nvcsrs

NOTES

Total returns include changes in share price and reinvestment of dividends and capital gains distributions in a hypothetical investment for the periods shown. Cumulative total returns are not annualized. The Fund’s total returns shown do not reflect the deduction of income taxes on an individual’s investment. Taxes may reduce your actual investment returns on income or gains paid by the Fund or any gains you may realize if you sell your shares.

Investors should consider the Fund’s investment objectives, risks, expenses and other charges carefully before investing. The Fund’s prospectus and, if available, the Fund’s summary prospectus contain this and other information about the Fund, and may be obtained by asking your financial advisor, calling us at 1.800.525.7048 or visiting our website at www.oppenheimerfunds.com. Read the prospectus and, if available, the summary prospectus carefully before investing.

The Fund’s investment strategy and focus can change over time. The mention of specific fund holdings does not constitute a recommendation by OppenheimerFunds, Inc.

Class A shares of the Fund were first publicly offered on 6/15/95. Unless otherwise noted, Class A returns include the current maximum initial sales charge of 4.75%.

Class B shares of the Fund were first publicly offered on 6/15/95. Unless otherwise noted, Class B returns include the applicable contingent deferred sales charge of 5% (1-year) and 2% (5-year). Because Class B shares convert to Class A shares 72 months after purchase, the 10-year return for Class B shares uses Class A performance for the period after conversion. Class B shares are subject to an annual 0.75% asset-based sales charge.

Class C shares of the Fund were first publicly offered on 6/15/95. Unless otherwise noted, Class C returns include the contingent deferred sales charge of 1% for the 1-year period. Class C shares are subject to an annual 0.75% asset-based sales charge.

Class N shares of the Fund were first publicly offered on 3/1/01. Class N shares are offered only through retirement plans. Unless otherwise noted, Class N returns include the contingent deferred sales charge of 1% for the 1-year period. Class N shares are subject to an annual 0.25% asset-based sales charge.

Class Y shares of the Fund were first publicly offered on 9/27/04. Class Y shares are offered only to fee-based clients of dealers that have a special agreement with the Distributor, to certain institutional investors under a special agreement with the Distributor, and to present or former officers, directors, trustees or employees (and their eligible family members) of the Fund, the Manager, its affiliates, its parent company and the subsidiaries of its parent company, and retirement plans established for the benefit of such individuals. There is no sales charge for Class Y shares.

An explanation of the calculation of performance is in the Fund’s Statement of Additional Information.

9 | OPPENHEIMER INTERNATIONAL BOND FUND

FUND EXPENSES

Fund Expenses. As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments, contingent deferred sales charges on redemptions and (2) ongoing costs, including management fees; distribution and service fees; and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire 6-month period ended March 31, 2011.

Actual Expenses. The first section of the table provides information about actual account values and actual expenses. You may use the information in this section for the class of shares you hold, together with the amount you invested, to estimate the expense that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600.00 account value divided by $1,000.00 = 8.60), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes. The second section of the table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio for each class of shares, and an assumed rate of return of 5% per year for each class before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example for the class of shares you hold with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as front-end or contingent deferred sales charges (loads), or a $12.00 fee imposed annually on accounts valued at less than $500.00 (subject to exceptions described in the Statement of Additional Information). Therefore, the “hypothetical” section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

10 | OPPENHEIMER INTERNATIONAL BOND FUND


	Beginning		Ending		Expenses
	Account		Account		Paid During
	Value		Value		6 Months Ended
	October 1, 2010		March 31, 2011		March 31, 2011

Actual
Class A	$	1,000.00	$	992.50	$	4.88
Class B		1,000.00		986.60		9.16
Class C		1,000.00		987.40		8.36
Class N		1,000.00		989.00		6.77
Class Y		1,000.00		993.70		3.59

Hypothetical (5% return before expenses)
Class A		1,000.00		1,020.04		4.95
Class B		1,000.00		1,015.76		9.29
Class C		1,000.00		1,016.55		8.48
Class N		1,000.00		1,018.15		6.87
Class Y		1,000.00		1,021.34		3.63

Expenses are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period). Those annualized expense ratios, excluding indirect expenses from affiliated fund, based on the 6-month period ended March 31, 2011 are as follows:


Class	Expense Ratios

Class A		0.98	%
Class B		1.84
Class C		1.68
Class N		1.36
Class Y		0.72

The expense ratios reflect voluntary waivers or reimbursements of expenses by the Fund’s Manager and Transfer Agent. Some of these undertakings may be modified or terminated at any time; some may not be modified or terminated until after one year from the date of the current prospectus, as indicated therein. The “Financial Highlights” tables in the Fund’s financial statements, included in this report, also show the gross expense ratios, without such waivers or reimbursements and reduction to custodian expenses, if applicable.

11 | OPPENHEIMER INTERNATIONAL BOND FUND

STATEMENT OF INVESTMENTS March 31, 2011 / Unaudited


	Principal
	Amount			Value

U.S. Government Obligations—0.2%
U.S. Treasury Bills, 0.13%, 6/2/11^1,2 (Cost $31,193,283)	$	31,200,000		$	31,196,942

Foreign Government Obligations—72.1%
Argentina—1.3%
Argentina (Republic of) Bonds:
2.50%, 12/31/38³		28,590,000			12,479,535
7%, 10/3/15		83,545,000			78,741,163
Series VII, 7%, 9/12/13		21,385,000			21,706,963
Argentina (Republic of) Sr. Unsec. Nts., 13.692%, 1/30/14³		12,980,000	APP		3,062,098
Argentina (Republic of) Sr. Unsec. Unsub. Nts., 9.083%, 12/31/33³		124,893,072	ARP		41,013,044
Provincia de Buenos Aires Sr. Unsec. Unsub. Nts., 10.875%, 1/26/21⁴		12,010,000			11,187,315

					168,190,118

Australia—2.2%
Australia (Commonwealth of) Sr. Unsec. Bonds:
Series 119, 6.25%, 4/15/15		33,375,000	AUD		35,941,291
Series 120, 6%, 2/15/17		18,370,000	AUD		19,663,951
New South Wales Treasury Corp. Sr. Unsec. Unsub. Nts., Series 16, 6%, 4/1/16		178,990,000	AUD		188,329,124
Queensland Treasury Corp. Sr. Unsec. Unsub. Nts., Series 16, 6%, 4/21/16		40,550,000	AUD		42,450,686

					286,385,052

Austria—0.7%
Austria (Republic of) Bonds, 4.35%, 3/15/19⁵		28,065,000	EUR		41,861,285
Austria (Republic of) Sr. Unsec. Unsub. Bonds, Series 2, 4.65%, 1/15/18		30,645,000	EUR		46,652,911

					88,514,196

Belgium—1.0%
Belgium (Kingdom of) Sr. Bonds, Series 40, 5.50%, 9/28/17		86,785,000	EUR		134,392,283
Belize—0.0%
Belize (Government of) Unsec. Unsub. Bonds, 6%, 2/20/29^3,5		3,590,000			3,024,575
Brazil—5.1%
Brazil (Federal Republic of) Nota Do Tesouro Nacional Nts.:
10%, 1/1/17		883,992,000	BRR		480,044,768
10%, 1/1/21		279,002,000	BRR		144,967,474
11.879%, 5/15/45⁶		32,095,000	BRR		40,928,608

					665,940,850

Canada—2.8%
Canada (Government of) Nts.:
3%, 12/1/15		211,305,000	CAD		221,234,918
3.75%, 6/1/19		54,210,000	CAD		58,070,401
4%, 6/1/17		77,875,000	CAD		85,197,419

					364,502,738

12 | OPPENHEIMER INTERNATIONAL BOND FUND


	Principal
	Amount			Value

Colombia—0.6%
Bogota Distrio Capital Sr. Bonds, 9.75%, 7/26/28⁵		16,413,000,000	COP	$	10,196,845
Colombia (Republic of) Bonds, 7.375%, 9/18/37		11,920,000			14,214,600
Colombia (Republic of) Sr. Nts., 7.375%, 3/18/19		18,875,000			22,744,375
Colombia (Republic of) Sr. Unsec. Bonds, 6.125%, 1/18/41		21,600,000			22,140,000
Colombia (Republic of) Sr. Unsec. Unsub. Bonds, 7.75%, 4/14/21		7,434,000,000	COP		4,304,292
Colombia (Republic of) Unsec. Nts., 7.375%, 1/27/17		9,320,000			11,044,200

					84,644,312

Denmark—0.3%
Denmark (Kingdom of) Bonds, 4%, 11/15/19		214,850,000	DKK		42,609,535
Dominican Republic—0.1%
Dominican Republic Bonds, 7.50%, 5/6/21⁵		12,570,000			12,852,825
Finland—0.2%
Finland (Republic of) Sr. Unsec. Unsub. Nts., 3.875%, 9/15/17		19,035,000	EUR		28,036,147
France—0.2%
France (Government of) Bonds, 4%, 4/25/60		18,005,000	EUR		24,465,208
Germany—5.5%
Germany (Federal Republic of) Bonds:
0.50%, 6/15/12		65,915,000	EUR		92,364,139
3.50%, 7/4/19¹		124,780,000	EUR		180,448,764
Series 07, 4.25%, 7/4/39		34,855,000	EUR		52,962,489
Series 08, 4.25%, 7/4/18		141,540,000	EUR		215,593,651
Series 157, 2.25%, 4/10/15		132,175,000	EUR		186,172,652

					727,541,695

Ghana—0.1%
Ghana (Republic of) Bonds, 8.50%, 10/4/17⁵		10,185,000			11,559,975
Greece—0.7%
Hellenic Republic Bonds:
4.30%, 3/20/12		7,305,000	EUR		9,545,095
4.60%, 5/20/13		11,065,000	EUR		12,691,145
Hellenic Republic Sr. Unsec. Unsub. Bonds:
30 yr., 4.50%, 9/20/37		52,895,000	EUR		41,544,187
30 yr., 4.60%, 9/20/40		31,355,000	EUR		24,630,930

					88,411,357

Hungary—1.4%
Hungary (Republic of) Bonds:
Series 15/A, 8%, 2/12/15		7,975,450,000	HUF		44,406,057
Series 16/C, 5.50%, 2/12/16		7,956,700,000	HUF		40,160,566
Series 17/B, 6.75%, 2/24/17		5,022,200,000	HUF		26,480,057
Series 19/A, 6.50%, 6/24/19		4,959,000,000	HUF		25,433,121
Hungary (Republic of) Sr. Unsec. Unsub. Nts., 6.375%, 3/29/21		41,925,000			42,120,538

					178,600,339

13 | OPPENHEIMER INTERNATIONAL BOND FUND

STATEMENT OF INVESTMENTS Unaudited / Continued


	Principal
	Amount			Value

Indonesia—0.7%
Indonesia (Republic of) Nts., 6.875%, 1/17/18⁵	$	33,390,000		$	38,148,075
Indonesia (Republic of) Sr. Unsec. Nts., 7.75%, 1/17/38⁵		15,030,000			18,073,575
Indonesia (Republic of) Sr. Unsec. Unsub. Bonds, 6.625% 2/17/37⁵		8,990,000			9,754,150
Indonesia (Republic of) Unsec. Nts., 8.50%, 10/12/35⁵		19,610,000			25,443,975

					91,419,775

Italy—3.9%
Italy (Republic of) Bonds:
3.75%, 3/1/21		82,225,000	EUR		107,518,143
4%, 9/1/20		127,460,000	EUR		171,481,767
5%, 9/1/40		27,870,000	EUR		36,210,619
Italy (Republic of) Treasury Bonds, 3.75%, 12/15/13		139,335,000	EUR		200,275,550

					515,486,079

Cayman Islands—0.0%
Ivory Coast (Republic of) Sr. Unsec. Bonds, 2.50%, 12/31/32^5,7		8,430,000			3,983,175
Japan—21.6%
Japan (Government of) Bonds, 20 yr., Series 112, 2.10%, 6/20/29		33,861,000,000	JPY		415,060,631
Japan (Government of) Sr. Unsec. Bonds:
2 yr., 0.20%, 1/15/12		41,291,000,000	JPY		496,573,171
5 yr., 0.50%, 12/20/14		41,941,000,000	JPY		506,858,851
10 yr., Series 308, 1.30%, 6/20/20		38,258,000,000	JPY		466,531,887
Japan (Government of) Sr. Unsec. Unsub. Bonds:
5 yr., Series 91, 0.40%, 9/20/15		53,949,000,000	JPY		647,550,794
10 yr., Series 311, 0.80%, 9/20/20		26,439,000,000	JPY		307,349,084

					2,839,924,418

Korea, Republic of South—1.5%
Korea (Republic of) Sr. Unsec. Bonds, Series 2006, 5%, 6/10/20		110,821,000,000	KRW		105,399,212
Korea (Republic of) Sr. Unsec. Monetary Stabilization Bonds:
Series 1208, 3.81%, 8/2/12		32,639,000,000	KRW		29,877,561
Series 1210, 3.28%, 10/2/12		35,050,000,000	KRW		31,840,430
Korea (Republic of) Sr. Unsec. Unsub. Nts.:
5.125%, 12/7/16		11,887,000			12,739,637
7.125%, 4/16/19		10,855,000			12,821,644

					192,678,484

Malaysia—1.0%
1Malaysia Sukuk Global Bhd Sr. Unsec. Unsub. Nts., 3.928%, 6/4/15⁵		17,925,000			18,706,781
Malaysia (Government of) Bonds, Series 0110, 3.835%, 8/12/15		135,310,000	MYR		45,163,943
Malaysia (Government of) Sr. Unsec. Bonds, Series 0309, 2.711%, 2/14/12		200,330,000	MYR		66,113,034

					129,983,758

14 | OPPENHEIMER INTERNATIONAL BOND FUND


	Principal
	Amount			Value

Mexico—3.6%
United Mexican States Bonds:
5.625%, 1/15/17	$	28,250,000		$	31,301,000
Series M, 6.50%, 6/10/21³		1,414,100,000	MXN		109,385,069
Series M20, 7.50%, 6/3/27		1,046,930,000	MXN		83,203,757
Series M10, 7.75%, 12/14/17		502,845,000	MXN		43,742,562
Series M10, 8%, 12/17/15		297,000,000	MXN		26,053,311
Series M20, 10%, 12/5/24³		1,731,340,000	MXN		172,326,877
United Mexican States Sr. Nts., 5.75%, 10/12/2110		8,860,000			8,027,160

					474,039,736

Norway—0.1%
Norway (Kingdom of) Bonds, Series 471, 5%, 5/15/15		71,755,000	NOK		13,816,028
Panama—0.3%
Panama (Republic of) Bonds:
7.25%, 3/15/15		9,010,000			10,519,175
8.875%, 9/30/27		6,640,000			8,997,200
9.375%, 4/1/29		6,770,000			9,579,550
Panama (Republic of) Unsec. Bonds, 7.125%, 1/29/26		7,870,000			9,377,105

					38,473,030

Peru—0.5%
Peru (Republic of) Bonds, 7.35%, 7/21/25		30,020,000			35,828,870
Peru (Republic of) Sr. Unsec. Nts., 7.84%, 8/12/20⁵		65,640,000	PEN		24,240,357
Peru (Republic of) Sr. Unsec. Unsub. Bonds, 5.625%, 11/18/50⁵		10,590,000			9,636,900

					69,706,127

Philippines—0.2%
Philippines (Republic of the) Sr. Unsec. Unsub. Bonds, 6.375%, 10/23/34		7,515,000			7,947,113
Philippines (Republic of the) Sr. Unsec. Unsub. Nts., 4.95%, 1/15/21		652,000,000	PHP		14,766,568

					22,713,681

Poland—3.1%
Poland (Republic of) Bonds:
Series 0415, 5.50%, 4/25/15		667,630,000	PLZ		234,053,971
Series 0416, 5%., 4/25/16		318,760,000	PLZ		109,169,014
Series 1015, 6.25%, 10/24/15		161,235,000	PLZ		58,081,962
Series 1017, 5.25%, 10/25/17		18,090,000	PLZ		6,132,495

					407,437,442

Qatar—0.1%
Qatar (State of) Sr. Nts., 5.25%, 1/20/20⁵		11,640,000			12,140,520
Qatar (State of) Sr. Unsec. Nts., 6.40%, 1/20/40⁵		5,400,000			5,710,500

					17,851,020

15 | OPPENHEIMER INTERNATIONAL BOND FUND

STATEMENT OF INVESTMENTS Unaudited / Continued


	Principal
	Amount			Value

South Africa—3.0%
South Africa (Republic of) Bonds:
5.50%, 3/9/20	$	13,080,000		$	13,913,850
Series R208, 6.75%, 3/31/21		320,500,000	ZAR		41,491,935
Series R207, 7.25%, 1/15/20		1,108,960,000	ZAR		150,184,658
Series R204, 8%, 12/21/18		430,290,000	ZAR		61,449,992
Series R186, 10.50%, 12/21/26		728,890,000	ZAR		121,427,795

					388,468,230

Spain—1.7%
Spain (Kingdom of) Bonds, 5.50%, 7/30/17		90,045,000	EUR		133,168,646
Spain (Kingdom of) Sr. Unsub. Bonds, 4.10%, 7/30/18		68,025,000	EUR		92,472,238

					225,640,884

Sri Lanka—0.1%
Sri Lanka (Democratic Socialist Republic of) Sr. Unsec. Nts., 6.25%, 10/4/20⁵		9,970,000			9,745,675
Sweden—0.3%
Sweden (Kingdom of) Bonds, Series 1051, 3.75%, 8/12/17		216,000,000	SEK		35,244,114
The Netherlands—0.9%
Netherlands (Kingdom of the) Bonds, 4%, 7/15/18		46,720,000	EUR		69,126,359
Netherlands (Kingdom of the) Nts., 4.50%, 7/15/17		35,305,000	EUR		53,843,803

					122,970,162

Turkey—2.2%
Turkey (Republic of) Bonds:
6.75%, 4/3/18		24,225,000			27,132,000
6.875%, 3/17/36		17,955,000			19,095,143
7%, 3/11/19		9,650,000			10,952,750
10.50%, 1/15/20³		53,065,000	TRY		36,824,680
11%, 8/6/14		128,080,000	TRY		87,927,723
Series CPI, 14.419%, 8/14/13³		23,725,000	TRY		22,437,157
Turkey (Republic of) Nts.:
7%, 6/5/20		6,870,000			7,797,450
7.50%, 7/14/17		12,420,000			14,469,300
Turkey (Republic of) Sr. Unsec. Nts., 7.50%, 11/7/19		15,000,000			17,550,000
Turkey (Republic of) Unsec. Nts.:
6%, 1/14/41		18,230,000			17,136,200
6.75%, 5/30/40		14,500,000			15,116,250
7.25%, 3/5/38		10,200,000			11,309,250

					287,747,903

Ukraine—0.6%
Financing of Infrastructural Projects State Enterprise Gtd. Nts., 8.375%, 11/3/17⁴		15,050,000			15,877,750
Ukraine (Republic of) Sr. Unsec. Nts., 7.95%, 2/23/21⁵		10,420,000			10,797,725

16 | OPPENHEIMER INTERNATIONAL BOND FUND


	Principal
	Amount			Value

Ukraine Continued
Ukraine (Republic of) Bonds, 7.75%, 9/23/20⁵	$	14,640,000		$	15,170,700
Ukraine (Republic of) Sr. Unsec. Nts., 6.75%, 11/14/17⁵		22,470,000			22,896,930
Ukraine (Republic of) Sr. Unsec. Unsub. Bonds, 6.58%, 11/21/16⁵		5,865,000			5,989,631
Ukraine (Republic of) Unsec. Bonds, 6.385%, 6/26/12⁵		3,270,000			3,412,245

					74,144,981

United Kingdom—2.9%
United Kingdom Treasury Bonds:
2.25%, 3/7/14		63,660,000	GBP		103,395,621
4.75%, 3/7/20		95,145,000	GBP		166,094,237
4.75%, 12/7/38		68,370,000	GBP		116,990,946

					386,480,804

Uruguay—0.5%
Uruguay (Oriental Republic of) Bonds, 7.625%, 3/21/36		20,090,000			24,108,000
Uruguay (Oriental Republic of) Sr. Nts., 6.875%, 9/28/25		13,000,000			15,015,000
Uruguay (Oriental Republic of) Unsec. Bonds, 8%, 11/18/22		23,255,000			29,068,750

					68,191,750

Venezuela—1.1%
Venezuela (Republic of) Bonds, 9%, 5/7/23		52,010,000			35,886,900
Venezuela (Republic of) Nts., 8.25%, 10/13/24		8,895,000			5,772,855
Venezuela (Republic of) Sr. Unsec. Unsub. Nts.:
7.75%, 10/13/19		19,205,000			13,280,258
12.75%, 8/23/22		2,950,000			2,566,500
Venezuela (Republic of) Unsec. Bonds:
7%, 3/31/38		38,520,000			21,860,100
7.65%, 4/21/25		47,405,000			29,035,563
9.375%, 1/13/34		15,475,000			10,600,375
Venezuela (Republic of) Unsec. Nts., 13.625%, 8/15/18⁵		21,165,000			20,424,225

					139,426,776

Total Foreign Government Obligations (Cost $8,992,290,203)					9,465,245,237

Corporate Bonds and Notes—14.9%
Consumer Discretionary—0.1%
Hotels, Restaurants & Leisure—0.1%
Grupo Posadas SAB de CV, 9.25% Sr. Unsec. Nts., 1/15/15⁵		9,895,000			9,622,888
Consumer Staples—0.3%
Beverages—0.1%
AmBev International Finance Co. Ltd., 9.50% Sr. Unsec. Unsub. Nts., 7/24/17³		11,985,000	BRR		7,212,362

17 | OPPENHEIMER INTERNATIONAL BOND FUND

STATEMENT OF INVESTMENTS Unaudited / Continued


	Principal
	Amount		Value

Food & Staples Retailing—0.1%
Cencosud SA, 5.50% Sr. Unsec. Nts., 1/20/21⁵	$	15,075,000	$	14,905,316
Food Products—0.1%
Arcor, 7.25% Sr. Unsec. Nts., 11/9/17⁵		6,040,000		6,402,400
MHP SA, 10.25% Sr. Unsec. Nts., 4/29/15⁵		15,005,000		16,130,375

				22,532,775

Energy—3.5%
Oil, Gas & Consumable Fuels—3.5%
Afren plc, 11.50% Sr. Sec. Nts., 2/1/16⁵		12,325,000		13,033,688
Alliance Oil Co. Ltd., 9.875% Sr. Unsec. Nts., 3/11/15⁵		11,200,000		12,237,120
Empresa Nacional del Petroleo, 5.25% Unsec. Nts., 8/10/20⁵		5,965,000		5,964,571
Gaz Capital SA:
6.212% Sr. Unsec. Unsub. Nts., 11/22/16⁵		13,460,000		14,765,620
7.288% Sr. Sec. Nts., 8/16/37⁵		36,720,000		39,841,200
8.125% Nts., 7/31/14⁵		1,095,000		1,256,513
8.146% Sr. Sec. Nts., 4/11/18⁵		18,820,000		22,277,234
8.625% Sr. Sec. Nts., 4/28/34⁵		11,855,000		14,744,064
9.25% Sr. Unsec. Unsub. Nts., 4/23/19⁵		25,645,000		32,022,912
KazMunayGaz National Co., 6.375% Sr. Unsec. Bonds, 4/9/21⁵		10,940,000		11,377,600
KMG Finance Sub BV:
7% Sr. Unsec. Bonds, 5/5/20⁵		8,400,000		9,093,000
9.125% Sr. Unsec. Unsub. Nts., 7/2/18⁵		30,360,000		36,887,400
Lukoil International Finance BV:
6.125% Sr. Unsec. Nts., 11/9/20⁵		27,090,000		27,767,250
6.656% Sr. Unsec. Unsub. Bonds, 6/7/22⁵		5,525,000		5,801,250
7.25% Sr. Unsec. Unsub. Nts., 11/5/19⁵		4,390,000		4,856,218
Nak Naftogaz Ukraine, 9.50% Unsec. Nts., 9/30/14		20,240,000		22,365,200
Odebrecht Drilling Norbe VIII/IX Ltd., 6.35% Sr. Sec. Nts., 6/30/21⁵		9,020,000		9,549,925
Pan American Energy LLC, 7.875% Sr. Unsec. Nts., 5/7/21⁵		14,940,000		16,154,622
Pemex Project Funding Master Trust:
6.625% Sr. Unsec. Unsub. Nts., 6/15/38		11,890,000		11,890,036
6.625% Unsec. Unsub. Bonds, 6/15/35		10,395,000		10,471,840
Petrobras International Finance Co.:
5.75% Sr. Unsec. Unsub. Nts., 1/20/20		14,160,000		14,662,680
7.875% Sr. Unsec. Nts., 3/15/19		15,275,000		17,993,125
Petroleos de Venezuela SA, 8.50% Sr. Nts., 11/2/17		33,260,000		23,681,120
Petroleos Mexicanos:
5.50% Sr. Unsec. Unsub. Nts., 1/21/21		11,900,000		12,138,000
6% Sr. Unsec. Unsub. Nts., 3/5/20		14,380,000		15,336,270
Petroleum Co. of Trinidad & Tobago Ltd., 9.75% Sr. Unsec. Nts., 8/14/19⁵		17,320,000		21,087,100
Petroleum Export Ltd. Cayman SPV, 5.265% Sr. Nts., Cl. A3, 6/15/11⁵		1,168,856		1,167,837

18 | OPPENHEIMER INTERNATIONAL BOND FUND


	Principal
	Amount			Value

Oil, Gas & Consumable Fuels Continued
PT Adaro Indonesia, 7.625% Nts., 10/22/19⁵	$	14,950,000		$	16,594,500
Tengizchevroil LLP, 6.124% Nts., 11/15/14⁵		7,353,582			7,794,797

					452,812,692

Financials—6.3%
Capital Markets—0.1%
Banco de Credito del Peru, 9.75% Jr. Sub. Nts., 11/6/69⁵		5,300,000			6,148,000
Credit Suisse First Boston International, Export-Import Bank of Ukraine, 7.65% Sr. Sec. Bonds, 9/7/11		4,800,000			4,871,712

					11,019,712

Commercial Banks—4.0%
Akbank TAS, 5.125% Sr. Unsec. Nts., 7/22/15⁴		14,880,000			15,010,944
Alfa Bank/Alfa Bond Issuance plc, 7.875% Nts., 9/25/17⁵		11,700,000			12,431,250
Banco BMG SA:
9.15% Nts., 1/15/16⁵		10,630,000			11,214,650
9.95% Unsec. Unsub. Nts., 11/5/19⁵		8,380,000			8,924,700
Banco Cruzeiro do Sul SA, 8.25% Sr. Unsec. Nts., 1/20/16⁵		6,025,000			5,994,875
Banco de Credito del Peru:
5.375% Sr. Nts., 9/16/20⁵		7,160,000			6,802,000
6.95% Sub. Nts., 11/7/21^3,5		5,410,000			5,680,500
Banco do Brasil SA:
5.375% Unsec. Sub. Nts., 1/15/21⁵		7,320,000			7,137,000
8.50% Jr. Sub. Perpetual Bonds^5,8		7,905,000			9,100,631
Banco PanAmericano SA, 8.50% Sr. Unsec. Sub. Nts., 4/23/20⁵		8,650,000			9,125,750
Banco Votorantim SA, 5.25% Sr. Unsec. Unsub. Nts., 2/11/16⁵		6,015,000			6,210,488
Bancolombia SA, 4.25% Sr. Unsec. Nts., 1/12/16⁵		12,150,000			12,058,875
Bank of Scotland plc:
4.375% Sr. Sec. Nts., 7/13/16		94,433,000	EUR		134,081,557
4.50% Sr. Sec. Nts., 7/13/21		64,642,000	EUR		88,192,879
Halyk Savings Bank of Kazakhstan JSC:
7.25% Unsec. Unsub. Nts., 5/3/17⁵		3,275,000			3,418,118
9.25% Sr. Nts., 10/16/13⁵		60,130,000			66,894,625
ICICI Bank Ltd.:
5.50% Sr. Unsec. Nts., 3/25/15⁵		21,660,000			22,579,467
6.375% Bonds, 4/30/22^3,5		22,793,000			22,735,516
Ongko International Finance Co. BV, 10.50% Sec. Nts., 3/29/04^4,7		550,000			—
PrivatBank JSC/UK SPV Credit Finance plc, 8% Sr. Sec. Nts., 2/6/12⁵		8,980,000			9,097,863
Salisbury International Investments Ltd., 4.453% Sec. Nts., Series 2006-003, Tranche E, 7/22/11^3,4		2,400,000			2,273,520
Turkiye Is Bankasi (Isbank), 5.10% Sr. Unsec. Nts., 2/1/16⁵		9,045,000			9,013,908

19 | OPPENHEIMER INTERNATIONAL BOND FUND

STATEMENT OF INVESTMENTS Unaudited / Continued


	Principal
	Amount			Value

Commercial Banks Continued
VEB Finance Ltd., 6.902% Sr. Unsec. Unsub. Nts., 7/9/20⁵	$	25,215,000		$	27,199,421
VTB Capital SA:
6.315% Nts., 2/22/18⁵		15,040,000			15,428,784
6.465% Sr. Sec. Unsub. Nts., 3/4/15⁵		8,300,000			8,932,460
6.551% Sr. Unsec. Nts., 10/13/20⁵		11,820,000			12,041,034

					531,580,815

Consumer Finance—0.0%
JSC Astana Finance, 9.16% Nts., 3/14/12⁷		14,000,000			1,762,600
Diversified Financial Services—0.6%
Autopistas del Nordeste Cayman Ltd., 9.39% Nts., 1/15/26⁴		18,487,974			16,361,857
BA Covered Bond Issuer, 4.25% Sec. Nts., 4/5/17		19,452,000	EUR		27,308,169
Banco Invex SA, 29.593% Mtg.-Backed Certificates, Series 062U, 3/13/34^3,6		27,603,725	MXN		5,142,372
BM&F BOVESPA SA, 5.50% Sr. Unsec. Nts., 7/16/20⁵		6,010,000			6,170,936
JPMorgan Hipotecaria su Casita:
7.812% Sec. Nts., 8/26/35⁴		34,101,099	MXN		2,935,195
27.987% Mtg.-Backed Certificates, Series 06U, 9/25/35³		11,728,193	MXN		1,874,411
Korea Development Bank (The), 4% Sr. Unsec. Unsub. Nts., 9/6/16		10,500,000			10,622,451
Tiers-BSP, 0%/8.60% Collateralized Trust, Cl. A, 6/15/97^5,9		5,310,000			3,207,649
TNK-BP Finance SA, 7.25% Sr. Unsec. Unsub. Bonds, 2/2/20⁵		3,300,000			3,646,500

					77,269,540

Thrifts & Mortgage Finance—1.6%
Banco Hipotecario SA, 9.75% Sr. Unsec. Nts., 4/27/16⁵		5,360,000			5,547,600
WM Covered Bond Program:
4% Sec. Mtg. Nts., Series 2, 9/27/16		124,455,000	EUR		175,923,162
4.375% Sec. Nts., 5/19/14		16,200,000	EUR		23,552,929

					205,023,691

Industrials—0.3%
Construction & Engineering—0.2%
IIRSA Norte Finance Ltd., 8.75% Sr. Nts., 5/30/24⁵		15,383,182			17,229,164
Odebrecht Finance Ltd., 7% Sr. Unsec. Nts., 4/21/20⁵		5,290,000			5,811,065

					23,040,229

Road & Rail—0.1%
Kazakhstan Temir Zholy Finance BV, 6.375% Sr. Unsec. Nts., 10/6/20⁵		5,795,000			6,069,683
Panama Canal Railway Co., 7% Sr. Sec. Nts., 11/1/26⁵		9,755,200			8,826,505

					14,896,188

20 | OPPENHEIMER INTERNATIONAL BOND FUND


	Principal
	Amount			Value

Transportation Infrastructure—0.0%
Aeropuertos Argentina 2000 SA, 10.75% Sr. Sec. Nts., 12/1/20⁵	$	3,004,650		$	3,260,045
Materials—1.4%
Chemicals—0.2%
Braskem Finance Ltd., 7.25% Sr. Unsec. Nts., 6/5/18⁵		15,030,000			16,608,150
Braskem SA, 7% Sr. Unsec. Nts., 5/7/20⁵		8,400,000			9,156,000

					25,764,150

Construction Materials—0.3%
CEMEX Espana SA, 9.25% Sr. Sec. Nts., 5/12/20⁵		8,115,000			8,449,744
CEMEX Finance LLC, 9.50% Sr. Sec. Bonds, 12/14/16⁵		8,940,000			9,677,550
CEMEX SAB de CV, 9% Sr. Sec. Nts., 1/11/18⁵		8,280,000			8,725,050
Rearden G Holdings Eins GmbH, 7.875% Sr. Unsec. Nts., 3/30/20⁵		7,170,000			7,815,300
West China Cement Ltd., 7.50% Sr. Nts., 1/25/16⁵		7,840,000			7,967,008

					42,634,652

Metals & Mining—0.9%
Alrosa Finance SA, 7.75% Nts., 11/3/20⁵		12,010,000			12,934,770
CSN Islands XI Corp., 6.875% Sr. Unsec. Nts., 9/21/19⁵		5,700,000			6,355,500
Ferrexpo Finance plc, 7.875% Sr. Unsec. Bonds, 4/7/16^5,10		9,645,000			9,645,000
JSC Severstal, 6.70% Nts., 10/25/17⁵		14,820,000			15,190,500
Metinvest BV, 8.75% Sr. Unsec. Unsub. Nts., 2/14/18⁵		12,030,000			12,511,200
Vedanta Resources plc, 9.50% Sr. Unsec. Nts., 7/18/18⁵		51,960,000			57,156,000

					113,792,970

Telecommunication Services—1.0%
Diversified Telecommunication Services—0.4%
Axtel SAB de CV, 9% Sr. Unsec. Nts., 9/22/19⁵		17,935,000			17,307,275
Telemar Norte Leste SA, 5.50% Sr. Unsec. Nts., 10/23/20⁵		30,216,000			29,838,300

					47,145,575

Wireless Telecommunication Services—0.6%
America Movil SAB de CV:
6.125% Sr. Unsec. Unsub. Nts., 3/30/40		4,600,000			4,830,235
8.46% Sr. Unsec. Unsub. Bonds, 12/18/36		140,800,000	MXN		10,334,559
MTS International Funding Ltd., 8.625% Sr. Unsec. Nts., 6/22/20⁵		15,235,000			17,500,445
Vimpel Communications/VIP Finance Ireland Ltd. OJSC, 7.748% Nts., 2/2/21⁵		9,040,000			9,537,200
VIP Finance Ireland Ltd., 9.125% Bonds, 4/30/18⁵		32,440,000			37,078,920

					79,281,359

21 | OPPENHEIMER INTERNATIONAL BOND FUND

STATEMENT OF INVESTMENTS Unaudited / Continued


	Principal
	Amount			Value

Utilities—2.0%
Electric Utilities—1.5%
Centrais Eletricas Brasileiras SA, 6.875% Sr. Unsec. Unsub. Nts., 7/30/19⁵	$	15,405,000		$	17,330,625
Empresa Distribuidora y Comercializadora Norte SA, 9.75% Nts., 10/25/22⁵		6,005,000			6,215,175
Empresas Publicas de Medellin ESP, 7.625% Sr. Unsec. Nts., 7/29/19⁵		10,125,000			11,593,125
Eskom Holdings Ltd.:
5.75% Sr. Unsec. Bonds., 1/26/21⁵		21,105,000			21,500,719
9.25% Bonds, Series ES18, 4/20/18		70,000,000	ZAR		10,378,667
10% Nts., Series ES23, 1/25/23		368,000,000	ZAR		56,711,547
Israel Electric Corp. Ltd., 7.25% Nts., 1/15/19⁵		31,120,000			33,078,631
Majapahit Holding BV:
7.75% Nts., 10/17/16⁵		15,500,000			17,515,000
8% Sr. Unsec. Nts., 8/7/19⁵		11,150,000			12,711,000
National Power Corp., 5.875% Unsec. Unsub. Bonds, 12/19/16		665,100,000	PHP		16,272,361

					203,306,850
Energy Traders—0.3%
Colbun SA, 6% Sr. Unsec. Nts., 1/21/20⁵		12,290,000			12,626,525
Power Sector Assets & Liabilities Management Corp.:
7.25% Sr. Gtd. Unsec. Nts., 5/27/19⁵		7,500,000			8,587,500
7.39% Sr. Gtd. Unsec. Nts., 12/2/24⁵		8,120,000			9,297,400
PT Cikarang Listindo/Listindo Capital BV, 9.25% Sr. Nts., 1/29/15⁵		8,410,000			9,311,594

					39,823,019

Gas Utilities—0.1%
TGI International Ltd., 9.50% Nts., 10/3/17⁵		10,420,000			11,722,500
Water Utilities—0.1%
Cia de Saneamento Basico do Estado de Sao Paulo, 6.25% Sr. Unsec. Nts., 12/16/20⁵		10,885,000			11,238,763

Total Corporate Bonds and Notes (Cost $1,871,421,397)					1,949,648,691

	Shares

Common Stocks—0.0%
MHP SA, GDR^5,11(Cost $15,289)		169,861			3,222,263

	Principal
	Amount

Structured Securities—6.7%
Barclays Bank plc:
Indonesia (Republic of) Total Return Linked Bonds, 10.50%, 8/19/30		100,330,000,000	IDR		12,704,814
Indonesia (Republic of) Total Return Linked Bonds, 10.50%, 8/19/30		134,050,000,000	IDR		16,974,787
Indonesia (Republic of) Total Return Linked Bonds, Series 22, 11%, 9/17/25		100,660,000,000	IDR		13,521,999
Indonesia (Republic of) Total Return Linked Nts., 10%, 9/18/24		27,100,000,000	IDR		3,400,025

22 | OPPENHEIMER INTERNATIONAL BOND FUND


	Principal
	Amount			Value

Structured Securities Continued
Barclays Bank plc: Continued
Indonesia (Republic of) Total Return Linked Nts., 10%, 9/18/24		53,310,000,000	IDR	$	6,688,389
Indonesia (Republic of) Total Return Linked Nts., Series 50, 10.50%, 8/19/30		67,450,000,000	IDR		8,541,211
Indonesia (Republic of) Total Return Linked Nts., Series 51, 10.50%, 8/19/30		69,180,000,000	IDR		8,760,281
Indonesia (Republic of) Total Return Linked Nts., Series 51, 11%, 9/17/25		69,180,000,000	IDR		9,293,184
Russian Federation Total Return Linked Bonds, 7.15%, 1/25/13³		550,300,000	RUR		19,867,858
Russian Federation Total Return Linked Bonds, 6.70%, 2/8/13³		563,400,000	RUR		20,182,291
Citigroup Funding, Inc.:
ALROSA Russia Corporate Bond Credit Linked Unsec. Nts., 8.25%, 6/25/15^3,4		182,270,000	RUR		6,538,949
Indonesia (Republic of) Credit Linked Nts., 10%, 9/19/24		62,980,000,000	IDR		7,901,609
Indonesia (Republic of) Credit Linked Nts., Series 23, 11%, 9/17/25		67,110,000,000	IDR		9,015,114
Indonesia (Republic of) Credit Linked Nts., Series 25, 11%, 9/17/25		101,170,000,000	IDR		13,590,509
Indonesia (Republic of) Credit Linked Nts., Series 55, 10.50%, 8/19/30		101,170,000,000	IDR		12,811,184
Indonesia (Republic of) Total Return Linked Nts., 11%, 9/17/25		68,100,000,000	IDR		9,148,104
Instituto Costarricense De Eletricidad Total Return Linked Nts., 2.303%, 10/25/11³		14,720,000			14,813,709
Russian Federation Credit Linked Bonds, 6.70%, 2/8/13^3,4		377,910,000	RUR		13,439,252
Ukraine (Republic of) Credit Linked Nts., 5.50%, 9/1/15^3,4		169,861,500	UAH		19,109,819
Citigroup Global Markets Holdings, Inc.:
Colombia (Republic of) Credit Linked Bonds, 11.25%, 10/25/18⁴		11,920,000,000	COP		7,403,202
Colombia (Republic of) Credit Linked Nts., 13.661%, 2/26/15^4,6		10,435,000,000	COP		11,930,693
Colombia (Republic of) Credit Linked Nts., Series 01, 13.661%, 2/26/15^4,6		3,833,000,000	COP		4,382,400
Colombia (Republic of) Credit Linked Nts., Series 02, 13.661%, 2/26/15^4,6		4,568,000,000	COP		5,222,751
Colombia (Republic of) Total Return Linked Bonds, 7.25%, 6/16/16		16,791,000,000	COP		8,770,438
Colombia (Republic of) Total Return Linked Bonds, Series 2, 11%, 7/27/20		26,964,000,000	COP		16,840,578
Dominican Republic Unsec. Credit Linked Nts., 15%, 3/12/12⁴		289,700,000	DOP		7,915,254
Credit Suisse First Boston International:
Moitk Total Return Linked Nts., 21%, 3/30/11⁷		220,242,600	RUR		23,239
Russian Oreniz Total Return Linked Nts., 9.24%, 2/24/12³		45,458,000	RUR		1,575,010
Credit Suisse First Boston, Inc. (Nassau Branch):
Russian Oreniz Total Return Linked Nts., Series 009, 9.24%, 2/24/12³		52,500,000	RUR		1,818,998
Russian Specialized Construction & Installation
Administration Total Return Linked Nts., 13%, 5/20/10⁷		64,600,000	RUR		227
Credit Suisse Group AG, Russian Moscoblgaz Finance
Total Return Linked Nts., 9.25%, 6/27/12		45,150,000	RUR		1,554,651

23 | OPPENHEIMER INTERNATIONAL BOND FUND

STATEMENT OF INVESTMENTS Unaudited / Continued


	Principal
	Amount			Value

Structured Securities Continued
Credit Suisse International:
OAO Gazprom Total Return Linked Nts., 13.12%, 6/28/12³		106,500,000	RUR	$	4,069,789
OAO Gazprom Total Return Linked Nts., 13.12%, 6/28/12³		155,430,000	RUR		5,939,600
OAO Gazprom Total Return Linked Nts., 13.12%, 6/28/12³		144,200,000	RUR		5,510,457
Deutsche Bank AG:
Coriolanus Ltd. Sec. Credit Linked Bonds, Series 128, 3.01%, 4/30/25^4,12		4,790,419			3,093,074
Coriolanus Ltd. Sec. Credit Linked Bonds, 3.064%, 4/30/25^5,12		6,103,731			3,941,052
Coriolanus Ltd. Sec. Credit Linked Bonds, 3.103%, 4/30/25^5,12		5,269,594			3,402,467
Coriolanus Ltd. Sec. Credit Linked Bonds, 3.138%, 4/30/25^5,12		4,710,353			3,041,377
Coriolanus Ltd. Sec. Credit Linked Bonds, 3.191%, 4/30/25^5,12		5,864,772			3,786,761
Coriolanus Ltd. Sec. Credit Linked Bonds, 3.242%, 4/30/25^5,12		6,693,746			4,322,013
Coriolanus Ltd. Sec. Credit Linked Bonds, 3.269%, 4/30/25^5,12		5,347,520			3,452,782
Coriolanus Ltd. Sec. Credit Linked Bonds, 3.346%, 4/30/25^5,12		5,026,441			3,245,469
Coriolanus Ltd. Sec. Credit Linked Nts., Series 113, 9%, 4/26/11^3,4		8,755,000			10,259,985
Indonesia (Republic of) Credit Linked Nts., 10.50%, 8/23/30		119,230,000,000	IDR		15,098,126
Indonesia (Republic of) Credit Linked Nts., 12.80%, 6/22/21		38,920,000,000	IDR		5,906,556
Indonesia (Republic of) Credit Linked Nts., Series 03, 11%, 9/17/25		97,410,000,000	IDR		13,085,416
JSC Gazprom Credit Linked Nts., Series 4, 13.12%, 6/28/12³		160,790,000	RUR		6,144,427
JSC Gazprom Total Return Linked Nts., 13.12%, 6/28/12³		133,110,000	RUR		5,086,663
Opic Reforma I Credit Linked Nts., Cl. 2A, 8.315%, 5/22/15^3,4		2,585,931	MXN		216,706
Opic Reforma I Credit Linked Nts., Cl. 2B, 8.315%, 5/22/15^3,4		4,524,148	MXN		379,132
Opic Reforma I Credit Linked Nts., Cl. 2C, 8.315%, 5/22/15^3,4		68,213,181	MXN		5,716,391
Opic Reforma I Credit Linked Nts., Cl. 2D, 8.315%, 5/22/15^3,4		4,971,283	MXN		416,603
Opic Reforma I Credit Linked Nts., Cl. 2E, 8.315%, 5/22/15^3,4		3,611,731	MXN		302,670
Opic Reforma I Credit Linked Nts., Cl. 2F, 8.315%, 5/22/15^3,4		2,306,631	MXN		193,300
Opic Reforma I Credit Linked Nts., Cl. 2G, 8.315%, 5/22/15^3,4		424,788	MXN		35,598
Ukraine (Republic of) 6 yr. Total Return Linked Nts., 4.05%, 8/30/11		2,505,000			2,257,030
Ukraine (Republic of) 6.5 yr. Total Return Linked Nts., 4.05%, 2/29/12		2,505,000			1,990,648
Ukraine (Republic of) 7 yr. Total Return Linked Nts., 4.05%, 8/30/12		2,505,000			1,780,980
Eirles Two Ltd. Sec. Nts., Series 335, 2.103%, 4/30/12^3,4		11,200,000			10,758,720
Goldman Sachs & Co., Turkey (Republic of) Credit Linked Nts., 14.802%, 3/29/17^5,12		129,050,000	TRY		41,283,296
Goldman Sachs Capital Markets LP, Colombia (Republic of) Credit Linked Nts., 10.476%, 2/8/37^4,12		376,977,600,000	COP		7,452,937
Hallertau SPC Credit Linked Nts.:
Series 2007-01, 2.51%, 12/20/17^3,4		42,470,000			39,178,575
Series 2008-01, 9.888%, 8/2/10^4,7,12		63,164,246	BRR		3,868,817
Series 2008-2A, 7.91%, 9/17/13^3,4		15,837,500			16,168,504
JPMorgan Chase & Co.:
Colombia (Republic of) Credit Linked Bonds, 10.19%, 1/5/16^4,12		68,635,000,000	COP		26,988,243
Colombia (Republic of) Credit Linked Bonds, 10.218%, 10/31/16^4,12		90,697,000,000	COP		32,963,986
Colombia (Republic of) Credit Linked Nts., 11%, 7/28/20⁴		12,645,000,000	COP		7,899,831
Colombia (Republic of) Credit Linked Nts., Series 2, 11%, 7/28/20⁴		45,193,500,000	COP		28,234,165
Indonesia (Republic of) Credit Linked Bonds, 8.25%, 7/19/21⁵		136,330,000,000	IDR		15,811,274
Indonesia (Republic of) Credit Linked Bonds, Series 04, 11%, 9/17/25⁵		69,180,000,000	IDR		9,293,184

24 | OPPENHEIMER INTERNATIONAL BOND FUND


	Principal
	Amount			Value

Structured Securities Continued
JPMorgan Chase & Co.: Continued
Indonesia (Republic of) Credit Linked Nts., Series 04, 10.50%, 8/19/30⁵		66,900,000,000	IDR	$	8,471,564
Indonesia (Republic of) Credit Linked Nts., Series 52, 10.50%, 8/19/30⁵		67,450,000,000	IDR		8,541,211
Indonesia (Republic of) Credit Linked Nts., Series 55, 11%, 9/17/25⁵		67,450,000,000	IDR		9,060,787
Indonesia (Republic of) Total Return Linked Nts., 10.50%, 8/19/30⁵		19,010,000,000	IDR		2,407,241
Indonesia (Republic of) Total Return Linked Nts., Series 53, 11%, 9/17/25⁵		68,100,000,000	IDR		9,148,104
JPMorgan Chase Bank NA:
Indonesia (Republic of) Credit Linked Nts., Series 11, 10.50%, 8/19/30⁵		100,000,000,000	IDR		12,663,026
Indonesia (Republic of) Credit Linked Nts., Series 2, 10.50%, 8/19/30⁵		119,230,000,000	IDR		15,098,126
Indonesia (Republic of) Credit Linked Nts., Series 2, 11%, 9/17/25⁵		46,070,000,000	IDR		6,188,739
Indonesia (Republic of) Credit Linked Nts., Series 3, 11%, 9/17/25⁵		92,130,000,000	IDR		12,376,135
Russian Federation Credit Linked Bonds, 6.70%, 2/8/13^3,4		377,810,000	RUR		13,538,014
Russian Federation Credit Linked Bonds, 10%, 9/30/11^3,5		442,790,000	RUR		16,018,339
Russian Federation Credit Linked Bonds, Series 2, 7.15%, 1/25/13^3,4		464,490,000	RUR		16,777,970
LB Peru Trust II Certificates, Series 1998-A, 4.534%, 2/28/16^7,12		1,426,420			142,642
Merrill Lynch, Colombia (Republic of) Credit Linked Nts., 10%, 11/17/16⁴		13,289,000,000	COP		7,633,275
Morgan Stanley:
Peru (Republic of) Credit Linked Nts., 6.25%, 3/23/17⁵		26,120,000	PEN		7,752,831
Russian Federation Total Return Linked Bonds, Series 007, Cl. VR, 5%, 8/22/34		340,888,717	RUR		5,660,153
Morgan Stanley Capital Services, Inc.:
Brazil (Federal Republic of) Credit Linked Nts., 12.551%, 1/5/22^5,12		173,500,000	BRR		14,602,629
United Mexican States Credit Linked Nts., 5.64%, 11/20/15⁴		11,760,000			10,685,430
VimpelCom Total Return Linked Nts., 9.25%, 7/26/13³		692,500,000	RUR		25,081,740
Standard Bank Group Ltd., Ghana (Republic of) Credit Linked Bonds, 11.155%, 9/21/11¹²		16,895,000	GHS		10,583,916
Standard Charter Bank:
Kenya (Republic of) Credit Linked Bonds, 11.441%, 9/1/11^4,12		10,050,000	GHS		6,355,028
Kenya (Republic of) Credit Linked Bonds, 11.44%, 9/8/11^4,12		18,310,000	GHS		11,553,234
UBS AG, Ghana (Republic of) Credit Linked Nts., 14.47%, 12/28/11⁴		7,369,232	GHS		4,940,472

Total Structured Securities (Cost $898,341,927)					881,597,739


	Expiration		Strike
	Date		Price		Contracts

Options Purchased—0.0%
Japanese Yen (JPY) Call¹¹		4/25/11	$	76.00		13,581,000,000	16,976
Japanese Yen (JPY) Call¹¹		4/25/11	$	76.00		13,581,000,000	14,260
Japanese Yen (JPY) Call¹¹		4/25/11	$	76.00		13,581,000,000	13,445
Japanese Yen (JPY) Call¹¹		4/26/11	$	76.30		12,740,000,000	20,639

Total Options Purchased (Cost $2,188,106)							65,320

25 | OPPENHEIMER INTERNATIONAL BOND FUND

STATEMENT OF INVESTMENTS Unaudited / Continued


	Shares			Value

Investment Companies—5.1%
JPMorgan U.S. Treasury Plus Money Market Fund, Agency Shares, 0.00%^13,14		26,303,084		$	26,303,084
Oppenheimer Institutional Money Market Fund, Cl. E, 0.20%^13,15		640,728,171			640,728,171

Total Investment Companies (Cost $667,031,255)					667,031,255

Total Investments, at Value (Cost $12,462,481,460)		99.0	%		12,998,007,447
Other Assets Net of Liabilities		1.0			132,222,915


Net Assets		100.0	%	$	13,130,230,362

Footnotes to Statement of Investments

Principal amount is reported in U.S. Dollars, except for those denoted in the following currencies:


ARP		Argentine Peso
AUD		Australian Dollar
BRR		Brazilian Real
CAD		Canadian Dollar
CHF		Unknown Currency Code
COP		Colombian Peso
CZK		Unknown Currency Code
DKK		Danish Krone
DOP		Dominican Republic Peso
EUR		Euro
GBP		British Pound Sterling
GHS		Ghana Cedi
HUF		Hungarian Forint
IDR		Indonesia Rupiah
JPY		Japanese Yen
KRW		South Korean Won
MXN		Mexican Nuevo Peso
MYR		Malaysian Ringgit
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
ZAR		South African Rand


1.		All or a portion of the security position is held in collateralized accounts to cover initial margin requirements on open futures contracts and written options on futures, if applicable. The aggregate market value of such securities is $68,344,382. See Note 5 of the accompanying Notes.

2.		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 $3,879,620. See Note 5 of the accompanying Notes.

3.		Represents the current interest rate for a variable or increasing rate security.

4.		Restricted security. The aggregate value of restricted securities as of March 31, 2011 was $405,199,561, which represents 3.09% of the Fund’s net assets. See Note 6 of the accompanying Notes. Information concerning restricted securities is as follows:


							Unrealized
	Acquisition						Appreciation
Security	Dates		Cost		Value		(Depreciation)

Akbank TAS, 5.125% Sr. Unsec. Nts., 7/22/15		7/15/10	$	14,795,333	$	15,010,944	$	215,611
Autopistas del Nordeste Cayman Ltd., 9.39% Nts., 1/15/26		2/22/06-10/20/09		16,050,458		16,361,857		311,399
Citigroup Funding, Inc., ALROSA Russia Corporate Bond Credit Linked Unsec. Nts., 8.25%, 6/25/15		3/1/11		6,458,695		6,538,949		80,254
Citigroup Funding, Inc., Russian Federation Credit Linked Bonds, 6.70%, 2/8/13		3/2/11		13,442,150		13,439,252		(2,898	)
Citigroup Funding, Inc., Ukraine (Republic of) Credit Linked Nts., 5.50%, 9/1/15		9/7/10		17,694,008		19,109,819		1,415,811

26 | OPPENHEIMER INTERNATIONAL BOND FUND


							Unrealized
	Acquisition						Appreciation
Security	Dates		Cost		Value		(Depreciation)

Citigroup Global Markets Holdings, Inc., Colombia (Republic of) Credit Linked Bonds, 11.25%, 10/25/18		12/9/08	$	5,031,782	$	7,403,202	$	2,371,420
Citigroup Global Markets Holdings, Inc., Colombia (Republic of) Credit Linked Nts., 13.661%, 2/26/15		7/18/08		8,876,750		11,930,693		3,053,943
Citigroup Global Markets Holdings, Inc., Colombia (Republic of) Credit Linked Nts., Series 01,13.661%, 2/26/15		7/31/08		3,298,201		4,382,400		1,084,199
Citigroup Global Markets Holdings, Inc., Colombia (Republic of) Credit Linked Nts., Series 02, 13.661%, 2/26/15		8/8/08		3,957,968		5,222,751		1,264,783
Citigroup Global Markets Holdings, Inc., Dominican Republic Unsec. Credit Linked Nts., 15%, 3/12/12		3/7/07		8,695,818		7,915,254		(780,564	)
Deutsche Bank AG, Coriolanus Ltd. Sec. Credit Linked Bonds, Series 128, 3.01%, 4/30/25		10/8/10		3,155,711		3,093,074		(62,637	)
Deutsche Bank AG, Coriolanus Ltd. Sec. Credit Linked Nts., Series 113, 9%, 4/26/11		12/8/08		8,750,504		10,259,985		1,509,481
Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2A, 8.315%, 5/22/15		5/21/08		249,324		216,706		(32,618	)
Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2B, 8.315%, 5/22/15		6/12/08		436,168		379,132		(57,036	)
Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2C, 8.315%, 5/22/15		6/18/08		6,617,724		5,716,391		(901,333	)
Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2D, 8.315%, 5/22/15		7/8/08		481,935		416,603		(65,332	)
Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2E, 8.315%, 5/22/15		7/15/08		350,722		302,670		(48,052	)
Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2F, 8.315%, 5/22/15		8/8/08		227,066		193,300		(33,766	)
Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2G, 8.315%, 5/22/15		8/22/08		41,897		35,598		(6,299	)
Eirles Two Ltd. Sec. Nts., Series 335, 2.103%, 4/30/12		9/17/07-2/24/09		10,986,130		10,758,720		(227,410	)
Financing of Infrastructural Projects State Enterprise Gtd. Nts., 8.375%, 11/3/17		10/29/10		15,258,185		15,877,750		619,565
Goldman Sachs Capital Markets LP, Colombia (Republic of) Credit Linked Nts., 10.476%, 2/8/37		1/18/07		32,798,162		7,452,937		(25,345,225	)
Hallertau SPC Credit Linked Nts., Series 2007-01, 2.51%, 12/20/17		12/13/07		42,470,000		39,178,575		(3,291,425	)
Hallertau SPC Credit Linked Nts., Series 2008-01, 9.888%, 8/2/10		4/18/08-10/1/08		31,666,704		3,868,817		(27,797,887	)
Hallertau SPC Credit Linked Nts., Series 2008-2A, 7.91%, 9/17/13		10/23/08-2/26/09		15,964,171		16,168,504		204,333
JPMorgan Chase & Co., Colombia (Republic of) Credit Linked Bonds, 10.19%, 1/5/16		12/6/05		11,167,708		26,988,243		15,820,535

27 | OPPENHEIMER INTERNATIONAL BOND FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

Footnotes to Statement of Investments Continued


							Unrealized
	Acquisition						Appreciation
Security	Dates		Cost		Value		(Depreciation)

JPMorgan Chase & Co., Colombia (Republic of) Credit Linked Bonds, 10.218%, 10/31/16		10/16/06	$	14,183,697	$	32,963,986	$	18,780,289
JPMorgan Chase & Co., Colombia (Republic of) Credit Linked Nts., 11%, 7/28/20		8/24/10		8,784,552		7,899,831		(884,721	)
JPMorgan Chase & Co., Colombia (Republic of) Credit Linked Nts., Series 2, 11%, 7/28/20		10/6/10		31,799,326		28,234,165		(3,565,161	)
JPMorgan Chase Bank NA, Russian Federation Credit Linked Bonds, 6.70%, 2/8/13		3/1/11		13,273,534		13,538,014		264,480
JPMorgan Chase Bank NA, Russian Federation Credit Linked Bonds, Series 2, 7.15%, 1/25/13		2/28/11		16,374,493		16,777,970		403,477
JPMorgan Hipotecaria su Casita, 7.812% Sec. Nts., 8/26/35		3/21/07		3,092,229		2,935,195		(157,034	)
Merrill Lynch, Colombia (Republic of) Credit Linked Nts., 10%, 11/17/16		10/20/06		5,679,060		7,633,275		1,954,215
Morgan Stanley Capital Services, Inc., United Mexican States Credit Linked Nts., 5.64%, 11/20/15		11/3/05		11,760,000		10,685,430		(1,074,570	)
Ongko International Finance Co. BV, 10.50% Sec. Nts., 3/29/04		6/30/09		548,813		—		(548,813	)
Provincia de Buenos Aires Sr. Unsec. Unsub. Nts., 10.875%, 1/26/21		1/19/11		11,762,214		11,187,315		(574,899	)
Salisbury International Investments Ltd., 4.453% Sec. Nts., Series 2006-003, Tranche E, 7/22/11		7/12/06		2,400,000		2,273,520		(126,480	)
Standard Charter Bank, Kenya (Republic of) Credit Linked Bonds, 11.441%, 9/1/11		3/3/11		6,303,320		6,355,028		51,708
Standard Charter Bank, Kenya (Republic of) Credit Linked Bonds, 11.44%, 9/8/11		3/8/11		11,468,797		11,553,234		84,437
UBS AG, Ghana (Republic of) Credit Linked Nts., 14.47%, 12/28/11		12/22/06		8,051,047		4,940,472		(3,110,575	)

			$	424,404,356	$	405,199,561	$	(19,204,795	)


5.		Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended. These securities have been determined to be liquid under guidelines established by the Board of Trustees. These securities amount to $1,756,358,245 or 13.38% of the Fund’s net assets as of March 31, 2011.

6.		Denotes an inflation-indexed security: coupon or principal are indexed to a consumer price index.

7.		This security is not accruing income because the issuer has missed an interest payment on it and/or is not anticipated to make future interest and/or principal payments. The rate shown is the original contractual interest rate. See Note 1 of the accompanying Notes.

8.		This bond has no contractual maturity date, is not redeemable and contractually pays an indefinite stream of interest. Rate reported represents the current interest rate for this variable rate security.

9.		Denotes a step bond: a zero coupon bond that converts to a fixed or variable interest rate at a designated future date.

10.		When-issued security or delayed delivery to be delivered and settled after March 31, 2011. See Note 1 of the accompanying Notes.

11.		Non-income producing security.

12.		Zero coupon bond reflects effective yield on the date of purchase.

28 | OPPENHEIMER INTERNATIONAL BOND FUND


13.		Rate shown is the 7-day yield as of March 31, 2011.

14.		Interest rate is less than 0.0005%.

15.		Is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended March 31, 2011, by virtue of the Fund owning at least 5% of the voting securities of the issuer or as a result of the Fund and the issuer having the same investment adviser. Transactions during the period in which the issuer was an affiliate are as follows:

Shares

Gross

Shares

September 30, 2010

Additions

Reductions

March 31, 2011

Oppenheimer Institutional Money Market Fund, Cl. E

30,173,589

1,954,059,056

1,343,504,474

640,728,171


	Value		Income

Oppenheimer Institutional Money Market Fund, Cl. E	$	640,728,171	$	241,559

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:

Level 1—unadjusted quoted prices in active markets for identical assets or liabilities (including securities actively traded on a securities exchange)

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.)

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 that are included in the Fund’s Statement of Assets and Liabilities as of March 31, 2011 based on valuation input level:


			Level 2—
	Level 1—		Other		Level 3—
	Unadjusted		Significant		Significant
	Quoted		Observable		Unobservable
	Prices		Inputs		Inputs		Value

Assets Table
Investments, at Value:
U.S. Government Obligations	$	—	$	31,196,942	$	—	$	31,196,942
Foreign Government Obligations		—		9,465,245,237		—		9,465,245,237
Corporate Bonds and Notes		—		1,949,648,691		—		1,949,648,691
Common Stocks		3,222,263		—		—		3,222,263
Structured Securities		—		875,076,603		6,521,136		881,597,739
Options Purchased		—		65,320		—		65,320
Investment Companies		667,031,255		—		—		667,031,255

Total Investments, at Value		670,253,518		12,321,232,793		6,521,136		12,998,007,447

Other Financial Instruments:
Appreciated swaps, at value		—		13,645,713		—		13,645,713
Depreciated swaps, at value		—		201,167		—		201,167
Futures margins		525,118		—		—		525,118
Foreign currency exchange contracts		—		115,371,224		—		115,371,224

Total Assets	$	670,778,636		$12,450,450,897	$	6,521,136	$	13,127,750,669

29 | OPPENHEIMER INTERNATIONAL BOND FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

Footnotes to Statement of Investments Continued


				Level 2—
	Level 1—			Other			Level 3—
	Unadjusted			Significant			Significant
	Quoted			Observable			Unobservable
	Prices			Inputs			Inputs		Value

Liabilities Table
Other Financial Instruments:
Appreciated swaps, at value	$	—		$	(6,645,219	)	$	—	$	(6,645,219	)
Depreciated swaps, at value		—			(18,920,391	)		—		(18,920,391	)
Appreciated options written, at value		—			(94,313	)		—		(94,313	)
Futures margins		(757,480	)		—			—		(757,480	)
Foreign currency exchange contracts		—			(38,016,231	)		—		(38,016,231	)

Total Liabilities	$	(757,480	)	$	(63,676,154	)	$	—	$	(64,433,634	)

Currency contracts 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.

Distribution of investments representing geographic holdings, as a percentage of total investments at value, is as follows:


Geographic Holdings	Value		Percent

Japan	$	2,839,989,738		21.8	%
United States		925,012,457		7.1
Brazil		918,031,625		7.1
Germany		727,541,695		5.6
Mexico		620,720,991		4.8
United Kingdom		608,755,240		4.7
Russia		526,578,277		4.0
Italy		515,486,079		4.0
South Africa		477,059,163		3.7
Indonesia		423,052,568		3.2
Poland		407,437,442		3.1
Canada		364,502,738		2.8
Turkey		353,056,051		2.7
Australia		286,385,052		2.2
Colombia		285,741,311		2.2
Spain		225,640,884		1.7
Argentina		205,769,960		1.6
Korea, Republic of South		203,300,935		1.6
Hungary		178,600,339		1.4
Ukraine		177,127,071		1.4
Venezuela		163,107,896		1.3
Kazakhstan		143,297,823		1.1
Peru		141,746,259		1.1
Belgium		134,392,283		1.0
Malaysia		129,983,758		1.0
The Netherlands		122,970,162		0.9
India		102,470,983		0.8
Philippines		99,257,166		0.8
Austria		88,514,196		0.7

30 | OPPENHEIMER INTERNATIONAL BOND FUND


Geographic Holdings	Value		Percent

Greece	$	88,411,357		0.7	%
Uruguay		68,191,750		0.5
Panama		47,299,535		0.4
Ghana		44,992,625		0.3
Denmark		42,609,535		0.3
Dominican Republic		37,129,936		0.3
Sweden		35,244,114		0.3
Chile		33,496,412		0.3
Israel		33,078,631		0.2
Finland		28,036,147		0.2
France		24,465,208		0.2
Trinidad & Tobago		21,087,100		0.2
Qatar		17,851,020		0.1
Costa Rica		14,813,709		0.1
Norway		13,816,028		0.1
Nigeria		13,033,688		0.1
Supranational		13,032,240		0.1
Sri Lanka		9,745,675		0.1
China		7,967,008		0.1
Ivory Coast		3,983,175		—
Belize		3,024,575		—
Egypt		1,167,837		—

Total	$	12,998,007,447		100.0	%

Foreign Currency Exchange Contracts as of March 31, 2011 are as follows:


		Contract
Counterparty/		Amount		Expiration				Unrealized		Unrealized
Contract Description	Buy/Sell	(000’s)		Dates		Value		Appreciation		Depreciation

Banc of America:
Argentine Peso (ARP)	Buy	399,660	ARP		4/28/11-6/29/11	$	97,719,952	$	—	$	141,582
Australian Dollar (AUD)	Sell	65,150	AUD		4/15/11		67,263,646		—		2,172,281
Canadian Dollar (CAD)	Buy	24,010	CAD		5/24/11		24,735,749		356,367		—
Canadian Dollar (CAD)	Sell	89,980	CAD		5/24/11		92,699,819		—		1,207,957
Chinese Renminbi (Yuan) (CNY)	Buy	446,400	CNY		6/7/11		68,408,255		2,460,552		—
Chinese Renminbi (Yuan) (CNY)	Sell	141,995	CNY		5/24/11		21,742,366		—		33,911
Euro (EUR)	Sell	17,235	EUR		4/6/11		24,422,630		—		838,428
Indonesia Rupiah (IDR)	Buy	325,824,000	IDR		5/18/11-6/1/11		37,096,236		715,805		46,514
Indonesia Rupiah (IDR)	Sell	101,498,000	IDR		5/18/11-6/1/11		11,543,654		—		145,176
New Turkish Lira (TRY)	Buy	207,025	TRY		4/25/11		133,505,433		2,310,052		—
New Turkish Lira (TRY)	Sell	103,150	TRY		4/1/11		66,804,831		—		2,000,720
South African Rand (ZAR)	Sell	452,900	ZAR		4/4/11		66,909,553		—		2,280,645
South Korean Won (KRW)	Sell	73,645,000	KRW		5/3/11		67,002,147		—		1,452,526

									5,842,776		10,319,740
Bank Paribas Asia — FGN
South African Rand (ZAR)	Buy	221,370	ZAR		5/24/11		32,457,828		555,353		—
Barclay’s Capital:
Colombian Peso (COP)	Sell	12,397,000	COP		7/5/11		6,659,024		—		92,816
Euro (EUR)	Buy	182,950	EUR		4/27/11-5/24/11		259,116,155		7,965,124		—

31 | OPPENHEIMER INTERNATIONAL BOND FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

Footnotes to Statement of Investments Continued

Foreign Currency Exchange Contracts: Continued


		Contract
Counterparty/		Amount			Expiration				Unrealized		Unrealized
Contract Description	Buy/Sell	(000’s)			Dates		Value		Appreciation		Depreciation

Barclay’s Capital: Continued
Euro (EUR)	Sell		6,160	EUR		4/11/11	$	8,728,143	$	—	$	333,295
Hungarian Forint (HUF)	Buy		7,081,000	HUF		4/11/11		37,691,207		519,020		—
Japanese Yen (JPY)	Buy		1,619,000	JPY		4/7/11		19,464,578		—		185,865
Japanese Yen (JPY)	Sell		16,280,000	JPY		4/27/11		195,749,776		2,558,030		—
Mexican Nuevo Peso (MXN)	Buy		460,500	MXN		5/24/11		38,516,054		584,201		—
Mexican Nuevo Peso (MXN)	Sell		150,400	MXN		5/24/11		12,579,402		—		150,128
Russian Ruble (RUR)	Buy		964,120	RUR		4/29/11		33,829,748		641,452		—
South African Rand (ZAR)	Buy		452,900	ZAR		4/4/11		66,909,553		2,059,193		—
South African Rand (ZAR)	Sell		128,220	ZAR		4/6/11		18,937,312		—		1,521,222
South Korean Won (KRW)	Buy		83,176,000	KRW		5/11/11		75,628,527		2,301,745		—
South Korean Won (KRW)	Sell		36,156,000	KRW		5/2/11		32,897,115		—		42,289

										16,628,765		2,325,615
Citigroup:
Australian Dollar (AUD)	Buy		75,820	AUD		5/24/11		77,879,813		1,905,680		—
Australian Dollar (AUD)	Sell		10,910	AUD		5/24/11		11,206,394		—		291,977
Colombian Peso (COP)	Buy		12,397,000	COP		7/5/11		6,659,024		82,366		—
Euro (EUR)	Buy		137,140	EUR		4/7/11-4/27/11		194,287,270		5,290,589		—
Euro (EUR)	Sell		19,655	EUR		5/10/11		27,833,638		—		1,091,877
Indian Rupee (INR)	Buy		2,964,500	INR		5/24/11		65,792,610		674,543		—
Indonesia Rupiah (IDR)	Buy		2,318,000	IDR		6/1/11		263,348		1,403		—
Indonesia Rupiah (IDR)	Sell		1,044,000	IDR		6/1/11		118,609		—		632
Japanese Yen (JPY)	Sell		8,969,000	JPY		4/27/11		107,842,736		1,270,514		—
New Taiwan Dollar (TWD)	Sell		1,948,000	TWD		5/24/11		66,321,446		72,555		—
New Turkish Lira (TRY)	Buy		131,310	TRY		4/1/11-6/14/11		84,807,135		477,459		—
New Turkish Lira (TRY)	Sell		103,150	TRY		6/1/11		66,092,364		8,244		—
New Zealand Dollar (NZD)	Buy		59,410	NZD		5/24/11		45,163,973		1,467,615		—
New Zealand Dollar (NZD)	Sell		30	NZD		5/24/11		22,806		—		871
South African Rand (ZAR)	Buy		175,820	ZAR		5/24/11		25,779,172		1,413,299		—
South African Rand (ZAR)	Sell		178,640	ZAR		5/24/11		26,192,648		—		645,311

										12,664,267		2,030,668
Citigroup EM:
Chilean Peso (CLP)	Buy		15,298,000	CLP		6/30/11		31,735,166		173,375		—
Chilean Peso (CLP)	Sell		13,503,000	CLP		6/1/11		28,098,879		69,642		219,671
Colombian Peso (COP)	Buy		17,519,679	COP		4/5/11		9,366,318		96,647		—
Colombian Peso (COP)	Sell		127,274,901	COP		4/1/11-4/18/11		68,105,592		—		539,097
Egyptian Pounds (EGP)	Buy		135,045	EGP		5/5/11		22,341,433		—		203,266
Indonesia Rupiah (IDR)	Buy		13,705,000	IDR		6/1/11		1,557,025		17,656		—
Indonesia Rupiah (IDR)	Sell		13,000,000	IDR		6/1/11		1,476,930		—		11,316

										357,320		973,350
Credit Suisse:
Malaysian Ringgit (MYR)	Buy		181,345	MYR		7/5/11		59,477,349		—		359,254
New Turkish Lira (TRY)	Sell		152,060	TRY		4/4/11-4/11/11		98,369,658		—		3,489,484
Swedish Krona (SEK)	Buy		194,800	SEK		5/24/11		30,772,941		125,092		1,441
Swedish Krona (SEK)	Sell		150,600	SEK		5/24/11		23,790,580		—		287,418

										125,092		4,137,597

32 | OPPENHEIMER INTERNATIONAL BOND FUND

Foreign Currency Exchange Contracts: Continued


		Contract
Counterparty/		Amount			Expiration				Unrealized		Unrealized
Contract Description	Buy/Sell	(000’s)			Dates		Value		Appreciation		Depreciation

Credit Suisse EM:
New Turkish Lira (TRY)	Buy		84,705	TRY		4/11/11	$	54,755,680	$	1,511,396	$	—
Deutsche Bank Capital Corp.:
Australian Dollar (AUD)	Buy		3,279	AUD		4/7/11		3,388,717		77,668		—
British Pound Sterling (GBP)	Buy		8,160	GBP		4/7/11		13,089,320		—		186,624
British Pound Sterling (GBP)	Sell		12,990	GBP		5/24/11		20,823,649		261,199		—
Canadian Dollar (CAD)	Buy		12,950	CAD		4/7/11		13,355,345		71,413		—
Chinese Renminbi (Yuan) (CNY)	Buy		510,510	CNY		1/6/12		79,058,857		—		180,750
Chinese Renminbi (Yuan) (CNY)	Sell		572,760	CNY		4/11/11-6/20/11		87,753,309		—		105,853
Euro (EUR)	Buy		144,860	EUR		4/27/11		205,192,570		7,164,604		—
Japanese Yen (JPY)	Sell		16,257,000	JPY		4/27/11		195,473,225		2,913,759		—
Polish Zloty (PLZ)	Buy		189,850	PLZ		4/15/11		66,771,704		1,665,171		—
Polish Zloty (PLZ)	Sell		189,850	PLZ		4/26/11		66,708,414		—		70,062
Swiss Franc (CHF)	Buy		101,664	CHF		4/7/11-5/24/11		110,724,458		2,618,399		174,234
Swiss Franc (CHF)	Sell		82,230	CHF		5/24/11		89,559,360		—		2,373,802

										14,772,213		3,091,325
Deutsche Bank EM:
Chinese Renminbi
(Yuan) (CNY)	Sell		41,090	CNY		4/11/11		6,278,414		—		14,695
Malaysian Ringgit (MYR)	Buy		543,585	MYR		4/18/11		179,262,127		1,724,404		—
Russian Ruble (RUR)	Buy		1,607,005	RUR		4/11/11-6/2/11		56,384,352		1,392,202		—

										3,116,606		14,695
Goldman Sachs EM:
Brazilian Real (BRR)	Buy		215,350	BRR		5/3/11		131,054,703		1,955,727		—
Brazilian Real (BRR)	Sell		246,400	BRR		5/3/11		149,950,679		—		2,237,712
Chilean Peso (CLP)	Buy		8,940,000	CLP		6/1/11		18,603,568		—		89,584
Chinese Renminbi (Yuan) (CNY)	Buy		428,540	CNY		2/16/12		66,497,455		7,872		75,559
Hungarian Forint (HUF)	Buy		4,327,000	HUF		4/11/11		23,032,037		78,956		—
Malaysian Ringgit (MYR)	Buy		157,130	MYR		4/18/11		51,817,946		257,650		—
Mexican Nuevo Peso (MXN)	Buy		1,888,645	MXN		4/18/11-4/19/11		158,512,762		2,782,620		—
Mexican Nuevo Peso (MXN)	Sell		834,420	MXN		4/18/11		70,033,831		—		1,141,823

										5,082,825		3,544,678
Goldman, Sachs & Co.:
Euro (EUR)	Buy		405,000	EUR		5/16/11		573,451,385		17,946,455		—
Hungarian Forint (HUF)	Buy		8,303,000	HUF		4/11/11		44,195,748		1,092,613		—
Japanese Yen (JPY)	Sell		3,824,000	JPY		5/24/11		45,987,803		595,950		19,399

										19,635,018		19,399
Hong Kong & Shanghai Bank Corp.
New Turkish Lira (TRY)	Buy		15,560	TRY		4/4/11		10,070,494		113,942		—
HSBC EM:
Brazilian Real (BRR)	Sell		194,830	BRR		5/3/11		118,566,927		—		1,699,313
New Turkish Lira (TRY)	Buy		110,660	TRY		4/4/11		71,619,592		3,392,233		—

										3,392,233		1,699,313
JP Morgan Chase:
Chilean Peso (CLP)	Sell		17,083,000	CLP		6/1/11		35,548,630		—		298,084
Chinese Renminbi (Yuan) (CNY)	Sell		290,405	CNY		5/24/11		44,467,001		—		72,749
Czech Koruna (CZK)	Sell		783,025	CZK		5/18/11		45,206,504		45,224		188,582

33 | OPPENHEIMER INTERNATIONAL BOND FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

Footnotes to Statement of Investments Continued

Foreign Currency Exchange Contracts: Continued


		Contract
Counterparty/		Amount			Expiration				Unrealized		Unrealized
Contract Description	Buy/Sell	(000’s)			Dates		Value		Appreciation		Depreciation

JP Morgan Chase: Continued
Euro (EUR)	Buy		108,650	EUR		4/27/11	$	153,901,510	$	5,317,203	$	—
Indian Rupee (INR)	Buy		525,660	INR		4/11/11		11,763,086		312,235		—
Japanese Yen (JPY)	Sell		12,200,000	JPY		4/27/11		146,692,092		2,145,934		—
Malaysian Ringgit (MYR)	Sell		63,550	MYR		5/10/11		20,924,362		—		183,501
Mexican Nuevo Peso (MXN)	Buy		374,500	MXN		4/18/11		31,432,216		490,397		—
New Taiwan Dollar (TWD)	Buy		200,370	TWD		4/11/11		6,815,330		23,383		—
New Turkish Lira (TRY)	Buy		166,585	TRY		4/11/11		107,685,200		3,019,015		—
New Zealand Dollar (NZD)	Sell		42,110	NZD		5/24/11		32,012,370		—		1,216,573
Norwegian Krone (NOK)	Buy		248,100	NOK		5/24/11		44,726,049		1,200,199		—
Norwegian Krone (NOK)	Sell		150,200	NOK		5/24/11		27,077,197		—		945,175
Philippines Peso (PHP)	Sell		2,837,000	PHP		6/1/11		65,179,936		158,618		—
Singapore Dollar (SGD)	Buy		109,800	SGD		4/25/11-5/10/11		87,111,806		458,333		25,660
Singapore Dollar (SGD)	Sell		83,450	SGD		4/25/11		66,206,076		—		167,063

										13,170,541		3,097,387
JP Morgan EM:
Australian Dollar (AUD)	Buy		65,150	AUD		4/15/11		67,263,646		1,971,619		—
Chilean Peso (CLP)	Buy		15,585,000	CLP		6/1/11		32,431,388		201,008		—
Chinese Renminbi (Yuan) (CNY)	Buy		1,048,870	CNY		6/20/11-2/17/12		162,390,740		618,253		491,118
Chinese Renminbi (Yuan) (CNY)	Sell		64,400	CNY		6/7/11		9,868,933		11,399		—
Czech Koruna (CZK)	Buy		783,025	CZK		5/18/11		45,206,504		511,766		—
Egyptian Pounds (EGP)	Buy		245,855	EGP		6/6/11		40,104,956		—		265,323
Hong Kong Dollar (HKD)	Sell		513,600	HKD		5/24/11		66,059,663		—		160,283
Indian Rupee (INR)	Buy		276,780	INR		4/11/11		6,193,713		115,979		—
Indonesia Rupiah (IDR)	Buy		440,562,000	IDR		4/18/11		50,450,076		1,293,354		—
New Taiwan Dollar (TWD)	Sell		200,370	TWD		4/11/11		6,815,330		—		39,205
Philippines Peso (PHP)	Buy		3,765,000	PHP		5/2/11		86,609,141		255,930		—
Polish Zloty (PLZ)	Buy		18,760	PLZ		4/4/11		6,604,290		—		21,173
Polish Zloty (PLZ)	Sell		161,410	PLZ		6/6/11		56,508,872		189,877		—
Russian Ruble (RUR)	Buy		965,280	RUR		4/25/11		33,881,489		738,828		—
South Korean Won (KRW)	Sell		73,598,000	KRW		5/2/11		66,964,318		—		420,013

										5,908,013		1,397,115
Nomura Securities:
Chinese Renminbi (Yuan) (CNY)	Buy		207,920	CNY		2/19/13		32,802,476		—		109,277
New Zealand Dollar (NZD)	Buy		39,200	NZD		5/24/11		29,800,164		270,598		—
New Zealand Dollar (NZD)	Sell		94,700	NZD		5/24/11		71,991,722		—		1,056,868

										270,598		1,166,145
RBS Greenwich Capital:
Japanese Yen (JPY)	Sell		5,340,000	JPY		4/25/11		64,207,129		1,751,369		—
Swiss Franc (CHF)	Buy		26,835	CHF		5/10/11		29,223,750		1,357,706		—

										3,109,075		—
Santander EM
Colombian Peso (COP)	Sell		47,754,000	COP		4/15/11		25,557,463		123,634		—

34 | OPPENHEIMER INTERNATIONAL BOND FUND

Foreign Currency Exchange Contracts: Continued


		Contract
Counterparty/		Amount			Expiration				Unrealized		Unrealized
Contract Description	Buy/Sell	(000’s)			Dates		Value		Appreciation		Depreciation

Standard Chartered Bank EM
Malaysian Ringgit (MYR)	Buy		200,880	MYR		4/5/11	$	66,302,471	$	—	$	192,002
Standard NY EM
South African Rand (ZAR)	Sell		405,090	ZAR		4/6/11		59,829,322		—		3,537,180
State Street:
British Pound Sterling (GBP)	Buy		6,480	GBP		5/24/11		10,387,779		—		223,545
British Pound Sterling (GBP)	Sell		17,940	GBP		5/24/11		28,758,758		220,656		—
Hungarian Forint (HUF)	Buy		29,149,000	HUF		4/11/11		155,156,192		8,405,953		—
Polish Zloty (PLZ)	Sell		18,760	PLZ		4/4/11		6,604,290		—		246,477
South African Rand (ZAR)	Buy		65,610	ZAR		6/1/11		9,607,876		364,948		—

										8,991,557		470,022

Total unrealized appreciation and depreciation									$	115,371,224	$	38,016,231

Futures Contracts as of March 31, 2011 are as follows:


								Unrealized
		Number of		Expiration				Appreciation
Contract Description	Buy/Sell	Contracts		Date		Value		(Depreciation)

Euro-Bundesobligation	Buy		1,490		6/8/11	$	256,097,049	$	(196,085	)
Financial Times Stock Exchange 100 Index	Sell		560		6/17/11		52,863,835		(2,586,466	)
Japan (Government of) Bonds, 10 yr.	Buy		126		6/9/11		211,388,555		1,561,473
NIKKEI 225 Index	Sell		538		6/9/11		63,126,713		5,039,545
U.S. Treasury Nts., 5 yr.	Sell		6,721		6/30/11		784,939,292		(49,517	)
U.S. Treasury Nts., 5 yr.	Buy		205		6/30/11		23,941,758		133,594
U.S. Treasury Nts., 10 yr.	Sell		468		6/21/11		55,706,625		(237,656	)
U.S. Treasury Nts., 10 yr.	Buy		826		6/21/11		98,319,813		613,030

								$	4,277,918

Written Options as of March 31, 2011 are as follows:


		Number of		Exercise		Expiration		Premiums					Unrealized
Description	Type	Contracts		Price		Date		Received		Value			Appreciation

Japanese Yen (JPY)	Call		762,000,000	$	83		4/6/11	$	58,986	$	(55,352	)	$	3,634
Japanese Yen (JPY)	Put		762,000,000	$	83		4/6/11		58,986		(38,961	)		20,025

								$	117,972	$	(94,313	)	$	23,659

35 | OPPENHEIMER INTERNATIONAL BOND FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

Footnotes to Statement of Investments Continued

Credit Default Swap Contracts as of March 31, 2011 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)

Federative Republic of Brazil:
Barclays Bank plc	Sell	$	10,510		1.00	%		3/20/16	$	47,865		$	(69,633	)	$	(21,768	)
Credit Suisse International	Sell		16,750		1.00			6/20/16		114,593			(115,473	)		(880	)

	Total		27,260							162,458			(185,106	)		(22,648	)
Istanbul Bond Co. SA for Finansbank AS
Morgan Stanley Capital
Services, Inc.	Sell		10,410		1.30			3/24/13		—			(613,913	)		(613,913	)

	Total		10,410							—			(613,913	)		(613,913	)
Petroleos de Venezuela SA
Barclays Bank plc	Sell		30,150		5.00			7/20/11		779,456			(212,374	)		567,082

	Total		30,150							779,456			(212,374	)		567,082
Republic of Hungary:
Barclays Bank plc	Sell		9,030		1.00			3/20/16		760,081			(680,120	)		79,961
Barclays Bank plc	Sell		18,565		1.00			6/20/16		1,497,143			(1,452,453	)		44,690
HSBC Bank USA	Sell		15,020		1.00			3/20/16		1,309,655			(1,131,274	)		178,381
JPMorgan Chase Bank NA, NY Branch	Sell		12,045		1.00			3/20/16		1,003,834			(907,203	)		96,631
Merrill Lynch Capital Services, Inc.	Sell		15,020		1.00			3/20/16		1,309,655			(1,131,274	)		178,381
UBS AG	Sell		15,010		1.00			3/20/16		1,307,035			(1,130,521	)		176,514

	Total		84,690							7,187,403			(6,432,845	)		754,558
State of Qatar:
Barclays Bank plc	Buy		10,665		1.00			3/20/16		(74,753	)		49,720			(25,033	)
HSBC Bank USA	Buy		21,340		1.00			3/20/16		(139,611	)		99,487			(40,124	)
JPMorgan Chase Bank NA, NY Branch	Buy		10,665		1.00			6/20/16		(79,185	)		51,960			(27,225	)

	Total		42,670							(293,549	)		201,167			(92,382	)
United Mexican States:
Goldman Sachs International	Sell		18,270		1.00			6/20/16		71,353			(73,504	)		(2,151	)
HSBC Bank USA	Sell		15,010		1.00			3/20/16		15,439			(58,120	)		(42,681	)
Merrill Lynch Capital Services, Inc.	Sell		15,010		1.00			3/20/16		21,176			(58,120	)		(36,944	)

	Total		48,290							107,968			(189,744	)		(81,776	)

				Grand Total Buys						(293,549	)		201,167			(92,382	)
				Grand Total Sells						8,237,285			(7,633,982	)		603,303

		Total Credit Default Swaps							$	7,943,736		$	(7,432,815	)	$	510,921

The table that follows shows the undiscounted maximum potential payment by the Fund related to selling credit protection in credit default swaps:

Type of Reference

Total Maximum Potential

Asset on which

Payments for Selling

Reference

the Fund Sold

Credit Protection

Amount

Asset Rating

Protection

(Undiscounted)

Recoverable*

Range**

Investment Grade Sovereign Debt

170,650,000

—

BBB to BBB-

Non-Investment Grade Sovereign Debt

30,150,000

—

BB-

Total

200,800,000

—


*		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.

36 | OPPENHEIMER INTERNATIONAL BOND FUND

Interest Rate Swap Contracts as of March 31, 2011 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 SA, Inc.		96,790	BRR	BZDI				12.320	%		1/2/17	$	611,574
Goldman Sachs Group, Inc. (The)		106,930	BRR	BZDI				11.390			1/5/15		(1,008,867	)
Goldman Sachs Group, Inc. (The)		38,900	BRR	BZDI				12.800			1/2/17		1,252,453
Goldman Sachs Group, Inc. (The)		99,940	BRR	BZDI				11.420			1/3/14		(796,557	)
JPMorgan Chase Bank NA		56,300	BRR	BZDI				13.900			1/2/17		2,881,571
Morgan Stanley		242,460	BRR	BZDI				12.300			1/2/17		1,526,207

Total		641,320	BRR										4,466,381
MXN TIIE BANXICO:
				MXN TIIE
Bank of America Merrill Lynch		872,000	MXN	BANXICO				5.875			12/6/12		(93,837	)
				MXN TIIE
Bank of America Merrill Lynch		2,173,500	MXN	BANXICO				5.735			11/29/12		(337,710	)
				MXN TIIE
Bank of America Merrill Lynch		1,341,500	MXN	BANXICO				5.750			12/5/12		(185,922	)
				MXN TIIE
Barclays Bank plc		829,100	MXN	BANXICO				5.630			1/21/13		(69,766	)
				MXN TIIE
Citibank NA		829,200	MXN	BANXICO				5.640			1/16/13		(71,568	)
				MXN TIIE
Deutsche Bank AG		1,731,500	MXN	BANXICO				5.890			1/10/13		(159,957	)
				MXN TIIE
Goldman Sachs Group, Inc. (The)		2,141,500	MXN	BANXICO				5.880			12/14/12		(212,231	)

Total		9,918,300	MXN										(1,130,991	)
Six-Month AUD BBR BBSW
Westpac Banking Corp		130,595	AUD		6.098	%	Six-Month AUD BBR BBSW				1/5/21		(1,299,104	)
Six-Month CZK PRIBOR PRBO:
Morgan Stanley		1,713,400	CZK		3.060		Six-Month CZK PRIBOR PRBO				12/16/15		764,016
Barclays Bank plc		1,806,900	CZK		3.200		Six-Month CZK PRIBOR PRBO				12/21/15		549,593

Total		3,520,300	CZK										1,313,609
Six-Month EUR EURIBOR:
				Six-Month
				EUR
Barclays Bank plc		70,270	EUR	EURIBOR				3.580			2/21/15		(248,906	)
				Six-Month
				EUR
Morgan Stanley		68,260	EUR	EURIBOR				3.410			12/16/15		(527,311	)

Total		138,530	EUR										(776,217	)

37 | OPPENHEIMER INTERNATIONAL BOND FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

Footnotes to Statement of Investments Continued

Interest Rate Swap Contracts: Continued

Notional

Interest Rate/

Amount

Paid by

Received by

Termination

Swap Counterparty

(000’s)

the Fund

Date

Value

Six-Month GBP BBA LIBOR

Six-Month

GBP BBA

Barclays Bank plc

85,995

GBP

LIBOR

3.605

1/4/21

(1,624,563

)

Six-Month JPY BBA LIBOR

Six-Month

JPY BBA

JPMorgan Chase Bank NA

11,025,000

JPY

1.233

LIBOR

1/7/21

501,944

Three-Month USD BBA LIBOR

Three-Month

USD BBA

Barclays Bank plc

133,000

LIBOR

3.371

1/6/21

(1,584,059

)

Three-Month ZAR JIBAR SAFEX:

Three-Month
ZAR JIBAR

Barclays Bank plc

438,580

ZAR

7.040

SAFEX

1/21/14

10,049

Three-Month
ZAR JIBAR

Barclays Bank plc

434,700

ZAR

7.050

SAFEX

1/24/14

9,960

Total where Fund pays a fixed rate

873,280

ZAR

20,009

Three-Month

ZAR JIBAR

Barclays Bank plc

171,750

ZAR

SAFEX

8.350

1/24/21

(192,114

)

Three-Month

ZAR JIBAR

Barclays Bank plc

173,030

ZAR

SAFEX

8.310

1/21/21

(192,215

)

Three-Month

ZAR JIBAR

Goldman Sachs Group, Inc. (The)

1,383,820

ZAR

SAFEX

8.700

3/11/14

12,069

Three-Month

ZAR JIBAR

JPMorgan Chase Bank NA

1,095,720

ZAR

SAFEX

8.650

3/4/14

9,556

Three-Month

ZAR JIBAR

JPMorgan Chase Bank NA

1,391,920

ZAR

SAFEX

8.480

3/1/14

11,728

Three-Month

ZAR JIBAR

JPMorgan Chase Bank NA

1,392,320

ZAR

SAFEX

8.390

3/2/14

11,525

Total where Fund pays a variable rate

5,608,560

ZAR

(339,451

)

Total

6,481,840

ZAR

(319,442

)

Total Interest Rate Swaps

(452,442

)

38 | OPPENHEIMER INTERNATIONAL BOND FUND


Notional amount is reported in U.S. Dollars (USD), except for those denoted in the following currencies:

AUD		Australian Dollar

BRR		Brazilian Real

CZK		Czech Koruna

EUR		Euro

GBP		British Pounds Sterling

JPY		Japanese Yen

MXN		Mexican Nuevo Peso

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)

BZDI		Brazil Interbank Deposit Rate

EURIBOR		Euro Interbank Offered Rate

JIBAR		South Africa Johannesburg Interbank Agreed Rate

PRIBOR PRBO		Prague Interbank Offering Rate

SAFEX		South African Futures Exchange

TIIE		Interbank Equilibrium Interest Rate

Total Return Swap Contracts as of March 31, 2011 are as follows:

Notional

Reference Entity/

Amount

Paid by

Received by

Termination

Swap Counterparty

(000’s)

the Fund

Date

Value

Custom Basket of Securities:

Citibank NA

13,356

CHF

One-Month CHF BBA LIBOR plus 30 basis points and if negative, the absolute value of the Total Return of a custom basket of securities

If positive, the Total Return of a custom basket of securities

1/11/12

242,083

Citibank NA

29,959

EUR

One-Month EURIBOR plus 30 basis points and if negative, the absolute value of the Total Return of a custom basket of securities

If positive, the Total Return of a custom basket of securities

1/11/12

671,389

Citibank NA

22,871

GBP

One-Month GBP BBA LIBOR plus 30 basis points and if negative, the absolute value of the Total Return of a custom basket of securities

If positive, the Total Return of a custom basket of securities

1/11/12

(513,216

)

Citibank NA

52,030

SEK

One-Month SEK STIBOR SIDE plus 30 basis points and if negative, the absolute value of the Total Return of a custom basket of securities

If positive, the Total Return of a custom basket of securities

1/11/12

318,096

39 | OPPENHEIMER INTERNATIONAL BOND FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

Footnotes to Statement of Investments Continued

Total Return Swap Contracts: Continued

Notional

Reference Entity/

Amount

Paid by

Received by

Termination

Swap Counterparty

(000’s)

the Fund

Date

Value

Custom Basket of Securities: Continued

Citibank NA, New York

6,371,374

JPY

One-Month JPY BBA LIBOR plus 53 basis points and if negative, the absolute value of the Total Return of a custom basket of securities

If positive, the Total Return of a custom basket of securities

4/14/11

(6,803,246

)

Morgan Stanley

47,630

GBP

One-Month GBP BBA LIBOR plus 50 basis points and if negative, the absolute value of the Total Return of a custom basket of securities

If positive, the Total Return of a custom basket of securities

1/16/12

(2,001,462

)

Reference Entity Total

(8,086,356

)

Custom Basket of Securities replicating STATOIL ASA ordinary shares

Citibank NA

11,485

NOK

One-Month NOK NIBOR plus 30 basis points and if negative, the absolute value of the Total Return of a custom basket of securities replicating STATOIL ASA ordinary shares

If positive, the Total Return of a custom basket of securities replicating STATOIL ASA ordinary shares

1/12/12

76,604

MSCI Daily Gross TR Europe EURO Index:

Citibank NA

4,214

EUR

If positive, the Total Return of the MSCI Daily Gross Europe EURO Index

One-Month EUR EURIBOR minus 20 basis points and if negative, the absolute value of the Total Return of the MSCI Daily Gross Europe EURO Index

1/6/12

92,995

Goldman Sachs Group, Inc. (The)

69,976

EUR

If positive, the Total Return of the MSCI Daily Gross Europe EURO Index

One-Month EURIBOR and if negative, the absolute value of the Total Return of the MSCI Daily Gross Europe EURO Index

1/12/12

1,740,222

40 | OPPENHEIMER INTERNATIONAL BOND FUND

Total Return Swap Contracts: Continued

Notional

Reference Entity/

Amount

Paid by

Received by

Termination

Swap Counterparty

(000’s)

the Fund

Date

Value

MSCI Daily Gross TR Europe EURO Index: Continued

Goldman Sachs Group, Inc. (The)

1,137

EUR

If positive, the Total Return of the MSCI Daily Gross Europe EURO Index

One-Month EURIBOR and if negative, the absolute value of the Total Return of the MSCI Daily Gross Europe EURO Index

1/12/12

28,017

Reference Entity Total

1,861,234

MSCI Daily TR Gross EAFE USD Index:

Citibank NA

7,648

If positive, the Total Return of the MSCI Daily Gross EAFE USD Index

One-Month USD BBA LIBOR plus 15 basis points and if negative, the absolute value of the Total Return of the MSCI Daily Gross EAFE USD Index

10/7/11

192,848

Citibank NA

12,796

If positive, the Total Return of the MSCI Daily Gross EAFE USD Index

One-Month USD BBA LIBOR plus 15 basis points and if negative, the Total Return of the MSCI Daily Gross EAFE USD Index

1/9/12

299,584

Goldman Sachs Group, Inc. (The)

788

If positive, the Total Return of the MSCI Daily Gross EAFE USD Index

One-Month USD LIBOR minus 5 basis points and if negative, the absolute value of the Total Return of the MSCI Daily Gross EAFE USD Index

7/8/11

13,663

Goldman Sachs Group, Inc. (The)

7,112

If positive, the Total Return of the MSCI Daily Gross EAFE USD Index

One-Month USD BBA LIBOR plus 10 basis points and if negative, the absolute value of the Total Return of the MSCI Daily Gross EAFE USD Index

5/11/11

137,886

41 | OPPENHEIMER INTERNATIONAL BOND FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

Footnotes to Statement of Investments Continued

Total Return Swap Contracts: Continued

Notional

Reference Entity/

Amount

Paid by

Received by

Termination

Swap Counterparty

(000’s)

the Fund

Date

Value

MSCI Daily TR Gross EAFE USD Index: Continued

Goldman Sachs Group, Inc. (The)

6,028

If positive, the Total Return of the MSCI Daily Gross EAFE USD Index

One-Month USD LIBOR minus 5 basis points and if negative, the absolute value of the Total Return of the MSCI Daily Gross EAFE USD Index

7/8/11

114,575

Goldman Sachs Group, Inc. (The)

If positive, the Total Return of the MSCI Daily Gross EAFE USD Index

One-Month USD BBA LIBOR minus 5 basis points and if negative, the absolute value of the Total Return of the MSCI Daily Gross EAFE USD Index

11/5/11

14,861

Morgan Stanley

11,882

If positive, the Total Return of the MSCI Daily Gross EAFE USD Index

One-Month USD BBA LIBOR minus 35 basis points and if negative, the absolute value of the Total Return of the MSCI Daily Gross EAFE USD Index

10/7/11

193,690

UBS AG

18,866

If positive, the Total Return of the MSCI Daily Gross EAFE USD Index

One-Month USD BBA LIBOR minus 10 basis points and if negative, the absolute value of the Total Return of the MSCI Daily Gross EAFE USD Index

10/7/11

463,433

Reference Entity Total

1,430,540

MSCI Daily TR Net Belgium USD Index

Nomura International

13,139

One-Month USD BBA LIBOR minus 37 basis points and if negative, the absolute value of the Total Return of the MSCI Daily Net Belguim USD Index

If positive, the Total Return of the MSCI Daily Net Belgium USD Index

3/6/12

121,826

42 | OPPENHEIMER INTERNATIONAL BOND FUND

Total Return Swap Contracts: Continued

Notional

Reference Entity/

Amount

Paid by

Received by

Termination

Swap Counterparty

(000’s)

the Fund

Date

Value

MSCI Daily TR Net France USD Index

Citibank NA

12,021

One-Month USD BBA LIBOR minus 57 basis points and if negative, the absolute value of the Total Return of the MSCI Daily Net France USD Index

If positive, the Total Return of the MSCI Daily Net France USD Index

1/9/12

(9,017

)

MSCI Daily TR Net Italy USD Index

Goldman Sachs Group, Inc. (The)

13,264

One-Month USD BBA LIBOR minus 25 basis points and if negative, the absolute value of the MSCI Daily Net Italy USD Index

If positive, the absolute value of the Total Return of the MSCI Daily Net Italy USD Index

3/6/12

60,560

MSCI Daily TR Net Netherlands USD Index

Deutsche Bank AG

13,009

One-Month USD BBA LIBOR plus 20 basis points and if negative, the absolute value of the MSCI Daily Net Netherlands USD Index

If positive, the Total Return of the MSCI Daily Net Netherlands USD Index

3/6/12

253,644

MSCI Daily TR Net Spain USD Index

Nomura International

12,926

One-Month USD BBA LIBOR minus 33 basis points and if negative, the absolute value of the Total Return of the MSCI Daily Net Spain USD Index

If positive, the Total Return of the MSCI Daily Net Spain USD Index

3/6/12

457,492

Total of Total Return Swaps

(3,833,473

)


Notional amount is reported in U.S. Dollars (USD), except for those denoted in the following currencies:

CHF		Swiss Franc

EUR		Euro

GBP		British Pounds Sterling

JPY		Japanese Yen

NOK		Norwegian Krone

SEK		Swedish Krona

Abbreviations are as follows:

BBA LIBOR		British Bankers’ Association London-Interbank Offered Rate

EAFE		Europe, Australasia, Far East

EURIBOR		Euro Interbank Offered Rate

MSCI		Morgan Stanley Capital International

NIBOR		Norwegian Interbank Offered Rate

43 | OPPENHEIMER INTERNATIONAL BOND FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

Footnotes to Statement of Investments Continued

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 March 31, 2011 is as follows:


		Notional
	Swap Type from	Amount
Swap Counterparty	Fund Perspective	(000’s)			Value

Banco Santander SA, Inc.	Interest Rate	96,790		BRR	$	611,574
Bank of America Merrill Lynch	Interest Rate	4,387,000		MXN		(617,469	)
Barclays Bank plc:
	Credit Default Buy Protection		10,665			49,720
	Credit Default Sell Protection		68,255			(2,414,580	)
	Interest Rate	1,806,900		CZK		549,593
	Interest Rate	70,270		EUR		(248,906	)
	Interest Rate	85,995		GBP		(1,624,563	)
	Interest Rate	829,100		MXN		(69,766	)
	Interest Rate		133,000			(1,584,059	)
	Interest Rate	1,218,060		ZAR		(364,320	)

						(5,706,881	)
Citibank NA:
	Interest Rate	829,200		MXN		(71,568	)
	Total Return	13,356		CHF		242,083
	Total Return	34,173		EUR		764,384
	Total Return	22,871		GBP		(513,216	)
	Total Return	11,485		NOK		76,604
	Total Return	52,030		SEK		318,096
	Total Return		32,465			483,415

						1,299,798
Citibank NA, New York	Total Return	6,371,374		JPY		(6,803,246	)
Credit Suisse International	Credit Default Sell Protection		16,750			(115,473	)
Deutsche Bank AG:
	Interest Rate	1,731,500		MXN		(159,957	)
	Total Return		13,009			253,644

						93,687
Goldman Sachs Group, Inc. (The):
	Interest Rate	245,770		BRR		(552,971	)
	Interest Rate	2,141,500		MXN		(212,231	)
	Interest Rate	1,383,820		ZAR		12,069
	Total Return	71,113		EUR		1,768,239
	Total Return		27,250			341,545

						1,356,651
Goldman Sachs International	Credit Default Sell Protection		18,270			(73,504	)
HSBC Bank USA:
	Credit Default Buy Protection		21,340			99,487
	Credit Default Sell Protection		30,030			(1,189,394	)

						(1,089,907	)

44 | OPPENHEIMER INTERNATIONAL BOND FUND

Swap Summary: Continued


		Notional
	Swap Type from	Amount
Swap Counterparty	Fund Perspective	(000’s)			Value

JPMorgan Chase Bank NA:
	Interest Rate	56,300		BRR	$	2,881,571
	Interest Rate	11,025,000		JPY		501,944
	Interest Rate	3,879,960		ZAR		32,809

						3,416,324
JPMorgan Chase Bank NA, NY Branch:
	Credit Default Buy Protection		10,665			51,960
	Credit Default Sell Protection		12,045			(907,203	)

						(855,243	)
Merrill Lynch Capital Services, Inc.	Credit Default Sell Protection		30,030			(1,189,394	)
Morgan Stanley:
	Interest Rate	242,460		BRR		1,526,207
	Interest Rate	1,713,400		CZK		764,016
	Interest Rate	68,260		EUR		(527,311	)
	Total Return	47,630		GBP		(2,001,462	)
	Total Return		11,882			193,690

						(44,860	)
Morgan Stanley Capital Services, Inc.	Credit Default Sell Protection		10,410			(613,913	)
Nomura International	Total Return		26,065			579,318
UBS AG:
	Credit Default Sell Protection		15,010			(1,130,521	)
	Total Return		18,866			463,433

						(667,088	)
Westpac Banking Corp	Interest Rate	130,595		AUD		(1,299,104	)

		Total Swaps			$	(11,718,730	)

Notional amount is reported in U.S. Dollars (USD), except for those denoted in the following currencies:


AUD		Australian Dollar
BRR		Brazilian Real
CHF		Swiss Franc
CZK		Czech Koruna
EUR		Euro
GBP		British Pounds Sterling
JPY		Japanese Yen
MXN		Mexican Nuevo Peso
NOK		Norwegian Krone
SEK		Swedish Krona
ZAR		South African Rand

See accompanying Notes to Financial Statements.

45 | OPPENHEIMER INTERNATIONAL BOND FUND

STATEMENT OF ASSETS AND LIABILITIES Unaudited

March 31, 2011


Assets
Investments, at value—see accompanying statement of investments:
Unaffiliated companies (cost $11,821,753,289)	$	12,357,279,276
Affiliated companies (cost $640,728,171)		640,728,171

		12,998,007,447
Cash—foreign currencies (cost $4,946,884)		4,934,578
Unrealized appreciation on foreign currency exchange contracts		115,371,224
Appreciated swaps, at value (upfront payments $0)		13,645,713
Depreciated swaps, at value (upfront payments paid $293,549)		201,167
Receivables and other assets:
Interest, dividends and principal paydowns		195,949,786
Shares of beneficial interest sold		28,132,224
Investments sold (including $3,022,732 sold on a when-issued or delayed delivery basis)		22,657,425
Closed foreign currency contracts		21,458,666
Futures margins		525,118
Other		297,924

Total assets		13,401,181,272

Liabilities
Appreciated options written, at value (premiums received $117,972)		94,313
Unrealized depreciation on foreign currency exchange contracts		38,016,231
Appreciated swaps, at value (upfront payments received $7,966,859)		6,645,219
Depreciated swaps, at value (upfront payments received $270,426)		18,920,391
Payables and other liabilities:
Investments purchased (including $22,031,303 purchased on a when-issued or delayed delivery basis)		125,413,027
Shares of beneficial interest redeemed		31,695,014
Closed foreign currency contracts		31,113,636
Dividends		7,446,079
Distribution and service plan fees		5,620,259
Transfer and shareholder servicing agent fees		1,807,137
Shareholder communications		854,609
Futures margins		757,480
Foreign capital gains tax		592,622
Trustees’ compensation		123,127
Other		1,851,766

Total liabilities		270,950,910

Net Assets	$	13,130,230,362

46 | OPPENHEIMER INTERNATIONAL BOND FUND


Composition of Net Assets
Par value of shares of beneficial interest	$	2,006,634
Additional paid-in capital		12,628,368,605
Accumulated net investment loss		(131,331,568	)
Accumulated net realized gain on investments and foreign currency transactions		13,925,021
Net unrealized appreciation on investments and translation of assets and liabilities denominated in foreign currencies		617,261,670

Net Assets	$	13,130,230,362


Net Asset Value Per Share

Class A Shares:
Net asset value and redemption price per share (based on net assets of $6,960,678,773 and 1,062,977,888 shares of beneficial interest outstanding)	$	6.55
Maximum offering price per share (net asset value plus sales charge of 4.75% of offering price)	$	6.88

Class B Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $253,306,549 and 38,827,002 shares of beneficial interest outstanding)	$	6.52

Class C Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $1,843,324,709 and 282,513,746 shares of beneficial interest outstanding)	$	6.52

Class N Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $322,763,413 and 49,430,659 shares of beneficial interest outstanding)	$	6.53

Class Y Shares:
Net asset value, redemption price and offering price per share (based on net assets of $3,750,156,918 and 572,884,256 shares of beneficial interest outstanding)	$	6.55

See accompanying Notes to Financial Statements.

47 | OPPENHEIMER INTERNATIONAL BOND FUND

STATEMENT OF OPERATIONS Unaudited

For the Six Months Ended March 31, 2011


Investment Income
Interest	$	319,390,578
Dividends:
Unaffiliated companies		951
Affiliated companies		241,559

Total investment income		319,633,088

Expenses
Management fees		33,117,351
Distribution and service plan fees:
Class A		8,912,283
Class B		1,340,548
Class C		9,667,004
Class N		786,824
Transfer and shareholder servicing agent fees:
Class A		6,797,110
Class B		389,823
Class C		1,393,998
Class N		521,796
Class Y		4,089,942
Shareholder communications:
Class A		379,049
Class B		31,124
Class C		93,982
Class N		9,926
Class Y		183,985
Custodian fees and expenses		1,412,758
Trustees’ compensation		122,978
Administration service fees		750
Other		203,818

Total expenses		69,455,049
Less waivers and reimbursements of expenses		(906,645	)

Net expenses		68,548,404

Net Investment Income		251,084,684

48 | OPPENHEIMER INTERNATIONAL BOND FUND


Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments from unaffiliated companies (including premiums on options exercised)	$	31,094,991
Closing and expiration of option contracts written		12,997,164
Closing and expiration of futures contracts		(60,825,463	)
Foreign currency transactions		92,771,254
Swap contracts		8,232,695

Net realized gain		84,270,641
Net change in unrealized appreciation/depreciation on:
Investments		(565,319,780	)
Translation of assets and liabilities denominated in foreign currencies		135,157,746
Futures contracts		5,780,073
Option contracts written		(8,419,511	)
Swap contracts		(32,202,322	)
Unfunded purchase agreements		(61,345	)

Net change in unrealized appreciation/depreciation		(465,065,139	)

Net Decrease in Net Assets Resulting from Operations	$	(129,709,814	)

See accompanying Notes to Financial Statements.

49 | OPPENHEIMER INTERNATIONAL BOND FUND

STATEMENTS OF CHANGES IN NET ASSETS


	Six Months			Year
	Ended			Ended
	March 31, 2011			September 30,
	(Unaudited)			2010

Operations
Net investment income	$	251,084,684		$	500,647,351

Net realized gain		84,270,641			98,041,754

Net change in unrealized appreciation/depreciation		(465,065,139	)		482,610,389

Net increase (decrease) in net assets resulting from operations		(129,709,814	)		1,081,299,494

Dividends and/or Distributions to Shareholders
Dividends from net investment income:
Class A		(145,596,148	)		(296,432,756	)
Class B		(4,298,565	)		(8,864,193	)
Class C		(32,583,772	)		(65,570,834	)
Class N		(5,806,128	)		(10,206,685	)
Class Y		(76,375,142	)		(119,575,884	)

		(264,659,755	)		(500,650,352	)


Distributions from net realized gain:
Class A		(67,640,779	)		(55,884,772	)
Class B		(2,573,242	)		(2,086,033	)
Class C		(18,386,099	)		(14,369,469	)
Class N		(2,982,182	)		(1,990,184	)
Class Y		(33,433,111	)		(15,689,901	)

		(125,015,413	)		(90,020,359	)

Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions:
Class A		(160,493,409	)		(110,452,426	)
Class B		(21,904,765	)		(8,501,080	)
Class C		(108,654,316	)		146,052,684
Class N		24,643,994			41,033,889
Class Y		495,183,108			1,347,593,402

		228,774,612			1,415,726,469

Net Assets
Total increase (decrease)		(290,610,370	)		1,906,355,252

Beginning of period		13,420,840,732			11,514,485,480


End of period (including accumulated net investment loss of $131,331,568 and $117,756,497, respectively)	$	13,130,230,362		$	13,420,840,732

See accompanying Notes to Financial Statements.

50 | OPPENHEIMER INTERNATIONAL BOND FUND

FINANCIAL HIGHLIGHTS


	Six Months
	Ended
	March 31, 2011									Year Ended September 30,
Class A	(Unaudited)			2010			2009			2008			2007			2006

Per Share Operating Data
Net asset value, beginning of period	$	6.80		$	6.54		$	5.96		$	6.41		$	5.80		$	6.01

Income (loss) from investment operations:
Net investment income¹		.13			.26			.22			.26			.24			.22
Net realized and unrealized gain (loss)		(.19	)		.31			.74			(.23	)		.62			(.04	)

Total from investment operations		(.06	)		.57			.96			.03			.86			.18

Dividends and/or distributions to shareholders:
Dividends from net investment income		(.13	)		(.26	)		(.33	)		(.45	)		(.24	)		(.37	)
Distributions from net realized gain		(.06	)		(.05	)		(.05	)		(.03	)		(.01	)		(.02	)

Total dividends and/or distributions to shareholders		(.19	)		(.31	)		(.38	)		(.48	)		(.25	)		(.39	)

Net asset value, end of period	$	6.55		$	6.80		$	6.54		$	5.96		$	6.41		$	5.80


Total Return, at Net Asset Value²		(0.75	)%		9.04	%		16.83	%		(0.01	)%		15.18	%		3.23	%

Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	6,960,679		$	7,406,875		$	7,268,308		$	8,241,801		$	6,300,320		$	4,075,172

Average net assets (in thousands)	$	7,170,434		$	7,345,330		$	6,632,191		$	8,331,255		$	4,988,412		$	3,430,374

Ratios to average net assets:³
Net investment income		3.87	%		4.04	%		3.77	%		4.02	%		3.97	%		3.72	%
Total expenses		0.98	%⁴		0.98	%⁴		0.99	%⁴		0.92	%⁴		0.94	%⁴		0.98	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.98	%		0.98	%		0.98	%		0.91	%		0.93	%		0.97	%

Portfolio turnover rate		24	%		146	%		112	%		105	%		68	%		144	%


1.		Per share amounts calculated based on the average shares outstanding during the period.

2.		Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

3.		Annualized for periods less than one full year.

4.		Total expenses including indirect expenses from affiliated fund were as follows:


Six Months Ended March 31, 2011	0.98	%
Year Ended September 30, 2010	0.98	%
Year Ended September 30, 2009	1.00	%
Year Ended September 30, 2008	0.93	%
Year Ended September 30, 2007	0.95	%

See accompanying Notes to Financial Statements.

51 | OPPENHEIMER INTERNATIONAL BOND FUND

FINANCIAL HIGHLIGHTS Continued


	Six Months
	Ended
	March 31, 2011												Year Ended September 30,
Class B	(Unaudited)			2010			2009			2008			2007			2006

Per Share Operating Data
Net asset value, beginning of period	$	6.78		$	6.52		$	5.94		$	6.39		$	5.78		$	5.99

Income (loss) from investment operations:
Net investment income¹		.10			.20			.17			.21			.19			.17
Net realized and unrealized gain (loss)		(.19	)		.31			.74			(.24	)		.62			(.04	)

Total from investment operations		(.09	)		.51			.91			(.03	)		.81			.13

Dividends and/or distributions to shareholders:
Dividends from net investment income		(.11	)		(.20	)		(.28	)		(.39	)		(.19	)		(.32	)
Distributions from net realized gain		(.06	)		(.05	)		(.05	)		(.03	)		(.01	)		(.02	)

Total dividends and/or distributions to shareholders		(.17	)		(.25	)		(.33	)		(.42	)		(.20	)		(.34	)

Net asset value, end of period	$	6.52		$	6.78		$	6.52		$	5.94		$	6.39		$	5.78


Total Return, at Net Asset Value²		(1.34	)%		8.13	%		15.87	%		(0.84	)%		14.26	%		2.35	%

Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	253,306		$	286,029		$	284,424		$	314,676		$	259,285		$	234,848

Average net assets (in thousands)	$	268,669		$	279,115		$	269,970		$	311,097		$	240,238		$	229,871

Ratios to average net assets:³
Net investment income		3.00	%		3.18	%		2.89	%		3.19	%		3.12	%		2.88	%
Total expenses		1.84	%⁴		1.85	%⁴		1.86	%⁴		1.74	%⁴		1.79	%⁴		1.83	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.84	%		1.85	%		1.85	%		1.73	%		1.78	%		1.83	%

Portfolio turnover rate		24	%		146	%		112	%		105	%		68	%		144	%


1.		Per share amounts calculated based on the average shares outstanding during the period.

2.		Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

3.		Annualized for periods less than one full year.

4.		Total expenses including indirect expenses from affiliated fund were as follows:


Six Months Ended March 31, 2011	1.84	%
Year Ended September 30, 2010	1.85	%
Year Ended September 30, 2009	1.87	%
Year Ended September 30, 2008	1.75	%
Year Ended September 30, 2007	1.80	%

See accompanying Notes to Financial Statements.

52 | OPPENHEIMER INTERNATIONAL BOND FUND


	Six Months
	Ended
	March 31, 2011												Year Ended September 30,
Class C	(Unaudited)			2010			2009			2008			2007			2006

Per Share Operating Data
Net asset value, beginning of period	$	6.78		$	6.52		$	5.94		$	6.39		$	5.78		$	5.99

Income (loss) from investment operations:
Net investment income¹		.10			.21			.18			.21			.20			.17
Net realized and unrealized gain (loss)		(.19	)		.31			.74			(.23	)		.62			(.03	)

Total from investment operations		(.09	)		.52			.92			(.02	)		.82			.14

Dividends and/or distributions to shareholders:
Dividends from net investment income		(.11	)		(.21	)		(.29	)		(.40	)		(.20	)		(.33	)
Distributions from net realized gain		(.06	)		(.05	)		(.05	)		(.03	)		(.01	)		(.02	)

Total dividends and/or distributions to shareholders		(.17	)		(.26	)		(.34	)		(.43	)		(.21	)		(.35	)

Net asset value, end of period	$	6.52		$	6.78		$	6.52		$	5.94		$	6.39		$	5.78


Total Return, at Net Asset Value²		(1.26	)%		8.29	%		16.04	%		(0.74	)%		14.39	%		2.46	%

Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,843,325		$	2,029,424		$	1,812,805		$	1,835,312		$	1,357,937		$	875,032

Average net assets (in thousands)	$	1,937,701		$	1,965,153		$	1,594,278		$	1,833,929		$	1,078,601		$	717,977

Ratios to average net assets:³
Net investment income		3.17	%		3.34	%		3.05	%		3.29	%		3.24	%		2.98	%
Total expenses		1.68	%⁴		1.69	%⁴		1.71	%⁴		1.64	%⁴		1.67	%⁴		1.71	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.68	%		1.69	%		1.70	%		1.63	%		1.66	%		1.71	%

Portfolio turnover rate		24	%		146	%		112	%		105	%		68	%		144	%


1.		Per share amounts calculated based on the average shares outstanding during the period.

2.		Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

3.		Annualized for periods less than one full year.

4.		Total expenses including indirect expenses from affiliated fund were as follows:


Six Months Ended March 31, 2011	1.68	%
Year Ended September 30, 2010	1.69	%
Year Ended September 30, 2009	1.72	%
Year Ended September 30, 2008	1.65	%
Year Ended September 30, 2007	1.68	%

See accompanying Notes to Financial Statements.

53 | OPPENHEIMER INTERNATIONAL BOND FUND

FINANCIAL HIGHLIGHTS Continued


	Six Months
	Ended
	March 31, 2011												Year Ended September 30,
Class N	(Unaudited)			2010			2009			2008			2007			2006

Per Share Operating Data
Net asset value, beginning of period	$	6.79		$	6.52		$	5.95		$	6.40		$	5.79		$	6.00

Income (loss) from investment operations:
Net investment income¹		.11			.23			.20			.23			.22			.19
Net realized and unrealized gain (loss)		(.19	)		.32			.72			(.23	)		.61			(.04	)

Total from investment operations		(.08	)		.55			.92			—			.83			.15

Dividends and/or distributions to shareholders:
Dividends from net investment income		(.12	)		(.23	)		(.30	)		(.42	)		(.21	)		(.34	)
Distributions from net realized gain		(.06	)		(.05	)		(.05	)		(.03	)		(.01	)		(.02	)

Total dividends and/or distributions to shareholders		(.18	)		(.28	)		(.35	)		(.45	)		(.22	)		(.36	)

Net asset value, end of period	$	6.53		$	6.79		$	6.52		$	5.95		$	6.40		$	5.79


Total Return, at Net Asset Value²		(1.10	)%		8.80	%		16.23	%		(0.44	)%		14.71	%		2.78	%

Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	322,763		$	310,338		$	258,219		$	258,223		$	153,181		$	63,432

Average net assets (in thousands)	$	315,666		$	279,336		$	233,767		$	223,531		$	112,319		$	55,216

Ratios to average net assets:³
Net investment income		3.48	%		3.65	%		3.37	%		3.59	%		3.56	%		3.29	%
Total expenses		1.37	%⁴		1.65	%⁴		1.68	%⁴		1.49	%⁴		1.61	%⁴		1.58	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.36	%		1.38	%		1.38	%		1.34	%		1.37	%		1.42	%

Portfolio turnover rate		24	%		146	%		112	%		105	%		68	%		144	%


1.		Per share amounts calculated based on the average shares outstanding during the period.

2.		Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

3.		Annualized for periods less than one full year.

4.		Total expenses including indirect expenses from affiliated fund were as follows:


Six Months Ended March 31, 2011	1.37	%
Year Ended September 30, 2010	1.65	%
Year Ended September 30, 2009	1.69	%
Year Ended September 30, 2008	1.50	%
Year Ended September 30, 2007	1.62	%

See accompanying Notes to Financial Statements.

54 | OPPENHEIMER INTERNATIONAL BOND FUND


	Six Months
	Ended
	March 31, 2011												Year Ended September 30,
Class Y	(Unaudited)			2010			2009			2008			2007			2006

Per Share Operating Data
Net asset value, beginning of period	$	6.80		$	6.54		$	5.96		$	6.41		$	5.80		$	6.01

Income (loss) from investment operations:
Net investment income¹		.14			.28			.25			.28			.27			.24
Net realized and unrealized gain (loss)		(.19	)		.31			.73			(.23	)		.62			(.04	)

Total from investment operations		(.05	)		.59			.98			.05			.89			.20

Dividends and/or distributions to shareholders:
Dividends from net investment income		(.14	)		(.28	)		(.35	)		(.47	)		(.27	)		(.39	)
Distributions from net realized gain		(.06	)		(.05	)		(.05	)		(.03	)		(.01	)		(.02	)

Total dividends and/or distributions to shareholders		(.20	)		(.33	)		(.40	)		(.50	)		(.28	)		(.41	)

Net asset value, end of period	$	6.55		$	6.80		$	6.54		$	5.96		$	6.41		$	5.80


Total Return, at Net Asset Value²		(0.63	)%		9.38	%		17.26	%		0.38	%		15.63	%		3.64	%

Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	3,750,157		$	3,388,175		$	1,890,729		$	1,372,959		$	454,240		$	176,728

Average net assets (in thousands)	$	3,551,112		$	2,732,256		$	1,317,017		$	932,774		$	299,298		$	97,992

Ratios to average net assets:³
Net investment income		4.11	%		4.38	%		4.16	%		4.39	%		4.38	%		4.11	%
Total expenses		0.77	%⁴		0.67	%⁴		0.62	%⁴		0.55	%⁴		0.55	%⁴		0.56	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.72	%		0.67	%		0.61	%		0.54	%		0.54	%		0.56	%

Portfolio turnover rate		24	%		146	%		112	%		105	%		68	%		144	%


1.		Per share amounts calculated based on the average shares outstanding during the period.

2.		Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

3.		Annualized for periods less than one full year.

4.		Total expenses including indirect expenses from affiliated fund were as follows:


Six Months Ended March 31, 2011	0.77	%
Year Ended September 30, 2010	0.67	%
Year Ended September 30, 2009	0.63	%
Year Ended September 30, 2008	0.56	%
Year Ended September 30, 2007	0.56	%

See accompanying Notes to Financial Statements.

55 | OPPENHEIMER INTERNATIONAL BOND FUND

NOTES TO FINANCIAL STATEMENTS Unaudited

1. Significant Accounting Policies

Oppenheimer International Bond Fund (the “Fund”) is a registered investment company organized as a Massachusetts Business Trust. The Fund is registered as a non-diversified, open-end management investment company under the Investment Company Act of 1940, as amended. The Fund’s primary objective is to seek total return. As a secondary objective, the Fund seeks income when consistent with total return. The Fund’s investment adviser is OppenheimerFunds, Inc. (the “Manager”).

The Fund offers Class A, Class B, Class C, Class N and Class Y shares. Class A shares are sold at their offering price, which is normally net asset value plus a front-end sales charge. Class B, Class C and Class N shares are sold without a front-end sales charge but may be subject to a contingent deferred sales charge (“CDSC”). Class N shares are sold only through retirement plans. Retirement plans that offer Class N shares may impose charges on those accounts. Class Y shares are sold to certain institutional investors or intermediaries without either a front-end sales charge or a CDSC, however, the intermediaries may impose charges on their accountholders who beneficially own Class Y shares. All classes of shares have identical rights and voting privileges with respect to the Fund in general and exclusive voting rights on matters that affect that class alone. Earnings, net assets and net asset value per share may differ due to each class having its own expenses, such as transfer and shareholder servicing agent fees and shareholder communications, directly attributable to that class. Class A, B, C and N shares have separate distribution and/or service plans under which they pay fees. Class Y shares do not pay such fees. Class B shares will automatically convert to Class A shares 72 months after the date of purchase.

The following is a summary of significant accounting policies consistently followed by the Fund.

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,” observable market inputs other than unadjusted quoted prices 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 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^® are

56 | OPPENHEIMER INTERNATIONAL BOND FUND

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.

U.S. domestic and international debt instruments (including corporate, government, municipal, mortgage-backed, collateralized mortgage obligations and asset-backed securities) and “money market-type” debt instruments with a remaining maturity in excess of sixty days are valued at the mean between the “bid” and “asked” prices utilizing price quotations obtained from independent pricing services or broker-dealers. Such prices are typically determined based upon information obtained from market participants including reported trade data, broker-dealer price quotations and inputs such as benchmark yields and issuer spreads from identical or similar securities.

Structured securities are valued utilizing price quotations obtained from broker-dealers or independent pricing services. Values are determined based upon market inputs which typically include the price of underlying financial instruments, stock market indices, foreign currencies, interest rate spreads, commodities, or the occurrence of other specific events.

Swap contracts are valued utilizing price quotations obtained from broker-dealer counterparties or independent pricing services. Values are determined based on relevant market information on the underlying reference assets which may include credit spreads, credit event probabilities, index values, individual security values, forward interest rates, variable interest rates, volatility measures and forward currency rates.

Forward foreign currency exchange contracts are valued utilizing current and forward currency rates obtained from independent pricing services.

“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 current price quotation obtained from an independent pricing service or broker-dealer, 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

57 | OPPENHEIMER INTERNATIONAL BOND FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

1. Significant Accounting Policies Continued

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 of the Fund during the period.

Structured Securities. The Fund invests in structured securities whose market values, interest rates and/or redemption prices are linked to the performance of underlying foreign currencies, interest rate spreads, stock market indices, prices of individual securities, commodities or other financial instruments or the occurrence of other specific events. The structured securities are often leveraged, increasing the volatility of each note’s market value relative to the change in the underlying linked financial element or event. Fluctuations in value of these securities are recorded as unrealized gains and losses in the accompanying Statement of Operations. 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 may also sell securities that it purchased on a when-issued basis or forward commitment prior to settlement of the original purchase.

As of March 31, 2011, 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	$	22,031,303
Sold securities		3,022,732

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

58 | OPPENHEIMER INTERNATIONAL BOND FUND

meet interest or principal payments or both as they become due. The Fund may acquire securities that have missed an interest payment, and is not obligated to dispose of securities whose issuers or underlying obligors subsequently miss an interest payment. Information concerning securities not accruing interest as of March 31, 2011 is as follows:


Cost	$	62,146,860
Market Value	$	9,780,700
Market Value as a % of Net Assets		0.07	%

Investment in Oppenheimer Institutional Money Market Fund. The Fund is permitted to invest daily available cash balances in an affiliated money market fund. The Fund may invest the available cash in Class E shares of Oppenheimer Institutional Money Market Fund (“IMMF”) to seek current income while preserving liquidity. IMMF is a registered open-end management investment company, regulated as a money market fund under the Investment Company Act of 1940, as amended. The Manager is also the investment adviser of IMMF. When applicable, the Fund’s investment in IMMF is included in the Statement of Investments. 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.

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.

Allocation of Income, Expenses, Gains and Losses. Income, expenses (other than those attributable to a specific class), gains and losses are allocated on a daily basis to each class of shares based upon the relative proportion of net assets represented by such class. Operating expenses directly attributable to a specific class are charged against the operations of that class.

59 | OPPENHEIMER INTERNATIONAL BOND FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

1. Significant Accounting Policies Continued

Federal Taxes. The Fund intends to comply with provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its investment company taxable income, including any net realized gain on investments not offset by capital loss carryforwards, if any, to shareholders. Therefore, no federal income or excise tax provision is required. The Fund files income tax returns in U.S. federal and applicable state jurisdictions. The statute of limitations on the Fund’s tax return filings generally remain open for the three preceding fiscal reporting period ends.

During the fiscal year ended September 30, 2010, the Fund did not utilize any capital loss carryforward to offset capital gains realized in that fiscal year. As of September 30, 2010, the Fund had available for federal income tax purposes post-October foreign currency losses of $34,113,747, post-October passive foreign investment company losses of $2,719 and straddle losses of $5,126,404.

As of March 31, 2011, the Fund had available for federal income tax purposes an estimated capital loss carryforward of zero. This estimated capital loss carryforward represents carryforward as of the end of the last fiscal year, increased for losses deferred under tax accounting rules to the current fiscal year and is increased or decreased by capital losses or gains realized in the first six months of the current fiscal year. During the six months ended March 31, 2011, it is estimated that the Fund will utilize $39,242,870 of capital loss carryforward to offset realized capital gains.

Net investment income (loss) and net realized gain (loss) may differ for financial statement and tax purposes. The character of dividends and distributions made during the fiscal year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to timing of dividends and distributions, the fiscal year in which amounts are distributed may differ from the fiscal year in which the income or net realized gain was recorded by the Fund.

The 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 March 31, 2011 are noted in the following table. 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 or tax realization of financial statement unrealized gain or loss.


Federal tax cost of securities	$	12,464,439,950
Federal tax cost of other investments		(374,204,440	)

Total federal tax cost	$	12,090,235,510


Gross unrealized appreciation	$	750,186,733
Gross unrealized depreciation		(216,697,582	)

Net unrealized appreciation	$	533,489,151

Certain foreign countries impose a tax on capital gains which is accrued by the Fund based on unrealized appreciation, if any, on affected securities. The tax is paid when the gain is realized.

60 | OPPENHEIMER INTERNATIONAL BOND FUND

Trustees’ Compensation. The Board of Trustees has adopted a compensation deferral plan for independent trustees that enables trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. For purposes of determining the amount owed to the Trustee under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of the Fund or in other Oppenheimer funds selected by the Trustee. The Fund purchases shares of the funds selected for deferral by the Trustee in amounts equal to his or her deemed investment, resulting in a Fund asset equal to the deferred compensation liability. Such assets are included as a component of “Other” within the asset section of the Statement of Assets and Liabilities. Deferral of trustees’ fees under the plan will not affect the net assets of the Fund, and will not materially affect the Fund’s assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance with the compensation deferral plan.

Dividends and Distributions to Shareholders. Dividends and distributions to shareholders, which are determined in accordance with income tax regulations and may differ from U.S. generally accepted accounting principles, are recorded on the ex-dividend date. Income distributions, if any, are declared daily and paid monthly. Capital gain distributions, if any, are declared and paid annually. The tax character of distributions is determined as of the Fund’s fiscal year end. Therefore, a portion of the Fund’s distributions made to shareholders prior to the Fund’s fiscal year end may ultimately be categorized as a tax return of capital.

Investment Income. Dividend income is recorded on the ex-dividend date or upon ex-dividend notification in the case of certain foreign dividends where the ex-dividend date may have passed. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Interest income is recognized on an accrual basis. Discount and premium, which are included in interest income on the Statement of Operations, are amortized or accreted daily.

Custodian Fees. “Custodian fees and expenses” in the Statement of Operations may include interest expense incurred by the Fund on any cash overdrafts of its custodian account during the period. Such cash overdrafts may result from the effects of failed trades in portfolio securities and from cash outflows resulting from unanticipated shareholder redemption activity. The Fund pays interest to its custodian on such cash overdrafts, to the extent they are not offset by positive cash balances maintained by the Fund, at a rate equal to the Federal Funds Rate plus 0.50%. The “Reduction to custodian expenses” line item, if applicable, represents earnings on cash balances maintained by the Fund during the period. Such interest expense and other custodian fees may be paid with these earnings.

Security Transactions. Security transactions are recorded on the trade date. Realized gains and losses on securities sold are determined on the basis of identified cost.

Indemnifications. The Fund’s organizational documents provide current and former trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may

61 | OPPENHEIMER INTERNATIONAL BOND FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

1. Significant Accounting Policies Continued

also enter into contracts that provide general indemnifications. The Fund’s maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.

Other. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

2. Shares of Beneficial Interest

The Fund has authorized an unlimited number of $0.001 par value shares of beneficial interest of each class. Transactions in shares of beneficial interest were as follows:


	Six Months Ended March 31, 2011						Year Ended September 30, 2010
	Shares			Amount			Shares			Amount

Class A
Sold		148,865,898		$	986,897,668			413,552,195		$	2,683,284,275
Dividends and/or distributions reinvested		27,843,384			182,522,746			44,899,820			288,851,058
Redeemed		(202,310,747	)		(1,329,913,823	)		(481,006,084	)		(3,082,587,759	)

Net decrease		(25,601,465	)	$	(160,493,409	)		(22,554,069	)	$	(110,452,426	)


Class B
Sold		3,557,248		$	23,584,510			12,119,738		$	78,314,631
Dividends and/or distributions reinvested		830,085			5,418,677			1,328,034			8,511,119
Redeemed		(7,751,541	)		(50,907,952	)		(14,895,865	)		(95,326,830	)

Net decrease		(3,364,208	)	$	(21,904,765	)		(1,448,093	)	$	(8,501,080	)


Class C
Sold		23,002,968		$	152,360,633			92,547,734		$	599,983,342
Dividends and/or distributions reinvested		5,481,883			35,788,128			8,559,194			54,852,181
Redeemed		(45,290,905	)		(296,803,077	)		(79,888,240	)		(508,782,839	)

Net increase (decrease)		(16,806,054	)	$	(108,654,316	)		21,218,688		$	146,052,684


Class N
Sold		10,215,588		$	67,486,718			22,530,911		$	145,064,683
Dividends and/or distributions reinvested		1,237,706			8,088,234			1,750,642			11,237,134
Redeemed		(7,760,997	)		(50,930,958	)		(18,125,733	)		(115,267,928	)

Net increase		3,692,297		$	24,643,994			6,155,820		$	41,033,889

62 | OPPENHEIMER INTERNATIONAL BOND FUND


	Six Months Ended March 31, 2011						Year Ended September 30, 2010
	Shares			Amount			Shares			Amount

Class Y
Sold		138,414,769		$	913,851,511			353,980,672		$	2,279,546,391
Dividends and/or distributions reinvested		13,264,659			86,881,145			17,207,750			110,715,751
Redeemed		(76,900,353	)		(505,549,548	)		(162,208,516	)		(1,042,668,740	)

Net increase		74,779,075		$	495,183,108			208,979,906		$	1,347,593,402

3. Purchases and Sales of Securities

The aggregate cost of purchases and proceeds from sales of securities, other than short-term obligations and investments in IMMF, for the six months ended March 31, 2011, were as follows:


	Purchases		Sales

Investment securities	$	2,672,251,902	$	3,011,384,195

4. Fees and Other Transactions with Affiliates

Management Fees. Under the investment advisory agreement, the Fund pays the Manager a management fee based on the daily net assets of the Fund at an annual rate as shown in the following table:


Fee Schedule

Up to $200 million	0.75	%
Next $200 million	0.72
Next $200 million	0.69
Next $200 million	0.66
Next $200 million	0.60
Next $4 billion	0.50
Next $10 billion	0.48
Over $15 billion	0.45

Administration Service Fees. The Fund pays the Manager a fee of $1,500 per year for preparing and filing the Fund’s tax returns.

Transfer Agent Fees. OppenheimerFunds Services (“OFS”), a division of the Manager, acts as the transfer and shareholder servicing agent for the Fund. The Fund pays OFS a per account fee. For the six months ended March 31, 2011, the Fund paid $12,448,125 to OFS for services to the Fund.

Additionally, Class Y shares are subject to minimum fees of $10,000 annually for assets of $10 million or more. The Class Y shares are subject to the minimum fees in the event that the per account fee does not equal or exceed the applicable minimum fees. OFS may voluntarily waive the minimum fees.

Distribution and Service Plan (12b-1) Fees. Under its General Distributor’s Agreement with the Fund, OppenheimerFunds Distributor, Inc. (the “Distributor”) acts as the Fund’s principal underwriter in the continuous public offering of the Fund’s classes of shares.

63 | OPPENHEIMER INTERNATIONAL BOND FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

4. Fees and Other Transactions with Affiliates Continued

Service Plan for Class A Shares. The Fund has adopted a Service Plan (the “Plan”) for Class A shares under Rule 12b-1 of the Investment Company Act of 1940. Under the Plan, the Fund reimburses the Distributor for a portion of its costs incurred for services provided to accounts that hold Class A shares. Reimbursement is made periodically at an annual rate of up to 0.25% of the daily net assets of Class A shares of the Fund. The Distributor currently uses all of those fees to pay dealers, brokers, banks and other financial institutions periodically for providing personal service and maintenance of accounts of their customers that hold Class A shares. Any unreimbursed expenses the Distributor incurs with respect to Class A shares in any fiscal year cannot be recovered in subsequent periods. Fees incurred by the Fund under the Plan are detailed in the Statement of Operations.

Distribution and Service Plans for Class B, Class C and Class N Shares. The Fund has adopted Distribution and Service Plans (the “Plans”) for Class B, Class C and Class N shares under Rule 12b-1 of the Investment Company Act of 1940 to compensate the Distributor for its services in connection with the distribution of those shares and servicing accounts. Under the Plans, the Fund pays the Distributor an annual asset-based sales charge of 0.75% on Class B and Class C shares daily net assets and 0.25% on Class N shares daily net assets. The Distributor also receives a service fee of 0.25% per year under each plan. If either the Class B, Class C or Class N plan is terminated by the Fund or by the shareholders of a class, the Board of Trustees and its independent trustees must determine whether the Distributor shall be entitled to payment from the Fund of all or a portion of the service fee and/or asset-based sales charge in respect to shares sold prior to the effective date of such termination. Fees incurred by the Fund under the Plans are detailed in the Statement of Operations. The Distributor determines its uncompensated expenses under the Plans at calendar quarter ends. The Distributor’s aggregate uncompensated expenses under the Plans at March 31, 2011 were as follows:


Class B	$	7,276,692
Class C		33,278,356
Class N		5,519,146

Sales Charges. Front-end sales charges and contingent deferred sales charges (“CDSC”) do not represent expenses of the Fund. They are deducted from the proceeds of sales of Fund shares prior to investment or from redemption proceeds prior to remittance, as applicable. The sales charges retained by the Distributor from the sale of shares and the CDSC retained by the Distributor on the redemption of shares is shown in the following table for the period indicated.

Class A

Class B

Class C

Class N

Class A

Contingent

Front-End

Deferred

Sales Charges

Six Months

Retained by

Ended

Distributor

March 31, 2011

535,226

140,868

289,369

111,852

5,429

64 | OPPENHEIMER INTERNATIONAL BOND FUND

Waivers and Reimbursements of Expenses. 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. During the six months ended March 31, 2011, the Manager waived fees and/or reimbursed the Fund $113,682 for IMMF management fees.

OFS has voluntarily agreed to limit transfer and shareholder servicing agent fees for all classes to 0.35% of average annual net assets per class.

During the six months ended March 31, 2011, OFS waived transfer and shareholder servicing agent fees as follows:


Class N			14,458
Class Y			778,505

Some of these undertakings may be modified or terminated at any time; some may not be modified or terminated until after one year from the date of the current prospectus, as indicated therein.

5. 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:

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.

65 | OPPENHEIMER INTERNATIONAL BOND FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

5. Risk Exposures and the Use of Derivative Instruments Continued

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.

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

66 | OPPENHEIMER INTERNATIONAL BOND FUND

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 March 31, 2011, the maximum amount of loss that the Fund would incur if the counterparties to its derivative transactions failed to perform would be $150,324,884, 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. master agreements, which allow the Fund to net unrealized appreciation and depreciation for certain positions in swaps, over-the-counter options, swaptions, 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 $73,280,628 as of March 31, 2011. 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 International Swap and Derivatives Association, Inc. 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 March 31, 2011 the Fund has required certain counterparties to post collateral of $18,535,410.

Credit Related Contingent Features. The Fund’s agreements with derivative counterparties have 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 International Swap and Derivatives Association, Inc. master agreements which govern certain positions in swaps, over-the-counter options and swaptions, and forward currency exchange contracts for each individual counterparty.

As of March 31, 2011, the aggregate fair value of derivative instruments with credit related contingent features in a net liability position was $19,736,869 for which the Fund has posted collateral of $3,879,620. If a contingent feature would have been triggered as of March 31, 2011, 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; securities posted as collateral, if any, are reported on the Statement of Investments.

67 | OPPENHEIMER INTERNATIONAL BOND FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

5. Risk Exposures and the Use of Derivative Instruments Continued

Valuations of derivative instruments as of March 31, 2011 are as follows:

Asset Derivatives

Liability Derivatives

Statement of

Derivatives

Assets and

Not Accounted for as

Liabilities

Hedging Instruments

Location

Value

Location

Value

Credit contracts

Appreciated swaps, at value

6,645,219

Credit contracts

Depreciated swaps, at value

201,167

Depreciated swaps, at value

988,763

Equity contracts

Appreciated swaps, at value

5,493,468

Equity contracts

Depreciated swaps, at value

9,326,941

Interest rate contracts

Appreciated swaps, at value

8,152,245

Interest rate contracts

Depreciated swaps, at value

8,604,687

Equity contracts

Futures margins

166,196

Futures margins

323,395

Interest rate contracts

Futures margins

358,922

Futures margins

434,085

Foreign exchange contracts

Unrealized appreciation
on foreign currency
exchange contracts

115,371,224

Unrealized depreciation
on foreign currency
exchange contracts

38,016,231

Foreign exchange contracts

Appreciated options written, at value

94,313

Foreign exchange contracts

Investments, at value

65,320

Total

129,808,542

64,433,634


*		Includes only the current day’s variation margin. Prior variation margin movements have been reflected in cash on the Statement of Assets and Liabilities upon receipt or payment.

**		Amounts relate to purchased options.

The effect of derivative instruments on the Statement of Operations is as follows:


Amount of Realized Gain or (Loss) Recognized on Derivatives
	Investments
	from
	unaffiliated
	companies			Closing and
Derivatives Not	(including			expiration		Closing and
Accounted	premiums on			of option		expiration of			Foreign
for as Hedging	options			contracts		futures			currency		Swap
Instruments	exercised)*			written		contracts			transactions		contracts			Total

Credit contracts	$	—		$	—	$	—		$	—	$	(70,892	)	$	(70,892	)
Equity contracts		—			—		(15,414,175	)		—		3,999,597			(11,414,578	)
Foreign exchange contracts		(15,011,129	)		12,997,164		—			10,760,223		—			8,746,258
Interest rate contracts		(28,732,994	)		—		(45,411,288	)		—		4,303,990			(69,840,292	)

Total	$	(43,744,123	)	$	12,997,164	$	(60,825,463	)	$	10,760,223	$	8,232,695		$	(72,579,504	)


*		Includes purchased option contracts, purchased swaption contracts and written option contracts exercised, if any.

68 | OPPENHEIMER INTERNATIONAL BOND FUND


Amount of Change in Unrealized Gain or (Loss) Recognized on Derivatives
									Translation of
									assets and
Derivatives Not									liabilities
Accounted				Option					denominated
for as Hedging				contracts			Futures		in foreign		Swap
Instruments	Investments*			written			contracts		currencies		contracts			Total

Credit contracts	$	—		$	—		$	—	$	—	$	1,809,194		$	1,809,194
Equity contracts		—			—			4,981,884		—		(11,189,861	)		(6,207,977	)
Foreign exchange contracts		(15,077,919	)		(8,419,511	)		—		23,566,467		—			69,037
Interest rate contracts		—			—			798,189		—		(22,821,655	)		(22,023,466	)

Total	$	(15,077,919	)	$	(8,419,511	)	$	5,780,073	$	23,566,467	$	(32,202,322	)	$	(26,353,212	)


*		Includes purchased option contracts and purchased swaption contracts, if any.

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 as a receivable or payable and in the Statement of Operations 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.

The Fund has purchased and sold certain forward foreign currency exchange contracts of different currencies in order to acquire currencies to pay for related foreign securities purchase transactions, or to convert foreign currencies to U.S. dollars from related foreign securities sale transactions. These foreign currency exchange contracts are negotiated at the current spot exchange rate with settlement typically within two business days thereafter.

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 Fund.

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.

69 | OPPENHEIMER INTERNATIONAL BOND FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

5. Risk Exposures and the Use of Derivative Instruments Continued

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 Fund.

During the six months ended March 31, 2011, the Fund had daily average contract amounts on forward foreign currency contracts to buy and sell of $5,240,143,968 and $3,129,067,688, respectively.

Additional associated risk to the Fund includes counterparty credit risk. Counterparty credit risk arises from the possibility that the counterparty will default.

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. The net change in unrealized appreciation and depreciation is reported in the Statement of Operations. Realized gains (losses) are reported in the Statement of Operations 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.

70 | OPPENHEIMER INTERNATIONAL BOND FUND

During the six months ended March 31, 2011, the Fund had an ending monthly average market value of $683,383,803 and $707,043,196 on futures contracts purchased and sold, respectively.

Additional associated risks of entering into futures contracts (and related options) include the possibility that there may be an illiquid market where the Fund is unable to liquidate the contract or enter into an offsetting position and, if used for hedging purposes, the risk that the price of the contract will correlate imperfectly with the prices of the Fund’s securities.

Option Activity

The Fund may buy and sell put and call options, or write put and 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. 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.

The Fund has written put options on currencies to increase exposure to foreign exchange rate risk. A written put option becomes more valuable as the price of the underlying financial instrument appreciates relative to the strike price.

The Fund has written call options on currencies to decrease exposure to foreign exchange rate risk. A written call option becomes more valuable as the price of the underlying financial instrument depreciates relative to the strike price.

The Fund has purchased call options on currencies to increase exposure to foreign exchange rate risk. A purchased call option becomes more valuable as the price of the underlying financial instrument appreciates relative to the strike price.

The Fund has purchased put options on currencies to decrease exposure to foreign exchange rate risk. A purchased put option becomes more valuable as the price of the underlying financial instrument depreciates relative to the strike price.

The Fund has purchased call options on treasury futures to increase exposure to interest rate risk. A purchased call option becomes more valuable as the price of the underlying financial instrument appreciates relative to the strike price.

During the six months ended March 31, 2011, the Fund had an average market value of $19,672,739 and $64,840 on purchased call options and purchased put options, respectively.

Options written, if any, are reported in a schedule following the Statement of Investments and as a liability in the Statement of Assets and Liabilities. Securities held in collateralized accounts to cover potential obligations with respect to outstanding written options are noted in the Statement of Investments.

71 | OPPENHEIMER INTERNATIONAL BOND FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

5. Risk Exposures and the Use of Derivative Instruments Continued

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.

During the six months ended March 31, 2011, the Fund had an ending monthly average market value of $221,203 and $113,296 on written call options and written put options, respectively.

Additional associated risks to the Fund include counterparty credit risk for over-the-counter options and liquidity risk.

Written option activity for the six months ended March 31, 2011 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, 2010		35,181,000,000		$	9,173,441			—		$	—
Options written		7,922,740,000			3,883,721			7,922,740,000			3,897,692
Options closed or expired		(40,578,555,000	)		(11,281,731	)		(1,763,185,000	)		(1,715,433	)
Options exercised		(1,763,185,000	)		(1,716,445	)		(5,397,555,000	)		(2,123,273	)

Options outstanding as of March 31, 2011		762,000,000		$	58,986			762,000,000		$	58,986

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 by contracts in unrealized appreciation and depreciation positions. Upfront payments paid or received, if any, affect the value of the respective swap. 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. 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.

72 | OPPENHEIMER INTERNATIONAL BOND FUND

The net change in this amount during the period is included on the Statement of Operations. 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.

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.

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.

73 | OPPENHEIMER INTERNATIONAL BOND FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

5. Risk Exposures and the Use of Derivative Instruments Continued

The Fund has purchased credit protection through credit default swaps to decrease exposure to the credit risk of individual securities and/or, indexes.

For the six months ended March 31, 2011, the Fund had ending monthly average notional amounts of $10,132,857 and $53,185,714 on credit default swaps to buy protection and credit default swaps to sell protection, respectively.

Additional associated risks to the Fund include counterparty credit risk and liquidity risk.

Interest Rate Swap Contracts. An interest rate swap is an agreement between counterparties to exchange periodic payments based on interest rates. One cash flow stream will typically be a floating rate payment based upon a specified interest rate while the other is typically a fixed interest rate.

The Fund has entered into interest rate swaps in which it pays a floating interest rate and receives a fixed interest rate in order to increase exposure to interest rate risk. Typically, if relative interest rates rise, payments made by the Fund under a swap agreement will be greater than the payments received by the Fund.

The Fund has entered into interest rate swaps in which it pays a fixed interest rate and receives a floating interest rate in order to decrease exposure to interest rate risk. Typically, if relative interest rates rise, payments received by the Fund under the swap agreement will be greater than the payments made by the Fund.

For the six months ended March 31, 2011, the Fund, had ending monthly average notional amounts of $487,877,050 and $1,417,009,943 on interest rate swaps which pay a fixed rate and interest rate swaps which receive a fixed rate, respectively.

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 securities or 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 securities or an index multiplied by the notional amount of the contract. The Fund will receive payments equal to the positive price movement of the same securities or index multiplied by the notional amount of the contract.

The Fund has entered into total return swaps on various equity securities or 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 securities or an index

74 | OPPENHEIMER INTERNATIONAL BOND FUND

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 securities or index multiplied by the notional amount of the contract.

For the six months ended March 31, 2011, the Fund had ending monthly average notional amounts of $329,467,472 and $166,381,009 on total return swaps which are long the reference asset and total return swaps which are short the reference asset, respectively.

Additional associated risks to the Fund include counterparty credit risk and liquidity risk.

6. Restricted Securities

As of March 31, 2011, investments in securities included issues that are restricted. 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. Securities that are restricted are marked with an applicable footnote on the Statement of Investments. Restricted securities are reported on a schedule following the Statement of Investments.

7. Pending Litigation

Since 2009, a number of lawsuits have been pending in federal courts against the Manager, the Distributor, and certain mutual funds (“Defendant Funds”) advised by the Manager and distributed by the Distributor (but not including the Fund). The lawsuits naming the Defendant Funds also name as defendants certain officers and current and former trustees of the respective Defendant Funds. The plaintiffs seek class action status on behalf of purchasers of shares of the respective Defendant Fund during a particular time period. The lawsuits raise claims under federal securities laws alleging that, among other things, the disclosure documents of the respective Defendant Fund contained misrepresentations and omissions, that such Defendant Fund’s investment policies were not followed, and that such Defendant Fund and the other defendants violated federal securities laws and regulations. The plaintiffs seek unspecified damages, equitable relief and an award of attorneys’ fees and litigation expenses.

In 2009, what are claimed to be derivative lawsuits were filed in state court against the Manager and a subsidiary (but not against the Fund), on behalf of the New Mexico Education Plan Trust. These lawsuits allege breach of contract, breach of fiduciary duty, negligence and violation of state securities laws, and seek compensatory damages, equitable relief and an award of attorneys’ fees and litigation expenses.

Other lawsuits have been filed since 2008 in various state and federal courts, against the Manager and certain of its affiliates. Those lawsuits were filed by investors who made investments through an affiliate of the Manager, and relate to the alleged investment fraud perpetrated by Bernard Madoff and his firm (“Madoff”). Those suits allege a variety of claims, including breach of fiduciary duty, fraud, negligent misrepresentation, unjust enrichment, and violation of federal and state securities laws and regulations, among others. They seek unspecified damages, equitable relief and an award of attorneys’ fees and

75 | OPPENHEIMER INTERNATIONAL BOND FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

7. Pending Litigation Continued

litigation expenses. None of the suits have named the Distributor, any of the Oppenheimer mutual funds or any of their independent Trustees or Directors as defendants. None of the Oppenheimer funds invested in any funds or accounts managed by Madoff. On February 28, 2011, a Stipulation of Partial Settlement of certain of those lawsuits was filed in the U.S. District Court for the Southern District of New York. That proposed settlement is subject to final approval of the Court and the determination by the settling defendants that class members representing a sufficient proportion of the losses allegedly suffered by class members had elected to participate in the settlement. The proposed settlement does not settle any of the other outstanding lawsuits pending in other courts relating to these matters.

The Manager believes that the lawsuits described above are without legal merit and is defending against them vigorously. The Defendant Funds’ Boards of Trustees have also engaged counsel to defend the suits brought against those Funds and the present and former Independent Trustees named in those suits. While it is premature to render any opinion as to the outcome in these lawsuits, or whether any costs that the Defendant Funds may bear in defending the suits might not be reimbursed by insurance, the Manager believes that these suits should not impair the ability of the Manager or the Distributor to perform their respective duties to the Fund, and that the outcome of all of the suits together should not have any material effect on the operations of any of the Oppenheimer funds.

8. Subsequent Event

The Regulated Investment Company Modernization Act of 2010 (the “Act”) was signed into law on December 22, 2010. The Act makes changes to a number of tax rules impacting the Fund. Although the Act provides a number of benefits, including the unlimited carryover of future capital losses, there may be a greater likelihood that all or a portion of a fund’s prior year capital loss carryovers will expire unused. In general, the provisions of the Act will be effective for the Fund’s fiscal year ending 2012. Specific information regarding the impact of the Act on the Fund will be contained within the “Federal Taxes” section of the financial statement notes for the fiscal year ending 2012.

76 | OPPENHEIMER INTERNATIONAL BOND FUND

PORTFOLIO PROXY VOTING POLICIES AND PROCEDURES; UPDATES TO STATEMENTS OF INVESTMENTS Unaudited

The Fund has adopted Portfolio Proxy Voting Policies and Procedures under which the Fund votes proxies relating to securities (“portfolio proxies”) held by the Fund. A description of the Fund’s Portfolio Proxy Voting Policies and Procedures is available (i) without charge, upon request, by calling the Fund toll-free at 1.800.525.7048, (ii) on the Fund’s website at www.oppenheimerfunds.com, and (iii) on the SEC’s website at www.sec.gov. In addition, the Fund is required to file Form N-PX, with its complete proxy voting record for the 12 months ended June 30th, no later than August 31st of each year. The Fund’s voting record is available (i) without charge, upon request, by calling the Fund toll-free at 1.800.525.7048, and (ii) in the Form N-PX filing on the SEC’s website at www.sec.gov.

The Fund files its complete schedule of portfolio holdings with the SEC for the first quarter and the third quarter of each fiscal year on Form N-Q. The Fund’s Form N-Q filings are available on the SEC’s website at www.sec.gov. Those forms may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

Householding—Delivery of Shareholder Documents

This is to inform you about OppenheimerFunds’ “householding” policy. If more than one member of your household maintains an account in a particular fund, OppenheimerFunds will mail only one copy of the fund’s prospectus (or, if available, the fund’s summary prospectus), annual and semiannual report and privacy policy. The consolidation of these mailings, called householding, benefits your fund through reduced mailing expense, and benefits you by reducing the volume of mail you receive from OppenheimerFunds. Householding does not affect the delivery of your account statements.

Please note that we will continue to household these mailings for as long as you remain an OppenheimerFunds shareholder, unless you request otherwise. If you prefer to receive multiple copies of these materials, please call us at 1.800.CALL-OPP (225-5677). You may also notify us in writing or via email. We will begin sending you individual copies of the prospectus (or, if available, the summary prospectus), reports and privacy policy within 30 days of receiving your request to stop householding.

77 | OPPENHEIMER INTERNATIONAL BOND FUND

OPPENHEIMER INTERNATIONAL BOND FUND


Trustees and Officers		William L. Armstrong, Chairman of the Board of Trustees and Trustee George C. Bowen, Trustee Edward L. Cameron, Trustee Jon S. Fossel, Trustee Sam Freedman, Trustee Beverly L. Hamilton, Trustee Robert J. Malone, Trustee F. William Marshall, Jr., Trustee William F. Glavin, Jr., Trustee, President and Principal Executive Officer Arthur P. Steinmetz, Vice President and Portfolio Manager Sara J. Zervos, Ph.D, Vice President and Portfolio Manager Arthur S. Gabinet, Secretary Thomas W. Keffer, Vice President and Chief Business Officer Mark S. Vandehey, Vice President and Chief Compliance Officer Brian W. Wixted, Treasurer and Principal Financial & Accounting Officer Robert G. Zack, Vice President

Manager		OppenheimerFunds, Inc.

Distributor		OppenheimerFunds Distributor, Inc.

Transfer and Shareholder Servicing Agent		OppenheimerFunds Services

Independent Registered Public Accounting Firm		KPMG llp

Counsel		K&L Gates LLP

		The financial statements included herein have been taken from the records of the Fund without examination of those records by the independent registered public accounting firm. ©2011 OppenheimerFunds, Inc. All rights reserved.

78 | OPPENHEIMER INTERNATIONAL BOND FUND

PRIVACY POLICY NOTICE

As an Oppenheimer fund shareholder, you are entitled to know how we protect your personal information and how we limit its disclosure.

Information Sources

We obtain nonpublic personal information about our shareholders from the following sources:

•		Applications or other forms

•		When you create a user ID and password for online account access

•		When you enroll in eDocs Direct, our electronic document delivery service

•		Your transactions with us, our affiliates or others

•		A software program on our website, often referred to as a “cookie,” which indicates which parts of our site you’ve visited

•		When you set up challenge questions to reset your password online

If you visit www.oppenheimerfunds.com and do not log on to the secure account information areas, we do not obtain any personal information about you. When you do log on to a secure area, we do obtain your user ID and password to identify you. We also use this information to provide you with products and services you have requested, to inform you about products and services that you may be interested in and assist you in other ways.

We do not collect personal information through our website unless you willingly provide it to us, either directly by email or in those areas of the website that request information. In order to update your personal information (including your mailing address, email address and phone number) you must first log on and visit your user profile.

If you have set your browser to warn you before accepting cookies, you will receive the warning message with each cookie. You can refuse cookies by turning them off in your browser. However, doing so may limit your access to certain sections of our website.

We use cookies to help us improve and manage our website. For example, cookies help us recognize new versus repeat visitors to the site, track the pages visited, and enable some special features on the website. This data helps us provide a better service for our website visitors.

Protection of Information

We do not disclose any non-public personal information (such as names on a customer list) about current or former customers to anyone, except as permitted by law.

Disclosure of Information

We send your financial advisor (as designated by you) copies of confirmations, account statements and other documents reporting activity in your fund accounts. We may also use details about you and your investments to help us, our financial service affiliates, or firms that jointly market their financial products and services with ours, to better serve your investment needs or suggest financial services or educational material that may be of interest to you. If this requires us to provide you with an opportunity to “opt in” or “opt out” of such information sharing with a firm not affiliated with us, you will receive notification on how to do so, before any such sharing takes place.

Right of Refusal

We will not disclose your personal information to unaffiliated third parties (except as permitted by law), unless we first offer you a reasonable opportunity to refuse or “opt out” of such disclosure.

79 | OPPENHEIMER INTERNATIONAL BOND FUND

PRIVACY POLICY NOTICE

Internet Security and Encryption

In general, the email services provided by our website are encrypted and provide a secure and private means of communication with us. To protect your own privacy, confidential and/or personal information should only be communicated via email when you are advised that you are using a secure website.

As a security measure, we do not include personal or account information in non-secure emails, and we advise you not to send such information to us in non-secure emails. Instead, you may take advantage of the secure features of our website to encrypt your email correspondence. To do this, you will need to use a browser that supports Secure Sockets Layer (SSL) protocol.

We do not guarantee or warrant that any part of our website, including files available for download, are free of viruses or other harmful code. It is your responsibility to take appropriate precautions, such as use of an anti-virus software package, to protect your computer hardware and software.

•		All transactions, including redemptions, exchanges and purchases, are secured by SSL and 128-bit encryption. SSL is used to establish a secure connection between your PC and OppenheimerFunds’ server. It transmits information in an encrypted and scrambled format.

•		Encryption is achieved through an electronic scrambling technology that uses a “key” to code and then decode the data. Encryption acts like the cable converter box you may have on your television set. It scrambles data with a secret code so that no one can make sense of it while it is being transmitted. When the data reaches its destination, the same software unscrambles the data.

•		You can exit the secure area by either closing your browser, or for added security, you can use the Log Out button before you close your browser.

Other Security Measures

We maintain physical, electronic and procedural safeguards to protect your personal account information. Our employees and agents have access to that information only so that they may offer you products or provide services, for example, when responding to your account questions.

How You Can Help

You can also do your part to keep your account information private and to prevent unauthorized transactions. If you obtain a user ID and password for your account, do not allow it to be used by anyone else. Also, take special precautions when accessing your account on a computer used by others.

Who We Are

This joint notice describes the privacy policies of the Oppenheimer funds, OppenheimerFunds Distributor, Inc., the trustee of OppenheimerFunds Individual Retirement Accounts (IRAs) and the custodian of the OppenheimerFunds 403(b)(7) tax sheltered custodial accounts. It applies to all Oppenheimer fund accounts you presently have, or may open in the future, using your Social Security number — whether or not you remain a shareholder of our funds. This notice was last updated January 16, 2004. In the event it is updated or changed, we will post an updated notice on our website at www.oppenheimerfunds.com. If you have any questions about these privacy policies, write to us at P.O. Box 5270, Denver, CO 80217-5270, email us by clicking on the Contact Us section of our website at www.oppenheimerfunds.com or call us at 1.800.525.7048.

80 | OPPENHEIMER INTERNATIONAL BOND FUND

Item 2. Code of Ethics.

Not applicable to semiannual reports.

Item 3. Audit Committee Financial Expert.

Not applicable to semiannual reports.

Item 4. Principal Accountant Fees and Services.

Not applicable to semiannual reports.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Schedule of Investments.

a) Not applicable. The complete schedule of investments is included in Item 1 of this Form N-CSR.

b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

The Fund’s Governance Committee Provisions with Respect to Nominations of Directors/Trustees to the Respective Boards

1.		The Fund’s Governance Committee (the “Committee”) will evaluate potential Board candidates to assess their qualifications. The Committee shall have the authority, upon approval of the Board, to retain an executive search firm to assist in this effort. The Committee may consider recommendations by business and personal contacts of current Board members and by executive search firms which the Committee may engage from time to time and may also consider shareholder recommendations. The Committee may consider the advice and recommendation of the Funds’ investment manager and its affiliates in making the selection.

2.		The Committee shall screen candidates for Board membership. The Committee has not established specific qualifications that it believes must be met by a trustee nominee. In evaluating trustee nominees, the Committee considers, among other things, an individual’s background, skills, and experience; whether the individual is an “interested person” as defined in the Investment Company Act of 1940; and whether the individual would be deemed an “audit committee financial expert” within the meaning of applicable SEC rules. The Committee also considers whether the individual’s background, skills, and experience will complement the background, skills, and experience of other nominees and will contribute to the Board. There are no differences in the manner in which the Committee evaluates nominees for trustees based on whether the nominee is recommended by a shareholder.

3.		The Committee may consider nominations from shareholders for the Board at such times as the Committee meets to consider new nominees for the Board. The Committee shall have the sole discretion to determine the candidates to present to the Board and, in such cases where required, to shareholders. Recommendations for trustee nominees should, at a minimum, be accompanied by the following:

	•		the name, address, and business, educational, and/or other pertinent background of the person being recommended;

	•		a statement concerning whether the person is an “interested person” as defined in the Investment Company Act of 1940;

	•		any other information that the Funds would be required to include in a proxy statement concerning the person if he or she was nominated; and

	•		the name and address of the person submitting the recommendation and, if that person is a shareholder, the period for which that person held Fund shares.

The recommendation also can include any additional information which the person submitting it believes would assist the Committee in evaluating the recommendation.

4.		Shareholders should note that a person who owns securities issued by Massachusetts Mutual Life Insurance Company (the parent company of the Funds’ investment adviser) would be deemed an “interested person” under the Investment Company Act of 1940. In addition, certain other relationships with Massachusetts Mutual Life Insurance Company or its subsidiaries, with registered broker-dealers, or with the Funds’ outside legal counsel may cause a person to be deemed an “interested person.”

5.		Before the Committee decides to nominate an individual as a trustee, Committee members and other directors customarily interview the individual in person. In addition, the individual customarily is asked to complete a detailed questionnaire which is designed to elicit information which must be disclosed under SEC and stock exchange rules and to determine whether the individual is subject to any statutory disqualification from serving as a trustee of a registered investment company.

Item 11. Controls and Procedures.

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 03/31/2011, 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 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.

There have been no changes in the registrant’s internal controls over financial reporting that occurred during the registrant’s second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits.

(a)		(1) Not applicable to semiannual reports.

		(2) Exhibits attached hereto.

		(3) Not applicable.

(b)		Exhibit 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:		05/10/2011

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:		05/10/2011


By:		/s/ Brian W. Wixted Brian W. Wixted
		Principal Financial Officer

Date:		05/10/2011


Top Ten Geographical Holdings

Japan	21.8	%
United States	7.1
Brazil	7.1
Germany	5.6
Mexico	4.8
United Kingdom	4.7
Russia	4.0
Italy	4.0
South Africa	3.7
Indonesia	3.2

1.		I have reviewed this report on Form N-CSR of Oppenheimer International Bond Fund;

2.		Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.		Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4.		The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

	(a)		Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

	(b)		Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

	(c)		Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

	(d)		Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

	(a)		All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

	(b)		Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

1.		The Registrant’s periodic report on Form N-CSR for the period ended 03/31/2011 (the “Form N-CSR”) fully complies with the requirements of Section 15(d) of the Securities Exchange Act of 1934, as amended; and

2.		The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant. This certification is being furnished to the Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR filed with the Commission.