N-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-07255

Oppenheimer International Bond Fund

(Exact name of registrant as specified in charter)

6803 South Tucson Way, Centennial, Colorado 80112-3924

(Address of principal executive offices) (Zip code)

Cynthia Lo Bessette

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: 12/31/2016

Item 1. Schedule of Investments.

CONSOLIDATED STATEMENT OF INVESTMENTS December 31, 2016 Unaudited

		Principal Amount		Value
Asset-Backed Securities—1.6%
Avoca CLO VIII Ltd., Series VIII-X, Cl. E, 4.046%, 10/15/231	EUR		12,700,000	$	12,273,869
Axius Europe CLO SA, Series 2007-1X, Cl. E, 4.29%, 11/15/231	EUR		7,931,617		8,140,486
Bancaja Fondo de Titulizacion, Series 10, Cl. C, 0.187%, 5/22/501	EUR		12,000,000		6,224,382
Cadogan Square CLO IV BV, Series 4X, Cl. D, 1.362%, 7/24/231	EUR		9,500,000		9,891,413
CVC Cordatus Loan Fund IV Ltd., Series 4X, Cl. E, 5.90%, 1/24/281	EUR		5,000,000		5,206,080
Halcyon Structured Asset Management European CLO BV, Series 2006-IIX, Cl. E, 3.662%, 1/25/231	EUR		12,082,117		11,406,570
Highlander Euro CDO II Cayman Ltd., Series 2006-2CX, Cl. E, 3.284%, 12/14/221	EUR		11,856,645		11,376,017
Jubilee CLO 2015-XVI BV, Series 2015-16X, Cl. E, 5.25%, 12/15/291	EUR		3,750,000		3,610,599
Stichting Halcyon Structured Asset Management European, Series 2007-IX, Cl. E, 3.612%, 7/24/231	EUR		3,088,154		3,140,851
TDA Ibercaja 6 Fondo de Titulizacion de Activos, Series 6, Cl. A, 0%, 11/25/511	EUR		3,271,526		3,262,929
Theseus European CLO SA, Series 2006-1X, Cl. E, 3.808%, 8/27/221	EUR		10,000,000		10,529,630
Total Asset-Backed Securities (Cost $96,492,248)					85,062,826
Mortgage-Backed Obligations—2.8%
Alba plc, Series 2007-1, Cl. C, 0.661%, 3/17/391	GBP		14,144,360		14,451,732
Capital Mortgage Srl, Series 2007-1, Cl. B, 0%, 1/30/471	EUR		8,000,000		4,657,757
Eurosail plc, Series 2007-5X, Cl. A1A, 1.145%, 9/13/451	GBP		12,051,088		13,847,306
Hipocat 11 Fondo de Titulizacion de Activos, Series HIPO-11, Cl. A2, 0%, 1/15/501	EUR		2,792,418		2,277,683
Hipocat 7 Fondo de Titulizacion de Activos, Series HIPO-7, Cl. C, 0.089%, 7/15/361	EUR		3,668,339		2,954,737
IM Pastor 4 Fondo de Titulizacion de Activos:
Series 4, Cl. A, 0%, 3/22/441	EUR		20,548,969		17,331,195
Series 4, Cl. B, 0%, 3/22/441	EUR		3,000,000		1,319,281
Ludgate Funding plc, Series 2007-1, 0%, 1/1/61	GBP		207,500,000		8,341,428
Lusitano Mortgages No. 4 plc, Series 4, Cl. C, 0.244%, 9/15/481	EUR		3,308,556		2,263,708
Magellan Mortgages No. 4 plc, Series 4, Cl. A, 0%, 7/20/591	EUR		1,467,805		1,286,875
Mansard Mortgages plc:
Series 2006-1X, Cl. B1, 1.501%, 10/15/481	GBP		3,558,830		3,895,720
Series 2007-2X, Cl. M2, 2.373%, 12/15/491	GBP		17,175,000		19,277,341
Newgate Funding:
Series 2006-2, Cl. CB, 0.129%, 12/1/501	EUR		4,534,686		3,704,216
Series 2007-2X, Cl. BB, 0%, 12/15/501	EUR		5,998,049		4,904,273
Series 2007-2X, Cl. CB, 0.124%, 12/15/501	EUR		4,131,989		3,207,223
Series 2007-3X, Cl. D, 3.373%, 12/15/501	GBP		5,424,324		6,085,659
Paragon Secured Finance No 1 plc, Series 1, Cl. A, 0.798%, 11/15/351	GBP		8,085,507		9,570,161
ResLoC UK plc, Series 2007-1X, Cl. A3B, 0.533%, 12/15/431	GBP		5,168,084		5,896,270

1        OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

		Principal Amount		Value
Mortgage-Backed Obligations (Continued)
RMAC Securities No 1 plc:
Series 2006-NS4X, Cl. M1A, 0.646%, 6/12/441	GBP		3,857,984	$	4,144,690
Series 2006-NS4X, Cl. M1C, 0%, 6/12/441	EUR		5,632,656		5,120,702
Rural Hipotecario I Fondo de Titulizacion Hipotecaria:
Series 6, Cl. C, 0.639%, 10/17/361	EUR		2,161,953		1,731,076
Series 9, Cl. C, 0.208%, 2/17/501	EUR		4,800,000		3,346,462
Southern Pacific Financing plc, Series 2005-B, Cl. D, 1.086%, 6/10/431	GBP		6,017,811		5,585,750
Total Mortgage-Backed Obligations (Cost $173,825,324)					145,201,245
Foreign Government Obligations—53.2%
Argentina—1.9%
Argentine Republic Sr. Unsec. Bonds:
2.50%, 12/31/381			8,000,000		4,940,000
7.50%, 4/22/262			27,105,000		28,528,013
7.875%, 6/15/272			3,875,000		3,831,213
Argentine Republic Sr. Unsec. Nts.:
6.875%, 4/22/212			8,275,000		8,833,563
9.125%, 3/16/242			7,000,000		7,633,500
16.00%, 10/17/23	ARS		56,063,140		3,526,028
Argentine Republic Unsec. Nts.:
2.25%, 4/28/203	ARS		190,530,000		12,667,579
2.50%, 7/22/213	ARS		148,600,000		10,647,731
18.20%, 10/3/21	ARS		105,000,000		7,080,287
21.20%, 9/19/18	ARS		150,000,000		10,228,132
					97,916,046
Australia—1.1%
Commonwealth of Australia Sr. Unsec. Bonds:
2.00%, 8/21/353	AUD		11,300,000		9,955,761
3.75%, 4/21/37	AUD		20,000,000		15,037,569
Series 150, 3.00%, 3/21/474	AUD		22,500,000		14,015,756
Queensland Treasury Corp. Sr. Unsec. Bonds, Series 33, 6.50%, 3/14/33	AUD		20,590,000		19,936,788
					58,945,874
Brazil—8.0%
Federative Republic of Brazil Nota Do Tesouro Nacional Unsec. Nts.:
9.762%, 1/1/18	BRL		210,000,000		63,707,515
9.762%, 1/1/19	BRL		124,100,000		37,552,652
9.762%, 1/1/21	BRL		571,300,000		168,908,955
10.00%, 1/1/25	BRL		330,000,000		94,170,248
12.90%, 8/15/22	BRL		10,170,000		9,460,190
13.505%, 5/15/45	BRL		34,500,000		32,607,837
Federative Republic of Brazil Sr. Unsec. Bonds, 5%, 1/27/45			20,600,000		16,813,720
					423,221,117

2        OPPENHEIMER INTERNATIONAL BOND FUND

		Principal Amount		Value
Colombia—0.3%
Republic of Colombia Sr. Unsec. Bonds:
4.00%, 2/26/24		$	3,380,000	$	3,422,250
6.125%, 1/18/41			11,200,000		12,152,000
					15,574,250
Costa Rica—0.1%
Republic of Costa Rica Sr. Unsec. Bonds, 7.158%, 3/12/452			5,090,000		4,737,823
Croatia—0.3%
Republic of Croatia Sr. Unsec. Bonds, 6.75%, 11/5/192			6,890,000		7,492,875
Republic of Croatia Sr. Unsec. Nts., 3.875%, 5/30/22	EUR		8,065,000		9,142,712
					16,635,587
Cyprus—0.6%
Republic of Cyprus Sr. Unsec. Nts., 3.75%, 7/26/23	EUR		22,500,000		24,258,290
Republic of Cyprus Unsec. Nts., 3.875%, 5/6/22	EUR		8,000,000		8,775,395
					33,033,685
Dominican Republic—0.3%
Dominican Republic Sr. Unsec. Bonds:
6.60%, 1/28/242			6,325,000		6,625,438
6.85%, 1/27/452			8,170,000		7,759,212
7.45%, 4/30/442			3,330,000		3,379,950
					17,764,600
France—0.9%
French Republic Unsec. Bonds:
0.25%, 11/25/26	EUR		28,000,000		28,252,052
3.25%, 5/25/45	EUR		11,500,000		16,672,894
					44,924,946
Gabon—0.0%
Gabonese Republic Unsec. Bonds, 6.375%, 12/12/242			1,000,000		935,950
Germany—1.1%
Federal Republic of Germany Inflation Linked Bonds, 0.50%, 4/15/303	EUR		45,136,152		56,675,749
Ghana—0.0%
Republic of Ghana Sr. Unsec. International Nts., 9.25%, 9/15/222			2,155,000		2,311,270
Greece—1.0%
Hellenic Republic Sr. Unsec. Bonds:
3.00%, 2/24/231	EUR		1,750,000		1,507,029
3.00%, 2/24/241	EUR		1,750,000		1,479,111
3.00%, 2/24/251	EUR		1,750,000		1,450,689
3.00%, 2/24/261	EUR		1,750,000		1,432,715
3.00%, 2/24/271	EUR		1,750,000		1,409,195

3        OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

		Principal Amount		Value
Greece (Continued)
Hellenic Republic Sr. Unsec. Bonds: (Continued)
3.00%, 2/24/281	EUR		1,750,000	$	1,352,313
3.00%, 2/24/291	EUR		6,750,000		5,106,358
3.00%, 2/24/301	EUR		1,750,000		1,294,347
3.00%, 2/24/311	EUR		1,750,000		1,271,909
3.00%, 2/24/321	EUR		1,750,000		1,251,662
3.00%, 2/24/331	EUR		1,750,000		1,228,838
3.00%, 2/24/341	EUR		1,750,000		1,201,650
3.00%, 2/24/351	EUR		1,750,000		1,187,097
3.00%, 2/24/361	EUR		1,750,000		1,169,100
3.00%, 2/24/371	EUR		1,750,000		1,162,928
3.00%, 2/24/381	EUR		1,750,000		1,156,518
3.00%, 2/24/391	EUR		1,750,000		1,153,852
3.00%, 2/24/401	EUR		1,750,000		1,151,924
3.00%, 2/24/411	EUR		1,750,000		1,154,276
3.00%, 2/24/421	EUR		1,750,000		1,155,996
6.14%, 4/14/28	EUR		25,000,000		21,713,064
					50,990,571
Honduras—0.1%
Republic of Honduras Sr. Unsec. International Bonds, 7.50%, 3/15/242			5,000,000		5,367,000
Hungary—1.4%
Hungary Sr. Unsec. Bonds, 5.75%, 11/22/23			13,770,000		15,294,683
Hungary Unsec. Bonds:
Series 20/A, 7.50%, 11/12/20	HUF		5,390,000,000		22,649,521
Series 23/A, 6.00%, 11/24/23	HUF		7,239,000,000		30,435,832
Series 25/B, 5.50%, 6/24/25	HUF		1,550,000,000		6,325,258
					74,705,294
India—4.6%
Republic of India Sr. Unsec. Bonds:
7.59%, 1/11/26	INR		3,360,000,000		52,709,672
8.40%, 7/28/24	INR		3,997,000,000		64,539,506
Republic of India Sr. Unsec. Nts., 8.27%, 6/9/20	INR		8,023,000,000		124,776,505
					242,025,683
Indonesia—3.7%
Perusahaan Penerbit SBSN Indonesia III Unsec. Bonds:
4.35%, 9/10/242			4,560,000		4,594,428
4.55%, 3/29/262			6,680,000		6,730,100
Republic of Indonesia Sr. Unsec. Bonds:
3.375%, 7/30/252	EUR		2,755,000		2,975,803
3.75%, 6/14/282	EUR		3,340,000		3,581,281
4.125%, 1/15/252			3,450,000		3,427,016
5.875%, 3/13/202			3,450,000		3,773,172
Republic of Indonesia Sr. Unsec. Nts., 3.70%, 1/8/222			4,215,000		4,235,008

4        OPPENHEIMER INTERNATIONAL BOND FUND

		Principal Amount		Value
Indonesia (Continued)
Republic of Indonesia Treasury Bonds:
Series FR53, 8.25%, 7/15/21	IDR		964,100,000,000	$	73,489,359
Series FR56, 8.375%, 9/15/26	IDR		288,430,000,000		22,063,841
Series FR61, 7.00%, 5/15/22	IDR		429,691,000,000		31,005,941
Series FR73, 8.75%, 5/15/31	IDR		488,080,000,000		37,794,727
					193,670,676
Iraq—0.1%
Republic of Iraq Unsec. Bonds, 5.80%, 1/15/282			3,445,000		2,871,080
Italy—1.2%
Republic of Italy (The) Buoni Poliennali Del Tesoro Sr. Unsec. Bonds:
1.25%, 12/1/26	EUR		10,000,000		9,987,764
2.80%, 3/1/672	EUR		12,500,000		11,711,179
Republic of Italy (The) Buoni Poliennali Del Tesoro Unsec. Bonds, 2.70%, 3/1/472	EUR		40,000,000		40,418,980
					62,117,923
Ivory Coast—0.7%
Republic of Cote d’Ivoire Sr. Unsec. Bonds, 5.75%, 12/31/321			38,179,350		35,462,851
Jamaica—0.2%
Commonwealth of Jamaica Sr. Unsec. Bonds:
7.875%, 7/28/45			5,000,000		5,441,850
8.00%, 3/15/39			2,340,000		2,610,387
					8,052,237
Kazakhstan—0.2%
Republic of Kazakhstan Sr. Unsec. Bonds, 4.875%, 10/14/442			13,205,000		12,641,094
Kenya—0.1%
Republic of Kenya Sr. Unsec. Bonds, 6.875%, 6/24/242			7,615,000		7,226,193
Malaysia—1.1%
Federation of Malaysia Sr. Unsec. Nts.:
3.26%, 3/1/18	MYR		50,000,000		11,129,436
3.58%, 9/28/18	MYR		200,000,000		44,540,838
					55,670,274
Mexico—6.4%
United Mexican States Development Bonds, 4%, 6/13/193	MXN		1,040,529,710		52,235,674
United Mexican States Sr. Unsec. Bonds:
Series M, 6.50%, 6/10/21	MXN		400,000,000		18,833,661
Series M20, 10.00%, 12/5/24	MXN		698,700,000		39,059,068
United Mexican States Sr. Unsec. Nts.:
Series M, 5.00%, 12/11/19	MXN		2,785,000,000		127,557,706
Series M10, 7.75%, 12/14/17	MXN		2,000,000,000		97,679,411
					335,365,520

5        OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

		Principal Amount		Value
Namibia—0.1%
Republic of Namibia Sr. Unsec. Bonds, 5.25%, 10/29/252		$	7,130,000	$	7,007,649
New Zealand—0.4%
Commonwealth of New Zealand Sr. Unsec. Bonds, Series
0437, 2.75%, 4/15/37	NZD		40,000,000		22,908,481
Paraguay—0.1%
Republic of Paraguay Sr. Unsec. Bonds, 6.10%, 8/11/442			3,590,000		3,661,800
Peru—1.2%
Republic of Peru Sr. Unsec. Bonds:
2.75%, 1/30/26	EUR		6,885,000		7,845,413
3.75%, 3/1/30	EUR		8,350,000		9,942,405
5.625%, 11/18/50			3,670,000		4,165,450
6.35%, 8/12/282	PEN		112,140,000		32,967,523
7.84%, 8/12/202	PEN		29,250,000		9,485,498
					64,406,289
Poland—1.2%
Republic of Poland Unsec. Bonds:
Series 0726, 2.50%, 7/25/26	PLN		90,900,000		19,764,073
Series 1017, 5.25%, 10/25/17	PLN		175,000,000		43,070,705
					62,834,778
Portugal—0.5%
Portuguese Republic Obrigacoes do Tesouro OT Bonds:
2.875%, 10/15/252	EUR		18,000,000		18,023,658
4.10%, 4/15/37	EUR		10,000,000		10,163,546
					28,187,204
Romania—0.3%
Romania Sr. Unsec. Bonds:
2.75%, 10/29/252	EUR		5,960,000		6,560,864
3.875%, 10/29/352	EUR		1,900,000		2,110,315
4.875%, 1/22/242			6,895,000		7,317,939
					15,989,118
Russia—2.6%
Agency for Housing Mortgage Lending OJSC Via AHML
Finance Ltd. Unsec. Nts., 7.75%, 2/13/182	RUB		132,500,000		2,112,397
Russian Federation Unsec. Nts., Series 6216, 6.70%, 5/15/19	RUB		8,543,000,000		135,640,753
					137,753,150
Senegal—0.1%
Republic of Senegal Unsec. Bonds, 6.25%, 7/30/242			3,330,000		3,333,880
Serbia—0.4%
Republic of Serbia Sr. Unsec. Nts., 5.25%, 11/21/172			6,345,000		6,508,771

6        OPPENHEIMER INTERNATIONAL BOND FUND

		Principal Amount		Value
Serbia (Continued)
Republic of Serbia Unsec. Nts., 5.875%, 12/3/182		$	12,495,000	$	13,093,236
					19,602,007
Slovenia—0.1%
Republic of Slovenia Unsec. Bonds, Series RS74, 1.50%, 3/25/354	EUR		7,000,000		7,090,004
South Africa—3.0%
Republic of South Africa Sr. Unsec. Bonds, Series R208, 6.75%, 3/31/21	ZAR		514,540,000		35,449,469
Republic of South Africa Unsec. Bonds:
Series 2023, 7.75%, 2/28/23	ZAR		311,100,000		21,703,256
Series 2048, 8.75%, 2/28/48	ZAR		152,000,000		10,111,737
Series R186, 10.50%, 12/21/26	ZAR		1,112,200,000		89,320,582
					156,585,044
Spain—0.6%
Kingdom of Spain Sr. Unsec. Bonds, 2.90%, 10/31/462	EUR		30,000,000		33,566,829
Sri Lanka—0.4%
Democratic Socialist Republic of Sri Lanka Sr. Unsec. Bonds:
5.875%, 7/25/222			6,875,000		6,778,894
6.25%, 10/4/202			3,055,000		3,142,856
Democratic Socialist Republic of Sri Lanka Sr. Unsec. Nts., 6%, 1/14/192			9,030,000		9,306,381
					19,228,131
Turkey—0.7%
Republic of Turkey Unsec. Nts.:
6.30%, 2/14/18	TRY		28,925,000		7,926,052
8.50%, 7/10/19	TRY		45,000,000		12,248,717
8.80%, 11/14/18	TRY		44,165,000		12,218,662
9.00%, 3/8/17	TRY		6,615,000		1,881,680
					34,275,111
Ukraine—1.0%
Ukraine Sr. Unsec. Nts., 7.75%, 9/1/19			51,710,000		52,151,603
United Kingdom—4.7%
United Kingdom Treasury Bonds:
2.75%, 9/7/24	GBP		97,000,000		135,536,667
3.25%, 1/22/44	GBP		71,340,000		113,685,956
					249,222,623
Uruguay—0.3%
Oriental Republic of Uruguay Sr. Unsec. Bonds, 5.10%, 6/18/50			17,430,000		15,730,575

7        OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

		Principal Amount		Value
Vietnam—0.1%
Socialist Republic of Vietnam Sr. Unsec. Bonds, 4.80%, 11/19/242		$	6,815,000	$	6,737,350
Total Foreign Government Obligations (Cost $2,927,577,535)					2,799,114,919
Corporate Bonds and Notes—33.2%
Consumer Discretionary—2.2%
Auto Components—0.3%
Adient Global Holdings Ltd., 3.50% Sr. Unsec. Nts., 8/15/242	EUR		4,000,000		4,287,523
GKN Holdings plc:
5.375% Sr. Unsec. Nts., 9/19/22	GBP		2,490,000		3,531,629
6.75% Sr. Unsec. Nts., 10/28/19	GBP		4,475,000		6,300,027
					14,119,179
Automobiles—0.3%
Daimler AG, 1.375% Sr. Unsec. Nts., 5/11/28	EUR		5,000,000		5,405,758
Volkswagen International Finance NV:
0.875% Sr. Unsec. Nts., 1/16/23	EUR		2,000,000		2,111,018
3.875% Jr. Sub. Perpetual Bonds1,5	EUR		5,610,000		6,112,940
					13,629,716
Hotels, Restaurants & Leisure—0.0%
Accor SA, 2.375% Sr. Unsec. Nts., 9/17/23	EUR		2,600,000		2,970,842
Household Durables—0.1%
Ardagh Packaging Finance plc/Ardagh Holdings USA, Inc.,
4.125% Sr. Sec. Nts., 5/15/23	EUR		5,425,000		6,025,870
Leisure Equipment & Products—0.1%
Proven Honour Capital Ltd., 4.125% Sr. Unsec. Nts., 5/6/26			5,505,000		5,478,835
Media—1.3%
Altice Luxembourg SA:
6.25% Sr. Unsec. Nts., 2/15/252	EUR		2,600,000		2,867,642
7.25% Sr. Sec. Nts., 5/15/222	EUR		7,920,000		8,941,419
SES SA, 4.625% Jr. Sub. Perpetual Bonds1,4,5	EUR		4,050,000		4,336,560
Telenet Finance VI Luxembourg SCA, 4.875% Sr. Sec. Nts., 7/15/272	EUR		5,000,000		5,503,286
Time Warner Cable LLC, 5.25% Sr. Sec. Nts., 7/15/42	GBP		2,000,000		2,860,629
UPC Holding BV, 6.75% Sr. Unsec. Nts., 3/15/232	EUR		8,400,000		9,661,274
Virgin Media Finance plc:
6.375% Sr. Unsec. Nts., 10/15/242	GBP		2,500,000		3,273,470
7.00% Sr. Unsec. Nts., 4/15/23	GBP		3,495,000		4,673,353
Virgin Media Secured Finance plc:
4.875% Sr. Sec. Nts., 1/15/272	GBP		7,000,000		8,497,398
6.00% Sr. Sec. Nts., 4/15/21	GBP		5,265,455		6,784,402
VTR Finance BV, 6.875% Sr. Sec. Nts., 1/15/242			1,920,000		1,987,200
Ziggo Secured Finance BV, 4.25% Sr. Sec. Nts., 1/15/272	EUR		8,000,000		8,430,413
					67,817,046

8        OPPENHEIMER INTERNATIONAL BOND FUND

		Principal Amount		Value
Textiles, Apparel & Luxury Goods—0.1%
PVH Corp., 3.625% Sr. Unsec. Nts., 7/15/242	EUR		4,000,000	$	4,458,507
Consumer Staples—0.0%
Food Products—0.0%
Minerva Luxembourg SA, 6.50% Sr. Unsec. Nts., 9/20/262			3,610,000		3,492,675
Energy—5.2%
Energy Equipment & Services—0.6%
Pertamina Persero PT:
5.625% Sr. Unsec. Nts., 5/20/432			11,693,000		10,816,949
6.45% Sr. Unsec. Nts., 5/30/442			17,700,000		17,988,085
					28,805,034
Oil, Gas & Consumable Fuels—4.6%
Bharat Petroleum Corp. Ltd., 4% Sr. Unsec. Nts., 5/8/25			6,120,000		6,013,806
CNOOC Finance 2011 Ltd., 4.25% Sr. Unsec. Nts., 1/26/212			8,435,000		8,796,414
Compania General de Combustibles SA, 9.50% Sr. Unsec. Nts., 11/7/212			2,705,000		2,734,755
Gazprom OAO Via Gaz Capital SA, 4.95% Sr. Unsec. Nts., 7/19/222			13,665,000		14,113,226
Indian Oil Corp. Ltd., 5.75% Sr. Unsec. Nts., 8/1/23			10,800,000		11,851,747
KazMunayGas National Co. JSC:
4.40% Sr. Unsec. Nts., 4/30/232			4,000,000		3,942,124
6.375% Sr. Unsec. Nts., 4/9/212			12,690,000		13,805,832
7.00% Sr. Unsec. Nts., 5/5/202			7,925,000		8,727,644
Novatek OAO via Novatek Finance DAC, 4.422% Sr. Unsec. Nts., 12/13/222			2,830,000		2,811,096
ONGC Videsh Vankorneft Pte Ltd., 3.75% Sr. Unsec. Nts., 7/27/26			5,000,000		4,761,700
Origin Energy Finance Ltd., 7.875% Sub. Nts., 6/16/711	EUR		9,900,000		11,141,634
Petrobras Global Finance BV:
4.375% Sr. Unsec. Nts., 5/20/23			20,555,000		18,010,291
5.375% Sr. Unsec. Nts., 1/27/21			8,000,000		7,844,000
5.75% Sr. Unsec. Nts., 1/20/20			6,690,000		6,790,350
8.375% Sr. Unsec. Nts., 5/23/21			29,380,000		31,730,400
8.75% Sr. Unsec. Nts., 5/23/26			9,975,000		10,785,469
Petroleos Mexicanos:
3.75% Sr. Unsec. Nts., 4/16/26	EUR		6,895,000		7,062,302
4.625% Sr. Unsec. Nts., 9/21/232			15,350,000		14,970,855
5.375% Sr. Unsec. Nts., 3/13/222			2,985,000		3,060,312
5.50% Sr. Unsec. Nts., 6/27/44			13,560,000		11,352,432
6.375% Sr. Unsec. Nts., 2/4/212			6,635,000		7,082,862
6.50% Sr. Unsec. Nts., 3/13/272			6,030,000		6,227,482
6.875% Sr. Unsec. Nts., 8/4/262			3,215,000		3,399,862
TOTAL SA:
3.369% Jr. Sub. Perpetual Bonds1,4,5	EUR		8,000,000		8,087,729
3.875% Jr. Sub. Perpetual Bonds1,5	EUR		6,070,000		6,754,584
Ultrapar International SA, 5.25% Sr. Unsec. Nts., 10/6/262			2,720,000		2,678,928
YPF Sociedad Anonima, 26.333% Sr. Unsec. Nts., 7/7/201,2			8,000,000		9,160,000

9        OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

		Principal Amount		Value
Oil, Gas & Consumable Fuels (Continued)
Zhaikmunai LLP, 6.375% Sr. Unsec. Nts., 2/14/192		$	800,000	$	782,000
					244,479,836
Financials—17.6%
Capital Markets—1.7%
ContourGlobal Power Holdings SA, 5.125% Sec. Nts., 6/15/212	EUR		1,160,000		1,285,248
Credit Suisse Group AG, 7.50% Jr. Sub. Perpetual Bonds1,5			15,000,000		15,748,875
Credit Suisse Group Funding Guernsey Ltd., 3.80% Sr. Unsec. Nts., 6/9/23			10,000,000		9,992,250
Deutsche Bank AG, 4.10% Sr. Unsec. Nts., 1/13/26			10,000,000		9,852,750
Equate Petrochemical BV, 4.25% Sr. Unsec. Nts., 11/3/262			6,090,000		5,831,419
Seven & Seven Ltd., 2.235% Sr. Unsec. Nts., 9/11/191,2			3,000,000		2,979,015
UBS AG (Jersey Branch), 7.25% Sub. Nts., 2/22/221			15,090,000		15,208,758
UBS Group AG:
6.875% Jr. Sub. Perpetual Bonds1,5			4,595,000		4,685,057
7.00% Jr. Sub. Perpetual Bonds1,5			8,000,000		8,407,280
7.125% Jr. Sub. Perpetual Bonds1,5			5,000,000		5,150,500
7.125% Jr. Sub. Perpetual Bonds1,4,5			11,000,000		11,380,237
					90,521,389
Commercial Banks—12.6%
ABN AMRO Bank NV, 4.75% Sub. Nts., 7/28/252			8,705,000		8,840,441
Akbank TAS, 7.50% Sr. Unsec. Nts., 2/5/182	TRY		11,095,000		3,020,515
Allied Irish Banks plc, 4.125% Sub. Nts., 11/26/251	EUR		16,000,000		17,093,503
Astana Finance JSC, 9.16% Sr. Unsec. Nts., 3/14/126			612,810		—
Banco ABC Brasil SA, 7.875% Sub. Nts., 4/8/202			1,100,000		1,164,966
Banco Bilbao Vizcaya Argentaria SA:
6.75% Jr. Sub. Perpetual Bonds1,5	EUR		17,000,000		17,113,931
7.00% Jr. Sub. Perpetual Bonds1,5	EUR		12,800,000		12,945,607
8.875% Jr. Sub. Perpetual Bonds1,5	EUR		17,800,000		20,235,113
Banco Hipotecario SA:
9.75% Sr. Unsec. Nts., 11/30/202			1,335,000		1,425,112
24.729% Sr. Unsec. Nts., 1/12/201,2	ARS		75,979,000		4,836,072
Banco Macro SA, 6.75% Sub. Nts., 11/4/261,2			1,610,000		1,529,500
Banco Santander SA, 6.375% Jr. Sub. Perpetual Bonds1,5			10,000,000		9,325,800
Bank of China Ltd., 5% Sub. Nts., 11/13/242			25,000,000		25,970,775
Bank of Ireland:
4.25% Sub. Nts., 6/11/241	EUR		4,090,000		4,439,829
10.00% Sub. Nts., 2/12/20	EUR		7,000,000		9,066,190
10.00% Sub. Nts., 12/19/22	EUR		9,500,000		13,225,231
Bank of Scotland plc, 4.875% Sec. Nts., 12/20/24	GBP		8,675,000		13,224,907
Barclays plc:
6.50% Jr. Sub. Perpetual Bonds1,5	EUR		15,000,000		15,286,594
7.875% Jr. Sub. Perpetual Bonds1,4,5			3,000,000		3,041,550
7.875% Jr. Sub. Perpetual Bonds1,5	GBP		5,000,000		6,171,372
8.00% Jr. Sub. Perpetual Bonds1,5	EUR		11,575,000		12,893,338
BNP Paribas SA, 7.625% Jr. Sub. Perpetual Bonds1,2,5			6,000,000		6,345,600

10        OPPENHEIMER INTERNATIONAL BOND FUND

		Principal Amount		Value
Commercial Banks (Continued)
BPCE SA:
2.75% Sub. Nts., 7/8/261	EUR		7,400,000	$	8,076,867
4.50% Sub. Nts., 3/15/252			5,000,000		4,873,570
4.875% Sub. Nts., 4/1/262			4,455,000		4,453,998
Commonwealth Bank of Australia, 4.50% Sub. Nts., 12/9/252			5,000,000		5,122,005
Compass Bank, 3.875% Sub. Nts., 4/10/25			5,000,000		4,760,435
Cooperatieve Rabobank UA, 5.50% Jr. Sub. Perpetual Bonds1,5	EUR		5,090,000		5,426,303
Credit Agricole Assurances SA, 4.25% Sub. Perpetual Bonds1,5	EUR		10,000,000		10,401,498
Credit Agricole SA:
8.125% Jr. Sub. Perpetual Bonds1,2,5			4,405,000		4,652,693
8.375% Jr. Sub. Perpetual Bonds1,2,5			25,000,000		27,550,500
Danske Bank AS, 5.684% Jr. Sub. Perpetual Bonds1,5	GBP		6,225,000		7,690,562
DNB Bank ASA, 6.50% Jr. Sub. Perpetual Bonds1,5			2,500,000		2,554,950
EUROFIMA, 6.25% Sr. Unsec. Nts., 12/28/18	AUD		5,270,000		4,084,521
Export-Import Bank of India:
9.50% Sr. Unsec. Nts., 10/9/18	INR		175,000,000		2,685,238
9.70% Sr. Unsec. Nts., 11/21/18	INR		200,000,000		3,087,523
Global Bank Corp., 4.50% Sr. Unsec. Nts., 10/20/212			3,660,000		3,572,892
Grupo Aval Ltd., 4.75% Sr. Unsec. Nts., 9/26/222			700,000		692,300
HBOS plc, 4.50% Sub. Nts., 3/18/301	EUR		13,000,000		15,115,022
HSBC Bank Capital Funding Sterling 1 LP, 5.844% Jr. Sub.
Perpetual Bonds1,5	GBP		3,100,000		4,365,689
HSBC Holdings plc, 6.875% Jr. Sub. Perpetual Bonds1,5			5,000,000		5,287,500
ICICI Bank Ltd., 6.375% Jr. Sub. Nts., 4/30/221,2			20,001,000		20,150,267
ING Bank NV, 2.75% Sr. Unsec. Nts., 3/22/212			3,000,000		3,012,099
ING Groep NV:
6.50% Jr. Sub. Perpetual Bonds1,5			15,000,000		14,503,125
6.875% Jr. Sub. Perpetual Bonds1,4,5			8,000,000		8,038,672
Intesa Sanpaolo SpA:
5.017% Sub. Nts., 6/26/242			7,150,000		6,610,625
5.71% Sub. Nts., 1/15/262			10,000,000		9,547,230
7.70% Jr. Sub. Perpetual Bonds1,2,5			19,000,000		17,931,250
KBC Group NV, 5.625% Jr. Sub. Perpetual Bonds1,5	EUR		4,220,000		4,486,427
Krung Thai Bank PCL (Cayman Islands), 5.20% Sub. Nts.,
12/26/241			3,310,000		3,435,446
Lloyds Bank plc, 13% Jr. Sub. Perpetual Bonds1,5	GBP		5,000,000		10,869,250
Lloyds Banking Group plc:
4.65% Sub. Nts., 3/24/26			15,000,000		15,201,000
7.00% Jr. Sub. Perpetual Bonds1,5	GBP		13,000,000		16,295,354
7.625% Jr. Sub. Perpetual Bonds1,5	GBP		8,000,000		10,351,322
NABARD, 8.19% Sr. Unsec. Nts., 6/8/18	INR		80,000,000		1,201,269
NN Group NV, 4.625% Sub. Nts., 4/8/441	EUR		17,945,000		19,835,390
Rabobank Capital Funding Trust IV, 5.556% Jr. Sub. Perpetual
Bonds1,2,5	GBP		8,355,000		10,793,929
Royal Bank of Scotland Group plc:
2.50% Sr. Unsec. Nts., 3/22/23	EUR		9,000,000		9,656,525
4.80% Sr. Unsec. Nts., 4/5/26			12,000,000		12,019,536
7.64% Jr. Sub. Perpetual Bonds1,5			3,715,000		3,464,237

11        OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

		Principal Amount		Value
Commercial Banks (Continued)
Royal Bank of Scotland plc (The), 13.125% Sub. Nts., 3/19/221	AUD		30,052,000	$	22,132,997
Santander UK Group Holdings plc, 4.75% Sub. Nts., 9/15/252			6,870,000		6,746,003
Sberbank of Russia Via SB Capital SA, 5.50% Sub. Nts., 2/26/241,2			10,340,000		10,533,875
Societe Generale SA:
1.375% Sub. Perpetual Bonds1,5			5,000,000		3,175,000
4.25% Sub. Nts., 4/14/252			5,000,000		4,852,745
4.25% Sub. Nts., 8/19/262			12,000,000		11,596,560
6.00% Jr. Sub. Perpetual Bonds1,5			8,000,000		7,209,912
7.375% Jr. Sub. Perpetual Bonds1,2,5			10,000,000		10,008,200
8.00% Jr. Sub. Perpetual Bonds1,2,5			9,250,000		9,277,750
SPCM SA, 2.875% Sr. Unsec. Nts., 6/15/232	EUR		4,100,000		4,322,447
Standard Chartered Bank, 5.375% Jr. Sub. Perpetual Bonds1,5	GBP		4,000,000		4,942,185
Standard Chartered plc:
4.30% Sub. Nts., 2/19/272			7,000,000		6,670,286
6.409% Jr. Sub. Perpetual Bonds1,5			13,200,000		10,334,980
6.50% Jr. Sub. Perpetual Bonds1,2,5			5,300,000		4,863,942
Sumitomo Mitsui Financial Group, Inc., 2.632% Sr. Unsec. Nts., 7/14/26			3,000,000		2,787,027
TC Ziraat Bankasi AS, 4.75% Sr. Unsec. Nts., 4/29/212			1,535,000		1,472,218
Turkiye Halk Bankasi AS, 5% Sr. Unsec. Nts., 7/13/212			3,185,000		2,987,132
Turkiye Is Bankasi, 5.375% Sr. Unsec. Nts., 10/6/212			1,835,000		1,761,857
Turkiye Vakiflar Bankasi TAO, 6.875% Sub. Nts., 2/3/251,2			2,330,000		2,250,780
UniCredit SpA, 6.95% Sub. Nts., 10/31/22	EUR		5,000,000		6,056,074
					663,034,935
Diversified Financial Services—0.8%
Berkshire Hathaway, Inc., 1.625% Sr. Unsec. Nts., 3/16/35	EUR		20,000,000		19,715,966
JPMorgan Hipotecaria su Casita, 6.47% Sec. Nts., 8/26/357	MXN		34,101,099		166,149
National Savings Bank, 8.875% Sr. Unsec. Nts., 9/18/182			11,135,000		11,789,181
Power Finance Corp. Ltd., 8.29% Sr. Unsec. Nts., 6/13/18	INR		180,000,000		2,676,226
Rural Electrification Corp. Ltd., 9.04% Sr. Unsec. Nts., 10/12/19	INR		250,000,000		3,859,636
					38,207,158
Insurance—2.2%
Allianz SE, 4.75% Jr. Sub. Perpetual Bonds1,5	EUR		10,000,000		11,663,446
Assicurazioni Generali SpA:
6.269% Jr. Sub. Perpetual Bonds1,5	GBP		4,350,000		5,243,562
7.75% Sub. Nts., 12/12/421	EUR		3,400,000		4,271,631
10.125% Sub. Nts., 7/10/421	EUR		7,000,000		9,608,338
Aviva plc, 6.125% Jr. Sub. Perpetual Bonds1,5	GBP		6,560,000		8,376,816
AXA SA:
3.375% Sub. Nts., 7/6/471	EUR		5,000,000		5,361,957
5.25% Sub. Nts., 4/16/401	EUR		5,000,000		5,864,813
8.60% Sub. Nts., 12/15/30			7,325,000		10,090,187
Bank of Ireland, 7.375% Jr. Sub. Perpetual Bonds1,5	EUR		9,000,000		9,678,059

12        OPPENHEIMER INTERNATIONAL BOND FUND

		Principal Amount		Value
Insurance (Continued)
Cloverie plc per Swiss Re Corporate Solutions Ltd., 4.50% Sub. Nts., 9/11/441		$	20,000,000	$	19,611,980
Cloverie plc per Zurich Insurance Co. Ltd., 4.75% Sub. Perpetual Bonds4,5			4,600,000		4,193,204
Demeter Investments BV for Zurich Insurance Co. Ltd., 3.50% Sub. Nts., 10/1/461	EUR		4,000,000		4,362,565
Power Finance Corp. Ltd., 8.53% Sr. Unsec. Nts., 7/24/20	INR		330,000,000		5,061,710
Prudential plc:
4.375% Sub. Perpetual Bonds4,5			6,000,000		5,512,350
5.70% Sub. Nts., 12/19/631	GBP		5,000,000		6,280,002
					115,180,620
Real Estate Investment Trusts (REITs)—0.1%
Banco Invex SA/Hipotecaria Credito y Casa SA de CV, 6.45% Sec. Nts., 3/13/343,6	MXN		27,602,566		—
Trust F/1401, 5.25% Sr. Unsec. Nts., 1/30/262			6,855,000		6,597,938
					6,597,938
Real Estate Management & Development—0.0%
O1 Properties Finance plc, 8.25% Sr. Unsec. Nts., 9/27/212			1,225,000		1,192,145
Thrifts & Mortgage Finance—0.2%
Housing Development Finance Corp. Ltd.:
8.70% Sr. Sec. Nts., 4/26/18	INR		250,000,000		3,738,887
8.75% Sr. Sec. Nts., 1/13/20	INR		330,000,000		4,993,123
8.95% Sec. Nts., 10/19/20	INR		125,000,000		1,911,095
					10,643,105
Health Care—0.4%
Biotechnology—0.1%
Deutsche Bank AG, 6% Jr. Sub. Perpetual Bonds1,5	EUR		5,000,000		4,633,281
Health Care Providers & Services—0.2%
HomeVi SAS, 6.875% Sr. Sec. Nts., 8/15/212	EUR		2,500,000		2,821,247
OCP SA, 4.50% Sr. Unsec. Nts., 10/22/252			6,360,000		6,098,057
					8,919,304
Pharmaceuticals—0.1%
Aegon NV, 1.506% Sub. Perpetual Bonds1,5	EUR		3,176,462		1,950,522
Almirall SA, 4.625% Sr. Unsec. Nts., 4/1/21	EUR		4,515,000		4,921,982
					6,872,504
Industrials—0.7%
Construction & Engineering—0.3%
Fideicomiso PA Costera, 6.25% Sec. Nts., 1/15/342,3	COP		10,107,644,400		3,274,378
Fideicomiso PA Pacifico Tres, 8.25% Sr. Sec. Nts., 1/15/352			3,335,000		3,543,438
IHS Netherlands Holdco BV, 9.50% Sr. Unsec. Nts., 10/27/212			3,050,000		3,129,672

13        OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

		Principal Amount		Value
Construction & Engineering (Continued)
Sinopec Group Overseas Development 2016 Ltd., 2% Sr.
Unsec. Nts., 9/29/212		$	7,335,000	$	7,004,375
					16,951,863
Machinery—0.1%
IHO Verwaltungs GmbH:
2.75% Sr. Sec. Nts., 9/15/212,8	EUR		4,000,000		4,352,901
3.25% Sr. Sec. Nts., 9/15/232,8	EUR		2,000,000		2,176,935
					6,529,836
Trading Companies & Distributors—0.0%
Eldorado International Finance GmbH, 8.625% Sr. Unsec.
Nts., 6/16/212			2,070,000		1,790,550
Transportation Infrastructure—0.3%
Aeropuerto Internacional de Tocumen SA, 5.625% Sr. Sec. Nts., 5/18/367			6,675,000		6,950,344
DP World Ltd., 6.85% Sr. Unsec. Nts., 7/2/372			5,115,000		5,478,042
					12,428,386
Materials—2.7%
Chemicals—0.9%
Arkema SA, 4.75% Jr. Sub. Perpetual Bonds1,5	EUR		7,500,000		8,420,168
Crown European Holdings SA:
2.625% Sr. Unsec. Nts., 9/30/242	EUR		2,000,000		2,066,202
3.375% Sr. Unsec. Nts., 5/15/252	EUR		5,000,000		5,319,777
INEOS Group Holdings SA, 5.375% Sr. Unsec. Nts., 8/1/242	EUR		6,000,000		6,379,495
Kallpa Generacion SA, 4.875% Sr. Unsec. Nts., 5/24/262			2,665,000		2,698,313
ONGC Videsh Ltd.:
2.75% Sr. Unsec. Nts., 7/15/21	EUR		7,490,000		8,378,382
4.625% Sr. Unsec. Nts., 7/15/24			8,130,000		8,363,534
UPL Corp. Ltd., 3.25% Sr. Unsec. Nts., 10/13/212			3,055,000		2,975,032
					44,600,903
Construction Materials—0.4%
Cemex SAB de CV:
4.375% Sr. Sec. Nts., 3/5/232	EUR		700,000		758,850
5.70% Sr. Sec. Nts., 1/11/252			4,610,000		4,656,100
Globo Comunicacao e Participacoes SA, 4.843% Sr. Unsec.
Nts., 6/8/251,2			10,745,000		10,342,062
St. Marys Cement, Inc., 5.75% Sr. Unsec. Nts., 1/28/272			2,750,000		2,650,313
Union Andina de Cementos SAA, 5.875% Sr. Unsec. Nts.,
10/30/212			1,870,000		1,940,125
					20,347,450
Containers & Packaging—0.3%
Klabin Finance SA, 5.25% Sr. Unsec. Nts., 7/16/242			7,975,000		7,596,187

14        OPPENHEIMER INTERNATIONAL BOND FUND

		Principal Amount		Value
Containers & Packaging (Continued)
Smurfit Kappa Acquisitions, 4.875% Sr. Sec. Nts., 9/15/182		$	8,535,000	$	8,812,388
					16,408,575
Metals & Mining—1.0%
ABJA Investment Co. Pte Ltd., 5.95% Sr. Unsec. Nts., 7/31/24			15,355,000		15,069,243
ArcelorMittal, 2.875% Sr. Unsec. Nts., 7/6/20	EUR		4,935,000		5,462,782
Autodis SA, 4.375% Sr. Sec. Nts., 5/1/222	EUR		1,000,000		1,108,579
Evraz Group SA, 6.75% Sr. Unsec. Nts., 1/31/224			3,005,000		3,143,981
Glencore Finance Canada Ltd., 2.70% Sr. Unsec. Nts., 10/25/172			2,810,000		2,832,061
Glencore Funding LLC, 4.125% Sr. Unsec. Nts., 5/30/232			4,945,000		4,983,304
Metalloinvest Finance DAC, 5.625% Unsec. Nts., 4/17/202			1,250,000		1,315,923
Polyus Gold International Ltd., 4.699% Sr. Unsec. Nts., 3/28/222			2,680,000		2,646,500
Southern Copper Corp., 5.875% Sr. Unsec. Nts., 4/23/45			5,655,000		5,568,739
Vale Overseas Ltd., 6.25% Sr. Unsec. Nts., 8/10/26			11,155,000		11,629,088
					53,760,200
Paper & Forest Products—0.1%
Stora Enso OYJ, 2.125% Sr. Unsec. Nts., 6/16/234	EUR		1,000,000		1,069,440
Suzano Austria GmbH, 5.75% Sr. Unsec. Nts., 7/14/262			6,355,000		6,140,519
					7,209,959
Telecommunication Services—2.5%
Diversified Telecommunication Services—1.9%
British Telecommunications plc, 1.75% Sr. Unsec. Nts., 3/10/26	EUR		5,000,000		5,457,274
Koninklijke KPN NV, 8.375% Sr. Unsec. Nts., 10/1/30			7,493,000		10,010,783
SFR Group SA, 5.625% Sr. Sec. Nts., 5/15/24	EUR		9,715,000		10,818,220
Telecom Italia Capital SA, 7.721% Sr. Unsec. Unsub. Nts., 6/4/38			13,147,000		13,640,013
Telecom Italia SpA:
3.625% Sr. Unsec. Nts., 1/19/24	EUR		5,140,000		5,773,316
7.375% Sr. Unsec. Nts., 12/15/17	GBP		5,000,000		6,491,032
Telefonica Emisiones SAU, 2.932% Sr. Unsec. Nts., 10/17/29	EUR		15,600,000		17,762,208
Telefonica Europe BV:
3.75% Jr. Sub. Perpetual Bonds1,4,5	EUR		16,300,000		16,814,465
6.50% Jr. Sub. Perpetual Bonds1,5	EUR		10,000,000		11,240,007
					98,007,318
Wireless Telecommunication Services—0.6%
Millicom International Cellular SA, 6% Sr. Unsec. Nts., 3/15/252			6,790,000		6,696,638
Telefonica Europe BV, 5.875% Jr. Sub. Perpetual Bonds1,5	EUR		2,000,000		2,218,127
Telekom Austria AG, 5.625% Jr. Sub. Perpetual Bonds1,5	EUR		11,595,000		12,808,549
VimpelCom Holdings BV, 9% Sr. Unsec. Nts., 2/13/182	RUB		128,400,000		2,086,068
Wind Acquisition Finance SA, 4% Sr. Sec. Nts., 7/15/202	EUR		8,545,000		9,186,530
					32,995,912

15        OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

		Principal Amount		Value
Utilities—1.9%
Electric Utilities—1.1%
EDP-Energias de Portugal SA, 5.375% Sub. Nts., 9/16/751	EUR		8,000,000	$	8,815,952
Electricite de France SA:
4.25% Jr. Sub. Perpetual Bonds1,5	EUR		12,500,000		13,458,525
5.25% Jr. Sub. Perpetual Bonds1,2,5			10,785,000		10,178,344
5.625% Jr. Sub. Perpetual Bonds1,2,5			2,915,000		2,772,894
Enel Americas SA, 4% Sr. Unsec. Nts., 10/25/26			2,440,000		2,333,274
Enel SpA:
5.00% Jr. Sub. Nts., 1/15/751	EUR		10,075,000		11,253,441
8.75% Jr. Sub. Nts., 9/24/731,2			5,000,000		5,700,000
Power Grid Corp. of India Ltd., 8.70% Sec. Nts., 7/15/18	INR		130,000,000		1,956,783
					56,469,213
Independent Power and Renewable Electricity Producers—0.6%
AES Andres BV/Dominican Power Partners/Empresa
Generadora de Electricidad It, 7.95% Sr. Unsec. Nts., 5/11/262			4,800,000		4,970,256
Infinis plc, 7% Sr. Sec. Nts., 2/15/19	GBP		4,700,000		5,935,320
Listrindo Capital BV, 4.95% Sr. Unsec. Nts., 9/14/262			13,985,000		13,643,361
Reliance Jio Infocomm Ltd., 8.32% Sec. Nts., 7/8/21	INR		335,000,000		5,163,467
Trinidad Generation UnLtd, 5.25% Sr. Unsec. Nts., 11/4/272			3,045,000		2,972,194
					32,684,598
Multi-Utilities—0.2%
NGG Finance plc, 4.25% Sub. Nts., 6/18/761	EUR		10,870,000		12,216,903
Total Corporate Bonds and Notes (Cost $1,840,377,383)					1,749,481,585
			Shares
Common Stock—0.0%
JP Morgan International, GDR2,9 (Cost $0)			868,851		—
		Principal Amount
Structured Securities—0.3%
Deutsche Bank AG, Coriolanus Ltd. Sec. Credit Linked Bonds:
3.003%, 4/30/252,10		$	2,808,177		1,462,447
3.054%, 4/30/252,10			3,578,049		1,863,383
3.098%, 4/30/251,2			3,089,072		1,608,733
3.131%, 4/30/252,10			2,761,241		1,438,004
3.179%, 4/30/252,10			3,437,970		1,790,432
3.231%, 4/30/252,10			3,923,920		2,043,506
3.265%, 4/30/252,10			3,134,753		1,632,522
3.346%, 4/30/252,10			2,946,535		1,534,501
LB Peru Trust II Certificates, Series 1998-A, 3.796%, 2/28/166,10			11,734		—
Morgan Stanley, Russian Federation Total Return Linked
Bonds, Series 007, Cl. VR, 5%, 8/22/34	RUB		154,371,131		1,110,338
Total Structured Securities (Cost $25,709,388)					14,483,866
Short-Term Notes—3.2%
Letras del Banco Central de la Republica Argentina:
27.473%, 1/25/1710	ARS		115,000,000		7,125,296

16         OPPENHEIMER INTERNATIONAL BOND FUND

		Principal Amount		Value
Short-Term Notes (Continued)
Letras del Banco Central de la Republica Argentina: (Continued)
28.90%, 1/18/1710	ARS		150,000,000	$	9,336,366
29.293%, 1/11/1710	ARS		50,000,000		3,125,482
United States Treasury Bills, 0.409%, 3/16/1710,11,12			150,000,000		149,851,500
Total Short-Term Notes (Cost $171,740,694)					169,438,644

	Counter- party			Exercise Price		Expiration Date			Contracts
Over-the-Counter Options Purchased—0.4%
BRL Currency Call9		GSCO-OT	BRL		3.370		3/10/17	BRL		168,500,000	1,811,712
CAD Currency Put9		TDB	CAD		1.345		3/1/17	CAD		100,875,000	1,104,783
CLP Currency Put9		GSCO-OT	CLP		697.000		9/13/17	CLP		69,700,000,000	2,160,700
COP Currency Put9		GSCO-OT	COP		3050.000		9/12/17	COP		228,750,000,000	4,803,750
COP Currency Put9		JPM	COP		3100.000		9/13/17	COP		155,000,000,000	2,790,000
EUR Currency Put9		CITNA-B	PLN		4.330		2/1/17	EUR		100,000,000	149,210
EUR Currency Put9		CITNA-B	USD		1.022		3/2/17	EUR		100,000,000	655,800
EUR Currency Call9		BOA	USD		1.090		1/19/17	EUR		150,000,000	175,500
EUR Currency Put9		GSCO-OT	USD		1.040		1/11/17	EUR		200,000,000	664,800
INR Currency Call9		JPM	INR		67.500		3/6/17	INR		6,750,000,000	324,000
INR Currency Call9		BOA	INR		67.000		9/13/17	INR		3,350,000,000	271,350
INR Currency Call9		CITNA-B	INR		67.500		2/1/17	INR		6,750,000,000	175,500
INR Currency Put9		BOA	INR		70.000		9/13/17	INR		3,500,000,000	1,288,000
MXN Currency Call9		GSCO-OT	MXN		17.500		2/2/17	MXN		1,750,000,000	—
MXN Currency Call9		BOA	MXN		17.500		2/2/17	MXN		3,500,000,000	—

17        OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

Counter- party

Exercise Price

Expiration Date

Contracts

Value

Over-the-Counter Options Purchased (Continued)

MXN Currency Call9

BOA

MXN

17.500

2/2/17

MXN

2,625,000,000

$

—

PHP Currency Call9

GSCO-OT

PHP

47.800

2/6/17

PHP

3,585,000,000

10,755

ZAR Currency Put9

JPM

ZAR

16.500

9/15/17

ZAR

1,650,000,000

2,483,250

Total Over-the-Counter Options Purchased (Cost $35,029,694)

18,869,110

Counter -party

Buy /Sell Protection

Reference Asset

Fixed Rate

Expiration Date

Notional Amount (000’s)

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

Credit Default Swap maturing

1/18/17 Call9 (Cost $230,000)

JPM

Buy

CDX. NA.HY.27

5.00

%

1/18/17USD

100,000

—

Counter -party

Pay/Receive Floating Rate

Floating Rate

Fixed Rate

Expiration Date

Notional Amount (000’s)

Over-the-Counter Interest Rate Swaptions Purchased—0.3%

Interest Rate Swap maturing 2/14/27 Call9

BOA

Receive

Six-Month EUR EURIBOR

0.704

2/10/17EUR

134,000

988,506

Interest Rate Swap maturing 2/14/47 Call9

BAC

Receive

Six-Month EUR EURIBOR

1.200

2/10/17EUR

50,000

1,682,227

Interest Rate Swap maturing 2/16/20 Call9

BOA

Receive

Three-Month USD BBA LIBOR

1.765

2/14/17USD

1,500,000

2,973,075

Interest Rate Swap maturing 2/21/20 Call9

JPM

Receive

Three- Month USD BBA LIBOR

1.750

2/17/17USD

300,000

691,980

Interest Rate Swap maturing 2/27/20 Call9

JPM

Receive

Three- Month USD BBA LIBOR

1.610

2/23/17USD

650,000

3,198,442

Interest Rate Swap maturing 3/13/47 Call9

BOA

Receive

Six-Month EUR EURIBOR

1.395

3/9/17EUR

100,000

2,204,610

18        OPPENHEIMER INTERNATIONAL BOND FUND

Counter -party

Pay/Receive Floating Rate

Floating Rate

Fixed Rate

Expiration Date

Notional Amount (000’s)

Value

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

Interest Rate Swap maturing 3/3/27 Call9

BOA

Receive

Six-Month EUR EURIBOR

0.816%

3/1/17EUR

225,000

$

1,329,977

Interest Rate Swap maturing 3/8/27 Call9

JPM

Receive

Six-Month EUR EURIBOR

0.800

3/6/17EUR

300,000

2,065,208

Interest Rate Swap maturing 5/30/33 Put9

BAC

Pay

Six-Month GBP BBA LIBOR

3.990

5/30/23GBP

40,415

475,746

Total Over-the-Counter Interest Rate Swaptions Purchased (Cost $23,992,952)

15,609,771

	Shares
Investment Company—2.8%
Oppenheimer Institutional Government Money Market Fund, Cl. E,
0.43%13,14 (Cost $148,333,700)		148,333,700			148,333,700
Total Investments, at Value (Cost $5,443,308,918)		97.8	%		5,145,595,666
Net Other Assets (Liabilities)		2.2			117,321,583
Net Assets		100.0	%	$	5,262,917,249

Footnotes to Statement of Investments

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

2. 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 $1,021,422,432 or 19.41% of the Fund’s net assets at period end.

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

4. All or a portion of this security is owned by the subsidiary. See Note 2 of the accompanying Consolidated Notes.

5. This bond has no contractual maturity date, is not redeemable and contractually pays an indefinite stream of

interest.

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 $7,116,493, which represents 0.14% of the Fund’s net assets. See Note 4 of the accompanying Consolidated Notes. Information concerning restricted securities is as follows:

Security	Acquisition Dates		Cost		Value		Unrealized Appreciation/ (Depreciation)
Aeropuerto Internacional de Tocumen SA, 5.625% Sr. Sec. Nts., 5/18/36		5/13/16	$	6,675,000	$	6,950,344	$	275,344
JPMorgan Hipotecaria su Casita, 6.47% Sec. Nts., 8/26/35		3/21/07		3,121,355		166,149		(2,955,206	)
			$	9,796,355	$	7,116,493	$	(2,679,862	)

8. Interest or dividend is paid-in-kind, when applicable.

19         OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

Footnotes to Statement of Investments (Continued)

9. Non-income producing security.

10. Zero coupon bond reflects effective yield on the original acquisition date.

11. 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 $6,982,081. See Note 6 of the accompanying Consolidated Notes.

12. 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 $125,434,697. See Note 6 of the accompanying Consolidated Notes.

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

14. 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, 2016		Gross Additions		Gross Reductions		Shares December 31, 2016
Oppenheimer Institutional Government Money Market Fund, Cl. E		302,535,418		648,033,162		802,234,880		148,333,700
					Value		Income
Oppenheimer Institutional Government Money Market Fund, Cl. E					$	143,333,700	$	290,837

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

Geographic Holdings	Value			Percent
United Kingdom		$	643,503,375		12.5%
Brazil			547,678,627		10.6
Mexico			400,700,665		7.8
India			357,983,203		7.0
United States			343,197,960		6.7
France			257,035,399		5.0
Indonesia			236,119,071		4.6
Spain			184,591,814		3.6
Italy			178,088,724		3.5
Russia			176,706,302		3.4
South Africa			159,068,294		3.1
Argentina			137,188,629		2.7
Netherlands			128,552,382		2.5
Germany			102,984,777		2.0
Switzerland			96,563,821		1.9
Ireland			89,371,601		1.7
Peru			87,986,992		1.7
Australia			75,209,513		1.5
Hungary			74,705,294		1.5
Poland			62,834,778		1.2
Malaysia			55,670,274		1.1

20        OPPENHEIMER INTERNATIONAL BOND FUND

Geographic Holdings (Continued)	Value			Percent
Ukraine		$	52,151,603		1.0%
Greece			50,990,571		1.0
China			47,250,399		0.9
Luxembourg			46,658,015		0.9
Turkey			45,767,613		0.9
Kazakhstan			39,898,693		0.8
Colombia			37,374,754		0.7
Portugal			37,003,156		0.7
Ivory Coast			35,462,851		0.7
Cyprus			33,033,685		0.6
Sri Lanka			31,017,313		0.6
New Zealand			22,908,481		0.4
Dominican Republic			22,734,856		0.4
Serbia			19,602,006		0.4
Croatia			16,635,587		0.3
Romania			15,989,118		0.3
Uruguay			15,730,575		0.3
Austria			12,808,549		0.2
Jersey, Channel Islands			11,376,017		0.2
Panama			10,523,236		0.2
Guernsey			9,992,250		0.2
Belgium			9,989,713		0.2
Eurozone			9,915,838		0.2
Jamaica			8,052,237		0.2
Denmark			7,690,562		0.1
Kenya			7,226,193		0.1
Slovenia			7,090,004		0.1
Namibia			7,007,649		0.1
Vietnam			6,737,350		0.1
Chile			6,481,174		0.1
Morocco			6,098,057		0.1
Kuwait			5,831,419		0.1
United Arab Emirates			5,478,042		0.1
Honduras			5,367,000		0.1
Costa Rica			4,737,823		0.1
Supranational			4,084,521		0.1
Paraguay			3,661,800		0.1
Thailand			3,435,446		0.1
Senegal			3,333,879		0.1
Nigeria			3,129,672		0.1
South Korea			2,979,015		0.1
Trinidad			2,972,194		0.1
Iraq			2,871,080		0.1
Japan			2,787,027		0.1
Norway			2,554,950		0.1
Ghana			2,311,270		0.0
Canada			1,104,783		0.0
Finland			1,069,440		0.0
Gabon			935,950		0.0

21        OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

Geographic Holdings (Continued)	Value			Percent
Philippines		$	10,755		0.0%
Total		$	5,145,595,666		100.0%

Forward Currency Exchange Contracts as of December 31, 2016
Counter -party	Settlement Month(s)			Currency Purchased (000’s)			Currency Sold (000’s)		Unrealized Appreciation		Unrealized Depreciation
BAC		02/2017	CNH		200,280	USD		29,924	$	—	$	1,601,931
BAC		03/2017	EUR		106,675	USD		115,476		—		2,782,555
BAC		03/2017	USD		5,785	EUR		5,410		69,767		—
BAC		03/2017	USD		25,601	JPY		2,799,000		1,567,658		—
BAC		03/2017	USD		92,547	SEK		844,000		—		483,145
BOA		01/2017	AUD		19,305	USD		14,734		—		807,756
BOA		02/2017	CNH		736,824	USD		109,570		—		5,158,616
BOA		03/2017	EUR		126,795	USD		138,695		45,356		4,791,464
BOA		03/2017	JPY		10,274,000	USD		95,695		—		7,476,849
BOA		03/2017	KRW		66,444,000	USD		58,417		—		3,392,526
BOA		03/2017	SEK		702,870	USD		78,178		—		703,345
BOA		01/2017	USD		30,494	AUD		40,395		1,353,266		—
BOA		02/2017 - 10/2017	USD		92,483	CNH		652,438		1,714,074		—
BOA		03/2017	USD		67,691	EUR		63,345		772,131		—
BOA		02/2017	USD		139,583	IDR				1,364,314		—
BOA		01/2017	USD		180,651	INR		12,254,000		960,391		555,493
BOA		03/2017	USD		115,161	JPY		12,880,000		4,566,562		—
BOA		01/2017	USD		57,000	MYR		251,940		858,745		—
BOA		02/2017	USD		13,355	PHP		670,000		—		83,217
BOA		03/2017	USD		76,774	SEK		700,255		—		412,224
CITNA-B		01/2017	BRL		567,248	USD		160,000		13,593,338		—
CITNA-B		10/2017	CNH		211,000	USD		29,506		—		572,666
CITNA-B		03/2017	EUR		15,735	USD		16,624		85,753		86,933
CITNA-B		03/2017	GBP		7,940	USD		9,893		—		90,363
CITNA-B		03/2017	JPY		12,666,000	USD		121,158		—		12,406,145
CITNA-B		01/2017 - 03/2017	USD		99,093	BRL		332,200		—		2,161,123
CITNA-B		02/2017	USD		37,000	CNH		250,386		1,518,925		—
CITNA-B		03/2017	USD		47,598	EUR		44,405		687,753		—
CITNA-B		03/2017	USD		50	GBP		40		359		—
CITNA-B		02/2017 - 03/2017	USD		189,149	JPY		20,593,952		12,395,865		—
CITNA-B		03/2017	USD		58,784	KRW		66,444,000		3,759,476		—
CITNA-B		03/2017	USD		19,713	MXN		406,800		274,945		—
CITNA-B		03/2017	USD		26,992	NZD		36,845		1,450,223		—
CITNA-B		03/2017	USD		113,184	PLN		467,180		1,682,470		—
DEU		03/2017	EUR		3,935	USD		4,200		—		43,123
DEU		03/2017	GBP		26,535	USD		33,714		—		954,631
DEU		03/2017	JPY		28,984,000	USD		277,477		—		28,604,586
DEU		03/2017	SEK		841,385	USD		99,875		—		7,132,832
DEU		01/2017	USD		43,902	TRY		144,870		2,937,272		—
DEU		03/2017	USD		74,674	ZAR		1,102,865		—		4,559,877
GSCO-OT		01/2017	BRL		522,300	USD		148,619		11,856,315		—
GSCO-OT		02/2017 - 10/2017	CNH		263,000	USD		37,516		—		1,048,342
GSCO-OT		01/2017	COP		74,387,500	USD		25,000		—		225,314

22        OPPENHEIMER INTERNATIONAL BOND FUND

Forward Currency Exchange Contracts (Continued)
Counter -party	Settlement Month(s)			Currency Purchased (000’s)			Currency Sold (000’s)		Unrealized Appreciation		Unrealized Depreciation
GSCO-OT		03/2017	JPY		3,445,000	USD		31,995	$	—	$	2,414,383
GSCO-OT		02/2017	KRW		27,317,250	USD		24,705		—		2,080,745
GSCO-OT		02/2017	MXN		206,570	USD		9,902		1,638		—
GSCO-OT		01/2017 - 02/2017	USD		166,440	BRL		604,670		—		19,116,928
GSCO-OT		02/2017	USD		71,068	CNH		490,280		1,651,127		—
GSCO-OT		01/2017	USD		24,856	COP		74,387,500		81,631		—
GSCO-OT		03/2017	USD		30,152	EUR		28,400		149,346		—
GSCO-OT		02/2017	USD		63,468	JPY		7,285,000		991,985		—
GSCO-OT		02/2017	USD		22,500	KRW		27,317,250		—		123,981
HSBC		03/2017	EUR		59,900	USD		67,406		—		4,126,496
HSBC		03/2017	GBP		2,040	USD		2,528		—		9,217
HSBC		03/2017	JPY		25,294,310	USD		241,961		—		24,779,862
HSBC		02/2017	MXN		49,165	USD		2,417		—		59,539
HSBC		03/2017	PLN		467,180	USD		114,944		—		3,442,448
HSBC		03/2017	USD		44,361	EUR		40,580		1,491,164		—
HSBC		03/2017	USD		85,900	GBP		68,840		910,842		—
HSBC		03/2017	USD		71,930	PLN		279,120		5,312,344		—
HSBC		03/2017	USD		74,699	ZAR		1,102,865		—		4,535,473
JPM		01/2017 - 02/2017	BRL		617,040	USD		184,379		4,724,106		—
JPM		01/2017	COP		29,737,000	USD		9,896		—		1,463
JPM		03/2017	DKK		203,610	USD		30,350		—		1,407,091
JPM		03/2017	EUR		69,015	USD		76,106		—		3,196,636
JPM		03/2017	JPY		2,330,000	USD		21,683		—		1,676,246
JPM		06/2018	KRW		134,400,000	USD		128,000		—		16,259,693
JPM		02/2017	MXN		2,061,500	USD		100,912		—		2,079,688
JPM		01/2017	RUB		4,002,500	USD		66,415		—		1,250,826
JPM		01/2017 - 03/2017	USD		198,640	BRL		673,750		—		7,295,724
JPM		10/2017	USD		2,515	CNH		18,000		46,391		—
JPM		03/2017	USD		98,242	EUR		89,815		3,359,627		—
JPM		03/2017	USD		57,361	HUF		16,971,000		—		512,823
JPM		02/2017	USD		23,074	IDR		312,000,000		103,818		—
JPM		02/2017	USD		82,959	INR		5,737,000		—		1,230,362
JPM		03/2017	USD		23,977	JPY		2,650,000		1,222,971		—
JPM		06/2018	USD		111,767	KRW		134,400,000		26,845		—
JPM		02/2017	USD		252,897	MXN		5,291,935		1,252,049		2,060,337
JPM		01/2017 - 03/2017	USD		205,883	RUB		13,230,600		1,382,843		9,379,107
RBS		03/2017	EUR		30,000	USD		32,017		—		324,049
TDB		01/2017 - 02/2017	BRL		546,890	USD		165,107		2,817,590		—
TDB		03/2017	EUR		946,100	USD		1,046,994		—		47,514,208
TDB		03/2017	GBP		8,455	USD		10,609		—		170,737
TDB		03/2017	USD		79,225	AUD		103,190		4,887,576		—
TDB		01/2017 - 03/2017	USD		434,914	BRL		1,567,870		—		42,968,941
TDB		03/2017	USD		1,344,130	EUR		1,212,400		63,324,679		—
TDB		03/2017	USD		469,655	GBP		377,100		4,100,128		—
TDB		03/2017	USD		197,546	MXN		3,693,100		21,081,588		—
Total Unrealized Appreciation and Depreciation									$	182,435,246	$	284,152,059

23        OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

Futures Contracts as of December 31, 2016

Description	Exchange		Buy/Sell		Expiration Date		Number of Contracts		Value			Unrealized Appreciation (Depreciation)
Australian Tresaury Bonds, 10 yr.		SFE		Sell		3/15/17		391		$	36,044,492		$	(134,469	)
Australian Tresaury Bonds, 10 yr.		SFE		Buy		3/15/17		780			71,904,613			267,574
Euro-BUND		EUX		Buy		3/8/17		174			30,065,894			420,884
													$	553,989

Over-the-Counter Options Written at December 31, 2016
Description	Counterparty		Exercise Price		Expiration Date		Number of Contracts		Premiums Received		Value
AUD Currency Call		JPM	JPY	83.000		2/17/17	AUD	(200,000,000)	$	2,353,680	$	(3,852,525)
BRL Currency Put		GSOC-OT	BRL	3.650		3/10/17	BRL	(182,500,000)		702,350		(278,313)
BRL Currency Call		GSOC-OT	BRL	3.250		3/10/17	BRL	(162,500,000)		528,100		(869,700)
CAD Currency Put		TDB CAD	CAD	1.365		3/1/17	CAD	(102,375,000)		720,000		(683,967)
CLP Currency Put		GSOC-OT	CLP	677.500		2/28/17	CLP	(33,875,000,000)		1,142,504		(609,750)
COP Currency Put		GSOC-OT	COP	3075.000		1/4/17	COP	(230,625,000,000)		1,800,000		—
COP Currency Put		JPM	COP	3006.000		1/12/17	COP	(150,300,000,000)		929,259		(601,200)
EUR Currency Put		CITNA-B	PLN	4.240		2/1/17	EUR	(100,000,000)		395,980		(10,526)
IDR Currency Put		SCB	IDR	14100.000		6/22/17	IDR	(705,000,000,000)		2,193,000		(1,410,000)
INR Currency Call		BOA	INR	67.630		1/5/17	INR	(6,763,000,000)		590,000		(54,104)
INR Currency Put		BOA	INR	67.630		1/5/17	INR	(6,763,000,000)		590,000		(622,196)
INR Currency Call		JPM	INR	66.000		3/6/17	INR	(6,600,000,000)		632,500		(46,200)
INR Currency Put		JPM	INR	70.500		3/6/17	INR	(7,050,000,000)		707,390		(324,300)
JPY Currency Put		BOA	JPY	117.000		2/23/17	JPY	(5,850,000,000)		667,500		(889,200)
JPY Currency Put		CITNA-B	JPY	116.000		2/15/17	JPY	(4,640,000,000)		663,007		(839,840)
JPY Currency Put		GSOC-OT	JPY	116.000		2/15/17	JPY	(4,640,000,000)		647,320		(839,840)
RUB Currency Call		BOA	RUB	61.500		1/20/17	RUB	(4,612,500,000)		1,188,750		(1,060,875)
RUB Currency Put		GSOC-OT	RUB	69.150		3/22/17	RUB	(5,186,250,000)		2,062,500		(451,204)
ZAR Currency Call		GSOC-OT	ZAR	13.500		4/11/17	ZAR	(1,350,000,000)		1,597,500		(2,158,650)
ZAR Currency Put		GSOC-OT	ZAR	15.000		2/28/17	ZAR	(375,000,000)		529,500		(214,125)
ZAR Currency Put		JPM	ZAR	14.900		3/9/17	ZAR	(1,490,000,000)		1,540,000		(1,169,650)
Total Over-the-Counter Options Written									$	22,180,840	$	(16,986,165)

Centrally Cleared Credit Default Swaps at December 31, 2016

Reference Asset	Buy/Sell Protection		Fixed Rate		Maturity Date		Notional Amount (000’s)		Premiums Received/(Paid)		Value
Argentine Republic		Buy		5.000%		12/20/21	USD	6,000	$	158,821	$	(221,919)
CDX.EM.26		Buy		1.000		12/20/21	USD	6,000		(405,667)		371,748
CDX.EM.26		Buy		1.000		12/20/21	USD	6,000		(423,333)		371,748
CDX.EM.26		Buy		1.000		12/20/21	USD	6,000		(457,534)		371,748
CDX.EM.26		Buy		1.000		12/20/21	USD	6,000		(458,134)		371,748
CDX.EM.26		Buy		1.000		12/20/21	USD	6,000		(461,133)		371,748
CDX.EM.26		Buy		1.000		12/20/21	USD	6,000		(452,467)		371,748
Federative Republic of Brazil		Buy		1.000		12/20/17	USD	100,000		195,325		(235,287)
Federative Republic of Brazil		Sell		1.000		3/20/17	USD	150,000		(142,780)		163,076

24        OPPENHEIMER INTERNATIONAL BOND FUND

Centrally Cleared Credit Default Swaps (Continued)

Reference Asset	Buy/Sell Protection		Fixed Rate		Maturity Date		Notional Amount (000’s)		Premiums Received/(Paid)		Value
Federative Republic of Brazil		Sell		1.000%		3/20/17	USD	30,000		$     (28,556)	$	32,615
Intesa Sanpaolo SpA		Buy		1.000		12/20/21	EUR	15,000		(548,711)		274,462
iTraxx Europe Crossover Series 26 Version 1		Buy		5.000		12/20/21	EUR	125,000		10,491,044		(11,855,005)
iTraxx Europe Crossover Series 26 Version 1		Buy		5.000		12/20/21	EUR	40,000		3,580,167		(3,793,602)
iTraxx Europe Crossover Series 26 Version 1		Buy		5.000		12/20/21	EUR	85,000		7,512,922		(8,061,404)
Malaysia		Buy		1.000		12/20/21	USD	16,500		(306,047)		268,103
People’s Republic of China		Buy		1.000		12/20/21	USD	33,000		(294,765)		251,570
Republic of Colombia		Buy		1.000		12/20/21	USD	6,000		(194,048)		168,616
Republic of Colombia		Buy		1.000		12/20/21	USD	12,000		(367,637)		337,233
Republic of Indonesia		Buy		1.000		12/20/21	USD	12,000		(447,875)		298,630
Republic of Indonesia		Buy		1.000		12/20/21	USD	6,000		(176,903)		149,315
Republic of Indonesia		Buy		1.000		12/20/21	USD	16,500		(503,390)		410,617
Republic of Indonesia		Buy		1.000		12/20/21	USD	6,700		(204,407)		166,735
Republic of Indonesia		Buy		1.000		12/20/21	USD	9,900		(297,527)		246,370
Republic of Indonesia		Buy		1.000		12/20/21	USD	16,500		(510,894)		410,617
Republic of Italy		Sell		1.000		12/20/21	USD	16,000		585,507		(453,602)
Republic of Korea		Buy		1.000		12/20/21	USD	16,500		378,277		(440,243)
Republic of Korea		Buy		1.000		12/20/21	USD	6,700		168,704		(178,765)
Republic of Korea		Buy		1.000		12/20/21	USD	9,900		251,763		(264,146)
Republic of Korea		Buy		1.000		12/20/21	USD	16,500		378,277		(440,243)
Republic of Turkey		Buy		1.000		12/20/21	USD	6,488		(505,391)		478,809
Republic of Turkey		Buy		1.000		12/20/21	USD	10,000		(795,606)		737,991
Republic of Turkey		Buy		1.000		12/20/21	USD	9,800		(801,348)		723,232
Republic of Turkey		Buy		1.000		12/20/21	USD	6,100		(533,990)		450,175
Republic of Turkey		Buy		1.000		12/20/21	USD	6,107		(493,850)		450,691
Republic of Turkey		Buy		1.000		12/20/21	USD	9,800		(784,950)		723,232
Republic of Turkey		Buy		1.000		12/20/21	USD	6,500		(515,107)		479,694
United Mexican States		Buy		1.000		12/20/21	USD	6,000		(163,683)		147,541
United Mexican States		Buy		1.000		12/20/21	USD	9,000		(376,321)		221,312
Total Centrally Cleared Credit Default Swaps										$  12,048,753	$	(16,123,092)

Over-the-Counter Credit Default Swaps at December 31, 2016

Reference Asset

Counterparty

Buy/Sell Protection

Fixed Rate

Maturity Date

Notional Amount (000’s)

Premiums Received/(Paid)

Value

Banco Bilbao Vizcaya

Argentaria Sociedad

Anonima

UBS

Sell

3.000

%

12/20/17 EUR

4,405

$

171,759

$

118,730

25        OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / 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
Banco Bilbao Vizcaya Argentaria Sociedad Anonima		UBS		Sell		3.000%		12/20/17	EUR		4,405	$	171,759	$	118,730
Banco Santander SA		BAC		Sell		3.000		9/20/17	EUR		20,000		(72,359)		419,768
Banco Santander SA		BOA		Sell		3.000		12/20/17	EUR		5,000		(106,178)		137,382
Banco Santander SA		UBS		Sell		3.000		9/20/17	EUR		8,850		(31,905)		185,747
Federative Republic of Brazil		BNP		Sell		1.000		12/20/18	USD		10,265		812,157		(29,668)
Federative Republic of Brazil		BNP		Sell		1.000		6/20/21	USD		65,000		7,926,133		(3,839,282)
Hellenic Republic		BAC		Sell		1.000		3/20/20	USD		3,090		1,097,122		(695,335)
Hellenic Republic		BAC		Sell		1.000		3/20/20	USD		3,090		1,174,372		(695,335)
Hellenic Republic		GSG		Sell		1.000		9/20/20	USD		20,000		7,000,000		(4,887,395)
Hellenic Republic		GSG		Sell		1.000		3/20/20	USD		5,000		1,950,556		(1,125,138)
ICICI Bank Ltd.		GSG		Sell		1.000		12/20/19	USD		10,000		359,971		19,087
Kingdom of Spain		GSG		Buy		1.000		6/20/20	USD		50,000		47,068		(696,094)
Malaysia		MOS-A		Buy		1.000		12/20/20	USD		6,910		(436,947)		17,539
Portuguese Republic		GSCOI		Sell		1.000		12/20/21	USD		20,000		1,907,243		(1,521,787)
Portuguese Republic		GSCOI		Sell		1.000		12/20/21	USD		10,000		907,779		(760,893)
Portuguese Republic		GSG		Buy		1.000		12/20/17	USD		25,000		(720,209)		30,884
Portuguese Republic		GSG		Buy		1.000		12/20/17	USD		25,000		(354,145)		30,884
Portuguese Republic		GSG		Buy		1.000		12/20/17	USD		25,000		(705,360)		30,884
Reliance Industries Ltd.		GSG		Sell		1.000		6/20/21	USD		10,000		448,896		(252,094)
Republic of Indonesia		BAC		Buy		1.000		12/20/20	USD		6,855		(584,765)		64,861
Republic of Indonesia		BAC		Buy		1.000		12/20/20	USD		7,235		(466,961)		68,456
Republic of Indonesia		BNP		Buy		1.000		12/20/20	USD		12,890		(794,162)		121,963
Republic of Indonesia		BNP		Buy		1.000		9/20/20	USD		9,620		(677,203)		59,858
Republic of Indonesia		BNP		Buy		1.000		12/20/20	USD		6,855		(591,941)		64,861
Republic of Indonesia		BOA		Buy		1.000		9/20/20	USD		16,035		(1,115,327)		99,773
Republic of Italy		GSCOI		Sell		1.000		12/20/21	USD		50,000		835,508		(1,417,507)
Republic of Italy		GSCOI		Sell		1.000		12/20/21	USD		50,000		1,662,062		(1,417,507)
Republic of Peru		BNP		Buy		1.000		12/20/20	USD		11,175		(319,257)		(89,374)
Republic of Turkey		BNP		Buy		1.000		6/20/21	USD		19,100		(1,382,582)		1,140,674
Republic of Turkey		CITNA-B		Buy		1.000		6/20/21	USD		18,620		(1,227,113)		1,092,190
Republic of Turkey		CITNA-B		Buy		1.000		6/20/21	USD		10,000		(814,174)		597,212
Republic of Turkey		GSG		Buy		1.000		6/20/21	USD		20,000		(1,577,972)		1,194,423
Republic of Turkey		HSBC		Buy		1.000		6/20/21	USD		10,080		(750,364)		601,989
Russian Federation		BNP		Buy		1.000		12/20/20	USD		6,915		(738,227)		100,612
State Bank of India		BNP		Sell		1.000		9/20/19	USD		13,035		537,811		83,951

26        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
Telefonica SA		UBS		Sell		1.000	%		9/20/17	EUR		5,000	$	627,078	$	29,734
Total Over-the-Counter Credit Default Swaps													$	14,170,123	$	(10,997,217	)

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

Type of Reference Asset on which the Fund Sold Protection	Total Maximum Potential Payments for Selling Credit Protection (Undiscounted)		Amount Recoverable*		Reference Asset Rating Range**
Non-Investment Grade	$	80,695,000	$	—		A- to BBB-
Single Name Corporate
Debt
Investment Grade		116,000,000		—		BBB+
Sovereign Debt
Non-Investment Grade						BB+ to B-
Sovereign Debt		316,445,000		175,000,000
Total	$	513,140,000	$	175,000,000

*Amount recoverable includes potential payments from related purchased protection for instances where the Fund is the seller of protection. In addition, the Fund has no recourse provisions under the credit derivatives and holds no collateral which can offset or reduce potential payments under a triggering event.

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

Centrally Cleared Interest Rate Swaps at December 31, 2016

Counterparty	Pay/Receive Floating Rate	Floating Rate		Fixed Rate		Maturity Date		Notional Amount (000’s)			Premiums Received / (Paid)		Value
	Three-Month NZD
BOA	Pay		BBR FRA		1.935%		8/23/18		NZD	105,200	$	—	$	(195,493	)
	Three-Month NZD
BOA	Pay		BBR FRA		1.970		8/15/18		NZD	72,300		—		(85,200	)
	Three-Month NZD
BOA	Pay		BBR FRA		1.950		8/12/18		NZD	101,000		—		(126,567	)
	MXN TIIE
BOA	Receive		BANXICO		7.420		11/4/26		MXN	280,000		—		449,731
	MXN TIIE
BOA	Pay		BANXICO		6.840		11/14/18		MXN	1,100,000		—		(301,422	)
	Three-Month ZAR
BOA	Receive		JIBAR SAFEX		8.063		9/27/26		ZAR	280,000		—		376,370
	MXN TIIE
BOA	Pay		BANXICO		6.500		11/24/26		MXN	1,000,000		—		(4,725,464	)
	Three-Month USD
BOA	Receive		BBA LIBOR		1.609		2/24/26		USD	10,500		—		546,418
	Three-Month NZD
BOA	Pay		BBR FRA		1.950		8/11/18		NZD	71,300		—		(101,133	)
	MXN TIIE
BOA	Pay		BANXICO		6.500		11/20/26		MXN	500,000		—		(2,377,817	)

27        OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

Centrally Cleared Interest Rate Swaps (Continued)

Counterparty	Pay/Receive Floating Rate	Floating Rate	Fixed Rate			Maturity Date		Notional Amount (000’s)		Premiums Received / (Paid)		Value
	Six-Month HUF
CITNA-B	Receive	BUBOR		1.560	%		11/18/21	HUF	6,000,000	$	—	$      (455,426)
	Six-Month HUF
CITNA-B	Receive	BUBOR		1.480			11/24/21	HUF	3,000,000		—	(187,173)
DEU	Pay	BZDI		11.200			1/2/25	BRL	75,000		—	(390,609)
	Three-Month ZAR
DEU	Receive	JIBAR SAFEX		8.590			11/15/26	ZAR	220,000		—	(290,030)
	MXN TIIE
DEU	Receive	BANXICO		7.400			11/4/26	MXN	275,000		—	460,276
	MXN TIIE
DEU	Pay	BANXICO		6.820			11/14/18	MXN	1,090,000		—	(317,867)
	Six-Month SGD
GSCOI	Receive	SOR VWAP		1.608			12/6/18	SGD	180,000		—	235,297
	Six-Month SGD
GSCOI	Pay	SOR VWAP		2.418			10/4/26	SGD	75,000		—	(2,193,064)
	Six-Month PLN
GSCOI	Receive	WIBOR WIBO		1.775			10/10/21	PLN	95,000		—	(584,134)
	Six-Month SGD
GSCOI	Pay	SOR VWAP		2.405			9/30/26	SGD	75,000		—	(2,213,526)
	Six-Month PLN
GSG	Pay	WIBOR WIBO		1.780			6/10/21	PLN	200,000		—	(592,099)
	Six-Month PLN
GSG	Pay	WIBOR WIBO		1.538			1/15/19	PLN	170,000		—	(84,769)
	Three-Month USD
JPM	Receive	BBA LIBOR		1.637			2/22/26	USD	16,000		—	792,156
	Six-Month PLN
JPM	Pay	WIBOR WIBO		2.315			1/15/26	PLN	90,200		—	(559,086)
SIB	Pay	BZDI		11.290			1/2/25	BRL	80,000		—	(353,670)
	Three-Month ZAR
t-DEU	Receive	JIBAR SAFEX		8.100			9/29/26	ZAR	346,000		—	401,107
Total Centrally Cleared Interest Rate Swaps										$	—	$(12,873,194)
Over-the-Counter Interest Rate Swaps at December 31, 2016
Counterparty	Pay/Receive Floating Rate	Floating Rate	Fixed Rate			Maturity Date		Notional Amount (000’s)		Premiums Received / (Paid)		Value
BNP	Pay	BZDI		10.840	%		1/2/23	BRL	92,000	$	—	$        (768,329)
BOA	Receive	NSERO		6.280			10/24/21	INR	35,000,000		—	(214,848)
	Six-Month THB
BOA	Pay	THBFIX		1.625			9/8/19	THB	3,000,000		—	(501,599)
BOA	Receive	NSERO		6.280			10/21/17	INR	17,200,000		—	(101,203)
BOA	Pay	NSERO		6.240			10/24/21	INR	7,800,000		—	(587,717)
BOA	Receive	NSERO		6.150			12/9/17	INR	13,880,000		—	114,367
	Six-Month THB
BOA	Receive	THBFIX		2.190			9/8/26	THB	980,000		—	1,154,814
BOA	Pay	NSERO		6.270			12/9/21	INR	3,080,000		—	(198,691)
BOA	Pay	NSERO		6.235			12/8/21	INR	3,928,500		—	(241,413)
	Six-Month CLP
GSCOI	Pay	TNA		3.105			12/16/18	CLP	17,000,000		—	55,872

28        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)		Premiums Received / (Paid)		Value
GSCOI		Pay	BZDI		11.745%		1/2/20	BRL		148,000	$	—	$	141,741
			Three-Month KRW
GSCOI		Pay	CD KSDA		1.358		10/28/18	KRW		143,000,000		—		(336,842	)
			Three-Month
			COP IBR OIS
GSCOI		Pay	Compound		6.470		9/29/26	COP		95,000,000		—		149,124
			Six-Month THB
GSCOI		Pay	THBFIX		1.640		9/2/19	THB		1,500,000		—		(235,857	)
			Six-Month PLN
GSG		Pay	WIBOR WIBO		1.860		5/20/20	PLN		200,000		—		15,303
			Six-Month CLP
GSG		Receive	TNA		4.350		1/14/21	CLP		23,500,000		—		1,441,900
JPM		Pay	BZDI		11.915		4/2/18	BRL		286,000		—		27,012
			MXN TIIE
JPM		Receive	BANXICO		5.230		4/7/20	MXN		320,000		—		1,013,773
JPM		Receive	BZDI		12.910		7/3/17	BRL		561,000		—		108,234
			Three-Month COP
JPM		Pay	IBR OIS		6.090		10/29/24	COP		15,470,000		—		(32,492	)
			Three-Month
			COP IBR OIS
JPM		Pay	Compound		5.790		2/10/25	COP		32,000,000		—		(307,091	)
			MXN TIIE
JPM		Receive	BANXICO		5.185		4/9/20	MXN		350,000		—		1,136,574
			Three-Month
			COP IBR OIS
JPM		Pay	Compound		7.300		6/1/26	COP		39,425,000		—		882,309
			Seven-Year EUR
JPM		Receive	CPI EXT		0.910		9/15/23	EUR		33,000		—		1,255,281
			Three-Month
			COP IBR OIS
JPM		Pay	Compound		6.980		7/11/26	COP		20,000,000		—		281,032
			MXN TIIE
JPM		Pay	BANXICO		5.947		2/6/26	MXN		340,000		—		(2,088,506	)
			Three-Month
			COP IBR OIS
MOS		Pay	Compound		6.090		10/29/24	COP		15,940,000		—		(33,479	)
			Three-Month
			COP IBR OIS
SAN		Pay	Compound		6.980		7/13/26	COP		21,000,000		—		295,084
			MXN TIIE
SIB		Pay	BANXICO		6.060		2/10/26	MXN		220,000		—		(1,273,148	)
			Six-Month CLP
SIB		Receive	TNA		4.050		6/22/21	CLP		7,600,000		—		271,258
Total Over-the-Counter Interest Rate Swaps											$	—	$	1,422,463

29        OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

Over-the-Counter Credit Default Swaptions Written at December 31, 2016

Description

Counter- party

Buy/Sell Protection

Reference Asset

Fixed Rate

Expiration Date

Notional Amount (000’s)

Premiums Received

Value

Credit Default Swap maturing 1/18/17

CDX.

Call

JPM

Sell

NA.HY.27

5.000%

1/18/17

USD

100,000

$

520,000

$

(430)

Credit Default Swap maturing 1/18/17

CDX.

Call

JPM

Buy

NA.HY.27

5.000

1/18/17

USD

100,000

510,000

(2,013,180)

iTraxx

Europe

Credit Default Swap maturing 2/15/17

Crossover Series 26

Call

JPM

Sell

Version 1

5.000

2/15/17

EUR

125,000

1,178,138

(85,975)

iTraxx

Europe

Credit Default Swap maturing 2/15/17

Crossover Series 26

Call

JPM

Sell

Version 1

5.000

2/15/17

EUR

125,000

663,031

(234,228)

Total Over-the-Counter Credit Default Swaptions Written

$

2,871,169

$

(2,333,813)

Over-the-Counter Interest Rate Swaptions Written at December 31, 2016

Description

Counter- party

Pay/ Receive Floating Rate

Floating Rate

Fixed Rate

Expiration Date

Notional Amount (000’s)

Premiums Received

Value

Interest Rate Swap Maturing 2/14/47

Six-Month EUR

Call

BAC

Pay

EURIBOR

1.600%

2/10/17

EUR

50,000

$

533,071

$

(193,928)

Interest Rate Swap Maturing 2/22/27

Six-Month AUD BBR

Call

BOA

Pay

BBSW

2.968

2/21/17

AUD

125,000

1,105,125

(1,390,018)

Interest Rate Swap Maturing 3/15/22

Three- Month CAD BA

Call

BOA

Pay

CDOR

1.650

3/15/17

CAD

200,000

1,044,932

(730,718)

Interest Rate Swap Maturing 3/1/27

Six-Month AUD BBR

Call

BOA

Pay

BBSW

2.949

2/28/17

AUD

99,500

791,153

(1,177,445)

Interest Rate Swap Maturing 3/13/47

Six- Month EUR

Call

BOA

Pay

EURIBOR

1.645

3/9/17

EUR

100,000

1,317,125

(836,727)

Interest Rate Swap Maturing 3/2/22

Three-Month CAD BA

Call

BOA

Pay

CDOR

1.415

3/2/17

CAD

250,000

1,319,549

(1,665,298)

Interest Rate Swap Maturing 3/3/27

Six- Month EUR

Call

BOA

Pay

EURIBOR

1.066

3/1/17

EUR

225,000

1,050,539

(384,979)

30        OPPENHEIMER INTERNATIONAL BOND FUND

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

Description

Counter- party

Pay/ Receive Floating Rate

Floating Rate

Fixed Rate

Expiration Date

Notional Amount (000’s)

Premiums Received

Value

Interest Rate Swap Maturing 2/21/27

Three-Month USD BBA

Call

BOA

Pay

LIBOR

2.110%

2/16/17

USD

300,000

$

4,620,000

$

(7,392,414)

Interest Rate Swap Maturing 2/21/22

Three-Month CAD BA

Call

BOA

Pay

CDOR

1.390

2/21/17

CAD

400,000

2,060,086

(3,103,317)

Interest Rate Swap Maturing 2/14/27

Six- Month EUR

Call

BOA

Pay

EURIBOR

0.954

2/10/17

EUR

134,000

597,692

(187,791)

Interest Rate Swap Maturing 1/17/27

Three-Month CAD BA

Call

BOA

Receive

CDOR

1.505

1/17/17

CAD

148,000

1,275,442

(19,788)

Interest Rate Swap Maturing 1/11/22

Six-Month PLN WIBOR

Call

GSCOI

Pay

WIBO

2.095

1/9/17

PLN

190,000

272,800

(609,674)

Interest Rate Swap Maturing 6/7/47

Six- Month EUR

Call

GSG

Receive

EURIBOR

1.810

6/5/17

EUR

100,000

5,753,820

(4,312,349)

Interest Rate Swap maturing 6/7/47

Six-Month EUR

Call

GSG

Pay

EURIBOR

1.810

6/5/17

EUR

100,000

5,753,820

(564,473)

Interest Rate Swap Maturing 2/27/20

Three-Month USD BBA

Call

JPM

Receive

LIBOR

1.460

2/23/17

USD

650,000

1,390,000

(167,355)

Interest Rate Swap Maturing 2/21/27

Three-Month USD BBA

Call

JPM

Pay

LIBOR

2.130

2/17/17

USD

170,000

2,550,000

(3,955,990)

Interest Rate Swap Maturing 3/8/27

Six-Month EUR

Call

JPM

Pay

EURIBOR

1.000

3/6/17

EUR

300,000

1,850,062

(738,948)

Interest Rate Swap Maturing 1/11/22

Six-Month PLN WIBOR

Call

JPM

Pay

WIBO

2.090

1/9/17

PLN

160,000

217,195

(522,346)

31        OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

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

Description

Counter- party

Pay/ Receive Floating Rate

Floating Rate

Fixed Rate

Expiration Date

Notional Amount (000’s)

Premiums Received

Value

Interest Rate

Three- Month

Swap Maturing

USD BBA

2/27/20 Call

JPM

Pay

LIBOR

1.860

%

2/23/17

USD

650,000

$

1,000,000

$

(887,783

)

Total Over-the-Counter Interest Rate Swaptions Written

$

34,502,411

$

(28,841,341

)

Glossary:
Counterparty Abbreviations
BAC	Barclays Bank plc
BNP	BNP Paribas
BOA	Bank of America NA
CITNA-B	Citibank NA
DEU	Deutsche Bank AG
GSCOI	Goldman Sachs International
GSCO-OT	Goldman Sachs Bank USA
GSG	Goldman Sachs Group, Inc. (The)
HSBC	HSBC Bank USA NA
JPM	JPMorgan Chase Bank NA
MOS	Morgan Stanley & Co., Inc.
MOS-A	Morgan Stanley
RBS	Royal Bank of Scotland plc (The)
SAN	Santander
SCB	Standard Chartered Bank
SIB	Banco Santander SA
TDB	Toronto Dominion Bank
t-DEU	Deutsche Bank Securities, Inc.
UBS	UBS AG
Currency abbreviations indicate amounts reporting in currencies
ARS	Argentine Peso
AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
CLP	Chilean Peso
CNH	Offshore Chinese Renminbi
COP	Colombian Peso
DKK	Danish Krone
EUR	Euro
GBP	British Pound Sterling
HUF	Hungarian Forint
IDR	Indonesian Rupiah
INR	Indian Rupee
JPY	Japanese Yen
KRW	South Korean Won
MXN	Mexican Nuevo Peso
MYR	Malaysian Ringgit
NZD	New Zealand Dollar

32        OPPENHEIMER INTERNATIONAL BOND FUND

Currency abbreviations indicate amounts reporting in currencies (Continued)

PEN	Peruvian New Sol
PHP	Philippine Peso
PLN	Polish Zloty
RUB	Russian Ruble
SEK	Swedish Krona
SGD	Singapore Dollar
THB	Thailand Baht
TRY	New Turkish Lira
ZAR	South African Rand
Definitions
BA CDOR	Canada Bankers Acceptances Deposit Offering Rate
BANXICO	Banco de Mexico
BBA LIBOR	British Bankers’ Association London - Interbank Offered Rate
BBR	Bank Bill Rate
BBR FRA	Bank Bill Forward Rate Agreement
BBSW	Bank Bill Swap Reference Rate (Australian Financial Market)
BUBOR	Budapest Interbank Offered Rate
BUND	German Federal Obligation
BZDI	Brazil Interbank Deposit Rate
CD	Certificate of Deposit
CDX.EM.26	Markit CDX Emerging Markets Index
CDX.NA.HY.27	Markit CDX North American High Yield
CPI EXT	Consumer Price Index Excluding Tobacco
EURIBOR	Euro Interbank Offered Rate
IBR	Indicador Bancario de Referencia
iTraxx Europe
Crossover Series 26
Version 1	Credit Default Swap Trading Index for a Specific Basket of Securities
JIBAR SAFEX	South Africa Johannesburg Interbank Agreed Rate/Futures Exchange
KSDA	Korean Securities Dealers Assn.
NSERO	Indian Rupee Floating Rate
OIS	Overnight Index Swap
SOR VWAP	Swap Offered Rate Singapore Dollar Index
THBFIX	Thai Baht Interest Rate Fixing
TIIE	Interbank Equilibrium Interest Rate
TNA	Non-Deliverable CLP Camara
WIBOR WIBO	Poland Warsaw Interbank Offer Bid Rate
Exchange Abbreviations
EUX	European Stock Exchange
SFE	Sydney Futures Exchange

33         OPPENHEIMER INTERNATIONAL BOND FUND

NOTES TO CONSOLIDATED

STATEMENT OF INVESTMENTS December 31, 2016 Unaudited

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.

2. Significant Accounting Policies

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

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.

At period end, the Fund owned 966,844 shares with net assets of $88,982,114 in the Subsidiary.

Foreign Currency Translation. The books and records of the Fund are maintained in U.S. dollars. Any foreign currency amounts are translated into U.S. dollars on the following basis:

(1) Market value of investment securities, other assets and liabilities — at the exchange rates prevailing at Market Close as described in Note 3.

(2) Purchases and sales of investment securities, income and expenses — at the rates of exchange prevailing on the respective dates of such transactions.

3. Securities Valuation

The Fund calculates the net asset value of its shares as of 4:00 P.M. Eastern time, on each day the New York Stock Exchange (the “Exchange”) is open for trading, except in the case of a scheduled early closing of the Exchange, in which case the Fund will calculate net asset value of the shares as of the scheduled early closing time of the Exchange.

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,

34        OPPENHEIMER INTERNATIONAL BOND FUND

3. Securities Valuation (Continued)

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:

Equity securities traded on a securities exchange (including exchange-traded derivatives other than futures and futures options) are valued based on the official closing price on the principal exchange on which the security is traded, as identified by the Manager, prior to the time when the Fund’s assets are valued. If the official closing price is unavailable, the security is valued at the last sale price on the principal exchange on which it is traded. If the official closing price or last sales 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) a bid from the exchange, (2) the mean between the bid and asked price as provided by a single dealer, or (3) a bid from a single dealer.

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

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

Short-term money market type debt securities 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.

35        OPPENHEIMER INTERNATIONAL BOND FUND

NOTES TO CONSOLIDATED

STATEMENT OF INVESTMENTS Unaudited / Continued

3. Securities Valuation (Continued)

Security Type	Standard inputs generally considered by third-party pricing vendors
Corporate debt, government debt, municipal, mortgage- backed and asset-backed securities	Reported trade data, broker-dealer price quotations, benchmark yields, issuer spreads on comparable securities, the credit quality, yield, maturity, and other appropriate factors.
Loans	Information obtained from market participants regarding reported trade data and broker-dealer price quotations.
Event-linked bonds	Information obtained from market participants regarding reported trade data and broker-dealer price quotations.
Structured securities	Relevant market information such as the price of underlying financial instruments, stock market indices, foreign currencies, interest rate spreads, commodities, or the occurrence of other specific events.
Swaps	Relevant market information, including underlying reference assets such as credit spreads, credit event probabilities, index values, individual security values, forward interest rates, variable interest rates, volatility measures, and forward currency rates.

If a market value or price cannot be determined for a security using the methodologies described above, or if, in the “good faith” opinion of the Manager, the market value or price obtained does not constitute a “readily available market quotation,” or a significant event has occurred that would materially affect the value of the security, the security is fair valued either (i) by a standardized fair valuation methodology applicable to the security type or the significant event as previously approved by the Valuation Committee and the Fund’s Board or (ii) as determined in good faith by the Manager’s Valuation Committee. The Valuation Committee considers all relevant facts that are reasonably available, through either public information or information available to the Manager, when determining the fair value of a security. Fair value determinations by the Manager are subject to review, approval and ratification by the Fund’s Board at its next regularly scheduled meeting covering the calendar quarter in which the fair valuation was determined. Those fair valuation standardized methodologies include, but are not limited to, valuing securities at the last sale price or initially at cost and subsequently adjusting the value based on: changes in company specific fundamentals, changes in an appropriate securities index, or changes in the value of similar securities which may be further adjusted for any discounts related to security-specific resale restrictions. When possible, such methodologies use observable market inputs such as unadjusted quoted prices of similar securities, observable interest rates, currency rates and yield curves. The methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities nor can it be assured that the Fund can obtain the fair value assigned to a security if it were to sell the security.

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

36         OPPENHEIMER INTERNATIONAL BOND FUND

3. Securities Valuation (Continued)

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 Fund classifies each of its investments in investment companies which are publicly offered as Level 1. Investment companies that are not publicly offered are measured using net asset value as a practical expedient, and are not classified in the fair value hierarchy.

The table below categorizes amounts at period end based on valuation input level:

	Level 1— Unadjusted Quoted Prices		Level 2— Other Significant Observable Inputs		Level 3— Significant Unobservable Inputs		Value
Assets Table
Investments, at Value:
Asset-Backed Securities	$	—	$	85,062,826	$	—	$	85,062,826
Mortgage-Backed Obligations		—		145,201,245		—		145,201,245
Foreign Government Obligations		—		2,799,114,919		—		2,799,114,919
Corporate Bonds and Notes		—		1,749,315,436		166,149		1,749,481,585
Common Stock		—		—		—		—
Structured Securities		—		13,373,528		1,110,338		14,483,866
Short-Term Notes		—		169,438,644		—		169,438,644
Over-the-Counter Options Purchased		—		18,869,110		—		18,869,110
Over-the-Counter Credit Default
Swaption Purchased		—		—		—		—
Over-the-Counter Interest Rate
Swaptions Purchased		—		15,609,771		—		15,609,771
Investment Company		148,333,700		—		—		148,333,700
Total Investments, at Value		148,333,700		4,995,985,479		1,276,487		5,145,595,666

37        OPPENHEIMER INTERNATIONAL BOND FUND

NOTES TO CONSOLIDATED

STATEMENT OF INVESTMENTS Unaudited / Continued

3. Securities Valuation (Continued)

	Level 1— Unadjusted Quoted Prices		Level 2— Other Significant Observable Inputs		Level 3— Significant Unobservable Inputs		Value
Other Financial Instruments:
Swaps, at value	$	—	$	14,773,870	$	—	$	14,773,870
Centrally cleared swaps, at value		—		13,082,479		—		13,082,479
Futures contracts		688,458		—		—		688,458
Forward currency exchange contracts		—		182,435,246		—		182,435,246
Total Assets	$	149,022,158	$	5,206,277,074	$	1,276,487	$	5,356,575,719
Liabilities Table
Other Financial Instruments:
Swaps, at value	$	—	$	(24,348,624)	$	—	$	(24,348,624)
Centrally cleared swaps, at value		—		(42,078,765)		—		(42,078,765)
Options written, at value		—		(16,986,165)		—		(16,986,165)
Futures contracts		(134,469)		—		—		(134,469)
Forward currency exchange contracts		—		(284,152,059)		—		(284,152,059)
Swaptions written, at value		—		(31,175,154)		—		(31,175,154)
Total Liabilities	$	(134,469)	$	(398,740,767)	$	—	$	(398,875,236)

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.

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

38        OPPENHEIMER INTERNATIONAL BOND FUND

4. Investments and Risks (Continued)

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.

Investments in Money Market Instruments. The Fund is permitted to invest its free cash balances in money market instruments to provide liquidity or for defensive purposes. The Fund may invest in money market instruments by investing in Class E shares of Oppenheimer Institutional Government Money Market Fund (“IGMMF”), formerly known as Oppenheimer Institutional Money Market Fund, which is an Affiliated Fund. IGMMF is regulated as a money market fund under the 1940 Act, as amended. The Fund may also invest in money market instruments directly or in other affiliated or unaffiliated money market funds.

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 in the annual and semiannual reports. The Fund records a realized gain or loss when a structured security is sold or matures.

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

39        OPPENHEIMER INTERNATIONAL BOND FUND

NOTES TO CONSOLIDATED

STATEMENT OF INVESTMENTS Unaudited / Continued

4. Investments and Risks (Continued)

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	$10,122,189
Market Value	$—
Market Value as % of Net Assets	Less than 0.005	%

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.

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

40        OPPENHEIMER INTERNATIONAL BOND FUND

5. Market Risk Factors (Continued)

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 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.

41        OPPENHEIMER INTERNATIONAL BOND FUND

NOTES TO CONSOLIDATED

STATEMENT OF INVESTMENTS Unaudited / Continued

6. Use of Derivatives (Continued)

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

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

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

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

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

During the reporting period, the Fund had daily average contract amounts on forward contracts to buy and sell of $5,588,621,164 and $7,293,937,163, 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.

42        OPPENHEIMER INTERNATIONAL BOND FUND

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 in the annual and semiannual reports. The net change in unrealized appreciation and depreciation is reported in the Consolidated Statement of Operations in the annual and semiannual reports. Realized gains (losses) are reported in the Consolidated Statement of Operations in the annual and semiannual reports at the closing or expiration of futures contracts.

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

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

During the reporting period, the Fund had an ending monthly average market value of $82,878,066 and $397,942,527 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.

43        OPPENHEIMER INTERNATIONAL BOND FUND

NOTES TO CONSOLIDATED

STATEMENT OF INVESTMENTS Unaudited / Continued

6. Use of Derivatives (Continued)

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

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

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

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

During the reporting period, the Fund had an ending monthly average market value of $12,685,782 and $37,232,091 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 in the annual and semiannual reports. Securities held in collateral accounts to cover potential obligations with respect to outstanding written options are noted in the 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 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.

44        OPPENHEIMER INTERNATIONAL BOND FUND

6. Use of Derivatives (Continued)

During the reporting period, the Fund had an ending monthly average market value of $13,400,494 and $29,715,352 on written call options and written put options, respectively. Additional associated risks to the Fund include counterparty credit risk and liquidity risk.

Written option activity for the reporting period was as follows:

	Number of Contracts		Amount of Premiums
Options outstanding as of September 30, 2016		3,332,049,780,750	$	67,408,416
Options written		670,726,355,000		55,582,050
Options closed or expired		(2,007,146,855,000)		(9,612,862)
Options exercised		(819,762,155,750)		(91,196,764)
Options outstanding as of December 31, 2016		1,175,867,125,000	$	22,180,840

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 in the annual and semiannual reports. The unrealized appreciation (depreciation) related to the change in the valuation of the notional amount of the swap is combined with the accrued interest due to (owed by) the Fund, if any, at termination or settlement. The net change in this amount during the period is included on the Consolidated Statement of Operations in the annual and semiannual reports. The Fund also records any periodic payments received from (paid to) the counterparty, including at termination, under such contracts as realized gain (loss) on the Consolidated Statement of Operations in the annual and semiannual reports.

Swap contract agreements are exposed to the market risk factor of the specific underlying reference rate or asset. Swap contracts are typically more attractively priced compared to similar investments in related cash securities because they isolate the risk to one market risk factor and eliminate the other market risk factors. Investments in cash securities (for instance bonds) have exposure to multiple risk factors (credit and interest rate risk). Because swaps have embedded leverage, they can expose the Fund to substantial risk in the isolated market risk factor.

45        OPPENHEIMER INTERNATIONAL BOND FUND

NOTES TO CONSOLIDATED

STATEMENT OF INVESTMENTS Unaudited / Continued

6. Use of Derivatives (Continued)

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

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

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

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 in the annual and semiannual reports.

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

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

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

For the reporting period, the Fund had ending monthly average notional amounts of $901,713,213 and $332,527,843 on credit default swaps to buy protection and credit default swaps to sell protection, respectively.

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

Interest Rate Swap Contracts. An interest rate swap is an agreement between counterparties to exchange periodic payments based on interest rates. One cash flow

46        OPPENHEIMER INTERNATIONAL BOND FUND

6. Use of Derivatives (Continued)

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 $1,666,240,686 and $1,971,606,488 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 in the annual and semiannual reports. 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 in the annual and semiannual reports. The net change in unrealized appreciation or depreciation on written swaptions is separately reported in the Consolidated Statement of Operations in the annual and semiannual reports. When a swaption is exercised, the cost of the swap is adjusted by the amount of premium paid or received. Upon the expiration or closing of an unexercised swaption contract, a gain or loss is reported in the Consolidated Statement of Operations in the annual and semiannual reports for the amount of the premium paid or received.

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

The Fund 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.

47        OPPENHEIMER INTERNATIONAL BOND FUND

NOTES TO CONSOLIDATED

STATEMENT OF INVESTMENTS Unaudited / Continued

6. Use of Derivatives (Continued)

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 buy credit protection through credit default swaps in order to decrease exposure to the credit risk of individual issuers and/or indexes of issuers. A purchased swaption of this type becomes more valuable as the likelihood of a credit event on the reference asset increases.

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

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

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

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.

During the reporting period, the Fund had an ending monthly average market value of $40,482,847 and $47,816,735 on purchased and written swaptions, respectively.

Written swaption activity for the reporting period was as follows:

	Number of Contracts		Amount of Premiums
Swaptions outstanding as of September 30, 2016		23,442,278,000	$	41,633,006
Swaptions written		12,489,000,000		58,564,896
Swaptions closed or expired		(13,230,000,000)		(3,598,381)
Swaptions exercised		(17,899,778,000)		(59,225,941)
Swaptions outstanding as of December 31, 2016		4,801,500,000	$	37,373,580

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.

48        OPPENHEIMER INTERNATIONAL BOND FUND

6. Use of Derivatives (Continued)

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 $41,945,764.

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 in the annual and semiannual reports. Bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.

The Fund’s risk of loss from counterparty credit risk on exchange-traded derivatives cleared through a clearinghouse and for 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,

49        OPPENHEIMER INTERNATIONAL BOND FUND

NOTES TO CONSOLIDATED

STATEMENT OF INVESTMENTS Unaudited / Continued

6. Use of Derivatives (Continued)

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 in the annual and semiannual reports 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.

7. Federal Taxes

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

50        OPPENHEIMER INTERNATIONAL BOND FUND

7. Federal Taxes (Continued)

Federal tax cost of securities	$  5,447,981,896
Federal tax cost of other investments	5,925,078
Total federal tax cost	$  5,453,906,974
Gross unrealized appreciation	$     414,371,219
Gross unrealized depreciation	(820,549,562)
Net unrealized depreciation	$    (406,178,343)

51        OPPENHEIMER INTERNATIONAL BOND FUND

Item 2. Controls and Procedures.

(a) Based on their evaluation of the registrant’s disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c)) as of 12/31/2016, the registrant’s principal executive officer and principal financial officer found the registrant’s disclosure controls and procedures to provide reasonable assurances that information required to be disclosed by the registrant in the reports that it files under the Securities Exchange Act of 1934 (a) is accumulated and communicated to the registrant’s management, including its principal executive officer and principal financial officer, to allow timely decisions regarding required disclosure, and (b) is recorded, processed, summarized and reported, within the time periods specified in the rules and forms adopted by the U.S. Securities and Exchange Commission.

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

Item 3. Exhibits.

Exhibits attached hereto.

SIGNATURES

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

Oppenheimer International Bond Fund

By:	/s/ Arthur P. Steinmetz
	Arthur P. Steinmetz
	Principal Executive Officer
Date: 2/17/2017

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: 2/17/2017
By:	/s/ Brian S. Petersen
	Brian S. Petersen
	Principal Financial Officer
Date: 2/17/2017

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-Q of Oppenheimer International Bond Fund;

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

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

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

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

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

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

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

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

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

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

/s/ Arthur P. Steinmetz

Arthur P. Steinmetz

Principal Executive Officer

Date: 2/17/2017

Exhibit 99.CERT

Section 302 Certifications

CERTIFICATIONS

I, Brian S. Petersen, certify that:

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

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

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

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

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

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

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

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

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

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

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

/s/ Brian S. Petersen

Brian S. Petersen

Principal Financial Officer

Date: 2/17/2017