Oppenheimer International Bond Fund

0001193125-13-085254.txt : 20130301 0001193125-13-085254.hdr.sgml : 20130301 20130228192231 ACCESSION NUMBER: 0001193125-13-085254 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20121231 FILED AS OF DATE: 20130301 DATE AS OF CHANGE: 20130228 EFFECTIVENESS DATE: 20130301 FILER: COMPANY DATA: COMPANY CONFORMED NAME: OPPENHEIMER INTERNATIONAL BOND FUND CENTRAL INDEX KEY: 0000939800 IRS NUMBER: 841308320 STATE OF INCORPORATION: DE FISCAL YEAR END: 0931 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-07255 FILM NUMBER: 13654368 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

C000113853 I

N-Q 1 d460674dnq.htm OPPENHEIMER INTERNATIONAL BOND FUND Oppenheimer International Bond Fund

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

OFI Global Asset Management, Inc.

Two World Financial Center,

New York, New York 10281-1008

(Name and address of agent for service)

Registrant’s telephone number, including area code: (303) 768-3200

Date of fiscal year end: September 30

Date of reporting period: 12/31/2012

Item 1.

Schedule of Investments.

STATEMENT OF INVESTMENTS December 31, 2012 (Unaudited)


	Principal Amount			Value
U.S. Government Obligations–1.1%
U.S. Treasury Nts., 1.625%, 11/15/22^1,2 (Cost $136,183,719)	$	137,300,000		$	135,648,144
Foreign Government Obligations–68.1%
*Australia–4.7%*
New South Wales Treasury Corp. Bonds:
Series 14, 5.50%, 8/1/14		30,995,000	AUD		33,500,942
Series 15, 6%, 4/1/25		22,680,000	AUD		25,073,062
Series 17, 5.50%, 3/1/17		22,140,000	AUD		25,028,636
Queensland Treasury Corp. Nts.:
Series 15, 6%, 10/14/15		45,325,000	AUD		50,793,869
Series 17, 6%, 9/14/17		36,260,000	AUD		42,012,115
Series 20, 6.25%, 2/21/20		56,440,000	AUD		66,804,418
Series 21, 6%, 6/14/21		102,560,000	AUD		123,128,234
Series 22, 6%, 7/21/22		7,360,000	AUD		8,679,560
Series 24, 5.75%, 7/22/24		37,780,000	AUD		43,748,994
Series 33, 6.50%, 3/14/33		55,000,000	AUD		68,660,187
Victoria Treasury Corp. Nts.:
5.50%, 11/17/26		22,680,000	AUD		26,476,322
Series 1116, 5.75%, 11/15/16		55,175,000	AUD		62,541,751
Western Australia Treasury Corp. Nts., Series 15, 7%, 4/15/15		22,685,000	AUD		25,617,558

					602,065,648
Belgium–1.1%
Belgium (Kingdom of) Bonds, Series 58, 3.75%, 9/28/20		90,955,000	EUR		138,971,700
Bolivia–0.0%
Bolivia (Plurinational State of) Unsec. Bonds, 4.875%, 10/31/22		5,860,000			5,728,150
*Brazil–5.0%*
Brazil (Federative Republic of) Nota Do Tesouro Nacional Nts.:
9.762%, 1/1/14		250,390,000	BRR		125,414,439
9.762%, 1/1/17		247,675,000	BRR		127,413,952
9.762%, 1/1/21		421,060,000	BRR		217,014,853
12.994%, 5/15/45³		32,095,000	BRR		47,954,983
Series NTNF, 10%, 1/1/23		74,195,000	BRR		38,142,653
Series NTNB, 12.792%, 8/15/50³		29,690,000	BRR		45,347,637
Brazil (Federative Republic of) Nota Do Tesouro Nacional Unsec. Bonds, 10%, 1/1/18		98,190,000	BRR		50,701,305

					651,989,822
*Canada–1.1%*
Canada (Government of) Nts., 3.75%, 6/1/19		66,760,000	CAD		76,104,521
Canada (Government of) Treasury Bills, 1.022%, 3/28/13⁴		60,060,000	CAD		60,247,480

					136,352,001
Colombia–0.6%
Colombia (Republic of) Sr. Unsec. Bonds, 6.125%, 1/18/41		52,935,000			72,944,430
Costa Rica–0.2%
Costa Rica (Republic of) Sr. Unsec. Unsub. Nts., 4.25%, 1/26/23⁵		22,515,000			22,830,210
*Croatia–0.3%*
Croatia (Republic of) Unsec. Nts.:
6.25%, 4/27/17⁵		19,015,000			20,897,485
6.375%, 3/24/21⁵		10,035,000			11,464,988
6.75%, 11/5/19⁵		9,660,000			11,121,075

					43,483,548


1				Oppenheimer International Bond Fund

STATEMENT OF INVESTMENTS December 31, 2012 (Unaudited)


	Principal Amount			Value
Denmark–0.3%
Denmark (Kingdom of) Bonds, 4%, 11/15/19		200,885,000	DKK		43,605,156
Finland–0.2%
Finland (Republic of) Unsec. Bonds, 1.625%, 9/15/22		18,415,000	EUR		24,543,432
*France–3.5%*
France (Republic of) Bonds:
3.25%, 10/25/21		38,425,000	EUR		56,887,969
3.75% 10/25/19		81,280,000	EUR		124,968,751
4%, 4/25/60		18,705,000	EUR		29,661,893
4.50%, 4/25/41		37,695,000	EUR		64,270,622
France (Republic of) Treasury Nts., 1%, 7/25/17		132,685,000	EUR		178,208,425

					453,997,660
*Germany–1.7%*
Germany (Federal Republic of) Bonds, 2.50%, 7/4/44		29,590,000	EUR		42,191,762
Germany (Federal Republic of) Sec. Bonds, Series 164, 0.50%, 10/13/17		88,460,000	EUR		117,910,548
Germany (Federal Republic of) Unsec. Bonds, 1.50%, 9/4/22		43,670,000	EUR		58,657,756

					218,760,066
*Hungary–1.9%*
Hungary (Republic of) Bonds:
6.75%, 11/24/17		7,194,000,000	HUF		33,898,857
Series 14/D, 6.75%, 8/22/14		4,068,000,000	HUF		18,878,641
Series 15C, 7.75%, 8/24/15		11,004,000,000	HUF		52,464,439
Series 15/A, 8%, 2/12/15		2,023,000,000	HUF		9,670,713
Series 16/C, 5.50%, 2/12/16		2,751,000,000	HUF		12,429,829
Series 17/B, 6.75%, 2/24/17		6,121,000,000	HUF		28,720,151
Series 19/A, 6.50%, 6/24/19		4,392,000,000	HUF		20,600,441
Series 20/A, 7.50%, 11/12/20		4,079,000,000	HUF		20,315,641
Series 22A, 7%, 6/24/22		3,009,000,000	HUF		14,623,624
Series 23A, 6%, 11/24/23		2,027,000,000	HUF		9,130,310
Hungary (Republic of) Sr. Unsec. Bonds, 7.625%, 3/29/41		925,000			1,073,000
Hungary (Republic of) Sr. Unsec. Nts., 5.75%, 6/11/18		2,435,000	EUR		3,348,125
Hungary (Republic of) Sr. Unsec. Unsub. Nts., 6.375%, 3/29/21		3,875,000			4,297,375
Hungary (Republic of) Treasury Bills:
6.655%, 5/29/13⁴		984,000,000	HUF		4,373,429
6.691%, 4/17/13⁴		1,313,000,000	HUF		5,870,962
7.006%, 2/20/13⁴		1,967,000,000	HUF		8,856,395

					248,551,932
*Indonesia–0.4%*
Indonesia (Republic of) Nts., 5.25%, 1/17/42⁵		8,065,000			9,405,806
Indonesia (Republic of) Sr. Unsec. Bonds, 4.875%, 5/5/21⁵		9,060,000			10,452,975
Indonesia (Republic of) Sr. Unsec. Nts., 7.75%, 1/17/38⁵		4,520,000			6,847,800
Indonesia (Republic of) Unsec. Nts., 3.75%, 4/25/22⁵		18,840,000			20,135,250

					46,841,831


2				Oppenheimer International Bond Fund

STATEMENT OF INVESTMENTS December 31, 2012 (Unaudited)


	Principal Amount			Value
Ireland–0.3%
Ireland (Republic of) Treasury Bonds, 4.40%, 6/18/19		32,895,000	EUR	$	43,900,583
Israel–0.2%
Israel (State of) Sr. Unsec. Bonds, 4%, 6/30/22		25,990,000			28,321,355
*Italy–3.7%*
Italy (Republic of) Bonds:
4%, 9/1/20		33,645,000	EUR		44,756,377
4.50%, 3/1/19		97,345,000	EUR		134,687,395
5%, 3/1/22		17,715,000	EUR		24,662,105
5%, 9/1/40		36,870,000	EUR		48,763,057
Series EU, 1.216%, 10/15/17⁶		22,685,000	EUR		27,598,746
Italy (Republic of) Sr. Unsec. Nts., 4.50%, 6/8/15		4,391,000,000	JPY		52,577,505
Italy (Republic of) Treasury Bills, 1.548%, 1/31/13⁴		77,470,000	EUR		102,221,133
Italy (Republic of) Treasury Bonds:
3.50%, 11/1/17		18,930,000	EUR		25,249,062
5.75%, 2/1/33		15,815,000	EUR		22,770,510

					483,285,890
Ivory Coast–0.1%
Ivory Coast Bonds, 3.75%, 12/31/32		17,660,000			16,600,400
*Japan–12.4%*
Japan Bonds:
2 yr., 0.10%, 5/15/14		32,872,000,000	JPY		379,440,432
5 yr., 0.30%, 3/20/17		20,141,000,000	JPY		234,074,757
10 yr., Series 301, 1.50%, 6/20/19		20,067,000,000	JPY		248,866,239
10 yr., 1.10%, 3/20/21		8,329,000,000	JPY		100,109,225
20 yr., Series 112, 2.10%, 6/20/29		25,351,000,000	JPY		318,140,931
30 yr., 2%, 3/20/42		15,372,000,000	JPY		179,336,156
Japan Sr. Unsec. Bonds, Series 134, 1.80%, 3/20/32		12,268,000,000	JPY		143,747,088

					1,603,714,828
Kazakhstan–0.1%
Development Bank of Kazakhstan Sr. Unsec. Bonds, 4.125%, 12/10/22⁵		12,225,000			12,377,813
Latvia–0.2%
Latvia (Republic of) Nts., 5.25%, 2/22/17⁵		18,660,000			20,964,510
Lithuanua–0.2%
Lithuania (Republic of) Sr. Unsec. Bonds, 6.625%, 2/1/22⁵		18,535,000			23,772,064
*Malaysia–1.4%*
Central Bank of Malaysia Treasury Bills:
Series 5312, 2.984%, 1/22/13⁴		131,150,000	MYR		42,816,658
Series 5612, 3%, 2/7/13⁴		131,150,000	MYR		42,756,616
Series 6212 2.968%, 2/28/13⁴		65,570,000	MYR		21,341,255
Malaysia (Government of) Sr. Unsec. Bonds:
Series 1/06, 4.262%, 9/15/16		79,670,000	MYR		27,086,523
Series 0210, 4.012%, 9/15/17		63,445,000	MYR		21,449,120
Wakala Global Sukuk Bhd Bonds, 4.646%, 7/6/21⁵		18,635,000			21,554,527

					177,004,699


3				Oppenheimer International Bond Fund

STATEMENT OF INVESTMENTS December 31, 2012 (Unaudited)


	Principal Amount			Value
*Mexico–2.4%*
United Mexican States Bonds:
Series M, 6.50%, 6/10/21⁶		516,050,000	MXN	$	43,344,399
Series M20, 7.50%, 6/3/27⁶		857,330,000	MXN		77,327,302
Series M10, 7.75%, 12/14/17		785,815,000	MXN		67,819,622
Series M, 8%, 6/11/20		391,730,000	MXN		35,714,425
Series M20, 8.50%, 5/31/29⁶		447,760,000	MXN		43,683,714
United Mexican States Treasury Bills, 4.552%, 4/4/13⁴		516,700,000	MXN		39,532,669

					307,422,131
Mongolia–0.0%
Mongolia (Government of) Sr. Unsec. Bonds, 5.125%, 12/5/22		2,920,000			2,876,200
*Nigeria–0.9%*
Nigeria (Federal Republic of) Treasury Bills:
13.662%, 9/5/13⁴		2,956,000,000	NGN		17,457,059
13.779%, 9/26/13⁴		1,473,000,000	NGN		8,656,410
14.326%, 6/6/13⁴		657,000,000	NGN		4,002,150
15.149%, 3/7/13⁴		368,000,000	NGN		2,304,736
15.205%, 3/28/13⁴		1,320,000,000	NGN		8,202,200
Series 364, 15.572%, 4/25/13⁴		989,000,000	NGN		6,084,272
Series 364, 16.895%, 2/7/13⁴		1,312,000,000	NGN		8,289,177
Nigeria (Federal Republic of) Treasury Bonds:
7%, 10/23/19		2,574,000,000	NGN		12,859,285
16%, 6/29/19		2,616,000,000	NGN		19,756,957
16.39%, 1/27/22		4,155,000,000	NGN		33,075,024

					120,687,270
*Peru–1.9%*
Peru (Republic of) Bonds, 7.35%, 7/21/25		27,875,000			40,530,250
Peru (Republic of) Sr. Unsec. Bonds:
6.95%, 8/12/31⁵		131,050,000	PEN		64,711,232
8.20%, 8/12/26⁵		85,175,000	PEN		46,895,470
Peru (Republic of) Sr. Unsec. Nts., 7.84%, 8/12/20⁵		128,105,000	PEN		63,377,471
Peru (Republic of) Sr. Unsec. Unsub. Bonds, 5.625%, 11/18/50		19,030,000			24,767,545

					240,281,968
*Philippines–0.1%*
Philippines (Republic of the) Sr. Unsec. Bonds, 5%, 1/13/37		5,760,000			7,020,000
Philippines (Republic of the) Sr. Unsec. Unsub. Bonds, 6.375%, 10/23/34		6,605,000			9,296,538

					16,316,538
*Poland–1.2%*
Poland (Republic of) Bonds:
5.25%, 10/25/20		139,210,000	PLZ		50,537,528
Series WS0922, 5.75%, 9/23/22		117,260,000	PLZ		44,444,993
Series 0415, 5.50%, 4/25/15		78,195,000	PLZ		26,598,982
Series 1017, 5.25%, 10/25/17		108,310,000	PLZ		38,170,059

					159,751,562


4				Oppenheimer International Bond Fund

STATEMENT OF INVESTMENTS December 31, 2012 (Unaudited)


	Principal Amount			Value
*Portugal–0.2%*
Portuguese (Republic) Sr. Unsec. Bonds:
4.10%, 4/15/37		11,440,000	EUR	$	10,141,675
4.95%, 10/25/23		8,805,000	EUR		9,950,371

					20,092,046
*Qatar–0.3%*
Qatar (State of) Sr. Nts., 5.25%, 1/20/20⁵		8,495,000			10,172,763
Qatar (State of) Sr. Unsec. Nts.:
5.75%, 1/20/42⁵		10,280,000			13,415,400
6.40%, 1/20/40⁵		7,360,000			10,327,552

					33,915,715
*Romania–0.3%*
Romania Sr. Unsec. Bonds, 6.75%, 2/7/22⁵		36,265,000			44,197,969
*Russia–3.5%*
Russian Federation Bonds:
7.50%, 3/15/18⁶		1,622,200,000	RUR		55,714,383
7.50%, 2/27/19⁶		2,015,900,000	RUR		69,578,638
7.60%, 4/14/21⁶		2,194,600,000	RUR		76,098,215
Series 6206, 7.40%, 6/14/17⁶		3,550,200,000	RUR		120,759,904
Russian Federation Unsec. Bonds:
5.625%, 4/4/42⁵		12,545,000			15,618,525
Series 9, 7.90%, 3/18/21⁶		398,800,000	RUR		13,040,102
Vnesheconombank Sr. Unsec. Bonds, Series 18, 8.693%, 9/17/32⁶		385,400,000	RUR		12,745,119
Vnesheconombank Via VEB Finance plc Sr. Unsec. Nts., 6.025%, 7/5/22⁵		36,955,000			43,144,963
Vnesheconombank Via VEB Finance plc Sr. Unsec. Unsub. Nts.:
6.80%, 11/22/25⁵		20,025,000			24,630,750
6.902%, 7/9/20⁵		12,615,000			15,422,468

					446,753,067
Serbia–0.1%
Serbia (Republic of) Sr. Unsec. Nts., 5.25%, 11/21/17⁵		11,660,000			12,155,550
Slovakia–0.2%
Slovakia (Republic of) Bonds, 4.375%, 5/21/22⁵		24,950,000			27,303,284
Slovenia–0.1%
Slovenia (Republic of) Sr. Unsec. Bonds, 5.50%, 10/26/22⁵		9,670,000			10,177,675
*South Africa–2.3%*
South Africa (Republic of) Bonds:
Series R208, 6.75%, 3/31/21		1,381,495,000	ZAR		166,932,343
Series R207, 7.25%, 1/15/20		1,065,430,000	ZAR		132,676,857

					299,609,200
*Spain–1.8%*
Comunidad De Madrid Sr. Unsec. Nts., 4.30%, 9/15/26		25,290,000	EUR		23,581,957
Instituto de Credito Oficial Sr. Unsec. Nts., 5%, 5/15/15		75,000,000	NOK		12,882,916
Spain (Kingdom of) Bonds:
5.50%, 7/30/17		48,470,000	EUR		67,842,645


5				Oppenheimer International Bond Fund

STATEMENT OF INVESTMENTS December 31, 2012 (Unaudited)


	Principal Amount			Value
5.85%, 1/31/22		52,895,000	EUR	$	72,957,537
Spain (Kingdom of) Sr. Unsec. Bonds, 4.30%, 10/31/19		27,205,000	EUR		35,316,945
Spain (Kingdom of) Unsec. Bonds, 3.30%, 10/31/14		13,260,000	EUR		17,639,511

					230,221,511
*Sri Lanka–0.2%*
Sri Lanka (Democratic Socialist Republic of) Sr. Unsec. Nts.:
6.25%, 10/4/20⁵		8,755,000			9,564,838
6.25% 7/27/21⁵		10,990,000			12,028,874

					21,593,712
The Netherlands–1.1%
Netherlands (Kingdom of the) Bonds, 4%, 7/15/19		90,315,000	EUR		142,505,411
*Turkey–7.0%*
Turkey (Republic of) Bonds:
6.875%, 3/17/36		18,150,000			24,570,563
7%, 3/11/19		8,515,000			10,620,334
9%, 3/5/14		337,955,000	TRY		196,546,042
9%, 3/8/17		369,355,000	TRY		227,437,130
9.50%, 1/12/22⁶		211,095,000	TRY		142,173,627
10.006%, 7/17/13⁴		186,775,000	TRY		101,419,364
10.50%, 1/15/20⁶		10,760,000	TRY		7,392,279
15.959%, 8/14/13³		21,120,000	TRY		17,468,499
Turkey (Republic of) Nts., 7.50%, 7/14/17		10,900,000			13,308,355
Turkey (Republic of) Unsec. Bonds:
5.396%, 2/11/15^3,6		20,680,000	TRY		15,599,064
6.25%, 9/26/22		20,630,000			25,766,870
7.50%, 9/24/14		131,050,000	TRY		75,315,459
Turkey (Republic of) Unsec. Nts.:
5.125%, 3/25/22		7,625,000			8,787,813
6%, 1/14/41		25,290,000			31,644,113

					898,049,512
*Ukraine–0.1%*
Ukraine (Republic of) Bonds, 7.75%, 9/23/20⁵		5,710,000			5,895,575
Ukraine (Republic of) Sr. Unsec. Nts., 7.95%, 2/23/21⁵		8,455,000			8,793,200

					14,688,775
*United Arab Emirates–0.4%*
Emirates of Dubai Sr. Unsec. International Bonds:
5.591%, 6/22/21		17,615,000			19,306,040
6.45%, 5/2/22		6,490,000			7,609,525
7.75%, 10/5/20		19,690,000			24,907,850

					51,823,415
*United Kingdom–2.6%*
United Kingdom Treasury Bonds:
3.75%, 9/7/21		29,120,000	GBP		55,579,753
4%, 9/7/16		57,810,000	GBP		105,731,756
4.75%, 12/7/38		80,370,000	GBP		172,336,394

					333,647,903


6				Oppenheimer International Bond Fund

STATEMENT OF INVESTMENTS December 31, 2012 (Unaudited)


	Principal Amount			Value
*Uruguay–0.6%*
Uruguay (Oriental Republic of) Bonds, 7.625%, 3/21/36	$	20,565,000		$	31,958,010
Uruguay (Oriental Republic of) Sr. Unsec. Bonds, 4.702%, 12/15/28³		489,300,000	UYU		33,500,597
Uruguay (Oriental Republic of) Unsec. Bonds, 8%, 11/18/22		8,843,907			12,885,573

					78,344,180
*Venezuela–1.2%*
Venezuela (Republic of) Bonds:
9%, 5/7/23		38,995,000			38,020,125
11.95%, 8/5/31		23,805,000			27,197,213
Venezuela (Republic of) Nts., 8.25%, 10/13/24		15,200,000			14,060,000
Venezuela (Republic of) Sr. Unsec. Bonds, 11.75%, 10/21/26		6,470,000			7,327,275
Venezuela (Republic of) Sr. Unsec. Unsub. Nts., 12.75%, 8/23/22		7,900,000			9,243,000
Venezuela (Republic of) Unsec. Bonds:
7%, 3/31/38		15,685,000			12,626,425
7.65%, 4/21/25		25,680,000			22,726,800
Venezuela (Republic of) Unsec. Nts., 13.625%, 8/15/18⁵		21,165,000			24,022,275

					155,223,113

Total Foreign Government Obligations (Cost $8,386,037,814)					8,788,245,435
Loan Participations–0.1%
Angola (Republic of) Sr. Unsec. Nts., 7%, 8/16/19 (Cost $14,897,692)		13,530,000			15,018,300
Corporate Bonds and Notes–22.2%
Consumer Discretionary–0.1%
*Automobiles–0.1%*
Jaguar Land Rover plc, 8.25% Sr. Nts., 3/15/20⁵		8,855,000	GBP		16,029,810
Consumer Staples–0.2%
*Beverages–0.1%*
AmBev International Finance Co. Ltd., 9.50% Sr. Unsec. Unsub. Nts., 7/24/17⁶		11,985,000	BRR		6,621,749
*Food Products–0.1%*
MHP SA, 10.25% Sr. Unsec. Nts., 4/29/15⁵		21,645,000			22,997,813
Energy–4.8%
*Energy Equipment & Services–0.1%*
QGOG Constellation SA, 6.25% Sr. Unsec. Nts., 11/9/19⁵		8,810,000			9,206,450
*Oil, Gas & Consumable Fuels–4.7%*
Alliance Oil Co. Ltd., 9.875% Sr. Unsec. Nts., 3/11/15⁵		13,710,000			15,085,799
Empresa Nacional del Petroleo, 4.75% Sr. Unsec. Unsub. Nts., 12/6/21⁵		1,290,000			1,387,431
Gaz Capital SA:
7.288% Sr. Sec. Nts., 8/16/37⁵		29,490,000			38,552,277
8.146% Sr. Sec. Nts., 4/11/18⁵		28,435,000			35,216,748
8.625% Sr. Sec. Nts., 4/28/34⁵		18,065,000			26,088,931
9.25% Sr. Unsec. Unsub. Nts., 4/23/19⁵		39,115,000			51,974,056
Gazprom Neft OAO Via GPN Capital SA, 4.375% Sr. Unsec. Nts., 9/19/22⁵		22,000,000			22,605,000


7				Oppenheimer International Bond Fund

STATEMENT OF INVESTMENTS December 31, 2012 (Unaudited)


	Principal Amount			Value
*Oil, Gas & Consumable Fuels Continued*
Gazprom OAO Via Gaz Capital SA, 4.95% Sr. Unsec. Nts., 7/19/22⁵	$	15,780,000		$	17,010,840
KazMunayGaz National Co., 6.375% Sr. Unsec. Bonds, 4/9/21⁵		13,930,000			17,116,488
KMG Finance Sub BV, 9.125% Sr. Unsec. Unsub. Nts., 7/2/18⁵		25,110,000			33,302,138
Lukoil International Finance BV:
6.125% Sr. Unsec. Nts., 11/9/20⁵		28,200,000			32,747,250
6.656% Sr. Unsec. Unsub. Bonds, 6/7/22⁵		20,000,000			24,450,000
7.25% Sr. Unsec. Unsub. Nts., 11/5/19⁵		6,555,000			8,046,263
Novatek OAO via Novatek Finance Ltd., 4.422% Sr. Unsec. Nts., 12/13/22⁵		23,970,000			24,140,379
Odebrecht Drilling Norbe VIII/IX Ltd., 6.35% Sr. Sec. Nts., 6/30/21⁵		5,073,950			5,720,879
Pemex Project Funding Master Trust, 6.625% Unsec. Unsub. Bonds, 6/15/35		32,350,000			41,246,250
Pertamina Persero PT:
5.25% Nts., 5/23/21⁵		11,670,000			13,128,750
6% Sr. Unsec. Nts., 5/3/42⁵		11,880,000			13,439,250
6.50% Sr. Unsec. Nts., 5/27/41⁵		8,770,000			10,480,150
Petroleos de Venezuela SA:
5.125% Sr. Unsec. Nts., 10/28/16		5,255,000			4,624,400
8.50% Sr. Nts., 11/2/17⁵		24,460,000			24,215,400
12.75% Sr. Unsec. Nts., 2/17/22⁵		14,380,000			16,199,070
Petroleos Mexicanos:
5.50% Sr. Unsec. Unsub. Nts., 1/21/21		14,750,000			17,309,125
5.50% Sr. Unsec. Unsub. Nts., 6/27/44		32,350,000			35,665,875
6% Sr. Unsec. Unsub. Nts., 3/5/20		17,895,000			21,474,000
Petroleum Co. of Trinidad & Tobago Ltd., 9.75% Sr. Unsec. Nts., 8/14/19⁵		21,160,000			28,333,240
Rosneft Oil Co. via Rosneft International Finance Ltd., 4.199% Sr. Unsec. Nts., 3/6/22⁵		11,160,000			11,383,200
Schahin II Finance Co. SPV Ltd., 5.875% Sr. Sec. Unsub. Nts., 9/25/22⁵		17,860,000			19,110,200
Tengizchevroil LLP, 6.124% Nts., 11/15/14⁵		3,682,637			3,832,631

					613,886,020
Financials–9.0%
*Capital Markets–0.4%*
Banco BTG Pactual SA (Cayman), 5.75% Unsec. Sub. Nts., 9/28/22⁵		12,030,000			12,360,825
Deutsche Bank Capital Funding Trust IV, 5.33% Unsec. Sub. Nts., 9/19/49⁶		11,000,000	EUR		11,689,388
UBS AG (Jersey Branch):
4.28% Unsec. Sub. Nts., 4/29/49		6,195,000	EUR		7,849,709
7.152% Unsec. Sub. Nts., 12/29/49		4,420,000	EUR		6,373,254
UBS Capital Securities Jersey Ltd., 8.836% Sub. Nts., 4/29/49		8,840,000	EUR		11,843,453

					50,116,629
*Commercial Banks–6.9%*
Alfa Bank/Alfa Bond Issuance plc, 7.875% Nts., 9/25/17⁵		14,505,000			16,245,600


8				Oppenheimer International Bond Fund

STATEMENT OF INVESTMENTS December 31, 2012 (Unaudited)


	Principal Amount			Value
*Commercial Banks Continued*
Banco Bilbao Vizcaya Argentaria SA, 4% Sec. Nts., 2/25/25		6,280,000	EUR	$	8,008,965
Banco BMG SA:
8.875% Unsec. Sub. Nts., 8/5/20⁵		3,140,000			2,433,500
9.15% Nts., 1/15/16⁵		9,220,000			9,081,700
9.95% Unsec. Unsub. Nts., 11/5/19⁵		9,060,000			7,565,100
Banco do Brasil SA (Cayman):
3.875% Sr. Unsec. Nts., 10/10/22		11,275,000			11,387,750
9.25% Perpetual Jr. Sub. Bonds^5,7		62,000,000			77,035,000
Banco do Estado do Rio Grande do Sul SA, 7.375% Sub Nts., 2/2/22⁵		26,015,000			28,616,500
Banco Santander Mexico SA, 4.125% Sr. Unsec. Nts., 11/9/22⁵		17,155,000			17,498,100
Bancolombia SA, 5.125% Unsec. Sub. Nts., 9/11/22		11,430,000			11,944,350
Bank of Scotland plc:
4.875% Sr. Sec. Nts., 12/20/24		7,625,000	GBP		14,805,969
4.875% Sr. Sec. Unsub. Nts., 11/8/16		4,535,000	GBP		8,364,993
Barclays Bank plc:
4.75% Sub. Nts., 3/15/49		12,320,000	EUR		12,496,767
6% Sr. Unsec. Sub. Nts., 1/14/21		3,535,000	EUR		5,292,608
BBVA Banco Continental SA, 5% Sr. Unsec. Nts., 8/26/22⁵		8,585,000			9,185,950
BBVA US Senior SAU, 4.664% Sr. Unsec. Nts., 10/9/15		22,010,000			22,580,059
BOM Capital plc, 6.699% Sr. Unsec. Nts., 3/11/15⁵		32,600,000			34,637,500
Caixa Economica Federal, 2.375% Sr. Unsec. Nts., 11/6/17⁵		16,145,000			16,064,275
Corp Andina de Fomento, 4.375% Sr. Unsec. Unsub. Nts., 6/15/22		13,150,000			14,288,580
Corp Financiera de Desarrollo SA, 4.75% Sr. Unsec. Nts., 2/8/22⁵		19,415,000			21,405,038
EUROFIMA Bonds, 6.25%, 12/28/18		31,010,000	AUD		35,575,375
Grupo Aval Ltd., 4.75% Sr. Unsec. Nts., 9/26/22⁵		11,455,000			11,626,825
Halyk Savings Bank of Kazakhstan JSC, 7.25% Unsec. Unsub. Nts., 5/3/17⁵		4,745,000			5,214,755
ICICI Bank Ltd., 6.375% Bonds, 4/30/22^5,6		12,290,000			12,458,988
Lloyds TSB Bank plc:
6% Sr. Sec. Nts., 2/8/29		13,525,000	GBP		29,037,192
11.875% Unsec. Sub. Nts., 12/16/21		22,105,000	EUR		36,763,568
Norddeutsche Landesbank Girozentrale, 0.875% Sec. Nts., 10/16/15⁵		17,590,000			17,638,161
PKO Finance AB, 4.63% Sr. Unsec. Nts., 9/26/22⁵		18,000,000			18,990,000
Royal Bank of Scotland NV, 6.50% Unsec. Sub. Nts., 5/17/18⁶		8,795,000	AUD		7,954,782
Royal Bank of Scotland plc (The):
2.375% Sr. Unsec. Sub. Nts., 11/2/15		2,650,000	CHF		2,779,439
13.125% Unsec. Sub. Nts., 3/19/22		10,550,000	AUD		13,112,623
Sberbank of Russia Via SB Capital SA:
5.125% Sub. Nts., 10/29/22⁵		22,470,000			23,003,663
5.40% Sr. Unsec. Nts., 3/24/17		6,765,000			7,412,072
6.125% Sr. Nts., 2/7/22⁵		22,380,000			25,625,100
Societe Generale SA, 2.75% Sr. Unsec. Nts., 10/12/17		17,610,000			17,926,857
Sparebank 1 Boligkreditt AS, 1.75% Sec. Nts., 11/15/19⁵		21,960,000			21,707,460


9				Oppenheimer International Bond Fund

STATEMENT OF INVESTMENTS December 31, 2012 (Unaudited)


	Principal Amount			Value
*Commercial Banks Continued*
Stadshypotek AB:
1.875% Sec. Nts., 10/2/19⁵	$	22,010,000		$	22,016,471
6% Sec. Unsub. Bonds, 6/21/17		169,680,000	SEK		30,746,857
State Bank of India (London), 4.125% Sr. Unsec. Unsub. Nts., 8/1/17⁵		20,525,000			21,151,587
Sumitomo Mitsui Banking Corp., 1.80% Sr. Unsec. Nts., 7/18/17		13,250,000			13,512,363
Toronto-Dominion Bank (The), 1.50% Sec. Bonds, 3/13/17⁵		18,130,000			18,568,873
Turkiye Halk Bankasi AS, 4.875% Sr. Unsec. Nts., 7/19/17⁵		10,250,000			10,967,500
Turkiye Is Bankasi:
3.875% Sr. Unsec. Nts., 11/7/17⁵		13,970,000			14,298,295
6% Sub. Nts., 10/24/22⁵		23,865,000			25,267,069
VTB Bank OJSC Via VTB Capital SA, 6.95% Sub. Nts., 10/17/22⁵		38,455,000			41,531,400
VTB Capital SA:
6.315% Nts., 2/22/18⁵		6,560,000			7,224,528
6.465% Sr. Sec. Unsub. Nts., 3/4/15⁵		6,640,000			7,144,640
Westpac Banking Corp., 1.25% Sec. Nts., 12/15/17⁵		17,570,000			17,561,443
Yapi ve Kredi Bankasi AS:
5.50% Unsec. Sub. Nts., 12/6/22⁵		8,925,000			9,014,250
6.75% Sr. Unsec. Nts., 2/8/17⁵		9,315,000			10,479,375

					885,249,815
*Consumer Finance–0.0%*
JSC Astana Finance, 9.16% Nts., 3/14/12⁸		14,000,000			1,050,000
*Diversified Financial Services–1.5%*
Autopistas del Nordeste Cayman Ltd., 9.39% Nts., 1/15/26⁵		18,487,974			19,429,012
Banco Invex SA, 31.938% Mtg.-Backed Certificates, Series 062U, 3/13/34^3,8		27,603,725	MXN		1,378,677
Caisse Centrale Desjardins du Quebec, 1.60% Sec. Bonds, 3/6/17⁵		18,125,000			18,605,385
Caixa Economica Federal, 3.50% Sr. Unsec. Nts., 11/7/22⁵		12,915,000			13,141,013
Export Credit Bank of Turkey, 5.875% Sr. Unsec. Nts., 4/24/19⁵		19,085,000			21,785,528
ING Bank NV, 2.625% Sr. Sec. Nts., 12/5/22⁵		35,115,000			34,866,386
Instituto de Credito Oficial:
5% Sr. Unsec. Unsub. Nts., 11/14/16		22,550,000			22,883,627
5% Sr. Unsec. Unsub. Nts., 4/10/17		44,235,000			44,798,112
JPMorgan Hipotecaria su Casita:
8.293% Sec. Nts., 8/26/35^3,9		34,101,099	MXN		263,812
29.71% Mtg.-Backed Certificates, Series 06U, 9/25/35^3,6		9,557,194	MXN		1,406,535
Magyar Export-Import Bank RT, 5.50% Sr. Unsec. Nts., 2/12/18⁵		8,755,000			8,864,438
Rabobank Capital Funding Trust IV, 5.556% Unsec. Sub. Nts., 10/29/49⁵		7,030,000	GBP		11,501,386

					198,923,911
*Insurance–0.0%*
Swiss Reinsurance Co. via ELM BV, 4.455% Sr. Sec. Sub. Nts., 5/25/49⁶		4,405,000	AUD		3,999,910


10				Oppenheimer International Bond Fund

STATEMENT OF INVESTMENTS December 31, 2012 (Unaudited)


	Principal Amount			Value
*Real Estate Management & Development–0.1%*
BR Malls International Finance Ltd., 8.50% Sr. Unsec. Unsub. Nts., 1/29/49⁵	$	5,910,000		$	6,530,550
*Thrifts & Mortgage Finance–0.1%*
Credit Mutuel/CIC Home Loan SFH, 1.50% Sec. Nts., 11/16/17⁵		13,175,000			13,069,811
Industrials–0.8%
*Aerospace & Defense–0.1%*
Embraer SA, 5.15% Sr. Unsec. Unsub. Nts., 6/15/22		10,320,000			11,326,200
*Construction & Engineering–0.5%*
IIRSA Norte Finance Ltd., 8.75% Sr. Nts., 5/30/24⁹		13,937,286			17,195,824
OAS Investments GmbH, 8.25% Sr. Nts., 10/19/19⁵		7,080,000			7,522,500
Odebrecht Finance Ltd.:
6% Sr. Unsec. Unsub. Nts., 4/5/23⁵		9,238,000			10,727,628
7.125% Sr. Nts., 6/26/42⁵		23,550,000			27,435,750

					62,881,702
*Industrial Conglomerates–0.1%*
GE Capital Australia Funding Pty Ltd., 7% Bonds, 10/8/15		20,805,000	AUD		23,380,147
*Road & Rail–0.1%*
Kazakhstan Temir Zholy Finance BV, 6.375% Sr. Unsec. Nts., 10/6/20⁵		7,250,000			8,808,750
Materials–2.0%
*Chemicals–0.3%*
Braskem Finance Ltd.:
5.375% Sr. Unsec. Nts., 5/2/22⁵		22,300,000			23,136,250
5.75% Sr. Unsec. Nts., 4/15/21⁵		9,000,000			9,517,500
Mexichem SAB de CV:
4.875% Sr. Unsec. Nts., 9/19/22⁵		5,735,000			6,193,800
6.75% Sr. Unsec. Nts., 9/19/42⁵		4,590,000			5,163,750

					44,011,300
*Construction Materials–0.3%*
CEMEX Espana Luxembourg, 9.875% Sr. Sec. Nts., 4/30/19⁵		13,650,000			15,288,000
CEMEX Finance LLC, 9.375% Sr. Sec. Nts., 10/12/22⁵		11,845,000			13,384,850
CEMEX SAB de CV, 9% Sr. Sec. Nts., 1/11/18⁵		9,035,000			9,825,563

					38,498,413
*Metals & Mining–1.4%*
Alrosa Co. Ltd., 8.25% Sr. Unsec. Nts., 6/23/15⁶		182,270,000	RUR		5,992,741
Alrosa Finance SA, 7.75% Nts., 11/3/20⁵		21,540,000			25,094,100
Consolidated Minerals Ltd., 8.875% Sr. Sec. Nts., 5/1/16⁵		9,050,000			7,828,250
CSN Islands XI Corp., 6.875% Sr. Unsec. Nts., 9/21/19⁵		8,655,000			9,736,875
CSN Resources SA, 6.50% Sr. Unsec. Unsub. Nts., 7/21/20⁵		24,425,000			26,623,250
Ferrexpo Finance plc, 7.875% Sr. Unsec. Bonds, 4/7/16⁵		10,305,000			10,047,375
Gerdau Holdings, Inc., 7% Sr. Unsec. Nts., 1/20/20⁵		5,000,000			5,837,500
Gerdau Trade, Inc., 5.75% Sr. Unsec. Nts., 1/30/21⁵		13,000,000			14,365,000
Mexico Generadora de Energia S de RL, 5.50% Sr. Sec. Nts., 12/6/32⁵		6,695,000			7,079,963
Novolipetsk Steel OJSC, 4.95% Nts., 9/26/19⁵		11,455,000			11,644,981


11				Oppenheimer International Bond Fund

STATEMENT OF INVESTMENTS December 31, 2012 (Unaudited)


	Principal Amount			Value
*Metals & Mining Continued*
Samarco Mineracao SA, 4.125% Sr. Unsec. Nts., 11/1/22⁵	$	11,170,000		$	11,393,400
Severstal OAO Via Steel Capital SA, 5.90% Sr. Unsec. Nts., 10/17/22⁵		14,810,000			15,013,638
Vale SA, 5.625% Sr. Unsec. Nts., 9/11/42		25,000,000			27,188,025

					177,845,098
Telecommunication Services–2.4%
*Diversified Telecommunication Services–1.0%*
Brasil Telecom SA:
5.75% Sr. Unsec. Nts., 2/10/22⁵		25,000,000			26,125,000
9.75% Sr. Unsec. Nts., 9/15/16⁵		30,440,000	BRR		15,684,591
Colombia Telecomunicaciones SA ESP, 5.375% Sr. Unsec. Nts., 9/27/22⁵		9,020,000			9,189,125
Telefonica Chile SA, 3.875% Sr. Unsec. Nts., 10/12/22⁵		10,145,000			10,166,639
Telemar Norte Leste SA, 5.50% Sr. Unsec. Nts., 10/23/20⁵		39,615,000			41,397,675
Wind Acquisition Finance SA, 7.25% Sr. Sec. Nts., 2/15/18⁵		20,000,000			20,350,000

					122,913,030
*Wireless Telecommunication Services–1.4%*
America Movil SAB de CV:
6.45% Sr. Unsec. Nts., 12/5/22		256,800,000	MXN		20,491,334
8.46% Sr. Unsec. Unsub. Bonds, 12/18/36		140,800,000	MXN		12,047,205
Digicel Group Ltd., 8.25% Sr. Unsec. Nts., 9/30/20⁵		9,000,000			9,945,000
MTS International Funding Ltd., 8.625% Sr. Unsec. Nts., 6/22/20⁵		16,520,000			20,918,450
Vimpel Communications:
8.85% Sr. Unsec. Nts., 3/8/22⁶		199,300,000	RUR		6,551,029
8.85% Sr. Unsec. Nts., 3/8/22⁶		199,300,000	RUR		6,547,767
Vimpel Communications/VIP Finance Ireland Ltd. OJSC:
7.748% Sec. Nts., 2/2/21⁵		11,255,000			13,027,663
9.125% Sr. Unsec. Nts., 4/30/18⁵		40,185,000			48,875,006
VimpelCom, 7.504% Sr. Unsec. Unsub. Nts., 3/1/22⁵		25,585,000			29,390,769
Wind Acquisition Finance SA, 11.75% Sr. Sec. Nts., 7/15/17⁵		16,010,000			16,850,525

					184,644,748
Utilities–2.9%
*Electric Utilities–2.2%*
Dubai Electricity & Water Authority, 7.375% Sr. Unsec. Unsub. Nts., 10/21/20⁵		17,890,000			22,094,150
Empresa Distribuidora y Comercializadora Norte SA, 9.75% Nts., 10/25/22⁵		6,530,000			2,938,500
Empresas Publicas de Medellin ESP, 7.625% Sr. Unsec. Nts., 7/29/19⁵		12,635,000			15,920,100
Eskom Holdings Ltd.:
7.85% Sr. Unsec. Unsub. Nts., Series ES26, 4/2/26		294,000,000	ZAR		34,786,781
10% Nts., Series ES23, 1/25/23		368,000,000	ZAR		52,141,227
Israel Electric Corp. Ltd.:
6.70% Sr. Unsec. Nts., 2/10/17⁵		11,170,000			12,070,972
7.25% Nts., 1/15/19⁵		68,215,000			74,155,640


12				Oppenheimer International Bond Fund

STATEMENT OF INVESTMENTS December 31, 2012 (Unaudited)


	Principal Amount			Value
*Electric Utilities Continued*
Majapahit Holding BV:
7.75% Nts., 10/17/16⁵	$	13,760,000		$	16,322,800
8% Sr. Unsec. Nts., 8/7/19⁵		10,500,000			13,335,000
National Power Corp., 5.875% Unsec. Unsub. Bonds, 12/19/16		665,100,000	PHP		17,394,354
Perusahaan Listrik Negara PT, 5.50% Sr. Unsec. Nts., 11/22/21⁵		17,710,000			20,100,850

					281,260,374
*Energy Traders–0.4%*
Colbun SA, 6% Sr. Unsec. Nts., 1/21/20⁵		19,890,000			22,205,335
Comision Federal de Electricidad, 4.875% Sr. Nts., 5/26/21⁵		15,005,000			17,143,213
Perusahaan Listrik Negara PT, 5.25% Sr. Unsec. Nts., 10/24/42⁵		12,675,000			13,118,625

					52,467,173
*Gas Utilities–0.2%*
Empresa de Energia de Bogota SA ESP, 6.125% Sr. Unsec. Unsub. Nts., 11/10/21⁵		8,760,000			9,876,900
Transportadora de Gas Internacional SA ESP, 5.70% Sr. Unsec. Nts., 3/20/22⁵		12,755,000			14,158,050

					24,034,950
*Multi-Utilities–0.1%*
Abu Dhabi National Energy Co., 3.625% Sr. Unsec. Unsub. Nts., 1/12/23⁵		8,380,000			8,673,300

Total Corporate Bonds and Notes (Cost $2,692,481,388)					2,868,427,653
Corporate Loans–0.0%
Hallertau SPC, Sr. Sec. Credit Facilities Term Loan, 7.94%, 9/17/13⁸ (Cost $5,543,125)		15,837,500			5,493,909
Structured Securities–3.7%
Citigroup Global Markets Holdings, Inc.:
Colombia (Republic of) Credit Linked Bonds, 11.25%, 10/25/18⁹		11,920,000,000	COP		8,768,681
Colombia (Republic of) Credit Linked Nts., Series 2, 10%, 7/25/24		86,317,000,000	COP		66,463,260
Colombia (Republic of) Credit Linked Nts., Series 2, 10%, 7/25/24⁹		6,450,000,000	COP		4,966,438
Colombia (Republic of) Total Return Linked Bonds, Series 2, 11%, 7/27/20		26,964,000,000	COP		20,593,629
Credit Suisse First Boston International, Moitk Total Return Linked Nts., 21%, 3/30/11⁸		220,242,600	RUR		—
Credit Suisse First Boston, Inc. (Nassau Branch), Russian Specialized Construction & Installation Administration Total Return Linked Nts., 13%, 5/24/10⁸		64,600,000	RUR		—
Deutsche Bank AG:
Coriolanus Ltd. Sec. Credit Linked Bonds, Series 128, 3.006%, 5/6/25^4,9		4,129,672			2,986,691
Coriolanus Ltd. Sec. Credit Linked Bonds, 3.061%, 5/6/25^4,9		5,261,837			3,805,503
Coriolanus Ltd. Sec. Credit Linked Bonds, 3.10%, 5/6/25^4,9		4,542,753			3,285,442
Coriolanus Ltd. Sec. Credit Linked Bonds, 3.134%, 5/6/25^4,9		4,060,649			2,936,771
Coriolanus Ltd. Sec. Credit Linked Bonds, 3.187%, 5/6/25^4,9		5,055,838			3,656,519


13				Oppenheimer International Bond Fund

STATEMENT OF INVESTMENTS December 31, 2012 (Unaudited)


	Principal Amount			Value
Coriolanus Ltd. Sec. Credit Linked Bonds, 3.239%, 5/6/25^4,9	$	5,770,471		$	4,173,361
Coriolanus Ltd. Sec. Credit Linked Bonds, 3.266%, 5/6/25^4,9		4,609,931			3,334,027
Coriolanus Ltd. Sec. Credit Linked Bonds, 3.343%, 5/6/25^4,9		4,333,139			3,133,844
Opic Reforma I Credit Linked Nts., Cl. 2A, 8.34%, 5/22/15^6,9		1,273,571	MXN		92,841
Opic Reforma I Credit Linked Nts., Cl. 2B, 8.34%, 5/22/15^6,9		2,228,143	MXN		162,427
Opic Reforma I Credit Linked Nts., Cl. 2C, 8.34%, 5/22/15^6,9		33,594,990	MXN		2,449,004
Opic Reforma I Credit Linked Nts., Cl. 2D, 8.34%, 5/22/15^6,9		2,448,357	MXN		178,480
Opic Reforma I Credit Linked Nts., Cl. 2E, 8.34%, 5/22/15^6,9		1,778,777	MXN		129,669
Opic Reforma I Credit Linked Nts., Cl. 2F, 8.34%, 5/22/15^6,9		1,136,016	MXN		82,813
Opic Reforma I Credit Linked Nts., Cl. 2G, 8.34%, 5/22/15^6,9		209,208	MXN		15,251
Goldman Sachs Capital Markets LP, Colombia (Republic of) Credit Linked Nts., Cl. B, 10%, 7/30/24⁹		105,210,000,000	COP		81,006,341
Goldman Sachs Group, Inc. (The), United Mexican States Credit Linked Nts., 9.05%, 2/8/37^4,9		2,839,000,000	MXN		22,006,901
Hallertau SPC Credit Linked Nts.:
Series 2007-01, 2.559%, 12/20/17^6,9		42,470,000			39,072,400
Series 2008-01, 9.888%, 8/2/10^4,8,9		63,164,246	BRR		—
HSBC Bank plc, Serbia (Republic of) Credit Linked Nts., 12.168%, 6/16/14^4,5		1,287,000,000	RSD		12,662,254
JPMorgan Chase & Co.:
Colombia (Republic of) Credit Linked Bonds, 10.19%, 1/5/16^4,9		68,635,000,000	COP		33,284,285
Colombia (Republic of) Credit Linked Bonds, 10.218%, 10/31/16^4,9		90,697,000,000	COP		41,960,836
Colombia (Republic of) Credit Linked Nts., 11%, 7/28/20⁹		12,645,000,000	COP		9,657,288
Colombia (Republic of) Credit Linked Nts., Series 2, 11%, 7/28/20⁹		45,193,500,000	COP		34,515,353
LB Peru Trust II Certificates, Series 1998-A, 3.796%, 2/28/16^4,8		1,426,420			142,642
Merrill Lynch, Colombia (Republic of) Credit Linked Nts., 10%, 11/17/16⁹		13,289,000,000	COP		8,468,259
Morgan Stanley:
Peru (Republic of) Credit Linked Nts., 6.25%, 3/23/17⁹		26,120,000	PEN		10,121,564
Russian Federation Total Return Linked Bonds, Series 007, Cl. VR, 5%, 8/22/34		252,396,356	RUR		3,946,477
Morgan Stanley Capital Services, Inc.:
Brazil (Federative Republic of) Credit Linked Nts., 12.551%, 1/5/22^4,9		173,500,000	BRR		24,573,871
United Mexican States Credit Linked Nts., 5.64%, 11/20/15⁹		11,760,000			11,228,448
Standard Bank plc:
Serbia (Republic of) Credit Linked Nts., 11.30%, 1/7/14^4,9,13		318,000,000	RSD		3,333,695
Serbia (Republic of) Credit Linked Nts., 12.405%, 2/3/14^4,9		317,000,000	RSD		3,293,754

Total Structured Securities (Cost $465,301,676)					470,489,019

Expiration
Date

Strike
Price

Contracts

Options Purchased–0.5%

Brazilian Real (BRR) Call¹⁰

1/15/13

1USD per 2.041

BRR

204,100,000

539,310

Brazilian Real (BRR) Call¹⁰

1/15/13

1USD per 2.041

BRR

204,100,000

539,310

Brazilian Real (BRR) Call¹⁰

2/7/13

1USD per 2.021

BRR

130,090,000

314,031


14				Oppenheimer International Bond Fund

STATEMENT OF INVESTMENTS December 31, 2012 (Unaudited)

Expiration
Date

Strike
Price

Contracts

Value

Canadian Dollar (CAD) Put¹⁰

3/21/13

1AUD per 1.030

CAD

50,000,000

269,416

Canadian Dollar (CAD) Put¹⁰

3/21/13

1AUD per 1.009

CAD

50,000,000

245,608

Euro (EUR) Call¹⁰

1/18/13

1EUR per 1.330

USD

68,700,000

365,548

Euro (EUR) Call¹⁰

2/28/13

1EUR per 1.254

AUD

87,810,000

1,102,261

Euro (EUR) Call¹⁰

3/11/13

1EUR per 1.335

USD

150,000,000

1,867,935

Euro (EUR) Call¹⁰

3/11/13

1EUR per 1.335

USD

150,000,000

1,867,935

Euro (EUR) Call¹⁰

3/14/13

1EUR per 1.352

USD

100,000,000

756,304

Euro (EUR) FX Futures, 3/18/13 Call¹⁰

1/7/13

1.340

293

51,275

Euro (EUR) FX Futures, 3/18/13 Call¹⁰

1/7/13

1.350

167

9,394

Euro (EUR) FX Futures, 3/18/13 Call¹⁰

1/7/13

1.370

167

1,044

Euro (EUR) Put¹⁰

1/3/13

1EUR per 1.275

USD

250,000,000

Euro (EUR) Put¹⁰

2/5/13

1EUR per 2.275

TRY

138,175,000

13,056

Euro (EUR) Put¹⁰

2/5/13

1EUR per 1.150

USD

150,000,000

—

Euro (EUR) Put¹⁰

2/5/13

1EUR per 1.250

USD

300,000,000

109,191

Euro (EUR) Put¹⁰

2/11/13

1EUR per 1.265

USD

150,000,000

229,281

Euro (EUR) Put¹⁰

2/21/13

1EUR per 1.555

SGD

35,000,000

66,141

Euro (EUR) Put¹⁰

5/9/13

1EUR per 1.265

USD

150,000,000

1,382,468

Euro (EUR) Put¹⁰

5/9/13

1EUR per 1.265

USD

100,000,000

921,645

Euro (EUR) Put¹⁰

7/8/13

1EUR per 1.234

USD

125,000,000

1,067,755

Euro (EUR) Put¹⁰

7/10/13

1EUR per 1.232

USD

125,000,000

1,049,901

Euro (EUR) Put¹⁰

7/24/13

1EUR per 1.213

USD

125,000,000

862,963

Euro (EUR) Put¹⁰

7/30/13

1EUR per 1.230

USD

125,000,000

1,186,568

Indian Rupee (INR) Call¹⁰

1/3/13

1USD per 51.850

INR

6,611,050,000

—

Indian Rupee (INR) Call¹⁰

1/10/13

1USD per 53.000

INR

1,383,440,785

1,826

Indian Rupee (INR) Call¹⁰

4/18/13

1USD per 53.500

INR

1,399,060,000

154,834

Japan Bonds Futures, 10 yr., 3/11/13 Put¹⁰

3/1/13

144.000

JPY

304,727

Japanese Yen (JPY) Call¹⁰

1/18/13

1USD per 83.000

JPY

13,695,000,000

17,667

Japanese Yen (JPY) Call¹⁰

1/25/13

1USD per 79.500

JPY

11,445,000,000

114

Japanese Yen (JPY) Call¹⁰

2/5/13

1USD per 80.000

JPY

2,814,000,000

704

Japanese Yen (JPY) Call¹⁰

2/15/13

1USD per 83.000

JPY

14,593,000,000

218,895

Japanese Yen (JPY) Call¹⁰

2/15/13

1USD per 79.500

JPY

11,925,000,000

4,770

Japanese Yen (JPY) Call¹⁰

2/15/13

1USD per 80.500

JPY

8,050,000,000

10,707

Japanese Yen (JPY) Call¹⁰

2/15/13

1USD per 84.000

JPY

12,600,000,000

396,396

Japanese Yen (JPY) Call¹⁰

2/15/13

1USD per 84.000

JPY

12,600,000,000

396,396

Japanese Yen (JPY) Call¹⁰

2/22/13

1USD per 84.000

JPY

7,384,160,000

287,982

Japanese Yen (JPY) Call¹⁰

2/22/13

1USD per 84.000

JPY

21,000,000,000

800,730

Japanese Yen (JPY) Call¹⁰

3/14/13

1USD per 81.000

JPY

12,150,000,000

104,612

Japanese Yen (JPY) Call¹⁰

3/14/13

1NZD per 72.600

JPY

75,000,000

828,981

Japanese Yen (JPY) Call¹⁰

3/15/13

1NZD per 72.500

JPY

75,000,000

607,552


15				Oppenheimer International Bond Fund

STATEMENT OF INVESTMENTS December 31, 2012 (Unaudited)


	Expiration Date		Strike Price			Contracts		Value
Japanese Yen (JPY) Futures, 3/18/13 Call¹⁰		1/7/13	$	121.000			487	$	3,044
Japanese Yen (JPY) Futures, 3/18/13 Call¹⁰		1/7/13		121.500			246		1,538
Japanese Yen (JPY) Futures, 3/18/13 Call¹⁰		1/7/13		123.500			245		1,531
Japanese Yen (JPY) Futures, 3/18/13 Put¹⁰		1/7/13		113.500			183		13,725
Japanese Yen (JPY) Futures, 3/18/13 Put¹⁰		1/7/13		115.000			464		185,600
Japanese Yen (JPY) Futures, 3/18/13 Put¹⁰		1/7/13		116.500			67		97,988
Japanese Yen (JPY) Futures, 3/18/13 Put¹⁰		1/7/13		117.500			1		2,550
Japanese Yen (JPY) Futures, 3/18/13 Put¹⁰		1/7/13		118.500			48		180,600
Japanese Yen (JPY) Futures, 3/18/13 Put¹⁰		1/7/13		119.000			48		210,600
Japanese Yen (JPY) Put¹⁰		2/22/13		1USD per 83.000	JPY		8,300,000,000		4,466,313
Japanese Yen (JPY) Put¹⁰		3/7/13		1USD per 84.100	JPY		10,512,500,000		4,355,644
Japanese Yen (JPY) Put¹⁰		3/15/13		1USD per 85.000	JPY		12,750,000,000		4,200,743
Japanese Yen (JPY) Put¹⁰		3/15/13		1USD per 85.000	JPY		8,500,000,000		2,800,495
Japanese Yen (JPY) Put¹⁰		3/18/13		1USD per 85.000	JPY		16,820,000,000		5,599,378
Japanese Yen (JPY) Put¹⁰		3/18/13		1USD per 85.250	JPY		8,525,000,000		2,640,960
Japanese Yen (JPY) Put¹⁰		3/18/13		1USD per 86.500	JPY		17,300,000,000		3,649,435
Japanese Yen (JPY) Put¹⁰		3/29/13		1USD per 85.000	JPY		7,283,000,000		2,513,727
Japanese Yen (JPY) Put¹⁰		5/9/13		1USD per 86.500	JPY		8,650,000,000		2,350,638
Japanese Yen (JPY) Put¹⁰		5/9/13		1USD per 93.500	JPY		9,350,000,000		460,862
Japanese Yen (JPY) Put¹⁰		5/31/13		1USD per 82.000	JPY		2,189,500,806		1,594,285
Mexican Nuevo Peso (MXN) Call¹⁰		1/10/13		1USD per 12.550	MXN		1,614,600,000		96,537
Mexican Nuevo Peso (MXN) Call¹⁰		1/10/13		1USD per 12.550	MXN		807,250,000		48,265
Mexican Nuevo Peso (MXN) Call¹⁰		1/10/13		1USD per 12.610	MXN		1,576,250,000		154,536
Mexican Nuevo Peso (MXN) Call¹⁰		1/10/13		1USD per 12.590	MXN		1,573,750,000		132,463
New Turkish Lira (TRY) Call¹⁰		2/4/13		1USD per 1.794	TRY		346,140,000		1,990,966
New Zealand Dollar (NZD) Put¹⁰		2/15/13		1NZD per 0.795	USD		62,000,000		144,613
Norwegian Krone (NOK) Put¹⁰		1/4/13		1USD per 5.900	NOK		409,900,000		—
Russian Ruble (RUR) Call¹⁰		1/11/13		1USD per 30.400	RUR		3,800,000,000		409,222
Russian Ruble (RUR) Call¹⁰		1/11/13		1USD per 30.440	RUR		3,805,000,000		465,694
South African Rand (ZAR) Call¹⁰		3/18/13		1USD per 8.500	ZAR		822,200,000		2,114,937


16				Oppenheimer International Bond Fund

STATEMENT OF INVESTMENTS December 31, 2012 (Unaudited)


	Expiration Date		Strike Price			Contracts		Value
South African Rand (ZAR) Call¹⁰		3/18/13		1USD per 8.500	ZAR		822,200,000	$	2,114,937
South African Rand (ZAR) Call¹⁰		3/18/13		1USD per 8.450	ZAR		681,100,000		1,527,728
Swedish Krona (SEK) Call¹⁰		3/18/13		1SEK per 13.629	JPY		527,390,000		1,123,512
U.S. Long Bonds Futures, 3/19/13 Put¹⁰		1/28/13		145.000			432		236,250
U.S. Treasury Long Bonds Futures, 3/19/13 Put¹⁰		1/2/13		145.000			189		2,953
U.S. Treasury Long Bonds Futures, 3/19/13 Put¹⁰		1/7/13		145.000			680		85,000
U.S. Treasury Long Bonds Futures, 3/19/13 Put¹⁰		1/7/13		147.000			157		93,219
U.S. Treasury Nts., 10 yr. Futures, 3/19/13 Put¹⁰		1/28/13		128.500			1,843		28,797
U.S. Treasury Nts., 10 yr. Futures, 3/19/13 Put¹⁰		1/28/13		130.500			2,104		197,250
U.S. Treasury Nts., 10 yr. Futures, 3/19/13 Put¹⁰		1/28/13		131.000			5		703
U.S. Treasury Nts., 10 yr. Futures, 3/19/13 Put¹⁰		1/28/13		131.500			369		80,719
U.S. Treasury Nts., 10 yr. Futures, 3/19/13 Put¹⁰		1/28/13		132.000			534		175,219
U.S. Treasury Nts., 10 yr. Futures, 3/19/13 Put¹⁰		1/28/13		132.500			291		145,500

Total Options Purchased (Cost $103,116,620)									65,653,914


	Swaption Expiration Date		Notional Amount
Swaptions Purchased–0.5%
Bank of America NA; Interest Rate Swaption (European); Swap Terms: Paid: 0.87%; Received: Three-Month USD BBA LIBOR; Termination Date: 12/17/16¹⁰		12/16/14	$	200,000,000	$	1,000,109
Bank of America NA; Interest Rate Swaption (European); Swap Terms: Paid: 1.7225%; Received: Three-Month USD BBA LIBOR; Termination Date: 2/13/23¹⁰		2/12/13		77,925,000		1,192,254
Bank of America NA; Interest Rate Swaption (European); Swap Terms: Paid: 2%; Received: Three-Month USD BBA LIBOR; Termination Date: 9/3/23¹⁰		9/3/13		106,390,000		2,463,147


17				Oppenheimer International Bond Fund

STATEMENT OF INVESTMENTS December 31, 2012 (Unaudited)


	Swaption Expiration Date		Notional Amount			Value
Bank of America NA; Interest Rate Swaption (European); Swap Terms: Paid: Six-Month AUD BBR BBSW; Received: 4.3725%; Termination Date: 12/5/22¹⁰		12/5/17		100,000,000	AUD	$	3,047,407
Bank of America NA; Interest Rate Swaption (European); Swap Terms: Paid: Three-Month CAD BA CDOR; Received: 2.254%; Termination Date: 1/15/23¹⁰		1/16/13		87,945,000	CAD		319,402
Bank of America NA; Interest Rate Swaption (European); Swap Terms: Paid: Three-Month USD BBA LIBOR; Received: 1.78%; Termination Date: 2/7/23¹⁰		2/6/13		77,900,000			394,190
Bank of America NA; Interest Rate Swaption (European); Swap Terms: Paid: Three-Month USD BBA LIBOR; Received: 1.83%; Termination Date: 2/5/23¹⁰		2/4/13		51,900,000			354,060
Bank of America NA; Interest Rate Swaption (European); Swap Terms: Paid: Three-Month USD BBA LIBOR; Received: 2.66%; Termination Date: 2/5/43¹⁰		2/4/13		51,900,000			386,774
Barclays Bank plc; Index Credit Default Swaption (European); Swap Terms: Paid: 5%; Received: Protection on iTraxx Europe Crossover Series 18 Version 1; Termination Date: 12/20/17¹⁰		1/17/13		40,000,000	EUR		946,468
Barclays Bank plc; Interest Rate Swaption (European); Swap Terms: Paid: 1.25%; Received: Three-Month USD BBA LIBOR; Termination Date: 11/22/18¹⁰		11/21/13		129,850,000			1,117,269
Barclays Bank plc; Interest Rate Swaption (European); Swap Terms: Paid: 1.3725%; Received: Three-Month USD BBA LIBOR; Termination Date: 12/16/17¹⁰		12/15/15		234,295,000			2,028,892


18				Oppenheimer International Bond Fund

STATEMENT OF INVESTMENTS December 31, 2012 (Unaudited)


	Swaption Expiration Date	Notional Amount			Value
Barclays Bank plc; Interest Rate Swaption (European); Swap Terms: Paid: 1.765%; Received: Three-Month USD BBA LIBOR; Termination Date: 7/12/18¹⁰	7/11/13	$	265,765,000		$	951,427
Barclays Bank plc; Interest Rate Swaption (European); Swap Terms: Paid: 2.005%; Received: Six-Month GBP BBA LIBOR; Termination Date: 3/27/23¹⁰	3/28/13		100,000,000	GBP		1,372,524
Barclays Bank plc; Interest Rate Swaption (European); Swap Terms: Paid: 2.695%; Received: Three-Month USD BBA LIBOR; Termination Date: 5/15/23¹⁰	4/12/13		134,520,000			114,898
Barclays Bank plc; Interest Rate Swaption (European); Swap Terms: Paid: 2.905%; Received: Three-Month USD BBA LIBOR; Termination Date: 9/30/45¹⁰	9/29/15		24,320,546			3,046,405
Barclays Bank plc; Interest Rate Swaption (European); Swap Terms: Paid: 3.48%; Received: Three-Month USD BBA LIBOR; Termination Date: 4/27/47¹⁰	4/26/17		76,880,000			8,315,046
Barclays Bank plc; Interest Rate Swaption (European); Swap Terms: Paid: Six-Month GBP BBA LIBOR; Received: 3.874%; Termination Date: 12/12/32¹⁰	12/13/22		100,000,000	GBP		8,870,071
Barclays Bank plc; Interest Rate Swaption (European); Swap Terms: Paid: Three-Month USD BBA LIBOR; Received: 2.50%; Termination Date: 2/21/43¹⁰	2/20/13		51,900,000			193,009
Barclays Bank plc; Interest Rate Swaption (European); Swap Terms: Paid: Three-Month USD BBA LIBOR; Received: 3.26%; Termination Date: 5/4/33¹⁰	5/3/13		104,000,000			559,213


19				Oppenheimer International Bond Fund

STATEMENT OF INVESTMENTS December 31, 2012 (Unaudited)


	Swaption Expiration Date	Notional Amount			Value
Goldman Sachs Bank USA; Interest Rate Swaption (European); Swap Terms: Paid: 1.4825%; Received: Three-Month USD BBA LIBOR; Termination Date: 5/13/18¹⁰	5/10/13	$	259,755,000		$	1,271,467
Goldman Sachs Bank USA; Interest Rate Swaption (European); Swap Terms: Paid: 1.99%; Received: Three-Month USD BBA LIBOR; Termination Date: 6/20/18¹⁰	6/17/13		260,325,000			667,391
Goldman Sachs Bank USA; Interest Rate Swaption (European); Swap Terms: Paid: 3.18%; Received: Three-Month KRW CD KSDA; 11/22/22¹⁰	11/22/17		135,000,000,000	KRW		2,765,629
Goldman Sachs Bank USA; Interest Rate Swaption (European); Swap Terms: Paid: 3.18%; Received: Three-Month KRW CD KSDA; Termination Date: 11/22/22¹⁰	11/22/17		108,600,000,000	KRW		2,224,795
Goldman Sachs Bank USA; Interest Rate Swaption (European); Swap Terms: Paid: 3.20%; Received: Three-Month USD BBA LIBOR; Termination Date: 9/24/44¹⁰	9/23/14		53,410,000			3,561,949
Goldman Sachs Bank USA; Interest Rate Swaption (European); Swap Terms: Paid: 3.275%; Received: Six-Month GBP BBA LIBOR; Termination Date: 12/4/45¹⁰	12/7/15		43,925,000	GBP		6,588,872
Goldman Sachs Bank USA; Interest Rate Swaption (European); Swap Terms: Paid: Three-Month USD BBA LIBOR; Received: 3.36%; Termination Date: 2/7/33¹⁰	2/6/13		129,800,000			286,873
Goldman Sachs Bank USA; Interest Rate Swaption (European); Swap Terms: Paid: Three-Month USD BBA LIBOR; Received: 3.17%; Termination Date: 2/15/33¹⁰	2/14/13		129,900,000			123,339


20				Oppenheimer International Bond Fund

STATEMENT OF INVESTMENTS December 31, 2012 (Unaudited)


	Swaption Expiration Date	Notional Amount			Value
JPMorgan Chase Bank NA, Index Credit Default Swaption (European); Swap Terms: Paid: 1%; Received: Protection on iTraxx Europe Series 18 Version 1; Termination Date: 12/20/17¹⁰	3/21/13		300,000,000	EUR	$	448,931
JPMorgan Chase Bank NA; Interest Rate Swaption (European); Swap Terms: Paid: 1.65%; Received: Three-Month USD BBA LIBOR; Termination Date: 2/25/18¹⁰	2/22/13		134,605,000			1,659
UBS AG; Interest Rate Swaption (European); Swap Terms: Paid: 2.98%; Received: Six-Month EUR EURIBOR; Termination Date: 3/4/23¹⁰	3/1/13		134,350,000	EUR		21
UBS AG; Interest Rate Swaption (European); Swap Terms: Paid: 3.025%; Received: Six-Month EUR EURIBOR; Termination Date: 2/27/23¹⁰	2/26/13		134,540,000	EUR		—
UBS AG; Interest Rate Swaption (European); Swap Terms: Paid: 3.15%; Received: Three-Month AUD BBR BBSW; Termination Date: 1/25/16¹⁰	1/25/13		131,890,000			54,220
UBS AG; Interest Rate Swaption (European); Swap Terms: Paid: 3.22%; Received: Six-Month EUR EURIBOR; Termination Date: 9/23/45¹⁰	9/22/15		100,000,000	EUR		6,540,507
UBS AG; Interest Rate Swaption (European); Swap Terms: Paid: Six-Month AUD BBR BBSW; Received: 3.9675%; Termination Date: 7/12/23¹⁰	7/12/13		100,000,000	AUD		2,706,736
UBS AG; Interest Rate Swaption (European); Swap Terms: Paid: Three-Month AUD BBR BBSW; Received: 3.01%; Termination Date: 4/2/16¹⁰	3/29/13		132,045,000	AUD		778,369


21				Oppenheimer International Bond Fund

STATEMENT OF INVESTMENTS December 31, 2012 (Unaudited)


	Swaption Expiration Date	Notional Amount			Value
UBS AG; Interest Rate Swaption (European); Swap Terms: Paid: Three-Month USD BBA LIBOR; Received: 1.78%; Termination Date: 2/7/23¹⁰	2/6/13	$	77,900,000		$	394,190
UBS AG; Interest Rate Swaption (European); Swap Terms: Paid: Three-Month USD BBA LIBOR; Received: 2.625%; Termination Date: 2/7/43¹⁰	2/6/13		52,000,000			334,105

Total Swaptions Purchased (Cost $98,627,614)						65,421,618

	Shares
Investment Company–3.0%
Oppenheimer Institutional Money Market Fund, Cl. E, 0.15%^11,12 (Cost $384,180,632)			384,180,632			384,180,632

Total Investments, at Value (Cost $12,286,370,280)			99.2	%		12,798,578,624
Other Assets Net of Liabilities			0.8			103,470,665

Net Assets			100.0	%	$	12,902,049,289


22				Oppenheimer International Bond Fund

STATEMENT OF INVESTMENTS December 31, 2012 (Unaudited)

Footnotes to Statement of Investments

Principal, Notional amounts and Strike Price are reported in U.S. Dollars, except for those denoted in the following currencies:


AUD		Australian Dollar
BRR		Brazilian Real
CAD		Canadian Dollar
CHF		Swiss Franc
COP		Colombian Peso
DKK		Danish Krone
EUR		Euro
GBP		British Pound Sterling
HUF		Hungarian Forint
JPY		Japanese Yen
KRW		South Korean Won
MXN		Mexican Nuevo Peso
MYR		Malaysian Ringgit
NGN		Nigeria Naira
NOK		Norwegian Krone
NZD		New Zealand Dollar
PEN		Peruvian New Sol
PHP		Philippines Peso
PLZ		Polish Zloty
RSD		Serbian Dinar
RUR		Russian Ruble
SEK		Swedish Krona
SGD		Singapore Dollar
TRY		New Turkish Lira
UYU		Uruguay Peso
ZAR		South African Rand

1.	All or a portion of the security position is held in accounts at a futures clearing merchant and pledged to cover margin requirements on open futures contracts and written options on futures, if applicable. The aggregate market value of such securities is $23,711,256. See accompanying Notes.

2.	All or a portion of the security position is held in segregated accounts and pledged to cover margin requirements under certain derivative contracts. The aggregate market value of such securities is $22,418,005. See accompanying Notes.

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

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

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 $2,755,258,565 or 21.36% of the Fund’s net assets as of December 31, 2012.

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

7.	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.

8.	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.

9.	Restricted security. The aggregate value of restricted securities as of December 31, 2012 was $384,140,393, which represents 2.98% of the Fund’s net assets. See accompanying Notes. Information concerning restricted securities is as follows:


23				Oppenheimer International Bond Fund

STATEMENT OF INVESTMENTS December 31, 2012 (Unaudited)


Security	Acquisition Dates	Cost		Value		Unrealized Appreciation (Depreciation)
Citigroup Global Markets Holdings, Inc., Colombia (Republic of) Credit Linked Bonds, 11.25%, 10/25/18	12/9/08	$	5,058,400	$	8,768,681	$	3,710,281
Citigroup Global Markets Holdings, Inc., Colombia (Republic of) Credit Linked Nts., Series 2, 10%, 7/25/24	3/28/12		4,524,842		4,966,438		441,596
Deutsche Bank AG, Coriolanus Ltd. Sec. Credit Linked Bonds, Series 128, 3.006%, 5/6/25	10/8/10		2,895,832		2,986,691		90,859
Deutsche Bank AG, Coriolanus Ltd. Sec. Credit Linked Bonds, 3.343%, 5/6/25	4/16/09		2,958,247		3,133,844		175,597
Deutsche Bank AG, Coriolanus Ltd. Sec. Credit Linked Bonds, 3.266%, 5/6/25	8/18/09		3,164,988		3,334,027		169,039
Deutsche Bank AG, Coriolanus Ltd. Sec. Credit Linked Bonds, 3.239%, 5/6/25	9/25/09		3,969,563		4,173,361		203,798
Deutsche Bank AG, Coriolanus Ltd. Sec. Credit Linked Bonds, 3.187%, 5/6/25	12/17/09		3,491,794		3,656,519		164,725
Deutsche Bank AG, Coriolanus Ltd. Sec. Credit Linked Bonds, 3.134%, 5/6/25	3/30/10		2,816,244		2,936,771		120,527
Deutsche Bank AG, Coriolanus Ltd. Sec. Credit Linked Bonds, 3.10%, 5/6/25	5/18/10		3,160,203		3,285,442		125,239
Deutsche Bank AG, Coriolanus Ltd. Sec. Credit Linked Bonds, 3.061%, 5/6/25	7/16/10		3,671,934		3,805,503		133,569
Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2A, 8.34%, 5/22/15	5/21/08		122,792		92,841		(29,951	)
Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2B, 8.34%, 5/22/15	6/12/08		214,813		162,427		(52,386	)
Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2C, 8.34%, 5/22/15	6/18/08		3,259,229		2,449,004		(810,225	)
Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2D, 8.34%, 5/22/15	7/8/08		237,353		178,480		(58,873	)
Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2E, 8.34%, 5/22/15	7/15/08		172,730		129,669		(43,061	)
Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2F, 8.34%, 5/22/15	8/8/08		111,830		82,813		(29,017	)
Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2G, 8.34%, 5/22/15	8/22/08		20,634		15,251		(5,383	)
Goldman Sachs Capital Markets LP, Colombia (Republic of) Credit Linked Nts., Cl. B, 10%, 7/30/24	9/12/12		74,496,273		81,006,341		6,510,068
Goldman Sachs Group, Inc. (The), United Mexican States Credit Linked Nts., 9.05%, 2/8/37	9/12/12		27,217,818		22,006,901		(5,210,917	)
Hallertau SPC Credit Linked Nts., Series 2007-01, 2.559%, 12/20/17	12/13/07		42,470,000		39,072,400		(3,397,600	)
Hallertau SPC Credit Linked Nts., Series 2008-01, 9.888%, 8/2/10	5/6/08		31,666,704		—		(31,666,704	)
IIRSA Norte Finance Ltd., 8.75% Sr. Nts., 5/30/24	8/3/06-11/18/09		14,038,395		17,195,824		3,157,429
JPMorgan Chase & Co., Colombia (Republic of) Credit Linked Bonds, 10.19%, 1/5/16	12/6/05		11,167,708		33,284,285		22,116,577
JPMorgan Chase & Co., Colombia (Republic of) Credit Linked Bonds, 10.218%, 10/31/16	10/16/06		14,183,697		41,960,836		27,777,139
JPMorgan Chase & Co., Colombia (Republic of) Credit Linked Nts., 11%, 7/28/20	8/24/10		8,521,486		9,657,288		1,135,802
JPMorgan Chase & Co., Colombia (Republic of) Credit Linked Nts., Series 2, 11%, 7/28/20	10/6/10		30,879,316		34,515,353		3,636,037
JPMorgan Hipotecaria su Casita, 8.293% Sec. Nts., 8/26/35	3/21/07		3,092,229		263,812		(2,828,417	)
Merrill Lynch, Colombia (Republic of) Credit Linked Nts., 10%, 11/17/16	10/20/06		5,679,060		8,468,259		2,789,199
Morgan Stanley Capital Services, Inc., Brazil (Federative Republic of) Credit Linked Nts., 12.551%, 1/5/22	1/4/07		44,540,782		24,573,871		(19,966,911	)
Morgan Stanley Capital Services, Inc., United Mexican States Credit Linked Nts., 5.64%, 11/20/15	11/3/05		11,760,000		11,228,448		(531,552	)
Morgan Stanley, Peru (Republic of) Credit Linked Nts., 6.25%, 3/23/17	7/10/07		8,165,170		10,121,564		1,956,394
Standard Bank plc, Serbia (Republic of) Credit Linked Nts., 11.30%, 1/7/14	12/27/12		3,317,429		3,333,695		16,266
Standard Bank plc, Serbia (Republic of) Credit Linked Nts., 12.405%, 2/3/14	12/5/12		3,187,922		3,293,754		105,832

		$	374,235,417	$	384,140,393	$	9,904,976


24				Oppenheimer International Bond Fund

STATEMENT OF INVESTMENTS December 31, 2012 (Unaudited)

10.

Non-income producing security.

11.

Rate shown is the 7-day yield as of December 31, 2012.

12.

Is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended December 31, 2012, by virtue of the Fund owning at least 5% of the voting securities of the issuer or as a result of the Fund and the issuer having the same investment adviser. Transactions during the period in which the issuer was an affiliate are as follows:


	Shares September 28, 2012^a		Gross Additions		Gross Reductions		Shares December 31, 2012
Oppenheimer Institutional Money Market Fund, Cl. E		342,147,098		728,037,272		686,003,738		384,180,632

					Value		Income
Oppenheimer Institutional Money Market Fund, Cl. E					$	384,180,632	$	146,013

a.	September 28, 2012 represents the last business day of the Fund’s 2012 fiscal year. See accompanying Notes.

13.

All or a portion of the security position is when-issued or delayed delivery to be delivered and settled after December 31, 2012. See accompanying Notes.


25				Oppenheimer International Bond Fund

STATEMENT OF INVESTMENTS December 31, 2012 (Unaudited)

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


Geographic Holdings	Value		Percent
Japan	$	1,655,100,547		12.9	%
Brazil		1,176,342,888		9.2
Russia		1,104,755,850		8.6
Turkey		991,852,495		7.8
Australia		634,557,097		5.0
Mexico		587,059,818		4.6
United States		584,513,585		4.6
Italy		520,486,415		4.1
United Kingdom		489,162,339		3.8
France		484,994,328		3.8
Colombia		455,344,150		3.6
South Africa		392,294,810		3.1
Spain		328,492,274		2.6
Peru		325,645,144		2.5
Hungary		257,416,370		2.0
Germany		248,087,615		1.9
Venezuela		200,261,983		1.6
The Netherlands		185,326,579		1.4
Poland		178,741,562		1.4
Malaysia		177,004,699		1.4
Canada		173,845,661		1.4
Indonesia		146,767,256		1.1
Belgium		138,971,700		1.1
Nigeria		120,687,270		0.9
Israel		114,547,967		0.9
United Arab Emirates		82,590,865		0.6
Kazakhstan		81,702,575		0.6
Uruguay		78,344,180		0.6
Philippines		72,783,292		0.6
Sweden		53,886,840		0.4
Supranational		49,863,955		0.4
Ukraine		47,733,963		0.4
Romania		44,197,969		0.3
Ireland		43,900,583		0.3
Denmark		43,605,156		0.3
Croatia		43,483,548		0.3
Qatar		33,915,715		0.3
India		33,767,235		0.3
Chile		33,759,405		0.3
Serbia		31,445,253		0.2
Switzerland		30,066,326		0.2
Trinidad & Tobago		28,333,240		0.2
Slovakia		27,303,284		0.2
Finland		24,543,432		0.2
Lithuanua		23,772,064		0.2
Costa Rica		22,830,210		0.2
Norway		21,707,460		0.2
Sri Lanka		21,593,712		0.2
Latvia		20,964,510		0.2
European Union		20,846,597		0.2
Portugal		20,092,046		0.2
Dominican Republic		19,429,012		0.2
Ivory Coast		16,600,400		0.1
Angola		15,018,300		0.1
Slovenia		10,177,675		0.1
Jamaica		9,945,000		0.1
Bolivia		5,728,150		—
Korea, Republic of South		4,990,424		—
Argentina		2,938,500		—
Mongolia		2,876,200		—
New Zealand		1,581,146		—

Total	$	12,798,578,624		100.0	%


26				Oppenheimer International Bond Fund

STATEMENT OF INVESTMENTS December 31, 2012 (Unaudited)

Forward Currency Exchange Contracts as of December 31, 2012 are as follows:


Counterparty/Contract Description	Buy/ Sell		Contract Amount (000’s)			Expiration Date		Value		Unrealized Appreciation		Unrealized Depreciation
Bank of America NA:
Chilean Peso (CLP)		Buy		2,418,000	CLP		1/11/13	$	5,042,565	$	3,490	$	—
Colombian Peso (COP)		Sell		36,323,000	COP		1/23/13		20,520,715		—		720,770
Euro (EUR)		Buy		16,395	EUR		2/6/13		21,647,689		370,078		—
Japanese Yen (JPY)		Buy		1,794,000	JPY		1/25/13		20,711,979		—		1,039,539
Japanese Yen (JPY)		Sell		3,160,000	JPY		1/25/13		36,482,639		1,322,283		—
Malaysian Ringgit (MYR)		Buy		1,054,740	MYR		1/29/13-4/2/13		344,216,543		1,978,691		—
Malaysian Ringgit (MYR)		Sell		13,040	MYR		3/20/13		4,254,719		—		11,999
Mexican Nuevo Peso (MXN)		Sell		1,486,400	MXN		2/14/13-4/4/13		114,326,398		19,878		173,240
Peruvian New Sol (PEN)		Sell		40,760	PEN		1/23/13		15,944,723		—		345,795
Philippines Peso (PHP)		Sell		687,000	PHP		1/14/13		16,762,573		—		452,031
South African Rand (ZAR)		Buy		12,710	ZAR		5/31/13		1,468,676		66,734		—
South African Rand (ZAR)		Sell		1,809,570	ZAR		2/15/13-4/5/13		210,745,467		—		1,519,751

											3,761,154		4,263,125

Barclays Bank plc:
Brazilian Real (BRR)		Sell		584,305	BRR		1/3/13-2/4/13		284,364,365		—		2,262,334
Euro (EUR)		Sell		34,355	EUR		1/23/13-2/6/13		45,361,360		—		1,291,832
Hungarian Forint (HUF)		Sell		14,573,000	HUF		1/23/13-2/20/13		65,740,145		5,481		673,287
Indian Rupee (INR)		Sell		1,378,000	INR		1/11/13		25,097,860		—		459,920
Israeli Shekel (ILS)		Buy		95,390	ILS		4/2/13		25,470,979		584,467		—
Israeli Shekel (ILS)		Sell		95,390	ILS		4/2/13		25,470,979		—		288,160
Japanese Yen (JPY)		Sell		10,145,000	JPY		1/25/13-2/15/13		117,138,015		2,872,721		—
Malaysian Ringgit (MYR)		Sell		73,870	MYR		1/23/13		24,156,311		—		155,402
Mexican Nuevo Peso (MXN)		Buy		1,650,200	MXN		2/14/13		127,127,655		—		1,643,316
Polish Zloty (PLZ)		Buy		436,080	PLZ		2/6/13		140,328,104		3,105,687		372,227
Polish Zloty (PLZ)		Sell		80,760	PLZ		5/31/13		25,737,166		—		858,846
Russian Ruble (RUR)		Buy		1,455,400	RUR		1/28/13		47,530,835		498,544		—
Russian Ruble (RUR)		Sell		677,890	RUR		1/23/13		22,147,525		—		1,047,532
South African Rand (ZAR)		Sell		285,860	ZAR		2/15/13		33,502,223		28,956		—

											7,095,856		9,052,856
BNP Paribas:
Colombian Peso (COP)		Sell		134,340,000	COP		2/28/13		75,628,449		—		2,716,645
Euro (EUR)		Buy		215,565	EUR		5/31/13		284,934,407		5,689,275		22,240
Euro (EUR)		Sell		363,380	EUR		5/31/13		480,316,678		5,180		10,748,668

											5,694,455		13,487,553
Citibank NA:
Australian Dollar (AUD)		Sell		357,925	AUD		5/31/13		367,692,541		566,590		—
Colombian Peso (COP)		Sell		111,490,000	COP		1/11/13		63,043,358		—		1,661,170
Hong Kong Dollar (HKD)		Buy		103,850	HKD		3/20/13		13,402,064		—		530
Indonesia Rupiah (IDR)		Buy		804,618,000	IDR		1/16/13		82,660,821		—		212,595
Mexican Nuevo Peso (MXN)		Buy		1,479,760	MXN		3/4/13		113,816,178		19,086		1,440,258
New Turkish Lira (TRY)		Sell		108,310	TRY		1/28/13		60,468,476		—		565,120
Peruvian New Sol (PEN)		Sell		115,460	PEN		1/16/13		45,186,919		—		842,364

											585,676		4,722,037
Credit Suisse International:
British Pound Sterling (GBP)		Sell		16,235	GBP		5/31/13		26,359,271		—		343,312
Japanese Yen (JPY)		Sell		56,758,000	JPY		1/25/13		655,278,999		49,174,359		—
New Turkish Lira (TRY)		Sell		305,750	TRY		1/23/13-7/17/13		168,919,096		—		10,264,245
Swiss Franc (CHF)		Buy		17,245	CHF		5/31/13		18,909,178		377,824		—

											49,552,183		10,607,557
Deutsche Bank AG:
Euro (EUR)		Buy		15,320	EUR		2/6/13		20,228,277		353,626		—
Euro (EUR)		Sell		349,820	EUR		4/25/13		462,231,728		—		8,249,325
Hungarian Forint (HUF)		Sell		2,297,000	HUF		4/17/13-5/29/13		10,271,674		—		137,880
Mexican Nuevo Peso (MXN)		Sell		775,600	MXN		1/23/13-5/31/13		59,604,148		—		1,205,696
Polish Zloty (PLZ)		Buy		50,390	PLZ		2/6/13		16,215,220		—		61,145
South African Rand (ZAR)		Sell		101,780	ZAR		1/23/13		11,965,361		—		485,939

											353,626		10,139,985
Goldman Sachs Bank USA:
Brazilian Real (BRR)		Sell		790,250	BRR		1/3/13-2/4/13		384,672,133		—		2,447,682
Euro (EUR)		Buy		103,990	EUR		1/9/13-4/25/13		137,398,013		131,730		266,601
Euro (EUR)		Sell		12,980	EUR		1/9/13		17,134,409		—		304,483
Indian Rupee (INR)		Buy		943,000	INR		1/9/13		17,181,654		357,390		—
Indian Rupee (INR)		Sell		471,500	INR		1/9/13		8,590,827		—		50,708
Japanese Yen (JPY)		Buy		46,863,000	JPY		1/25/13-5/31/13		541,536,917		—		28,353,786
Japanese Yen (JPY)		Sell		3,426,000	JPY		2/15/13		39,559,984		458,705		—
Mexican Nuevo Peso (MXN)		Sell		650,500	MXN		2/14/13		50,113,041		—		357,579
New Turkish Lira (TRY)		Buy		110,205	TRY		1/28/13		61,526,437		17,195		41,564
New Turkish Lira (TRY)		Sell		191,900	TRY		3/29/13		106,344,787		—		994,948
South African Rand (ZAR)		Buy		163,530	ZAR		2/15/13		19,165,390		—		16,564

											965,020		32,833,915
HSBC Bank USA NA
New Turkish Lira (TRY)		Buy		152,460	TRY		7/17/13		83,316,417		5,031,437		—
JPMorgan Chase Bank NA:
Australian Dollar (AUD)		Sell		3,015	AUD		1/31/13		3,123,295		4,767		—
Indian Rupee (INR)		Buy		4,223,000	INR		1/11/13-1/28/13		76,843,317		216,750		277,798
Indonesia Rupiah (IDR)		Sell		377,326,000	IDR		1/16/13		38,763,832		—		4,099
Japanese Yen (JPY)		Sell		65,777,000	JPY		2/15/13		759,526,295		45,556,438		—
Malaysian Ringgit (MYR)		Sell		107,710	MYR		1/23/13		35,222,368		—		222,043
Mexican Nuevo Peso (MXN)		Sell		154,500	MXN		2/14/13		11,902,329		195,582		—
New Turkish Lira (TRY)		Sell		174,280	TRY		2/28/13		96,923,568		—		885,655
Polish Zloty (PLZ)		Buy		40,290	PLZ		2/6/13		12,965,097		—		46,368
Russian Ruble (RUR)		Sell		777,400	RUR		1/23/13-1/28/13		25,396,889		—		1,074,881
South African Rand (ZAR)		Sell		1,299,380	ZAR		2/15/13		152,284,748		—		4,419,574
South Korean Won (KRW)		Buy		96,050,000	KRW		3/18/13		89,775,342		1,732,810		—
South Korean Won (KRW)		Sell		21,323,000	KRW		1/23/13		19,961,313		—		461,542

											47,706,347		7,391,960
Morgan Stanley Capital Services, Inc.:
Indonesia Rupiah (IDR)		Sell		427,292,000	IDR		1/16/13		43,896,989		17,913		—
Mexican Nuevo Peso (MXN)		Sell		323,600	MXN		2/14/13		24,929,408		65,764		—
South Korean Won (KRW)		Buy		119,783,000	KRW		2/12/13		112,136,053		4,122,102		—

											4,205,779		—
Nomura International plc:
Australian Dollar (AUD)		Buy		36,360	AUD		1/31/13		37,666,011		—		28,037
Australian Dollar (AUD)		Sell		228,700	AUD		1/31/13		236,914,652		—		1,941,411
Euro (EUR)		Buy		1,100	EUR		5/31/13		1,453,983		13,478		—
Euro (EUR)		Sell		5,740	EUR		5/31/13		7,587,148		—		70,331

											13,478		2,039,779
The Royal Bank of Scotland plc:
Japanese Yen (JPY)		Sell		7,528,000	JPY		1/25/13		86,911,806		3,136,997		—
Russian Ruble (RUR)		Buy		579,460	RUR		1/28/13		18,924,157		439,896		—

											3,576,893		—

Total unrealized appreciation and depreciation										$	128,541,904	$	94,538,767


27				Oppenheimer International Bond Fund

STATEMENT OF INVESTMENTS December 31, 2012 (Unaudited)

Spot Currency Exchange Contracts as of December 31, 2012 are as follows:

Broker/Contract Description

Buy/
Sell

Contract
Amount
(000’s)

Expiration
Date

Value

Unrealized
Appreciation

Unrealized
Depreciation

Standard Chartered Bank

Serbian Dinar (RSD)

Buy

284,635,440

RSD

1/4/13

3,343,931

12,914

—

Goldman Sachs & Co.

Swedish Krona (SEK)

Sell

8,129,366

SEK

1/4/13

1,249,941

—

1,190

Total unrealized appreciation and depreciation

12,914

1,190

Futures Contracts as of December 31, 2012 are as follows:


Contract Description	Buy/ Sell		Number of Contracts		Expiration Date		Value		Unrealized Appreciation (Depreciation)
Australian Treasury Bonds, 3 yr.		Sell		8,308		3/15/13	$	945,048,049	$	1,476,892
Australian Treasury Bonds, 10 yr.		Sell		627		3/15/13		80,294,005		647,009
Euro-Bundesobligation		Sell		130		3/7/13		24,991,024		(8,694	)
Japan Bonds, 10 yr.		Sell		26		3/11/13		43,110,752		313,697
Japanese Yen (JPY)		Buy		87		3/18/13		12,560,625		(241,464	)
U.S. Long Bonds		Sell		295		3/19/13		43,512,500		476,854
U.S. Treasury Nts., 5 yr.		Sell		1,547		3/28/13		192,468,555		139,829
U.S. Treasury Nts., 10 yr.		Sell		720		3/19/13		95,602,500		227,655

									$	3,031,778


28				Oppenheimer International Bond Fund

STATEMENT OF INVESTMENTS December 31, 2012 (Unaudited)

Written Options as of December 31, 2012 are as follows:


Description	Type		Number of Contracts		Exercise Price			Expiration Date		Premiums Received		Value			Unrealized Appreciation/ (Depreciation)
Euro (EUR)		Put		150,000,000		1EUR per 1.150USD			2/5/13	$	2,993,738	$	—		$	2,993,738
Euro (EUR)		Put		150,000,000		1EUR per 1.225USD			5/9/13		1,988,175		(528,380	)		1,459,795
Euro (EUR)		Put		100,000,000		1EUR per 1.225USD			5/9/13		1,334,025		(352,253	)		981,772
Euro (EUR)		Put		150,000,000		1EUR per 1.235 USD			2/11/13		1,226,355		(35,432	)		1,190,923
Euro (EUR)		Put		250,000,000		1EUR per 1.245USD			1/3/13		1,241,888		—			1,241,888
Euro (EUR) FX Futures, 3/18/13		Call		585		1.350			1/7/13		37,538		(18,281	)		19,257
Euro (EUR) FX Futures, 3/18/13		Call		335		1.355			1/7/13		11,898		(6,281	)		5,617
Hungarian Forint (HUF)		Call		98,590,000		1EUR per 285HUF			1/16/13		1,351,077		(3,077,824	)		(1,726,747	)
Indian Rupee (INR)		Call		2,458,165,000		1USD per 47.000INR			4/18/13		31,381		(713	)		30,668
Indian Rupee (INR)		Put		1,569,040,000		1USD per 60.000INR			4/18/13		261,507		(126,590	)		134,917
Japan (Government of) Bonds Futures, 10 yr., 3/1/13		Put		92		141.000	JPY		3/1/13		89,051		(106,193	)		(17,142	)
Japanese Yen (JPY)		Put		75,000,000		1NZD per 67.300JPY			3/14/13		516,690		(226,227	)		290,463
Japanese Yen (JPY)		Call		1,922,488,512		1USD per 72.000JPY			5/31/13		450,772		(461	)		450,311
Japanese Yen (JPY)		Call		7,850,000,000		1USD per 78.500JPY			2/15/13		518,000		(785	)		517,215
Japanese Yen (JPY)		Put		8,600,000,000		1USD per 86.000JPY			2/22/13		545,000		(1,838,938	)		(1,293,938	)
Japanese Yen (JPY)		Put		17,700,000,000		1USD per 88.000JPY			3/18/13		1,424,001		(1,804,338	)		(380,337	)
Japanese Yen (JPY)		Put		17,512,000,000		1USD per 88.500JPY			3/18/13		759,843		(1,914,937	)		(1,155,094	)
Japanese Yen (JPY)		Put		18,000,000,000		1USD per 90.000JPY			5/9/13		1,580,000		(2,094,480	)		(514,480	)
Japanese Yen (JPY)		Put		2,536,616,787		1USD per 95.000JPY			5/31/13		116,697		(112,600	)		4,097
Japanese Yen (JPY) Futures, 3/18/13		Call		782		122.500			1/7/13		37,631		(4,888	)		32,743
Japanese Yen (JPY) Futures, 3/18/13		Call		489		125.000			1/7/13		60,904		(3,056	)		57,848
Japanese Yen (JPY) Futures, 3/18/13		Call		219		122.000			1/7/13		13,344		(1,369	)		11,975
Japanese Yen (JPY) Futures, 3/18/13		Put		672		114.500			1/7/13		88,011		(159,600	)		(71,589	)
Japanese Yen (JPY) Futures, 3/18/13		Put		230		113.000			1/7/13		2,789		(10,063	)		(7,274	)
Japanese Yen (JPY) Futures, 3/18/13		Put		12		118.000			1/7/13		19,181		(37,800	)		(18,619	)
Mexican Nuevo Peso (MXN)		Call		1,613,300,000		1USD per 12.450MXN			1/2/13		605,150		(742	)		604,408
Mexican Nuevo Peso (MXN)		Call		1,048,300,000		1USD per 12.450MXN			1/3/13		407,532		(2,464	)		405,068
Mexican Nuevo Peso (MXN)		Call		1,008,300,000		1USD per 12.450MXN			1/2/13		401,474		(464	)		401,010
Mexican Nuevo Peso (MXN)		Call		1,008,050,000		1USD per 12.450MXN			1/3/13		386,622		(2,369	)		384,253
Mexican Nuevo Peso (MXN)		Put		1,749,350,000		1USD per 13.500MXN			1/2/13		1,228,432		(35	)		1,228,397
Mexican Nuevo Peso (MXN)		Put		1,136,700,000		1USD per 13.500MXN			1/3/13		778,008		(330	)		777,678
Mexican Nuevo Peso (MXN)		Put		1,093,050,000		1USD per 13.500MXN			1/3/13		674,047		(317	)		673,730
Mexican Nuevo Peso (MXN)		Put		874,700,000		1USD per 13.500MXN			1/2/13		616,942		(17	)		616,925
New Zealand Dollar (NZD)		Put		62,000,000		1NZD per 0.765USD			2/15/13		215,332		(16,623	)		198,709
Singapore Dollar (SGD)		Put		35,000,000		1EUR per 1.535SGD			2/21/13		187,615		(31,304	)		156,311
South African Rand (ZAR)		Call		798,000,000		1USD per 8.250ZAR			3/18/13		871,513		(966,514	)		(95,001	)
South African Rand (ZAR)		Call		798,000,000		1USD per 8.250ZAR			3/18/13		894,727		(966,514	)		(71,787	)
South African Rand (ZAR)		Call		660,950,000		1USD per 8.200ZAR			3/18/13		709,312		(675,716	)		33,596
South African Rand (ZAR)		Put		875,850,000		1USD per 9.055ZAR			3/18/13		1,119,115		(808,523	)		310,592
South African Rand (ZAR)		Put		875,850,000		1USD per 9.055ZAR			3/18/13		1,073,654		(808,523	)		265,131
South African Rand (ZAR)		Put		725,450,000		1USD per 9.000ZAR			3/18/13		911,649		(750,376	)		161,273
Spain (Kingdom of) Bonds, 5.50%, 7/30/17		Put		50,000,000		104.300	EUR		1/18/13		997,271		(953,115	)		44,156
Spain (Kingdom of) Bonds, 5.50%, 7/30/17		Put		50,000,000		100.680	EUR		5/16/13		1,038,111		(760,121	)		277,990
Spain (Kingdom of) Bonds, 5.85%, 1/31/22		Put		50,000,000		102.100	EUR		2/28/13		1,005,684		(437,305	)		568,379
Spain (Kingdom of) Bonds, 5.85%, 1/31/22		Put		50,000,000		99.690	EUR		5/28/13		1,422,402		(547,255	)		875,147
U.S. Long Bonds Futures, 3/19/13		Put		863		143.000			1/28/13		141,075		(188,781	)		(47,706	)
U.S. Treasury Long Bonds Futures, 3/19/13		Put		1,867		143.000			1/7/13		25,707		(58,344	)		(32,637	)
U.S. Treasury Long Bonds Futures, 3/19/13		Put		9		146.000			1/7/13		1,671		(2,531	)		(860	)
U.S. Treasury Nts., 10 yr. Futures, 3/19/13		Put		4,436		129.500			1/28/13		235,545		(207,938	)		27,607
U.S. Treasury Nts., 10 yr. Futures, 3/19/13		Put		1,909		130.000			1/28/13		116,678		(119,313	)		(2,635	)
U.S. Treasury Nts., 10 yr. Futures, 3/19/13		Put		522		129.000			1/28/13		15,592		(16,313	)		(721	)


										$	32,780,356	$	(20,783,336	)	$	11,997,020

Exercise price is reported in U.S. Dollars (USD), except for those denoted in the following currency:


EUR		Euro
NZD		New Zealand Dollar


29				Oppenheimer International Bond Fund

STATEMENT OF INVESTMENTS December 31, 2012 (Unaudited)

Credit Default Swap Contracts as of December 31, 2012 are as follows:


Reference Entity/ Swap Counterparty	Buy/Sell Credit Protection		Notional Amount (000’s)			Pay/ Receive Fixed Rate			Termination Date		Upfront Payment Received/ (Paid)			Value			Unrealized Appreciation (Depreciation)
Banco Bilbao Vizcaya Argentaria Senior Finance SAU:
UBS AG		Sell		4,405	EUR		3.00	%		12/20/17	$	171,759		$	46,471		$	218,230
UBS AG		Sell		4,405	EUR		3.00			12/20/17		176,637			46,471			223,108

		Total		8,810	EUR							348,396			92,942			441,338
Banco Santander SA:
Barclays Bank plc		Sell		20,000	EUR		3.00			9/20/17		(72,103	)		403,829			331,726
UBS AG		Sell		8,850	EUR		3.00			9/20/17		(31,905	)		178,694			146,789

		Total		28,850	EUR							(104,008	)		582,523			478,515
Belgium (Kingdom of):
Goldman Sachs International		Buy		25,000			1.00			3/20/23		(718,248	)		505,541			(212,707	)
JPMorgan Chase Bank NA		Buy		25,000			1.00			3/20/18		214,879			(158,893	)		55,986

		Total		50,000								(503,369	)		346,648			(156,721	)
France (Republic of):
Goldman Sachs International		Sell		25,000			0.25			3/20/23		2,618,371			(2,438,276	)		180,095
JPMorgan Chase Bank NA		Sell		25,000			0.25			3/20/18		828,486			(882,553	)		(54,067	)

		Total		50,000								3,446,857			(3,320,829	)		126,028
Istanbul Bond Co. SA for Finansbank AS
Morgan Stanley Capital Services, Inc.		Sell		10,410			1.30			3/24/13		—			(12,325	)		(12,325	)

		Total		10,410								—			(12,325	)		(12,325	)
Portuguese Republic:
JPMorgan Chase Bank NA		Sell		9,395			1.00			12/20/22		2,399,640			(2,270,636	)		129,004
JPMorgan Chase Bank NA		Sell		4,395			1.00			12/20/22		1,133,421			(1,062,208	)		71,213
UBS AG		Buy		13,180			1.00			12/20/17		(2,013,977	)		1,793,674			(220,303	)
UBS AG		Sell		4,385			1.00			12/20/22		1,186,386			(1,059,791	)		126,595
UBS AG		Sell		13,180			1.00			12/20/22		3,430,827			(3,185,416	)		245,411

		Total		44,535								6,136,297			(5,784,377	)		351,920
Santander International Debt SAU
Bank of America NA		Sell		5,000	EUR		3.00			12/20/17		(106,114	)		90,434			(15,680	)

		Total		5,000	EUR							(106,114	)		90,434			(15,680	)
Spain (Kingdom of):
Barclays Bank plc		Buy		25,000	EUR		1.00			3/20/18		(2,103,569	)		2,260,179			156,610
Goldman Sachs Bank USA		Buy		143,960	EUR		1.00			3/20/18		(12,640,379	)		13,015,013			374,634
Goldman Sachs Bank USA		Buy		107,200	EUR		1.00			3/20/23		(18,493,781	)		18,286,720			(207,061	)
UBS AG		Buy		5,000	EUR		1.00			9/20/17		(392,044	)		398,021			5,977
UBS AG		Buy		8,850	EUR		1.00			9/20/17		(674,976	)		704,498			29,522

		Total		290,010	EUR							(34,304,749	)		34,664,431			359,682
Telefonica SA
UBS AG		Sell		5,000	EUR		1.00			9/20/17		627,078			(319,698	)		307,380

		Total		5,000	EUR							627,078			(319,698	)		307,380

				Grand Total Buys								(36,822,095	)		36,804,753			(17,342	)
				Grand Total Sells								12,362,483			(10,465,004	)		1,897,479

				Total Credit Default Swaps							$	(24,459,612	)	$	26,339,749		$	1,880,137


30				Oppenheimer International Bond Fund

STATEMENT OF INVESTMENTS December 31, 2012 (Unaudited)

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


Type of Reference Asset on which the Fund Sold Protection	Total Maximum Potential Payments for Selling Credit Protection (Undiscounted)			Amount Recoverable*		Reference Asset Rating Range**
Investment Grade Single Name Corporate Debt		47,660,000	EUR		—		BBB to BBB-
Non-Investment Grade Single Name Corporate Debt	$	10,410,000		$	—		BB+
Investment Grade Sovereign Debt		50,000,000			—		AAA
Non-Investment Grade Sovereign Debt		31,355,000			13,180,000		BB


Total EUR		47,660,000	EUR		—

Total USD	$	91,765,000		$	13,180,000

Amounts recoverable includes potential payments from related purchased protection for instances where the Fund is the seller of 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.


31				Oppenheimer International Bond Fund

STATEMENT OF INVESTMENTS December 31, 2012 (Unaudited)

Interest Rate Swap Contracts as of December 31, 2012 are as follows:


Interest Rate/ Swap Counterparty	Notional Amount (000’s)			Paid by the Fund			Received by the Fund			Termination Date		Value
BZDI:
Bank of America NA		92,410	BRR		BZDI			8.090	%		1/2/15	$	445,288
Deutsche Bank AG		158,480	BRR		BZDI			8.080			1/2/15		849,272
Goldman Sachs International		134,365	BRR		BZDI			8.640			1/2/17		934,280
Goldman Sachs International		105,720	BRR		BZDI			8.080			1/2/15		500,899
Goldman Sachs International		147,700	BRR		BZDI			7.785			1/2/15		199,664
JPMorgan Chase Bank NA		300,000	BRR		BZDI			8.700			1/2/17		2,345,000

Total		938,675	BRR										5,274,403
Six-Month AUD BBR BBSW
Bank of America NA		60,000	AUD		Six-Month AUD BBR BBSW			3.853			2/22/23		46,319
Bank of America NA		66,010	AUD		Six-Month AUD BBR BBSW			3.680			9/28/22		(652,478	)
Bank of America NA		10,555	AUD		Six-Month AUD BBR BBSW			4.403			12/21/42		138,299
Bank of America NA		50,000	AUD		Six-Month AUD BBR BBSW			3.805			10/26/22		50,817

Total		186,565	AUD										(417,043	)
Six-Month NOK NIBOR:
Barclays Bank plc		750,000	NOK		Six-Month NOK NIBOR			3.998			6/29/22		1,179,228
Goldman Sachs Bank USA		350,000	NOK		Six-Month NOK NIBOR			2.999			7/25/22		(336,094	)
Goldman Sachs International		151,000	NOK		Six-Month NOK NIBOR			3.750			6/13/22		(23,874	)

Total		1,251,000	NOK										819,260
Three-Month AUD BBR BBSW
Bank of America NA		170,000	AUD		3.140	%		Three-Month AUD BBR BBSW			2/22/16		(874,499	)
Three-Month CAD BA CDOR:
Bank of America NA		221,445	CAD		1.538			Three-Month CAD BA CDOR			8/13/13		(645,688	)
Bank of America NA		88,595	CAD		1.590			Three-Month CAD BA CDOR			8/7/14		(436,668	)

Total where Fund pays a fixed rate		310,040	CAD										(1,082,356	)

Bank of America NA		50,000	CAD		Three-Month CAD BA CDOR			2.060			7/26/22		(394,893	)
Bank of America NA		44,165	CAD		Three-Month CAD BA CDOR			2.079			7/11/22		(241,032	)
Bank of America NA		94,170	CAD		Three-Month CAD BA CDOR			2.010			7/25/22		(1,175,367	)

Total where Fund pays a variable rate		188,335	CAD										(1,811,292	)

Total		498,375	CAD										(2,893,648	)
Three-Month USD BBA LIBOR:
Bank of America NA		88,520			1.550			Three-Month USD BBA LIBOR			7/27/22		1,016,229
Bank of America NA		47,500			1.570			Three-Month USD BBA LIBOR			7/30/22		461,693
Bank of America NA		42,395			1.621			Three-Month USD BBA LIBOR			7/13/22		156,908

Total		178,415											1,634,830

								Total Interest Rate Swaps				$	3,543,303

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
NOK		Norwegian Krone
Abbreviations/Definitions are as follows:
BA CDOR		Canada Bankers Acceptances Deposit Offering Rate
BBA LIBOR		British Bankers’ Association London-Interbank Offered Rate
BBR BBSW		Bank Bill Swap Reference Rate (Australian Financial Market)
BZDI		Brazil Interbank Deposit Rate
NIBOR		Norwegian Interbank Offered Rate


32				Oppenheimer International Bond Fund

STATEMENT OF INVESTMENTS December 31, 2012 (Unaudited)

Volatility Swaps as of December 31, 2012 are as follows:


Reference Entity/ Swap Counterparty	Notional Amount (000’s)			Paid by the Fund			Received by the Fund			Termination Date		Value
AUD/CAD spot exchange rate
Credit Suisse International		72	AUD		The Historic Volatility of the mid AUD/CAD spot exchange rate during the period 12/21/12 to 1/24/13			4.800	%		1/29/13	$	(75,606	)
CHF/NOK spot exchange rate
JPMorgan Chase Bank NA		70	CHF		The Historic Volatility of the mid CHF/NOK spot exchange rate during the period 11/30/12 to 1/3/13			3.950			1/7/13		(131,459	)
CHF/SEK spot exchange rate:
Bank of America NA		69	CHF		7.100	%		The Historic Volatility of the mid CHF/SEK spot exchange rate during the period 12/13/12 to 1/15/13			1/15/13		(55,900	)
Credit Suisse International		68	CHF		7.250			The Historic Volatility of the mid CHF/SEK spot exchange rate during the period 12/19/12 to 1/18/13			1/22/13		(75,920	)
Morgan Stanley Capital Services, Inc.		69	CHF		7.300			The Historic Volatility of the mid CHF/SEK spot exchange rate during the period 12/14/12 to 1/16/13			1/18/13		(69,976	)

								Reference Entity Total					(201,796	)
EUR/NZD spot exchange rate:
Credit Suisse International		58	EUR		7.400			The Historic Volatility of the mid EUR/NZD spot exchange rate during the period 12/7/12 to 1/9/13			1/11/13		84,187
Goldman Sachs Bank USA		58	EUR		7.750			The Historic Volatility of the mid EUR/NZD spot exchange rate during the period 12/10/12 to 1/10/13			1/14/13		77,450

								Reference Entity Total					161,637
NZD/EUR spot exchange rate
Deutsche Bank AG		58	EUR		7.350			The Historic Volatility of the mid NZD/EUR spot exchange rate during the period 12/6/12 to 1/8/13			1/10/13		73,405


33				Oppenheimer International Bond Fund

STATEMENT OF INVESTMENTS December 31, 2012 (Unaudited)


NZD/JPY spot exchange rate:
Bank of America NA	91	NZD	The Historic Volatility of the mid NZD/JPY spot exchange rate during the period 12/4/12 to 1/3/13	9.400	1/7/13	(211,041	)
Goldman Sachs Bank USA	91	NZD	The Historic Volatility of the mid NZD/JPY spot exchange rate during the period 12/3/12 to 1/3/13	10.200	1/7/13	(131,354	)

				Reference Entity Total		(342,395	)
USD/AUD spot exchange rate:
Goldman Sachs Bank USA		75	The Historic Volatility of the mid USD/AUD spot exchange rate during the period 12/20/12 to 1/22/13	6.125	1/24/13	(25,485	)
JPMorgan Chase Bank NA		75	The Historic Volatility of the mid USD/AUD spot exchange rate during the period 12/18/12 to 1/18/13	5.600	1/22/13	(53,509	)
Royal Bank of Scotland plc (The)		75	The Historic Volatility of the mid USD/AUD spot exchange rate during the period 12/17/12 to 1/18/13	5.750	1/22/13	(34,913	)

				Reference Entity Total		(113,907	)
USD/CAD spot exchange rate
Royal Bank of Scotland plc (The)		75	The Historic Volatility of the mid USD/CAD spot exchange rate during the period 12/12/12 to 1/11/13	7.950	1/14/13	2,377


34				Oppenheimer International Bond Fund

STATEMENT OF INVESTMENTS December 31, 2012 (Unaudited)


USD/EUR spot exchange rate:
Deutsche Bank AG	75	The Historic Volatility of the mid USD/EUR spot exchange rate during the period 12/24/12 to 1/8/13	7.550	1/28/13		19,216
Goldman Sachs Bank USA	75	The Historic Volatility of the mid USD/EUR spot exchange rate during the period 12/27/12 to 1/29/13	7.825	1/31/13		11,750
Goldman Sachs Bank USA	75	The Historic Volatility of the mid USD/EUR spot exchange rate during the period 12/31/12 to 1/31/13	7.450	2/4/13		—
Morgan Stanley Capital Services, Inc.	75	The Historic Volatility of the mid USD/EUR spot exchange rate during the period 12/26/12 to 1/24/13	7.500	1/28/13		7,099
Royal Bank of Scotland plc (The)	75	The Historic Volatility of the mid USD/EUR spot exchange rate during the period 12/28/12 to 1/31/13	7.950	2/4/13		9,421

			Reference Entity Total			47,486
USD/JPY spot exchange rate
Credit Suisse International	75	The Historic Volatility of the mid USD/JPY spot exchange rate during the period 12/11/12 to 1/10/13	7.860	1/15/13		(79,196	)

		Total Volatility Swaps			$	(659,454	)

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


AUD		Australian Dollar
CHF		Swiss Franc
EUR		Euro
NZD		New Zealand Dollar
Abbreviations are as follows:
CAD		Canadian Dollar
JPY		Japanese Yen
NOK		Norwegian Krone
SEK		Swedish Krona


35				Oppenheimer International Bond Fund

STATEMENT OF INVESTMENTS December 31, 2012 (Unaudited)

The following table aggregates, as of period end, the amount receivable from/(payable to) each counterparty with whom the Fund has entered into a swap agreement. Swaps are individually disclosed in the preceding tables.

Swap Summary as of December 31, 2012 is as follows:


Swap Counterparty	Swap Type from Fund Perspective	Notional Amount (000’s)			Value
Bank of America NA:
	Credit Default Sell Protection		5,000	EUR	$	90,434
	Interest Rate		356,565	AUD		(1,291,542	)
	Interest Rate		92,410	BRR		445,288
	Interest Rate		498,375	CAD		(2,893,648	)
	Interest Rate		178,415			1,634,830
	Volatility		69	CHF		(55,900	)
	Volatility		91	NZD		(211,041	)

						(2,281,579	)
Barclays Bank plc:
	Credit Default Buy Protection		25,000	EUR		2,260,179
	Credit Default Sell Protection		20,000	EUR		403,829
	Interest Rate		750,000	NOK		1,179,228

						3,843,236
Credit Suisse International:
	Volatility		72	AUD		(75,606	)
	Volatility		68	CHF		(75,920	)
	Volatility		58	EUR		84,187
	Volatility		75			(79,196	)

						(146,535	)
Deutsche Bank AG:
	Interest Rate		158,480	BRR		849,272
	Volatility		58	EUR		73,405
	Volatility		75			19,216

						941,893
Goldman Sachs Bank USA:
	Credit Default Buy Protection		251,160	EUR		31,301,733
	Interest Rate		350,000	NOK		(336,094	)
	Volatility		58	EUR		77,450
	Volatility		91	NZD		(131,354	)
	Volatility		225			(13,735	)

						30,898,000
Goldman Sachs International:
	Credit Default Buy Protection		25,000			505,541
	Credit Default Sell Protection		25,000			(2,438,276	)
	Interest Rate		387,785	BRR		1,634,843
	Interest Rate		151,000	NOK		(23,874	)

						(321,766	)
JPMorgan Chase Bank NA:
	Credit Default Buy Protection		25,000			(158,893	)
	Credit Default Sell Protection		38,790			(4,215,397	)
	Interest Rate		300,000	BRR		2,345,000
	Volatility		70	CHF		(131,459	)
	Volatility		75			(53,509	)

						(2,214,258	)
Morgan Stanley Capital Services, Inc.:
	Credit Default Sell Protection		10,410			(12,325	)
	Volatility		69	CHF		(69,976	)
	Volatility		75			7,099

						(75,202	)
Royal Bank of Scotland plc (The)	Volatility		225			(23,115	)
UBS AG:
	Credit Default Buy Protection		13,850	EUR		1,102,519
	Credit Default Buy Protection		13,180			1,793,674
	Credit Default Sell Protection		22,660	EUR		(48,062	)
	Credit Default Sell Protection		17,565			(4,245,207	)

						(1,397,076	)

			Total Swaps		$	29,223,598

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
EUR		Euro
NOK		Norwegian Krone
NZD		New Zealand Dollar


36				Oppenheimer International Bond Fund

STATEMENT OF INVESTMENTS December 31, 2012 (Unaudited)

As of December 31, 2012, the Fund had entered into the following written swaption contracts:


Reference Entity / Swaption Counterparty	Swaption Description	Underlying Swap Type from Fund Perspective		Notional Amount (000’s)			Expiration Date		Premium Received		Value			Unrealized Appreciation (Depreciation)
iTraxx Europe Series 18 Version 1
Barclays Bank plc	Credit Default Index Option; Swap Terms: Paid: Protection on iTraxx Europe Series 18 Version 1; Received: 1%; Termination Date: 12/20/17		Index Credit Default Swap; Pay Floating		135,000	EUR		1/17/13	$	1,237,575	$	(845,995	)	$	391,580
Six-Month AUD BBR BBSW:
UBS AG	Interest Rate Swaption (European); Swap Terms: Paid: 3.80%; Received: Six-Month AUD BBR BBSW; Termination Date: 2/7/23		Interest Rate Swap; Pay Fixed		77,890	AUD		2/7/13		1,158,327		(777,761	)		380,566

	Total where Fund pays a fixed rate									1,158,327		(777,761	)		380,566
UBS AG	Interest Rate Swaption (European); Swap Terms: Paid: Six-Month AUD BBR BBSW; Received: 3.88%; Termination Date: 1/25/23		Interest Rate Swap; Pay Floating		43,965	AUD		1/25/13		545,387		(198,761	)		346,626

	Total where Fund pays a floating rate									545,387		(198,761	)		346,626

								Total		1,703,714		(976,522	)		727,192
Six-Month EUR EURIBOR:
Bank of America NA	Interest Rate Swaption (European); Swap Terms: Paid: 2.86%; Received: Six-Month EUR EURIBOR; Termination Date: 4/18/23		Interest Rate Swap; Pay Fixed		78,450	EUR		4/19/13		1,128,128		(1,932,039	)		(803,911	)


37				Oppenheimer International Bond Fund

STATEMENT OF INVESTMENTS December 31, 2012 (Unaudited)


Barclays Bank plc	Interest Rate Swaption (European); Swap Terms: Paid: 2.96%; Received: Six-Month EUR EURIBOR; Termination Date: 12/14/32	Interest Rate Swap; Pay Fixed	116,000	EUR	2/13/22	9,880,493	(9,942,067	)	(61,574	)
Barclays Bank plc	Interest Rate Swaption (European); Swap Terms: Paid: 2.91%; Received: Six-Month EUR EURIBOR; Termination Date: 4/19/23	Interest Rate Swap; Pay Fixed	130,750	EUR	4/18/13	1,818,641	(3,689,489	)	(1,870,848	)
Goldman Sachs Bank USA	Interest Rate Swaption (European); Swap Terms: Paid: 2.919% ; Received: Six-Month EUR EURIBOR; Termination Date: 4/19/43	Interest Rate Swap; Pay Fixed	78,450	EUR	4/18/13	3,361,055	(3,849,473	)	(488,418	)

	Total where Fund pays a fixed rate					16,188,317	(19,413,068	)	(3,224,751	)
UBS AG	Interest Rate Swaption (European); Swap Terms: Paid: Six-Month EUR EURIBOR; Received: 2.62%; Termination Date: 9/23/20	Interest Rate Swap; Pay Floating	440,000	EUR	9/22/15	9,898,843	(5,826,315	)	4,072,528

	Total where Fund pays a floating rate					9,898,843	(5,826,315	)	4,072,528

					Total	26,087,160	(25,239,383	)	847,777
Six-Month GBP BBA LIBOR:
Barclays Bank plc	Interest Rate Swaption (European); Swap Terms: Paid: 1.85%; Received: Six-Month GBP BBA LIBOR; Termination Date: 5/20/23	Interest Rate Swap; Pay Fixed	65,000	GBP	5/3/13	832,933	(930,089	)	(97,156	)


38				Oppenheimer International Bond Fund

STATEMENT OF INVESTMENTS December 31, 2012 (Unaudited)


JPMorgan Chase Bank NA	Interest Rate Swaption (European); Swap Terms: Paid: 3.231%; Received: Six-Month GBP BBA LIBOR; Termination Date: 2/14/43	Interest Rate Swap; Pay Fixed	22,675	GBP	2/15/13	2,249,186	(2,015,691	)	233,495

	Total where Fund pays a fixed rate					3,082,119	(2,945,780	)	136,339
Barclays Bank plc	Interest Rate Swaption (European); Swap Terms: Paid: Six-Month GBP BBA LIBOR; Received: 3.05%; Termination Date: 3/27/43	Interest Rate Swap; Pay Floating	48,000	GBP	3/28/13	1,623,345	(1,569,309	)	54,036
Goldman Sachs Bank USA	Interest Rate Swaption (European); Swap Terms: Paid: Six-Month GBP BBA LIBOR; Received: 2.055%; Termination Date: 12/4/20	Interest Rate Swap; Pay Floating	166,905	GBP	12/7/15	6,294,832	(5,836,269	)	458,563

	Total where Fund pays a floating rate					7,918,177	(7,405,578	)	512,599

					Total	11,000,296	(10,351,358	)	648,938
Three-Month CAD BA CDOR:
Bank of America NA	Interest Rate Swaption (European); Swap Terms: Paid: Three-Month CAD BA CDOR; Received: 2.1025%; Termination Date: 1/16/23	Interest Rate Swap; Pay Floating	110,445	CAD	1/17/13	2,296,742	(1,453,813	)	842,929
Bank of America NA	Interest Rate Swaption (European); Swap Terms: Paid: Three-Month CAD BA CDOR; Received: 1.7925%; Termination Date: 12/15/16	Interest Rate Swap; Pay Floating	200,000	CAD	12/16/14	1,338,132	(857,167	)	480,965

						3,634,874	(2,310,980	)	1,323,894


39				Oppenheimer International Bond Fund

STATEMENT OF INVESTMENTS December 31, 2012 (Unaudited)


Three-Month USD BBA LIBOR:
Bank of America NA	Interest Rate Swaption (European); Swap Terms: Paid: 1.343%; Received: Three-Month USD BBA LIBOR; Termination Date: 2/5/20	Interest Rate Swap; Pay Fixed	166,100	2/4/13	1,511,510	(962,066	)	549,444
Bank of America NA	Interest Rate Swaption (European); Swap Terms: Paid: 2.645%; Received: Three-Month USD BBA LIBOR; Termination Date: 12/6/22	Interest Rate Swap; Pay Fixed	100,000	12/5/17	3,542,500	(2,924,555	)	617,945

	Total where Fund pays a fixed rate				5,054,010	(3,886,621	)	1,167,389
Bank of America NA	Interest Rate Swaption (European); Swap Terms: Paid: Three-Month USD BBA LIBOR; Received: 2.50%; Termination Date: 9/3/23	Interest Rate Swap; Pay Floating	106,390	9/3/13	1,755,435	(979,171	)	776,264
Barclays Bank plc	Interest Rate Swaption (European); Swap Terms: Paid: Three-Month USD BBA LIBOR; Received: 2.6775%; Termination Date: 12/16/25	Interest Rate Swap; Pay Floating	52,065	12/15/15	2,673,538	(2,756,133	)	(82,595	)
Barclays Bank plc	Interest Rate Swaption (European); Swap Terms: Paid: Three-Month USD BBA LIBOR; Received: 2.25%; Termination Date: 11/24/20	Interest Rate Swap; Pay Floating	129,850	11/23/15	2,668,418	(2,816,317	)	(147,899	)
Barclays Bank plc	Interest Rate Swaption (European); Swap Terms: Paid: Three-Month USD BBA LIBOR; Received: 3.10%; Termination Date: 4/27/22	Interest Rate Swap; Pay Floating	310,270	4/26/17	8,035,993	(7,939,960	)	96,033


40				Oppenheimer International Bond Fund

STATEMENT OF INVESTMENTS December 31, 2012 (Unaudited)


Barclays Bank plc	Interest Rate Swaption (European); Swap Terms: Paid: Three-Month USD BBA LIBOR; Received: 1.935%; Termination Date: 9/30/20	Interest Rate Swap; Pay Floating	104,578	9/29/15		2,677,206		(2,598,495	)		78,711
Barclays Bank plc	Interest Rate Swaption (European); Swap Terms: Paid: Three-Month USD BBA LIBOR; Received: 3.165%; Termination Date: 11/9/22	Interest Rate Swap; Pay Floating	250,000	11/8/17		6,725,000		(7,175,219	)		(450,219	)
Goldman Sachs Bank USA	Interest Rate Swaption (European); Swap Terms: Paid: Three-Month USD BBA LIBOR; Received: 1.875%; Termination Date: 9/24/20	Interest Rate Swap; Pay Floating	149,545	9/23/13		1,816,972		(1,221,244	)		595,728
Goldman Sachs Bank USA	Interest Rate Swaption (European); Swap Terms: Paid: Three Month USD BBA LIBOR; Received: 2.701%; Termination Date: 11/24/22	Interest Rate Swap; Pay Floating	125,000	11/22/17		4,618,750		(4,705,939	)		(87,189	)

	Total where Fund pays a floating rate					30,971,312		(30,192,478	)		778,834

				Total		36,025,322		(34,079,099	)		1,946,223

		Total Written Swaptions			$	79,688,941	$	(73,803,337	)	$	5,885,604


Notional amount is reported in U.S. Dollars (USD), except for those denoted in the following currencies:
AUD		Australian Dollar
CAD		Canadian Dollar
EUR		Euro
GBP		British Pound Sterling

Abbreviations/Definitions are as follows:

BA CDOR		Canada Bankers Acceptances Deposit Offering Rate
BBA LIBOR		British Bankers’ Association London-Interbank Offered Rate
BBR BBSW		Bank Bill Swap Reference Rate (Australian Financial Market)
EURIBOR		Euro Interbank Offered Rate
iTraxx Europe Series 18 Version 1		Credit Default Swap Trading Index for a Specific Basket of Securities


41				Oppenheimer International Bond Fund

STATEMENT OF INVESTMENTS December 31, 2012 (Unaudited)

Notes to Statement of Investments

Previous Annual Period. The last day of the Fund’s fiscal year was the last day 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.

Structured Securities. The Fund invests in structured securities whose market values, interest rates and/or redemption prices are linked to the performance of underlying foreign currencies, interest rate spreads, stock market indices, prices of individual securities, commodities or other financial instruments or the occurrence of other specific events. The structured securities are often leveraged, increasing the volatility of each note’s market value relative to the change in the underlying linked financial element or event. Fluctuations in value of these securities are recorded as unrealized gains and losses in the accompanying Statement of Operations in the annual and semiannual reports. The Fund records a realized gain or loss when a structured security is sold or matures.

Securities on a When-Issued or Delayed Delivery Basis. The Fund may purchase securities on a “when-issued” basis, and may purchase or sell securities on a “delayed delivery” basis. “When-issued” or “delayed delivery” refers to securities whose terms and indenture are available and for which a market exists, but which are not available for immediate delivery. Delivery and payment for securities that have been purchased by the Fund on a when-issued basis normally takes place within six months and possibly as long as two years or more after the trade date. During this period, such securities do not earn interest, are subject to market fluctuation and may increase or decrease in value prior to their delivery. The purchase of securities on a when-issued basis may increase the volatility of the Fund’s net asset value to the extent the Fund executes such transactions while remaining substantially fully invested. When the Fund engages in when-issued or delayed delivery transactions, it relies on the buyer or seller, as the case may be, to complete the transaction. Their failure to do so may cause the Fund to lose the opportunity to obtain or dispose of the security at a price and yield it considers advantageous. The Fund may also sell securities that it purchased on a when-issued basis or forward commitment prior to settlement of the original purchase.

As of December 31, 2012, the Fund had purchased securities issued on a when-issued or delayed delivery basis as follows:


	When-Issued or Delayed Delivery Basis Transactions
Purchased securities	$	3,343,931


42				Oppenheimer International Bond Fund

STATEMENT OF INVESTMENTS December 31, 2012 (Unaudited)

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 31, 2012 is as follows:


Cost	$	70,381,721
Market Value	$	8,065,228
Market Value as a % of Net Assets		0.06	%

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.

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.

The Fund’s Board has adopted procedures for the valuation of the Fund’s securities and has delegated the day-to-day responsibility for valuation determinations under those procedures to the Manager. The Manager has established a Valuation Committee which is responsible for determining a “fair valuation” for any security for which market quotations are not “readily available.” The Valuation Committee’s fair valuation determinations are subject to review, approval and ratification by the Fund’s Board at its next regularly scheduled meeting covering the calendar quarter in which the fair valuation was determined.


43				Oppenheimer International Bond Fund

STATEMENT OF INVESTMENTS December 31, 2012 (Unaudited)

Valuation Methods and Inputs

Securities are valued using unadjusted quoted market prices, when available, as supplied primarily by third party pricing services or dealers.

The following methodologies are used to determine the market value or the fair value of the types of securities described below:

Securities traded on a registered U.S. securities exchange (including exchange-traded derivatives other than futures and futures options) 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. 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 security of a foreign issuer traded on a foreign exchange but not listed on a registered U.S. securities exchange is valued based on the last sale price on the principal exchange on which the security is traded, as identified by the third party pricing service used by the Manager, prior to the time when the Fund’s assets are valued. If the last sale price is unavailable, the security is valued at the most recent official closing price on the principal exchange on which it is traded. If the last sales price or official closing price for a foreign security is not available, the security is valued at the mean between the bid and asked price per the exchange or, if not available from the exchange, obtained from two dealers. If bid and asked prices are not available from either the exchange or two dealers, the security is valued by using one of the following methodologies (listed in order of priority); (1) using a bid from the exchange, (2) the mean between the bid and asked price as provided by a single dealer, or (3) a bid from a single dealer.

Shares of a registered investment company that are not traded on an exchange are valued at that investment company’s net asset value per share.

Corporate and government debt securities (of U.S. or foreign issuers) and municipal debt securities, event-linked bonds, loans, mortgage-backed securities, collateralized mortgage obligations, and asset-backed securities are valued at the mean between the “bid” and “asked” prices utilizing evaluated prices obtained from third party pricing services or broker-dealers who may use matrix pricing methods to determine the evaluated prices.

Short-term money market type debt securities with a remaining maturity 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. Short-term debt securities with a remaining maturity in excess of sixty days are valued at the mean between the “bid” and “asked” prices utilizing evaluated prices obtained from third party pricing services or broker-dealers.


44				Oppenheimer International Bond Fund

STATEMENT OF INVESTMENTS December 31, 2012 (Unaudited)

Structured securities, swaps, swaptions, and other over-the-counter derivatives are valued utilizing evaluated prices obtained from third party pricing services or broker-dealers.

Forward foreign currency exchange contracts are valued utilizing current and forward currency rates obtained from third party pricing services. When the settlement date of a contract is an interim date for which a quotation is not available, interpolated values are derived using the nearest dated forward currency rate.

Futures contracts and futures options 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.

A description of the standard inputs that may generally be considered by the third party pricing vendors in determining their evaluated prices is provided below.


Security Type		Standard inputs generally considered by third-party pricing vendors
Corporate debt, government debt, municipal, mortgage-backed and asset-backed securities		Reported trade data, broker-dealer price quotations, benchmark yields, issuer spreads on comparable securities, the credit quality, yield, maturity, and other appropriate factors.

Loans		Information obtained from market participants regarding reported trade data and broker-dealer price quotations.

Event-linked bonds		Information obtained from market participants regarding reported trade data and broker-dealer price quotations.

Structured securities		Relevant market information such as the price of underlying financial instruments, stock market indices, foreign currencies, interest rate spreads, commodities, or the occurrence of other specific events.

Swaps		Relevant market information, including underlying reference assets such as credit spreads, credit event probabilities, index values, individual security values, forward interest rates, variable interest rates, volatility measures, and forward currency rates.

If a market value or price cannot be determined for a security using the methodologies described above, or if, in the “good faith” opinion of the Manager, the market value or price obtained does not constitute a “readily available market quotation,” or a significant event has occurred that would materially affect the value of the security the security is fair valued either (i) by a


45				Oppenheimer International Bond Fund

STATEMENT OF INVESTMENTS December 31, 2012 (Unaudited)

standardized fair valuation methodology applicable to the security type or the significant event as previously approved by the Valuation Committee and the Fund’s Board or (ii) as determined in good faith by the Manager’s Valuation Committee. The Valuation Committee considers all relevant facts that are reasonably available, through either public information or information available to the Manager, when determining the fair value of a security. Fair value determinations by the Manager are subject to review, approval and ratification by the Fund’s Board at its next regularly scheduled meeting covering the calendar quarter in which the fair valuation was determined. Those fair valuation standardized methodologies include, but are not limited to, valuing securities at the last sale price or 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 further adjusted for any discounts related to security-specific 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 nor can it be assured that the Fund can obtain the fair value assigned to a security if it were to sell the security.

To assess the continuing appropriateness of security valuations, the Manager, or its third party service provider who is subject to oversight by the Manager, regularly compares prior day prices, prices on comparable securities, and sale prices to the current day prices and challenges those prices exceeding certain tolerance levels with the third party pricing service or broker source. For those securities valued by fair valuations, whether through a standardized fair valuation methodology or a fair valuation determination, the Valuation Committee reviews and affirms the reasonableness of the valuations based on such methodologies and fair valuation determinations on a regular basis after considering all relevant information that is reasonably available.

Classifications

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. 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).


46				Oppenheimer International Bond Fund

STATEMENT OF INVESTMENTS December 31, 2012 (Unaudited)

The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities.

The table below categorizes amounts as of December 31, 2012 based on valuation input level:


	Level 1— Unadjusted Quoted Prices			Level 2— Other Significant Observable Inputs			Level 3— Significant Unobservable Inputs		Value
Assets Table
Investments, at Value:
U.S. Government Obligations	$	—		$	135,648,144		$	—	$	135,648,144
Foreign Government Obligations		—			8,788,245,435			—		8,788,245,435
Loan Participations		—			15,018,300			—		15,018,300
Corporate Bonds and Notes		—			2,867,377,653			1,050,000		2,868,427,653
Corporate Loans		—			—			5,493,909		5,493,909
Structured Securities		—			396,904,857			73,584,162		470,489,019
Options Purchased		2,109,226			63,544,688			—		65,653,914
Swaptions Purchased		—			65,421,618			—		65,421,618
Investment Company		384,180,632			—			—		384,180,632

Total Investments, at Value		386,289,858			12,332,160,695			80,128,071		12,798,578,624
Other Financial Instruments:
Appreciated swaps, at value		—			25,661,977			—		25,661,977
Depreciated swaps, at value		—			20,676,369			—		20,676,369
Futures margins		396,823			—			—		396,823
Foreign currency exchange contracts		—			128,554,818			—		128,554,818

Total Assets	$	386,686,681		$	12,507,053,859		$	80,128,071	$	12,973,868,611

Liabilities Table
Other Financial Instruments:
Swaps, at value	$	—		$	—		$	—	$	—
Appreciated swaps, at value		—			(10,494,918	)		—		(10,494,918	)
Depreciated swaps, at value		—			(6,619,830	)		—		(6,619,830	)
Appreciated options written, at value		(241,813	)		(7,179,040	)		—		(7,420,853	)
Depreciated options written, at value		(698,938	)		(12,663,545	)				(13,362,483	)
Appreciated swaptions written, at value		—			(36,006,572	)		—		(36,006,572	)
Depreciated swaptions written, at value		—			(37,796,765	)		—		(37,796,765	)
Futures margins		(1,460,962	)		—			—		(1,460,962	)
Foreign currency exchange contracts		—			(94,539,957	)		—		(94,539,957	)

Total Liabilities	$	(2,401,713	)	$	(205,300,627	)	$	—	$	(207,702,340	)


47				Oppenheimer International Bond Fund

STATEMENT OF INVESTMENTS December 31, 2012 (Unaudited)

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.

The table below shows the transfers between Level 2 and Level 3. The Fund’s policy is to recognize transfers in and transfers out as of the beginning of the reporting period.


	Transfers out of Level 2*			Transfers into Level 3*
Assets Table
Investments, at Value:
Structured Securities	$	(36,068,653	)	$	36,068,653

Total Assets	$	(36,068,653	)	$	36,068,653

*	Transferred from Level 2 to Level 3 because of the lack of observable market data.

There have been no significant changes to the fair valuation methodologies of the Fund during the period.

Risk Exposures and the Use of Derivative Instruments

The Fund’s investment objectives not only permit the Fund to purchase investment securities, they also allow the Fund to enter into various types of derivatives contracts, including, but not limited to, futures contracts, forward foreign currency exchange contracts, credit default swaps, interest rate swaps, total return swaps, and purchased and written options. In doing so, the Fund will employ strategies in differing combinations to permit it to increase, decrease, or change the level or types of exposure to market risk factors. Central to those strategies are features inherent to derivatives that make them more attractive for this purpose than equity and debt securities: they require little or no initial cash investment, they can focus exposure on only certain selected risk factors, and they may not require the ultimate receipt or delivery of the underlying security (or securities) to the contract. This may allow the Fund to pursue its objectives more quickly and efficiently than if it were to make direct purchases or sales of securities capable of effecting a similar response to market factors.


48				Oppenheimer International Bond Fund

STATEMENT OF INVESTMENTS December 31, 2012 (Unaudited)

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.


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STATEMENT OF INVESTMENTS December 31, 2012 (Unaudited)

Additional associated risks from investing in derivatives also exist and potentially could have significant effects on the valuation of the derivative and the Fund. Typically, the associated risks are not the risks that the Fund is attempting to increase or decrease exposure to, per its investment objectives, but are the additional risks from investing in derivatives. Examples of these associated risks are liquidity risk, which is the risk that the Fund will not be able to sell the derivative in the open market in a timely manner, and counterparty credit risk, which is the risk that the counterparty will not fulfill its obligation to the Fund. Associated risks can be different for each type of derivative and are discussed by each derivative type in the notes that follow.

Counterparty Credit Risk. Certain derivative positions are subject to counterparty credit risk, which is the risk that the counterparty will not fulfill its obligation to the Fund. The Fund’s derivative counterparties are financial institutions who are subject to market conditions that may weaken their financial position. The Fund intends to enter into financial transactions with counterparties that the Manager believes to be creditworthy at the time of the transaction. As of December 31, 2012, the maximum amount of loss that the Fund would incur if the counterparties to its derivative transactions failed to perform would be $309,827,761, which represents gross payments to be received by the Fund on these derivative contracts were they to be unwound as of period end. To reduce this risk the Fund has entered into master netting arrangements, established within the Fund’s International Swap and Derivatives Association, Inc. master agreements, which allow the Fund to net unrealized appreciation and depreciation for certain positions in swaps, over-the-counter options, swaptions, and forward currency exchange contracts for each individual counterparty. The amount of loss that the Fund would incur taking into account these master netting arrangements would be $131,204,805 as of December 31, 2012. 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 31, 2012 the Fund has required certain counterparties to post collateral of $104,142,025.

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


50				Oppenheimer International Bond Fund

STATEMENT OF INVESTMENTS December 31, 2012 (Unaudited)

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 31, 2012, the aggregate fair value of derivative instruments with credit related contingent features in a net liability position was $20,875,929 for which the Fund has posted collateral of $23,748,005. If a contingent feature would have been triggered as of December 31, 2012, 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. The 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.


51				Oppenheimer International Bond Fund

STATEMENT OF INVESTMENTS December 31, 2012 (Unaudited)

The Fund has entered into forward foreign currency exchange contracts with the obligation to purchase specified foreign currencies in the future at a currently negotiated forward rate in order to decrease exposure to foreign exchange rate risk associated with foreign currency denominated securities held by the Fund.

The Fund has entered into forward foreign currency exchange contracts with the obligation to sell specified foreign currencies in the future at a currently negotiated forward rate in order to take a negative investment perspective on the related currency. These forward foreign currency exchange contracts seek to increase exposure to foreign exchange rate risk.

The Fund has entered into forward foreign currency exchange contracts with the obligation to sell specified foreign currencies in the future at a currently negotiated forward rate in order to decrease exposure to foreign exchange rate risk associated with foreign currency denominated securities held by the Fund.

During the period ended December 31, 2012, the Fund had daily average contract amounts on forward foreign currency contracts to buy and sell of $5,249,835,573 and $9,607,160,140, 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


52				Oppenheimer International Bond Fund

STATEMENT OF INVESTMENTS December 31, 2012 (Unaudited)

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 currencies to increase exposure to foreign exchange rate risk.

The Fund has sold futures contracts on various currencies to decrease exposure to foreign exchange rate risk.

The Fund has sold futures contracts, which have values that are linked to the price movement of the related volatility indexes, in order to decrease exposure to volatility risk.

During the period ended December 31, 2012, the Fund had an ending monthly average market value of $27,455,895 and $1,451,784,885 on futures contracts purchased and sold, respectively.

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

Option Activity

The Fund may buy and sell put and call options, or write put and call options. When an option is written, the Fund receives a premium and becomes obligated to sell or purchase the underlying security at a fixed price, upon exercise of the option.

Options are valued daily based upon the last sale price on the principal exchange on which the option is traded. The difference between the premium received or paid, and market value of the option, is recorded as unrealized appreciation or depreciation. The net change in unrealized appreciation or depreciation is reported in the Statement of Operations in the annual and semiannual reports. When an option is exercised, the cost of the security purchased or the proceeds of the security sale are adjusted by the amount of premium received or paid. Upon the expiration or closing of the option transaction, a gain or loss is reported in the Statement of Operations in the annual and semiannual reports.


53				Oppenheimer International Bond Fund

STATEMENT OF INVESTMENTS December 31, 2012 (Unaudited)

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 31, 2012, the Fund had an ending monthly average market value of $31,751,530 and $46,828,694 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 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.


54				Oppenheimer International Bond Fund

STATEMENT OF INVESTMENTS December 31, 2012 (Unaudited)

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.

During the period ended December 31, 2012, the Fund had an ending monthly average market value of $9,874,456 and $19,623,776 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 31, 2012 was as follows:


	Call Options						Put Options
	Number of			Amount of			Number of			Amount of
	Contracts			Premiums			Contracts			Premiums
Options outstanding as of September 28, 2012		120,025,259,722		$	21,469,321			145,504,820,854		$	34,561,577

Options written		180,170,400,602			24,377,116			189,824,191,597			46,117,241
Options closed or expired		(280,931,514,402	)		(39,057,562	)		(260,908,395,052	)		(54,687,337	)

Options outstanding as of December 31, 2012		19,264,145,922		$	6,788,875			74,420,617,399		$	25,991,481

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


55				Oppenheimer International Bond Fund

STATEMENT OF INVESTMENTS December 31, 2012 (Unaudited)

paid should be subtracted from, while upfront payments received should be added to, the value of contracts reported as an asset on the Statement of Assets and Liabilities in the annual and semiannual reports. Conversely, upfront payments paid should be added to, while upfront payments received should be subtracted from the value of contracts reported as a liability. The unrealized appreciation (depreciation) related to the change in the valuation of the notional amount of the swap is combined with the accrued interest due to (owed by) the Fund at termination or settlement. The net change in this amount during the period is included on the Statement of Operations in the annual and semiannual reports. The Fund also records any periodic payments received from (paid to) the counterparty, including at termination, under such contracts as realized gain (loss) on the Statement of Operations in the annual and semiannual reports.

Swap contract agreements are exposed to the market risk factor of the specific underlying reference asset. Swap contracts are typically more attractively priced compared to similar investments in related cash securities because they isolate the risk to one market risk factor and eliminate the other market risk factors. Investments in cash securities (for instance bonds) have exposure to multiple risk factors (credit and interest rate risk). Because swaps require little or no initial cash investment, they can expose the Fund to substantial risk in the isolated market risk factor.

Credit Default Swap Contracts. A credit default swap is a bilateral contract that enables an investor to buy or sell protection on a debt security against a defined-issuer credit event, such as the issuer’s failure to make timely payments of interest or principal on the debt security, bankruptcy or restructuring. The Fund may enter into credit default swaps either by buying or selling protection on a single security or a basket of securities (the “reference asset”).

The buyer of protection pays a periodic fee to the seller of protection based on the notional amount of debt securities underlying the swap contract. The seller of protection agrees to compensate the buyer of protection for future potential losses as a result of a credit event on the reference asset. The contract effectively transfers the credit event risk of the reference asset from the buyer of protection to the seller of protection.

The ongoing value of the contract will fluctuate throughout the term of the contract based primarily on the credit risk of the reference asset. If the credit quality of the reference asset improves relative to the credit quality at contract initiation, the buyer of protection may have an unrealized loss greater than the anticipated periodic fee owed. This unrealized loss would be the result of current credit protection being cheaper than the cost of credit protection at contract initiation. If the buyer elects to terminate the contract prior to its maturity, and there has been no credit event, this unrealized loss will become realized. If the contract is held to maturity, and there has been no credit event, the realized loss will be equal to the periodic fee paid over the life of the contract.


56				Oppenheimer International Bond Fund

STATEMENT OF INVESTMENTS December 31, 2012 (Unaudited)

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.

The Fund has engaged in spread curve trades by simultaneously purchasing and selling protection through credit default swaps referenced to the same issuer but with different maturities. Spread curve trades attempt to gain exposure to credit risk on a forward basis by realizing gains on the expected differences in spreads.

For the period ended December 31, 2012, the Fund had ending monthly average notional amounts of $321,258,323 and $114,183,498 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 31, 2012, the Fund had ending monthly average notional amounts of $751,974,760 and $1,146,488,895 on interest rate swaps which pay a fixed rate and interest rate swaps which receive a fixed rate, respectively.


57				Oppenheimer International Bond Fund

STATEMENT OF INVESTMENTS December 31, 2012 (Unaudited)

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

Volatility Swap Contracts. A volatility swap is an agreement between counterparties to exchange periodic payments based on the measured volatility of a reference security, index, currency or other reference investment over a specified time frame. One cash flow is typically based on the volatility of the reference investment as measured by changes in its price or level while the other cash flow is based on an interest rate or the measured volatility of a different reference investment. The appreciation or depreciation on a volatility swap will typically depend on the magnitude of the reference investment’s volatility, or size of the movement, rather than general directional increases or decreases in its price.

Volatility swaps are less standard in structure than other types of swaps and provide pure, or isolated, exposure to volatility risk of the specific underlying reference investment. Volatility swaps are typically used to speculate on future volatility levels, to trade the spread between realized and expected volatility, or to decrease the volatility exposure of investments held by the Fund.

The Fund has entered into volatility swaps to increase exposure to the volatility risk of various reference investments. These types of volatility swaps require the fund to pay the measured volatility and receive a fixed interest payment over the period of the contract. If the measured volatility of the related reference investment increases over the period, the swaps will depreciate in value. Conversely, if the measured volatility of the related reference investment decreases over the period, the swaps will appreciate in value.

The Fund has entered into volatility swaps to decrease exposure to the volatility risk of various reference investments. These types of volatility swaps require the fund to pay a fixed interest payment and receive the measured volatility over the period of the contract. If the measured volatility of the related reference investment increases over the period, the swaps will appreciate in value. Conversely, if the measured volatility of the related reference investment decreases over the period, the swaps will depreciate in value.

For the period ended December 31, 2012, the Fund had ending monthly average notional amounts of $189,183 and $837,843 on volatility swaps which pay volatility and volatility swaps which receive volatility, respectively.

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


58				Oppenheimer International Bond Fund

STATEMENT OF INVESTMENTS December 31, 2012 (Unaudited)

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 reports 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 has purchased swaptions which gives it the option to buy credit protection through credit default swaps in order to decrease exposure to the credit risk of individual securities and, or, indexes. A purchased swaption of this type becomes more valuable as the likelihood of a credit event on the reference asset increases.

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 purchased swaptions which gives it the option to enter into an interest rate swap in which it pays a fixed interest rate and receives a floating


59				Oppenheimer International Bond Fund

STATEMENT OF INVESTMENTS December 31, 2012 (Unaudited)

interest rate in order to decrease exposure to interest rate risk. A purchased swaption of this type becomes more valuable as the reference interest rate appreciates relative to the preset interest rate.

The Fund has written swaptions which gives it the obligation, if exercised by the purchaser, 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 written 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 gives it the obligation, if exercised by the purchaser, to enter into an interest rate swap in which it pays a fixed interest rate and receives a floating interest rate in order to decrease exposure to interest rate risk. A written swaption of this type becomes more valuable as the reference interest rate appreciates relative to the preset interest rate.

The Fund has written swaptions which give it the obligation, if exercised by the purchaser, to buy credit protection through credit default swaps in order to decrease 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 increases.

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 31, 2012, the Fund had an ending monthly average market value of $70,297,010 and $68,519,840 on purchased and written swaptions, respectively.

Written swaption activity for the period ended December 31, 2012 was as follows:


	Call Swaptions
	Notional			Amount of
	Amount			Premiums
Swaptions outstanding as of September 28, 2012		4,463,288,346		$	93,319,898
Swaptions written		3,888,560,000			70,398,828
Swaptions closed or expired		(4,677,805,000	)		(80,744,608	)
Swaptions exercised		(466,715,000	)		(3,285,177	)

Swaptions outstanding as of December 31, 2012		3,207,328,346		$	79,688,941


60				Oppenheimer International Bond Fund

STATEMENT OF INVESTMENTS December 31, 2012 (Unaudited)

Restricted Securities

As of December 31, 2012, 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 31, 2012 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	$	12,289,461,337
Federal tax cost of other investments		(1,503,508,199	)

Total federal tax cost	$	10,785,953,138

Gross unrealized appreciation	$	913,840,727
Gross unrealized depreciation		(385,095,918	)

Net unrealized appreciation	$	528,744,809


61				Oppenheimer International Bond Fund

Item 2.

Controls and Procedures.

(a)

Based on their evaluation of the registrant’s disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c)) as of 12/31/2012, 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:		2/11/2013

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:		2/11/2013



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

Date:		2/11/2013

EX-99.CERT 2 d460674dex99cert.htm SECTION 302 CERTIFICATIONS Section 302 Certifications

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;

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: 2/11/2013

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;

(a)

(b)

(c)

(d)

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)

(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: 2/11/2013