UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

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: 3/28/2013

Item 1. Reports to Stockholders.

3 31 2013

SEMIANNUAL REPORT

Oppenheimer International Bond Fund

Table of Contents

Fund Performance Discussion	3
Top Holdings and Allocations	6
Fund Expenses	9
Statement of Investments	11
Statement of Assets and Liabilities	57
Statement of Operations	59
Statements of Changes in Net Assets	61
Financial Highlights	62
Notes to Financial Statements	68
Portfolio Proxy Voting Policies and
Procedures; Updates to Statement of Investments	95
Trustees and Officers	96
Privacy Policy Notice	97

Class A Shares

AVERAGE ANNUAL TOTAL RETURNS AT 3/28/13

	Class A Shares of the Fund						Citigroup Non-U.S. Dollar World Government Bond Index			JPMorgan Government Bond Index- Emerging Markets Global Diversified			JPMorgan Emerging Markets Bond Index Global Diversified			Reference Index
	Without Sales Charge			With Sales Charge
6-Month		2.04	%		–2.81	%		–6.09	%		4.01	%		0.48	%		–1.83	%
1-Year		7.42			2.32			–2.16			7.68			10.11			3.17
5-Year		4.52			3.50			2.28			8.43			9.44			5.71
10-Year		9.18			8.65			5.58			11.93			10.21			8.53

The performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Fund returns include changes in share price, reinvested distributions, and a 4.75% maximum applicable sales charge except where “without sales charge” is indicated. Current performance may be lower or higher than the performance quoted. Returns do not consider capital gains or income taxes on an individual’s investment. Returns for periods of less than one year are cumulative and not annualized. For performance data current to the most recent month-end, visit oppenheimerfunds.com or call 1.800.CALL OPP (225.5677).

March 28, 2013 was the last business day of the Fund’s reporting period. See Note 1 of the accompanying Notes to Financial Statements. Index returns are calculated through March 31, 2013.

2 OPPENHEIMER INTERNATIONAL BOND FUND

Fund Performance Discussion

The Fund’s Class A shares (without sales charge) produced a return of 2.04% during the six-month reporting period, outperforming its Reference Index, a customized weighted index currently comprised of 50% of the Citigroup Non-U.S. Dollar World Government Bond Index, 30% of the JPMorgan Government Bond Index—Emerging Markets Global Diversified, and 20% of the JPMorgan Emerging Markets Bond Index Global Diversified, which returned -1.83%. We attribute this result largely to the Fund’s continued emphasis on emerging market debt over developed markets.

MARKET OVERVIEW

During the reporting period, central banks throughout the globe announced new accommodative policy measures intended to stimulate greater economic growth, and the global economy generally continued to improve despite weakness in Europe and Brazil. In the U.S., the Federal Reserve (the “Fed”) embarked on a new round of open-ended quantitative easing involving monthly purchases of $40 billion of mortgage-backed securities issued by U.S. government agencies. The U.S. economy continued to grow, with the housing market a bright spot as home prices rose and residential investment contributed to growth. Meanwhile, the head of the European Central Bank (the “ECB”) reassured investors that his institution was committed to supporting the Eurozone, and the ECB signaled its conditional intention to purchase massive amounts of debt from troubled members of the European Union. However, the Eurozone remained mired in recession and despite the ECB’s measures, Italian political tensions and troubles in Cyprus remind us that a comprehensive solution remains distant. In China, a new

government was widely expected to adopt more stimulative monetary and fiscal policies.

Even in Japan, which had been mired in economic weakness for years, new government leadership adopted economic policies and the central bank announced massive quantitative easing, which will likely promote export activity by reducing the value of the yen against most other major currencies.

In this environment, emerging market bonds performed well as economic concerns about a China slowdown abated, and as quantitative easing globally pushed investors into products that can potentially provide more yield. For U.S. residents, U.S. dollar-denominated securities outperformed their local currency-denominated counterparts as governments in Japan and Europe took steps to reduce the value of the yen and euro, respectively, relative to the U.S. dollar.

FUND REVIEW

During the period, active currency management enabled the Fund to avoid the brunt of

OPPENHEIMER INTERNATIONAL BOND FUND 3

weakness in currency exchange markets, particularly in Japan, where the yen lost significant value against the U.S. dollar. In contrast, emerging-markets currencies held up relatively well, supporting the Fund’s positions in local currency-denominated bonds from Mexico, Turkey, Indonesia, and Brazil. Bonds from these nations benefited when robust investor demand helped to reduce yield differences between these instruments and comparable U.S. Treasury securities. A position in Venezuelan bonds, which offered especially attractive yields, also fared well.

As sovereign bonds became more richly valued, we increased the Fund’s exposure to U.S. dollar-denominated corporate-backed bonds in the emerging markets. We focused mainly on state-supported and multinational issuers in the agriculture, energy, telecommunications, and finance industry groups. From a country standpoint, we emphasized corporate bonds from Brazil and other Latin American nations.

In terms of detractors from performance, while the Fund benefited from long duration postures in a number of emerging market names that witnessed central bank easing, or maintenance of stable rates, our portfolio-level short duration posture was a modest drag towards the latter half of the period.

STRATEGY & OUTLOOK

Many central banks remain accommodative, with the exception of Brazil, which we believe is poised to enter a tightening mode

due to higher inflation. The extraordinary stimulus in the U.S., U.K. and Japan—coupled with easier policies in China—is likely to offset some of the negative impact emanating from Europe. In fact, central banks have effectively dampened volatility in a world that was traumatized by volatility frequently in the recent past; indeed, the impact of an event like the Cypriot banking crisis may have had a much more negative impact on markets in the past without these central bank and policy actions. Moreover, steady Gross Domestic Product growth in China and continued improvement in the U.S. economic picture could be sufficient to offset weakness in Europe, but the U.S. expansion is not likely to provoke the removal of quantitative easing in the very near future.

Generally, we expect emerging markets’ interest rates to remain stable and we believe there is little pressure to go higher at this time; Brazilian interest rates being a possible exception. Therefore, under our current outlook, we view the yield advantage of emerging market holdings as likely being a source of outperformance going forward. We are long interest rates in South Africa, Brazil, Turkey and Mexico, due to their steep yield curves, and/or additional carry. We are overweight emerging market corporate debt in general, and Russian and Brazilian specifically. However, we continue to avoid adding more high yield debt in China and Hong Kong, especially property companies. We maintain meaningful exposures to Venezuela but have a smaller allocation to Argentina.

4 OPPENHEIMER INTERNATIONAL BOND FUND

We expect continued yen weakness stemming from the current Japanese government’s initiatives and have zero foreign exchange exposure in Japan. We are maintaining very low euro exposure as core economies are slipping while developments in Cyprus and Italy have hurt sentiment. We continue to like high-grade European corporate debt because of the lower valuations in that sector. We favor high yield emerging market debt over high grade emerging market debt. We continue to favor long rate exposures in Mexico, South Africa, Brazil, Turkey and Australia. Finally, we maintain

meaningful foreign exchange exposures in Brazil, Russia, Turkey and Mexico.

The portfolio has a short duration posture, but we are using option strategies to offset the impact of any sudden drop in interest rates typically associated with risk-off denouements. Overall, the Fund is focused on diversified sources of risk-adjusted carry, or additional yield, by maintaining positions that can potentially boost income above that of the benchmark – a strategy that can potentially reap rewards in a lower or modest volatility environment in our view.

Arthur P. Steinmetz Portfolio Manager

Hemant Baijal¹ Portfolio Manager

Sara J. Zervos, Ph.D. Portfolio Manager

1. Hemant Baijal became a Portfolio Manager on January 28, 2013.

OPPENHEIMER INTERNATIONAL BOND FUND 5

Top Holdings and Allocations*

REGIONAL ALLOCATION

Portfolio holdings and allocations are subject to change. Percentages are as of March 28, 2013, and are based on the total market value of investments.

TOP TEN GEOGRAPHICAL HOLDINGS
Japan	10.7	%
Russia	10.0
Brazil	9.5
Turkey	9.1
Mexico	6.0
Australia	4.4
United States	4.2
United Kingdom	4.0
France	3.3
Italy	3.3

Portfolio holdings and allocations are subject to change. Percentages are as of March 28, 2013, and are based on the total market value of investments.

* March 28, 2013 was the last business day of the Fund’s reporting period. See Note 1 of the accompanying Notes to Financial Statements.

6 OPPENHEIMER INTERNATIONAL BOND FUND

Share Class Performance

AVERAGE ANNUAL TOTAL RETURNS WITHOUT SALES CHARGE AS OF 3/28/13

	Inception Date		6-Month			1-Year			5-Year			10-Year
CLASS A (OIBAX)		6/15/95		2.04	%		7.42	%		4.52	%		9.18	%
CLASS B (OIBBX)		6/15/95		1.61	%		6.52	%		3.59	%		8.62	%
CLASS C (OIBCX)		6/15/95		1.70	%		6.71	%		3.76	%		8.39	%
CLASS I (OIBIX)		1/27/12		2.30	%		7.97	%		6.86	%*		N/A
CLASS N (OIBNX)		3/1/01		1.81	%		7.03	%		4.10	%		8.73	%
CLASS Y (OIBYX)		9/27/04		2.17	%		7.55	%		4.80	%		8.30	%*
AVERAGE ANNUAL TOTAL RETURNS WITH SALES CHARGE AS OF 3/28/13
	Inception Date		6-Month			1-Year			5-Year			10-Year
CLASS A (OIBAX)		6/15/95		-2.81	%		2.32	%		3.50	%		8.65	%
CLASS B (OIBBX)		6/15/95		-3.37	%		1.52	%		3.26	%		8.62	%
CLASS C (OIBCX)		6/15/95		0.70	%		5.71	%		3.76	%		8.39	%
CLASS I (OIBIX)		1/27/12		2.30	%		7.97	%		6.86	%*		N/A
CLASS N (OIBNX)		3/1/01		0.82	%		6.03	%		4.10	%		8.73	%
CLASS Y (OIBYX)		9/27/04		2.17	%		7.55	%		4.80	%		8.30	%*

* Shows performance since inception.

STANDARDIZED YIELDS
For the 30 Days Ended 3/31/13
CLASS A	2.99	%
CLASS B	2.31	%
CLASS C	2.45	%
CLASS I	3.60	%
CLASS N	2.72	%
CLASS Y	3.42	%

The performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. Returns do not consider capital gains or income taxes on an individual’s investment. For performance data current to the most recent month-end, visit oppenheimerfunds.com or call 1.800.CALL OPP (225.5677). Fund returns include changes in share price, reinvested distributions, and the applicable sales charge (unless otherwise indicated): for Class A shares, the current maximum initial sales charge of 4.75%; for Class B shares, the contingent deferred sales charge of 5% (1-year) and 2%

OPPENHEIMER INTERNATIONAL BOND FUND 7

(5-year); and for Class C and N shares, the contingent deferred sales charge of 1% for the 1-year period. There is no sales charge for Class I and Class Y shares. Because Class B shares convert to Class A shares 72 months after purchase, the 10-year return for Class B shares uses Class A performance for the period after conversion.

Standardized yield is based on net investment income for the 30-day period ended 3/31/13 and the maximum offering price at the end of the period for Class A shares and the net asset value for Class B, Class C, Class I, Class N and Class Y shares. Each result is compounded semiannually and then annualized. Falling share prices will tend to artificially raise yields.

March 28, 2013 was the last business day of the Fund’s reporting period. See Note 1 of the accompanying Notes to Financial Statements.

The Fund’s performance is compared to the Citigroup Non-U.S. Dollar World Government Bond Index, JPMorgan Government Bond Index—Emerging Markets Global Diversified, the JPMorgan Emerging Markets Bond Index Global Diversified, and the Fund’s Reference Index. The Citigroup Non-U.S. Dollar World Government Bond Index is an index of fixed rate government bonds with maturities of one year or longer. The JPMorgan Government Bond Index—Emerging Markets Global Diversified is a comprehensive, global local Emerging Markets Index, and consists of regularly traded, liquid fixed-rate, domestic currency government bonds to which international investors can gain exposure. The JPMorgan Emerging Markets Bond Index Global Diversified tracks total returns for U.S. dollar-denominated debt instruments issued by emerging market sovereign and quasi-sovereign entities: Brady bonds, loans, Eurobonds. The Fund’s Reference Index is a customized weighted index currently comprised of 50% of the Citigroup Non-U.S. Dollar World Government Bond Index, 30% of the JPMorgan Government Bond Index—Emerging Markets Global Diversified, and 20% of the JPMorgan Emerging Markets Bond Index Global Diversified. Indices are unmanaged and cannot be purchased by investors. Index performance includes reinvestment of income, but does not reflect transaction costs, fees, expenses or taxes. Index performance is shown for illustrative purposes only as a benchmark for the Fund’s performance, and does not predict or depict performance of the Fund. The Fund’s performance reflects the effects of the Fund’s business and operating expenses.

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

Before investing in any of the Oppenheimer funds, investors should carefully consider a fund’s investment objectives, risks, charges and expenses. Fund prospectuses and summary prospectuses contain this and other information about the funds, and may be obtained by asking your financial advisor, visiting oppenheimerfunds.com, or calling 1.800.CALL OPP (225.5677). Read prospectuses and summary prospectuses carefully before investing.

Shares of Oppenheimer funds are not deposits or obligations of any bank, are not guaranteed by any bank, are not insured by the FDIC or any other agency, and involve investment risks, including the possible loss of the principal amount invested.

8 OPPENHEIMER INTERNATIONAL BOND FUND

Fund Expenses

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

The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire 6-month period ended March 28, 2013.

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

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

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

OPPENHEIMER INTERNATIONAL BOND FUND 9

Fund Expenses  Continued

Actual	Beginning Account Value October 1, 2012		Ending Account Value March 28, 2013		Expenses Paid During 6 Months Ended March 28, 2013
Class A	$	1,000.00	$	1,020.40	$	4.97
Class B		1,000.00		1,016.10		9.19
Class C		1,000.00		1,017.00		8.34
Class I		1,000.00		1,023.00		2.78
Class N		1,000.00		1,018.10		7.20
Class Y		1,000.00		1,021.70		3.63
Hypothetical (5% return before expenses)
Class A		1,000.00		1,019.62		4.96
Class B		1,000.00		1,015.45		9.18
Class C		1,000.00		1,016.28		8.34
Class I		1,000.00		1,021.77		2.78
Class N		1,000.00		1,017.41		7.20
Class Y		1,000.00		1,020.94		3.62

Expenses are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 179/365 (to reflect the one-half year period). Those annualized expense ratios, excluding indirect expenses from affiliated funds, based on the 6-month period ended March 28, 2013 are as follows:

Class	Expense Ratios
Class A		1.00	%
Class B		1.85
Class C		1.68
Class I		0.56
Class N		1.45
Class Y		0.73

The expense ratios reflect voluntary waivers and/or reimbursements of expenses by the Fund’s Manager and Transfer Agent. Some of these undertakings may be modified or terminated at any time, as indicated in the Fund’s prospectus. The “Financial Highlights” tables in the Fund’s financial statements, included in this report, also show the gross expense ratios, without such waivers or reimbursements and reduction to custodian expenses, if applicable.

10 OPPENHEIMER INTERNATIONAL BOND FUND

STATEMENT OF INVESTMENTS    March 28, 2013* / (Unaudited)

	Principal Amount			Value
U.S. Government Obligations—1.0%
U.S. Treasury Nts., 0.375%, 3/15/161,2 (Cost $132,873,074)	$	132,800,000		$	132,914,208
Foreign Government Obligations—66.0%
Angola—0.2%
Angola (Republic of) Sr. Unsec. Nts., 7%, 8/16/19		25,920,000			28,738,800
Australia—3.9%
New South Wales Treasury Corp. Sr. Unsec. Nts.:
Series 19, 6%, 4/1/19		15,520,000	AUD		18,168,635
Series 20, 6%, 6/1/20		21,095,000	AUD		25,119,562
Queensland Treasury Corp. Nts.:
Series 17, 6%, 9/14/17		36,260,000	AUD		41,698,622
Series 20, 6.25%, 2/21/20		21,440,000	AUD		25,055,745
Series 21, 6%, 6/14/21		102,560,000	AUD		121,521,448
Series 22, 6%, 7/21/22		7,360,000	AUD		8,550,330
Series 33, 6.50%, 3/14/33		98,955,000	AUD		120,832,598
Queensland Treasury Corp. Sr. Unsec. Nts.:
Series 19, 6.25%, 6/14/19		19,590,000	AUD		23,225,270
Series 23, 4.25%, 7/21/23		17,595,000	AUD		17,808,892
Victoria Treasury Corp. Nts., 5.50%, 11/17/26		86,970,000	AUD		99,256,342
Western Australia Treasury Corp. Unsec. Nts., 7%, 10/15/19		7,500,000	AUD		9,214,291
					510,451,735
Belgium—1.4%
Belgium (Kingdom of) Bonds, Series 58, 3.75%, 9/28/20		90,955,000	EUR		134,593,859
Belgium (Kingdom of) Treasury Bills, 0.038%, 5/16/133		39,490,000	EUR		50,619,253
					185,213,112
Bolivia—0.1%
Bolivia (Plurinational State of) Unsec. Bonds, 4.875%, 10/31/22		7,800,000			7,772,700
Brazil—5.5%
Brazil (Federative Republic of) Letra Tesouro Nacional Nts.,
8.481%, 1/1/153		135,010,000	BRR		57,802,186
Brazil (Federative Republic of) Nota Do Tesouro Nacional Nts.:
9.762%, 1/1/14		250,390,000	BRR		125,641,520
9.762%, 1/1/17		197,680,000	BRR		100,058,566
9.762%, 1/1/21		371,370,000	BRR		186,899,791
12.994%, 5/15/454		34,245,000	BRR		49,874,355
Series NTNF, 9.762%, 1/1/23		115,095,000	BRR		57,614,821
Series NTNB, 12.792%, 8/15/504		31,760,000	BRR		45,951,703
Brazil (Federative Republic of) Nota Do Tesouro Nacional Unsec. Bonds, 9.762%, 1/1/18		128,810,000	BRR		65,228,833
Brazil Minas SPE via State of Minas Gerais Bonds, 5.333%, 2/15/285		20,000,000			22,000,000
					711,071,775
Canada—1.0%
Canada (Government of) Nts., 3.75%, 6/1/19		66,760,000	CAD		74,522,653
Canada (Government of) Treasury Bills, 0.981%, 7/4/133		60,075,000	CAD		58,985,388
					133,508,041

OPPENHEIMER INTERNATIONAL BOND FUND 11

STATEMENT OF INVESTMENTS    Unaudited / Continued

	Principal Amount			Value
Croatia—0.3%
Croatia (Republic of) Unsec. Nts.:
5.50%, 4/4/235,6	$	20,080,000		$	19,992,150
6.25%, 4/27/176		10,225,000			10,978,071
6.375%, 3/24/216		4,975,000			5,375,488
6.75%, 11/5/196		4,535,000			4,988,908
					41,334,617
Denmark—0.3%
Denmark (Kingdom of) Bonds, 4%, 11/15/19		200,885,000	DKK		42,003,975
Dominican Republic—0.1%
Banco De Reservas De La Republica Dominicana Bonds, 7%, 2/1/236		7,795,000			7,833,975
Finland—0.2%
Finland (Repulic of) Unsec. Bonds, 1.625%, 9/15/22		18,415,000	EUR		23,761,138
France—2.9%
France (Republic of) Bonds:
3.75% 10/25/19		81,280,000	EUR		120,950,208
4%, 4/25/60		18,705,000	EUR		27,974,108
4.50%, 4/25/41		28,910,000	EUR		46,481,612
France (Republic of) Treasury Bills, 0.015%, 5/23/133		53,930,000	EUR		69,126,726
France (Republic of) Treasury Nts., 1%, 7/25/17		88,760,000	EUR		115,286,966
					379,819,620
Germany—1.5%
Germany (Federal Republic of) Bonds, 2.50%, 7/4/44		47,330,000	EUR		64,608,556
Germany (Federal Republic of) Treasury Bills:
(0.031)%, 6/12/133		19,355,000	EUR		24,807,432
(0.03)%, 5/15/133		33,610,000	EUR		43,079,109
Germany (Federal Republic of) Unsec. Bonds, 1.50%, 9/4/22		43,670,000	EUR		57,363,141
					189,858,238
Guatemala—0.1%
Guatemala (Republic of) Sr. Unsec. Bonds, 4.875%, 2/13/286		7,935,000			7,796,138
Hungary—2.5%
Hungary (Republic of) Bonds:
6.75%, 11/24/17		9,328,000,000	HUF		41,429,986
Series 14/D, 6.75%, 8/22/14		7,855,000,000	HUF		34,072,270
Series 15/C, 7.75%, 8/24/15		14,421,000,000	HUF		64,655,510
Series 15/A, 8%, 2/12/15		9,336,000,000	HUF		41,734,019
Series 16/C, 5.50%, 2/12/16		5,340,000,000	HUF		22,826,276
Series 17/B, 6.75%, 2/24/17		10,471,000,000	HUF		46,337,599
Hungary (Republic of) Sr. Unsec. Bonds, 7.625%, 3/29/41		925,000			948,125
Hungary (Republic of) Sr. Unsec. Nts., 5.75%, 6/11/18		2,435,000	EUR		3,163,952
Hungary (Republic of) Sr. Unsec. Unsub. Nts., 6.375%, 3/29/21		3,875,000			4,010,625
Hungary (Republic of) Treasury Bills:
6.655%, 5/29/133		984,000,000	HUF		4,124,217
6.691%, 4/17/133		1,313,000,000	HUF		5,522,811

12 OPPENHEIMER INTERNATIONAL BOND FUND

	Principal Amount			Value
Hungary Continued
Hungary (Republic of) Unsec. Bonds:
5.375%, 2/21/23	$	17,550,000		$	16,606,688
5.50%, 2/12/14		10,320,000,000	HUF		43,833,895
					329,265,973
Ireland—0.5%
Ireland (Republic of) Treasury Bonds, 4.40%, 6/18/19		32,895,000	EUR		44,477,741
Ireland (Republic of) Unsec. Bonds, 5.50%, 10/18/17		10,975,000	EUR		15,670,016
					60,147,757
Italy—2.8%
Italy (Republic of) Bonds:
4%, 9/1/20		33,645,000	EUR		43,201,729
4.50%, 3/1/19		97,345,000	EUR		129,124,501
5%, 3/1/22		17,715,000	EUR		23,625,450
5%, 9/1/40		36,870,000	EUR		46,086,555
Series EU, 1.216%, 10/15/177		22,685,000	EUR		26,698,581
Italy (Republic of) Sr. Unsec. Nts., 4.50%, 6/8/15		4,391,000,000	JPY		48,736,205
Italy (Republic of) Treasury Bonds:
3.50%, 11/1/17		18,930,000	EUR		24,304,953
5.75%, 2/1/33		15,815,000	EUR		21,780,798
					363,558,772
Ivory Coast—0.3%
Ivory Coast Bonds, 3.75%, 12/31/32		43,940,000			40,974,050
Japan—10.4%
Japan Bonds: 2 yr., 0.10%, 5/15/14		5,060,750,000	JPY		53,792,329
5 yr., 0.30%, 3/20/17		20,141,000,000	JPY		215,557,590
10 yr., Series 301, 1.50%, 6/20/19		20,067,000,000	JPY		230,299,922
10 yr., 1.10%, 3/20/21		32,037,000,000	JPY		359,810,887
20 yr., Series 112, 2.10%, 6/20/29		12,383,000,000	JPY		150,630,871
20 yr., Series 134, 1.80%, 3/20/32		12,268,000,000	JPY		140,221,539
30 yr., 2%, 3/20/42		15,372,000,000	JPY		178,618,117
Japan Sr. Unsec. Nts., 2.30%, 3/19/18		13,205,000	CAD		13,120,065
					1,342,051,320
Kazakhstan—0.1%
Development Bank of Kazakhstan Sr. Unsec. Bonds, 4.125%, 12/10/226		9,845,000			9,574,263
Korea, Republic of South—0.3%
Korea Housing Finance Corp. Sec. Nts., 1.625%, 9/15/186		43,965,000			43,283,235
Malaysia—1.0%
Central Bank of Malaysia Treasury Bills:
Series 7712, 2.929%, 4/11/133		130,010,000	MYR		41,941,356
Series 8012, 2.929%, 4/23/133		130,370,000	MYR		42,016,190
Malaysia (Government of) Sr. Unsec. Bonds:
Series 1/06, 4.262%, 9/15/16		79,670,000	MYR		26,734,412
Series 0210, 4.012%, 9/15/17		63,445,000	MYR		21,212,431
					131,904,389

OPPENHEIMER INTERNATIONAL BOND FUND 13

STATEMENT OF INVESTMENTS    Unaudited / Continued

	Principal Amount			Value
Mexico—4.2%
United Mexican States Bonds:
Series M, 6.50%, 6/9/227		910,000,000	MXN	$	82,382,980
Series M20, 7.50%, 6/3/277		933,730,000	MXN		91,777,605
Series M10, 7.75%, 12/14/17		785,815,000	MXN		72,067,636
Series M20, 8.50%, 5/31/297		488,360,000	MXN		52,122,811
United Mexican States Treasury Bills:
4.132%, 5/23/133		194,000,000	MXN		15,610,690
4.168%, 6/6/133		1,136,981,000	MXN		91,350,992
4.21%, 7/11/133		226,300,000	MXN		18,112,135
4.228%, 7/25/133		1,000,000,000	MXN		79,908,837
4.552%, 4/4/133		516,700,000	MXN		41,800,934
					545,134,620
Nigeria—1.1%
Nigeria (Federal Republic of) Treasury Bills:
10.635%, 7/4/133		385,000,000	NGN		2,355,326
11.235%, 1/23/143		1,426,000,000	NGN		8,248,333
13.662%, 9/5/133		2,956,000,000	NGN		17,764,078
13.779%, 9/26/133		1,473,000,000	NGN		8,791,771
14.326%, 6/6/133		657,000,000	NGN		4,056,037
Series 364, 15.572%, 4/25/133		989,000,000	NGN		6,185,476
Nigeria (Federal Republic of) Treasury Bonds:
7%, 10/23/19		2,574,000,000	NGN		13,349,733
16%, 6/29/19		2,616,000,000	NGN		20,243,270
16.39%, 1/27/22		7,005,000,000	NGN		57,674,721
					138,668,745
Paraguay—0.1%
Paraguay (Republic of) Sr. Unsec. Bonds, 4.625%, 1/25/236		10,755,000			10,851,795
Peru—1.4%
Peru (Republic of) Sr. Unsec. Bonds:
6.95%, 8/12/316		139,850,000	PEN		67,360,183
8.20%, 8/12/266		90,775,000	PEN		49,100,863
Peru (Republic of) Sr. Unsec. Nts.,
7.84%, 8/12/206		137,605,000	PEN		67,070,483
					183,531,529
Poland—1.1%
Poland (Republic of) Bonds:
Series WS0922, 5.75%, 9/23/22		125,460,000	PLZ		44,097,014
Series 0415, 5.50%, 4/25/15		78,195,000	PLZ		25,105,589
Series 1017, 5.25%, 10/25/17		108,310,000	PLZ		35,896,834
Poland (Republic of) Unsec. Bonds,
Series 1023, 4%, 10/25/23		121,620,000	PLZ		37,596,226
					142,695,663
Portugal—0.8%
Portugal (Republic of) Sr. Unsec. Bonds, 4.10%, 4/15/37		20,225,000	EUR		18,567,038
Portugal (Republic of) Sr. Unsec. Unsub. Bonds., 4.35%, 10/16/17		68,925,000	EUR		86,226,931
					104,793,969

14 OPPENHEIMER INTERNATIONAL BOND FUND

	Principal Amount			Value
Russia—3.2%
AHML Finance Ltd. Unsec. Nts., 7.75%, 2/13/186		539,500,000	RUR	$	17,468,838
Russian Federation Bonds:
7.50%, 3/15/187		1,753,000,000	RUR		59,523,565
7.50%, 2/27/197		2,192,900,000	RUR		74,248,947
7.60%, 4/14/217		2,350,200,000	RUR		79,529,669
Series 6206, 7.40%, 6/14/177		3,912,400,000	RUR		131,399,954
Russian Federation Unsec. Bonds, Series 9, 7.90%, 3/18/217		398,800,000	RUR		12,823,254
Vnesheconombank Sr. Unsec. Bonds, Series 18, 8.693%, 9/17/327		420,600,000	RUR		13,801,471
Vnesheconombank Via VEB Finance plc Sr. Unsec. Nts., 6.025%, 7/5/226		13,355,000			14,840,744
Vnesheconombank Via VEB Finance plc Sr. Unsec. Unsub. Nts., 6.902%, 7/9/206		12,535,000			14,618,944
					418,255,386
Serbia—0.3%
Serbia (Republic of) Sr. Unsec. Bonds, 4.875%, 2/25/206		15,670,000			15,528,970
Serbia (Republic of) Sr. Unsec. Nts., 5.25%, 11/21/176		21,845,000			22,609,575
					38,138,545
South Africa—2.3%
South Africa (Republic of) Bonds:
Series R208, 6.75%, 3/31/21		1,463,495,000	ZAR		161,437,729
Series R207, 7.25%, 1/15/20		1,140,430,000	ZAR		129,692,984
					291,130,713
Spain—1.5%
Comunidad De Madrid Sr. Unsec. Nts., 4.30%, 9/15/26		63,100,000	EUR		63,865,334
Instituto de Credito Oficial Sr. Unsec. Nts., 5%, 5/15/15		75,000,000	NOK		12,351,042
Spain (Kingdom of) Bonds:
4.25%, 10/31/16		14,060,000	EUR		18,546,973
5.50%, 7/30/17		48,470,000	EUR		66,841,032
Spain (Kingdom of) Sr. Unsec. Bonds, 4.30%, 10/31/19		27,205,000	EUR		35,134,386
					196,738,767
Sri Lanka—0.3%
Sri Lanka (Democratic Socialist Republic of) Sr. Unsec. Bonds, 5.875%, 7/25/226		6,390,000			6,661,575
Sri Lanka (Democratic Socialist Republic of) Sr. Unsec. Nts.:
6.25%, 10/4/206		11,890,000			12,722,300
6.25% 7/27/216		13,720,000			14,594,540
					33,978,415
Tanzania—0.2%
Tanzania (United Republic of) Sr. Unsec. Nts., 6.45%, 3/8/207		20,010,000			21,210,600
The Netherlands—1.1%
Netherlands (Kingdom of the) Bonds, 4%, 7/15/19		90,315,000	EUR		136,955,406

OPPENHEIMER INTERNATIONAL BOND FUND 15

STATEMENT OF INVESTMENTS    Unaudited / Continued

	Principal Amount			Value
Turkey—7.8%
Turkey (Republic of) Bonds:
6.875%, 3/17/36	$	24,390,000		$	30,152,138
7%, 3/11/19		26,325,000			31,886,156
9%, 3/5/14		213,845,000	TRY		121,737,882
9%, 3/8/17		398,565,000	TRY		240,112,668
9.50%, 1/12/227		77,105,000	TRY		49,647,557
9.791%, 7/17/133		195,835,000	TRY		106,460,725
10.50%, 1/15/207		235,640,000	TRY		157,080,310
16.519%, 8/14/134		21,120,000	TRY		16,985,578
Turkey (Republic of) Nts., 7.50%, 7/14/17		34,695,000			41,503,894
Turkey (Republic of) Unsec. Bonds:
5.621%, 2/11/154		20,680,000	TRY		15,706,745
6.25%, 9/26/22		44,130,000			52,404,375
8.50%, 9/14/227		148,250,000	TRY		90,582,200
Turkey (Republic of) Unsec. Nts.:
5.125%, 3/25/22		19,535,000			21,537,338
6%, 1/14/41		27,805,000			31,245,869
					1,007,043,435
Ukraine—0.2%
Ukraine (Republic of) Bonds, 7.75%, 9/23/206		10,895,000			11,374,380
Ukraine (Republic of) Sr. Unsec. Nts., 7.95%, 2/23/216		15,180,000			15,878,280
					27,252,660
United Arab Emirates—0.4%
Emirates of Dubai Sr. Unsec. International Bonds:
5.591%, 6/22/21		23,770,000			26,444,125
7.75%, 10/5/20		23,405,000			28,963,688
					55,407,813
United Kingdom—2.7%
United Kingdom Treasury Bonds:
3.75%, 9/7/21		50,735,000	GBP		90,751,149
4%, 9/7/16		57,810,000	GBP		98,800,701
4.25%, 12/7/55		13,180,000	GBP		24,769,520
4.75%, 12/7/38		65,860,000	GBP		131,173,010
					345,494,380
Uruguay—0.3%
Uruguay (Oriental Republic of) Sr. Unsec. Bonds, 4.702%, 12/15/284		523,700,000	UYU		38,965,432
Venezuela—1.6%
Venezuela (Republic of) Bonds:
9%, 5/7/23		49,525,000			47,667,813
11.95%, 8/5/31		23,805,000			26,899,650
Venezuela (Republic of) Nts., 8.25%, 10/13/24		22,105,000			20,170,813
Venezuela (Republic of) Sr. Unsec. Bonds, 11.75%, 10/21/26		18,455,000			20,512,733
Venezuela (Republic of) Sr. Unsec. Unsub. Nts., 12.75%, 8/23/22		17,095,000			20,026,793
Venezuela (Republic of) Unsec. Bonds:
7%, 3/31/38		15,685,000			12,430,363
7.65%, 4/21/25		29,600,000			26,048,000

16 OPPENHEIMER INTERNATIONAL BOND FUND

	Principal Amount			Value
Venezuela Continued
Venezuela (Republic of) Unsec. Nts., 13.625%, 8/15/186	$	26,255,000		$	29,733,788
					203,489,953
Total Foreign Government Obligations (Cost $8,478,925,474)					8,529,661,449
Corporate Bonds and Notes—25.9%
Consumer Discretionary—0.2%
Automobiles—0.1%
Jaguar Land Rover plc, 8.25% Sr. Nts., 3/15/206		8,855,000	GBP		15,171,889
Household Durables—0.1%
Arcelik AS, 5% Sr. Unsec. Nts., 4/3/235,6		11,795,000			11,795,000
Consumer Staples—0.5%
Beverages—0.1%
AmBev International Finance Co. Ltd., 9.50% Sr. Unsec. Unsub. Nts., 7/24/177		11,985,000	BRR		6,660,712
Food Products—0.4%
Alicorp SA, 3.875% Sr. Unsec. Nts., 3/20/236		8,805,000			8,805,000
MHP SA: 8.25% Sr. Unsec. Nts., 4/2/205,8		18,595,000			18,467,159
10.25% Sr. Unsec. Nts., 4/29/156		30,695,000			33,081,997
Minerva Luxembourg SA, 7.75% Sr. Unsec. Nts., 1/31/236		3,730,000			4,009,750
					64,363,906
Energy—5.1%
Energy Equipment & Services—0.0%
QGOG Constellation SA, 6.25% Sr. Unsec. Nts., 11/9/196		3,475,000			3,674,813
Oil, Gas & Consumable Fuels—5.1%
Alliance Oil Co. Ltd., 9.875% Sr. Unsec. Nts., 3/11/156		17,565,000			19,211,719
Cosan Luxembourg SA, 5% Sr. Unsec. Nts., 3/14/236		4,300,000			4,336,550
Empresa Nacional del Petroleo, 4.75% Sr. Unsec. Unsub. Nts., 12/6/216		12,205,000			12,659,514
Gaz Capital SA: 7.288% Sr. Sec. Nts., 8/16/376		28,815,000			35,010,225
8.146% Sr. Sec. Nts., 4/11/186		35,275,000			42,815,031
8.625% Sr. Sec. Nts., 4/28/346		25,785,000			35,132,063
9.25% Sr. Unsec. Unsub. Nts., 4/23/196		39,115,000			50,653,925
Gazprom Neft OAO Via GPN Capital SA, 4.375% Sr. Unsec. Nts., 9/19/226		22,000,000			21,807,500
Gazprom OAO Via Gaz Capital SA: 4.95% Sr. Unsec. Nts., 2/6/286		20,475,000			20,270,250
4.95% Sr. Unsec. Nts., 7/19/226		54,340,000			56,785,300
KMG Finance Sub BV, 9.125% Sr. Unsec. Unsub. Nts., 7/2/186		20,385,000			25,759,098
Lukoil International Finance BV: 6.125% Sr. Unsec. Nts., 11/9/206		40,155,000			45,776,700
6.656% Sr. Unsec. Unsub. Bonds, 6/7/226		20,000,000			23,800,000
7.25% Sr. Unsec. Unsub. Nts., 11/5/196		9,980,000			11,976,000

OPPENHEIMER INTERNATIONAL BOND FUND 17

STATEMENT OF INVESTMENTS    Unaudited / Continued

	Principal Amount			Value
Oil, Gas & Consumable Fuels Continued
Novatek OAO via Novatek Finance Ltd.: 4.422% Sr. Unsec. Nts., 12/13/226	$	30,375,000		$	30,185,156
7.75% Unsec. Nts., 2/21/176		227,420,000	RUR		7,338,193
Odebrecht Drilling Norbe VIII/IX Ltd., 6.35% Sr. Sec. Nts., 6/30/216		7,106,950			7,853,180
Pacific Rubiales Energy Corp., 5.125% Sr. Unsec. Nts., 3/28/236		8,590,000			8,710,260
Pemex Project Funding Master Trust, 6.625% Unsec. Unsub. Bonds, 6/15/35		18,790,000			22,594,975
Pertamina Persero PT, 5.25% Nts., 5/23/216		6,160,000			6,652,800
Petroleos de Venezuela SA: 5.125% Sr. Unsec. Nts., 10/28/16		7,325,000			6,500,938
8.50% Sr. Nts., 11/2/176		34,170,000			33,315,750
12.75% Sr. Unsec. Nts., 2/17/226		20,375,000			23,074,688
Petroleos Mexicanos, 5.50% Sr. Unsec. Unsub. Nts., 6/27/44		15,920,000			16,461,280
Petroleum Co. of Trinidad & Tobago Ltd., 9.75% Sr. Unsec. Nts., 8/14/196		13,375,000			17,621,563
Reliance Industries Ltd., 5.875% Sr. Unsec. Perpetual Bonds6,9		14,620,000			14,345,875
Rosneft Oil Co. via Rosneft International Finance Ltd., 4.199% Sr. Unsec. Nts., 3/6/226		16,295,000			16,193,156
Schahin II Finance Co. SPV Ltd., 5.875% Sr. Sec. Unsub. Nts., 9/25/226		20,600,000			21,372,500
Sibur Securities Ltd., 3.914% Sr. Unsec. Nts., 1/31/186		11,075,000			10,936,563
Tengizchevroil LLP, 6.124% Nts., 11/15/146		3,991,909			4,131,626
					653,282,378
Financials—11.1%
Capital Markets—0.5%
Banco BTG Pactual SA (Cayman): 4% Sr. Unsec. Nts., 1/16/206		16,155,000			15,629,963
5.75% Unsec. Sub. Nts., 9/28/226		15,210,000			15,305,823
Deutsche Bank Capital Funding Trust IV, 5.33% Unsec. Sub. Nts., 9/19/497		11,000,000	EUR		11,667,795
UBS AG (Jersey Branch): 4.28% Unsec. Sub. Nts., 4/29/49		6,195,000	EUR		7,891,256
7.152% Unsec. Sub. Perpetual Bonds9		4,420,000	EUR		6,205,519
UBS Capital Securities Jersey Ltd., 8.836% Sub. Nts., 4/29/49		8,840,000	EUR		11,390,922
					68,091,278
Commercial Banks—8.2%
Akbank TAS, 7.50% Sr. Unsec. Nts., 2/5/186		51,700,000	TRY		28,003,095
Alfa Bank/Alfa Bond Issuance plc, 7.875% Nts., 9/25/176		18,300,000			20,700,960
Banco ABC Brasil SA, 8.50% Sr. Unsec. Nts., 3/28/166		12,980,000	BRR		6,423,358
Banco BMG SA: 8.875% Unsec. Sub. Nts., 8/5/206		3,140,000			2,904,500
9.15% Nts., 1/15/166		6,915,000			7,278,038
9.95% Unsec. Unsub. Nts., 11/5/196		9,060,000			9,037,350

18 OPPENHEIMER INTERNATIONAL BOND FUND

	Principal Amount			Value
Commercial Banks Continued
Banco do Brasil SA (Cayman): 3.875% Sr. Unsec. Nts., 10/10/22	$	2,650,000		$	2,570,500
6.25% Unsec. Sub. Perpetual Bonds9		11,695,000			11,548,813
9.25% Jr. Sub. Perpetual Bonds6,9		62,000,000			75,330,000
Banco do Estado do Rio Grande do Sul SA, 7.375% Sub Nts., 2/2/226		32,780,000			35,746,590
Banco Santander Brasil SA (Cayman Islands), 8% Sr. Unsec. Unsub. Nts., 3/18/168		22,680,000	BRR		11,223,556
Banco Santander Mexico SA, 4.125% Sr. Unsec. Nts., 11/9/226		20,555,000			20,709,163
Bancolombia SA, 5.125% Unsec. Sub. Nts., 9/11/22		20,280,000			20,482,800
Bank of India (London), 3.625% Sr. Unsec. Unsub. Nts., 9/21/188		8,800,000			8,848,541
Bank of Scotland plc: 4.875% Sr. Sec. Nts., 12/20/24		7,625,000	GBP		13,841,415
4.875% Sr. Sec. Unsub. Nts., 11/8/16		4,535,000	GBP		7,825,340
9.375% Unsec. Sub. Nts., 5/15/21		10,550,000	GBP		20,414,385
Barclays Bank plc: 4.75% Sub. Nts., 3/15/49		12,320,000	EUR		11,425,358
6% Sr. Unsec. Sub. Nts., 1/14/21		3,535,000	EUR		4,977,321
BBVA Banco Continental SA, 5% Sr. Unsec. Nts., 8/26/226		12,550,000			13,240,250
BBVA US Senior SAU, 4.664% Sr. Unsec. Nts., 10/9/15		22,010,000			22,583,999
BOM Capital plc, 6.699% Sr. Unsec. Nts., 3/11/156		30,635,000			32,534,370
Corp Group Banking SA, 6.75% Sr. Unsec. Nts., 3/15/236		11,360,000			11,942,200
DNB Boligkreditt AS, 1.45% Sr. Sec. Nts., 3/21/196		17,600,000			17,721,194
DTEK Finance plc, 7.875% Sr. Unsec. Nts., 4/4/185,6		8,580,000			8,456,705
EUROFIMA, 6.25% Bonds, 12/28/18		31,010,000	AUD		35,351,394
Grupo Aval Ltd., 4.75% Sr. Unsec. Nts., 9/26/226		17,080,000			17,165,400
Hana Bank, 1.375% Sr. Unsec. Nts., 2/5/166		21,974,199			21,915,770
ICICI Bank Ltd., 6.375% Bonds, 4/30/226,7		7,120,000			7,351,400
Intesa Sanpaolo SpA: 3.125% Unsec. Nts., 1/16/16		17,570,000			17,188,098
3.875% Unsec. Nts., 1/15/18		8,785,000			8,507,473
Lloyds TSB Bank plc: 6% Sr. Sec. Nts., 2/8/29		13,525,000	GBP		27,223,550
11.875% Unsec. Sub. Nts., 12/16/21		22,105,000	EUR		34,978,955
Norddeutsche Landesbank Girozentrale, 0.875% Sec. Nts., 10/16/156		17,590,000			17,652,058
Royal Bank of Scotland NV: 3.197% Unsec. Sub. Nts., 5/17/187		9,675,000	AUD		9,166,420
6.50% Unsec. Sub. Nts., 5/17/187		8,795,000	AUD		8,342,348
Royal Bank of Scotland plc (The): 2.375% Sr. Unsec. Sub. Nts., 11/2/15		2,650,000	CHF		2,746,051
13.125% Unsec. Sub. Nts., 3/19/22		10,550,000	AUD		13,299,724
Sberbank of Russia Via SB Capital SA: 5.125% Sub. Nts., 10/29/226		32,390,000			32,511,463
5.40% Sr. Unsec. Nts., 3/24/17		8,970,000			9,710,025
6.125% Sr. Nts., 2/7/226		32,070,000			35,918,400

OPPENHEIMER INTERNATIONAL BOND FUND 19

STATEMENT OF INVESTMENTS    Unaudited / Continued

	Principal Amount			Value
Commercial Banks Continued
Skandinaviska Enskilda Banken AB, 1.75% Sr. Unsec. Nts., 3/19/186	$	13,200,000		$	13,215,259
Societe Generale SA, 2.75% Sr. Unsec. Nts., 10/12/17		17,610,000			18,063,211
Stadshypotek AB: 1.875% Sec. Nts., 10/2/196		22,010,000			22,120,952
6% Sec. Unsub. Bonds, 6/21/17		169,680,000	SEK		30,247,412
Sumitomo Mitsui Banking Corp., 1.80% Sr. Unsec. Nts., 7/18/17		13,250,000			13,514,417
Sumitomo Mitsui Trust Bank Ltd., 1.80% Sr. Unsec. Nts., 3/28/186		8,795,000			8,815,897
Swedbank Hypotek AB, 1.375% Sec. Nts., 3/28/186		17,593,333			17,614,463
Toronto-Dominion Bank (The), 1.50% Sec. Bonds, 3/13/176		18,130,000			18,593,258
Turkiye Halk Bankasi AS, 4.875% Sr. Unsec. Nts., 7/19/176		10,250,000			10,836,095
Turkiye Is Bankasi: 3.875% Sr. Unsec. Nts., 11/7/176		19,500,000			19,890,000
6% Sub. Nts., 10/24/226		26,260,000			27,507,350
VTB Bank OJSC Via VTB Capital SA, 6.95% Sub. Nts., 10/17/226		46,440,000			49,156,740
VTB Capital SA: 6.315% Nts., 2/22/186		6,560,000			7,125,800
6.465% Sr. Sec. Unsub. Nts., 3/4/156		6,640,000			7,121,400
Westpac Banking Corp.: 1.25% Sec. Nts., 12/15/176		17,570,000			17,587,447
1.60% Sr. Unsec. Unsub. Nts., 1/12/18		21,965,000			22,248,568
Yapi ve Kredi Bankasi AS: 5.50% Unsec. Sub. Nts., 12/6/226		16,235,000			16,153,825
6.75% Sr. Unsec. Nts., 2/8/176		13,870,000			15,465,050
					1,060,075,474
Consumer Finance—0.0%
JSC Astana Finance, 9.16% Nts., 3/14/1210		14,000,000			1,242,500
Diversified Financial Services—1.9%
ABN AMRO Bank NV, 1.375% Sr. Unsec. Nts., 1/22/166		13,185,000			13,202,154
Autopistas del Nordeste Cayman Ltd., 9.39% Nts., 1/15/266		18,487,974			18,855,885
Banco Invex SA, 31.938% Mtg.-Backed Certificates, Series 062U, 3/13/344,10		27,603,725	MXN		1,458,513
Caisse Centrale Desjardins du Quebec, 1.60% Sec. Bonds, 3/6/176		18,125,000			18,611,946
Export Credit Bank of Turkey, 5.875% Sr. Unsec. Nts., 4/24/196		37,110,000			41,377,650
ING Bank NV, 2.625% Sr. Sec. Nts., 12/5/226		35,115,000			34,992,765
Instituto de Credito Oficial: 5% Sr. Unsec. Unsub. Nts., 11/14/16		18,150,000			19,100,280
5% Sr. Unsec. Unsub. Nts., 4/10/17		31,035,000			32,546,280
JPMorgan Hipotecaria su Casita: 8.397% Sec. Nts., 8/26/354,8		34,101,099	MXN		245,030
30.085% Mtg.-Backed Certificates, Series 06U, 9/25/354		8,904,443	MXN		1,239,318
Korea Development Bank (The), 1.50% Sr. Unsec. Nts., 1/22/18		30,760,000			30,406,880
Magyar Export-Import Bank RT, 5.50% Sr. Unsec. Nts., 2/12/188		8,755,000			8,809,719
Rabobank Capital Funding Trust IV, 5.556% Unsec. Sub. Perpetual Bonds8,9		7,030,000	GBP		10,651,764

20 OPPENHEIMER INTERNATIONAL BOND FUND

	Principal Amount			Value
Diversified Financial Services Continued
Stanbic IBTC Holding Co., 12.468% Nts., 9/24/133		1,297,000,000	NGN	$	7,714,103
					239,212,287
Insurance—0.1%
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA (Netherlands), 1.70% Sr. Unsec. Nts., 3/19/18		4,400,000			4,387,500
Swiss Reinsurance Co. via ELM BV: 4.455% Sr. Sec. Sub. Nts., 5/25/497		4,405,000	AUD		4,076,790
7.635% Unsec. Sub. Nts., 12/29/49		1,755,000	AUD		1,856,392
					10,320,682
Real Estate Management & Development—0.3%
BR Malls International Finance Ltd., 8.50% Sr. Unsec. Unsub. Nts., 1/29/496		7,455,000			8,247,094
Country Garden Holdings Co. Ltd., 7.50% Sr. Unsec. Unsub. Nts., 12/31/236		21,585,000			22,152,686
Kaisa Group Holdings Ltd., 8.875% Sr. Unsec. Nts., 3/19/186		8,000,000			8,140,000
					38,539,780
Thrifts & Mortgage Finance—0.1%
Credit Mutuel/CIC Home Loan SFH, 1.50% Sec. Nts., 11/16/176		13,175,000			13,244,366
Industrials—1.1%
Aerospace & Defense—0.1%
Embraer SA, 5.15% Sr. Unsec. Unsub. Nts., 6/15/22		11,640,000			12,702,150
Airlines—0.3%
Emirates Airline, 4.50% Sr. Unsec. Nts., 2/28/256		39,865,000			39,310,877
Construction & Engineering—0.5%
IIRSA Norte Finance Ltd., 8.75% Sr. Nts., 5/30/248		13,937,286			17,195,824
OAS Investments GmbH, 8.25% Sr. Nts., 10/19/196		2,360,000			2,542,900
Odebrecht Finance Ltd.: 6% Sr. Unsec. Unsub. Nts., 4/5/236		9,238,000			10,392,750
7.125% Sr. Nts., 6/26/426		29,260,000			33,283,250
					63,414,724
Industrial Conglomerates—0.2%
GE Capital Australia Funding Pty Ltd., 7% Bonds, 10/8/15		20,805,000	AUD		23,290,886
Materials—2.4%
Chemicals—0.4%
Braskem Finance Ltd.: 5.375% Sr. Unsec. Nts., 5/2/226		22,275,000			23,132,588
5.75% Sr. Unsec. Nts., 4/15/216		9,000,000			9,481,500
Mexichem SAB de CV: 4.875% Sr. Unsec. Nts., 9/19/226		8,345,000			8,866,563
6.75% Sr. Unsec. Nts., 9/19/426		6,530,000			7,256,463
					48,737,114

OPPENHEIMER INTERNATIONAL BOND FUND 21

STATEMENT OF INVESTMENTS    Unaudited / Continued

	Principal Amount			Value
Construction Materials—0.5%
CEMEX Espana Luxembourg, 9.875% Sr. Sec. Nts., 4/30/196	$	17,165,000		$	19,846,173
CEMEX Espana SA, 9.25% Sr. Sec. Nts., 5/12/206		22,645,000			25,249,175
CEMEX Finance LLC, 9.375% Sr. Sec. Nts., 10/12/226		15,115,000			17,646,763
Cemex SAB de CV, 5.875% Sr. Sec. Nts., 3/25/196		8,000,000			8,100,000
					70,842,111
Metals & Mining—1.5%
Alrosa Finance SA, 7.75% Nts., 11/3/206		27,135,000			31,909,403
Consolidated Minerals Ltd., 8.875% Sr. Sec. Nts., 5/1/166		9,050,000			8,801,125
CSN Islands XI Corp., 6.875% Sr. Unsec. Nts., 9/21/196		8,655,000			9,650,325
CSN Resources SA, 6.50% Sr. Unsec. Unsub. Nts., 7/21/206		32,230,000			34,631,135
Ferrexpo Finance plc, 7.875% Sr. Unsec. Bonds, 4/7/166		12,720,000			12,751,800
Gerdau Holdings, Inc., 7% Sr. Unsec. Nts., 1/20/206		5,000,000			5,722,500
Gerdau Trade, Inc., 5.75% Sr. Unsec. Nts., 1/30/216		13,000,000			13,942,500
Mexico Generadora de Energia S de RL, 5.50% Sr. Sec. Nts., 12/6/326		9,845,000			10,435,700
Novolipetsk Steel OJSC, 4.95% Nts., 9/26/196		5,395,000			5,477,274
OJSC Novolipetsk Steel via Steel Funding Ltd., 4.45% Unsec. Nts., 2/19/186		14,665,000			14,701,663
Samarco Mineracao SA, 4.125% Sr. Unsec. Nts., 11/1/226		8,935,000			8,716,093
Severstal OAO Via Steel Capital SA: 4.45% Sr. Unsec. Nts., 3/19/186		14,340,000			14,268,300
5.90% Sr. Unsec. Nts., 10/17/226		8,790,000			8,768,025
Vale SA, 5.625% Sr. Unsec. Nts., 9/11/42		12,500,000			12,448,325
					192,224,168
Telecommunication Services—2.9%
Diversified Telecommunication Services—1.0%
Brasil Telecom SA: 5.75% Sr. Unsec. Nts., 2/10/226		25,000,000			26,187,500
9.75% Sr. Unsec. Nts., 9/15/166		30,440,000	BRR		15,703,922
Colombia Telecomunicaciones SA ESP, 5.375% Sr. Unsec. Nts., 9/27/226		4,270,000			4,291,350
Qtel International Finance Ltd., 3.875% Sr. Unsec. Nts., 1/31/286		4,580,000			4,533,238
Telefonica Chile SA, 3.875% Sr. Unsec. Nts., 10/12/226		14,400,000			14,218,502
Telemar Norte Leste SA, 5.50% Sr. Unsec. Nts., 10/23/206		39,565,000			41,444,338
Wind Acquisition Finance SA, 7.25% Sr. Sec. Nts., 2/15/186		20,000,000			20,925,000
					127,303,850
Wireless Telecommunication Services—1.9%
America Movil SAB de CV: 6.45% Sr. Unsec. Nts., 12/5/22		299,600,000	MXN		25,621,646
8.46% Sr. Unsec. Unsub. Bonds, 12/18/36		140,800,000	MXN		13,119,971
Digicel Group Ltd., 8.25% Sr. Unsec. Nts., 9/30/206		4,610,000			4,909,650

22 OPPENHEIMER INTERNATIONAL BOND FUND

	Principal Amount			Value
Wireless Telecommunication Services Continued
Digicel Ltd., 6% Sr. Unsec. Nts., 4/15/216	$	8,800,000		$	8,778,000
MTS International Funding Ltd., 8.625% Sr. Unsec. Nts., 6/22/206		20,795,000			26,513,625
Vimpel Communications: 8.85% Sr. Unsec. Nts., 3/8/227		199,300,000	RUR		6,459,679
8.85% Sr. Unsec. Nts., 3/8/227		229,300,000	RUR		7,454,153
Vimpel Communications/VIP Finance Ireland Ltd. OJSC: 7.748% Sec. Nts., 2/2/216		14,230,000			15,973,175
9.125% Sr. Unsec. Nts., 4/30/186		29,440,000			35,085,120
VimpelCom, 7.504% Sr. Unsec. Unsub. Nts., 3/1/226		32,375,000			36,107,838
VimpelCom Holdings BV: 5.95% Sr. Unsec. Unsub. Nts., 2/13/236		25,825,000			25,792,719
9% Sr. Unsec. Nts., 2/28/18		554,700,000	RUR		18,353,405
Wind Acquisition Finance SA, 11.75% Sr. Sec. Nts., 7/15/176		16,010,000			17,050,650
					241,219,631
Utilities—2.6%
Electric Utilities—2.0%
Electricite de France SA, 5.25% Perpetual Bonds6,7,9		21,980,000			21,892,256
Empresa Distribuidora y Comercializadora Norte SA, 9.75% Nts., 10/25/226		5,080,000			2,438,400
Empresas Publicas de Medellin ESP: 7.625% Sr. Unsec. Nts., 7/29/196		1,955,000			2,400,740
8.375% Sr. Unsec. Unsub. Nts., 2/1/216		25,996,000,000	COP		16,625,763
Eskom Holdings Ltd.: 7.85% Sr. Unsec. Unsub. Nts., Series ES26, 4/2/26		316,000,000	ZAR		34,227,302
10% Nts., Series ES23, 1/25/23		396,000,000	ZAR		51,507,088
Israel Electric Corp. Ltd.: 6.70% Sr. Unsec. Nts., 2/10/176		12,770,000			14,239,648
7.25% Nts., 1/15/196		71,635,000			82,386,984
9.375% Sr. Sec. Nts., 1/28/206		4,460,000			5,607,322
National Power Corp., 5.875% Unsec. Unsub. Bonds, 12/19/16		665,100,000	PHP		18,230,618
Perusahaan Listrik Negara PT, 5.50% Sr. Unsec. Nts., 11/22/216		15,175,000			16,540,750
					266,096,871
Energy Traders—0.2%
Colbun SA, 6% Sr. Unsec. Nts., 1/21/206		19,695,000			22,241,721
Gas Utilities—0.3%
Empresa de Energia de Bogota SA ESP, 6.125% Sr. Unsec. Unsub. Nts., 11/10/216		12,535,000			14,039,200
Gas Natural de Lima y Callao SA, 4.375% Sr. Unsec. Nts., 4/1/235,6		8,795,000			8,816,988
Transportadora de Gas Internacional SA ESP, 5.70% Sr. Unsec. Nts., 3/20/226		12,535,000			13,725,825
					36,582,013

OPPENHEIMER INTERNATIONAL BOND FUND 23

STATEMENT OF INVESTMENTS    Unaudited / Continued

	Principal Amount			Value
Multi-Utilities—0.1%
Abu Dhabi National Energy Co., 3.625% Sr. Unsec. Unsub. Nts., 1/12/236	$	12,160,000		$	12,312,000
Total Corporate Bonds and Notes (Cost $3,249,435,917)					3,341,953,181
Corporate Loans—0.1%
Hallertau SPC, Sr. Sec. Credit Facilities Term Loan, 7.94%, 9/17/1310 (Cost $5,543,125)		15,837,500			5,493,909
Structured Securities—3.5%
Citigroup Funding, Inc., Ghana (Republic of) Credit Linked Nts., 13.45%, 2/19/147,8		11,800,000	GHS		5,967,298
Citigroup Global Markets Holdings, Inc.: Colombia (Republic of) Credit Linked Bonds, 11.25%, 10/25/188		11,920,000,000	COP		8,688,756
Colombia (Republic of) Credit Linked Nts., Series 2, 10%, 7/25/24		53,862,000,000	COP		42,335,739
Colombia (Republic of) Credit Linked Nts., Series 2, 10%, 7/25/248		6,450,000,000	COP		5,069,725
Colombia (Republic of) Total Return Linked Bonds, Series 2, 11%, 7/27/20		26,964,000,000	COP		20,209,308
Serbia (Republic of) Credit Linked Bonds, 10.933%, 1/5/143,8		650,000,000	RSD		6,852,558
Credit Suisse First Boston International, Moitk Total Return Linked Nts., 21%, 3/30/1110		220,242,600	RUR		—
Credit Suisse First Boston, Inc. (Nassau Branch), Russian Specialized Construction & Installation Administration Total Return Linked Nts., 13%, 5/24/1010		64,600,000	RUR		—
Deutsche Bank AG: Coriolanus Ltd. Sec. Credit Linked Bonds, Series 128, 3.006%, 5/6/253,8		4,129,672			3,008,906
Coriolanus Ltd. Sec. Credit Linked Bonds, 3.061%, 5/6/253,8		5,261,837			3,833,809
Coriolanus Ltd. Sec. Credit Linked Bonds, 3.10%, 5/6/253,8		4,542,753			3,309,880
Coriolanus Ltd. Sec. Credit Linked Bonds, 3.134%, 5/6/253,8		4,060,649			2,958,616
Coriolanus Ltd. Sec. Credit Linked Bonds, 3.187%, 5/6/253,8		5,055,838			3,683,717
Coriolanus Ltd. Sec. Credit Linked Bonds, 3.239%, 5/6/253,8		5,770,471			4,204,403
Coriolanus Ltd. Sec. Credit Linked Bonds, 3.266%, 5/6/253,8		4,609,931			3,358,826
Coriolanus Ltd. Sec. Credit Linked Bonds, 3.343%, 5/6/253,8		4,333,139			3,157,154
Opic Reforma I Credit Linked Nts., Cl. 2A, 7.746%, 5/22/157,8		1,273,571	MXN		97,141
Opic Reforma I Credit Linked Nts., Cl. 2B, 7.746%, 5/22/157,8		2,228,143	MXN		169,950
Opic Reforma I Credit Linked Nts., Cl. 2C, 7.746%, 5/22/157,8		33,594,990	MXN		2,562,439
Opic Reforma I Credit Linked Nts., Cl. 2D, 7.746%, 5/22/157,8		2,448,357	MXN		186,747
Opic Reforma I Credit Linked Nts., Cl. 2E, 7.746%, 5/22/157,8		1,778,777	MXN		135,675
Opic Reforma I Credit Linked Nts., Cl. 2F, 7.746%, 5/22/157,8		1,136,016	MXN		86,649
Opic Reforma I Credit Linked Nts., Cl. 2G, 7.746%, 5/22/157,8		209,208	MXN		15,957
Goldman Sachs Capital Markets LP, Colombia (Republic of) Credit Linked Nts., Cl. B, 10%, 7/30/248		105,210,000,000	COP		82,519,681
Goldman Sachs Group, Inc. (The), United Mexican States Credit Linked Nts., 9.05%, 2/8/373,8		2,839,000,000	MXN		23,283,963
Hallertau SPC Credit Linked Nts.: Series 2007-01, 2.559%, 12/20/177,8		42,470,000			42,274,638
Series 2008-01, 9.888%, 8/2/103,8,10		63,164,246	BRR		—
HSBC Bank plc: Serbia (Republic of) Credit Linked Nts., 10.909%, 1/27/143,8		649,000,000	RSD		6,852,784

24 OPPENHEIMER INTERNATIONAL BOND FUND

	Principal Amount			Value
Structured Securities Continued
HSBC Bank plc: Continued
Serbia (Republic of) Credit Linked Nts., 12.168%, 6/16/143,8		1,287,000,000	RSD	$	13,051,880
JPMorgan Chase & Co.: Colombia (Republic of) Credit Linked Bonds, 10.19%, 1/5/163,8		68,635,000,000	COP		33,274,158
Colombia (Republic of) Credit Linked Bonds, 10.218%, 10/31/163,8		90,697,000,000	COP		42,126,533
Colombia (Republic of) Credit Linked Nts., 11%, 7/28/208		12,645,000,000	COP		9,476,650
Colombia (Republic of) Credit Linked Nts., Series 2, 11%, 7/28/208		45,193,500,000	COP		33,869,749
Colombia (Republic of) Credit Linked Nts., Series B, 10%, 7/26/248		17,770,000,000	COP		13,966,801
LB Peru Trust II Certificates, Series 1998-A, 3.795%, 2/28/163,10		1,426,420			142,642
Merrill Lynch, Colombia (Republic of) Credit Linked Nts., 10%, 11/17/168		13,289,000,000	COP		8,424,738
Morgan Stanley: Peru (Republic of) Credit Linked Nts., 6.25%, 3/23/178		26,120,000	PEN		10,391,524
Russian Federation Total Return Linked Bonds, Series 007, Cl. VR, 5%, 8/22/34		242,972,415	RUR		3,829,620
Standard Bank plc: Ghana (Republic of) Credit Linked Nts., 13.45%, 2/19/147,8		6,460,000	GHS		3,277,846
Serbia (Republic of) Credit Linked Nts., 11.30%, 1/7/143,8		318,000,000	RSD		3,383,230
Serbia (Republic of) Credit Linked Nts., 12.405%, 2/3/143,8		317,000,000	RSD		3,349,811
Standard Chartered Bank, Ghana (Republic of) Credit Linked Nts., 13.30%, 10/2/137,8		5,820,000	GHS		2,940,395
Total Structured Securities (Cost $429,910,769)					456,329,896

	Expiration Date		Strike Price		Contracts
Options Purchased—0.5%
Australian Dollar (AUD) Put11		4/4/13		1 AUD per 1.020USD		94,010,000	9,513
Australian Dollar (AUD) Put11		6/13/13		1 AUD per 12.685MXN		48,000,000	452,157
Australian Dollar (AUD) Put11		6/14/13		1 AUD per 96.220JPY		125,000,000	2,216,572
Australian Dollar (AUD) Put11		6/14/13		1 AUD per 96.500JPY		125,000,000	2,149,577
Australian Dollar (AUD) Put11		6/17/13		1 AUD per 96.050JPY		100,000,000	1,727,261
British Pound Sterling (GBP) Put11		6/10/13		1 GBP per 1.480USD		191,020,000	1,375,657
British Pound Sterling (GBP) Put11		6/10/13		1 GBP per 1.480USD		144,020,000	1,037,180
Canadian Dollar (CAD) Put11		4/29/13		1 USD per 1.034CAD		24,300,000	42,099
Canadian Dollar (CAD) Put11		4/29/13		1 USD per 1.029CAD		980,000	217,920
Canadian Dollar (CAD) Put11		9/12/13		1 CAD per 12.000MXN		48,000,000	626,736

OPPENHEIMER INTERNATIONAL BOND FUND 25

STATEMENT OF INVESTMENTS    Unaudited / Continued

	Expiration Date		Strike Price		Contracts		Value
Options Purchased Continued
Dual digital option with $1,000,000 payout contingent on: British pound (GBP)/United States Dollar (USD) spot rates, and United States Dollar (USD)/India Rupee (INR) spot rates at expire date11		8/28/13		Spot trades at or below: 1 GBP per 1.492USD; Spot trades at or below: 1 USD per 54.060INR		522,000	$	29,753
Euro (EUR) Call11		4/15/13		1 EUR per 1.245CHF		49,000,000		12,141
Euro (EUR) Call11		4/18/13		1 EUR per 1.360USD		200,000,000		1,584
Euro (EUR) Call11		4/18/13		1 EUR per 1.360USD		200,000,000		1,584
Euro (EUR) Call11		5/1/13		1 EUR per 1.296USD		98,000,000		712,798
Euro (EUR) Call11		5/2/13		1 EUR per 1.400USD		200,000,000		224
Euro (EUR) Call11		5/2/13		1 EUR per 1.375USD		100,000,000		1,816
Euro (EUR) Call11		5/2/13		1 EUR per 1.400USD		200,000,000		224
Euro (EUR) Call11		5/31/13		1 EUR per 1.315USD		100,000,000		618,831
Euro (EUR) Call11		5/31/13		1 EUR per 1.350USD		100,000,000		124,311
Euro (EUR) Call11		5/31/13		1 EUR per 1.350USD		100,000,000		124,311
Euro (EUR) Call11		6/14/13		1 EUR per 1.340USD		150,000,000		440,144
Euro (EUR) Call11		6/18/13		1 EUR per 1.310USD		100,000,000		974,029
Euro (EUR) Call11		8/19/13		1 EUR per 1.360USD		200,000,000		959,812
Euro (EUR) Call11		9/5/13		1 EUR per 1.320USD		150,000,000		2,231,628
Euro (EUR) Call11		9/30/13		1 EUR per 1.314USD		125,000,000		2,396,961
Euro (EUR) Put11		5/1/13		1 EUR per 1.296USD		98,000,000		2,047,218
Euro (EUR) Put11		5/31/13		1 EUR per 7.479NOK		23,000,000		333,095
Euro (EUR) Put11		6/3/13		1 EUR per 1.290USD		300,000,000		6,975,015
Euro (EUR) Put11		6/3/13		1 EUR per 1.290USD		200,000,000		4,650,010

26 OPPENHEIMER INTERNATIONAL BOND FUND

	Expiration Date		Strike Price		Contracts		Value
Options Purchased Continued
Euro (EUR) Put11		6/3/13		1 EUR per 1.290USD		100,000,000	$	2,325,005
Euro (EUR) Put11		6/26/13		1 EUR per 1.272USD		200,000,000		3,601,696
Japanese Yen (JPY) Call11		4/25/13		1 USD per 87.650JPY		8,765,000,000		38,391
Japanese Yen (JPY) Call11		4/25/13		1 USD per 88.000JPY		7,736,000,000		44,405
Japanese Yen (JPY) Call11		4/25/13		1 USD per 87.000JPY		17,400,000,000		44,718
Japanese Yen (JPY) Call11		5/1/13		1 USD per 89.000JPY		15,345,000,000		264,241
Japanese Yen (JPY) Call11		6/3/13		1 USD per 91.000JPY		9,100,000,000		826,007
Japanese Yen (JPY) Call11		6/6/13		1 USD per 91.000JPY		18,200,000,000		1,727,180
Japanese Yen (JPY) Call11		6/10/13		1 USD per 92.000JPY		9,200,000,000		1,217,712
Japanese Yen (JPY) Call11		6/12/13		1 USD per 92.300JPY		9,230,000,000		1,353,949
Japanese Yen (JPY) Put11		5/24/13		1 USD per 97.000JPY		21,825,000,000		1,747,528
Japanese Yen (JPY) Put11		5/24/13		1 USD per 97.100JPY		24,275,000,000		1,879,856
Japanese Yen (JPY) Put11		5/30/13		1 USD per 93.000JPY		9,300,000,000		2,622,414
Japanese Yen (JPY) Put11		6/12/13		1 USD per 98.000JPY		19,405,000,000		1,518,441
Japanese Yen (JPY) Put11		8/23/13		1 USD per 92.000JPY		9,200,000,000		4,141,012
Japanese Yen (JPY) Put11		8/23/13		1 USD per 92.000JPY		9,200,000,000		4,141,012
Japanese Yen (JPY) Put11		1/23/14		1 USD per 92.500JPY		9,250,000,000		4,881,225
South Korean Won (KRW) Put11		6/14/13		1 USD per 1,120.000KRW		108,640,000,000		1,350,395
U.S. Treasury Nts., 10 yr. Futures, 6/19/13 Put11		5/27/13		132.000		2,455		2,109,766
Total Options Purchased (Cost $94,094,863)								68,325,114

OPPENHEIMER INTERNATIONAL BOND FUND 27

STATEMENT OF INVESTMENTS    Unaudited / Continued

	Swaption Expiration Date		Notional Amount			Value
Swaptions Purchased—0.6%
Bank of America NA; Interest Rate Swaption (European); Swap Terms: Paid: 0.87%; Received: Three-Month USD BBA LIBOR; Termination Date: 12/17/1611		12/16/14	$	200,000,000			$  1,096,561
Bank of America NA; Interest Rate Swaption (European); Swap Terms: Paid: 2.16875%; Received: Three-Month USD BBA LIBOR; Termination Date: 1/17/2411		1/16/14		93,940,000			2,818,732
Bank of America NA; Interest Rate Swaption (European); Swap Terms: Paid: 2.175%; Received: Three-Month USD BBA LIBOR; Termination Date: 5/2/2311		5/1/13		156,540,000			462,626
Bank of America NA; Interest Rate Swaption (European); Swap Terms: Paid: 2.24%; Received: Three-Month USD BBA LIBOR; Termination Date: 6/10/2311		6/7/13		209,765,000			1,141,891
Bank of America NA; Interest Rate Swaption (European); Swap Terms: Paid: 3.124%; Received: Three-Month USD BBA LIBOR; Termination Date: 4/25/4311		11/22/13		100,000,000			4,584,208
Bank of America NA; Credit Default Swaption (European); Swap Terms: Paid: 5.50%; Received: Protection on iTraxx Europe Crossover Series 18 Version 1; Termination Date: 4/17/1311		4/18/13		65,980,000	EUR		33,391
Bank of America NA; Credit Default Swaption (European); Swap Terms: Paid: Protection on iTraxx Europe Senior Financials Series 18 Version 1; Received: 1.40%; Termination Date: 6/19/1311		6/20/13		87,995,000	EUR		199,876
Bank of America NA; Interest Rate Swaption (European); Swap Terms: Paid: Six-Month AUD BBR BBSW; Received: 4.3725%; Termination Date: 12/5/2211		12/5/17		100,000,000	AUD		2,329,567
Barclays Bank plc; Credit Default Swaption (European); Swap Terms: Paid: 1%; Received: Protection on CDX NA HY 19 ; Termination Date: 6/19/1311		6/20/13		250,000,000			370,975
Barclays Bank plc; Credit Default Swaption (European); Swap Terms: Paid: 1.02%; Received: Protection on CDX NA HY 19 ; Termination Date: 4/17/1311		4/18/13		50,000,000			63,350
Barclays Bank plc; Interest Rate Swaption (European); Swap Terms: Paid: 1.055%; Received: Three-Month USD BBA LIBOR; Termination Date: 4/22/1811		4/19/13		196,945,000			177,208
Barclays Bank plc; Credit Default Swaption (European); Swap Terms: Paid: 1.30%; Received: Protection on CDX NA IG 19; Termination Date: 6/19/1311		6/20/13		250,000,000			101,450
Barclays Bank plc; Interest Rate Swaption (European); Swap Terms: Paid: 1.3725%; Received: Three-Month USD BBA LIBOR; Termination Date: 12/16/1711		12/15/15		234,295,000			2,322,901
Barclays Bank plc; Interest Rate Swaption (European); Swap Terms: Paid: 1.505%; Received: Three-Month USD BBA LIBOR; Termination Date: 1/12/1811		1/11/16		130,115,000			1,258,593
Barclays Bank plc; Interest Rate Swaption (European); Swap Terms: Paid: 2.10%; Received: Six-Month GBP BBA LIBOR; Termination Date: 5/28/2311		5/29/13		150,000,000	GBP		1,000,295

28 OPPENHEIMER INTERNATIONAL BOND FUND

	Swaption Expiration Date		Notional Amount			Value
Swaptions Purchased Continued
Barclays Bank plc; Interest Rate Swaption (European); Swap Terms: Paid: 2.1175%; Received: Three-Month USD BBA LIBOR; Termination Date: 7/9/2311		7/8/13	$	100,000,000			$  1,266,360
Barclays Bank plc; Interest Rate Swaption (European); Swap Terms: Paid: 3.33%; Received: Three-Month USD BBA LIBOR; Termination Date: 6/24/4311		6/21/13		43,985,000			319,965
Barclays Bank plc; Interest Rate Swaption (European); Swap Terms: Paid: 3.48%; Received: Three-Month USD BBA LIBOR; Termination Date: 4/27/4711		4/26/17		76,880,000			9,459,376
Barclays Bank plc; Interest Rate Swaption (European); Swap Terms: Paid: 3.537%; Received: Six-Month GBP BBA LIBOR; Termination Date: 1/25/4611		1/26/16		43,960,000	GBP		5,292,793
Barclays Bank plc; Credit Default Swaption (European); Swap Terms: Paid: Protection on iTraxx Europe Crossover Series 18 Version 1; Received: 4%; Termination Date: 4/17/1311		4/18/13		43,995,000			186,612
Barclays Bank plc; Interest Rate Swaption (European); Swap Terms: Paid: Three-Month USD BBA LIBOR; Received: 0.935%; Termination Date: 2/3/1711		1/31/14		371,245,000			3,051,200
Goldman Sachs Bank USA; Interest Rate Swaption (European); Swap Terms: Paid: 2%; Received: Three-Month USD BBA LIBOR; Termination Date: 6/4/2311		6/3/13		313,150,000			4,300,331
Goldman Sachs Bank USA; Interest Rate Swaption (European); Swap Terms: Paid: 3.06%; Received: Three-Month USD BBA LIBOR; Termination Date: 8/29/4311		8/28/13		26,155,000			1,000,171
Goldman Sachs Bank USA; Interest Rate Swaption (European); Swap Terms: Paid: 3.18%; Received: Three-Month KRW CD KSDA; Termination Date: 11/22/2211		11/22/17		108,600,000,000	KRW		1,446,240
Goldman Sachs Bank USA; Interest Rate Swaption (European); Swap Terms: Paid: 3.275%; Received: Six-Month GBP BBA LIBOR; Termination Date: 12/4/4511		12/7/15		43,925,000	GBP		6,433,401
Goldman Sachs Bank USA; Interest Rate Swaption (European); Swap Terms: Paid: 3.32%; Received: Three-Month KRW CD KSDA; Termination Date: 1/5/2311		1/5/18		87,860,000,000	KRW		1,050,673
Goldman Sachs Bank USA; Interest Rate Swaption (European); Swap Terms: Paid: 3.70%; Received: Three-Month USD BBA LIBOR; Termination Date: 2/21/4411		2/20/14		104,640,000			2,073,792
Goldman Sachs Bank USA; Interest Rate Swaption (European); Swap Terms: Paid: Three-Month USD BBA LIBOR; Received: 1.0425%; Termination Date: 7/29/1611		7/26/13		260,960,000			594,945
JPMorgan Chase Bank NA; Credit Default Swaption (European); Swap Terms: Paid: 1.10%: Received: Protection on CDX NA IG 19 ; Termination Date: 4/17/1311		4/18/13		250,000,000			9,875
JPMorgan Chase Bank NA; Interest Rate Swaption (European); Swap Terms: Paid: 2.13%: Received: Three-Month USD BBA LIBOR; Termination Date: 5/3/2311		5/2/13		78,355,000			329,969

OPPENHEIMER INTERNATIONAL BOND FUND 29

STATEMENT OF INVESTMENTS    Unaudited / Continued

	Swaption Expiration Date		Notional Amount			Value
Swaptions Purchased Continued
JPMorgan Chase Bank NA; Interest Rate Swaption (European); Swap Terms: Paid: 2.484%: Received: Three-Month USD BBA LIBOR; Termination Date: 9/24/2311		9/23/13	$	187,970,000		$	1,706,789
JPMorgan Chase Bank NA; Interest Rate Swaption (European); Swap Terms: Paid: 3.12%: Received: Three-Month KRW CD KSDA; Termination Date: 1/15/1511		1/16/15		50,000,000,000	KRW		661,854
UBS AG; Interest Rate Swaption (European); Swap Terms: Paid: 1.146%; Received: Three-Month USD BBA LIBOR; Termination Date: 5/2/1811		5/1/13		260,900,000			172,974
UBS AG; Interest Rate Swaption (European); Swap Terms: Paid: 3.22%; Received: Six-Month EUR EURIBOR; Termination Date: 9/23/4511		9/22/15		100,000,000	EUR		6,672,956
UBS AG; Interest Rate Swaption (European); Swap Terms: Paid: Six-Month EUR EURIBOR; Received: 2.015%; Termination Date: 1/26/1911		1/25/17		369,475,000	EUR		6,811,398
UBS AG; Interest Rate Swaption (European); Swap Terms: Paid: Six-Month GBP BBA LIBOR; Received: 1.205%; Termination Date: 8/27/1811		8/28/13		120,465,000	GBP		1,828,003
Total Swaptions Purchased (Cost $93,814,317)							72,631,301
			Shares
Investment Company—2.6%
Oppenheimer Institutional Money Market Fund, Cl. E, 0.14%12,13 (Cost $340,194,120)				340,194,120			340,194,120
Total Investments, at Value (Cost $12,824,791,659)				100.2	%		12,947,503,178
Liabilities in Excess of Other Assets				(0.2	)		(26,315,023	)

Net Assets 100.0 %  $ 12,921,188,155

Footnotes to Statement of Investments

* March 28 , 2013 represents the last business day of the Fund’s semiannual period. See Note 1 of the accompanying Notes.

Principal amount, notional amount and strike price are reported in U.S. Dollars, except for those denoted in the following currencies:

AUD	Australian Dollar
BRR	Brazilian Real
CAD	Canadian Dollar
CHF	Swiss Franc
COP	Colombian Peso
DKK	Danish Krone
EUR	Euro
GBP	British Pound Sterling
GHS	Ghana Cedi
HUF	Hungarian Forint
JPY	Japanese Yen
KRW	South Korean Won
MXN	Mexican Nuevo Peso

MYR	Malaysian Ringgit
NGN	Nigeria Naira
NOK	Norwegian Krone
PEN	Peruvian New Sol
PHP	Philippines Peso
PLZ	Polish Zloty
RSD	Serbian Dinar
RUR	Russian Ruble
SEK	Swedish Krona
TRY	New Turkish Lira
UYU	Uruguay Peso
ZAR	South African Rand

30 OPPENHEIMER INTERNATIONAL BOND FUND

1. 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 $33,598,870. See Note 6 of the accompanying Notes.

2. 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 $18,015,480. See Note 6 of the accompanying Notes.

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

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

5. All or a portion of the security position is when-issued or delayed delivery to be delivered and settled after March 28, 2013. See Note 1 of the accompanying Notes.

6. 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 $2,963,674,321 or 22.94% of the Fund’s net assets as of March 28, 2013.

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

8. Restricted security. The aggregate value of restricted securities as of March 28, 2013 was $465,254,180, which represents 3.60% of the Fund’s net assets. See Note 7 of the accompanying Notes. Information concerning restricted securities is as follows:

Security	Acquisition Dates		Cost			Value			Unrealized Appreciation (Depreciation)
Banco Santander Brasil SA (Cayman Islands), 8% Sr. Unsec. Unsub. Nts., 3/18/16		3/11/13-3/20/13		$	11,585,966		$	11,223,556		$	(362,410	)
Bank of India (London), 3.625% Sr. Unsec. Unsub. Nts., 9/21/18		3/14/13			8,767,440			8,848,541			81,101
Citigroup Funding, Inc., Ghana (Republic of) Credit Linked Nts., 13.45%, 2/19/14		2/7/13			6,078,046			5,967,298			(110,748	)
Citigroup Global Markets Holdings, Inc., Colombia (Republic of) Credit Linked Bonds, 11.25%, 10/25/18		12/9/08			5,062,625			8,688,756			3,626,131
Citigroup Global Markets Holdings, Inc., Colombia (Republic of) Credit Linked Nts., Series 2, 10%, 7/25/24		3/28/12			4,512,270			5,069,725			557,455
Citigroup Global Markets Holdings, Inc., Serbia (Republic of) Credit Linked Bonds, 10.933%, 1/5/14		1/18/13			7,139,803			6,852,558			(287,245	)
Deutsche Bank AG, Coriolanus Ltd. Sec. Credit Linked Bonds, Series 128, 3.006%, 5/6/25		10/8/10			2,920,465			3,008,906			88,441
Deutsche Bank AG, Coriolanus Ltd. Sec. Credit Linked Bonds, 3.343%, 5/6/25		4/16/09			2,985,696			3,157,154			171,458
Deutsche Bank AG, Coriolanus Ltd. Sec. Credit Linked Bonds, 3.266%, 5/6/25		8/18/09			3,193,836			3,358,826			164,990
Deutsche Bank AG, Coriolanus Ltd. Sec. Credit Linked Bonds, 3.239%, 5/6/25		9/25/09			4,005,518			4,204,403			198,885
Deutsche Bank AG, Coriolanus Ltd. Sec. Credit Linked Bonds, 3.187%, 5/6/25		12/17/09			3,523,019			3,683,717			160,698
Deutsche Bank AG, Coriolanus Ltd. Sec. Credit Linked Bonds, 3.134%, 5/6/25		3/30/10			2,841,088			2,958,616			117,528
Deutsche Bank AG, Coriolanus Ltd. Sec. Credit Linked Bonds, 3.10%, 5/6/25		5/18/10			3,187,805			3,309,880			122,075
Deutsche Bank AG, Coriolanus Ltd. Sec. Credit Linked Bonds, 3.061%, 5/6/25		7/16/10			3,703,676			3,833,809			130,133
Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2A, 7.746%, 5/22/15		5/21/08			122,792			97,141			(25,651	)
Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2B, 7.746%, 5/22/15		6/12/08			214,813			169,950			(44,863	)
Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2C, 7.746%, 5/22/15		6/18/08			3,259,229			2,562,439			(696,790	)

OPPENHEIMER INTERNATIONAL BOND FUND 31

STATEMENT OF INVESTMENTS    Unaudited / Continued

Footnotes to Statement of Investments Continued

Security	Acquisition Dates		Cost			Value			Unrealized Appreciation (Depreciation)
Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2D, 7.746%, 5/22/15		7/8/08		$	237,353		$	186,747		$	(50,606	)
Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2E, 7.746%, 5/22/15		7/15/08			172,730			135,675			(37,055	)
Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2F, 7.746%, 5/22/15		8/8/08			111,830			86,649			(25,181	)
Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2G, 7.746%, 5/22/15		8/22/08			20,634			15,957			(4,677	)
Goldman Sachs Capital Markets LP, Colombia (Republic of) Credit Linked Nts., Cl. B, 10%, 7/30/24		9/12/12			74,261,200			82,519,681			8,258,481
Goldman Sachs Group, Inc. (The), United Mexican States Credit Linked Nts., 9.05%, 2/8/37		9/12/12			29,228,378			23,283,963			(5,944,415	)
Hallertau SPC Credit Linked Nts., Series 2007-01, 2.559%, 12/20/17		12/13/07			42,470,000			42,274,638			(195,362	)
Hallertau SPC Credit Linked Nts., Series 2008-01, 9.888%, 8/2/10		5/6/08			31,666,704			—			(31,666,704	)
HSBC Bank plc, Serbia (Republic of) Credit Linked Nts., 10.909%, 1/27/14		1/15/13			7,073,677			6,852,784			(220,893	)
HSBC Bank plc, Serbia (Republic of) Credit Linked Nts., 12.168%, 6/16/14		12/11/12			12,797,050			13,051,880			254,830
IIRSA Norte Finance Ltd., 8.75% Sr. Nts., 5/30/24		8/3/06-11/18/09			14,037,019			17,195,824			3,158,805
JPMorgan Chase & Co., Colombia (Republic of) Credit Linked Bonds, 10.19%, 1/5/16		12/6/05			11,167,708			33,274,158			22,106,450
JPMorgan Chase & Co., Colombia (Republic of) Credit Linked Bonds, 10.218%, 10/31/16		10/16/06			14,183,697			42,126,533			27,942,836
JPMorgan Chase & Co., Colombia (Republic of) Credit Linked Nts., 11%, 7/28/20		8/24/10			8,481,450			9,476,650			995,200
JPMorgan Chase & Co., Colombia (Republic of) Credit Linked Nts., Series 2, 11%, 7/28/20		10/6/10			30,739,218			33,869,749			3,130,531
JPMorgan Chase & Co., Colombia (Republic of) Credit Linked Nts., Series B, 10%, 7/26/24		3/13/13			14,505,845			13,966,801			(539,044	)
JPMorgan Hipotecaria su Casita, 8.397% Sec. Nts., 8/26/35		3/21/07			3,092,229			245,030			(2,847,199	)
Magyar Export-Import Bank RT, 5.50% Sr. Unsec. Nts., 2/12/18		12/05/12- 12/10/12			8,676,914			8,809,719			132,805
Merrill Lynch, Colombia (Republic of) Credit Linked Nts., 10%, 11/17/16		10/20/06			5,679,060			8,424,738			2,745,678
MHP SA, 8.25% Sr. Unsec. Nts., 4/2/20		3/21/13			18,595,000			18,467,159			(127,841	)
Morgan Stanley, Peru (Republic of) Credit Linked Nts., 6.25%, 3/23/17		7/10/07			8,172,409			10,391,524			2,219,115
Rabobank Capital Funding Trust IV, 5.556% Unsec. Sub. Perpetual Bonds		10/24/12			10,691,555			10,651,764			(39,791	)
Standard Bank plc, Ghana (Republic of) Credit Linked Nts., 13.45%, 2/19/14		2/7/13			3,348,926			3,277,846			(71,080	)

32 OPPENHEIMER INTERNATIONAL BOND FUND

Security	Acquisition Dates		Cost			Value			Unrealized Appreciation (Depreciation)
Standard Bank plc, Serbia (Republic of) Credit Linked Nts., 11.30%, 1/7/14		12/27/12		$	3,410,690		$	3,383,230		$	(27,460	)
Standard Bank plc, Serbia (Republic of) Credit Linked Nts., 12.405%, 2/3/14		12/5/12			3,291,521			3,349,811			58,290
Standard Chartered Bank, Ghana (Republic of) Credit Linked Nts., 13.30%, 10/2/13		2/7/13			3,019,541			2,940,395			(79,146	)
				$	432,236,425		$	465,254,180		$	33,017,755

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

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

11. Non-income producing security.

12. Is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended March 28, 2013, 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,  2012a		Gross Additions		Gross Reductions		Shares March 28, 2013
Oppenheimer Institutional Money Market Fund, Cl. E		342,147,098		1,855,480,401		1,857,433,379		340,194,120
					Value		Income
Oppenheimer Institutional Money Market Fund, Cl. E						$340,194,120		$278,577

a. September 28, 2012 represents the last business day of the Fund’s 2012 fiscal year. See Note 1 of the accompanying Notes.

13. Rate shown is the 7-day yield as of March 28, 2013.

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

Geographic Holdings	Value			Percent
Japan		$	1,390,829,725		10.7	%
Russia			1,291,620,324		10.0
Brazil			1,225,700,550		9.5
Turkey			1,178,071,500		9.1
Mexico			770,523,874		6.0
Australia			567,973,522		4.4
United States			547,844,986		4.2
United Kingdom			514,365,697		4.0
France			433,019,453		3.3
Italy			427,229,993		3.3
Colombia			397,403,176		3.1
South Africa			376,865,103		2.9
Hungary			338,075,692		2.6
Spain			270,969,326		2.1
Peru			269,639,068		2.1
Venezuela			266,381,329		2.1
Germany			219,178,091		1.7
The Netherlands			207,046,593		1.6
Belgium			185,213,112		1.4
Canada			171,600,000		1.3
Nigeria			146,382,848		1.1
Poland			142,695,663		1.1

OPPENHEIMER INTERNATIONAL BOND FUND 33

STATEMENT OF INVESTMENTS    Unaudited / Continued

Footnotes to Statement of Investments Continued

Geographic Holdings Continued	Value			Percent
Malaysia		$	131,904,389		1.0	%
United Arab Emirates			107,030,690		0.8
Portugal			104,793,969		0.8
Israel			102,233,954		0.8
Korea, Republic of South			100,115,047		0.8
Ukraine			100,010,321		0.8
Sweden			83,198,086		0.6
Serbia			71,628,808		0.6
Chile			61,061,937		0.5
Philippines			60,505,256		0.5
Ireland			60,147,757		0.5
European Union			42,436,670		0.3
Denmark			42,003,975		0.3
Croatia			41,334,617		0.3
Ivory Coast			40,974,050		0.3
Kazakhstan			40,707,487		0.3
Uruguay			38,965,432		0.3
Supranational			35,381,147		0.3
Sri Lanka			33,978,415		0.3
Switzerland			31,420,879		0.2
India			30,545,816		0.2
China			30,292,686		0.2
Angola			28,738,800		0.2
Dominican Republic			26,689,860		0.2
Finland			23,761,138		0.2
Indonesia			23,193,550		0.2
Tanzania			21,210,600		0.2
Norway			17,721,194		0.1
Trinidad & Tobago			17,621,563		0.1
Jamaica			13,687,650		0.1
Ghana			12,185,539		0.1
Paraguay			10,851,795		0.1
Guatemala			7,796,138		0.1
Bolivia			7,772,700		0.1
Qatar			4,533,238		—
Argentina			2,438,400		—
Total		$	12,947,503,178		100.0	%

Forward Currency Exchange Contracts as of March 28, 2013 are as follows:
Counterparty/Contract Description	Buy/Sell		Contract Amount (000’s)			Expiration Dates		Value			Unrealized Appreciation			Unrealized Depreciation
Bank of America NA:
Australian Dollar (AUD)		Sell		231,000	AUD		5/31/13		$	239,387,703		$	—		$	56,688
Brazilian Real (BRR)		Sell		236,600	BRR		5/3/13			116,650,107			—			1,435,493
Euro (EUR)		Buy		219,200	EUR		4/2/13-5/2/13			280,994,155			602,013			743,026
Euro (EUR)		Sell		219,480	EUR		4/2/13-8/21/13			281,523,727			—			1,039,344
Hungarian Forint (HUF)		Sell		1,567,000	HUF		9/16/13			6,489,478			35,290			—
Mexican Nuevo Peso (MXN)		Buy		210,200	MXN		5/6/13			16,959,448			288,022			—
Mexican Nuevo Peso (MXN)		Sell		2,868,400	MXN		4/4/13-7/25/13			230,584,125			—			8,582,079

34 OPPENHEIMER INTERNATIONAL BOND FUND

Forward Currency Exchange Contracts as of March 28, 2013: Continued
Counterparty/Contract Description	Buy/Sell		Contract Amount (000’s)			Expiration Dates		Value			Unrealized Appreciation			Unrealized Depreciation
Bank of America NA: Continued
New Turkish Lira (TRY)		Sell		207,385	TRY		4/29/13		$	114,206,198		$	—		$	226,707
Peruvian New Sol (PEN)		Sell		108,090	PEN		4/30/13-6/11/13			41,678,075			113,029			79,453
Philippines Peso (PHP)		Sell		717,000	PHP		4/10/13			17,568,505			41,712			—
South African Rand (ZAR)		Buy		12,710	ZAR		5/31/13			1,370,690			—			31,251
South African Rand (ZAR)		Sell		2,038,330	ZAR		4/5/13			221,521,395			12,176,829			246,686
South Korean Won (KRW)		Buy		117,438,000	KRW		4/8/13			105,478,349			—			4,497,771
South Korean Won (KRW)		Sell		21,378,000	KRW		4/15/13			19,189,042			176,842			—
													13,433,737			16,938,498
Barclays Bank plc:
Australian Dollar (AUD)		Buy		25,000	AUD		4/22/13			25,986,219			490,969			—
Brazilian Real (BRR)		Sell		380,605	BRR		5/3/13			187,648,411			765,242			—
Euro (EUR)		Buy		15,680	EUR		4/4/13			20,099,987			—			194,323
Euro (EUR)		Sell		128,115	EUR		4/18/13-8/21/13			164,322,818			3,680,952			—
Hungarian Forint (HUF)		Sell		23,019,000	HUF		4/25/13			96,651,072			7,784,257			—
Israeli Shekel (ILS)		Buy		95,390	ILS		4/2/13			26,224,415			1,337,904			—
Israeli Shekel (ILS)		Sell		95,390	ILS		4/2/13			26,224,415			—			1,041,596
Japanese Yen (JPY)		Sell		35,965,000	JPY		7/25/13			382,399,193			24,497,632			—
Mexican Nuevo Peso (MXN)		Buy		1,540,400	MXN		5/6/13			124,283,221			4,556,811			—
New Zealand Dollar (NZD)		Sell		30,775	NZD		4/22/13			25,711,947			—			502,298
Peruvian New Sol (PEN)		Sell		65,410	PEN		5/28/13			25,209,664			162,717			—
Polish Zloty (PLZ)		Buy		135,090	PLZ		4/18/13			41,415,310			—			868,508
Polish Zloty (PLZ)		Sell		79,380	PLZ		5/31/13			24,252,338			200,869			—
Russian Ruble (RUR)		Buy		2,381,860	RUR		4/25/13			76,255,496			—			1,746,207
South African Rand (ZAR)		Buy		1,390	ZAR		4/5/13			151,062			—			4,619
													43,477,353			4,357,551
BNP Paribas:
Euro (EUR)		Buy		206,065	EUR		5/31/13			264,259,077			—			6,205,024
Euro (EUR)		Sell		389,510	EUR		5/31/13			499,510,121			4,877,772			—
Malaysian Ringgit (MYR)		Buy		290,160	MYR		4/25/13			93,796,688			—			1,213,135
													4,877,772			7,418,159
Citibank NA:
Australian Dollar (AUD)		Sell		371,345	AUD		5/31/13			384,828,687			116,537			2,440,221
Canadian Dollar (CAD)		Sell		10,300	CAD		5/31/13			10,125,016			—			104,927
Chilean Peso (CLP)		Buy		552,000	CLP		5/6/13			1,164,580			3,232			—
Colombian Peso (COP)		Sell		120,470,000	COP		6/17/13-9/26/13			65,265,861			404,230			—

OPPENHEIMER INTERNATIONAL BOND FUND 35

STATEMENT OF INVESTMENTS    Unaudited / Continued

Footnotes to Statement of Investments Continued

Forward Currency Exchange Contracts as of March 28, 2013: Continued
Counterparty/Contract Description	Buy/Sell		Contract Amount (000’s)			Expiration Dates		Value			Unrealized Appreciation			Unrealized Depreciation
Citibank NA: Continued
Euro (EUR)		Buy		52,950	EUR		5/31/13		$	67,903,420		$	—		$	613,881
Euro (EUR)		Sell		2,940	EUR		4/2/13-4/3/13			3,768,699			2,041			3,875
Hong Kong Dollar (HKD)		Buy		103,850	HKD		6/20/13			13,383,594			—			3,186
Japanese Yen (JPY)		Buy		16,194,000	JPY		5/31/13			172,103,889			2,673,138			—
Japanese Yen (JPY)		Sell		50,000,000	JPY		9/11/13			531,874,700			—			2,022,847
Malaysian Ringgit (MYR)		Buy		227,610	MYR		4/25/13			73,576,869			656,843			—
Peruvian New Sol (PEN)		Sell		94,920	PEN		4/30/13			36,614,720			141,992			—
Philippines Peso (PHP)		Sell		29,000	PHP		4/10/13			710,581			2,440			—
South African Rand (ZAR)		Sell		221,850	ZAR		4/5/13			24,110,189			—			173,365
													4,000,453			5,362,302
Credit Suisse International:
British Pound Sterling (GBP)		Sell		29,005	GBP		5/31/13			44,056,912			1,324,753			64,768
New Turkish Lira (TRY)		Sell		152,460	TRY		7/17/13			83,079,741			—			9,210,277
Swiss Franc (CHF)		Buy		17,245	CHF		5/31/13			18,180,438			—			350,916
													1,324,753			9,625,961
Deutsche Bank AG:
Australian Dollar (AUD)		Sell		2,345	AUD		5/31/13			2,430,148			—			9,639
British Pound Sterling (GBP)		Buy		12,840	GBP		4/2/13			19,509,823			95,743			—
British Pound Sterling (GBP)		Sell		12,840	GBP		4/2/13			19,509,823			—			126,559
Euro (EUR)		Buy		18,530	EUR		4/25/13			23,756,563			—			245,902
Euro (EUR)		Sell		319,880	EUR		4/4/13-4/25/13			410,102,320			6,666,045			—
Hungarian Forint (HUF)		Sell		15,296,000	HUF		4/17/13-9/16/13			63,873,915			1,046,143			—
Japanese Yen (JPY)		Buy		4,309,000	JPY		4/1/13			45,774,685			41,295			—
Japanese Yen (JPY)		Sell		4,309,000	JPY		4/1/13			45,774,685			—			559,575
Mexican Nuevo Peso (MXN)		Buy		623,790	MXN		5/6/13			50,328,896			328,695			—
Mexican Nuevo Peso (MXN)		Sell		246,400	MXN		5/31/13			19,830,192			—			1,257,094
Norwegian Krone (NOK)		Buy		20,930	NOK		5/31/13			3,574,749			—			17,811
Peruvian New Sol (PEN)		Sell		41,695	PEN		5/13/13			16,077,106			—			71,347
Polish Zloty (PLZ)		Buy		519,250	PLZ		4/25/13			159,097,486			—			6,677,334
Swedish Krona (SEK)		Sell		155,860	SEK		4/25/13			23,904,390			273,873			—
													8,451,794			8,965,261
Goldman Sachs Bank USA:
Australian Dollar (AUD)		Buy		39,745	AUD		5/31/13			41,188,157			896,266			—
Brazilian Real (BRR)		Buy		228,350	BRR		1/20/15			101,183,501			1,183,501			—

36 OPPENHEIMER INTERNATIONAL BOND FUND

Forward Currency Exchange Contracts as of March 28, 2013: Continued
Counterparty/ Contract Description	Buy/Sell		Contract Amount (000’s)			Expiration Dates		Value			Unrealized Appreciation			Unrealized Depreciation
Goldman Sachs Bank USA: Continued
Colombian Peso (COP)		Sell		134,340,000	COP		5/28/13		$	73,212,479		$	722,579		$	—
Euro (EUR)		Buy		233,065	EUR		4/2/13-5/31/13			298,834,301			85,219			9,570,094
Euro (EUR)		Sell		602,200	EUR		4/2/13-8/21/13			772,500,470			19,056,346			90,516
Hungarian Forint (HUF)		Sell		7,049,000	HUF		4/25/13			29,597,003			176,742			—
Japanese Yen (JPY)		Buy		54,257,000	JPY		5/31/13			576,623,484			—			46,027,879
Japanese Yen (JPY)		Sell		48,546,000	JPY		7/25/13			516,167,141			22,255,386			—
Mexican Nuevo Peso (MXN)		Buy		1,613,900	MXN		5/16/13			130,081,596			4,391,386			—
Mexican Nuevo Peso (MXN)		Sell		1,024,400	MXN		5/16/13			82,567,437			—			2,787,370
Peruvian New Sol (PEN)		Sell		49,850	PEN		6/25/13			19,206,368			—			50
Polish Zloty (PLZ)		Sell		6,000	PLZ		4/25/13			1,838,392			32,642			—
South African Rand (ZAR)		Buy		107,560	ZAR		4/5/13			11,689,393			—			68,355
South African Rand (ZAR)		Sell		510	ZAR		4/5/13			55,426			741			—
South Korean Won (KRW)		Sell		32,042,000	KRW		4/15/13			28,761,123			288,741			—
													49,089,549			58,544,264
HSBC Bank USA NA
New Turkish Lira (TRY)		Buy		152,460	TRY		7/17/13			83,079,741			4,794,760			—
JPMorgan Chase Bank NA:
Chilean Peso (CLP)		Buy		3,108,000	CLP		5/6/13			6,557,091			86,808			—
Colombian Peso (COP)		Sell		111,490,000	COP		4/9/13			61,023,606			1,226,534			—
Euro (EUR)		Buy		99,935	EUR		4/3/13			128,104,551			—			1,136,065
Euro (EUR)		Sell		173,455	EUR		4/3/13-4/25/13			222,357,507			1,483,465			—
Hungarian Forint (HUF)		Sell		19,707,000	HUF		9/16/13			81,613,368			770,649			—
Japanese Yen (JPY)		Buy		4,662,000	JPY		6/11/13			49,549,950			1,009,900			—
Malaysian Ringgit (MYR)		Buy		479,040	MYR		6/27/13			154,367,390			725,515			—
Mexican Nuevo Peso (MXN)		Buy		1,024,400	MXN		5/16/13			82,567,437			2,920,112			—
Mexican Nuevo Peso (MXN)		Sell		216,710	MXN		5/6/13-5/23/13			17,457,760			—			559,770
New Turkish Lira (TRY)		Sell		78,880	TRY		6/17/13			43,159,270			—			74,280
Peruvian New Sol (PEN)		Sell		18,820	PEN		4/30/13			7,259,682			—			12,859
Russian Ruble (RUR)		Buy		1,675,500	RUR		6/13/13			53,211,062			—			420,390
Russian Ruble (RUR)		Sell		444,500	RUR		4/25/13			14,230,714			287,857			—
South African Rand (ZAR)		Sell		539,160	ZAR		5/15/13			58,274,909			1,915,321			—
South Korean Won (KRW)		Sell		18,140,000	KRW		4/8/13			16,292,659			—			1,684
													10,426,161			2,205,048

OPPENHEIMER INTERNATIONAL BOND FUND 37

STATEMENT OF INVESTMENTS    Unaudited / Continued

Footnotes to Statement of Investments Continued

Forward Currency Exchange Contracts as of March 28, 2013: Continued
Counterparty/ Contract Description	Buy/Sell		Contract Amount (000’s)			Expiration Dates		Value			Unrealized Appreciation			Unrealized Depreciation
Morgan Stanley Capital Services, Inc.:
Australian Dollar (AUD)		Buy		48,855	AUD		5/31/13		$	50,628,945		$	910,384		$	—
Australian Dollar (AUD)		Sell		25,000	AUD		4/22/13			25,986,219			—			240,969
Canadian Dollar (CAD)		Buy		7,680	CAD		5/31/13			7,549,527			—			114,532
Japanese Yen (JPY)		Sell		4,800,000	JPY		6/11/13			51,016,680			—			1,050,511
New Zealand Dollar (NZD)		Buy		30,775	NZD		4/22/13			25,711,947			—			48,636
Peruvian New Sol (PEN)		Sell		99,950	PEN		5/8/13-6/10/13			38,532,670			169,594			8,775
													1,079,978			1,463,423
Nomura Global Financial Products, Inc.:
British Pound Sterling (GBP)		Buy		12,770	GBP		4/3/13			19,403,137			—			878
British Pound Sterling (GBP)		Sell		12,770	GBP		4/3/13			19,403,137			—			55,310
Euro (EUR)		Buy		11,305	EUR		4/3/13-5/31/13			14,493,710			—			192,041
Euro (EUR)		Sell		131,720	EUR		4/2/13-8/21/13			168,921,971			1,069,888			386,556
Japanese Yen (JPY)		Buy		4,287,000	JPY		4/1/13			45,540,978			50,741			—
Japanese Yen (JPY)		Sell		55,232,000	JPY		4/1/13-6/11/13			587,006,917			—			2,332,399
													1,120,629			2,967,184
Nomura International plc
South Korean Won (KRW)		Sell		175,000	KRW		4/8/13			157,178			2,282			—
The Royal Bank of Scotland plc:
Euro (EUR)		Sell		63,790	EUR		4/25/13			81,782,576			1,223,855			—
New Turkish Lira (TRY)		Buy		33,230	TRY		4/29/13			18,299,645			—			42,243
Swedish Krona (SEK)		Buy		155,860	SEK		4/25/13			23,904,390			—			487,061
													1,223,855			529,304
Total unrealized appreciation and depreciation												$	143,303,076		$	118,376,955

Spot Currency Exchange Contracts as of March 28, 2013 are as follows:
Broker/Contract Description	Buy/Sell		Contract Amount (000’s)			Expiration Date		Value			Unrealized Appreciation			Unrealized Depreciation
Goldman Sachs & Co.
Australian Dollar (AUD)		Sell		536	AUD		4/3/13		$	557,617		$	284		$	—
JPMorgan Chase
Euro (EUR)		Buy		1,691	EUR		4/2/13			2,168,240			—			6,197
Morgan Stanley & Co., Inc.
Brazilian Real (BRR)		Sell		47,487	BRR		4/1/13			23,499,854			71,738			—
Total unrealized appreciation and depreciation												$	72,022		$	6,197

38 OPPENHEIMER INTERNATIONAL BOND FUND

Futures Contracts as of March 28, 2013 are as follows:
Contract Description	Buy/Sell		Number of Contracts		Expiration Date		Value			Unrealized Appreciation (Depreciation)
Australian Treasury Bonds, 3 yr.		Sell		7,388		6/17/13		$	838,164,631		$	(2,566,530	)
Australian Treasury Bonds, 10 yr.		Sell		484		6/17/13			61,276,598			(674,321	)
CBOE Volatility Index		Sell		325		5/21/13			5,070,000			4,638
U.S. Long Bonds		Sell		210		6/19/13			30,338,438			(253,669	)
U.S. Treasury Nts., 5 yr.		Sell		3,462		6/28/13			429,477,330			(1,550,752	)
U.S. Treasury Nts., 10 yr.		Sell		795		6/19/13			104,927,578			(1,014,633	)
												$(6,055,267	)

Written Options as of March 28, 2013 are as follows:
Description	Type		Number of Contracts		Exercise Price		Expiration Date		Premiums Received			Value				Unrealized Appreciation/ (Depreciation)
Australian Dollar (AUD)		Put		94,010,000		1AUD per 1.005USD		4/4/13		$	270,213		$	(84	)		$	270,129
Australian Dollar (AUD)		Put		48,000,000		1AUD per 12.450MXN		6/13/13			294,412			(201,684	)			92,728
Australian Dollar (AUD)		Call		48,000,000		1AUD per 13.200USD		6/13/13			321,626			(335,515	)			(13,889	)
British Pound Sterling (GBP)		Call		33,500,000		1GBP per 1.563USD		5/31/13			812,890			(437,246	)			375,644
British Pound Sterling (GBP)		Put		191,020,000		1GBP per 1.440USD		6/10/13			1,655,914			(390,810	)			1,265,104
British Pound Sterling (GBP)		Put		144,020,000		1GBP per 1.440USD		6/10/13			1,304,476			(294,652	)			1,009,824
British Pound Sterling (GBP)		Put		33,500,000		1GBP per 1.563USD		5/31/13			812,890			(989,022	)			(176,132	)
Canadian Dollar (CAD)		Put		48,000,000		1CAD per 11.650MXN		9/12/13			271,028			(251,462	)			19,566
Canadian Dollar (CAD)		Call		48,000,000		1CAD per 12.790MXN		9/12/13			468,224			(521,694	)			(53,470	)
Canadian Dollar (CAD)		Put		1,015,000		1USD per 1.068CAD		1/29/14			184,459			(210,868	)			(26,409	)
Euro (EUR)		Put		200,000,000		1EUR per 1.232USD		6/26/13			1,504,026			(1,499,000	)			5,026
Euro (EUR)1		Put		150,000,000		1EUR per 1.240USD		9/5/13			1,460,100			(2,033,307	)			(573,207	)
Euro (EUR)		Put		300,000,000		1EUR per 1.250USD		6/3/13			2,475,000			(2,609,499	)			(134,499	)
Euro (EUR)		Put		200,000,000		1EUR per 1.250USD		6/3/13			1,680,000			(1,739,666	)			(59,666	)
Euro (EUR)		Put		100,000,000		1EUR per 1.250USD		6/14/13			668,750			(992,684	)			(323,934	)
Euro (EUR)		Put		100,000,000		1EUR per 1.250USD		5/31/13			745,786			(904,142	)			(158,356	)
Euro (EUR)		Put		100,000,000		1EUR per 1.250USD		6/3/13			762,500			(869,833	)			(107,333	)
Euro (EUR)		Put		100,000,000		1EUR per 1.253USD		5/31/13			720,475			(904,142	)			(183,667	)
Euro (EUR)		Put		100,000,000		1EUR per 1.270USD		5/31/13			942,340			(1,402,639	)			(460,299	)
Euro (EUR)		Put		200,000,000		1EUR per 1.300USD		8/19/13			3,520,400			(7,529,170	)			(4,008,770	)

OPPENHEIMER INTERNATIONAL BOND FUND 39

STATEMENT OF INVESTMENTS    Unaudited / Continued

Footnotes to Statement of Investments Continued

Written Options as of March 28, 2013: Continued
Description	Type		Number of Contracts		Exercise Price			Expiration Date		Premiums Received			Value				Unrealized Appreciation/ (Depreciation)
Euro (EUR)2		Call		100,000,000		1EUR per 1.340USD			6/18/13		$	448,230		$	(292,352	)		$	155,878
Euro (EUR)		Call		125,000,000		1EUR per 1.366USD			9/30/13			767,351			(795,810	)			(28,459	)
Euro (EUR)3		Call		150,000,000		1EUR per 1.380USD			9/5/13			820,755			(454,466	)			366,289
Euro (EUR)		Call		100,000,000		1EUR per 1.380USD			5/31/13			358,800			(24,041	)			334,759
Euro (EUR)		Put		23,000,000		1EUR per 7.328NOK			5/31/13			132,198			(120,879	)			11,319
France (Republic of) Bonds, 2.75%, 10/25/27		Put		43,950,000		98.875	EUR		10/22/13			1,638,855			(1,013,057	)			625,798
Japanese Yen (JPY)		Put		10,150,000,000		1USD per 101.500JPY			1/23/14			695,000			(1,556,503	)			(861,503	)
Japanese Yen (JPY)		Put		20,396,000,000		1USD per 103.000JPY			6/12/13			851,484			(307,164	)			544,320
Japanese Yen (JPY)		Call		8,321,000,000		1USD per 83.210JPY			1/23/14			1,571,000			(881,527	)			689,473
Japanese Yen (JPY)		Call		8,940,000,000		1USD per 89.400JPY			6/17/13			475,000			(637,064	)			(162,064	)
Japanese Yen (JPY)4		Call		8,900,000,000		1USD per 89.000JPY			5/30/13			890,000			(285,690	)			604,310
Japanese Yen (JPY)		Call		11,351,250,000		1USD per 90.810JPY			6/14/13			850,000			(1,142,276	)			(292,276	)
Japanese Yen (JPY)		Call		11,362,500,000		1USD per 90.900JPY			6/14/13			850,625			(1,171,815	)			(321,190	)
Japanese Yen (JPY)		Call		4,256,000,000		1USD per 94.350JPY			4/4/13			289,101			(404,022	)			(114,921	)
Japanese Yen (JPY)		Call		4,256,000,000		1USD per 94.350JPY			4/4/13			355,140			(355,121	)			19
Japanese Yen (JPY)		Put		4,256,000,000		1USD per 94.350JPY			4/4/13			291,672			(307,028	)			(15,356	)
Japanese Yen (JPY)		Put		4,256,000,000		1USD per 94.350JPY			4/4/13			355,140			(355,121	)			19
Japanese Yen (JPY)5		Put		9,500,000,000		1USD per 95.000JPY			8/23/13			1,830,001			(2,439,695	)			(609,694	)
Japanese Yen (JPY)5		Put		9,500,000,000		1USD per 95.000JPY			8/23/13			1,870,001			(2,544,005	)			(674,004	)
Japanese Yen (JPY)		Put		9,600,000,000		1USD per 96.000JPY			5/30/13			845,000			(1,152,672	)			(307,672	)
Portugal (Republic of) Sr. Unsec. Bonds, 4.95%, 10/25/23		Put		17,580,000		90.100	EUR		4/22/13			480,091			(347,494	)			132,597
South Korean Won (KRW)6		Put		110,580,000,000		1USD per 1,140.000KRW			6/14/13			955,453			(842,620	)			112,833
Spain (Kingdom of) Bonds, 5.50%, 7/30/17		Put		50,000,000		104.430	EUR		7/8/13			1,059,682			(387,732	)			671,950

40 OPPENHEIMER INTERNATIONAL BOND FUND

Written Options as of March 28, 2013: Continued
Description	Type		Number of Contracts		Exercise Price			Expiration Date		Premiums Received			Value				Unrealized Appreciation/ (Depreciation)
Spain (Kingdom of) Sr. Unsec. Bonds, 5.40%, 1/31/23		Put		43,985,000		97.660	EUR		5/21/13		$	397,291		$	(76,940	)		$	320,351
U.S. Treasury Nts., 10 yr. Futures, 6/19/13		Put		1,567		130.500			5/27/13			512,009			(563,141	)			(51,132	)
											$	40,465,388		$	(42,575,354	)		$	(2,109,966	)

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

EUR Euro

1. Knock-in option becomes eligible for exercise if at expiration spot rates are less than or equal to 1.20 USD per 1 EUR.

2. Knock-in option becomes eligible for exercise if at any time spot rates are equal to or greater than 1.36 USD per 1 EUR.

3. Knock-in option becomes eligible for exercise if at expiration spot rates are equal to or greater than 1.40 USD per 1 EUR.

4. Knock-in option becomes eligible for exercise if at expiration spot rates are less than or equal to 85.50 JPY per 1 USD.

5. Knock-in option becomes eligible for exercise if at any time spot rates are greater than or equal to 97 JPY per 1 USD.

6. Knock-in option becomes eligible for exercise if at any time spot rates are greater than or equal to 1,170 KRW per 1 USD.

Credit Default Swap Contracts as of March 28, 2013 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		$	(103,593	)	$	68,166
UBS AG		Sell		4,405	EUR		3.00			12/20/17		176,637			(103,593	)		73,044
		Total		8,810	EUR							348,396			(207,186	)		141,210
Banco Santander SA:
Barclays Bank plc		Sell		20,000	EUR		3.00			9/20/17		(72,103	)		(225,962	)		(298,065	)
UBS AG		Sell		8,850	EUR		3.00			9/20/17		(31,905	)		(99,988	)		(131,893	)
		Total		28,850	EUR							(104,008	)		(325,950	)		(429,958	)
Belgium (Kingdom of)
JPMorgan Chase Bank NA		Buy		25,000			1.00			3/20/18		214,879			(202,497	)		12,382
		Total		25,000								214,879			(202,497	)		12,382
France (Republic of)
JPMorgan Chase Bank NA		Sell		25,000			0.25			3/20/18		828,486			(703,137	)		125,349
		Total		25,000								828,486			(703,137	)		125,349
Ireland (Republic of):
Goldman Sachs Bank USA		Buy		21,975			1.00			3/20/18		(923,121	)		900,701			(22,420	)
Goldman Sachs Bank USA		Buy		19,335	EUR		1.00			3/20/18		(715,358	)		643,751			(71,607	)
		Total		21,975								(1,638,479	)		1,544,452			(94,027	)
		Total		19,335	EUR
Italy (Republic of)
Goldman Sachs Bank USA		Sell		22,000			1.00			3/20/23		3,517,301			(3,765,855	)		(248,554	)
				22,000								3,517,301			(3,765,855	)		(248,554	)
Portugal (Republic of):
JPMorgan Chase Bank NA		Sell		9,395			1.00			12/20/22		2,399,640			(2,236,263	)		163,377
JPMorgan Chase Bank NA		Sell		4,395			1.00			12/20/22		1,133,421			(1,046,128	)		87,293
UBS AG		Sell		4,385			1.00			12/20/22		1,186,386			(1,043,748	)		142,638

OPPENHEIMER INTERNATIONAL BOND FUND 41

STATEMENT OF INVESTMENTS    Unaudited / Continued

Footnotes to Statement of Investments Continued

Credit Default Swap Contracts as of March 28, 2013: Continued
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)
Portugal (Republic of): Continued
UBS AG		Sell		13,180			1.00	%		12/20/22	$	3,430,827		$	(3,137,195	)	$	293,632
UBS AG		Buy		13,180			1.00			12/20/17		(2,013,977	)		1,637,031			(376,946	)
		Total		44,535								6,136,297			(5,826,303	)		309,994
Santander International Debt SAU
Bank of America NA		Sell		5,000	EUR		3.00			12/20/17		(106,114	)		(75,435	)		(181,549	)
		Total		5,000	EUR							(106,114	)		(75,435	)		(181,549	)
Spain (Kingdom of):
Barclays Bank plc		Buy		25,000	EUR		1.00			3/20/18		(2,103,569	)		2,200,191			96,622
Goldman Sachs Bank USA		Buy		50,000	EUR		1.00			3/20/18		(4,390,240	)		4,400,382			10,142
Goldman Sachs Bank USA		Buy		58,705	EUR		1.00			3/20/23		(10,127,588	)		9,981,005			(146,583	)
Goldman Sachs Bank USA		Buy		43,950	EUR		1.00			3/20/18		(3,476,446	)		3,867,935			391,489
Goldman Sachs International		Buy		36,000	EUR		1.00			3/20/23		(5,651,642	)		6,120,708			469,066
UBS AG		Buy		5,000	EUR		1.00			9/20/17		(392,044	)		382,477			(9,567	)
UBS AG		Buy		8,850	EUR		1.00			9/20/17		(674,976	)		676,984			2,008
		Total		227,505	EUR							(26,816,505	)		27,629,682			813,177
Telefonica SA
UBS AG		Sell		5,000	EUR		1.00			9/20/17		627,078			(322,964	)		304,114
		Total		5,000	EUR							627,078			(322,964	)		304,114
				Grand Total Buys								(30,254,082	)		30,608,668			354,586
				Grand Total Sells								13,261,413			(12,863,861	)		397,552
				Total Credit Default Swaps							$	(16,992,669	)	$	17,744,807		$	752,138

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-
Investment Grade Sovereign Debt		$	47,000,000			$	—		AAA to BBB+
Non-Investment Grade Sovereign Debt		$	31,355,000			$	13,180,000		BB
Total EUR			47,660,000	EUR		$	—
Total USD		$	78,355,000			$	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.

42 OPPENHEIMER INTERNATIONAL BOND FUND

Interest Rate Swap Contracts as of March 28, 2013 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	$	1,196
Bank of America NA		37,730	BRR		BZDI			8.505			1/2/15		27,964
Deutsche Bank AG		158,480	BRR		BZDI			8.080			1/2/15		31,442
Goldman Sachs International		851,500	BRR		BZDI			7.220			10/1/13		(377,114	)
Goldman Sachs International		105,720	BRR		BZDI			8.080			1/2/15		(24,487	)
Goldman Sachs International		147,700	BRR		BZDI			7.785			1/2/15		(549,970	)
JPMorgan Chase Bank NA		300,000	BRR		BZDI			8.700			1/2/17		(581,300	)
Total		1,693,540	BRR										(1,472,269	)
MXN TIIE BANXICO:
Credit Suisse International		103,400	MXN		5.780	%		MXN TIIE BANXICO			1/6/23		(161,317	)
Goldman Sachs International		380,000	MXN		5.750			MXN TIIE BANXICO			1/9/23		(515,360	)
Goldman Sachs International		148,700	MXN		5.780			MXN TIIE BANXICO			1/6/23		(231,990	)
JPMorgan Chase Bank NA		242,600	MXN		5.750			MXN TIIE BANXICO			1/9/23		(329,017	)
Total where Fund pays a fixed rate		874,700	MXN										(1,237,684	)
Bank of America NA		100,000	MXN		MXN TIIE BANXICO			6.315			3/19/13		(38,850	)
Bank of America NA		200,000	MXN		MXN TIIE BANXICO			6.390			2/8/33		27,035
Credit Suisse International		71,100	MXN		MXN TIIE BANXICO			6.645			12/24/32		200,175
Goldman Sachs International		93,800	MXN		MXN TIIE BANXICO			6.640			12/24/32		264,084
Goldman Sachs International		200,000	MXN		MXN TIIE BANXICO			6.360			2/8/33		20,367
Goldman Sachs International		245,000	MXN		MXN TIIE BANXICO			6.590			12/27/32		567,284
JPMorgan Chase Bank NA		140,000	MXN		MXN TIIE BANXICO			6.590			12/27/32		(47,686	)
JPMorgan Chase Bank NA		155,200	MXN		MXN TIIE BANXICO			6.590			1/9/23		359,357
Total where Fund pays a variable rate		1,205,100	MXN										1,351,766
Total		2,079,800	MXN										114,082
Six-Month EUR EURIBOR:
JPMorgan Chase Bank NA		250,000	EUR		Six-Month EUR EURIBOR			1.406			3/26/18		60,040
UBS AG		250,000	EUR		Six-Month EUR EURIBOR			1.405			3/29/18		44,394
Total		500,000	EUR										104,434

OPPENHEIMER INTERNATIONAL BOND FUND 43

STATEMENT OF INVESTMENTS    Unaudited / Continued

Footnotes to Statement of Investments Continued

Interest Rate Swap Contracts as of March 28, 2013 are as follows:
Interest Rate/ Swap Counterparty	Notional Amount (000’s)			Paid by the Fund			Received by the Fund			Termination Date		Value
Six-Month PLZ WIBOR WIBO
JPMorgan Chase Bank NA		125,000	PLZ		Six-Month PLZ WIBOR WIBO			3.410	%		3/23/20	$	(53,171	)
Three-Month CAD BA CDOR
Bank of America NA		307,975	CAD		Three-Month CAD BA CDOR			1.735			3/14/16		411,296
Three-Month KRW CD KSDA
JPMorgan Chase Bank NA		25,000,000	KRW		Three-Month KRW CD KSDA			2.960			3/15/23		333,216
Three-Month USD BBA LIBOR:
Bank of America NA		26,900			2.023	%		Three-Month USD BBA LIBOR			3/21/23		(56,513	)
Goldman Sachs Bank USA		26,500			2.025			Three-Month USD BBA LIBOR			3/21/23		(61,843	)
Total		53,400											(118,356	)
								Total Interest Rate Swaps				$	(680,768	)

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

BRR	Brazilian Real
CAD	Canadian Dollar
EUR	Euro
KRW	South Korean Won
MXN	Mexican Nuevo Peso
PLZ	Polish Zloty

Abbreviations/Definitions are as follows:

BA CDOR	Canada Bankers Acceptances Deposit Offering Rate
BANXICO	Banco de Mexico
BBA LIBOR	British Bankers’ Association London-Interbank Offered Rate
BZDI	Brazil Interbank Deposit Rate
CD	Certificate of Deposit
EURIBOR	Euro Interbank Offered Rate
KSDA	Korean Securities Dealers Assn.
TIIE	Interbank Equilibrium Interest Rate
WIBOR WIBO	Poland Warsaw Interbank Offer Bid Rate

44 OPPENHEIMER INTERNATIONAL BOND FUND

Volatility Swaps as of March 28, 2013 are as follows:
Reference Entity/ Swap Counterparty	Notional Amount (000’s)			Paid by the Fund			Received by the Fund	Termination Date		Value
CAD/JPY spot exchange rate
Credit Suisse International		77	CAD		13.800	%	The Historic Volatility of the mid CAD/JPY spot exchange rate during the period 3/8/13 to 4/10/13		4/12/13	$	(215,191	)
CAD/USD spot exchange rate
Royal Bank of Scotland plc (The)		75			The Historic Volatility of the mid CAD/USD spot exchange rate during the period 3/7/13 to 4/7/13		6.250		4/8/13		113,478
CHF/NOK spot exchange rate
Credit Suisse International		71	CHF		7.750		The Historic Volatility of the mid CHF/NOK spot exchange rate during the period 3/19/13 to 4/18/13		4/22/13		(86,770	)
JPY/GBP spot exchange rate:
Goldman Sachs Bank USA		50	GBP		The Historic Volatility of the mid JPY/GBP spot exchange rate during the period 3/26/13 to 4/25/13		11.700		4/30/13		21,516
Royal Bank of Scotland plc (The)		50	GBP		The Historic Volatility of the mid JPY/GBP spot exchange rate during the period 3/27/13 to 4/30/13		11.850		5/2/13		9,811
							Reference Entity Total				31,327
JPY/NZD spot exchange rate
JPMorgan Chase Bank NA		91	NZD		15.500		The Historic Volatility of the mid JPY/NZD spot exchange rate during the period 3/1/13 to 4/3/13		4/5/13		(417,727	)
NOK/CHF spot exchange rate
JPMorgan Chase Bank NA		71	CHF		6.800		The Historic Volatility of the mid NOK/CHF spot exchange rate during the period 3/18/13 to 4/18/13		4/22/13		17,999
NOK/GBP spot exchange rate
Royal Bank of Scotland plc (The)		50	GBP		10.750		The Historic Volatility of the mid NOK/GBP spot exchange rate during the period 3/14/13 to 4/16/13		4/18/13		(147,654	)

OPPENHEIMER INTERNATIONAL BOND FUND 45

STATEMENT OF INVESTMENTS    Unaudited / Continued

Footnotes to Statement of Investments Continued

Volatility Swaps as of March 28, 2013: Continued
Reference Entity/ Swap Counterparty	Notional Amount (000’s)			Paid by the Fund			Received by the Fund			Termination Date		Value
NZD/AUD spot exchange rate
Deutsche Bank AG		72	AUD		6.600	%		The Historic Volatility of the mid NZD/AUD spot exchange rate during the period 3/15/13 to 4/17/13			4/19/13	$	(85,374	)
NZD/JPY spot exchange rate:
Bank of America NA		90	NZD		The Historic Volatility of the mid NZD/JPY spot exchange rate during the period 3/28/13 to 5/1/13			13.000	%		5/3/13		—
Total where Fund pays a variable rate													—
Citibank NA		91	NZD		15.150			The Historic Volatility of the mid NZD/JPY spot exchange rate during the period 2/28/13 to 4/2/13			4/4/13		(404,969	)
Total where Fund pays a fixed rate													(404,969	)
Total								Reference Entity Total					(404,969	)
USD/CAD spot exchange rate:
Bank of America NA		75			The Historic Volatility of the mid USD/CAD spot exchange rate during the period 3/6/13 to 4/5/13			6.500			4/8/13		134,234
Deutsche Bank AG		75			The Historic Volatility of the mid USD/CAD spot exchange rate during the period 3/5/13 to 4/5/13			6.575			4/8/13		126,898
Morgan Stanley Capital Services, Inc.		75			The Historic Volatility of the mid USD/CAD spot exchange rate during the period 3/13/13 to 4/12/13			5.550			4/15/13		10,826
Morgan Stanley Capital Services, Inc.		75			The Historic Volatility of the mid USD/CAD spot exchange rate during the period 3/11/13 to 4/11/13			5.950			4/12/13		58,626
Morgan Stanley Capital Services, Inc.		75			The Historic Volatility of the mid USD/CAD spot exchange rate during the period 3/4/13 to 4/4/13			6.700			4/5/13		148,018
								Reference Entity Total					478,602
								Total Volatility Swaps				$	(716,279	)

46 OPPENHEIMER INTERNATIONAL BOND FUND

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

AUD	Australian Dollar
CAD	Canadian Dollar
CHF	Swiss Franc
GBP	British Pounds Sterling
NZD	New Zealand Dollar

Abbreviations/Definitions are as follows:

JPY	Japanese Yen
NOK	Norwegian Krone

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

Swap Summary as of March 28, 2013 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	$	(75,435	)
	Interest Rate		130,140	BRR		29,160
	Interest Rate		307,975	CAD		411,296
	Interest Rate		300,000	MXN		(11,815	)
	Interest Rate		26,900			(56,513	)
	Volatility		90	NZD		—
	Volatility		75			134,234
						430,927
Barclays Bank plc:
	Credit Default Buy Protection		25,000	EUR		2,200,191
	Credit Default Sell Protection		20,000	EUR		(225,962	)
						1,974,229
Citibank NA	Volatility		91	NZD		(404,969	)
Credit Suisse International:
	Interest Rate		174,500	MXN		38,858
	Volatility		77	CAD		(215,191	)
	Volatility		71	CHF		(86,770	)
						(263,103	)
Deutsche Bank AG:
	Interest Rate		158,480	BRR		31,442
	Volatility		72	AUD		(85,374	)
	Volatility		75			126,898
						72,966
Goldman Sachs Bank USA:
	Credit Default Buy Protection		171,990	EUR		18,893,073
	Credit Default Buy Protection		21,975			900,701
	Credit Default Sell Protection		22,000			(3,765,855	)
	Interest Rate		26,500			(61,843	)
	Volatility		50	GBP		21,516
						15,987,592
Goldman Sachs International:
	Credit Default Buy Protection		36,000	EUR		6,120,708
	Interest Rate		1,104,920	BRR		(951,571	)
	Interest Rate		1,067,500	MXN		104,385
						5,273,522

OPPENHEIMER INTERNATIONAL BOND FUND 47

STATEMENT OF INVESTMENTS    Unaudited / Continued

Footnotes to Statement of Investments Continued

Swap Summary as of March 28, 2013: Continued
Swap Counterparty	Swap Type from Fund Perspective	Notional Amount (000’s)			Value
JPMorgan Chase Bank NA:
	Credit Default Buy Protection	$	25,000		$	(202,497	)
	Credit Default Sell Protection		38,790			(3,985,528	)
	Interest Rate		300,000	BRR		(581,300	)
	Interest Rate		250,000	EUR		60,040
	Interest Rate		25,000,000	KRW		333,216
	Interest Rate		537,800	MXN		(17,346	)
	Interest Rate		125,000	PLZ		(53,171	)
	Volatility		71	CHF		17,999
	Volatility		91	NZD		(417,727	)
						(4,846,314	)
Morgan Stanley Capital Services, Inc.	Volatility		225			217,470
Royal Bank of Scotland plc (The):
	Volatility		100	GBP		(137,843	)
	Volatility		75			113,478
						(24,365	)
UBS AG:
	Credit Default Buy Protection		13,850	EUR		1,059,461
	Credit Default Buy Protection		13,180			1,637,031
	Credit Default Sell Protection		22,660	EUR		(630,138	)
	Credit Default Sell Protection		17,565			(4,180,943	)
	Interest Rate		250,000	EUR		44,394
						(2,070,195	)
	Total Swaps				$	16,347,760

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
GBP	British Pounds Sterling
KRW	South Korean Won
MXN	Mexican Nuevo Peso
NZD	New Zealand Dollar
PLZ	Polish Zloty

48 OPPENHEIMER INTERNATIONAL BOND FUND

As of March 28, 2013, 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)
CDX NA HY 19
Barclays Bank plc	Credit Default Index Swaption (European); Swap Terms: Paid: Protection on CDX NA HY 19; Received: 5%; Termination Date: 12/20/17	Index Credit Default Swap; Pay Floating		$	50,000			4/18/13		$	445,000		$	(27,310	)		$	417,690
CDX NA IG 19:
Barclays Bank plc	Credit Default Index Swaption (European); Swap Terms: Paid: Protection on CDX NA IG 19; Received: 1%; Termination Date: 12/20/17	Index Credit Default Swap; Pay Floating			200,000			4/18/13			235,000			(25,300	)			209,700
Barclays Bank plc	Credit Default Index Swaption (European); Swap Terms: Paid: Protection on CDX NA IG 19; Received: 1%; Termination Date: 12/20/17	Index Credit Default Swap; Pay Floating			500,000			6/20/13			550,000			(366,450	)			183,550
JPMorgan Chase Bank NA	Credit Default Index Swaption (European); Swap Terms: Paid: Protection on CDX NA IG 19; Received: 1%; Termination Date: 12/20/17	Index Credit Default Swap; Pay Floating			250,000			4/18/13			75,000			(3,925	)			71,075
JPMorgan Chase Bank NA	Credit Default Index Swaption (European); Swap Terms: Paid: Protection on CDX NA IG 19; Received: 1%; Termination Date: 12/20/17	Index Credit Default Swap; Pay Floating			250,000			4/18/13			50,000			(1,950	)			48,050
											910,000			(397,625	)			512,375
iTraxx Europe Crossover Series 18 Version 1:
Bank of America NA	Credit Default Index Swaption (European); Swap Terms: Paid: Protection on iTraxx Europe Crossover Series 18 Version 1; Received: 5%; Termination Date: 12/20/17	Index Credit Default Swap; Pay Floating			65,980	EUR		4/18/13			123,690			(11,976	)			111,714
Barclays Bank plc	Credit Default Index Swaption (European); Swap Terms: Paid: Protection on iTraxx Europe Crossover Series 18 Version 1; Received: 5%; Termination Date: 12/20/17	Index Credit Default Swap; Pay Floating			43,995	EUR		6/20/13			393,582			(518,661	)			(125,079	)
											517,272			(530,637	)			(13,365	)

OPPENHEIMER INTERNATIONAL BOND FUND 49

STATEMENT OF INVESTMENTS    Unaudited / Continued

Footnotes to Statement of Investments Continued

As of March 28, 2013, the Fund had entered into the following written swaption contracts: Continued
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 Senior Financials Series 18 Version 1
Bank of America NA	Credit Default Index Swaption (European); Swap Terms: Paid: 1%; Received: Protection on iTraxx Europe Senior Financials Series 18 Version 1; Termination Date: 12/20/17	Index Credit Default Swap; Pay Fixed		87,995	EUR		6/20/13		$	350,509		$	(113,271	)		$	237,238
iTraxx Europe Senior Financials Series 19 Version 1:
JPMorgan Chase Bank NA	Credit Default Index Swaption (European); Swap Terms: Paid: Protection on iTraxx Europe Senior Financials Series 19 Version 1; Received: 1%; Termination Date: 6/20/18	Index Credit Default Swap; Pay Floating		87,970	EUR		4/18/13			542,725			(1,505,815	)			(963,090	)
JPMorgan Chase Bank NA	Credit Default Index Swaption (European); Swap Terms: Paid: Protection on iTraxx Europe Senior Financials Series 19 Version 1; Received: 1%; Termination Date: 6/20/18	Index Credit Default Swap; Pay Floating		46,985	EUR		4/18/13			339,836			(438,188	)			(98,352	)
										882,561			(1,944,003	)			(1,061,442	)
MXN TIIE BANXICO:
Bank of America NA	Interest Rate Swaption (European); Swap Terms: Paid: MXN TIIE BANXICO; Received: 6.06%; Termination Date: 1/2/24	Interest Rate Swap; Pay Floating		219,685	MXN		1/14/14			636,801			(405,371	)			231,430
Bank of America NA	Interest Rate Swaption (European); Swap Terms: Paid: MXN TIIE BANXICO; Received: 6.165%; Termination Date: 12/25/23	Interest Rate Swap; Pay Floating		250,000	MXN		1/6/14			761,399			(384,351	)			377,048
JPMorgan Chase Bank NA	Interest Rate Swaption (European); Swap Terms: Paid: MXN TIIE BANXICO; Received: 6.105%; Termination Date: 1/1/24	Interest Rate Swap; Pay Floating		250,000	MXN		1/13/14			731,454			(425,342	)			306,112
										2,129,654			(1,215,064	)			914,590

50 OPPENHEIMER INTERNATIONAL BOND FUND

As of March 28, 2013, the Fund had entered into the following written swaption contracts: Continued
Reference Entity / Swaption Counterparty	Swaption Description	Underlying Swap Type from Fund Perspective	Notional Amount (000’s)			Expiration Date		Premium Received		Value			Unrealized Appreciation (Depreciation)
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	$	(1,578,477	)	$	(450,349	)
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		(2,992,914	)		(1,174,273	)
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		(1,758,922	)		1,602,133
UBS AG	Interest Rate Swaption (European); Swap Terms: Paid: 2.71%; Received: Six-Month EUR EURIBOR; Termination Date: 2/5/23	Interest Rate Swap; Pay Fixed		118,760	EUR		1/30/18		4,840,695		(5,624,967	)		(784,272	)
UBS AG	Interest Rate Swaption (European); Swap Terms: Paid: 2.90%; Received: Six-Month EUR EURIBOR; Termination Date: 1/26/27	Interest Rate Swap; Pay Fixed		87,970	EUR		1/25/17		5,886,648		(7,537,172	)		(1,650,524	)
		Total where Fund pays a fixed rate							17,035,167		(19,492,452	)		(2,457,285	)
Barclays Bank plc	Interest Rate Swaption (European); Swap Terms: Paid: Six-Month EUR EURIBOR; Received: 1.265%; Termination Date: 1/14/17	Interest Rate Swap; Pay Floating		98,820	EUR		1/13/15		563,092		(504,264	)		58,828
Goldman Sachs International	Interest Rate Swaption (European); Swap Terms: Paid: Six-Month EUR EURIBOR; Received: 2.677%; Termination Date: 8/29/43	Interest Rate Swap; Pay Floating		26,145	EUR		8/28/13		843,585		(508,998	)		334,587

OPPENHEIMER INTERNATIONAL BOND FUND 51

STATEMENT OF INVESTMENTS    Unaudited / Continued

Footnotes to Statement of Investments Continued

As of March 28, 2013, the Fund had entered into the following written swaption contracts: Continued
Reference Entity / Swaption Counterparty	Swaption Description	Underlying Swap Type from Fund Perspective	Notional Amount (000’s)			Expiration Date		Premium Received		Value			Unrealized Appreciation (Depreciation)
Six-Month EUR EURIBOR: Continued
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	$	(5,379,986	)	$	4,518,857
		Total where Fund pays a floating rate							11,305,520		(6,393,248	)		4,912,272
							Total		28,340,687		(25,885,700	)		2,454,987
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: 8/27/23	Interest Rate Swap; Pay Fixed		100,000	GBP		8/28/13		1,212,875		(1,322,472	)		(109,597	)
Barclays Bank plc	Interest Rate Swaption (European); Swap Terms: Paid: 1.097%; Received; Six-Month GBP BBA LIBOR; Termination Date: 2/27/17	Interest Rate Swap; Pay Fixed		175,885	GBP		3/2/15		1,919,938		(2,109,852	)		(189,914	)
Barclays Bank plc	Interest Rate Swaption (European); Swap Terms: Paid: 2.935%; Received; Six-Month GBP BBA LIBOR; Termination Date: 1/14/44	Interest Rate Swap; Pay Fixed		141,005	GBP		1/15/14		4,678,363		(7,126,415	)		(2,448,052	)
Barclays Bank plc	Interest Rate Swaption (European); Swap Terms: Paid: 3.685%; Received; Six-Month GBP BBA LIBOR; Termination Date: 1/14/44	Interest Rate Swap; Pay Fixed		141,005	GBP		1/15/14		4,487,841		(3,223,237	)		1,264,604
UBS AG	Interest Rate Swaption (European); Swap Terms: Paid: 3.03%; Received: Six-Month GBP BBA LIBOR; Termination Date: 8/27/33	Interest Rate Swap; Pay Fixed		43,995	GBP		8/28/13		1,886,021		(3,114,819	)		(1,228,798	)
		Total where Fund pays a fixed rate							14,185,038		(16,896,795	)		(2,711,757	)

52 OPPENHEIMER INTERNATIONAL BOND FUND

As of March 28, 2013, the Fund had entered into the following written swaption contracts: Continued
Reference Entity / Swaption Counterparty	Swaption Description	Underlying Swap Type from Fund Perspective	Notional Amount (000’s)			Expiration Date		Premium Received		Value			Unrealized Appreciation (Depreciation)
Six-Month GBP BBA LIBOR: Continued
Barclays Bank plc	Interest Rate Swaption (European); Swap Terms: Paid: Six-Month GBP BBA LIBOR; Received: 3.1725%; Termination Date: 5/28/43	Interest Rate Swap; Pay Floating		75,000	GBP		5/29/13	$	3,063,030	$	(999,556	)	$	2,063,474
Barclays Bank plc	Interest Rate Swaption (European); Swap Terms: Paid: Six-Month GBP BBA LIBOR; Received; Received: 2.295%; Termination Date: 1/25/21	Interest Rate Swap; Pay Floating		158,255	GBP		1/26/16		5,917,080		(4,409,289	)		1,507,791
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		(5,135,836	)		1,158,996
		Total where Fund pays a floating rate							15,274,942		(10,544,681	)		4,730,261
							Total		29,459,980		(27,441,476	)		2,018,504
Three-Month CAD BA CDOR
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		(776,512	)		561,620
Three-Month USD BBA LIBOR:
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		(2,530,655	)		1,011,845
Barclays Bank plc	Interest Rate Swaption (European); Swap Terms: Paid: 2.785%; Received: Three-Month USD BBA LIBOR; Termination Date: 2/3/34	Interest Rate Swap; Pay Fixed		70,050			1/31/14		2,227,590		(2,137,541	)		90,049

OPPENHEIMER INTERNATIONAL BOND FUND 53

STATEMENT OF INVESTMENTS    Unaudited / Continued

Footnotes to Statement of Investments Continued

As of March 28, 2013, the Fund had entered into the following written swaption contracts: Continued
Reference Entity / Swaption Counterparty	Swaption Description	Underlying Swap Type from Fund Perspective	Notional Amount (000’s)		Expiration Date		Premium Received		Value			Unrealized Appreciation (Depreciation)
Three-Month USD BBA LIBOR: Continued
Barclays Bank plc	Interest Rate Swaption (European); Swap Terms: Paid: 1.95%; Received; Three-Month USD BBA LIBOR; Termination Date: 4/23/23	Interest Rate Swap; Pay Fixed		50,000		4/22/13	$	177,500	$	(146,315	)	$	31,185
Barclays Bank plc	Interest Rate Swaption (European); Swap Terms: Paid: 2.83%; Received: Three-Month USD BBA LIBOR; Termination Date: 6/24/43	Interest Rate Swap; Pay Fixed		43,985		6/21/13		523,422		(534,508	)		(11,086	)
Goldman Sachs Bank USA	Interest Rate Swaption (European); Swap Terms: Paid: 0.7925%; Received: Three-Month USD BBA LIBOR; Termination Date: 7/29/16	Interest Rate Swap; Pay Fixed		260,960		7/26/13		156,576		(211,761	)		(55,185	)
JPMorgan Chase Bank NA	Interest Rate Swaption (European); Swap Terms: Paid: 1.984%; Received: Three-Month USD BBA LIBOR; Termination Date: 9/24/23	Interest Rate Swap; Pay Fixed		187,970		9/23/13		1,851,505		(1,910,252	)		(58,747	)
UBS AG	Interest Rate Swaption (European); Swap Terms: Paid: 1.955%; Received: Three-Month USD BBA LIBOR; Termination Date: 4/23/23	Interest Rate Swap; Pay Fixed		50,000		4/22/13		172,500		(167,583	)		4,917
		Total where Fund pays a fixed rate						8,651,593		(7,638,615	)		1,012,978
Bank of America NA	Interest Rate Swaption (European); Swap Terms: Paid: Three-Month USD BBA LIBOR; Received: 1.3175%; Termination Date: 11/25/18	Interest Rate Swap; Pay Floating		410,000		11/22/13		4,202,500		(3,162,119	)		1,040,381
Bank of America NA	Interest Rate Swaption (European); Swap Terms: Paid: Three-Month USD BBA LIBOR; Received: 3.804%; Termination Date: 11/25/43	Interest Rate Swap; Pay Floating		100,000		11/22/13		1,412,500		(849,255	)		563,245

54 OPPENHEIMER INTERNATIONAL BOND FUND

As of March 28, 2013, the Fund had entered into the following written swaption contracts: Continued
Reference Entity / Swaption Counterparty	Swaption Description	Underlying Swap Type from Fund Perspective	Notional Amount (000’s)		Expiration Date		Premium Received			Value				Unrealized Appreciation (Depreciation)
Three-Month USD BBA LIBOR: Continued
Bank of America NA	Interest Rate Swaption (European); Swap Terms: Paid: Three-Month USD BBA LIBOR; Received: 2.51%; Termination Date: 3/10/24	Interest Rate Swap; Pay Floating		104,880		3/7/14		$	3,044,142		$	(2,219,010	)		$	825,132
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			(3,149,116	)			(475,578	)
Barclays Bank plc	Interest Rate Swaption (European); Swap Terms: Paid: Three-Month USD BBA LIBOR; Received: 2.005%; Termination Date: 1/12/18	Interest Rate Swap; Pay Floating		130,115		1/11/16			808,339			(968,004	)			(159,665	)
Barclays Bank plc	Interest Rate Swaption (European); Swap Terms: Paid: Three-Month USD BBA LIBOR; Received: 2.255%; Termination Date: 4/22/23	Interest Rate Swap; Pay Floating		50,000		4/19/13			195,000			(33,552	)			161,448
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			(8,978,168	)			(942,175	)
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			(8,403,749	)			(1,678,749	)
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			(5,392,225	)			(773,475	)

OPPENHEIMER INTERNATIONAL BOND FUND 55

STATEMENT OF INVESTMENTS    Unaudited / Continued

Footnotes to Statement of Investments Continued

As of March 28, 2013, the Fund had entered into the following written swaption contracts: Continued
Reference Entity / Swaption Counterparty	Swaption Description	Underlying Swap Type from Fund Perspective	Notional Amount (000’s)		Expiration Date		Premium Received		Value			Unrealized Appreciation (Depreciation)
Three-Month USD BBA LIBOR: Continued
Goldman Sachs Bank USA	Interest Rate Swaption (European); Swap Terms: Paid: Three-Month USD BBA LIBOR; Received: 2.95%; Termination Date: 2/21/24	Interest Rate Swap; Pay Floating	$	209,280		2/20/14	$	2,929,920	$	(2,001,389	)	$	928,531
JPMorgan Chase Bank NA	Interest Rate Swaption (European); Swap Terms: Paid: Three-Month USD BBA LIBOR; Received: 2.38%; Termination Date: 5/3/23	Interest Rate Swap; Pay Floating		78,355		5/2/13		438,788		(45,319	)		393,469
JPMorgan Chase Bank NA	Interest Rate Swaption (European); Swap Terms: Paid: Three-Month USD BBA LIBOR; Received: 1.685%; Termination Date: 8/29/18	Interest Rate Swap; Pay Floating		130,780		8/28/13		308,641		(193,548	)		115,093
		Total where Fund pays a floating rate						35,393,111		(35,395,454	)		(2,343	)
						Total		44,044,704		(43,034,069	)		1,010,635
		Total Written Swaptions					$	108,418,499	$	(101,365,667	)	$	7,052,832

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

CAD	Canadian Dollar
EUR	Euro
GBP	British Pound Sterling
MXN	Mexican Peso

Abbreviations/Definitions are as follows:

BANXICO	Banco de Mexico
BBA LIBOR	British Bankers’ Association London-Interbank Offered Rate
BA CDOR	Canada Bankers Acceptances Deposit Offering Rate
CDX NA HY 19	Markit CDX North American High Yield
CDX NA IG 19	Markit CDX North American Investment Grade High Volatility
EURIBOR	Euro Interbank Offered Rate
iTraxx Europe Crossover Series 18 Version 1	Credit Default Swap Trading Index for a Specific Basket of Securities
iTraxx Europe Senior Financials Series 18 Version 1	Credit Default Swap Trading Index for a Specific Basket of Securities
iTraxx Europe Senior Financials Series 19 Version 1	Credit Default Swap Trading Index for a Specific Basket of Securities
TIIE	Interbank Equilibrium Interest Rate

See accompanying Notes to Financial Statements.

56 OPPENHEIMER INTERNATIONAL BOND FUND

STATEMENT OF ASSETS AND LIABILITIES    March 28, 2013¹ (Unaudited)

Assets
Investments, at value—see accompanying statement of investments:
Unaffiliated companies (cost $12,484,597,539)	$	12,607,309,058
Affiliated companies (cost $340,194,120)		340,194,120
		12,947,503,178
Cash		61,558,908
Cash—foreign currencies (cost $8,453,718)		8,459,887
Unrealized appreciation on foreign currency exchange contracts		143,375,098
Appreciated swaps, at value (net upfront payments paid $16,296,873)		20,255,456
Depreciated swaps, at value (upfront payments paid $14,172,088)		13,544,965
Receivables and other assets:
Interest, dividends and principal paydowns		170,017,045
Investments sold (including $11,410,223 sold on a when-issued or delayed delivery basis)		84,691,785
Shares of beneficial interest sold		21,986,785
Closed foreign currency contracts		18,053,803
Futures margins		536,101
Other		3,119,758
Total assets		13,493,102,769
Liabilities
Appreciated options written, at value (premiums received $16,427,078)		8,819,142
Depreciated options written, at value (premiums received $24,038,310)		33,756,212
Appreciated swaptions written, at value (premiums received $58,377,924)		37,948,132
Depreciated swaptions written, at value (premiums received $50,040,575)		63,417,535
Unrealized depreciation on foreign currency exchange contracts		118,383,152
Appreciated swaps, at value (upfront payments received $10,169,113)		8,899,118
Depreciated swaps, at value (net upfront payments received $3,307,179)		8,553,543
Payables and other liabilities:
Investments purchased (including $100,779,944 purchased on a when-issued or delayed delivery basis)		182,393,345
Closed foreign currency contracts		48,468,619
Shares of beneficial interest redeemed		41,085,298
Dividends		5,751,597
Foreign capital gains tax		5,622,945
Futures margins		3,067,300
Transfer and shareholder servicing agent fees		2,130,043
Distribution and service plan fees		1,572,860
Shareholder communications		1,228,058
Trustees’ compensation		175,386
Other		642,329
Total liabilities		571,914,614
Net Assets	$	12,921,188,155

OPPENHEIMER INTERNATIONAL BOND FUND 57

STATEMENT OF ASSETS AND LIABILITIES    Unaudited / Continued

Composition of Net Assets
Par value of shares of beneficial interest	$	1,987,570
Additional paid-in capital		12,546,065,757
Accumulated net investment income		2,908,027
Accumulated net realized gain on investments and foreign currency transactions		226,110,147
Net unrealized appreciation on investments and translation of assets and liabilities denominated in foreign currencies		144,116,654
Net Assets	$	12,921,188,155
Net Asset Value Per Share
Class A Shares:
Net asset value and redemption price per share (based on net assets of $5,789,023,007 and 889,875,056 shares of beneficial interest outstanding)		$6.51
Maximum offering price per share (net asset value plus sales charge of 4.75% of offering price)		$6.83
Class B Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $171,271,161 and 26,427,642 shares of beneficial interest outstanding)		$6.48
Class C Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $1,571,134,268 and 242,398,442 shares of beneficial interest outstanding)		$6.48
Class I Shares:
Net asset value, redemption price and offering price per share (based on net assets of $73,611,577 and 11,325,722 shares of beneficial interest outstanding)		$6.50
Class N Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $296,001,593 and 45,633,564 shares of beneficial interest outstanding)		$6.49
Class Y Shares:
Net asset value, redemption price and offering price per share (based on net assets of $5,020,146,549 and 771,909,444 shares of beneficial interest outstanding)		$6.50

1. March 28, 2013 represents the last business day of the Fund’s semiannual period. See Note 1 of the accompanying Notes.

See accompanying Notes to Financial Statements.

58 OPPENHEIMER INTERNATIONAL BOND FUND

STATEMENT OF OPERATIONS     For the Six Months Ended March 28, 2013¹ (Unaudited)

Investment Income
Interest	$	304,622,204
Dividends from affiliated companies		278,577
Total investment income		304,900,781
Expenses
Management fees		32,142,696
Distribution and service plan fees:
Class A		7,252,674
Class B		913,427
Class C		7,979,788
Class N		763,022
Transfer and shareholder servicing agent fees:
Class A		6,150,914
Class B		255,950
Class C		1,125,121
Class I		3,888
Class N		674,096
Class Y		4,642,910
Shareholder communications:
Class A		529,091
Class B		37,099
Class C		134,006
Class I		35
Class N		14,801
Class Y		399,134
Custodian fees and expenses		1,110,034
Trustees’ compensation		152,199
Other		296,166
Total expenses		64,577,051
Less waivers and reimbursements of expenses		(215,639	)
Net expenses		64,361,412
Net Investment Income		240,539,369

OPPENHEIMER INTERNATIONAL BOND FUND 59

STATEMENT OF OPERATIONS     Unaudited / Continued

Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments from unaffiliated companies (including premiums on options and swaptions exercised)	$	154,625,666
Closing and expiration of option contracts written		69,280,915
Closing and expiration of swaption contracts written		46,660,920
Closing and expiration of futures contracts		27,631,259
Foreign currency transactions		(49,181,277	)
Swap contracts		(22,577,948	)
Net realized gain		226,439,535
Net change in unrealized appreciation/depreciation on:
Investments		20,617,253
Translation of assets and liabilities denominated in foreign currencies		(214,953,558	)
Futures contracts		(1,081,794	)
Option contracts written		(21,929,816	)
Swaption contracts written		(1,276,500	)
Swap contracts		8,732,893
Net change in unrealized appreciation/depreciation		(209,891,522	)
Net Increase in Net Assets Resulting from Operations	$	257,087,382

1. March 28, 2013 represents the last business day of the Fund’s semiannual period. See Note 1 of the accompanying Notes.

See accompanying Notes to Financial Statements.

60 OPPENHEIMER INTERNATIONAL BOND FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended March 28, 20131 (Unaudited)			Year Ended September 28, 20121
Operations
Net investment income	$	240,539,369		$	489,386,565
Net realized gain		226,439,535			39,823,300
Net change in unrealized appreciation/depreciation		(209,891,522	)		601,244,919
Net increase in net assets resulting from operations		257,087,382			1,130,454,784
Dividends and/or Distributions to Shareholders
Dividends from net investment income:
Class A		(109,769,204	)		(319,029,375	)
Class B		(2,666,985	)		(9,346,345	)
Class C		(24,598,443	)		(76,041,583	)
Class I		(554,223	)		(10,813	)
Class N		(5,057,118	)		(15,305,409	)
Class Y		(97,896,905	)		(243,652,704	)
		(240,542,878	)		(663,386,229	)
Distributions from net realized gain:
Class A		(35,431,127	)		—
Class B		(1,125,675	)		—
Class C		(9,753,509	)		—
Class I		(202,424	)		—
Class N		(1,870,287	)		—
Class Y		(29,569,939	)		—
		(77,952,961	)		—
Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions:
Class A		(70,515,794	)		(714,539,449	)
Class B		(22,000,931	)		(40,258,973	)
Class C		(35,831,013	)		(171,620,269	)
Class I		73,591,024			824,893
Class N		(17,506,432	)		(18,961,583	)
Class Y		308,542,162			484,085,543
		236,279,016			(460,469,838	)
Net Assets
Total increase		174,870,559			6,598,717
Beginning of period		12,746,317,596			12,739,718,879
End of period (including accumulated net investment income of $2,908,027 and $2,911,536, respectively)	$	12,921,188,155		$	12,746,317,596

1. March 28, 2013 and September 28, 2012 represent the last business days of the Fund’s respective reporting periods. See Note 1 of the accompanying Notes.

See accompanying Notes to Financial Statements.

OPPENHEIMER INTERNATIONAL BOND FUND 61

FINANCIAL HIGHLIGHTS

	Six Months Ended March 28, 20131			Year Ended September 28,			Year Ended September 30,			Year Ended September 30,			Year Ended September 30,			Year Ended September 30,
Class A	(Unaudited)			20121			2011			2010			2009			2008
Per Share Operating Data
Net asset value, beginning of period	$	6.54		$	6.29		$	6.80		$	6.54		$	5.96		$	6.41
Income (loss) from investment operations:
Net investment income2		.12			.25			.25			.26			.22			.26
Net realized and unrealized gain (loss)		.01			.33			(.44	)		.31			.74			(.23	)
Total from investment operations		.13			.58			(.19	)		.57			.96			.03
Dividends and/or distributions to shareholders:
Dividends from net investment income		(.12	)		(.33	)		(.26	)		(.26	)		(.33	)		(.45	)
Distributions from net realized gain		(.04	)		—			(.06	)		(.05	)		(.05	)		(.03	)
Total dividends and/or distributions to shareholders		(.16	)		(.33	)		(.32	)		(.31	)		(.38	)		(.48	)
Net asset value, end of period	$	6.51		$	6.54		$	6.29		$	6.80		$	6.54		$	5.96
Total Return, at Net Asset Value3		2.04	%		9.58	%		(2.88	)%		9.04	%		16.83	%		(0.01	)%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$5,789,023			$5,886,327			$6,382,276			$7,406,875			$7,268,308			$8,241,801
Average net assets (in thousands)		$5,859,054			$6,013,740			$7,004,799			$7,345,330			$6,632,191			$8,331,255
Ratios to average net assets:4
Net investment income		3.76	%		3.89	%		3.80	%		4.04	%		3.77	%		4.02	%
Total expenses5		1.00	%		1.02	%		0.98	%		0.98	%		0.99	%		0.92	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.00	%		1.02	%		0.98	%		0.98	%		0.98	%		0.91	%
Portfolio turnover rate		46	%		111	%		80	%		146	%		112	%		105	%

1. March 28, 2013 and September 28, 2012 represent the last business days of the Fund’s respective reporting periods. See Note 1 of the accompanying Notes.

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

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

4. Annualized for periods less than one full year.

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

Six Months Ended March 28, 2013	1.00	%
Year Ended September 28, 2012	1.02	%
Year Ended September 30, 2011	0.98	%
Year Ended September 30, 2010	0.98	%
Year Ended September 30, 2009	1.00	%
Year Ended September 30, 2008	0.93	%

See accompanying Notes to Financial Statements.

62 OPPENHEIMER INTERNATIONAL BOND FUND

	Six Months Ended March 28, 20131			Year Ended September 28,			Year Ended September 30,			Year Ended September 30,			Year Ended September 30,			Year Ended September 30,
Class B	(Unaudited)			20121			2011			2010			2009			2008
Per Share Operating Data
Net asset value, beginning of period	$	6.51		$	6.27		$	6.78		$	6.52		$	5.94		$	6.39
Income (loss) from investment operations:
Net investment income2		.10			.19			.19			.20			.17			.21
Net realized and unrealized gain (loss)		.01			.33			(.44	)		.31			.74			(.24	)
Total from investment operations		.11			.52			(.25	)		.51			.91			(.03	)
Dividends and/or distributions to shareholders:
Dividends from net investment income		(.10	)		(.28	)		(.20	)		(.20	)		(.28	)		(.39	)
Distributions from net realized gain		(.04	)		—			(.06	)		(.05	)		(.05	)		(.03	)
Total dividends and/or distributions to shareholders		(.14	)		(.28	)		(.26	)		(.25	)		(.33	)		(.42	)
Net asset value, end of period	$	6.48		$	6.51		$	6.27		$	6.78		$	6.52		$	5.94
Total Return, at Net Asset Value3		1.61	%		8.50	%		(3.74	)%		8.13	%		15.87	%		(0.84	)%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$171,271			$193,955			$226,660			$286,029			$284,424			$314,676
Average net assets (in thousands)		$183,323			$208,830			$257,491			$279,115			$269,970			$311,097
Ratios to average net assets:4
Net investment income		2.92	%		3.02	%		2.93	%		3.18	%		2.89	%		3.19	%
Total expenses5		1.85	%		1.89	%		1.84	%		1.85	%		1.86	%		1.74	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.85	%		1.89	%		1.84	%		1.85	%		1.85	%		1.73	%
Portfolio turnover rate		46	%		111	%		80	%		146	%		112	%		105	%

1. March 28, 2013 and September 28, 2012 represent the last business days of the Fund’s respective reporting periods. See Note 1 of the accompanying Notes.

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

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

4. Annualized for periods less than one full year.

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

Six Months Ended March 28, 2013	1.85	%
Year Ended September 28, 2012	1.89	%
Year Ended September 30, 2011	1.84	%
Year Ended September 30, 2010	1.85	%
Year Ended September 30, 2009	1.87	%
Year Ended September 30, 2008	1.75	%

See accompanying Notes to Financial Statements.

OPPENHEIMER INTERNATIONAL BOND FUND 63

FINANCIAL HIGHLIGHTS    Continued

	Six Months Ended March 28, 20131			Year Ended September 28,			Year Ended September 30,			Year Ended September 30,			Year Ended September 30,			Year Ended September 30,
Class C	(Unaudited)			20121			2011			2010			2009			2008
Per Share Operating Data
Net asset value, beginning of period	$	6.51		$	6.27		$	6.78		$	6.52		$	5.94		$	6.39
Income (loss) from investment operations:
Net investment income2		.10			.20			.21			.21			.18			.21
Net realized and unrealized gain (loss)		.01			.33			(.45	)		.31			.74			(.23	)
Total from investment operations		.11			.53			(.24	)		.52			.92			(.02	)
Dividends and/or distributions to shareholders:
Dividends from net investment income		(.10	)		(.29	)		(.21	)		(.21	)		(.29	)		(.40	)
Distributions from net realized gain		(.04	)		—			(.06	)		(.05	)		(.05	)		(.03	)
Total dividends and/or distributions to shareholders		(.14	)		(.29	)		(.27	)		(.26	)		(.34	)		(.43	)
Net asset value, end of period	$	6.48		$	6.51		$	6.27		$	6.78		$	6.52		$	5.94
Total Return, at Net Asset Value3		1.70	%		8.69	%		(3.58	)%		8.29	%		16.04	%		(0.74	)%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$1,571,134			$1,614,123			$1,724,712			$2,029,424			$1,812,805			$1,835,312
Average net assets (in thousands)		$1,602,320			$1,651,022			$1,891,414			$1,965,153			$1,594,278			$1,833,929
Ratios to average net assets:4
Net investment income		3.08	%		3.21	%		3.10	%		3.34	%		3.05	%		3.29	%
Total expenses5		1.68	%		1.71	%		1.68	%		1.69	%		1.71	%		1.64	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.68	%		1.71	%		1.68	%		1.69	%		1.70	%		1.63	%
Portfolio turnover rate		46	%		111	%		80	%		146	%		112	%		105	%

1. March 28, 2013 and September 28, 2012 represent the last business days of the Fund’s respective reporting periods. See Note 1 of the accompanying Notes.

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

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

4. Annualized for periods less than one full year.

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

Six Months Ended March 28, 2013	1.68	%
Year Ended September 28, 2012	1.71	%
Year Ended September 30, 2011	1.68	%
Year Ended September 30, 2010	1.69	%
Year Ended September 30, 2009	1.72	%
Year Ended September 30, 2008	1.65	%

See accompanying Notes to Financial Statements.

64 OPPENHEIMER INTERNATIONAL BOND FUND

	Six Months Ended March 28, 20131			Period Ended September 28,
Class I	(Unaudited)			20121,2
Per Share Operating Data
Net asset value, beginning of period		$6.53			$6.36
Income (loss) from investment operations:
Net investment income3		.14			.18
Net realized and unrealized gain		.01			.18
Total from investment operations		.15			.36
Dividends and/or distributions to shareholders:
Dividends from net investment income		(.14	)		(.19	)
Distributions from net realized gain		(.04	)		—
Total dividends and/or distributions to shareholders		(.18	)		(.19	)
Net asset value, end of period		$6.50			$6.53
Total Return, at Net Asset Value4		2.30	%		5.70	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$73,612			$855
Average net assets (in thousands)		$26,397			$380
Ratios to average net assets:5
Net investment income		4.21	%		4.20	%
Total expenses6		0.56	%		0.57	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.56	%		0.57	%
Portfolio turnover rate		46	%		111	%

1. March 28, 2013 and September 28, 2012 represent the last business days of the Fund’s respective reporting periods. See Note 1 of the accompanying Notes.

2. For the period from January 27, 2012 (inception of offering) to September 28, 2012.

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

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

5. Annualized for periods less than one full year.

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

Six Months Ended March 28, 2013	0.56	%
Period Ended September 28, 2012	0.57	%

See accompanying Notes to Financial Statements.

OPPENHEIMER INTERNATIONAL BOND FUND 65

FINANCIAL HIGHLIGHTS    Continued

	Six Months Ended March 28, 20131			Year Ended September 28,			Year Ended September 30,			Year Ended September 30,			Year Ended September 30,			Year Ended September 30,
Class N	(Unaudited)			20121			2011			2010			2009			2008
Per Share Operating Data
Net asset value, beginning of period	$	6.52		$	6.28		$	6.79		$	6.52		$	5.95		$	6.40
Income (loss) from investment operations:
Net investment income2		.11			.22			.22			.23			.20			.23
Net realized and unrealized gain (loss)		.01			.33			(.44	)		.32			.72			(.23	)
Total from investment operations		.12			.55			(.22	)		.55			.92			—
Dividends and/or distributions to shareholders:
Dividends from net investment income		(.11	)		(.31	)		(.23	)		(.23	)		(.30	)		(.42	)
Distributions from net realized gain		(.04	)		—			(.06	)		(.05	)		(.05	)		(.03	)
Total dividends and/or distributions to shareholders		(.15	)		(.31	)		(.29	)		(.28	)		(.35	)		(.45	)
Net asset value, end of period	$	6.49		$	6.52		$	6.28		$	6.79		$	6.52		$	5.95
Total Return, at Net Asset Value3		1.81	%		9.01	%		(3.28	)%		8.80	%		16.23	%		(0.44	)%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$296,002			$314,773			$322,070			$310,338			$258,219			$258,223
Average net assets (in thousands)		$306,371			$314,673			$325,834			$279,336			$233,767			$223,531
Ratios to average net assets:4
Net investment income		3.31	%		3.50	%		3.39	%		3.65	%		3.37	%		3.59	%
Total expenses5		1.48	%		1.54	%		1.44	%		1.65	%		1.68	%		1.49	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.45	%		1.41	%		1.38	%		1.38	%		1.38	%		1.34	%
Portfolio turnover rate		46	%		111	%		80	%		146	%		112	%		105	%

1. March 28, 2013 and September 28, 2012 represent the last business days of the Fund’s respective reporting periods. See Note 1 of the accompanying Notes.

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

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

4. Annualized for periods less than one full year.

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

Six Months Ended March 28, 2013	1.48	%
Year Ended September 28, 2012	1.54	%
Year Ended September 30, 2011	1.44	%
Year Ended September 30, 2010	1.65	%
Year Ended September 30, 2009	1.69	%
Year Ended September 30, 2008	1.50	%

See accompanying Notes to Financial Statements.

66 OPPENHEIMER INTERNATIONAL BOND FUND

	Six Months Ended March 28, 20131			Year Ended September 28,			Year Ended September 30,			Year Ended September 30,			Year Ended September 30,			Year Ended September 30,
Class Y	(Unaudited)			20121			2011			2010			2009			2008
Per Share Operating Data
Net asset value, beginning of period	$	6.53		$	6.29		$	6.80		$	6.54		$	5.96		$	6.41
Income (loss) from investment operations:
Net investment income2		.13			.26			.27			.28			.25			.28
Net realized and unrealized gain (loss)		.01			.33			(.44	)		.31			.73			(.23	)
Total from investment operations		.14			.59			(.17	)		.59			.98			.05
Dividends and/or distributions to shareholders:
Dividends from net investment income		(.13	)		(.35	)		(.28	)		(.28	)		(.35	)		(.47	)
Distributions from net realized gain		(.04	)		—			(.06	)		(.05	)		(.05	)		(.03	)
Total dividends and/or distributions to shareholders		(.17	)		(.35	)		(.34	)		(.33	)		(.40	)		(.50	)
Net asset value, end of period	$	6.50		$	6.53		$	6.29		$	6.80		$	6.54		$	5.96
Total Return, at Net Asset Value3		2.17	%		9.71	%		(2.64	)%		9.38	%		17.26	%		0.38	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$5,020,146			$4,736,285			$4,084,001			$3,388,175			$1,890,729			$1,372,959
Average net assets (in thousands)		$4,879,790			$4,446,720			$3,861,749			$2,732,256			$1,317,017			$   932,774
Ratios to average net assets:4
Net investment income		4.02	%		4.16	%		4.04	%		4.38	%		4.16	%		4.39	%
Total expenses5		0.73	%		0.75	%		0.74	%		0.67	%		0.62	%		0.55	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.73	%		0.75	%		0.73	%		0.67	%		0.61	%		0.54	%
Portfolio turnover rate		46	%		111	%		80	%		146	%		112	%		105	%

1. March 28, 2013 and September 28, 2012 represent the last business days of the Fund’s respective reporting periods. See Note 1 of the accompanying Notes.

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

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

4. Annualized for periods less than one full year.

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

Six Months Ended March 28, 2013	0.73	%
Year Ended September 28, 2012	0.75	%
Year Ended September 30, 2011	0.74	%
Year Ended September 30, 2010	0.67	%
Year Ended September 30, 2009	0.63	%
Year Ended September 30, 2008	0.56	%

See accompanying Notes to Financial Statements.

OPPENHEIMER INTERNATIONAL BOND FUND 67

NOTES TO FINANCIAL STATEMENTS    March 28, 2013 / Unaudited

1. Significant Accounting Policies

Oppenheimer International Bond Fund (the “Fund”) is registered under the Investment Company Act of 1940, as amended, as a non-diversified, open-end management investment company. The Fund’s primary objective is to seek total return. The Fund’s investment adviser was OppenheimerFunds, Inc. (“OFI” or the “Sub-Adviser”), through December 31, 2012. Effective January 1, 2013, the Fund’s investment adviser is OFI Global Asset Management, Inc. (“OFI Global” or the “Manager”), a wholly-owned subsidiary of OFI. The Manager has entered into a sub-advisory agreement with OFI, as of the same effective date.

The Fund offers Class A, Class C, Class I, Class N and Class Y shares, and previously offered Class B shares for new purchase through June 29, 2012. Subsequent to that date, no new purchases of Class B shares are permitted, however reinvestment of dividend and/or capital gain distributions and exchanges of Class B shares into and from other Oppenheimer funds will be allowed. Class A shares are sold at their offering price, which is normally net asset value plus a front-end sales charge. Class C and Class N shares are sold, and Class B shares were sold, without a front-end sales charge but may be subject to a contingent deferred sales charge (“CDSC”). Class N shares are sold only through retirement plans. Retirement plans that offer Class N shares may impose charges on those accounts. Class I and Class Y shares are sold to certain institutional investors or intermediaries without either a front-end sales charge or a CDSC, however, the intermediaries may impose charges on their accountholders who beneficially own Class I and Class Y shares. All classes of shares have identical rights and voting privileges with respect to the Fund in general and exclusive voting rights on matters that affect that class alone. Earnings, net assets and net asset value per share may differ due to each class having its own expenses, such as transfer and shareholder servicing agent fees and shareholder communications, directly attributable to that class. Class A, B, C and N shares have separate distribution and/or service plans under which they pay fees. Class I and Class Y shares do not pay such fees. Class B shares will automatically convert to Class A shares 72 months after the date of purchase.

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

Semiannual and Annual Periods. The last day of the Fund’s semiannual period 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.

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

68 OPPENHEIMER INTERNATIONAL BOND FUND

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

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

As of March 28, 2013, the Fund had purchased securities issued on a when-issued or delayed delivery basis and sold securities issued on a delayed delivery basis as follows:

	When-Issued or Delayed Delivery Basis Transactions
Purchased securities	$	100,779,944
Sold securities		11,410,223

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 March 28, 2013 is as follows:

Cost	$	71,606,973
Market Value	$	8,337,564
Market Value as a % of Net Assets		0.06	%

OPPENHEIMER INTERNATIONAL BOND FUND 69

NOTES TO FINANCIAL STATEMENTS    Unaudited / Continued

1. Significant Accounting Policies Continued

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 the investment adviser of IMMF, and the Sub-Adviser provides investment and related advisory services to IMMF. When applicable, the Fund’s investment in IMMF is included in the Statement of Investments. Shares of IMMF are valued at their net asset value per share. As a shareholder, the Fund is subject to its proportional share of IMMF’s Class E expenses, including its management fee. The Manager will waive fees and/or reimburse Fund expenses in an amount equal to the indirect management fees incurred through the Fund’s investment in IMMF.

Foreign Currency Translation. The Fund’s accounting records are maintained in U.S. dollars. The values of securities denominated in foreign currencies and amounts related to the purchase and sale of foreign securities and foreign investment income are translated into U.S. dollars as of the close of the Exchange, normally 4:00 P.M. Eastern time, on each day the Exchange is open for trading. Foreign exchange rates may be valued primarily using a reliable bank, dealer or service authorized by the Board of Trustees.

Reported net realized gains and losses from foreign currency transactions arise from sales of portfolio securities, sales and maturities of short-term securities, sales of foreign currencies, exchange rate fluctuations between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized appreciation and depreciation on the translation of assets and liabilities denominated in foreign currencies arise from changes in the values of assets and liabilities, including investments in securities at fiscal period end, resulting from changes in exchange rates.

The effect of changes in foreign currency exchange rates on investments is separately identified from the fluctuations arising from changes in market values of securities held and reported with all other foreign currency gains and losses in the Fund’s Statement of Operations.

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

Federal Taxes. The Fund intends to comply with provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its investment company taxable income, including any net realized gain on investments not offset by capital loss carryforwards, if any, to shareholders. Therefore, no federal income or

70 OPPENHEIMER INTERNATIONAL BOND FUND

excise tax provision is required. The Fund files income tax returns in U.S. federal and applicable state jurisdictions. The statute of limitations on the Fund’s tax return filings generally remain open for the three preceding fiscal reporting period ends.

During the fiscal year ended September 28, 2012, the Fund did not utilize any capital loss carryforward to offset capital gains realized in that fiscal year. The Fund had straddle losses of $109,844.

As of March 28, 2013, it is estimated that the Fund will not have any capital loss carryforward.

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

The aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments for federal income tax purposes as of March 28, 2013 are noted in the following table. The primary difference between book and tax appreciation or depreciation of securities and other investments, if applicable, is attributable to the tax deferral of losses or tax realization of financial statement unrealized gain or loss.

Federal tax cost of securities	$	12,827,332,976
Federal tax cost of other investments		(1,593,658,330	)
Total federal tax cost	$	11,233,674,646
Gross unrealized appreciation	$	576,347,826
Gross unrealized depreciation		(463,551,711	)
Net unrealized appreciation	$	112,796,115

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

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

OPPENHEIMER INTERNATIONAL BOND FUND 71

NOTES TO FINANCIAL STATEMENTS    Unaudited / Continued

1. Significant Accounting Policies Continued

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

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

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

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

Indemnifications. The Fund’s organizational documents provide current and former trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund’s maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.

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

72 OPPENHEIMER INTERNATIONAL BOND FUND

2. 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.

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.

OPPENHEIMER INTERNATIONAL BOND FUND 73

NOTES TO FINANCIAL STATEMENTS    Unaudited / Continued

2. Securities Valuation Continued

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.

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 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

74 OPPENHEIMER INTERNATIONAL BOND FUND

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).

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

OPPENHEIMER INTERNATIONAL BOND FUND 75

NOTES TO FINANCIAL STATEMENTS    Unaudited / Continued

2. Securities Valuation Continued

The table below categorizes amounts that are included in the Fund’s Statement of Assets and Liabilities as of March 28, 2013 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		$	—			$	132,914,208			$	—		$	132,914,208
Foreign Government Obligations			—				8,529,661,449				—			8,529,661,449
Corporate Bonds and Notes			—				3,340,710,681				1,242,500			3,341,953,181
Corporate Loans			—				—				5,493,909			5,493,909
Structured Securities			—				379,313,127				77,016,769			456,329,896
Options Purchased			6,475,915				61,849,199				—			68,325,114
Swaptions Purchased			—				72,631,301				—			72,631,301
Investment Company			340,194,120				—				—			340,194,120
Total Investments, at Value			346,670,035				12,517,079,965				83,753,178			12,947,503,178
Other Financial Instruments:
Appreciated swaps, at value			—				20,255,456				—			20,255,456
Depreciated swaps, at value			—				13,544,965				—			13,544,965
Futures margins			536,101				—				—			536,101
Foreign currency exchange contracts			—				143,375,098				—			143,375,098
Total Assets		$	347,206,136			$	12,694,255,484			$	83,753,178		$	13,125,214,798
Liabilities Table
Other Financial Instruments:
Swaps, at value		$	—			$	—			$	—		$	—
Appreciated swaps, at value			—				(8,899,118	)			—			(8,899,118	)
Depreciated swaps, at value			—				(8,553,543	)			—			(8,553,543	)
Appreciated options written, at value			(1,044,304	)			(7,774,838	)			—			(8,819,142	)
Depreciated options written, at value			(563,141	)			(33,193,071	)			—			(33,756,212	)
Appreciated swaptions written, at value			—				(37,948,132	)			—			(37,948,132	)
Depreciated swaptions Written, at value			—				(63,417,535	)			—			(63,417,535	)
Futures margins			(3,067,300	)			—				—			(3,067,300	)
Foreign currency exchange contracts			—				(118,383,152	)			—			(118,383,152	)
Total Liabilities		$	(4,674,745	)		$	(278,169,389	)		$	—		$	(282,844,134	)

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.

76 OPPENHEIMER INTERNATIONAL BOND FUND

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.

3. Shares of Beneficial Interest

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

	Six Months Ended March 28, 2013						Year Ended September 28, 20121
	Shares			Amount			Shares			Amount
Class A
Sold		92,984,481		$	611,120,056			171,776,974		$	1,091,554,116
Dividends and/or distributions reinvested		19,957,762			130,989,591			44,995,865			283,930,046
Redeemed		(123,727,770	)		(812,625,441	)		(330,147,419	)		(2,090,023,611	)
Net decrease		(10,785,527	)	$	(70,515,794	)		(113,374,580	)	$	(714,539,449	)
Class B
Sold		545,749		$	3,571,570			3,720,749		$	23,495,746
Dividends and/or distributions reinvested		493,930			3,231,443			1,241,531			7,791,960
Redeemed		(4,401,382	)		(28,803,944	)		(11,319,946	)		(71,546,679	)
Net decrease		(3,361,703	)	$	(22,000,931	)		(6,357,666	)	$	(40,258,973	)
Class C
Sold		17,491,606		$	114,516,448			25,358,117		$	160,456,837
Dividends and/or distributions reinvested		4,101,076			26,828,395			9,136,135			57,381,021
Redeemed		(27,072,769	)		(177,175,856	)		(61,630,623	)		(389,458,127	)
Net decrease		(5,480,087	)	$	(35,831,013	)		(27,136,371	)	$	(171,620,269	)
Class I
Sold		11,408,283		$	74,990,041			140,600		$	887,480
Dividends and/or distributions reinvested		95,585			626,244			1,641			10,490
Redeemed		(309,070	)		(2,025,261	)		(11,317	)		(73,077	)
Net increase		11,194,798		$	73,591,024			130,924		$	824,893

OPPENHEIMER INTERNATIONAL BOND FUND 77

NOTES TO FINANCIAL STATEMENTS    Unaudited / Continued

3. Shares of Beneficial Interest Continued

	Six Months Ended March 28, 2013						Year Ended September 28, 20121
	Shares			Amount			Shares			Amount
Class N
Sold		5,845,593		$	38,258,686			12,083,868		$	76,484,026
Dividends and/or distributions reinvested		985,975			6,455,950			2,250,133			14,151,519
Redeemed		(9,501,963	)		(62,221,068	)		(17,347,866	)		(109,597,128	)
Net decrease		(2,670,395	)	$	(17,506,432	)		(3,013,865	)	$	(18,961,583	)
Class Y
Sold		146,524,541		$	962,107,730			276,613,105		$	1,755,512,047
Dividends and/or distributions reinvested		16,344,923			107,246,962			32,234,890			203,553,471
Redeemed		(115,866,136	)		(760,812,530	)		(233,014,570	)		(1,474,979,975	)
Net increase		47,003,328		$	308,542,162			75,833,425		$	484,085,543

1. For the year ended September 28, 2012, for Class A, Class B, Class C, Class N and Class Y shares, and for the period from January 27, 2012 (inception of offering) to September 28, 2012, for Class I shares.

4. Purchases and Sales of Securities

The aggregate cost of purchases and proceeds from sales of securities, other than short-term obligations and investments in IMMF, for the six months ended March 28, 2013, were as follows:

	Purchases		Sales
Investment securities	$	4,465,649,169	$	4,585,269,493
U.S. government and government agency obligations		570,936,269		670,388,860

5. Fees and Other Transactions with Affiliates

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

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

Sub-Adviser Fees. The Manager has retained the Sub-Adviser to provide the day-to-day portfolio management of the Fund. Under the Sub-Advisory Agreement, the Manager pays the Sub-Adviser an annual fee in monthly installments, equal to a percentage of the investment management fee collected by the Manager from the Fund, which shall be calculated after any investment management fee waivers. The fee paid to the Sub-Adviser is paid by the Manager, not by the Fund.

78 OPPENHEIMER INTERNATIONAL BOND FUND

Transfer Agent Fees. OppenheimerFunds Services (“OFS”), a division of OFI, acted as the transfer and shareholder servicing agent for the Fund through December 31, 2012. Effective January 1, 2013, OFI Global (the “Transfer Agent”) serves as the transfer and shareholder servicing agent for the Fund. The Fund pays the Transfer Agent a per account fee.

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

Sub-Transfer Agent Fees. Effective January 1, 2013, the Transfer Agent has retained Shareholder Services, Inc., a wholly-owned subsidiary of OFI, (the “Sub-Transfer Agent”) to provide the day-to-day transfer agent and shareholder servicing of the Fund. Under the Sub-Transfer Agency Agreement, the Transfer Agent pays the Sub-Transfer Agent an annual fee in monthly installments, equal to a percentage of the transfer agent fee collected by the Transfer Agent from the Fund, which shall be calculated after any applicable fee waivers. The fee paid to the Sub-Transfer Agent is paid by the Transfer Agent, not by the Fund.

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

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

Distribution and Service Plans for Class B, Class C and Class N Shares. The Fund has adopted Distribution and Service Plans (the “Plans”) for Class B, Class C and Class N shares under Rule 12b-1 of the Investment Company Act of 1940 to compensate the Distributor for its services in connection with the distribution of those shares and servicing accounts. Under the Plans, the Fund pays the Distributor an annual asset-based sales charge of 0.75% on Class B and Class C shares daily net assets and 0.25% on Class N shares daily net assets. The Distributor also receives a service fee of 0.25% per year under each plan. If either the Class B, Class C or Class N plan is terminated by the Fund or by the shareholders of a class, the Board of Trustees and its independent trustees must determine whether the Distributor shall be entitled to payment from the Fund of all or a portion of the service fee

OPPENHEIMER INTERNATIONAL BOND FUND 79

NOTES TO FINANCIAL STATEMENTS    Unaudited / Continued

5. Fees and Other Transactions with Affiliates Continued

and/or asset-based sales charge in respect to shares sold prior to the effective date of such termination. Fees incurred by the Fund under the Plans are detailed in the Statement of Operations. The Distributor determines its uncompensated expenses under the Plans at calendar quarter ends. The Distributor’s aggregate uncompensated expenses under the Plans at March 31, 2013 were as follows:

Class B	$	4,762,812
Class C		37,539,782
Class N		7,194,667

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

Six Months Ended	Class A Front-End Sales Charges Retained by Distributor		Class A Contingent Deferred Sales Charges Retained by Distributor		Class B Contingent Deferred Sales Charges Retained by Distributor		Class C Contingent Deferred Sales Charges Retained by Distributor		Class N Contingent Deferred Sales Charges Retained by Distributor
March 28, 2013	$	373,797	$	43,504	$	207,740	$	42,096	$	1,608

Waivers and Reimbursements of Expenses. The Manager will waive fees and/or reimburse Fund expenses in an amount equal to the indirect management fees incurred through the Fund’s investment in IMMF. During the six months ended March 28, 2013, the Manager waived fees and/or reimbursed the Fund $172,700 for IMMF management fees.

The Transfer Agent has voluntarily agreed to limit transfer and shareholder servicing agent fees for Classes B, C, N and Y shares to 0.35% of average annual net assets per class and for Class A shares to 0.30% of average annual net assets of the class.

During the six months ended March 28, 2013, the Transfer Agent waived transfer and shareholder servicing agent fees as follows:

Class N $ 42,939

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

6. 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

80 OPPENHEIMER INTERNATIONAL BOND FUND

more attractive for this purpose than equity and debt securities: they require little or no initial cash investment, they can focus exposure on only certain selected risk factors, and they may not require the ultimate receipt or delivery of the underlying security (or securities) to the contract. This may allow the Fund to pursue its objectives more quickly and efficiently than if it were to make direct purchases or sales of securities capable of effecting a similar response to market factors.

Market Risk Factors. In accordance with its investment objectives, the Fund may use derivatives to increase or decrease its exposure to one or more of the following market risk factors:

Commodity Risk. Commodity risk relates to the change in value of commodities or commodity indexes as they relate to increases or decreases in the commodities market. Commodities are physical assets that have tangible properties. Examples of these types of assets are crude oil, heating oil, metals, livestock, and agricultural products.

Credit Risk. Credit risk relates to the ability of the issuer to meet interest and principal payments, or both, as they come due. In general, lower-grade, higher-yield bonds are subject to credit risk to a greater extent than lower-yield, higher-quality bonds.

Equity Risk. Equity risk relates to the change in value of equity securities as they relate to increases or decreases in the general market.

Foreign Exchange Rate Risk. Foreign exchange rate risk relates to the change in the U.S. dollar value of a security held that is denominated in a foreign currency. The U.S. dollar value of a foreign currency denominated security will decrease as the dollar appreciates against the currency, while the U.S. dollar value will increase as the dollar depreciates against the currency.

Interest Rate Risk. Interest rate risk refers to the fluctuations in value of fixed-income securities resulting from the inverse relationship between price and yield. For example, an increase in general interest rates will tend to reduce the market value of already issued fixed-income investments, and a decline in general interest rates will tend to increase their value. In addition, debt securities with longer maturities, which tend to have higher yields, are subject to potentially greater fluctuations in value from changes in interest rates than obligations with shorter maturities.

Volatility Risk. Volatility risk refers to the magnitude of the movement, but not the direction of the movement, in a financial instrument’s price over a defined time period. Large increases or decreases in a financial instrument’s price over a relative time period typically indicate greater volatility risk, while small increases or decreases in its price typically indicate lower volatility risk.

The Fund’s actual exposures to these market risk factors during the period are discussed in further detail, by derivative type, below.

Risks of Investing in Derivatives. The Fund’s use of derivatives can result in losses due to unanticipated changes in the market risk factors and the overall market. In instances where the Fund is using derivatives to decrease, or hedge, exposures to market risk factors for securities held by the Fund, there are also risks that those derivatives may not perform as expected resulting in losses for the combined or hedged positions.

OPPENHEIMER INTERNATIONAL BOND FUND 81

NOTES TO FINANCIAL STATEMENTS    Unaudited / Continued

6. Risk Exposures and the Use of Derivative Instruments Continued

Derivatives may have little or no initial cash investment relative to their market value exposure and therefore can produce significant gains or losses in excess of their cost. This use of embedded leverage allows the Fund to increase its market value exposure relative to its net assets and can substantially increase the volatility of the Fund’s performance.

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

Counterparty Credit Risk. Certain derivative positions are subject to counterparty credit risk, which is the risk that the counterparty will not fulfill its obligation to the Fund. The Fund’s derivative counterparties are financial institutions who are subject to market conditions that may weaken their financial position. The Fund intends to enter into financial transactions with counterparties that the Manager believes to be creditworthy at the time of the transaction. As of March 28, 2013, the maximum amount of loss that the Fund would incur if the counterparties to its derivative transactions failed to perform would be $334,152,911, 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 $71,048,630 as of March 28, 2013. In addition, the Fund may require that certain counterparties post cash and/or securities in collateral accounts to cover their net payment obligations for those derivative contracts subject to International Swap and Derivatives Association, Inc. master agreements. If the counterparty fails to perform under these contracts and agreements, the cash and/or securities will be made available to the Fund.

As of March 28, 2013 the Fund has required certain counterparties to post collateral of $62,389,584.

Credit Related Contingent Features. The Fund’s agreements with derivative counterparties have several credit related contingent features that if triggered would allow its derivatives counterparties to close out and demand payment or additional collateral to cover their exposure from the Fund. Credit related contingent features are established between the Fund and its derivatives counterparties to reduce the risk that

82 OPPENHEIMER INTERNATIONAL BOND FUND

the Fund will not fulfill its payment obligations to its counterparties. These triggering features include, but are not limited to, a percentage decrease in the Fund’s net assets and or a percentage decrease in the Fund’s Net Asset Value or NAV. The contingent features are established within the Fund’s International Swap and Derivatives Association, Inc. master agreements which govern certain positions in swaps, over-the-counter options and swaptions, and forward currency exchange contracts for each individual counterparty.

As of March 28, 2013, the aggregate fair value of derivative instruments with credit related contingent features in a net liability position was $28,803,408 for which the Fund has posted collateral of $33,598,870. If a contingent feature would have been triggered as of March 28, 2013, the Fund could have been required to pay this amount in cash to its counterparties. If the Fund fails to perform under these contracts and agreements, the cash and/or securities posted as collateral will be made available to the counterparty. Cash posted as collateral for these contracts, if any, is reported on the Statement of Assets and Liabilities; securities posted as collateral, if any, are reported on the Statement of Investments.

Valuations of derivative instruments as of March 28, 2013 are as follows:

	Asset Derivatives				Liability Derivatives
Derivatives Not Accounted for as Hedging Instruments	Statement of Assets and Liabilities Location	Value			Statement of Assets and Liabilities Location	Value
Credit contracts	Appreciated swaps, at value	$	17,266,200		Appreciated swaps, at value	$	8,899,118
Credit contracts	Depreciated swaps, at value		13,544,965		Depreciated swaps, at value		4,167,240
Interest rate contracts	Appreciated swaps, at value		2,347,850		Depreciated swaps, at value		3,028,618
Volatility contracts	Appreciated swaps, at value		641,406		Depreciated swaps, at value		1,357,685
Volatility contracts	Futures margins		4,638	*
Interest rate contracts	Futures margins		531,463	*	Futures margins		3,067,300	*
Foreign exchange contracts	Unrealized appreciation on foreign currency exchange contracts		143,375,098		Unrealized depreciation on foreign currency exchange contracts		118,383,152
Foreign exchange contracts					Appreciated options written, at value		6,993,919
Foreign exchange contracts					Depreciated options written, at value		33,193,071
Interest rate contracts					Appreciated options written, at value		1,825,223
Interest rate contracts					Depreciated options written, at value		563,141
Credit contracts					Appreciated swaptions written, at value		550,182

OPPENHEIMER INTERNATIONAL BOND FUND 83

NOTES TO FINANCIAL STATEMENTS    Unaudited / Continued

6. Risk Exposures and the Use of Derivative Instruments Continued

	Asset Derivatives				Liability Derivatives
Derivatives Not Accounted for as Hedging Instruments	Statement of Assets and Liabilities Location	Value			Statement of Assets and Liabilities Location	Value
Credit contracts					Depreciated swaptions written, at value	$	2,462,664
Interest rate contracts					Appreciated swaptions written, at value		37,397,950
Interest rate contracts					Depreciated swaptions written, at value		60,954,871
Credit contracts	Investments, at value		965,529	**
Foreign exchange contracts	Investments, at value		66,215,348	**
Interest rate contracts	Investments, at value		73,775,538	**
Total		$	318,668,035			$	282,844,134

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

**Amounts relate to purchased options and swaptions.

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

Amount of Realized Gain or (Loss) Recognized on Derivatives
Derivatives Not Accounted for as Hedging Instruments	Investments from unaffiliated companies (including premiums on options exercised)*			Closing and expiration of swaption contracts written		Closing and expiration of option contracts written		Closing and expiration of futures contracts		Foreign currency transactions		Swap contracts			Total
Credit contracts	$	(7,920,544	)	$	8,255,227	$	—	$	—	$	—	$	(10,563,723	)	$	(10,229,040	)
Foreign exchange contracts		(20,460,101	)		—		55,612,571		2,594,162		140,015,310		—			177,761,942
Interest rate contracts		(88,977,582	)		38,405,693		13,668,344		24,371,729		—		(10,553,530	)		(23,085,346	)
Volatility contracts		—			—		—		665,368		—		(1,460,695	)		(795,327	)
Total	$	(117,358,227	)	$	46,660,920	$	69,280,915	$	27,631,259	$	140,015,310	$	(22,577,948	)	$	143,652,229

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

84 OPPENHEIMER INTERNATIONAL BOND FUND

Amount of Change in Unrealized Gain or (Loss) Recognized on Derivatives
Derivatives Not Accounted for as Hedging Instruments	Investments*			Option contracts written			Swaption contracts written			Futures contracts			Translation of assets and liabilities denominated in foreign currencies		Swap contracts			Total
Credit contracts	$	(1,810,325	)	$	—		$	1,151,025		$	—		$	—	$	1,291,040		$	631,740
Foreign exchange contracts		50,629,816			(23,424,990	)		—			(119,716	)		62,548,757		—			89,633,867
Interest rate contracts		42,029,214			1,495,174			(2,427,525	)		(1,008,937	)		—		8,118,146			48,206,072
Volatility contracts		—			—			—			46,859			—		(676,293	)		(629,434	)
Total	$	90,848,705		$	(21,929,816	)	$	(1,276,500	)	$	(1,081,794	)	$	62,548,757	$	8,732,893		$	137,842,245

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

Foreign Currency Exchange Contracts

The Fund may enter into foreign currency exchange contracts (“forward contracts”) for the purchase or sale of a foreign currency at a negotiated rate at a future date.

Forward contracts are reported on a schedule following the Statement of Investments. The unrealized appreciation (depreciation) is reported in the Statement of Assets and Liabilities as a receivable or payable and in the Statement of Operations within the change in unrealized appreciation (depreciation). At contract close, the difference between the original cost of the contract and the value at the close date is recorded as a realized gain (loss) in the Statement of Operations.

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

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

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

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

OPPENHEIMER INTERNATIONAL BOND FUND 85

NOTES TO FINANCIAL STATEMENTS    Unaudited / Continued

6. Risk Exposures and the Use of Derivative Instruments Continued

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 six months ended March 28, 2013, the Fund had daily average contract amounts on forward foreign currency contracts to buy and sell of $4,282,156,721 and $8,877,688,545, respectively.

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

Futures Contracts

A futures contract is a commitment to buy or sell a specific amount of a financial instrument, or currency, at a negotiated price on a stipulated future date. The Fund may buy and sell futures contracts and may also buy or write put or call options on these futures contracts.

Futures contracts traded on a commodities or futures exchange will be valued at the final settlement price or official closing price on the principal exchange as reported by such principal exchange at its trading session ending at, or most recently prior to, the time when the Fund’s assets are valued.

Upon entering into a futures contract, the Fund is required to deposit either cash or securities (initial margin) in an amount equal to a certain percentage of the contract value. Subsequent payments (variation margin) are made or received by the Fund each day. The variation margin payments are equal to the daily changes in the contract value and are recorded as unrealized gains and losses.

Futures contracts are reported on a schedule following the Statement of Investments. Securities held in collateralized accounts to cover initial margin requirements on open futures contracts are noted in the Statement of Investments. Cash held by the broker to cover initial margin requirements on open futures contracts and the receivable and/or payable for the daily mark to market for the variation margin are noted in the Statement of Assets and Liabilities. The net change in unrealized appreciation and depreciation is reported in the Statement of Operations. Realized gains (losses) are reported in the Statement of Operations at the closing or expiration of futures contracts.

The Fund has purchased futures contracts on various bonds and notes to increase exposure to interest rate risk.

The Fund has sold futures contracts on various bonds and notes to decrease exposure to interest rate risk.

The Fund has purchased futures contracts on various currencies to increase exposure to foreign exchange rate risk.

86 OPPENHEIMER INTERNATIONAL BOND FUND

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 six months ended March 28, 2013, the Fund had an ending monthly average market value of $15,689,083 and $1,425,663,016 on futures contracts purchased and sold, respectively.

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

Option Activity

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

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

The Fund has 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 six months ended March 28, 2013, the Fund had an ending monthly average market value of $25,090,805 and $45,024,480 on purchased call options and purchased put options, respectively.

OPPENHEIMER INTERNATIONAL BOND FUND 87

NOTES TO FINANCIAL STATEMENTS    Unaudited / Continued

6. Risk Exposures and the Use of Derivative Instruments Continued

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

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.

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 six months ended March 28, 2013, the Fund had an ending monthly average market value of $9,628,164 and $22,646,208 on written call options and written put options, respectively.

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

Written option activity for the six months ended March 28, 2013 was as follows:

	Call Options						Put Options
	Number of Contracts			Amount of Premiums			Number of Contracts			Amount of Premiums
Options outstanding as of
September 28, 2012		120,025,259,722		$	21,469,321			145,504,820,854		$	34,561,577
Options written		643,405,967,792			72,762,410			702,657,152,366			127,180,164
Options closed or expired		(632,449,647,514	)		(74,102,408	)		(513,756,991,653	)		(114,436,182	)
Options exercised		(72,990,330,000	)		(10,850,581	)		(153,878,900,000	)		(16,118,913	)
Options outstanding as of March 28, 2013		57,991,250,000		$	9,278,742			180,526,081,567		$	31,186,646

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

88 OPPENHEIMER INTERNATIONAL BOND FUND

event, over a specified period. Such contracts may include interest rate, equity, debt, index, total return, credit and currency swaps.

Swaps are marked to market daily using primarily quotations from pricing services, counterparties and brokers. Swap contracts are reported on a schedule following the Statement of Investments. The values of swap contracts are aggregated by positive and negative values and disclosed separately on the Statement of Assets and Liabilities by contracts in unrealized appreciation and depreciation positions. Upfront payments paid or received, if any, affect the value of the respective swap. Therefore, to determine the unrealized appreciation (depreciation) on swaps, upfront payments paid should be subtracted from, while upfront payments received should be added to, the value of contracts reported as an asset on the Statement of Assets and Liabilities. Conversely, upfront payments paid should be added to, while upfront payments received should be subtracted from the value of contracts reported as a liability. The unrealized appreciation (depreciation) related to the change in the valuation of the notional amount of the swap is combined with the accrued interest due to (owed by) the Fund at termination or settlement. The net change in this amount during the period is included on the Statement of Operations. The Fund also records any periodic payments received from (paid to) the counterparty, including at termination, under such contracts as realized gain (loss) on the Statement of Operations.

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

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

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

The ongoing value of the contract will fluctuate throughout the term of the contract based primarily on the credit risk of the reference asset. If the credit quality of the reference asset improves relative to the credit quality at contract initiation, the buyer of protection may have an unrealized loss greater than the anticipated periodic fee owed. This unrealized loss would be the result of current credit protection being cheaper than

OPPENHEIMER INTERNATIONAL BOND FUND 89

NOTES TO FINANCIAL STATEMENTS    Unaudited / Continued

6. Risk Exposures and the Use of Derivative Instruments Continued

the cost of credit protection at contract initiation. If the buyer elects to terminate the contract prior to its maturity, and there has been no credit event, this unrealized loss will become realized. If the contract is held to maturity, and there has been no credit event, the realized loss will be equal to the periodic fee paid over the life of the contract.

If there is a credit event, the buyer of protection can exercise its rights under the contract and receive a payment from the seller of protection equal to the notional amount of the reference asset less the market value of the reference asset. Upon exercise of the contract the difference between the value of the underlying reference asset and the notional amount is recorded as realized gain (loss) and is included on the Statement of Operations.

The Fund has sold credit protection through credit default swaps to increase exposure to the credit risk of individual securities and/or, indexes that are either unavailable or considered to be less attractive in the bond market.

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 six months ended March 28, 2013, the Fund had ending monthly average notional amounts of $396,122,411 and $129,521,011 on credit default swaps to buy protection and credit default swaps to sell protection, respectively.

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

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

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

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

For the six months ended March 28, 2013, the Fund had ending monthly average notional amounts of $527,668,927 and $1,276,334,859 on interest rate swaps which pay a fixed rate and interest rate swaps which receive a fixed rate, respectively.

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

90 OPPENHEIMER INTERNATIONAL BOND FUND

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 six months ended March 28, 2013, the Fund had ending monthly average notional amounts of $439,636 and $734,460 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.

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 and the Statement of Operations. Written swaptions are reported on a schedule

OPPENHEIMER INTERNATIONAL BOND FUND 91

NOTES TO FINANCIAL STATEMENTS    Unaudited / Continued

6. Risk Exposures and the Use of Derivative Instruments Continued

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. The net change in unrealized appreciation or depreciation on written swaptions is separately reported in the Statement of Operations. 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 for the amount of the premium paid or received.

The Fund generally will incur a greater risk when it writes a swaption than when it purchases a swaption. When the Fund writes a swaption it will become obligated, upon exercise of the swaption, according to the terms of the underlying agreement. Swaption contracts written by the Fund do not give rise to counterparty credit risk as they obligate the Fund, not its counterparty, to perform. When the Fund purchases a swaption it only risks losing the amount of the premium it paid if the swaption expires unexercised. However, when the Fund exercises a purchased swaption there is a risk that the counterparty will fail to perform or otherwise default on its obligations under the swaption contract.

The Fund purchased swaptions which give 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 give it the option 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 purchased swaption of this type becomes more valuable as the reference interest rate appreciates relative to the preset interest rate.

The Fund has purchased swaptions which give it the option to sell credit protection through credit default swaps in order to increase 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 decreases.

The Fund has purchased swaptions which give 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 has written swaptions which give 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 give 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 sell credit protection through credit default swaps in order to increase exposure to the

92 OPPENHEIMER INTERNATIONAL BOND FUND

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.

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.

During the six months ended March 28, 2013, the Fund had an ending monthly average market value of $80,030,046 and $85,579,084 on purchased and written swaptions, respectively.

Written swaption activity for the six months ended March 28, 2013 was as follows:

	Call Swaptions
	Notional Amount			Amount of Premiums
Swaptions outstanding as of
September 28, 2012	$	4,463,288,346		$	93,319,898
Swaptions written		14,846,080,000			171,629,712
Swaptions closed or expired		(11,564,938,346	)		(153,245,934	)
Swaptions exercised		(466,715,000	)		(3,285,177	)
Swaptions outstanding as of March 28, 2013	$	7,277,715,000		$	108,418,499

7. Restricted Securities

As of March 28, 2013, 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.

8. Pending Litigation

Since 2009, a number of class action lawsuits have been pending in federal courts against OppenheimerFunds, Inc. (“OFI”), OppenheimerFunds Distributor, Inc., the Fund’s principal underwriter and distributor (the “Distributor”), and certain funds (but not including the Fund) advised by the Manager and distributed by the Distributor (the “Defendant Funds”). Several of these lawsuits also name as defendants certain officers and current and former trustees of the respective Defendant Funds. The lawsuits raise claims under federal securities law and allege, among other things, that the disclosure documents of the respective Defendant Funds contained misrepresentations and omissions and that the respective Defendant Funds’ investment policies were not followed. The plaintiffs in these actions seek unspecified damages, equitable relief and awards of attorneys’ fees and litigation expenses. The Defendant Funds’ Boards of Trustees have also engaged counsel to represent the Funds and the present and former Independent Trustees named in those suits.

Other class action and individual lawsuits have been filed since 2008 in various state and federal courts against OFI and certain of its affiliates by investors seeking to recover

OPPENHEIMER INTERNATIONAL BOND FUND 93

NOTES TO FINANCIAL STATEMENTS    Unaudited / Continued

8. Pending Litigation Continued

investments they allegedly lost as a result of the “Ponzi” scheme run by Bernard L. Madoff and his firm, Bernard L. Madoff Investment Securities, LLC (“BLMIS”). Plaintiffs in these suits allege that they suffered losses as a result of their investments in several funds managed by an affiliate of OFI and assert a variety of claims, including breach of fiduciary duty, fraud, negligent misrepresentation, unjust enrichment, and violation of federal and state securities laws and regulations, among others. They seek unspecified damages, equitable relief and awards of attorneys’ fees and litigation expenses. Neither the Distributor, nor any of the Oppenheimer mutual funds, their independent trustees or directors are named as defendants in these lawsuits. None of the Oppenheimer mutual funds invested in any funds or accounts managed by Madoff or BLMIS. On February 28, 2011, a stipulation of partial settlement of three groups of consolidated putative class action lawsuits relating to these matters was filed in the U.S. District Court for the Southern District of New York. On August 19, 2011, the court entered an order and final judgment approving the settlement as fair, reasonable and adequate. In September 2011, certain parties filed notices of appeal from the court’s order approving the settlement. The settlement does not resolve other outstanding lawsuits against OFI and its affiliates relating to BLMIS.

On April 16, 2010, a lawsuit was filed in New York state court against (i) OFI, (ii) an affiliate of OFI and (iii) AAArdvark IV Funding Limited (“AAArdvark IV”), an entity advised by OFI’s affiliate, in connection with investments made by the plaintiffs in AAArdvark IV. Plaintiffs allege breach of contract and common law fraud claims against the defendants and seek compensatory damages, costs and disbursements, including attorney fees. On April 11, 2013, the court granted defendants’ motion for summary judgment, dismissing plaintiffs’ fraud claim with prejudice and dismissing their contract claim without prejudice, and granted plaintiffs leave to replead their contract claim to assert a cause of action for specific performance within 30 days. The court’s decision is subject to appeal. On July 15, 2011, a lawsuit was filed in New York state court against OFI, an affiliate of OFI and AAArdvark Funding Limited (“AAArdvark I”), an entity advised by OFI’s affiliate, in connection with investments made by the plaintiffs in AAArdvark I. The complaint alleges breach of contract and common law fraud claims against the defendants and seeks compensatory damages, costs and disbursements, including attorney fees. On November 9, 2011, a lawsuit was filed in New York state court against OFI, an affiliate of OFI and AAArdvark XS Funding Limited (“AAArdvark XS”), an entity advised by OFI’s affiliate, in connection with investments made by the plaintiffs in AAArdvark XS. The complaint alleges breach of contract against the defendants and seeks compensatory damages, costs and disbursements, including attorney fees.

OFI believes the lawsuits and appeals described above are without legal merit and, with the exception of actions it has settled, is defending against them vigorously. While it is premature to render any opinion as to the outcome in these lawsuits, or whether any costs that the Defendant Funds may bear in defending the suits might not be reimbursed by insurance, OFI believes that these suits should not impair the ability of OFI or the Distributor to perform their respective duties to the Fund, and that the outcome of all of the suits together should not have any material effect on the operations of any of the Oppenheimer mutual funds.

94 OPPENHEIMER INTERNATIONAL BOND FUND

PORTFOLIO PROXY VOTING POLICIES AND PROCEDURES;

UPDATES TO STATEMENTS OF INVESTMENTS    Unaudited

The Fund has adopted Portfolio Proxy Voting Policies and Procedures under which the Fund votes proxies relating to securities (“portfolio proxies”) held by the Fund. A description of the Fund’s Portfolio Proxy Voting Policies and Procedures is available (i) without charge, upon request, by calling the Fund toll-free at 1.800.CALL OPP (225.5677), (ii) on the Fund’s website at oppenheimerfunds.com, and (iii) on the SEC’s website at www.sec.gov. In addition, the Fund is required to file Form N-PX, with its complete proxy voting record for the 12 months ended June 30^th, no later than August 31^st of each year. The Fund’s voting record is available (i) without charge, upon request, by calling the Fund toll-free at 1.800.CALL OPP (225.5677), and (ii) in the Form N-PX filing on the SEC’s website at www.sec.gov.

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

Householding—Delivery of Shareholder Documents

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

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

OPPENHEIMER INTERNATIONAL BOND FUND 95

OPPENHEIMER INTERNATIONAL BOND FUND

Trustees and Officers	Sam Freedman, Chairman of the Board of Trustees and Trustee Edward L. Cameron, Trustee Jon S. Fossel, Trustee Richard F. Grabish, Trustee Beverly L. Hamilton, Trustee Victoria J. Herget, Trustee Robert J. Malone, Trustee F. William Marshall, Jr., Trustee Karen L. Stuckey, Trustee James D. Vaughn, Trustee William F. Glavin, Jr., Trustee, President and Principal Executive Officer Arthur Steinmetz, Vice President Sara Zervos, Ph.D., Vice President Hemant Baijal, Vice President Arthur S. Gabinet, Secretary and Chief Legal Officer Christina M. Nasta, Vice President and Chief Business Officer Mark S. Vandehey, Vice President and Chief Compliance Officer Brian W. Wixted, Treasurer and Principal Financial & Accounting Officer
Manager	OFI Global Asset Management, Inc.
Sub-Adviser	OppenheimerFunds, Inc.
Distributor	OppenheimerFunds Distributor, Inc.
Transfer and Shareholder Servicing Agent	OFI Global Asset Management, Inc.
Sub-Transfer Agent	Shareholder Services, Inc. DBA OppenheimerFunds Services
Independent Registered Public Accounting Firm	KPMG LLP
Counsel	K&L Gates LLP
	The financial statements included herein have been taken from the records of the Fund without examination of those records by the independent registered public accounting firm.

^©2013 OppenheimerFunds, Inc. All rights reserved.

96 OPPENHEIMER INTERNATIONAL BOND FUND

PRIVACY POLICY

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

Information Sources

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

l Applications or other forms

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

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

l Your transactions with us, our affiliates or others

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

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

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

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

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

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

Protection of Information

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

Disclosure of Information

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

Right of Refusal

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

Internet Security and Encryption

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

OPPENHEIMER INTERNATIONAL BOND FUND 97

PRIVACY POLICY

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

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

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

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

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

Other Security Measures

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

How You Can Help

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

Who We Are

This joint notice describes the privacy policies of the Oppenheimer funds, OppenheimerFunds, Inc., and each of its financial institution subsidiaries, the trustee of OppenheimerFunds Individual Retirement Accounts (IRAs) and the custodian of the OppenheimerFunds 403(b)(7) tax sheltered custodial accounts. It applies to all Oppenheimer fund accounts you presently have, or may open in the future, using your Social Security number—whether or not you remain a shareholder of our funds. This notice was last updated November 2012. In the event it is updated or changed, we will post an updated notice on our website at oppenheimerfunds.com. If you have any questions about these privacy policies, write to us at P.O. Box 5270, Denver, CO 80217-5270, email us by clicking on the Contact Us section of our website at oppenheimerfunds.com or call us at 1.800.CALL OPP (225.5677).

98 OPPENHEIMER INTERNATIONAL BOND FUND

Visit us at oppenheimerfunds.com for 24-hr access to account information and transactions or call us at 1.800.CALL OPP (1.800.225.5677) for 24-hr automated information and automated transactions. Representatives also available Mon-Fri 8am-8pm ET.

Oppenheimer funds are distributed by OppenheimerFunds Distributor, Inc.

RS0880.001.0313 May 20, 2013

Item 2. Code of Ethics.

Not applicable to semiannual reports.

Item 3. Audit Committee Financial Expert.

Not applicable to semiannual reports.

Item 4. Principal Accountant Fees and Services.

Not applicable to semiannual reports.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Schedule of Investments.

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

b) Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

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

None

Item 11. Controls and Procedures.

Based on their evaluation of the registrant’s disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c)) as of 3/28/2013, the registrant’s principal executive officer and principal financial officer found the registrant’s disclosure controls and procedures to provide reasonable assurances that information required to be disclosed by the registrant in the reports that it files under the Securities Exchange Act of 1934 (a) is accumulated and communicated to registrant’s management, including its principal executive officer and principal financial officer, to allow timely decisions regarding required disclosure, and (b) is recorded, processed, summarized and reported, within the time periods specified in the rules and forms adopted by the U.S. Securities and Exchange Commission.

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

Item 12. Exhibits.

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

(2) Exhibits attached hereto.

(3) Not applicable.

(b) Exhibit attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Oppenheimer International Bond Fund

By:	/s/ William F. Glavin, Jr.
	William F. Glavin, Jr.
	Principal Executive Officer

Date: 5/8/2013

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: 5/8/2013

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

Date: 5/8/2013