBP 2/10/10 195,294,356 5,170,246 -- Canadian Dollar (CAD) Buy 473,900 CAD 2/10/10 453,130,897 6,400,526 1,874 Canadian Dollar (CAD) Sell 343,780 CAD 1/21/10-2/10/10 328,713,593 1,474 6,138,429 Euro (EUR) Buy 53,820 EUR 2/10/10 77,149,713 -- 3,661,727 Euro (EUR) Sell 141,300 EUR 1/13/10-2/19/10 202,554,607 2,096,562 753,008 ------------ ------------ 13,841,649 10,781,300 ------------ ------------ WESTPAC: Australian Dollar (AUD) Buy 1,384,020 AUD 2/10/10 1,237,994,659 284,561 22,054,403 New Zealand Dollar (NZD) Buy 170,770 NZD 2/10/10 123,614,375 1,288,330 -- ------------ ------------ 1,572,891 22,054,403 ------------ ------------ Total unrealized appreciation and depreciation $129,417,876 $109,464,329 ============ ============
FUTURES CONTRACTS AS OF DECEMBER 31, 2009 ARE AS FOLLOWS:
UNREALIZED NUMBER OF EXPIRATION APPRECIATION CONTRACT DESCRIPTION BUY/SELL CONTRACTS DATE VALUE (DEPRECIATION) -------------------- -------- --------- ---------- -------------- -------------- CAC40 10 Euro Index Sell 957 1/15/10 $ 54,073,649 $ (1,018,430) DAX Index Sell 255 3/19/10 54,463,083 (700,815) Euro-BOBL Sell 7,311 3/8/10 1,212,194,131 11,876,332 Euro-Bundesobligation Buy 1,026 3/8/10 178,248,692 (2,799,311) Japan (Government of) Bonds, 10 yr. Sell 316 3/11/10 473,991,518 (983,410) NIKKEI 225 Index Sell 604 3/11/10 68,354,110 (2,933,890) U.S. Long Bonds Buy 5,505 3/22/10 635,139,375 (26,747,245) U.S. Treasury Nts., 5 yr. Buy 3,937 3/31/10 450,325,135 (7,747,973) U.S. Treasury Nts., 10 yr. Buy 6,919 3/22/10 798,820,172 (18,540,948) U.S. Treasury Nts., 10 yr. Sell 9,831 3/22/10 1,135,019,672 28,309,757 -------------- $ (21,285,933) ==============
WRITTEN OPTIONS AS OF DECEMBER 31, 2009 ARE AS FOLLOWS:
NUMBER OF EXERCISE EXPIRATION PREMIUMS UNREALIZED DESCRIPTION TYPE CONTRACTS PRICE DATE RECEIVED VALUE APPRECIATION ----------- ---- ----------- -------- ---------- -------- ---------- ------------ Mexican Nuevo Peso (MXN) Put 373,400,000 $14 3/18/10 $365,132 $(325,120) $40,012
CREDIT DEFAULT SWAP CONTRACTS AS OF DECEMBER 31, 2009 ARE AS FOLLOWS:
PAY/ UPFRONT BUY/SELL NOTIONAL RECEIVE PAYMENT UNREALIZED REFERENCE ENTITY/ CREDIT AMOUNT FIXED TERMINATION RECEIVED/ APPRECIATION SWAP COUNTERPARTY PROTECTION (000'S) RATE DATE (PAID) VALUE (DEPRECIATION) ----------------- ---------- -------- ------- ----------- ----------- ---------- -------------- BOLIVARIAN REPUBLIC OF VENEZUELA: Barclays Bank plc Sell $ 5,060 30.50% 1/20/10 $ -- $ 758,727 $ 758,727 Morgan Stanley Capital Services, Inc. Sell 5,060 30.00 1/20/10 -- 745,804 745,804 ------- ----------- ---------- ---------- Total 10,120 -- 1,504,531 1,504,531 ------- ----------- ---------- ---------- DEVELOPMENT BANK OF KAZAKHSTAN JSC Credit Suisse International Sell 18,510 3.75 2/20/13 -- 55,437 55,437 ------- ----------- ---------- ---------- Total 18,510 -- 55,437 55,437 ------- ----------- ---------- ---------- HSBK EUROPE BV: Morgan Stanley Capital Services, Inc. Sell 3,860 4.78 3/20/13 -- (90,897) (90,897) Morgan Stanley Capital Services, Inc. Sell 7,680 4.88 3/20/13 -- (159,588) (159,588) ------- ----------- ---------- ---------- Total 11,540 -- (250,485) (250,485) ------- ----------- ---------- ----------
18 | Oppenheimer International Bond Fund Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS December 31, 2009 / Unaudited ISLAMIC REPUBLIC OF PAKISTAN Citibank NA, New York Sell 3,010 5.10 3/20/13 -- (208,140) (208,140) ------- ----------- ---------- ----------- Total 3,010 -- (208,140) (208,140) ----------- ---------- ----------- ISTANBUL BOND CO. SA FOR FINANSBANK AS Morgan Stanley Capital Services, Inc. Sell 17,390 1.30 3/24/13 -- (1,607,415) (1,607,415) ------- ----------- ---------- ----------- Total 17,390 -- (1,607,415) (1,607,415) ----------- ---------- ----------- REPUBLIC OF HELLENIC Barclays Bank plc Buy 33,610 1.00 12/20/14 (1,687,360) 2,404,325 716,965 ------- ----------- ---------- ----------- Total 33,610 (1,687,360) 2,404,325 716,965 ----------- ---------- ----------- REPUBLIC OF HUNGARY Credit Suisse International Sell 15,200 2.70 9/20/10 -- 142,850 142,850 ------- ----------- ---------- ----------- Total 15,200 -- 142,850 142,850 ----------- ---------- ----------- TROY CAPITAL SA FOR YASAR HOLDINGS SA Morgan Stanley Capital Services, Inc. Sell 4,800 8.75 6/20/10 -- (906,955) (906,955) ------- ----------- ---------- ----------- Total 4,800 -- (906,955) (906,955) ----------- ---------- ----------- UNITED MEXICAN STATES Goldman Sachs International Buy 10,400 1.35 9/20/14 -- (8,595) (8,595) ------- ----------- ---------- ----------- Total 10,400 -- (8,595) (8,595) ----------- ---------- ----------- Grand Total Buys (1,687,360) 2,395,730 708,370 Grand Total Sells -- (1,270,177) (1,270,177) ----------- ---------- ----------- Total Credit Default Swaps $(1,687,360) $1,125,553 $ (561,807) =========== ========== ===========
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 CREDIT TYPE OF REFERENCE ASSET ON WHICH PROTECTION AMOUNT REFERENCE ASSET THE FUND SOLD PROTECTION (UNDISCOUNTED) RECOVERABLE* RATING RANGE** -------------------------------- -------------- ------------ --------------- Investment Grade Sovereign Debt $51,100,000 $-- BBB- Non-Investment Grade Sovereign Debt 29,470,000 -- BB- to B- ----------- --- Total $80,570,000 $-- =========== ===
* 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. TOTAL RETURN SWAP CONTRACTS AS OF DECEMBER 31, 2009 ARE AS FOLLOWS:
NOTIONAL REFERENCE ENTITY/ MOUNT RECEIVED BY TERMINATION SWAP COUNTERPARTY (000'S) PAID BY THE FUND THE FUND DATE VALUE ----------------- --------- -------------------- ---------------- ----------- ---------- CUSTOM BASKET OF SECURITIES: Citibank NA, New York 6,266,832 JPY One-Month JPY BBA If positive, 4/14/10 $2,513,644 LIBOR plus 40 basis the Total Return points and if of a custom negative, the basket of absolute value of securities the Total Return of a custom basket of securities Morgan Stanley 34,115 EUR One-Month EUR BBA If positive, 3/5/10 1,878,109 LIBOR plus 25 basis the Total Return points and if of a custom negative, the basket of absolute value of securities the Total Return of a custom basket of securities
19 | Oppenheimer International Bond Fund Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS December 31, 2009 / Unaudited Morgan Stanley International 34,100 EUR One-Month EUR BBA If positive, 10/8/10 525,987 LIBOR plus 30 basis the Total Return points and if of a custom negative, the basket of absolute value of securities the Total Return of a custom basket of securities ---------- Reference Entity Total 4,917,740 ---------- MSCI DAILY TR EAFE STANDARD GROSS USD INDEX: Citibank NA 22,546 If positive, the One-Month 10/7/10 (334,073) Total Return of the LIBOR plus 15 MSCI EAFE Gross basis points and Index if negative the absolute value of the Total Return of the MSCI Daily EAFE Standard Gross Index Goldman Sachs Group, Inc. (The) 17,592 If positive,the One-Month BBA 10/7/10 272,060 Total Return of the LIBOR minus 5 MSCI Daily Gross basis points and EAFE Index if negative the absolute value of the Total Return of the MSCI Daily EAFE Standard Gross Index Morgan Stanley 13,523 If positive, the One-Month BBA 10/7/10 142,153 Total Return of the LIBOR minus 35 MSCI Daily EAFE basis points and Standard Gross if negative, the Index absolute value of the Total Return of the MSCI Daily EAFE Standard Gross Index UBS AG 17,583 If positive, the One-Month 10/11/10 221,067 Total Return of the LIBOR minus 10 MSCI Daily Gross basis points and EAFE Index if negative, the absolute value of the Total Return of the MSCI Daily EAFE Standard Gross Index ---------- Reference Entity Total 301,207 ---------- MSCI DAILY TR NET AUSTRALIA USD INDEX Goldman Sachs Group, Inc. (The) 10,911 One-Month BBA If positive, 10/11/10 (153,029) LIBOR plus 20 basis the Total Return points and if of the MSCI negative, the Daily Net absolute value of Australia Index the Total Return of the MSCI Daily Net Australia Index MSCI DAILY TR NET BRAZIL USD INDEX Goldman Sachs Group, Inc. (The) 11,305 One-Month BBA If positive, 10/6/10 (224,175) LIBOR plus 25 basis the Total Return points and if of the MSCI negative, the Daily Net absolute value of Brazil Index the Total Return of the MSCI Daily Net Brazil Index MSCI DAILY TR NET EMERGING MARKETS SOUTH AFRICA USD INDEX Deutsche Bank AG 13,118 One-Month LIBOR If positive, 12/6/10 157,399 plus 40 basis the Total Return points and if of the MSCI negative the Daily Net absolute value of Emerging Markets the Total Return of South Africa the MSCI Daily Net Index Emerging Markets South Africa Index MSCI DAILY TR NET SINGAPORE USD INDEX Citibank NA 12,087 One-Month BBA If positive, 11/3/10 217,648 LIBOR plus 10 basis the Total Return points and if of the MSCI negative, the Daily Net absolute value of Singapore Index the Total Return of the MSCI Daily Net Singapore Index
20 | Oppenheimer International Bond Fund Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS December 31, 2009 / Unaudited MSCI DAILY TR NET SPAIN USD INDEX Morgan Stanley 11,203 One-Month LIBOR If positive, 10/6/10 (489,114) minus 25 basis the Total Return points and if of the MSCI negative, the Daily Net Spain absolute value of Index the Total Return of the MSCI Daily Net Spain Index ---------- Total of Total Return Swaps $4,727,676 ==========
Notional amount is reported in U.S. Dollars (USD), except for those denoted in the following currencies: EUR Euro JPY Japanese Yen Abbreviations are as follows: BBA LIBOR British Bankers' Association London-Interbank Offered Rate LIBOR London Interbank Offered Rate MSCI Morgan Stanley Capital International MSCI EAFE Morgan Stanley Capital International Europe, Australia and Far East. A stock market index of foreign stocks from the perspective of a North American investor. TR Total Return
INTEREST RATE SWAP CONTRACTS AS OF DECEMBER 31, 2009 ARE AS FOLLOWS:
NOTIONAL INTEREST RATE/ AMOUNT PAID BY RECEIVED BY TERMINATION SWAP COUNTERPARTY (000'S) THE FUND THE FUND DATE VALUE ------------------------------- --------- --------- ----------- ----------- ---------- BZDI: Banco Santander Central Hispano SA 27,880 BRR BZDI 14.000% 1/3/12 $1,331,947 Goldman Sachs Group, Inc. (The) 46,300 BRR BZDI 10.670 1/2/12 (489,195) Goldman Sachs Group, Inc. (The) 99,100 BRR BZDI 12.260 1/2/15 (25,012) Goldman Sachs Group, Inc. (The) 45,260 BRR BZDI 12.260 1/2/15 (11,891) Goldman Sachs Group, Inc. (The) 27,880 BRR BZDI 14.050 1/2/12 1,331,674 Goldman Sachs Group, Inc. (The) 38,900 BRR BZDI 12.800 1/2/17 49,156 Goldman Sachs Group, Inc. (The) 120,000 BRR BZDI 11.720 1/2/12 1,346,261 Goldman Sachs Group, Inc. (The) 53,700 BRR BZDI 12.920 1/2/14 857,565 Goldman Sachs Group, Inc. (The) 26,730 BRR BZDI 12.870 1/2/14 390,694 Goldman Sachs Group, Inc. (The) 35,650 BRR BZDI 14.160 1/2/17 871,531 Goldman Sachs Group, Inc. (The) 32,400 BRR BZDI 14.300 1/2/17 858,088 Goldman Sachs International 9,700 BRR BZDI 14.100 1/2/17 219,947 JPMorgan Chase Bank NA 56,300 BRR BZDI 13.900 1/2/17 1,022,196 Morgan Stanley 45,950 BRR BZDI 15.000 1/2/17 1,216,685 Morgan Stanley 42,600 BRR BZDI 12.810 1/2/17 174,339 Morgan Stanley 113,800 BRR BZDI 13.900 1/2/17 2,066,637 Morgan Stanley 58,900 BRR BZDI 12.050 1/2/12 661,060 -------- ---------- Total 881,050 BRR 11,871,682 -------- ---------- MXN TIIE BANXICO: Banco Santander SA, Inc. 323,900 MXN MXN TIIE BANXICO 8.540 9/27/13 1,196,266 Banco SA, Inc. 338,400 MXN MXN TIIE BANXICO 8.060 2/6/14 690,769 Citibank NA 645,100 MXN MXN TIIE BANXICO 8.920 11/24/11 2,239,013 Credit Suisse International 128,200 MXN MXN TIIE BANXICO 8.560 9/27/13 514,642
21 | Oppenheimer International Bond Fund Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS December 31, 2009 / Unaudited Goldman Sachs Group, Inc. (The) 195,700 MXN MXN TIIE BANXICO 8.540 9/27/13 722,783 Goldman Sachs Group, Inc. (The) 623,700 MXN MXN TIIE BANXICO 9.350 11/18/11 2,465,193 Goldman Sachs Group, Inc. (The) 1,996,000 MXN MXN TIIE BANXICO 10.000 11/11/11 3,382,153 Goldman Sachs Group, Inc. (The) 802,600 MXN MXN TIIE BANXICO 9.270 11/21/11 3,039,904 Goldman Sachs Group, Inc. (The) 784,100 MXN MXN TIIE BANXICO 9.080 11/22/11 2,820,890 JPMorgan Chase Bank NA 1,983,000 MXN MXN TIIE BANXICO 10.000 11/11/11 3,360,125 JPMorgan Chase Bank NA 630,300 MXN MXN TIIE BANXICO 8.920 11/24/11 2,187,645 --------- ---------- Total 8,451,000 MXN 22,619,383 --------- ---------- SIX-MONTH AUD BBR BBSW Six-Month AUD BBR Westpac Banking Corp. 133,360 AUD 6.215% BBSW 11/4/19 105,296 --------- ---------- SIX-MONTH HUF BUBOR REUTERS: Six-Month HUF Barclays Bank plc 5,136,000 HUF BUBOR Reuters 7.820 9/19/13 816,603 Six-Month HUF Barclays Bank plc 3,093,000 HUF BUBOR Reuters 7.180 10/8/18 (127,863) Six-Month HUF Citibank NA 3,045,000 HUF BUBOR Reuters 7.200 10/8/18 (63,458) Six-Month HUF Citibank NA 3,037,000 HUF BUBOR Reuters 7.180 10/3/18 (62,774) Six-Month HUF Goldman Sachs Group, Inc. (The) 12,995,000 HUF BUBOR Reuters 6.500 12/7/11 (249,145) Six-Month HUF JPMorgan Chase Bank NA 2,855,000 HUF BUBOR Reuters 7.880 8/12/13 357,875 Six-Month HUF JPMorgan Chase Bank NA 3,093,000 HUF BUBOR Reuters 7.200 10/6/18 (64,458) Six-Month HUF JPMorgan Chase Bank NA 2,411,000 HUF BUBOR Reuters 7.890 9/12/13 404,496 Six-Month HUF JPMorgan Chase Bank NA 5,319,000 HUF BUBOR Reuters 8.480 6/6/13 2,278,714 Six-Month HUF Morgan Stanley 10,753,000 HUF BUBOR Reuters 6.570 12/1/11 (211,566) ---------- ---------- Total 51,737,000 HUF 3,078,424 ---------- ---------- SIX-MONTH JPY BBA LIBOR: Six-Month JPY BBA Citibank NA 3,596,000 JPY 1.391 LIBOR 10/6/19 (99,202) Six-Month JPY BBA JPMorgan Chase Bank NA 3,645,400 JPY 1.484 LIBOR 8/7/19 (574,722) Six-Month JPY BBA JPMorgan Chase Bank NA 3,644,000 JPY 1.563 LIBOR 11/9/19 (660,707) ---------- ---------- Total 10,885,400 JPY (1,334,631) ---------- ---------- SIX-MONTH PLZ WIBOR WIBO: Six-Month PLZ Goldman Sachs Group, Inc. (The) 48,500 PLZ WIBOR WIBO 5.320 10/3/18 (439,021) Six-Month PLZ Goldman Sachs Group, Inc. (The) 77,340 PLZ WIBOR WIBO 5.330 10/6/18 (670,312) Six-Month PLZ JPMorgan Chase Bank NA 4,500 PLZ WIBOR WIBO 5.600 9/10/19 (9,088) Six-Month PLZ JPMorgan Chase Bank NA 27,300 PLZ WIBOR WIBO 5.650 9/11/19 (18,053) Six-Month PLZ JPMorgan Chase Bank NA 41,000 PLZ WIBOR WIBO 5.690 9/14/19 14,906 ---------- ---------- Total 198,640 PLZ (1,121,568) --------- ----------
22 | Oppenheimer International Bond Fund Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS December 31, 2009 / Unaudited THREE-MONTH ILS TELBOR01 REUTERS Three-Month ILS Credit Suisse International 23,060 ILS TELBOR01 Reuters 4.650 12/22/18 (324,085) Three-Month ILS Credit Suisse International 24,310 ILS TELBOR01 Reuters 4.940 12/15/18 (217,039) Three-Month ILS UBS AG 61,662 ILS TELBOR01 Reuters 4.780 1/7/19 63,107 Three-Month ILS UBS AG 57,850 ILS TELBOR01 Reuters 5.850 9/4/18 788,171 Three-Month ILS UBS AG 62,000 ILS TELBOR01 Reuters 5.036 12/12/18 (301,646) ---------- ---------- Total 228,882 ILS 8,508 ---------- ---------- THREE-MONTH SEK STIBOR SIDE Three-Month SEK Barclays Bank plc 884,720 SEK STIBOR SIDE 3.470 12/2/19 (927,954) ---------- THREE-MONTH USD BBA LIBOR PD Three-Month Goldman Sachs Group, Inc. (The) 120,000 USD BBA LIBOR 3.600 11/3/19 (2,855,554) ---------- THREE-MONTH ZAR JIBAR SAFEX: Three-Month ZAR Barclays Bank plc 305,880 ZAR JIBAR SAFEX 7.450 9/22/11 3,855 Three-Month ZAR Goldman Sachs Group, Inc. (The) 207,550 ZAR JIBAR SAFEX 7.500 9/23/11 2,644 ---------- ---------- Total 513,430 ZAR 6,499 ----------- Total Interest Rate Swaps $31,450,085 ===========
Notional amount is reported in U.S. Dollars (USD), except for those denoted in the following currencies: AUD Australian Dollar BRR Brazilian Real HUF Hungarian Forint ILS Israeli Shekel JPY Japanese Yen MXN Mexican Nuevo Peso PLZ Polish Zloty SEK Swedish Krona ZAR South African Rand Abbreviations/Definitions are as follows: BANIXCO Banco de Mexico BBA LIBOR British Bankers' Association London-Interbank Offered Rate BBR BBSW Bank Bill Swap Reference Rate (Australian Financial Market) BUBOR Budapest Interbank Offered Rate BZDI Brazil Interbank Deposit Rate JIBAR South Africa Johannesburg Interbank Agreed Rate SAFEX South African Futures Exchange STIBOR SIDE Stockholm Interbank Offered Rate TIIE Interbank Equilibrium Interest Rate TELBOR01 Tel Aviv Interbank Offered Rate 1 Month WIBOR WIBO Poland Warsaw Interbank Offer Bid Rate
23 | Oppenheimer International Bond Fund Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS December 31, 2009 / Unaudited CURRENCY SWAPS AS OF DECEMBER 31, 2009 ARE AS FOLLOWS:
NOTIONAL REFERENCE ENTITY/ AMOUNT PAID BY RECEIVED BY TERMINATION SWAP COUNTERPARTY (000'S) THE FUND THE FUND DATE VALUE ----------------- ---------- ---------------------- ------------- ----------- ----- COP TRM (COP02) Deutsche Bank AG 10,290,000 COP 6.44% of the USD 12.51% of the equivalent notional at COP notional 3/18/19 $394 inception of trade
Notional amount is reported in U.S. Dollars (USD), except for those denoted in the following currency: COP Colombian Peso Abbreviations is as follows: TRM Tasa Representativa del Mercado The following table aggregates, as of period end, the amount receivable from/(payable to) each counterparty with whom the Fund has entered into a swap agreement. Swaps are individually disclosed in the preceding tables. SWAP SUMMARY AS OF DECEMBER 31, 2009 IS AS FOLLOWS:
NOTIONAL SWAP TYPE FROM AMOUNT SWAP COUNTERPARTY FUND PERSPECTIVE (000'S) VALUE ----------------- ------------------------------ ---------- -------------- Banco Santander Central Hispano SA Interest Rate 27,880 BRR $ 1,331,947 -------------- Banco Santander SA, Inc. Interest Rate 662,300 MXN 1,887,035 -------------- Barclays Bank plc: Credit Default Buy Protection 33,610 2,404,325 Credit Default Sell Protection 5,060 758,727 Interest Rate 8,229,000 HUF 688,740 Interest Rate 884,720 SEK (927,954) Interest Rate 305,880 ZAR 3,855 -------------- 2,927,693 -------------- Citibank NA: Interest Rate 6,082,000 HUF (126,232) Interest Rate 3,596,000 JPY (99,202) Interest Rate 645,100 MXN 2,239,013 Total Return 34,633 (116,425) -------------- 1,897,154 -------------- Citibank NA, New York: Credit Default Sell Protection 3,010 (208,140) Total Return 6,266,832 JPY 2,513,644 -------------- 2,305,504 -------------- Credit Suisse International: Credit Default Sell Protection 33,710 198,287 Interest Rate 47,370 ILS (541,124) Interest Rate 128,200 MXN 514,642 -------------- 171,805 -------------- Deutsche Bank AG: Currency 10,290,000 COP 394 Total Return 13,118 157,399 -------------- 157,793 --------------
24 | Oppenheimer International Bond Fund Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS December 31, 2009 / Unaudited Goldman Sachs Group, Inc. (The): Interest Rate 525,920 BRR 5,178,871 Interest Rate 12,995,000 HUF (249,145) Interest Rate 4,402,100 MXN 12,430,923 Interest Rate 125,840 PLZ (1,109,333) Interest Rate 120,000 (2,855,554) Interest Rate 207,550 ZAR 2,644 Total Return 39,808 (105,144) -------------- 13,293,262 -------------- Goldman Sachs International: Credit Default Buy Protection 10,400 (8,595) Interest Rate 9,700 BRR 219,947 -------------- 211,352 -------------- JPMorgan Chase Bank NA: Interest Rate 56,300 BRR 1,022,196 Interest Rate 13,678,000 HUF 2,976,627 Interest Rate 7,289,400 JPY (1,235,429) Interest Rate 2,613,300 MXN 5,547,770 Interest Rate 72,800 PLZ (12,235) -------------- 8,298,929 -------------- Morgan Stanley: Interest Rate 261,250 BRR 4,118,721 Interest Rate 10,753,000 HUF (211,566) Total Return 34,115 EUR 1,878,109 Total Return 24,726 (346,961) -------------- 5,438,303 -------------- Morgan Stanley Capital Services, Inc. Credit Default Sell Protection 38,790 (2,019,051) -------------- Morgan Stanley International Total Return 34,100 EUR 525,987 -------------- UBS AG: Interest Rate 181,512 ILS 549,632 Total Return 17,583 221,067 -------------- 770,699 -------------- Westpac Banking Corp. Interest Rate 133,360 AUD 105,296 -------------- Total Swaps $ 37,303,708 =============
Notional amount is reported in U.S.Dollars (USD), except for those denoted in the following currencies: AUD Australian Dollar BRR Brazilian Real COP Colombian Peso EUR Euro HUF Hungarian Forint ILS Israeli Shekel JPY Japanese Yen MXN Mexican Nuevo Peso PLZ Polish Zloty SEK Swedish Krona ZAR South African Rand 25 | Oppenheimer International Bond Fund Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS December 31, 2009 / Unaudited Distribution of investments representing geographic holdings, as a percentage of total investments at value, is as follows:
Geographic Holdings Value Percent ------------------- --------------- ------- Japan $ 2,074,732,728 17.0% Italy 1,233,194,746 10.1 Germany 1,023,734,684 8.4 Brazil 1,013,119,594 8.3 United Kingdom 776,667,382 6.4 France 736,158,131 6.0 Turkey 600,012,626 4.9 United States 531,371,178 4.4 Mexico 469,418,651 3.8 Russia 347,842,319 2.8 Indonesia 285,502,854 2.3 Colombia 269,723,372 2.2 Spain 265,795,643 2.2 Peru 253,968,826 2.1 Poland 204,418,797 1.7 Hungary 196,173,408 1.6 Canada 163,294,659 1.3 Kazakhstan 143,210,410 1.2 Egypt 140,504,858 1.2 Ukraine 137,717,472 1.1 Ireland 127,271,913 1.0 Israel 115,034,877 0.9 South Africa 110,649,818 0.9 Argentina 99,859,400 0.8 Philippines 91,851,304 0.8 The Netherlands 89,836,286 0.7 India 88,874,294 0.7 Venezuela 76,173,313 0.6 Panama 68,371,590 0.6 Portugal 66,131,504 0.5 Belgium 58,623,311 0.5 Denmark 58,088,346 0.5 Uruguay 53,127,625 0.4 Australia 43,458,352 0.4 Sweden 43,230,384 0.4 Ghana 35,756,809 0.3 Supranational 26,655,248 0.2 Dominican Republic 21,844,551 0.2 Norway 19,353,686 0.2 Trinidad & Tobago 14,192,963 0.1 Korea, Republic of South 10,862,055 0.1 United Arab Emirates 10,371,300 0.1 Chile 6,618,995 0.1 Swaziland 3,937,010 -- Vietnam 2,286,117 -- European Union 335,300 -- --------------- ----- Total $12,209,358,689 100.0% =============== =====
26 | Oppenheimer International Bond Fund Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS December 31, 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. 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 significant 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. 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 it is 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. 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 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. 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. 27 | Oppenheimer International Bond Fund Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS December 31, 2009 / Unaudited Fluctuations in value of these securities are recorded as unrealized gains and losses in the accompanying Statement of Operations in the annual and semiannual reports. The Fund records a realized gain or loss when a structured security is sold or matures. SECURITIES ON A WHEN-ISSUED OR DELAYED DELIVERY BASIS. The Fund may purchase securities on a "when-issued" basis, and may purchase or sell securities on a "delayed delivery" basis. "When-issued" or "delayed delivery" refers to securities whose terms and indenture are available and for which a market exists, but which are not available for immediate delivery. Delivery and payment for securities that have been purchased by the Fund on a when-issued basis normally takes place within six months and possibly as long as two years or more after the trade date. During this period, such securities do not earn interest, are subject to market fluctuation and may increase or decrease in value prior to their delivery. The purchase of securities on a when-issued basis may increase the volatility of the Fund's net asset value to the extent the Fund executes such transactions while remaining substantially fully invested. When the Fund engages in when-issued or delayed delivery transactions, it relies on the buyer or seller, as the case may be, to complete the transaction. Their failure to do so may cause the Fund to lose the opportunity to obtain or dispose of the security at a price and yield it considers advantageous. The Fund maintains internally designated assets with a market value equal to or greater than the amount of its purchase commitments. The Fund may also sell securities that it purchased on a when-issued basis or forward commitment prior to settlement of the original purchase. As of December 31, 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 $3,736,344
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. Information concerning securities in default as of December 31, 2009 is as follows: Cost $57,191,434 Market Value $ 6,030,245 Market Value as a % of Net Assets 0.05%
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. 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, 28 | Oppenheimer International Bond Fund Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS December 31, 2009 / Unaudited 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. Shares of IMMF are valued at their net asset value per share. 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. 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 accordance with its investment objectives, the Fund may use derivatives to increase or decrease its exposure to one or more of the following market risk factors defined below: COMMODITY RISK. Commodity risk relates to the change in value of commodities or commodity indexes as they relate to increases or decreases in the commodities market. Commodities are physical assets that have tangible properties. Examples of these types of assets are crude oil, heating oil, metals, livestock, and agricultural products. 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. EQUITY RISK. Equity risk relates to the change in value of equity securities as they relate to increases or decreases in the general market. 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. 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. VOLATILITY RISK. Volatility risk refers to the magnitude of the movement, but not the direction of the movement, in a financial instrument's price over a defined time period. Large increases or decreases in a financial instrument's price over a relative time period typically indicate greater volatility risk, while small increases or decreases in its price typically indicate lower volatility risk. The Fund's actual exposures to these market risk factors during the period are discussed in further detail, by derivative type, below. 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. 29 | Oppenheimer International Bond Fund Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS December 31, 2009 / Unaudited 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. 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 December 31, 2009, the maximum amount of loss that the Fund would incur if the counterparties to its derivative transactions failed to perform would be $179,845,651, which represents gross payments to be received by the Fund on these derivative contracts were they to be unwound as of period end. 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 $103,123,855 as of December 31, 2009 In addition, the Fund may require that certain counterparties post cash and/or securities in collateral accounts to cover their net payment obligations for those derivative contracts subject to ISDA master agreements. If the counterparty fails to perform under these contracts and agreements, the cash and/or securities will be made available to the Fund. As of December 31, 2009 the Fund has required certain counterparties to post collateral of $36,234,507. 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 December 31, 2009, the aggregate fair value of derivative instruments with credit related contingent features in a net liability position was $45,652,378 for which the Fund has posted collateral of $4,509,973. If a contingent feature would have been triggered as of December 31, 2009, the Fund could have been required to pay this amount in cash to its counterparties. If the Fund fails to perform under these contracts and agreements, the cash and/or securities posted as collateral will be made available to the counterparty. Cash posted as collateral for these contracts, if any, is reported on the Statement of Assets and Liabilities in the annual and semiannual reports; securities posted as collateral, if any, are reported on the Statement of Investments. FOREIGN CURRENCY EXCHANGE CONTRACTS The Fund may enter into foreign currency exchange contracts ("forward contracts") for the purchase or sale of a foreign currency at a negotiated rate at a future date. Forward contracts are reported on a schedule following the Statement of Investments. Forward contracts will be valued daily based upon the closing prices of the forward currency rates determined at the close of the Exchange as provided by a bank, dealer or pricing service. The resulting unrealized appreciation (depreciation) is reported in the Statement of Assets and Liabilities in the annual and semiannual reports as a receivable or payable and in the Statement of Operations in the annual and semiannual reports within the change in unrealized appreciation (depreciation). At contract close, the difference between the original cost of the contract and the value at the close date is recorded as a realized gain (loss) in the Statement of Operations in the annual and semiannual reports. 30 | Oppenheimer International Bond Fund Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS December 31, 2009 / Unaudited 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 purchase 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 risk to the Fund includes counterparty credit 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 received. FUTURES CONTRACTS A futures contract is a commitment to buy or sell a specific amount of a financial instrument at a negotiated price on a stipulated future date. The Fund may buy and sell futures contracts and may also buy or write put or call options on these futures contracts. Futures contracts traded on a commodities or futures exchange will be valued at the final settlement price or official closing price on the principal exchange as reported by such principal exchange at its trading session ending at, or most recently prior to, the time when the Fund's assets are valued. Upon entering into a futures contract, the Fund is required to deposit either cash or securities (initial margin) in an amount equal to a certain percentage of the contract value. Subsequent payments (variation margin) are made or received by the Fund each day. The variation margin payments are equal to the daily changes in the contract value and are recorded as unrealized gains and losses. Futures contracts are reported on a schedule following the Statement of Investments. Securities held in collateralized accounts to cover initial margin requirements on open futures contracts are noted in the Statement of Investments. Cash held by the broker to cover initial margin requirements on open futures contracts and the receivable and/or payable for the daily mark to market for the 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. 31 | Oppenheimer International Bond Fund Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS December 31, 2009 / Unaudited OPTION ACTIVITY The Fund may buy and sell put and call options, or write put and covered call options. When an option is written, the Fund receives a premium and becomes obligated to sell or purchase the underlying security at a fixed price, upon exercise of the option. Options are valued daily based upon the last sale price on the principal exchange on which the option is traded. The difference between the premium received or paid, and market value of the option, is recorded as unrealized appreciation or depreciation. The net change in unrealized appreciation or depreciation is reported in the Statement of Operations in the annual and semiannual reports. When an option is exercised, the cost of the security purchased or the proceeds of the security sale are adjusted by the amount of premium received or paid. Upon the expiration or closing of the option transaction, a gain or loss is reported in the Statement of Operations in the annual and semiannual reports. Securities designated to cover outstanding call or put options are noted in the Statement of Investments where applicable. Options written are reported in a schedule following the Statement of Investments and as a liability in the Statement of Assets and Liabilities in the annual and semiannual reports. The 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 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 December 31, 2009 was as follows:
CALL OPTIONS PUT OPTIONS --------------------------- ------------------------- NUMBER OF AMOUNT OF NUMBER OF AMOUNT OF CONTRACTS PREMIUMS CONTRACTS PREMIUMS ------------ ------------ ----------- ----------- Options outstanding as of September 30, 2009 -- $ -- -- $ -- Options written 394,170,000 2,709,078 373,400,000 365,132 Options closed or expired (394,170,000) (2,709,078) -- -- ------------ ------------ ----------- ----------- Options outstanding as of December 31, 2009 -- $ -- 373,400,000 $ 365,132 ============ ============ =========== ===========
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 values of swap contracts are aggregated by positive and negative values and disclosed separately on the Statement of Assets and Liabilities in the annual and semiannual reports by contracts in unrealized appreciation and depreciation positions. Upfront payments paid or received, if any, affect the value of the respective swap. 32 | Oppenheimer International Bond Fund Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS December 31, 2009 / Unaudited Therefore, to determine the unrealized appreciation (depreciation) on swaps, upfront payments paid should be subtracted from, while upfront payments received should be added to, the value of contracts reported as an asset on the Statement of Assets and Liabilities in the annual and semiannual reports. Conversely, upfront payments paid should be added to, while upfront payments received should be subtracted from the value of contracts reported as a liability. 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. 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. 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. 33 | Oppenheimer International Bond Fund Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS December 31, 2009 / Unaudited 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 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. Additional associated risks to the Fund include counterparty credit risk and liquidity risk. ILLIQUID OR RESTRICTED SECURITIES As of December 31, 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 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. 34 | Oppenheimer International Bond Fund Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS December 31, 2009 / Unaudited UNFUNDED PURCHASE AGREEMENTS Pursuant to the terms of certain indenture agreements, the Fund has unfunded purchase agreements of $31,331,807 at December 31, 2009. The Fund generally will maintain with its custodian, liquid investments having an aggregate value at least equal to the amount of unfunded purchase agreements. The following agreements are subject to funding based on the borrower's discretion. The Fund is obligated to fund these agreements at the time of the request by the borrower. These agreements have been excluded from the Statement of Investments. As of December 31, 2009, the Fund had unfunded purchase agreements as follows:
COMMITMENT TERMINATION UNFUNDED DATE AMOUNT ----------- ----------- Deutsche Bank AG, Opic Reforma I Credit Linked Nts. 10/23/13 $16,424,522
COMMITMENT INTEREST TERMINATION UNFUNDED UNREALIZED RATE DATE AMOUNT DEPRECIATION ---------- ----------- ----------- ------------ Deutsche Bank AG; An unfunded commitment that the Fund receives 0.125% quarterly; and will pay out, upon request, up to 14,907,285 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 $14,907,285 $ 863,466
FEDERAL TAX. The approximate aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments for federal income tax purposes as of December 31, 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 $12,069,985,892 Federal tax cost of other investments (907,523,566) --------------- Total federal tax cost $11,162,462,326 =============== Gross unrealized appreciation $ 583,174,866 Gross unrealized depreciation (430,413,873) --------------- Net unrealized appreciation $ 152,760,993 ===============
35 | Oppenheimer International Bond Fund ITEM 2. CONTROLS AND PROCEDURES. (a) Based on their evaluation of the registrant's disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c)) as of 12/31/2009, 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/ William F. Glavin, Jr. --------------------------------- William F. Glavin, Jr. Principal Executive Officer Date: 02/08/2010 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/ William F. Glavin, Jr. --------------------------------- William F. Glavin, Jr. Principal Executive Officer Date: 02/08/2010 By: /s/ Brian W. Wixted --------------------------------- Brian W. Wixted Principal Financial Officer Date: 02/08/2010