N-CSR

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number 811-07255

Oppenheimer International Bond Fund

(Exact name of registrant as specified in charter)

6803 South Tucson Way, Centennial, Colorado 80112-3924

(Address of principal executive offices) (Zip code)

Arthur S. Gabinet

OFI Global Asset Management, Inc.

225 Liberty Street, New York, New York 10281-1008

(Name and address of agent for service)

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

Date of fiscal year end: September 30

Date of reporting period: 9/30/2015

Item 1. Reports to Stockholders.

Table of Contents

Fund Performance Discussion	3
Top Holdings and Allocations	7
Fund Expenses	10
Consolidated Statement of Investments	12
Consolidated Statement of Assets and Liabilities	51
Consolidated Statement of Operations	53
Consolidated Statements of Changes in Net Assets	55
Consolidated Financial Highlights	57
Notes to Consolidated Financial Statements	63
Report of Independent Registered Public Accounting Firm	94
Federal Income Tax Information	95
Board Approval of the Fund’s Investment Advisory and Sub- Advisory Agreements	96
Portfolio Proxy Voting Policies and Procedures; Updates to Statement of Investments	99
Trustees and Officers	100
Privacy Policy Notice	106

Class A Shares

AVERAGE ANNUAL TOTAL RETURNS AT 9/30/15

	1-Year	5-Year	10-Year
Class A Shares of the Fund without Sales Charge	-3.57%	0.33%	4.41%
Class A Shares of the Fund with Sales Charge	-8.15	-0.65	3.90
Citigroup Non-U.S. Dollar World Government Bond Index	-7.01	-1.32	2.92
J.P. Morgan Government Bond Index	-19.77	-3.56	4.45
J.P. Morgan Emerging Markets Bond Index	-0.62	4.73	6.89
Reference Index	-9.70	-0.64	3.98

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

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Fund Performance Discussion

The Fund’s Class A shares (without sales charge) returned -3.57% during the reporting period, outperforming the Reference Index, a customized weighted index currently comprised of 50% of the Citigroup Non-U.S. Dollar World Government Bond Index, 30% of the J. P. Morgan Government Bond Index, and 20% of the J. P. Morgan Emerging Markets Bond Index, which returned -9.70%.

MARKET OVERVIEW

In 2014, growth in the U.S. continued at a higher pace than any other developed economy and employment gains remained positive. Growth in the rest of the world was subdued, however, with major developed economies like the Eurozone and Japan continuing to disappoint due to weak aggregate demand. The biggest surprise of the reporting period and possibly all of 2014 was the precipitous fall in the price of crude oil. Weak demand amid tepid global growth was responsible for part of the drop, but significantly, the U.S. energy revolution is

increasingly helping to insulate global and domestic energy supplies from shocks in the Middle East and elsewhere.

The start of 2015 was marked by cooling U.S. growth after the positive results in 2014. The dollar continued to strengthen significantly during this time against most of the U.S.’s major trading partners, which acted as a drag on growth. Businesses, especially U.S. firms with revenues dependent on exporting goods and services, cited this as a headwind. European Central Bank (“ECB”) President

COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN:

3      OPPENHEIMER INTERNATIONAL BOND FUND

Mario Draghi announced the purchase of €60 billion a month in sovereign bonds from Eurozone countries for at least 19 months, a form of quantitative easing (“QE”) that is projected to increase the ECB’s balance sheet by over €1 trillion. The announcement and implementation of these extraordinary monetary policies had a significant impact on financial markets, with European markets rallying and the euro falling against most major trading partners.

Over the second half of the reporting period, major risk asset classes were vulnerable to profit taking as negative macroeconomic catalysts emerged. Two stole the show. Uncertainty around the global economic impact and extent of China’s ongoing economic slowdown led the way, with many fearing the stunning collapse in commodity prices could signal more pain ahead. The timing of when the Federal Reserve (the “Fed”) would raise interest rates was a close second. Looking ahead, an objective look at the global economy reveals persistent strength in many U.S. economic indicators coupled with continued, albeit modest, global growth impulses and a benign worldwide monetary policy backdrop.

Ironically, after many failed attempts at predicting it since the 2009 bear market lows, few expected this correction when it finally came. The reality is corrections happen, even in the good years and represent a healthy way to periodically work off market excesses.

Due to the confluence of these factors, longer-term U.S. Treasury rates swung fairly wildly during the one-year reporting period, with the 10-year Treasury rate ultimately falling from the start of the reporting period through September 30, 2015. This net downward movement in rates contributed to U.S. Treasuries generating positive total returns.

FUND REVIEW

The Fund’s outperformance versus the Index was driven by its foreign currency (“FX”) positioning and exposure to developed market credit. We held a very low FX exposure, including in the euro and Japanese yen. This benefited during the reporting period as the U.S. dollar rallied strongly and the euro and yen declined. Among developed market credit, an overweight to European financials and peripheral sovereign credit benefited the Fund’s performance.

While the Fund did not underperform the Index in many areas of the Index, the most significant detractor from performance was its exposure to Brazilian local interest rates due to the political turmoil in that country.

STRATEGY & OUTLOOK

The market volatility in the closing months of the reporting period has discounted at least some of the risks that have become apparent in the global economy. As the dust settles, we think there will be some selective opportunities to take advantage of, given

4      OPPENHEIMER INTERNATIONAL BOND FUND

many countries with relatively good economic outlooks have been swept up in the risk-off tide. However, many of our other fundamental views remain intact.

Our positioning across the three major risk levels of an international bond mandate (foreign currency, interest rates and credit) remains consistent with the themes that have been the foundation of our outlook. Although the Fed passed on tightening policy at its September meeting, Fed speakers (including Chair Yellen) have continued to guide toward a 2015 hike. As of this writing, markets are pricing for the first hike to not be until 2016. Regardless, divergences in economic situations are apparent which should spur continued deviation in monetary policy – even with a Fed on hold many other central banks are likely to ease in coming quarters.

In FX we see the theme of dollar strength to broadly hold, but we see the potential to increase FX exposure on another strong leg up in the U.S. dollar. We see the ECB, Bank of Japan and many other central banks potentially taking additional easing measures while the Fed will likely remain on hold at worst and at best hike in the next few quarters. A major reason for this divergence in policy is the generally stable growth path of the U.S. (even without significant inflation), while growth paths in many other jurisdictions are less certain.

Continuing our plan to add value through active currency management, we reduced our underweight to the euro and Japanese yen tactically over the second half of the reporting period as those currencies benefit from flight to quality bids. In our view the ability to actively manage currency exposure through both increasing and decreasing foreign currency exposure at an aggregate level, and as well as selecting individual foreign currencies, has the potential to add value in any market environment, including one in which the dollar is strong.

In terms of interest rate exposure, we maintain an overall Fund duration of approximately 3.96 years, which represents an underweight to the Index. This is largely due to underweight duration positions in both the euro area and Japan. The Fund maintains modest levels of interest rate exposure within select developed market and emerging market names such as Brazil and India, given our belief that interest rates offer fundamental value and attractive carry in these areas and we see interest rates declining over time.

Finally, in terms of credit, at period end the Fund had approximately 31% in credit assets. More specifically, we maintain our exposures within European credit as we believe that Europe represents a sweet spot for credit investing (Volkswagen’s woes being an exception and not the rule in our view).

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Corporate deleveraging and improving growth (albeit slow) in the region should continue to underpin credit assets in the region.

	Hemant Baijal Portfolio Manager

1. Christopher Kelly became a Portfolio Manager in March 2015.

	Christopher Kelly1 Portfolio Manager

6      OPPENHEIMER INTERNATIONAL BOND FUND

Top Holdings and Allocations

TOP TEN GEOGRAPHICAL HOLDINGS

Mexico	14.3%
United States	12.7
United Kingdom	10.6
France	7.9
Brazil	7.7
India	4.9
Italy	4.8
Japan	3.1
Spain	2.5
Portugal	2.3

Portfolio holdings and allocation are subject to change. Percentages are as of September 30, 2015, and are based on total market value of investments.

REGIONAL ALLOCATION

Portfolio holdings and allocations are subject to change. Percentages are as of September 30, 2015, and are based on the total market value of investments.

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Share Class Performance

AVERAGE ANNUAL TOTAL RETURNS WITHOUT SALES CHARGE AS OF 9/30/15

	Inception Date	1-Year	5-Year	10-Year
Class A (OIBAX)	6/15/95	-3.57%	0.33%	4.41%
Class B (OIBBX)	6/15/95	-4.32%	-0.51%	3.88%
Class C (OIBCX)	6/15/95	-4.31%	-0.39%	3.67%
Class I (OIBIX)	1/27/12	-3.16%	0.62% *	N/A
Class R (OIBNX)	3/1/01	-3.84%	-0.06%	4.00%
Class Y (OIBYX)	9/27/04	-3.50%	0.55%	4.72%

AVERAGE ANNUAL TOTAL RETURNS WITH SALES CHARGE AS OF 9/30/15

	Inception Date	1-Year	5-Year	10-Year
Class A (OIBAX)	6/15/95	-8.15%	-0.65%	3.90%
Class B (OIBBX)	6/15/95	-8.99%	-0.85%	3.88%
Class C (OIBCX)	6/15/95	-5.25%	-0.39%	3.67%
Class I (OIBIX)	1/27/12	-3.16%	0.62% *	N/A
Class R (OIBNX)	3/1/01	-3.84%	-0.06%	4.00%
Class Y (OIBYX)	9/27/04	-3.50%	0.55%	4.72%
* Shows performance since inception.

STANDARDIZED YIELDS

For the 30 Days Ended 9/30/15
Class A	2.58	%
Class B	1.94
Class C	1.95
Class I	3.15
Class R	2.46
Class Y	2.96

Performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. Returns do not consider capital gains or income taxes on an individual’s investment. For performance data current to the most recent month-end, visit oppenheimerfunds.com or call 1.800.CALL OPP (225.5677). Fund returns include changes in share price, reinvested distributions, and the applicable sales charge (unless otherwise indicated): for Class A shares, the current maximum initial sales charge of 4.75%; for Class B shares, the contingent deferred sales charge of 5% (1-year) and 2% (5-year); and for Class C shares, the contingent deferred sales charge (“CDSC”) of 1% for the 1-year period. Prior to 7/1/14, Class R shares were named Class N shares. Beginning 7/1/14, new purchases of Class

8      OPPENHEIMER INTERNATIONAL BOND FUND

R shares will no longer be subject to a CDSC upon redemption (any CDSC will remain in effect for purchases prior to 7/1/14). There is no sales charge for Class I and Class Y shares.

Standardized yield is based on net investment income for the 30-day period ended 9/30/15 and the maximum offering price at the end of the period for Class A shares and the net asset value for Class B, Class C, Class I, Class R and Class Y shares. Each result is compounded semiannually and then annualized. Falling share prices will tend to artificially raise yields.

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

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

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

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

9      OPPENHEIMER INTERNATIONAL BOND FUND

Fund Expenses

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

The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire 6-month period ended September 30, 2015.

Actual Expenses. The first section of the table provides information about actual account values and actual expenses. You may use the information in this section for the class of shares you hold, together with the amount you invested, to estimate the expense that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600.00 account value divided by $1,000.00 = 8.60), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During 6 Months Ended September 30, 2015” to estimate the expenses you paid on your account during this period.

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as front-end or contingent deferred sales charges (loads). Therefore, the “hypothetical” section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

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Actual	Beginning Account Value April 1, 2015		Ending Account Value September 30, 2015		Expenses Paid During 6 Months Ended September 30, 2015
Class A	$	1,000.00	$	965.50	$	5.04
Class B		1,000.00		963.40		8.80
Class C		1,000.00		963.40		8.75
Class I		1,000.00		967.60		2.87
Class R		1,000.00		964.20		6.27
Class Y		1,000.00		965.10		3.80
Hypothetical
(5% return before expenses)
Class A		1,000.00		1,019.95		5.18
Class B		1,000.00		1,016.14		9.04
Class C		1,000.00		1,016.19		8.99
Class I		1,000.00		1,022.16		2.94
Class R		1,000.00		1,018.70		6.45
Class Y		1,000.00		1,021.21		3.91

Expenses are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period). Those annualized expense ratios, excluding indirect expenses from affiliated funds, based on the 6-month period ended September 30, 2015 are as follows:

Class	Expense Ratios
Class A		1.02	%
Class B		1.78
Class C		1.77
Class I		0.58
Class R		1.27
Class Y		0.77

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

11      OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED STATEMENT OF INVESTMENTS September 30, 2015

		Principal Amount		Value
Asset-Backed Securities—1.1%
Avoca CLO VIII Ltd., Series VIII-X, Cl. E, 4.328%, 10/15/231	EUR		12,700,000	$	12,856,303
Axius Europe CLO SA, Series 2007-1X, Cl. E, 4.56%, 11/15/231	EUR		7,931,617		8,308,865
Bancaja Fondo de Titulizacion, Series 10, Cl. A2, 0.09%, 5/22/501	EUR		982,478		1,043,556
Cadogan Square CLO IV BV, Series 4X, Cl. D, 1.599%, 7/24/231	EUR		9,500,000		10,266,481
Halcyon Structured Asset Management European CLO BV, Series 2006-IIX, Cl. E, 3.899%, 1/25/231	EUR		12,082,113		11,360,715
Highlander Euro CDO II Cayman Ltd., Series 2006-2CX, Cl. E, 3.56%, 12/14/221	EUR		11,856,645		12,293,535
Magellan Mortgages No. 3 plc, Series 3, Cl. A, 0.236%, 5/15/581	EUR		1,459,150		1,389,974
Stichting Halcyon Structured Asset Management European, Series 2007-IX, Cl. E, 3.849%, 7/24/231	EUR		3,303,497		3,348,383
TDA CAM 7 Fondo de Titulizacion de Activos, Series 7, Cl. A2, 0.108%, 2/26/491	EUR		2,865,135		2,994,460
TDA IBERCAJA 2 Fondo de Titulizacion de Activos, Series 2, Cl. A, 0.091%, 10/26/42	EUR		832,080		885,218
TDA IBERCAJA 6 Fondo de Titulizacion de Activos, Series 6, Cl. A, 0.269%, 11/25/51	EUR		1,361,354		1,406,110
Theseus European CLO SA, Series 2006-1X, Cl. E, 4.041%, 8/27/221	EUR		10,000,000		10,842,579
Total Asset-Backed Securities (Cost $83,309,479)					76,996,179
Mortgage-Backed Obligations—0.9%
Capital Mortgage Srl, Series 2007-1, Cl. B, 0.199%, 1/30/471	EUR		8,000,000		5,601,133
Eurosail plc, Series 2007-5X, Cl. A1A, 1.359%, 9/13/451	GBP		13,678,973		18,453,256
Hipocat 11 Fondo de Titulizacion de Activos, Series HIPO-11, Cl. A2, 0.111%, 1/15/501	EUR		3,201,023		2,966,163
IM Pastor 4 Fondo de Titulizacion de Activos:
Series 4, Cl. A, 0.103%, 3/22/441	EUR		23,571,114		22,106,235
Series 4, Cl. B, 0.153%, 3/22/441	EUR		3,000,000		1,507,015
Lusitano Mortgages No. 4 plc:
Series 4, Cl. A, 0.182%, 9/15/481	EUR		1,752,137		1,671,338
Series 4, Cl. C, 0.522%, 9/15/481	EUR		3,308,556		2,451,797
Magellan Mortgages No. 4 plc, Series 4, Cl. A, 0.261%, 7/20/591	EUR		1,655,400		1,569,970
Rural Hipotecario I Fondo de Titulizacion Hipotecaria, Series 9,
Cl. A2, 0.116%, 2/17/501	EUR		7,016,724		7,608,770
Total Mortgage-Backed Obligations (Cost $71,795,607)					63,935,677
Foreign Government Obligations—50.6%
Australia—1.6%
Commonwealth of Australia Bonds:
1.00%, 11/21/182	AUD		25,000,000		18,630,530
3.75%, 4/21/37	AUD		20,000,000		15,196,793
Commonwealth of Australia Sr. Unsec. Bonds, 2%, 8/21/352	AUD		11,300,000		9,885,474
New South Wales Treasury Corp. Sr. Unsec. Nts., 6%, 5/1/23	AUD		20,000,000		17,305,554
Queensland Treasury Corp. Sr. Unsec. Nts., Series 33, 6.50%, 3/14/33	AUD		20,590,000		19,819,868

12      OPPENHEIMER INTERNATIONAL BOND FUND

		Principal Amount		Value
Australia (Continued)
Victoria Treasury Corp. Sr. Unsec. Bonds, 5.50%, 11/17/26	AUD		30,385,000	$	26,293,169
					107,131,388
Brazil—6.1%
Brazil Minas SPE via State of Minas Gerais Sec. Bonds, 5.333%, 2/15/283			7,610,000		6,049,950
Federative Republic of Brazil Nota Do Tesouro Nacional Sr. Unsec. Nts., 9.762%, 1/1/17	BRL		784,895,000		186,500,764
Federative Republic of Brazil Nota Do Tesouro Nacional Unsec. Nts.:
9.762%, 1/1/18	BRL		231,000,000		52,441,239
10.00%, 1/1/25	BRL		866,000,000		163,526,282
					408,518,235
Canada—0.9%
Canada Unsec. Bonds, 3.75%, 6/1/19	CAD		73,380,000		61,271,888
Cayman Islands—0.1%
Lima Metro Line 2 Finance Ltd. Sr. Sec. Bonds, 5.875%, 7/5/343			6,575,000		6,394,188
Dominican Republic—0.9%
Banco de Reservas de la Republica Dominicana Sub. Nts., 7%, 2/1/233			10,940,000		10,996,724
Dominican Republic Sr. Unsec. Bonds:
5.50%, 1/27/253			15,105,000		14,651,850
5.875%, 4/18/243			3,500,000		3,456,250
6.60%, 1/28/243			9,475,000		9,854,000
6.85%, 1/27/453			21,010,000		20,327,175
					59,285,999
Egypt—0.1%
Arab Republic of Egypt Bonds:
5.875%, 6/11/253			7,805,000		7,395,237
6.875%, 4/30/403			2,365,000		2,234,925
					9,630,162
France—4.3%
French Republic Unsec. Bonds:
0.25%, 7/25/242	EUR		121,600,800		142,931,045
1.85%, 7/25/272	EUR		106,637,000		146,395,286
					289,326,331
Germany—0.9%
Federal Republic of Germany Bonds, 0.10%, 4/15/262	EUR		50,265,000		59,383,249
Greece—0.1%
Hellenic Republic Sr. Unsec. Bonds, 3%, 2/24/291	EUR		5,000,000		3,673,771
Hungary—0.6%
Hungary Unsec. Bonds:
Series 20/A, 7.50%, 11/12/20	HUF		4,821,000,000		21,345,087
Series 23/A, 6.00%, 11/24/23	HUF		5,189,000,000		22,222,680
					43,567,767

13      OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

		Principal Amount		Value
India—2.9%
Indian Railway Finance Corp. Ltd. Sr. Unsec. Nts., 3.417%, 10/10/17		$	9,920,000	$	10,131,008
Republic of India Bonds:
8.27%, 6/9/20	INR		8,023,000,000		125,447,745
8.40%, 7/28/24	INR		3,997,000,000		63,493,478
					199,072,231
Indonesia—0.7%
Perusahaan Penerbit SBSN Indonesia III Sr. Unsec. Nts., 4%, 11/21/183			7,025,000		7,288,438
Perusahaan Penerbit SBSN Indonesia III Unsec. Nts.:
4.35%, 9/10/243			4,560,000		4,263,600
6.125%, 3/15/193			14,480,000		15,909,900
Republic of Indonesia Treasury Bonds:
Series FR68, 8.375%, 3/15/34	IDR		80,000,000,000		4,754,430
Series FR70, 8.375%, 3/15/24	IDR		106,985,000,000		6,768,134
Series FR71, 9.00%, 3/15/29	IDR		85,960,000,000		5,517,018
					44,501,520
Italy—3.0%
Republic of Italy (The) Buoni Poliennali Del Tesoro Bonds, 3.25%, 9/1/463	EUR		69,600,000		85,118,381
Republic of Italy (The) Buoni Poliennali Del Tesoro Sr. Unsec. Bonds:
2.35%, 9/15/242,3	EUR		35,086,800		44,388,826
3.10%, 9/15/262	EUR		52,894,500		72,102,534
					201,609,741
Ivory Coast—0.5%
Republic of Cote d’Ivoire Sr. Unsec. Bonds, 5.75%, 12/31/321			30,065,000		26,336,038
Republic of Cote d’Ivoire Bonds, 6.375%, 3/3/283			8,360,000		7,437,558
					33,773,596
Jamaica—0.2%
Government of Jamaica Sr. Unsec. Bonds:
6.75%, 4/28/28			4,075,000		4,115,750
7.875%, 7/28/45			11,825,000		11,854,562
					15,970,312
Japan—2.9%
Japan Sr. Unsec. Bonds:
0.10%, 9/10/242	JPY		8,000,000,000		70,907,348
Series 36, 2.00%, 3/20/42	JPY		10,000,000,000		95,972,409
Series 38, 1.80%, 3/20/43	JPY		3,031,000,000		27,942,199
					194,821,956
Malaysia—0.3%
Federation of Malaysia Sr. Unsec. Bonds, 4.262%, 9/15/16	MYR		83,350,000		19,155,378
Mexico—13.0%
United Mexican States Bonds, 3%, 3/6/45	EUR		6,595,000		6,100,297
United Mexican States Sr. Unsec. Bonds:
4.00%, 3/15/2115	EUR		7,730,000		7,169,749
4.75%, 6/14/18	MXN		570,000,000		33,884,703
7.25%, 12/15/16	MXN		3,999,000,000		246,681,211

14      OPPENHEIMER INTERNATIONAL BOND FUND

		Principal Amount		Value
Mexico (Continued)
United Mexican States Sr. Unsec. Bonds: (Continued)
Series M10, 8.00%, 12/17/15	MXN		6,584,200,000	$	393,053,944
United Mexican States Sr. Unsec. Nts., 5.625%, 3/19/2114	GBP		8,000,000		11,770,707
United Mexican States Unsec. Bonds:
Series M, 5.00%, 12/11/19	MXN		1,785,000,000		105,012,261
Series M, 8.00%, 6/11/20	MXN		963,000,000		63,823,893
Series M20, 4.75%, 3/8/44			10,000,000		9,150,000
					876,646,765
Morocco—0.3%
Kingdom of Morocco Sr. Unsec. Bonds, 5.50%, 12/11/423			9,755,000		9,708,664
Kingdom of Morocco Sr. Unsec. Nts., 4.25%, 12/11/223			8,890,000		9,012,237
					18,720,901
New Zealand—0.4%
Commonwealth of New Zealand Bonds:
2.50%, 9/20/352	NZD		6,000,000		3,957,479
3.00%, 9/20/302	NZD		10,000,000		7,169,531
Commonwealth of New Zealand Sr. Unsec. Bonds, 2%, 9/20/252	NZD		29,000,000		19,048,205
					30,175,215
Panama—0.7%
Republic of Panama Sr. Unsec. Bonds:
3.75%, 3/16/25			9,870,000		9,573,900
4.00%, 9/22/24			4,550,000		4,510,188
5.20%, 1/30/20			20,140,000		21,776,375
6.70%, 1/26/36			4,710,000		5,628,450
9.375%, 4/1/29			4,370,000		6,309,187
					47,798,100
Paraguay—0.2%
Republic of Paraguay Sr. Unsec. Bonds, 4.625%, 1/25/233			12,230,000		12,077,125
Peru—0.3%
Fondo MIVIVIENDA SA Sr. Unsec. Nts., 3.50%, 1/31/233			15,410,000		14,331,300
Republic of Peru Sr. Unsec. Bonds, 4.125%, 8/25/27			4,495,000		4,450,050
					18,781,350
Portugal—1.9%
Portuguese Republic Obrigacoes do Tesouro OT Bonds:
2.875%, 10/15/253	EUR		100,000,000		116,666,281
4.10%, 2/15/453	EUR		9,000,000		11,377,202
					128,043,483
Russia—0.0%
Agency for Housing Mortgage Lending OJSC Via AHML
Finance Ltd. Unsec. Nts., 7.75% Sr. Unsec. Nts., 2/13/183	RUB		132,500,000		1,836,503
Serbia—0.3%
Republic of Serbia Sr. Unsec. Bonds, 5.25%, 11/21/173			6,345,000		6,590,869
Republic of Serbia Unsec. Bonds, 5.875%, 12/3/183			12,495,000		13,104,131
					19,695,000

15      OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

		Principal Amount		Value
South Africa—0.9%
Republic of South Africa Sr. Unsec. Bonds, Series R208, 6.75%, 3/31/21	ZAR		514,540,000	$	34,995,217
Republic of South Africa Unsec. Bonds:
Series 2023, 7.75%, 2/28/23	ZAR		311,100,000		21,796,261
Series R186, 10.50%, 12/21/26	ZAR		90,100,000		7,460,249
					64,251,727
Sri Lanka—0.4%
Democratic Socialist Republic of Sri Lanka Sr. Unsec. Bonds:
5.875%, 7/25/223			14,400,000		13,966,459
6.00%, 1/14/193			9,030,000		9,165,423
6.25%, 10/4/203			3,055,000		3,100,755
					26,232,637
Turkey—0.8%
Republic of Turkey Bonds:
8.20%, 7/13/16	TRY		33,900,000		10,975,909
8.30%, 10/7/15	TRY		14,215,000		4,707,557
8.50%, 7/10/19	TRY		45,000,000		13,762,071
8.80%, 11/14/18	TRY		44,165,000		13,769,769
Republic of Turkey Unsec. Bonds:
6.30%, 2/14/18	TRY		28,925,000		8,641,398
9.00%, 3/8/17	TRY		6,615,000		2,135,160
					53,991,864
United Arab Emirates—0.1%
Emirate of Dubai Sr. Unsec. International Bonds, 5.25%, 1/30/43			4,675,000		4,130,900
United Kingdom—4.9%
United Kingdom Unsec. Treasury Bonds:
3.75%, 9/7/21	GBP		104,275,000		179,844,180
4.25%, 12/7/55	GBP		15,155,000		34,116,919
4.75%, 12/7/38	GBP		37,875,000		81,442,725
6.00%, 12/7/28	GBP		14,500,000		32,489,629
					327,893,453
Uruguay—0.1%
Oriental Republic of Uruguay Sr. Unsec. Bonds, 5.10%, 6/18/50			10,810,000		9,512,800
Venezuela—0.0%
Bolivarian Republic of Venezuela Sr. Unsec. Bonds, 7.75%, 10/13/19			2,605,000		905,238
Vietnam—0.1%
Socialist Republic of Vietnam Bonds, 4.80%, 11/19/243			6,725,000		6,390,055
Zambia—0.1%
Republic of Zambia Sr. Unsec. Bonds, 8.97%, 7/30/273			8,760,000		6,964,200
Total Foreign Government Obligations (Cost $3,734,274,907)					3,411,135,028

16      OPPENHEIMER INTERNATIONAL BOND FUND

		Principal Amount		Value
Corporate Bonds and Notes—29.6%
Consumer Discretionary—1.4%
Auto Components—0.2%
GKN Holdings plc:
5.375% Sr. Unsec. Nts., 9/19/22	GBP		2,490,000	$	4,101,031
6.75% Sr. Unsec. Nts., 10/28/19	GBP		4,475,000		7,696,275
					11,797,306
Automobiles—0.1%
Volkswagen International Finance NV, 2.50% Jr. Sub. Perpetual Bonds1,4	EUR		4,045,000		3,574,694
Hotels, Restaurants & Leisure—0.1%
Merlin Entertainments plc, 2.75% Sr. Unsec. Nts., 3/15/223	EUR		5,690,000		5,992,560
Household Durables—0.0%
Arcelik AS, 5% Sr. Unsec. Nts., 4/3/233			3,165,000		2,822,864
Media—0.9%
Altice Luxembourg SA, 7.25% Sr. Sec. Nts., 5/15/223	EUR		10,375,000		10,983,383
Telenet Finance VI Luxembourg SCA, 4.875% Sr. Sec. Nts., 7/15/273	EUR		5,000,000		5,142,386
Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH, 4% Sr. Sec. Nts., 1/15/253	EUR		2,000,000		2,121,158
UPC Holding BV, 6.75% Sr. Unsec. Nts., 3/15/233	EUR		8,100,000		9,742,875
Virgin Media Finance plc:
6.375% Sr. Unsec. Nts., 10/15/243	GBP		2,500,000		3,780,971
7.00% Sr. Unsec. Nts., 4/15/23	GBP		3,495,000		5,487,351
Virgin Media Secured Finance plc:
4.875% Sr. Sec. Nts., 1/15/273	GBP		7,000,000		9,444,817
6.00% Sr. Sec. Nts., 4/15/21	GBP		9,679,500		14,856,885
VTR Finance BV, 6.875% Sr. Sec. Nts., 1/15/243			1,920,000		1,747,200
					63,307,026
Textiles, Apparel & Luxury Goods—0.1%
New Look Secured Issuer plc, 6.50% Sr. Sec. Nts., 7/1/223	GBP		3,850,000		5,556,849
Consumer Staples—0.5%
Beverages—0.2%
Pernod Ricard SA:
4.45% Sr. Unsec. Nts., 1/15/223			6,000,000		6,312,990
5.75% Sr. Unsec. Nts., 4/7/213			5,000,000		5,631,595
					11,944,585
Food & Staples Retailing—0.2%
Cencosud SA, 5.15% Sr. Unsec. Nts., 2/12/253			13,175,000		12,915,347
Food Products—0.1%
BRF SA, 4.75% Sr. Unsec. Nts., 5/22/243			2,265,000		2,151,750
Marfrig Holdings Europe BV, 6.875% Sr. Unsec. Nts., 6/24/193			2,760,000		2,394,300
Minerva Luxembourg SA, 7.75% Sr. Unsec. Nts., 1/31/233			3,190,000		2,807,200
					7,353,250

17      OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

		Principal Amount		Value
Energy—2.8%
Energy Equipment & Services—0.6%
GNL Quintero SA, 4.634% Sr. Unsec. Nts., 7/31/293		$	1,325,000	$	1,306,610
Pertamina Persero PT, 5.625% Sr. Unsec. Nts., 5/20/433			24,378,000		19,072,519
Seadrill Ltd., 6.50% Sr. Unsec. Nts., 10/5/15			1,540,000		1,538,075
Sinopec Group Overseas Development 2015 Ltd.:
2.50% Sr. Unsec. Nts., 4/28/203			12,705,000		12,539,606
3.25% Sr. Unsec. Nts., 4/28/253			6,355,000		6,081,703
					40,538,513
Oil, Gas & Consumable Fuels—2.2%
Bharat Petroleum Corp. Ltd., 4% Sr. Unsec. Nts., 5/8/25			12,790,000		12,516,307
CNOOC Curtis Funding No 1 Pty Ltd., 4.50% Sr. Unsec. Nts., 10/3/233			3,460,000		3,587,760
Cosan Luxembourg SA, 5% Sr. Unsec. Nts., 3/14/233			3,760,000		2,838,800
Delek & Avner Tamar Bond Ltd., 5.082% Sr. Sec. Nts., 12/30/233			1,945,000		1,949,862
Gazprom OAO Via Gaz Capital SA, 4.95% Sr. Unsec. Nts., 7/19/223			13,665,000		12,485,915
Indian Oil Corp. Ltd.:
5.625% Sr. Unsec. Nts., 8/2/21			3,200,000		3,504,282
5.75% Sr. Unsec. Nts., 8/1/23			13,635,000		14,948,296
KazMunayGas National Co. JSC, 5.75% Sr. Unsec. Nts., 4/30/433			8,505,000		6,178,882
MEG Energy Corp., 6.50% Sr. Unsec. Nts., 3/15/213			4,935,000		4,071,375
Novatek OAO via Novatek Finance Ltd., 4.422% Sr. Unsec. Nts., 12/13/223			2,830,000		2,452,959
Origin Energy Finance Ltd.:
3.50% Sr. Unsec. Nts., 10/9/183			5,711,000		5,552,571
5.45% Sr. Unsec. Nts., 10/14/213			3,761,000		3,667,340
Pacific Exploration & Production Corp., 5.625% Sr. Unsec. Nts., 1/19/253			5,915,000		2,107,219
Petrobras Global Finance BV:
3.50% Sr. Unsec. Nts., 2/6/17			5,135,000		4,576,569
4.375% Sr. Unsec. Nts., 5/20/235			3,270,000		2,141,850
4.875% Sr. Unsec. Nts., 3/17/20			4,940,000		3,630,900
5.375% Sr. Unsec. Nts., 1/27/215			8,285,000		6,066,277
5.625% Sr. Unsec. Nts., 5/20/43			5,145,000		3,177,038
5.75% Sr. Unsec. Nts., 1/20/20			3,430,000		2,581,075
Petroleos de Venezuela SA:
5.375% Sr. Unsec. Nts., 4/12/27			7,000,000		2,257,500
6.00% Sr. Unsec. Nts., 11/15/263			18,275,000		5,892,774
Petroleos Mexicanos, 5.50% Sr. Unsec. Nts., 6/27/443			3,475,000		2,806,063
Reliance Industries Ltd., 4.125% Sr. Unsec. Nts., 1/28/253			12,805,000		12,702,650
Reliance Industries Ltd., 5.875% Sr. Unsec. Perpetual Bonds3,4			660,000		642,675
Repsol International Finance BV:
2.25% Sr. Unsec. Nts., 12/10/26	EUR		2,000,000		2,062,575
4.50% Jr. Sub. Nts., 3/25/751	EUR		8,000,000		7,263,404
Thai Oil PCL, 4.875% Sr. Unsec. Nts., 1/23/433			1,520,000		1,425,482
TOTAL SA, 2.25% Jr. Sub. Perpetual Bonds1,4	EUR		5,620,000		5,816,352
Tullow Oil plc, 6% Sr. Unsec. Nts., 11/1/203			4,056,000		2,869,620
YPF SA, 8.50% Sr. Unsec. Nts., 7/28/253			6,770,000		5,906,825
					147,681,197

18      OPPENHEIMER INTERNATIONAL BOND FUND

		Principal Amount		Value
Financials—15.4%
Capital Markets—1.3%
Credit Suisse Group AG:
7.50% Jr. Sub. Perpetual Bonds1,3,4		$	4,105,000	$	4,286,749
7.50% Jr. Sub. Perpetual Bonds1,4			17,195,000		17,962,722
Deutsche Bank AG:
4.50% Sub. Nts., 4/1/25			10,000,000		9,711,080
7.125% Jr. Sub. Perpetual Bonds1,4	GBP		2,900,000		4,105,660
7.50% Jr. Sub. Perpetual Bonds1,4			10,000,000		9,537,500
Schaeffler Finance BV:
3.25% Sr. Sec. Nts., 5/15/253	EUR		2,310,000		2,428,470
4.75% Sr. Sec. Nts., 5/15/233			460,000		446,200
Seven & Seven Ltd., 1.539% Sr. Unsec. Nts., 9/11/191,3			4,000,000		3,998,432
UBS AG (Jersey Branch), 7.25% Sub. Nts., 2/22/221			15,090,000		15,726,783
UBS AG (Stamford CT), 7.625% Sub. Nts., 8/17/22			3,000,000		3,456,540
UBS Group AG, 7% Jr. Sub. Perpetual Bonds1,4			18,000,000		18,391,518
					90,051,654
Commercial Banks—10.7%
ABN AMRO Bank NV:
4.75% Sub. Nts., 7/28/253			18,570,000		18,474,476
5.75% Jr. Sub. Perpetual Bonds1,4	EUR		2,500,000		2,720,632
Akbank TAS, 7.50% Sr. Unsec. Nts., 2/5/183	TRY		11,095,000		3,214,354
Altice Financing SA, 5.25% Sr. Sec. Nts., 2/15/233	EUR		2,000,000		2,208,074
Altice Luxembourg SA, 6.25% Sr. Unsec. Nts., 2/15/253	EUR		3,410,000		3,361,035
Astana Finance JSC, 9.16% Sr. Unsec. Nts., 3/14/126			612,810		—
Banco ABC Brasil SA, 8.50% Sr. Unsec. Nts., 3/28/163	BRL		8,360,000		1,986,420
Banco Bilbao Vizcaya Argentaria Colombia SA, 4.875% Sub. Nts., 4/21/253			5,085,000		4,854,649
Banco Bilbao Vizcaya Argentaria SA:
7.00% Jr. Sub. Perpetual Bonds1,4	EUR		13,320,000		14,524,697
9.00% Jr. Sub. Perpetual Bonds1,4			6,000,000		6,356,250
Banco Continental SA via Continental Senior Trustees Cayman Ltd., 5.50% Sr. Unsec. Nts., 11/18/203			7,940,000		8,567,260
Banco Santander Brasil SA (Cayman Islands), 8% Sr. Unsec. Unsub. Nts., 3/18/163	BRL		14,290,000		3,460,310
Banco Santander SA:
6.25% Jr. Sub. Perpetual Bonds1,4	EUR		7,700,000		8,029,045
6.375% Jr. Sub. Perpetual Bonds1,4			10,000,000		9,373,310
Bank of Ireland, 10% Sub. Nts., 2/12/20	EUR		10,000,000		13,838,351
Bank of Scotland plc:
4.875% Sec. Nts., 11/8/16	GBP		5,170,000		8,147,769
4.875% Sec. Nts., 12/20/24	GBP		8,675,000		15,676,377
Barclays plc:
4.375% Sub. Nts., 9/11/24			12,000,000		11,647,224
6.50% Jr. Sub. Perpetual Bonds1,4	EUR		15,000,000		16,463,123
6.625% Jr. Sub. Perpetual Bonds1,4			3,000,000		2,880,417
7.00% Jr. Sub. Perpetual Bonds1,4	GBP		12,143,000		17,696,546
8.00% Jr. Sub. Perpetual Bonds1,4	EUR		8,000,000		9,469,429
BNP Paribas SA:
5.945% Jr. Sub. Perpetual Bonds1,4	GBP		10,400,000		15,744,399
7.375% Jr. Sub. Perpetual Bonds1,3,4			5,855,000		5,898,912

19      OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

		Principal Amount		Value
Commercial Banks (Continued)
BPCE SA:
2.75% Sub. Nts., 7/8/261	EUR		9,245,000	$	10,298,700
4.50% Sub. Nts., 3/15/253			5,000,000		4,822,750
Brazil Loan Trust 1, 5.477% Sec. Nts., 7/24/237			10,258,913		8,925,254
Commerzbank AG, 8.125% Sub. Nts., 9/19/233			6,990,000		8,131,886
Compass Bank, 3.875% Sub. Nts., 4/10/25			5,000,000		4,672,020
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA (Netherlands), 4.375% Sub. Nts., 8/4/25			6,100,000		6,119,044
Corp. Financiera de Desarrollo SA:
4.75% Sr. Unsec. Nts., 2/8/223			2,285,000		2,330,700
4.75% Sr. Unsec. Nts., 7/15/253			6,540,000		6,368,325
Corpbanca SA, 3.875% Sr. Unsec. Nts., 9/22/193			7,900,000		7,994,484
CorpGroup Banking SA, 6.75% Sr. Unsec. Nts., 3/15/233			3,530,000		3,371,150
Credit Agricole Assurances SA, 4.25% Sub. Perpetual Bonds1,4	EUR		10,000,000		10,311,255
Credit Agricole SA, 8.375% Jr. Sub. Perpetual Bonds1,4,7			30,000,000		34,206,000
Danske Bank:
5.684% Jr. Sub. Perpetual Bonds1,4	GBP		7,485,000		11,506,931
5.75% Jr. Sub. Perpetual Bonds1,4	EUR		6,000,000		6,637,946
EUROFIMA, 6.25% Sr. Unsec. Nts., 12/28/18	AUD		5,270,000		4,129,123
Export-Import Bank of India:
9.50% Sr. Unsec. Nts., 10/9/18	INR		175,000,000		2,805,324
9.70% Sr. Unsec. Nts., 11/21/18	INR		200,000,000		3,225,686
Export-Import Bank of Korea, 2.875% Sr. Unsec. Nts., 1/21/25			13,230,000		12,943,610
Grupo Aval Ltd., 4.75% Sr. Unsec. Nts., 9/26/223			6,870,000		6,213,915
HBOS Capital Funding LP, 6.461% Jr. Sub. Perpetual Bonds1,4	GBP		3,285,000		5,277,247
HSBC Holdings plc:
6.375% Jr. Sub. Perpetual Bonds1,4			1,815,000		1,735,594
6.375% Jr. Sub. Perpetual Bonds1,4			19,900,000		19,054,250
ICICI Bank Ltd., 6.375% Jr. Sub. Nts., 4/30/221,3			3,395,000		3,450,936
ICICI Bank Ltd. (Dubai), 4.75% Sr. Unsec. Nts., 11/25/163			10,585,000		10,938,624
Industrial & Commercial Bank of China Ltd., 6% Jr. Sub. Perpetual Bonds1,3,4	CNY		50,000,000		8,006,953
ING Groep NV, 6.50% Jr. Sub. Perpetual Bonds1,4			15,000,000		14,315,625
Intesa Sanpaolo SpA:
5.017% Sub. Nts., 6/26/243			8,555,000		8,459,928
7.70% Jr. Sub. Perpetual Bonds1,3,4			2,000,000		1,956,074
Krung Thai Bank PCL (Cayman Islands), 5.20% Sub. Nts., 12/26/241			3,310,000		3,338,069
Lloyds Banking Group plc:
4.50% Sub. Nts., 11/4/24			2,000,000		2,022,428
7.00% Jr. Sub. Perpetual Bonds1,4	GBP		13,000,000		19,468,148
7.625% Jr. Sub. Perpetual Bonds1,4	GBP		8,000,000		12,253,275
NABARD, 8.19% Sr. Unsec. Nts., 6/8/18	INR		80,000,000		1,228,127
NN Group NV:
4.625% Sub. Nts., 4/8/441	EUR		14,640,000		16,315,712
6.375% Sub. Nts., 5/7/271	EUR		15,400,000		18,174,617
Nordea Bank AB, 6.125% Jr. Sub. Perpetual Bonds1,3,4			7,505,000		7,420,569
Novo Banco SA:
2.625% Sr. Unsec. Nts., 5/8/17	EUR		2,500,000		2,593,798
5.00% Unsec. Nts., 4/4/19	EUR		2,355,000		2,480,322
Rabobank Capital Funding Trust IV, 5.556% Jr. Sub. Perpetual Bonds1,3,4	GBP		8,355,000		13,270,977

20      OPPENHEIMER INTERNATIONAL BOND FUND

		Principal Amount		Value
Commercial Banks (Continued)
Royal Bank of Scotland Group plc:
3.625% Sub. Nts., 3/25/241	EUR		9,000,000	$	10,123,527
7.50% Jr. Sub. Perpetual Bonds1,4			4,380,000		4,381,358
8.00% Jr. Sub. Perpetual Bonds1,4			4,380,000		4,423,800
7.64% Jr. Sub. Perpetual Bonds, Series U1,4			2,165,000		2,316,550
Royal Bank of Scotland plc (The):
2.375% Sub. Nts., 11/2/15	CHF		3,020,000		3,097,638
13.125% Sub. Nts., 3/19/221	AUD		30,052,000		23,559,116
Santander Holdings USA, Inc., 2.65% Sr. Unsec. Nts., 4/17/20			5,000,000		4,914,715
Santander UK Group Holdings plc, 4.75% Sub. Nts., 9/15/253			9,070,000		9,011,789
Skandinaviska Enskilda Banken AB, 5.75% Jr. Sub. Perpetual Bonds1,4			8,065,000		7,670,049
Societe Generale SA:
2.625% Sub. Nts., 2/27/25	EUR		6,605,000		6,901,142
4.25% Sub. Nts., 4/14/253			5,000,000		4,750,205
6.00% Jr. Sub. Perpetual Bonds1,4			8,000,000		7,410,584
7.875% Jr. Sub. Perpetual Bonds1,3,4			15,000,000		14,681,250
8.00% Jr. Sub. Perpetual Bonds1,3,4			11,765,000		11,603,231
SPCM SA, 2.875% Sr. Unsec. Nts., 6/15/233	EUR		4,100,000		4,316,012
Standard Chartered plc:
3.20% Sr. Unsec. Nts., 4/17/253			15,000,000		14,019,150
6.50% Jr. Sub. Perpetual Bonds1,3,4			5,300,000		4,947,121
Svenska Handelsbanken AB, 5.25% Jr. Sub. Perpetual Bonds1,4			20,000,000		18,934,300
Turkiye Vakiflar Bankasi TAO, 6.875% Sub. Nts., 2/3/251,3			4,720,000		4,383,700
UniCredit SpA, 8% Jr. Sub. Perpetual Bonds1,4			2,000,000		1,913,678
Woori Bank:
4.75% Sub. Nts., 4/30/243			14,527,000		15,038,670
5.00% Jr. Sub. Nts., 6/10/451,3			9,975,000		9,875,060
					719,641,080
Diversified Financial Services—1.6%
AyT Cedulas Cajas X Fondo de Titulizacion de Activos, 3.75% Sec. Nts., 6/30/25	EUR		5,000,000		6,647,239
Baggot Securities Ltd., 10.24% Jr. Sub. Perpetual Bonds3,4	EUR		20,130,000		22,830,818
Banco BTG Pactual SA (Cayman Islands), 4% Sr. Unsec. Nts., 1/16/203			2,170,000		1,725,150
Berkshire Hathaway, Inc., 1.625% Sr. Unsec. Nts., 3/16/35	EUR		25,240,000		23,770,313
Cedulas TDA 6 Fondo de Titulizacion de Activos, 3.875% Sec. Nts., 5/23/25	EUR		5,000,000		6,696,159
Corp. Financiera de Desarrollo SA, 5.25% Sub. Nts., 7/15/291,3			2,410,000		2,373,850
FTE Verwaltungs GmbH, 9% Sr. Sec. Nts., 7/15/203	EUR		4,820,000		5,426,262
Global Bank Corp., 5.125% Sr. Unsec. Nts., 10/30/193			4,825,000		4,885,313
Intercorp Peru Ltd., 5.875% Sr. Unsec. Nts., 2/12/253			3,280,000		3,124,200
JPMorgan Hipotecaria su Casita, 6.47% Sec. Nts., 8/26/357	MXN		34,101,099		189,533
National Savings Bank, 8.875% Sr. Unsec. Nts., 9/18/183			11,135,000		11,830,938
Nationwide Building Society, 1.25% Sr. Unsec. Nts., 3/3/25	EUR		9,000,000		9,516,782
Odebrecht Finance Ltd., 5.25% Sr. Unsec. Nts., 6/27/293			4,455,000		2,361,150
Power Finance Corp. Ltd., 8.29% Sr. Unsec. Nts., 6/13/18	INR		180,000,000		2,762,836
Rural Electrification Corp. Ltd., 9.04% Sr. Unsec. Nts., 10/12/19	INR		250,000,000		3,942,931
					108,083,474

21      OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

		Principal Amount		Value
Insurance—1.5%
Allianz SE, 4.75% Jr. Sub. Perpetual Bonds1,4	EUR		10,000,000	$	11,597,506
Aquarius+Investments plc for Swiss Reinsurance Co. Ltd.,
6.375% Sub. Nts., 9/1/241			3,755,000		3,860,178
Assicurazioni Generali SpA:
7.75% Sub. Nts., 12/12/421	EUR		14,385,000		18,902,787
10.125% Sub. Nts., 7/10/421	EUR		15,000,000		21,731,424
Aviva plc, 6.125% Jr. Sub. Perpetual Bonds1,4	GBP		6,780,000		10,653,995
AXA SA, 3.54% Jr. Sub. Perpetual Bonds1,4	AUD		10,000,000		6,918,866
Sogecap SA, 4.125% Sub. Perpetual Bonds1,4	EUR		5,600,000		5,763,008
Swiss Reinsurance Co. via ELM BV:
3.41% Jr. Sub. Perpetual Bonds1,4	AUD		13,000,000		8,955,984
6.302% Sub. Perpetual Bonds1,4	GBP		7,340,000		11,743,884
					100,127,632
Real Estate Investment Trusts (REITs)—0.1%
Banco Invex SA/Hipotecaria Credito y Casa SA de CV, 6.45% Sec. Nts., 3/13/342,6	MXN		27,602,566		—
Scentre Group Trust 1/Scentre Group Trust 2, 3.25% Sr. Unsec. Nts., 10/28/253			7,000,000		6,748,742
					6,748,742
Real Estate Management & Development—0.1%
EMG SUKUK Ltd., 4.564% Sr. Unsec. Nts., 6/18/24			4,365,000		4,514,305
Techem GmbH, 6.125% Sr. Sec. Nts., 10/1/193	EUR		2,635,000		3,080,746
					7,595,051
Thrifts & Mortgage Finance—0.1%
Housing Development Finance Corp. Ltd.:
8.70% Sr. Sec. Nts., 4/26/18	INR		250,000,000		3,829,540
8.95% Sec. Nts., 10/19/20	INR		125,000,000		1,948,617
					5,778,157
Health Care—0.2%
Health Care Providers & Services—0.1%
OCP SA, 4.50% Sr. Unsec. Nts., 10/22/253			6,360,000		5,978,400
Pharmaceuticals—0.1%
Almirall SA, 4.625% Sr. Unsec. Nts., 4/1/21	EUR		5,295,000		6,129,046
Industrials—1.6%
Aerospace & Defense—0.3%
BOC Aviation Pte Ltd., 3% Sr. Unsec. Nts., 3/30/203			9,880,000		9,809,912
Embraer Netherlands Finance BV, 5.05% Sr. Unsec. Nts., 6/15/25			7,895,000		7,324,586
					17,134,498
Air Freight & Couriers—0.1%
Pelabuhan Indonesia II PT, 4.25% Sr. Unsec. Nts., 5/5/253			6,350,000		5,563,743
Airlines—0.1%
Emirates Airline, 4.50% Sr. Unsec. Nts., 2/6/253			8,283,078		8,396,970

22      OPPENHEIMER INTERNATIONAL BOND FUND

		Principal Amount		Value
Construction & Engineering—0.0%
Odebrecht Finance Ltd., 8.25% Sr. Unsec. Nts., 4/25/183	BRL		9,645,000	$	1,363,851
Industrial Conglomerates—0.5%
Alfa SAB de CV, 5.25% Sr. Unsec. Nts., 3/25/243			2,540,000		2,603,500
CITIC Ltd.:
6.625% Sr. Unsec. Nts., 4/15/21			3,310,000		3,718,156
6.80% Sr. Unsec. Nts., 1/17/23			6,510,000		7,401,304
7.875% Sub. Perpetual Bonds1,4			3,310,000		3,360,199
Hutchison Whampoa Europe Finance 13 Ltd., 3.75% Sub. Perpetual Bonds1,4	EUR		4,000,000		4,445,540
Hutchison Whampoa International 10 Ltd., 6% Sub. Perpetual Bonds1,3,4			10,000,000		10,036,200
Hutchison Whampoa International 14 Ltd., 3.625% Sr. Unsec. Nts., 10/31/243			5,000,000		4,946,335
					36,511,234
Machinery—0.1%
KION Finance SA, 6.75% Sr. Sec. Nts., 2/15/203	EUR		5,145,000		6,008,976
SKF AB, 2.375% Sr. Unsec. Nts., 10/29/20	EUR		925,000		1,091,985
					7,100,961
Road & Rail—0.2%
Transnet SOC Ltd., 4% Sr. Unsec. Nts., 7/26/223			16,530,000		15,321,244
Trading Companies & Distributors—0.1%
Autoridad del Canal de Panama, 4.95% Sr. Unsec. Nts., 7/29/353			3,235,000		3,233,159
Transportation Infrastructure—0.2%
DP World Ltd., 6.85% Sr. Unsec. Nts., 7/2/373			8,445,000		8,972,813
Sydney Airport Finance Co. Pty Ltd., 3.375% Sr. Sec. Nts., 4/30/253			2,395,000		2,316,597
					11,289,410
Information Technology—0.3%
Internet Software & Services—0.3%
Baidu, Inc., 4.125% Sr. Unsec. Nts., 6/30/25			13,895,000		13,629,592
Cerved Group SpA, 6.375% Sr. Sec. Nts., 1/15/203	EUR		5,755,000		6,726,536
					20,356,128
Materials—2.4%
Chemicals—0.7%
Arkema SA, 4.75% Jr. Sub. Perpetual Bonds1,4	EUR		7,565,000		8,487,459
Braskem Finance Ltd.:
5.375% Sr. Unsec. Nts., 5/2/223			565,000		449,175
6.45% Sr. Unsec. Nts., 2/3/24			4,770,000		3,947,175
Crown European Holdings SA, 3.375% Sr. Unsec. Nts., 5/15/253	EUR		5,000,000		5,056,235
Mexichem SAB de CV, 5.875% Sr. Unsec. Nts., 9/17/443			8,050,000		6,842,500
ONGC Videsh Ltd.:
2.75% Sr. Unsec. Nts., 7/15/21	EUR		7,490,000		8,426,070
4.625% Sr. Unsec. Nts., 7/15/24			12,580,000		12,916,452
					46,125,066

23      OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

		Principal Amount		Value
Construction Materials—0.4%
Cemex SAB de CV:
4.375% Sr. Sec. Nts., 3/5/233	EUR		4,180,000	$	4,239,390
4.75% Sr. Sec. Nts., 1/11/223	EUR		2,440,000		2,591,401
Globo Comunicacao e Participacoes SA, 4.843% Sr. Unsec. Nts., 6/8/251,3			6,605,000		5,779,375
HeidelbergCement Finance Luxembourg SA:
3.25% Sr. Unsec. Nts., 10/21/21	EUR		1,955,000		2,257,698
7.50% Sr. Unsec. Nts., 4/3/20	EUR		1,775,000		2,393,053
8.00% Sr. Unsec. Nts., 1/31/17	EUR		2,040,000		2,477,792
Lafarge SA:
4.75% Sr. Unsec. Nts., 9/30/20	EUR		3,205,000		4,111,348
5.375% Sr. Unsec. Nts., 6/26/17	EUR		1,515,000		1,830,983
Union Andina de Cementos SAA, 5.875% Sr. Unsec. Nts., 10/30/213			1,870,000		1,804,550
					27,485,590
Containers & Packaging—0.2%
Klabin Finance SA, 5.25% Sr. Unsec. Nts., 7/16/243			9,785,000		8,684,187
Smurfit Kappa Acquisitions, 4.875% Sr. Sec. Nts., 9/15/183			5,290,000		5,461,925
					14,146,112
Metals & Mining—1.1%
ABJA Investment Co. Pte Ltd.:
4.95% Sr. Unsec. Nts., 5/3/23	SGD		1,250,000		833,420
5.95% Sr. Unsec. Nts., 7/31/24			3,480,000		3,087,052
ArcelorMittal:
2.875% Sr. Unsec. Nts., 7/6/20	EUR		4,935,000		4,840,260
5.25% Sr. Unsec. Nts., 2/25/17			8,650,000		8,585,125
Gestamp Funding Luxembourg SA:
5.875% Sr. Sec. Nts., 5/31/203	EUR		4,415,000		4,983,133
5.875% Sr. Sec. Nts., 5/31/20	EUR		1,640,000		1,851,352
Glencore Finance Canada Ltd.:
2.05% Sr. Unsec. Nts., 10/23/153			11,880,000		11,868,275
4.95% Sr. Unsec. Nts., 11/15/213			4,160,000		3,454,552
Glencore Funding LLC:
2.875% Sr. Unsec. Nts., 4/16/203			15,000,000		12,012,240
4.125% Sr. Unsec. Nts., 5/30/233			7,515,000		5,922,594
Metalloinvest Finance Ltd., 5.625% Unsec. Nts., 4/17/203			1,250,000		1,182,750
Southern Copper Corp.:
3.875% Sr. Unsec. Nts., 4/23/25			1,535,000		1,391,723
5.875% Sr. Unsec. Nts., 4/23/45			10,880,000		8,846,963
Vedanta Resources plc, 8.25% Sr. Unsec. Nts., 6/7/213			6,797,000		4,811,732
					73,671,171
Paper & Forest Products—0.0%
Inversiones CMPC SA, 6.125% Sr. Unsec. Nts., 11/5/193			1,980,000		2,180,390
Suzano Trading Ltd., 5.875% Sr. Unsec. Nts., 1/23/213			1,690,000		1,647,750
					3,828,140
Telecommunication Services—2.0%
Diversified Telecommunication Services—1.3%
AT&T, Inc., 2.45% Sr. Unsec. Nts., 3/15/35	EUR		10,000,000		9,708,697

24      OPPENHEIMER INTERNATIONAL BOND FUND

		Principal Amount		Value
Diversified Telecommunication Services (Continued)
Colombia Telecomunicaciones SA ESP:
5.375% Sr. Unsec. Nts., 9/27/223		$	2,285,000	$	2,026,795
8.50% Sub. Perpetual Bonds1,3,4			3,305,000		3,098,438
Digicel Ltd., 6.75% Sr. Unsec. Nts., 3/1/233			6,945,000		6,285,225
Koninklijke KPN NV, 8.375% Sr. Unsec. Nts., 10/1/30			9,438,000		12,474,535
Oi SA, 9.75% Sr. Unsec. Nts., 9/15/163	BRL		19,740,000		3,374,895
Telecom Italia Capital SA, 7.721% Sr. Unsec. Unsub. Nts., 6/4/38			15,957,000		17,393,130
Telefonica Emisiones SAU, 2.932% Sr. Unsec. Nts., 10/17/29	EUR		15,400,000		16,953,334
Telefonica Europe BV, 6.50% Jr. Sub. Perpetual Bonds1,4	EUR		10,000,000		11,818,930
UPC Holding BV, 6.75% Sr. Unsec. Nts., 3/15/23	EUR		1,440,000		1,732,113
					84,866,092
Wireless Telecommunication Services—0.7%
Digicel Group Ltd., 7.125% Sr. Unsec. Nts., 4/1/223			3,410,000		2,958,175
Empresa Nacional de Telecomunicaciones SA, 4.75% Sr. Unsec. Nts., 8/1/263			1,360,000		1,313,764
Millicom International Cellular SA, 6% Sr. Unsec. Nts., 3/15/253			6,790,000		6,161,925
Mobile Telesystems OJSC via MTS International Funding Ltd., 5% Sr. Unsec. Nts., 5/30/233			4,800,000		4,344,000
Telefonica Europe BV:
5.875% Jr. Sub. Perpetual Bonds1,4	EUR		2,000,000		2,245,312
6.75% Jr. Sub. Perpetual Bonds1,4	GBP		10,125,000		15,675,660
Telekom Austria AG, 5.625% Jr. Sub. Perpetual Bonds1,4	EUR		4,580,000		5,332,394
VimpelCom Holdings BV, 9% Sr. Unsec. Nts., 2/13/183	RUB		128,400,000		1,826,295
Vimpel-Communications PJSC, 10% Sr. Unsec. Nts., 3/8/221	RUB		95,300,000		1,349,488
Wind Acquisition Finance SA, 4% Sr. Sec. Nts., 7/15/203	EUR		5,695,000		6,302,242
					47,509,255
Utilities—3.0%
Electric Utilities—2.2%
EDP Finance BV:
5.25% Sr. Unsec. Nts., 1/14/213			11,585,000		12,254,984
6.00% Sr. Unsec. Nts., 2/2/183			1,945,000		2,070,219
Electricite de France SA:
5.25% Jr. Sub. Perpetual Bonds1,3,4			5,788,000		5,592,655
5.625% Jr. Sub. Perpetual Bonds1,3,4			2,915,000		2,890,951
5.875% Jr. Sub. Perpetual Bonds1,4	GBP		9,600,000		14,248,086
6.00% Jr. Sub. Perpetual Bonds1,4	GBP		6,220,000		9,384,747
EnBW Energie Baden-Wuerttemberg AG, 3.625% Jr. Sub. Nts., 4/2/761	EUR		7,490,000		7,561,485
Enel SpA:
5.00% Sub. Nts., 1/15/751	EUR		10,075,000		11,557,510
8.75% Sub. Nts., 9/24/731,3			5,000,000		5,754,850
Eskom Holdings SOC Ltd.:
6.75% Sr. Unsec. Nts., 8/6/233			10,235,000		9,620,900
7.125% Sr. Unsec. Nts., 2/11/253			6,610,000		6,250,350
Israel Electric Corp. Ltd.:
6.875% Sr. Sec. Nts., 6/21/233			8,335,000		9,503,900
7.25% Sr. Sec. Nts., 1/15/193			18,180,000		20,543,400
National Power Corp., 5.875% Sr. Unsec. Nts., 12/19/16	PHP		665,100,000		14,713,594

25      OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

		Principal Amount		Value
Electric Utilities (Continued)
Perusahaan Listrik Negara PT, 5.50% Sr. Unsec. Nts., 11/22/213		$	13,015,000	$	13,145,150
Power Grid Corp. of India Ltd., 8.70% Sec. Nts., 7/15/18	INR		130,000,000		2,012,279
					147,105,060
Gas Utilities—0.1%
Empresa de Energia de Bogota SA, 6.125% Sr. Unsec. Nts., 11/10/213			2,515,000		2,615,600
Gas Natural de Lima y Callao SA, 4.375% Sr. Unsec. Nts., 4/1/233			2,645,000		2,611,938
					5,227,538
Independent Power and Renewable Electricity Producers—0.4%
AES Gener SA, 5% Sr. Unsec. Nts., 7/14/253			4,415,000		4,488,364
Comision Federal de Electricidad, 4.875% Sr. Unsec. Nts., 1/15/243			12,675,000		12,904,037
Hero Asia Investment Ltd., 2.875% Sr. Unsec. Nts., 10/3/17			3,310,000		3,324,677
Infinis plc:
7.00% Sr. Sec. Nts., 2/15/197	GBP		4,300,000		6,626,465
7.00% Sr. Sec. Nts., 2/15/19	GBP		400,000		616,415
					27,959,958
Multi-Utilities—0.3%
Centrica plc, 3% Sub. Nts., 4/10/761	EUR		8,480,000		8,699,637
Empresa Electrica Guacolda SA, 4.56% Sr. Unsec. Nts., 4/30/253			4,445,000		4,220,399
NGG Finance plc, 4.25% Sub. Nts., 6/18/761	EUR		10,305,000		12,026,985
					24,947,021
Total Corporate Bonds and Notes (Cost $2,163,675,221)					1,992,759,628
			Shares
Common Stock—0.0%
JP Morgan International, GDR8 (Cost $0)			868,851		—
			Principal Amount
Structured Securities—0.3%
Credit Suisse First Boston International, Moitk Total Return Linked Nts., 21%, 3/30/116	RUB		220,242,600		—
Credit Suisse First Boston, Inc. (Nassau Branch), Russian Specialized Construction & Installation Administration Total Return Linked Nts., 13%, 5/24/106	RUB		64,600,000		—
Deutsche Bank AG, Coriolanus Ltd. Sec. Credit Linked Bonds:
3.01% Sr. Sec. Nts., 4/30/253,9			3,303,737		2,066,357
3.138% Sr. Sec. Nts., 4/30/253,9			3,248,519		2,031,820
3.191% Sr. Sec. Nts., 4/30/253,9			4,044,670		2,529,780
3.242% Sr. Sec. Nts., 4/30/253,9			4,616,377		2,887,360
3.269% Sr. Sec. Nts., 4/30/253,9			3,687,945		2,306,663
3.346% Sr. Sec. Nts., 4/30/253,9			3,466,511		2,168,165
3.797% Sr. Sec. Nts., 4/30/253,9			4,209,469		2,632,856
3.894% Sr. Sec. Nts., 4/30/253,9			3,634,203		2,273,049
LB Peru Trust II Certificates, Series 1998-A, 3.795%, 2/28/166			11,734		—

26      OPPENHEIMER INTERNATIONAL BOND FUND

			Shares		Value
Structured Securities (Continued)
Morgan Stanley, Russian Federation Total Return Linked
Bonds, Series 007, Cl. VR, 5%, 8/22/34	RUB		176,813,954	$	1,194,187
Total Structured Securities (Cost $38,111,268)					20,090,237
			Principal Amount
Short-Term Notes—3.0%
United States Treasury Bills:
0.043%, 10/29/159,10,11		$	125,000,000		124,995,868
0.23%, 2/11/169,11			75,000,000		74,993,775
Total Short-Term Notes (Cost $199,933,524)					199,989,643

			Exercise		Expiration
Counterparty			Price		Date			Contracts
Over-the-Counter Options Purchased—0.4%
AUD Currency Call8	GSG	NZD		1.115		11/13/15	AUD		150,000,000	811,898
BRL Currency Call8	GSG	BRL		2.580		12/4/15	BRL		391,100,000	—
BRL Currency Call8	JPM	JPY		44.400		9/6/16	BRL		225,000,000	79,162
BRL Currency Call8	GSG	JPY		45.500		8/18/16	BRL		175,000,000	38,005
BRL Currency Call8	GSG	JPY		44.000		8/25/16	BRL		132,000,000	47,738
CAD Currency Put8	GSG	CAD		1.300		10/16/15	CAD		195,000,000	4,103,775
CNH Currency Put8	GSG	CNH		6.867		11/12/15	CNH		686,700,000	27,468
EUR Currency Call8,14	BOA	USD		1.135		12/11/15	EUR		225,000,000	972,675
EUR Currency Put8	CITNA-B	SEK		9.329		11/23/15	EUR		100,000,000	123,821
EUR Currency Put8	BOA	USD		1.118		12/23/15	EUR		200,000,000	4,304,000
EUR Currency Put8	BOA	EUR		0.950		8/1/17	EUR		150,000,000	1,970,400
EUR Currency Put8,15	BOA	USD		0.950		3/30/16	EUR		10,000,000	316,560
EUR Currency Put8	GSG	EUR		0.950		8/1/17	EUR		200,000,000	2,627,200

27      OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

			Exercise		Expiration
Counterparty			Price		Date			Contracts		Value
Over-the-Counter Options Purchased (Continued)
EUR Currency Put8	CITNA-B	EUR		0.950		8/9/17	EUR		150,000,000	$	1,989,000
ILS Currency Put8	GSG	ILS		4.000		10/22/15	ILS		100,000,000		75,800
INR Currency Call8	BOA	INR		67.200		8/24/16	INR		1,680,000,000		445,200
INR Currency Call8	GSG	INR		66.600		8/25/16	INR		4,995,000,000		1,063,935
INR Currency Call8	JPM	INR		67.185		8/24/16	INR		3,359,250,000		886,842
INR Currency Call8	GSG	INR		64.750		11/18/15	INR		3,237,500,000		142,450
INR Currency Call8	JPM	INR		64.830		11/17/15	INR		3,241,500,000		152,351
JPY Currency Call8,16	GSG	JPY		119.000		12/10/15	JPY		17,850,000,000		321,300
MXN Currency Call8	JPM	MXN		15.060		4/11/16	MXN		753,000,000		150,600
NOK Currency Call8	GSG	NOK		8.000		11/19/15	NOK		1,200,000,000		260,400
TWD Currency Put8	SCB	TWD		32.570		11/18/15	TWD		3,257,000,000		1,996,541
ZAR Currency Call8	GSG	ZAR		13.022		3/4/16	ZAR		651,080,000		578,810
ZAR Currency Call8	BAC	ZAR		12.890		3/2/16	ZAR		322,250,000		236,209
ZAR Currency Call8	JPM	ZAR		12.890		3/2/16	ZAR		322,250,000		236,209
Total Over-the-Counter Options Purchased (Cost $37,117,044)											23,958,349

28      OPPENHEIMER INTERNATIONAL BOND FUND

Pay/Receive

Notional

Floating

Floating

Fixed

Expiration

Amount

Counterparty

Rate

Rate

Rate

Date

(000’s)

Value

Over-the-Counter Interest Rate Swaptions Purchased—0.4%

Interest Rate Swap maturing 3/9/16 Call8

BAC

Receive

MAX[0; (FRO 1 - FRO 2)- Strike Swap Rate]x 10

0.45

%

3/7/16

EUR

100,000

$

1,485,504

Interest Rate Swap maturing 1/2/17 Call8

BOA

Pay

BZDI

12.545

1/4/16

BRL

125,000

9,309

Interest Rate Swap maturing 1/2/19 Call8

BOA

Pay

BZDI

11.420

1/4/16

BRL

125,000

5,768

Interest Rate Swap maturing 1/4/21 Call8

BOA

Pay

BZDI

11.380

1/4/16

BRL

112,500

5,826

Interest Rate Swap maturing 10/13/20 Call8

GSG

Receive

Three- Month USD BBA LIBOR

2.125

10/9/15

USD

125,000

—

Interest Rate Swap maturing 10/19/25 Call8

JPM

Receive

Three- Month USD BBA LIBOR

2.510

10/15/15

USD

70,000

1,208

Interest Rate Swap maturing 10/22/25 Call8

BOA

Receive

Three- Month USD BBA LIBOR

2.735

10/20/15

USD

150,000

447

Interest Rate Swap maturing 10/5/25 Call8

BAC

Receive

Three- Month USD BBA LIBOR

2.500

10/1/15

USD

75,000

—

29      OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

Pay/Receive

Notional

Floating

Floating

Fixed

Expiration

Amount

Counterparty

Rate

Rate

Rate

Date

(000’s)

Value

Over-the-Counter Interest Rate Swaptions Purchased (Continued)

Interest Rate Swap maturing 10/8/45 Call8

BOA

Receive

Three- Month USD BBA LIBOR

2.943

%

10/6/15

USD

50,000

$

67

Interest Rate Swap maturing 11/10/35 Call8

JPM

Pay

Six-Month JPY BBA LIBOR

1.131

11/6/15

JPY

5,000,000

273,751

Interest Rate Swap maturing 11/18/25 Call8

BAC

Receive

Three- Month USD BBA LIBOR

3.335

11/16/15

USD

200,000

62,870

Interest Rate Swap maturing 11/20/28 Call8

BOA

Receive

Three- Month KRW CD KSDA

3.640

11/19/18

KRW

50,000,000

167,603

Interest Rate Swap maturing 12/14/20 Call8

BOA

Receive

Three- Month USD BBA LIBOR

1.717

12/10/15

USD

322,000

893,022

Interest Rate Swap maturing 12/14/35 Call8

BOA

Pay

Six-Month JPY BBA LIBOR

1.113

12/10/15

JPY

5,000,000

414,576

Interest Rate Swap maturing 12/17/25 Call8

GSG

Receive

Six-Month AUD BBR BBSW

3.405

12/16/16

AUD

60,000

136,622

Interest Rate Swap maturing 12/18/20 Call8

BOA

Receive

Three- Month USD BBA LIBOR

1.745

12/16/15

USD

322,000

894,265

30      OPPENHEIMER INTERNATIONAL BOND FUND

Pay/Receive

Notional

Floating

Floating

Fixed

Expiration

Amount

Counterparty

Rate

Rate

Rate

Date

(000’s)

Value

Over-the-Counter Interest Rate Swaptions Purchased (Continued)

Interest Rate Swap maturing 12/18/25 Call8

BOA

Receive

Six-Month AUD BBR BBSW

3.400

%

12/17/15

AUD

45,000

$

106,469

Interest Rate Swap maturing 12/21/45 Call8

BOA

Receive

Three- Month USD BBA LIBOR

2.943

12/17/15

USD

150,000

1,277,472

Interest Rate Swap maturing 4/30/24 Call8

GSG

Receive

Three- Month KRW CD KSDA

3.530

4/29/19

KRW

100,000,000

221,429

Interest Rate Swap maturing 5/19/25 Call8

JPM

Receive

Six-Month SGD SOR VWAP

3.170

5/15/20

SGD

100,000

2,223,307

Interest Rate Swap maturing 5/19/25 Call8

JPM

Pay

Six-Month SGD SOR VWAP

3.170

5/15/20

SGD

100,000

1,466,453

Interest Rate Swap maturing 5/30/33 Put8

BAC

Receive

Six-Month GBP BBA LIBOR

3.990

5/30/23

GBP

40,415

2,297,709

Interest Rate Swap maturing 7/31/22 Call8

BOA

Receive

Three- Month USD BBA LIBOR

2.002

11/23/15

USD

290,000

652,915

Interest Rate Swap maturing 9/12/35 Call8

JPM

Pay

Three- Month USD BBA LIBOR

3.108

9/10/25

USD

50,000

3,228,299

31      OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

Pay/Receive

Notional

Floating

Floating

Fixed

Expiration

Amount

Counterparty

Rate

Rate

Rate

Date

(000’s)

Value

Over-the-Counter Interest Rate Swaptions Purchased (Continued)

Interest Rate Swap maturing 9/12/35 Call8

JPM

Pay

Three- Month USD BBA LIBOR

3.108

%

9/10/25

USD

50,000

$

3,718,421

Interest Rate Swap maturing 9/19/28 Call8

JPM

Receive

Six-Month EUR EURIBOR

2.758

9/17/18

EUR

100,000

2,435,875

Interest Rate Swap maturing 9/26/39 Call8

GSG

Receive

Three- Month USD BBA LIBOR

4.000

9/24/19

USD

175,000

8,096,417

Total Over-the-Counter Interest Rate Swaptions Purchased (Cost $ 59,577,601)

30,075,604

Shares

Investment Company—8.1%

Oppenheimer Institutional Money Market Fund, Cl. E, 0.18%12,13 (Cost $543,275,597)

543,275,597

543,275,597

Total Investments, at Value (Cost $6,931,070,248)

94.4

%

6,362,215,942

Net Other Assets (Liabilities)

5.6

377,426,420

Net Assets

100.0

%

$

6,739,642,362

Footnotes to Consolidated Statement of Investments

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

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

3. Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended. These securities have been determined to be liquid under guidelines established by the Board of Trustees. These securities amount to $1,349,987,521 or 20.03% of the Fund’s net assets at period end.

4. 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.

5. All or a portion of the security position is when-issued or delayed delivery to be delivered and settled after period end. See Note 4 of the accompanying Consolidated Notes.

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 contractual interest rate. See Note 4 of the accompanying Consolidated Notes.

7. Restricted security. The aggregate value of restricted securities at period end was $49,947,252, which represents 0.74% of the Fund’s net assets. See Note 4 of the accompanying Consolidated Notes. Information concerning restricted securities is as follows:

32      OPPENHEIMER INTERNATIONAL BOND FUND

Footnotes to Consolidated Statement of Investments (Continued)

Security	Acquisition Dates		Cost		Value		Unrealized Appreciation/      (Depreciation)
Brazil Loan Trust 1, 5.477% Sec. Nts., 7/24/23		7/25/13-7/25/14	$	10,564,367	$	8,925,254	$	(1,639,113)
Credit Agricole SA, 8.375% Jr. Sub. Perpetual Bonds		5/1/13-1/2/14		32,636,885		34,206,000		1,569,115
Infinis plc, 7% Sr. Sec. Nts., 2/15/19		10/2/13-7/24/15		7,086,999		6,626,465		(460,534)
JPMorgan Hipotecaria su Casita, 6.47% Sec. Nts., 8/26/35		3/21/07		3,122,041		189,533		(2,932,508)
			$	53,410,292	$	49,947,252	$	(3,463,040)

8. Non-income producing security.

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

10. 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 $13,959,539. See Note 6 of the accompanying Consolidated Notes.

11. 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 $30,325,416. See Note 6 of the accompanying Consolidated Notes.

12. Rate shown is the 7-day yield at period end.

13. Is or was an affiliate, as defined in the Investment Company Act of 1940, as amended, at or during the reporting period, 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 reporting period in which the issuer was an affiliate are as follows:

	Shares September 30, 2014		Gross Additions		Gross Reductions		Shares September 30, 2015
Oppenheimer Institutional Money Market Fund, Cl. E		—		5,443,398,104		4,900,122,507		543,275,597

	Value		Income
Oppenheimer Institutional Money Market Fund, Cl. E	$	543,275,597	$	270,703

14. Knock-out option becomes eligible for exercise if at any time spot rates are greater than or equal to 1.192 USD per 1 EUR.

15. Knock-out option is eligible for exercise if the spot exchange rate remains greater than 1.04 USD per 1 EUR and if the spot exchange rate at expiration is equal to or less than 0.95 USD per 1 EUR.

16. Knock-out option becomes eligible for exercise if at any time spot rates are less than or equal to 114.40 JPY per 1 USD.

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

Geographic Holdings (Unaudited)	Value		Percent
Mexico	$	908,973,788		14.3	%
United States		805,156,389		12.7
United Kingdom		674,242,930		10.6
France		502,316,049		7.9
Brazil		492,099,081		7.7
India		312,296,844		4.9
Italy		307,909,034		4.8
Japan		195,831,583		3.1

33      OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

Geographic Holdings (Unaudited) (Continued)	Value		Percent
Spain	$	161,126,973		2.5%
Portugal		147,442,806		2.3
Germany		140,243,416		2.2
Netherlands		138,316,186		2.2
Australia		126,471,628		2.0
Switzerland		102,319,191		1.6
South Africa		96,495,449		1.5
Canada		84,769,863		1.3
Indonesia		82,282,931		1.3
Peru		75,096,909		1.2
Turkey		64,412,781		1.0
Ireland		62,070,475		1.0
Dominican Republic		59,285,999		0.9
Panama		55,916,572		0.9
Luxembourg		55,291,245		0.9
China		53,642,997		0.8
Hungary		43,567,767		0.7
South Korea		42,244,805		0.7
Chile		39,537,708		0.6
Sri Lanka		38,063,574		0.6
Sweden		35,116,902		0.6
Ivory Coast		33,773,596		0.5
Israel		32,072,963		0.5
New Zealand		30,175,215		0.5
Russia		26,672,097		0.4
United Arab Emirates		26,014,988		0.4
Jamaica		25,213,713		0.4
Morocco		24,699,301		0.4
Colombia		20,916,616		0.3
Serbia		19,695,000		0.3
Hong Kong		19,428,075		0.3
Malaysia		19,155,378		0.3
Denmark		18,144,877		0.3
Eurozone		16,225,035		0.3
Philippines		14,713,594		0.2
Singapore		13,499,671		0.2
Jersey, Channel Islands		12,293,535		0.2
Paraguay		12,077,125		0.2
Egypt		9,630,163		0.2
Uruguay		9,512,800		0.1
Venezuela		9,055,511		0.1
China Offshore		8,034,421		0.1
Zambia		6,964,200		0.1
Cayman Islands		6,394,188		0.1
Vietnam		6,390,055		0.1
Kazakhstan		6,178,883		0.1
Argentina		5,906,825		0.1
Austria		5,332,394		0.1
Belgium		5,142,387		0.1
Thailand		4,763,551		0.1
Supranational		4,129,123		0.1
Greece		3,673,771		0.1
Taiwan		1,996,541		0.0

34      OPPENHEIMER INTERNATIONAL BOND FUND

Geographic Holdings (Unaudited) (Continued)	Value		Percent
Norway	$	1,798,475		0.0%
Total	$	6,362,215,942		100.0%

Forward Currency Exchange Contracts as of September 30, 2015
				Currency
	Settlement			Purchased			Currency Sold		Unrealized		Unrealized
Counterparty	Month(s)			(000’s)			(000’s)		Appreciation		Depreciation
BAC		11/2015	EUR		99,550	USD		113,106	$	—	$	1,783,554
BAC		11/2015	GBP		54,525	USD		83,608		—		1,145,385
BAC		11/2015	JPY		5,747,000	USD		46,310		1,624,037		—
BAC		12/2015	USD		7,751	AUD		11,000		60,819		—
BAC		11/2015	USD		120,157	EUR		107,000		503,353		—
BAC		11/2015	USD		67,110	GBP		43,781		896,486		—
BAC		11/2015	USD		32,271	KRW		38,306,000		7,611		—
BAC		10/2015	USD		7,046	RUB		418,600		650,177		—
BOA		11/2015	AUD		100,000	USD		77,018		—		7,011,955
		11/2015 -
BOA		12/2015	EUR		397,000	USD		447,911		21,297		3,889,797
BOA		11/2015	GBP		57,055	USD		87,745		—		1,455,478
BOA		10/2015	IDR		126,427,000	USD		8,542		91,000		—
BOA		02/2016	INR		281,000	USD		4,117		57,236		—
BOA		11/2015	JPY		26,188,180	USD		217,657		1,011,327		239,948
BOA		10/2015	KRW		27,742,000	USD		25,924		—		2,518,908
BOA		11/2015	NOK		898,380	USD		109,879		—		4,434,464
BOA		11/2015	PLN		256,710	USD		68,823		47,024		1,415,136
BOA		11/2015	SEK		2,244,660	USD		265,130		3,571,362		217,167
BOA		11/2015	SGD		25,520	USD		18,596		—		693,010
BOA		11/2015	USD		76,067	CAD		94,810		5,038,236		—
BOA		11/2015	USD		487,884	EUR		441,520		1,092,089		6,945,049
BOA		11/2015	USD		635,633	GBP		417,895		3,619,007		—
BOA		10/2015	USD		40,763	IDR		562,429,000		2,432,002		—
		10/2015 -
BOA		02/2016	USD		125,388	INR		8,451,000		—		1,440,291
BOA		11/2015	USD		140,498	JPY		17,081,000		—		1,968,881
BOA		10/2015	USD		23,305	KRW		27,742,000		—		100,274
		11/2015 -
BOA		01/2016	USD		375,455	MXN		5,988,900		23,197,510		—
BOA		11/2015	USD		109,175	NOK		898,380		3,730,673		—
BOA		11/2015	USD		111,716	SEK		944,603		—		1,268,184
BOA		12/2015	USD		12,834	ZAR		176,670		227,667		—
CITNA-B		01/2016	BRL		90,000	USD		26,308		—		4,344,165
CITNA-B		11/2015	EUR		78,235	USD		88,402		37,473		953,030
CITNA-B		11/2015	GBP		4,410	USD		6,931		—		261,579
CITNA-B		11/2015	JPY		17,584,000	USD		145,967		885,883		190,243
CITNA-B		12/2015	MXN		318,100	USD		20,425		—		1,709,465
CITNA-B		11/2015	SEK		290,630	USD		33,567		1,194,458		—
CITNA-B		11/2015	SGD		20,130	USD		14,702		—		579,530
CITNA-B		12/2015	TRY		14,215	USD		4,637		—		30,672
CITNA-B		12/2015	USD		10,551	AUD		15,000		64,335		—
CITNA-B		11/2015	USD		299,507	EUR		268,525		1,832,940		2,599,940
CITNA-B		11/2015	USD		106,052	JPY		12,855,000		—		1,167,516
CITNA-B		12/2015	USD		49,394	MXN		769,300		4,168,005		—
CITNA-B		11/2015	USD		135,243	SEK		1,136,847		—		735,850
CITNA-B		11/2015	USD		34,801	SGD		46,890		1,905,582		—

35      OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

Forward Currency Exchange Contracts (Continued)
				Currency
	Settlement			Purchased		Currency Sold			Unrealized		Unrealized
Counterparty	Month(s)			(000’s)			(000’s)		Appreciation		Depreciation
		10/2015 -
CITNA-B		12/2015	USD		65,425	TRY		196,665	$	1,609,619	$	—
CITNA-B		12/2015	USD		69,068	ZAR		915,480		3,741,575		—
DEU		10/2015	BRL		576,550	USD		143,778		1,650,120		—
DEU		11/2015	DKK		259,325	USD		38,545		336,197		—
DEU		11/2015	EUR		23,245	USD		25,531		469,225		6,225
DEU		11/2015	JPY		13,388,328	USD		109,210		2,459,070		—
		10/2015 -
DEU		11/2015	USD		289,043	BRL		1,160,070		—		1,852,248
		10/2015 -
DEU		11/2015	USD		37,540	EUR		33,896		105,981		468,542
DEU		11/2015	USD		39,036	JPY		4,790,400		—		919,696
		10/2015 -
GSCO-OT		01/2016	BRL		952,550	USD		265,234		519,647		30,072,846
GSCO-OT		07/2016	CNH		957,300	USD		150,697		—		4,153,944
GSCO-OT		11/2015	DKK		31,375	USD		4,621		83,536		—
GSCO-OT		11/2015	EUR		188,000	USD		211,115		1,150,520		2,032,139
GSCO-OT		11/2015	GBP		37,900	USD		58,979		—		1,659,702
GSCO-OT		11/2015	JPY		36,443,088	USD		302,331		3,115,637		1,486,266
GSCO-OT		11/2015	KRW		78,039,000	USD		66,225		—		495,312
		10/2015 -
GSCO-OT		01/2017	USD		330,090	BRL		1,135,470		61,895,434		349,344
GSCO-OT		07/2016	USD		150,000	CNH		957,300		3,457,368		—
GSCO-OT		11/2015	USD		92,095	EUR		82,000		635,203		238,252
GSCO-OT		11/2015	USD		55,987	INR		3,764,870		—		940,676
		10/2015 -
GSCO-OT		11/2015	USD		274,023	JPY		33,549,436		83,023		5,852,612
GSCO-OT		11/2015	USD		35,581	KRW		40,100,000		1,806,511		—
GSCO-OT		11/2015	USD		41,899	TWD		1,368,000		567,334		—
HSBC		11/2015	AUD		12,335	USD		9,472		—		836,856
HSBC		11/2015	CAD		13,705	USD		10,539		—		272,023
HSBC		11/2015	DKK		202,940	USD		29,828		599,403		—
HSBC		11/2015	EUR		25,465	USD		28,418		127,188		68,591
HSBC		11/2015	GBP		2,935	USD		4,486		—		47,654
HSBC		11/2015	JPY		1,318,000	USD		10,746		247,340		—
HSBC		11/2015	SEK		130,750	USD		15,256		383,552		—
HSBC		03/2016	USD		7,782	CNH		50,530		—		12,085
HSBC		11/2015	USD		38,115	DKK		259,325		—		765,941
HSBC		11/2015	USD		361,345	EUR		324,115		1,259,837		2,354,798
HSBC		11/2015	USD		886	GBP		575		16,265		—
HSBC		11/2015	USD		203,044	JPY		25,247,000		—		7,533,618
JPM		11/2015	AUD		24,375	USD		17,749		—		686,101
JPM		10/2015	BRL		380,390	USD		92,064		3,885,014		—
JPM		01/2016	CNH		734,110	USD		117,082		—		3,136,575
JPM		11/2015	EUR		296,490	USD		326,336		5,686,886		468,547
JPM		11/2015	GBP		3,070	USD		4,732		351		89,126
JPM		10/2015	IDR		120,709,000	USD		8,148		95,142		—
JPM		11/2015	INR		7,697,120	USD		116,318		68,008		—
JPM		11/2015	JPY		6,803,000	USD		55,288		1,453,710		—
		10/2015 -
JPM		06/2018	KRW		162,142,000	USD		151,305		100,274		14,270,451

36      OPPENHEIMER INTERNATIONAL BOND FUND

Forward Currency Exchange Contracts (Continued)
				Currency
	Settlement			Purchased		Currency Sold			Unrealized		Unrealized
Counterparty	Month(s)			(000’s)			(000’s)		Appreciation		Depreciation
		11/2015 -
JPM		12/2015	MXN		755,400	USD		48,766	$	—	$	4,355,036
		10/2015 -
JPM		01/2017	USD		146,942	BRL		543,790		14,893,443		4,539
JPM		11/2015	USD		3,272	CHF		3,090		96,381		—
JPM		01/2016	USD		114,691	CNH		734,110		746,401		—
JPM		11/2015	USD		169,359	EUR		151,485		546,762		586,942
		10/2015 -
JPM		11/2015	USD		12,638	GBP		8,183		261,569		369
JPM		12/2015	USD		45,552	HUF		12,553,000		822,571		—
		11/2015 -
JPM		02/2016	USD		393,729	INR		26,144,000		—		1,256,775
JPM		11/2015	USD		163,081	JPY		20,032,000		—		4,001,890
		10/2015 -
JPM		06/2016	USD		154,000	KRW		161,911,600		17,823,806		—
JPM		12/2015	USD		143,024	MXN		2,384,000		3,925,879		1,132,775
JPM		11/2015	USD		20,886	MYR		86,580		1,199,041		—
JPM		01/2016	USD		15,270	PHP		705,000		310,175		—
MSCO		10/2015	BRL		206,580	USD		48,996		3,111,277		—
MSCO		11/2015	EUR		58,270	USD		65,699		109,985		648,187
MSCO		11/2015	GBP		91,060	USD		140,854		—		3,136,533
MSCO		11/2015	JPY		35,062,575	USD		285,663		7,325,154		542,229
MSCO		12/2015	MXN		1,416,500	USD		89,152		—		5,878,616
MSCO		11/2015	NOK		620,000	USD		74,126		—		1,360,057
MSCO		11/2015	USD		191,642	AUD		253,000		14,535,462		—
		10/2015 -
MSCO		01/2016	USD		159,983	BRL		516,580		32,416,506		211,372
MSCO		11/2015	USD		153,834	EUR		138,250		1,017,414		1,779,949
MSCO		11/2015	USD		158,535	GBP		104,095		1,103,672		—
MSCO		11/2015	USD		172,075	JPY		21,277,000		—		5,389,277
		12/2015 -
MSCO		01/2016	USD		534,119	MXN		8,653,800		26,395,003		340,018
MSCO		11/2015	USD		74,126	NOK		620,000		1,360,057		—
MSCO		11/2015	USD		33,490	NZD		47,000		3,551,848		—
NOM		11/2015	USD		80,189	EUR		72,715		—		1,124,612
RBS		11/2015	EUR		49,200	USD		55,682		—		664,014
RBS		10/2015	JPY		7,124,000	USD		59,058		328,298		—
RBS		11/2015	USD		100,807	EUR		90,110		41,843		1,807
RBS		11/2015	USD		59,095	JPY		7,124,000		—		323,611
SCB		11/2015	TWD		1,368,000	USD		42,002		—		670,248
TDB		10/2015	BRL		360,980	USD		90,861		192,516		—
TDB		11/2015	EUR		59,090	USD		67,199		1,847		1,122,213
		10/2015 -
TDB		01/2016	USD		346,499	BRL		1,192,630		51,294,454		—
TDB		11/2015	USD		2,481	COP		7,566,000		44,795		—
TDB		11/2015	USD		283,863	EUR		251,410		2,983,885		259,430
TDB		12/2015	USD		28,793	ZAR		394,170		665,536		—
TDB		12/2015	ZAR		232,720	USD		16,491		115,195		—
Total Unrealized Appreciation and Depreciation									$	342,797,334	$	164,960,140

37      OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

Futures Contracts as of September 30, 2015

Expiration

Number of

Unrealized

Description

Exchange

Buy/Sell

Date

Contracts

Value

Appreciation

United States Treasury Nts., 10 yr.

CBT

Buy

12/21/15

1,924

$

247,684,938

$

2,613,544

United States Ultra Bonds

CBT

Buy

12/21/15

175

28,071,094

215,743

$

2,829,287

Exchange-Traded Options Written at September 30, 2015
		Exercise		Expiration				Premiums
Description		Price		Date		Number of Contracts		Received		Value
United States Treasury Nts., 10 yr., 12/15 Put	USD		127.000		11/20/15	USD	(2,415)	$	2,974,000	$	(943,360)

Over-the-Counter Options Written at September 30, 2015
			Exercise		Expiration						Premiums
Description	Counterparty		Price		Date		Number of Contracts				Received		Value
AUD Currency Put	BAC	JPY		73.700		9/12/16		AUD	(75,000,000	)	$	1,358,167	$	(1,491,149)
AUD Currency Put	CITNA-B	JPY		73.600		9/12/16		AUD	(100,000,000	)		1,871,959		(1,973,456)
AUD Currency Call	GSG	NZD		1.152		11/13/15		AUD	(150,000,000	)		833,604		(165,633)
AUD Currency Put	GSG	NZD		1.099		11/13/15		AUD	(150,000,000	)		1,284,678		(1,428,205)
BRL Currency Put	GSG	JPY		28.000		8/18/16		BRL	(175,000,000	)		1,779,392		(4,899,335)
BRL Currency Put	GSG	JPY		25.000		9/12/16		BRL	(100,000,000	)		1,532,854		(1,872,907)
BRL Currency Call	GSG	BRL		3.830		9/12/16		BRL	(191,500,000	)		1,175,000		(1,064,740)
BRL Currency Put	GSG	JPY		28.000		8/25/16		BRL	(132,100,000	)		1,194,653		(3,760,550)
BRL Currency Put	GSG	BRL		5.170		9/12/16		BRL	(258,500,000	)		2,075,000		(2,765,433)
BRL Currency Put	JPM	JPY		29.100		9/6/16		BRL	(225,000,000	)		2,169,911		(7,707,179)
CAD Currency Put	GSG	CAD		1.320		10/16/15		CAD	(198,000,000	)		1,451,100		(2,010,294)
CNH Currency Put	GSG	CNH		6.867		11/12/15		CNH	(686,700,000	)		765,000		(27,468)
EUR Currency Call	BOA	USD		1.160		12/23/15		EUR	(200,000,000	)		1,728,400		(1,429,600)
EUR Currency Put	BOA	USD		1.075		12/23/15		EUR	(200,000,000	)		1,870,500		(1,584,400)
EUR Currency Call	GSG	MXN		18.000		7/20/16		EUR	(37,500,000	)		1,381,022		(3,990,720)
ILS Currency Put	GSG	ILS		4.100		10/22/15		ILS	(102,500,000	)		34,750		(14,042)
INR Currency Put	BOA	INR		81.250		8/24/16		INR	(2,031,250,000	)		345,000		(197,031)
INR Currency Put	GSG	INR		68.850		11/18/15		INR	(3,442,500,000	)		365,000		(89,505)
INR Currency Put	GSG	INR		81.440		8/25/16		INR	(6,108,000,000	)		1,116,000		(580,260)
INR Currency Put	JPM	INR		81.500		8/24/16		INR	(4,075,000,000	)		774,546		(383,050)
JPY Currency Call	BOA	JPY		115.000		11/25/15		JPY	(23,000,000,000	)		3,157,200		(943,000)
KRW Currency Call	JPM	KRW		1159.000		11/16/15		KRW	(58,000,000,000	)		515,267		(348,000)
NOK Currency Put	GSG	NOK		8.760		11/19/15		NOK	(1,314,000,000	)		1,527,000		(1,314,000)
SGD Currency Call	GSG	SGD		1.420		11/25/15		SGD	(213,000,000	)		1,132,500		(1,627,746)
ZAR Currency Put	BAC	ZAR		16.388		3/2/16		ZAR	(409,685,000	)		397,248		(427,711)
ZAR Currency Put	BOA	ZAR		17.000		9/14/16		ZAR	(425,000,000	)		926,150		(1,005,550)
ZAR Currency Put	GSG	ZAR		16.754		3/4/16		ZAR	(837,700,000	)		814,000		(747,229)
ZAR Currency Put	JPM	ZAR		16.388		3/2/16		ZAR	(409,685,000	)		432,747		(427,711)
Total Over-the-Counter Options Written											$	34,008,648		$  (44,275,904)

Centrally Cleared Credit Default Swaps at September 30, 2015
							Notional
	Buy/Sell		Fixed		Maturity		Amount		Premiums
Reference Asset	Protection		Rate		Date		(000’s)		Received/(Paid)			Value
CDX.EM.23		Buy		1.000%		6/20/20 USD		15,685	$	(1,506,632	)	$	1,954,651
CDX.EM.23		Buy		1.000		6/20/20 USD		15,620		(1,665,266	)		1,946,551
CDX.EM.23		Buy		1.000		6/20/20 USD		15,620		(1,516,008	)		1,946,551

38      OPPENHEIMER INTERNATIONAL BOND FUND

Centrally Cleared Credit Default Swaps (Continued)
								Notional
	Buy/Sell		Fixed			Maturity		Amount		Premiums
Reference Asset	Protection		Rate			Date		(000’s)		Received/(Paid)			Value
CDX.EM.23		Buy		1.000	%		6/20/20	USD	15,620	$	(1,485,635	)	$	1,946,551
Total Cleared Credit Default Swaps										$	(6,173,541	)	$	7,794,304

Over-the-Counter Credit Default Swaps at September 30, 2015
Reference Asset	Counterparty		Buy/Sell Protection		Fixed Rate		Maturity Date		Notional Amount (000’s)		Premiums Received/(Paid)			Value
Alpha Bank AE		BAC		Buy		5.000%		3/20/17 EUR		5,335	$	(626,176	)	$	1,105,707
Banco Bilbao Vizcaya Argentaria Sociedad Anonima		UBS		Sell		3.000		12/20/17 EUR		4,405		171,759			204,045
Banco Bilbao Vizcaya Argentaria Sociedad Anonima		UBS		Sell		3.000		12/20/17 EUR		4,405		171,759			204,045
Banco Santander SA		BAC		Sell		3.000		9/20/17 EUR		20,000		(72,359	)		790,118
Banco Santander SA		BOA		Sell		3.000		12/20/17 EUR		5,000		(106,178	)		219,686
Banco Santander SA		UBS		Sell		3.000		9/20/17 EUR		8,850		(31,905	)		349,627
Brazilian Government International		CITNA-B		Buy		1.000		12/20/20 USD		24,017		(3,991,732	)		4,117,107
Colombia Government International		BOA		Buy		1.000%		12/20/20 USD		9,675		(589,557	)		714,723
Colombia Government International		BOA		Buy		1.000		9/20/20 USD		16,345		(657,599	)		1,173,567
Colombia Government International		DEU		Buy		1.000		12/20/20 USD		9,675		(571,926	)		714,723
Hellenic Republic		BAC		Sell		1.000		3/20/20 USD		3,090		1,097,122			(1,092,752	)
Hellenic Republic		BAC		Sell		1.000		3/20/20 USD		3,090		1,174,372			(1,092,752	)
Hellenic Republic		GSG		Sell		1.000		3/20/20 USD		25,000		9,752,778			(8,841,035	)
Hellenic Republic Government B		GSG		Sell		1.000		9/20/20 USD		20,000		7,000,000			(7,195,295	)
ICICI Bank Ltd.		GSG		Sell		1.000		12/20/19 USD		10,000		359,971			(313,645	)
Indonesia Government International		BAC		Buy		1.000		12/20/20 USD		6,855		(584,765	)		552,219
Indonesia Government International		BAC		Buy		1.000		12/20/20 USD		16,110		(1,039,771	)		1,338,729
Indonesia Government International		BNP		Buy		1.000		12/20/20 USD		6,855		(591,941	)		552,219
Indonesia Government International		BNP		Buy		1.000		12/20/20 USD		12,890		(794,162	)		1,071,150
Indonesia Government International		BOA		Buy		1.000		9/20/20 USD		16,035		(1,115,327	)		1,237,928

39      OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED 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
Italy Government International		GSG		Sell		1.000	%		12/20/20 USD		50,000	$	250,887		$	(593,868	)
Kingdom of Spain		GSG		Buy		1.000			6/20/20 USD		50,000		70,615			198,935
Kingdom of Spain		GSG		Buy		1.000			6/20/20 USD		50,000		47,068			198,935
Mexico Government International		CITNA-B		Buy		1.000			9/20/20 USD		16,045		(477,922	)		626,599
Mexico Government International		CITNA-B		Buy		1.000			12/20/20 USD		16,180		(701,316	)		647,905
Mexico Government International		DEU		Buy		1.000			9/20/20 USD		16,099		(389,118	)		628,708
Mexico Government International		GSG		Buy		1.000			9/20/20 USD		16,045		(382,286	)		626,599
Mexico Government International		JPM		Buy		1.000			9/20/20 USD		16,045		(389,594	)		626,599
Mexico Government International		JPM		Buy		1.000			9/20/20 USD		16,100		(387,741	)		628,747
Penerbangan Malaysia Bhd		BAC		Buy		1.000			12/20/20 USD		6,855		(481,199	)		444,221
Penerbangan Malaysia Bhd		BAC		Buy		1.000			9/20/20 USD		9,660		(365,334	)		603,828
Penerbangan Malaysia Bhd		BNP		Buy		1.000			9/20/20 USD		9,660		(391,324	)		603,828
Penerbangan Malaysia Bhd		BNP		Buy		1.000			12/20/20 USD		6,445		(257,865	)		434,046
Penerbangan Malaysia Bhd		BNP		Buy		1.000	%		12/20/20 USD		9,724		(504,329	)		630,409
Penerbangan Malaysia Bhd		BNP		Buy		1.000			12/20/20 USD		6,445		(328,478	)		417,831
Penerbangan Malaysia Bhd		BOA		Buy		1.000			12/20/20 USD		6,855		(469,331	)		444,221
Penerbangan Malaysia Bhd		BOA		Buy		1.000			9/20/20 USD		12,880		(516,067	)		805,104
Penerbangan Malaysia Bhd		BOA		Buy		1.000			12/20/20 USD		12,965		(678,236	)		840,523
Penerbangan Malaysia Bhd		BOA		Buy		1.000			12/20/20 USD		3,430		(237,809	)		222,272
Penerbangan Malaysia Bhd		JPM		Buy		1.000			12/20/20 USD		9,665		(407,941	)		650,901
People’s Republic of China		GSG		Sell		1.000			6/20/20 USD		75,000		(519,283	)		(845,291	)
Republic of Indonesia		BNP		Buy		1.000			9/20/20 USD		9,620		(677,203	)		742,680
Republic of Indonesia		BNP		Buy		1.000			6/20/20 USD		16,450		(609,257	)		1,134,858
Republic of Turkey		BNP		Buy		1.000			12/20/20 USD		16,110		(1,347,934	)		1,681,348
Republic of Turkey		BNP		Buy		1.000			12/20/20 USD		16,105		(1,524,949	)		1,680,826
Republic of Turkey		BNP		Buy		1.000			12/20/20 USD		16,105		(1,461,018	)		1,680,826
Republic of Turkey		GSG		Buy		1.000			3/20/20 USD		30,891		(1,485,803	)		2,671,647
Republic of Turkey		GSG		Buy		1.000			12/20/20 USD		32,219		(3,071,303	)		3,362,591
Republic of Turkey		HSBC		Buy		1.000			3/20/20 USD		19,795		(934,427	)		1,711,996

40      OPPENHEIMER INTERNATIONAL BOND FUND

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 Turkey		HSBC		Buy		1.000	%		12/20/20 USD		16,105	$	(1,549,378	)	$	1,680,826
Republic of Turkey		MOS-A		Buy		1.000			9/20/20 USD		16,096		(1,256,346	)		1,591,643
Republic of Turkey		MOS-A		Buy		1.000			12/20/20 USD		9,715		(894,840	)		989,487
Russian Foreign Bond - Eurobon		BNP		Buy		1.000			12/20/20 USD		5,888		(729,047	)		739,707
Russian Foreign Bond - Eurobon		BNP		Buy		1.000			12/20/20 USD		8,829		(1,069,772	)		1,109,184
Russian Foreign Bond - Eurobon		CITNA-B		Buy		1.000			9/20/20 USD		14,599		(1,636,842	)		1,750,411
Russian Foreign Bond - Eurobon		GSG		Buy		1.000			9/20/20 USD		14,700		(1,790,856	)		1,762,521
Russian Foreign Bond - Eurobon		HSBC		Buy		1.000			9/20/20 USD		14,590		(1,634,921	)		1,749,332
Spain Government Bond		GSG		Buy		1.000			12/20/20 USD		50,000		(54,790	)		245,407
State Bank of India		BNP		Sell		1.000			9/20/19 USD		13,035		537,811			(284,256)
Telefonica SA		UBS		Sell		1.000			9/20/17 EUR		5,000		627,078			31,670
Total Over-the-Counter Credit Default Swaps												$	(19,126,037	)	$	30,683,870

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	$	23,035,000		$	-		BBB-
Investment Grade Single Name Corporate Debt (EUR)		47,660,000	EUR		-	EUR	BBB-to BBB
Investment Grade Sovereign Debt		125,000,000			-		BBB+ to AA-
Non-Investment Grade Sovereign Debt		51,180,000			-		CCC+
Total USD	$	199,215,000		$	-
Total EUR		47,660,000	EUR		-	EUR

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

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

Over-the-Counter Currency Swaps at September 30, 2015

Counterparty

Pay/Receive Floating Rate

Floating Rate

Fixed Rate

Maturity Date

Notional Amount Currency Received (000’s)

Notional Amount Currency Delivered (000’s)

Premiums Received / (Paid)

Value

Six-

Month

USD

BBA

BAC

Pay

LIBOR

7.150%

1/28/19

INR

1,567,863

USD

25,000

$

10,739

$

(24,599)

41      OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

Over-the-Counter Currency Swaps (Continued)

Counterparty

Pay/Receive Floating

Floating Rate

Fixed Rate

Maturity Date

Notional Amount Currency Received (000’s)

Notional Amount Currency Delivered (000’s)

Premiums Received / (Paid)

Value

Six-

Month

USD

BBA

BOA

Pay

LIBOR

6.300

%

4/13/18

INR

1,151,625

USD

18,500

$

—

$

(836,738)

Six-

Month

USD

BBA

BOA

Pay

LIBOR

6.330

4/15/18

INR

1,153,475

USD

18,500

—

(799,624

)

Six-

Month

USD

BBA

BOA

Pay

LIBOR

6.670

5/27/18

INR

2,385,000

USD

37,500

(332)

(808,965

)

Six-

Month

USD

BBA

BOA

Pay

LIBOR

6.820

5/13/18

INR

1,181,225

USD

18,500

—

(207,075

)

Six-

Month

USD

BBA

BOA

Pay

LIBOR

6.520

4/28/18

INR

2,379,380

USD

37,500

—

(864,302

)

Three-

Month

USD

BBA

BOA

Receive

LIBOR

2.960

12/22/16

USD

131,264

CNH

846,650

—

(1,616,108

)

Six-

Month

USD

BBA

BOA

Pay

LIBOR

7.100

1/21/19

INR

921,795

USD

15,025

—

(13,828

)

Three-

Month

USD

BBA

BOA

Receive

LIBOR

2.970

12/28/16

USD

$

60,000

CNH

$

389,400

—

(1,133,090

)

Six-

Month

USD

BBA

BOA

Pay

LIBOR

6.330

3/31/20

INR

855,100

USD

13,662

—

(583,105

)

Six-

Month

USD

BBA

BOA

Pay

LIBOR

6.250

3/25/20

INR

851,861

USD

13,674

—

(1,065,263

)

42      OPPENHEIMER INTERNATIONAL BOND FUND

Over-the-Counter Currency Swaps (Continued)

Counterparty

Pay/Receive Floating Rate

Floating Rate

Fixed Rate

Maturity Date

Notional Amount Currency Received (000’s)

Notional Amount Currency Delivered (000’s)

Premiums Received / (Paid)

Value

Six-

Month

USD

BBA

GSG

Pay

LIBOR

7.210

%

1/13/19

INR

935,000

USD

15,039

$

—

$

(355,515

)

Six-

Month

USD

BBA

GSG

Pay

LIBOR

7.100

1/15/19

INR

931,750

USD

15,045

—

(466,709

)

Six-

Month

USD

BBA

GSG

Pay

LIBOR

6.300

4/9/18

INR

2,336,250

USD

37,500

—

(1,211,396

)

Total Over-the-Counter Currency Swaps

$

10,407

$

(9,986,317

)

Centrally Cleared Interest Rate Swaps at September 30, 2015

Counterparty

Pay/Receive Floating Rate

Floating Rate

Fixed Rate

Maturity Date

Notional Amount (000’s)

Value

Three-Month USD

BAC

Receive

BBA LIBOR

2.376

%

2/15/41

USD

25,000

$

506,683

Six-Month GBP BBA

BAC

Receive

LIBOR

2.570

7/29/35

GBP

50,000

(1,092,429

)

Three-Month USD

BAC

Receive

BBA LIBOR

2.234

5/31/22

USD

70,000

(2,578,306

)

Six-Month EUR

BAC

Pay

EURIBOR

1.600

8/20/25

EUR

72,100

34,344

Six-Month GBP

BAC

Receive

BBA LIBOR

2.440

8/18/25

GBP

56,700

(724,188

)

Three-Month USD

BAC

Pay

BBA LIBOR

2.702

6/18/24

USD

16,440

(1,200,291

)

Three-Month USD

BAC

Receive

BBA LIBOR

2.020

9/18/25

USD

5,380

12,602

Six-Month EUR

BOA

Pay

EURIBOR

1.617

8/20/25

EUR

91,000

124,802

Three-Month USD

BOA

Receive

BBA LIBOR

2.019

9/18/25

USD

5,500

12,252

Six-Month AUD

BOA

Receive

BBR BBSW

2.985

9/7/25

AUD

60,800

(410,142

)

Three-Month AUD

BOA

Pay

BBR BBSW

2.150

9/21/18

AUD

85,500

244,589

Three-Month USD

BOA

Receive

BBA LIBOR

1.095

9/25/18

USD

65,265

(222,332

)

Three-Month AUD

BOA

Pay

BBR BBSW

2.020

9/7/18

AUD

185,300

26,289

Six-Month GBP

BOA

Receive

BBA LIBOR

2.460

8/18/25

GBP

77,500

(1,092,955

)

Six-Month EUR

BOA

Pay

EURIBOR

2.078

6/8/35

EUR

50,000

(183,725

)

43      OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

Centrally Cleared Interest Rate Swaps (Continued)

Counterparty

Pay/Receive Floating Rate

Floating Rate

Fixed Rate

Maturity Date

Notional Amount (000’s)

Value

Three-Month USD

BOA

Receive

BBA LIBOR

2.595

%

8/14/24

USD

28,000

$

(1,661,437)

Three-Month USD

BOA

Receive

BBA LIBOR

2.222

5/31/22

USD

158,700

(5,719,902)

Six-Month PLN

DEU

Pay

WIBOR WIBO

2.170

8/28/20

PLN

78,500

187,047

Three-Month USD

GSG

Receive

BBA LIBOR

2.396

10/29/24

USD

6,660

(324,521)

Three-Month USD

GSG

Pay

BBA LIBOR

2.695

6/19/24

USD

16,320

(1,181,019)

Six-Month SGD SOR

GSG

Pay

VWAP

1.510

1/20/20

SGD

70,000

(1,507,060)

Six-Month SGD SOR

GSG

Pay

VWAP

2.775

3/4/25

SGD

157,000

(2,907,197)

Three-Month HUF

JPM

Receive

BUBOR

1.775

7/18/17

HUF

14,250,000

(115,331)

Three-Month HUF

JPM

Receive

BUBOR

1.910

7/8/17

HUF

14,500,000

(191,543)

Three-Month USD

JPM

Receive

BBA LIBOR

2.399

10/29/24

USD

6,190

(303,241)

Total Centrally Cleared Interest Rate Swaps

$

(20,267,011)

Over-the-Counter Interest Rate Swaps at September 30, 2015

Counterparty

Pay/Receive Floating Rate

Floating Rate

Fixed Rate

Maturity Date

Notional Amount (000’s)

Value

BAC

Pay

MXN TIIE BANXICO

3.600

%

2/29/16

MXN

3,650,000

$

73,756

BAC

Pay

MXN TIIE BANXICO

6.395

9/18/25

MXN

105,000

395

Three-Month MYR

BOA

Pay

KLIBOR BNM

4.060

7/24/20

MYR

82,500

(194,564)

Three-Month MYR

BOA

Receive

KLIBOR BNM

3.730

7/24/16

MYR

385,000

108,618

BOA

Pay

MXN TIIE BANXICO

6.395

9/18/25

MXN

107,500

405

Six-Month INR

MIBOR OIS

BOA

Receive

Compound

6.980

7/30/20

INR

1,875,000

253,518

BOA

Pay

BZDI

14.460

1/2/25

BRL

130,000

(222,813)

BOA

Pay

BZDI

13.975

1/2/18

BRL

163,500

(1,115,854)

BOA

Receive

NSERO

7.360

7/30/16

INR

8,250,000

(415,665)

Six-Month INR

MIBOR OIS

BOA

Receive

Compound

7.000

5/12/18

INR

1,200,000

(91,420)

Three-Month COP

CITNA-B

Pay

IBR OIS Compound

4.680

5/11/18

COP

58,400,000

(699,763)

CITNA-B

Pay

Six-Month CLP TNA

3.750

5/14/18

CLP

5,000,000

(48,618)

Six-Month PLN

GSG

Pay

WIBOR WIBO

1.860

5/20/20

PLN

200,000

(223,214)

GSG

Pay

Six-Month CLP TNA

4.107

5/28/20

CLP

10,000,000

(74,701)

GSG

Pay

Six-Month CLP TNA

4.170

5/27/20

CLP

3,250,000

(12,155)

GSG

Pay

MXN TIIE BANXICO

3.600

2/29/16

MXN

3,612,500

47,205

Three-Month COP

GSG

Pay

IBR OIS

7.340

9/18/25

COP

18,500,000

(38,385)

44      OPPENHEIMER INTERNATIONAL BOND FUND

Over-the-Counter Interest Rate Swaps (Continued)

Counterparty

Pay/Receive Floating Rate

Floating Rate

Fixed Rate

Maturity Date

Notional Amount (000’s)

Value

Three-Month HKD

GSG

Receive

HIBOR HKAB

3.230

%

7/24/24

HKD

420,000

$

(2,233,596)

GSG

Receive

MXN TIIE BANXICO

4.604

6/14/18

MXN

545,000

(14,183)

Three-Month HKD

GSG

Receive

HIBOR HKAB

3.230

9/12/24

HKD

425,000

(2,206,764)

GSG

Pay

BZDI

13.145

1/2/17

BRL

153,500

(1,010,581)

Three-Month MYR

GSG

Pay

KLIBOR BNM

4.440

3/16/25

MYR

120,000

(523,603)

GSG

Pay

Six-Month CLP TNA

3.675

5/11/18

CLP

16,000,000

(213,698)

Three-Month PLN

GSG

Pay

WIBOR WIBO

1.920

5/11/17

PLN

1,000,000

898,857

Three-Month MYR

GSG

Pay

KLIBOR

4.410

4/15/25

MYR

240,000

(1,117,947)

HSBC

Receive

MXN TIIE BANXICO

5.180

4/13/20

MXN

382,000

56,991

JPM

Receive

MXN TIIE BANXICO

5.185

4/9/20

MXN

350,000

46,341

Three-Month COP

JPM

Pay

IBR OIS

7.280

9/18/25

COP

20,000,000

(69,107)

Three-Month KRW

JPM

Receive

CD KSDA

3.325

6/24/29

KRW

107,000,000

(3,859,541)

Three-Month KRW

JPM

Receive

CD KSDA

3.080

6/10/18

KRW

132,000,000

(3,344,324)

JPM

Receive

BZDI

15.520

1/2/25

BRL

36,000

(150,172)

JPM

Receive

MXN TIIE BANXICO

5.230

4/7/20

MXN

320,000

28,170

Three-Month COP

JPM

Pay

IBR OIS

6.090

10/29/24

COP

15,470,000

(391,924)

Three-Month COP

JPM

Pay

IBR OIS

4.410

2/9/18

COP

87,000,000

(1,058,424)

Three-Month CNY

JPM

Receive

CNREPOFIX=CFXS

2.630

6/26/20

CNY

165,000

109,808

Three-Month KRW

JPM

Pay

CD KSDA

3.490

6/24/34

KRW

57,700,000

4,783,009

Three-Month KRW

JPM

Receive

CD KSDA

1.840

8/20/20

KRW

124,000,000

(890,701)

Three-Month COP

JPM

Pay

IBR OIS

5.790

2/10/25

COP

32,000,000

(1,086,667)

Three-Month COP

MOS-A

Pay

IBR OIS

6.090

10/29/24

COP

15,940,000

(403,832)

SIB

Receive

BZDI

15.530

1/2/25

BRL

37,500

(158,425)

Total Over-the-Counter Interest Rate Swaps

$

(15,463,568)

Over-the-Counter Credit Default Swaptions Written at September 30, 2015

Description

Counterparty

Buy/Sell Protection

Reference Asset

Fixed Rate

Expiration Date

Notional Amount (000’s)

Premiums Received

Value

Credit Default Swap Maturing 6/20/20

JPM

Buy

CDX.NA.HY.24

5.000

%

10/21/15

USD

50,000

$

487,575

$

(558,110)

Credit Default Swap Maturing 6/20/20

JPM

Buy

CDX.NA.HY.24

5.000

10/21/15

USD

50,000

452,925

(354,080)

45      OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

Over-the-Counter Credit Default Swaptions Written (Continued)

Description

Counterparty

Buy/Sell Protection

Reference Asset

Fixed Rate

Expiration Date

Notional Amount (000’s)

Premiums Received

Value

Credit Default Swap Maturing 12/20/20

JPM

Buy

iTRAXX Europe Crossover Series 24 Version 1

5.000

%

11/18/15

EUR

75,000

$

755,686

$

(1,602,083)

Credit Default Swap Maturing 12/20/20

JPM

Buy

iTRAXX Europe Crossover Series 24 Version 1

5.000

11/18/15

EUR

75,000

914,369

(1,250,186)

Credit Default Swap Maturing 12/20/20

JPM

Buy

iTRAXX Europe Crossover Series 24 Version 1

5.000

11/18/15

EUR

35,000

407,989

(453,039)

Credit Default Swap Maturing 12/20/20

JPM

Buy

iTRAXX Europe Crossover Series 24 Version 1

5.000

11/18/15

EUR

25,000

287,500

(247,789)

Total Over-the-Counter Credit Default Swaptions Written

$

3,306,044

$

(4,465,287)

Over-the-Counter Interest Rate Swaptions Written at September 30, 2015

Description

Counterparty

Pay/Receive Floating Rate

Floating Rate

Fixed Rate

Expiration Date

Notional Amount (000’s)

Premiums Received

Value

Interest Rate Swap maturing 11/10/35 Call

BAC

Pay

Six- Month JPY BBA LIBOR

1.445

%

11/6/15

JPY

5,000,000

$

1,133,243

$

(2,502)

Interest Rate Swap maturing 10/5/25 Call

BAC

Pay

Three- Month USD BBA LIBOR

2.700

10/1/15

USD

75,000

475,000

—

Interest Rate Swap maturing 11/18/25 Call

BAC

Pay

Six- Month EUR EURIBOR

2.175

11/16/15

EUR

200,000

1,087,928

(63,665)

Interest Rate Swap maturing 11/18/25 Call

BAC

Pay

Three- Month USD BBA LIBOR

3.635

11/16/15

USD

200,000

1,009,900

(10,162)

Interest Rate Swap maturing 11/10/35 Call

BAC

Receive

Six- Month JPY BBA LIBOR

1.445

11/6/15

JPY

5,000,000

1,133,244

(2,294,589)

Interest Rate Swap maturing 1/6/26 Call

BOA

Receive

Six- Month EUR EURIBOR

0.903

%

1/4/16

EUR

150,000

1,460,450

(1,279,867)

Interest Rate Swap maturing 1/2/18 Call

BOA

Pay

BZDI

12.900

1/4/16

BRL

150,000

313,868

(2,342,574)

46      OPPENHEIMER INTERNATIONAL BOND FUND

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 12/21/45 Call

BOA

Pay

Three- Month USD BBA LIBOR

3.193

%

12/17/15

USD

150,000

$

4,000,000

$

(447,067)

Interest Rate Swap maturing 12/18/18 Call

BOA

Pay

Three- Month AUD BBR BBSW

2.430

12/17/15

AUD

135,000

205,058

(81,871)

Interest Rate Swap maturing 12/14/35 Call

BOA

Receive

Six- Month JPY BBA LIBOR

1.018

12/10/15

JPY

5,000,000

157,417

(167,951)

Interest Rate Swap maturing 12/14/45 Call

BOA

Pay

Three- Month USD BBA LIBOR

2.763

12/10/15

USD

75,000

2,300,000

(1,139,510)

Interest Rate Swap maturing 7/30/26 Call

BOA

Pay

MXN TIIE BANXICO

7.000

8/10/16

MXN

1,000,000

2,288,203

(1,987,939)

Interest Rate Swap maturing 10/29/18 Call

BOA

Receive

Three- Month AUD BBR BBSW

2.190

10/28/15

AUD

200,000

525,384

(378,904)

Interest Rate Swap maturing 12/18/45 Call

BOA

Pay

Three- Month USD BBA LIBOR

2.830

12/16/15

USD

75,000

2,600,000

(966,346)

Interest Rate Swap maturing 1/4/21 Call

BOA

Pay

BZDI

12.580

1/4/16

BRL

112,500

215,870

(4,475,612)

Interest Rate Swap maturing 6/8/46 Call

BOA

Pay

Six- Month EUR EURIBOR

1.745

6/6/16

EUR

50,000

4,089,725

(2,591,195)

Interest Rate Swap maturing 1/2/19 Call

BOA

Pay

BZDI

14.750

1/4/16

BRL

125,000

140,028

(1,619,519)

Interest Rate Swap maturing 1/2/17 Call

BOA

Pay

BZDI

14.320

1/4/16

BRL

125,000

86,488

(573,373)

Interest Rate Swap maturing 6/8/46 Call

BOA

Pay

Six- Month EUR EURIBOR

1.646

6/6/16

EUR

35,000

2,912,166

(2,139,950)

Interest Rate Swap maturing 6/8/46 Call

BOA

Receive

Six- Month EUR EURIBOR

1.646

6/6/16

EUR

35,000

2,912,166

(2,867,025)

47      OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED 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 2/1/26 Call

BOA

Receive

Six- Month EUR EURIBOR

0.954

%

1/28/16

EUR

150,000

$

1,653,954

$

(1,815,820)

Interest Rate Swap maturing 6/8/46 Call

BOA

Receive

Six- Month EUR EURIBOR

1.745

6/6/16

EUR

50,000

4,089,725

(4,971,745)

Interest Rate Swap maturing 11/23/25 Call

GSG

Pay

Six- Month EUR EURIBOR

1.250

11/19/15

EUR

150,000

750,392

(390,639)

Interest Rate Swap maturing 12/14/21 Call

GSG

Pay

Six- Month EUR EURIBOR

0.970

12/10/15

EUR

200,000

875,355

(599,407)

Interest Rate Swap maturing 12/17/18 Call

GSG

Pay

Three- Month AUD BBR BBSW

2.440

12/16/15

AUD

180,750

208,762

(104,819)

Interest Rate Swap maturing 11/23/25 Call

GSG

Receive

Six- Month EUR EURIBOR

0.750

11/19/15

EUR

150,000

472,623

(200,805)

Interest Rate Swap maturing 6/7/47 Call

GSG

Pay

Six- Month EUR EURIBOR

1.810

6/5/17

EUR

100,000

5,753,820

(3,221,732)

Interest Rate Swap maturing 6/7/47 Call

GSG

Receive

Six- Month EUR EURIBOR

1.810

6/5/17

EUR

100,000

5,753,820

(4,289,612)

Interest Rate Swap maturing 4/30/24 Call

GSG

Pay

Three- Month KRW CD KSDA

4.530

4/29/19

KRW

100,000,000

579,626

(67,053)

Interest Rate Swap maturing 2/12/29 Call

JPM

Pay

Three- Month KRW CD KSDA

4.610

2/11/19

KRW

100,000,000

1,026,886

(116,903)

Interest Rate Swap maturing 9/19/28 Call

JPM

Receive

Six- Month EUR EURIBOR

0.758

9/17/18

EUR

150,000

2,016,247

(1,368,388)

Interest Rate Swap maturing 1/2/18 Call

JPM

Pay

BZDI

12.900

1/4/16

BRL

150,000

313,868

(671,700)

Interest Rate Swap maturing 11/19/20 Call

JPM

Pay

MXN TIIE BANXICO

5.950

11/25/15

MXN

740,000

799,263

(49,882)

48      OPPENHEIMER INTERNATIONAL BOND FUND

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 3/1/26 Call

JPM

Pay

Six- Month EUR EURIBOR

2.200

%

2/26/16

EUR

100,000

$

—

$

(317,822)

Interest Rate Swap maturing 12/4/25 Call

JPM

Pay

Six- Month EUR EURIBOR

1.850

12/2/15

EUR

100,000

1,173,587

(305,160)

Interest Rate Swap maturing 11/10/35 Call

JPM

Pay

Six- Month JPY BBA LIBOR

1.381

11/6/15

JPY

5,000,000

312,713

(9,331)

Interest Rate Swap maturing 10/6/22 Call

JPM

Receive

Three- Month USD BBA LIBOR

2.118

10/2/15

USD

150,000

1,068,750

(4,110,138)

Total Over-the-Counter Interest Rate Swaptions Written

$

55,895,529

$

(48,040,577)

Glossary:
Counterparty Abbreviations
BAC	Barclays Bank plc
BNP	BNP Paribas
BOA	Bank of America NA
CITNA-B	Citibank NA
DEU	Deutsche Bank AG
GSCO-OT	Goldman Sachs Bank USA
GSG	Goldman Sachs Group, Inc. (The)
HSBC	HSBC Bank USA NA
JPM	JPMorgan Chase Bank NA
MOS-A	Morgan Stanley
MSCO	Morgan Stanley Capital Services, Inc.
NOM	Nomura Global Financial Products, Inc.
RBS	Royal Bank of Scotland plc (The)
SCB	Standard Chartered Bank
SIB	Banco Santander SA
TDB	Toronto Dominion Bank
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
CNY	Chinese Renminbi
COP	Colombian Peso
DKK	Danish Krone
EUR	Euro
GBP	British Pound Sterling
HKD	Hong Kong Dollar
HUF	Hungarian Forint

49      OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

Currency abbreviations (Continued)
IDR	Indonesian Rupiah
ILS	Israeli Shekel
INR	Indian Rupee
JPY	Japanese Yen
KRW	South Korean Won
MXN	Mexican Nuevo Peso
MYR	Malaysian Ringgit
NOK	Norwegian Krone
NZD	New Zealand Dollar
PHP	Philippine Peso
PLN	Polish Zloty
RUB	Russian Ruble
SEK	Swedish Krona
SGD	Singapore Dollar
TRY	New Turkish Lira
TWD	New Taiwan Dollar
ZAR	South African Rand
Definitions
BANXICO	Banco de Mexico
BBA LIBOR	British Bankers’ Association London - Interbank Offered Rate
BBR BBSW	Bank Bill Swap Reference Rate (Australian Financial Market)
BNM	Bank Negara Malaysia
BUBOR	Budapest Interbank Offered Rate
BZDI	Brazil Interbank Deposit Rate
CD	Certificate of Deposit
CDX.EM.23	Markit CDX Emerging Markets Index
CDX.NA.HY.24	Markit CDX North American High Yield
CNREPOFIX=
CFXS	Repurchase Fixing Rates
EURIBOR	Euro Interbank Offered Rate
FRO 1	Floating Rate Option 30 yr. rate
FRO 2	Floating Rate Option 10 yr. rate
HIBOR	Hong Kong Interbank Offered Rate
HKAB	Hong Kong Association of Banks
IBR	Indicador Bancario de Referencia
iTRAXX Europe
Crossover Series
23 Version 1	Credit Default Swap Trading Index for a Specific Basket of Securities
KLIBOR	Kuala Lumpur Interbank Offered Rate
KSDA	Korean Securities Dealers Assn.
MIBOR	Mumbai Interbank Offered Rate
NSERO	Indian Rupee Floating Rate
OIS	Overnight Index Swap
SOR VWAP	Swap Offered Rate Singapore Dollar Index
TNA	Non-Deliverable CLP Camara
TIIE	Interbank Equilibrium Interest Rate
WIBOR WIBO	Poland Warsaw Interbank Offer Bid Rate
Exchange Abbreviations
CBT	Chicago Board of Trade

See accompanying Notes to Consolidated Financial Statements.

50      OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED

STATEMENT OF ASSETS AND LIABILITIES September 30, 2015

Assets
Investments, at value—see accompanying consolidated statement of investments:
Unaffiliated companies (cost $6,387,794,651)	$	5,818,940,345
Affiliated companies (cost $543,275,597)		543,275,597
		6,362,215,942
Cash		86,147,867
Cash—foreign currencies (cost $18,171,855)		18,126,259
Cash used for collateral on centrally cleared swaps		30,557,771
Unrealized appreciation on forward currency exchange contracts		342,797,334
Swaps, at value (net premiums paid $38,779,695)		57,349,837
Centrally cleared swaps, at value (premiums paid $6,173,541)		8,942,912
Receivables and other assets:
Investments sold		138,563,732
Interest, dividends and principal paydowns		86,282,495
Shares of beneficial interest sold		14,848,786
Other		284,512
Total assets		7,146,117,447
Liabilities
Unrealized depreciation on forward currency exchange contracts		164,960,140
Options written, at value (premiums received $36,982,648)		45,219,264
Swaps, at value (net premiums received $19,664,065)		52,115,852
Centrally cleared swaps, at value		21,415,619
Swaptions written, at value (premiums received $59,201,573)		52,505,864
Payables and other liabilities:
Investments purchased (including $3,177,805 purchased on a when-issued or delayed delivery basis)		38,177,939
Shares of beneficial interest redeemed		28,808,575
Dividends		1,480,513
Distribution and service plan fees		587,751
Variation margin payable		270,626
Trustees’ compensation		231,033
Shareholder communications		55,127
Other		646,782
Total liabilities		406,475,085
Net Assets	$	6,739,642,362
Composition of Net Assets
Par value of shares of beneficial interest	$	1,200,879
Additional paid-in capital		7,588,700,943
Accumulated net investment loss		(282,185,373)
Accumulated net realized loss on investments and foreign currency transactions		(139,846,764)
Net unrealized depreciation on investments and translation of assets and liabilities denominated in foreign currencies		(428,227,323)
Net Assets	$	6,739,642,362

51      OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED

STATEMENT OF ASSETS AND LIABILITIES Continued

Net Asset Value Per Share
Class A Shares:
Net asset value and redemption price per share (based on net assets of $2,010,994,609 and 358,062,416 shares of beneficial interest outstanding)	$	5.62
Maximum offering price per share (net asset value plus sales charge of 4.75% of offering price)	$	5.90
Class B Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $39,835,178 and 7,119,124 shares of beneficial interest outstanding)	$	5.60
Class C Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $585,787,625 and 104,687,432 shares of beneficial interest outstanding)	$	5.60
Class I Shares:
Net asset value, redemption price and offering price per share (based on net assets of $1,154,224,896 and 205,765,647 shares of beneficial interest outstanding)	$	5.61
Class R Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $166,931,684 and 29,808,791 shares of beneficial interest outstanding)	$	5.60
Class Y Shares:
Net asset value, redemption price and offering price per share (based on net assets of $2,781,868,370 and 495,435,838 shares of beneficial interest outstanding)	$	5.61

See accompanying Notes to Consolidated Financial Statements.

52      OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED STATEMENT OF

OPERATIONS For The Year EndedSeptember 30, 2015

Investment Income
Interest (net of foreign withholding taxes of $919,669)	$	307,723,089
Dividends affiliated companies		270,703
Total investment income		307,993,792
Expenses
Management fees		39,245,933
Distribution and service plan fees:
Class A		6,333,259
Class B		564,106
Class C		7,141,790
Class R		961,194
Transfer and shareholder servicing agent fees:
Class A		5,636,166
Class B		124,266
Class C		1,572,637
Class I		274,902
Class R		423,893
Class Y		6,886,794
Shareholder communications:
Class A		67,306
Class B		3,887
Class C		17,740
Class I		2,546
Class R		6,137
Class Y		73,324
Custodian fees and expenses		1,038,484
Trustees’ compensation		170,920
Borrowing fees		20,440
Other		764,500
Total expenses		71,330,224
Less reduction to custodian expenses		(24,191	)
Less waivers and reimbursements of expenses		(279,368	)
Net expenses		71,026,665
Net Investment Income		236,967,127

53      OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED STATEMENT OF OPERATIONS Continued

Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments from unaffiliated companies (includes premiums on options exercised) (net of foreign capital gains tax of $911,128)	$	(84,521,393)
Closing and expiration of option contracts written		38,109,375
Closing and expiration of futures contracts		(25,367,393)
Foreign currency transactions		(175,032,033)
Swap contracts		(42,038,544)
Closing and expiration of swaption contracts written		19,022,191
Net realized loss		(269,827,797)
Net change in unrealized appreciation/depreciation on:
Investments		(277,257,541)
Translation of assets and liabilities denominated in foreign currencies		58,507,203
Futures contracts		2,902,984
Option contracts written		4,240,263
Swap contracts		(10,903,875)
Swaption contracts written		3,480,248
Net change in unrealized appreciation/depreciation		(219,030,718)
Net Decrease in Net Assets Resulting from Operations	$	(251,891,388)

See accompanying Notes to Consolidated Financial Statements.

54      OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended September 30, 2015			Year Ended September 30, 2014
Operations
Net investment income	$	236,967,127		$	304,348,005
Net realized loss		(269,827,797	)		(295,661,659	)
Net change in unrealized appreciation/depreciation		(219,030,718	)		187,878,965
Net increase (decrease) in net assets resulting from operations		(251,891,388	)		196,565,311
Dividends and/or Distributions to Shareholders
Dividends from net investment income:
Class A		(59,378,613	)		(49,126,496	)
Class B		(981,103	)		(913,904	)
Class C		(12,542,702	)		(9,773,444	)
Class I		(24,536,293	)		(8,451,135	)
Class R1		(4,124,206	)		(2,577,862	)
Class Y		(79,088,208	)		(46,766,286	)
		(180,651,125	)		(117,609,127	)
Distributions from net realized gain:
Class A		—			(1,551,481	)
Class B		—			(41,079	)
Class C		—			(397,939	)
Class I		—			(171,958	)
Class R1		—			(86,156	)
Class Y		—			(1,251,387	)
		—			(3,500,000	)
Tax return of capital distribution:
Class A		(18,311,460	)		(77,492,539	)
Class B		(302,557	)		(1,441,599	)
Class C		(3,867,978	)		(15,416,710	)
Class I		(7,566,619	)		(13,330,890	)
Class R1		(1,271,842	)		(4,066,340	)
Class Y		(24,389,599	)		(73,769,522	)
		(55,710,055	)		(185,517,600	)
Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions:
Class A		(934,147,804	)		(1,653,442,423	)
Class B		(29,914,814	)		(54,893,347	)
Class C		(227,136,145	)		(370,198,065	)
Class I		437,267,773			249,628,901
Class R1		(37,350,514	)		(33,203,127	)
Class Y		(444,271,574	)		(468,544,980	)
		(1,235,553,078	)		(2,330,653,041	)

55      OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS Continued

Net Assets
Total decrease	$	(1,723,805,646	)	$	(2,440,714,457)
Beginning of period		8,463,448,008			10,904,162,465
End of period (including accumulated net investment loss of $282,185,373 and $84,556,780, respectively)	$	6,739,642,362		$	8,463,448,008

1. Effective July 1, 2014, Class N shares were renamed Class R. See Note 1 of the accompanying Consolidated Notes.

See accompanying Notes to Consolidated Financial Statements.

56      OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED FINANCIAL HIGHLIGHTS

Class A	Year Ended September 30, 2015			Year Ended September 30, 2014		Year Ended September 30, 2013		Year Ended September 28, 20121		Year Ended September 30, 2011
Per Share Operating Data
Net asset value, beginning of period	$	6.01		$	6.09	$	6.54	$	6.29	$	6.80
Income (loss) from investment operations:
Net investment income2		0.18			0.19		0.23		0.25		0.25
Net realized and unrealized gain (loss)		(0.39)			(0.08)		(0.40)		0.33		(0.44)
Total from investment operations		(0.21)			0.11		(0.17)		0.58		(0.19)
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.14)			(0.07)		(0.24)		(0.33)		(0.26)
Distributions from net realized gain		0.00			0.003		(0.04)		0.00		(0.06)
Tax return of capital distribution		(0.04)			(0.12)		0.00		0.00		0.00
Total dividends and/or distributions to shareholders		(0.18)			(0.19)		(0.28)		(0.33)		(0.32)
Net asset value, end of period	$	5.62		$	6.01	$	6.09	$	6.54	$	6.29
Total Return, at Net Asset Value4		(3.57)%			1.86%		(2.77)%		9.58%		(2.88)%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	2,010,994		$	3,104,220	$	4,794,923	$	5,886,327	$	6,382,276
Average net assets (in thousands)	$	2,556,904		$	4,022,858	$	5,586,929	$	6,013,740	$	7,004,799
Ratios to average net assets:5
Net investment income		3.03%			3.16%		3.61%		3.89%		3.80%
Expenses excluding interest and fees from borrowings		1.02%			1.02%		1.01%		1.02%		0.98%
Interest and fees from borrowings		0.00%	6		0.00%		0.00%		0.00%		0.00%
Total expenses7		1.02%			1.02%		1.01%		1.02%		0.98%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.02%			1.02%		1.01%		1.02%		0.98%
Portfolio turnover rate		111%			108%		105%		111%		80%

1. September 28, 2012 represents the last business day of the Fund’s reporting period. See Note 2 of the accompanying Consolidated Notes.

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

3. Less than $0.005 per share.

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

5. Annualized for periods less than one full year.

6. Less than 0.005%.

7. Total expenses including indirect expenses from affiliated fund fees and expenses were as follows:

Year Ended September 30, 2015	1.02%
Year Ended September 30, 2014	1.02%
Year Ended September 30, 2013	1.01%
Year Ended September 28, 2012	1.02%
Year Ended September 30, 2011	0.98%

See accompanying Notes to Consolidated Financial Statements.

57      OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED FINANCIAL HIGHLIGHTS Continued

Class B	Year Ended September 30, 2015			Year Ended September 30, 2014		Year Ended September 30, 2013		Year Ended September 28, 20121		Year Ended September 30, 2011
Per Share Operating Data
Net asset value, beginning of period	$	5.99		$	6.07	$	6.51	$	6.27	$	6.78
Income (loss) from investment operations:
Net investment income2		0.13			0.14		0.18		0.19		0.19
Net realized and unrealized gain (loss)		(0.38)			(0.08)		(0.40)		0.33		(0.44)
Total from investment operations		(0.25)			0.06		(0.22)		0.52		(0.25)
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.11)			(0.05)		(0.18)		(0.28)		(0.20)
Distributions from net realized gain		0.00			0.003		(0.04)		0.00		(0.06)
Tax return of capital distribution		(0.03)			(0.09)		0.00		0.00		0.00
Total dividends and/or distributions to shareholders		(0.14)			(0.14)		(0.22)		(0.28)		(0.26)
Net asset value, end of period	$	5.60		$	5.99	$	6.07	$	6.51	$	6.27
Total Return, at Net Asset Value4		(4.32)%			1.06%		(3.46)%		8.50%		(3.74)%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	39,835		$	73,164	$	128,905	$	193,955	$	226,660
Average net assets (in thousands)	$	56,357		$	99,269	$	165,674	$	208,830	$	257,491
Ratios to average net assets:5
Net investment income		2.27%			2.38%		2.77%		3.02%		2.93%
Expenses excluding interest and fees from borrowings		1.77%			1.81%		1.85%		1.89%		1.84%
Interest and fees from borrowings		0.00%	6		0.00%		0.00%		0.00%		0.00%
Total expenses7		1.77%			1.81%		1.85%		1.89%		1.84%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.77%			1.81%		1.85%		1.89%		1.84%
Portfolio turnover rate		111%			108%		105%		111%		80%

1. September 28, 2012 represents the last business day of the Fund’s reporting period. See Note 2 of the accompanying Consolidated Notes.

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

3. Less than $0.005 per share.

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

5. Annualized for periods less than one full year.

6. Less than 0.005%.

7. Total expenses including indirect expenses from affiliated fund fees and expenses were as follows:

Year Ended September 30, 2015	1.77%
Year Ended September 30, 2014	1.81%
Year Ended September 30, 2013	1.85%
Year Ended September 28, 2012	1.89%
Year Ended September 30, 2011	1.84%

See accompanying Notes to Consolidated Financial Statements.

58      OPPENHEIMER INTERNATIONAL BOND FUND

Class C	Year Ended September 30, 2015			Year Ended September 30, 2014		Year Ended September 30, 2013		Year Ended September 28, 20121		Year Ended September 30, 2011
Per Share Operating Data
Net asset value, beginning of period	$	5.99		$	6.07	$	6.51	$	6.27	$	6.78
Income (loss) from investment operations:
Net investment income2		0.13			0.15		0.19		0.20		0.21
Net realized and unrealized gain (loss)		(0.38)			(0.08)		(0.40)		0.33		(0.45)
Total from investment operations		(0.25)			0.07		(0.21)		0.53		(0.24)
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.11)			(0.06)		(0.19)		(0.29)		(0.21)
Distributions from net realized gain		0.00			0.003		(0.04)		0.00		(0.06)
Tax return of capital distribution		(0.03)			(0.09)		0.00		0.00		0.00
Total dividends and/or distributions to shareholders		(0.14)			(0.15)		(0.23)		(0.29)		(0.27)
Net asset value, end of period	$	5.60		$	5.99	$	6.07	$	6.51	$	6.27
Total Return, at Net Asset Value4		(4.31)%			1.13%		(3.30)%		8.69%		(3.58)%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	585,788		$	858,281	$	1,238,931	$	1,614,123	$	1,724,712
Average net assets (in thousands)	$	713,793		$	1,033,206	$	1,509,389	$	1,651,022	$	1,891,414
Ratios to average net assets:5
Net investment income		2.30%			2.45%		2.93%		3.21%		3.10%
Expenses excluding interest and fees from borrowings		1.77%			1.74%		1.69%		1.71%		1.68%
Interest and fees from borrowings		0.00%	6		0.00%		0.00%		0.00%		0.00%
Total expenses7		1.77%			1.74%		1.69%		1.71%		1.68%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.77%			1.74%		1.69%		1.71%		1.68%
Portfolio turnover rate		111%			108%		105%		111%		80%

1. September 28, 2012 represents the last business day of the Fund’s reporting period. See Note 2 of the accompanying Consolidated Notes.

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

3. Less than $0.005 per share.

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

5. Annualized for periods less than one full year.

6. Less than 0.005%.

7. Total expenses including indirect expenses from affiliated fund fees and expenses were as follows:

Year Ended September 30, 2015	1.77%
Year Ended September 30, 2014	1.74%
Year Ended September 30, 2013	1.69%
Year Ended September 28, 2012	1.71%
Year Ended September 30, 2011	1.68%

See accompanying Notes to Consolidated Financial Statements.

59      OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED FINANCIAL HIGHLIGHTS Continued

Class I	Year Ended September 30, 2015			Year Ended September 30, 2014		Year Ended September 30, 2013		Period Ended September 28, 20121,2
Per Share Operating Data
Net asset value, beginning of period	$	6.00		$	6.08	$	6.53	$	6.36
Income (loss) from investment operations:
Net investment income3		0.21			0.22		0.24		0.18
Net realized and unrealized gain (loss)		(0.39)			(0.08)		(0.38)		0.18
Total from investment operations		(0.18)			0.14		(0.14)		0.36
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.16)			(0.09)		(0.27)		(0.19)
Distributions from net realized gain		0.00			0.004		(0.04)		0.00
Tax return of capital distribution		(0.05)			(0.13)		0.00		0.00
Total dividends and/or distributions to shareholders		(0.21)			(0.22)		(0.31)		(0.19)
Net asset value, end of period	$	5.61		$	6.00	$	6.08	$	6.53
Total Return, at Net Asset Value5		(3.16)%			2.32%		(2.31)%		5.70%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,154,225		$	779,478	$	542,637	$	855
Average net assets (in thousands)	$	918,521		$	611,312	$	206,805	$	380
Ratios to average net assets:6
Net investment income		3.54%			3.58%		3.95%		4.20%
Expenses excluding interest and fees on short-term floating rate notes issued and interest and fees from borrowings		0.57%			0.56%		0.57%		0.57%
Interest and fees from borrowings		0.00%	7		0.00%		0.00%		0.00%
Total expenses8		0.57%			0.56%		0.57%		0.57%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.57%			0.56%		0.57%		0.57%
Portfolio turnover rate		111%			108%		105%		111%

1. September 28, 2012 represents the last business day of the Fund’s reporting period. See Note 2 of the accompanying Consolidated Notes.

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

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

4. Less than $0.005 per share.

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

6. Annualized for periods less than one full year.

7. Less than 0.005%.

8. Total expenses including indirect expenses from affiliated fund fees and expenses were as follows:

Year Ended September 30, 2015	0.57%
Year Ended September 30, 2014	0.56%
Year Ended September 30, 2013	0.57%
Period Ended September 28, 2012	0.57%

See accompanying Notes to Consolidated Financial Statements.

60      OPPENHEIMER INTERNATIONAL BOND FUND

Class R	Year Ended September 30, 2015			Year Ended September 30, 2014		Year Ended September 30, 2013		Year Ended September 28, 20121		Year Ended September 30, 2011
Per Share Operating Data
Net asset value, beginning of period	$	5.99		$	6.07	$	6.52	$	6.28	$	6.79
Income (loss) from investment operations:
Net investment income2		0.16			0.17		0.20		0.22		0.22
Net realized and unrealized gain (loss)		(0.39)			(0.08)		(0.40)		0.33		(0.44)
Total from investment operations		(0.23)			0.09		(0.20)		0.55		(0.22)
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.12)			(0.07)		(0.21)		(0.31)		(0.23)
Distributions from net realized gain		0.00			0.003		(0.04)		0.00		(0.06)
Tax return of capital distribution		(0.04)			(0.10)		0.00		0.00		0.00
Total dividends and/or distributions to shareholders		(0.16)			(0.17)		(0.25)		(0.31)		(0.29)
Net asset value, end of period	$	5.60		$	5.99	$	6.07	$	6.52	$	6.28
Total Return, at Net Asset Value4		(3.84)%			1.55%		(3.16)%		9.01%		(3.28)%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	166,932		$	216,721	$	252,758	$	314,773	$	322,070
Average net assets (in thousands)	$	192,512		$	234,841	$	290,208	$	314,673	$	325,834
Ratios to average net assets:5
Net investment income		2.81%			2.84%		3.19%		3.50%		3.39%
Expenses excluding interest and fees from borrowings		1.27%			1.35%		1.53%		1.54%		1.44%
Interest and fees from borrowings		0.00%	6		0.00%		0.00%		0.00%		0.00%
Total expenses7		1.27%			1.35%		1.53%		1.54%		1.44%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.27%			1.32%		1.43%		1.41%		1.38%
Portfolio turnover rate		111%			108%		105%		111%		80%

1. September 28, 2012 represents the last business day of the Fund’s reporting period. See Note 2 of the accompanying Consolidated Notes.

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

3. Less than $0.005 per share.

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

5. Annualized for periods less than one full year.

6. Less than 0.005%.

7. Total expenses including indirect expenses from affiliated fund fees and expenses were as follows:

Year Ended September 30, 2015	1.27%
Year Ended September 30, 2014	1.35%
Year Ended September 30, 2013	1.53%
Year Ended September 28, 2012	1.54%
Year Ended September 30, 2011	1.44%

See accompanying Notes to Consolidated Financial Statements.

61      OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED FINANCIAL HIGHLIGHTS Continued

Class Y	Year Ended September 30, 2015			Year Ended September 30, 2014		Year Ended September 30, 2013		Year Ended September 28, 20121		Year Ended September 30, 2011
Per Share Operating Data
Net asset value, beginning of period	$	6.01		$	6.09	$	6.53	$	6.29	$	6.80
Income (loss) from investment operations:
Net investment income2		0.20			0.21		0.25		0.26		0.27
Net realized and unrealized gain (loss)		(0.41)			(0.08)		(0.40)		0.33		(0.44)
Total from investment operations		(0.21)			0.13		(0.15)		0.59		(0.17)
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.15)			(0.08)		(0.25)		(0.35)		(0.28)
Distributions from net realized gain		0.00			0.003		(0.04)		0.00		(0.06)
Tax return of capital distribution		(0.04)			(0.13)		0.00		0.00		0.00
Total dividends and/or distributions to shareholders		(0.19)			(0.21)		(0.29)		(0.35)		(0.34)
Net asset value, end of period	$	5.61		$	6.01	$	6.09	$	6.53	$	6.29
Total Return, at Net Asset Value4		(3.50)%			2.14%		(2.36)%		9.71%		(2.64)%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	2,781,868		$	3,431,584	$	3,946,008	$	4,736,285	$	4,084,001
Average net assets (in thousands)	$	3,128,046		$	3,532,821	$	4,710,455	$	4,446,720	$	3,861,749
Ratios to average net assets:5
Net investment income		3.32%			3.43%		3.88%		4.16%		4.04%
Expenses excluding interest and fees from borrowings		0.77%			0.74%		0.74%		0.75%		0.74%
Interest and fees from borrowings		0.00%	6		0.00%		0.00%		0.00%		0.00%
Total expenses7		0.77%			0.74%		0.74%		0.75%		0.74%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.77%			0.74%		0.74%		0.75%		0.73%
Portfolio turnover rate		111%			108%		105%		111%		80%

1. September 28, 2012 represents the last business day of the Fund’s reporting period. See Note 2 of the accompanying Consolidated Notes.

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

3. Less than $0.005 per share.

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

5. Annualized for periods less than one full year.

6. Less than 0.005%.

7. Total expenses including indirect expenses from affiliated fund fees and expenses were as follows:

Year Ended September 30, 2015	0.77%
Year Ended September 30, 2014	0.74%
Year Ended September 30, 2013	0.74%
Year Ended September 28, 2012	0.75%
Year Ended September 30, 2011	0.74%

See accompanying Notes to Consolidated Financial Statements.

62      OPPENHEIMER INTERNATIONAL BOND FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS September 30, 2015

1. Organization

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

    The Fund offers Class A, Class C, Class I, Class R and Class Y shares, and previously offered Class B shares for new purchase through June 29, 2012. Subsequent to that date, no new purchases of Class B shares are permitted, however reinvestment of dividend and/or capital gain distributions and exchanges of Class B shares into and from other Oppenheimer funds are allowed. As of July 1, 2014, Class N shares were renamed Class R shares. Class N shares subject to a contingent deferred sales charge (“CDSC”) on July 1, 2014, continue to be subject to a CDSC after the shares were renamed. Purchases of Class R shares occurring on or after July 1, 2014, are not subject to a CDSC upon redemption. Class A shares are sold at their offering price, which is normally net asset value plus a front-end sales charge. Class C and Class R shares are sold, and Class B shares were sold, without a front-end sales charge but may be subject to a contingent deferred sales charge (“CDSC”). Class R shares are sold only through retirement plans. Retirement plans that offer Class R shares may impose charges on those accounts. Class I and Class Y shares are sold to certain institutional investors or intermediaries without either a front-end sales charge or a CDSC, however, the intermediaries may impose charges on their accountholders who beneficially own Class I and Class Y shares. All classes of shares have identical rights and voting privileges with respect to the Fund in general and exclusive voting rights on matters that affect that class alone. Earnings, net assets and net asset value per share may differ due to each class having its own expenses, such as transfer and shareholder servicing agent fees and shareholder communications, directly attributable to that class. Class A, B, C and R shares have separate distribution and/or service plans under which they pay fees. Class I and Class Y shares do not pay such fees. Class B shares will automatically convert to Class A shares 72 months after the date of purchase.

    The following is a summary of significant accounting policies followed in the Fund’s preparation of financial statements in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”).

2. Significant Accounting Policies

Security Valuation. All investments in securities are recorded at their estimated fair value, as described in Note 3.

Reporting Period End Date. The last day of the Fund’s reporting period is the last day the New York Stock Exchange was open for trading during the period. The Fund’s financial statements have been presented through that date to maintain consistency with the Fund’s net asset value calculations used for shareholder transactions.

63      OPPENHEIMER INTERNATIONAL BOND FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Continued

2. Significant Accounting Policies (Continued)

Basis for Consolidation. The Fund has established a Cayman Islands exempted company, Oppenheimer International Bond Fund (Cayman) Ltd., which is wholly-owned and controlled by the Fund (the “Subsidiary”). The Fund and Subsidiary are both managed by the Manager. The Fund may invest up to 25% of its total assets in the Subsidiary. The Subsidiary invests primarily in Regulation S securities. Regulation S securities are securities of U.S. and non-U.S. issuers that are issued through private offerings without registration with the Securities and Exchange Commission pursuant to Regulation S under the Securities Act of 1933. The Fund applies its investment restrictions and compliance policies and procedures, on a look-through basis, to the Subsidiary. The Subsidiary is subject to the same investment restrictions and guidelines, and follows the same compliance policies and procedures, as the Fund.

    The financial statements have been consolidated and include accounts of the Fund and the Subsidiary. Accordingly, all inter-company transactions and balances have been eliminated. At period end, the Fund owned 500,000 shares with net assets of $49,822,596 in the Subsidiary.

Other financial information at period end:
Total market value of investments	$	2,720,631
Net assets	$	49,822,596
Net income (loss)	$	(78,264	)
Net realized gain (loss)	$	(1,017	)
Net change in unrealized appreciation/depreciation	$	(98,123	)

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.

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

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

64      OPPENHEIMER INTERNATIONAL BOND FUND

2. Significant Accounting Policies (Continued)

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

Dividends and Distributions to Shareholders. Dividends and distributions to shareholders, which are determined in accordance with income tax regulations and may differ from U.S. generally accepted accounting principles, are recorded on the ex-dividend date. Income distributions, if any, are declared daily and paid monthly. Capital gain distributions, if any, are declared and paid annually.

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

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

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

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

Federal Taxes. The Fund intends to comply with provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its investment company taxable income, including any net realized gain on investments not

65      OPPENHEIMER INTERNATIONAL BOND FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Continued

2. Significant Accounting Policies (Continued)

offset by capital loss carryforwards, if any, to shareholders. Therefore, no federal income or excise tax provision is required. The Fund files income tax returns in U.S. federal and applicable state jurisdictions. The statute of limitations on the Fund’s tax return filings generally remains open for the three preceding fiscal reporting period ends.

    Subchapter M requires, among other things, that at least 90% of the Fund’s gross income be derived from securities or derived with respect to its business of investing in securities (typically referred to as “qualifying income”). Income from commodity-linked derivatives may not be treated as “qualifying income” for purposes of the 90% gross income requirement. The Internal Revenue Service (IRS) has previously issued a number of private letter rulings which conclude that income derived from commodity index-linked notes and investments in a wholly-owned subsidiary will be “qualifying income.” As a result, the Fund will gain exposure to commodities through commodity-linked notes and its wholly-owned subsidiary.

    The IRS has suspended the granting of private letter rulings pending further review. As a result, there can be no assurance that the IRS will not change its position with respect to commodity-linked notes and wholly-owned subsidiaries. In addition, future legislation and guidance from the Treasury and the IRS may adversely affect the fund’s ability to gain exposure to commodities through commodity-linked notes and its wholly-owned subsidiary.

    The Fund is required to include in income for federal income tax purposes all of the subsidiary’s net income and gains whether or not such income is distributed by the subsidiary. Net income and gains from the subsidiary are generally treated as ordinary income by the Fund, regardless of the character of the subsidiary’s underlying income. Net losses from the subsidiary do not pass through to the Fund for federal income tax purposes.

The tax components of capital shown in the following table represent distribution requirements the Fund must satisfy under the income tax regulations, losses the Fund may be able to offset against income and gains realized in future years and unrealized appreciation or depreciation of securities and other investments for federal income tax purposes.

Undistributed Net Investment Income	Undistributed Long-Term Gain		Accumulated Loss Carryforward1,2,3,4,5,6		Net Unrealized Depreciation Based on cost of Securities and Other Investments for Federal Income Tax Purposes
$—		$—		$185,913,228		$656,289,687

1. At period end, the Fund had $125,432,748 of net capital loss carryforward available to offset future realized capital gains, if any, and thereby reduce future taxable gain distributions. Details of the capital loss carryforwards are included in the table below. Capital loss carryovers with no expiration, if any, must be utilized prior to those with expiration dates.

Expiring
No expiration	$	125,432,748

2. The Fund had $55,883,182 of post-October foreign currency losses which were deferred.

3. The Fund had $1,177 of post-October passive foreign investment company losses which were deferred.

4. The Fund had $4,596,121 of straddle losses which were deferred.

5. During the reporting period, the Fund did not utilize any capital loss carryforward.

6. During the previous reporting period, the Fund did not utilize any capital loss carryforward.

66      OPPENHEIMER INTERNATIONAL BOND FUND

2. Significant Accounting Policies (Continued)

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

Accordingly, the following amounts have been reclassified for the reporting period. Net assets of the Fund were unaffected by the reclassifications.

Reduction to Paid-in Capital	Increase to Accumulated Net Investment Loss		Reduction to Accumulated Net Realized Loss on Investments
$139,686		$198,234,540		$198,374,226

The tax character of distributions paid during the reporting periods:

	Year Ended September 30, 2015		Year Ended September 30, 2014
Distributions paid from:
Ordinary income	$	180,651,125	$	121,109,127
Return of capital		55,710,055		185,517,600
Total	$	236,361,180	$	306,626,727

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

Federal tax cost of securities	$	6,978,447,502
Federal tax cost of other investments		400,888,666
Total federal tax cost	$	7,379,336,168
Gross unrealized appreciation	$	107,444,978
Gross unrealized depreciation		(763,734,665)
Net unrealized depreciation	$	(656,289,687)

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

67      OPPENHEIMER INTERNATIONAL BOND FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Continued

3. Securities Valuation

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

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

Valuation Methods and Inputs

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

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

    Securities traded on a registered U.S. securities exchange (including exchange-traded derivatives other than futures and futures options) are valued based on the last sale price of the security reported on the principal exchange on which it is traded, prior to the time when the Fund’s assets are valued. In the absence of a sale, the security is valued at the mean between the bid and asked price on the principal exchange or, if not available from the principal 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 principal exchange, (2) the mean between the bid and asked price as provided by a single dealer, or (3) a bid from a single dealer. 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

68      OPPENHEIMER INTERNATIONAL BOND FUND

3. Securities Valuation (Continued)

“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.

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

69      OPPENHEIMER INTERNATIONAL BOND FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Continued

3. Securities Valuation (Continued)

Committee considers all relevant facts that are reasonably available, through either public information or information available to the Manager, when determining the fair value of a security. Fair value determinations by the Manager are subject to review, approval and ratification by the Fund’s Board at its next regularly scheduled meeting covering the calendar quarter in which the fair valuation was determined. Those fair valuation standardized methodologies include, but are not limited to, valuing securities at the last sale price or initially at cost and subsequently adjusting the value based on: changes in company specific fundamentals, changes in an appropriate securities index, or changes in the value of similar securities which may be further adjusted for any discounts related to security-specific resale restrictions. When possible, such methodologies use observable market inputs such as unadjusted quoted prices of similar securities, observable interest rates, currency rates and yield curves. The methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities nor can it be assured that the Fund can obtain the fair value assigned to a security if it were to sell the security.

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

Classifications

Each investment asset or liability of the Fund is assigned a level at measurement date based on the significance and source of the inputs to its valuation. Various data inputs are used in determining the value of each of the Fund’s investments as of the reporting period end. These data inputs are categorized in the following hierarchy under applicable financial accounting standards:

1) Level 1-unadjusted quoted prices in active markets for identical assets or liabilities (including securities actively traded on a securities exchange)

2) Level 2-inputs other than unadjusted quoted prices that are observable for the asset or liability (such as unadjusted quoted prices for similar assets and market corroborated inputs such as interest rates, prepayment speeds, credit risks, etc.)

3) Level 3-significant unobservable inputs (including the Manager’s own judgments about assumptions that market participants would use in pricing the asset or liability).

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 that are included in the Fund’s Consolidated Statement of Assets and Liabilities at period end based on valuation input level:

70      OPPENHEIMER INTERNATIONAL BOND FUND

3. Securities Valuation (Continued)

	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	$	—		$	65,635,464		$	11,360,715	$	76,996,179
Mortgage-Backed Obligations		—			63,935,677			—		63,935,677
Foreign Government Obligations		—			3,411,135,028			—		3,411,135,028
Corporate Bonds and Notes		—			1,977,856,501			14,903,127		1,992,759,628
Common Stock		—			—			—		—
Structured Securities		—			18,896,050			1,194,187		20,090,237
Short-Term Notes		—			199,989,643			—		199,989,643
Over-the-Counter Options Purchased		—			23,958,349			—		23,958,349
Over-the-Counter Interest Rate Swaptions Purchased		—			30,075,604			—		30,075,604
Investment Company		543,275,597			—			—		543,275,597
Total Investments, at Value		543,275,597			5,791,482,316			27,458,029		6,362,215,942
Other Financial Instruments:
Swaps, at value		—			57,349,837			—		57,349,837
Centrally cleared swaps, at value		—			8,942,912			—		8,942,912
Futures contracts		2,829,287			—			—		2,829,287
Forward currency exchange contracts		—			342,797,334			—		342,797,334
Total Assets	$	546,104,884		$	6,200,572,399		$	27,458,029	$	6,774,135,312
Liabilities Table
Other Financial Instruments:
Swaps, at value	$	—		$	(52,115,852	)	$	—	$	(52,115,852)
Centrally cleared swaps, at value		—			(21,415,619	)		—		(21,415,619)
Options written, at value		(943,359	)		(44,275,905	)		—		(45,219,264)
Forward currency exchange contracts		—			(164,960,140	)		—		(164,960,140)
Swaptions written, at value		—			(52,505,864	)		—		(52,505,864)
Total Liabilities	$	(943,359)		$	(335,273,380)		$	—	$	(336,216,739)

Forward currency exchange contracts and futures contracts, if any, are reported at their unrealized appreciation/depreciation at measurement date, which represents the change in the contract’s value from trade date. All additional assets and liabilities included in the above table are reported at their market value at measurement date.

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

	Transfers into Level 2*		Transfers out of Level 2**		Transfers into Level 3**		Transfers out of Level 3*
Assets Table
Investments, at Value:
Asset-Backed Securities	$	7,318,905	$	(7,776,412)	$	7,776,412	$	(7,318,905)
Non-Convertible Corporate Bonds and Notes		–		(255,820)		255,820		–
Total Assets	$	7,318,905	$	(8,032,232)	$	8,032,232	$	(7,318,905)

71      OPPENHEIMER INTERNATIONAL BOND FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Continued

3. Securities Valuation (Continued)

*Transferred from Level 3 to Level 2 due to the availability of market data for this security.

**Transferred from Level 2 to Level 3 because of the lack of observable market data due to a decrease in market activity for these securities.

4. Investments and Risks

Risks of Foreign Investing. The Fund may invest in foreign securities which are subject to special risks. Securities traded in foreign markets may be less liquid and more volatile than those traded in U.S. markets. Foreign issuers are usually not subject to the same accounting and disclosure requirements that U.S. companies are subject to, which may make it difficult for the Fund to evaluate a foreign company’s operations or financial condition. A change in the value of a foreign currency against the U.S. dollar will result in a change in the U.S. dollar value of investments denominated in that foreign currency and in the value of any income or distributions the Fund may receive on those investments. The value of foreign investments may be affected by exchange control regulations, foreign taxes, higher transaction and other costs, delays in the settlement of transactions, changes in economic or monetary policy in the United States or abroad, expropriation or nationalization of a company’s assets, or other political and economic factors. In addition, due to the inter-relationship of global economies and financial markets, changes in political and economic factors in one country or region could adversely affect conditions in another country or region. Investments in foreign securities may also expose the Fund to time-zone arbitrage risk. Foreign securities may trade on weekends or other days when the Fund does not price its shares. At times, the Fund may emphasize investments in a particular country or region and may be subject to greater risks from adverse events that occur in that country or region. Foreign securities and foreign currencies held in foreign banks and securities depositories may be subject to limited or no regulatory oversight.

Investments in Affiliated Funds. The Fund is permitted to invest in other mutual funds advised by the Manager (“Affiliated Funds”). Affiliated Funds are open-end management investment companies registered under the 1940 Act, as amended. The Manager is the investment adviser of, and the Sub-Adviser provides investment and related advisory services to, the Affiliated Funds. When applicable, the Fund’s investments in Affiliated Funds are included in the Consolidated Statement of Investments. Shares of Affiliated Funds are valued at their net asset value per share. As a shareholder, the Fund is subject to its proportional share of the Affiliated Funds’ expenses, including their 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 the Affiliated Funds.

    Each of the Affiliated Funds in which the Fund invests has its own investment risks, and those risks can affect the value of the Fund’s investments and therefore the value of the Fund’s shares. To the extent that the Fund invests more of its assets in one Affiliated Fund than in another, the Fund will have greater exposure to the risks of that Affiliated Fund.

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4. Investments and Risks (Continued)

Investment in Oppenheimer Institutional Money Market Fund. The Fund is permitted to invest daily available cash balances in a money market Affiliated 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 or for defensive purposes. IMMF is regulated as a money market fund under the Investment Company Act of 1940, as amended.

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 Consolidated Statement of Operations. The Fund records a realized gain or loss when a structured security is sold or matures.

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

At period end, the Fund had purchased securities issued on a when-issued or delayed delivery basis as follows:

	When-Issued or Delayed Delivery Basis Transactions
Purchased securities		$3,177,805

Restricted Securities. At period end, 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 Consolidated Statement of

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Continued

4. Investments and Risks (Continued)

Investments. Restricted securities are reported on a schedule following the Consolidated Statement of Investments.

Equity Security Risk. Stocks and other equity securities fluctuate in price. The value of the Fund’s portfolio may be affected by changes in the equity markets generally. Equity markets may experience significant short-term volatility and may fall sharply at times. Different markets may behave differently from each other and U.S. equity markets may move in the opposite direction from one or more foreign stock markets. Adverse events in any part of the equity or fixed-income markets may have unexpected negative effects on other market segments.

    The prices of individual equity securities generally do not all move in the same direction at the same time and a variety of factors can affect the price of a particular company’s securities. These factors may include, but are not limited to, poor earnings reports, a loss of customers, litigation against the company, general unfavorable performance of the company’s sector or industry, or changes in government regulations affecting the company or its industry.

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 at period end is as follows:

Cost	$	19,100,628
Market Value		$—
Market Value as % of Net Assets		0.00%

Sovereign Debt Risk. The Fund invests in sovereign debt securities, which are subject to certain special risks. These risks include, but are not limited to, the risk that a governmental entity may delay or refuse, or otherwise be unable, to pay interest or repay the principal on its sovereign debt. There may also be no legal process for collecting sovereign debt that a government does not pay or bankruptcy proceedings through which all or part of such sovereign debt may be collected. In addition, a restructuring or default of sovereign debt may also cause additional impacts to the financial markets, such as downgrades to credit ratings, reduced liquidity and increased volatility, among others.

5. Market Risk Factors

The Fund’s investments in securities and/or financial derivatives may expose the fund to various 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.

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5. Market Risk Factors (Continued)

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

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.

6. Use of Derivatives

The Fund’s investment objective not only permits the Fund to purchase investment securities, it also allows 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.

    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

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Continued

6. Use of Derivatives (Continued)

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.

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

    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 reporting period, the Fund had daily average contract amounts on forward contracts to buy and sell of $5,689,180,739 and $8,923,104,206, 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.

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6. Use of Derivatives (Continued)

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 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 Consolidated Statement of Investments. Securities held by a futures commission merchant to cover initial margin requirements on open futures contracts are noted in the Consolidated 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 Consolidated Statement of Assets and Liabilities. The net change in unrealized appreciation and depreciation is reported in the Consolidated Statement of Operations. Realized gains (losses) are reported in the Consolidated Statement of Operations at the closing or expiration of futures contracts.

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

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

    During the reporting period, the Fund had an ending monthly average market value of $164,322,367 and $344,520,702 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

77      OPPENHEIMER INTERNATIONAL BOND FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Continued

6. Use of Derivatives (Continued)

unrealized appreciation or depreciation. The net change in unrealized appreciation or depreciation is reported in the Consolidated Statement of Operations. When an option is exercised, the cost of the security purchased or the proceeds of the security sale are adjusted by the amount of premium received or paid. Upon the expiration or closing of the option transaction, a gain or loss is reported in the Consolidated Statement of Operations.

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

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

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

    During the reporting period, the Fund had an ending monthly average market value of $20,951,166 and $34,412,537 on purchased call options and purchased put options, respectively.

    Options written, if any, are reported in a schedule following the Consolidated Statement of Investments and as a liability in the Consolidated Statement of Assets and Liabilities. Securities held in collateral accounts to cover potential obligations with respect to outstanding written options are noted in the Consolidated 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 reporting period, the Fund had an ending monthly average market value of $13,796,452 and $52,284,068 on written call options and written put options, respectively.

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

78      OPPENHEIMER INTERNATIONAL BOND FUND

6. Use of Derivatives (Continued)

Written option activity for the reporting period was as follows:

	Number of Contracts		Amount of Premiums
Options outstanding as of September 30, 2014		1,871,503,834,143	$	75,535,809
Options written		2,568,326,164,547		419,015,345
Options closed or expired		(543,813,392,000)		(38,109,374)
Options exercised		(3,792,768,984,275)		(419,459,132)
Options outstanding as of September 30, 2015		103,247,622,415	$	36,982,648

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 (“centrally 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 Consolidated Statement of Investments. The values of centrally cleared swap and OTC swap contracts are aggregated by positive and negative values and disclosed separately on the Consolidated Statement of Assets and Liabilities. 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 Consolidated Statement of Operations. The Fund also records any periodic payments received from (paid to) the counterparty, including at termination, under such contracts as realized gain (loss) on the Consolidated Statement of Operations.

    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”).

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Continued

6. Use of Derivatives (Continued)

    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.

    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 Consolidated Statement of Operations.

    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 reporting period, the Fund had ending monthly average notional amounts of $200,788,907 and $191,044,296 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.

Currency Swap Contracts. A currency swap contract is an agreement between counterparties to exchange different currencies at contract inception that are equivalent to a notional value. The exchange at contract inception is made at the current spot rate. The contract also includes an agreement to reverse the exchange of the same notional values of those currencies at contract termination. The re-exchange at contract termination may take place at the same exchange rate, a specified rate or the then current spot rate. Certain currency swap contracts provide for exchanging the currencies only at contract termination and can provide for only a net payment in the settlement currency, typically USD. A currency swap contract may also include the exchange of periodic payments, between the counterparties, that are based on interest rates available in the respective currencies at contract inception. Other currency swap contracts may not provide for exchanging the different currencies at all, and only for exchanging interest cash flows based on the notional value in the contract.

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6. Use of Derivatives (Continued)

    The Fund has entered into currency swap contracts with the obligation to pay an interest rate on the dollar notional amount and receive an interest rate on the various foreign currency notional amounts. These currency swap contracts increase exposure to, or decrease exposure away from, foreign exchange and interest rate risk.

    For the reporting period, the Fund had ending monthly average notional amounts of $14,942,171 and $240,174,082 on currency swaps which pay a fixed rate and which receive a fixed rate, 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 reporting period, the Fund had ending monthly average notional amounts of $1,121,946,468 and $1,349,781,269 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 Consolidated Statement of Investments and the Consolidated Statement of Assets and Liabilities. Written swaptions are reported on a schedule following the Consolidated Statement of Investments and their value is reported as a separate asset or liability line item in the Consolidated Statement of Assets and Liabilities. The net change in unrealized appreciation or depreciation on written swaptions is separately reported in the Consolidated Statement of Operations. When a swaption is exercised, the cost of the swap is adjusted by the amount of premium paid or received. Upon the expiration or closing of an unexercised swaption contract, a gain or loss is reported in the Consolidated Statement of Operations for the amount of the premium paid or received.

    The Fund generally will incur a greater risk when it writes a swaption than when it purchases a swaption. When the Fund writes a swaption it will become obligated, upon exercise of the swaption, according to the terms of the underlying agreement. Swaption

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Continued

6. Use of Derivatives (Continued)

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 has 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 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.

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

    The Fund has written swaptions which gives it the obligation, if exercised by the purchaser, to enter into an currency swap contracts with the obligation to receive an interest rate on the dollar notional amount and pay an interest rate on the various foreign currency notional amounts in order to take a positive investment perspective on the related currencies for which the Fund receives a payment. These currency swap contracts increase exposure to foreign exchange rate risk.

    During the reporting period, the Fund had an ending monthly average market value of $43,088,019 and $52,564,130 on purchased and written swaptions, respectively.

82      OPPENHEIMER INTERNATIONAL BOND FUND

6. Use of Derivatives (Continued)

Written swaption activity for the reporting period was as follows:

	Notional Amount		Amount of Premiums
Swaptions outstanding as of September 30, 2014		210,982,310,000	$	38,363,215
Swaptions written		105,066,554,449		249,400,511
Swaptions closed or expired		(11,975,661,449)		(19,022,191)
Swaptions exercised		(77,939,953,000)		(209,539,962)
Swaptions outstanding as of September 30, 2015		226,133,250,000	$	59,201,573

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.

    At period end, the Fund has required certain counterparties to post collateral of $185,190,086.

    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 Consolidated Statement of Assets and Liabilities. 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.

83      OPPENHEIMER INTERNATIONAL BOND FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Continued

6. Use of Derivatives (Continued)

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

    With respect to centrally 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 centrally 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 centrally 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 Consolidated Statement of Assets and Liabilities as cash pledged as collateral. Non-cash collateral pledged by the Fund, if any, is noted in the Consolidated 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.

84      OPPENHEIMER INTERNATIONAL BOND FUND

6. Use of Derivatives (Continued)

The following table presents by counterparty the Fund’s OTC derivative assets net of the related collateral pledged by the Fund at September 30, 2015:

			Gross Amounts Not Offset in the Consolidated Statement of Assets & Liabilities
Counterparty	Gross Amounts Not Offset in the Consolidated Statement of Assets & Liabilities*		Financial Instruments Available for Offset		Financial Instruments Collateral Received**			Cash Collateral Received**			Net Amount
Bank of America NA	$	62,593,569	$	(62,593,569)	$	—		$	—		$	—
Barclays Bank plc		12,733,748		(9,428,820)		(1,018,728	)		—			2,286,200
BNP Paribas		12,478,912		(284,256)		(11,285,537	)		—			909,119
Citibank NA		24,694,713		(15,293,827)		(6,180,147	)		—			3,220,739
Deutsche Bank Securities, Inc.		6,364,024		(3,246,711)		(2,925,575	)		—			191,738
Goldman Sachs Bank USA		73,314,213		(47,281,093)		(1,895,394	)		—			24,137,726
Goldman Sachs Group, Inc. (The)		28,565,944		(28,565,944)		—			—			—
HSBC Bank USA NA		7,832,730		(7,832,730)		—			—			—
JPMorgan Chase Bank NA		73,641,466		(61,120,537)		(13,735,524	)		1,214,595			—
Morgan Stanley		2,581,130		(403,832)		—			(1,905,000	)		272,298
Morgan Stanley Capital Services, Inc.		90,926,378		(19,286,238)		—			(71,640,140	)		—
Royal Bank of Scotland plc (The)		370,141		(370,141)		—			—			—
Standard Chartered Bank		1,996,541		(670,248)		—			(1,326,293	)		—
Toronto Dominion Bank		55,298,228		(1,381,643)		(60,855,179	)		6,938,594			—
UBS AG		789,387		—		(914,331	)		124,944			—
		$      454,181,124		$    (257,759,589)		$    (98,810,415	)	$	(66,593,300	)	$	31,017,820

*OTC derivatives are reported gross on the Consolidated Statement of Assets and Liabilities. Exchange traded options and margin related to centrally cleared swaps and futures are excluded from these reported amounts.

**Reported collateral posted for the benefit of the Fund within this table is limited to the net outstanding amount due from an individual counterparty. The collateral posted for the benefit of the Fund may exceed these amounts.

The following table presents by counterparty the Fund’s OTC derivative liabilities net of the related collateral pledged by the Fund at September 30, 2015:

			Gross Amounts Not Offset in the Consolidated Statement of Assets & Liabilities
Counterparty	Gross Amounts Not Offset in the Consolidated Statement of Assets & Liabilities*		Financial Instruments Available for Offset		Financial Instruments Collateral Pledged**		Cash Collateral Pledged**		Net Amount
Banco Santander SA	$	(158,425)	$	—	$	—	$	—	$	(158,425)
Bank of America NA		(78,572,805)		62,593,569		13,894,344		—		(2,084,892)
Barclays Bank plc		(9,428,820)		9,428,820		—		—		—

85      OPPENHEIMER INTERNATIONAL BOND FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Continued

6. Use of Derivatives (Continued)

			Gross Amounts Not Offset in the Consolidated Statement of Assets & Liabilities (Continued)
Counterparty	Gross Amounts Not Offset in the Consolidated Statement of Assets & Liabilities*		Financial Instruments Available for Offset		Financial Instruments Collateral Pledged**		Cash Collateral Pledged**			Net Amount
BNP Paribas	$	(284,256)	$	284,256	$	—	$	—		$	—
Citibank NA		(15,293,827)		15,293,827		—		—			—
Deutsche Bank Securities, Inc.		(3,246,711)		3,246,711		—		—			—
Goldman Sachs Bank USA		(47,281,093)		47,281,093		—		—			—
Goldman Sachs Group, Inc. (The)		(62,723,715)		28,565,944		9,274,651		—			(24,883,120	)
HSBC Bank USA NA		(11,891,566)		7,832,730		5,230,557		(1,171,721	)		—
JPMorgan Chase Bank NA		(61,120,537)		61,120,537		—		—			—
Morgan Stanley		(403,832)		403,832		—		—			—
Morgan Stanley Capital Services, Inc.		(19,286,238)		19,286,238		—		—			—
Nomura Global Financial Products, Inc.		(1,124,612)		—		840,936		—			(283,676	)
Royal Bank of Scotland plc (The)		(989,432)		370,141		726,940		(107,649	)		—
Standard Chartered Bank		(670,248)		670,248		—		—			—
Toronto Dominion Bank		(1,381,643)		1,381,643		—		—			—
	$	(313,857,760)		$    257,759,589		$    29,967,428	$	(1,279,370)		$	(27,410,113)

*OTC derivatives are reported gross on the Consolidated Statement of Assets and Liabilities. Exchange traded options and margin related to centrally cleared swaps and futures are excluded from these reported amounts.

**Reported collateral pledged within this table is limited to the net outstanding amount due from the Fund. The securities pledged as collateral by the Fund as reported on the Consolidated Statements of Investments may exceed these amounts.

The following table presents the valuations of derivative instruments by risk exposure as reported within the Consolidated Statement of Assets and Liabilities at period end:

	Asset Derivatives			Liability Derivatives
Derivatives Not Accounted for as Hedging Instruments	Consolidated Statement of Assets and Liabilities Location	Value		Consolidated Statement of Assets and Liabilities Location	Value
Credit contracts	Swaps, at value	$	50,942,764	Swaps, at value	$	20,258,894
Forward currency exchange contracts				Swaps, at value		9,986,317
Interest rate contracts	Swaps, at value		6,407,073	Swaps, at value		21,870,641
Credit contracts	Centrally cleared swaps, at value		7,794,304

86      OPPENHEIMER INTERNATIONAL BOND FUND

6. Use of Derivatives (Continued)

	Asset Derivatives                     (Continued)			Liability Derivatives                     (Continued)
Derivatives Not Accounted for as Hedging Instruments	Consolidated Statement of Assets and Liabilities Location	Value		Consolidated Statement of Assets and Liabilities Location	Value
Interest rate contracts	Centrally cleared swaps, at value	$	1,148,608	Centrally cleared swaps, at value	$	21,415,619
Interest rate contracts				Variation margin payable		270,626*
Forward currency exchange contracts	Unrealized appreciation on forward currency exchange contracts		342,797,334	Unrealized depreciation on forward currency exchange contracts		164,960,140
Forward currency exchange contracts				Options written, at value		44,275,904
Interest rate contracts				Options written, at value		943,360
Credit contracts				Swaptions written, at value		4,465,287
Interest rate contracts				Swaptions written, at value		48,040,577
Forward currency exchange contracts	Investments, at value		23,958,349**
Interest rate contracts	Investments, at value		30,075,604**
Total		$	463,124,036		$	336,487,365

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

**Amounts relate to purchased option contracts and purchased swaption contracts.

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

Amount of Realized Gain or (Loss) Recognized on Derivatives
Derivatives Not Accounted for as Hedging Instruments	Investment from unaffiliated companies (includes premiums on options exercised) *		Closing and expiration of option contracts written		Closing and expiration of swaption contracts written		Closing and expiration of futures contracts		Foreign currency transactions
Credit contracts	$	12,191,666	$	—	$	1,762,799	$	—	$	—
Forward currency exchange contracts		(17,361,089)		31,523,636		237,744		—		463,897,765
Interest rate contracts		(50,852,226)		6,585,739		17,021,648		(25,367,393)		—
Total	$	(56,021,649)	$	38,109,375	$	19,022,191	$	(25,367,393)	$	463,897,765

Amount of Realized Gain or (Loss) Recognized on Derivatives (Continued)
Derivatives Not Accounted for as Hedging Instruments	Swap contracts			Total
Credit contracts	$	8,082,509		$	22,036,974
Forward currency exchange contracts		228,039			478,526,095
Interest rate contracts		(50,349,092	)		(102,961,324)
Total	$	(42,038,544)		$	397,601,745

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

87      OPPENHEIMER INTERNATIONAL BOND FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Continued

6. Use of Derivatives (Continued)

Amount of Change in Unrealized Gain or (Loss) Recognized on Derivatives
Derivatives Not Accounted for as Hedging Instruments	Investments*		Option contracts written		Swaption contracts written			Futures contracts		Translation of assets and liabilities denominated in foreign currencies
Credit contracts	$	—	$	—	$	(1,229,341	)	$	—	$	—
Forward currency exchange contracts		14,818,607		2,019,376		—			—		108,898,060
Interest rate contracts		(272,234)		2,220,887		4,709,589			2,902,984		—
Total	$	14,546,373	$	4,240,263	$	3,480,248		$	2,902,984	$	108,898,060

Amount of Change in Unrealized Gain or (Loss) Recognized on Derivatives (Continued)
Derivatives Not Accounted for as Hedging Instruments	Swap contracts			Total
Credit contracts	$	10,514,085		$	9,284,744
Forward currency exchange contracts		(14,292,627	)		111,443,416
Interest rate contracts		(7,125,333	)		2,435,893
Total	$	(10,903,875)		$	123,164,053

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

7. Shares of Beneficial Interest

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

	Year Ended September 30, 2015					Year Ended September 30, 2014
	Shares			Amount		Shares		Amount
Class A
Sold		53,415,513		$	314,734,344		93,893,827	$	573,829,336
Dividends and/or distributions reinvested		11,803,830			69,326,875		18,965,759		115,857,840
Redeemed		(223,848,329	)		(1,318,209,023)		(383,605,609)		(2,343,129,599)
Net decrease		(158,628,986	)	$	(934,147,804)		(270,746,023)	$	(1,653,442,423)
Class B
Sold		94,453		$	554,735		279,380	$	1,704,751
Dividends and/or distributions reinvested		195,208			1,141,544		343,297		2,088,347
Redeemed		(5,394,764	)		(31,611,093)		(9,648,212)		(58,686,445)
Net decrease		(5,105,103	)	$	(29,914,814)		(9,025,535)	$	(54,893,347)

88      OPPENHEIMER INTERNATIONAL BOND FUND

7. Shares of Beneficial Interest (Continued)

	Year Ended September 30, 2015						Year Ended September 30, 2014
	Shares			Amount			Shares			Amount
Class C
Sold		4,855,225		$	28,518,382			8,346,769		$	50,793,094
Dividends and/or distributions reinvested		2,232,586			13,040,803			3,321,785			20,209,071
Redeemed		(45,794,353	)		(268,695,330	)		(72,489,928	)		(441,200,230)
Net decrease		(38,706,542	)	$	(227,136,145	)		(60,821,374	)	$	(370,198,065)
Class I
Sold		228,451,439		$	1,327,914,075			92,310,345		$	564,165,663
Dividends and/or distributions reinvested		5,391,371			31,517,895			3,302,556			20,151,150
Redeemed		(157,987,326	)		(922,164,197	)		(54,936,352	)		(334,687,912)
Net increase		75,855,484		$	437,267,773			40,676,549		$	249,628,901
Class R1
Sold		4,629,093		$	27,170,680			6,594,619		$	40,185,723
Dividends and/or distributions reinvested		871,211			5,092,255			1,029,781			6,271,893
Redeemed		(11,870,568	)		(69,613,449	)		(13,074,802	)		(79,660,743)
Net decrease		(6,370,264	)	$	(37,350,514	)		(5,450,402	)	$	(33,203,127)
Class Y
Sold		132,928,229		$	783,645,962			235,489,465		$	1,438,348,304
Dividends and/or distributions reinvested		15,801,534			92,569,156			16,984,065			103,739,096
Redeemed		(224,627,209	)		(1,320,486,692	)		(329,316,220	)		(2,010,632,380)
Net decrease		(75,897,446	)	$	(444,271,574	)		(76,842,690	)	$	(468,544,980)

1. Effective July 1, 2014, Class N shares were renamed Class R.

8. Purchases and Sales of Securities

The aggregate cost of purchases and proceeds from sales of securities, other than short-term obligations and investments in IMMF, for the reporting period were as follows:

	Purchases		Sales
Investment securities	$	6,903,204,813	$	7,674,536,475
U.S. government and government agency obligations		3,821,125		23,833,531

9. Fees and Other Transactions with Affiliates

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

89      OPPENHEIMER INTERNATIONAL BOND FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Continued

9. Fees and Other Transactions with Affiliates (Continued)

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

The Fund’s effective management fee for the reporting period was 0.52% of average annual net assets before any applicable waivers.

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

Transfer Agent Fees. OFI Global (the “Transfer Agent”) serves as the transfer and shareholder servicing agent for the Fund. The Fund pays the Transfer Agent a fee based on annual net assets. Fees incurred and average net assets for each class with respect to these services are detailed in the Consolidated Statement of Operations and Consolidated Financial Highlights, respectively.

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

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

90      OPPENHEIMER INTERNATIONAL BOND FUND

9. Fees and Other Transactions with Affiliates (Continued)

share. Amounts will be deferred until distributed in accordance with the compensation deferral plan.

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

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

Distribution and Service Plans for Class B, Class C and Class R Shares. The Fund has adopted Distribution and Service Plans (the “Plans”) for Class B, Class C and Class R shares pursuant to Rule 12b-1 under the 1940 Act to compensate the Distributor for distributing those share classes, maintaining accounts and providing shareholder services. Under the Plans, the Fund pays the Distributor an annual asset-based sales charge of 0.75% on Class B and Class C shares’ daily net assets and 0.25% on Class R shares’ daily net assets. The Fund also pays a service fee under the Plans at an annual rate of 0.25% of daily net assets. The Plans continue in effect from year to year only if the Fund’s Board of Trustees votes annually to approve their continuance at an in person meeting called for that purpose. Fees incurred by the Fund under the Plans are detailed in the Consolidated Statement of Operations.

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

Year Ended	Class A Front-End Sales Charges Retained by Distributor		Class A Contingent Deferred Sales Charges Retained by Distributor		Class B Contingent Deferred Sales Charges Retained by Distributor		Class C Contingent Deferred Sales Charges Retained by Distributor		Class R Contingent Deferred Sales Charges Retained by Distributor
September 30, 2015		$145,831		$4,235		$150,674		$22,361		$1,156

91      OPPENHEIMER INTERNATIONAL BOND FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Continued

9. Fees and Other Transactions with Affiliates (Continued)

Waivers and Reimbursements of Expenses. The Manager has contractually agreed to waive the management fee it receives from the Fund in an amount equal to the management fee it receives from the Subsidiary. During the reporting period, the Manager waived $56,460.

    The Manager will waive fees and/or reimburse Fund expenses in an amount equal to the indirect management fees incurred through the Fund’s investment in IMMF. During the reporting period, the Manager waived fees and/or reimbursed the Fund $222,908 for IMMF management fees.

    Waivers and/or reimbursements may be modified or terminated as set forth according to the terms in the prospectus.

10. Borrowings and Other Financing

Joint Credit Facility. A number of mutual funds managed by the Manager participate in a $1.28 billion revolving credit facility (the “Facility”) intended to provide short-term financing, if necessary, subject to certain restrictions in connection with atypical redemption activity. Expenses and fees related to the Facility are paid by the participating funds and are disclosed separately or as other expenses on the Consolidated Statement of Operations. The Fund did not utilize the Facility during the reporting period.

11. Pending Litigation

In 2009, several putative class action lawsuits were filed and later consolidated before the U.S. District Court for the District of Colorado against OppenheimerFunds, Inc. (“OFI”), OppenheimerFunds Distributor, Inc. (“OFDI”), and Oppenheimer Rochester California Municipal Fund, a fund advised by OFI Global Asset Management, Inc. and distributed by the Distributor (the “California Fund”), in connection with the California Fund’s investment performance. The plaintiffs asserted claims against OFI, OFDI and certain present and former trustees and officers of the California Fund under the federal securities laws, alleging, among other things, that the disclosure documents of the California Fund contained misrepresentations and omissions and the investment policies of the California Fund were not followed. Plaintiffs in the suit filed an amended complaint and defendants filed a motion to dismiss. In 2011, the court issued an order which granted in part and denied in part the defendants’ motion to dismiss. In 2012, plaintiffs filed a motion, which defendants opposed, to certify a class and appoint class representatives and class counsel. In March 2015, the court granted plaintiffs’ motion for class certification. In May 2015, the U.S. Court of Appeals for the Tenth Circuit vacated the class certification order and remanded the matter to the district court for further proceedings. In July 2015, the district court held an evidentiary hearing on plaintiffs’ motion for class certification.

    OFI and OFDI believe the suit is without merit; that it is premature to render any opinion as to the likelihood of an outcome unfavorable to them in the suit; and that no estimate can yet be made as to the amount or range of any potential loss. Furthermore, OFI believes that the

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11. Pending Litigation (Continued)

suit should not impair the ability of OFI or OFDI to perform their respective duties to the Fund and that the outcome of the suit should not have any material effect on the operations of any of the Oppenheimer funds.

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

The Board of Trustees and Shareholders of Oppenheimer International Bond Fund:

We have audited the accompanying consolidated statement of assets and liabilities of Oppenheimer International Bond Fund and subsidiary, including the consolidated statement of investments, as of September 30, 2015, and the related consolidated statement of operations for the year then ended, the consolidated statements of changes in net assets for each of the years in the two-year period then ended, and the consolidated financial highlights for each of the years or periods in the five-year period then ended. These consolidated financial statements and consolidated financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these consolidated financial statements and consolidated financial highlights based on our audits.

    We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of September 30, 2015, by correspondence with the custodian, transfer agent and brokers, or by other appropriate auditing procedures where replies from brokers were not received. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

    In our opinion, the consolidated financial statements and consolidated financial highlights referred to above present fairly, in all material respects, the financial position of Oppenheimer International Bond Fund and subsidiary as of September 30, 2015, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the consolidated financial highlights for each of the years or periods in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

KPMG LLP

Denver, Colorado

November 25, 2015

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FEDERAL INCOME TAX INFORMATION Unaudited

In early 2015, if applicable, shareholders of record received information regarding all dividends and distributions paid to them by the Fund during calendar year 2014.

    None of the dividends paid by the Fund during the reporting period are eligible for the corporate dividend-received deduction.

    Dividends, if any, paid by the Fund during the reporting period which are not designated as capital gain distributions, may be eligible for lower individual income tax rates to the extent that the Fund has received qualified dividend income as stipulated by recent tax legislation. In early 2015, shareholders of record received information regarding the percentage of distributions that are eligible for lower individual income tax rates. The amount will be the maximum amount allowed.

    Recent tax legislation allows a regulated investment company to designate distributions not designated as capital gain distributions, as either interest related dividends or short-term capital gain dividends, both of which are exempt from the U.S. withholding tax applicable to non U.S. taxpayers. For the reporting period, the maximum amount allowable but not less than $16,173,369 of the ordinary distributions to be paid by the Fund qualifies as an interest related dividend.

    The foregoing information is presented to assist shareholders in reporting distributions received from the Fund to the Internal Revenue Service. Because of the complexity of the federal regulations which may affect your individual tax return and the many variations in state and local tax regulations, we recommend that you consult your tax advisor for specific guidance.

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BOARD APPROVAL OF THE FUND’S INVESTMENT ADVISORY AND

SUB-ADVISORY AGREEMENTS Unaudited

    The Fund has entered into an investment advisory agreement with OFI Global Asset Management, Inc. (“OFI Global” or the “Adviser”), a wholly-owned subsidiary of OppenheimerFunds, Inc. (“OFI” or the “Sub-Adviser”) (“OFI Global” and “OFI” together the “Managers”) and OFI Global has entered into a sub-advisory agreement with OFI whereby OFI provides investment sub-advisory services to the Fund (collectively, the “Agreements”). Each year, the Board of Trustees (the “Board”), including a majority of the independent Trustees, is required to determine whether to approve the terms of the Agreements and the renewal thereof. The Investment Company Act of 1940, as amended, requires that the Board request and evaluate, and that the Managers provide, such information as may be reasonably necessary to evaluate the terms of the Agreements. The Board employs an independent consultant to prepare a report that provides information, including comparative information that the Board requests for that purpose. In addition to in-person meetings focused on this evaluation, the Board receives information throughout the year regarding Fund services, fees, expenses and performance.

    The Adviser, Sub-Adviser and the independent consultant provided information to the Board on the following factors: (i) the nature, quality and extent of the Managers’ services, (ii) the comparative investment performance of the Fund and the Managers, (iii) the fees and expenses of the Fund, including comparative fee and expense information, (iv) the profitability of the Managers and their affiliates, including an analysis of the cost of providing services, (v) whether economies of scale are realized as the Fund grows and whether fee levels reflect these economies of scale for Fund investors and (vi) other benefits to the Managers from their relationship with the Fund. The Board was aware that there are alternatives to retaining the Managers.

    Outlined below is a summary of the principal information considered by the Board as well as the Board’s conclusions.

    Nature, Quality and Extent of Services. The Board considered information about the nature, quality and extent of the services provided to the Fund and information regarding the Managers’ key personnel who provide such services. The Managers’ duties include providing the Fund with the services of the portfolio managers and the Sub-Adviser’s investment team, who provide research, analysis and other advisory services in regard to the Fund’s investments; and securities trading services. OFI Global is responsible for oversight of third-party service providers; monitoring compliance with applicable Fund policies and procedures and adherence to the Fund’s investment restrictions; risk management; and oversight of the Sub-Adviser. OFI Global is also responsible for providing certain administrative services to the Fund as well. Those services include providing and supervising all administrative and clerical personnel who are necessary in order to provide effective corporate administration for the Fund; compiling and maintaining records with respect to the Fund’s operations; preparing and filing reports required by the U.S. Securities and Exchange Commission; preparing periodic reports regarding the operations of the Fund for its shareholders; preparing proxy materials for shareholder meetings; and preparing the registration statements required by federal and state securities laws for the sale of the Fund’s shares. OFI Global also provides the Fund with office space, facilities and equipment.

    The Board also considered the quality of the services provided and the quality of the Managers’ resources that are available to the Fund. The Board took account of the fact that

96      OPPENHEIMER INTERNATIONAL BOND FUND

the Sub-Adviser has had over fifty years of experience as an investment adviser and that its assets under management rank it among the top mutual fund managers in the United States. The Board evaluated the Managers’ advisory, administrative, accounting, legal, compliance services and risk management, and information the Board has received regarding the experience and professional qualifications of the Managers’ key personnel and the size and functions of its staff. In its evaluation of the quality of the portfolio management services provided, the Board considered the experience of Hemant Baijal and Christopher Kelly, the portfolio managers for the Fund, and the Sub-Adviser’s investment team and analysts. The Board members also considered the totality of their experiences with the Managers as directors or trustees of the Fund and other funds advised by the Managers. The Board considered information regarding the quality of services provided by affiliates of the Managers, which the Board members have become knowledgeable about through their experiences with the Managers and in connection with the renewal of the Fund’s service agreements. The Board concluded, in light of the Managers’ experience, reputation, personnel, operations and resources that the Fund benefits from the services provided under the Agreements.

    Investment Performance of the Managers and the Fund. Throughout the year, the Adviser and the Sub-Adviser provided information on the investment performance of the Fund, the Adviser and the Sub-Adviser, including comparative performance information. The Board also reviewed information, prepared by the Adviser, the Sub-Adviser and the independent consultant, comparing the Fund’s historical performance to its benchmark and to the performance of other retail world bond funds. The Board considered that the Fund underperformed its performance category median for the one-, three- and five-year periods and that the Fund outperformed its performance category median for the ten-year period. The Board also noted that the Fund performed in the fourth quintile of its performance category for the one- and five-year periods, but that it ranked in the third quintile for the three-year period and in the second quintile for the ten-year period. The Board considered the Adviser’s assertion that the Fund underperformed in the one-, three- and five-year periods due to its exposure to emerging market debt, which suffered periods of volatility in 2011 and 2013, as well as other factors that contributed to underperformance. The Board also took into account recent changes to the Fund, including that Christopher Kelly was appointed as a new portfolio manager for the Fund effective as of March 31, 2015.

    Fees and Expenses of the Fund. The Board reviewed the fees paid to the Adviser and the Sub-Adviser and the other expenses borne by the Fund. The Board noted that the Adviser, not the Fund, pays the Sub-Adviser’s fee under the sub-advisory agreement. The independent consultant provided comparative data in regard to the fees and expenses of the Fund and other retail front-end load world bond funds with comparable asset levels and distribution features. The Board noted that the Fund’s contractual management fees and total expenses were lower than their respective peer group median and category median. The Fund’s contractual management fee and total expenses ranked in the first and third quintiles, respectively. Within the total asset range of $5 billion to $10 billion, the Fund’s effective management fee rate was lower than its peer group median and category median.

    Economies of Scale and Profits Realized by the Managers. The Board considered information regarding the Managers’ costs in serving as the Fund’s investment adviser and

97      OPPENHEIMER INTERNATIONAL BOND FUND

BOARD APPROVAL OF THE FUND’S INVESTMENT ADVISORY AND

SUB-ADVISORY AGREEMENTS Unaudited / Continued

sub-adviser, including the costs associated with the personnel and systems necessary to manage the Fund, and information regarding the Managers’ profitability from their relationship with the Fund. The Board reviewed whether the Managers may realize economies of scale in managing and supporting the Fund. The Board noted that the Fund currently has management fee breakpoints, which are intended to share with Fund shareholders economies of scale that may exist as the Fund’s assets grow.

    Other Benefits to the Managers. In addition to considering the profits realized by the Managers, the Board considered information that was provided regarding the direct and indirect benefits the Managers receive as a result of their relationship with the Fund, including compensation paid to the Managers’ affiliates.

    Conclusions. These factors were also considered by the independent Trustees meeting separately from the full Board, assisted by experienced counsel to the Fund and to the independent Trustees. Fund counsel and the independent Trustees’ counsel are independent of the Managers within the meaning and intent of the Securities and Exchange Commission Rules.

    Based on its review of the information it received and its evaluations described above, the Board, including a majority of the independent Trustees, decided to continue the Agreements through August 31, 2016. In arriving at its decision, the Board did not identify any factor or factors as being more important than others, but considered all of the above information, and considered the terms and conditions of the Agreements, including the management fees, in light of all the surrounding circumstances.

98      OPPENHEIMER INTERNATIONAL BOND FUND

PORTFOLIO PROXY VOTING POLICIES AND PROCEDURES;

UPDATES TO STATEMENTS OF INVESTMENTS Unaudited

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

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

Householding—Delivery of Shareholder Documents

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

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

99      OPPENHEIMER INTERNATIONAL BOND FUND

TRUSTEES AND OFFICERS Unaudited

Name, Position(s) Held with the Fund, Length of Service, Year of Birth	Principal Occupation(s) During the Past 5 Years; Other Trusteeships/Directorships Held; Number of Portfolios in the Fund Complex Currently Overseen
INDEPENDENT TRUSTEES	The address of each Trustee in the chart below is 6803 S. Tucson Way, Centennial, Colorado 80112-3924. Each Trustee serves for an indefinite term, or until his or her resignation, retirement, death or removal.
Sam Freedman, Chairman of the Board of Trustees (since 2013) and Trustee (since 1996) Year of Birth: 1940	Director of Colorado UpLIFT (charitable organization) (since September 1984). Mr. Freedman held several positions with the Sub-Adviser and with subsidiary or affiliated companies of the Sub-Adviser (until October 1994). Oversees 38 portfolios in the OppenheimerFunds complex. Mr. Freedman has served on the Boards of certain Oppenheimer funds since 1996, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
Jon S. Fossel, Trustee (since 1995) Year of Birth: 1942	Chairman of the Board of Jack Creek Preserve Foundation (non-profit organization) (since 2005); Chairman of the Board (2006-December 2011) and Director (June 2002-December 2011) of UNUMProvident (insurance company); Director of Northwestern Energy Corp. (public utility corporation) (November 2004-December 2009); Director of P.R. Pharmaceuticals (October 1999-October 2003); Director of Rocky Mountain Elk Foundation (non-profit organization) (February 1998-February 2003 and February 2005-February 2007); Chairman and Director (until October 1996) and President and Chief Executive Officer (until October 1995) of the Sub-Adviser; President, Chief Executive Officer and Director of the following: Oppenheimer Acquisition Corp. (“OAC”) (parent holding company of the Sub-Adviser), Shareholders Services, Inc. and Shareholder Financial Services, Inc. (until October 1995). Oversees 38 portfolios in the OppenheimerFunds complex. Mr. Fossel has served on the Boards of certain Oppenheimer funds since 1990, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
Richard F. Grabish, Trustee (since 2012) Year of Birth: 1948	Formerly Senior Vice President and Assistant Director of Sales and Marketing (March 1997-December 2007), Director (March 1987-December 2007) and Manager of Private Client Services (June 1985-June 2005) of A.G. Edwards & Sons, Inc. (broker/dealer and investment firm); Chairman and Chief Executive Officer of A.G. Edwards Trust Company, FSB (March 2001-December 2007); President and Vice Chairman of A.G. Edwards Trust Company, FSB (investment adviser) (April 1987-March 2001); President of A.G. Edwards Trust Company, FSB (investment adviser) (June 2005-December 2007). Oversees 38 portfolios in the OppenheimerFunds complex. Mr. Grabish has served on the Boards of certain Oppenheimer funds since 2001, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
Beverly L. Hamilton, Trustee (since 2002) Year of Birth: 1946	Trustee of Monterey Institute for International Studies (educational organization) (since February 2000); Board Member of Middlebury College (educational organization) (December 2005-June 2011); Chairman (since

100      OPPENHEIMER INTERNATIONAL BOND FUND

Beverly L. Hamilton, Continued	2010) of American Funds’ Emerging Markets Growth Fund, Inc. (mutual fund); Director of The California Endowment (philanthropic organization) (April 2002-April 2008); Director (February 2002-2005) and Chairman of Trustees (2006-2007) of the Community Hospital of Monterey Peninsula; Director (October 1991-2005); Vice Chairman (2006-2009) of American Funds’ Emerging Markets Growth Fund, Inc. (mutual fund); President of ARCO Investment Management Company (February 1991-April 2000); Member of the investment committees of The Rockefeller Foundation (2001-2006) and The University of Michigan (since 2000); Advisor at Credit Suisse First Boston’s Sprout venture capital unit (venture capital fund) (1994-January 2005); Trustee of MassMutual Institutional Funds (investment company) (1996-June 2004); Trustee of MML Series Investment Fund (investment company) (April 1989-June 2004); Member of the investment committee of Hartford Hospital (2000-2003); and Advisor to Unilever (Holland) pension fund (2000-2003). Oversees 38 portfolios in the OppenheimerFunds complex. Ms. Hamilton has served on the Boards of certain Oppenheimer funds since 2002, during which time she has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
Victoria J. Herget, Trustee (since 2012) Year of Birth: 1951	Board Chair (2008-Present) and Director (2004-Present), United Educators (insurance company); Trustee (since 2000) and Chair (since 2010), Newberry Library (independent research library); Trustee, Mather LifeWays (senior living organization) (since 2001); Independent Director of the First American Funds (mutual fund family) (2003-2011); former Managing Director (1993-2001), Principal (1985-1993), Vice President (1978-1985) and Assistant Vice President (1973-1978) of Zurich Scudder Investments (investment adviser) (and its predecessor firms); Trustee (1992-2007), Chair of the Board of Trustees (1999-2007), Investment Committee Chair (1994-1999) and Investment Committee member (2007-2010) of Wellesley College; Trustee, BoardSource (non-profit organization) (2006-2009) and Chicago City Day School (K-8 School) (1994-2005). Oversees 38 portfolios in the OppenheimerFunds complex. Ms. Herget has served on the Boards of certain Oppenheimer funds since 2012, during which time she has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
Robert J. Malone, Trustee (since 2002) Year of Birth: 1944	Chairman of the Board (since 2012) and Director (since August 2005) of Jones International University (educational organization) (since August 2005); Chairman, Chief Executive Officer and Director of Steele Street Bank Trust (commercial banking) (since August 2003); Trustee of the Gallagher Family Foundation (non-profit organization) (since 2000); Board of Directors of Opera Colorado Foundation (non-profit organization) (2008-2012); Director of Colorado UpLIFT (charitable organization) (1986-2010); Director of Jones Knowledge, Inc. (2006-2010); Former Chairman of U.S. Bank-Colorado (subsidiary of U.S. Bancorp and formerly Colorado National Bank) (July 1996-April 1999); Director of Commercial Assets, Inc. (real estate investment trust) (1993-2000); Director of U.S. Exploration, Inc. (oil and gas exploration) (1997-February 2004); Chairman of the Board (1991-1994) and Trustee (1985-1994) of Regis University; and Chairman of the Board (1990-1991 and Trustee (1984-1999) of Young Presidents Organization. Oversees 38 portfolios in the OppenheimerFunds complex. Mr. Malone has served on the Boards of certain Oppenheimer funds since 2002, during which time he has become

101      OPPENHEIMER INTERNATIONAL BOND FUND

TRUSTEES AND OFFICERS Unaudited / Continued

Robert J. Malone, Continued	familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
F. William Marshall, Jr., Trustee (since 2000) Year of Birth: 1942	Trustee Emeritus of Worcester Polytech Institute (WPI) (private university) (since 2009); Trustee of MassMutual Select Funds (formerly MassMutual Institutional Funds) (investment company) (since 1996), MML Series Investment Fund (investment company) (since 1996) and Mass Mutual Premier Funds (investment company) (since January 2012); President and Treasurer of the SIS Funds (private charitable fund) (January 1999-March 2011); Former Trustee of WPI (1985-2008); Former Chairman of the Board (2004-2006) and Former Chairman of the Investment Committee of WPI (1994-2008); Chairman of SIS Family Bank, F.S.B. (formerly SIS Bank) (commercial bank) (January 1999-July 1999); Executive Vice President of Peoples Heritage Financial Group, Inc. (commercial bank) (January 1999-July 1999); and Former President and Chief Executive Officer of SIS Bancorp. (1993-1999). Oversees 42 portfolios in the OppenheimerFunds complex. Mr. Marshall has served on the Boards of certain Oppenheimer funds since 2000, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
Karen L. Stuckey, Trustee (since 2012) Year of Birth: 1953	Partner (1990-2012) of PricewaterhouseCoopers LLP (professional services firm) (held various positions 1975-1990); Trustee (1992-2006) and member of Executive, Nominating and Audit Committees and Chair of Finance Committee of Lehigh University; and member, Women’s Investment Management Forum (professional organization) since inception. Oversees 38 portfolios in the OppenheimerFunds complex. Ms. Stuckey has served on the Boards of certain Oppenheimer funds since 2012, during which time she has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
James D. Vaughn, Trustee (since 2012) Year of Birth:1945	Retired; former managing partner (1994-2001) of Denver office of Deloitte & Touche LLP, (held various positions 1969-1993); Trustee and Chairman of the Audit Committee of Schroder Funds (2003-2012); Board member and Chairman of Audit Committee of AMG National Trust Bank (since 2005); Trustee and Investment Committee member, University of South Dakota Foundation (since 1996); Board member, Audit Committee Member and past Board Chair, Junior Achievement (since 1993); former Board member, Mile High United Way, Boys and Girls Clubs, Boy Scouts, Colorado Business Committee for the Arts, Economic Club of Colorado and Metro Denver Network. Oversees 38 portfolios in the OppenheimerFunds complex. Mr. Vaughn has served on the Boards of certain Oppenheimer funds since 2012, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.

102      OPPENHEIMER INTERNATIONAL BOND FUND

INTERESTED TRUSTEE AND OFFICER

Mr. Steinmetz is an “Interested Trustee” because he is affiliated with the Manager and the Sub-Adviser by virtue of his positions as Chairman of the Sub-Adviser and officer and director of the Manager. Both as a Trustee and as an officer, Mr. Steinmetz serves for an indefinite term, or until his resignation, retirement, death or removal. Mr. Steinmetz’s address is 225 Liberty Street, New York, New York 10281-1008.

Arthur P. Steinmetz, Trustee (since 2015), President and Principal Executive Officer (since 2014) Year of Birth: 1958

Chairman of the Sub-Adviser (since January 2015); CEO and Chairman of the Manager (since July 2014), President of the Manager (since May 2013), a Director of the Manager (since January 2013), Director of the Sub-Adviser (since July 2014), President, Management Director and CEO of Oppenheimer Acquisition Corp. (the Sub-Adviser’s parent holding company) (since July 2014), and President and Director of OFI SteelPath, Inc. (since January 2013). Chief Investment Officer of the OppenheimerFunds advisory entities from (January 2013-December 2013); Executive Vice President of the Manager (January 2013-May 2013); Chief Investment Officer of the Sub-Adviser (October 2010-December 2012); Chief Investment Officer, Fixed-Income, of the Sub-Adviser (April 2009-October 2010); Executive Vice President of the Sub-Adviser (October 2009-December 2012); Director of Fixed Income of the Sub-Adviser (January 2009-April 2009); and a Senior Vice President of the Sub-Adviser (March 1993-September 2009). An officer of 91 portfolios in the OppenheimerFunds complex.

OTHER OFFICERS OF THE FUND	The addresses of the Officers in the chart below are as follows: for Messrs. Baijal, Kelly, Gabinet, Mss. Sexton and Picciotto, 225 Liberty Street, New York, New York 10281-1008, for Mr. Wixted, 6803 S. Tucson Way, Centennial, Colorado 80112-3924. Each Officer serves for an indefinite term or until his or her resignation, retirement, death or removal.
Hemant Baijal Vice President (since 2013) Year of Birth: 1962	Vice President and Senior Portfolio Manager of the Sub-Adviser (since July 2011). Co-founder, Partner and Portfolio Manager of Six Seasons Global Asset Management (January 2009-December 2010). Partner and Portfolio Manager of Aravali Partners, LLC (September 2006-December 2008); Partner and Portfolio Manager at Havell Capital Management, LLC (November 1996-August 2006). A portfolio manager and officer in the OppenheimerFunds complex.
Christopher Kelly Vice President (since 2015) Year of Birth: 1967	Vice President and Portfolio Manager of the Sub-Adviser since March 2015 and Co-Head of the Global Debt Team since March 2015. Prior to joining the Sub-Adviser, Mr. Kelly was at BlackRock Inc., where he was Deputy Head of Emerging Markets Fixed Income from June 2012 to January 2015. Mr. Kelly was also a portfolio manager and Deputy Chief Investment Officer of Emerging Markets at Fisher Francis Trees and Watts, a BNP Paribas Investment Partner, from February 2008 to April 2012. A portfolio manager and officer in the OppenheimerFunds complex.
Arthur S. Gabinet, Secretary and Chief Legal Officer (since 2011) Year of Birth: 1958	Executive Vice President, Secretary and General Counsel of the Manager (since January 2013); General Counsel OFI SteelPath, Inc. (since January 2013); Executive Vice President (May 2010-December 2012) and General Counsel (since January 2011) of the Sub-Adviser; General Counsel of the Distributor (since January 2011); General Counsel of Centennial Asset Management Corporation (January 2011-December 2012); Executive Vice President (January 2011-December 2012) and General Counsel of HarbourView Asset

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TRUSTEES AND OFFICERS Unaudited / Continued

Arthur S. Gabinet, Continued	Management Corporation (since January 2011); Assistant Secretary (since January 2011) and Director (since January 2011) of OppenheimerFunds International Ltd. and OppenheimerFunds plc; Director of Oppenheimer Real Asset Management, Inc. (January 2011-December 2012) and General Counsel (since January 2011); Executive Vice President (January 2011-December 2011) and General Counsel of Shareholder Financial Services, Inc. and Shareholder Services, Inc. (since January 2011); Executive Vice President (January 2011-December 2012) and General Counsel of OFI Private Investments Inc. (since January 2011); Vice President of OppenheimerFunds Legacy Program (January 2011-December 2011); Executive Vice President (January 2011-December 2012) and General Counsel of OFI Institutional Asset Management, Inc. (since January 2011); General Counsel, Asset Management of the Sub-Adviser (May 2010-December 2010); Principal, The Vanguard Group (November 2005-April 2010); District Administrator, U.S. Securities and Exchange Commission (January 2003-October 2005). An officer of 91 portfolios in the OppenheimerFunds complex.
Jennifer Sexton, Vice President and Chief Business Officer (since 2014) Year of Birth: 1969	Senior Vice President of OppenheimerFunds Distributor, Inc. (since June 2014); Vice President of OppenheimerFunds Distributor, Inc. (April 2006-June 2014); Vice President of the Sub-Adviser (January 1998-March 2006); Assistant Vice President of the Sub-Adviser (October 1991-December 1998). An officer of 91 portfolios in the OppenheimerFunds complex.
Mary Ann Picciotto, Chief Compliance Officer and Chief Anti-Money Laundering Officer (since 2014) Year of Birth: 1973	Senior Vice President and Chief Compliance Officer of the Manager (since March 2014); Chief Compliance Officer of the Sub-Adviser, OFI SteelPath, Inc., OFI Global Trust Company, OFI Global Institutional, Inc., Oppenheimer Real Asset Management, Inc., OFI Private Investments, Inc., Harborview Asset Management Corporation, Trinity Investment Management Corporation, and Shareholder Services, Inc. (since March 2014); Managing Director of Morgan Stanley Investment Management Inc. and certain of its various affiliated entities; Chief Compliance Officer of various Morgan Stanley Funds (May 2010-January 2014); Chief Compliance Officer of Morgan Stanley Investment Management Inc. (April 2007-January 2014). An officer of 91 portfolios in the OppenheimerFunds complex.
Brian W. Wixted, Treasurer and Principal Financial & Accounting Officer (since 1999) Year of Birth: 1959	Senior Vice President of the Manager (since January 2013); Treasurer of the Sub-Adviser, HarbourView Asset Management Corporation, Shareholder Financial Services, Inc., Shareholder Services, Inc., and Oppenheimer Real Asset Management, Inc. (March 1999-June 2008), OFI Private Investments, Inc. (March 2000-June 2008), OppenheimerFunds International Ltd. and OppenheimerFunds plc (since May 2000), OFI Institutional Asset Management, Inc. (November 2000-June 2008), and OppenheimerFunds Legacy Program (charitable trust program established by the Sub-Adviser) (June 2003-December 2011); Treasurer and Chief Financial Officer of OFI Trust Company (since May 2000); Assistant Treasurer of Oppenheimer Acquisition Corporation (March 1999-June 2008). An officer of 91 portfolios in the OppenheimerFunds complex.

The Fund’s Statement of Additional Information contains additional information about the Fund’s Trustees and Officers and is available without charge, upon request, by calling 1.800.CALL OPP (225.5677).

104      OPPENHEIMER INTERNATIONAL BOND FUND

OPPENHEIMER INTERNATIONAL BOND FUND

Manager	OFI Global Asset Management, Inc.
Sub-Adviser	OppenheimerFunds, Inc.
Distributor	OppenheimerFunds Distributor, Inc.
Transfer and Shareholder Servicing Agent	OFI Global Asset Management, Inc.
Sub-Transfer Agent	Shareholder Services, Inc. DBA OppenheimerFunds Services
Independent Registered Public Accounting Firm	KPMG LLP
Counsel	Ropes & Gray LLP

^© 2015 OppenheimerFunds, Inc. All rights reserved.

105      OPPENHEIMER INTERNATIONAL BOND FUND

PRIVACY POLICY NOTICE

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

Information Sources

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

● Applications or other forms

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

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

● Your transactions with us, our affiliates or others

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

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

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

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

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

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

Protection of Information

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

Disclosure of Information

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

Right of Refusal

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

106      OPPENHEIMER INTERNATIONAL BOND FUND

Internet Security and Encryption

In general, the email services provided by our website are encrypted and provide a secure and private means of communication with us. To protect your own privacy, confidential and/or personal information should only be communicated via email when you are advised that you are using a secure website. As a security measure, we do not include personal or account information in non-secure emails, and we advise you not to send such information to us in non-secure emails. Instead, you may take advantage of the secure features of our website to encrypt your email correspondence. To do this, you will need to use a browser that supports Secure Sockets Layer (SSL) protocol.

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

● All transactions, including redemptions, exchanges and purchases, are secured by SSL and 256-bit encryption. SSL is used to establish a secure connection between your PC and OppenheimerFunds’ server. It transmits information in an encrypted and scrambled format.

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

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

Other Security Measures

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

How You Can Help

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

Who We Are

This joint notice describes the privacy policies of the Oppenheimer funds, OppenheimerFunds, Inc., each of its investment adviser subsidiaries, OppenheimerFunds Distributor, Inc. and OFI Global Trust Co. It applies to all Oppenheimer fund accounts you presently have, or may open in the future, using your Social Security number—whether or not you remain a shareholder of our funds. This notice was last updated March 2015. In the event it is updated or changed, we will post an updated notice on our website at oppenheimerfunds.com. If you have any questions about this privacy policy, write to us at P.O. Box 5270, Denver, CO 80217-5270, email us by clicking on the Contact Us section of our website at oppenheimerfunds.com or call us at 1.800.CALL OPP (225.5677).

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111      OPPENHEIMER INTERNATIONAL BOND FUND

	OppenheimerFunds® The Right Way to Invest
	Visit us at oppenheimerfunds.com for 24-hr access to account information and transactions or call us at 800 CALL OPP (800 225 5677) for 24-hr automated information and automated transactions. Representatives also available Mon–Fri 8am–8pm ET.
Visit Us oppenheimerfunds.com
Call Us 800 225 5677
Follow Us	Oppenheimer funds are distributed by OppenheimerFunds Distributor, Inc. 225 Liberty Street, New York, NY 10281-1008 © 2015 OppenheimerFunds Distributor, Inc. All rights reserved. RA0880.001.0915         November 23, 2015

Item 2. Code of Ethics.

The registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller or persons performing similar functions.

Item 3. Audit Committee Financial Expert.

The Board of Trustees of the registrant has determined that F. William Marshall, Jr., the Chairman of the Board’s Audit Committee, is the audit committee financial expert and that Mr. Marshall is “independent” for purposes of this Item 3.

Item 4. Principal Accountant Fees and Services.

(a) Audit Fees

The principal accountant for the audit of the registrant’s annual financial statements billed $77,000 in fiscal 2015 and $64,500 in fiscal 2014.

(b) Audit-Related Fees

The principal accountant for the audit of the registrant’s annual financial statements billed $1,500 in fiscal 2015 and no such fees in fiscal 2014.

The principal accountant for the audit of the registrant’s annual financial statements billed $185,479 in fiscal 2015 and $1,042,959 in fiscal 2014 to the registrant’s investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant.

Such services include: Internal control reviews, GIPS attestation procedures, system conversion testing, and corporate restructuring.

(c) Tax Fees

The principal accountant for the audit of the registrant’s annual financial statements billed $4,375 in fiscal 2015 and $1,250 in fiscal 2014.

The principal accountant for the audit of the registrant’s annual financial statements billed $628,126 in fiscal 2015 and $467,462 in fiscal 2014 to the registrant’s investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant.

Such services include: tax compliance, tax planning and tax advice. Tax compliance generally involves preparation of original and amended tax returns, claims for a refund and tax payment-planning services. Tax planning and tax advice includes assistance with tax audits and appeals, tax advice related to mergers and acquisitions and requests for rulings or technical advice from taxing authorities.

(d) All Other Fees

The principal accountant for the audit of the registrant’s annual financial statements billed no such fees in fiscal 2015 and no such fees in fiscal 2014.

The principal accountant for the audit of the registrant’s annual financial statements billed no such fees in fiscal 2015 and no such fees in fiscal 2014 to the registrant’s investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant.

Such fees would include the cost to the principal accountant of attending audit committee meetings and consultations regarding the registrant’s retirement plan with respect to its Trustees.

(e) (1) During its regularly scheduled periodic meetings, the registrant’s audit committee will pre-approve all audit, audit-related, tax and other services to be provided by the principal accountants of the registrant.

The audit committee has delegated pre-approval authority to its Chairman for any subsequent new engagements that arise between regularly scheduled meeting dates provided that any fees such pre-approved are presented to the audit committee at its next regularly scheduled meeting.

Under applicable laws, pre-approval of non-audit services may be waived provided that: 1) the aggregate amount of all such services provided constitutes no more than five percent of the total amount of fees paid by the registrant to its principal accountant during the fiscal year in which services are provided 2) such services were not recognized by the registrant at the time of engagement as non-audit services and 3) such services are promptly brought to the attention of the audit committee of the registrant and approved prior to the completion of the audit.

(2) 0%

(f) Not applicable as less than 50%.

(g) The principal accountant for the audit of the registrant’s annual financial statements billed $819,480 in fiscal 2015 and $1,511,671 in fiscal 2014 to the registrant and the registrant’s investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant related to non-audit fees. Those billings did not include any prohibited non-audit services as defined by the Securities Exchange Act of 1934.

(h) The registrant’s audit committee of the board of Trustees has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence. No such services were rendered.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Schedule of Investments.

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

b) Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

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

None

Item 11. Controls and Procedures.

Based on their evaluation of the registrant’s disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c)) as of 9/30/2015, the registrant’s principal executive officer and principal financial officer found the registrant’s disclosure controls and procedures to provide reasonable assurances that information required to be disclosed by the registrant in the reports that it files under the Securities Exchange Act of 1934 (a) is accumulated and communicated to registrant’s management, including its principal executive officer and principal financial officer, to allow timely decisions regarding required disclosure, and (b) is recorded, processed, summarized and reported, within the time periods specified in the rules and forms adopted by the U.S. Securities and Exchange Commission.

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

Item 12. Exhibits.

(a) (1) Exhibit attached hereto.

(2) Exhibits attached hereto.

(3) Not applicable.

(b) Exhibit attached hereto.

SIGNATURES

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

Oppenheimer International Bond Fund

By:	/s/ Arthur P. Steinmetz
	Arthur P. Steinmetz
	Principal Executive Officer
Date:	11/17/2015

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/ Arthur P. Steinmetz
	Arthur P. Steinmetz
	Principal Executive Officer
Date:	11/17/2015
By:	/s/ Brian W. Wixted
	Brian W. Wixted
	Principal Financial Officer
Date:	11/17/2015

EX-99.CODE ETH

CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND FINANCIAL OFFICERS OF

THE OPPENHEIMER FUNDS, OPPENHEIMERFUNDS, INC., OFI GLOBAL ASSET MANAGEMENT, INC. AND OFI STEELPATH, INC.

This Code of Ethics for Principal Executive and Financial Officers (referred to in this document as the “Code”) has been adopted by each of the investment companies for which OppenheimerFunds, Inc. (“OFI”), OFI Global Asset Management, Inc. (“OFI Global”) , OFI SteelPath, Inc. (“OFI SteelPath”) or one of OFI’s other subsidiaries (referred to collectively in this document as “OFI”) acts as investment adviser (individually, a “Fund” and collectively, the “Funds”), and by OFI to effectuate compliance with Section 406 under the Sarbanes-Oxley Act of 2002 and the rules adopted to implement Section 406.

This Code applies to OFI’s and each Fund’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions (“Covered Officers”). A listing of positions currently within the ambit of Covered Officers is attached as Exhibit A.¹

INTRODUCTION / DEFINITION / POLICY STATEMENT:

In general, the principles that govern honest and ethical conduct, including the avoidance of conflicts of interest between personal and professional relationships, reflect, at the minimum, the following: (1) the duty at all times in performing any responsibilities as a Fund financial officer, controller, accountant or principal executive officer to place the interests of the Funds ahead of personal interests; (2) the fundamental standard that Covered Officers should not take inappropriate advantage of their positions; (3) the duty to assure that a Fund’s financial statements and reports to its shareholders are prepared honestly and accurately in accordance with applicable rules, regulations and accounting standards; and (4) the duty to conduct the Funds’ business and affairs in an honest and ethical manner. Each Covered Officer should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

It is acknowledged that, as a result of the contractual relationship between each Fund and OFI, of which the Covered Officers are also officers or employees, and subject to OFI’s fiduciary duties to each Fund, the Covered Officers may, in the normal course of their duties, be involved in establishing policies and implementing decisions that will have different effects on OFI and the Funds. It is further acknowledged that the participation of the Covered Officers in such activities is inherent in the contractual relationship between each Fund and OFI and is consistent with the expectations of the Board of Trustees/Directors of the performance by the Covered Officers of their duties as officers of the Funds.

¹ The obligations imposed by this Code on Covered Officers are separate from and in addition to any obligations that may be imposed on such persons as Covered Persons under the Code of Ethics adopted by OFI and the Funds under Rule 17j-1 of the Investment Company Act of 1940, as amended and any other code of conduct applicable to Covered Officers in whatever capacity they serve. This Code does not incorporate by reference any provisions of the Rule 17j-1 Code of Ethics and accordingly, any violations or waivers granted under the Rule 17j-1 Code of Ethics will not be considered a violation or waiver under this Code.

POLICY DETAILS:

1. Prohibitions

The specific provisions and reporting requirements of this Code are concerned primarily with promoting honest and ethical conduct and avoiding conflicts of interest in personal and professional relationships. No Covered Officer may use information concerning the business and affairs of a Fund, including the investment intentions of a Fund, or use his or her ability to influence such investment intentions, for personal gain to himself or herself, his or her family or friends or any other person or in a manner detrimental to the interests of a Fund or its shareholders.

No Covered Officer may use his or her personal influence or personal relationships to influence the preparation and issuance of financial reports of a Fund whereby the Covered Officer would benefit personally to the detriment of the Fund and its shareholders.

No Covered Officer shall intentionally for any reason take any action or fail to take any action in connection with his or her official acts on behalf of a Fund that causes the Fund to violate applicable laws, rules and regulations.

No Covered Officer shall, in connection with carrying out his or her official duties and responsibilities on behalf of a Fund:

(i) employ any device, scheme or artifice to defraud a Fund or its shareholders;

(ii) intentionally cause a Fund to make any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements made, in light of the circumstances under which they are made, not misleading in its official documents, regulatory filings, financial statements or communications to the public;

(iii) engage in any act, practice, or course of business which operates or would operate as a fraud or deceit upon any Fund or its shareholders;

(iv) engage in any manipulative practice with respect to any Fund;

(v) use his or her personal influence or personal relationships to influence any business decision, investment decisions, or financial reporting by a Fund whereby the Covered Officer would benefit personally to the detriment of the Fund or its shareholders;

(vi) intentionally cause a Fund to fail to comply with applicable laws, rules and regulations, including failure to comply with the requirement of full, fair, accurate, understandable and timely disclosure in reports and documents that a Fund files with, or submits to, the SEC and in other public communications made by the Fund;

(vii) intentionally mislead or omit to provide material information to the Fund’s independent auditors or to the Board of Trustees/Directors or the officers of the Fund or its investment adviser in connection with financial reporting matters;

(viii) fail to notify the Code Administrator or the Chief Executive Officer of the Fund or its investment adviser promptly if he or she becomes aware of any existing or potential violations of this Code or applicable laws;

(ix) retaliate against others for, or otherwise discourage the reporting of, actual or apparent violations of this Code; or

(x) fail to acknowledge or certify compliance with this Code if requested to do so.

2. Reports of Conflicts of Interests

If a Covered Officer becomes aware of a conflict of interest under this Code or, to the Covered Officer’s reasonable belief, the appearance of one, he or she must immediately report the matter to the Code’s Administrator. If the Code Administrator is involved or believed to be involved in the conflict of interest or appearance of conflict of interest, the Covered Officer shall report the matter directly to the Chief Executive Officer of OFI Global.

Upon receipt of a report of a conflict, the Code Administrator will take prompt steps to determine whether a conflict of interest exists. If the Code Administrator determines that an actual conflict of interest exists, the Code Administrator will take steps to resolve the conflict. If the Code Administrator determines that the appearance of a conflict exists, the Code Administrator will take appropriate steps to remedy such appearance. If the Code Administrator determines that no conflict or appearance of a conflict exists, the Code Administrator shall meet with the Covered Officer to advise him or her of such finding and of his or her reason for taking no action. In lieu of determining whether a conflict or appearance of conflict exists, the Code Administrator may in his or her discretion refer the matter to the Fund’s Board of Trustees/Directors.

3. Waivers

Any Covered Officer requesting a waiver of any of the provisions of this Code must submit a written request for such waiver to the Code Administrator, setting forth the basis of such request and all necessary facts upon which such request can be evaluated. The Code Administrator shall review such request and make a written determination thereon, which shall be binding. The Code Administrator may in reviewing such request, consult at his discretion with legal counsel to OFI Global or to the Fund.

In determining whether to waive any of the provisions of this Code, the Code Administrator shall consider whether the proposed waiver:

(i) is prohibited by this Code;

(ii) is consistent with honest and ethical conduct; and

(iii) will result in a conflict of interest between the Covered Officer’s personal and professional obligations to a Fund.

In lieu of determining whether to grant a waiver, the Code Administrator in his or her discretion may refer the matter to the appropriate Fund’s Board of Trustees/Directors.

4. Reporting Requirements

(a) Each Covered Officer shall, upon becoming subject to this Code, be provided with a copy of this Code and shall affirm in writing that he or she has received, read, understands and shall adhere to this Code.

(b) At least annually, all Covered Officers shall be provided with a copy of this Code and shall certify that they have read and understand this Code and recognize that they are subject thereto.

(c) At least annually, all Covered Officers shall certify that they have complied with the requirements of this Code and that they have disclosed or reported any violations of this Code to the Code Administrator or the Chief Executive Officer of the Fund or its investment adviser.

(d) The Code Administrator shall submit a quarterly report to the Board of Trustees/Directors of each Fund containing (i) a description of any report of a conflict of interest or apparent conflict and the disposition thereof; (ii) a description of any request for a waiver from this Code and the disposition thereof; (iii) any violation of the Code that has been reported or found and the sanction imposed; and (iv) any other significant information arising under the Code including any proposed amendments.

(e) Each Covered Officer shall notify the Code Administrator promptly if he or she knows of or has a reasonable belief that any violation of this Code has occurred or is likely to occur. Failure to do so is itself a violation of this Code.

(f) Any changes to or waivers of this Code, including “implicit” waivers as defined in applicable SEC rules, will, to the extent required, be disclosed by the Code Administrator or his or her designee as provided by applicable SEC rules.²

5. Annual Review

At least annually, the Board of Trustees/Directors of each Fund shall review the Code and consider whether any amendments are necessary or desirable.

6. Sanctions

Any violation of this Code of Ethics shall be subject to the imposition of such sanctions by OFI as may be deemed appropriate under the circumstances to achieve the purposes of this Code and may include, without limitation, a letter of censure, suspension from employment or termination of employment, in the sole discretion of OFI.

7. Administration and Construction

(a) The administration of this Code of Ethics shall be the responsibility of OFI Global’s General Counsel or his or her designee as the “Code Administrator” of this Code, acting under the terms of this Code and the oversight of the Trustees/Directors of the Funds.

² An “implicit waiver” is the failure to take action within a reasonable period of time regarding a material departure from a provision of this Code that has been made known to the General Counsel, the Code Administrator, and an executive officer of the Fund or OFI.

(b) The duties of such Code Administrator will include:

(i) Continuous maintenance of a current list of the names of all Covered Officers;

(ii) Furnishing all Covered Officers a copy of this Code and initially and periodically informing them of their duties and obligations thereunder;

(iii) Maintaining or supervising the maintenance of all records required by this Code, including records of waivers granted hereunder;

(iv) Issuing interpretations of this Code which appear to the Code Administrator to be consistent with the objectives of this Code and any applicable laws or regulations; and

(v) Conducting reviews as shall reasonably be required to detect and report any violations of this Code, with his or her recommendations, to the Chief Executive Officer of OFI Global and to the Trustees/Directors of the affected Fund(s) or any committee appointed by them to deal with such information; and Periodically conducting educational training programs as needed to explain and reinforce the terms of this Code.

(c) In carrying out the duties and responsibilities described under this Code, the Code Administrator may consult with legal counsel, who may include legal counsel to the applicable Funds, and such other persons as the Administrator shall deem necessary or desirable. The Code Administrator shall be protected from any liability hereunder or under any applicable law, rule or regulation, for decisions made in good faith based upon his or her reasonable judgment.

8. Required Records

The Administrator shall maintain and cause to be maintained in an easily accessible place, the following records for the period required by applicable SEC rules (currently six years following the end of the fiscal year of OFI in which the applicable event or report occurred):

(a) A copy of any Code which has been in effect during the period;

(b) A record of any violation of any such Code and of any action taken as a result of such violation, during the period;

(c) A copy of each annual report pursuant to the Code made by a Covered Officer during the period;

(d) A copy of each report made by the Code Administrator pursuant to this Code during the period;

(e) A list of all Covered Officers who are or have been required to make reports pursuant to this Code during the period, plus those person(s) who are or were responsible for reviewing these reports;

(f) A record of any request to waive any requirement of this Code, the decision thereon and the reasons supporting the decision; and

(g) A record of any report of any conflict of interest or appearance of a conflict of interest received by the Code Administrator or discovered by the Code Administrator during the period, the decision thereon and the reasons supporting the decision.

9. Amendments and Modifications

Other than non-substantive or administrative changes, this Code may not be amended or modified unless approved or ratified by the Board of Trustees/Directors of each Fund.

10. Confidentiality.

This Code is identified for the internal use of the Funds and OFI. Reports and records prepared or maintained under this Code are considered confidential and shall be maintained and protected accordingly to the extent permitted by applicable laws, rules and regulations. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Trustees/Directors of the affected Fund(s) and their counsel, the independent auditors of the affected Funds and/or OFI, and to OFI, except as such disclosure may be required pursuant to applicable judicial or regulatory process.

Approved by the Denver Board of the Oppenheimer Funds on August 24, 2014

Approved by the New York of the Oppenheimer Funds on September 15, 2014

Approved by OFI Legal and Compliance on May 27, 2014

Exhibit A

Positions Covered by this Code of Ethics for Principal Executive and Financial Officers*

Each Oppenheimer fund

President (Principal Executive Officer)

Treasurer (Principal Financial Officer)

OppenheimerFunds, Inc., OFI Global Asset Management, Inc., and OFI SteelPath, Inc.

President (Principal Executive Officer)

Chief Executive Officer (Principal Executive Officer)

Chief Financial Officer Principal Financial Officer)

Treasurer (Principal Financial Officer)

* There are no other positions with the Funds, OFI, OFI Global or OFI SteelPath, Inc. held by persons who perform similar functions to those listed above.

EX-99.CERT

Exhibit 99.CERT

Section 302 Certifications

CERTIFICATIONS

I, Arthur P. Steinmetz, certify that:

1. I have reviewed this report on Form N-CSR 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 financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

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 second fiscal quarter of the period covered by this report 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.

Date:    11/17/2015

/s/ Arthur P. Steinmetz

Arthur P. Steinmetz

Principal Executive Officer

Exhibit 99.CERT

Section 302 Certifications

CERTIFICATIONS

I, Brian W. Wixted, certify that:

1. I have reviewed this report on Form N-CSR 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 financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

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 second fiscal quarter of the period covered by this report 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.

Date:    11/17/2015

/s/ Brian W. Wixted

Brian W. Wixted

Principal Financial Officer

EX-99.906CERT

EX-99.906CERT

Section 906 Certifications

CERTIFICATION PURSUANT TO 18 U.S.C SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

Arthur P. Steinmetz, Principal Executive Officer, and Brian W. Wixted, Principal Financial Officer, of Oppenheimer International Bond Fund (the “Registrant”), each certify to the best of his knowledge that:

1. The Registrant’s periodic report on Form N-CSR for the period ended 9/30/2015 (the “Form N-CSR”) fully complies with the requirements of Section 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant. This certification is being furnished to the Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR filed with the Commission.

Principal Executive Officer	Principal Financial Officer
Oppenheimer International Bond Fund	Oppenheimer International Bond Fund
/s/ Arthur P. Steinmetz	/s/ Brian W. Wixted
Arthur P. Steinmetz	Brian W. Wixted
Date:    11/17/2015	Date:    11/17/2015