0000950123-12-004045.txt : 20120229 0000950123-12-004045.hdr.sgml : 20120229 20120229134642 ACCESSION NUMBER: 0000950123-12-004045 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20111230 FILED AS OF DATE: 20120229 DATE AS OF CHANGE: 20120229 EFFECTIVENESS DATE: 20120229 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: 12651489 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 0000939800 S000035859 S000007072 C000109885 I N-Q 1 g60161nvq.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) Arthur S. Gabinet OppenheimerFunds, Inc. Two World Financial Center, New York, New York 10281-1008 --------------------------------------------------------- (Name and address of agent for service) Registrant's telephone number, including area code: (303) 768-3200 Date of fiscal year end: September 30 Date of reporting period: 12/30/2011 =============================================================================== Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS December 30, 2011* (Unaudited) ITEM 1. SCHEDULE OF INVESTMENTS.
PRINCIPAL AMOUNT VALUE ------------------------------------------------------------------------------------------------------- U.S. GOVERNMENT OBLIGATIONS--0.6% U.S. Treasury Nts., 2%, 11/15/21(1,2) (Cost $80,068,200) $ 80,000,000 $ 80,887,520 ------------------------------------------------------------------------------------------------------- FOREIGN GOVERNMENT OBLIGATIONS--70.4% ------------------------------------------------------------------------------------------------------- ARGENTINA--0.6% Argentina (Republic of) Bonds: 2.50%, 12/31/38(3) 28,590,000 10,149,450 7%, 10/3/15 42,850,000 39,441,230 ------------------------------------------------------------------------------------------------------- Argentina (Republic of) Sr. Unsec. Bonds, Series X, 7%, 4/17/17 26,020,000 21,872,701 ------------------------------------------------------------------------------------------------------- Provincia de Buenos Aires Sr. Unsec. Unsub. Nts., 12,010,000 9,157,625 10.875%, 1/26/21(4) --------------- 80,621,006 ------------------------------------------------------------------------------------------------------- AUSTRALIA--2.6% New South Wales, Treasury Corp., Series 22, 6%, 3/1/22 21,540,000 AUD 24,356,056 ------------------------------------------------------------------------------------------------------- Queensland Treasury Corp.: 106,440,000 AUD 117,924,777 Series 20, 6.25%, 2/21/20 Series 22, 6%, 7/21/22 62,360,000 AUD 67,817,417 Series 24, 5.75%, 7/22/24 37,780,000 AUD 40,094,112 ------------------------------------------------------------------------------------------------------- Victoria Treasury Corp., Series 1224, 5.50%, 12/17/24 63,970,000 AUD 69,678,824 --------------- 319,871,186 ------------------------------------------------------------------------------------------------------- AUSTRIA--1.1% Austria (Republic of) Bonds, 4.35%, 3/15/19(4) 53,290,000 EUR 76,132,522 ------------------------------------------------------------------------------------------------------- Austria (Republic of) Sr. Unsec. Unsub. Nts., Series 1, 41,385,000 EUR 56,365,390 3.50%, 9/15/21(4) --------------- 132,497,912 ------------------------------------------------------------------------------------------------------- BELGIUM--1.5% Belgium (Kingdom of) Bonds, Series 52, 4%, 3/28/18 83,400,000 EUR 110,828,686 ------------------------------------------------------------------------------------------------------- Belgium (Kingdom of) Sr. Bonds, Series 40, 5.50%, 9/28/17 8,125,000 EUR 11,514,018 ------------------------------------------------------------------------------------------------------- Belgium (Kingdom of) Treasury Bills, 0.543%, 1/19/12(5) 47,070,000 EUR 60,938,790 --------------- 183,281,494 ------------------------------------------------------------------------------------------------------- BRAZIL--5.1% Brazil (Federative Republic of) Nota Do Tesouro Nacional Nts.: 9.762%, 1/1/17 749,637,000 BRR 386,101,738 9.762%, 1/1/21 279,002,000 BRR 139,153,229 12.322%, 5/15/45(6) 32,095,000 BRR 39,116,238 Series NTNB, 12.32%, 5/15/15(6) 59,470,000 BRR 69,071,603 --------------- 633,442,808 ------------------------------------------------------------------------------------------------------- CANADA--1.1% Canada (Government of) Nts.: 3.75%, 6/1/19 66,760,000 CAD 75,001,215 4%, 6/1/17 57,860,000 CAD 64,540,239 --------------- 139,541,454 ------------------------------------------------------------------------------------------------------- COLOMBIA--0.6% Bogota Distrio Capital Sr. Bonds, 9.75%, 7/26/28(4) 16,413,000,000 COP 11,650,394 ------------------------------------------------------------------------------------------------------- Colombia (Republic of) Bonds: 4.375%, 7/12/21 15,240,000 16,459,200 7.375%, 9/18/37 5,010,000 7,076,625
1 | Oppenheimer International Bond Fund Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS December 30, 2011* (Unaudited)
PRINCIPAL AMOUNT VALUE ------------------------------------------------------------------------------------------------------- Colombia (Republic of) Sr. Unsec. Bonds, 6.125%, 1/18/41 $ 29,570,000 $ 36,666,800 --------------- 71,853,019 ------------------------------------------------------------------------------------------------------- DENMARK--0.3% Denmark (Kingdom of) Bonds, 4%, 11/15/19 200,885,000 DKK 41,897,183 ------------------------------------------------------------------------------------------------------- DOMINICAN REPUBLIC--0.1% Dominican Republic Bonds, 7.50%, 5/6/21(4) 12,570,000 12,412,875 ------------------------------------------------------------------------------------------------------- FINLAND--0.2% Finland (Republic of) Sr. Unsec. Unsub. Nts., 3.875%, 9/15/17 20,080,000 EUR 28,953,897 ------------------------------------------------------------------------------------------------------- FRANCE--1.7% France (Republic of) Bonds: 3.25%, 10/25/21 59,100,000 EUR 77,000,802 3.75% 10/25/19 34,990,000 EUR 48,264,599 4%, 4/25/60 18,705,000 EUR 25,605,962 4.50%, 4/25/41 38,110,000 EUR 56,525,863 --------------- 207,397,226 ------------------------------------------------------------------------------------------------------- GERMANY--2.1% Germany (Federal Republic of) Bonds: 2.50%, 1/4/21 32,935,000 EUR 45,513,131 3.50%, 7/4/19 59,850,000 EUR 88,621,455 Series 157, 2.25%, 4/10/15 93,925,000 EUR 128,693,965 --------------- 262,828,551 ------------------------------------------------------------------------------------------------------- GHANA--0.1% Ghana (Republic of) Bonds, 8.50%, 10/4/17(4) 10,185,000 11,203,500 ------------------------------------------------------------------------------------------------------- GREECE--0.0% Hellenic Republic Sr. Unsec. Unsub. Bonds, 30 yr., 4.50%, 9/20/37 7,265,000 EUR 1,936,957 ------------------------------------------------------------------------------------------------------- HUNGARY--2.2% Hungary (Republic of) Bonds: Series 12/B, 7.25%, 6/12/12 25,282,000,000 HUF 103,149,666 Series 19/A, 6.50%, 6/24/19 6,575,000,000 HUF 22,323,880 Series 20/A, 7.50%, 11/12/20 8,232,000,000 HUF 29,293,698 ------------------------------------------------------------------------------------------------------- Hungary (Republic of) Sr. Unsec. Bonds: 4.50%, 1/29/14 14,840,000 EUR 17,549,095 7.625%, 3/29/41 10,835,000 9,643,150 ------------------------------------------------------------------------------------------------------- Hungary (Republic of) Sr. Unsec. Nts., 5.75%, 6/11/18 11,885,000 EUR 12,965,594 ------------------------------------------------------------------------------------------------------- Hungary (Republic of) Sr. Unsec. Unsub. Nts., 6.375%, 3/29/21 29,720,000 26,748,000 ------------------------------------------------------------------------------------------------------- Hungary (Republic of) Treasury Bills: 6.089%, 3/7/12(5) 2,968,000,000 HUF 12,030,851 6.096%, 1/11/12(5) 4,693,000,000 HUF 19,273,089 6.135%, 2/1/12(5) 4,468,000,000 HUF 18,240,493 --------------- 271,217,516 ------------------------------------------------------------------------------------------------------- INDONESIA--1.0% Indonesia (Republic of) Nts., 6.875%, 1/17/18(4) 33,390,000 39,483,675 ------------------------------------------------------------------------------------------------------- Indonesia (Republic of) Sr. Unsec. Bonds, 4.875%, 5/5/21(4) 5,840,000 6,278,000 ------------------------------------------------------------------------------------------------------- Indonesia (Republic of) Sr. Unsec. Nts., 7.75%, 1/17/38(4) 29,570,000 40,215,200 ------------------------------------------------------------------------------------------------------- Indonesia (Republic of) Sr. Unsec. Unsub. Bonds, 6.625% 2/17/37(4) 8,990,000 10,967,800
2 | Oppenheimer International Bond Fund Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS December 30, 2011* (Unaudited)
PRINCIPAL AMOUNT VALUE ------------------------------------------------------------------------------------------------------- Indonesia (Republic of) Unsec. Nts., 8.50%, 10/12/35(4) $ 15,880,000 $ 23,026,000 --------------- 119,970,675 ------------------------------------------------------------------------------------------------------- ISRAEL--0.5% Israel (State of) Bonds: Series 0312, 4%, 3/30/12 136,295,000 ILS 35,894,582 Series 0313, 5%, 3/31/13 90,855,000 ILS 24,522,715 --------------- 60,417,297 ------------------------------------------------------------------------------------------------------- ITALY--3.2% Italy (Republic of) Bonds: 3.142%, 9/15/26(6) 55,760,000 EUR 56,608,878 4%, 9/1/20 55,750,000 EUR 60,460,159 4.75%, 1/25/16 5,920,000 5,519,115 5%, 9/1/40 41,405,000 EUR 42,700,765 5.375%, 6/12/17 2,955,000 2,739,740 Series EU, 2.575%, 10/15/17(3) 5,915,000 EUR 5,887,578 ------------------------------------------------------------------------------------------------------- Italy (Republic of) Nts., 4.22%, 3/1/14(3) 9,080,000 EUR 10,911,395 ------------------------------------------------------------------------------------------------------- Italy (Republic of) Sr. Unsec. Bonds, 2.839%, 9/15/23(6) 103,460,000 EUR 111,203,547 ------------------------------------------------------------------------------------------------------- Italy (Republic of) Treasury Bonds, 4.75%, 9/1/21 97,730,000 EUR 109,967,595 --------------- 405,998,772 ------------------------------------------------------------------------------------------------------- IVORY COAST--0.0% Ivory Coast (Republic of) Sr. Unsec. Bonds, 2.50%, 12/31/32(4,7) 3,030,000 1,530,150 ------------------------------------------------------------------------------------------------------- JAPAN--17.1% Japan Bonds, 20 yr., Series 112, 2.10%, 6/20/29 48,413,000,000 JPY 672,643,190 ------------------------------------------------------------------------------------------------------- Japan Sr. Unsec. Unsub. Bonds: 2 yr., Series 304, 0.20%, 5/15/13 21,085,000,000 JPY 274,225,807 5 yr., Series 96, 0.50%, 3/20/16 59,720,000,000 JPY 782,438,296 10 yr., Series 307, 1.30%, 3/20/20 30,726,000,000 JPY 416,561,448 --------------- 2,145,868,741 ------------------------------------------------------------------------------------------------------- KOREA, REPUBLIC OF SOUTH--1.4% Korea (Republic of) Sr. Unsec. Monetary Stabilization Bonds: Series 1208, 3.81%, 8/2/12 32,639,000,000 KRW 28,397,942 Series 1210, 3.28%, 10/2/12 35,050,000,000 KRW 30,398,542 ------------------------------------------------------------------------------------------------------- Korea (Republic of) Sr. Unsec. Treasury Bonds: Series 1406, 3.50%, 6/10/14 57,789,000,000 KRW 50,404,850 Series 1603, 4%, 3/10/16 69,890,000,000 KRW 62,046,061 --------------- 171,247,395 ------------------------------------------------------------------------------------------------------- MALAYSIA--0.8% Malaysia (Government of) Sr. Unsec. Bonds: Series 1/06, 4.262%, 9/15/16 79,670,000 MYR 26,167,247 Series 0309, 2.711%, 2/14/12 200,330,000 MYR 63,176,435 ------------------------------------------------------------------------------------------------------- Wakala Global Sukuk Bhd Bonds, 4.646%, 7/6/21(4) 15,175,000 16,060,021 --------------- 105,403,703 ------------------------------------------------------------------------------------------------------- MEXICO--4.9% United Mexican States Bonds: 5.625%, 1/15/17 9,315,000 10,758,825 Series M, 6.50%, 6/10/21(3) 2,147,200,000 MXN 154,415,388
3 | Oppenheimer International Bond Fund Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS December 30, 2011* (Unaudited)
PRINCIPAL AMOUNT VALUE ------------------------------------------------------------------------------------------------------- Series M20, 7.50%, 6/3/27(3) 2,009,760,000 MXN $ 149,231,093 Series M10, 7.75%, 12/14/17(3) 504,755,000 MXN 39,726,899 Series M10, 8%, 12/17/15(3) 297,000,000 MXN 23,242,862 Series M20, 8.50%, 5/31/29(3) 568,030,000 MXN 45,187,829 Series MI10, 9%, 12/20/12(3) 1,518,400,000 MXN 113,348,413 Series M20, 10%, 12/5/24(3) 791,190,000 MXN 73,071,979 ------------------------------------------------------------------------------------------------------- United Mexican States Nts., 6.75%, 9/27/34 4,420,000 5,779,150 --------------- 614,762,438 ------------------------------------------------------------------------------------------------------- PANAMA--0.3% Panama (Republic of) Bonds: 7.25%, 3/15/15 9,010,000 10,429,075 8.875%, 9/30/27 6,640,000 9,993,200 9.375%, 4/1/29 6,770,000 10,798,150 ------------------------------------------------------------------------------------------------------- Panama (Republic of) Unsec. Bonds, 7.125%, 1/29/26 7,870,000 10,290,025 --------------- 41,510,450 ------------------------------------------------------------------------------------------------------- PERU--1.2% Peru (Republic of) Bonds, 7.35%, 7/21/25 30,020,000 39,926,600 ------------------------------------------------------------------------------------------------------- Peru (Republic of) Sr. Unsec. Nts., 7.84%, 8/12/20(4) 212,250,000 PEN 89,945,513 ------------------------------------------------------------------------------------------------------- Peru (Republic of) Sr. Unsec. Unsub. Bonds, 5.625%, 13,630,000 15,061,150 11/18/50 --------------- 144,933,263 ------------------------------------------------------------------------------------------------------- PHILIPPINES--0.1% Philippines (Republic of the) Sr. Unsec. Unsub. Bonds, 6.375%, 10/23/34 7,515,000 9,008,606 ------------------------------------------------------------------------------------------------------- POLAND--2.5% Poland (Republic of) Bonds: 5.25%, 10/25/20 143,750,000 PLZ 40,007,973 Series 0415, 5.50%, 4/25/15 78,195,000 PLZ 23,000,112 Series 0416, 5%, 4/25/16 520,525,000 PLZ 150,382,520 Series 1015, 6.25%, 10/24/15 161,235,000 PLZ 48,540,108 Series 1017, 5.25%, 10/25/17 42,280,000 PLZ 12,128,594 ------------------------------------------------------------------------------------------------------- Poland (Republic of) Sr. Unsec. Nts.: 5%, 3/23/22 11,970,000 12,074,738 5.125%, 4/21/21 17,365,000 17,712,300 6.375%, 7/15/19 8,975,000 9,962,250 --------------- 313,808,595 ------------------------------------------------------------------------------------------------------- QATAR--0.2% Qatar (State of) Sr. Nts., 5.25%, 1/20/20(4) 11,640,000 12,833,100 ------------------------------------------------------------------------------------------------------- Qatar (State of) Sr. Unsec. Nts.: 5.75%, 1/20/42(4) 9,010,000 9,753,325 6.40%, 1/20/40(4) 5,400,000 6,372,000 --------------- 28,958,425 ------------------------------------------------------------------------------------------------------- RUSSIA--0.1% Russian Federation Bonds, 5%, 4/29/20(4) 9,040,000 9,348,716 ------------------------------------------------------------------------------------------------------- SINGAPORE--0.2% Singapore (Republic of) Sr. Unsec. Bonds, 2.375%, 4/1/17 24,145,000 SGD 20,093,115
4 | Oppenheimer International Bond Fund Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS December 30, 2011* (Unaudited)
PRINCIPAL AMOUNT VALUE ------------------------------------------------------------------------------------------------------- SOUTH AFRICA--4.0% South Africa (Republic of) Bonds: 5.50%, 3/9/20 $ 13,080,000 $ 14,715,000 Series R209, 6.25%, 3/31/36 608,540,000 ZAR 55,784,058 Series R208, 6.75%, 3/31/21 715,300,000 ZAR 81,841,155 Series R213, 7%, 2/28/31 779,580,000 ZAR 79,980,695 Series R207, 7.25%, 1/15/20 1,108,960,000 ZAR 132,281,864 Series R186, 10.50%, 12/21/26 939,885,000 ZAR 136,305,591 --------------- 500,908,363 ------------------------------------------------------------------------------------------------------- SPAIN--1.4% Spain (Kingdom of) Bonds, 4.25%, 10/31/16 40,820,000 EUR 53,031,396 ------------------------------------------------------------------------------------------------------- Spain (Kingdom of) Treasury Bills, 2.955%, 2/17/12(5) 99,195,000 EUR 128,183,845 --------------- 181,215,241 ------------------------------------------------------------------------------------------------------- SRI LANKA--0.2% Sri Lanka (Democratic Socialist Republic of) Sr. Unsec. Nts.: 6.25%, 10/4/20(4) 9,970,000 10,019,850 6.25% 7/27/21(4) 12,515,000 12,353,732 --------------- 22,373,582 ------------------------------------------------------------------------------------------------------- THE NETHERLANDS--0.9% Netherlands (Kingdom of the) Bonds: 4%, 7/15/18 28,025,000 EUR 41,127,635 4%, 7/15/19 48,600,000 EUR 72,018,891 --------------- 113,146,526 ------------------------------------------------------------------------------------------------------- TURKEY--4.8% Turkey (Republic of) Bonds: 6.875%, 3/17/36 20,605,000 21,583,738 7%, 3/11/19 9,650,000 10,735,625 8.68%, 2/20/13(5) 166,045,000 TRY 77,842,773 9.915%, 7/17/13(5) 734,195,000 TRY 327,663,232 9.999%, 4/25/12(5) 131,780,000 TRY 67,362,735 10.50%, 1/15/20(3) 10,760,000 TRY 5,869,349 11%, 8/6/14 63,670,000 TRY 34,007,765 14.689%, 8/14/13(3,6) 21,120,000 TRY 16,309,532 ------------------------------------------------------------------------------------------------------- Turkey (Republic of) Nts., 7.50%, 7/14/17 12,420,000 14,034,600 ------------------------------------------------------------------------------------------------------- Turkey (Republic of) Unsec. Nts.: 5.125%, 3/25/22 8,990,000 8,607,925 6%, 1/14/41 18,230,000 17,272,925 --------------- 601,290,199 ------------------------------------------------------------------------------------------------------- UKRAINE--0.5% City of Kyiv Via Kyiv Finance plc Sr. Unsec. Bonds, 9.375%, 7/11/16(4) 7,295,000 5,726,575 ------------------------------------------------------------------------------------------------------- Financing of Infrastructural Projects State Enterprise Gtd. Nts., 8.375%, 11/3/17(4) 15,050,000 12,642,000 ------------------------------------------------------------------------------------------------------- Ukraine (Republic of) Bonds, 7.75%, 9/23/20(4) 14,640,000 12,736,800 ------------------------------------------------------------------------------------------------------- Ukraine (Republic of) Sr. Unsec. Nts.: 6.25%, 6/17/16(4) 18,260,000 16,114,450
5 | Oppenheimer International Bond Fund Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS December 30, 2011* (Unaudited)
PRINCIPAL AMOUNT VALUE ------------------------------------------------------------------------------------------------------- 6.75%, 11/14/17(4) $ 14,490,000 $ 12,533,850 7.95%, 2/23/21(4) 10,420,000 9,195,650 --------------- 68,949,325 ------------------------------------------------------------------------------------------------------- UNITED KINGDOM--4.4% United Kingdom Treasury Bonds: 4%, 9/7/16 67,260,000 GBP 119,468,914 4.25%, 3/7/36 90,795,000 GBP 173,164,333 4.75%, 3/7/20 47,990,000 GBP 92,188,170 4.75%, 12/7/38 83,395,000 GBP 173,095,134 --------------- 557,916,551 ------------------------------------------------------------------------------------------------------- URUGUAY--0.5% Uruguay (Oriental Republic of) Bonds, 7.625%, 3/21/36 20,090,000 27,975,325 ------------------------------------------------------------------------------------------------------- Uruguay (Oriental Republic of) Sr. Nts., 6.875%, 9/28/25 5,705,000 7,416,500 ------------------------------------------------------------------------------------------------------- Uruguay (Oriental Republic of) Unsec. Bonds, 8%, 11/18/22 17,441,250 23,981,719 --------------- 59,373,544 ------------------------------------------------------------------------------------------------------- VENEZUELA--0.9% Venezuela (Republic of) Bonds: 9%, 5/7/23 45,905,000 33,051,600 11.95%, 8/5/31 17,185,000 14,134,663 ------------------------------------------------------------------------------------------------------- Venezuela (Republic of) Nts., 8.25%, 10/13/24 6,110,000 4,047,875 ------------------------------------------------------------------------------------------------------- Venezuela (Republic of) Sr. Unsec. Unsub. Nts.: 7.75%, 10/13/19 13,100,000 9,432,000 12.75%, 8/23/22 2,950,000 2,677,125 ------------------------------------------------------------------------------------------------------- Venezuela (Republic of) Unsec. Bonds: 7%, 3/31/38 26,380,000 15,366,350 7.65%, 4/21/25 30,265,000 18,915,625 ------------------------------------------------------------------------------------------------------- Venezuela (Republic of) Unsec. Nts., 13.625%, 8/15/18(4) 21,165,000 19,948,013 --------------- 117,573,251 --------------- Total Foreign Government Obligations (Cost $8,907,636,786) 8,814,563,507 ------------------------------------------------------------------------------------------------------- CORPORATE BONDS AND NOTES--17.5% ------------------------------------------------------------------------------------------------------- CONSUMER DISCRETIONARY--0.1% ------------------------------------------------------------------------------------------------------- HOTELS, RESTAURANTS & LEISURE--0.1% Grupo Posadas SAB de CV, 9.25% Sr. Unsec. Nts., 1/15/15(4) 9,895,000 8,311,800 ------------------------------------------------------------------------------------------------------- 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 6,780,705 ------------------------------------------------------------------------------------------------------- FOOD & STAPLES RETAILING--0.1% Cencosud SA, 5.50% Sr. Unsec. Nts., 1/20/21(4) 15,075,000 15,442,468 ------------------------------------------------------------------------------------------------------- FOOD PRODUCTS--0.1% MHP SA, 10.25% Sr. Unsec. Nts., 4/29/15(4) 15,005,000 13,354,450 ------------------------------------------------------------------------------------------------------- ENERGY--3.5% ------------------------------------------------------------------------------------------------------- OIL, GAS & CONSUMABLE FUELS--3.5% Afren plc, 11.50% Sr. Sec. Nts., 2/1/16(4) 12,325,000 12,201,750 ------------------------------------------------------------------------------------------------------- Alliance Oil Co. Ltd., 9.875% Sr. Unsec. Nts., 3/11/15(4) 11,200,000 11,452,000 ------------------------------------------------------------------------------------------------------- Empresa Nacional del Petroleo, 5.25% Unsec. Nts., 8/10/20(4) 5,965,000 6,320,258 -------------------------------------------------------------------------------------------------------
6 | Oppenheimer International Bond Fund Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS December 30, 2011* (Unaudited)
PRINCIPAL AMOUNT VALUE ------------------------------------------------------------------------------------------------------- OIL, GAS & CONSUMABLE FUELS CONTINUED Gaz Capital SA: 7.288% Sr. Sec. Nts., 8/16/37(4) $ 36,720,000 $ 38,051,100 8.146% Sr. Sec. Nts., 4/11/18(4) 18,820,000 21,266,600 8.625% Sr. Sec. Nts., 4/28/34(4) 11,855,000 14,018,538 9.25% Sr. Unsec. Unsub. Nts., 4/23/19(4) 25,645,000 30,617,566 ------------------------------------------------------------------------------------------------------- KazMunayGaz National Co., 6.375% Sr. Unsec. Bonds, 4/9/21(4) 11,070,000 11,263,725 ------------------------------------------------------------------------------------------------------- KMG Finance Sub BV: 7% Sr. Unsec. Bonds, 5/5/20(4) 8,400,000 8,914,500 9.125% Sr. Unsec. Unsub. Nts., 7/2/18(4) 27,205,000 31,829,850 ------------------------------------------------------------------------------------------------------- Lukoil International Finance BV: 6.125% Sr. Unsec. Nts., 11/9/20(4) 27,090,000 26,683,650 6.656% Sr. Unsec. Unsub. Bonds, 6/7/22(4) 5,525,000 5,538,813 7.25% Sr. Unsec. Unsub. Nts., 11/5/19(4) 4,390,000 4,554,625 ------------------------------------------------------------------------------------------------------- Nak Naftogaz Ukraine, 9.50% Unsec. Nts., 9/30/14 17,825,000 16,800,063 ------------------------------------------------------------------------------------------------------- Odebrecht Drilling Norbe VIII/IX Ltd., 6.35% Sr. Sec. Nts., 6/30/21(4) 9,020,000 9,335,700 ------------------------------------------------------------------------------------------------------- Pemex Project Funding Master Trust: 6.625% Sr. Unsec. Unsub. Nts., 6/15/38 5,855,000 6,689,338 6.625% Unsec. Unsub. Bonds, 6/15/35 29,590,000 33,843,563 ------------------------------------------------------------------------------------------------------- Pertamina PT (Persero): 5.25% Nts., 5/23/21(4) 16,255,000 16,799,543 6.50% Sr. Unsec. Nts., 5/27/41(4) 7,240,000 7,565,800 ------------------------------------------------------------------------------------------------------- Petrobras International Finance Co., 5.75% Sr. Unsec. Unsub. Nts., 1/20/20 8,955,000 9,624,601 ------------------------------------------------------------------------------------------------------- Petroleos de Venezuela SA: 4.90% Sr. Unsec. Nts., Series 2014, 10/28/14 18,830,000 14,781,550 8.50% Sr. Nts., 11/2/17(4) 23,970,000 18,133,305 12.75% Sr. Unsec. Nts., 2/17/22(4) 17,045,000 14,317,800 ------------------------------------------------------------------------------------------------------- Petroleos Mexicanos: 5.50% Sr. Unsec. Unsub. Nts., 1/21/21 11,900,000 12,971,000 6% Sr. Unsec. Unsub. Nts., 3/5/20 14,380,000 16,038,014 ------------------------------------------------------------------------------------------------------- Petroleum Co. of Trinidad & Tobago Ltd., 9.75% Sr. Unsec. Nts., 8/14/19(4) 17,320,000 20,610,800 ------------------------------------------------------------------------------------------------------- PT Adaro Indonesia, 7.625% Nts., 10/22/19(4) 14,950,000 16,389,685 ------------------------------------------------------------------------------------------------------- Tengizchevroil LLP, 6.124% Nts., 11/15/14(4) 5,518,109 5,676,755 --------------- 442,290,492 ------------------------------------------------------------------------------------------------------- FINANCIALS--8.2% ------------------------------------------------------------------------------------------------------- CAPITAL MARKETS--0.1% Credit Suisse First Boston International, 6.80% Export-Import Bank of Ukraine Nts., 10/4/12 6,035,000 6,004,825 ------------------------------------------------------------------------------------------------------- Korea Development Bank (The), 3.875% Sr. Unsec. Nts., 5/4/17 8,980,000 8,892,176 --------------- 14,897,001 ------------------------------------------------------------------------------------------------------- COMMERCIAL BANKS--5.2% Akbank TAS, 5.125% Sr. Unsec. Nts., 7/22/15(4) 14,880,000 14,582,400 ------------------------------------------------------------------------------------------------------- Alfa Bank/Alfa Bond Issuance plc, 7.875% Nts., 9/25/17(4) 11,700,000 11,173,500 ------------------------------------------------------------------------------------------------------- Australia & New Zealand Banking Group Ltd., 2.40% Sec. Bonds, 11/23/16(4) 22,720,000 22,536,400 -------------------------------------------------------------------------------------------------------
7 | Oppenheimer International Bond Fund Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS December 30, 2011* (Unaudited)
PRINCIPAL AMOUNT VALUE ------------------------------------------------------------------------------------------------------- COMMERCIAL BANKS CONTINUED Banco BMG SA: 9.15% Nts., 1/15/16(4) $ 10,630,000 $ 10,151,650 9.95% Unsec. Unsub. Nts., 11/5/19(4) 8,380,000 7,835,300 ------------------------------------------------------------------------------------------------------- Banco de Credito del Peru: 5.375% Sr. Nts., 9/16/20(4) 7,160,000 7,058,328 9.75% Jr. Sub. Nts., 11/6/69(4) 5,300,000 6,042,000 ------------------------------------------------------------------------------------------------------- Banco de Credito del Peru/Panama, 6.875% Sub. Nts., 9/16/26(3,4) 5,834,000 6,023,605 ------------------------------------------------------------------------------------------------------- Banco Do Brasil SA: 5.875% Unsec. Sub. Nts., 1/26/22(4) 6,065,000 6,131,715 8.50% Jr. Sub. Perpetual Bonds(4,8) 7,905,000 9,248,850 ------------------------------------------------------------------------------------------------------- Banco PanAmericano SA, 8.50% Sr. Unsec. Sub. Nts., 4/23/20(4) 8,650,000 9,169,000 ------------------------------------------------------------------------------------------------------- Banco Votorantim SA, 5.25% Sr. Unsec. Unsub. Nts., 2/11/16(4) 6,085,000 6,182,360 ------------------------------------------------------------------------------------------------------- Bancolombia SA, 4.25% Sr. Unsec. Unsub. Nts., 1/12/16 12,150,000 12,089,250 ------------------------------------------------------------------------------------------------------- Bank of Scotland plc: 4.375% Sr. Sec. Nts., 7/13/16 96,578,000 EUR 130,694,477 4.50% Sr. Sec. Nts., 7/13/21 66,157,000 EUR 88,118,829 4.875% Sr. Sec. Nts., 12/20/24 7,625,000 GBP 12,297,527 ------------------------------------------------------------------------------------------------------- BOM Capital plc, 6.699% Sr. Unsec. Nts., 3/11/15(4) 26,205,000 26,073,975 ------------------------------------------------------------------------------------------------------- BPCE SFH SA, 3.75% Sr. Sec. Nts., 9/13/21 20,715,000 EUR 26,545,254 ------------------------------------------------------------------------------------------------------- Halyk Savings Bank of Kazakhstan JSC: 7.25% Unsec. Unsub. Nts., 5/3/17(4) 3,275,000 3,176,750 9.25% Sr. Nts., 10/16/13(4) 60,130,000 63,437,150 ------------------------------------------------------------------------------------------------------- ICICI Bank Ltd.: 5.50% Sr. Unsec. Nts., 3/25/15(4) 21,660,000 21,684,584 6.375% Bonds, 4/30/22(3,4) 22,793,000 20,171,805 ------------------------------------------------------------------------------------------------------- Lloyds TSB Bank plc: 4.875% Sec. Nts., 1/13/23 8,180,000 EUR 11,211,052 6% Sr. Sec. Nts., 2/8/29 9,095,000 GBP 15,846,009 ------------------------------------------------------------------------------------------------------- Privatbank CJSC/UK SPV Credit Finance plc, 8% Sr. Sec. Nts., 2/6/12(4) 8,980,000 8,862,182 ------------------------------------------------------------------------------------------------------- Sberbank of Russia Via SB Capital SA, 5.40% Sr. Unsec. Nts., 3/24/17 17,970,000 17,970,000 ------------------------------------------------------------------------------------------------------- Turkiye Is Bankasi (Isbank), 5.10% Sr. Unsec. Nts., 2/1/16(4) 9,045,000 8,796,263 ------------------------------------------------------------------------------------------------------- VEB Finance Ltd., 6.902% Sr. Unsec. Unsub. Nts., 7/9/20(4) 25,215,000 25,971,450 ------------------------------------------------------------------------------------------------------- VTB Capital SA: 6.315% Nts., 2/22/18(4) 9,065,000 8,618,096 6.465% Sr. Sec. Unsub. Nts., 3/4/15(4) 5,635,000 5,705,438 ------------------------------------------------------------------------------------------------------- Westpac Banking Corp., 2.45% Sr. Sec. Bonds, 11/28/16(4) 22,720,000 22,555,598 --------------- 645,960,797 ------------------------------------------------------------------------------------------------------- CONSUMER FINANCE--0.0% JSC Astana Finance, 9.16% Nts., 3/14/12(7) 14,000,000 1,540,000 ------------------------------------------------------------------------------------------------------- DIVERSIFIED FINANCIAL SERVICES--0.7% Autopistas del Nordeste Cayman Ltd., 9.39% Nts., 1/15/26(4) 18,487,974 16,824,056 ------------------------------------------------------------------------------------------------------- BA Covered Bond Issuer, 4.25% Sec. Nts., 4/5/17 39,147,000 EUR 51,096,550 ------------------------------------------------------------------------------------------------------- Banco Invex SA, 30.202% Mtg.-Backed Certificates, Series 062U, 3/13/34(3,6) 27,603,725 MXN 2,698,083 -------------------------------------------------------------------------------------------------------
8 | Oppenheimer International Bond Fund Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS December 30, 2011* (Unaudited)
PRINCIPAL AMOUNT VALUE ------------------------------------------------------------------------------------------------------- DIVERSIFIED FINANCIAL SERVICES CONTINUED JPMorgan Hipotecaria su Casita: 7.973% Sec. Nts., 8/26/35(3,9) 34,101,099 MXN $ 2,737,592 28.563% Mtg.-Backed Certificates, Series 06U, 9/25/35(3) 10,754,289 MXN 1,448,751 ------------------------------------------------------------------------------------------------------- Korea Development Bank (The), 4% Sr. Unsec. Unsub. Nts., 9/9/16 10,500,000 10,693,967 ------------------------------------------------------------------------------------------------------- Tiers-BSP, 0%/8.60% Collateralized Trust, Cl. A, 6/15/97(4,10) 5,310,000 3,676,325 --------------- 89,175,324 ------------------------------------------------------------------------------------------------------- THRIFTS & MORTGAGE FINANCE--2.2% Banco Hipotecario SA, 9.75% Sr. Unsec. Nts., 4/27/16(4) 5,360,000 4,931,200 ------------------------------------------------------------------------------------------------------- WM Covered Bond Program: 4% Sec. Mtg. Nts., Series 2, 9/27/16 152,385,000 EUR 206,931,986 4.375% Sec. Nts., 5/19/14 49,300,000 EUR 66,319,714 --------------- 278,182,900 ------------------------------------------------------------------------------------------------------- INDUSTRIALS--0.2% ------------------------------------------------------------------------------------------------------- CONSTRUCTION & ENGINEERING--0.2% IIRSA Norte Finance Ltd., 8.75% Sr. Nts., 5/30/24(4) 14,691,172 16,987,402 ------------------------------------------------------------------------------------------------------- Odebrecht Finance Ltd., 7% Sr. Unsec. Nts., 4/21/20(4) 5,290,000 5,686,750 --------------- 22,674,152 ------------------------------------------------------------------------------------------------------- ROAD & RAIL--0.0% Kazakhstan Temir Zholy Finance BV, 6.375% Sr. Unsec. Nts., 10/6/20(4) 5,795,000 6,070,263 ------------------------------------------------------------------------------------------------------- MATERIALS--1.3% ------------------------------------------------------------------------------------------------------- CHEMICALS--0.2% Braskem America Finance Co., 7.125% Sr. Unsec. Nts., 7/22/41(4) 4,260,000 4,116,225 ------------------------------------------------------------------------------------------------------- Braskem Finance Ltd., 5.75% Sr. Unsec. Nts., 4/15/21(4) 18,065,000 18,110,163 --------------- 22,226,388 ------------------------------------------------------------------------------------------------------- CONSTRUCTION MATERIALS--0.2% CEMEX Espana SA, 9.25% Sr. Sec. Nts., 5/12/20(4) 8,115,000 6,268,838 ------------------------------------------------------------------------------------------------------- CEMEX SAB de CV, 9% Sr. Sec. Nts., 1/11/18(4) 13,150,000 10,552,875 ------------------------------------------------------------------------------------------------------- Rearden G Holdings Eins GmbH, 7.875% Sr. Unsec. Nts., 3/30/20(4) 7,170,000 7,223,775 --------------- 24,045,488 ------------------------------------------------------------------------------------------------------- METALS & MINING--0.9% Alrosa Finance SA, 7.75% Nts., 11/3/20(4) 12,010,000 12,010,000 ------------------------------------------------------------------------------------------------------- Consolidated Minerals Ltd., 8.875% Sr. Sec. Nts., 5/1/16(4) 9,050,000 7,873,500 ------------------------------------------------------------------------------------------------------- CSN Islands XI Corp., 6.875% Sr. Unsec. Nts., 9/21/19(4) 5,700,000 6,050,550 ------------------------------------------------------------------------------------------------------- Ferrexpo Finance plc, 7.875% Sr. Unsec. Bonds, 4/7/16(4) 15,670,000 13,711,250 ------------------------------------------------------------------------------------------------------- JSC Severstal, 6.70% Nts., 10/25/17(4) 14,820,000 13,967,850 ------------------------------------------------------------------------------------------------------- Vedanta Resources plc: 8.25% Sr. Unsec. Nts., 6/7/21(4) 18,100,000 14,208,500 9.50% Sr. Unsec. Nts., 7/18/18(4) 50,800,000 44,196,000 --------------- 112,017,650 ------------------------------------------------------------------------------------------------------- TELECOMMUNICATION SERVICES--1.2% ------------------------------------------------------------------------------------------------------- DIVERSIFIED TELECOMMUNICATION SERVICES--0.5% Axtel SAB de CV, 9% Sr. Unsec. Nts., 9/22/19(4) 20,920,000 16,108,400 -------------------------------------------------------------------------------------------------------
9 | Oppenheimer International Bond Fund Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS December 30, 2011* (Unaudited)
PRINCIPAL AMOUNT VALUE ------------------------------------------------------------------------------------------------------- DIVERSIFIED TELECOMMUNICATION SERVICES CONTINUED ------------------------------------------------------------------------------------------------------- Brasil Telecom SA, 9.75% Sr. Unsec. Nts., 9/15/16(4) 30,440,000 BRR $ 15,993,138 ------------------------------------------------------------------------------------------------------- Telemar Norte Leste SA, 5.50% Sr. Unsec. Nts., 10/23/20(4) 30,216,000 29,913,840 --------------- 62,015,378 ------------------------------------------------------------------------------------------------------- WIRELESS TELECOMMUNICATION SERVICES--0.7% America Movil SAB de CV: 6.125% Sr. Unsec. Unsub. Nts., 3/30/40 4,630,000 5,540,763 8.46% Sr. Unsec. Unsub. Bonds, 12/18/36 140,800,000 MXN 9,705,470 ------------------------------------------------------------------------------------------------------- MTS International Funding Ltd., 8.625% Sr. Unsec. Nts., 6/22/20(4) 15,235,000 16,434,756 ------------------------------------------------------------------------------------------------------- Vimpel Communications/VIP Finance Ireland Ltd. OJSC, 7.748% Nts., 2/2/21(4) 9,040,000 7,774,400 ------------------------------------------------------------------------------------------------------- VimpelCom Holdings BV, 7.504% Sr. Unsec. Unsub. Nts., 3/1/22(4) 15,210,000 12,852,450 ------------------------------------------------------------------------------------------------------- VIP Finance Ireland Ltd., 9.125% Bonds, 4/30/18(4) 32,440,000 31,912,850 --------------- 84,220,689 ------------------------------------------------------------------------------------------------------- UTILITIES--2.7% ------------------------------------------------------------------------------------------------------- ELECTRIC UTILITIES--2.0% Centrais Eletricas Brasileiras SA: 5.75% Sr. Unsec. Unsub. Nts., 10/27/21(4) 17,950,000 18,739,800 6.875% Sr. Unsec. Unsub. Nts., 7/30/19(4) 11,310,000 12,893,400 ------------------------------------------------------------------------------------------------------- Empresa Distribuidora y Comercializadora Norte SA, 9.75% Nts., 10/25/22(4) 6,005,000 4,984,150 ------------------------------------------------------------------------------------------------------- Empresas Publicas de Medellin ESP, 7.625% Sr. Unsec. Nts., 7/29/19(4) 10,125,000 11,795,625 ------------------------------------------------------------------------------------------------------- Eskom Holdings Ltd.: 5.75% Sr. Unsec. Bonds, 1/26/21(4) 21,105,000 21,579,863 7.85% Sr. Unsec. Unsub. Nts., Series ES26, 4/2/26 294,000,000 ZAR 33,112,699 10% Nts., Series ES23, 1/25/23 368,000,000 ZAR 50,721,505 ------------------------------------------------------------------------------------------------------- Israel Electric Corp. Ltd., 7.25% Nts., 1/15/19(4) 31,190,000 32,221,141 ------------------------------------------------------------------------------------------------------- Majapahit Holding BV: 7.75% Nts., 10/17/16(4) 15,500,000 17,456,875 8% Sr. Unsec. Nts., 8/7/19(4) 11,150,000 13,157,000 ------------------------------------------------------------------------------------------------------- National Power Corp., 5.875% Unsec. Unsub. Bonds, 12/19/16 665,100,000 PHP 16,927,618 ------------------------------------------------------------------------------------------------------- Perusahaan Listrik Negara PT, 5.50% Sr. Unsec. Nts., 1/22/21(4) 14,910,000 15,245,475 --------------- 248,835,151 ------------------------------------------------------------------------------------------------------- ENERGY TRADERS--0.4% Colbun SA, 6% Sr. Unsec. Nts., 1/21/20(4) 12,290,000 13,067,048 ------------------------------------------------------------------------------------------------------- Comision Federal de Electricidad, 4.875% Sr. Nts., 5/26/21(4) 12,050,000 12,532,000 ------------------------------------------------------------------------------------------------------- Power Sector Assets & Liabilities Management Corp.: 7.25% Sr. Gtd. Unsec. Nts., 5/27/19(4) 7,500,000 9,131,250 7.39% Sr. Gtd. Unsec. Nts., 12/2/24(4) 8,120,000 9,967,300 ------------------------------------------------------------------------------------------------------- PT Cikarang Listindo/Listindo Capital BV, 9.25% Sr. Nts., 1/29/15(4) 8,410,000 9,156,118 --------------- 53,853,716
10 | Oppenheimer International Bond Fund Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS December 30, 2011* (Unaudited)
PRINCIPAL AMOUNT VALUE ------------------------------------------------------------------------------------------------------- GAS UTILITIES--0.1% Empresa de Energia de Bogota SA ESP, 6.125% Sr. Unsec. Unsub. Nts., 11/10/21(9) $ 5,960,000 $ 6,064,300 ------------------------------------------------------------------------------------------------------- TGI International Ltd., 9.50% Nts., 10/3/17(4) 10,420,000 11,214,525 --------------- 17,278,825 ------------------------------------------------------------------------------------------------------- MULTI-UTILITIES--0.1% Abu Dhabi National Energy Co. (TAQA), 5.875% Sr. Unsec. Nts., 12/13/21(4) 11,910,000 12,445,950 ------------------------------------------------------------------------------------------------------- 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 11,293,188 --------------- Total Corporate Bonds and Notes (Cost $2,232,517,167) 2,192,912,775
SHARES ------------------------------------------------------------------------------------------------------- COMMON STOCKS--0.0% MHP SA, GDR(4,11) (Cost $ 15,289) 169,861 1,819,211
PRINCIPAL AMOUNT ------------------------------------------------------------------------------------------------------ STRUCTURED SECURITIES--7.3% Barclays Bank plc: Indonesia (Republic of) Total Return Linked Bonds, 10.50%, 8/19/30 134,050,000,000 IDR 19,982,948 Indonesia (Republic of) Total Return Linked Bonds, Series 22, 11%, 9/17/25 100,660,000,000 IDR 15,319,636 Indonesia (Republic of) Total Return Linked Nts., Series 50, 10.50%, 8/19/30 67,450,000,000 IDR 10,054,829 Indonesia (Republic of) Total Return Linked Nts., Series 51, 10.50%, 8/19/30 69,180,000,000 IDR 10,312,722 Indonesia (Republic of) Total Return Linked Nts., Series 51, 11%, 9/17/25 69,180,000,000 IDR 10,528,635 Russian Federation Total Return Linked Bonds, 7.15%, 1/25/13(3) 550,300,000 RUR 17,194,739 Russian Federation Total Return Linked Bonds, 6.70%, 2/8/13(3) 563,400,000 RUR 17,516,590 Russian Federation Total Return Linked Bonds, Series 3, 6.85%, 8/3/12(3) 565,000,000 RUR 17,583,879 ------------------------------------------------------------------------------------------------------- Citigroup Funding, Inc.: ALROSA Russia Corporate Bond Credit Linked Unsec. Nts., 8.25%, 6/25/15(3,9) 182,270,000 RUR 5,702,305 Indonesia (Republic of) Credit Linked Nts., Series 8, 8.25%, 7/19/21(4) 60,995,000,000 IDR 7,803,055 Indonesia (Republic of) Total Return Linked Nts., 11%, 9/17/25 68,100,000,000 IDR 10,364,268 Russian Federation Credit Linked Bonds, 6.70%, 2/8/13(3,9) 377,910,000 RUR 11,752,480 ------------------------------------------------------------------------------------------------------- Citigroup Global Markets Holdings, Inc.: Adira Dinamika Multi Finance Credit Linked Nts., 6.75%, 1/5/12(4) 334,600,000,000 IDR 36,912,090 Colombia (Republic of) Credit Linked Bonds, 11.25%, 10/25/18(9) 11,920,000,000 COP 7,414,867 Colombia (Republic of) Credit Linked Nts., Series 2, 10%, 7/25/24 86,317,000,000 COP 52,948,486
11 | Oppenheimer International Bond Fund Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS December 30, 2011* (Unaudited)
PRINCIPAL AMOUNT VALUE ------------------------------------------------------------------------------------------------------- Colombia (Republic of) Total Return Linked Bonds, Series 2, 11%, 7/27/20 26,964,000,000 COP $ 16,757,605 Dominican Republic Unsec. Credit Linked Nts., 15%, 3/12/12(9) 289,700,000 DOP 7,509,869 ------------------------------------------------------------------------------------------------------- Credit Suisse First Boston International: Moitk Total Return Linked Nts., 21%, 3/30/11(7) 220,242,600 RUR 20,517 Russian Oreniz Total Return Linked Nts., 9.24%, 2/24/12(3) 45,458,000 RUR 1,390,531 ------------------------------------------------------------------------------------------------------- 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 1,605,942 Russian Specialized Construction & Installation Administration Total Return Linked Nts., 13%, 5/24/10(7) 64,600,000 RUR 201 ------------------------------------------------------------------------------------------------------- Credit Suisse Group AG, Russian Moscoblgaz Finance Total Return Linked Nts., 9.25%, 6/27/12 25,800,000 RUR 781,114 ------------------------------------------------------------------------------------------------------- Credit Suisse International: OAO Gazprom Total Return Linked Nts., 13.12%, 6/28/12(3) 155,430,000 RUR 4,971,212 OAO Gazprom Total Return Linked Nts., 13.12%, 6/28/12(3) 144,200,000 RUR 4,612,036 OAO Gazprom Total Return Linked Nts., 13.12%, 6/28/12(3) 106,500,000 RUR 3,406,254 ------------------------------------------------------------------------------------------------------- Deutsche Bank AG: Coriolanus Ltd. Sec. Credit Linked Bonds, Series 128, 3.006%, 5/6/25(5,9) 4,460,045 3,002,148 Coriolanus Ltd. Sec. Credit Linked Bonds, 3.061%, 5/6/25(5,9) 5,682,784 3,825,199 Coriolanus Ltd. Sec. Credit Linked Bonds, 3.10%, 5/6/25(5,9) 4,906,174 3,302,446 Coriolanus Ltd. Sec. Credit Linked Bonds, 3.134%, 5/6/25(5,9) 4,385,501 2,951,971 Coriolanus Ltd. Sec. Credit Linked Bonds, 3.187%, 5/6/25(5,9) 5,460,305 3,675,443 Coriolanus Ltd. Sec. Credit Linked Bonds, 3.239%, 5/6/25(5,9) 6,232,108 4,194,960 Coriolanus Ltd. Sec. Credit Linked Bonds, 3.266%, 5/6/25(5,9) 4,978,725 3,351,283 Coriolanus Ltd. Sec. Credit Linked Bonds, 3.343%, 5/6/25(5,9) 4,679,790 3,150,063 Indonesia (Republic of) Credit Linked Nts., Series 4, 8.25%, 7/19/21 65,060,000,000 IDR 8,323,088 JSC Gazprom Total Return Linked Nts., 13.12%, 6/28/12(3) 133,110,000 RUR 4,265,191 JSC Gazprom Total Return Linked Nts., Series 4, 13.12%, 6/28/12(3) 160,790,000 RUR 5,152,130 JSC VTB Bank Credit Linked Nts., 12%, 6/19/12(3,9) 201,100,000 UAH 24,077,771 Opic Reforma I Credit Linked Nts., Cl. 2A, 8.287%, 5/22/15(3,9) 1,273,571 MXN 88,395 Opic Reforma I Credit Linked Nts., Cl. 2B, 8.287%, 5/22/15(3,9) 2,228,143 MXN 154,649 Opic Reforma I Credit Linked Nts., Cl. 2C, 8.287%, 5/22/15(3,9) 33,594,990 MXN 2,331,730 Opic Reforma I Credit Linked Nts., Cl. 2D, 8.287%, 5/22/15(3,9) 2,448,357 MXN 169,933 Opic Reforma I Credit Linked Nts., Cl. 2E, 8.287%, 5/22/15(3,9) 1,778,777 MXN 123,460 Opic Reforma I Credit Linked Nts., Cl. 2F, 8.287%, 5/22/15(3,9) 1,136,016 MXN 78,848 Opic Reforma I Credit Linked Nts., Cl. 2G, 8.287%, 5/22/15(3,9) 209,208 MXN 14,521 ------------------------------------------------------------------------------------------------------- Eirles Two Ltd. Sec. Nts., Series 335, 2.248%, 4/30/12(3,9) 11,200,000 10,696,000 ------------------------------------------------------------------------------------------------------- Goldman Sachs Capital Markets LP, Colombia (Republic of) Credit Linked Nts., 10.476%, 2/8/37(5,9) 376,977,600,000 COP 10,287,395 ------------------------------------------------------------------------------------------------------- Hallertau SPC Credit Linked Nts.: Series 2007-01, 2.838%, 12/20/17(3,9) 42,470,000 35,160,913 Series 2008-01, 9.888%, 8/2/10(5,7,9) 63,164,246 BRR 3,386,369 Series 2008-2A, 8.14%, 9/17/13(3,9) 15,837,500 8,894,900
12 | Oppenheimer International Bond Fund Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS December 30, 2011* (Unaudited)
PRINCIPAL AMOUNT VALUE ------------------------------------------------------------------------------------------------------- HSBC Bank USA NA: Indonesia (Republic of) Credit Linked Nts., Series 2, 8.25%, 7/15/21(4) 134,910,000,000 IDR $ 17,258,958 Indonesia (Republic of) Credit Linked Nts., Series 2, 9.50%, 7/15/31(4) 132,561,000,000 IDR 18,420,387 ------------------------------------------------------------------------------------------------------- JPMorgan Chase & Co.: Colombia (Republic of) Credit Linked Bonds, 10.19%, 1/5/16(5,9) 68,635,000,000 COP 28,215,234 Colombia (Republic of) Credit Linked Bonds, 10.218%, 10/31/16(5,9) 90,697,000,000 COP 34,936,007 Colombia (Republic of) Credit Linked Nts., 11%, 7/28/20(9) 12,645,000,000 COP 7,860,317 Colombia (Republic of) Credit Linked Nts., Series 2, 11%, 7/28/20(9) 45,193,500,000 COP 28,092,942 Indonesia (Republic of) Credit Linked Bonds, 8.25%, 7/19/21(4) 61,910,000,000 IDR 7,920,110 Indonesia (Republic of) Credit Linked Bonds, Series 04, 11%, 9/17/25(4) 69,180,000,000 IDR 10,528,635 Indonesia (Republic of) Credit Linked Bonds, Series 10, 8.25%, 7/19/21(4) 77,600,000,000 IDR 9,927,323 Indonesia (Republic of) Credit Linked Bonds, Series 11, 8.25%, 7/19/21(4) 80,075,000,000 IDR 10,243,948 Indonesia (Republic of) Credit Linked Bonds, Series 6, 8.25%, 7/19/21(4) 145,110,000,000 IDR 18,563,838 Indonesia (Republic of) Credit Linked Bonds, Series 7, 8.25%, 7/19/21(4) 32,000,000,000 IDR 4,093,741 Indonesia (Republic of) Credit Linked Bonds, Series 9, 8.25%, 7/19/21(4) 57,560,000,000 IDR 7,363,617 Indonesia (Republic of) Credit Linked Nts., Series 52, 10.50%, 8/19/30(4) 57,955,000,000 IDR 8,639,402 Indonesia (Republic of) Credit Linked Nts., Series 55, 11%, 9/17/25(4) 67,450,000,000 IDR 10,265,343 Indonesia (Republic of) Total Return Linked Nts., Series 53, 11%, 9/17/25(4) 68,100,000,000 IDR 10,364,268 ------------------------------------------------------------------------------------------------------- JPMorgan Chase Bank NA: Indonesia (Republic of) Credit Linked Nts., Series 3, 11%, 9/17/25(4) 74,235,000,000 IDR 11,297,965 Russian Federation Credit Linked Bonds, 6.70%, 2/8/13(3,4) 377,810,000 RUR 11,743,504 Russian Federation Credit Linked Bonds, 6.851%, 8/3/12(3,9) 565,000,000 RUR 17,579,492 Russian Federation Credit Linked Bonds, Series 2, 7.15%, 1/25/13(3,9) 464,490,000 RUR 14,502,692 Russian Federation Credit Linked Bonds, Series 2, 6.851%, 8/3/12(3,9) 900,000,000 RUR 28,002,733 ------------------------------------------------------------------------------------------------------- LB Peru Trust II Certificates, Series 1998-A, 4.534%, 2/28/16(5,7) 1,426,420 142,642 ------------------------------------------------------------------------------------------------------- Merrill Lynch, Colombia (Republic of) Credit Linked Nts., 10%, 11/17/16(9) 13,289,000,000 COP 6,931,394 ------------------------------------------------------------------------------------------------------- Morgan Stanley: Peru (Republic of) Credit Linked Nts., 6.25%, 3/23/17(4) 26,120,000 PEN 7,188,449 Russian Federation Total Return Linked Bonds, Series 007, Cl. VR, 5%, 8/22/34 296,807,032 RUR 4,416,909
13 | Oppenheimer International Bond Fund Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS December 30, 2011* (Unaudited)
PRINCIPAL AMOUNT VALUE ------------------------------------------------------------------------------------------------------- Morgan Stanley Capital Services, Inc.: Brazil (Federal Republic of) Credit Linked Nts., 12.551%, 1/5/22(4,5) 173,500,000 BRR $ 12,985,176 United Mexican States Credit Linked Nts., 5.64%, 11/20/15(4) 11,760,000 9,219,840 ------------------------------------------------------------------------------------------------------- Standard Bank Group Ltd., Ghana (Republic of) Credit Linked Bonds, 10.038%, 1/25/12(5,9) 17,255,000 GHS 10,461,403 ------------------------------------------------------------------------------------------------------- UBS AG: Indonesia (Republic of) Total Return Linked Nts., 8.25%, 7/19/21 300,190,000,000 IDR 38,403,132 Indonesia (Republic of) Total Return Linked Nts., Series 1, 9.50%, 7/17/31 171,735,000,000 IDR 23,863,921 Indonesia (Republic of) Total Return Linked Nts., Series 3, 8.25%, 7/19/21 78,630,000,000 IDR 10,059,090 Indonesia (Republic of) Total Return Linked Nts., Series 5, 8.25%, 7/19/21 103,265,000,000 IDR 13,210,631 Indonesia (Republic of) Total Return Linked Nts., Series 999, 9.50%, 7/17/31 214,719,000,000 IDR 29,836,883 --------------- Total Structured Securities (Cost $997,432,116) 915,645,542
EXPIRATION STRIKE DATE PRICE CONTRACTS ----------------------------------------------------------------------------------------------------------- OPTIONS PURCHASED--0.3% Australian Dollar (AUD) Call(11) 1/13/12 $ 1 .040 90,940,000 304,238 ----------------------------------------------------------------------------------------------------------- Australian Dollar (AUD) Call(11) 1/13/12 1.040 90,945,000 304,255 ----------------------------------------------------------------------------------------------------------- Australian Dollar (AUD) Call(11) 1/13/12 1.040 140,100,000 468,702 ----------------------------------------------------------------------------------------------------------- Australian Dollar (AUD) Call(11) 1/17/12 1.040 45,475,000 201,783 ----------------------------------------------------------------------------------------------------------- Australian Dollar (AUD) Futures, 3/19/12 Put(11) 1/9/12 89.000 271 1,355 ----------------------------------------------------------------------------------------------------------- Australian Dollar (AUD) Futures, 3/19/12 Put(11) 1/9/12 95.000 528 2,640 ----------------------------------------------------------------------------------------------------------- Australian Dollar (AUD) Futures, 3/19/12 Put(11) 1/9/12 99.000 271 32,520 ----------------------------------------------------------------------------------------------------------- Euro (EUR) 90 Day Futures, 3/19/12 Put(11) 1/16/12 99.250 1,004 18,825 ----------------------------------------------------------------------------------------------------------- Euro (EUR) 90 Day Futures, 3/19/12 Put(11) 2/13/12 99.250 1,005 69,094 ----------------------------------------------------------------------------------------------------------- Euro (EUR) Call(11) 1/13/12 1.390 45,475,000 445 ----------------------------------------------------------------------------------------------------------- Euro (EUR) Call(11) 1/13/12 1.450 45,475,000 -- ----------------------------------------------------------------------------------------------------------- Euro (EUR) Call(11) 1/18/12 1.400 45,465,000 1,115 ----------------------------------------------------------------------------------------------------------- Euro (EUR) FX Futures, 3/19/12 Put(11) 3/12/12 1.310 204 1,002,150 ----------------------------------------------------------------------------------------------------------- Euro-Bundesobligation Futures, 3/8/12 Call(11) 1/30/12 143.000EUR 759 196,467 ----------------------------------------------------------------------------------------------------------- Euro-Bundesobligation Futures, 3/8/12 Put(11) 1/30/12 130.000EUR 2,710 105,222 -----------------------------------------------------------------------------------------------------------
14 | Oppenheimer International Bond Fund Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS December 30, 2011* (Unaudited)
EXPIRATION STRIKE DATE PRICE CONTRACTS VALUE ------------------------------------------------------------------------------------------------------- Euro-Bundesobligation 1/30/12 132.000EUR 2,710 $ 210,445 Futures, 3/8/12 Put(11) ------------------------------------------------------------------------------------------------------- Euro-Bundesobligation Futures, 3/8/12 Put(11) 1/30/12 135.000EUR 543 182,722 ------------------------------------------------------------------------------------------------------- Euro-Bundesobligation Futures, 3/8/12 Put(11) 2/27/12 133.000EUR 542 238,504 ------------------------------------------------------------------------------------------------------- Euro-Bundesobligation Futures, 3/8/12 Put(11) 2/27/12 134.000EUR 2,446 1,487,892 ------------------------------------------------------------------------------------------------------- Indonesia Rupiah (IDR) Put(11) 1/27/12 9,300.000IDR 627,700,000,000 715,578 ------------------------------------------------------------------------------------------------------- Indonesia Rupiah (IDR) Put(11) 1/27/12 9,300.000IDR 313,800,000,000 357,732 ------------------------------------------------------------------------------------------------------- Indonesia Rupiah (IDR) Put(11) 1/30/12 9,300.000IDR 314,100,000,000 345,510 ------------------------------------------------------------------------------------------------------- Japanese Yen (JPY) Futures, 3/19/12 Put(11) 1/9/12 127.500 136 13,600 ------------------------------------------------------------------------------------------------------- Japanese Yen (JPY) Futures, 3/19/12 Put(11) 1/9/12 126.500 22 1,375 ------------------------------------------------------------------------------------------------------- Japanese Yen (JPY) Futures, 3/19/12 Put(11) 1/9/12 127.000 231 17,325 ------------------------------------------------------------------------------------------------------- Japanese Yen (JPY) Futures, 3/19/12 Put(11) 1/9/12 128.000 16 2,200 ------------------------------------------------------------------------------------------------------- Japanese Yen (JPY) Futures, 3/19/12 Put(11) 2/6/12 127.000 108 49,950 ------------------------------------------------------------------------------------------------------- Japanese Yen (JPY) Futures, 3/19/12 Put(11) 3/12/12 127.500 108 130,950 ------------------------------------------------------------------------------------------------------- Japanese Yen (JPY) Futures, 3/19/12 Put(11) 3/12/12 127.000 313 328,650 ------------------------------------------------------------------------------------------------------- Japanese Yen (JPY) Put(11) 10/23/12 85.000JPY 15,464,000,000 1,771,710 ------------------------------------------------------------------------------------------------------- Mexican Nuevo Peso (MXN) Call(11) 1/18/12 12.950MXN 655,180,000 3,885 ------------------------------------------------------------------------------------------------------- Mexican Nuevo Peso (MXN) Call(11) 1/18/12 12.950MXN 655,180,000 3,885 ------------------------------------------------------------------------------------------------------- New Zealand Dollar (NZD) Call(11) 1/13/12 0.840 136,405,000 1,539 ------------------------------------------------------------------------------------------------------- New Zealand Dollar (NZD) Call(11) 1/17/12 0.840 133,655,000 5,676 ------------------------------------------------------------------------------------------------------- New Zealand Dollar (NZD) Call(11) 1/17/12 0.840 136,420,000 5,794 ------------------------------------------------------------------------------------------------------- South Korean Won (KRW) Call(11) 1/19/12 1,120.000KRW 58,008,000,000 55,108 ------------------------------------------------------------------------------------------------------- U.S. Treasury Nts. Futures, 10 yr., 3/21/12 Call(11) 1/30/12 131.000 1,249 1,073,359 ------------------------------------------------------------------------------------------------------- U.S. Treasury Nts. Futures, 10 yr., 3/21/12 Put(11) 1/30/12 125.000 2,609 40,766 ------------------------------------------------------------------------------------------------------- U.S. Treasury Nts. Futures, 10 yr., 3/21/12 Put(11) 1/30/12 125.500 1,055 16,484 ------------------------------------------------------------------------------------------------------- U.S. Treasury Nts. Futures, 10 yr., 3/21/12 Put(11) 1/30/12 127.500 76 4,750 ------------------------------------------------------------------------------------------------------- U.S. Treasury Nts. Futures, 10 yr., 3/21/12 Put(11) 1/30/12 128.000 3,711 347,906 -------------------------------------------------------------------------------------------------------
15 | Oppenheimer International Bond Fund Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS December 30, 2011* (Unaudited)
EXPIRATION STRIKE DATE PRICE CONTRACTS VALUE ------------------------------------------------------------------------------------------------------- U.S. Treasury Nts. Futures, 10 yr., 3/21/12 Put(11) 1/30/12 $128.500 651 $ 81,375 ------------------------------------------------------------------------------------------------------- U.S. Treasury Nts. Futures, 10 yr., 3/21/12 Put(11) 1/30/12 129.500 326 86,594 ------------------------------------------------------------------------------------------------------- U.S. Treasury Nts. Futures, 10 yr., 3/21/12 Put(11) 2/27/12 123.500 504 31,500 ------------------------------------------------------------------------------------------------------- U.S. Treasury Nts. Futures, 10 yr., 3/21/12 Put(11) 2/27/12 125.500 504 55,125 ------------------------------------------------------------------------------------------------------- U.S. Treasury Nts. Futures, 10 yr., 3/21/12 Put(11) 2/27/12 126.500 50 7,813 ------------------------------------------------------------------------------------------------------- U.S. Treasury Nts., 3.125%, 11/15/41 Call(11) 5/23/12 103.610 165,000,000 10,333,868 ------------------------------------------------------------------------------------------------------- U.S. Treasury Nts., 3.125%, 11/15/41 Call(11) 5/23/12 104.000 165,000,000 11,522,000 ------------------------------------------------------------------------------------------------------- U.S. Treasury Nts., 3.125%, 11/15/41 Call(11) 5/30/12 103.470 65,500,000 4,114,219 --------------- Total Options Purchased (Cost $75,376,715) 36,354,600
EXERCISE NOTIONAL DATE AMOUNT ------------------------------------------------------------------------------------------------------- SWAPTIONS PURCHASED--0.2% Goldman Sachs Group, Inc. (The); Interest Rate Swaption (European); Swap Terms; Paid: 2.495%; Received: Three-Month USD BBA LIBOR; Termination Date: 11/22/22 (11) 11/23/12 2.500 $213,400,000 5,675,319 ------------------------------------------------------------------------------------------------------- UBS AG; Interest Rate Swaption (European); Swap Terms; Paid: 2.215%; Received: Three-Month USD BBA LIBOR; Termination Date: 12/4/22 (11) 12/3/12 2.220 542,135,000 19,376,112 --------------- Total Swaptions Purchased (Cost $36,334,986) 25,051,431
SHARES ------------------------------------------------------------------------------------------------------- INVESTMENT COMPANY--2.1% Oppenheimer Institutional Money Market Fund, Cl. E, 0.20%(12,13) (Cost $264,061,489) 264,061,489 264,061,489 ------------------------------------------------------------------------------------------------------- Total Investments, at Value (Cost $12,593,442,748) 98.4% 12,331,296,075 ------------------------------------------------------------------------------------------------------- Other Assets Net of Liabilities 1.6 198,724,321 ----------------------------------------- Net Assets 100.0% $ 12,530,020,396 =========================================
16 | Oppenheimer International Bond Fund Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS December 30, 2011* (Unaudited) Footnotes to Statement of Investments Principal amount is reported in U.S. Dollars, except for those denoted in the following currencies: AUD Australian Dollar BRR Brazilian Real CAD Canadian Dollar COP Colombian Peso DKK Danish Krone DOP Dominican Republic Peso EUR Euro GBP British Pound Sterling GHS Ghana Cedi HUF Hungarian Forint IDR Indonesia Rupiah ILS Israeli Shekel JPY Japanese Yen KRW South Korean Won MXN Mexican Nuevo Peso MYR Malaysian Ringgit NZD New Zealand Dollar PEN Peruvian New Sol PHP Philippines Peso PLZ Polish Zloty RUR Russian Ruble SGD Singapore Dollar TRY New Turkish Lira UAH Ukraine Hryvnia ZAR South African Rand ------------- * December 30, 2011 represents the last business day of the Fund's quarterly period. See accompanying Notes. 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 $27,778,797. 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 $52,718,441. 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 $2,066,741,130 or 16.49% of the Fund's net assets as of December 30, 2011. 5. Zero coupon bond reflects effective yield on the date of purchase. 6. Denotes an inflation-indexed security: coupon or principal are indexed to a consumer price index. 7. This security is not accruing income because the issuer has missed an interest payment on it and/or is not anticipated to make future interest and/or principal payments. The rate shown is the original contractual interest rate. See accompanying Notes. 8. This bond has no contractual maturity date, is not redeemable and contractually pays an indefinite stream of interest. Rate reported represents the current interest rate for this variable rate security. 9. Restricted security. The aggregate value of restricted securities as of December 30, 2011 was $340,682,024, which represents 2.72% of the Fund's net assets. See accompanying Notes. Information concerning restricted securities is as follows:
UNREALIZED ACQUISITION APPRECIATION SECURITY DATES COST VALUE (DEPRECIATION) ----------------------------------------------------- ----------- -------------- ------------- ---------------- Citigroup Funding, Inc., ALROSA Russia Corporate 3/1/11 $ 6,440,635 $5,702,305 $ (738,330) Bond Credit Linked Unsec. Nts., 8.25%, 6/25/15 Citigroup Funding, Inc., Russian Federation Credit Linked Bonds, 6.70%, 2/8/13 3/2/11 13,392,844 11,752,480 (1,640,364) Citigroup Global Markets Holdings, Inc., Colombia (Republic of) Credit Linked Bonds, 11.25%, 10/25/18 12/9/08 5,042,439 7,414,867 2,372,428 Citigroup Global Markets Holdings, Inc., Dominican Republic Unsec. Credit Linked Nts., 15%, 3/12/12 3/7/07 8,695,818 7,509,869 (1,185,949) Deutsche Bank AG, Coriolanus Ltd. Sec. Credit Linked Bonds, Series 128, 3.006%, 5/6/25 10/8/10 3,019,310 3,002,148 (17,162) Deutsche Bank AG, Coriolanus Ltd. Sec. Credit Linked Bonds, 3.343%, 5/6/25 4/16/09 3,074,351 3,150,063 75,712 Deutsche Bank AG, Coriolanus Ltd. Sec. Credit Linked Bonds, 3.266%, 5/6/25 8/18/09 3,291,489 3,351,283 59,794 Deutsche Bank AG, Coriolanus Ltd. Sec. Credit Linked Bonds, 3.239%, 5/6/25 9/25/09 4,129,218 4,194,960 65,742 Deutsche Bank AG, Coriolanus Ltd. Sec. Credit Linked Bonds, 3.187%, 5/6/25 12/17/09 3,633,995 3,675,443 41,448
17 | Oppenheimer International Bond Fund Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS December 30, 2011* (Unaudited)
UNREALIZED ACQUISITION APPRECIATION SECURITY DATES COST VALUE (DEPRECIATION) ----------------------------------------------------- ----------- -------------- ------------- ---------------- Deutsche Bank AG, Coriolanus Ltd. Sec. Credit Linked Bonds, 3.134%, 5/6/25 3/30/10 2,932,429 2,951,971 19,542 Deutsche Bank AG, Coriolanus Ltd. Sec. Credit Linked Bonds, 3.10%, 5/6/25 5/18/10 3,291,792 3,302,446 10,654 Deutsche Bank AG, Coriolanus Ltd. Sec. Credit Linked Bonds, 3.061%, 5/6/25 7/16/10 3,826,280 3,825,199 (1,081) Deutsche Bank AG, JSC VTB Bank Credit Linked Nts., 12%, 6/19/12 6/30/11 25,377,005 24,077,771 (1,299,234) Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2A, 8.287%, 5/22/15 5/21/08 122,792 88,395 (34,397) Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2B, 8.287%, 5/22/15 6/12/08 214,813 154,649 (60,164) Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2C, 8.287%, 5/22/15 6/18/08 3,259,229 2,331,730 (927,499) Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2D, 8.287%, 5/22/15 7/8/08 237,353 169,933 (67,420) Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2E, 8.287%, 5/22/15 7/15/08 172,730 123,460 (49,270) Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2F, 8.287%, 5/22/15 8/8/08 111,830 78,848 (32,982) Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2G, 8.287%, 5/22/15 8/22/08 20,634 14,521 (6,113) Eirles Two Ltd. Sec. Nts., Series 335, 2.248%, 9/17/07- 4/30/12 2/24/09 11,129,189 10,696,000 (433,189) Empresa de Energia de Bogota SA ESP, 6.125% Sr. Unsec. Unsub. Nts., 11/10/21 11/3/11 5,960,000 6,064,300 104,300 Goldman Sachs Capital Markets LP, Colombia (Republic of) Credit Linked Nts., 10.476%, 2/8/37 1/18/07 37,712,480 10,287,395 (27,425,085) Hallertau SPC Credit Linked Nts., Series 2007-01, 2.838%, 12/20/17 12/13/07 42,470,000 35,160,913 (7,309,087) Hallertau SPC Credit Linked Nts., Series 2008-01, 4/18/08- 9.888%, 8/2/10 10/1/08 31,666,704 3,386,369 (28,280,335) Hallertau SPC Credit Linked Nts., Series 2008-2A, 10/23/08- 8.14%, 9/17/13 2/26/09 15,928,369 8,894,900 (7,033,469) JPMorgan Chase & Co., Colombia (Republic of) Credit Linked Bonds, 10.19%, 1/5/16 12/6/05 11,167,708 28,215,234 17,047,526 JPMorgan Chase & Co., Colombia (Republic of) Credit Linked Bonds, 10.218%, 10/31/16 10/16/06 14,183,697 34,936,007 20,752,310 JPMorgan Chase & Co., Colombia (Republic of) Credit Linked Nts., 11%, 7/28/20 8/24/10 8,676,906 7,860,317 (816,589) JPMorgan Chase & Co., Colombia (Republic of) Credit Linked Nts., Series 2, 11%, 7/28/20 10/6/10 31,422,978 28,092,942 (3,330,036) JPMorgan Chase Bank NA, Russian Federation CreditLinked Bonds, 6.851%, 8/3/12 6/6/11 20,496,307 17,579,492 (2,916,815) JPMorgan Chase Bank NA, Russian Federation Credit Linked Bonds, Series 2, 7.15%, 1/25/13 2/28/11 16,261,935 14,502,692 (1,759,243) JPMorgan Chase Bank NA, Russian Federation Credit Linked Bonds, Series 2, 6.851%, 8/3/12 6/2/11 32,619,951 28,002,733 (4,617,218) JPMorgan Hipotecaria su Casita, 7.973% Sec. Nts., 8/26/35 3/21/07 3,092,229 2,737,592 (354,637) Merrill Lynch, Colombia (Republic of) Credit Linked Nts., 10%, 11/17/16 10/20/06 5,679,060 6,931,394 1,252,334 Standard Bank Group Ltd., Ghana (Republic of) Credit Linked Bonds, 10.038%, 1/25/12 9/16/11 10,956,357 10,461,403 (494,954) -------------- ------------- --------------- $389,710,856 $340,682,024 $(49,028,832) ============== ============= ================
10. Denotes a step bond: a zero coupon bond that converts to a fixed or variable interest rate at a designated future date. 11. Non-income producing security. 12. Is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended December 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: 18 | Oppenheimer International Bond Fund Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS December 30, 2011* (Unaudited)
SHARES GROSS GROSS SHARES SEPTEMBER 30, 2011 ADDITIONS REDUCTIONS DECEMBER 30, 2011 ---------------------------------------------------------------------------------------------------------------- Oppenheimer Institutional Money Market 236,989,845 1,230,350,258 1,203,278,614 264,061,489 Fund, Cl.E
VALUE INCOME ---------------------------------------------------------------------------------------------------------------- Oppenheimer Institutional Money Market $ 264,061,489 $176,237 Fund, Cl.E
13. Rate shown is the 7-day yield as of December 30, 2011. 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). 19 | Oppenheimer International Bond Fund Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS December 30, 2011* (Unaudited) The table below categorizes amounts as of December 30, 2011 based on valuation input level:
LEVEL 2-- LEVEL 3-- LEVEL 1-- OTHER SIGNIFICANT UNADJUSTED QUOTED SIGNIFICANT UNOBSERVABLE PRICES OBSERVABLE INPUTS INPUTS VALUE ------------------------------------------------------------------------------------------------------------------ ASSETS TABLE INVESTMENTS, AT VALUE: U.S. Government Obligations $ -- $ 80,887,520 $ -- $ 80,887,520 Foreign Government Obligations -- 8,814,563,507 -- 8,814,563,507 Corporate Bonds and Notes -- 2,192,912,775 -- 2,192,912,775 Common Stocks 1,819,211 -- -- 1,819,211 Structured Securities -- 906,587,282 9,058,260 915,645,542 Options Purchased 5,837,558 30,517,042 -- 36,354,600 Swaptions Purchased -- 25,051,431 -- 25,051,431 Investment Company 264,061,489 -- -- 264,061,489 -------------------------------------------------------------------------- Total Investments, at Value 271,718,258 12,050,519,557 9,058,260 12,331,296,075 OTHER FINANCIAL INSTRUMENTS: Appreciated swaps, at value -- 30,653,650 -- 30,653,650 Futures margins 1,301,105 -- -- 1,301,105 Foreign currency exchange contracts -- 139,784,168 -- 139,784,168 -------------------------------------------------------------------------- Total Assets $ 273,019,363 $ 12,220,957,375 $ 9,058,260 $ 12,503,034,998 -------------------------------------------------------------------------- LIABILITIES TABLE OTHER FINANCIAL INSTRUMENTS: Appreciated swaps, at value $ -- $ (813,250) $ -- $ (813,250) Depreciated swaps, at value -- (26,377,425) -- (26,377,425) Appreciated options written, at value (5,343,940) (4,097,927) -- (9,441,867) Depreciated options written, at value (84,375) (5,200,130) -- (5,284,505) Futures margins (1,673,278) -- -- (1,673,278) Foreign currency exchange contracts -- (61,882,237) -- (61,882,237) Appreciated swaptions written, at value -- (10,130,137) -- (10,130,137) Depreciated swaptions written, at value -- (32,163,383) -- (32,163,383) -------------------------------------------------------------------------- Total Liabilities $ (7,101,593) $ (140,664,489) $ -- $ (149,766,082) --------------------------------------------------------------------------
Currency contracts and forwards, if any, are reported at their unrealized appreciation/depreciation at measurement date, which represents the change in the contract's value from trade date. Futures, if any, are reported at their variation margin at measurement date, which represents the amount due to/from the Fund at that date. All additional assets and liabilities included in the above table are reported at their market value at measurement date. See the accompanying Notes for further discussion of the methods used in determining value of the Fund's investments, and a summary of changes to the valuation methodologies, if any, during the reporting period. DISTRIBUTION OF INVESTMENTS REPRESENTING GEOGRAPHIC HOLDINGS, AS A PERCENTAGE OF TOTAL INVESTMENTS AT VALUE, IS AS FOLLOWS:
GEOGRAPHIC HOLDINGS VALUE PERCENT --------------------------------------------------------------------------------------------------------- Japan $2,148,184,501 17.4% Brazil 863,189,963 7.0 United Kingdom 816,084,445 6.6 Mexico 772,398,071 6.3 United States 722,064,449 5.9
20 | Oppenheimer International Bond Fund Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS December 30, 2011* (Unaudited)
GEOGRAPHIC HOLDINGS VALUE PERCENT --------------------------------------------------------------------------------------------------------- Turkey 624,668,862 5.1 Indonesia 607,022,454 4.9 South Africa 606,322,430 4.9 Russia 524,196,824 4.3 Italy 405,998,772 3.3 Australia 374,152,177 3.0 Poland 313,808,595 2.5 Colombia 306,460,966 2.5 Hungary 271,217,516 2.2 Germany 265,249,803 2.2 France 233,942,480 1.9 Peru 215,829,202 1.7 Korea, Republic of South 190,888,646 1.5 Belgium 183,281,494 1.5 Spain 181,215,241 1.5 Venezuela 164,805,906 1.3 Ukraine 153,579,077 1.2 Canada 139,541,454 1.1 Austria 132,497,912 1.1 Kazakhstan 131,908,993 1.1 The Netherlands 113,146,526 0.9 Malaysia 105,403,703 0.9 India 100,260,889 0.8 Israel 92,638,438 0.8 Argentina 90,536,356 0.7 Philippines 83,872,012 0.7 Uruguay 59,373,544 0.5 Denmark 41,897,183 0.3 Panama 41,510,450 0.3 Dominican Republic 36,746,800 0.3 Chile 34,829,774 0.3 Qatar 28,958,425 0.2 Finland 28,953,897 0.2 Sri Lanka 22,373,582 0.2 Ghana 21,664,903 0.2 Trinidad & Tobago 20,610,800 0.2 Singapore 20,093,115 0.2 United Arab Emirates 12,445,950 0.1 Nigeria 12,201,750 0.1 Supranational 10,696,000 0.1 Greece 1,936,957 -- Ivory Coast 1,530,150 -- European Union 1,091,629 -- New Zealand 13,009 -- ------------------------------------------ Total $12,331,296,075 100.0 % ==========================================
FOREIGN CURRENCY EXCHANGE CONTRACTS AS OF DECEMBER 30, 2011 ARE AS FOLLOWS:
CONTRACT COUNTERPARTY/CONTRACT AMOUNT EXPIRATION UNREALIZED UNREALIZED DESCRIPTION BUY/SELL (000'S) DATES VALUE APPRECIATION DEPRECIATION ------------------------------------------------------------------------------------------------------------------------- BANK OF AMERICA: British Pound Sterling (GBP) Sell 335 GBP 1/25/12 $ 520,130 $ 1,412 $ - Euro (EUR) Sell 164,530 EUR 1/23/12-1/27/12 212,981,830 14,606,094 - Hungarian Forint (HUF) Sell 19,957,000 HUF 1/11/12 81,885,008 6,606,141 -
21 | Oppenheimer International Bond Fund Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS December 30, 2011* (Unaudited)
CONTRACT COUNTERPARTY/CONTRACT AMOUNT EXPIRATION UNREALIZED UNREALIZED DESCRIPTION BUY/SELL (000'S) DATES VALUE APPRECIATION DEPRECIATION ------------------------------------------------------------------------------------------------------------------------- New Turkish Lira (TRY) Sell 131,780 TRY 4/25/12 67,771,561 1,097,005 - Peruvian New Sol (PEN) Sell 171,480 PEN 1/17/12 63,494,923 - 896,001 Singapore Dollar (SGD) Buy 73,090 SGD 1/17/12 56,347,750 - 847,649 South African Rand (ZAR) Sell 1,232,220 ZAR 2/15/12 151,488,713 1,671,517 - South Korean Won (KRW) Buy 37,104,000 KRW 1/17/12-1/25/12 32,148,561 299,853 - South Korean Won (KRW) Sell 60,007,000 KRW 1/25/12 51,989,765 - 80,595 Swedish Krona (SEK) Sell 209,250 SEK 1/27/12 30,360,406 170,103 - Swiss Franc (CHF) Sell 110,660 CHF 1/27/12 117,868,737 953,138 - --------------- ------------- 25,405,263 1,824,245 ------------------------------------------------------------------------------------------------------------------------- BANK OF AMERICA EM Colombian Peso (COP) Buy 13,360,000 COP 2/1/12 6,925,022 - 8,034 ------------------------------------------------------------------------------------------------------------------------- BANK PARIBAS ASIA - FGN: Euro (EUR) Sell 33,295 EUR 1/25/12 43,099,394 2,197,122 - Swiss Franc (CHF) Sell 28,370 CHF 1/25/12 30,217,016 - 153,350 --------------- ------------- 2,197,122 153,350 ------------------------------------------------------------------------------------------------------------------------- BARCLAY'S CAPITAL: Chilean Peso (CLP) Sell 15,479,000 CLP 1/20/12 29,703,845 - 618,915 Euro (EUR) Buy 2,490 EUR 2/1/12 3,223,404 - 79,885 Euro (EUR) Sell 88,700 EUR 1/25/12-2/1/12 114,820,846 3,451,871 - Hungarian Forint (HUF) Sell 22,320,000 HUF 1/11/12-6/12/12 90,483,854 21,059,700 - Israeli Shekel (ILS) Sell 95,390 ILS 4/2/13 24,912,911 269,908 - Norwegian Krone (NOK) Buy 127,900 NOK 2/1/12 21,360,931 - 662,021 Norwegian Krone (NOK) Sell 111,700 NOK 1/25/12 18,660,028 580,261 - Polish Zloty (PLZ) Sell 90,435 PLZ 1/11/12-2/1/12 26,143,917 435,408 7,268 Russian Ruble (RUR) Buy 182,920 RUR 1/19/12 5,664,303 - 122,474 Russian Ruble (RUR) Sell 6,995,875 RUR 1/11/12-2/2/12 216,500,508 3,858,075 2,586,662 Swedish Krona (SEK) Buy 739,800 SEK 2/1/12 107,311,640 - 1,771,806 --------------- ------------- 29,655,223 5,849,031 ------------------------------------------------------------------------------------------------------------------------- CITIGROUP: British Pound Sterling (GBP) Buy 18,150 GBP 2/1/12 28,178,329 70,971 - Czech Koruna (CZK) Sell 164,560 CZK 2/1/12 8,331,275 92,520 - Euro (EUR) Sell 72,875 EUR 1/23/12-5/10/12 94,378,421 4,090,423 - Hungarian Forint (HUF) Buy 3,773,000 HUF 1/11/12 15,480,891 - 682,089 Hungarian Forint (HUF) Sell 15,826,000 HUF 1/11/12-6/12/12 64,214,855 12,804,412 - Mexican Nuevo Peso (MXN) Sell 692,100 MXN 1/11/12-2/1/12 49,541,682 1,095,911 - Norwegian Krone (NOK) Buy 111,700 NOK 1/25/12 18,660,028 - 1,328,698 South African Rand (ZAR) Sell 201,010 ZAR 3/12/12 24,621,888 - 334,996 Swedish Krona (SEK) Sell 329,400 SEK 2/1/12 47,781,095 - 771,098 Swiss Franc (CHF) Sell 2,920 CHF 1/17/12 3,109,655 22,485 - --------------- ------------- 18,176,722 3,116,881 ------------------------------------------------------------------------------------------------------------------------- CITIGROUP EM: Brazilian Real (BRR) Sell 167,940 BRR 2/2/12 89,291,100 487,580 - Chilean Peso (CLP) Buy 15,479,000 CLP 1/20/12 29,703,845 - 265,177 Colombian Peso (COP) Sell 154,556,000 COP 2/1/12-2/9/12 80,077,258 40,567 295,682 Egyptian Pounds (EGP) Buy 113,230 EGP 2/13/12 17,872,998 - 493,588 Mexican Nuevo Peso (MXN) Sell 341,700 MXN 1/11/12 24,461,991 - 588,573 --------------- ------------- 528,147 1,643,020 -------------------------------------------------------------------------------------------------------------------------
22 | Oppenheimer International Bond Fund Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS December 30, 2011* (Unaudited)
CONTRACT COUNTERPARTY/CONTRACT AMOUNT EXPIRATION UNREALIZED UNREALIZED DESCRIPTION BUY/SELL (000'S) DATES VALUE APPRECIATION DEPRECIATION ------------------------------------------------------------------------------------------------------------------------- CREDIT SUISSE: Malaysian Ringgit (MYR) Buy 595,295 MYR 1/31/12 187,368,013 23,375 1,677,015 New Turkish Lira (TRY) Sell 229,260 TRY 7/17/13 108,144,250 2,895,397 - South African Rand (ZAR) Sell 1,086,400 ZAR 1/11/12 134,315,353 - 1,217,245 Swiss Franc (CHF) Sell 31,890 CHF 2/1/12 33,970,731 862,511 16,508 --------------- ------------- 3,781,283 2,910,768 ------------------------------------------------------------------------------------------------------------------------- CREDIT SUISSE EM Russian Ruble (RUR) Buy 624,690 RUR 1/24/12 19,330,014 - 451,177 ------------------------------------------------------------------------------------------------------------------------- DEUTSCHE BANK CAPITAL CORP.: Australian Dollar (AUD) Sell 252,215 AUD 1/27/12 257,099,173 2,934,492 - Canadian Dollar (CAD) Buy 10,120 CAD 1/24/12 9,928,208 - 90,414 Chinese Renminbi (Yuan)(CNY) Buy 305,460 CNY 1/6/12 48,524,230 1,112,329 - Euro (EUR) Sell 416,860 EUR 1/25/12 539,612,957 16,833,800 - Hungarian Forint (HUF) Sell 10,236,000 HUF 1/11/12 41,999,045 3,093,466 - Mexican Nuevo Peso (MXN) Sell 38,200 MXN 2/1/12 2,729,577 - 59,406 Polish Zloty (PLZ) Sell 172,010 PLZ 1/11/12 49,792,811 451,385 - South African Rand (ZAR) Sell 1,031,340 ZAR 3/12/12 126,329,727 - 828,984 --------------- ------------- 24,425,472 978,804 ------------------------------------------------------------------------------------------------------------------------- DEUTSCHE BANK EM: Chinese Renminbi (Yuan) (CNY) Sell 305,460 CNY 1/6/12 48,524,230 - 797,827 Israeli Shekel (ILS) Sell 141,750 ILS 3/30/12 37,142,820 528,595 - Mexican Nuevo Peso (MXN) Sell 1,632,230 MXN 3/15/12 116,261,616 1,355,390 - Russian Ruble (RUR) Buy 681,000 RUR 2/2/12 21,044,650 - 873,599 Singapore Dollar (SGD) Buy 43,300 SGD 1/17/12 33,381,551 - 635,261 South Korean Won (KRW) Buy 32,055,000 KRW 1/25/12 27,772,292 - 272,328 --------------- ------------- 1,883,985 2,579,015 ------------------------------------------------------------------------------------------------------------------------- GOLDMAN SACHS EM: Brazilian Real (BRR) Sell 146,360 BRR 1/4/12-2/2/12 77,817,348 341,362 - Mexican Nuevo Peso (MXN) Buy 1,281,900 MXN 1/11/12 91,770,052 - 4,011,532 Mexican Nuevo Peso (MXN) Sell 706,300 MXN 1/11/12 50,563,373 - 691,530 New Turkish Lira (TRY) Buy 152,085 TRY 1/18/12 79,951,543 - 435,898 Polish Zloty (PLZ) Sell 148,245 PLZ 1/11/12 42,913,408 1,652,790 - --------------- ------------- 1,994,152 5,138,960 ------------------------------------------------------------------------------------------------------------------------- GOLDMAN, SACHS & CO.: British Pound Sterling (GBP) Sell 106,765 GBP 1/27/12-2/1/12 165,762,926 4,212,060 - Canadian Dollar (CAD) Buy 150 CAD 2/1/12 147,130 3,937 - Canadian Dollar (CAD) Sell 6,160 CAD 2/1/12 6,042,142 - 161,698 Euro (EUR) Buy 214,640 EUR 1/27/12 277,848,976 - 8,039,560 Euro (EUR) Sell 198,484 EUR 1/3/12-2/27/12 256,943,290 7,603,703 - Hungarian Forint (HUF) Buy 2,999,000 HUF 1/11/12 12,305,113 - 592,275 Hungarian Forint (HUF) Sell 303,000 HUF 1/11/12 1,243,231 50,690 - Japanese Yen (JPY) Buy 24,839,000 JPY 1/27/12-2/1/12 322,845,301 87 5,743,095 Japanese Yen (JPY) Sell 5,567,000 JPY 1/17/12-1/25/12 72,352,529 - 733,460 Mexican Nuevo Peso (MXN) Sell 1,115,700 MXN 1/11/12 79,871,945 1,864,636 - New Turkish Lira (TRY) Buy 146,140 TRY 1/18/12-4/25/12 75,870,654 - 1,375,380 New Zealand Dollar (NZD) Buy 10,990 NZD 2/1/12 8,534,364 210,758 - New Zealand Dollar (NZD) Sell 15,360 NZD 2/1/12 11,927,919 - 294,562 Swedish Krona (SEK) Buy 301,030 SEK 1/25/12 43,681,680 - 1,285,084 Swedish Krona (SEK) Sell 1,099,270 SEK 1/27/12 159,494,783 1,383,894 - Swiss Franc (CHF) Sell 111,095 CHF 1/27/12 118,332,074 151,818 - --------------- ------------- 15,481,583 18,225,114 -------------------------------------------------------------------------------------------------------------------------
23 | Oppenheimer International Bond Fund Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS December 30, 2011* (Unaudited)
CONTRACT COUNTERPARTY/CONTRACT AMOUNT EXPIRATION UNREALIZED UNREALIZED DESCRIPTION BUY/SELL (000'S) DATES VALUE APPRECIATION DEPRECIATION -------------------------------------------------------------------------------------------------------------------------- HSBC EM New Turkish Lira (TRY) Sell 369,700 TRY 1/18/12-7/17/13 182,803,313 4,507,246 - -------------------------------------------------------------------------------------------------------------------------- JP MORGAN CHASE: Australian Dollar (AUD) Buy 150 AUD 2/1/12 152,815 8,289 - Australian Dollar (AUD) Sell 48,335 AUD 1/18/12-2/1/12 49,321,367 - 207,906 Canadian Dollar (CAD) Buy 47,495 CAD 1/18/12 46,601,378 - 124,698 Canadian Dollar (CAD) Sell 12,230 CAD 1/24/12 11,998,219 215,394 - Euro (EUR) Buy 91,595 EUR 1/27/12 118,568,659 - 4,139,796 Hungarian Forint (HUF) Buy 10,367,000 HUF 1/11/12 42,536,547 - 92,673 Indian Rupee (INR) Sell 431,300 INR 1/31/12 8,066,238 516,846 - Mexican Nuevo Peso (MXN) Buy 238,200 MXN 2/1/12 17,020,556 - 304,870 Mexican Nuevo Peso (MXN) Sell 161,800 MXN 2/1/12 11,561,402 233,234 - Philippines Peso (PHP) Sell 749,000 PHP 1/23/12 17,061,120 - 57,715 Polish Zloty (PLZ) Sell 146,840 PLZ 1/11/12 42,506,694 120,740 - Russian Ruble (RUR) Sell 182,920 RUR 1/19/12 5,664,303 30,592 - South Korean Won (KRW) Sell 54,521,000 KRW 1/25/12 47,236,722 135,769 - Swedish Krona (SEK) Buy 1,308,520 SEK 1/27/12 189,855,188 - 7,961,828 --------------- -------------- 1,260,864 12,889,486 -------------------------------------------------------------------------------------------------------------------------- JP MORGAN EM: Egyptian Pounds (EGP) Sell 113,230 EGP 2/13/12 17,872,998 375,189 - Indonesia Rupiah (IDR) Sell 573,947,000 IDR 3/19/12 62,791,524 - 575,047 South Korean Won (KRW) Buy 15,657,000 KRW 1/25/12 13,565,147 - 241,732 --------------- -------------- 375,189 816,779 -------------------------------------------------------------------------------------------------------------------------- NOMURA SECURITIES: British Pound Sterling (GBP) Buy 3,730 GBP 2/1/12 5,790,918 - 83,108 British Pound Sterling (GBP) Sell 39,205 GBP 1/25/12-2/1/12 60,868,680 488,485 9,950 Euro (EUR) Sell 56,655 EUR 1/17/12 73,334,174 1,719,820 - Hong Kong Dollar (HKD) Buy 496,760 HKD 1/17/12 63,963,864 106,809 - Hong Kong Dollar (HKD) Sell 496,760 HKD 1/17/12 63,963,864 - 110,708 Indian Rupee (INR) Buy 431,300 INR 1/31/12 8,066,238 - 625,821 Japanese Yen (JPY) Buy 13,161,000 JPY 1/25/12 171,054,991 718,858 47,558 New Zealand Dollar (NZD) Buy 15,360 NZD 2/1/12 11,927,919 334,422 - New Zealand Dollar (NZD) Sell 172,470 NZD 1/27/12-2/1/12 133,974,201 3,852,069 573,947 Norwegian Krone (NOK) Buy 63,400 NOK 2/1/12 10,588,608 375 14,391 Norwegian Krone (NOK) Sell 16,200 NOK 2/1/12 2,705,607 99,685 - South Korean Won (KRW) Buy 54,521,000 KRW 1/25/12 47,236,722 93,618 - South Korean Won (KRW) Sell 3,461,000 KRW 1/17/12 3,000,434 40,866 - Swiss Franc (CHF) Buy 20,640 CHF 5/10/12 22,044,357 - 1,034,888 Swiss Franc (CHF) Sell 55,405 CHF 1/25/12 59,012,118 - 291,954 --------------- ------------- 7,455,007 2,792,325 -------------------------------------------------------------------------------------------------------------------------- RBS GREENWICH CAPITAL: Czech Koruna (CZK) Buy 437,900 CZK 1/17/12 22,167,053 - 1,047,090 Czech Koruna (CZK) Sell 437,900 CZK 1/17/12 22,167,053 1,255,696 - --------------- -------------- 1,255,696 1,047,090 -------------------------------------------------------------------------------------------------------------------------- WESTPAC: Australian Dollar (AUD) Buy 70,565 AUD 1/18/12-2/1/12 71,968,619 941,429 - Australian Dollar (AUD) Sell 28,560 AUD 1/17/12-2/1/12 29,121,125 - 835,372 British Pound Sterling (GBP) Sell 8,110 GBP 1/17/12 12,592,738 61,636 -
24 | Oppenheimer International Bond Fund Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS December 30, 2011* (Unaudited)
CONTRACT COUNTERPARTY/CONTRACT AMOUNT EXPIRATION UNREALIZED UNREALIZED DESCRIPTION BUY/SELL (000'S) DATES VALUE APPRECIATION DEPRECIATION ------------------------------------------------------------------------------------------------------------------------- Canadian Dollar (CAD) Buy 78,510 CAD 1/24/12-2/1/12 77,016,074 227,372 220,805 Canadian Dollar (CAD) Sell 82,735 CAD 1/17/12-2/1/12 81,173,359 - 393,031 Japanese Yen (JPY) Buy 1,951,000 JPY 2/1/12 25,360,288 165,150 8,950 New Zealand Dollar (NZD) Buy 7,240 NZD 2/1/12 5,622,274 5,627 - --------------- ------------- 1,401,214 1,458,158 --------------- ------------- --------------- ------------- Total unrealized appreciation and depreciation $139,784,168 $61,882,237 =============== =============
FUTURES CONTRACTS AS OF DECEMBER 30, 2011 ARE AS FOLLOWS:
UNREALIZED NUMBER OF EXPIRATION APPRECIATION CONTRACT DESCRIPTION BUY/SELL CONTRACTS DATE VALUE (DEPRECIATION) ------------------------------------------------------------------------------------------------------------------------- Euro-Bundesobligation Sell 2,048 3/8/12 $331,618,818 $(5,665,687) Euro-Bundesobligation Sell 1,734 3/8/12 312,036,964 (8,998,802) Euro-Schatz Sell 2,080 3/8/12 297,039,022 (1,011,897) FTSE 100 Index Sell 830 3/16/12 71,357,933 (1,012,550) NIKKEI 225 Index Sell 708 3/8/12 77,726,387 1,720,968 U.S. Treasury Nts., 5 yr. Sell 426 3/30/12 52,507,828 (246,763) U.S. Treasury Nts., 10 yr. Buy 4,339 3/21/12 568,951,375 2,752,603 U.S. Treasury Nts., 10 yr. Sell 1 3/21/12 131,125 (626) ---------------------- $(12,462,754) ======================
WRITTEN OPTIONS AS OF DECEMBER 30, 2011 ARE AS FOLLOWS:
UNREALIZED NUMBER OF EXERCISE EXPIRATION PREMIUMS APPRECIATION/ DESCRIPTION TYPE CONTRACTS PRICE DATE RECEIVED VALUE (DEPRECIATION) ------------------------------------------------------------------------------------------------------------------------------------ Australian Dollar (AUD) Put 140,100,000 $ 0.920 1/13/12 $2,391,143 $ (149) $2,390,994 Australian Dollar (AUD) Put 90,945,000 0.959 1/13/12 1,909,845 (13,312) 1,896,533 Australian Dollar (AUD) Put 90,940,000 0.949 1/13/12 1,818,001 (4,646) 1,813,355 Australian Dollar (AUD) Put 45,475,000 0.923 1/17/12 811,274 (591) 810,683 Australian Dollar (AUD) Futures Put 813 93.000 1/9/12 307,298 (4,065) 303,233 Australian Dollar (AUD) Futures Put 541 97.000 1/9/12 7,076 (8,115) (1,039) Euro (EUR) Call 45,475,000 1.450 1/13/12 751,042 - 751,042 Euro (EUR) Put 45,465,000 1.290 1/18/12 847,490 (560,566) 286,924 Euro (EUR) 90 days Futures Put 1,004 98.750 1/16/12 49,045 (6,275) 42,770 Euro (EUR) 90 days Futures Put 2,009 98.625 2/13/12 98,135 (12,556) 85,579 Euro (EUR) FX Futures Put 408 1.210 3/12/12 525,496 (433,500) 91,996 Euro-Bundesobligation Futures Put 5,420 131.000 EUR 1/30/12 1,615,523 (280,593) 1,334,930 Euro-Bundesobligation Futures Put 1,085 130.500 EUR 2/27/12 523,179 (210,639) 312,540 Euro-Bundesobligation Futures Put 814 133.000 EUR 1/30/12 403,124 (105,352) 297,772 Euro-Bundesobligation Futures Call 1,518 142.000 EUR 1/30/12 834,858 (687,633) 147,225 Euro-Bundesobligation Futures Call 733 141.000 EUR 1/30/12 502,280 (559,723) (57,443) Euro-Bundesobligation Futures Call 544 141.000 EUR 2/27/12 775,884 (816,722) (40,838) Euro-Bundesobligation Futures Call 1,902 140.000 EUR 2/27/12 2,488,620 (3,815,570) ( 1,326,950) Indonesia Rupiah (IDR) Call 583,900,000,000 8,650.000 IDR 1/27/12 521,136 (5,839) 515,297 Indonesia Rupiah (IDR) Call 291,900,000,000 8,650.000 IDR 1/27/12 257,149 (2,919) 254,230 Indonesia Rupiah (IDR) Call 290,400,000,000 8,600.000 IDR 1/30/12 204,295 (2,904) 201,391 Indonesia Rupiah (IDR) Put 676,300,000,000 10,020.000 IDR 1/27/12 577,080 (54,104) 522,976 Indonesia Rupiah (IDR) Put 337,500,000,000 10,000.000 IDR 1/27/12 295,988 (30,375) 265,613 Indonesia Rupiah (IDR) Put 336,000,000,000 9,950.000 IDR 1/30/12 243,130 (47,040) 196,090 Japanese Yen (JPY) Futures Put 324 121.000 3/12/12 66,700 (68,850) (2,150)
25 | Oppenheimer International Bond Fund Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS December 30, 2011* (Unaudited)
UNREALIZED NUMBER OF EXERCISE EXPIRATION PREMIUMS APPRECIATION/ DESCRIPTION TYPE CONTRACTS PRICE DATE RECEIVED VALUE (DEPRECIATION) ----------------------------------------------------------------------------------------------------------------------------------- Japanese Yen (JPY) Futures Put 162 120.000 3/12/12 34,025 (26,325) 7,700 Japanese Yen (JPY) Futures Put 271 124.000 1/9/12 27,230 (6,775) 20,455 Japanese Yen (JPY) Futures Put 271 125.500 1/9/12 23,368 (11,856) 11,512 Japanese Yen (JPY) Futures Put 217 123.000 2/6/12 43,124 (21,700) 21,424 Japanese Yen (JPY) Futures Call 54 139.000 3/12/12 13,367 (15,525) (2,158) Japanese Yen Futures Call 325 140.000 3/12/12 110,560 (73,125) 37,435 Japanese Yen Futures Call 28 140.500 3/12/12 47,893 (5,600) 42,293 Japanese Yen Futures Put 272 117.000 3/12/12 50,655 (20,400) 30,255 Japanese Yen Futures Put 91 123.000 1/9/12 6,966 (1,138) 5,828 Japanese Yen Futures Put 24 126.000 1/9/12 6,252 (1,200) 5,052 Mexican Nuevo Peso (MXN) Call 623,800,000 12.330 MXN 1/18/12 879,796 (12) 879,784 Mexican Nuevo Peso (MXN) Call 623,055,000 12.315 MXN 1/18/12 556,525 (12) 556,513 Mexican Nuevo Peso (MXN) Put 708,300,000 14.000 MXN 1/18/12 1,052,333 (617,255) 435,078 Mexican Nuevo Peso (MXN) Put 708,300,000 14.000 MXN 1/18/12 848,948 (617,255) 231,693 New Zealand Dollar (NZD) Put 136,420,000 0.740 1/17/12 1,886,689 (94,257) 1,792,432 New Zealand Dollar (NZD) Put 136,405,000 0.753 1/13/12 2,032,366 (169,205) 1,863,161 New Zealand Dollar (NZD) Put 133,655,000 0.737 1/17/12 1,781,708 (69,021) 1,712,687 South Korean Won (KRW) Call 54,552,000,000 1,050.000 KRW 1/19/12 321,077 - 321,077 South Korean Won (KRW) Put 65,918,000,000 1,272.000 KRW 1/19/12 1,123,503 (7,251) 1,116,252 U.S. Long Bond Futures Call 4,344 150.000 2/27/12 5,054,472 (4,751,250) 303,222 U.S. Treasury Nts. Futures, 10 yr. Put 5,284 126.000 1/30/12 380,989 (165,125) 215,864 U.S. Treasury Nts. Futures, 10 yr. Put 3,413 126.500 1/30/12 254,181 (106,656) 147,525 U.S. Treasury Nts. Futures, 10 yr. Put 2,603 127.000 1/30/12 159,095 (122,016) 37,079 U.S. Treasury Nts. Futures, 10 yr. Put 1,008 124.500 2/27/12 203,781 (78,750) 125,031 U.S. Treasury Nts. Futures, 10 yr. Put 101 126.000 2/27/12 44,048 (12,625) 31,423 -------------- -------------- -------------- $35,767,742 $(14,726,372) $21,041,370 ============== ============== ==============
Exercise price is reported in U.S. Dollars (USD), except for those denotedin the following currency: EUR Euro IDR Indonesia Rupiah KRW South Korean Won MXN Mexican Nuevo Peso CREDIT DEFAULT SWAP CONTRACTS AS OF DECEMBER 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) ---------------------------------------------------------------------------------------------------------------------------- BRAZIL (FEDERATIVE REPUBLIC OF) Barclays Bank plc Sell $ 26,620 1.0 3/20/17 $ 794,550 $(789,697) $ 4,853 -------- ----------------------------------------- Total 26,620 794,550 (789,697) 4,853 ----------------------------------------------------------------------------------------------------------------------------- HUNGARY (REPUBLIC OF) HSBC Bank USA NA Sell 20,700 1.0 3/20/17 4,213,513 (4,647,554) (434,041) -------- ----------------------------------------- Total 20,700 4,213,513 (4,647,554) (434,041) ---------------------------------------------------------------------------------------------------------------------------- ISTANBUL BOND CO. SA FOR FINANSBANK AS Morgan Stanley Capital Services, Inc. Sell 10,410 1.3 3/24/13 - (452,929) (452,929) -------- ----------------------------------------- Total 10,410 - (452,929) (452,929) ---------------------------------------------------------------------------------------------------------------------------- JAPAN: JPMorgan Chase Bank NA Sell 22,760 1.0 9/20/16 88,332 (404,012) (315,680) JPMorgan Chase Bank NA Sell 22,740 1.0 9/20/16 78,800 (403,657) (324,857) JPMorgan Chase Bank NA Sell 22,735 1.0 9/20/16 119,882 (403,568) (283,686) -------- ----------------------------------------- Total 68,235 287,014 (1,211,237) (924,223) ----------------------------------------------------------------------------------------------------------------------------
26 | Oppenheimer International Bond Fund Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS December 30, 2011* (Unaudited)
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) ------------------------------------------------------------------------------------------------------------------------- UNITED MEXICAN STATES HSBC Bank USA NA Sell 900 1.0 23,835 (23,553) 282 ----------- ----------------------------------------- Total 23,835 (23,553) 282 900 ----------------------------------------- Grand Total Buys - - - Grand Total Sells 5,318,912 (7,124,970) (1,806,058) ----------------------------------------- Total Credit Default Swaps $5,318,912 $(7,124,970) $(1,806,058) =========================================
The table that follows shows the undiscounted maximum potential payment by the Fund related to selling credit protection in credit default swaps:
TOTAL MAXIMUM POTENTIAL PAYMENTS FOR SELLING TYPE OF REFERENCE ASSET ON WHICH THE FUND SOLD CREDIT PROTECTION AMOUNT REFERENCE ASSET PROTECTION (UNDISCOUNTED) RECOVERABLE* RATING RANGE** ------------------------------------------------------------------------------------------------------------------ Investment Grade Single Name Corporate Debt $10,410,000 $- BBB- Investment Grade Sovereign Debt 95,755,000 - AA- to BBB Non-Investment Grade Sovereign Debt 20,700,000 - BB+ ------------------------------------------ Total $126,865,000 $- ==========================================
----------------- * The Fund has no amounts recoverable from related purchased protection. In addition, the Fund has no recourse provisions under the credit derivatives and holds no collateral which can offset or reduce potential payments under a triggering event. ** The period end reference asset security ratings, as rated by any rating organization, are included in the equivalent Standard & Poor's rating category. The reference asset rating represents the likelihood of a potential credit event on the reference asset which would result in a related payment by the Fund. INTEREST RATE SWAP CONTRACTS AS OF DECEMBER 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: Citibank NA 98,220 BRR BZDI 11.540 % 1/2/14 $921,085 Goldman Sachs Group, Inc. (The) 106,930 BRR BZDI 11.390 1/5/15 1,020,439 Goldman Sachs Group, Inc. (The) 136,790 BRR BZDI 10.970 1/2/17 585,179 Goldman Sachs Group, Inc. (The) 88,060 BRR BZDI 11.520 1/2/14 875,045 Goldman Sachs Group, Inc. (The) 99,940 BRR BZDI 11.420 1/3/14 879,083 JPMorgan Chase Bank NA 300,000 BRR BZDI 10.810 1/2/17 424,424 ---------- ------------- Total 829,940 BRR 4,705,255 ------------------------------------------------------------------------------------------------------------------------ MXN TIIE BANXICO: MXN TIIE Bank of America NA 1,143,800 MXN BANXICO 5.170 11/14/14 (609,337) MXN TIIE Bank of America NA 841,200 MXN BANXICO 5.130 11/19/14 (386,699) MXN TIIE Barclays Bank plc 336,500 MXN BANXICO 5.150 11/20/14 (142,195) MXN TIIE Credit Suisse International 135,500 MXN BANXICO 7.010 7/24/31 (929,728) MXN TIIE Credit Suisse International 672,900 MXN BANXICO 5.120 11/19/14 (322,546) MXN TIIE Deutsche Bank AG 659,500 MXN BANXICO 5.120 11/19/14 (316,123)
27 | Oppenheimer International Bond Fund Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS December 30, 2011* (Unaudited)
NOTIONAL INTEREST RATE/ AMOUNT PAID BY RECEIVED BY TERMINATION SWAP COUNTERPARTY (000'S) THE FUND THE FUND DATE VALUE ------------------------------------------------------------------------------------------------------------------------ MXN TIIE Goldman Sachs Group, Inc. (The) 105,000 MXN BANXICO 7.000 7/24/31 (728,392) MXN TIIE Goldman Sachs Group, Inc. (The) 736,700 MXN BANXICO 5.000 11/14/14 (518,078) MXN TIIE Merrill Lynch & Co., Inc. 172,700 MXN BANXICO 6.990 7/24/31 (1,211,089) ---------- ------------- Total 4,803,800 MXN (5,164,187) ------------------------------------------------------------------------------------------------------------------------ SIX-MONTH AUD BBR BBSW Six-Month Westpac Banking Corp. 120,860 AUD 4.990 AUD BBR BBSW 11/3/21 (4,087,643) ------------------------------------------------------------------------------------------------------------------------ SIX-MONTH EUR EURIBOR: Six-Month Bank of America Merrill Lynch 22,700 EUR EUR EURIBOR 2.710 8/22/21 949,864 Six-Month Bank of America NA 22,755 EUR EUR EURIBOR 1.945 9/8/16 345,428 Six-Month Bank of America NA 68,120 EUR EUR EURIBOR 1.890 10/6/16 753,875 Six-Month Barclays Bank plc 139,945 EUR EUR EURIBOR 2.580 11/22/17 2,624,385 Six-Month Barclays Bank plc 109,100 EUR EUR EURIBOR 2.520 12/13/17 1,601,734 Six-Month Deutsche Bank AG 226,995 EUR EUR EURIBOR 1.395 12/2/13 308,336 Six-Month Goldman Sachs Group, Inc. (The) 24,485 EUR EUR EURIBOR 2.840 10/10/31 727,978 Six-Month Goldman Sachs Group, Inc. (The) 83,605 EUR EUR EURIBOR 2.735 11/24/17 885,084 Six-Month Goldman Sachs Group, Inc. (The) 181,595 EUR EUR EURIBOR 2.160 12/2/15 1,918,774 Six-Month Goldman Sachs Group, Inc. (The) 22,740 EUR EUR EURIBOR 2.990 8/11/21 1,710,856 Six-Month JPMorgan Chase Bank NA 90,870 EUR EUR EURIBOR 1.860 11/3/16 770,740 ---------- ------------- Total 992,910 EUR 12,597,054 ------------------------------------------------------------------------------------------------------------------------ SIX-MONTH PLZ WIBOR WIBO: Six-Month PLZ WIBOR JPMorgan Chase Bank NA 111,880 PLZ 4.575 WIBO 8/23/16 316,870 Six-Month PLZ WIBOR JPMorgan Chase Bank NA 111,880 PLZ 4.590 WIBO 8/23/16 295,338 ---------- ------------- Total 223,760 PLZ 612,208 ------------------------------------------------------------------------------------------------------------------------
28 | Oppenheimer International Bond Fund Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS December 30, 2011* (Unaudited)
NOTIONAL INTEREST RATE/ AMOUNT PAID BY RECEIVED BY TERMINATION SWAP COUNTERPARTY (000'S) THE FUND THE FUND DATE VALUE ------------------------------------------------------------------------------------------------------------------------ THREE-MONTH CAD BA CDOR: Three-Month Bank of America Merrill Lynch 136,560 CAD 1.183 CAD BA CDOR 8/18/14 (87,409) Three-Month JPMorgan Chase Bank NA 181,770 CAD 1.320 CAD BA CDOR 8/8/14 (579,767) Three-Month JPMorgan Chase Bank NA 181,740 CAD 1.585 CAD BA CDOR 8/4/14 (1,536,574) ---------- ------------ Total 500,070 CAD (2,203,750) ----------------------------------------------------------------------------------------------------------------------- THREE-MONTH NZD BBR FRA Three-Month Barclays Bank plc 157,605 NZD NZD BBR FRA 4.600 11/3/21 6,221,484 ------------------------------------------------------------------------------------------------------------------------ Three-Month SEK STIBOR SIDE Three-Month SEK STIBOR Goldman Sachs Group, Inc. (The) 824,280 SEK 2.440 SIDE 11/3/21 (1,673,877) ----------------------------------------------------------------------------------------------------------------------- Three-Month USD BBA LIBOR Three-Month USD BBA Barclays Bank plc 128,000 LIBOR 2.358 11/2/21 4,371,633 ------------------------------------------------------------------------------------------------------------------------ Three-Month ZAR JIBAR SAFEX: Three-Month ZAR JIBAR Barclays Bank plc 907,700 ZAR 6.110 SAFEX 12/8/14 100,657 ---------- ------------- Total where Fund pays a fixed rate 907,700 ZAR 100,657 Three-Month ZAR JIBAR Barclays Bank plc 348,600 ZAR SAFEX 7.510 12/7/21 (154,531) Three-Month ZAR JIBAR Barclays Bank plc 135,500 ZAR SAFEX 7.480 8/17/21 (58,191) Three-Month ZAR JIBAR Goldman Sachs Group, Inc. (The) 137,600 ZAR SAFEX 7.480 8/17/21 (59,093) Three-Month ZAR JIBAR HSBC Bank USA NA 135,500 ZAR SAFEX 7.470 8/17/21 (70,035) --------- ------------ Total where Fund pays a variable rate 757,200 ZAR (341,850) --------- ------------ Total 1,664,900 ZAR (241,193) ------------ Total Interest Rate Swaps $ 15,136,984 ============
Notional amount is reported in U.S. Dollars (USD), except for those denoted in the following currencies: AUD Australian Dollar BRR Brazilian Real CAD Canadian Dollar EUR Euro MXN Mexican Nuevo Peso NZD New Zealand Dollar PLZ Polish Zloty SEK Swedish Krona ZAR South African Rand 29 | Oppenheimer International Bond Fund Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS December 30, 2011* (Unaudited) Abbreviations/Definitions are as follows: BA CDOR Canada Bankers Acceptances DepositOffering Rate BANIXCO Banco de Mexico BZDI Brazil Interbank Deposit Rate EURIBOR Euro Interbank Offered Rate JIBAR South Africa Johannesburg Interbank Agreed Rate SAFEX South African Futures Exchange STIBOR SIDE Stockholm Interbank Offered Rate TIIE Interbank Equilibrium Interest Rate WIBOR WIBO Poland Warsaw Interbank Offer Bid Rate TOTAL RETURN SWAP CONTRACTS AS OF DECEMBER 30, 2011 ARE AS FOLLOWS:
NOTIONAL REFERENCE ENTITY/ AMOUNT PAID BY RECEIVED BY TERMINATION SWAP COUNTERPARTY (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 If positive, value of the the Total Total Return of Return of a a custom basket custom basket Citibank NA 20,495 CHF of securities of securities 1/11/12 $ 163,247 One-Month SEK STIBOR SIDE plus 30 basis points and if negative, the absolute If positive, valueof the the Total Total Return of Return of a a custom basket custom basket Citibank NA 68,193 SEK of securities of securities 1/11/12 58,807 One-Month EURIBOR plus 30 basis points and if negative, the absolute value If positive, of the Total the Total Return of a Return of a custom basket of custom basket Citibank NA 27,004 EUR securities of securities 1/11/12 398,363 One-Month GBP BBA LIBOR plus 30 basis points and if negative, the absolute If positive, value of the the Total Total Return of Return of a a custom basket custom basket Citibank NA 19,412 GBP of securities of securities 1/11/12 (735,422) One-Month DKK BBA LIBOR plus 30 basis points and if negative, the absolute If positive, value of the the Total Total Return of Return of a a custom basket custom basket Citibank NA 11,144 DKK of securities of securities 1/11/12 120,298
30 | Oppenheimer International Bond Fund Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS December 30, 2011* (Unaudited)
NOTIONAL REFERENCE ENTITY/ AMOUNT PAID BY RECEIVED BY TERMINATION SWAP COUNTERPARTY (000'S) THE FUND THE FUND DATE VALUE ------------------------------------------------------------------------------------------------------------------- One-Month JPY BBA LIBOR plus 53 basis points and if negative, the absolute If positive, value of the the Total Total Return of Return of a a custom basket custom basket Citibank NA 5,942,977 JPY of securities of securities 4/16/12 (1,292,231) One-Month GBP BBA LIBOR plus 50 basis points and if negative, the absolute If positive, value of the the Total Total Return of Return of a a custom basket custom basket Morgan Stanley 48,922 GBP of securities of securities 1/1/12 (1,001,262) ---------- Reference Entity Total (2,288,200) ------------------------------------------------------------------------------------------------------------------- MSCI Daily TR Gross EAFE USD Index: One-Month USD BBA LIBOR plus 15 basis points and if If positive, negative, the the Total Return Total Return of of the MSCI the MSCI Daily Daily Gross EAFE Gross EAFE USD Citibank NA 4,865 USD Index Index 1/9/12 41,571 One-Month USD BBA LIBOR plus 10 basis points and if negative, the absolute value If positive, of the Total the Total Return Return of the of the MSCI MSCI Daily Goldman Sachs Group, Daily Gross EAFE Gross EAFE USD Inc. (The) 8,913 USD Index Index 7/10/12 218,717 One-Month USD BBA LIBOR plus 20 basis points and if negative, the If absolute value positive,the of the Total Total Return of Return of the the MSCI Daily MSCI Daily Goldman Sachs Group, Gross EAFE USD Gross EAFE USD Inc. (The) 17,232 Index Index 5/10/12 251,594 One-Month USD BBA LIBOR plus 28 basis points and if negative, the absolute value If positive, of the Total the Total Return Return of the of the MSCI MSCI Daily Goldman Sachs Group, Daily Gross EAFE Gross EAFE USD Inc. (The) 19,176 USD Index Index 9/7/12 359,745 One-Month USD BBA LIBOR minus 20 basis points and if negative, the absolute value If positive, of the Total the Total Return Return of the of the MSCI MSCI Daily Daily Gross EAFE Gross EAFE USD Morgan Stanley 10,356 USD Index Index 10/15/12 206,906
31 | Oppenheimer International Bond Fund Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS December 30, 2011* (Unaudited)
NOTIONAL REFERENCE ENTITY/ AMOUNT PAID BY RECEIVED BY TERMINATION SWAP COUNTERPARTY (000'S) THE FUND THE FUND DATE VALUE -------------------------------------------------------------------------------------------------------------------- One-Month USD BBA LIBOR minus 10 basis points and if negative, the absolute value If positive, of the Total the Total Return Return of the of the MSCI MSCI Daily Daily Gross EAFE Gross EAFE USD UBS AG 16,442 USD Index Index 10/9/12 226,111 ----------- Reference Entity Total 1,304,644 -------------------------------------------------------------------------------------------------------------------- MSCI Daily TR Gross EUROPE EURO INDEX: One-Month EUR EURIBOR minus 20 basis points and if negative, the absolute value If positive, of the Total the Total Return Return of the of the MSCI MSCI Daily Daily Gross Gross Europe Citibank NA 4,214 EUR Europe Euro Index Euro Index 1/6/12 (69,260) One-Month EUR EURIBOR and if negative, the absolute value If positive, of the Total the Total Return Return of the of the MSCI MSCI Daily Goldman Sachs Group, Daily Gross Gross Europe Inc. (The) 55,387 EUR Europe Euro Index Euro Index 1/12/12 (1,128,527) One-Month EUR EURIBOR and if If positive, negative, the the Total Return Total Return of of the MSCI the MSCI Daily Goldman Sachs Group, Daily Gross Gross Europe Inc. (The) 6,082 EUR Europe Euro Index Euro Index 1/12/12 (134,252) ----------- Reference Entity Total (1,332,039) -------------------------------------------------------------------------------------------------------------------- MSCI Daily TR Net FRANCE USD INDEX: One-Month USD BBA LIBOR minus 65 basis points and if negative, If positive, the absolute the Total value of the Return of the Goldman Sachs Group, MSCI Daily Net MSCI Daily Net Inc. (The) 11,479 France USD Index France USD Index 7/6/12 (209,872) One-Month USD BBA LIBOR minus 65 basis points and if negative, the absolute value of the If positive, Total Return of the Total the MSCI Daily Return of the Goldman Sachs Group, Net France USD MSCI Daily Net Inc. (The) 1,355 Index France USD Index 7/6/12 (37,568) One-Month USD BBA LIBOR minus 65 basis points and if negative, the absolute value of the If positive, Total Return of the Total the MSCI Daily Return of the Goldman Sachs Group, Net France USD MSCI Daily Net Inc. (The) 1,444 Index France USD Index 7/6/12 (32,653)
32 | Oppenheimer International Bond Fund Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS December 30, 2011* (Unaudited)
NOTIONAL REFERENCE ENTITY/ AMOUNT PAID BY RECEIVED BY TERMINATION SWAP COUNTERPARTY (000'S) THE FUND THE FUND DATE VALUE ------------------------------------------------------------------------------------------------------------------- One-Month USD BBA LIBOR minus 65 basis points and if negative, the absolute value of the If positive, Total Return of the Total the MSCI Daily Return of the Goldman Sachs Group, Net France USD MSCI Daily Net Inc. (The) 1,158 Index France USD Index 7/6/12 (23,963) ---------- Reference Entity Total (304,056) ------------------------------------------------------------------------------------------------------------------- MSCI DAILY TR NET GERMANY USD INDEX One-Month USD BBA LIBOR minus 10 basis points and if negative, the absolute If positive, value of the the Total Total Return of Return of the the MSCI Daily MSCI Daily Net Net Germany USD Germany USD Morgan Stanley 12,580 Index Index 12/6/12 (723,126) ------------------------------------------------------------------------------------------------------------------- MSCI DAILY TR NET HONG KONG USD INDEX One-Month USD BBA LIBOR plus 30 basis points and if negative, the absolute If positive, value of the Total the Total Return Return of the of the MSCI MSCI Daily Net Daily Net Hong Hong Kong USD UBS AG 10,705 Kong USD Index Index 10/9/12 (244,098) ------------------------------------------------------------------------------------------------------------------- MSCI DAILY TR NET ITALY USD INDEX One-Month USD BBA LIBOR minus 20 basis points and if negative, the absolute value of the If positive, Total Return of the Total the MSCI Daily Return of the Net Italy USD MSCI Daily Net Morgan Stanley 12,669 Index Italy USD Index 12/6/12 (555,626) ------------------------------------------------------------------------------------------------------------------- MSCI DAILY TR NET SPAIN USD INDEX: One-Month USD BBA LIBOR minus 2 basis points and if negative, the absolute value of the If positive, Total Return of the Total the MSCI Daily Return of the Net Spain USD MSCI Daily Net Morgan Stanley 601 Index Spain USD Index 9/12/12 (19,224) One-Month USD BBA LIBOR minus 2 basis points and if negative, the absolute value of the If positive, Total Return of the Total the MSCI Daily Return of the Net Spain USD MSCI Daily Net Morgan Stanley 13,624 Index Spain USD Index 9/12/12 (383,289) ------------ Reference Entity Total (402,513) ------------ Total of Total Return Swaps $(4,545,014) ============
33 | Oppenheimer International Bond Fund Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS December 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 Pounds Sterling JPY Japanese Yen SEK Swedish Krona Abbreviations are as follows: BBA British Bankers' Association BBA LIBOR British Bankers' Association London-Interbank Offered Rate Europe, Australasia, Far EAFE East EURIBOR Euro Interbank Offered Rate London Interbank Offered LIBOR Rate Morgan Stanley Capital MSCI International STIBOR SIDE Stockholm Interbank Offered Rate CURRENCY SWAPS AS OF DECEMBER 30, 2011 ARE AS FOLLOWS:
NOTIONAL REFERENCE ENTITY/ AMOUNT PAID BY RECEIVED BY TERMINATION SWAP COUNTERPARTY (000'S) THE FUND THE FUND DATE VALUE ---------------------------------------------------------------------------------------------------- SIX-MONTH EUR EURIBOR Six-Month EUR EURIBOR plus 80 Credit Suisse basis points on 2.95% on International $7,720 5,922,516 EUR 7,720,000 USD 10/15/17 (4,025)
Abbreviations/Definitions are as follows: EUR Euro EURIBOR Euro Interbank Offered Rate Swap Summary as of December 30, 2011 is as follows:
Swap Type from Notional Amount Swap Counterparty Fund Perspective (000's) Value ------------------------------------------------------------------------------------------------ Bank of America Merrill Lynch: Interest Rate 136,560 CAD $(87,409) Interest Rate 22,700 EUR 949,864 ----------- 862,455 ------------------------------------------------------------------------------------------------- Bank of America NA: Interest Rate 90,875 EUR 1,099,303 Interest Rate 1,985,000 MXN (996,036) ----------- 103,267 ------------------------------------------------------------------------------------------------- Barclays Bank plc: Credit Default Sell Protection 26,620 (789,697) Interest Rate 249,045 EUR 4,226,119 Interest Rate 336,500 MXN (142,195) Interest Rate 157,605 NZD 6,221,484 Interest Rate 128,000 4,371,633 Interest Rate 1,391,800 ZAR (112,065) ---------- 13,775,279
34 | Oppenheimer International Bond Fund Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS December 30, 2011* (Unaudited)
Swap Type from Notional Amount Swap Counterparty Fund Perspective (000's) Value ------------------------------------------------------------------------------------------------ Citibank NA: Interest Rate 98,220 BRR 921,085 Total Return 20,495 CHF 163,247 Total Return 11,144 DKK 120,298 Total Return 31,218 EUR 329,103 Total Return 19,412 GBP (735,422) Total Return 5,942,977 JPY (1,292,231) Total Return 68,193 SEK 58,807 Total Return 4,865 41,571 ---------- (393,542) ------------------------------------------------------------------------------------------------ Credit Suisse International: Currency 7,720 (4,025) Interest Rate 808,400 MXN (1,252,274) ---------- (1,256,299) ------------------------------------------------------------------------------------------------ Deutsche Bank AG: Interest Rate 226,995 EUR 308,336 Interest Rate 659,500 MXN (316,123) ---------- (7,787) ------------------------------------------------------------------------------------------------ Goldman Sachs Group, Inc.(The): Interest Rate 431,720 BRR 3,359,746 Interest Rate 312,425 EUR 5,242,692 Interest Rate 841,700 MXN (1,246,470) Interest Rate 824,280 SEK (1,673,877) Interest Rate 137,600 ZAR (59,093) Total Return 61,469 EUR (1,262,779) Total Return 60,757 526,000 ---------- 4,886,219 ------------------------------------------------------------------------------------------------ HSBC Bank USA NA: Credit Default Sell Protection 21,600 (4,671,107) Interest Rate 135,500 ZAR (70,035) ---------- (4,741,142) ------------------------------------------------------------------------------------------------ JPMorgan Chase Bank NA: Credit Default Sell Protection 68,235 (1,211,237) Interest Rate 300,000 BRR 424,424 Interest Rate 363,510 CAD (2,116,341) Interest Rate 90,870 EUR 770,740 Interest Rate 223,760 PLZ 612,208 ---------- (1,520,206) ------------------------------------------------------------------------------------------------ Merrill Lynch & Co., Inc. Interest Rate 172,700 MXN (1,211,089) -------------------------------- --------------------------- ---------------- ------- ---------- Morgan Stanley: Total Return 48,922 GBP (1,001,262) Total Return 49,830 (1,474,359) ---------- (2,475,621) ------------------------------------------------------------------------------------------------ Morgan Stanley Capital Credit Default Sell Services, Inc. Protection 10,410 (452,929) ------------------------------------------------------------------------------------------------ UBS AG Total Return 27,147 (17,987) ------------------------------------------------------------------------------------------------ Westpac Banking Corp. Interest Rate 120,860 AUD (4,087,643) ---------- Total Swaps $ 3,462,975 ===========
35 | Oppenheimer International Bond Fund Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS December 30, 2011* (Unaudited) Notional amount is reported in U.S.Dollars (USD), except for those denoted in the following currencies: AUD Australian Dollar BRR Brazilian Real CAD Canadian Dollar CHF Swiss Franc DKK Danish Krone EUR Euro GBP British Pounds Sterling JPY Japanese Yen MXN Mexican Nuevo Peso NZD New Zealand Dollar PLZ Polish Zloty SEK Swedish Krona ZAR South African Rand As of December 30, 2011, the Fund had entered into the following written swaption contracts:
Underlying SwapType Notional Unrealized Reference From Fund Amount Strike Expiration Premium Appreciation Entity Perspective (000's) Price/Rate Date Received Value (Depreciation) --------------------------------------------------------------------------------------------------------------------------- Bank of America NA; Interest Rate Swaption (European); Swap Terms: Paid: 2.4375%; Received: Three-Month USD BBA LIBOR; Interest Termination Date: Rate Pay Date: 5/24/24 Fixed $312,000 2.4375% 5/22/12 $10,795,200 $(10,906,442) $ (111,242) Bank of America NA; Interest Rate Swaption (European); Swap Terms; Paid: 2.315%; Received: Three-Month USD BBA Interest LIBOR; Termination Rate Pay Date: 5/31/22 Fixed 297,000 2.315 5/29/12 8,598,150 (9,667,365) (1,069,215) Goldman Sachs Group, Inc. (The), Interest Rate Swaption (European); Swap Terms; Paid: 2.465%; Received: Three-Month USD BBA Interest LIBOR; Termination Rate Pay Date: 5/24/24 Fixed 312,000 2.465 5/22/12 10,920,000 (11,589,576) (669,576) Goldman Sachs Group, Inc. (The); Interest Rate Swaption (European); Swap Terms; Paid: Three-Month USD BBA LIBOR; Received: Interest 1.225%; Termination Rate Receive Date: 11/23/15 Fixed 705,500 1.225 11/21/12 5,914,006 (3,571,012) 2,342,994 UBS AG; Interest Rate Swaption (European); Swap Terms; Paid: Three-Month USD BBA LIBOR Received: 3.215%; Interest Termination Rate Receive Date: 12/4/22 Fixed 542,135 3.215 11/30/12 9,433,149 (6,559,125) 2,874,024 ------------ ------------ ------------ $45,660,505 $(42,293,520) $ 3,366,985 ============ ============ ============
36 | Oppenheimer International Bond Fund Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS December 30, 2011* (Unaudited) QUARTERLY PERIOD. Since December 30, 2011 represents the last day during the Fund's quarterly period on which the New York Stock Exchange was open for trading, the Fund's financial statements have been presented through that date to maintain consistency with the Fund's net asset value calculations used for shareholder transactions. 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. 37 | Oppenheimer International Bond Fund Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS December 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. 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 December 30, 2011 is as follows: Cost $58,036,524 ----------- Market Value $6,619,879 ----------- 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 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 38 | Oppenheimer International Bond Fund Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS December 30, 2011* (Unaudited) 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. 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 December 30, 2011, the maximum amount of loss that the Fund would incur if the counterparties to its derivative transactions failed to perform would be $264,839,451, 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 39 | Oppenheimer International Bond Fund Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS December 30, 2011* (Unaudited) 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 $129,388,808 as of December 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 December 30, 2011 the Fund has required certain counterparties to post collateral of $118,012,528. 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 December 30, 2011, the aggregate fair value of derivative instruments with credit related contingent features in a net liability position was $41,605,239 for which the Fund has posted collateral of $38,563,797. If a contingent feature would have been triggered as of December 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 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 or sell currencies to acquire related foreign securities purchase and sale transactions, respectively, or to convert foreign currencies to U.S. dollars from related foreign securities 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. 40 | Oppenheimer International Bond Fund Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS December 30, 2011* (Unaudited) 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 December 30, 2011, the Fund had daily average contract amounts on forward foreign currency contracts to buy and sell of $4,150,166,110 and $8,827,668,975, 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, or currency, at a negotiated price on a stipulated future date. The Fund may buy and sell futures contracts and may also buy or write put or call options on these futures contracts. Futures contracts traded on a commodities or futures exchange will be valued at the final settlement price or official closing price on the principal exchange as reported by such principal exchange at its trading session ending at, or most recently prior to, the time when the Fund's assets are valued. Upon entering into a futures contract, the Fund is required to deposit either cash or securities (initial margin) in an amount equal to a certain percentage of the contract value. Subsequent payments (variation margin) are made or received by the Fund each day. The variation margin payments are equal to the daily changes in the contract value and are recorded as unrealized gains and losses. Futures contracts are reported on a schedule following the Statement of Investments. Securities held in collateralized accounts to cover initial margin requirements on open futures contracts are noted in the Statement of Investments. Cash held by the broker to cover initial margin requirements on open futures contracts and the receivable and/or payable for the daily mark to market for the variation margin are noted in the Statement of Assets and Liabilities in the annual and semiannual reports. The net change in unrealized appreciation and depreciation is reported in the Statement of Operations in the annual and semiannual reports. Realized gains (losses) are reported in the Statement of Operations in the annual and semiannual reports at the closing or expiration of futures contracts. The Fund has purchased futures contracts on various bonds and notes to increase exposure to interest rate risk. The Fund has sold futures contracts on various bonds and notes to decrease exposure to interest rate risk. The Fund has purchased futures contracts on various equity indexes to increase exposure to equity risk. The Fund has sold futures contracts on various equity indexes to decrease exposure to equity risk. The Fund has purchased futures contracts on various currencies to increase exposure to foreign exchange rate risk. During the period ended December 30, 2011, the Fund had an ending monthly average market value of $382,382,867 and $1,989,390,703 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. 41 | Oppenheimer International Bond Fund Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS December 30, 2011* (Unaudited) 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 and/or euro 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. The Fund has purchased put options on treasury and/or euro futures to decrease exposure to interest rate risk. A purchased put option becomes more valuable as the price of the underlying financial instrument depreciates relative to the strike price. During the period ended December 30, 2011, the Fund had an ending monthly average market value of $24,117,920 and $15,881,509 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. The Fund has written put options on treasury futures to increase exposure to interest 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 treasury futures to decrease exposure to interest rate risk. A written call option becomes more valuable as the price of the underlying financial instrument depreciates relative to the strike price. The Fund has written call options on treasury and/or euro futures to decrease exposure to interest rate risk. A written call option becomes more valuable as the price of the underlying financial instrument depreciates relative to the strike price. The Fund has written put options on treasury and/or euro futures to increase exposure to interest rate risk. A written put option becomes more valuable as the price of the underlying financial instrument appreciates relative to the strike price. 42 | Oppenheimer International Bond Fund Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS December 30, 2011* (Unaudited) During the period ended December 30, 2011, the Fund had an ending monthly average market value of $6,249,833 and $19,031,336 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 December 30, 2011 was as follows:
CALL OPTIONS PUT OPTIONS ------------------------------------- ---------------------------------------- PRINCIPAL/ PRINCIPAL/ NUMBER OF AMOUNT OF NUMBER OF AMOUNT OF CONTRACTS PREMIUMS CONTRACTS PREMIUMS ------------------------------------- ---------------------------------------- Options outstanding as of September 30, 2011 62,215,317,030 $ 8,221,138 128,302,138,970 $ 24,701,704 Options written 1,168,861,707,950 36,513,229 1,351,560,511,243 24,198,104 Options closed or expired (8,116,680,532) (29,308,854) (1,420,439,078) (21,764,239) Options exercised (916,005,000) (2,106,559) (60,488,180,000) (4,686,781) ----------------- ------------------- ------------------- -------------------- Options outstanding as of December 30, 2011 1,222,044,339,448 $ 13,318,954 1,417,954,031,135 $ 22,448,788 ================= =================== =================== ====================
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. 43 | Oppenheimer International Bond Fund Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS December 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 December 30, 2011, the Fund had ending monthly average notional amounts of $107,593,750 and $137,804,250 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 December 30, 2011, the Fund had ending monthly average notional amounts of $916,695,027 and $2,185,374,611 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. 44 | Oppenheimer International Bond Fund Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS December 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 December 30, 2011, the Fund had ending monthly average notional amounts of $325,394,249 and $171,358,087 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. SWAPTION TRANSACTIONS The Fund may enter into a swaption contract which grants the purchaser the right, but not the obligation, to enter into a swap transaction at preset terms detailed in the underlying agreement within a specified period of time. The purchaser pays a premium to the swaption writer who bears the risk of unfavorable changes in the preset terms on the underlying swap. Swaptions are marked to market daily using primarily portfolio pricing services or quotations from counterparties and brokers. Purchased swaptions are reported as a component of investments in the Statement of Investments, the Statement of Assets and Liabilities in the annual and semiannual rep orts and the Statement of Operations in the annual and semiannual reports. Written swaptions are reported on a schedule following the Statement of Investments and their value is reported as a separate asset or liability line item in the Statement of Assets and Liabilities in the annual and semiannual reports. The net change in unrealized appreciation or depreciation on written swaptions is separately reported in the Statement of Operations in the annual and semiannual reports. When a swaption is exercised, the cost of the swap is adjusted by the amount of premium paid or received. Upon the expiration or closing of an unexercised swaption contract, a gain or loss is reported in the Statement of Operations in the annual and semiannual reports for the amount of the premium paid or received. The Fund generally will incur a greater risk when it writes a swaption than when it purchases a swaption. When the Fund writes a swaption it will become obligated, upon exercise of the swaption, according to the terms of the underlying agreement. Swaption contracts written by the Fund do not give rise to counterparty credit risk as they obligate the Fund, not its counterparty, to perform. When the Fund purchases a swaption it only risks losing the amount of the premium it paid if the swaption expires unexercised. However, when the Fund exercises a purchased swaption there is a risk that the counterparty will fail to perform or otherwise default on its obligations under the swaption contract. The Fund purchased swaptions which gives it the option to enter into an interest rate swap in which it pays a floating interest rate and receives a fixed interest rate in order to increase exposure to interest rate risk. A purchased swaption of this type becomes more valuable as the reference interest rate depreciates relative to the preset interest rate. The Fund has written swaptions which give it the obligation, if exercised by the purchaser, to sell credit protection through credit default swaps in order to increase exposure to the credit risk of individual securities and/or, indexes. A written swaption of this type becomes more valuable as the likelihood of a credit event on the reference asset decreases. During the period ended December 30, 2011, the Fund had an ending monthly average market value of $8,230,041 and $27,492,534 on purchased and written swaptions, respectively. Written swaption activity for the period ended December 30, 2011 was as follows: 45 | Oppenheimer International Bond Fund Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS December 30, 2011* (Unaudited)
CALL SWAPTIONS ------------------------------------------- NOTIONAL AMOUNT OF AMOUNT PREMIUMS --------------------- -------------------- Swaptions outstanding as of September 30, 2011 901,220,000 $11,094,018 Swaptions written 1,267,415,000 34,566,487 --------------------- -------------------- Swaptions outstanding as of December 30, 2011 $2,168,635,000 $45,660,505 ===================== ====================
RESTRICTED SECURITIES As of December 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 December 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 $ 12,596,051,462 Federal tax cost of other investments (642,803,470) ----------------- Total federal tax cost $ 11,953,247,992 ================= Gross unrealized appreciation $ 584,384,038 Gross unrealized depreciation (829,034,149) ----------------- Net unrealized depreciation $ (244,650,111) =================
46 | Oppenheimer International Bond Fund ITEM 2. CONTROLS AND PROCEDURES. (a) Based on their evaluation of the registrant's disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c)) as of 12/30/2011, 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: 2/9/2012 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: 2/9/2012 By: -s- Brian W. Wixted ------------------------------------ Brian W. Wixted Principal Financial Officer Date: 2/9/2012 EX-99.CERT 2 g60161exv99wcert.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: 2/9/2012 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: 2/9/2012