N-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS

OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-07255

Oppenheimer International Bond Fund

(Exact name of registrant as specified in charter)

6803 South Tucson Way,

Centennial, Colorado 80112-3924

(Address of principal executive offices) (Zip code)

Arthur S. Gabinet

OFI Global Asset Management, Inc.

Two World Financial Center,

New York, New York 10281-1008

(Name and address of agent for service)

(303) 768-3200

(Registrant’s telephone number, including area code)

Date of fiscal year end: September 30

Date of reporting period: 12/31/2013

Item 1. Schedule of Investments.

STATEMENT OF INVESTMENTS    December 31, 2013Unaudited

			Principal Amount		Value
Asset-Backed Securities—0.4%
Axius Europe CLO SA, Series 2007-1X, Cl. E, 4.82%, 11/15/231		$	6,972,613	$	9,018,100
Halcyon Structured Asset Management European CLO BV, Series 2006-IIX, Cl. E, 4.19%, 1/25/231			6,470,000		7,984,889
Harvest CLO IA SA:
Series I-X, Cl. C, 2.137%, 3/29/171			1,015,000		1,385,978
Series I-X, Cl. D, 3.237%, 3/29/171			2,530,000		3,394,948
Series I-X, Cl. E, 7.837%, 3/29/171			2,530,000		3,394,721
Highlander Euro CDO II Cayman Ltd., Series 2006-2CX, Cl. E, 3.894%, 12/14/221			6,162,305		7,839,976
Stichting Halcyon Structured Asset Management European, Series 2007-IX, Cl. E, 4.134%, 7/24/231			1,654,222		2,096,684
Theseus European CLO SA, Series 2006-1X, Cl. E, 4.343%, 8/27/221			3,505,000		4,581,635
Total Asset-Backed Securities (Cost $36,579,757)					39,696,931
Mortgage-Backed Obligation—0.1%
IM Pastor 4 Fondo de Titulizacion de Activos, Series 4, Cl. A, 0.433%, 3/22/441 (Cost $7,281,062)			7,172,249		7,765,498
U.S. Government Obligations—3.4%
U.S. Treasury Bills, 0.088%, 5/29/14			213,745,000		213,698,190
U.S. Treasury Nts., 0.25%, 10/31/153,9			120,000,000		119,838,240
Total U.S. Government Obligations (Cost $333,546,750)					333,536,430
Foreign Government Obligations—62.9%
Angola—0.1%
Republic of Angola Via Northern Lights III BV Sr. Unsec. Nts., 7%, 8/16/19			11,815,000		12,819,275
Australia—4.1%
Commonwealth of Australia Sr. Unsec. Bonds, 1.25%, 2/21/22	AUD		17,765,000		16,150,857
New South Wales Treasury Corp. Sr. Unsec. Nts., Series 19, 6%, 4/1/19	AUD		15,520,000		15,389,206
Queensland Treasury Corp. Sr. Unsec. Nts.:
Series 19, 6.25%, 6/14/19	AUD		19,590,000		19,642,715
Series 21, 6.00%, 6/14/21	AUD		116,245,000		115,533,453
Series 22, 6.00%, 7/21/22	AUD		6,565,000		6,424,014
Series 33, 6.50%, 3/14/33	AUD		111,485,000		111,727,362
Victoria Treasury Corp. Sr. Unsec. Nts.:
5.50%, 11/17/26	AUD		94,425,000		88,780,956
Series 1224, 5.50%, 12/17/24	AUD		18,415,000		17,507,076
Western Australia Treasury Corp. Unsec. Nts., Series 19, 7%, 10/15/19	AUD		7,500,000		7,722,725
					398,878,364
Belgium—1.7%
Kingdom fo Belgium Unsec. Bonds, Series 60, 4.25%, 3/28/414	EUR		5,055,000		7,949,235
Kingdom of Belgium Bonds, Series 58, 3.75%, 9/28/20	EUR		100,000,000		154,619,049
					162,568,284
Bolivia—0.0%
Plurinational State of Bolivia Sr. Unsec. Nts., 4.875%, 10/29/224			2,075,000		1,992,000
Brazil—3.7%
Brazil Minas SPE via State of Minas Gerais Sec. Bonds, 5.333%, 2/15/284			12,675,000		11,819,438

1  OPPENHEIMER INTERNATIONAL BOND FUND

STATEMENT OF INVESTMENTS  Unaudited / Continued

			Principal Amount		Value
Brazil Continued
Federative Republic of Brazil International Bonds, 4.25%, 1/7/25		$	9,400,000	$	8,965,250
Federative Republic of Brazil Letra Tesouro Nacional Unsec. Nts.:
9.59%, 4/1/14	BRL		73,725,000		30,514,416
10.251%, 7/1/14	BRL		377,465,000		152,496,180
10.346%, 10/1/14	BRL		73,480,000		28,893,921
10.594%, 1/1/15	BRL		86,010,000		32,923,246
Federative Republic of Brazil Nota Do Tesouro Nacional Unsec. Nts.:
9.762%, 1/1/18	BRL		65,790,000		25,743,460
9.762%, 1/1/21	BRL		26,070,000		9,603,649
10.00%, 1/1/23	BRL		35,800,000		12,817,916
13.288%, 8/15/5010	BRL		19,290,000		17,922,041
13.505%, 5/15/4510	BRL		21,060,000		19,631,345
Federative Republic of Brazil Sr. Unsec. Nts., 4.875%, 1/22/21			12,573,000		13,327,380
					364,658,242
Canada—1.5%
Canada Unsec. Bonds:
2.25%, 8/1/14	CAD		73,860,000		70,044,798
3.75%, 6/1/19	CAD		73,380,000		74,987,487
					145,032,285
Colombia—0.6%
Republic of Colombia Sr. Unsec. Bonds, 6.125%, 1/18/41			3,135,000		3,377,962
Republic of Colombia Sr. Unsec. Nts.:
4.00%, 2/26/24			11,010,000		10,641,165
7.375%, 1/27/17			4,470,000		5,191,905
7.375%, 3/18/19			19,585,000		23,658,680
8.125%, 5/21/24			6,980,000		9,004,200
Series B, 10.00%, 7/24/24	COP		5,474,000,000		3,501,091
					55,375,003
Costa Rica—0.0%
Republic of Costa Rica Sr. Unsec. Bonds, 4.375%, 4/30/254			2,190,000		1,943,625
Croatia—0.3%
Republic of Croatia Sr. Unsec. Nts.:
5.50%, 4/4/234			16,465,000		16,094,538
6.25%, 4/27/174			8,385,000		8,950,987
6.375%, 3/24/214			3,840,000		4,037,760
6.75%, 11/5/194			3,810,000		4,143,375
					33,226,660
Denmark—0.5%
Kingdom of Denmark Unsec. Nts., 4%, 11/15/19	DKK		217,580,000		46,518,445
Dominican Republic—0.1%
Banco de Reservas de la Republica Dominicana Sub. Nts., 7%, 2/1/234			6,030,000		5,577,750
Dominican Republic Sr. Unsec. Bonds, 5.875%, 4/18/244			6,700,000		6,465,500
					12,043,250
Finland—0.7%
Republic of Finland Sr. Unsec. Nts.:
1.50%, 4/15/234	EUR		29,645,000		38,637,909
1.625%, 9/15/224	EUR		20,300,000		27,044,672
					65,682,581
France—3.3%
French Republic Unsec. Bonds:
2.75%, 10/25/27	EUR		51,415,000		69,297,744

2  OPPENHEIMER INTERNATIONAL BOND FUND

STATEMENT OF INVESTMENTS  Unaudited / Continued

		Principal Amount		Value
France Continued
French Republic Unsec. Bonds: Continued
4.50%, 4/25/41	EUR	58,950,000	$	97,482,700
French Republic Unsec. Nts.:
2.25%, 10/25/22	EUR	64,835,000		89,317,755
3.75%, 10/25/19	EUR	46,690,000		72,474,124
				328,572,323
Gabon—0.1%
Gabonese Republic Unsec. Bonds, 6.375%, 12/12/244		6,060,000		6,105,450
Germany—3.6%
Federal Republic of Germany Bonds, 2.25%, 4/11/14	EUR	13,505,000		18,684,969
Federal Republic of Germany Unsec. Bonds:
0.25%, 4/13/18	EUR	97,970,000		131,677,854
1.50%, 5/15/23	EUR	120,045,000		159,279,923
2.50%, 7/4/44	EUR	36,120,000		47,075,035
				356,717,781
Greece—0.0%
Hellenic Republic Sr. Unsec. Bonds:
2.00%, 2/24/231	EUR	135,000		125,800
2.00%, 2/24/241	EUR	135,000		120,735
2.00%, 2/24/251	EUR	135,000		116,699
2.00%, 2/24/261	EUR	135,000		114,142
2.00%, 2/24/271	EUR	135,000		112,191
2.00%, 2/24/281	EUR	135,000		108,483
2.00%, 2/24/291	EUR	135,000		106,233
2.00%, 2/24/301	EUR	135,000		104,472
2.00%, 2/24/311	EUR	135,000		102,395
2.00%, 2/24/321	EUR	135,000		101,386
2.00%, 2/24/331	EUR	135,000		99,747
2.00%, 2/24/341	EUR	135,000		99,141
2.00%, 2/24/351	EUR	135,000		97,768
2.00%, 2/24/361	EUR	135,000		97,857
2.00%, 2/24/371	EUR	135,000		96,981
2.00%, 2/24/381	EUR	135,000		96,672
2.00%, 2/24/391	EUR	135,000		96,746
2.00%, 2/24/401	EUR	135,000		96,268
2.00%, 2/24/411	EUR	135,000		95,415
2.00%, 2/24/421	EUR	135,000		96,181
				2,085,312
Guatemala—0.0%
Republic of Guatemala Sr. Unsec. Bonds, 4.875%, 2/13/284		4,245,000		3,905,400
Hungary—1.4%
Hungary Sr. Unsec. Bonds, 7.625%, 3/29/41		915,000		1,005,356
Hungary Sr. Unsec. Nts.:
5.375%, 2/21/23		12,900,000		12,803,250
5.75%, 6/11/18	EUR	2,010,000		3,024,695
6.375%, 3/29/21		19,510,000		21,022,025
Hungary Unsec. Bonds:
Series 17/A, 6.75%, 11/24/17	HUF	2,716,000,000		13,633,929

3  OPPENHEIMER INTERNATIONAL BOND FUND

STATEMENT OF INVESTMENTS  Unaudited / Continued

		Principal Amount		Value
Hungary Continued
Hungary Unsec. Bonds: Continued
Series 19/A, 6.50%, 6/24/19	HUF	2,804,000,000	$	14,014,167
Series 20/A, 7.50%, 11/12/20	HUF	1,546,000,000		8,062,580
Series 23/A, 6.00%, 11/24/23	HUF	3,200,900,000		15,220,026
Hungary Unsec. Nts.:
Series 16/D, 5.50%, 12/22/16	HUF	2,596,000,000		12,543,941
Series 18/A, 5.50%, 12/20/18	HUF	6,901,000,000		33,078,565
				134,408,534
India—0.0%
Republic of India Treasury Bills, 8.665%, 2/14/142	INR	1,000,000		16,007
Indonesia—1.3%
Perusahaan Penerbit SBSN Indonesia Sr. Unsec. Bonds, 4%, 11/21/184		18,755,000		18,473,675
Perusahaan Penerbit SBSN Indonesia Unsec. Nts., 6.125%, 3/15/194		11,575,000		12,399,719
Republic of Indonesia Sr. Unsec. Bonds:
3.375%, 4/15/234		6,265,000		5,372,238
4.875%, 5/5/214		17,510,000		17,422,450
5.25%, 1/17/424		9,395,000		8,150,163
5.375%, 10/17/234		22,250,000		22,250,000
11.625%, 3/4/194		3,750,000		5,034,375
Republic of Indonesia Treasury Bonds:
Series FR53, 8.25%, 7/15/21	IDR	23,690,000,000		1,929,707
Series FR61, 7.00%, 5/15/22	IDR	31,680,000,000		2,379,720
Series FR68, 8.375%, 3/15/34	IDR	77,350,000,000		6,056,708
Series FR70, 8.375%, 3/15/24	IDR	201,270,000,000		16,558,881
Series FR71, 9.00%, 3/15/29	IDR	138,250,000,000		11,479,135
				127,506,771
Italy—5.4%
Italy Buoni Ordinari del Tesoro BOT, 0.632%, 4/30/142	EUR	15,550,000		21,344,152
Republic of Italy Buoni Poliennali del Tesoro Unsec. Bonds:
3.50%, 11/1/17	EUR	21,770,000		31,271,117
4.00%, 9/1/20	EUR	54,165,000		78,426,816
4.50%, 3/1/19	EUR	126,305,000		187,892,984
4.75%, 9/1/444	EUR	20,230,000		27,542,227
5.00%, 3/1/22	EUR	10,125,000		15,231,808
5.00%, 9/1/40	EUR	40,540,000		57,530,449
Republic of Italy Buoni Poliennali del Tesoro Unsec. Nts., 4.75%, 5/1/17	EUR	27,240,000		40,683,722
Republic of Italy Certificati di Credito del Tesoro Unsec. Nts., 1.14%, 10/15/171	EUR	22,685,000		30,535,352
Republic of Italy International Sr. Unsec. Bonds, 4.50%, 6/8/15	JPY	4,391,000,000		43,527,690
				533,986,317
Ivory Coast—0.3%
Republic of Cote d’Ivoire Sr. Unsec. Bonds, 7.10%, 12/31/321		31,705,000		28,534,500
Japan—9.1%
Japan Bank for International Cooperation Sr. Unsec. Nts., 2.30%, 3/19/18	CAD	13,205,000		12,362,167
Japan Sr. Unsec. Bonds:
Series 112, 2.10%, 6/20/29	JPY	14,243,000,000		152,743,631
Series 134, 1.80%, 3/20/32	JPY	9,053,000,000		90,885,294
Series 143, 1.60%, 3/20/33	JPY	13,914,000,000		133,670,719
Series 314, 1.10%, 3/20/21	JPY	16,614,000,000		164,584,301
Series 328, 0.60%, 3/20/23	JPY	10,115,000,000		95,372,127

4  OPPENHEIMER INTERNATIONAL BOND FUND

STATEMENT OF INVESTMENTS  Unaudited / Continued

		Principal Amount		Value
Japan Continued
Japan Sr. Unsec. Bonds: Continued
Series 329, 0.80%, 6/20/23	JPY	3,029,000,000	$	29,033,991
Series 36, 2.00%, 3/20/42	JPY	17,678,000,000		178,669,167
Series 38, 1.80%, 3/20/43	JPY	3,031,000,000		29,293,949
Series 39, 1.90%, 6/20/43	JPY	1,010,000,000		9,977,785
				896,593,131
Kazakhstan—0.1%
Development Bank of Kazakhstan JSC Sr. Unsec. Bonds, 4.125%, 12/10/224		5,645,000		5,073,161
Latvia—0.1%
Republic of Latvia Sr. Unsec. Nts., 5.25%, 6/16/214		8,505,000		9,217,294
Lithuania—0.3%
Republic of Lithuania Sr. Unsec. Bonds:
6.125%, 3/9/214		14,430,000		16,418,454
6.625%, 2/1/224		13,255,000		15,524,919
				31,943,373
Malaysia—0.5%
Bank Negara Malaysia Monetary Nts., 2.976%, 2/20/142	MYR	26,980,000		8,204,843
Bank Negara Malaysia Monetary Unsec. Nts.:
2.848%, 3/11/142	MYR	21,585,000		6,553,853
2.923%, 7/10/142	MYR	15,650,000		4,705,220
Federation of Malaysia Sr. Unsec. Bonds, 4.262%, 9/15/16	MYR	83,350,000		26,044,922
				45,508,838
Mexico—4.7%
United Mexican States Sr. Unsec. Bonds:
6.75%, 9/27/34		6,275,000		7,435,875
7.50%, 4/8/33		2,375,000		3,010,313
United Mexican States Treasury Bills:
3.541%, 4/16/14	MXN	864,385,000		65,561,250
3.561%, 4/30/14	MXN	981,300,000		74,295,154
3.605%, 3/6/14	MXN	973,040,000		74,102,774
3.99%, 2/6/14	MXN	318,600,000		24,322,578
3.993%, 1/23/14	MXN	253,500,000		19,376,591
United Mexican States Unsec. Bonds:
Series M, 6.50%, 6/9/22	MXN	456,450,000		35,428,582
Series M, 7.00%, 6/19/14	MXN	601,750,000		47,041,996
Series M, 8.00%, 6/11/20	MXN	111,800,000		9,609,876
Series M10, 7.75%, 12/14/17	MXN	751,940,000		63,274,284
Series M20, 7.50%, 6/3/27	MXN	282,470,000		23,123,511
Series M20, 8.50%, 5/31/29	MXN	223,080,000		19,449,504
				466,032,288
Morocco—0.1%
Kingdom of Morocco Sr. Unsec. Nts., 4.25%, 12/11/224		12,200,000		11,346,000
Netherlands—0.8%
Kingdom of the Netherlands Unsec. Bonds:
4.00%, 7/15/194	EUR	37,870,000		59,605,879
4.00%, 1/15/374	EUR	13,535,000		22,135,034
				81,740,913
Nigeria—0.4%
Federal Republic of Nigeria Bonds, 4%, 4/23/15	NGN	1,729,000,000		9,660,565
Federal Republic of Nigeria Sr. Unsec. Bonds, 5.125%, 7/12/184		6,525,000		6,712,594

5  OPPENHEIMER INTERNATIONAL BOND FUND

STATEMENT OF INVESTMENTS  Unaudited / Continued

		Principal Amount		Value
Nigeria Continued
Federal Republic of Nigeria Treasury Bills, 11.235%, 1/23/142	NGN	1,426,000,000	$	8,861,051
Federal Republic of Nigeria Unsec. Bonds:
7.00%, 10/23/19	NGN	1,210,000,000		5,773,807
16.00%, 6/29/19	NGN	1,278,000,000		8,907,248
				39,915,265
Panama—0.2%
Republic of Panama Sr. Unsec. Bonds:
5.20%, 1/30/20		6,240,000		6,825,000
6.70%, 1/26/36		3,765,000		4,226,213
8.875%, 9/30/27		4,440,000		5,949,600
9.375%, 4/1/29		4,065,000		5,660,512
				22,661,325
Peru—0.4%
Republic of Peru Sr. Unsec. Bonds:
6.55%, 3/14/37		7,695,000		8,887,725
7.84%, 8/12/204	PEN	35,005,000		14,281,369
8.20%, 8/12/264	PEN	34,370,000		14,462,879
				37,631,973
Philippines—0.3%
Republic of the Philippines Sr. Unsec. Bonds:
6.375%, 1/15/32		11,750,000		13,835,625
6.375%, 10/23/34		14,200,000		16,933,500
7.75%, 1/14/31		2,190,000		2,890,800
				33,659,925
Poland—1.4%
Republic of Poland Sr. Unsec. Bonds:
3.00%, 3/17/23		9,710,000		8,865,230
5.00%, 3/23/22		9,380,000		10,048,325
5.125%, 4/21/21		16,885,000		18,383,544
Republic of Poland Unsec. Bonds:
5.25%, 10/25/17	PLN	103,545,000		36,462,934
5.25%, 10/25/20	PLN	47,010,000		16,701,983
5.50%, 4/25/15	PLN	74,715,000		25,611,586
5.75%, 10/25/21	PLN	45,365,000		16,540,457
				132,614,059
Portugal—1.4%
Republic of Portugal Obrigacoes do Tesouro OT Sr. Unsec. Bonds:
4.10%, 4/15/37	EUR	23,735,000		23,916,132
4.35%, 10/16/174	EUR	78,070,000		107,328,403
4.75%, 6/14/19	EUR	4,390,000		5,880,489
				137,125,024
Romania—0.4%
Romania Sr. Unsec. Bonds, 6.75%, 2/7/224		16,880,000		19,222,100
Romania Unsec. Bonds:
5.85%, 4/26/23	RON	5,890,000		1,896,011
5.90%, 7/26/17	RON	47,660,000		15,436,908
				36,555,019

6  OPPENHEIMER INTERNATIONAL BOND FUND

STATEMENT OF INVESTMENTS  Unaudited / Continued

		Principal Amount		Value
Russia—2.6%
AHML Via AHML Finance Ltd. Unsec. Nts., 7.75%, 2/13/184	RUB	261,100,000	$	7,850,226
Russian Federation Sr. Unsec. Bonds:
5.875%, 9/16/434		8,010,000		8,162,190
Series 6211, 7.00%, 1/25/23	RUB	883,000,000		25,960,324
Russian Federation Unsec. Bonds:
Series 6204, 7.50%, 3/15/18	RUB	770,000,000		24,028,701
Series 6205, 7.60%, 4/14/21	RUB	1,100,300,000		33,971,441
Series 6209, 7.60%, 7/20/22	RUB	776,200,000		23,717,204
Series 6210, 6.80%, 12/11/19	RUB	1,001,400,000		29,992,373
Series 6215, 7.00%, 8/16/23	RUB	875,400,000		25,472,061
Vnesheconombank Sr. Unsec. Bonds, Series 18, 8.55%, 9/17/321	RUB	279,000,000		8,631,008
Vnesheconombank Sr. Unsec. Bonds, Series 9, 7.90%, 3/18/211	RUB	181,100,000		5,552,867
Vnesheconombank Via VEB Finance plc Sr. Unsec. Bonds:
5.375%, 2/13/174		13,880,000		14,834,944
5.45%, 11/22/174		8,135,000		8,735,363
6.902%, 7/9/204		25,645,000		28,369,781
Vnesheconombank Via VEB Finance plc Sr. Unsec. Nts., 5.942%, 11/21/234		12,495,000		12,526,238
				257,804,721
Serbia—0.3%
Republic of Serbia Sr. Unsec. Bonds, 5.25%, 11/21/174		5,485,000		5,526,137
Republic of Serbia Treasury Bills:
9.824%, 1/30/142	RSD	317,000,000		3,799,932
10.004%, 6/12/142	RSD	1,287,000,000		14,927,980
Republic of Serbia Unsec. Bonds, 5.875%, 12/3/184		6,075,000		6,211,688
				30,465,737
Singapore—0.2%
Republic of Singapore Sr. Unsec. Bonds, 2.375%, 4/1/17	SGD	25,130,000		21,033,946
South Africa—1.8%
Republic of South Africa Sr. Unsec. Bonds:
5.875%, 5/30/22		2,370,000		2,550,713
5.875%, 9/16/25		11,775,000		12,281,325
Series R207, 7.25%, 1/15/20	ZAR	507,860,000		47,914,485
Series R208, 6.75%, 3/31/21	ZAR	815,335,000		73,942,723
Series R209, 6.25%, 3/31/36	ZAR	99,810,000		7,005,482
Republic of South Africa Unsec. Bonds:
Series 2023, 7.75%, 2/28/23	ZAR	131,450,000		12,419,193
Series R186, 10.50%, 12/21/26	ZAR	86,080,000		9,673,168
Series R213, 7.00%, 2/28/31	ZAR	169,936,000		13,532,171
				179,319,260
South Korea—0.1%
Korea Housing Finance Corp. Sec. Nts., 1.625%, 9/15/184		8,420,000		7,955,460
Spain—0.7%
Autonomous Community of Madrid Spain Sr. Unsec. Bonds, 4.30%, 9/15/26	EUR	13,340,000		17,313,069
Instituto de Credito Oficial Sr. Unsec. Nts., 5%, 5/15/15	NOK	75,000,000		12,546,094
Kingdom of Spain Bonds, 5.15%, 10/31/444	EUR	8,890,000		12,521,046
Kingdom of Spain Sr. Unsec. Bonds, 4.50%, 1/31/18	EUR	18,675,000		27,673,273
				70,053,482

7  OPPENHEIMER INTERNATIONAL BOND FUND

STATEMENT OF INVESTMENTS  Unaudited / Continued

			Principal Amount		Value
Sri Lanka—0.1%
Democratic Socialist Republic of Sri Lanka Sr. Unsec. Bonds:
5.875%, 7/25/224		$	4,085,000	$	3,860,325
6.25%, 10/4/204			4,695,000		4,671,525
6.25%, 7/27/214			5,120,000		5,030,400
					13,562,250
Tanzania—0.1%
United Republic of Tanzania Sr. Unsec. Nts., 6.392%, 3/9/201			8,165,000		8,573,250
Thailand—0.7%
Kingdom of Thailand Sr. Unsec. Bonds:
3.58%, 12/17/27	THB		581,600,000		16,723,673
3.625%, 6/16/23	THB		810,100,000		24,177,023
3.65%, 12/17/21	THB		518,400,000		15,688,399
Kingdom of Thailand Sr. Unsec. Nts., 3.875%, 6/13/19	THB		495,000,000		15,430,397
					72,019,492
Turkey—1.9%
Republic of Turkey Sr. Unsec. Bonds:
4.35%, 11/12/21	EUR		12,505,000		17,074,105
5.625%, 3/30/21			8,165,000		8,238,485
6.25%, 9/26/22			12,810,000		13,335,210
6.875%, 3/17/36			4,565,000		4,495,384
7.375%, 2/5/25			8,130,000		8,796,660
Republic of Turkey Unsec. Bonds:
5.828%, 2/11/15	TRY		20,680,000		12,998,283
6.317%, 2/14/18	TRY		24,245,000		9,955,229
7.10%, 3/8/23	TRY		31,540,000		12,055,354
8.30%, 6/20/18	TRY		27,935,000		12,252,923
9.00%, 3/5/14	TRY		139,610,000		65,206,770
9.00%, 3/8/17	TRY		45,315,000		20,546,736
					184,955,139
Ukraine—0.4%
Ukraine International Bonds:
6.25%, 6/17/164			600,000		566,100
6.58%, 11/21/164			12,585,000		11,861,363
6.75%, 11/14/174			12,585,000		11,641,125
6.875%, 9/23/154			13,855,000		13,532,871
7.75%, 9/23/204			2,995,000		2,777,862
					40,379,321
United Arab Emirates—0.2%
Emirate of Dubai Sr. Unsec. International Bonds, 5.591%, 6/22/21			13,320,000		14,435,550
United Kingdom—4.1%
United Kingdom Treasury Unsec. Bonds, 2.25%, 3/7/14	GBP		24,850,000		41,289,404
United Kingdom Unsec. Treasury Bonds:
3.75%, 9/7/21	GBP		104,275,000		185,750,798
4.00%, 9/7/16	GBP		41,200,000		73,730,634
4.25%, 12/7/55	GBP		15,155,000		28,640,846
4.75%, 12/7/38	GBP		37,875,000		74,312,731
					403,724,413
Uruguay—0.2%
Oriental Republic of Uruguay Sr. Unsec. Bonds:
4.50%, 8/14/24			19,560,000		19,608,900

8  OPPENHEIMER INTERNATIONAL BOND FUND

STATEMENT OF INVESTMENTS  Unaudited / Continued

			Principal Amount		Value
Uruguay Continued
Oriental Republic of Uruguay Sr. Unsec. Bonds: Continued
7.625%, 3/21/36		$	1,260,000$	$	1,534,050
					21,142,950
Venezuela—0.6%
Bolivarian Republic of Venezuela Sr. Unsec. Bonds:
5.75%, 2/26/16			15,000,000		12,780,000
7.65%, 4/21/25			11,135,000		7,571,800
8.25%, 10/13/24			11,470,000		8,132,230
9.00%, 5/7/23			15,530,000		11,631,970
13.625%, 8/15/184			14,475,000		13,968,375
Petroleos de Venezuela SA, 9.75% Sr. Unsec. Nts., 5/17/35			7,270,000		5,125,350
					59,209,725
Total Foreign Government Obligations (Cost $6,422,558,117)					6,194,828,693
Corporate Bonds and Notes—30.1%
Consumer Discretionary—0.7%
Auto Components—0.2%
GKN Holdings plc, 6.75% Sr. Unsec. Nts., 10/28/19	GBP		3,410,000		6,398,546
Servus Luxembourg Holding SCA, 7.75% Sr. Sec. Nts., 6/15/184	EUR		5,305,000		7,714,080
					14,112,626
Automobiles—0.2%
Daimler Finance North America LLC, 2.375% Sr. Unsec. Nts., 8/1/184			6,035,000		6,025,145
Jaguar Land Rover Automotive plc, 8.25% Sr. Unsec. Nts., 3/15/204	GBP		8,855,000		16,707,168
					22,732,313
Household Durables—0.1%
Arcelik AS, 5% Sr. Unsec. Nts., 4/3/234			4,795,000		4,162,060
Media—0.2%
Myriad International Holdings BV, 6% Sr. Unsec. Nts., 7/18/204			5,225,000		5,616,875
UPC Holding BV, 6.75% Sr. Unsec. Nts., 3/15/234	EUR		6,120,000		8,651,825
Virgin Media Finance plc, 7% Sr. Unsec. Nts., 4/15/234	GBP		3,315,000		5,736,500
Virgin Media Secured Finance plc, 6% Sr. Sec. Nts., 4/15/214	GBP		1,780,000		3,041,914
					23,047,114
Textiles, Apparel & Luxury Goods—0.0%
Levi Strauss & Co., 7.75% Sr. Unsec. Nts., 5/15/18	EUR		350,000		512,792
Consumer Staples—0.3%
Beverages—0.1%
Coca-Cola Icecek AS, 4.75% Sr. Unsec. Nts., 10/1/184			6,245,000		6,367,839
Pernod Ricard SA:
4.45% Sr. Unsec. Nts., 1/15/224			3,065,000		3,101,342
5.75% Sr. Unsec. Nts., 4/7/214			2,550,000		2,811,530
					12,280,711
Food Products—0.2%
BRF SA, 5.875% Sr. Unsec. Nts., 6/6/224			1,850,000		1,850,925
MHP SA, 8.25% Sr. Unsec. Nts., 4/2/204			12,885,000		11,502,440
					13,353,365

9  OPPENHEIMER INTERNATIONAL BOND FUND

STATEMENT OF INVESTMENTS  Unaudited / Continued

			Principal Amount		Value
Energy—5.4%
Energy Equipment & Services—0.5%
Drill Rigs Holdings, Inc., 6.50% Sr. Sec. Nts., 10/1/174		$	3,630,000	$	3,938,550
North Atlantic Drilling Ltd., 6.08% Sr. Unsec. Nts., 10/30/181,4	NOK		21,500,000		3,551,844
Odebrecht Offshore Drilling Finance Ltd., 6.75% Sr. Sec. Nts., 10/1/224			13,065,642		13,405,349
QGOG Constellation SA, 6.25% Sr. Unsec. Nts., 11/9/194			10,455,000		10,010,662
Seadrill Ltd., 5.625% Sr. Unsec. Nts., 9/15/174			6,395,000		6,650,800
Sinopec Group Overseas Development 2013 Ltd., 4.375% Sr. Unsec. Nts., 10/17/234			9,390,000		9,252,296
					46,809,501
Oil, Gas & Consumable Fuels—4.9%
Afren plc, 6.625% Sr. Sec. Nts., 12/9/204			5,670,000		5,698,350
Alliance Oil Co. Ltd., 9.875% Sr. Unsec. Nts., 3/11/154			17,565,000		18,553,031
CNOOC Curtis Funding No 1 Pty Ltd., 4.50% Sr. Unsec. Nts., 10/3/234			9,430,000		9,362,340
Ecopetrol SA, 7.625% Sr. Unsec. Nts., 7/23/19			2,255,000		2,683,450
Empresa Nacional del Petroleo:
4.75% Sr. Unsec. Nts., 12/6/214			8,575,000		8,558,193
5.25% Sr. Unsec. Nts., 8/10/204			4,955,000		5,125,249
Gazprom Neft OAO Via GPN Capital SA, 6% Sr. Unsec. Nts., 11/27/234			18,805,000		19,181,100
Gazprom OAO Via Gaz Capital SA:
4.95% Sr. Unsec. Nts., 7/19/224			35,355,000		34,382,737
5.999% Sr. Unsec. Nts., 1/23/214			4,165,000		4,414,900
8.146% Sr. Unsec. Nts., 4/11/184			13,585,000		16,064,262
9.25% Sr. Unsec. Nts., 4/23/194			25,675,000		31,708,625
KazMunayGas National Co. JSC:
7.00% Sr. Unsec. Nts., 5/5/204			2,505,000		2,824,387
9.125% Sr. Unsec. Nts., 7/2/184			6,655,000		8,094,144
Lukoil International Finance BV, 7.25% Sr. Unsec. Nts., 11/5/194			4,130,000		4,790,800
MEG Energy Corp.:
6.50% Sr. Unsec. Nts., 3/15/214			4,180,000		4,420,350
7.00% Sr. Unsec. Nts., 3/31/244			2,550,000		2,588,250
Novatek OAO via Novatek Finance Ltd.:
4.422% Sr. Unsec. Nts., 12/13/224			24,040,000		22,176,900
7.75% Sr. Unsec. Nts., 2/21/174	RUB		114,220,000		3,488,310
Odebrecht Drilling Norbe VIII/IX Ltd., 6.35% Sr. Sec. Nts., 6/30/214			1,678,500		1,728,855
Origin Energy Finance Ltd., 3.50% Sr. Unsec. Nts., 10/9/184			6,630,000		6,666,644
Pacific Rubiales Energy Corp.:
5.125% Sr. Unsec. Nts., 3/28/234			9,795,000		9,035,888
5.375% Sr. Unsec. Nts., 1/26/194			9,515,000		9,610,150
Pemex Project Funding Master Trust, 6.625% Sr. Unsec. Nts., 6/15/35			24,335,000		25,734,263
Pertamina Persero PT, 4.875% Sr. Unsec. Nts., 5/3/224			9,375,000		8,625,000
Petroleos de Venezuela SA:
4.90% Sr. Unsec. Nts., 10/28/14			10,000,000		9,150,000
5.125% Sr. Unsec. Nts., 10/28/16			6,630,000		5,105,100
5.375% Sr. Unsec. Nts., 4/12/27			9,000,000		4,837,500
8.50% Sr. Unsec. Nts., 11/2/174			37,780,000		31,546,300

10  OPPENHEIMER INTERNATIONAL BOND FUND

STATEMENT OF INVESTMENTS  Unaudited / Continued

			Principal Amount		Value
Oil, Gas & Consumable Fuels Continued
Petroleos Mexicanos:
3.50% Sr. Unsec. Nts., 1/30/23		$	1,265,000	$	19,537,219
4.875% Sr. Unsec. Nts., 1/18/24			28,860,000		28,932,150
5.50% Sr. Unsec. Nts., 6/27/44			6,020,000		5,523,350
6.00% Sr. Unsec. Nts., 3/5/20			26,750,000		29,853,000
6.50% Sr. Unsec. Nts., 6/2/41			10,855,000		11,397,750
8.00% Sr. Unsec. Nts., 5/3/19			6,880,000		8,359,200
Petroleum Co. of Trinidad & Tobago Ltd.:
6.00% Sr. Unsec. Nts., 5/8/224			2,659,792		2,832,678
9.75% Sr. Unsec. Nts., 8/14/194			3,760,000		4,737,600
Petronas Capital Ltd., 7.875% Sr. Unsec. Nts., 5/22/224			9,065,000		11,461,405
Reliance Industries Ltd., 5.875% Sr. Unsec. Perpetual Bonds4,5			21,245,000		18,164,475
Schahin II Finance Co. SPV Ltd., 5.875% Sr. Sec. Nts., 9/25/224			11,553,480		11,062,457
Sibur Securities Ltd., 3.914% Sr. Unsec. Nts., 1/31/184			11,075,000		10,867,344
Tengizchevroil Finance Co. Sarl, 6.124% Sr. Sec. Nts., 11/15/144			2,002,296		2,046,467
Tullow Oil plc, 6% Sr. Unsec. Nts., 11/1/204			3,231,000		3,295,620
					484,225,793
Financials—12.5%
Capital Markets—1.0%
Deutsche Bank AG, 4.296% Jr. Sub. Nts., 5/24/281			21,980,000		19,905,967
Deutsche Bank Capital Trust V, 4.901% Jr. Sub. Perpetual Bonds1,4,5			20,330,000		18,576,538
Goldman Sachs Group, Inc. (The), 0.789% Sr. Unsec. Nts., 2/8/371			9,544,000		7,706,436
KION Finance SA, 6.75% Sr. Sec. Nts., 2/15/204	EUR		3,500,000		5,273,574
Red de Carreteras de Occidente SAPIB de CV, 9% Sr. Sec. Nts., 6/10/284	MXN		151,500,000		10,501,416
UBS AG (Jersey Branch):
4.28% Jr. Sub. Perpetual Bonds1,5	EUR		6,195,000		8,607,695
7.152% Jr. Sub. Perpetual Bonds1,5	EUR		4,420,000		6,749,575
7.25% Sub. Nts., 2/22/221			21,605,000		23,737,284
					101,058,485
Commercial Banks—9.1%
Akbank TAS, 7.50% Sr. Unsec. Nts., 2/5/184	TRY		24,760,000		9,919,635
Alfa Bank OJSC Via Alfa Bond Issuance plc, 7.875% Sr. Unsec. Nts., 9/25/174			13,165,000		14,678,975
Banco ABC Brasil SA, 8.50% Sr. Unsec. Nts., 3/28/164	BRL		8,360,000		3,242,302
Banco Bilbao Vizcaya Argentaria SA, 9% Jr. Sub. Perpetual Bonds1,5			1,785,000		1,922,177
Banco BMG SA:
8.875% Sub. Nts., 8/5/204			2,710,000		2,628,700
9.15% Sr. Unsec. Nts., 1/15/164			6,915,000		7,070,587
9.95% Sub. Nts., 11/5/194			9,060,000		9,127,950
Banco de Costa Rica, 5.25% Sr. Unsec. Nts., 8/12/184			9,695,000		9,670,762
Banco del Estado de Chile:
3.875% Sr. Unsec. Nts., 2/8/224			6,450,000		6,319,394
4.125% Sr. Unsec. Nts., 10/7/204			9,530,000		9,716,969
Banco do Brasil SA (Cayman), 9.25% Jr. Sub. Perpetual Bonds1,4,5			15,290,000		15,825,150
Banco do Estado do Rio Grande do Sul SA, 7.375% Sub. Nts., 2/2/224			31,825,000		31,586,312
Banco Santander Brasil SA (Cayman Islands), 8% Sr. Unsec. Unsub. Nts.,
3/18/164	BRL		14,290,000		5,663,304
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero
Santand, 5.95% Jr. Sub. Nts., 1/30/241,4			9,335,000		9,475,025
Bancolombia SA, 5.125% Unsec. Sub. Nts., 9/11/22			14,250,000		13,466,250
Bank of Scotland plc:
4.875% Sec. Nts., 11/8/16	GBP		8,675,000		15,801,098

11  OPPENHEIMER INTERNATIONAL BOND FUND

STATEMENT OF INVESTMENTS  Unaudited / Continued

		Principal Amount		Value
Commercial Banks Continued
Bank of Scotland plc: Continued
4.875% Sec. Nts., 12/20/24	GBP	5,170,000	$	9,349,017
Barclays Bank plc:
4.75% Jr. Sub. Perpetual Bonds1,5	EUR	12,320,000		14,507,514
6.00% Jr. Sub. Perpetual Bonds1,5	GBP	8,505,000		13,274,033
14.00% Jr. Sub. Perpetual Bonds1,5	GBP	9,870,000		21,822,484
Barclays plc, 8.25% Jr. Sub. Perpetual Bonds1,5		13,320,000		13,777,875
BBVA Banco Continental SA, 5% Sr. Unsec. Nts., 8/26/224		8,075,000		8,095,187
BNP Paribas SA:
5.945% Jr. Sub. Perpetual Bonds1,5	GBP	8,210,000		14,037,252
7.195% Jr. Sub. Perpetual Bonds1,4,5		13,195,000		13,689,812
BPCE SA:
5.25% Jr. Sub. Perpetual Bonds1,5	EUR	2,540,000		3,537,953
5.70% Sub. Nts., 10/22/234		4,235,000		4,371,706
9.00% Jr. Sub. Perpetual Bonds1,5	EUR	24,160,000		35,354,668
Commerzbank AG, 8.125% Sub. Nts., 9/19/234		12,245,000		13,561,337
Corp. Financiera de Desarrollo SA, 4.75% Sr. Unsec. Nts., 2/8/224		9,315,000		9,245,138
CorpGroup Banking SA, 6.75% Sr. Unsec. Nts., 3/15/234		13,035,000		12,634,421
Credit Agricole SA:
6.637% Jr. Sub. Perpetual Bonds1,4,5		3,486,000		3,503,287
8.375% Jr. Sub. Perpetual Bonds1,4,5		36,265,000		41,342,100
Danske Bank, 5.684% Jr. Sub. Perpetual Bonds1,5	GBP	7,850,000		13,259,191
EUROFIMA, 6.25% Sr. Unsec. Nts., 12/28/18	AUD	31,010,000		30,154,961
European Investment Bank:
6.00% Sr. Unsec. Nts., 8/6/20	AUD	12,890,000		12,351,618
6.50% Sr. Unsec. Nts., 8/7/19	AUD	17,550,000		17,297,436
Export-Import Bank of India, 4% Sr. Unsec. Nts., 1/14/23		3,395,000		2,966,619
Grupo Aval Ltd.:
4.75% Sr. Unsec. Nts., 9/26/224		10,935,000		10,114,875
5.25% Sr. Unsec. Nts., 2/1/174		2,915,000		3,086,985
HBOS Capital Funding LP, 6.461% Jr. Sub. Perpetual Bonds1,5	GBP	1,270,000		2,160,891
Hungarian Development Bank, 6.25% Sr. Unsec. Nts., 10/21/204		6,400,000		6,616,000
ICICI Bank Ltd., 6.375% Jr. Sub. Nts., 4/30/221,4		7,120,000		6,888,600
ICICI Bank Ltd. (Dubai), 4.80% Sr. Unsec. Nts., 5/22/194		9,410,000		9,491,763
Intesa Sanpaolo SpA, 3.875% Sr. Unsec. Nts., 1/15/19		17,775,000		17,682,943
LBG Capital No.1 plc:
6.439% Sub. Nts., 5/23/20	EUR	1,320,000		1,924,803
7.869% Sub. Nts., 8/25/20	GBP	8,795,000		15,561,719
11.04% Sub. Nts., 3/19/20	GBP	39,781,000		75,895,447
Lloyds TSB Bank plc, 6% Sec. Nts., 2/8/29	GBP	15,365,000		30,717,177
Rabobank Capital Funding Trust IV, 5.556% Jr. Sub. Perpetual Bonds1,4,5	GBP	7,380,000		12,588,858
RBS Capital Trust III, 5.512% Jr. Sub. Perpetual Bonds1,5		13,697,000		13,423,060
Royal Bank of Scotland Group plc, 6% Sub. Nts., 12/19/23		1,545,000		1,557,932
Royal Bank of Scotland NV, 3.372% Sub. Nts., 5/17/181	AUD	19,413,000		15,636,188
Royal Bank of Scotland plc (The):
2.375% Sub. Nts., 11/2/15	CHF	2,650,000		3,004,504
13.125% Sub. Nts., 3/19/221	AUD	15,987,000		16,837,217
Santander UK plc, 5% Sub. Nts., 11/7/234		6,530,000		6,556,551
Sberbank of Russia Via SB Capital SA:
5.125% Sub. Nts., 10/29/224		9,790,000		9,398,400
5.40% Sr. Unsec. Nts., 3/24/17		5,670,000		6,089,297

12  OPPENHEIMER INTERNATIONAL BOND FUND

STATEMENT OF INVESTMENTS  Unaudited / Continued

			Principal Amount		Value
Commercial Banks Continued
Sberbank of Russia Via SB Capital SA: Continued
6.125% Sr. Unsec. Nts., 2/7/224		$	15,050,000	$	15,915,375
Scottish Widows plc, 5.125% Jr. Sub. Perpetual Bonds1,5	GBP		2,285,000		3,803,219
Skandinaviska Enskilda Banken AB, 2.375% Sr. Unsec. Nts., 11/20/184			6,100,000		6,074,929
Societe Generale SA:
5.922% Jr. Sub. Perpetual Bonds1,4,5			12,565,000		13,188,777
7.875% Jr. Sub. Perpetual Bonds1,4,5			4,000,000		4,029,000
Stadshypotek AB, 6% Sec. Nts., 6/21/17	SEK		169,680,000		29,989,872
Standard Chartered plc, 5.20% Sub. Nts., 1/26/244			8,890,000		8,875,251
Toronto-Dominion Bank (The), 2.625% Sr. Unsec. Nts., 9/10/18			6,125,000		6,250,452
Turkiye Is Bankasi AS:
5.50% Sr. Unsec. Nts., 4/21/194			6,250,000		6,213,750
6.00% Sub. Nts., 10/24/224			11,410,000		10,291,820
Turkiye Sise ve Cam Fabrikalari AS, 4.25% Sr. Unsec. Nts., 5/9/204			4,575,000		4,048,418
Turkiye Vakiflar Bankasi Tao:
3.75% Sr. Unsec. Nts., 4/15/184			14,535,000		13,684,703
5.00% Sr. Unsec. Nts., 10/31/184			4,405,000		4,308,090
VTB Bank OJSC Via VTB Capital SA, 6% Sr. Unsec. Nts., 4/12/174			6,440,000		6,858,600
Yapi ve Kredi Bankasi AS:
5.50% Unsec. Sub. Nts., 12/6/224			14,955,000		12,672,867
6.75% Sr. Unsec. Nts., 2/8/174			8,940,000		9,414,267
					895,100,799
Consumer Finance—0.0%
Astana Finance JSC, 9.16% Sr. Unsec. Nts., 12/31/496			14,000,000		857,500
Diversified Financial Services—1.4%
ABN AMRO Bank NV, 4.31% Jr. Sub. Perpetual Bonds1,5	EUR		9,710,000		13,351,916
AG Spring Finance II Ltd., 9.50% Sr. Sec. Nts., 6/1/194	EUR		1,190,000		1,700,929
AG Spring Finance Ltd., 7.50% Sr. Sec. Nts., 6/1/184	EUR		1,380,000		1,983,897
Autopistas del Nordeste Cayman Ltd., 9.39% Unsec. Nts., 4/15/244			18,113,223		18,434,387
AyT Cedulas Cajas X Fondo de Titulizacion, 3.75% Sec. Nts., 6/30/25	EUR		4,390,000		5,326,206
Baggot Securities Ltd., 10.24% Sec. Perpetual Bonds4,5	EUR		1,520,000		2,204,504
Banco BTG Pactual SA (Cayman Islands):
4.00% Sr. Unsec. Nts., 1/16/204			17,065,000		14,953,206
5.75% Sub. Nts., 9/28/224			9,105,000		7,921,350
Brazil Loan Trust 1, 5.477% Sec. Nts., 7/24/234			10,265,000		10,290,663
Cedulas TDA 6 Fondo de Titulizacion de Activos, 3.875% Sec. Nts., 5/23/25	EUR		4,390,000		5,402,180
Export Credit Bank of Turkey, 5.875% Sr. Unsec. Nts., 4/24/194			23,865,000		24,228,941
FTE Verwaltungs GmbH, 9% Sr. Sec. Nts., 7/15/204	EUR		3,135,000		4,746,797
ING Verzekeringen NV, 6.375% Sub. Nts., 5/7/271	EUR		9,010,000		13,311,981
Invex/Credito y Casa, 6.45% Sec. Nts., 3/13/346	MXN		27,602,566		369,592
JPMorgan Hipotecaria su Casita:
6.10% Sec. Nts., 9/25/3510	MXN		7,857,706		857,765
6.47% Sec. Nts., 8/26/357,10	MXN		34,101,099		248,122
Magyar Export-Import Bank RT, 5.50% Sr. Unsec. Nts., 2/12/184			8,720,000		9,030,694
National Savings Bank, 8.875% Sr. Unsec. Nts., 9/18/184			4,875,000		5,210,156
SPCM SA, 5.50% Sr. Sec. Nts., 6/15/204	EUR		775,000		1,162,123
					140,735,409

13  OPPENHEIMER INTERNATIONAL BOND FUND

STATEMENT OF INVESTMENTS  Unaudited / Continued

		Principal Amount		Value
Insurance—0.6%
Assicurazioni Generali SpA, 7.75% Sr. Sub. Nts., 12/12/421	EUR	1,755,000	$	2,782,542
Aviva plc:
5.902% Jr. Sub. Perpetual Bonds1,5	GBP	1,020,000		1,710,182
6.125% Jr. Sub. Perpetual Bonds1,5	GBP	6,890,000		11,757,485
AXA SA, 6.379% Jr. Sub. Perpetual Bonds1,4,5		17,595,000		17,287,088
Swiss Re Capital I LP, 6.854% Jr. Sub. Perpetual Bonds1,4,5		15,065,000		15,999,030
Swiss Reinsurance Co. Via ELM BV:
3.775% Jr. Sub. Perpetual Bonds1,5	AUD	8,905,000		7,461,054
7.635% Jr. Sub. Perpetual Bonds1,5	AUD	1,755,000		1,622,748
				58,620,129
Real Estate Management & Development—0.4%
Country Garden Holdings Co. Ltd., 7.50% Sr. Unsec. Unsub. Nts., 1/10/234		17,235,000		16,588,687
Fondo MIVIVIENDA SA, 3.50% Sr. Unsec. Nts., 1/31/234		14,340,000		12,870,150
Techem GmbH, 6.125% Sr. Sec. Nts., 10/1/194	EUR	2,635,000		3,967,529
				33,426,366
Health Care—0.0%
Health Care Equipment & Supplies—0.0%
ConvaTec Healthcare D Sarl, 10.875% Sr. Unsec. Nts., 12/15/184	EUR	3,140,000		4,881,259
Industrials—1.4%
Airlines—0.2%
Emirates Airline, 4.50% Sr. Unsec. Nts., 2/6/254		21,415,000		19,701,800
Construction & Engineering—0.4%
Andrade Gutierrez International SA, 4% Sr. Unsec. Nts., 4/30/184		8,555,000		8,105,862
IIRSA Norte Finance Ltd., 8.75% Sr. Sec. Nts., 5/30/247		13,115,993		15,345,712
OAS Investments GmbH, 8.25% Sr. Nts., 10/19/194		13,330,000		13,063,400
Odebrecht Finance Ltd., 8.25% Sr. Unsec. Nts., 4/25/184	BRL	9,645,000		3,403,396
				39,918,370
Electrical Equipment—0.0%
Orion Engineered Carbons Bondco GmbH, 10% Nts., 6/15/184	EUR	3,195,000		4,878,851
Industrial Conglomerates—0.4%
General Electric Capital Australia Funding Pty Ltd., 7% Sr. Unsec. Nts., 10/8/15	AUD	20,805,000		19,689,496
Hutchison Whampoa Ltd., 3.75% Perpetual Bonds1,5	EUR	3,510,000		4,720,061
KOC Holding AS, 3.50% Sr. Unsec. Nts., 4/24/204		13,425,000		11,561,610
				35,971,167
Road & Rail—0.4%
Kazakhstan Temir Zholy Finance BV, 6.375% Sr. Unsec. Nts., 10/6/204		6,215,000		6,813,194
REFER-Rede Ferroviaria Nacional, 4% Sr. Unsec. Nts., 3/16/15	EUR	17,945,000		24,966,047
Transnet SOC Ltd., 4% Sr. Unsec. Nts., 7/26/224		4,725,000		4,182,570
Ukraine Railways via Shortline plc, 9.50% Sec. Nts., 5/21/184		2,155,000		1,955,662
				37,917,473
Information Technology—0.1%
Internet Software & Services—0.1%
Cerved Group SpA, 6.375% Sr. Sec. Nts., 1/15/204	EUR	4,275,000		6,238,101

14  OPPENHEIMER INTERNATIONAL BOND FUND

STATEMENT OF INVESTMENTS  Unaudited / Continued

			Principal Amount		Value
Materials—2.8%
Chemicals—0.4%
Braskem Finance Ltd.:
5.375% Sr. Unsec. Nts., 5/2/224		$	14,565,000	$	13,625,558
5.75% Sr. Unsec. Nts., 4/15/214			11,690,000		11,514,650
Mexichem SAB de CV, 4.875% Sr. Unsec. Nts., 9/19/224			9,800,000		9,628,500
					34,768,708
Construction Materials—1.0%
Calcipar SA, 6.875% Sr. Sec. Nts., 5/1/184			380,000		404,700
Cemex Espana Luxembourg:
9.25% Sr. Sec. Nts., 5/12/204			24,830,000		27,375,075
9.875% Sr. Sec. Nts., 4/30/194			22,730,000		26,082,675
Cemex Finance LLC, 9.375% Sr. Sec. Nts., 10/12/224			15,115,000		17,117,738
Cemex SAB de CV:
6.50% Sec. Nts., 12/10/194			11,815,000		12,234,433
7.25% Sr. Sec. Nts., 1/15/214			9,540,000		9,897,750
HeidelbergCement Finance BV, 8% Sr. Unsec. Nts., 1/31/17	EUR		1,850,000		2,981,011
Lafarge SA, 5.375% Sr. Unsec. Nts., 6/26/17	EUR		1,375,000		2,092,383
					98,185,765
Containers & Packaging—0.1%
Cascades, Inc., 7.875% Sr. Unsec. Nts., 1/15/20			4,415,000		4,746,125
Smurfit Kappa Acquisitions:
4.875% Sr. Sec. Nts., 9/15/184			1,748,000		1,822,290
7.75% Sr. Sec. Nts., 11/15/194	EUR		3,475,000		5,234,710
					11,803,125
Metals & Mining—1.3%
ALROSA Finance SA, 7.75% Nts., 11/3/204			27,135,000		30,214,822
CSN Islands XI Corp., 6.875% Sr. Unsec. Nts., 9/21/194			5,530,000		5,765,025
Evraz Group SA, 6.50% Sr. Unsec. Nts., 4/22/204			11,455,000		10,696,106
Ferrexpo Finance plc, 7.875% Sr. Unsec. Nts., 4/7/164			12,720,000		12,402,000
FMG Resources August 2006 Pty Ltd.:
6.875% Sr. Unsec. Nts., 2/1/184			4,615,000		4,868,825
8.25% Sr. Unsec. Nts., 11/1/194			2,330,000		2,624,163
Gerdau Holdings, Inc., 7% Sr. Unsec. Nts., 1/20/204			2,195,000		2,403,525
Gerdau Trade, Inc., 5.75% Sr. Unsec. Nts., 1/30/214			5,840,000		5,986,000
Gestamp Funding Luxembourg SA, 5.875% Sr. Sec. Nts., 5/31/204	EUR		3,750,000		5,468,407
Metalloinvest Finance Ltd., 5.625% Unsec. Nts., 4/17/204			8,600,000		8,385,000
Mexico Generadora de Energia S de RL, 5.50% Sr. Sec. Nts., 12/6/324			9,120,000		8,732,400
MMC Norilsk Nickel OJSC, 5.55% Sr. Unsec. Nts., 10/28/204			13,640,000		13,622,950
Samarco Mineracao SA:
4.125% Sr. Unsec. Nts., 11/1/224			2,110,000		1,904,275
5.75% Sr. Unsec. Nts., 10/24/234			7,550,000		7,493,375
Severstal OAO Via Steel Capital SA, 4.45% Sr. Unsec. Nts., 3/19/184			5,730,000		5,694,188
Xstrata Finance Canada Ltd., 2.05% Sr. Unsec. Nts., 10/23/154			6,075,000		6,155,038
					132,416,099

15  OPPENHEIMER INTERNATIONAL BOND FUND

STATEMENT OF INVESTMENTS  Unaudited / Continued

			Principal Amount		Value
Telecommunication Services—3.3%
Diversified Telecommunication Services—1.2%
Colombia Telecomunicaciones SA ESP, 5.375% Sr. Unsec. Nts., 9/27/224		$	4,270,000	$	4,003,125
Deutsche Telekom International Finance BV, 4.875% Sr. Unsec. Nts., 3/6/424			6,125,000		5,846,398
Koninklijke KPN NV, 6.125% Sr. Sub. Perpetual Bonds1,5	EUR		9,150,000		13,276,577
Oi SA, 9.75% Sr. Unsec. Nts., 9/15/164	BRL		19,740,000		7,572,195
Pacnet Ltd., 9% Sr. Sec. Nts., 12/12/184			1,000,000		1,021,250
Portugal Telecom International Finance BV:
4.625% Sr. Unsec. Nts., 5/8/20	EUR		4,590,000		6,483,426
5.00% Sr. Unsec. Nts., 11/4/19	EUR		1,530,000		2,214,907
5.625% Sr. Unsec. Nts., 2/8/16	EUR		2,425,000		3,577,758
Telecom Italia Capital SA, 7.721% Sr. Unsec. Unsub. Nts., 6/4/38			8,247,000		8,288,235
Telecom Italia SpA, 7.75% Sub. Nts., 3/20/731	EUR		7,290,000		10,385,860
Telefonica Chile SA, 3.875% Sr. Unsec. Nts., 10/12/224			3,995,000		3,665,005
Telefonica Europe BV, 6.50% Sr. Sub. Perpetual Bonds1,5	EUR		9,080,000		13,390,109
Telekom Austria AG, 5.625% Sub. Perpetual Bonds1,5	EUR		5,935,000		8,644,460
Telemar Norte Leste SA, 5.50% Sr. Unsec. Nts., 10/23/204			30,520,000		29,146,600
Verizon Communications, Inc., 6.55% Sr. Unsec. Nts., 9/15/43			4,440,000		5,195,768
					122,711,673
Wireless Telecommunication Services—2.1%
America Movil SAB de CV:
6.45% Sr. Unsec. Nts., 12/5/22	MXN		126,630,000		8,985,973
8.46% Sr. Unsec. Nts., 12/18/36	MXN		140,800,000		10,211,890
Digicel Group Ltd., 8.25% Sr. Unsec. Nts., 9/30/204			13,755,000		14,322,394
ENTEL Chile SA, 4.875% Sr. Unsec. Nts., 10/30/244			9,440,000		9,229,469
Millicom International Cellular SA, 6.625% Sr. Unsec. Nts., 10/15/214			6,360,000		6,611,220
Mobile Telesystems OJSC via MTS International Funding Ltd.:
5.00% Sr. Unsec. Nts., 5/30/234			8,570,000		8,055,800
8.625% Sr. Unsec. Nts., 6/22/204			10,940,000		12,963,900
Sistema JSFC via Sistema International Funding SA, 6.95% Sr. Unsec. Nts., 5/17/194			5,085,000		5,440,950
Vimpel Communications Via VIP Finance Ireland Ltd. OJSC:
7.748% Sr. Unsec. Nts., 2/2/214			16,210,000		17,648,638
9.125% Sr. Unsec. Nts., 4/30/184			34,205,000		40,276,387
VimpelCom Holdings BV:
5.95% Sr. Unsec. Unsub. Nts., 2/13/234			18,150,000		17,197,125
7.504% Sr. Unsec. Nts., 3/1/224			37,285,000		39,041,869
9.00% Sr. Unsec. Nts., 2/13/184	RUB		276,500,000		8,448,588
Vimpel-Communications OJSC:
8.85% Sr. Unsec. Nts., 3/8/221	RUB		201,200,000		6,196,698
					204,630,901
Utilities—3.6%
Electric Utilities—2.6%
Bhira Investments Ltd., 8.50% Jr. Sub. Nts., 4/27/711			3,280,000		3,283,457
Dubai Electricity & Water Authority, 7.375% Sr. Unsec. Nts., 10/21/204			37,670,000		44,073,900
EDP Finance BV, 6% Sr. Unsec. Nts., 2/2/184			6,140,000		6,606,640
Electricite de France SA, 5.25% Jr. Sub. Perpetual Bonds1,4,5			37,360,000		37,220,871

16  OPPENHEIMER INTERNATIONAL BOND FUND

STATEMENT OF INVESTMENTS  Unaudited / Continued

			Principal Amount		Value
Electric Utilities Continued
Empresas Publicas de Medellin ESP:
7.625% Sr. Unsec. Nts., 7/29/194		$	6,255,000	$	7,412,175
8.375% Sr. Unsec. Nts., 2/1/214	COP		14,256,190,000		7,704,252
Enel SpA:
6.50% Jr. Sub. Nts., 1/10/741	EUR		2,580,000		3,814,968
8.75% Sub. Nts., 9/24/731,4			2,550,000		2,782,348
Eskom Holdings Ltd.:
5.75% Sr. Unsec. Nts., 1/26/214			5,010,000		5,010,000
6.75% Sr. Unsec. Nts., 8/6/234			16,130,000		16,573,575
Iberdrola International BV, 5.75% Sub. Perpetual Bonds1,5	EUR		4,540,000		6,625,496
Israel Electric Corp. Ltd.:
6.70% Sr. Sec. Nts., 2/10/174			13,675,000		14,870,346
7.25% Sr. Sec. Nts., 1/15/194			63,540,000		70,649,173
9.375% Sr. Sec. Nts., 1/28/204			3,030,000		3,676,245
National Power Corp., 5.875% Sr. Unsec. Nts., 12/19/16	PHP		665,100,000		16,144,026
Perusahaan Listrik Negara PT, 5.50% Sr. Unsec. Nts., 11/22/214			9,380,000		9,075,150
					255,522,622
Energy Traders—0.4%
Colbun SA, 6% Sr. Unsec. Nts., 1/21/204			15,410,000		16,592,625
Comision Federal de Electricidad, 4.875% Sr. Unsec. Nts., 1/15/244			9,385,000		9,338,075
Infinis plc, 7% Sr. Sec. Nts., 2/15/197	GBP		3,810,000		6,766,584
Instituto Costarricense de Electricidad, 6.95% Sr. Unsec. Nts., 11/10/214			1,380,000		1,423,125
Power Sector Assets & Liabilities Management Corp., 7.39% Sr. Unsec. Nts., 12/2/244			3,000,000		3,675,000
					37,795,409
Gas Utilities—0.2%
Empresa de Energia de Bogota SA, 6.125% Sr. Unsec. Nts., 11/10/214			8,195,000		8,768,650
Gas Natural Capital Markets SA, 4.375% Sr. Unsec. Nts., 11/2/16	EUR		3,930,000		5,873,071
Gas Natural de Lima y Callao SA, 4.375% Sr. Unsec. Nts., 4/1/234			5,100,000		4,743,000
Transportadora de Gas Internacional SA ESP, 5.70% Sr. Unsec. Nts., 3/20/224			4,180,000		4,446,475
					23,831,196
Multi-Utilities—0.4%
National Grid North America, Inc., 1.75% Unsec. Nts., 2/20/18	EUR		4,340,000		6,016,720
Veolia Environnement SA, 4.45% Jr. Sub. Perpetual Bonds1,5	EUR		23,720,000		32,410,949
					38,427,669
Total Corporate Bonds and Notes (Cost $2,973,121,745)					2,960,635,151

Counterparty

Buy /Sell Protection

Reference Asset

Fixed Rate

Expiration Date

Notional Amount (000’s)

Over-the-Counter Credit Default Swaptions Purchased—0.0%

Credit Default Swap maturing 12/20/18 Call8

JPM

Buy

CDX.NA.HY.21

5.000%

2/19/14

USD  47,180

98,252

17  OPPENHEIMER INTERNATIONAL BOND FUND

STATEMENT OF INVESTMENTS  Unaudited / Continued

	Counterparty	Buy /Sell Protection	Reference Asset	Fixed Rate		Expiration Date		Notional Amount (000’s)		Value
Over-the-Counter Credit Default Swaptions Purchased: Continued
Credit Default Swap maturing 12/20/18 Call8	JPM	Buy	iTraxx Europe Series 20 Version 1	1.000	%	2/19/14	EUR	139,350	$	65,812
Credit Default Swap maturing 12/20/18 Call8	JPM	Buy	CDX.NA.HY.21	5.000		1/15/14	USD	17,460		2,415
Credit Default Swap maturing 12/20/18 Call8	BAC	Buy	iTraxx Europe Series 20 Version 1	1.000		1/15/14	EUR	69,975		212
Credit Default Swap maturing 12/20/18 Call8	JPM	Buy	CDX.NA.HY.21	5.000		1/15/14	USD	17,455		2,414
Total Over-the-Counter Credit Default Swaptions Purchased (Cost $1,330,140)										169,105

Counterparty

Pay/Receive Floating Rate

Floating Rate

Fixed Rate

Expiration Date

Notional Amount (000’s)

Over-the-Counter Interest Rate Swaptions Purchased—0.7%

Interest Rate Swap maturing 1/10/19 Call8

BAC

Receive

Three-Month USD BBA LIBOR

1.985

%

1/8/14

USD

127,410

$

18,249

Interest Rate Swap maturing 1/13/19 Call8

BOA

Receive

Three-Month USD BBA LIBOR

1.993

1/9/14

USD

174,830

32,994

Interest Rate Swap maturing 1/24/17 Call8

BAC

Receive

Three-Month USD BBA LIBOR

0.835

1/22/14

USD

183,110

486,633

18  OPPENHEIMER INTERNATIONAL BOND FUND

STATEMENT OF INVESTMENTS  Unaudited / Continued

Counterparty

Pay/Receive Floating Rate

Floating Rate

Fixed Rate

Expiration Date

Notional Amount (000’s)

Value

Over-the-Counter Interest Rate Swaptions Purchased Continued

Interest Rate Swap maturing 1/28/17 Call8

UBS

Receive

Three-Month USD BBA LIBOR

0.840

%

1/24/14

USD

105,810

$

299,231

Interest Rate Swap maturing 1/31/19 Call8

BOA

Receive

Three-Month USD BBA LIBOR

1.590

1/29/14

USD

88,875

1,123,972

Interest Rate Swap maturing 11/16/26 Call8

JPM

Receive

Three-Month KRW CD KSDA

3.625

11/15/16

KRW

100,000,000

2,470,198

Interest Rate Swap maturing 11/20/28 Call8

BOA

Receive

Three-Month KRW CD KSDA

3.640

11/19/18

KRW

50,000,000

1,465,867

Interest Rate Swap maturing 11/25/44 Call8

BAC

Receive

Six-Month GBP BBA LIBOR

3.445

11/25/14

GBP

44,375

3,842,031

Interest Rate Swap maturing 11/28/23 Call8

GSG

Receive

Three-Month KRW CD KSDA

3.749

11/27/18

KRW

50,000,000

866,050

Interest Rate Swap maturing 11/30/23 Call8

GSG

Receive

Three-Month KRW CD KSDA

3.785

11/29/18

KRW

100,000,000

1,677,724

Interest Rate Swap maturing 12/4/45 Call8

GSG

Receive

Six-Month GBP BBA LIBOR

3.275

12/4/15

GBP

43,925

7,563,937

Interest Rate Swap maturing 12/5/22 Call8

BOA

Pay

Six-Month AUD BBR BBSW

4.373

12/4/17

AUD

100,000

806,012

19  OPPENHEIMER INTERNATIONAL BOND FUND

STATEMENT OF INVESTMENTS  Unaudited / Continued

Counterparty

Pay/Receive Floating Rate

Floating Rate

Fixed Rate

Expiration Date

Notional Amount (000’s)

Value

Over-the-Counter Interest Rate Swaptions Purchased Continued

Interest Rate Swap maturing 2/12/24 Call8

JPM

Receive

Three-Month USD BBA LIBOR

2.975

%

2/10/14

USD  50,915

$

921,382

Interest Rate Swap maturing 2/18/24 Call8

GSG

Receive

Six-Month EUR EURIBOR

2.069

2/14/14

EUR  50,845

992,607

Interest Rate Swap maturing 2/19/24 Call8

UBS

Receive

Six-Month EUR EURIBOR

2.080

2/17/14

EUR  50,875

955,525

Interest Rate Swap maturing 3/10/18 Call8

GSG

Pay

Three-Month USD BBA LIBOR

2.425

3/6/14

USD  500,000

1,675,150

Interest Rate Swap maturing 3/10/19 Call8

JPM

Receive

Three-Month USD BBA LIBOR

2.005

3/6/14

USD  253,055

1,200,035

Interest Rate Swap maturing 3/10/19 Call8

BOA

Receive

Three-Month CAD BA CDOR

2.423

3/10/14

CAD  250,000

1,096,948

Interest Rate Swap maturing 3/10/19 Call8

BOA

Receive

Three-Month USD BBA LIBOR

1.976

3/6/14

USD  500,000

2,624,900

Interest Rate Swap maturing 3/12/19 Call8

GSG

Receive

Three-Month USD BBA LIBOR

1.960

3/10/14

USD  500,000

2,905,725

Interest Rate Swap maturing 3/19/19 Call8

UBS

Receive

Six-Month EUR EURIBOR

1.490

3/17/14

EUR  158,285

716,204

20  OPPENHEIMER INTERNATIONAL BOND FUND

STATEMENT OF INVESTMENTS  Unaudited / Continued

Counterparty

Pay/Receive Floating Rate

Floating Rate

Fixed Rate

Expiration Date

Notional Amount (000’s)

Value

Over-the-Counter Interest Rate Swaptions Purchased Continued

Interest Rate Swap maturing 3/19/24 Call8

BAC

Pay

Three-Month USD BBA LIBOR

2.745

%

3/17/14

USD

74,975

$

80,065

Interest Rate Swap maturing 3/24/19 Call8

UBS

Receive

Six-Month EUR EURIBOR

1.565

3/20/14

EUR

350,000

1,214,273

Interest Rate Swap maturing 4/1/19 Call8

GSG

Receive

Three-Month USD BBA LIBOR

1.703

3/28/14

USD

127,105

1,905,676

Interest Rate Swap maturing 4/10/19 Call8

JPM

Receive

Three-Month USD BBA LIBOR

2.145

4/8/14

USD

127,410

673,584

Interest Rate Swap maturing 4/27/47 Call8

BAC

Receive

Three-Month USD BBA LIBOR

3.480

4/25/17

USD

76,880

15,773,280

Interest Rate Swap maturing 5/2/19 Call8

UBS

Receive

Three-Month USD BBA LIBOR

2.010

4/30/14

USD

76,500

725,450

Interest Rate Swap maturing 5/22/24 Call8

JPM

Receive

Three-Month USD BBA LIBOR

3.220

5/20/14

USD

50,820

1,026,552

Interest Rate Swap maturing 5/30/33 Call8

BAC

Receive

Six-Month GBP BBA LIBOR

3.990

5/30/23

GBP

40,415

3,451,394

Interest Rate Swap maturing 5/8/19 Call8

JPM

Receive

Three-Month USD BBA LIBOR

1.795

5/6/14

USD

203,475

3,197,717

21  OPPENHEIMER INTERNATIONAL BOND FUND

STATEMENT OF INVESTMENTS  Unaudited / Continued

Counterparty

Pay/Receive Floating Rate

Floating Rate

Fixed Rate

Expiration Date

Notional Amount (000’s)

Value

Over-the-Counter Interest Rate Swaptions Purchased Continued

Interest Rate Swapmaturing 7/27/46 Call8

BOA

Receive

Three-Month USD BBA LIBOR

3.890

%

7/25/16

USD  69,880

$

9,534,826

Interest Rate Swapmaturing 8/4/46 Call8

BOA

Receive

Three-Month USD BBA LIBOR

4.860

8/2/16

USD  43,895

2,499,200

Total Over-the-Counter Interest Rate Swaptions Purchased (Cost $63,446,330)

73,823,391

Counterparty

Exercise Price

Expiration Date

Contracts

Value

Over-the-Counter Options Purchased—1.6%

AUD Currency Put8

GSG

AUD

2 .070

1/29/14

AUD

105,000,000

$

229,764

AUD Currency Put8

BOA

USD

0.875

12/4/14

AUD

150,000,000

5,573,700

AUD Currency Put8

GSG

USD

0.850

11/10/14

AUD

150,000,000

3,847,200

AUD Currency Put8,11

BOA

USD

0.900

2/3/14

AUD

100,000,000

1,035,300

AUD Currency Call8

GSG

JPY

102.000

9/10/14

AUD

141,580,000

801,061

AUD Currency Call8

BOA

JPY

95.500

8/4/14

AUD

93,890,000

1,663,546

AUD Currency Put8

GSG

USD

0.880

11/26/14

AUD

150,000,000

5,819,700

BRL Currency Call8

GSG

BRL

2.300

1/9/14

BRL

143,010,000

31,748

CAD Currency Put8

GSG

CAD

1.093

6/4/14

CAD

327,750,000

2,877,645

CAD Currency Put8

JPM

CAD

1.084

11/17/14

CAD

105,370,000

2,151,445

CAD Currency Put8,12

BOA

CAD

1.070

5/26/14

CAD

107,000,000

769,865

22  OPPENHEIMER INTERNATIONAL BOND FUND

STATEMENT OF INVESTMENTS  Unaudited / Continued

Counterparty

Exercise Price

Expiration Date

Contracts

Value

Over-the-Counter Options Purchased Continued

CNH Currency Call8

JPM

CNH

6.147

10/16/14

CNH

580,550,000

$

1,155,875

EUR Currency Call8

BOA

USD

1.380

1/24/14

EUR

500,000,000

4,260,000

EUR Currency Call8

BOA

USD

1.265

9/30/14

EUR

100,000,000

934,723

EUR Currency Call8

BOA

USD

1.400

1/29/14

EUR

250,000,000

872,750

EUR Currency Call8

BOA

USD

1.400

1/29/14

EUR

250,000,000

872,750

EUR Currency Call8

GSG

USD

1.410

1/22/14

EUR

200,000,000

232,600

EUR Currency Call8,13

BOA

USD

1.290

1/17/14

EUR

73,500,000

–

EUR Currency Put8

BOA

USD

1.302

5/23/14

EUR

194,375,000

1,337,689

EUR Currency Call8

BAC

USD

1.397

1/13/14

EUR

100,000,000

121,800

INR Currency Call8

GSG

INR

65.000

9/2/14

INR

2,895,800,000

1,728,793

INR Currency Call8

GSG

INR

65.250

9/3/14

INR

2,908,000,000

1,834,948

JPY Currency Call8

BAC

JPY

100.000

1/24/14

JPY

10,000,000,000

30,000

JPY Currency Call8

GSG

JPY

100.000

1/10/14

JPY

20,000,000,000

–

JPY Currency Put8

BOA

JPY

110.000

3/28/14

JPY

27,500,000,000

1,210,000

JPY Currency Put8

BAC

JPY

105.000

3/10/14

JPY

15,750,000,000

2,709,000

JPY Currency Put8

BAC

JPY

110.000

3/17/14

JPY

11,000,000,000

385,000

23  OPPENHEIMER INTERNATIONAL BOND FUND

STATEMENT OF INVESTMENTS  Unaudited / Continued

Counterparty

Exercise Price

Expiration Date

Contracts

Value

Over-the-Counter Options Purchased Continued

JPY Currency Put8

GSG

JPY

103.000

5/23/14

JPY

10,010,000,000

$

3,703,700

JPY Currency Put8

GSG

JPY

110.000

3/14/14

JPY

11,000,000,000

352,000

JPY Currency Call8

GSG

JPY

100.000

1/10/14

JPY

20,000,000,000

–

JPY Currency Put8

BOA

KRW

10.195

4/30/15

JPY

5,000,000,000

2,748,685

JPY Currency Put8

GSG

JPY

104.000

5/11/15

JPY

20,800,000,000

10,795,200

JPY Currency Put8

GSG

JPY

108.000

5/22/15

JPY

21,365,000,000

7,306,830

JPY Currency Put8

GSG

JPY

105.000

5/23/14

JPY

15,750,000,000

4,063,500

JPY Currency Put8

GSG

JPY

101.000

5/7/15

JPY

12,625,000,000

8,761,750

JPY Currency Put8

GSG

KRW

10.425

5/7/15

JPY

5,000,000,000

3,688,551

JPY Currency Put8

JPM

KRW

10.100

5/7/15

JPY

5,000,000,000

2,463,269

JPY Currency Put8

BOA

KRW

9.900

5/7/15

JPY

5,000,000,000

2,039,247

JPY Currency Put8

GSG

JPY

105.000

4/8/15

JPY

10,500,000,000

4,819,500

JPY Currency Put8

BOA

JPY

103.500

4/9/15

JPY

25,875,000,000

13,817,250

JPY Currency Put8

GSG

JPY

103.500

4/10/14

JPY

12,937,500,000

3,816,562

JPY Currency Put8

BAC

JPY

105.000

5/23/14

JPY

15,750,000,000

4,063,500

JPY Currency Put8

RBS

JPY

101.500

4/7/15

JPY

10,150,000,000

6,617,800

24  OPPENHEIMER INTERNATIONAL BOND FUND

STATEMENT OF INVESTMENTS  Unaudited / Continued

Counterparty

Exercise Price

Expiration Date

Contracts

Value

Over-the-Counter Options Purchased Continued

JPY Currency Put8

GSG

JPY

103.000

4/15/15

JPY

12,875,000,000

$

7,261,500

JPY Currency Put8

GSG

JPY

104.000

9/7/15

JPY

20,800,000,000

11,606,400

JPY Currency Call8

NOM

JPY

94.250

1/24/14

JPY

9,425,000,000

–

JPY Currency Put8

BAC

JPY

101.500

4/7/15

JPY

10,150,000,000

6,617,800

MXN Currency Call8

GSG

MXN

13.000

9/29/14

MXN

2,527,500,000

5,714,678

MXN Currency Call8

CITNA-B

MXN

12.500

1/22/14

MXN

625,000,000

28,125

MXN Currency Call8

BOA

MXN

12.725

3/11/14

MXN

1,048,150,000

595,349

MXN Currency Put8

BOA

MXN

13.785

1/22/14

MXN

689,250,000

48,248

NOK Currency Call8

GSG

NOK

5.830

1/22/14

NOK

1,166,000,000

145,750

NOK Currency Call8

BAC

NOK

5.820

1/30/14

NOK

1,164,000,000

245,604

NOK Currency Call8

BOA

NOK

5.888

1/31/14

NOK

1,000,875,000

458,401

Republic of Italy Treasury Bonds Call8

JPM

EUR

101.400

3/5/14

EUR

25,000,000

714,502

Republic of Italy Treasury Bonds Call8

JPM

EUR

102.870

3/18/14

EUR

25,000,000

411,586

Total Over-the-Counter Options Purchased (Cost $159,214,862)

155,392,189

		Principal Amount
Structured Securities—0.8%
Citigroup Global Markets Holdings, Inc., Republic of Colombia Credit Linked Nts.,
Series 2, 10%, 7/25/24	COP		13,239,000,000	8,467,472
Credit Suisse First Boston International, Moitk Total Return Linked Nts., 21%,
3/30/116	RUB		220,242,600	—

25  OPPENHEIMER INTERNATIONAL BOND FUND

STATEMENT OF INVESTMENTS  Unaudited / Continued

		Principal Amount		Value
Structured Securities Continued
Credit Suisse First Boston, Inc. (Nassau Branch), Russian Specialized Construction & Installation Administration Total Return Linked Nts., 13%, 5/24/106	RUB		64,600,000	$	—
Deutche Bank AG, Opic Reforma I Credit Linked Nts.:
Cl. 2A, 7.208%, 5/22/157	MXN		1,273,571		91,603
Cl. 2B, 7.208%, 5/22/157	MXN		2,228,143		160,261
Cl. 2C, 7.208%, 5/22/157	MXN		33,594,990		2,416,349
Cl. 2D, 7.208%, 5/22/157	MXN		2,448,356		176,100
Cl. 2E, 7.208%, 5/22/157	MXN		1,778,777		127,940
Cl. 2F, 7.208%, 5/22/157	MXN		1,136,016		81,709
Cl. 2G, 7.208%, 5/22/157	MXN		209,207		15,047
Deutsche Bank AG, Coriolanus Ltd. Sec. Credit Linked Bonds:
3.01%, 4/30/252,4			3,799,298		2,575,494
3.138%, 4/30/252,4			3,735,797		2,532,448
3.191%, 4/30/252,4			4,651,371		3,153,103
3.242%, 4/30/252,4			5,308,833		3,598,788
3.269%, 4/30/252,4			4,241,136		2,875,010
3.346%, 4/30/252,4			3,986,488		2,702,388
3.797%, 4/30/252,4			4,840,890		3,281,575
3.894%, 4/30/251,4			4,179,333		2,833,115
Goldman Sachs Capital Markets LP, Republic of Colombia Credit Linked Nts., Cl. B, 10%, 7/30/244	COP		12,190,000,000		7,796,547
JPMorgan Chase & Co., Republic of Colombia Credit Linked Nts.:
10.19%, 1/5/164	COP		25,635,000,000		12,182,464
10.218%, 10/31/164	COP		45,697,000,000		20,571,549
LB Peru Trust II Certificates, Series 1998-A, 3.795%, 2/28/166			11,734		11,751
Morgan Stanley, Russian Federation Total Return Linked Bonds, Series 007, Cl. VR, 5%, 8/22/34	RUB		218,061,427		3,324,775
Total Structured Securities (Cost $74,541,991)					78,975,488

			Shares
Investment Company—1.1%
Oppenheimer Institutional Money Market Fund, Cl. E, 0.09%14,15 (Cost $111,095,321)			111,095,321		111,095,321
Total Investments, at Value (Cost $10,182,716,075)	101.1	%			9,955,918,197
Liabilities in Excess of Other Assets	(1.1	)			(107,897,391	)
Net Assets	100.0	%		$	9,848,020,806

Footnotes to Statement of Investments

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

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

3. 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 $29,358,546. See accompanying Notes.

4. Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended. These securities have been determined to be liquid under guidelines established by the Board of Trustees. These securities amount to $2,752,448,039 or 27.95% of the Fund’s net assets as of December 31, 2013.

5. 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.

26  OPPENHEIMER INTERNATIONAL BOND FUND

STATEMENT OF INVESTMENTS  Unaudited / Continued

Footnotes to Statement of Investments Continued

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

7. Restricted security. The aggregate value of restricted securities as of December 31, 2013 was $25,429,427, which represents 0.26% of the Fund’s net assets. See accompanying Notes. Information concerning restricted securities is as follows:

Security	Acquisition   Dates		Cost		Value		Unrealized Appreciation/ (Depreciation)
Deutche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2A, 7.208%, 5/22/15		5/21/08	$	122,793	$	91,603	$	(31,190	)
Deutche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2B, 7.208%, 5/22/15		6/12/08		214,812		160,261		(54,551	)
Deutche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2C, 7.208%, 5/22/15		6/18/08		3,259,229		2,416,349		(842,880	)
Deutche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2D, 7.208%, 5/22/15		7/8/08		237,353		176,100		(61,253	)
Deutche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2E, 7.208%, 5/22/15		7/15/08		172,730		127,940		(44,790	)
Deutche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2F, 7.208%, 5/22/15		8/8/08		111,830		81,709		(30,121	)
Deutche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2G, 7.208%, 5/22/15		8/22/08		20,634		15,047		(5,587)
IIRSA Norte Finance Ltd., 8.75% Sr. Sec. Nts., 5/30/24		8/3/06-11/18/09		13,205,727		15,345,712		2,139,985
Infinis plc, 7% Sr. Sec. Nts., 2/15/19		10/2/13-10/16/13		6,480,653		6,766,584		285,931
JPMorgan Hipotecaria su Casita, 6.47% Sec. Nts., 8/26/35		3/21/07		3,123,036		248,122		(2,874,914)
			$	26,948,797	$	25,429,427	$	(1,519,370)

8. Non-income producing security.

9. 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 $30,204,230. See accompanying Notes.

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

11. Knock-out option becomes eligible for exercise if at any time spot rates are less than or equal to 0.85 AUD per 1 USD.

12. Knock-out option becomes eligible for exercise if at any time spot rates are greater than or equal to 1.14 CAD per 1 USD.

13. Knock-in option becomes eligible for exercise if at any time spot rates are less than or equal to 1.27 USD per 1 EUR.

27  OPPENHEIMER INTERNATIONAL BOND FUND

STATEMENT OF INVESTMENTS  Unaudited / Continued

Footnotes to Statement of Investments Continued

14. Is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended December 31, 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 30, 2013		Gross Additions		Gross Reductions		Shares December 31, 2013
Oppenheimer Institutional Money Market Fund, Cl. E		454,741,805		1,084,300,881		1,427,947,365		111,095,321

	Value		Income
Oppenheimer Institutional Money Market Fund, Cl. E	$	111,095,321	$	39,310

15. Rate shown is the 7-day yield as of December 31, 2013.

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

Geographic Holdings	Value		Percent
Japan	$	936,842,561	9.4%
Mexico		765,881,056	7.7
United Kingdom		742,845,567	7.5
Russia		703,581,173	7.1
Brazil		621,041,623	6.2
United States		612,583,151	6.2
Italy		587,087,403	5.9
France		557,713,165	5.6
Germany		442,480,929	4.4
Australia		432,008,267	4.3
Turkey		301,829,138	3.0
South Africa		210,702,280	2.1
Colombia		191,336,531	1.9
Portugal		180,973,801	1.8
Canada		176,088,402	1.8
Belgium		162,568,284	1.6
Netherlands		156,050,972	1.6
Hungary		150,055,228	1.5
Indonesia		145,206,921	1.5
Poland		132,614,059	1.3
Spain		125,511,454	1.3
Peru		111,494,831	1.1
Venezuela		109,848,625	1.1
Israel		89,195,763	0.9
United Arab Emirates		78,211,250	0.8
Thailand		72,019,492	0.7
Chile		71,841,325	0.7
Ukraine		66,239,423	0.7
Finland		65,682,581	0.7
Switzerland		64,177,385	0.6
Supranational		59,804,014	0.6
Denmark		59,777,637	0.6
Malaysia		56,970,243	0.6
Philippines		53,478,951	0.5
Nigeria		45,613,615	0.5

28  OPPENHEIMER INTERNATIONAL BOND FUND

STATEMENT OF INVESTMENTS  Unaudited / Continued

Footnotes to Statement of Investments Continued

Geographic Holdings Continued	Value		Percent
India	$	44,374,662		0.4	%
Romania		36,555,019		0.4
China		36,359,198		0.4
Sweden		36,064,801		0.4
Luxembourg		34,775,420		0.4
Croatia		33,226,660		0.3
Lithuania		31,943,373		0.3
Dominican Republic		30,477,637		0.3
Serbia		30,465,737		0.3
Ivory Coast		28,534,500		0.3
Kazakhstan		25,708,854		0.3
Panama		22,661,325		0.2
Singapore		22,055,196		0.2
Uruguay		21,142,950		0.2
Sri Lanka		18,772,406		0.2
South Korea		14,435,299		0.1
Jamaica		14,322,394		0.1
Costa Rica		13,037,512		0.1
Angola		12,819,275		0.1
Eurozone		12,576,944		0.1
Morocco		11,346,000		0.1
Norway		11,052,399		0.1
Ireland		9,261,505		0.1
Latvia		9,217,294		0.1
Austria		8,644,460		0.1
Tanzania		8,573,250		0.1
Jersey, Channel Islands		7,839,976		0.1
Trinidad		7,570,278		0.1
Gabon		6,105,450		0.1
Greece		6,023,862		0.1
Hong Kong		4,720,061		0.1
Guatemala		3,905,400		0.0
Bolivia		1,992,000		0.0
Total	$	9,955,918,197		100.0	%

Forward Currency Exchange Contracts as of December 31, 2013
Counterparty	Settlement Month(s)		Currency Purchased (000’s)		Currency Sold (000’s)		Unrealized Appreciation		Unrealized Depreciation
BAC		01/2014	BRL	107,170	USD	46,385	$	139,796	$	1,098,897
BAC		01/2014	KRW	17,887,000	USD	16,750		173,996		–
BAC		01/2014	MXN	308,600	USD	23,961		–		329,320
BAC		02/2014 - 02/2014	MYR	217,870	USD	68,400		–		2,063,968
BAC		01/2014 - 01/2015	USD	78,980	BRL	186,670		2,127,095		83,560
BAC		01/2014 - 02/2014	USD	80,060	EUR	59,225		–		1,414,696
BAC		01/2014	USD	2,181	IDR	26,758,000		–		4,491
BAC		02/2014	USD	370,898	JPY	38,214,000		7,928,135		–
BAC		02/2014	USD	3,866	THB	125,000		70,897		–
BAC		02/2014	USD	22,599	ZAR	232,065		577,429		–
BNP		01/2014	BRL	9,670	USD	4,154		–		55,020
BNP		05/2014	CAD	114,130	USD	106,729		326,492		–
BNP		05/2014	DKK	90,425	USD	16,577		116,619		–

29  OPPENHEIMER INTERNATIONAL BOND FUND

STATEMENT OF INVESTMENTS  Unaudited / Continued

Footnotes to Statement of Investments Continued

Forward Currency Exchange Contracts: Continued
Counterparty	Settlement Month(s)		Currency Purchased (000’s)			Currency Sold (000’s)			Unrealized Appreciation		Unrealized Depreciation
BNP		02/2014		EUR	15,495		USD	20,844	$	472,157	$	–
BNP		01/2014 - 06/2014		MXN	598,400		USD	45,422		153,261		–
BNP		05/2014		NOK	20,930		USD	3,407		24,845		–
BNP		03/2014		TRY	13,120		USD	6,350		–		322,279
BNP		05/2014		USD	6,312		CAD	6,735		–		5,063
BNP		05/2014		USD	24,021		DKK	131,890		–		327,024
BNP		01/2014 - 02/2014		USD	276,239		EUR	202,540		5,260		2,395,752
BNP		02/2014		USD	212,502		GBP	131,220		–		4,709,296
BNP		01/2014		USD	1,288		KRW	1,358,000		1,732		–
BNP		01/2014 - 06/2014		USD	90,800		MXN	1,195,100		410,160		509,667
BNP		01/2014		USD	1,486		RON	4,825		1,931		–
BNP		03/2014		USD	20,107		TRY	42,580		625,942		80,509
BNP		02/2014		USD	11,238		ZAR	117,150		120,690		–
BNP		02/2014		ZAR	226,630		USD	21,632		–		125,944
BOA		01/2014		BRL	170,300		USD	72,777		200,107		792,928
BOA		01/2014 - 01/2014		IDR	388,330,000		USD	34,403		–		2,640,393
BOA		02/2014 - 05/2014		JPY	85,547,000		USD	843,932		–		31,272,985
BOA		02/2014		KRW	168,211,000		USD	159,042		–		157,735
BOA		01/2014 - 10/2014		MXN	586,000		USD	44,478		36,788		187,081
BOA		01/2014		RON	45,340		USD	13,840		102,857		–
BOA		02/2014		THB	2,071,300		USD	65,176		–		2,283,569
BOA		01/2014 - 07/2014		USD	101,458		BRL	239,430		1,411,180		141,938
BOA		01/2014 - 01/2014		USD	66,823		IDR	774,256,000		3,470,727		–
BOA		02/2014 - 05/2014		USD	396,732		JPY	40,272,000		14,170,907		–
BOA		01/2014 - 06/2014		USD	233,973		MXN	3,090,125		834,039		1,450,696
BOA		01/2014		USD	5,840		PEN	16,290		40,615		–
BOA		02/2014		USD	9,334		ZAR	99,030		–		63,901
CITNA-B		01/2014		CLP	1,979,000		USD	3,871		–		115,385
CITNA-B		01/2014		COP	5,432,000		USD	2,796		17,289		–
CITNA-B		01/2014 - 02/2014		EUR	272,690		USD	371,660		3,507,542		31,490
CITNA-B		01/2014		GBP	57,520		USD	93,910		1,334,190		–
CITNA-B		02/2014		KRW	33,158,000		USD	31,044		261,834		–
CITNA-B		01/2014 - 04/2014		MXN	2,244,060		USD	172,734		57,033		1,293,276
CITNA-B		01/2014		MYR	97,760		USD	30,868		–		1,065,423
CITNA-B		02/2014 - 05/2014		USD	456,951		AUD	506,250		7,890,750		–
CITNA-B		05/2014		USD	140,447		CAD	148,920		758,430		–
CITNA-B		01/2014		USD	2,150		CLP	1,149,000		–		30,548
CITNA-B		01/2014 - 02/2014		USD	642,998		EUR	475,765		3,638		11,508,939
CITNA-B		01/2014		USD	176,459		GBP	110,320		–		6,213,167
CITNA-B		02/2014		USD	3,249		HUF	708,000		–		17,916
CITNA-B		01/2014 - 04/2014		USD	82,092		MXN	1,089,800		–		928,420
CITNA-B		01/2014		USD	4,466		NOK	26,500		98,651		–
CITNA-B		02/2014		USD	6,675		PLN	20,480		–		90,640
DEU		01/2014 - 02/2014		EUR	84,665		USD	114,687		1,845,205		59,451
DEU		01/2014		PEN	5,820		USD	2,069		2,626		–
DEU		01/2014 - 02/2014		USD	177,955		EUR	131,340		48,030		2,775,184
DEU		01/2014		USD	8,730		GBP	5,435		–		269,194

30  OPPENHEIMER INTERNATIONAL BOND FUND

STATEMENT OF INVESTMENTS  Unaudited / Continued

Footnotes to Statement of Investments Continued

Forward Currency Exchange Contracts: Continued

Counterparty

Settlement Month(s)

Currency Purchased (000’s)

Currency Sold (000’s)

Unrealized Appreciation

Unrealized Depreciation

DEU

05/2014

USD

20,678

PLN

64,740

$

–

$

558,445

DEU

05/2014

ZAR

30,660

USD

2,943

–

83,144

FIB

03/2014

USD

48,784

TRY

100,840

2,458,276

–

GSCO-OT

09/2014

AUD

9,440

USD

8,887

–

597,044

GSCO-OT

01/2014 - 01/2015

BRL

499,960

USD

212,503

211,820

12,316,036

GSCO-OT

01/2014

KRW

23,510,000

USD

22,000

245,175

–

GSCO-OT

09/2014

USD

8,583

AUD

9,440

293,275

–

GSCO-OT

01/2014 - 01/2015

USD

405,524

BRL

974,640

10,463,302

149,823

GSCO-OT

02/2014 - 06/2014

USD

459,149

EUR

335,090

74,133

1,932,496

GSCO-OT

09/2014 - 09/2014

USD

43,605

INR

3,127,000

–

4,317,959

GSCO-OT

10/2014

USD

68,046

MXN

920,260

–

965,085

HSBC

03/2014

TRY

80,010

USD

38,365

–

1,608,386

HSBC

03/2014

USD

75,965

TRY

157,260

3,767,001

46,639

JPM

01/2014 - 02/2014

BRL

772,807

USD

326,000

2,251,580

1,783,198

JPM

01/2014 - 01/2014

IDR

782,808,000

USD

68,681

–

4,535,945

JPM

01/2014

KRW

32,422,000

USD

30,645

62,110

–

JPM

01/2014 - 03/2014

MXN

584,000

USD

44,626

149,451

199,794

JPM

01/2014 - 02/2014

MYR

672,850

USD

210,728

–

5,678,429

JPM

01/2014 - 02/2014

PLN

207,370

USD

67,078

1,450,607

–

JPM

01/2014

RON

50,380

USD

15,397

96,071

–

JPM

02/2014

RUB

1,835,000

USD

55,505

–

24,837

JPM

02/2014 - 05/2014

THB

1,751,200

USD

54,995

–

1,921,109

JPM

02/2014

USD

4,024

AUD

4,535

–

10,630

JPM

01/2014 -10/2014

USD

216,061

BRL

520,665

374,932

1,922,504

JPM

01/2014

USD

31,663

COP

61,492,000

–

181,046

JPM

01/2014

USD

21,885

EUR

16,000

–

125,762

JPM

01/2014 - 01/2014

USD

71,095

IDR

849,518,000

1,495,784

–

JPM

01/2014

USD

15,532

KRW

16,360,000

37,214

–

JPM

03/2014

USD

69,882

MXN

923,800

–

522,474

JPM

01/2014

USD

125,562

MYR

404,685

2,236,577

46,097

JPM

02/2014

USD

20,021

PLN

61,060

–

149,843

JPM

01/2014

USD

3,480

RON

11,280

10,927

–

JPM

02/2014 - 03/2014

USD

120,110

RUB

4,000,375

–

563,376

JPM

02/2014 - 05/2014

USD

71,118

THB

2,236,200

3,317,835

–

JPM

02/2014

USD

9,734

ZAR

103,250

–

64,239

JPM

02/2014

ZAR

137,250

USD

13,263

–

238,184

MSCO

01/2014

BRL

1,958

USD

822

7,615

–

MSCO

01/2014 - 02/2014

EUR

276,190

USD

375,112

4,934,876

98,704

MSCO

10/2014

MXN

103,800

USD

7,672

111,750

–

MSCO

01/2014

PLN

96,880

USD

31,658

381,199

–

MSCO

07/2014

USD

48,494

BRL

112,070

2,952,984

–

MSCO

01/2014 - 02/2014

USD

55,976

EUR

40,790

–

137,498

MSCO

02/2014

USD

4,711

HUF

1,042,000

–

97,471

MSCO

01/2014

USD

48,405

MXN

625,400

514,944

–

MSCO

02/2014

USD

5,574

PLN

16,970

–

31,907

MSCO

05/2014

USD

1,379

SEK

9,110

–

33,835

MSCO

02/2014

USD

2,981

ZAR

31,040

35,649

–

NOM

01/2014

KRW

116,315,000

USD

108,863

1,192,621

–

31  OPPENHEIMER INTERNATIONAL BOND FUND

STATEMENT OF INVESTMENTS  Unaudited / Continued

Footnotes to Statement of Investments Continued

Forward Currency Exchange Contracts: Continued
Counterparty	Settlement Month(s)		Currency Purchased (000’s)		Currency Sold (000’s)		Unrealized Appreciation		Unrealized Depreciation
NOM		03/2014	USD	169,345	EUR	125,555	$	–	$	3,378,028
NOM		04/2014	USD	287,061	JPY	28,001,000		21,009,269		–
RBS		05/2014	CHF	15,875	USD	17,519		300,470		–
RBS		01/2014	NOK	31,555	USD	5,149		51,953		–
RBS		02/2014	PLN	385,445	USD	123,846		3,330,074		–
RBS		01/2014	USD	4,366	NOK	26,740		–		40,947
RBS		02/2014	USD	16,871	PHP	729,000		370,416		–
RBS		02/2014	USD	20,538	PLN	62,830		–		217,957
Total Unrealized Appreciation and Depreciation							$	113,558,765	$	(121,494,616	)

Futures Contracts as of December 31, 2013:

Description	Exchange		Buy/Sell		Expiration Date		Number of Contracts		Unrealized Appreciation (Depreciation)
Australian Treasury Bonds, 10 yr.		SFE		Sell		3/17/14		2,792	$	(3,383,219	)
Euro-Bundesobligation		EUX		Sell		3/06/14		607		1,242,086
U.S. Treasury Long Bonds		CBT		Sell		3/20/14		1,000		2,201,695
U.S. Treasury Nts., 5 yr.		CBT		Sell		3/31/14		1,500		2,341,772
									$	2,402,334

Over-the-Counter Options Written at December 31, 2013

Description	Counterparty			Exercise Price		Expiration Date			Number of Contracts			Premiums Received		Value
AUD Currency Put		BOA	JPY		70.000		8/4/14	AUD		(93,890,000	)$		1,056,017		$(195,531)
AUD Currency Put		BOA	USD		0.815		12/4/14	AUD		(150,000,000	)		2,840,601		(2,734,050)
AUD Currency Put		GSG	JPY		70.080		9/10/14	AUD		(141,580,000	)		1,270,951		(448,698)
AUD Currency Put		GSG	USD		0.800		11/10/14	AUD		(150,000,000	)		2,247,600		(2,112,750)
AUD Currency Put		GSG	USD		0.830		11/26/14	AUD		(150,000,000	)		2,989,245		(3,166,650)
BRL Currency Call		GSG	BRL		2.210		1/9/14	BRL		(137,410,000	)		263,007		–
BRL Currency Put		GSG	BRL		2.300		1/29/14	BRL		(230,000,000	)		1,060,000		(3,628,940)
BRL Currency Put		GSG	BRL		2.430		1/9/14	BRL		(151,090,000	)		738,662		(81,286)
CAD Currency Put		GSG	CAD		1.144		6/4/14	CAD		(343,050,000	)		1,923,000		(901,535)
INR Currency Put		GSG	INR		100.000		9/3/14	INR		(4,456,500,000	)		806,627		(8,913)
INR Currency Put		GSG	INR		98.320		9/2/14	INR		(4,380,200,000	)		878,016		(13,141)
JPY Currency Call1		BAC	JPY		90.000		4/7/15	JPY		(9,000,000,000	)		2,000,000		(828,000)
JPY Currency Call		BAC	JPY		94.250		1/24/14	JPY		(9,425,000,000	)		65,000		–
JPY Currency Put		BAC	JPY		110.000		3/10/14	JPY		(16,500,000,000	)		367,500		(478,500)
JPY Currency Call2		BAC	JPY		85.000		5/22/15	JPY		(12,750,000,000	)		3,495,001		(1,020,000)
JPY Currency Call		BOA	KRW		13.540		5/7/15	JPY		(5,000,000,000	)		1,647,213		(556,594)
JPY Currency Put		BOA	JPY		114.000		4/9/15	JPY		(28,500,000,000	)		6,221,000		(4,759,500)
JPY Currency Call		BOA	KRW		13.695		4/30/15	JPY		(5,000,000,000	)		1,980,818		(504,816)
JPY Currency Call1		BOA	JPY		90.000		4/9/15	JPY		(22,500,000,000	)		4,925,000		(2,092,500)
JPY Currency Put		GSG	JPY		120.000		5/22/15	JPY		(23,739,000,000	)		4,015,846		(2,302,683)
JPY Currency Call		GSG	JPY		87.050		7/20/15	JPY		(6,528,750,000	)		1,734,000		(927,082)
JPY Currency Call		GSG	JPY		86.550		8/20/15	JPY		(8,655,000,000	)		2,352,001		(1,280,940)
JPY Currency Call		GSG	JPY		84.550		12/18/15	JPY		(15,032,000,000	)		4,450,040		(2,720,792)
JPY Currency Call		GSG	KRW		13.600		5/7/15	JPY		(5,000,000,000	)		1,902,857		(550,565)

32  OPPENHEIMER INTERNATIONAL BOND FUND

STATEMENT OF INVESTMENTS  Unaudited / Continued

Footnotes to Statement of Investments Continued

Over-the-Counter Options Written: Continued

Description	Counterparty			Exercise Price		Expiration Date			Number of Contracts			Premiums Received		Value
JPY Currency Put		GSG	JPY		112.000		5/7/15	JPY		(14,000,000,000	)	$	2,937,500		$(3,038,000)
JPY Currency Put		GSG	JPY		105.000		1/10/14	JPY		(21,000,000,000	)		698,000		(1,365,000)
JPY Currency Call		GSG	JPY		85.550		10/20/15	JPY		(12,832,500,000	)		3,601,500		(2,091,698)
JPY Currency Call		GSG	JPY		85.050		11/19/15	JPY		(14,883,750,000	)		4,303,250		(2,560,005)
JPY Currency Put		GSG	JPY		105.000		1/10/14	JPY		(21,000,000,000	)		706,000		(1,365,000)
JPY Currency Call		GSG	JPY		82.600		4/8/15	JPY		(8,260,000,000	)		750,000		(404,740)
JPY Currency Call		GSG	JPY		87.800		9/7/15	JPY		(17,560,000,000	)		6,271,999		(3,090,560)
JPY Currency Put		GSG	JPY		108.000		5/23/14	JPY		(10,496,000,000	)		857,173		(1,448,448)
JPY Currency Call		GSG	JPY		83.500		4/10/15	JPY		(10,437,500,000	)		1,037,500		(594,938)
JPY Currency Call		GSG	JPY		86.050		9/17/15	JPY		(10,756,250,000	)		2,963,750		(1,656,462)
JPY Currency Call		JPM	KRW		13.180		5/7/15	JPY		(5,000,000,000	)		1,783,639		(697,774)
JPY Currency Put		NOM	JPY		100.350		1/24/14	JPY		(10,035,000,000	)		610,000		(4,736,520)
JPY Currency Call1		RBS	JPY		90.000		4/7/15	JPY		(9,000,000,000	)		1,907,500		(828,000)
MXN Currency Call		BOA	MXN		12.500		1/22/14	MXN		(625,000,000	)		363,150		(28,125)
MXN Currency Put		BOA	MXN		13.600		3/11/14	MXN		(1,120,400,000	)		778,925		(749,548)
MXN Currency Call		BOA	MXN		12.350		3/11/14	MXN		(1,017,400,000	)		427,638		(159,732)
MXN Currency Put		CITNA-B	MXN		13.785		1/22/14	MXN		(689,250,000	)		271,250		(48,247)
MXN Currency Put		GSG	MXN		15.750		9/29/14	MXN		(3,062,200,000	)		4,096,543		(1,953,684)
MXN Currency Call		GSG	MXN		12.250		9/29/14	MXN		(2,381,700,000	)		2,692,779		(1,648,136)
NOK Currency Call		BOA	NOK		5.722		1/31/14	NOK		(972,655,000	)		963,220		(61,277)
Republic of Italy Treasury Bonds Call		JPM	EUR		102.390		3/5/14	EUR		(50,000,000	)		416,523		(795,434)
Republic of Italy Treasury Bonds Call		JPM	EUR		103.040		3/18/14	EUR		(50,000,000	)		419,756		(510,861)
Total of Over-the-Counter Options Written												$	90,087,597	$	(61,145,655)

1. Knock-in option becomes eligible for exercise if at any time prior to expiration spot rates are less than or equal to 80JPY per 1USD.

2. Knock-in option becomes eligible for exercise if at any time prior to expiration spot rates are less than or equal to 79.2JPY per 1USD.

Cleared Credit Default Swaps at December 31, 2013

Refernce Asset

Buy/Sell Protection

Fixed Rate

Maturity Date

Notional Amount (000’s)

Premiums Received/ (Paid)

Value

iTraxx Europe Crossover Series 20

Buy

5.000%

12/20/18

EUR

25,495

$

2,672,607

$

(553,482)

Over-the-Counter Credit Default Swaps at December 31, 2013
Reference Asset	Counterparty		Buy/Sell Protection		Fixed Rate		Maturity Date		Notional Amount (000’s)			Premiums Received/ (Paid)			Value
Banco Bilbao Vizcaya Argentaria Sociedad Anonima		UBS		Sell		3.000%		12/20/17		EUR	4,405	$	(4,878	)$		451,708
Banco Bilbao Vizcaya Argentaria Sociedad Anonima		UBS		Sell		3.000		12/20/17		EUR	4,405		–			456,585
Banco Santander SA		BAC		Sell		3.000		9/20/17		EUR	20,000		(72,103	)		2,044,735
Banco Santander SA		BOA		Sell		3.000		12/20/17		EUR	5,000		(106,114	)		436,487
Banco Santander SA		UBS		Sell		3.000		9/20/17		EUR	8,850		(31,905	)		904,796
Bolivarian Republic of Venezuela		FIB		Buy		5.000		12/20/18		USD	8,540		(1,628,084	)		254,185
Hellenic Republic Government B		GSG		Sell		1.000		12/20/20		USD	10,000		2,900,555			426,206
Republic of Ireland		GSG		Buy		1.000		3/20/18		EUR	19,335		(715,358	)		(678,719	)
Republic of Ireland		GSG		Buy		1.000		3/20/18		USD	21,975		(923,121	)		(895,962	)

33  OPPENHEIMER INTERNATIONAL BOND FUND

STATEMENT OF INVESTMENTS  Unaudited / Continued

Footnotes to Statement of Investments Continued

Over-the-Counter Credit Default Swaps: Continued
Reference Asset	Counterparty		Buy/Sell Protection		Fixed Rate		Maturity Date		Notional Amount (000’s)			Premiums Received/ (Paid)			Value
Republic of Italy		GSG		Sell		1.000		3/20/23		USD	22,000	$	–		$	(1,826,780	)
Telefonica SA		UBS		Sell		1.000		9/20/17		EUR	5,000		–			31,943
Ukraine		BOA		Sell		5.000		12/20/18		USD	5,995		690,515			750
Ukraine		JPM		Buy		5.000		12/20/18		USD	4,050		(817,359	)		(351,380	)
Total of Over-the-Counter Credit Default Swaps												$	(707,852	)	$	1,254,554

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 (EUR)		47,660,000	EUR		–	EUR		BBB to BBB-
Investment Grade Sovereign Debt	$	22,000,000		$	–			BBB
Non-Investment Grade Sovereign Debt	$	15,995,000		$	4,050,000			B-
Total EUR		47,660,000	EUR		–	EUR
Total USD	$	37,995,000		$	4,050,000

*The Fund has no amounts recoverable from related purchased protection. In addition, the Fund has no recourse provisions under the credit derivatives and holds no collateral which can offset or reduce potential payments under a triggering event.

**The period end reference asset security ratings, as rated by any rating organization, are included in the equivalent Standard & Poor’s rating category. The reference asset rting represents the likelihood of a potential credit event on the reference asset which would result in a related payment by the Fund.

Cleared Interest Rate Swaps at December 31, 2013

Counterparty

Pay/Receive Floating Rate

Floating Rate

Fixed Rate

Maturity Date

Notional Amount (000’s)

Premiums Received/ (Paid)

Value

BAC

Receive

Three-Month USD BBA LIBOR

2.183%

11/20/23

USD

14,110

$

–

$

1,071,130

BAC

Receive

Three-Month USD BBA LIBOR

1.552

12/9/18

USD

164,870

–

1,519,043

BOA

Receive

Three-Month USD BBA LIBOR

2.805

10/21/23

USD

48,875

–

834,134

BOA

Pay

Three-Month USD BBA LIBOR

2.403

12/18/18

USD

163,900

–

(2,480,956

)

BOA

Receive

Three-Month USD BBA LIBOR

2.810

11/18/23

USD

34,635

–

683,981

34  OPPENHEIMER INTERNATIONAL BOND FUND

STATEMENT OF INVESTMENTS  Unaudited / Continued

Footnotes to Statement of Investments Continued

Cleared Interest Rate Swaps: Continued

Counterparty

Pay/Receive Floating Rate

Floating Rate

Fixed Rate

Maturity Date

Notional Amount (000’s)

Premiums Received/ (Paid)

Value

BOA

Pay

Six-Month AUD BBR BBSW

4.585%

10/18/23

AUD

55,985

$

–

$

300,161

BOA

Receive

Three- Month USD BBA LIBOR

2.543

9/9/17

USD

520,000

–

(6,807,122

)

BOA

Pay

Six-Month AUD BBR BBSW

5.490

11/15/23

AUD

87,025

–

(340,842

)

BOA

Receive

Three- Month USD BBA LIBOR

1.580

10/17/18

USD

123,040

–

334,578

BOA

Receive

Three- Month USD BBA LIBOR

2.785

10/15/23

USD

64,220

(59,623

)

1,104,812

JPM

Receive

Three- Month USD BBA LIBOR

1.719

8/29/18

USD

250,000

–

(2,299,113

)

JPM

Receive

Three- Month USD BBA LIBOR

2.256

11/19/23

USD

13,060

–

904,992

UBS

Receive

Six-Month EUR EURIBOR

2.254

9/5/23

EUR

95,365

–

(2,460,618

)

UBS

Receive

Six-Month GBP BBA LIBOR

1.820

12/5/18

GBP

88,765

–

1,858,557

UBS

Receive

Six-Month EUR EURIBOR

1.060

12/9/18

EUR

133,140

–

1,606,833

Total of Cleared Interest Rate Swaps

$

(59,623

)

$

(4,170,430

)

Over-the-Counter Interest Rate Swaps at December 31, 2013

Counterparty

Pay/Receive Floating Rate

Floating Rate

Fixed Rate

Maturity Date

Notional Amount (000’s)

Value

BAC

Pay

Three-Month SEK STIBOR SIDE

2.175%

5/10/23

SEK

163,000

$

(1,045,267

)

BAC

Pay

Three-Month SEK STIBOR SIDE

1.700

4/22/17

SEK

1,700,000

(1,852,900

)

BAC

Pay

Three-Month ZAR JIBAR SAFEX

6.950

11/12/15

ZAR

341,700

92,693

BAC

Pay

MXN TIIE BANXICO

8.255

8/10/23

MXN

70,300

(57,753

)

35  OPPENHEIMER INTERNATIONAL BOND FUND

STATEMENT OF INVESTMENTS  Unaudited / Continued

Footnotes to Statement of Investments Continued

Over-the-Counter Interest Rate Swaps: Contined

Counterparty

Pay/Receive Floating Rate

Floating Rate

Fixed Rate

Maturity Date

Notional Amount (000’s)

Value

BAC

Pay

MXN TIIE BANXICO

6.670%

12/21/23

MXN

160,000

$

–

BOA

Pay

BZDI

13.230

1/4/16

BRL

403,830

654,034

BOA

Pay

Three-Month CAD BA CDOR

1.660

5/9/16

CAD

469,950

(304,382

)

BOA

Pay

Three-Month CAD BA CDOR

2.159

4/9/20

CAD

100,000

(3,302,716

)

DEU

Pay

BZDI

12.800

1/4/16

BRL

204,350

69,301

DEU

Pay

BZDI

12.850

1/4/16

BRL

204,360

99,834

DEU

Pay

MXN TIIE BANXICO

6.820

12/14/23

MXN

99,700

768

DEU

Pay

BZDI

12.655

1/4/16

BRL

205,180

(19,460

)

GSG

Pay

BZDI

12.670

1/4/16

BRL

202,070

(10,083

)

GSG

Pay

BZDI

12.703

1/4/16

BRL

406,630

19,292

GSG

Pay

Three-Month ZAR JIBAR SAFEX

7.000

11/12/15

ZAR

341,700

107,621

GSG

Pay

Three-Month ZAR JIBAR SAFEX

6.990

12/4/15

ZAR

712,200

174,601

GSG

Pay

MXN TIIE BANXICO

6.610

12/19/23

MXN

160,000

(200,126

)

GSG

Pay

BZDI

13.030

1/4/16

BRL

201,330

206,409

GSG

Pay

Three-Month ZAR JIBAR SAFEX

6.650

11/19/15

ZAR

341,400

(3,542

)

GSG

Pay

Three-Month ZAR JIBAR SAFEX

6.750

11/21/15

ZAR

713,400

23,194

GSG

Pay

BZDI

12.520

1/4/16

BRL

149,220

(74,593

)

GSG

Pay

Six-Month JPY BBA LIBOR

0.820

4/15/23

JPY

2,641,000

(55,019

)

GSG

Pay

Three-Month ZAR JIBAR SAFEX

7.638

8/3/16

ZAR

1,206,000

215,007

GSG

Pay

Three-Month ZAR JIBAR SAFEX

7.000

6/20/15

ZAR

344,500

260,693

GSG

Pay

Three-Month SEK STIBOR SIDE

1.565

5/3/18

SEK

635,000

(984,282

)

GSG

Pay

MXN TIIE BANXICO

6.360

2/8/33

MXN

200,000

(2,532,633

)

GSG

Pay

BZDI

12.440

1/4/16

BRL

359,240

(265,972

)

GSG

Pay

MXN TIIE BANXICO

7.730

9/7/33

MXN

222,000

(238,138

)

GSG

Pay

MXN TIIE BANXICO

7.900

10/10/23

MXN

333,200

(594,327

)

HSBC

Pay

MXN TIIE BANXICO

7.775

7/28/23

MXN

298,500

(587,307

)

36  OPPENHEIMER INTERNATIONAL BOND FUND

STATEMENT OF INVESTMENTS  Unaudited / Continued

Footnotes to Statement of Investments Continued

Over-the-Counter Interest Rate Swaps: Contined

Counterparty

Pay/Receive Floating Rate

Floating Rate

Fixed Rate

Maturity Date

Notional Amount (000’s)

Value

JPM

Receive

Three-Month USD BBA LIBOR

2.150%

5/30/23

USD

27,000

$

1,875,383

JPM

Pay

Three-Month KRW CD KSDA

2.960

3/15/23

KRW

25,000,000

(795,495

)

JPM

Pay

BZDI

12.490

1/4/16

BRL

198,340

(117,027

)

JPM

Pay

MXN TIIE BANXICO

6.660

12/15/23

MXN

160,000

(148,479

)

JPM

Pay

Three-Month ZAR JIBAR SAFEX

6.450

7/2/15

ZAR

651,000

159,049

JPM

Pay

Three-Month ZAR JIBAR SAFEX

6.760

11/21/15

ZAR

341,200

14,067

JPM

Pay

Three-Month ZAR JIBAR SAFEX

6.700

11/19/15

ZAR

683,000

22,715

JPM

Pay

MXN TIIE BANXICO

7.030

5/23/23

MXN

850,000

(3,135,797

)

JPM

Pay

BZDI

12.810

1/4/16

BRL

198,720

73,332

JPM

Pay

Three-Month ZAR JIBAR SAFEX

7.920

6/20/16

ZAR

762,300

416,699

Total Over-the-Counter Interest Rate Swaps

$

(11,840,606

)

Over-the-Counter Credit Default Swaptions Written at December 31, 2013
Description	Counterparty		Buy/Sell Protection		Reference Asset		Fixed Rate		Expiration Date		Notional Amount (000’s)			Premiums Received		Value
Credit Default Swap maturing 12/20/18 Call		JPM		Sell		CDX.NA.HY.21		5.00%		1/15/14		USD	17,455	$	36,655	$	(75	)
Credit Default Swap maturing 12/20/18 Call		JPM		Sell		CDX.NA.HY.21		5.000		1/15/14		USD	17,455		78,547		(242,937	)
Credit Default Swap maturing 12/20/18 Call		JPM		Sell		CDX.NA.HY.21		5.000		1/15/14		USD	17,460		82,062		(243,007	)
Credit Default Swap maturing 12/20/18 Call		JPM		Sell		CDX.NA.HY.21		5.000		1/15/14		USD	17,460		31,428		(75	)
Credit Default Swap maturing 12/20/18 Call		JPM		Sell		CDX.NA.HY.21		5.000		2/19/14		USD	47,180		127,386		(21,632	)
Credit Default Swap maturing 12/20/18 Call		JPM		Sell		CDX.NA.HY.21		5.000		2/19/14		USD	47,180		287,798		(620,120	)
Credit Default Swap maturing 12/20/18 Call		JPM		Sell		iTraxx Europe Series 20 Version 1		1.000		2/19/14		EUR	139,350		189,161		(234,530	)
Credit Default Swap maturing 12/20/18 Call		JPM		Sell		iTraxx Europe Series 20 Version 1		1.000		2/19/14		EUR	139,350		151,329		(20,091	)
Credit Default Swap maturing 12/20/18 Call		JPM		Sell		CDX.NA.HY.21		5.000		3/19/14		USD	50,000		525,000		(225,970	)
Total of Over-the-Counter Credit Default Swaptions Written														$	1,509,366	$	(1,608,437	)

37  OPPENHEIMER INTERNATIONAL BOND FUND

STATEMENT OF INVESTMENTS  Unaudited / Continued

Footnotes to Statement of Investments Continued

Over-the-Counter Interest Rate Swaptions Written at December 31, 2013

Description

Counterparty

Pay/Receive Floating Rate

Floating Rate

Fixed Rate

Expiration Date

Notional Amount (000’s)

Premiums Received

Value

Interest Rate Swap maturing 2/3/18 Call

BAC

Pay

Six-Month EUR EURIBOR

1.440%

1/30/14

EUR

127,500

$

513,572

$

(532,516)

Interest Rate Swap maturing 1/10/19 Call

BAC

Receive

Three-Month USD BBA LIBOR

1.485

1/8/14

USD

127,410

331,266

(33)

Interest Rate Swap maturing 11/4/19 Call

BAC

Pay

Six-Month GBP BBA LIBOR

2.178

11/4/14

GBP

133,245

3,592,136

(6,175,964)

Interest Rate Swap maturing 11/3/19 Call

BAC

Pay

Six-Month GBP BBA LIBOR

2.175

11/3/14

GBP

88,860

2,398,060

(4,131,237)

Interest Rate Swap maturing 12/27/23 Call

BAC

Pay

MXN TIIE BANXICO

6.580

1/7/14

MXN

163,400

308,373

(314,376)

Interest Rate Swap maturing 1/14/19 Call

BAC

Pay

Six-Month GBP BBA LIBOR

1.750

1/14/14

GBP

177,820

2,335,716

(5,671,184)

Interest Rate Swap maturing 12/27/23 Call

BAC

Pay

MXN TIIE BANXICO

6.560

1/7/14

MXN

230,000

442,921

(466,328)

Interest Rate Swap maturing 2/3/18 Call

BAC

Pay

Six-Month EUR EURIBOR

1.457

1/30/14

EUR

286,295

1,172,787

(1,110,717)

Interest Rate Swap maturing 6/1/33 Call

BAC

Pay

Six-Month EUR EURIBOR

3.117

5/30/23

EUR

43,925

3,870,578

(4,545,960)

Interest Rate Swap maturing 11/9/22 Call

BAC

Pay

Three-Month USD BBA LIBOR

3.165

11/7/17

USD

250,000

6,725,000

(15,979,715)

Interest Rate Swap maturing 4/27/22 Call

BAC

Pay

Three-Month USD BBA LIBOR

3.100

4/25/17

USD

310,270

8,035,993

(18,234,900)

Interest Rate Swap maturing 11/25/19 Call

BAC

Pay

Six-Month GBP BBA LIBOR

2.273

11/25/14

GBP

177,510

4,960,769

(7,861,348)

Interest Rate Swap maturing 4/10/17 Call

BAC

Pay

Six-Month GBP BBA LIBOR

0.838

4/10/14

GBP

200,000

1,655,375

(7,656,609)

38  OPPENHEIMER INTERNATIONAL BOND FUND

STATEMENT OF INVESTMENTS  Unaudited / Continued

Footnotes to Statement of Investments Continued

Over-the-Counter Interest Rate Swaptions Written: Continued

Description

Counterparty

Pay/Receive Floating Rate

Floating Rate

Fixed Rate

Expiration Date

Notional Amount (000’s)

Premiums Received

Value

Interest Rate Swap maturing 5/8/19 Call

BAC

Receive

Three-Month USD BBA LIBOR

1.400%

5/6/14

USD

76,375

$

175,662

$

(19,312)

Interest Rate Swap maturing 1/24/17 Call

BAC

Receive

Six-Month EUR EURIBOR

0.810

1/22/14

EUR

133,330

495,834

(321,726)

Interest Rate Swap maturing 1/29/19 Call

BOA

Pay

Three- Month CAD BA CDOR

2.178

1/29/14

CAD

88,875

542,362

(608,905)

Interest Rate Swap maturing 5/8/19 Call

BOA

Receive

Three- Month USD BBA LIBOR

1.400

5/6/14

USD

127,295

299,143

(32,188)

Interest Rate Swap maturing 2/3/18 Call

BOA

Pay

Six-Month EUR EURIBOR

1.433

1/30/14

EUR

76,500

308,143

(329,853)

Interest Rate Swap maturing 5/8/19 Call

BOA

Pay

Three- Month USD BBA LIBOR

2.000

5/6/14

USD

127,295

954,713

(1,301,906)

Interest Rate Swap maturing 7/27/26 Call

BOA

Pay

Three- Month USD BBA LIBOR

3.960

7/25/16

USD

150,240

8,133,923

(9,325,436)

Interest Rate Swap maturing 1/2/24 Call

BOA

Pay

MXN TIIE BANXICO

6.060

1/13/14

MXN

219,685

636,801

(1,086,423)

Interest Rate Swap maturing 8/4/21 Call

BOA

Pay

Three- Month USD BBA LIBOR

4.860

8/2/16

USD

173,385

2,600,775

(2,901,983)

Interest Rate Swap maturing 1/27/18 Call

GSG

Pay

Six-Month EUR EURIBOR

1.500

1/23/14

EUR

222,265

903,693

(604,470)

Interest Rate Swap maturing 12/4/20 Call

GSG

Pay

Six-Month GBP BBA LIBOR

2.055

12/4/15

GBP

166,905

6,294,832

(15,646,247)

Interest Rate Swap maturing 11/24/22 Call

GSG

Pay

Three- Month USD BBA LIBOR

2.701

11/21/17

USD

125,000

4,618,750

(9,943,936)

Interest Rate Swap maturing 1/3/24 Call

JPM

Pay

MXN TIIE BANXICO

6.280

1/14/14

MXN

188,900

344,614

(699,104)

Interest Rate Swap maturing 1/23/24 Call

JPM

Pay

Three-Month USD BBA LIBOR

4.561

1/21/14

USD

200,000

790,000

(1,248,384)

Interest Rate Swap maturing 2/12/24 Call

JPM

Pay

Three- Month USD BBA LIBOR

3.275

2/10/14

USD

50,915

341,131

(248,255)

Interest Rate Swap maturing 5/8/29 Call

JPM

Pay

Three- Month USD BBA LIBOR

3.473

5/6/14

USD

81,390

2,331,823

(3,365,878)

39  OPPENHEIMER INTERNATIONAL BOND FUND

STATEMENT OF INVESTMENTS  Unaudited / Continued

Footnotes to Statement of Investments Continued

Over-the-Counter Interest Rate Swaptions Written: Continued

Description

Counterparty

Pay/Receive Floating Rate

Floating Rate

Fixed Date

Expiration Date

Notional Amount (000’s)

Premiums Received

Value

Interest Rate Swap maturing 5/13/24 Call

JPM

Pay

Six-Month AUD BBR BBSW

4.075%

5/12/14

AUD

43,985

$

1,144,927

$

(2,047,575)

Interest Rate Swap maturing 12/27/23 Call

JPM

Pay

MXN TIIE BANXICO

6.585

1/7/14

MXN

160,800

318,330

(305,252)

Interest Rate Swap maturing 4/10/19 Call

JPM

Pay

Three-Month USD BBA LIBOR

2.645

4/8/14

USD

127,410

417,268

(180,791)

Interest Rate Swap maturing 3/7/24 Call

UBS

Receive

Six-Month EUR EURIBOR

2.510

3/5/14

EUR

88,765

2,329,016

(3,515,502)

Interest Rate Swap maturing 1/28/17 Call

UBS

Receive

Six-Month EUR EURIBOR

0.835

1/24/14

EUR

76,675

293,701

(229,827)

Interest Rate Swap maturing 5/23/18 Call

UBS

Pay

Six-Month GBP BBA LIBOR

1.545

5/23/16

GBP

187,925

2,484,916

(8,661,047)

Total of Over-the-Counter Interest Rate Swaptions Written

$

73,102,903

$

(135,304,887)

Glossary:
Counterparty Abbreviations
BAC	Barclays Bank plc
BNP	BNP Paribas
BOA	Bank of America NA
CITNA-B	Citibank NA
DEU	Deutsche Bank Securities, Inc.
FIB	Credit Suisse International
GSCO-OT	Goldman Sachs Bank USA
GSG	Goldman Sachs Group, Inc. (The)
HSBC	HSBC bank USA NA
JPM	JPMorgan Chase Bank NA
MSCO	Morgan Stanley Capital Services, Inc.
NOM	Nomura Global Financial Products, Inc.
RBS	RBS Greenwich Capital
UBS	UBS AG
Currency abbreviations indicate amounts reporting in currencies
AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
CHF	Swiss Franc
CLP	Chilean Peso
CNH	Offshore Chinese Renminbi
COP	Colombian Peso
DKK	Danish Krone
EUR	Euro
GBP	British Pound Sterling
HUF	Hungarian Forint
IDR	Indonesian Rupiah
INR	Indian Rupee
KRW	South Korean Won

40  OPPENHEIMER INTERNATIONAL BOND FUND

STATEMENT OF INVESTMENTS  Unaudited / Continued

Footnotes to Statement of Investments Continued

Currency abbreviations indicate amounts reporting in currencies: Continued
JPY	Japanese Yen
MXN	Mexican Nuevo Peso
MYR	Malaysian Ringgit
NGN	Nigerian Naira
NOK	Norwegian Krone
PEN	Peruvian New Sol
PHP	Philippines Peso
PLN	Polish Zloty
RON	New Romanian Leu
RSD	Serbian Dinar
RUB	Russian Ruble
SEK	Swedish Krona
SGD	Singapore Dollar
THB	Thailand Baht
TRY	New Turkish Lira
ZAR	South African Rand
Definitions
BA CDOR	Canada Bankers Acceptances Deposit Offering Rate
BBA LIBOR	British Bankers’ Association London -Interbank Offered Rate
BBR BBSW	Bank Bill Swap Reference Rate (Australian Financial Market)
BANXICO	Banco de Mexico
BZDI	Brazil Interbank Deposit Rate
CD	Certificate of Deposit
CDX.NA.HY.21	Markit CDX North American High Yield
EURIBOR	Euro Interbank Offered Rate
iTraxx Europe Crossover Series 20	Credit Default Swap Trading Index for a Specific Basket of Securities
iTraxx Europe Series 20 Version 1	Credit Default Swap Trading Index for a Specific Basket of Securities
JIBAR	South Africa Johannesburg Interbank Agreed Rate
KSDA	Korean Securities Dealers Assn.
SAFEX	South Africa Futures Exchange
STIBOR SIDE	Stockholm Interbank Offered Rate
TIIE	Interbank Equilibrium Interest Rate
Exchange Abbreviations
CBT	Chicago Board of Trade
EUX	European Stock Exchanges
SFE	Sydney Futures Exchange

41  OPPENHEIMER INTERNATIONAL BOND FUND

STATEMENT OF INVESTMENTS    December 31, 2013Unaudited

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

Credit Risk. The Fund invests in high-yield, non-investment-grade bonds, which may be subject to a greater degree of credit risk. Credit risk relates to the ability of the issuer to meet interest or principal payments or both as they become due. The Fund may acquire securities that have missed an interest payment, and is not obligated to dispose of securities whose issuers or underlying obligors subsequently miss an interest payment. Information concerning securities not accruing interest as of December 31, 2013 is as follows:

Cost	$33,265,935
Market Value	$1,238,843
Market value as % of Net Assets	0.01	%

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 New York Stock Exchange (the “Exchange”), normally 4:00 P.M. Eastern time, on each day the Exchange is open for trading. Foreign exchange rates may be valued primarily using a reliable bank, dealer or service authorized by the Board of Trustees.

Securities Valuation

The Fund calculates the net asset value of its shares as of the close of the New York Stock Exchange (the “Exchange”), normally 4:00 P.M. Eastern time, on each day the Exchange is open for trading.

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

42  OPPENHEIMER INTERNATIONAL BOND FUND

STATEMENT OF INVESTMENTS  Unaudited / Continued

Securities Valuation (Continued)

Valuation Methods and Inputs

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

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

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

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

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

Short-term money market type debt securities with a remaining maturity of sixty days or less are valued at cost adjusted by the amortization of discount or premium to maturity (amortized cost), which approximates market value. Short-term debt securities with a remaining maturity in excess of sixty days are valued at the mean between the “bid” and “asked” prices utilizing evaluated prices obtained from third party pricing services or broker-dealers.

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.

43  OPPENHEIMER INTERNATIONAL BOND FUND

STATEMENT OF INVESTMENTS  Unaudited / Continued

Securities Valuation (Continued)

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 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.

44  OPPENHEIMER INTERNATIONAL BOND FUND

STATEMENT OF INVESTMENTS  Unaudited / Continued

Securities Valuation (Continued)

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.

The table below categorizes amounts of December 31, 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:
Asset-Backed Securities	$	—	$	39,696,931	$	—	$	39,696,931
Mortgage-Backed Obligations		—		7,765,498		—		7,765,498
U.S. Government Obligations		—		333,536,430		—		333,536,430
Foreign Government Obligations		—		6,194,828,693		—		6,194,828,693
Corporate Bonds and Notes		—		2,925,687,146		34,948,005		2,960,635,151
Over-the-Counter Credit Default
Swaptions Purchased		—		169,105		—		169,105
Over-the-Counter Interest Rate
Swaptions Purchased		—		73,823,391		—		73,823,391
Over-the-Counter Options
Purchased		—		155,392,189		—		155,392,189
Structured Securities		—		72,569,953		6,405,535		78,975,488
Investment Company		111,095,321		—		—		111,095,321
Total Investments, at Value		111,095,321		9,803,469,336		41,353,540		9,955,918,197

45  OPPENHEIMER INTERNATIONAL BOND FUND

STATEMENT OF INVESTMENTS  Unaudited / Continued

Securities Valuation (Continued)

Other Financial Instruments:
Swaps, at value		—			19,710,308			—		19,710,308
Variation margin receivable		609,375			—			—		609,375
Foreign currency exchange contracts		—			113,558,765			—		113,558,765
Total Assets	$	111,704,696		$	9,936,738,409		$	41,353,540	$	10,089,796,645
Liabilities Table
Other Financial Instruments:
Swaps, at value	$	—		$	(35,020,272	)	$	—	$	(35,020,272	)
Options written, at value		—			(61,145,655	)		—		(61,145,655	)
Variation margin payable		(859,070	)		—			—		(859,070	)
Foreign currency exchange contracts		—			(121,494,616	)		—		(121,494,616	)
Swaptions written, at value		—			(136,913,324	)		—		(136,913,324	)
Total Liabilities	$	(859,070	)	$	(354,573,867	)	$	—	$	(355,432,937	)

Currency contracts and forwards, if any, are reported at their unrealized appreciation/ depreciation at measurement date, which represents the change in the contract’s value from trade date. Futures, if any, are reported at their variation margin at measurement date, which represents the amount due to/from the Fund at that date. All additional assets and liabilities included in the above table are reported at their market value at measurement date.

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

	Transfer out of Level 2*			Transfer into Level 3*
Assets Table
Investments, at Value:
Commons Stocks	$	(34,288,846	)	$	34,288,846
Asset-Backed Securities		(1,395,657	)		1,395,657
Total Assets	$	(35,684,503)		$	35,684,503

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

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 currency exchange contracts, credit default swaps, interest rate swaps, total return swaps, variance 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. These instruments 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. Such contracts may be entered into through a bilateral over-the-counter (“OTC”) transaction, or through a securities or futures exchange and cleared through a clearinghouse.

46  OPPENHEIMER INTERNATIONAL BOND FUND

STATEMENT OF INVESTMENTS  Unaudited / Continued

Risk Exposures and the Use of Derivative Instruments (Continued)

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.

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 due to unanticipated changes in the market risk factors and the overall market. 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. 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. Some derivatives have the potential for unlimited loss, regardless of the size of the Fund’s initial investment.

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.

47  OPPENHEIMER INTERNATIONAL BOND FUND

STATEMENT OF INVESTMENTS  Unaudited / Continued

Risk Exposures and the Use of Derivative Instruments (Continued)

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

Forward Currency Exchange Contracts

The Fund may enter into forward currency exchange contracts (“forward contracts”) for the purchase or sale of a foreign currency at a negotiated rate at a future date. Such contracts are traded in the OTC inter-bank currency dealer market.

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

The Fund has entered into forward 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 contracts seek to increase exposure to foreign exchange rate risk.

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

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

During the period ended December 31, 2013, the Fund had daily average contract amounts on forward contracts to buy and sell of $4,872,062,546 and $7,823,620,709, respectively.

Additional associated risk to the Fund includes counterparty credit risk. Counterparty credit risk arises from the possibility that the counterparty to a forward contract will default and fail to perform its obligations to the Fund.

Futures Contracts

A futures contract is a commitment to buy or sell a specific amount of a commodity, 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 and options thereon are generally entered into on a regulated futures exchange and cleared through a clearinghouse associated with the exchange.

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 in an account registered in the futures commission merchant’s name. Subsequent payments (variation margin) are paid to or from the futures commission merchant each day equal to the daily changes in the contract value. Such payments are recorded as unrealized

48  OPPENHEIMER INTERNATIONAL BOND FUND

STATEMENT OF INVESTMENTS  Unaudited / Continued

Risk Exposures and the Use of Derivative Instruments (Continued)

gains and losses. Should the Fund fail to make requested variation margin payments, the futures commission merchant can gain access to the initial margin to satisfy the Fund’s payment obligations.

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

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

The Fund has sold futures contracts on various bonds and notes to decrease exposure to interest rate risk. During the period ended December 31, 2013, the Fund had an ending monthly average market value of $43,395,305 and $1,044,226,801 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, currency or other underlying financial instrument at a fixed price, upon exercise of the option.

Options can be traded through an exchange or through a privately negotiated arrangement with a dealer in an OTC transaction. Options traded through an exchange are generally cleared through a clearinghouse (such as The Options Clearing Corporation). The difference between the premium received or paid, and market value of the option, is recorded as unrealized appreciation or depreciation. The net change in unrealized appreciation or depreciation is reported in the Statement of Operations in the annual and semiannual reports. When an option is exercised, the cost of the security purchased or the proceeds of the security sale are adjusted by the amount of premium received or paid. Upon the expiration or closing of the option transaction, a gain or loss is reported in the Statement of Operations in the annual and semiannual reports.

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

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

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

49  OPPENHEIMER INTERNATIONAL BOND FUND

STATEMENT OF INVESTMENTS  Unaudited / Continued

Risk Exposures and the Use of Derivative Instruments (Continued)

The Fund has purchased put options on treasury and/or euro futures to decrease exposure to interest rate risk. A purchased put option becomes more valuable as the price of the underlying financial instrument depreciates relative to the strike price.

During the period ended December 31, 2013, the Fund had an ending monthly average market value of $22,015,090 and $89,546,777 on purchased call options and purchased put options, respectively.

Options written, if any, are reported in a schedule following the Statement of Investments and as a liability in the Statement of Assets and Liabilities in the annual and semiannual reports. Securities held in collateral 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 market price of the security increases and if the option is exercised, the Fund must either purchase the security at a higher price for delivery or, if the Fund owns the underlying security, give up the opportunity for profit. 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 period ended December 31, 2013, the Fund had an ending monthly average market value of $39,273,952 and $29,349,820 on written call options and written put options, respectively.

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

Written option activity for the period ended December 31, 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 30, 2013		193,660,800,000		$	53,576,063			180,711,880,000		$	38,605,259
Options written		201,198,715,000			27,932,835			353,267,300,000			39,069,524
Options closed or expired		(46,265,100,000	)		(2,238,184	)		(425,860,000	)		(3,044,881	)
Options exercised		(155,739,500,000	)		(26,553,574	)		(373,165,160,000	)		(37,259,445	)
Options outstanding as of December 31, 2013		192,854,915,000		$	52,717,140			160,388,160,000		$	37,370,457

50  OPPENHEIMER INTERNATIONAL BOND FUND

STATEMENT OF INVESTMENTS  Unaudited / Continued

Risk Exposures and the Use of Derivative Instruments (Continued)

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, the price or volatility of asset or non-asset references, or the occurrence of a credit event, over a specified period. Swaps can be executed in a bi-lateral privately negotiated arrangement with a dealer in an OTC transaction (“OTC swaps”) or executed on a regulated market. Certain swaps, regardless of the venue of their execution, are required to be cleared through a clearinghouse (“cleared swaps”). Swap contracts may include interest rate, equity, debt, index, total return, credit default, currency, and volatility swaps.

Swap contracts are reported on a schedule following the Statement of Investments. Daily changes in the value of cleared swaps are reported as variation margin receivable or payable on the Statement of Assets and Liabilities in the annual and semiannual reports. The values of OTC swap contracts are aggregated by positive and negative values and disclosed separately on the Statement of Assets and Liabilities in the annual and semiannual reports. 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, if any, at termination or settlement. The net change in this amount during the period is included on the Statement of Operations in the annual and semiannual reports. The Fund also records any periodic payments received from (paid to) the counterparty, including at termination, under such contracts as realized gain (loss) on the Statement of Operations in the annual and semiannual reports.

Swap contract agreements are exposed to the market risk factor of the specific underlying reference rate or 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 have embedded leverage, they can expose the Fund to substantial risk in the isolated market risk factor.

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

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

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

51  OPPENHEIMER INTERNATIONAL BOND FUND

STATEMENT OF INVESTMENTS  Unaudited / Continued

Risk Exposures and the Use of Derivative Instruments (Continued)

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 swap less the market value of specified debt securities issued by the reference asset. Upon exercise of the contract the difference between such value and the notional amount is recorded as realized gain (loss) and is included on the Statement of Operations in the annual and semiannual reports.

The Fund has sold credit protection through credit default swaps to increase exposure to the credit risk of individual issuers and/or indexes of issuers 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 issuers and/or indexes of issuers.

For the period ended December 31, 2013, the Fund had ending monthly average notional amounts of $3,680,234 and $287,775 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 floating interest rate while the other is typically a fixed interest rate.

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

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

For the period ended December 31, 2013, the Fund had ending monthly average notional amounts of $13,449,668 and $17,294,564 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.

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.

Purchased swaptions are reported as a component of investments in the Statement of Investments and the Statement of Assets and Liabilities in the annual and semiannual reports. Written swaptions are reported on a schedule following the Statement of Investments and their value is reported as a separate asset or liability line item in the Statement of Assets and Liabilities in the annual and semiannual reports. The net change in unrealized appreciation or depreciation on written swaptions is separately reported in the Statement of Operations in the

52  OPPENHEIMER INTERNATIONAL BOND FUND

STATEMENT OF INVESTMENTS  Unaudited / Continued

Risk Exposures and the Use of Derivative Instruments (Continued)

annual and semiannual reports. When a swaption is exercised, the cost of the swap is adjusted by the amount of premium paid or received. Upon the expiration or closing of an unexercised swaption contract, a gain or loss is reported in the Statement of Operations in the annual and semiannual reports for the amount of the premium paid or received.

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

The Fund purchased swaptions which gives it the option to enter into an interest rate swap in which it pays a floating interest rate and receives a fixed interest rate in order to increase exposure to interest rate risk. A purchased swaption of this type becomes more valuable as the reference interest rate decreases relative to the preset interest rate.

The Fund has purchased swaptions which gives it the option to enter into an interest rate swap in which it pays a fixed interest rate and receives a floating 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 increases relative to the preset interest rate.

The Fund has purchased swaptions which gives it the option to sell credit protection through credit default swaps in order to increase exposure to the credit risk of individual issuers and/ or indexes of issuers. 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 gives it the option to buy credit protection through credit default swaps in order to decrease exposure to the credit risk of individual issuers and/or indexes of issuers. 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 gives it the obligation, if exercised by the purchaser, to enter into an interest rate swap in which it pays a floating interest rate and receives a fixed interest rate in order to increase exposure to interest rate risk. A written swaption of this type becomes more valuable as the reference interest rate decreases relative to the preset interest rate.

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

The Fund has written swaptions which give it the obligation, if exercised by the purchaser, to sell credit protection through credit default swaps in order to increase exposure to the credit risk of individual issuers and/or indexes of issuers. A written swaption of this type becomes more valuable as the likelihood of a credit event on the reference asset decreases.

53  OPPENHEIMER INTERNATIONAL BOND FUND

STATEMENT OF INVESTMENTS  Unaudited / Continued

Risk Exposures and the Use of Derivative Instruments (Continued)

During the period ended December 31, 2013, the Fund had an ending monthly average market value of $64,484,054 and $137,736,973 on purchased and written swaptions, respectively.

Written swaption activity for the period ended December 31, 2013 was as follows:

	Call Swaptions
	Notional Amount			Amount of Premiums
Swaptions outstanding as of September 30, 2013		7,750,335,000		$	108,644,262
Swaptions written		5,887,340,000			32,813,967
Swaptions closed or expired		(1,550,360,000	)		(5,919,305	)
Swaptions exercised		(6,384,275,000	)		(60,926,655	)
Swaptions outstanding as of December 31, 2013		5,703,040,000		$	74,612,269

Counterparty Credit Risk. Derivative positions are subject to the risk that the counterparty will not fulfill its obligation to the Fund. The Fund intends to enter into derivative transactions with counterparties that the Manager believes to be creditworthy at the time of the transaction.

The Fund’s risk of loss from counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund. For OTC options purchased, the Fund bears the risk of loss of the amount of the premiums paid plus the positive change in market values net of any collateral held by the Fund should the counterparty fail to perform under the contracts. Options written by the Fund do not typically give rise to counterparty credit risk, as options written generally obligate the Fund and not the counterparty to perform.

To reduce counterparty risk with respect to OTC transactions, the Fund has entered into master netting arrangements, established within the Fund’s International Swap and Derivatives Association, Inc. (“ISDA”) master agreements, which allow the Fund to make (or to have an entitlement to receive) a single net payment in the event of default (close-out netting) for outstanding payables and receivables with respect to certain OTC positions in swaps, options, swaptions, and forward currency exchange contracts for each individual counterparty. 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 ISDA master agreements. If the counterparty fails to perform under these contracts and agreements, the cash and/or securities will be made available to the Fund.

As of December 31, 2013, the Fund has required certain counterparties to post collateral of $72,819,725.

ISDA master agreements include credit related contingent features which allow counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event that, for example, the Fund’s net assets decline by a stated percentage or the Fund fails to meet the terms of its ISDA master agreements, which would cause the Fund to accelerate payment of any net liability owed to the counterparty.

For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statement of Assets and Liabilities in the annual and semiannual reports. Bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.

The Fund’s risk of loss from counterparty credit risk on exchange-traded derivatives cleared through a clearinghouse and for cleared swaps is generally considered lower than as compared to OTC derivatives. However,

54  OPPENHEIMER INTERNATIONAL BOND FUND

STATEMENT OF INVESTMENTS  Unaudited / Continued

Risk Exposures and the Use of Derivative Instruments (Continued)

counterparty credit risk exists with respect to initial and variation margin deposited/paid by the Fund that is held in futures commission merchant, broker and/or clearinghouse accounts for such exchange-traded derivatives and for cleared swaps.

With respect to cleared swaps, such transactions will be submitted for clearing, and if cleared, will be held in accounts at futures commission merchants or brokers that are members of clearinghouses. While brokers, futures commission merchants and clearinghouses are required to segregate customer margin from their own assets, in the event that a broker, futures commission merchant or clearinghouse becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the broker, futures commission merchant or clearinghouse for all its customers, U.S. bankruptcy laws will typically allocate that shortfall on a pro-rata basis across all the broker’s, futures commission merchant’s or clearinghouse’s customers, potentially resulting in losses to the Fund.

There is the risk that a broker, futures commission merchant or clearinghouse will decline to clear a transaction on the Fund’s behalf, and the Fund may be required to pay a termination fee to the executing broker with whom the Fund initially enters into the transaction. Clearinghouses may also be permitted to terminate cleared swaps at any time. The Fund is also subject to the risk that the broker or futures commission merchant will improperly use the Fund’s assets deposited/paid as initial or variation margin to satisfy payment obligations of another customer. In the event of a default by another customer of the broker or futures commission merchant, the Fund might not receive its variation margin payments from the clearinghouse, due to the manner in which variation margin payments are aggregated for all customers of the broker/futures commission merchant.

Collateral and margin requirements differ by type of derivative. Margin requirements are established by the broker, futures commission merchant or clearinghouse for exchange-traded and cleared derivatives, including cleared swaps. Brokers, futures commission merchants and clearinghouses can ask for margin in excess of the regulatory minimum, or increase the margin amount, in certain circumstances.

Collateral terms are contract specific for OTC derivatives. For derivatives traded under an ISDA master agreement, the collateral requirements are typically calculated by netting the mark to market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Fund or the counterparty.

For financial reporting purposes, cash collateral that has been pledged to cover obligations of the Fund, if any, is reported separately on the Statement of Assets and Liabilities in the annual and semiannual reports as cash pledged as collateral. Non-cash collateral pledged by the Fund, if any, is noted in the Statement of Investments. Generally, the amount of collateral due from or to a party must exceed a minimum transfer amount threshold (e.g. $250,000) before a transfer has to be made. To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance.

Restricted Securities

As of December 31, 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.

55  OPPENHEIMER INTERNATIONAL BOND FUND

STATEMENT OF INVESTMENTS  Unaudited / Continued

Federal Taxes

The approximate aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments for federal income tax purposes as of December 31, 2013 are noted below. The primary difference between book and tax appreciation or depreciation of securities and other investments, if applicable, is attributable to the tax deferral of losses.

Federal tax cost of securities	$	10,191,474,436
Federal tax cost of other investments		540,340,104
Total federal tax cost	$	10,731,814,540
Gross unrealized appreciation	$	445,816,674
Gross unrealized depreciation		(727,639,090	)
Net unrealized depreciation	$	(281,822,416	)

56  OPPENHEIMER INTERNATIONAL BOND FUND

Item 2. Controls and Procedures.

(a) Based on their evaluation of the registrant’s disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c)) as of 12/31/2013, 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 the registrant’s management, including its principal executive officer and principal financial officer, to allow timely decisions regarding required disclosure, and (b) is recorded, processed, summarized and reported, within the time periods specified in the rules and forms adopted by the U.S. Securities and Exchange Commission.

(b) There have been no significant changes in the registrant’s internal controls over financial reporting that occurred during the registrant’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3. Exhibits.

Exhibits attached hereto.

SIGNATURES

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

Oppenheimer International Bond Fund

By:	/s/ William F. Glavin, Jr.
	William F. Glavin, Jr.
	Principal Executive Officer
Date:	2/10/2014

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ William F. Glavin, Jr.
	William F. Glavin, Jr.
	Principal Executive Officer
Date:	2/10/2014

By:	/s/ Brian W. Wixted
	Brian W. Wixted
	Principal Financial Officer
Date:	2/10/2014

EX-99.CERT

Exhibit 99.CERT

Section 302 Certifications

CERTIFICATIONS

I, William F. Glavin, Jr., certify that:

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

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

3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

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

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

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

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

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

5. The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of Trustees (or persons performing the equivalent functions):

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

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

/s/ William F. Glavin, Jr.

William F. Glavin, Jr.

Principal Executive Officer

Date: 2/10/2014

Exhibit 99.CERT

Section 302 Certifications

CERTIFICATIONS

I, Brian W. Wixted, certify that:

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

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

3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

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

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

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

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

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

5. The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of Trustees (or persons performing the equivalent functions):

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

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

/s/ Brian W. Wixted

Brian W. Wixted

Principal Financial Officer

Date: 2/10/2014