0000950123-11-080491.txt : 20110826
0000950123-11-080491.hdr.sgml : 20110826
20110826153845
ACCESSION NUMBER: 0000950123-11-080491
CONFORMED SUBMISSION TYPE: N-Q
PUBLIC DOCUMENT COUNT: 2
CONFORMED PERIOD OF REPORT: 20110630
FILED AS OF DATE: 20110826
DATE AS OF CHANGE: 20110826
EFFECTIVENESS DATE: 20110826
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: OPPENHEIMER INTERNATIONAL BOND FUND
CENTRAL INDEX KEY: 0000939800
IRS NUMBER: 841308320
STATE OF INCORPORATION: MA
FISCAL YEAR END: 0931
FILING VALUES:
FORM TYPE: N-Q
SEC ACT: 1940 Act
SEC FILE NUMBER: 811-07255
FILM NUMBER: 111059798
BUSINESS ADDRESS:
STREET 1: 6803 SOUTH TUCSON WAY
CITY: CENTENNIAL
STATE: CO
ZIP: 80112-3924
BUSINESS PHONE: 3037683200
MAIL ADDRESS:
STREET 1: 6803 SOUTH TUCSON WAY
CITY: CENTENNIAL
STATE: CO
ZIP: 80112-3924
0000939800
S000007072
OPPENHEIMER INTERNATIONAL BOND FUND
C000019293
A
C000019294
B
C000019295
C
C000019296
N
C000019297
Y
N-Q
1
g59445nvq.txt
FORM N-Q
================================================================================
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT
COMPANY
Investment Company Act file number 811-07255
Oppenheimer International Bond Fund
--------------------------------------------------
(Exact name of registrant as specified in charter)
6803 South Tucson Way, Centennial, Colorado 80112-3924
------------------------------------------------------
(Address of principal executive offices) (Zip code)
Robert G. Zack, Esq.
OppenheimerFunds, Inc.
Two World Financial Center, New York, New York 10281-1008
---------------------------------------------------------
(Name and address of agent for service)
Registrant's telephone number, including area code: (303) 768-3200
Date of fiscal year end: September 30
Date of reporting period: 06/30/2011
================================================================================
ITEM 1. SCHEDULE OF INVESTMENTS.
Oppenheimer International Bond Fund
STATEMENT OF INVESTMENTS June 30, 2011 (Unaudited
Principal
Amount Value
------------ ------------
U.S. GOVERNMENT OBLIGATIONS-0.2%
U.S. Treasury Bills:
0.10%, 11/3/11(1) $ 2,000,000 $ 1,999,756
0.101%, 12/1/11(1,2) 31,200,000 31,192,044
------------
Total U.S. Government Obligations (Cost $33,185,294) 33,191,800
FOREIGN GOVERNMENT OBLIGATIONS-73.5%
ARGENTINA-0.9%
Argentina (Republic of) Bonds:
2.50%, 12/31/38(3) 28,590,000 12,508,125
7%, 10/3/15 83,545,000 81,173,240
Argentina (Republic of) Sr. Unsec. Bonds,
Series X, 7%, 4/17/17 26,020,000 23,931,890
Provincia de Buenos Aires Sr. Unsec. Unsub.
Nts., 10.875%, 1/26/21(4) 12,010,000 11,229,350
------------
128,842,605
AUSTRALIA-2.1%
Australia (Commonwealth of) Sr. Unsec. Bonds:
Series 119, 6.25%, 4/15/15 13,195,000 AUD 14,857,211
Series 120, 6%, 2/15/17 38,970,000 AUD 43,978,972
New South Wales Treasury Corp. Sr. Unsec. Unsub. Nts., Series 16, 6%, 4/1/16 163,305,000 AUD 180,340,663
Queensland Treasury Corp. Sr. Unsec. Unsub. Nts., Series 16, 6%, 4/21/16 40,550,000 AUD 44,607,523
------------
283,784,369
AUSTRIA-0.7%
Austria (Republic of) Bonds, 4.35%, 3/15/19(4) 33,345,000 EUR 51,862,263
Austria (Republic of) Sr. Unsec. Unsub. Bonds, Series 2, 4.65%, 1/15/18 26,960,000 EUR 42,767,752
------------
94,630,015
BELGIUM-1.0%
Belgium (Kingdom of) Bonds, Series 52, 4%, 3/28/18 71,465,000 EUR 105,372,685
Belgium (Kingdom of) Sr. Bonds, Series 40, 5.50%, 9/28/17 21,055,000 EUR 33,572,982
------------
138,945,667
BRAZIL-5.2%
Brazil (Federal Republic of) Nota Do Tesouro Nacional Nts.:
10%, 1/1/17 883,992,000 BRR 513,665,822
10%, 1/1/21 279,002,000 BRR 156,341,407
12.065%, 5/15/45(5) 32,095,000 BRR 42,666,197
------------
712,673,426
CANADA-2.7%
Canada (Government of) Nts.:
3%, 12/1/15 205,630,000 CAD 220,117,592
3.75%, 6/1/19 56,175,000 CAD 61,842,300
4%, 6/1/17 81,305,000 CAD 91,078,123
------------
373,038,015
1 | Oppenheimer International Bond Fund
Oppenheimer International Bond Fund
STATEMENT OF INVESTMENTS June 30, 2011 (Unaudited)
Principal
Amount Value
--------------- ------------
COLOMBIA-0.7%
Bogota Distrio Capital Sr. Bonds, 9.75%, 7/26/28(4) 16,413,000,000 COP $ 11,720,125
Colombia (Republic of) Bonds, 7.375%, 9/18/37 17,650,000 22,327,250
Colombia (Republic of) Sr. Nts., 7.375%, 3/18/19 18,875,000 23,622,063
Colombia (Republic of) Sr. Unsec. Bonds, 6.125%, 1/18/41 29,570,000 32,305,225
Colombia (Republic of) Unsec. Nts., 7.375%, 1/27/17 9,320,000 11,482,240
-----------
101,456,903
DENMARK-0.3%
Denmark (Kingdom of) Bonds, 4%, 11/15/19 208,165,000 DKK 43,308,835
DOMINICAN REPUBLIC-0.1%
Dominican Republic Bonds, 7.50%, 5/6/21(4) 12,570,000 13,135,650
FINLAND-0.2%
Finland (Republic of) Sr. Unsec. Unsub. Nts., 3.875%, 9/15/17 21,635,000 EUR 33,173,165
FRANCE-0.2%
France (Government of) Bonds, 4%, 4/25/60 17,995,000 EUR 24,782,490
GERMANY-5.7%
Germany (Federal Republic of) Bonds:
0.50%, 6/15/12 62,775,000 EUR 90,244,047
3.50%, 7/4/19(2) 128,285,000 EUR 195,347,110
Series 07, 4.25%, 7/4/39 42,145,000 EUR 66,119,575
Series 08, 4.25%, 7/4/18 138,790,000 EUR 221,520,779
Series 157, 2.25%, 4/10/15 135,420,000 EUR 197,959,500
-----------
771,191,011
GHANA-0.1%
Ghana (Republic of) Bonds, 8.50%, 10/4/17(4) 10,185,000 11,559,975
GREECE-0.2%
Hellenic Republic Sr. Unsec. Unsub. Bonds, 30 yr.:
4.50%, 9/20/37 44,630,000 EUR 28,056,360
4.60%, 9/20/40 4,760,000 EUR 2,924,696
-----------
30,981,056
HUNGARY-3.0%
Hungary (Republic of) Bonds:
Series 16/C, 5.50%, 2/12/16 7,956,700,000 HUF 40,976,533
Series 17/B, 6.75%, 2/24/17 26,704,200,000 HUF 142,208,047
Series 19/A, 6.50%, 6/24/19 18,154,000,000 HUF 93,710,437
Series 20/A, 7.50%, 11/12/20 12,584,000,000 HUF 69,100,642
Hungary (Republic of) Sr. Unsec. Bonds, 7.625%, 3/29/41 10,835,000 11,742,431
Hungary (Republic of) Sr. Unsec. Unsub. Nts., 6.375%, 3/29/21 41,925,000 44,440,500
-----------
402,178,590
INDONESIA-1.1%
Indonesia (Republic of) Nts., 6.875%, 1/17/18(4) 33,390,000 39,233,250
Indonesia (Republic of) Sr. Unsec. Bonds, 4.875%, 5/5/21(4) 27,140,000 27,920,275
Indonesia (Republic of) Sr. Unsec. Nts., 7.75%, 1/17/38(4) 35,555,000 44,754,856
Indonesia (Republic of) Sr. Unsec. Unsub. Bonds, 6.625% 2/17/37(4) 8,990,000 10,046,325
2 | Oppenheimer International Bond Fund
Oppenheimer International Bond Fund
STATEMENT OF INVESTMENTS June 30, 2011 (Unaudited)
Principal
Amount Value
---------------- ------------
Indonesia (Republic of) Unsec. Nts., 8.50%, 10/12/35(4) $ 19,610,000 $ 26,473,500
------------
148,428,206
ITALY-3.7%
Italy (Republic of) Bonds:
3.75%, 3/1/21 85,780,000 EUR 115,284,523
4%, 9/1/20 119,345,000 EUR 165,074,014
5%, 9/1/40 36,870,000 EUR 48,989,386
Italy (Republic of) Treasury Bonds, 3.75%, 12/15/13 122,855,000 EUR 179,766,343
------------
509,114,266
IVORY COAST-0.0%
Ivory Coast (Republic of) Sr. Unsec. Bonds, 2.50%, 12/31/32(4,6) 3,030,000 1,613,475
JAPAN-21.9%
Japan (Government of) Bonds, 20 yr., Series 112, 2.10%, 6/20/29 45,399,000,000 JPY 589,565,552
Japan (Government of) Sr. Unsec. Unsub. Bonds:
2 yr., Series 304, 0.20%, 5/15/13 44,539,000,000 JPY 553,559,383
5 yr., Series 91, 0.40%, 9/20/15 54,874,000,000 JPY 682,812,387
5 yr., Series 96, 0.50%, 3/20/16 61,562,000,000 JPY 767,921,811
10 yr., Series 307, 1.30%, 3/20/20 30,257,000,000 JPY 387,008,848
-------------
2,980,867,981
KOREA, REPUBLIC OF SOUTH-1.4%
Korea (Republic of) Sr. Unsec. Bonds, Series 2006, 5%, 6/10/20 110,821,000,000 KRW 109,523,305
Korea (Republic of) Sr. Unsec. Monetary
Stabilization Bonds:
Series 1208, 3.81%, 8/2/12 32,639,000,000 KRW 30,615,208
Series 1210, 3.28%, 10/2/12 35,050,000,000 KRW 32,662,010
Korea (Republic of) Sr. Unsec. Unsub. Nts., 5.125%, 12/7/16 11,887,000 13,121,061
------------
185,921,584
MALAYSIA-0.9%
Malaysia (Government of) Sr. Unsec. Bonds:
Series 1/06, 4.262%, 9/15/16 138,200,000 MYR 47,344,267
Series 0309, 2.711%, 2/14/12 200,330,000 MYR 66,402,080
Wakala Global Sukuk Bhd Bonds, 4.646%, 7/6/21(7,8) 15,175,000 15,148,975
------------
128,895,322
MEXICO-3.8%
United Mexican States Bonds:
5.625%, 1/15/17 9,315,000 10,633,073
Series M, 6.50%, 6/10/21(3) 1,414,100,000 MXN 116,683,027
Series M20, 7.50%, 6/3/27(3) 1,046,930,000 MXN 88,768,773
Series M10, 7.75%, 12/14/17 534,220,000 MXN 48,851,570
Series M10, 8%, 12/17/15 297,000,000 MXN 27,206,707
Series M20, 8.50%, 5/31/29(3) 253,350,000 MXN 23,268,948
Series M20, 10%, 12/5/24(3) 1,731,340,000 MXN 182,601,991
United Mexican States Nts., 6.75%, 9/27/34 4,420,000 5,160,350
3 | Oppenheimer International Bond Fund
Oppenheimer International Bond Fund
STATEMENT OF INVESTMENTS June 30, 2011 (Unaudited)
Principal
Amount Value
-------------- ------------
United Mexican States Sr. Nts., 5.75%, 10/12/2110 $ 8,860,000 $ 8,306,250
------------
511,480,689
NORWAY-0.1%
Norway (Kingdom of) Bonds, Series 471, 5%, 5/15/15 71,755,000 NOK 14,439,830
PANAMA-0.3%
Panama (Republic of) Bonds:
7.25%, 3/15/15 9,010,000 10,658,830
8.875%, 9/30/27 6,640,000 9,445,400
9.375%, 4/1/29 6,770,000 10,087,300
Panama (Republic of) Unsec. Bonds, 7.125%, 1/29/26 7,870,000 9,739,125
------------
39,930,655
PERU-1.0%
Peru (Republic of) Bonds, 7.35%, 7/21/25 30,020,000 36,819,530
Peru (Republic of) Sr. Unsec. Nts., 7.84%, 8/12/20(4) 212,250,000 PEN 85,241,206
Peru (Republic of) Sr. Unsec. Unsub. Bonds, 5.625%, 11/18/50(4) 13,630,000 12,914,425
------------
134,975,161
PHILIPPINES-0.2%
Philippines (Republic of the) Sr. Unsec. Unsub. Bonds, 6.375%, 10/23/34 7,515,000 8,247,713
Philippines (Republic of the) Sr. Unsec. Unsub. Nts., 4.95%, 1/15/21 652,000,000 PHP 15,047,531
------------
23,295,244
POLAND-2.5%
Poland (Republic of) Bonds:
Series 0415, 5.50%, 4/25/15 98,230,000 PLZ 36,348,753
Series 0416, 5%, 4/25/16 520,525,000 PLZ 188,411,907
Series 1015, 6.25%, 10/24/15 161,235,000 PLZ 61,097,413
Series 1017, 5.25%, 10/25/17 26,110,000 PLZ 9,441,962
Poland (Republic of) Sr. Unsec. Nts.:
5.125%, 4/21/21 23,580,000 24,434,775
6.375%, 7/15/19 15,070,000 17,255,150
------------
336,989,960
QATAR-0.1%
Qatar (State of) Sr. Nts., 5.25%, 1/20/20(4) 11,640,000 12,466,440
Qatar (State of) Sr. Unsec. Nts., 6.40%, 1/20/40(4) 5,400,000 5,994,000
------------
18,460,440
RUSSIA-0.1%
Russian Federation Bonds, 5%, 4/29/20(4) 9,040,000 9,367,700
SOUTH AFRICA-3.4%
South Africa (Republic of) Bonds:
5.50%, 3/9/20 13,080,000 14,355,300
Series R209, 6.25%, 3/31/36 369,540,000 ZAR 40,370,789
Series R208, 6.75%, 3/31/21 320,500,000 ZAR 42,091,066
Series R213, 7%, 2/28/31 237,600,000 ZAR 29,178,965
Series R207, 7.25%, 1/15/20 1,108,960,000 ZAR 152,352,027
Series R204, 8%, 12/21/18 430,290,000 ZAR 62,598,738
4 | Oppenheimer International Bond Fund
Oppenheimer International Bond Fund
STATEMENT OF INVESTMENTS June 30, 2011 (Unaudited)
Principal
Amount Value
----------- -----------
Series R186, 10.50%, 12/21/26 716,260,000 ZAR $122,706,318
------------
463,653,203
SPAIN-1.8%
Spain (Kingdom of) Bonds, 5.50%, 7/30/17 19,320,000 EUR 29,018,944
Spain (Kingdom of) Sr. Unsub. Bonds, 4.10%, 7/30/18 153,475,000 EUR 211,212,296
------------
240,231,240
SRI LANKA-0.1%
Sri Lanka (Democratic Socialist Republic of) Sr.
Unsec. Nts., 6.25%, 10/4/20(4) 9,970,000 10,019,850
SWEDEN-0.3%
Sweden (Kingdom of) Bonds, Series 1051, 3.75%, 8/12/17 208,710,000 SEK 34,826,576
THE NETHERLANDS-1.0%
Netherlands (Kingdom of the) Bonds:
4%, 7/15/18 63,940,000 EUR 98,619,833
4%, 7/15/19 19,980,000 EUR 30,867,938
------------
129,487,771
TURKEY-1.6%
Turkey (Republic of) Bonds:
6.875%, 3/17/36 17,955,000 19,840,275
7%, 3/11/19 9,650,000 11,145,750
8.68%, 2/20/13(9) 166,045,000 TRY 88,714,682
10.50%, 1/15/20(3) 10,760,000 TRY 7,063,943
11%, 8/6/14 63,670,000 TRY 41,269,772
Series CPI, 14.419%, 8/14/13(3) 21,120,000 TRY 19,227,372
Turkey (Republic of) Nts., 7.50%, 7/14/17 12,420,000 14,655,600
Turkey (Republic of) Unsec. Nts., 6%, 1/14/41 18,230,000 17,865,400
------------
219,782,794
UKRAINE-0.7%
City of Kyiv Via Kyiv Finance plc Sr. Unsec. Bonds,
9.375%, 7/11/16(7,8) 7,295,000 7,295,000
Financing of Infrastructural Projects State
Enterprise Gtd. Nts., 8.375%, 11/3/17(4) 15,050,000 15,802,500
Ukraine (Republic of) Bonds, 7.75%, 9/23/20(4) 14,640,000 15,225,600
Ukraine (Republic of) Sr. Unsec. Nts.:
6.25%, 6/17/16(4) 18,260,000 18,241,740
6.75%, 11/14/17(4) 22,470,000 22,778,963
7.95%, 2/23/21(4) 10,420,000 10,914,950
------------
90,258,753
UNITED KINGDOM-2.9%
United Kingdom Treasury Bonds:
2.25%, 3/7/14 54,000,000 GBP 89,095,883
4.75%, 3/7/20 96,385,000 GBP 172,379,979
4.75%, 12/7/38 74,045,000 GBP 128,385,310
------------
389,861,172
5 | Oppenheimer International Bond Fund
Oppenheimer International Bond Fund
STATEMENT OF INVESTMENTS June 30, 2011 (Unaudited)
Principal
Amount Value
------------ -----------
URUGUAY-0.5%
Uruguay (Oriental Republic of) Bonds, 7.625%, 3/21/36 $ 20,090,000 $25,413,850
Uruguay (Oriental Republic of) Sr. Nts., 6.875%, 9/28/25 13,000,000 15,860,000
Uruguay (Oriental Republic of) Unsec. Bonds, 8%, 11/18/22 23,255,000 30,208,245
-----------
71,482,095
VENEZUELA-1.0%
Venezuela (Republic of) Bonds, 9%, 5/7/23 52,010,000 37,837,275
Venezuela (Republic of) Nts., 8.25%, 10/13/24 8,895,000 6,093,075
Venezuela (Republic of) Sr. Unsec. Unsub. Nts.:
7.75%, 10/13/19 19,205,000 13,971,638
12.75%, 8/23/22 2,950,000 2,655,000
Venezuela (Republic of) Unsec. Bonds:
7%, 3/31/38 38,520,000 22,534,200
7.65%, 4/21/25 36,370,000 23,731,425
9.375%, 1/13/34 15,475,000 11,103,313
Venezuela (Republic of) Unsec. Nts., 13.625%, 8/15/18(4) 21,165,000 20,053,838
-----------
137,979,764
-----------
Total Foreign Government Obligations (Cost $9,422,408,048) 9,995,045,503
CORPORATE BONDS AND NOTES-15.3%
CONSUMER DISCRETIONARY-0.2%
HOTELS, RESTAURANTS & LEISURE-0.1%
Grupo Posadas SAB de CV, 9.25% Sr. Unsec. Nts., 1/15/15(4) 9,895,000 9,746,575
MEDIA-0.1%
VimpelCom Holdings BV, 7.504% Sr. Unsec. Unsub. Nts., 3/1/22(4) 15,210,000 15,301,260
CONSUMER STAPLES-0.3%
BEVERAGES-0.1%
AmBev International Finance Co. Ltd., 9.50% Sr.Unsec. Unsub. Nts., 7/24/17(3) 11,985,000 BRR 7,809,430
FOOD & STAPLES RETAILING-0.1%
Cencosud SA, 5.50% Sr. Unsec. Nts., 1/20/21(4) 15,075,000 15,150,375
FOOD PRODUCTS-0.1%
MHP SA, 10.25% Sr. Unsec. Nts., 4/29/15(4) 15,005,000 16,110,869
ENERGY-3.4%
OIL, GAS & CONSUMABLE FUELS-3.4%
Afren plc, 11.50% Sr. Sec. Nts., 2/1/16(4) 12,325,000 13,619,125
Alliance Oil Co. Ltd., 9.875% Sr. Unsec. Nts., 3/11/15(4) 11,200,000 12,320,000
Empresa Nacional del Petroleo, 5.25% Unsec. Nts., 8/10/20(4) 5,965,000 6,073,289
Gaz Capital SA:
7.288% Sr. Sec. Nts., 8/16/37(4) 36,720,000 40,208,400
8.146% Sr. Sec. Nts., 4/11/18(4) 18,820,000 22,231,125
8.625% Sr. Sec. Nts., 4/28/34(4) 11,855,000 14,901,735
9.25% Sr. Unsec. Unsub. Nts., 4/23/19(4) 25,645,000 32,152,419
KazMunayGaz National Co., 6.375% Sr.
Unsec. Bonds, 4/9/21(4) 10,940,000 11,635,784
KMG Finance Sub BV:
7% Sr. Unsec. Bonds, 5/5/20(4) 8,400,000 9,293,760
6 | Oppenheimer International Bond Fund
Oppenheimer International Bond Fund
STATEMENT OF INVESTMENTS June 30, 2011 (Unaudited)
Principal
Amount Value
------------- ------------
OIL, GAS & CONSUMABLE FUELS CONTINUED
9.125% Sr. Unsec. Unsub. Nts., 7/2/18(4) $ 30,360,000 $37,567,464
Lukoil International Finance BV:
6.125% Sr. Unsec. Nts., 11/9/20(4) 27,090,000 28,072,013
6.656% Sr. Unsec. Unsub. Bonds, 6/7/22(4) 5,525,000 5,849,594
7.25% Sr. Unsec. Unsub. Nts., 11/5/19(4) 4,390,000 4,899,679
Nak Naftogaz Ukraine, 9.50% Unsec. Nts., 9/30/14 20,240,000 22,289,300
Odebrecht Drilling Norbe VIII/IX Ltd., 6.35% Sr. Sec. Nts., 6/30/21(4) 9,020,000 9,561,200
Pemex Project Funding Master Trust:
6.625% Sr. Unsec. Unsub. Nts., 6/15/38 5,855,000 6,169,132
6.625% Unsec. Unsub. Bonds, 6/15/35 29,590,000 31,336,520
Pertamina PT (Persero):
5.25% Nts., 5/23/21(4) 16,255,000 16,450,060
6.50% Sr. Unsec. Nts., 5/27/41(4) 7,240,000 7,203,800
Petrobras International Finance Co.:
5.75% Sr. Unsec. Unsub. Nts., 1/20/20 14,160,000 15,166,861
7.875% Sr. Unsec. Nts., 3/15/19 15,275,000 18,563,158
Petroleos de Venezuela SA, 8.50% Sr. Nts., 11/2/17 23,970,000 17,893,605
Petroleos Mexicanos:
5.50% Sr. Unsec. Unsub. Nts., 1/21/21 11,900,000 12,536,650
6% Sr. Unsec. Unsub. Nts., 3/5/20 14,380,000 15,853,950
Petroleum Co. of Trinidad & Tobago Ltd., 9.75% Sr. Unsec. Nts., 8/14/19(4) 17,320,000 21,000,500
PT Adaro Indonesia, 7.625% Nts., 10/22/19(4) 14,950,000 16,669,250
Tengizchevroil LLP, 6.124% Nts., 11/15/14(4) 6,435,846 6,870,265
-----------
456,388,638
FINANCIALS-6.5%
CAPITAL MARKETS-0.1%
Banco de Credito del Peru, 9.75% Jr. Sub. Nts., 11/6/69(7) 5,300,000 5,936,000
Credit Suisse First Boston International, 6.80%
Export-Import Bank of Ukraine Nts., 10/4/12 6,035,000 6,216,050
-----------
12,152,050
COMMERCIAL BANKS-4.2%
Akbank TAS, 5.125% Sr. Unsec. Nts., 7/22/15(4) 14,880,000 14,880,000
Alfa Bank/Alfa Bond Issuance plc, 7.875% Nts., 9/25/17(4) 11,700,000 12,343,500
Banco BMG SA:
9.15% Nts., 1/15/16(4) 10,630,000 11,267,800
9.95% Unsec. Unsub. Nts., 11/5/19(4) 8,380,000 8,861,850
Banco Cruzeiro do Sul SA, 8.25% Sr. Unsec. Nts., 1/20/16(4) 6,025,000 5,934,625
Banco de Credito del Peru:
5.375% Sr. Nts., 9/16/20(4) 7,160,000 6,855,700
6.95% Sub. Nts., 11/7/21(3,4) 5,410,000 5,626,400
Banco do Brasil SA, 8.50% Jr. Sub. Perpetual Bonds(4,10) 7,905,000 9,189,563
Banco do Brasil SA (Cayman), 6% Sr. Unsec. Nts., 1/22/20(4) 7,320,000 7,905,600
Banco PanAmericano SA, 8.50% Sr. Unsec. Sub. Nts., 4/23/20(4) 8,650,000 9,536,625
Banco Votorantim SA, 5.25% Sr. Unsec. Unsub. Nts., 2/11/16(4) 6,015,000 6,128,082
7 | Oppenheimer International Bond Fund
Oppenheimer International Bond Fund
STATEMENT OF INVESTMENTS June 30, 2011 (Unaudited)
Principal
Amount Value
------------ -------------
COMMERCIAL BANKS CONTINUED
Bancolombia SA, 4.25% Sr. Unsec. Nts., 1/12/16(4) $ 12,150,000 $ 12,271,500
Bank of Scotland plc:
4.375% Sr. Sec. Nts., 7/13/16 94,358,000 EUR 140,237,487
4.50% Sr. Sec. Nts., 7/13/21 64,592,000 EUR 92,285,780
BOM Capital plc, 6.699% Sr. Unsec. Nts., 3/11/15(4) 26,205,000 27,415,671
Halyk Savings Bank of Kazakhstan JSC:
7.25% Unsec. Unsub. Nts., 5/3/17(4) 3,275,000 3,324,125
9.25% Sr. Nts., 10/16/13(4) 60,130,000 65,842,350
ICICI Bank Ltd.:
5.50% Sr. Unsec. Nts., 3/25/15(4) 21,660,000 22,756,581
6.375% Bonds, 4/30/22(3,4) 22,793,000 22,337,140
Ongko International Finance Co. BV, 10.50% Sec. Nts., 3/29/04(6,7) 550,000 --
PrivatBank JSC/UK SPV Credit Finance plc, 8% Sr. Sec. Nts., 2/6/12(4) 8,980,000 9,072,135
Salisbury International Investments Ltd., 4.424%
Sec. Nts., Series 2006-003, Tranche E, 7/22/11(3,7) 2,400,000 2,355,360
Turkiye Is Bankasi (Isbank), 5.10% Sr. Unsec. Nts., 2/1/16(4) 9,045,000 8,950,615
VEB Finance Ltd., 6.902% Sr. Unsec. Unsub. Nts., 7/9/20(4) 25,215,000 26,957,357
VTB Capital SA:
6.315% Nts., 2/22/18(4) 15,040,000 15,453,562
6.465% Sr. Sec. Unsub. Nts., 3/4/15(4) 8,300,000 8,820,410
6.551% Sr. Unsec. Nts., 10/13/20(4) 8,755,000 8,930,100
-----------
565,539,918
CONSUMER FINANCE-0.0%
JSC Astana Finance, 9.16% Nts., 3/14/12(6) 14,000,000 1,520,400
DIVERSIFIED FINANCIAL SERVICES-0.5%
Autopistas del Nordeste Cayman Ltd., 9.39% Nts., 1/15/26(7) 18,487,974 17,471,136
BA Covered Bond Issuer, 4.25% Sec. Nts., 4/5/17 19,442,000 EUR 28,345,036
Banco Invex SA, 29.368% Mtg.-Backed Certificates, Series 062U, 3/13/34(3,5) 27,603,725 MXN 3,915,957
BM&F BOVESPA SA, 5.50% Sr. Unsec. Nts., 7/16/20(4) 6,010,000 6,253,405
JPMorgan Hipotecaria su Casita:
7.812% Sec. Nts., 8/26/35(3,7) 34,101,099 MXN 3,214,305
27.787% Mtg.-Backed Certificates, Series 06U, 9/25/35(3) 11,277,462 MXN 1,854,266
Korea Development Bank (The), 4% Sr. Unsec. Unsub. Nts., 9/9/16 10,500,000 10,784,645
Tiers-BSP, 0%/8.60% Collateralized Trust, Cl. A, 6/15/97(4,11) 5,310,000 3,393,589
-----------
75,232,339
REAL ESTATE MANAGEMENT & DEVELOPMENT-0.1%
Country Garden Holdings Co., 11.125% Sr. Unsec. Nts., 2/23/18(4) 12,055,000 12,476,925
THRIFTS & MORTGAGE FINANCE-1.6%
Banco Hipotecario SA, 9.75% Sr. Unsec. Nts., 4/27/16(4) 5,360,000 5,601,200
WM Covered Bond Program:
4% Sec. Mtg. Nts., Series 2, 9/27/16 124,355,000 EUR 183,252,758
8 | Oppenheimer International Bond Fund
Oppenheimer International Bond Fund
STATEMENT OF INVESTMENTS June 30, 2011 (Unaudited)
Principal
Amount Value
-------------- ------------
THRIFTS & MORTGAGE FINANCE CONTINUED
4.375% Sec. Nts., 5/19/14 16,190,000 EUR $ 24,244,618
------------
213,098,576
INDUSTRIALS-0.2%
CONSTRUCTION & ENGINEERING-0.2%
IIRSA Norte Finance Ltd., 8.75% Sr. Nts., 5/30/24(4) 15,044,584 17,022,947
Odebrecht Finance Ltd., 7% Sr. Unsec. Nts., 4/21/20(4) 5,290,000 5,845,450
------------
22,868,397
ROAD & RAIL-0.0%
Kazakhstan Temir Zholy Finance BV, 6.375% Sr. Unsec. Nts., 10/6/20(4) 5,795,000 6,218,035
MATERIALS-1.5%
CHEMICALS-0.1%
Braskem Finance Ltd., 5.75% Sr. Unsec. Nts., 4/15/21(4) 18,065,000 18,269,135
CONSTRUCTION MATERIALS-0.3%
CEMEX Espana SA, 9.25% Sr. Sec. Nts., 5/12/20(4) 8,115,000 8,074,425
CEMEX Finance LLC, 9.50% Sr. Sec. Bonds, 12/14/16(4) 8,940,000 9,286,425
CEMEX SAB de CV, 9% Sr. Sec. Nts., 1/11/18(4) 8,280,000 8,466,300
Rearden G Holdings Eins GmbH, 7.875% Sr. Unsec. Nts., 3/30/20(4) 7,170,000 7,851,150
West China Cement Ltd., 7.50% Sr. Nts., 1/25/16(4) 7,840,000 7,565,600
------------
41,243,900
METALS & MINING-1.1%
Alrosa Finance SA, 7.75% Nts., 11/3/20(4) 12,010,000 13,090,900
Consolidated Minerals Ltd., 8.875% Sr. Sec. Nts., 5/1/16(4) 9,050,000 8,936,875
CSN Islands XI Corp., 6.875% Sr. Unsec. Nts., 9/21/19(4) 5,700,000 6,248,625
Ferrexpo Finance plc, 7.875% Sr. Unsec. Bonds, 4/7/16(4) 15,670,000 16,199,646
JSC Severstal, 6.70% Nts., 10/25/17(4) 14,820,000 15,116,400
Metinvest BV, 8.75% Sr. Unsec. Unsub. Nts., 2/14/18(4) 12,030,000 12,511,200
Vedanta Resources plc:
8.25% Sr. Unsec. Nts., 6/7/21(4) 18,100,000 18,326,250
9.50% Sr. Unsec. Nts., 7/18/18(4) 51,960,000 56,896,200
------------
147,326,096
TELECOMMUNICATION SERVICES-0.9%
DIVERSIFIED TELECOMMUNICATION SERVICES-0.3%
Axtel SAB de CV, 9% Sr. Unsec. Nts., 9/22/19(4) 17,935,000 17,603,203
Telemar Norte Leste SA, 5.50% Sr. Unsec. Nts., 10/23/20(4) 30,216,000 29,989,380
------------
47,592,583
WIRELESS TELECOMMUNICATION SERVICES-0.6%
America Movil SAB de CV:
6.125% Sr. Unsec. Unsub. Nts., 3/30/40 4,600,000 4,831,058
8.46% Sr. Unsec. Unsub. Bonds, 12/18/36 140,800,000 MXN 11,089,354
MTS International Funding Ltd., 8.625% Sr. Unsec. Nts., 6/22/20(4) 15,235,000 17,463,119
Vimpel Communications/VIP Finance Ireland Ltd. OJSC, 7.748% Nts., 2/2/21(4) 9,040,000 9,356,400
9 | Oppenheimer International Bond Fund
Oppenheimer International Bond Fund
STATEMENT OF INVESTMENTS June 30, 2011 (Unaudited)
Principal
Amount Value
---------------- --------------
WIRELESS TELECOMMUNICATION SERVICES CONTINUED
VIP Finance Ireland Ltd., 9.125% Bonds, 4/30/18(4) $ 32,440,000 $ 36,796,692
--------------
79,536,623
UTILITIES-2.3%
ELECTRIC UTILITIES-1.7%
Centrais Eletricas Brasileiras SA, 6.875% Sr. Unsec. Unsub. Nts., 7/30/19(4) 15,405,000 17,523,188
Empresa Distribuidora y Comercializadora Norte SA, 9.75% Nts., 10/25/22(4) 6,005,000 6,080,063
Empresas Publicas de Medellin ESP, 7.625% Sr. Unsec. Nts., 7/29/19(4) 10,125,000 11,820,938
Eskom Holdings Ltd.:
5.75% Sr. Unsec. Bonds, 1/26/21(4) 21,105,000 21,949,200
7.85% Sr. Unsec. Unsub. Nts., Series ES26, 4/2/26 294,000,000 ZAR 38,838,453
10% Nts., Series ES23, 1/25/23 368,000,000 ZAR 58,383,441
Israel Electric Corp. Ltd., 7.25% Nts., 1/15/19(4) 31,120,000 34,204,863
Majapahit Holding BV:
7.75% Nts., 10/17/16(4) 15,500,000 18,057,500
8% Sr. Unsec. Nts., 8/7/19(4) 11,150,000 13,240,625
National Power Corp., 5.875% Unsec. Unsub. Bonds, 12/19/16 665,100,000 PHP 16,754,074
--------------
236,852,345
ENERGY TRADERS-0.4%
Colbun SA, 6% Sr. Unsec. Nts., 1/21/20(4) 12,290,000 12,938,556
Comision Federal de Electricidad, 4.875% Sr. Nts., 5/26/21(4) 12,050,000 12,093,380
Power Sector Assets & Liabilities Management Corp.:
7.25% Sr. Gtd. Unsec. Nts., 5/27/19(4) 7,500,000 8,906,250
7.39% Sr. Gtd. Unsec. Nts., 12/2/24(4) 8,120,000 9,622,200
PT Cikarang Listindo/Listindo Capital BV, 9.25% Sr. Nts., 1/29/15(4) 8,410,000 9,215,964
--------------
52,776,350
GAS UTILITIES-0.1%
TGI International Ltd., 9.50% Nts., 10/3/17(4) 10,420,000 11,761,575
WATER UTILITIES-0.1%
Cia de Saneamento Basico do Estado de Sao Paulo, 6.25% Sr. Unsec. Nts., 12/16/20(4) 10,885,000 11,211,550
--------------
Total Corporate Bonds and Notes (Cost $1,972,961,239) 2,076,183,944
Shares
----------------
COMMON STOCKS-0.0%
MHP SA, GDR(4,12) (Cost $15,289) 169,861 2,802,707
Principal
Amount
-----------------
STRUCTURED SECURITIES-7.4%
Barclays Bank plc:
Indonesia (Republic of) Total Return Linked Bonds, 10.50%, 8/19/30 134,050,000,000 IDR 18,134,931
Indonesia (Republic of) Total Return Linked Bonds, 10.50%, 8/19/30 100,330,000,000 IDR 13,573,126
10 | Oppenheimer International Bond Fund
Oppenheimer International Bond Fund
STATEMENT OF INVESTMENTS June 30, 2011 (Unaudited)
Principal
Amount Value
--------------- -----------
Indonesia (Republic of) Total Return Linked Bonds, Series 22, 11%, 9/17/25 100,660,000,000 IDR $14,380,054
Indonesia (Republic of) Total Return Linked Nts., Series 50, 10.50%, 8/19/30 67,450,000,000 IDR 9,124,961
Indonesia (Republic of) Total Return Linked Nts., Series 51, 10.50%, 8/19/30 69,180,000,000 IDR 9,359,004
Indonesia (Republic of) Total Return Linked Nts., Series 51, 11%, 9/17/25 69,180,000,000 IDR 9,882,894
Russian Federation Total Return Linked Bonds, 7.15%, 1/25/13(3) 550,300,000 RUR 20,208,326
Russian Federation Total Return Linked Bonds, 6.70%, 2/8/13(3) 563,400,000 RUR 20,568,339
Russian Federation Total Return Linked Bonds, Series 3, 6.85%, 8/3/12(3) 565,000,000 RUR 20,616,635
Citigroup Funding, Inc.:
ALROSA Russia Corporate Bond Credit Linked Unsec. Nts., 8.25%, 6/25/15(3,7) 182,270,000 RUR 6,706,442
Indonesia (Republic of) Credit Linked Nts., Series 23, 11%, 9/17/25 67,110,000,000 IDR 9,587,179
Indonesia (Republic of) Credit Linked Nts., Series 25, 11%, 9/17/25 101,170,000,000 IDR 14,452,911
Indonesia (Republic of) Credit Linked Nts., Series 55, 10.50%, 8/19/30 101,170,000,000 IDR 13,686,766
Indonesia (Republic of) Total Return Linked Nts., 11%, 9/17/25 68,100,000,000 IDR 9,728,608
Instituto Costarricense De Eletricidad Total Return Linked Nts., 2.274%, 10/25/11(3) 14,720,000 14,818,783
Russian Federation Credit Linked Bonds, 6.70%, 2/8/13(3,7) 377,910,000 RUR 13,663,938
Ukraine (Republic of) Credit Linked Nts., 5.50%, 9/1/15(3,7) 169,861,500 UAH 19,562,002
Citigroup Global Markets Holdings, Inc.:
Adira Dinamika Multi Finance Credit Linked Nts., 6.75%, 1/5/12(7,8) 334,600,000,000 IDR 39,018,133
Colombia (Republic of) Credit Linked Bonds, 11.25%, 10/25/18(7) 11,920,000,000 COP 8,197,047
Colombia (Republic of) Credit Linked Nts., 13.753%, 2/26/15(5,7) 10,435,000,000 COP 13,040,244
Colombia (Republic of) Credit Linked Nts., Series 01, 13.753%, 2/26/15(5,7) 3,833,000,000 COP 4,789,962
Colombia (Republic of) Credit Linked Nts., Series 02, 13.753%, 2/26/15(5,7) 4,568,000,000 COP 5,708,465
Colombia (Republic of) Total Return Linked Bonds, 7.25%, 6/16/16 16,791,000,000 COP 9,657,908
Colombia (Republic of) Total Return Linked Bonds, Series 2, 11%, 7/27/20 26,964,000,000 COP 18,503,153
Colombia (Republic of) Total Return Linked Bonds, Series 2, 7.25%, 6/16/16 11,767,000,000 COP 6,768,185
Dominican Republic Unsec. Credit Linked Nts., 15%, 3/12/12(7) 289,700,000 DOP 7,787,037
Credit Suisse First Boston International:
Moitk Total Return Linked Nts., 21%, 3/30/11(6) 220,242,600 RUR 23,660
Russian Oreniz Total Return Linked Nts., 9.24%, 2/24/12(3) 45,458,000 RUR 1,614,794
Credit Suisse First Boston, Inc. (Nassau Branch):
Russian Oreniz Total Return Linked Nts., Series 009, 9.24%, 2/24/12(3) 52,500,000 RUR 1,864,945
11 | Oppenheimer International Bond Fund
Oppenheimer International Bond Fund
STATEMENT OF INVESTMENTS June 30, 2011 (Unaudited)
Principal
Amount Value
----------------- -----------
Russian Specialized Construction & Installation
Administration Total Return Linked Nts., 13%, 5/20/10(6) 64,600,000 RUR $ 231
Credit Suisse Group AG, Russian Moscoblgaz Finance Total
Return Linked Nts., 9.25%, 6/27/12 25,800,000 RUR 921,569
Credit Suisse International:
OAO Gazprom Total Return Linked Nts., 13.12%, 6/28/12(3) 155,430,000 RUR 5,976,311
OAO Gazprom Total Return Linked Nts., 13.12%, 6/28/12(3) 144,200,000 RUR 5,544,515
OAO Gazprom Total Return Linked Nts., 13.12%, 6/28/12(3) 106,500,000 RUR 4,094,944
Deutsche Bank AG:
Coriolanus Ltd. Sec. Credit Linked Bonds, Series 128, 3.006%, 5/6/25(7,9) 4,625,232 3,014,807
Coriolanus Ltd. Sec. Credit Linked Bonds, 3.061%, 5/6/25(7,9) 5,893,257 3,841,328
Coriolanus Ltd. Sec. Credit Linked Bonds, 3.10%, 5/6/25(7,9) 5,087,884 3,316,371
Coriolanus Ltd. Sec. Credit Linked Bonds, 3.134%, 5/6/25(7,9) 4,547,927 2,964,418
Coriolanus Ltd. Sec. Credit Linked Bonds, 3.187%, 5/6/25(7,9) 5,662,538 3,690,941
Coriolanus Ltd. Sec. Credit Linked Bonds, 3.239%, 5/6/25(7,9) 6,462,927 4,212,649
Coriolanus Ltd. Sec. Credit Linked Bonds, 3.266%, 5/6/25(7,9) 5,163,123 3,365,413
Coriolanus Ltd. Sec. Credit Linked Bonds, 3.343%, 5/6/25(7,9) 4,853,116 3,163,345
Indonesia (Republic of) Credit Linked Nts., 10.50%, 8/23/30 119,230,000,000 IDR 16,130,009
Indonesia (Republic of) Credit Linked Nts., Series 03, 11%, 9/17/25 97,410,000,000 IDR 13,915,766
JSC Gazprom Total Return Linked Nts., 13.12%, 6/28/12(3) 133,110,000 RUR 5,125,253
JSC Gazprom Total Return Linked Nts., Series 4, 13.12%, 6/28/12(3) 160,790,000 RUR 6,191,040
JSC VTB Bank Credit Linked Nts., 12%, 6/19/12(3,8) 201,100,000 UAH 25,560,421
Opic Reforma I Credit Linked Nts., Cl. 2A, 8.344%, 5/22/15(3,7) 1,273,571 MXN 107,473
Opic Reforma I Credit Linked Nts., Cl. 2B, 8.344%, 5/22/15(3,7) 2,228,143 MXN 188,027
Opic Reforma I Credit Linked Nts., Cl. 2C, 8.344%, 5/22/15(3,7) 33,594,990 MXN 2,834,986
Opic Reforma I Credit Linked Nts., Cl. 2D, 8.344%, 5/22/15(3,7) 2,448,357 MXN 206,610
Opic Reforma I Credit Linked Nts., Cl. 2E, 8.344%, 5/22/15(3,7) 1,778,777 MXN 150,106
Opic Reforma I Credit Linked Nts., Cl. 2F, 8.344%, 5/22/15(3,7) 1,136,016 MXN 95,865
Opic Reforma I Credit Linked Nts., Cl. 2G, 8.344%, 5/22/15(3,7) 209,208 MXN 17,654
Ukraine (Republic of) 6 yr. Total Return Linked Nts., 4.05%, 8/30/11 2,505,000 2,430,301
Ukraine (Republic of) 6.5 yr. Total Return Linked Nts., 4.05%, 2/29/12 2,505,000 2,138,594
Ukraine (Republic of) 7 yr. Total Return Linked Nts., 4.05%, 8/30/12 2,505,000 1,906,004
Eirles Two Ltd. Sec. Nts., Series 335, 2.085%, 4/30/12(3,7) 11,200,000 10,744,160
Goldman Sachs Capital Markets LP, Colombia (Republic of)
Credit Linked Nts., 10.476%, 2/8/37(7,9) 376,977,600,000 COP 10,868,207
Hallertau SPC Credit Linked Nts.:
Series 2007-01, 2.445%, 12/20/17(3,7) 42,470,000 38,452,338
Series 2008-01, 9.888%, 8/2/10(6,7,9) 63,164,246 BRR 4,047,304
Series 2008-2A, 7.85%, 9/17/13(3,7) 14,253,750 14,521,721
HSBC Bank USA NA, Indonesia (Republic of) Credit Linked
Nts., Series 2, 9.50%, 7/15/31(4) 132,561,000,000 IDR 16,563,779
12 | Oppenheimer International Bond Fund
Oppenheimer International Bond Fund
STATEMENT OF INVESTMENTS June 30, 2011 (Unaudited)
Principal
Amount Value
--------------- -------------
JPMorgan Chase & Co.:
Colombia (Republic of) Credit Linked Bonds, 10.19%, 1/5/16(7,9) 68,635,000,000 COP $ 29,766,406
Colombia (Republic of) Credit Linked Bonds, 10.218%, 10/31/16(7,9) 90,697,000,000 COP 36,591,548
Colombia (Republic of) Credit Linked Nts., 11%, 7/28/20(7) 12,645,000,000 COP 8,679,231
Colombia (Republic of) Credit Linked Nts., Series 2, 11%, 7/28/20(7) 45,193,500,000 COP 31,019,756
Indonesia (Republic of) Credit Linked Bonds, 10.50%, 8/19/30(4) 134,473,000,000 IDR 18,192,156
Indonesia (Republic of) Credit Linked Bonds, Series 04, 11%, 9/17/25(4) 69,180,000,000 IDR 9,882,894
Indonesia (Republic of) Credit Linked Nts., Series 04, 10.50%, 8/19/30(4) 66,900,000,000 IDR 9,050,555
Indonesia (Republic of) Credit Linked Nts., Series 52, 10.50%, 8/19/30(4) 67,450,000,000 IDR 9,124,961
Indonesia (Republic of) Credit Linked Nts., Series 55, 11%, 9/17/25(4) 67,450,000,000 IDR 9,635,750
Indonesia (Republic of) Total Return Linked Nts., 10.50%, 8/19/30(4) 19,010,000,000 IDR 2,571,764
Indonesia (Republic of) Total Return Linked Nts., Series 53, 11%, 9/17/25(4) 68,100,000,000 IDR 9,728,608
JPMorgan Chase Bank NA:
Indonesia (Republic of) Credit Linked Nts., Series 1, 9.50%, 7/17/31(4) 135,959,000,000 IDR 16,988,367
Indonesia (Republic of) Credit Linked Nts., Series 11, 10.50%, 8/19/30(4) 100,000,000,000 IDR 13,528,482
Indonesia (Republic of) Credit Linked Nts., Series 2, 10.50%, 8/19/30(4) 119,230,000,000 IDR 16,130,009
Indonesia (Republic of) Credit Linked Nts., Series 2, 11%, 9/17/25(4) 46,070,000,000 IDR 6,581,453
Indonesia (Republic of) Credit Linked Nts., Series 3, 11%, 9/17/25(4) 92,130,000,000 IDR 13,161,478
Russian Federation Credit Linked Bonds, 6.70%, 2/8/13(3,7) 377,810,000 RUR 13,792,908
Russian Federation Credit Linked Bonds, 6.85%, 8/3/12(3,7) 565,000,000 RUR 20,636,867
Russian Federation Credit Linked Bonds, Series 2, 7.15%, 1/25/13(3,7) 464,490,000 RUR 17,057,178
Russian Federation Credit Linked Bonds, Series 2, 6.85%, 8/3/12(3,7) 900,000,000 RUR 32,872,886
LB Peru Trust II Certificates, Series 1998-A, 4.534%, 2/28/16(6,9) 1,426,420 142,642
Merrill Lynch, Colombia (Republic of) Credit Linked Nts., 10%, 11/17/16(7) 13,289,000,000 COP 8,051,526
Morgan Stanley:
Peru (Republic of) Credit Linked Nts., 6.25%, 3/23/17(4) 26,120,000 PEN 7,795,910
Russian Federation Total Return Linked Bonds, Series 007, Cl. VR, 5%, 8/22/34 327,637,216 RUR 5,535,850
Morgan Stanley Capital Services, Inc.:
Brazil (Federal Republic of) Credit Linked Nts., 12.551%, 1/5/22(4,9) 173,500,000 BRR 16,654,733
United Mexican States Credit Linked Nts., 5.64%, 11/20/15(7) 11,760,000 10,667,496
VimpelCom Total Return Linked Nts., 9.25%, 7/26/13(3) 692,500,000 RUR 25,805,192
13 | Oppenheimer International Bond Fund
Oppenheimer International Bond Fund
STATEMENT OF INVESTMENTS June 30, 2011 (Unaudited)
Principal
Amount Value
---------- --------------
Standard Bank Group Ltd., Ghana (Republic of) Credit Linked Bonds, 11.155%, 9/21/11(4,9) 16,895,000 GHS $ 10,906,652
Standard Charter Bank:
Ghana (Republic of) Credit Linked Bonds, 11.441%, 9/1/11(7,9) 10,050,000 GHS 6,526,301
Ghana (Republic of) Credit Linked Bonds, 11.44%, 9/8/11(7,9) 18,310,000 GHS 11,866,062
UBS AG, Ghana (Republic of) Credit Linked Nts., 14.47%, 12/28/11(7) 7,369,232 GHS 4,917,683
--------------
Total Structured Securities (Cost $1,007,961,615) 1,005,194,196
Expiration Strike
Date Price Contracts
----------- ------- -----------
OPTIONS PURCHASED-0.0%
New Turkish Lira (TRY) Put(12) 9/6/11 2.250 EUR 33,400,000 111,401
New Turkish Lira (TRY) Put(12) 9/6/11 2.250 EUR 33,400,000 118,067
-------
Total Options Purchased (Cost $903,658) 229,468
Shares
-------------
INVESTMENT COMPANY-2.9%
Oppenheimer Institutional Money Market Fund, Cl. E, 0.15%(13,14) (Cost $394,803,232) 3 94,803,232 394,803,232
Total Investments, at Value (Cost $12,832,238,375) 99.3% 13,507,450,850
Other Assets Net of Liabilities 0.7 94,186,063
------------ ----------------
Net Assets 100.0% $ 13,601,636,913
============ ================
Footnotes to Statement of Investments
Principal amount and strike price are reported in U.S. Dollars, except for those
denoted in the following currencies:
AUD Australian Dollar
BRR Brazilian Real
CAD Canadian Dollar
COP Colombian Peso
DKK Danish Krone
DOP Dominican Republic Peso
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
14 | Oppenheimer International Bond Fund
Oppenheimer International Bond Fund
STATEMENT OF INVESTMENTS June 30, 2011 (Unaudited)
1. All or a portion of the security position is held in collateral accounts to
cover the Fund's obligations under certain derivative contracts. The aggregate
market value of such securities is $6,831,373. See accompanying Notes.
2. 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 $73,827,057. See accompanying Notes.
3. Represents the current interest rate for a variable or increasing rate
security.
4. Represents securities sold under Rule 144A, which are exempt from
registration under the Securities Act of 1933, as amended. These securities have
been determined to be liquid under guidelines established by the Board of
Trustees. These securities amount to $1,954,905,674 or 14.37% of the Fund's net
assets as of June 30, 2011.
5. Denotes an inflation-indexed security: coupon or principal are indexed to a
consumer price index.
6. 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 accompanying Notes.
7. Restricted security. The aggregate value of restricted securities as of June
30, 2011 was $512,143,617, which represents 3.77% of the Fund's net assets. See
accompanying Notes. Information concerning restricted securities is as follows:
Unrealized
Acquisition Appreciation
Security Dates Cost Value (Depreciation)
----------------------------------------------------------- ---------------- ------------ ------------ ---------------
Autopistas del Nordeste Cayman Ltd., 9.39% Nts., 1/15/26 2/22/06-10/20/09 $ 16,063,109 $ 17,471,136 $ 1,408,027
Banco de Credito del Peru, 9.75% Jr. Sub. Nts., 11/6/69 10/30/09 5,300,000 5,936,000 636,000
Citigroup Funding, Inc., ALROSA Russia Corporate Bond
Credit Linked Unsec. Nts., 8.25%, 6/25/15 3/1/11 6,452,562 6,706,442 253,880
Citigroup Funding, Inc., Russian Federation Credit Linked
Bonds, 6.70%, 2/8/13 3/2/11 13,425,143 13,663,938 238,795
Citigroup Funding, Inc., Ukraine (Republic of) Credit
Linked Nts., 5.50%, 9/1/15 9/7/10 17,858,694 19,562,002 1,703,308
Citigroup Global Markets Holdings, Inc., Adira Dinamika
Multi Finance Credit Linked Nts., 6.75%, 1/5/12 6/17/11 38,861,789 39,018,133 156,344
Citigroup Global Markets Holdings, Inc.,
Colombia(Republic of) Credit Linked Bonds, 11.25%,
10/25/18 12/9/08 5,035,289 8,197,047 3,161,758
Citigroup Global Markets Holdings, Inc., Colombia
(Republic of) Credit Linked Nts., 13.753%, 2/26/15 7/18/08 8,695,951 13,040,244 4,344,293
Citigroup Global Markets Holdings, Inc., Colombia
(Republic of) Credit Linked Nts., Series 01, 13.753%,
2/26/15 7/31/08 3,230,592 4,789,962 1,559,370
Citigroup Global Markets Holdings, Inc., Colombia
(Republic of) Credit Linked Nts., Series 02, 13.753%,
2/26/15 8/8/08 3,874,153 5,708,465 1,834,312
Citigroup Global Markets Holdings, Inc., Dominican
Republic Unsec. Credit Linked Nts., 15%, 3/12/12 3/7/07 8,695,818 7,787,037 (908,781)
City of Kyiv Via Kyiv Finance plc Sr. Unsec. Bonds, 9.375%,
7/11/16 6/30/11 7,295,000 7,295,000 --
Deutsche Bank AG, Coriolanus Ltd. Sec. Credit Linked
Bonds, Series 128, 3.006%, 5/6/25 10/8/10 3,074,732 3,014,807 (59,925)
Deutsche Bank AG, Coriolanus Ltd. Sec. Credit Linked
Bonds, 3.343%, 5/6/25 4/16/09 3,125,364 3,163,345 37,981
Deutsche Bank AG, Coriolanus Ltd. Sec. Credit Linked
Bonds, 3.266%, 5/6/25 8/18/09 3,347,341 3,365,413 18,072
Deutsche Bank AG, Coriolanus Ltd. Sec. Credit Linked
Bonds, 3.239%, 5/6/25 9/25/09 4,199,824 4,212,649 12,825
Deutsche Bank AG, Coriolanus Ltd. Sec. Credit Linked
Bonds, 3.187%, 5/6/25 12/17/09 3,697,089 3,690,941 (6,148)
Deutsche Bank AG, Coriolanus Ltd. Sec. Credit Linked
Bonds, 3.134%, 5/6/25 3/30/10 2,984,151 2,964,418 (19,733)
Deutsche Bank AG, Coriolanus Ltd. Sec. Credit Linked
Bonds, 3.10%, 5/6/25 5/18/10 3,350,508 3,316,371 (34,137)
Deutsche Bank AG, Coriolanus Ltd. Sec. Credit Linked
Bonds, 3.061%, 5/6/25 7/16/10 3,895,312 3,841,328 (53,984)
Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl.
2A, 8.344%, 5/22/15 5/21/08 122,792 107,473 (15,319)
Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl.
2B, 8.344%, 5/22/15 6/12/08 214,813 188,027 (26,786)
15 | Oppenheimer International Bond Fund
Oppenheimer International Bond Fund
STATEMENT OF INVESTMENTS June 30, 2011 (Unaudited)
Unrealized
Acquisition Appreciation
Security Dates Cost Value (Depreciation)
----------------------------------------------------------- ---------------- ------------ ------------ ---------------
Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl.
2C, 8.344%, 5/22/15 6/18/08 3,259,229 2,834,986 (424,243)
Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl.
2D, 8.344%, 5/22/15 7/8/08 237,353 206,610 (30,743)
Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl.
2E, 8.344%, 5/22/15 7/15/08 172,730 150,106 (22,624)
Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl.
2F, 8.344%, 5/22/15 8/8/08 111,830 95,865 (15,965)
Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl.
2G, 8.344%, 5/22/15 8/22/08 20,634 17,654 (2,980)
Eirles Two Ltd. Sec. Nts., Series 335, 2.085%, 4/30/12 9/17/07-2/24/09 11,030,794 10,744,160 (286,634)
Goldman Sachs Capital Markets LP, Colombia (Republic
of) Credit Linked Nts., 10.476%, 2/8/37 1/18/07 34,459,332 10,868,207 (23,591,125)
Hallertau SPC Credit Linked Nts., Series 2007-01, 2.445%,
12/20/17 12/13/07 42,470,000 38,452,338 (4,017,662)
Hallertau SPC Credit Linked Nts., Series 2008-01, 9.888%,
8/2/10 4/18/08-10/1/08 31,666,704 4,047,304 (27,619,400)
Hallertau SPC Credit Linked Nts., Series 2008-2A, 7.85%,
9/17/13 10/23/08-2/26/09 14,357,373 14,521,721 164,348
JPMorgan Chase & Co., Colombia (Republic of) Credit
Linked Bonds, 10.19%, 1/5/16 12/6/05 11,167,708 29,766,406 18,598,698
JPMorgan Chase & Co., Colombia (Republic of) Credit
Linked Bonds, 10.218%, 10/31/16 10/16/06 14,183,697 36,591,548 22,407,851
JPMorgan Chase & Co., Colombia (Republic of) Credit
Linked Nts., 11%, 7/28/20 8/24/10 8,748,715 8,679,231 (69,484)
JPMorgan Chase & Co., Colombia (Republic of) Credit
Linked Nts., Series 2, 11%, 7/28/20 10/6/10 31,674,050 31,019,756 (654,294)
JPMorgan Chase Bank NA, Russian Federation Credit
Linked Bonds, 6.70%, 2/8/13 3/1/11 13,255,838 13,792,908 537,070
JPMorgan Chase Bank NA, Russian Federation Credit
Linked Bonds, 6.85%, 8/3/12 6/6/11 20,662,642 20,636,867 (25,775)
JPMorgan Chase Bank NA, Russian Federation Credit
Linked Bonds, Series 2, 7.15%, 1/25/13 2/28/11 16,335,633 17,057,178 721,545
JPMorgan Chase Bank NA, Russian Federation Credit
Linked Bonds, Series 2, 6.85%, 8/3/12 6/2/11 32,866,618 32,872,886 6,268
JPMorgan Hipotecaria su Casita, 7.812% Sec. Nts., 8/26/35 3/21/07 3,092,229 3,214,305 122,076
Merrill Lynch, Colombia (Republic of) Credit Linked Nts.,
10%, 11/17/16 10/20/06 5,679,060 8,051,526 2,372,466
Morgan Stanley Capital Services, Inc., United Mexican
States Credit Linked Nts., 5.64%, 11/20/15 11/3/05 11,760,000 10,667,496 (1,092,504)
Ongko International Finance Co. BV, 10.50% Sec. Nts.,
3/29/04 6/30/09 548,813 -- (548,813)
Salisbury International Investments Ltd., 4.424% Sec. Nts.,
Series 2006-003, Tranche E, 7/22/11 7/12/06 2,400,000 2,355,360 (44,640)
Standard Charter Bank, Ghana (Republic of) Credit
Linked Bonds, 11.441%, 9/1/11 3/3/11 6,481,608 6,526,301 44,693
Standard Charter Bank, Ghana (Republic of) Credit
Linked Bonds, 11.44%, 9/8/11 3/8/11 11,793,475 11,866,062 72,587
UBS AG, Ghana (Republic of) Credit Linked Nts., 14.47%,
12/28/11 12/22/06 8,045,781 4,917,683 (3,128,098)
Wakala Global Sukuk Bhd Bonds, 4.646%, 7/6/21 6/28/11 15,175,000 15,148,975 (26,025)
------------------------------------------
$514,456,872 $512,143,617 $ (2,313,255)
==========================================
16 | Oppenheimer International Bond Fund
Oppenheimer International Bond Fund
STATEMENT OF INVESTMENTS June 30, 2011 (Unaudited)
8. When-issued security or delayed delivery to be delivered and settled after
June 30, 2011. See accompanying Notes.
9. Zero coupon bond reflects effective yield on the date of purchase.
10. 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.
11. Denotes a step bond: a zero coupon bond that converts to a fixed or variable
interest rate at a designated future date.
12. Non-income producing security.
13. Is or was an affiliate, as defined in the Investment Company Act of 1940, at
or during the period ended June 30, 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 GROSS SHARES
SEPTEMBER 30, 2010 ADDITIONS REDUCTIONS JUNE 30,2011
JUNE 30, 2011
Oppenheimer Institutional Money Market Fund, Cl. E 30,173,589 2,822,209,241 2,457,579,598 394,803,232
VALUE INCOME
Oppenheimer Institutional Money Market Fund, Cl. E $394,803,232 $420,123
14. Rate shown is the 7-day yield as of June 30, 2011.
17 | Oppenheimer International Bond Fund
Oppenheimer International Bond Fund
STATEMENT OF INVESTMENTS June 30, 2011 (Unaudited)
VALUATION INPUTS
Various data inputs are used in determining the value of each of the Fund's
investments as of the reporting period end. These data inputs are categorized in
the following hierarchy under applicable financial accounting standards:
1) Level 1-unadjusted quoted prices in active markets for identical assets or
liabilities (including securities actively traded on a securities exchange)
2) Level 2-inputs other than unadjusted quoted prices that are observable for
the asset or liability (such as unadjusted quoted prices for similar assets
and market corroborated inputs such as interest rates, prepayment speeds,
credit risks, etc.)
3) Level 3-significant unobservable inputs (including the Manager's own
judgments about assumptions that market participants would use in pricing
the asset or liability).
The table below categorizes amounts as of June 30, 2011 based on valuation input
level:
LEVEL 2- LEVEL 3-
LEVEL 1- OTHER SIGNIFICANT SIGNIFICANT
UNADJUSTED OBSERVABLE UNOBSERVABLE
QUOTED PRICES INPUTS INPUTS VALUE
-------------- ------------------ ------------- ---------------
Assets Table
Investments, at Value:
U.S. Government Obligations $ -- $ 33,191,800 $ -- $ 33,191,800
Foreign Government Obligations -- 9,995,045,503 -- 9,995,045,503
Corporate Bonds and Notes -- 2,076,183,944 -- 2,076,183,944
Common Stocks 2,802,707 -- -- 2,802,707
Structured Securities -- 1,005,027,663 166,533 1,005,194,196
Options Purchased -- 229,468 -- 229,468
Investment Company 394,803,232 -- -- 394,803,232
-------------- ------------------ ------------- ---------------
Total Investments, at Value 397,605,939 13,109,678,378 166,533 13,507,450,850
Other Financial Instruments:
Appreciated swaps, at value -- 26,779,018 -- 26,779,018
Futures margins 4,041,489 -- -- 4,041,489
Foreign currency exchange contracts -- 54,268,514 -- 54,268,514
-------------- ------------------ ------------- ---------------
Total Assets $ 401,647,428 $ 13,190,725,910 $ 166,533 $13,592,539,871
-------------- ------------------ ------------- ---------------
Liabilities Table
Other Financial Instruments:
Appreciated swaps, at value $ -- $ (7,172,404) $ -- $ (7,172,404)
Depreciated swaps, at value -- (15,226,599) -- (15,226,599)
Appreciated options written, at value -- (104,785) -- (104,785)
Depreciated options written, at value -- (906,285) -- (906,285)
Futures margins (2,344,428) -- -- (2,344,428)
Foreign currency exchange contracts - (71,408,498) -- (71,408,498)
-------------- ------------------ ------------- ---------------
Total Liabilities $ (2,344,428) $ (94,818,571) $ -- $ (97,162,999)
-------------- ------------------ ------------- ---------------
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.
18 | Oppenheimer International Bond Fund
Oppenheimer International Bond Fund
STATEMENT OF INVESTMENTS June 30, 2011 (Unaudited)
Distribution of investments representing geographic holdings, as a percentage of
total investments at value, is as follows:
Geographic Holdings Value Percent
------------------------ --------------- -------
Japan $ 2,980,867,981 22.1%
Brazil 961,013,861 7.1
Germany 771,191,011 5.7
Mexico 681,820,406 5.0
United States 663,837,444 4.9
United Kingdom 622,384,439 4.6
Russia 605,869,859 4.5
South Africa 582,824,297 4.3
Indonesia 571,380,003 4.2
Italy 509,114,266 3.8
Hungary 402,178,590 3.0
Canada 373,038,015 2.8
Poland 336,989,960 2.5
Colombia 328,952,554 2.4
Australia 283,784,369 2.1
Turkey 243,613,409 1.8
Spain 240,231,240 1.8
Ukraine 227,057,982 1.7
Peru 205,924,032 1.5
Korea, Republic of South 196,706,229 1.5
Venezuela 155,873,369 1.2
Kazakhstan 142,272,183 1.0
Argentina 140,523,868 1.0
Belgium 138,945,667 1.0
The Netherlands 129,487,771 1.0
Malaysia 128,895,322 1.0
India 120,316,171 0.9
Philippines 100,423,695 0.7
Austria 94,630,015 0.7
Uruguay 71,482,095 0.5
Ghana 45,776,673 0.3
Denmark 43,308,835 0.3
Panama 39,930,655 0.3
Dominican Republic 38,393,823 0.3
Sweden 34,826,576 0.3
Israel 34,204,863 0.3
Chile 34,162,220 0.3
Finland 33,173,165 0.2
Greece 30,981,056 0.2
France 24,782,490 0.2
Supranational 22,036,395 0.2
Trinidad & Tobago 21,000,500 0.2
China 20,042,525 0.1
Qatar 18,460,440 0.1
Costa Rica 14,818,783 0.1
Norway 14,439,830 0.1
Nigeria 13,619,125 0.1
Sri Lanka 10,019,850 0.1
Ivory Coast 1,613,475 --
European Union 229,468 --
--------------- -------
Total $13,507,450,850 100.0%
=============== =======
19 | Oppenheimer International Bond Fund
Oppenheimer International Bond Fund
STATEMENT OF INVESTMENTS June 30, 2011 (Unaudited)
FOREIGN CURRENCY EXCHANGE CONTRACTS AS OF JUNE 30, 2011 ARE AS FOLLOWS:
CONTRACT
COUNTERPARTY/CONTRACT AMOUNT EXPIRATION UNREALIZED UNREALIZED
DESCRIPTION BUY/SELL (000'S) DATES VALUE APPRECIATION DEPRECIATION
--------------------------- --------- ----------- -------------- ------------ ------------- -------------
BANC OF AMERICA:
Canadian Dollar (CAD) Sell 210,050 CAD 10/26/11 $217,131,890 $ 3,624,810 $ --
Chinese Renminbi (Yuan) (CNY) Sell 640,590 CNY 7/8/11-8/24/11 99,124,763 103,878 128,620
Euro (EUR) Sell 10,205 EUR 10/6/11 14,756,569 -- 295,829
Indonesia Rupiah (IDR) Buy 185,656,000 IDR 8/15/11 21,490,053 -- 88,591
New Taiwan Dollar (TWD) Sell 1,950,000 TWD 8/22/11 67,929,894 -- 103,807
Singapore Dollar (SGD) Sell 83,050 SGD 9/6/11 67,619,390 -- 11,120
Thailand Baht (THB) Buy 1,578,530 THB 8/15/11 51,202,549 -- 417,137
------------- -------------
3,728,688 1,045,104
BANK PARIBAS ASIA - FGN
Polish Zloty (PLZ) Buy 265,230 PLZ 7/11/11 96,586,157 -- 1,403,056
BARCLAY'S CAPITAL:
Australian Dollar (AUD) Buy 63,640 AUD 8/24/11 67,762,113 405,493 15,331
Australian Dollar (AUD) Sell 19,520 AUD 8/24/11 20,784,356 -- 445,450
Colombian Peso (COP) Sell 12,397,000 COP 7/5/11 7,006,921 -- 440,713
Euro (EUR) Buy 6,140 EUR 8/24/11 8,889,576 113,576 --
Euro (EUR) Sell 82,555 EUR 7/5/11-8/24/11 119,669,392 -- 2,025,131
Hungarian Forint (HUF) Sell 331,000 HUF 7/11/11 1,803,706 9,644 --
Indonesia Rupiah (IDR) Buy 810,544,000 IDR 8/10/11 93,902,333 -- 842,728
Japanese Yen (JPY) Sell 29,003,000 JPY 7/7/11-10/26/11 360,544,329 -- 7,915,012
Mexican Nuevo Peso (MXN) Buy 453,500 MXN 8/24/11 38,536,481 189,669 --
Mexican Nuevo Peso (MXN) Sell 190,500 MXN 8/24/11 16,187,871 -- 149,221
New Turkish Lira (TRY) Buy 3,020 TRY 8/22/11 1,842,043 -- 1,950
Russian Ruble (RUR) Buy 374,115 RUR 10/7/11 13,254,568 214,204 --
Singapore Dollar (SGD) Buy 169,765 SGD 7/11/11 138,212,174 2,965,784 --
South African Rand (ZAR) Sell 1,118,640 ZAR 8/8/11 164,474,586 6,507 448,648
South Korean Won (KRW) Buy 103,100,000 KRW 7/25/11-7/29/11 96,401,799 1,470,077 --
South Korean Won (KRW) Sell 74,482,000 KRW 7/29/11 69,633,371 -- 1,049,541
------------- -------------
5,374,954 13,333,725
CITIGROUP:
Australian Dollar (AUD) Buy 11,700 AUD 8/24/11 12,457,837 120,758 --
Australian Dollar (AUD) Sell 33,920 AUD 8/24/11 36,117,078 -- 452,389
British Pound Sterling (GBP) Buy 5,840 GBP 8/24/11 9,366,330 32,208 --
British Pound Sterling (GBP) Sell 24,100 GBP 8/24/11 38,652,148 -- 53,677
Chinese Renminbi (Yuan) (CNY) Buy 45,110 CNY 7/8/11 6,978,406 15,259 --
Colombian Peso (COP) Buy 12,397,000 COP 7/5/11 7,006,921 430,263 --
Colombian Peso (COP) Sell 32,649,000 COP 7/11/11 18,450,440 -- 473,487
Euro (EUR) Buy 56,710 EUR 7/7/11 82,221,782 1,278,295 --
Euro (EUR) Sell 18,975 EUR 11/10/11 27,407,476 60,924 --
Indonesia Rupiah (IDR) Buy 85,070,000 IDR 8/15/11 9,847,023 2,408 34,256
20 | Oppenheimer International Bond Fund
Oppenheimer International Bond Fund
STATEMENT OF INVESTMENTS June 30, 2011 (Unaudited)
CONTRACT
COUNTERPARTY/CONTRACT AMOUNT EXPIRATION UNREALIZED UNREALIZED
DESCRIPTION BUY/SELL (000'S) DATES VALUE APPRECIATION DEPRECIATION
--------------------------- --------- ----------- -------------- ------------ ------------- -------------
Japanese Yen (JPY) Sell 5,420,000 JPY 8/24/11 67,345,267 328,346 --
New Taiwan Dollar (TWD) Sell 193,020 TWD 8/3/11 6,722,383 14,790 --
New Zealand Dollar (NZD) Buy 15,460 NZD 8/24/11 12,759,152 151,522 --
Norwegian Krone (NOK) Sell 44,700 NOK 8/24/11 8,255,066 -- 154,041
Polish Zloty (PLZ) Buy 68,550 PLZ 7/11/11 24,963,168 -- 213,121
South African Rand (ZAR) Buy 178,480 ZAR 8/24/11 26,176,852 1,069,172 --
South African Rand (ZAR) Sell 155,180 ZAR 8/24/11 22,759,547 -- 492,593
Swedish Krona (SEK) Buy 22,900 SEK 8/24/11 3,608,340 49,345 --
Swedish Krona (SEK) Sell 158,900 SEK 8/24/11 25,037,783 -- 576,155
------------- -------------
3,553,290 2,449,719
CITIGROUP EM:
Argentine Peso (ARP) Buy 121,425 ARP 9/26/11 28,987,987 -- 5,566
Brazilian Real (BRR) Buy 191,525 BRR 7/5/11-8/2/11 122,109,289 2,756,785 --
Brazilian Real (BRR) Sell 275,745 BRR 7/5/11-8/2/11 175,744,721 -- 3,969,024
Chilean Peso (CLP) Buy 8,799,000 CLP 8/24/11 18,698,438 261,560 --
Chilean Peso (CLP) Sell 11,564,000 CLP 8/24/11 24,574,240 -- 230,036
Chinese Renminbi (Yuan) (CNY) Buy 158,260 CNY 7/8/11 24,482,434 53,939 --
Colombian Peso (COP) Sell 101,462,000 COP 7/11/11-7/14/11 57,333,789 2,444 1,369,987
Egyptian Pounds (EGP) Buy 357,770 EGP 8/29/11-9/27/11 58,994,813 -- 306,568
Indonesia Rupiah (IDR) Buy 334,600,000 IDR 7/5/11 38,987,927 80,950 --
Indonesia Rupiah (IDR) Sell 335,900,000 IDR 8/10/11 38,914,351 -- 131,300
Mexican Nuevo Peso (MXN) Buy 431,460 MXN 7/18/11 36,790,827 855,592 --
------------- -------------
4,011,270 6,012,481
CREDIT SUISSE:
Euro (EUR) Buy 5,460 EUR 8/24/11 7,905,063 191,890 --
Malaysian Ringgit (MYR) Buy 181,345 MYR 9/2/11 59,760,192 87,602 --
Malaysian Ringgit (MYR) Sell 60,820 MYR 11/10/11 19,945,484 340,021 --
Mexican Nuevo Peso (MXN) Buy 802,200 MXN 8/22/11 68,180,547 1,194,789 --
New Turkish Lira (TRY) Sell 15,795 TRY 8/4/11 9,667,266 235,866 --
Swedish Krona (SEK) Sell 182,800 SEK 8/24/11 28,803,692 10,962 --
Swiss Franc (CHF) Sell 29,900 CHF 8/24/11 35,576,180 136,153 31,238
------------- -------------
2,197,283 31,238
CREDIT SUISSE EM
Argentine Peso (ARP) Buy 155,605 ARP 9/26/11 37,147,834 -- 11,569
DEUTSCHE BANK CAPITAL CORP.:
Australian Dollar (AUD) Buy 103,150 AUD 10/26/11 108,973,847 661,293 --
Australian Dollar (AUD) Sell 3,210 AUD 7/7/11 3,439,735 -- 101,831
British Pound Sterling (GBP) Buy 5,046 GBP 7/7/11 8,097,881 -- 71,341
British Pound Sterling (GBP) Sell 28,221 GBP 7/7/11-8/24/11 45,274,789 404,862 93,747
Canadian Dollar (CAD) Buy 25,810 CAD 8/24/11 26,723,039 219,842 --
Canadian Dollar (CAD) Sell 78,325 CAD 7/7/11-8/24/11 81,112,984 -- 1,217,589
Chinese Renminbi (Yuan) (CNY) Buy 305,460 CNY 1/6/12 47,563,381 151,479 --
Euro (EUR) Buy 228,610 EUR 10/26/11 330,362,281 543,205 --
Euro (EUR) Sell 53,030 EUR 7/7/11 76,886,283 -- 1,408,684
Japanese Yen (JPY) Sell 60,952,000 JPY 9/26/11-10/26/11 757,618,890 -- 16,899,505
Swiss Franc (CHF) Sell 2,795 CHF 7/7/11 3,324,551 23,677 --
------------- -------------
2,004,358 19,792,697
21 | Oppenheimer International Bond Fund
Oppenheimer International Bond Fund
STATEMENT OF INVESTMENTS June 30, 2011 (Unaudited)
CONTRACT
COUNTERPARTY/CONTRACT AMOUNT EXPIRATION UNREALIZED UNREALIZED
DESCRIPTION BUY/SELL (000'S) DATES VALUE APPRECIATION DEPRECIATION
--------------------------- --------- ---------- -------------- ------------ ------------- -------------
DEUTSCHE BANK EM:
Chinese Renminbi (Yuan) (CNY) Sell 106,975 CNY 1/6/12 16,657,149 -- 46,124
Ukraine Hryvnia (UAH) Buy 205,490 UAH 7/7/11 25,716,156 -- 50,617
------------- -------------
-- 96,741
GOLDMAN SACHS EM:
Brazilian Real (BRR) Buy 233,630 BRR 7/5/11-1/4/12 147,069,211 2,118,877 27,141
Brazilian Real (BRR) Sell 84,215 BRR 7/5/11 53,895,988 -- 2,394,642
Chinese Renminbi (Yuan) (CNY) Buy 186,140 CNY 2/16/12 29,036,373 87,695 --
Colombian Peso (COP) Buy 38,953,000 COP 7/11/11 22,012,925 302,303 --
Malaysian Ringgit (MYR) Buy 700,715 MYR 7/14/11-8/10/11 231,566,801 620,206 --
Mexican Nuevo Peso (MXN) Buy 998,395 MXN 7/18/11 85,133,681 1,139,654 --
New Turkish Lira (TRY) Buy 40,860 TRY 8/22/11 24,922,475 -- 598,851
New Turkish Lira (TRY) Sell 470 TRY 7/18/11 288,596 16,064 --
------------- -------------
4,284,799 3,020,634
GOLDMAN, SACHS & CO.:
Euro (EUR) Buy 405,000 EUR 11/16/11 584,869,617 14,781,492 --
Japanese Yen (JPY) Buy 2,741,000 JPY 8/24/11 34,057,819 11,126 92,983
Japanese Yen (JPY) Sell 22,111,000 JPY 8/24/11-9/26/11 274,794,429 652 4,718,088
New Turkish Lira (TRY) Buy 470 TRY 7/18/11 288,596 -- 12,497
------------- -------------
14,793,270 4,823,568
HSBC EM:
Brazilian Real (BRR) Buy 91,570 BRR 8/2/11-1/4/12 57,732,864 1,605,654 --
Brazilian Real (BRR) Sell 74,490 BRR 8/2/11 47,350,748 -- 1,072,170
New Turkish Lira (TRY) Buy 109,290 TRY 8/23/11 66,648,477 -- 335,509
------------- -------------
1,605,654 1,407,679
JP MORGAN CHASE:
Chinese Renminbi (Yuan) (CNY) Sell 432,400 CNY 7/18/11 66,888,287 -- 301,697
Euro (EUR) Buy 304,750 EUR 10/26/11 440,391,519 407,182 324,576
Hong Kong Dollar (HKD) Sell 91,120 HKD 8/24/11 11,713,676 -- 11,784
Indian Rupee (INR) Sell 387,700 INR 7/11/11 8,655,119 -- 71,171
New Taiwan Dollar (TWD) Sell 583,890 TWD 8/3/11 20,335,365 -- 82,503
Norwegian Krone (NOK) Buy 212,400 NOK 8/24/11 39,225,415 744,535 --
Norwegian Krone (NOK) Sell 82,300 NOK 8/24/11 15,198,925 -- 544,428
Russian Ruble (RUR) Sell 68,500 RUR 8/16/11 2,440,933 -- 36,581
Singapore Dollar (SGD) Buy 24,705 SGD 11/10/11 20,120,191 60,593 --
------------- -------------
1,212,310 1,372,740
JP MORGAN EM:
Chilean Peso (CLP) Buy 27,603,000 CLP 8/24/11 58,658,142 39,769 36,880
Chilean Peso (CLP) Sell 8,799,000 CLP 8/24/11 18,698,438 -- 181,975
Chinese Renminbi (Yuan) (CNY) Buy 855,830 CNY 7/18/11-2/17/12 132,942,936 233,104 67,427
Colombian Peso (COP) Buy 23,140,000 COP 7/11/11 13,076,761 76,761 --
Colombian Peso (COP) Sell 94,592,000 COP 7/11/11-7/14/11 53,452,656 -- 238,973
Hong Kong Dollar (HKD) Sell 435,920 HKD 8/24/11 56,038,472 -- 66,185
Indian Rupee (INR) Sell 3,327,630 INR 7/11/11-7/18/11 74,200,427 -- 324,642
New Taiwan Dollar (TWD) Buy 1,948,000 TWD 8/22/11 67,860,222 408,699 --
Philippines Peso (PHP) Buy 3,765,000 PHP 7/28/11 86,652,699 -- 540,446
Russian Ruble (RUR) Buy 1,929,400 RUR 10/7/11 68,356,960 1,249,121 --
Russian Ruble (RUR) Sell 348,910 RUR 8/16/11 12,433,080 -- 91,011
South Korean Won (KRW) Buy 158,200,000 KRW 10/25/11 147,164,126 2,267,450 --
Thailand Baht (THB) Buy 2,004,110 THB 7/11/11 65,174,912 -- 1,335,002
------------- -------------
4,274,904 2,882,541
22 | Oppenheimer International Bond Fund
Oppenheimer International Bond Fund
STATEMENT OF INVESTMENTS June 30, 2011 (Unaudited)
CONTRACT
COUNTERPARTY/CONTRACT AMOUNT EXPIRATION UNREALIZED UNREALIZED
DESCRIPTION BUY/SELL (000'S) DATES VALUE APPRECIATION DEPRECIATION
--------------------------- --------- ---------- -------------- ------------ ------------- -------------
NOMURA SECURITIES:
Chinese Renminbi (Yuan) (CNY) Buy 207,920 CNY 2/19/13 32,916,576 4,823 --
New Zealand Dollar (NZD) Buy 15,360 NZD 8/24/11 12,676,622 278,153 --
New Zealand Dollar (NZD) Sell 21,870 NZD 8/24/11 18,049,331 -- 246,604
South Korean Won (KRW) Buy 147,580,000 KRW 7/25/11 138,008,109 2,164,957 --
------------- -------------
2,447,933 246,604
RBS GREENWICH CAPITAL:
Indian Rupee (INR) Buy 1,959,800 INR 7/11/11 43,751,104 287,578 23,448
New Taiwan Dollar (TWD) Sell 1,948,000 TWD 7/18/11 67,831,787 -- 122,368
Swiss Franc (CHF) Buy 24,005 CHF 11/10/11 28,582,730 1,067,786 --
Swiss Franc (CHF) Sell 37,220 CHF 8/24/11 44,285,800 573,248 --
------------- -------------
1,928,612 145,816
STANDARD NY EM
Egyptian Pounds (EGP) Buy 45,150 EGP 9/27/11 7,412,101 -- 19,998
STATE STREET:
Hungarian Forint (HUF) Buy 20,758,000 HUF 7/11/11 113,115,822 1,585,432 235,204
Hungarian Forint (HUF) Sell 5,065,000 HUF 7/11/11 27,600,522 -- 562,819
Indian Rupee (INR) Buy 2,964,500 INR 7/18/11 66,093,815 919,915 --
Mexican Nuevo Peso (MXN) Sell 802,200 MXN 8/22/11 68,180,547 -- 549,978
South African Rand (ZAR) Buy 674,480 ZAR 8/24/11-9/6/11 98,793,627 74,123 65,069
South African Rand (ZAR) Sell 178,480 ZAR 8/24/11 26,176,852 -- 560,992
Swedish Krona (SEK) Buy 2,023,750 SEK 10/26/11 317,706,165 -- 10,816,768
------------- -------------
2,579,470 12,790,830
UBS INVESTMENT BANK:
Canadian Dollar (CAD) Buy 29,530 CAD 8/24/11 30,574,636 115,981 --
Canadian Dollar (CAD) Sell 30,760 CAD 8/24/11 31,848,148 -- 223,603
Japanese Yen (JPY) Sell 1,675,000 JPY 8/24/11 20,812,421 6,411 --
------------- -------------
122,392 223,603
WESTPAC:
New Zealand Dollar (NZD) Sell 13,330 NZD 8/24/11 11,001,261 -- 231,954
Swedish Krona (SEK) Buy 298,800 SEK 8/24/11 47,081,747 149,327 9,390
Swedish Krona (SEK) Sell 44,400 SEK 8/24/11 6,996,083 -- 56,811
------------- -------------
149,327 298,155
------------- -------------
Total unrealized appreciation and depreciation $ 54,268,514 $ 71,408,498
============= =============
FUTURES CONTRACTS AS OF JUNE 30, 2011 ARE AS FOLLOWS
UNREALIZED
NUMBER OF EXPIRATION APPRECIATION
CONTRACT DESCRIPTION BUY/SELL CONTRACTS DATE VALUE (DEPRECIATION)
---------------------------------- -------- ------------ ------------ ------------ --------------
Euro-Bundesobligation Buy 939 9/8/11 $170,865,918 $ (304,691)
Japan (Government of) Bonds, 10 yr. Buy 136 9/8/11 238,263,959 829,506
New Financial Times Stock Exchange
100 Index Sell 699 9/16/11 66,218,041 (2,012,523)
NIKKEI 225 Index Sell 603 9/8/11 73,553,941 (3,075,417)
U.S. Treasury Nts., 5 yr. Sell 6,639 9/30/11 791,337,683 (4,312,482)
U.S. Treasury Nts., 10 yr. Sell 3,915 9/21/11 478,914,609 (1,189,921)
U.S. Treasury Nts., 10 yr. Buy 398 9/21/11 48,686,594 217,656
--------------
$ (9,847,872)
==============
23 | Oppenheimer International Bond Fund
Oppenheimer International Bond Fund
STATEMENT OF INVESTMENTS June 30, 2011 (Unaudited)
WRITTEN OPTIONS AS OF JUNE 30, 2011 ARE AS FOLLOWS:
UNREALIZED
NUMBER OF EXERCISE EXPIRATION PREMIUMS APPRECIATION/
DESCRIPTION TYPE CONTRACTS PRICE DATE RECEIVED VALUE (DEPRECIATION)
---------------------- ---- ---------- --------- ---------- ---------- ----------- --------------
Euro (EUR) Call 9,270,000 $ 1.422 7/1/11 $ 94,348 $ (275,101) $ (180,753)
Euro (EUR) Call 9,145,000 1.420 7/5/11 101,384 (296,337) (194,953)
Euro (EUR) Call 9,105,000 1.430 7/5/11 94,201 (207,518) (113,317)
Euro (EUR) Call 9,065,000 1.442 7/6/11 101,111 (127,329) (26,218)
Euro (EUR) Put 9,270,000 1.422 7/1/11 96,440 (62) 96,378
Euro (EUR) Put 9,145,000 1.420 7/5/11 103,851 (2,697) 101,154
Euro (EUR) Put 9,105,000 1.430 7/5/11 94,201 (10,574) 83,627
Euro (EUR) Put 9,065,000 1.442 7/6/11 101,111 (39,311) 61,800
New Turkish Lira (TRY) Put 33,400,000 2.170 EUR 9/6/11 135,524 (29,061) 106,463
New Turkish Lira (TRY) Put 33,400,000 2.170 EUR 9/6/11 136,008 (23,080) 112,928
---------- ----------- --------------
$1,058,179 $(1,011,070) $ 47,109
========== =========== ==============
CREDIT DEFAULT SWAP CONTRACTS AS OF JUNE 30, 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 $ (71,598) $ (23,733)
Credit Suisse International Sell 16,750 1.00 6/20/16 114,593 (119,875) (5,282)
------------ ----------- ----------- -------------
27,260 162,458 (191,473) (29,015)
ISTANBUL BOND CO. SA FOR FINANSBANK AS
Morgan Stanley Capital Services, Inc. Sell 10,410 1.30 3/24/13 -- (155,703) (155,703)
------------ ----------- ----------- -------------
10,410 -- (155,703) (155,703)
PETROLEOS DE VENEZUELA SA
Barclays Bank plc Sell 30,150 5.00 7/20/11 779,456 587,443 1,366,899
------------ ----------- ----------- -------------
30,150 779,456 587,443 1,366,899
REPUBLIC OF HUNGARY:
Barclays Bank plc Sell 9,030 1.00 3/20/16 760,081 (681,763) 78,318
Barclays Bank plc Sell 18,565 1.00 6/20/16 1,497,143 (1,464,514) 32,629
HSBC Bank USA Sell 15,020 1.00 3/20/16 1,309,655 (1,134,007) 175,648
JPMorgan Chase Bank NA, NY Branch Sell 12,045 1.00 3/20/16 1,003,834 (909,395) 94,439
Merrill Lynch Capital Services, Inc. Sell 15,020 1.00 3/20/16 1,309,655 (1,134,007) 175,648
UBS AG Sell 15,010 1.00 3/20/16 1,307,035 (1,133,252) 173,783
------------ ----------- ----------- -------------
84,690 7,187,403 (6,456,938) 730,465
REPUBLIC OF PERU:
Barclays Bank plc Sell 12,155 1.00 6/20/16 360,312 (286,210) 74,102
Credit Suisse International Sell 9,115 1.00 6/20/16 270,197 (214,628) 55,569
Goldman Sachs Bank USA Sell 15,190 1.00 6/20/16 316,917 (357,675) (40,758)
HSBC Bank USA Sell 9,115 1.00 6/20/16 270,197 (214,628) 55,569
JPMorgan Chase Bank NA Sell 15,190 1.00 6/20/16 352,024 (357,675) (5,651)
------------ ----------- ----------- -------------
Total 60,765 1,569,647 (1,430,816) 138,831
----------- ------------ -------------
Grand Total Buys -- -- --
Grand Total Sells 9,698,964 (7,647,487) 2,051,477
----------- ------------ -------------
Total Credit Default Swaps $ 9,698,964 $ (7,647,487) $ 2,051,477
=========== ============ =============
24 | Oppenheimer International Bond Fund
Oppenheimer International Bond Fund
STATEMENT OF INVESTMENTS June 30, 2011 (Unaudited)
The table that follows shows the undiscounted maximum potential payment by the
Fund related to selling credit protection in credit default swaps:
TOTAL MAXIMUM POTENTIAL REFERENCE
TYPE OF REFERENCE ASSET ON WHICH THE PAYMENTS FOR SELLING CREDIT ASSET RATING
FUND SOLD PROTECTION PROTECTION (UNDISCOUNTED) AMOUNT RECOVERABLE* RANGE**
----------------------------------- ----------------------------- -------------------- -------------
Investment Grade Sovereign Debt $ 183,125,000 $ -- BBB-
Non-Investment Grade Sovereign Debt 30,150,000 -- BB-
----------------------------- --------------------
Total $ 213,275,000 $ 0
============================= ====================
----------------
* The Fund has no amounts recoverable from related purchased protection. In
addition, the Fund has no recourse provisions under the credit derivatives
and holds no collateral which can offset or reduce potential payments
under a triggering event.
** The period end reference asset security ratings, as rated by any rating
organization, are included in the equivalent Standard & Poor's rating
category. The reference asset rating represents the likelihood of a
potential credit event on the reference asset which would result in
a related payment by the Fund.
INTEREST RATE SWAP CONTRACTS AS OF JUNE 30, 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 $ 677,186
Goldman Sachs Group, Inc. (The) 106,930 BRR BZDI 11.390 1/5/15 (1,665,587)
Goldman Sachs Group, Inc. (The) 38,900 BRR BZDI 12.800 1/2/17 1,656,475
Goldman Sachs Group, Inc. (The) 99,940 BRR BZDI 11.420 1/3/14 (1,183,624)
JPMorgan Chase Bank NA 56,300 BRR BZDI 13.900 1/2/17 3,509,456
Morgan Stanley 242,460 BRR BZDI 12.300 1/2/17 1,690,454
----------- -----------
Total 641,320 BRR 4,684,360
MXN TIIE BANXICO:
Bank of America Merrill Lynch 872,000 MXN MXN TIIE 5.875 12/6/12 155,208
BANXICO
Bank of America Merrill Lynch 2,173,500 MXN MXN TIIE 5.735 11/29/12 119,363
BANXICO
Bank of America Merrill Lynch 1,341,500 MXN MXN TIIE 5.750 12/5/12 72,870
BANXICO
Barclays Bank plc 829,100 MXN MXN TIIE 5.630 1/21/13 95,596
BANXICO
Citibank NA 829,200 MXN MXN TIIE 5.640 1/16/13 116,499
BANXICO
Deutsche Bank AG 1,731,500 MXN MXN TIIE 5.890 1/10/13 389,231
BANXICO
Goldman Sachs Group, Inc. (The) 2,141,500 MXN MXN TIIE 5.880 12/14/12 475,909
BANXICO
----------- -----------
Total 9,918,300 MXN 1,424,676
----------- -----------
25 | Oppenheimer International Bond Fund
Oppenheimer International Bond Fund
STATEMENT OF INVESTMENTS June 30, 2011 (Unaudited)
NOTIONAL
INTEREST RATE/ AMOUNT PAID BY RECEIVED BY TERMINATION
SWAP COUNTERPARTY (000'S) THE FUND THE FUND DATE VALUE
--------------------------------- ----------- --------- ------------- ----------- -----------
SIX-MONTH AUD BBR BBSW
Westpac Banking Corp 130,595 AUD 6.098% Six-Month 1/5/21 (2,786,095)
AUD BBR
BBSW
SIX-MONTH CZK PRIBOR PRBO:
Barclays Bank plc 1,806,900 CZK 3.200 Six-Month 12/21/15 (604,047)
CZK PRIBOR
PRBO
Morgan Stanley 1,713,400 CZK 3.060 Six-Month 12/16/15 (317,004)
CZK PRIBOR
PRBO
----------- -----------
Total 3,520,300 CZK (921,051)
SIX-MONTH EUR EURIBOR:
Barclays Bank plc 70,270 EUR Six- 3.580 2/21/15 512,264
Month
EUR
EURIBOR
Morgan Stanley 68,260 EUR Six- 3.410 12/16/15 202,232
Month
EUR
EURIBOR
----------- -----------
Total 138,530 EUR 714,496
SIX-MONTH JPY BBA LIBOR
JPMorgan Chase Bank NA 11,025,000 JPY 1.233 Six-Month 1/7/21 (1,195,805)
JPY BBA
LIBOR
THREE-MONTH NZD BBR FRA
Barclays Bank plc 169,875 NZD Three- 5.280 5/5/21 2,629,614
Month
NZD BBR
FRA
THREE-MONTH USD BBA LIBOR
Barclays Bank plc 133,000 Three- 3.371 1/6/21 3,889,585
Month
USD BBA
LIBOR
THREE-MONTH ZAR JIBAR SAFEX:
Barclays Bank plc 438,580 ZAR 7.040 Three- 1/21/14 (490,064)
Month ZAR
JIBAR SAFEX
Barclays Bank plc 434,700 ZAR 7.050 Three- 1/24/14 (487,227)
Month ZAR
JIBAR SAFEX
----------- -----------
Total where Fund pays a fixed rate 873,280 ZAR (977,291)
----------- -----------
Barclays Bank plc 171,750 ZAR Three- 8.350 1/24/21 942,697
Month
ZAR JIBAR
SAFEX
26 | Oppenheimer International Bond Fund
Oppenheimer International Bond Fund
STATEMENT OF INVESTMENTS June 30, 2011 (Unaudited)
NOTIONAL
INTEREST RATE/ AMOUNT PAID BY RECEIVED BY TERMINATION
SWAP COUNTERPARTY (000'S) THE FUND THE FUND DATE VALUE
--------------------------------- ----------- --------- ------------- ----------- ------------
Barclays Bank plc 173,030 ZAR Three- 8.310 1/21/21 866,455
Month
ZAR JIBAR
SAFEX
Goldman Sachs Group, Inc. (The) 1,383,820 ZAR Three- 8.700 3/11/14 1,597,314
Month
ZAR JIBAR
SAFEX
JPMorgan Chase Bank NA 1,391,920 ZAR Three- 8.480 3/1/14 1,272,568
Month
ZAR JIBAR
SAFEX
JPMorgan Chase Bank NA 1,392,320 ZAR Three- 8.390 3/2/14 1,093,586
Month
ZAR JIBAR
SAFEX
JPMorgan Chase Bank NA 1,095,720 ZAR Three- 8.650 3/4/14 1,222,472
Month
ZAR JIBAR
SAFEX
----------- ------------
Total where Fund pays a variable rate 5,608,560 ZAR 6,995,092
----------- ------------
Total 6,481,840 ZAR 6,017,801
------------
Total Interest Rate Swaps $ 14,457,581
============
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
JPY Japanese Yen
MXN Mexican Nuevo Peso
NZD New Zealand Dollar
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
FRA Forward Rate Agreement
JIBAR South Africa Johannesburg Interbank Agreed Rate
PRIBOR PRBO Prague Interbank Offering Rate
SAFEX South African Futures Exchange
TIIE Interbank Equilibrium Interest Rate
27 | Oppenheimer International Bond Fund
Oppenheimer International Bond Fund
STATEMENT OF INVESTMENTS June 30, 2011 (Unaudited)
TOTAL RETURN SWAP CONTRACTS AS OF JUNE 30, 2011 ARE AS FOLLOWS:
REFERENCE ENTITY/ NOTIONAL
SWAP COUNTERPARTY AMOUNT PAID BY RECEIVED BY TERMINATION
(000'S) THE FUND THE FUND DATE VALUE
-------------------------------- ---------- ----------------------------- ----------------------- ----------- ----------
CUSTOM BASKET OF SECURITIES:
One-Month CHF BBA
LIBOR plus 30 basis
points and if negative,
the absolute value of the If positive, the Total
Total Return of a custom Return of a custom
Citibank NA 19,948 CHF basket of securities basket of securities 1/11/12 $(1,192,710)
One-Month DKK BBA
LIBOR plus 30 basis
points and if negative,
the absolute value of the If positive, the Total
Total Return of a custom Return of a custom
Citibank NA 33,884 DKK basket of securities basket of securities 1/11/12 (137,385)
One-Month EURIBOR
plus 30 basis points and
if negative, the absolute
value of the Total Return If positive, the Total
of a custom basket of Return of a custom
Citibank NA 40,308 EUR securities basket of securities 1/11/12 (1,871,066)
One-Month GBP BBA
LIBOR plus 30 basis
points and if negative,
the absolute value of the If positive, the Total
Total Return of a custom Return of a custom
Citibank NA 5,278 GBP basket of securities basket of securities 1/11/12 133,003
One-Month SEK
STIBOR SIDE plus 30
basis points and if
negative, the absolute
value of the Total Return If positive, the Total
of a custom basket of Return of a custom
Citibank NA 66,203 SEK securities basket of securities 1/11/12 (189,869)
One-Month JPY BBA
LIBOR plus 53 basis
points and if negative,
the absolute value of the If positive, the Total
Total Return of a custom Return of a custom
Citibank NA, New York 6,507,193 JPY basket of securities basket of securities 4/16/12 1,002,694
One-Month GBP BBA
LIBOR plus 50 basis
points and if negative,
the absolute value of the If positive, the Total
Total Return of a custom Return of a custom
Morgan Stanley 49,582 GBP basket of securities basket of securities
Reference Entity Total 1/16/12 (779,281)
-----------
(3,034,614)
MSCI DAILY TR GROSS EAFE
USD INDEX:
One-Month USD
BBA LIBOR plus
15 basis points
and if negative,
the absolute value
of the Total
If positive, the Total Return of the
Return of the MSCI Daily MSCI Daily Gross EAFE
Citibank NA 7,648 Gross EAFE USD Index USD Index One-Month USD 10/7/11 109,211
28 | Oppenheimer International Bond Fund
Oppenheimer International Bond Fund
STATEMENT OF INVESTMENTS June 30, 2011 (Unaudited)
REFERENCE ENTITY/ NOTIONAL
SWAP COUNTERPARTY AMOUNT PAID BY RECEIVED BY TERMINATION
(000'S) THE FUND THE FUND DATE VALUE
-------------------------------- ---------- ----------------------------- ----------------------- ----------- ----------
Citibank NA 12,796 1/9/12 169,645
BBA LIBOR plus
15 basis points
and if negative,
the Total Return
If positive, the Total of the MSCI Daily
Return of the MSCI Daily Gross EAFE USD
Gross EAFE USD Index Index
One-Month USD
LIBOR minus 5
basis points and if
negative, the
absolute value of
the Total Return
If positive, the Total of the MSCI Daily
Return of the MSCI Daily Gross EAFE USD 7/8/11 (4,586)
Goldman Sachs Group, Inc. (The) 788 Gross EAFE USD Index Index
One-Month USD
BBA LIBOR plus
20 basis points
and if negative,
the absolute value
of the Total
If positive, the Total Return of the
Return of the MSCI Daily MSCI Daily Gross
Goldman Sachs Group, Inc. (The) 17,232 Gross EAFE USD Index EAFE USD Index 5/10/12 (104,861)
One-Month USD
LIBOR minus 5
basis points and if
negative, the
absolute value of
the Total Return
If positive, the Total of the MSCI Daily
Return of the MSCI Daily Gross EAFE USD
Goldman Sachs Group, Inc. (The) 6,028 Gross EAFE USD Index Index 7/8/11 (38,462)
One-Month USD
BBA LIBOR minus
5 basis points and
if negative, the
absolute value of
the Total Return
If positive, the Total of the MSCI Daily
Return of the MSCI Daily Gross EAFE USD
Goldman Sachs Group, Inc. (The) 955 Gross EAFE USD Index Index 11/5/11 (4,989)
One-Month USD
BBA LIBOR minus
35 basis points
and if negative,
the absolute value
of the Total
If positive, the Total Return of the
Return of the MSCI Daily MSCI Daily Gross
Morgan Stanley 11,882 Gross EAFE USD Index EAFE USD Index 10/7/11 (86,427)
One-Month USD
BBA LIBOR minus
10 basis points
and if negative,
the absolute value
of the Total 10/7/11 210,175
-------
Return of the
If positive, the Total MSCI Daily Gross
Return of the MSCI Daily EAFE USD Index Reference
UBS AG 18,866 Gross EAFE USD Index Entity Total 249,706
29 | Oppenheimer International Bond Fund
Oppenheimer International Bond Fund
STATEMENT OF INVESTMENTS June 30, 2011 (Unaudited)
REFERENCE ENTITY/ NOTIONAL
SWAP COUNTERPARTY AMOUNT PAID BY RECEIVED BY TERMINATION
(000'S) THE FUND THE FUND DATE VALUE
-------------------------------- ---------- ----------------------------- ----------------------- ----------- ----------
MSCI DAILY TR GROSS EUROPE
EURO INDEX:
One-Month EUR
EURIBOR minus
20 basis points
and if negative,
the absolute value
of the Total
If positive, the Total Return of the
Return of the MSCI Daily MSCI Daily Gross
Citibank NA 4,214 EUR Gross Europe Euro Index Europe Euro Index 1/6/12 (31,373)
One-Month EUR
EURIBOR and if
negative, the
absolute value of
the Total Return
If positive, the Total of the MSCI Daily
Return of the MSCI Daily Gross Europe
Goldman Sachs Group, Inc. (The) 55,387 EUR Gross Europe Euro Index Euro Index 1/12/12 (385,120)
------------
Reference Entity
Total (416,493)
MSCI DAILY TR NET GERMANY
USD INDEX One-Month USD BBA If positive, the
LIBOR minus 15 basis Total Return of
points and if negative, the the MSCI Daily
absolute value of the Total Net Germany
Return of the MSCI Daily USD Index 6/1/12 357,493
Citibank NA 13,450 Net Germany USD Index
MSCI DAILY TR NET ITALY USD INDEX
If positive, the
One-Month USD BBA absolute value of
LIBOR minus 25 basis the Total Return
points and if negative, the of the MSCI Daily
absolute value of the MSCI Net Italy USD
Goldman Sachs Group, Inc. (The) 13,264 Daily Net Italy USD Index Index 3/6/12 (301,521)
MSCI DAILY TR NET JAPAN USD
One-Month USD BBA
LIBOR plus 20 basis points If positive, the
and if negative, the absolute Total Return of
value of the Total Return of the MSCI Daily
the MSCI Daily Net Japan Net Japan USD
INDEX UBS AG 13,352 USD Index Index 6/4/12 367,312
MSCI DAILY TR NET NETHERLANDS
One-Month USD BBA If positive, the
LIBOR plus 20 basis points Total Return of
and if negative, the absolute the MSCI Daily
value of the Total Return of Net Netherlands
the MSCI Daily Net USD Index 5/7/12 (306,970)
USD INDEX UBS AG 13,767 Netherlands USD Index
MSCI DAILY TR NET SPAIN USD
INDEX One-Month USD BBA
LIBOR minus 33 basis If positive, the
points and if negative, the Total Return of
absolute value of the Total the MSCI Daily
Return of the MSCI Daily Net Spain USD
Nomura International 12,926 Net Spain USD Index Index 3/6/12 655,008
------------
Total of Total
Return Swaps $ (2,430,079)
============
30 | Oppenheimer International Bond Fund
Oppenheimer International Bond Fund
STATEMENT OF INVESTMENTS June 30, 2011 (Unaudited)
Notional amount is reported in U.S. Dollars (USD), except for those denoted in
the following currencies:
CHF Swiss Franc
DKK Danish Krone
EUR Euro
GBP British Pound Sterling
JPY Japanese Yen
SEK Swedish Krona
Abbreviations are as follows:
BBA LIBOR British Bankers' Association London-Interbank Offered Rate
EURIBOR Euro Interbank Offered Rate
MSCI Morgan Stanley Capital International
MSCI EAFE Morgan Stanley Capital International Europe, Australia and Far
East. A stock market index of foreign stocks from the perspective
of a North American investor
STIBOR SIDE Stockholm Interbank Offered Rate
SWAP SUMMARY AS OF JUNE 30, 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 $ 677,186
Bank of America Merrill Lynch Interest Rate 4,387,000 MXN 347,441
Barclays Bank plc:
Credit Default Sell Protection 80,410 (1,916,642)
Interest Rate 1,806,900 CZK (604,047)
Interest Rate 70,270 EUR 512,264
Interest Rate 829,100 MXN 95,596
Interest Rate 169,875 NZD 2,629,614
Interest Rate 133,000 3,889,585
Interest Rate 1,218,060 ZAR 831,861
-----------
5,438,231
Citibank NA:
Interest Rate 829,200 MXN 116,499
Total Return 19,948 CHF (1,192,710)
Total Return 33,884 DKK (137,385)
Total Return 44,522 EUR (1,902,439)
Total Return 5,278 GBP 133,003
Total Return 66,203 SEK (189,869)
Total Return 33,894 636,349
-----------
(2,536,552)
Citibank NA, New York Total Return 6,507,193 JPY 1,002,694
Credit Suisse International Credit Default Sell Protection 25,865 (334,503)
Deutsche Bank AG Interest Rate 1,731,500 MXN 389,231
Goldman Sachs Bank USA Credit Default Sell Protection 15,190 (357,675)
31 | Oppenheimer International Bond Fund
Oppenheimer International Bond Fund
STATEMENT OF INVESTMENTS June 30, 2011 (Unaudited)
NOTIONAL
SWAP TYPE FROM AMOUNT
SWAP COUNTERPARTY FUND PERSPECTIVE (000'S) VALUE
----------------------------------- ------------------------------ ------------ -----------
Goldman Sachs Group, Inc. (The):
Interest Rate 245,770 BRR (1,192,736)
Interest Rate 2,141,500 MXN 475,909
Interest Rate 1,383,820 ZAR 1,597,314
Total Return 55,387 EUR (385,120)
Total Return 38,267 (454,419)
------------
40,948
HSBC Bank USA Credit Default Sell Protection 24,135 (1,348,635)
JPMorgan Chase Bank NA:
Credit Default Sell Protection 15,190 (357,675)
Interest Rate 56,300 BRR 3,509,456
Interest Rate 11,025,000 JPY (1,195,805)
Interest Rate 3,879,960 ZAR 3,588,626
-----------
5,544,602
JPMorgan Chase Bank NA, NY Branch Credit Default Sell Protection 12,045 (909,395)
Merrill Lynch Capital Services, Inc. Credit Default Sell Protection 15,020 (1,134,007)
Morgan Stanley:
Interest Rate 242,460 BRR 1,690,454
Interest Rate 1,713,400 CZK (317,004)
Interest Rate 68,260 EUR 202,232
Total Return 49,582 GBP (779,281)
Total Return 11,882 (86,427)
-----------
709,974
Morgan Stanley Capital Services, Inc. Credit Default Sell Protection 10,410 (155,703)
Nomura International Total Return 12,926 655,008
UBS AG:
Credit Default Sell Protection 15,010 (1,133,252)
Total Return 45,985 270,517
-----------
(862,735)
Westpac Banking Corp Interest Rate 130,595 AUD (2,786,095)
-----------
Total Swaps $ 4,380,015
===========
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
DKK Danish Krone
EUR Euro
GBP British Pound Sterling
JPY Japanese Yen
MXN Mexican Nuevo Peso
NZD New Zealand Dollar
SEK Swedish Krona
ZAR South African Rand
32 | Oppenheimer International Bond Fund
Oppenheimer International Bond Fund
STATEMENT OF INVESTMENTS June 30, 2011 (Unaudited)
NZD New Zealand Dollar
SEK Swedish Krona
ZAR South African Rand
NOTES TO STATEMENT OF INVESTMENTS
SECURITIES VALUATION. The Fund calculates the net asset value of its shares as
of the close of the New York Stock Exchange (the "Exchange"), normally 4:00 P.M.
Eastern time, on each day the Exchange is open for trading.
Each investment asset or liability of the Fund is assigned a level at
measurement date based on the significance and source of the inputs to its
valuation. Unadjusted quoted prices in active markets for identical securities
are classified as "Level 1," 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(R) are valued based on the official closing
prices reported by NASDAQ prior to the time when the Fund's assets are valued.
In the absence of a sale, the security is valued at the last sale price on the
prior trading day, if it is within the spread of the current day's closing "bid"
and "asked" prices, and if not, at the current day's closing bid price. A
foreign security traded on a foreign exchange is valued based on the last sale
price on the principal exchange on which the security is traded, as identified
by the portfolio pricing service used by the Manager, prior to the time when the
Fund's assets are valued. In the absence of a sale, the security is valued at
the most recent official closing price on the principal exchange on which it is
traded.
Shares of a registered investment company that are not traded on an exchange are
valued at that investment company's net asset value per share.
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.
33 | Oppenheimer International Bond Fund
Oppenheimer International Bond Fund
STATEMENT OF INVESTMENTS June 30, 2011 (Unaudited)
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 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 in the annual and semiannual reports. The
Fund records a realized gain or loss when a structured security is sold or
matures.
SECURITIES ON A WHEN-ISSUED OR DELAYED DELIVERY BASIS. The Fund may purchase
securities on a "when-issued" basis, and may purchase or sell securities on a
"delayed delivery" basis. "When-issued" or "delayed delivery" refers to
securities whose terms and indenture are available and for which a market
exists, but which are not available for immediate delivery. Delivery and payment
for securities that have been purchased by the Fund on a when-issued basis
normally takes place within six months and possibly as long as two years or more
after the trade date. During this period, such securities do not earn interest,
are subject to market fluctuation and may increase or decrease in value prior to
their delivery. The purchase of securities on a when-issued basis may increase
the volatility of the Fund's net asset value to the extent the Fund executes
such transactions while remaining substantially fully invested. When the Fund
engages in when-issued or delayed delivery transactions, it relies on the buyer
or seller, as the case may be, to complete the transaction. Their failure to do
so may cause the Fund to lose the opportunity to obtain or dispose of the
security at a price and yield it considers advantageous. The Fund may also sell
securities that it purchased on a when-issued basis or forward commitment prior
to settlement of the original purchase.
As of June 30, 2011, the Fund had purchased securities issued on a when-issued
or delayed delivery basis as follows:
WHEN-ISSUED OR DELAYED DELIVERY BASIS TRANSACTIONS
--------------------------------------------------
Purchased securities $ 87,230,697
CREDIT RISK. The Fund invests in high-yield,
non-investment-grade bonds, which may be subject to a greater degree of credit
risk. Credit risk relates to the ability of the issuer to meet interest or
principal payments or both as they become due. The Fund may acquire securities
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 June 30,
2011 is as follows:
Cost $59,292,853
Market Value $ 7,347,712
Market Value as a % of Net Assets 0.05%
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
34 | Oppenheimer International Bond Fund
Oppenheimer International Bond Fund
STATEMENT OF INVESTMENTS June 30, 2011 (Unaudited)
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.
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.
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.
35 | Oppenheimer International Bond Fund
Oppenheimer International Bond Fund
STATEMENT OF INVESTMENTS June 30, 2011 (Unaudited)
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 market conditions that may
weaken their financial position. The Fund intends to enter into financial
transactions with counterparties that the Manager believes to be
creditworthy at the time of the transaction. As of June 30, 2011, the
maximum amount of loss that the Fund would incur if the counterparties to
its derivative transactions failed to perform would be $91,189,224, 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 $23,648,676 as of June
30, 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 June 30, 2011 the Fund has required certain counterparties to post
collateral of $10,190,625.
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 June 30, 2011, the aggregate fair value of derivative instruments
with credit related contingent features in a net liability position was
$37,129,968 for which the Fund has posted collateral of $6,831,373. If a
contingent feature would have been triggered as of June 30, 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 in the annual and
semiannual reports; securities posted as collateral, if any, are reported
on the Statement of Investments.
FOREIGN CURRENCY EXCHANGE CONTRACTS
The Fund may enter into foreign currency exchange contracts ("forward
contracts") for the purchase or sale of a foreign currency at a negotiated rate
at a future date.
Forward contracts are reported on a schedule following the Statement of
Investments. Forward contracts will be valued daily based upon the closing
prices of the forward currency rates determined at the close of the Exchange as
provided by a bank, dealer or pricing service. The resulting unrealized
appreciation (depreciation) is reported in the Statement of Assets and
Liabilities in the
36 | Oppenheimer International Bond Fund
Oppenheimer International Bond Fund
STATEMENT OF INVESTMENTS June 30, 2011 (Unaudited)
annual and semiannual reports as a receivable or payable and
in the Statement of Operations in the annual and semiannual reports within the
change in unrealized appreciation (depreciation). At contract close, the
difference between the original cost of the contract and the value at the close
date is recorded as a realized gain (loss) in the Statement of Operations in the
annual and semiannual reports.
The Fund has 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. 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 period ended June 30, 2011, the Fund had daily average contract
amounts on forward foreign currency contracts to buy and sell of $5,781,388,453,
and $3,801,127,646, 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 in the annual and semiannual reports. The net change in unrealized
appreciation and depreciation is reported in the Statement of Operations in the
annual an semiannual reports. Realized gains (losses) are reported in the
Statement of Operations in the annual and semiannual reports at the closing or
expiration of futures contracts.
The Fund has purchased futures contracts on various bonds and notes to increase
exposure to interest rate risk.
37 | Oppenheimer International Bond Fund
Oppenheimer International Bond Fund
STATEMENT OF INVESTMENTS June 30, 2011 (Unaudited)
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.
During the period ended June 30, 2011, the Fund had an ending monthly average
market value of $620,104,193 and $917,926,810 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 in the annual and
semiannual reports. When an option is exercised, the cost of the security
purchased or the proceeds of the security sale are adjusted by the amount of
premium received or paid. Upon the expiration or closing of the option
transaction, a gain or loss is reported in the Statement of Operations in the
annual and semiannual reports.
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 period ended June 30, 2011, the Fund had an ending monthly average
market value of $13,770,917 and $124,699 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 in the
annual and semiannual reports. Securities held in collateralized accounts to
cover potential obligations with respect to outstanding written options are
noted in the Statement of Investments.
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.
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.
38 | Oppenheimer International Bond Fund
Oppenheimer International Bond Fund
STATEMENT OF INVESTMENTS June 30, 2011 (Unaudited)
During the period ended June 30, 2011, the Fund had an ending monthly average
market value of $873,824 and $89,785 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 period ended June 30, 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 8,951,085,000 6,767,739 8,851,565,000 5,357,059
Options closed or expired (41,541,140,000) (13,452,018) (2,554,360,000) (2,097,106)
Options exercised (2,554,360,000) (2,098,118) (6,193,820,000) (2,592,818)
---------------- -------------- --------------- -------------
Options outstanding as of
June 30, 2011 36,585,000 $ 391,044 103,385,000 $ 667,135
================ ============== =============== =============
SWAP CONTRACTS
The Fund may enter into swap contract agreements with a counterparty to exchange
a series of cash flows based on either specified reference rates, or the
occurrence of a credit event, over a specified period. Such contracts may
include interest rate, equity, debt, index, total return, credit and currency
swaps.
Swaps are marked to market daily using primarily quotations from pricing
services, counterparties and brokers. Swap contracts are reported on a schedule
following the Statement of Investments. The values of swap contracts are
aggregated by positive and negative values and disclosed separately on the
Statement of Assets and Liabilities in the annual and semiannual reports by
contracts in unrealized appreciation and depreciation positions. Upfront
payments paid or received, if any, affect the value of the respective swap.
Therefore, to determine the unrealized appreciation (depreciation) on swaps,
upfront payments paid should be subtracted from, while upfront payments received
should be added to, the value of contracts reported as an asset on the Statement
of Assets and Liabilities in the annual and semiannual reports. Conversely,
upfront payments paid should be added to, while upfront payments received should
be subtracted from the value of contracts reported as a liability. The
unrealized appreciation (depreciation) related to the change in the valuation of
the notional amount of the swap is combined with the accrued interest due to
(owed by) the Fund at termination or settlement. The net change in this amount
during the period is included on the Statement of Operations in the annual and
semiannual reports. The Fund also records any periodic payments received from
(paid to) the counterparty, including at termination, under such contracts as
realized gain (loss) on the Statement of Operations in the annual and semiannual
reports.
Swap contract agreements are exposed to the market risk factor of the specific
underlying reference asset. Swap contracts are typically more attractively
priced compared to similar investments in related cash securities because they
isolate the risk to one market risk factor and eliminate the other market risk
factors. Investments in cash securities (for instance bonds) have exposure to
multiple risk factors (credit and interest rate risk). Because swaps require
little or no initial cash investment, they can expose the Fund to substantial
risk in the isolated market risk factor.
CREDIT DEFAULT SWAP CONTRACTS. A credit default swap is a bilateral
contract that enables an investor to buy or sell protection on a debt
security against a defined-issuer credit event, such as the issuer's
failure to make timely payments of interest or principal on the debt
security, bankruptcy or restructuring. The Fund may enter into credit
default swaps either by buying or selling protection on a single security
or a basket of securities (the "reference asset").
The buyer of protection pays a periodic fee to the seller of protection
based on the notional amount of debt securities underlying the swap
contract. The seller of protection agrees to compensate the buyer of
protection for future potential losses as a result of a credit event on the
reference asset. The contract effectively transfers the credit event risk
of the reference asset from the buyer of protection to the seller of
protection.
39 | Oppenheimer International Bond Fund
Oppenheimer International Bond Fund
STATEMENT OF INVESTMENTS June 30, 2011 (Unaudited)
The ongoing value of the contract will fluctuate throughout the term of the
contract based primarily on the credit risk of the reference asset. If the
credit quality of the reference asset improves relative to the credit quality at
contract initiation, the buyer of protection may have an unrealized loss greater
than the anticipated periodic fee owed. This unrealized loss would be the
result of current credit protection being cheaper than the cost of credit
protection at contract initiation. If the buyer elects to terminate the
contract prior to its maturity, and there has been no credit event, this
unrealized loss will become realized. If the contract is held to maturity, and
there has been no credit event, the realized loss will be equal to the periodic
fee paid over the life of the contract.
If there is a credit event, the buyer of protection can exercise its rights
under the contract and receive a payment from the seller of protection equal to
the notional amount of the reference asset less the market value of the
reference asset. Upon exercise of the contract the difference between the value
of the underlying reference asset and the notional amount is recorded as
realized gain (loss) and is included on the Statement of Operations in the
annual and semiannual reports.
The Fund has 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.
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 period ended June 30, 2011, the Fund had ending monthly average notional
amounts of $7,093,000 and $90,564,500 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 period ended June 30, 2011, the Fund had ending monthly average notional
amounts of $526,808,299 and $1,764,714,828 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.
40 | Oppenheimer International Bond Fund
Oppenheimer International Bond Fund
STATEMENT OF INVESTMENTS June 30, 2011 (Unaudited)
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 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 period ended June 30, 2011, the Fund had ending monthly average
notional amounts of $331,202,037 and $169,759,913 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.
RESTRICTED SECURITIES
As of June 30, 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.
FEDERAL TAXES. The approximate aggregate cost of securities and other
investments and the composition of unrealized appreciation and depreciation of
securities and other investments for federal income tax purposes as of June 30,
2011 are noted below. The primary difference between book and tax appreciation
or depreciation of securities and other investments, if applicable, is
attributable to the tax deferral of losses.
Federal tax cost of securities $12,834,613,950
Federal tax cost of other investments (948,105,107)
----------------
Total federal tax cost $ 11,886,508,843
================
Gross unrealized appreciation $ 877,393,463
Gross unrealized depreciation (200,518,545)
----------------
Net unrealized appreciation $ 676,874,918
================
41 | Oppenheimer International Bond Fund
ITEM 2. CONTROLS AND PROCEDURES.
(a) Based on their evaluation of the registrant's disclosure controls and
procedures (as defined in rule 30a-3(c) under the Investment Company Act
of 1940 (17 CFR 270.30a-3(c)) as of 06/30/2011, 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 the registrant's management, including its principal
executive officer and principal financial officer, to allow timely
decisions regarding required disclosure, and (b) is recorded, processed,
summarized and reported, within the time periods specified in the rules
and forms adopted by the U.S. Securities and Exchange Commission.
(b) There have been no significant changes in the registrant's internal
controls over financial reporting that occurred during the registrant's
last fiscal quarter that has materially affected, or is reasonably likely
to materially affect, the registrant's internal control over financial
reporting.
ITEM 3. EXHIBITS.
Exhibits attached hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to
be signed on its behalf by the undersigned, thereunto duly authorized.
Oppenheimer International Bond Fund
By: /s/ William F. Glavin, Jr.
----------------------------
William F. Glavin, Jr.
Principal Executive Officer
Date: 08/10/2011
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: 08/10/2011
By: /s/ Brian W. Wixted
---------------------------
Brian W. Wixted
Principal Financial Officer
Date: 08/10/2011
EX-99.CERT
2
g59445exv99wcert.txt
EX-99.CERT
Exhibit 99.CERT
Section 302 Certifications
CERTIFICATIONS
I, William F. Glavin, Jr., certify that:
1. I have reviewed this report on Form N-Q of Oppenheimer International Bond
Fund;
2. Based on my knowledge, this report does not contain any untrue statement
of a material fact or omit to state a material fact necessary to make the
statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this
report;
3. Based on my knowledge, the schedules of investments included in this
report fairly present in all material respects the investments of the
registrant as of the end of the fiscal quarter for which the report is
filed;
4. The registrant's other certifying officer and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined
in Rule 30a-3(c) under the Investment Company Act of 1940) and internal
control over financial reporting (as defined in Rule 30a-3(d) under the
Investment Company Act of 1940) for the registrant and have:
(a) Designed such disclosure controls and procedures, or caused such
disclosure controls and procedures to be designed under our
supervision, to ensure that material information relating to the
registrant, including its consolidated subsidiaries, is made known to
us by others within those entities, particularly during the period in
which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused
such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the
reliability of financial reporting and the preparation of financial
statements for external purposes in accordance with generally accepted
accounting principles;
(c) Evaluated the effectiveness of the registrant's disclosure controls
and procedures and presented in this report our conclusions about the
effectiveness of the disclosure controls and procedures, as of a date
within 90 days prior to the filing date of this report, based on such
evaluation; and
(d) Disclosed in this report any change in the registrant's internal
control over financial reporting that occurred during the registrant's
most recent fiscal quarter that has materially affected, or is
reasonably likely to materially affect, the registrant's internal
control over financial reporting; and
5. The registrant's other certifying officer and I have disclosed to the
registrant's auditors and the audit committee of the registrant's board of
Trustees (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or
operation of internal control over financial reporting which are
reasonably likely to adversely affect the registrant's ability to
record, process, summarize, and report financial information; and
(b) Any fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant's internal
control over financial reporting.
/s/ William F. Glavin, Jr.
----------------------------
William F. Glavin, Jr.
Principal Executive Officer
Date: 08/10/2011
Exhibit 99.CERT
Section 302 Certifications
CERTIFICATIONS
I, Brian W. Wixted, certify that:
1. I have reviewed this report on Form N-Q of Oppenheimer International Bond
Fund;
2. Based on my knowledge, this report does not contain any untrue statement
of a material fact or omit to state a material fact necessary to make the
statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this
report;
3. Based on my knowledge, the schedules of investments included in this
report fairly present in all material respects the investments of the
registrant as of the end of the fiscal quarter for which the report is
filed;
4. The registrant's other certifying officer and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined
in Rule 30a-3(c) under the Investment Company Act of 1940) and internal
control over financial reporting (as defined in Rule 30a-3(d) under the
Investment Company Act of 1940) for the registrant and have:
(a) Designed such disclosure controls and procedures, or caused such
disclosure controls and procedures to be designed under our
supervision, to ensure that material information relating to the
registrant, including its consolidated subsidiaries, is made known to
us by others within those entities, particularly during the period in
which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused
such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the
reliability of financial reporting and the preparation of financial
statements for external purposes in accordance with generally accepted
accounting principles;
(c) Evaluated the effectiveness of the registrant's disclosure controls
and procedures and presented in this report our conclusions about the
effectiveness of the disclosure controls and procedures, as of a date
within 90 days prior to the filing date of this report, based on such
evaluation; and
(d) Disclosed in this report any change in the registrant's internal
control over financial reporting that occurred during the registrant's
most recent fiscal quarter that has materially affected, or is
reasonably likely to materially affect, the registrant's internal
control over financial reporting; and
5. The registrant's other certifying officer and I have disclosed to the
registrant's auditors and the audit committee of the registrant's board of
Trustees (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or
operation of internal control over financial reporting which are
reasonably likely to adversely affect the registrant's ability to
record, process, summarize, and report financial information; and
(b) Any fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant's internal
control over financial reporting.
/s/ Brian W. Wixted
----------------------------
Brian W. Wixted
Principal Financial Officer
Date: 08/10/2011