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: 6/30/2018

Item 1. Schedule of Investments.

CONSOLIDATED

STATEMENT OF INVESTMENTS June 30, 2018 Unaudited

		Principal  Amount		Value
Mortgage-Backed Obligations—2.9%
Alba plc, Series 2007-1, Cl. C, 0.921% [BP0003M+29], 3/17/391	GBP		12,166,192	$            14,841,654
Capital Mortgage Srl, Series 2007-1, Cl. B, 0.00% [EUR003M+22], 1/30/471	EUR		8,000,000	5,895,082
Eurohome UK Mortgages plc:
Series 2007-1, Cl. B1, 1.531% [BP0003M+90], 6/15/441	GBP		5,275,000	5,772,013
Series 2007-2, Cl. B1, 2.031% [BP0003M+140], 9/15/441	GBP		4,000,000	4,637,955
Eurosail UK plc, Series 2007-5X, Cl. A1A, 1.399% [BP0003M+77], 9/13/451	GBP		10,230,542	13,243,415
Fondo de Titulizacion de Activos Santander Hipotecario 2, Series 2, Cl. E, 1.771% [EUR003M+210], 1/18/491	EUR		7,700,000	7,220,237
Great Hall Mortgages No 1 plc, Series 2007-1, Cl. DA, 1.411% [BP0003M+78], 3/18/391	GBP		8,000,000	9,388,743
Grifonas Finance plc, Series 1, Cl. B, 0.249% [EUR006M+52], 8/28/391	EUR		5,000,000	4,071,050
Hipocat 11 Fondo de Titulizacion de Activos, Series HIPO-11, Cl. A2, 0.00% [EUR003M+13], 1/15/501	EUR		2,211,554	2,464,075
Hipocat 9 Fondo de Titulizacion de Activos, Series HIPO-9, Cl. C, 0.00% [EUR003M+29], 7/15/381	EUR		17,400,000	15,644,742
IM Pastor 4 Fondo de Titulizacion de Activos:
Series 4, Cl. A, 0.00% [EUR003M+14], 3/22/441	EUR		17,249,344	18,713,656
Series 4, Cl. B, 0.00% [EUR003M+19], 3/22/441	EUR		3,000,000	1,853,758
Ludgate Funding plc, Series 2007-1, 0.00%, 1/1/61	GBP		207,500,000	7,201,110
Newgate Funding plc:
Series 2006-2, Cl. CB, 0.101% [EUR003M+43], 12/1/501	EUR		3,886,576	4,155,719
Series 2007-2X, Cl. CB, 0.119% [EUR003M+44], 12/15/501	EUR		3,554,575	3,698,139
Series 2007-3X, Cl. D, 3.631% [BP0003M+300], 12/15/501	GBP		4,699,257	6,247,886
Sestante Finance Srl, Series 3, Cl. C1, 0.471% [EUR003M+80], 7/15/451	EUR		9,700,000	5,213,805
TDA 27 Hipocat 9 Fondo de Titulizacion de Activos, Series 27, Cl. A3, 0.00% [EUR003M+19], 12/28/501	EUR		35,000,000	35,557,425
Total Mortgage-Backed Obligations (Cost $167,015,757)				165,820,464
Foreign Government Obligations—54.8%
Angola—0.5%
Republic of Angola:
8.25% Sr. Unsec. Nts., 5/9/282			19,305,000	19,371,139
9.375% Sr. Unsec. Nts., 5/8/482			10,045,000	10,169,528
				29,540,667
Argentina—1.8%
Argentine Republic:
4.625% Sr. Unsec. Nts., 1/11/23			9,760,000	8,624,278
5.875% Sr. Unsec. Nts., 1/11/28			27,535,000	22,458,234
6.875% Sr. Unsec. Nts., 1/26/27			10,125,000	8,947,969
6.875% Sr. Unsec. Nts., 1/11/48			11,950,000	9,058,219
7.50% Sr. Unsec. Nts., 4/22/26			3,670,000	3,399,337
15.50% Bonds, 10/17/26	ARS		135,000,000	4,228,652
16.00% Bonds, 10/17/23	ARS		118,258,140	3,684,593

1      OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED

STATEMENT OF INVESTMENTS Unaudited / Continued

		Principal Amount		Value
Argentina (Continued)
Argentine Republic: (Continued) 18.20% Unsec. Nts., 10/3/21	ARS		212,805,000	$            6,323,454
21.20% Bonds, 9/19/18	ARS		876,900,000	29,096,273
34.66% [BADLARPP+325] Sr. Unsec. Nts., 3/1/201	ARS		180,336,000	5,936,050
				101,757,059
Australia—1.8%
Commonwealth of Australia:
Series 150, 3.00% Sr. Unsec. Nts., 3/21/47	AUD		12,500,000	9,105,177
Series 35CI, 2.00% Sr. Unsec. Nts., 8/21/353	AUD		11,300,000	10,891,195
New South Wales Treasury Corp., Series 27, 3.00% Sr. Unsec. Nts., 5/20/27	AUD		25,000,000	18,647,206
Queensland Treasury Corp.:
3.50% Sr. Unsec. Bonds, 8/21/302	AUD		20,000,000	15,153,411
Series 33, 6.50% Sr. Unsec. Bonds, 3/14/33	AUD		20,590,000	20,968,440
Treasury Corp. of Victoria, 3.00%, 10/20/28	AUD		40,000,000	29,743,260
				104,508,689
Belarus—0.1%
Republic of Belarus, 6.875% Sr. Unsec. Nts., 2/28/232			3,180,000	3,299,011
Brazil—3.7%
Federative Republic of Brazil:
5.00% Sr. Unsec. Nts., 1/27/45			9,700,000	7,701,897
6.00% Unsec. Nts., 8/15/22	BRL		30,170,000	24,451,747
6.00% Unsec. Nts., 5/15/45	BRL		32,900,000	26,347,479
10.00% Unsec. Nts., 1/1/21	BRL		325,000,000	85,101,621
10.00% Unsec. Nts., 1/1/27	BRL		211,000,000	49,839,229
10.00% Unsec. Nts., 1/1/29	BRL		70,000,000	16,229,115
				209,671,088
Canada—2.3%
Canada Housing Trust No 1:
1.25% Bonds, 6/15/212	CAD		100,000,000	74,135,321
2.35% Bonds, 6/15/232	CAD		75,000,000	56,999,201
				131,134,522
Chile—0.4%
Republic of Chile:
4.50% Unsec. Nts., 2/28/21	CLP		15,335,000,000	23,965,570
4.50% Bonds, 3/1/21	CLP		700,000,000	1,093,882
				25,059,452
Colombia—0.8%
Republic of Colombia:
3.875% Sr. Unsec. Nts., 4/25/27			3,250,000	3,146,812
4.00% Sr. Unsec. Nts., 2/26/24			2,980,000	2,980,745
6.125% Sr. Unsec. Nts., 1/18/41			11,050,000	12,403,625

2      OPPENHEIMER INTERNATIONAL BOND FUND

		Principal Amount		Value
Colombia (Continued)
Republic of Colombia: (Continued)
Series B, 7.00% Sr. Unsec. Nts., 9/11/19	COP		75,000,000,000	$            26,228,698
				44,759,880
Croatia—0.2%
Republic of Croatia, 3.875% Sr. Unsec. Nts., 5/30/22	EUR		8,565,000	11,078,204
Dominican Republic—0.8%
Dominican Republic:
5.95% Sr. Unsec. Nts., 1/25/272			39,775,000	39,426,969
6.85% Sr. Unsec. Nts., 1/27/452			6,370,000	6,337,895
				45,764,864
Ecuador—0.3%
Republic of Ecuador:
7.875% Sr. Unsec. Nts., 1/23/282			5,520,000	4,644,804
8.875% Sr. Unsec. Nts., 10/23/272			11,310,000	10,037,059
				14,681,863
Egypt—0.8%
Arab Republic of Egypt:
4.75% Sr. Unsec. Nts., 4/16/262	EUR		12,900,000	13,888,329
6.125% Sr. Unsec. Nts., 1/31/222			6,530,000	6,438,228
6.588% Sr. Unsec. Nts., 2/21/282			6,345,000	5,848,853
6.875% Sr. Unsec. Nts., 4/30/402			1,945,000	1,665,192
8.50% Sr. Unsec. Nts., 1/31/472			9,480,000	9,214,408
Series 3YR, 15.00% Bonds, 10/3/20	EGP		152,900,000	8,162,416
				45,217,426
Gabon—0.3%
Gabonese Republic, 6.375% Bonds, 12/12/242			16,550,000	14,871,185
Ghana—0.4%
Republic of Ghana:
7.625% Sr. Unsec. Nts., 5/16/292			16,245,000	15,894,758
8.627% Sr. Unsec. Nts., 6/16/492			9,455,000	9,229,328
				25,124,086
Greece—3.5%
Hellenic Republic:
Bonds, 10/15/424	EUR		107,000,000	497,819
3.375% Sr. Unsec. Nts., 2/15/252	EUR		80,240,000	92,873,208
3.50% Bonds, 1/30/23	EUR		20,000,000	23,767,066
3.75% Bonds, 1/30/28	EUR		13,540,000	15,564,649
3.90% Bonds, 1/30/33	EUR		37,650,000	41,078,378
4.00% Bonds, 1/30/37	EUR		12,995,000	13,870,493
4.375% Sr. Unsec. Nts., 8/1/222	EUR		10,000,000	12,313,797
				199,965,410

3      OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED

STATEMENT OF INVESTMENTS Unaudited / Continued

		Principal Amount		Value
Honduras—0.1%
Republic of Honduras:
6.25% Sr. Unsec. Nts., 1/19/272		$	3,160,000	$            3,182,752
8.75% Sr. Unsec. Nts., 12/16/202			2,850,000	3,091,395
				6,274,147
Hungary—0.9%
Hungary:
5.75% Sr. Unsec. Nts., 11/22/23			6,380,000	6,878,029
Series 22/B, 1.75% Bonds, 10/26/22	HUF		2,750,000,000	9,547,743
Series 23/A, 6.00% Bonds, 11/24/23	HUF		7,239,000,000	30,146,644
Series 25/B, 5.50% Bonds, 6/24/25	HUF		1,550,000,000	6,369,722
				52,942,138
India—5.3%
Indian Railway Finance Corp. Ltd., 8.83% Sr. Sec. Nts., 3/25/23	INR		250,000,000	3,675,666
Republic of India:
6.84% Sr. Unsec. Nts., 12/19/22	INR		1,000,000,000	14,002,277
7.68% Sr. Unsec. Nts., 12/15/23	INR		1,300,000,000	18,693,493
8.15% Sr. Unsec. Nts., 11/24/26	INR		500,000,000	7,312,705
8.20% Sr. Unsec. Nts., 2/15/22	INR		5,650,000,000	83,222,278
8.20% Sr. Unsec. Nts., 9/24/25	INR		3,375,000,000	49,456,176
8.27% Sr. Unsec. Nts., 6/9/20	INR		3,023,000,000	44,736,914
8.40% Sr. Unsec. Nts., 7/28/24	INR		3,997,000,000	59,188,503
State of Gujarat, 7.52% Sr. Unsec. Nts., 5/24/27	INR		500,000,000	6,798,066
State of Maharastra, 7.99% Sr. Unsec. Nts., 10/28/25	INR		500,000,000	7,129,154
State of Tamil Nadu, 8.53% Sr. Unsec. Nts., 3/9/26	INR		500,000,000	7,366,591
				301,581,823
Indonesia—2.5%
Perusahaan Penerbit SBSN Indonesia III:
4.35% Sr. Unsec. Nts., 9/10/242			3,560,000	3,564,450
4.55% Sr. Unsec. Nts., 3/29/262			5,680,000	5,658,700
Republic of Indonesia:
3.85% Sr. Unsec. Nts., 7/18/272			6,030,000	5,730,846
4.125% Sr. Unsec. Nts., 1/15/252			3,050,000	3,001,505
Series FR53, 8.25% Sr. Unsec. Nts., 7/15/21	IDR		274,220,000,000	19,529,631
Series FR56, 8.375% Sr. Unsec. Nts., 9/15/26	IDR		288,430,000,000	20,580,839
Series FR61, 7.00% Sr. Unsec. Nts., 5/15/22	IDR		247,014,000,000	16,927,268
Series FR71, 9.00% Sr. Unsec. Nts., 3/15/29	IDR		359,350,000,000	26,794,871
Series FR73, 8.75% Sr. Unsec. Nts., 5/15/31	IDR		560,080,000,000	40,585,906
				142,374,016
Iraq—0.2%
Republic of Iraq:
5.80% Unsec. Nts., 1/15/282			3,695,000	3,325,929
6.752% Sr. Unsec. Nts., 3/9/232			6,035,000	5,813,938
				9,139,867

4      OPPENHEIMER INTERNATIONAL BOND FUND

		Principal Amount		Value
Ivory Coast—0.5%
Republic of Cote d’Ivoire:
5.125% Sr. Unsec. Nts., 6/15/252	EUR		6,485,000	$            7,638,411
5.25% Sr. Unsec. Nts., 3/22/302	EUR		7,640,000	8,556,306
6.125% Sr. Unsec. Nts., 6/15/332			7,715,000	6,831,849
6.625% Sr. Unsec. Nts., 3/22/482	EUR		6,367,000	7,022,793
				30,049,359
Malaysia—0.3%
Federation of Malaysia, Series 0116, 3.80% Sr. Unsec. Nts., 8/17/23	MYR		80,000,000	19,625,558
Mexico—7.9%
United Mexican States:
3.75% Sr. Unsec. Nts., 1/11/28			6,395,000	6,054,466
4.00% Bonds, 6/13/193	MXN		1,605,612,510	81,012,561
Series M, 5.00% Sr. Unsec. Nts., 12/11/19	MXN		1,320,000,000	63,968,017
Series M, 6.50% Bonds, 6/10/21	MXN		400,000,000	19,518,385
Series M, 8.00% Sr. Unsec. Nts., 12/7/23	MXN		850,000,000	43,446,180
Series M, 8.00% Bonds, 11/7/47	MXN		466,000,000	24,316,564
Series M10, 8.50% Bonds, 12/13/18	MXN		2,890,000,000	145,938,797
Series M20, 8.50% Sr. Unsec. Nts., 5/31/29	MXN		240,000,000	12,901,106
Series M20, 10.00% Bonds, 12/5/24	MXN		698,700,000	39,542,193
Series M30, 10.00% Bonds, 11/20/36	MXN		290,000,000	18,010,438
				454,708,707
Mongolia—0.1%
Mongolia:
5.125% Sr. Unsec. Nts., 12/5/222			1,940,000	1,821,609
5.625% Sr. Unsec. Nts., 5/1/232			4,450,000	4,222,979
				6,044,588
New Zealand—0.4%
New Zealand, 3.00% Sr. Unsec. Nts., 4/20/29	NZD		30,000,000	20,609,519
Nigeria—0.2%
Federal Republic of Nigeria:
7.143% Sr. Unsec. Nts., 2/23/302			4,425,000	4,188,094
7.696% Sr. Unsec. Nts., 2/23/382			10,770,000	10,207,914
				14,396,008
Oman—0.4%
Sultanate of Oman, 6.75% Sr. Unsec. Nts., 1/17/482			28,250,000	25,670,775
Peru—0.8%
Republic of Peru:
6.35% Sr. Unsec. Nts., 8/12/282	PEN		112,140,000	35,750,089
8.20% Sr. Unsec. Nts., 8/12/262	PEN		29,000,000	10,534,585
				46,284,674

5      OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED

STATEMENT OF INVESTMENTS Unaudited / Continued

		Principal Amount		Value
Poland—0.5%
Republic of Poland:
Series 0725, 3.25% Bonds, 7/25/25	PLN		30,000,000	$            8,149,237
Series 0726, 2.50% Bonds, 7/25/26	PLN		90,900,000	23,233,187
				31,382,424
Portugal—2.8%
Portuguese Republic:
2.125% Sr. Unsec. Nts., 10/17/282	EUR		15,000,000	18,060,430
2.875% Sr. Unsec. Nts., 10/15/252	EUR		106,100,000	137,973,945
4.10% Sr. Unsec. Nts., 2/15/452	EUR		3,330,000	4,796,515
				160,830,890
Romania—0.2%
Romania:
2.375% Sr. Unsec. Nts., 4/19/272	EUR		5,980,000	7,008,109
3.875% Sr. Unsec. Nts., 10/29/352	EUR		2,050,000	2,450,917
				9,459,026
Russia—0.5%
Russian Federation:
4.375% Sr. Unsec. Nts., 3/21/292			3,245,000	3,150,304
Series 6209, 7.60% Bonds, 7/20/22	RUB		394,000,000	6,351,060
Series 6211, 7.00% Bonds, 1/25/23	RUB		1,163,100,000	18,279,568
				27,780,932
Senegal—0.2%
Republic of Senegal:
6.25% Sr. Unsec. Nts., 7/30/242			3,580,000	3,519,752
6.25% Unsec. Nts., 5/23/332			3,170,000	2,818,922
6.75% Sr. Unsec. Nts., 3/13/482			5,690,000	4,886,373
				11,225,047
Serbia—0.2%
Republic of Serbia, 5.875% Unsec. Nts., 12/3/182			12,245,000	12,377,626
Singapore—0.3%
Republic of Singapore, 2.25% Sr. Unsec. Nts., 6/1/21	SGD		25,000,000	18,442,404
South Africa—3.5%
Republic of South Africa:
5.875% Sr. Unsec. Nts., 6/22/30			9,760,000	9,703,236
Series 2023, 7.75% Bonds, 2/28/23	ZAR		311,100,000	22,253,170
Series 2030, 8.00% Bonds, 1/31/30	ZAR		260,000,000	17,305,964
Series 2037, 8.50% Bonds, 1/31/37	ZAR		181,800,000	12,022,112
Series 2048, 8.75% Bonds, 2/28/48	ZAR		452,000,000	29,979,421
Series R186, 10.50% Bonds, 12/21/26	ZAR		734,700,000	58,713,657
Series R208, 6.75% Sr. Unsec. Nts., 3/31/21	ZAR		514,540,000	36,525,832

6      OPPENHEIMER INTERNATIONAL BOND FUND

		Principal Amount		Value
South Africa (Continued)
Republic of South Africa: (Continued)
Series R214, 6.50% Bonds, 2/28/41	ZAR		255,000,000	$            13,222,189
				199,725,581
Sri Lanka—0.6%
Democratic Socialist Republic of Sri Lanka:
5.75% Sr. Unsec. Nts., 4/18/232			9,690,000	9,301,528
5.875% Sr. Unsec. Nts., 7/25/222			8,995,000	8,853,977
6.00% Sr. Unsec. Nts., 1/14/192			9,430,000	9,483,185
6.25% Sr. Unsec. Nts., 10/4/202			2,955,000	2,999,177
6.75% Sr. Unsec. Nts., 4/18/282			6,490,000	6,140,520
				36,778,387
Thailand—0.9%
Kingdom of Thailand:
1.875% Sr. Unsec. Nts., 6/17/22	THB		1,120,000,000	33,685,124
2.125% Sr. Unsec. Nts., 12/17/26	THB		650,000,000	18,948,452
				52,633,576
Turkey—1.7%
Republic of Turkey:
8.50% Bonds, 7/10/19	TRY		45,000,000	8,943,479
8.80% Bonds, 11/14/18	TRY		73,165,000	15,496,707
10.70% Bonds, 2/17/21	TRY		200,700,000	37,353,962
11.00% Bonds, 2/24/27	TRY		30,000,000	4,989,279
12.40% Bonds, 3/8/28	TRY		158,000,000	28,443,680
				95,227,107
Ukraine—1.1%
Ukraine:
7.75% Sr. Unsec. Nts., 9/1/20			5,905,000	5,889,139
7.75% Sr. Unsec. Nts., 9/1/23			13,840,000	13,366,395
7.75% Sr. Unsec. Nts., 9/1/24			8,880,000	8,446,176
7.75% Sr. Unsec. Nts., 9/1/25			5,900,000	5,554,585
7.75% Sr. Unsec. Nts., 9/1/26			19,825,000	18,441,374
7.75% Sr. Unsec. Nts., 9/1/27			11,175,000	10,297,360
				61,995,029
United Kingdom—4.6%
United Kingdom:
2.75% Bonds, 9/7/24	GBP		97,000,000	140,689,304
3.25% Bonds, 1/22/44	GBP		71,340,000	122,949,387
				263,638,691
Uruguay—0.4%
Oriental Republic of Uruguay:
5.10% Sr. Unsec. Nts., 6/18/50			17,730,000	17,495,078

7      OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED

STATEMENT OF INVESTMENTS Unaudited / Continued

		Principal Amount		Value
Uruguay (Continued)
Oriental Republic of Uruguay: (Continued) 9.875% Sr. Unsec. Nts., 6/20/222	UYU		176,475,000	$            5,589,051
				23,084,129
Total Foreign Government Obligations (Cost $3,413,323,511)				3,140,715,434
Corporate Bonds and Notes—27.9%
Consumer Discretionary—0.6%
Automobiles—0.1%
Aston Martin Capital Holdings Ltd., 6.50% Sr. Sec. Nts., 4/15/222			3,500,000	3,584,875
Jaguar Land Rover Automotive plc, 4.50% Sr. Unsec. Nts., 10/1/272			1,900,000	1,705,250
				5,290,125
Hotels, Restaurants & Leisure—0.1%
Melco Resorts Finance Ltd., 4.875% Sr. Unsec. Nts., 6/6/252			8,220,000	7,786,005
Household Durables—0.1%
Arcelik AS, 5.00% Sr. Unsec. Nts., 4/3/232			3,245,000	3,069,806
Media—0.3%
Altice Luxembourg SA, 6.25% Sr. Unsec. Nts., 2/15/25	EUR		5,475,000	6,136,825
Ziggo BV, 4.25% Sr. Sec. Nts., 1/15/272	EUR		8,000,000	9,278,825
				15,415,650
Consumer Staples—0.2%
Beverages—0.0%
Coca-Cola Icecek AS, 4.215% Sr. Unsec. Nts., 9/19/242			3,010,000	2,818,796
Food Products—0.2%
Adecoagro SA, 6.00% Sr. Unsec. Nts., 9/21/272			1,231,000	1,021,545
BRF SA, 3.95% Sr. Unsec. Nts., 5/22/232			3,240,000	2,849,580
MHP Lux SA, 6.95% Sr. Unsec. Nts., 4/3/262			3,370,000	3,162,627
Minerva Luxembourg SA, 6.50% Sr. Unsec. Nts., 9/20/262			3,240,000	2,980,800
				10,014,552
Energy—3.5%
Energy Equipment & Services—0.3%
Eterna Capital Pte Ltd.:
7.50% Sr. Sec. Nts., 12/11/225			6,350,000	6,301,832
8.00% Sr. Sec. Nts., 12/11/225			13,313,533	12,775,839
				19,077,671
Oil, Gas & Consumable Fuels—3.2%
Frontera Energy Corp., 9.70% Sr. Unsec. Nts., 6/25/232			3,040,000	3,024,800
Indika Energy Capital III Pte Ltd., 5.875% Sr. Sec. Nts., 11/9/242			5,005,000	4,466,587
KazMunayGas National Co. JSC:
4.75% Sr. Unsec. Nts., 4/24/252			15,785,000	15,828,409

8      OPPENHEIMER INTERNATIONAL BOND FUND

		Principal Amount		Value
Oil, Gas & Consumable Fuels (Continued)
KazMunayGas National Co. JSC: (Continued) 5.375% Sr. Unsec. Nts., 4/24/302		$	12,955,000	$            13,028,066
6.375% Sr. Unsec. Nts., 10/24/482			14,950,000	15,135,006
KazTransGas JSC, 4.375% Sr. Unsec. Nts., 9/26/272			7,590,000	7,077,675
Medco Platinum Road Pte Ltd., 6.75% Sr. Sec. Nts., 1/30/252			14,095,000	12,430,366
Petrobras Global Finance BV:
5.299% Sr. Unsec. Nts., 1/27/252			9,755,000	9,025,814
5.75% Sr. Unsec. Nts., 2/1/29			6,495,000	5,719,692
5.999% Sr. Unsec. Nts., 1/27/282			8,388,000	7,605,819
7.25% Sr. Unsec. Nts., 3/17/44			3,245,000	3,013,794
7.375% Sr. Unsec. Nts., 1/17/27			15,040,000	15,058,800
Petroleos Mexicanos:
3.75% Sr. Unsec. Nts., 2/21/24	EUR		2,975,000	3,531,804
3.75% Sr. Unsec. Nts., 4/16/26	EUR		6,495,000	7,467,182
5.35% Sr. Unsec. Nts., 2/12/282			17,090,000	16,218,410
6.50% Sr. Unsec. Nts., 3/13/27			4,440,000	4,547,670
6.75% Sr. Unsec. Nts., 9/21/47			4,880,000	4,650,640
Puma International Financing SA, 5.00% Sr. Unsec. Nts., 1/24/262			7,005,000	6,446,022
Repsol International Finance BV, 4.50% [EUSA10+420] Jr. Sub. Nts., 3/25/751	EUR		5,000,000	6,113,281
Saka Energi Indonesia PT, 4.45% Sr. Unsec. Nts., 5/5/242			4,110,000	3,855,423
Topaz Marine SA, 9.125% Sr. Unsec. Nts., 7/26/222			3,225,000	3,268,570
Transportadora de Gas del Sur SA, 6.75% Sr. Unsec. Nts., 5/2/252			3,115,000	2,865,800
YPF SA:
8.50% Sr. Unsec. Nts., 7/28/252			6,500,000	6,213,675
26.563% [BADLARPP+400] Sr. Unsec. Nts., 7/7/201,2			8,000,000	4,430,362
				181,023,667
Financials—18.4%
Capital Markets—1.7%
Credit Suisse Group AG, 7.50% [USSW5+459.8] Jr. Sub. Perpetual Bonds1,6			35,000,000	36,221,675
Koks OAO Via Koks Finance DAC, 7.50% Sr. Unsec. Nts., 5/4/222			4,280,000	4,278,793
Morgan Stanley, 7.50% Sr. Unsec. Nts., 4/2/324			25,000,000	19,845,400
Seven & Seven Ltd., 3.259% [US0006M+100] Sr. Unsec. Nts., 9/11/191,2			1,500,000	1,493,779
UBS AG (Stamford CT), 7.625% Sub. Nts., 8/17/22			10,000,000	11,064,000
UBS Group Funding Switzerland AG:
6.875% [USISDA05+549.65] Jr. Sub. Perpetual Bonds1,6			4,595,000	4,717,714
7.00% [USSW5+486.6] Jr. Sub. Perpetual Bonds1,6			8,000,000	8,127,224
7.125% [USSW5+588.3] Jr. Sub. Perpetual Bonds1,6			6,000,000	6,195,144
7.125% [USSW5+546.4] Jr. Sub. Perpetual Bonds1,6			5,000,000	5,143,980
				97,087,709
Commercial Banks—13.4%
Adler Pelzer Holding GmbH, 4.125% Sr. Sec. Nts., 4/1/24	EUR		1,300,000	1,532,479

9      OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED

STATEMENT OF INVESTMENTS Unaudited / Continued

		Principal Amount		Value
Commercial Banks (Continued)
Allied Irish Banks plc, 4.125% [EUSA5+395] Sub. Nts., 11/26/251	EUR		12,000,000	$            14,716,032
Astana Finance JSC, 9.16% Sr. Unsec. Nts., 3/14/127,8			612,810	—
Banca Monte dei Paschi di Siena SpA, 5.375% [EUSA5+500.5] Sub. Nts., 1/18/281	EUR		10,000,000	9,537,481
Banco Bilbao Vizcaya Argentaria SA:
5.875% [EUSA5+577.9] Jr. Sub. Perpetual Bonds1,6	EUR		15,000,000	17,976,821
6.75% [EUSA5+660.4] Jr. Sub. Perpetual Bonds1,6	EUR		3,000,000	3,651,152
8.875% [EUSA5+917.7] Jr. Sub. Perpetual Bonds1,6	EUR		25,200,000	33,034,736
Banco do Brasil SA (Cayman):
3.875% Sr. Unsec. Nts., 10/10/22			24,410,000	22,853,862
4.875% Sr. Unsec. Nts., 4/19/232			18,585,000	17,813,722
Banco Hipotecario SA, 25.229% [BADLARPP+250] Sr. Unsec. Nts., 1/12/201,2	ARS		75,979,000	2,432,174
Banco Mercantil del Norte SA (Grand Cayman):
6.875% [H15T5Y+503.5] Jr. Sub. Perpetual Bonds1,2,6			2,535,000	2,515,582
7.625% [H15T10Y+535.3] Jr. Sub. Perpetual Bonds1,2,6			2,316,000	2,295,735
Banco Santander SA, 6.75% [EUSA5+680.3] Jr. Sub. Perpetual Bonds1,6	EUR		11,500,000	14,453,715
Bank of Ireland, 10.00% Sub. Nts., 12/19/22	EUR		9,500,000	15,026,581
Bank of Scotland plc, 4.875% Sec. Nts., 12/20/24	GBP		8,675,000	13,653,910
Barclays Bank plc, 6.278% [US0003M+155] Jr. Sub. Perpetual Bonds1,6			4,000,000	4,300,500
Barclays plc:
6.50% [EUSA5+587.5] Jr. Sub. Perpetual Bonds1,6	EUR		10,000,000	12,044,514
7.25% [BPSW5+646.2] Jr. Sub. Perpetual Bonds1,6	GBP		10,000,000	13,582,801
8.00% [EUSA5+675] Jr. Sub. Perpetual Bonds1,6	EUR		11,105,000	14,394,880
BBVA Bancomer SA, 5.35% [H15T5Y+300] Sub. Nts., 11/12/291,2			3,145,000	2,932,712
Belfius Bank SA, 3.625% [EUSA5+293.8] Jr. Sub. Perpetual Bonds1,6,9	EUR		3,000,000	2,999,947
BNP Paribas SA, 7.625% [USSW5+631.4] Jr. Sub. Perpetual Bonds1,2,6			24,000,000	25,110,000
Caixa Geral de Depositos SA:
1.00% Sec. Nts., 1/27/22	EUR		3,000,000	3,588,711
5.75% [EUSA5+550] Sub. Nts., 6/28/281,9	EUR		5,000,000	5,817,396
10.75% [EUSA5+1,092.5] Jr. Sub. Perpetual Bonds1,6	EUR		7,000,000	9,008,205
CaixaBank SA:
2.75% [EUSA5+235] Sub. Nts., 7/14/281	EUR		11,000,000	13,041,223
5.25% [EUSA5+450.4] Jr. Sub. Perpetual Bonds1,6,9	EUR		3,000,000	3,217,470
6.75% [EUSA5+649.8] Jr. Sub. Perpetual Bonds1,6	EUR		15,000,000	18,666,115
Cooperatieve Rabobank UA, 5.50% [EUSA5+525] Jr. Sub. Perpetual Bonds1,6	EUR		5,090,000	6,363,280
Credit Agricole SA:
6.625% [USSW5+469.7] Jr. Sub. Perpetual Bonds1,6			4,000,000	4,007,132
8.125% [USSW5+618.5] Jr. Sub. Perpetual Bonds1,2,6			4,405,000	4,674,806
Credit Suisse AG, 6.50% Sub. Nts., 8/8/23			15,010,000	15,995,301
Dresdner Funding Trust I, 8.151% Jr. Sub. Nts., 6/30/312			9,900,000	12,374,723
Eurobank Ergasias SA, 2.75% Sec. Nts., 11/2/20	EUR		16,500,000	19,508,480

10      OPPENHEIMER INTERNATIONAL BOND FUND

		Principal Amount		Value
Commercial Banks (Continued)
EUROFIMA, 6.25% Sr. Unsec. Nts., 12/28/18	AUD		5,270,000	$            3,975,362
Export-Import Bank of India:
9.50% Sr. Unsec. Nts., 10/9/18	INR		175,000,000	2,561,426
9.70% Sr. Unsec. Nts., 11/21/18	INR		200,000,000	2,934,756
Fidelity Bank plc, 10.50% Sr. Unsec. Nts., 10/16/222			3,780,000	3,730,973
Global Bank Corp., 4.50% Sr. Unsec. Nts., 10/20/212			3,910,000	3,816,160
Globo Comunicacao e Participacoes SA, 5.125% Sr. Unsec. Nts., 3/31/272			3,175,000	2,960,687
HSBC Bank Capital Funding Sterling 1 LP, 5.844% [BP0006M+176] Jr. Sub. Perpetual Bonds1,6	GBP		3,100,000	5,172,855
HSBC Holdings plc:
5.25% Jr. Sub. Perpetual Bonds4,6	EUR		4,000,000	4,918,998
6.25% [USISDA05+345.3] Jr. Sub. Perpetual Bonds1,6			15,000,000	14,737,500
6.375% [USISDA05+436.8] Jr. Sub. Perpetual Bonds1,6			10,000,000	9,837,500
6.875% [USISDA05+551.4] Jr. Sub. Perpetual Bonds1,6			5,000,000	5,181,250
IDBI Bank Ltd. (GIFT-IFC), 5.00% Sr. Unsec. Nts., 9/25/19			2,530,000	2,556,471
ING Groep NV, 6.875% [USSW5+512.4] Jr. Sub. Perpetual Bonds1,6			5,000,000	5,109,385
Intesa Sanpaolo SpA:
4.375% Sr. Unsec. Nts., 1/12/482			10,000,000	7,806,698
5.017% Sub. Nts., 6/26/242			10,825,000	9,834,028
5.71% Sub. Nts., 1/15/262			2,000,000	1,830,896
Intrum AB, 3.125% Sr. Unsec. Nts., 7/15/24	EUR		7,655,000	8,399,670
KBC Group NV, 4.25% [EUSA5+359.4] Jr. Sub. Perpetual Bonds1,6,9	EUR		12,000,000	12,857,478
Lloyds Bank plc:
7.50% Sr. Unsec. Nts., 4/2/324			10,000,000	8,631,260
13.00% [GUKG5+1,340] Jr. Sub. Perpetual Bonds1,6	GBP		5,000,000	11,661,278
Lloyds Banking Group plc:
6.375% [EUSA5+529] Jr. Sub. Perpetual Bonds1,6	EUR		18,000,000	22,413,001
6.657% [US0003M+127] Jr. Sub. Perpetual Bonds1,6,10			12,000,000	12,843,360
NN Group NV, 4.625% [EUR003M+395] Sub. Nts., 4/8/441	EUR		5,000,000	6,297,595
Novo Banco SA (Luxembourg):
3.50% Sr. Unsec. Nts., 1/23/43	EUR		10,000,000	9,900,748
3.50% Sr. Unsec. Nts., 2/19/43	EUR		1,700,000	1,684,245
3.50% Sr. Unsec. Nts., 3/18/43	EUR		2,300,000	2,273,565
Rabobank Capital Funding Trust IV, 5.556% [BP0006M+146] Jr. Sub. Perpetual Bonds1,2,6	GBP		8,005,000	11,007,414
Rio Oil Finance Trust Series 2018-1, 8.20% Sr. Sec. Nts., 4/6/282			4,835,000	4,909,942
Sberbank of Russia Via SB Capital SA, 5.50% [H15T5Y+402.3] Sub. Nts., 2/26/241,2			9,290,000	9,330,272
Societe Generale SA:
6.75% [USSW5+392.9] Jr. Sub. Perpetual Bonds1,2,6			20,000,000	18,375,000
7.375% [USSW5+623.8] Jr. Sub. Perpetual Bonds1,2,6			13,000,000	13,260,000
Stadshypotek AB:
1.50% Sec. Nts., 3/17/21	SEK		600,000,000	69,776,984
1.50% Sec. Nts., 12/15/21	SEK		400,000,000	46,659,514

11      OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED

STATEMENT OF INVESTMENTS Unaudited / Continued

		Principal Amount		Value
Commercial Banks (Continued)
Standard Chartered Bank, 5.375% [BP0003M+189] Jr. Sub. Perpetual Bonds1,6	GBP		4,000,000	$            5,516,428
Standard Chartered plc, 7.014% [US0003M+146] Jr. Sub. Perpetual Bonds1,2,6			5,460,000	5,801,250
Swiss Insured Brazil Power Finance Sarl, 9.85% Sr. Sec. Nts., 7/16/32	BRL		17,500,000	4,199,187
UBS Group Funding Switzerland AG:
5.00% [USSW5+243.2] Jr. Sub. Perpetual Bonds1,6			16,665,000	14,664,600
5.75% [EUSA5+528.7] Jr. Sub. Perpetual Bonds1,6	EUR		5,000,000	6,310,890
Westpac Banking Corp., 1.50% Sec. Nts., 3/24/21	EUR		5,000,000	6,091,467
Zenith Bank plc, 7.375% Sr. Unsec. Nts., 5/30/222			3,930,000	3,926,817
				766,879,088
Consumer Finance—0.4%
Drax Finco plc, 4.25% Sr. Sec. Nts., 5/1/222	GBP		4,900,000	6,539,203
Minejesa Capital BV, 4.625% Sr. Sec. Nts., 8/10/302			17,770,000	16,235,614
				22,774,817
Diversified Financial Services—0.4%
Charming Light Investments Ltd., 4.375% Sr. Unsec. Nts., 12/21/279			8,430,000	7,890,514
JPMorgan Hipotecaria su Casita, 6.47% Sec. Nts., 8/26/358,10	MXN		34,101,099	161,789
National Savings Bank, 8.875% Sr. Unsec. Nts., 9/18/182			7,035,000	7,064,195
Power Finance Corp. Ltd., 7.99% Sr. Unsec. Nts., 12/20/22	INR		400,000,000	5,656,682
Rural Electrification Corp. Ltd., 9.04% Sr. Unsec. Nts., 10/12/19	INR		250,000,000	3,704,098
				24,477,278
Insurance—2.2%
Aquarius & Investments plc for Swiss Reinsurance Co. Ltd., 6.375% [USSW5+521] Sub. Nts., 9/1/241			5,000,000	5,117,370
Aviva plc:
3.875% [EUSA5+348] Sub. Nts., 7/3/441	EUR		7,000,000	8,695,257
6.125% [EUSA5+513] Sub. Nts., 7/5/431	EUR		5,000,000	6,916,155
6.125% [GUKG5+240] Jr. Sub. Perpetual Bonds1,6	GBP		6,560,000	9,460,124
AXA SA:
3.875% [EUSA11+325] Jr. Sub. Perpetual Bonds1,6	EUR		10,500,000	12,575,253
8.60% Sub. Nts., 12/15/30			5,000,000	6,412,500
Credit Agricole Assurances SA:
4.25% [EUSA5+450] Jr. Sub. Perpetual Bonds1,6	EUR		10,000,000	12,074,328
4.75% [EUSA5+535] Sub. Nts., 9/27/481	EUR		10,000,000	12,584,154
Credivalores-Crediservicios SAS:
9.75% Sr. Unsec. Nts., 7/27/222			790,000	778,150
9.75% Sr. Unsec. Nts., 7/27/229			4,535,000	4,477,646
Mapfre SA, 4.375% [EUR003M+454.3] Sub. Nts., 3/31/471	EUR		8,000,000	9,788,294
NN Group NV, 4.375% [EUR003M+390] Jr. Sub. Perpetual Bonds1,6	EUR		8,000,000	9,679,520
Power Finance Corp. Ltd., 8.53% Sr. Unsec. Nts., 7/24/20	INR		330,000,000	4,853,218

12      OPPENHEIMER INTERNATIONAL BOND FUND

		Principal Amount		Value
Insurance (Continued)
UNIQA Insurance Group AG, 6.875% [EUR003M+598.6] Sub. Nts., 7/31/431	EUR		9,300,000	$            12,678,464
VIVAT NV, 2.375% Sr. Unsec. Nts., 5/17/24	EUR		6,000,000	7,282,630
				123,373,063
Real Estate Investment Trusts (REITs)—0.1%
Banco Invex SA/Hipotecaria Credito y Casa SA de CV, 6.45% Sec. Nts., 3/13/343,7,8	MXN		27,602,566	—
Trust F/1401, 5.25% Sr. Unsec. Nts., 1/30/262			6,805,000	6,651,888
				6,651,888
Real Estate Management & Development—0.1%
Country Garden Holdings Co. Ltd., 7.50% Sr. Sec. Nts., 3/9/20			3,750,000	3,846,161
Thrifts & Mortgage Finance—0.1%
Housing Development Finance Corp. Ltd.:
8.75% Sr. Sec. Nts., 1/13/20	INR		330,000,000	4,816,863
8.95% Sec. Nts., 10/19/20	INR		125,000,000	1,828,974
				6,645,837
Health Care—0.2%
Health Care Providers & Services—0.1%
OCP SA, 4.50% Sr. Unsec. Nts., 10/22/252			6,360,000	6,071,116
Life Sciences Tools & Services—0.1%
IQVIA, Inc.:
3.25% Sr. Unsec. Nts., 3/15/252	EUR		6,000,000	6,835,329
3.25% Sr. Unsec. Nts., 3/15/25	EUR		1,000,000	1,137,149
				7,972,478
Industrials—0.7%
Construction & Engineering—0.1%
Fideicomiso PA Concesion Ruta al Mar, 6.75% Sr. Sec. Nts., 2/15/442,3	COP		8,000,000,000	2,705,591
Fideicomiso PA Costera, 6.25% Sr. Sec. Nts., 1/15/342,3	COP		5,916,031,565	2,082,630
Fideicomiso PA Pacifico Tres, 8.25% Sr. Sec. Nts., 1/15/3510			3,060,000	3,411,900
				8,200,121
Industrial Conglomerates—0.1%
Sigma Finance Netherlands BV, 4.875% Sr. Unsec. Nts., 3/27/282			6,405,000	6,148,800
Tupras Turkiye Petrol Rafinerileri AS, 4.50% Sr. Unsec. Nts., 10/18/242			3,165,000	2,826,494
				8,975,294
Road & Rail—0.1%
Rumo Luxembourg Sarl, 5.875% Sr. Unsec. Nts., 1/18/252			3,875,000	3,552,890

13      OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED

STATEMENT OF INVESTMENTS Unaudited / Continued

		Principal Amount		Value
Trading Companies & Distributors—0.1%
Postal Savings Bank of China Co. Ltd., 4.50% [H15T5Y+263.4] Jr. Sub. Perpetual Bonds1,6		$	5,000,000	$            4,648,750
Transportation Infrastructure—0.3%
Adani Abbot Point Terminal Pty Ltd., 4.45% Sr. Sec. Nts., 12/15/222			1,585,000	1,447,237
Agile Group Holdings Ltd., 9.00% Sr. Sec. Nts., 5/21/20			7,500,000	7,772,280
GMR Hyderabad International Airport Ltd., 4.25% Sr. Sec. Nts., 10/27/272			6,495,000	5,514,047
				14,733,564
Information Technology—0.2%
Communications Equipment—0.2%
HTA Group Ltd., 9.125% Sr. Unsec. Nts., 3/8/222			3,170,000	3,043,200
Virgin Media Finance plc, 4.50% Sr. Unsec. Nts., 1/15/25	EUR		6,950,000	8,219,951
				11,263,151
Materials—1.4%
Chemicals—0.5%
Crown European Holdings SA, 3.375% Sr. Unsec. Nts., 5/15/252	EUR		5,000,000	5,909,687
Inkia Energy Ltd., 5.875% Sr. Unsec. Nts., 11/9/272			5,865,000	5,491,106
ONGC Videsh Ltd., 2.75% Sr. Unsec. Nts., 7/15/21	EUR		7,565,000	9,332,102
Petkim Petrokimya Holding AS, 5.875% Sr. Unsec. Nts., 1/26/232			5,385,000	4,912,596
				25,645,491
Construction Materials—0.2%
CIMPOR Financial Operations BV, 5.75% Sr. Unsec. Nts., 7/17/242			12,810,000	10,312,050
St. Marys Cement, Inc., 5.75% Sr. Unsec. Nts., 1/28/272			2,975,000	2,878,312
				13,190,362
Containers & Packaging—0.1%
Ardagh Packaging Finance plc/Ardagh Holdings USA, Inc., 4.125% Sr. Sec. Nts., 5/15/23	EUR		2,000,000	2,433,415
Klabin Finance SA, 4.875% Sr. Unsec. Nts., 9/19/272			6,330,000	5,715,990
				8,149,405
Metals & Mining—0.5%
CSN Resources SA:
6.50% Sr. Unsec. Nts., 7/21/202			739,000	691,889
7.625% Sr. Unsec. Nts., 2/13/232			2,615,000	2,363,306
Evraz Group SA, 8.25% Sr. Unsec. Nts., 1/28/21			4,555,000	4,863,374
JSW Steel Ltd., 4.75% Sr. Unsec. Nts., 11/12/19			6,330,000	6,318,131
Metinvest BV, 7.75% Sr. Unsec. Nts., 4/23/232			3,185,000	2,995,652
Southern Copper Corp., 7.50% Sr. Unsec. Nts., 7/27/35			6,105,000	7,472,764

14      OPPENHEIMER INTERNATIONAL BOND FUND

		Principal Amount		Value
Metals & Mining (Continued)
Vedanta Resources plc, 6.375% Sr. Unsec. Nts., 7/30/222		$	3,135,000	$            2,993,925
				27,699,041
Paper & Forest Products—0.1%
Suzano Austria GmbH, 5.75% Sr. Unsec. Nts., 7/14/262			6,815,000	6,911,091
Telecommunication Services—1.2%
Diversified Telecommunication Services—0.7%
Axtel SAB de CV, 6.375% Sr. Unsec. Nts., 11/14/242			6,495,000	6,178,369
Telecom Italia Capital SA, 7.721% Sr. Unsec. Unsub. Nts., 6/4/38			9,147,000	9,878,760
Telecom Italia Finance SA, 7.75% Sr. Unsec. Nts., 1/24/33	EUR		6,000,000	9,663,737
Telefonica Europe BV, 3.75% [EUSA5+385.8] Jr. Sub. Perpetual Bonds1,6	EUR		13,300,000	15,631,795
				41,352,661
Wireless Telecommunication Services—0.5%
C&W Senior Financing DAC, 6.875% Sr. Unsec. Nts., 9/15/272			3,820,000	3,671,975
Digicel Group Ltd., 8.25% Sr. Unsec. Nts., 9/30/202			2,350,000	1,783,063
Telefonica Europe BV, 5.875% [EUSA10+430.1] Jr. Sub. Perpetual Bonds1,6	EUR		5,000,000	6,373,969
Turkcell Iletisim Hizmetleri AS, 5.80% Sr. Unsec. Nts., 4/11/282			4,510,000	4,098,151
VEON Holdings BV, 4.95% Sr. Unsec. Nts., 6/16/242			6,005,000	5,692,740
Wind Tre SpA, 3.125% Sr. Sec. Nts., 1/20/25	EUR		6,315,000	5,998,096
				27,617,994
Utilities—1.5%
Electric Utilities—1.1%
Capex SA, 6.875% Sr. Unsec. Nts., 5/15/242			2,740,000	2,456,739
Electricite de France SA, 5.375% [EUSA12+379.4] Jr. Sub. Perpetual Bonds1,6	EUR		3,100,000	3,895,299
Enel Chile SA, 4.875% Sr. Unsec. Nts., 6/12/28			5,190,000	5,239,305
Enel SpA, 8.75% [USSW5+588] Jr. Sub. Nts., 9/24/731,2			9,000,000	10,046,250
Eskom Holdings SOC Ltd.:
5.75% Sr. Unsec. Nts., 1/26/212			6,485,000	6,274,990
6.75% Sr. Unsec. Nts., 8/6/232			15,740,000	15,072,939
Light Servicos de Eletricidade SA/Light Energia SA, 7.25% Sr. Unsec. Nts., 5/3/232			6,325,000	5,977,125
Perusahaan Listrik Negara PT, 6.15% Sr. Unsec. Nts., 5/21/482			16,525,000	16,735,797
				65,698,444
Gas Utilities—0.1%
Gas Natural Fenosa Finance BV, 4.125% [EUSA8+335.3] Jr. Sub. Perpetual Bonds1,6	EUR		5,000,000	6,096,261
Independent Power and Renewable Electricity Producers—0.2%
AES Andres BV/Dominican Power Partners/Empresa Generadora de Electricidad Itabo SA, 7.95% Sr. Unsec. Nts., 5/11/262			3,325,000	3,441,375

15      OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED

STATEMENT OF INVESTMENTS Unaudited / Continued

		Principal Amount		Value
Independent Power and Renewable Electricity Producers (Continued)
Azure Power Energy Ltd., 5.50% Sr. Sec. Nts., 11/3/222		$	2,620,000	$	2,403,850
Reliance Jio Infocomm Ltd., 8.32% Sec. Nts., 7/8/21	INR		335,000,000		4,885,851
					10,731,076
Water Utilities—0.1%
Aegea Finance Sarl, 5.75% Sr. Unsec. Nts., 10/10/242			3,815,000		3,546,043
Total Corporate Bonds and Notes (Cost $1,665,944,453)					1,598,287,346
		Shares
Common Stock—0.0%
JSC Astana Finance, GDR8,10,11 (Cost $0)			868,851		—
		Principal Amount
Structured Securities—0.2%
Deutsche Bank AG, Coriolanus Ltd. Sec. Credit Linked Bonds:
3.098% Sr. Sec. Nts., 4/30/252,4		$	2,543,942		1,074,144
3.003% Sr. Sec. Nts., 4/30/252,12			2,312,616		976,470
3.054% Sr. Sec. Nts., 4/30/252,12			2,946,629		1,244,173
3.131% Sr. Sec. Nts., 4/30/252,12			2,273,963		960,150
3.179% Sr. Sec. Nts., 4/30/252,12			2,831,269		1,195,464
3.231% Sr. Sec. Nts., 4/30/252,12			3,231,464		1,364,441
3.265% Sr. Sec. Nts., 4/30/252,12			2,581,561		1,090,029
3.346% Sr. Sec. Nts., 4/30/252,12			2,426,558		1,024,581
Morgan Stanley, Russian Federation Total Return Linked
Bonds, Series 007, Cl. VR, 5.00%, 8/22/34	RUB		128,104,623		500,045
Total Structured Securities (Cost $21,991,821)					9,429,497
Short-Term Notes—3.0%
Arab Republic of Egypt Treasury Bills:
16.166%, 10/9/1812	EGP		77,300,000		4,123,827
18.19%, 8/21/1812	EGP		160,000,000		8,718,256
Argentine Republic Treasury Bills, 45.50%, 7/18/1813	ARS		315,000,000		10,675,990
United States Treasury Bills, 1.905%, 9/13/1812,14			150,000,000		149,431,968
Total Short-Term Notes (Cost $173,645,428)					172,950,041

	Counter- party		Exercise Price		Expiration Date		Notional Amount (000’s)		Contracts (000’s)
Over-the-Counter Options Purchased—0.4%
BRL Currency Call11	JPM	BRL		3.150		5/20/19		BRL 5,000		BRL 3,500	346,252
BRL Currency Call11	CITNA-B	BRL		3.200		4/25/19		BRL 512,000		BRL 320,000	331,520
BRL Currency Call11	JPM	BRL		3.200		4/25/19		BRL 482,560		BRL 320,000	331,520
BRL Currency Call11	GSCO-OT	BRL		3.300		8/16/18		BRL 5,500		BRL 3,000	28,320

16      OPPENHEIMER INTERNATIONAL BOND FUND

Counter- party

Exercise Price

Expiration Date

Notional Amount (000’s)

Contracts (000’s)

Value

Over-the-Counter Options Purchased (Continued)

BRL Currency Call11

GSCO-OT

BRL

3.150

5/20/19

BRL 5,000

BRL 3,500

$

346,252

BRL Currency Call11

BOA

BRL

3.570

8/2/18

BRL 357,000

BRL 357,000

58,191

BRL Currency Call11

CITNA-B

BRL

3.608

8/27/18

BRL 360,750

BRL 270,563

210,498

BRL Currency Call11

GSCO-OT

BRL

3.656

6/7/19

BRL 731,200

BRL 438,720

2,985,928

BRL Currency Call11

JPM

BRL

3.000

5/16/19

BRL 5,000

BRL 3,000

124,675

CAD Currency Call11

TDB

CAD

1.250

7/9/18

CAD 125,000

CAD 125,000

1,875

CAD Currency Call11

TDB

CAD

1.268

8/15/18

CAD 190,200

CAD 95,100

80,169

CLP Currency Call11

JPM

CLP

624.550

8/20/18

CLP 93,682,500

CLP 56,209,500

168,628

COP Currency Call11

JPM

COP

2790.200

8/14/18

COP 209,265,000

COP 209,265,000

209,265

COP Currency Call11

JPM

COP

2774.500

8/13/18

COP 277,450,000

COP 138,725,000

138,725

COP Currency Call11

GSCO-OT

COP

2851.000

8/21/18

COP 427,650,000

COP 256,590,000

769,770

COP Currency Call11

CITNA-B

COP

2781.000

8/13/18

COP 278,100,000

COP 139,050,000

139,050

EUR Currency Put11

GSCO-OT

INR

80.300

9/26/18

EUR 100,000

EUR 60,000

606,088

EUR Currency Put11

GSCO-OT

HUF

316.600

9/4/18

EUR 210,000

EUR 120,000

155,131

EUR Currency Put11

JPM

SEK

9.250

4/29/20

EUR 10,000

EUR 10,000

1,958,120

EUR Currency Put11

JPM

NOK

8.200

11/27/19

EUR 5,000

EUR 5,000

303,827

EUR Currency Put11

BOA

NOK

8.200

11/27/19

EUR 5,000

EUR 5,000

303,827

17      OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED

STATEMENT OF INVESTMENTS Unaudited / Continued

Counter- party

Exercise Price

Expiration Date

Notional Amount (000’s)

Contracts (000’s)

Value

Over-the-Counter Options Purchased (Continued)

EUR Currency Put11,17

BOA

JPY

120.000

8/8/18

EUR 5,000

EUR 5,000

$

1,086

IDR Currency Call11

GSCO-OT

IDR

13500.000

2/1/19

IDR 2,704,725,000

IDR 1,350,000,000

—

INR Currency Call11

GSCO-OT

INR

68.750

8/27/18

INR 6,875,000

INR 4,125,000

507,375

INR Currency Call11

GSCO-OT

INR

65.500

10/15/18

INR 6,550,000

INR 3,275,000

36,025

INR Currency Call11

GSCO-OT

INR

64.800

7/3/18

INR 6,480,000

INR 3,240,000

—

JPY Currency Call11

GSCO-OT

JPY

108.150

11/6/18

JPY 10,815,000

JPY 10,815,000

1,276,170

JPY Currency Put11

BOA

JPY

112.200

8/23/18

JPY 22,440,000

JPY 22,440,000

897,600

RUB Currency Call11

JPM

RUB

59.500

6/7/19

RUB 14,875,000

RUB 8,925,000

2,436,525

RUB Currency Call11

GSCO-OT

RUB

59.500

6/12/19

RUB 8,925,000

RUB 7,437,500

2,052,750

TRY Currency Call11

JPM

TRY

4.000

5/23/19

TRY 5,000

TRY 5,000

267,207

TRY Currency Put11

JPM

TRY

4.000

5/23/19

TRY 10,000

TRY 7,500

400,811

ZAR Currency Call11

JPM

ZAR

12.525

5/27/19

ZAR 1,252,500

ZAR 1,252,500

1,151,048

ZAR Currency Call11

CITNA-B

ZAR

12.485

8/17/18

ZAR 1,872,750

ZAR 1,123,650

75,285

ZAR Currency Call11

GSCO-OT

ZAR

12.469

5/27/19

ZAR 1,246,850

ZAR 935,138

797,672

ZAR Currency Call11

GSCO-OT

ZAR

12.484

9/7/18

ZAR 936,263

ZAR 624,175

79,270

Total Over-the-Counter Options Purchased (Cost $46,067,672)

19,576,455

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—1.2%

Interest Rate Swap maturing 12/24/48 Call11

BAC

Receive

Six-Month EUR- EURIBOR- Reuters

1.690%

12/20/18

EUR 21,500

$            239,688

Interest Rate Swap maturing 12/27/48 Call11

GSCO-OT

Receive

Three-Month USD- LIBOR- BBA

3.200

12/21/18

USD 100,000

1,505,963

Interest Rate Swap maturing 4/25/21 Call11

BOA

Pay

Three-Month USD- LIBOR- BBA

2.980

4/23/19

USD 440,000

1,857,099

Interest Rate Swap maturing 4/26/49 Call11

BAC

Receive

Six-Month EUR- EURIBOR- Reuters

1.637

4/24/19

EUR 37,500

1,080,065

Interest Rate Swap maturing 4/26/49 Call11

GSCO-OT

Receive

Six-Month EUR- EURIBOR- Reuters

1.635

4/24/19

EUR 23,250

674,532

Interest Rate Swap maturing 5/16/21 Call11

GSCO-OT

Pay

Three-Month USD- LIBOR- BBA

3.023

5/14/19

USD 500,000

2,391,095

Interest Rate Swap maturing 5/30/33 Put11

BAC

Receive

Six-Month GBP BBA LIBOR

3.990

5/30/23

GBP 40,415

362,651

Interest Rate Swap maturing 6/29/48 Call11

JPM

Receive

Six-Month EUR- EURIBOR- Reuters

2.500

6/27/23

EUR 129,567

6,744,286

Interest Rate Swap maturing 6/8/38 Call11

JPM

Receive

Three-Month USD- LIBOR- BBA

3.154

6/6/28

USD 50,000

3,486,794

Interest Rate Swap maturing 6/8/38 Call11

JPM

Pay

Three- Month USD- LIBOR- BBA

3.154

6/6/28

USD 50,000

4,102,525

19      OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED

STATEMENT OF INVESTMENTS Unaudited / Continued

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 6/9/48 Call11

JPM

Pay

Three-Month USD- LIBOR- BBA

2.946

%

6/7/38

USD 50,000

$

4,762,282

Interest Rate Swap maturing 6/9/48 Call11

JPM

Receive

Three-Month USD- LIBOR- BBA

2.946

6/7/38

USD 50,000

4,322,216

Interest Rate Swap maturing 7/19/23 Call11

JPM

Receive

Six-Month EUR EURIBOR

0.512

7/17/18

EUR 102,000

2,654

Interest Rate Swap maturing 7/26/28 Call11

JPM

Receive

Six-Month EUR- EURIBOR- Reuters

1.108

7/24/18

EUR 123,330

20,708

Interest Rate Swap maturing 8/15/28 Call11

BOA

Receive

Three- Month USD-LIBOR- BBA

3.029

8/13/18

USD 275,000

989,062

Interest Rate Swap Maturing 9/17/77 Call11

JPM

Receive

Six-Month EUR EURIBOR

1.600

9/15/37

EUR 160,000

36,209,410

Total Over-the-Counter Interest Rate Swaptions Purchased

(Cost $78,711,041)

68,751,030

	Shares
Investment Company—8.0%
Oppenheimer Institutional Government Money Market Fund, Cl. E, 1.85%15,16 (Cost $457,080,099)		457,080,099		457,080,099
Total Investments, at Value (Cost $6,023,779,782)		98.4%		5,632,610,366
Net Other Assets (Liabilities)		1.6		94,326,770
Net Assets		100.0%	$	5,726,937,136

Footnotes to Statement of Investments

1. Represents the current interest rate for a variable or increasing rate security, determined as [Referenced Rate + Basis-point spread].

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 $1,383,708,796 or 24.16% 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. This interest rate resets periodically. Interest rate shown reflects the rate in effect at period end. The rate on this variable rate security is not based on a published reference rate and spread but is determined by the issuer or agent based on current market conditions.

20      OPPENHEIMER INTERNATIONAL BOND FUND

Footnotes to Statement of Investments (Continued)

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

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

7. This security is not accruing income because its issuer has missed or is expected to miss interest and/or principal payments. The rate shown is the contractual interest rate. See Note 4 of the accompanying Consolidated Notes.

8. The value of this security was determined using significant unobservable inputs. See Note 3 of the accompanying Consolidated Notes.

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

10. Restricted security. The aggregate value of restricted securities at period end was $16,417,049, which represents 0.29% 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)
Fideicomiso PA Pacifico Tres, 8.25% Sr. Sec. Nts., 1/15/35		2/12/16-3/12/18	$	3,021,079	$	3,411,900	$	390,821
JPMorgan Hipotecaria su Casita, 6.47% Sec. Nts., 8/26/35		3/21/07		3,120,492		161,789		(2,958,703)
JSC Astana Finance, GDR		6/5/15		—		—		—
Lloyds Banking Group plc, 6.657% [US0003M+127] Jr. Sub. Perpetual Bonds		5/23/17-3/28/18		13,450,446		12,843,360		(607,086)
			$	19,592,017	$	16,417,049	$	(3,174,968)

11. Non-income producing security.

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

13. Current yield as of period end.

14. 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 $86,386,621. See Note 6 of the accompanying Consolidated Notes.

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

16. 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, 2017		Gross Additions		Gross Reductions		Shares June 30, 2018
Oppenheimer Institutional Government Money Market Fund, Cl. E		102,075,708		3,197,682,020		2,842,677,629		457,080,099
	Value		Income		Realized Gain (Loss)		Change in Unrealized Gain (Loss)
Oppenheimer Institutional Government Money Market Fund, Cl. E	$	457,080,099	$	3,922,661	$	—	$	—

17. Digital option becomes eligible for exercise if at exercise spot rates are less than or equal to 120 JPY per 1 EUR.

21      OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED

STATEMENT OF INVESTMENTS Unaudited / Continued

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

Geographic Holdings	Value		Percent
United States	$	663,462,972	11.8%
United Kingdom		547,071,126	9.7
Mexico		511,860,488	9.1
India		362,485,619	6.4
Brazil		349,658,653	6.2
Spain		229,498,725	4.1
South Africa		223,176,784	4.0
Greece		219,473,889	3.9
Indonesia		202,745,108	3.6
Portugal		193,103,760	3.4
Canada		134,241,367	2.4
Argentina		131,853,344	2.3
Sweden		124,836,167	2.2
France		118,878,159	2.1
Turkey		113,620,966	2.0
Switzerland		113,557,899	2.0
Australia		112,047,392	2.0
Italy		66,041,096	1.2
Ukraine		64,990,681	1.1
Peru		62,686,891	1.1
Netherlands		61,167,448	1.1
Colombia		59,472,607	1.1
Egypt		58,059,509	1.0
Russia		56,935,430	1.0
Hungary		52,942,138	0.9
Thailand		52,633,576	0.9
Kazakhstan		51,069,156	0.9
Dominican Republic		49,206,239	0.9
Eurozone		48,299,420	0.9
Sri Lanka		43,842,582	0.8
Singapore		37,318,792	0.7
Ireland		35,848,003	0.6
Poland		31,382,424	0.6
Chile		30,467,386	0.5
Ivory Coast		30,049,359	0.5
Angola		29,540,667	0.5
Oman		25,670,775	0.5
Ghana		25,124,086	0.4
Uruguay		23,084,129	0.4
Nigeria		22,053,798	0.4
New Zealand		20,609,519	0.4
China		20,311,544	0.4
Malaysia		19,625,558	0.3
Luxembourg		18,963,189	0.3
Belgium		15,857,425	0.3
Gabon		14,871,185	0.3
Ecuador		14,681,863	0.3

22      OPPENHEIMER INTERNATIONAL BOND FUND

Geographic Holdings (Continued)	Value		Percent
Germany	$	13,907,202	0.2%
Austria		12,678,464	0.2
Serbia		12,377,626	0.2
Senegal		11,225,047	0.2
Croatia		11,078,204	0.2
Romania		9,459,026	0.2
Iraq		9,139,867	0.2
Hong Kong		7,786,005	0.1
Honduras		6,274,147	0.1
Morocco		6,071,116	0.1
Mongolia		6,044,588	0.1
Bermuda		5,491,106	0.1
Supranational		3,975,362	0.1
Cayman Islands		3,846,161	0.1
Panama		3,816,160	0.1
Belarus		3,299,011	0.1
United Arab Emirates		3,268,570	0.1
Mauritius		3,043,200	0.1
Japan		2,173,770	0.0
Jamaica		1,783,062	0.0
South Korea		1,493,779	0.0
Total	$	5,632,610,366	100.0%

Forward Currency Exchange Contracts as of June 30, 2018
Counter	Settlement			Currency			Currency Sold		Unrealized		Unrealized
-party	Month(s)		Purchased (000’s)				(000’s)		Appreciation		Depreciation
BAC		07/2018 - 08/2018	BRL		88,925	USD		23,996	$	—	$	1,142,142
BAC		08/2018	EUR		41,505	USD		48,233		457,758		—
BAC		08/2018	GBP		5,445	USD		7,260		—		54,721
BAC		02/2019	IDR		930,815,000	USD		64,775		—		1,812,274
BAC		08/2018	NOK		447,700	USD		55,340		—		235,888
BAC		07/2018 - 07/2018	USD		63,971	BRL		227,434		5,423,922		—
BAC		08/2018	USD		76,372	EUR		61,355		4,399,290		—
BAC		08/2018	USD		55,939	JPY		6,088,000		721,399		—
BAC		09/2018	USD		13,640	KRW		14,635,100		465,727		—
BAC		09/2018	USD		20,137	MYR		80,520		236,895		—
BAC		09/2018	USD		47,621	PEN		156,420		123,668		—
BAC		09/2018	USD		61,106	PLN		220,806		2,080,641		—
BAC		08/2018	USD		72,552	SEK		626,590		2,270,869		—
BAC		09/2018	USD		228,526	ZAR		3,061,980		7,748,968		142,293
BAC		09/2018	ZAR		70,460	USD		5,255		—		171,645
BOA		08/2018	EUR		6,110	USD		7,300		36,991		169,493
BOA		08/2018	GBP		6,410	USD		9,047		—		564,139
BOA		09/2018	HUF		110,000	USD		393		—		1,477
BOA		07/2018	IDR		675,250,000	USD		48,429		—		1,248,990
BOA		08/2018	JPY		54,904,000	USD		518,948		—		20,981,358
BOA		09/2018	PHP		2,575,000	USD		48,059		—		121,677
BOA		08/2018	SEK		797,770	USD		100,000		—		10,518,489
BOA		08/2018	USD		7,000	BRL		24,756		654,645		—
BOA		09/2018	USD		38,968	COP		111,562,000		1,045,667		—

23      OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED

STATEMENT OF INVESTMENTS Unaudited / Continued

Forward Currency Exchange Contracts (Continued)
Counter -party	Settlement Month(s)		Currency Purchased (000’s)				Currency Sold (000’s)		Unrealized Appreciation		Unrealized Depreciation
BOA		08/2018		USD	171,226	EUR		142,330	$	4,255,304	$	—
BOA		08/2018		USD	5,481	GBP		4,040		134,311		—
BOA		07/2018		USD	178,750	IDR		2,492,314,000		4,609,960		—
BOA		09/2018		USD	342,928	INR		23,470,000		3,864,258		—
BOA		08/2018		USD	136,638	JPY		14,688,000		3,418,580		—
BOA		09/2018		USD	1,000 MXN			21,000		—		43,875
BOA		08/2018		USD	29,319	NZD		39,980		2,239,814		—
BOA		09/2018		USD	9,196	TRY		43,900		—		41,460
CITNA-B		08/2018 - 04/2019		BRL	298,664	USD		83,162		—		7,655,131
CITNA-B		07/2018 - 08/2018		COP	27,476,100	USD		9,523		—		162,307
CITNA-B		08/2018		GBP	8,220	USD		11,379		—		501,141
CITNA-B		08/2018		JPY	16,000,000	USD		151,882		—		6,773,753
CITNA-B		09/2018		PLN	5,510	USD		1,519		—		45,984
CITNA-B		10/2018		UAH	260,500	USD		9,100		330,714		—
CITNA-B		08/2018 - 04/2019		USD	57,110	BRL		208,130		4,116,391		—
CITNA-B		09/2018		USD	25,597	CLP		16,215,000		781,649		—
CITNA-B		08/2018		USD	113,690	EUR		94,000		3,416,714		—
CITNA-B		09/2018		USD	51,483	HUF		13,957,000		1,756,280		—
CITNA-B		09/2018		USD	4,465 MXN			90,900		—		55,451
CITNA-B		09/2018		USD	54,746	THB		1,751,400		1,757,057		—
CITNA-B		09/2018		USD	183,803	TRY		871,555		405,718		—
DEU		08/2018		EUR	109,105	USD		130,739		—		2,745,423
DEU		08/2018		JPY	3,430,000	USD		32,848		—		1,738,504
DEU		08/2018		USD	105,699	EUR		85,035		5,942,847		—
GSCO-OT		07/2018 - 02/2019		BRL	313,422	USD		89,456		—		9,026,988
GSCO-OT		09/2018		COP	5,505,000	USD		1,922		—		51,135
GSCO-OT		08/2018		EUR	11,205	USD		13,194		—		49,227
GSCO-OT		08/2018		GBP	750	USD		1,061		—		68,433
GSCO-OT		08/2018		NOK	517,325	USD		64,066		—		391,597
GSCO-OT		07/2018 - 06/2019		USD	110,050	BRL		423,376		4,468,148		809,270
GSCO-OT		07/2018 - 08/2018		USD	21,208	COP		61,039,350		409,886		—
GSCO-OT		08/2018		USD	245,454	EUR		206,895		2,960,425		219,597
GSCO-OT		02/2019		USD	12,500	IDR		185,565,000		—		51,902
GSCO-OT		08/2018		USD	67,001	PLN		248,740		532,355		—
GSCO-OT		08/2018		USD	13,893	RUB		887,200		—		174,688
HSBC		08/2018		EUR	286,930	USD		357,022		—		20,418,412
HSBC		08/2018		GBP	9,325	USD		12,877		3,019		539,919
HSBC		08/2018		JPY	1,300,000	USD		12,200		—		408,813
HSBC		08/2018		NZD	10,180	USD		7,388		—		493,215
HSBC		08/2018		USD	34,097	DKK		203,610		2,029,477		—
HSBC		08/2018		USD	128,704	EUR		103,920		6,803,436		9,447
HSBC		08/2018		USD	55,292	GBP		39,950		2,424,057		—
JPM		07/2018 - 05/2019		BRL	1,139,413	USD		298,348		—		4,807,873
JPM		07/2018 - 08/2018		COP	75,298,000	USD		26,161		—		493,282
JPM		08/2018		EUR	200,500	USD		247,359		—		12,147,794
JPM		08/2018		GBP	199,000	USD		276,543		—		13,197,555
JPM		09/2018		HUF	476,000	USD		1,759		—		63,261
JPM		07/2018		IDR	539,549,000	USD		38,578		—		879,622

24      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
JPM		08/2018		JPY	567,000	USD		5,329	$	—	$	186,712
JPM		09/2018		MXN	90,900	USD		4,351		169,568		—
JPM		09/2018		RUB	797,200	USD		12,679		—		89,345
JPM		10/2018		UAH	335,200	USD		11,705		430,734		—
JPM		07/2018 - 04/2019		USD	581,244	BRL		2,200,107		15,235,603		—
JPM		08/2018		USD	132,111	CAD		172,850		1,175,689		682,510
JPM		07/2018		USD	14,577	COP		41,734,750		346,228		—
JPM		08/2018		USD	228,359	EUR		193,320		1,981,067		410,060
JPM		08/2018		USD	454,045	GBP		326,730		21,668,529		—
JPM		02/2019		USD	50,000	IDR		745,250,000		—		410,533
JPM		08/2018		USD	115,157	JPY		12,600,000		875,719		—
JPM		09/2018		USD	434,756	MXN		9,083,800		—		16,945,186
JPM		08/2018		USD	96,171	NOK		777,915		422,428		—
JPM		03/2019		USD	50,000	PHP		2,612,500		2,059,236		—
JPM		09/2018		USD	27,036	RUB		1,699,900		190,514		—
JPM		08/2018		USD	48,589	SEK		420,430		1,431,875		—
JPM		09/2018		USD	18,889	SGD		25,130		417,382		—
JPM		05/2019		USD	6,496	TRY		36,165		—		361,446
NOM		08/2018		USD	1,919	EUR		1,620		18,139		—
TDB		08/2018		DKK	203,610	USD		34,163		—		2,095,062
TDB		08/2018		EUR	1,253,945	USD		1,564,212		6,944		93,189,263
TDB		08/2018		GBP	4,480	USD		6,387		—		458,480
TDB		08/2018		JPY	72,444,708	USD		683,013		—		25,956,269
TDB		08/2018		PLN	482,000	USD		135,414		—		6,614,109
TDB		08/2018		USD	114,536	AUD		145,790		6,623,677		—
TDB		08/2018		USD	1,756,536	EUR		1,433,890		75,608,038		1,170,600
TDB		08/2018		USD	190,436	JPY		20,623,000		3,395,480		—
Total Unrealized Appreciation and Depreciation									$	214,383,690	$	269,799,220

Futures Contracts as of June 30, 2018
Description	Buy/Sell		Expiration Date		Number of Contracts		Notional Amount (000’s)		Value		Unrealized Appreciation/ (Depreciation)
Canadian Bonds, 10 yr.		Sell		9/19/18		1,772		CAD 182,904	$	184,269,669	$	(1,366,111)
Euro-BTP		Sell		9/6/18		130		EUR 19,099		19,316,813		(218,047)
Euro-BUND		Sell		9/6/18		1,154		EUR 217,543		219,059,075		(1,516,315)
Euro-BUXL		Sell		9/6/18		251		EUR 51,258		52,087,033		(828,999)
United States Treasury Long Bonds		Sell		9/19/18		241		USD 34,553		34,945,000		(392,039)
											$	(4,321,511)

25      OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED

STATEMENT OF INVESTMENTS Unaudited / Continued

Over-the-Counter Options Written at June 30, 2018

Description

Counter -party

Exercise Price

Expiration Date

Number of Contracts (000’s)

Notional Amount (000’s)

Premiums Received

Value

AUD Currency Put

BOA

USD 0.727

9/27/18

AUD (100,000)

AUD 100,000

$

941,919

$

(744,700)

AUD Currency Put

BOA

USD 0.747

8/9/18

AUD (133,958)

AUD 267,917

1,609,000

(1,624,782)

BRL Currency Call

BOA

BRL 3.428

8/2/18

BRL (342,750)

BRL 342,750

923,000

(27,420)

BRL Currency Put

BOA

BRL 3.753

8/2/18

BRL (375,250)

BRL 375,250

1,100,000

(4,108,237)

BRL Currency Put

CITNA-B

BRL 3.817

8/27/18

BRL (286,238)

BRL 381,650

990,000

(2,739,293)

BRL Currency Call

CITNA-B

BRL 3.438

8/27/18

BRL (257,850)

BRL 343,800

412,500

(42,029)

BRL Currency Put

GSCO-OT

BRL 3.638

7/23/18

BRL (363,800)

BRL 545,700

1,012,200

(6,432,712)

BRL Currency Put

GSCO-OT

BRL 4.590

6/7/19

BRL (550,800)

BRL 918,000

3,633,121

(3,380,260)

CAD Currency Put

TDB

CAD 1.300

7/9/18

CAD (130,000)

CAD 130,000

565,000

(1,210,300)

CAD Currency Call

TDB

CAD 1.233

8/15/18

CAD (92,438)

CAD 184,875

163,125

(13,404)

CAD Currency Call

TDB

CAD 1.220

7/9/18

CAD (122,000)

CAD 122,000

265,000

(1,464)

CAD Currency Put

TDB

CAD 1.316

8/15/18

CAD (98,693)

CAD 197,385

442,500

(715,619)

CLP Currency Put

JPM

CLP 654.600

8/20/18

CLP (58,914,000)

CLP 98,190,000

693,900

(1,296,108)

CLP Currency Call

JPM

CLP 603.300

8/20/18

CLP (54,297,000)

CLP 90,495,000

315,000

(54,297)

COP Currency Put

CITNA-B

COP 2972.000

8/13/18

COP (148,600,000)

COP 297,200,000

564,394

(743,000)

COP Currency Call

CITNA-B

COP 2660.000

8/13/18

COP (133,000,000)

COP 266,000,000

221,151

—

COP Currency Put

GSCO-OT

COP 3024.000

8/21/18

COP (272,160,000)

COP 453,600,000

1,271,700

(816,480)

COP Currency Call

GSCO-OT

COP 2719.000

8/21/18

COP (244,710,000)

COP 407,850,000

442,800

(244,710)

26      OPPENHEIMER INTERNATIONAL BOND FUND

Over-the-Counter Options Written (Continued)

Description

Counter -party

Exercise Price

Expiration Date

Number of Contracts (000’s)

Notional Amount (000’s)

Premiums Received

Value

COP Currency Call

JPM

COP 2658.650

8/14/18

COP (199,398,750)

COP 199,398,750

$

367,049

$

—

COP Currency Put

JPM

COP 2964.750

8/13/18

COP (148,237,500)

COP 296,475,000

542,501

(741,188)

COP Currency Call

JPM

COP 2645.500

8/13/18

COP (132,275,000)

COP 264,550,000

242,500

—

COP Currency Put

JPM

COP 2984.750

8/14/18

COP (223,856,250)

COP 223,856,250

834,301

(895,425)

Debt Option on BTPS 2 2/1/28 CORP Put

JPM

EUR 93.450

9/4/18

EUR (100,000)

EUR —

1,719,385

(353,680)

EUR Currency Put

BOA

USD 1.170

6/17/19

EUR (150,000)

EUR 150,000

3,677,490

(3,333,750)

EUR Currency Call

GSCO-OT

ZAR 15.140

7/3/18

EUR (50,000)

EUR 75,000

548,339

(3,226,865)

EUR Currency Call

GSCO-OT

HUF 323.970

9/4/18

EUR (120,000)

EUR 210,000

811,410

(3,020,211)

EUR Currency Put

GSCO-OT

USD 1.157

8/16/18

EUR (150,000)

EUR 150,000

1,554,014

(995,250)

EUR Currency Put

GSCO-OT

INR 77.800

9/26/18

EUR (60,000)

EUR 100,000

215,676

(159,265)

EUR Currency Call

GSCO-OT

INR 83.300

9/26/18

EUR (60,000)

EUR 100,000

445,267

(467,353)

EUR Currency Put

GSCO-OT

HUF 310.150

9/4/18

EUR (120,000)

EUR 210,000

280,155

(85,483)

EUR Currency Put

JPM

USD 1.162

9/26/18

EUR (250,000)

EUR 250,000

3,195,177

(2,811,500)

IDR Currency Put

GSCO-OT

IDR 14500.000

1/4/19

IDR (1,812,500,000)

IDR 1,812,500,000

3,025,000

(3,625,000)

IDR Currency Call

GSCO-OT

IDR 12700.000

2/1/19

IDR (1,270,000,000)

IDR 2,544,445,000

488,400

—

IDR Currency Put

GSCO-OT

IDR 14000.000

2/1/19

IDR (1,400,000,000)

IDR 2,804,900,000

2,066,600

(5,600,000)

INR Currency Call

GSCO-OT

INR 63.500

10/15/18

INR (3,175,000)

INR 6,350,000

94,999

(19,050)

INR Currency Put

GSCO-OT

INR 70.400

8/27/18

INR (4,224,000)

INR 7,040,000

384,000

(249,216)

27      OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED

STATEMENT OF INVESTMENTS Unaudited / Continued

Over-the-Counter Options Written (Continued)

Description

Counter -party

Exercise Price

Expiration Date

Number of Contracts (000’s)

Notional Amount (000’s)

Premiums Received

Value

INR Currency Put

GSCO-OT

INR 67.000

10/15/18

INR (3,350,000

)

INR 6,700,000

$

625,000

$

(1,865,950)

INR Currency Call

GSCO-OT

INR 67.500

8/27/18

INR (4,050,000

)

INR 6,750,000

162,000

(145,800)

JPY Currency Call

BOA

JPY 106.500

8/23/18

JPY (21,300,000

)

JPY 21,300,000

1,112,000

(511,200)

JPY Currency Call

GSCO-OT

JPY 103.750

11/6/18

JPY (15,562,500

)

JPY 15,562,500

1,408,650

(669,188)

JPY Currency Put

GSCO-OT

JPY 112.250

11/6/18

JPY (16,837,500

)

JPY 16,837,500

1,203,750

(1,279,650)

KRW Currency Put

GSCO-OT

KRW 1065.000

7/3/18

KRW (53,250,000

)

KRW 106,500,000

605,000

(2,183,250)

KRW Currency Call

GSCO-OT

KRW 1020.000

7/3/18

KRW (25,500,000

)

KRW 51,000,000

105,000

—

MXN Currency Put

GSCO-OT

MXN 20.000

7/16/18

MXN (500,000

)

MXN 1,000,000

205,975

(339,000)

MXN Currency Put

GSCO-OT

MXN 20.000

7/16/18

MXN (2,000,000

)

MXN 2,000,000

922,400

(1,356,000)

MXN Currency Put

JPM

MXN 20.200

8/2/18

MXN (883,750

)

MXN 2,020,000

506,056

(646,905)

NOK Currency Put

GSCO-OT

NOK 8.067

9/24/18

NOK (1,008,335

)

NOK 1,815,000

2,313,294

(2,625,704)

NOK Currency Put

JPM

NOK 8.085

9/25/18

NOK (727,650

)

NOK 1,212,750

1,632,060

(1,800,934)

PLN Currency Put

GSCO-OT

PLN 3.773

12/21/18

PLN (754,500

)

PLN 754,500

4,249,400

(4,950,275)

PLN Currency Put

JPM

PLN 3.853

8/31/18

PLN (577,875

)

PLN 577,875

1,374,000

(1,214,115)

PLN Currency Put

JPM

PLN 3.750

8/23/18

PLN (562,500

)

PLN 562,500

1,951,500

(2,290,500)

RUB Currency Put

GSCO-OT

RUB 70.000

6/12/19

RUB (8,750,000

)

RUB 10,500,000

3,986,375

(3,815,000)

RUB Currency Put

JPM

RUB 70.000

6/7/19

RUB (10,500,000

)

RUB 17,500,000

4,208,369

(4,515,000)

SEK Currency Put

GSCO-OT

SEK 8.606

11/22/18

SEK (1,161,700

)

SEK 2,323,485

3,976,414

(5,497,164)

28      OPPENHEIMER INTERNATIONAL BOND FUND

Over-the-Counter Options Written (Continued)

Description

Counter -party

Exercise Price

Expiration Date

Number of Contracts (000’s)

Notional Amount (000’s)

Premiums Received

Value

TRY Currency Put

CITNA-B

TRY 5.000

6/7/19

TRY (375,000

)

TRY 375,000

$

2,887,500

$

(6,588,000)

TRY Currency Put

CITNA-B

TRY 5.000

6/20/19

TRY (250,000

)

TRY 250,000

1,980,000

(4,561,250)

TRY Currency Put

GSCO-OT

TRY 4.251

7/19/18

TRY (106,275

)

TRY 213,825

407,800

(2,050,789)

TRY Currency Put

GSCO-OT

TRY 5.020

5/31/19

TRY (376,500

)

TRY 376,500

2,895,450

(6,279,643)

ZAR Currency Call

CITNA-B

ZAR 11.870

8/17/18

ZAR (1,068,300

)

ZAR 1,780,500

475,952

(40,595)

ZAR Currency Put

CITNA-B

ZAR 13.460

8/17/18

ZAR (1,211,400

)

ZAR 2,019,000

1,129,088

(3,368,903)

ZAR Currency Put

GSCO-OT

ZAR 13.889

9/7/18

ZAR (694,450

)

ZAR 1,041,675

647,300

(1,379,178)

ZAR Currency Call

GSCO-OT

ZAR 11.324

5/27/19

ZAR (849,263

)

ZAR 1,132,350

770,475

(121,445)

ZAR Currency Put

GSCO-OT

ZAR 14.646

5/27/19

ZAR (1,098,450

)

ZAR 1,464,600

2,010,300

(3,981,881)

ZAR Currency Call

JPM

ZAR 11.380

5/27/19

ZAR (1,138,000

)

ZAR 1,138,000

1,006,000

(162,734)

ZAR Currency Put

JPM

ZAR 14.700

5/27/19

ZAR (1,470,000

)

ZAR 1,470,000

2,657,000

(5,186,160)

Total Over-the-Counter Options Written

$83,472,681

$

(119,204,264)

Centrally Cleared Credit Default Swaps at June 30, 2018
Reference Asset	Buy/Sell Protection		Fixed Rate			Maturity Date		Notional Amount (000’s)		Premiums Received/ (Paid)			Value			Unrealized Appreciation/ (Depreciation)
CDX.EM 29		Sell		1.000	%		6/20/23		USD 6,500	$	260,722		$	(258,918)		$	1,804
CDX.HY.30		Buy		5.000			6/20/23		USD 50,000		3,032,222			(2,969,004)			63,218
Federative Republic of Brazil		Sell		1.000			6/20/22		USD 15,000		928,605			(711,601	)		217,004
Intesa Sanpaolo SpA		Buy		1.000			12/20/21		EUR 15,000		(548,711	)		206,984			(341,727	)
MALAYSIA		Buy		1.000			6/20/23		USD 9,750		12,753			27,030			39,783
MALAYSIA		Buy		1.000			6/20/23		USD 9,750		51,036			27,030			78,066
Mexico Government International		Buy		1.000			6/20/23		USD 9,750		(228,797	)		150,913			(77,884	)

29      OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED

STATEMENT OF INVESTMENTS Unaudited / Continued

Centrally Cleared Credit Default Swaps (Continued)
Reference Asset	Buy/Sell Protection		Fixed Rate		Maturity Date		Notional Amount (000’s)	Premiums Received/ (Paid)	Value			Unrealized Appreciation/ (Depreciation)
Mexico Government International		Buy		1.000%		6/20/23	USD 6,500	$(152,620)	$	100,609		$	(52,011)
Mexico Government International		Buy		1.000		6/20/23	USD 6,500	(103,204)		100,609			(2,595)
Mexico Government International		Buy		1.000		6/20/23	USD 6,500	(135,450)		100,609			(34,841)
Mexico Government International		Buy		1.000		6/20/23	USD 6,500	(106,098)		100,609			(5,489)
Mexico Government International		Buy		1.000		6/20/23	USD 6,500	(148,299)		100,609			(47,690)
Mexico Government International		Buy		1.000		6/20/23	USD 6,500	(137,527)		100,609			(36,918)
Mexico Government International		Buy		1.000		6/20/23	USD 6,500	(123,735)		100,609			(23,126)
Mexico Government International		Buy		1.000		6/20/23	USD 6,500	(156,770)		100,609			(56,161)
Mexico Government International		Buy		1.000		6/20/23	USD 34,850	(710,746)		539,419			(171,327)
Mexico Government International		Buy		1.000		6/20/23	USD 6,500	(91,383)		100,067			8,684
People’s Republic of China		Buy		1.000		6/20/23	USD 34,000	621,219		(517,672	)		103,547
Petrobras Global Finance BV		Sell		1.000		12/20/20	USD 6,000	60,552		(167,138	)		(106,586)
Petrobras Global Finance BV		Sell		1.000		12/20/20	USD 6,000	61,070		(167,138	)		(106,068)
Republic of Italy		Sell		1.000		12/20/21	USD 16,000	585,507		(519,505	)		66,002
Republic Of South Africa Gover		Buy		1.000		6/20/23	USD 6,500	(353,105)		326,509			(26,596)
Republic Of South Africa Gover		Buy		1.000		6/20/23	USD 13,000	(571,133)		653,017			81,884
Republic Of South Africa Gover		Buy		1.000		6/20/23	USD 7,000	(313,925)		351,625			37,700
Russian Foreign Bond - Eurobon		Buy		1.000		6/20/23	USD 9,800	(175,638)		177,388			1,750
Total Centrally Cleared Credit Default Swaps								$    1,556,545	$	(1,946,122)		$	(389,577)

30      OPPENHEIMER INTERNATIONAL BOND FUND

Over-the-Counter Credit Default Swaps at June 30, 2018
Reference Asset	Counter- party		Buy/Sell Protection		Fixed Rate			Maturity Date		Notional Amount (000’s)	Premiums Received/ (Paid)	Value			Unrealized Appreciation/ (Depreciation)
Eskom Holdings Soc Ltd.		GSCOI		Sell		1.000	%		12/20/22	USD 9,500	$ 791,100	$	(1,342,220	)	$	(551,120	)
Federative Republic of Brazil		BNP		Sell		1.000			12/20/18	USD 10,265	812,157		7,899			820,056
Hellenic Republic		BAC		Sell		1.000			12/20/20	USD 25,000	1,925,913		(960,145	)		965,768
Hellenic Republic		BAC		Sell		1.000			3/20/20	USD 3,090	1,174,372		(66,871	)		1,107,501
Hellenic Republic		BAC		Sell		1.000			3/20/20	USD 3,090	1,097,122		(66,871	)		1,030,251
ICICI Bank Ltd.		GSCO-OT		Sell		1.000			12/20/19	USD 10,000	359,971		73,486			433,457
Idbi Bank Ltd./difc Dubai		BAC		Sell		1.000			12/20/22	USD 6,000	194,525		(170,100	)		24,425
Idbi Bank Ltd./difc Dubai		BNP		Sell		1.000			12/20/22	USD 6,000	181,053		(170,100	)		10,953
India		BNP		Sell		1.000			9/20/19	USD 13,035	537,811		104,536			642,347
Oriental Republic of Uruguay		BOA		Sell		1.000			12/20/21	USD 14,802	267,519		113,951			381,470
Total Over-the-Counter Credit Default Swaps											$ 7,341,543	$	(2,476,435	)	$	4,865,108

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	$	6,500,000	$	—		BB
Corporate Debt Indexes
Investment Grade Single		23,035,000		—		BBB-
Name Corporate Debt
Non-Investment Grade		33,500,000		—		BB to CCC+
Single Name Corporate
Debt
Investment Grade						BBB
Sovereign Debt		30,802,000		—
Non-Investment Grade						BB- to B+
Sovereign Debt		56,445,000		—
Total	$	150,282,000	$	—

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

**The period end reference asset security ratings, as rated by any rating organization, are included in the equivalent Standard & Poor’s rating category. The reference asset 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 June 30, 2018

Counter- party

Pay/Receive Floating Rate

Floating Rate

Fixed Rate

Maturity Date

Notional Amount (000’s)

Premiums Received / (Paid)

Value

Unrealized Appreciation/ (Depreciation)

BAC

Receive

Six-Month EUR EURIBOR

1.123%

3/8/28

EUR 8,250

$

—

$

(289,010

)

$

(289,010

)

BAC

Receive

Six-Month HUF BUBOR

0.980

6/27/22

HUF 3,000,000

—

333,034

333,034

31      OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED

STATEMENT OF INVESTMENTS Unaudited / Continued

Centrally Cleared Interest Rate Swaps (Continued)
Counter- party	Pay/Receive Floating Rate		Floating Rate	Fixed Rate		Maturity Date		Notional Amount (000’s)	Premiums Received / (Paid)			Value			Unrealized Appreciation/ (Depreciation)
BNP		Pay	BZDI		9.130%		1/4/21	BRL 135,000	$	—		$	(41,734	) $		(41,734	)
BOA		Pay	MXN TIIE BANXICO		6.500		11/24/26	MXN 1,000,000		(15	)		(4,645,088	)		(4,645,103	)
BOFA		Pay	EUR006M		0.888		8/15/27	EUR 85,300		—			608,775			608,775
BOFA		Receive	BBSW6M		3.015		4/26/28	AUD 75,000		—			(1,103,028	)		(1,103,028	)
CITNA-B		Pay	Three-Month ZAR JIBAR SAFEX		8.590		1/23/28	ZAR 508,000		—			(438,005	)		(438,005	)
CITNA-B		Pay	Six-Month HUF BUBOR		2.205		3/8/28	HUF 2,750,000		—			(546,971	)		(546,971	)
CITNA-B		Pay	MXN TIIE BANXICO		7.920		9/13/18	MXN 2,800,000		—			(52,203	)		(52,203	)
DEU		Pay	JIBA3M		8.310		6/29/28	ZAR 200,000		—			18,045			18,045
DEU		Receive	JIBA3M		7.120		6/29/19	ZAR 1,433,300		—			(11,088	)		(11,088	)
GSCOI		Pay	COOVIBR		4.610		6/7/20	COP 146,700,000		—			(238,357	)		(238,357	)
GSCOI		Pay	BZDI		10.875		1/4/27	BRL 106,700		—			(816,776	)		(816,776	)
GSCOI		Pay	BZDI		11.590		1/2/25	BRL 62,500		—			65,496			65,496
GSCOI		Pay	BZDI		11.730		1/2/25	BRL 124,700		—			259,522			259,522
GSCOI		Pay	EUR006M		1.553		7/4/44	EUR 22,980		—			544,418			544,418
GSCOI		Pay	EUR006M		1.482		7/4/44	EUR 16,700		—			91,715			91,715
GSCOI		Pay	EUR006M		0.861		8/15/27	EUR 42,600		—			188,034			188,034
GSCOI		Pay	Six-Month PLN WIBOR WIBO		1.780		6/10/21	PLN 200,000		(30,941	)		(495,952	)		(526,893	)
GSCOI		Receive	Six-Month PLN WIBOR WIBO		2.580		2/6/23	PLN 115,000		—			341,117			341,117
GSCOI		Pay	Three-Month ZAR JIBAR SAFEX		7.940		3/27/27	ZAR 178,500		—			(213,819	)		(213,819	)
GSCOI		Receive	Six-Month PLN WIBOR WIBO		1.775		10/10/21	PLN 95,000		3,197			(91,903	)		(88,706	)
GSCOI		Pay	Six-Month CHF BBA LIBOR		0.884		4/4/28	CHF 72,000		—			(113,984	)		(113,984	)
GSCOI		Receive	Six-Month EUR EURIBOR		1.596		4/4/28	EUR 64,000		—			(405,220	)		(405,220	)
GSCOI		Pay	BZDI		9.825		7/1/20	BRL 892,000		—			(488,445	)		(488,445	)
GSCO-OT		Pay	EUR006M		0.885		8/15/27	EUR 57,000		—			466,963			466,963
JPM		Pay	Six-Month PLN WIBOR WIBO		2.090		1/11/22	PLN 160,000		—			(121,451	)		(121,451	)
JPM		Pay	Six-Month PLN WIBOR WIBO		2.315		1/15/26	PLN 90,200		(23,445	)		(634,128	)		(657,573	)
JPM		Pay	BZDI		10.500		7/1/20	BRL 880,000		—			92,547			92,547
JPM		Pay	MXN TIIE BANXICO		8.000		8/27/18	MXN 2,820,000		—			(11,273	)		(11,273	)
JPM		Receive	Three-Month USD BBA LIBOR		2.097		6/8/27	USD 12,000		—			770,672			770,672
SIB		Pay	BZDI		11.605		1/2/25	BRL 125,000		—			141,895			141,895
Total Centrally Cleared Interest Rate Swaps										$       (51,204)		$	(6,836,202)		$	(6,887,406)

32      OPPENHEIMER INTERNATIONAL BOND FUND

Over-the-Counter Interest Rate Swaps at June 30, 2018
Counter- party	Pay/Receive Floating Rate		Floating Rate		Fixed Rate			Maturity Date		Notional Amount (000’s)		Premiums Received / (Paid)		Value			Unrealized Appreciation/ (Depreciation)
BOA		Pay		NSERO		6.623	%		3/20/20		INR 7,200,000	$	—	$	(556,698)		$	(556,698	)
BOA		Receive		Six-Month INR FBIL MIBOR OIS Compound		6.620			3/20/23		INR 1,620,000		—		631,533			631,533
BOA		Pay		NSERO		6.700			3/8/20		INR 15,757,500		—		(1,042,854	)		(1,042,854	)
BOA		Receive		Six-Month INR FBIL MIBOR OIS Compound		6.705			3/8/23		INR 3,602,500		—		1,197,157			1,197,157
CITNA-B		Receive		THFX6M		1.605			6/6/20		THB 2,400,000		—		(66,225	)		(66,225	)
DEU		Pay		Three-Month COP IBR OIS Compound		5.030			4/28/20		COP 100,000,000		—		152,029			152,029
GSCOI		Receive		CNY- CNREPOFIX=CFXS		3.785			3/27/23		CNY 99,400		—		(336,483	)		(336,483	)
GSCOI		Pay		THFX6M		1.955			4/24/23		THB 1,625,000		—		(260,924	)		(260,924	)
GSCOI		Receive		THFX6M		1.500			4/24/20		THB 3,960,000		—		85,633			85,633
GSCOI		Pay		Three-Month COP IBR OIS Compound		5.175			4/20/20		COP 88,000,000		—		225,140			225,140
GSCOI		Pay		Three-Month COP IBR OIS Compound		6.470			9/29/26		COP 55,000,000		—		601,593			601,593
GSCOI		Pay		Six-Month CLP TNA		3.380			9/14/22		CLP 13,500,000		—		(241,063	)		(241,063	)
JPM		Receive		Five-Year EUR CPI EXT		1.603			5/24/27		EUR 50,000		—		175,478			175,478
JPM		Pay		Three-Month COP IBR OIS Compound		7.300			6/1/26		COP 39,425,000		—		1,196,611			1,196,611
JPM		Pay		Three-Month COP IBR OIS Compound		4.990			5/2/20		COP 105,000,000		—		129,517			129,517
JPM		Pay		Five-Year EUR CPI EXT		2.080			5/24/37		EUR 50,000		—		(152,004	)		(152,004	)
JPM		Pay		Three-Month COP IBR OIS Compound		5.700			3/8/19		COP 199,335,000		—		727,893			727,893
Total Over-the-Counter Interest Rate Swaps												$	—	$	2,466,333		$	2,466,333

Over-the-Counter Total Return Swaps at June 30, 2018

Reference Asset

Counter- party

Pay/Receive Total Return*

Floating Rate

Maturity Date

Notional Amount (000’s)

Value

Unrealized Appreciation/ (Depreciation)

iBoxx EUR Liquid High Yield Index Series 1 Version 1

JPM

Receive

Three-Month EUR EURIBOR

12/27/18

EUR 25,000

$

(183,943

)

$

(183,943

)

33      OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED

STATEMENT OF INVESTMENTS Unaudited / Continued

Over-the-Counter Total Return Swaps (Continued)

Reference Asset

Counter- party

Pay/Receive Total Return*

Floating Rate

Maturity Date

Notional Amount (000’s)

Value

Unrealized Appreciation/ (Depreciation)

iBoxx EUR Liquid High Yield Index Series 1 Version 1

JPM

Receive

Three-Month EUR EURIBOR

12/27/18

EUR        25,000

$        (237,099)

$        (237,099)

iBoxx EUR Liquid High Yield Index Series 1 Version 1

JPM

Receive

Three-Month EUR EURIBOR

12/27/18

EUR        50,000

(685,659)

(685,659)

Total Over-the-Counter Total Return Swaps

$    (1,106,701)

$    (1,106,701)

* Fund will pay or receive the total return of the reference asset depending on whether the return is positive or negative. For contracts where the Fund has elected to receive the total return of the reference asset if positive, it will be responsible for paying the floating rate and the total return of the reference asset if negative. If the Fund has elected to pay the total return of the reference asset if positive, it will receive the floating rate and the total return of the reference asset if negative.

Over-the-Counter Interest Rate Swaptions Written at June 30, 2018

Description

Counter- party

Pay/ Receive     Floating Rate

Floating Rate

Fixed Rate

Expiration Date

Notional Amount (000’s)

Premiums Received

Value

Interest Rate Swap maturing 12/20/18 Call

BAC

Receive

Six- Month EUR-

1.350%

12/20/18

EUR

21,500

$

194,669

$        (302,072)

Interest Rate Swap maturing 4/26/49 Call

BAC

Pay

Six- Month EUR-

1.887

4/24/19

EUR

37,500

870,283

(397,525)

Interest Rate Swap maturing 4/26/49 Call

BAC

Receive

Six- Month EUR-

1.452

4/24/19

EUR

37,500

1,053,501

(1,250,498)

Interest Rate Swap maturing 9/12/28 Call

BOA

Receive

Three- Month CAD-BA- CDOR

2.710

9/12/18

CAD

165,000

1,381,564

(2,047,488)

Interest Rate Swap maturing 8/15/28 Call

BOA

Pay

Three- Month USD- LIBOR- BBA

3.279

8/13/18

USD

275,000

852,500

(135,402)

Interest Rate Swap maturing 6/12/20 Call

BOA

Pay

Three- Month USD- LIBOR- BBA

2.972

6/10/19

USD

1,000,000

2,140,000

(2,083,180)

Interest Rate Swap maturing 4/25/29 Call

BOA

Receive

Three- Month USD- LIBOR- BBA

2.980

4/23/19

USD

100,000

1,865,000

(2,048,268)

34      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 5/31/20 Call

BOA

Pay

Three- Month USD- LIBOR- BBA

2.718%

5/29/19

USD

1,000,000

$

2,000,000

$    (3,467,160)

Interest Rate Swap maturing 9/14/23 Call

GSCOI

Pay

Six- Month PLN- WIBOR- WIBO

2.610

9/12/18

PLN

80,000

104,874

(56,343)

Interest Rate Swap maturing 5/16/29 Call

GSCOI

Receive

Three- Month USD- LIBOR- BBA

3.098

5/14/19

USD

112,500

2,452,500

(3,004,579)

Interest Rate Swap maturing 4/26/49 Call

GSCOI

Pay

Six- Month EUR-

1.885

4/24/19

EUR

23,250

539,576

(248,599)

Interest Rate Swap maturing 4/26/49 Call

GSCOI

Receive

Six- Month EUR-

1.450

4/24/19

EUR

23,250

653,170

(769,643)

Interest Rate Swap maturing 9/21/48 Call

GSCOI

Pay

Three- Month USD- LIBOR- BBA

3.150

9/19/18

USD

100,000

700,000

(738,489)

Interest Rate Swap maturing 9/17/67 Call

JPM

Pay

Six- Month EUR EURIBOR

3.100

9/15/37

EUR

200,000

19,261,235

(17,074,233)

Interest Rate Swap maturing 6/30/31 Call

JPM

Pay

Six- Month EUR-

2.750

6/28/21

EUR

657,800

5,262,989

(5,733,817)

Interest Rate Swap maturing 7/19/23 Call

JPM

Receive

Three- Month SEK STIBOR SIDE

0.765

7/17/18

SEK

1,000,000

748,241

(1,319)

Interest Rate Swap maturing 7/26/28 Call

JPM

Receive

Six- Month EUR-

1.057

7/24/18

EUR

123,330

666,894

(2,279,014)

Interest Rate Swap maturing 7/26/28 Call

JPM

Pay

Six- Month EUR-

1.258

7/24/18

EUR

123,330

338,740

(3,465)

Interest Rate Swap maturing 7/24/28 Call

TD

Receive

Three- Month CAD-BA- CDOR

2.668

7/24/18

CAD

175,000

927,730

(1,434,823)

Total Over-the-Counter Interest Rate Swaptions Written

$

42,013,466

$    (43,075,917)

35      OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED

STATEMENT OF INVESTMENTS Unaudited / Continued

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
HSBC	HSBC Bank USA NA
JPM	JPMorgan Chase Bank NA
NOM	Nomura Global Financial Products, Inc.
SIB	Banco Santander SA
TDB	Toronto Dominion Bank
Currency abbreviations indicate amounts reporting in currencies
ARS	Argentine Peso
AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
CHF	Swiss Franc
CLP	Chilean Peso
CNY	Chinese Renminbi
COP	Colombian Peso
DKK	Danish Krone
EGP	Egyptian Pounds
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
NOK	Norwegian Krone
NZD	New Zealand Dollar
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
UAH	Ukraine Hryvnia
UYU	Uruguay Peso
ZAR	South African Rand
Definitions
BA CDOR	Canada Bankers Acceptances Deposit Offering Rate

36      OPPENHEIMER INTERNATIONAL BOND FUND

Definitions (Continued)
BADLARPP	Argentina Deposit Rates Badlar Private Banks ARS 30 to 35 Days
BANXICO	Banco de Mexico
BBA	British Bankers’ Association
BBA LIBOR	British Bankers’ Association London - Interbank Offered Rate
BBR	Bank Bill Rate
BBSW	Bank Bill Swap Reference Rate (Australian Financial Market)
BBSW6M	Bank Bill Swap Reference Rate (Australian Financial Market) Rate 6 Month
BP0003M	ICE LIBOR GBP 3 Month
BP0006M	ICE LIBOR GBP 6 Month
BPSW5	GBP Swap 5 Year
BTP	Italian Treasury Bonds
BUBOR	Budapest Interbank Offered Rate
BUND	German Federal Obligation
BUXL	German Federal Obligation
BZDI	Brazil Interbank Deposit Rate
CD	Certificate of Deposit
CDX.EM 29	Markit CDX Emerging Markets Index
CDX.HY.30	Markit CDX High Yield Index
CNREPOFIX=CFXS	Repurchase Fixing Rates
COOVIBR	Colombia IBR Overnight Nominal Interbank Reference Rate
CPI EXT	Excluding Tobacco Consumer Price Index
EUR003M	EURIBOR 3 Month ACT/360
EUR006M	EURIBOR 6 Month ACT/360
EURIBOR	Euro Interbank Offered Rate
EUSA5	EUR Swap Annual 5 Year
EUSA8	EUR Swap Annual 8 Year
EUSA10	EUR Swap Annual 10 Year
EUSA11	EUR Swap Annual 11 Year
EUSA12	EUR Swap Annual 12 Year
FBIL	Financial Benchmarks India Private Ltd.
GUKG5	UK Government Bonds 5 Year Note Generic Bid Yield
H15T10Y	US Treasury Yield Curve Rate T Note Constant Maturity 10 Year
H15T5Y	US Treasury Yield Curve Rate T Note Constant Maturity 5 Year
IBR	Indicador Bancario de Referencia
ICE LIBOR	Intercontinental Exchange Benchmark Administration-London Interbank Offered Rate
JIBA3M	South Africa Johannesburg Interbank Agreed Rate 3 Month
JIBAR SAFEX	South Africa Johannesburg Interbank Agreed Rate/Futures Exchange
LIBOR	London Interbank Offered Rate
MIBOR	Mumbai Interbank Offered Rate
NSERO	India Rupee Floating Rate
OIS	Overnight Index Swap
STIBOR SIDE	Stockholm Interbank Offered Rate
TNA	Non-Deliverable CLP Camara
US0003M	ICE LIBOR USD 3 Month
US0006M	ICE LIBOR USD 6 Month
USISDA05	USD ICE Swap Rate 11:00am NY 5 Year
USSW5	USD Swap Semi 30/360 5 Year
WIBOR WIBO	Poland Warsaw Interbank Offer Bid Rate

37      OPPENHEIMER INTERNATIONAL BOND FUND

NOTES TO CONSOLIDATED

STATEMENT OF INVESTMENTS June 30, 2018 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.

At period end, the Fund owned 1,188,135 shares with net assets of $110,214,305 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) 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, approval and ratification by the Fund’s Board at least quarterly or more frequently, if

38      OPPENHEIMER INTERNATIONAL BOND FUND

3. Securities Valuation (Continued)

necessary.

Valuation Methods and Inputs

Securities are valued primarily using unadjusted quoted market prices, when available, as supplied by third party pricing services or broker-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, or if no sales occurred, the security is valued at the mean between the quoted bid and asked prices. Over-the-counter equity securities are valued at the last published sale price, or if no sales occurred, at the mean between the quoted bid and asked prices. Events occurring after the close of trading on foreign exchanges may result in adjustments to the valuation of foreign securities to more accurately reflect their fair value as of the time when the Fund’s assets are valued.

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, short-term notes, 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. Pricing services generally price debt securities assuming orderly transactions of an institutional “round lot” size, but some trades may occur in smaller, “odd lot” sizes, sometimes at lower prices than institutional round lot trades. Standard inputs generally considered by third-party pricing vendors include reported trade data, broker-dealer price quotations, benchmark yields, issuer spreads on comparable securities, the credit quality, yield, maturity, as well as other appropriate factors.

Structured securities, swaps, swaptions, and other over-the-counter derivatives are valued utilizing evaluated prices obtained from third party pricing services or broker-dealers. Standard inputs generally considered by third-party pricing vendors include market information relevant to the underlying reference asset such as the price of financial instruments, stock market indices, foreign currencies, interest rate spreads, commodities, credit spreads, credit event probabilities, index values, individual security values, forward interest rates, variable interest rates, volatility measures, and forward currency rates, or the occurrence of other specific events.

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

39      OPPENHEIMER INTERNATIONAL BOND FUND

NOTES TO CONSOLIDATED

STATEMENT OF INVESTMENTS Unaudited / Continued

3. Securities Valuation (Continued)

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.

Securities for which market quotations are not readily available, or when a significant event has occurred that would materially affect the value of the security, are 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. Those standardized fair valuation 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 regularly compares prior day prices and sale prices to the current day prices and challenges those prices exceeding certain tolerance levels with the third party pricing service or broker source. For those securities valued by fair valuations, whether through a standardized fair valuation methodology or a fair valuation determination, the Valuation Committee reviews and affirms the reasonableness of the valuations based on such methodologies and fair valuation determinations on a regular basis after considering all relevant information that is reasonably available.

Classifications

Each investment asset or liability of the Fund is assigned a level at measurement date based on the significance and source of the inputs to its valuation. Various data inputs may be 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).

40      OPPENHEIMER INTERNATIONAL BOND FUND

3. Securities Valuation (Continued)

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, if any, are classified as Level 2 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:
Mortgage-Backed Obligations	$	—		$	165,820,464	$	—		$	165,820,464
Foreign Government Obligations		—			3,140,715,434		—			3,140,715,434
Corporate Bonds and Notes		—			1,598,125,557		161,789			1,598,287,346
Common Stock		—			—		—			—
Structured Securities		—			9,429,497		—			9,429,497
Short-Term Notes		—			172,950,041		—			172,950,041
Over-the-Counter Options Purchased		—			19,576,455		—			19,576,455
Over-the-Counter Interest Rate
Swaptions Purchased		—			68,751,030		—			68,751,030
Investment Company		457,080,099			—		—			457,080,099
Total Investments, at Value		457,080,099			5,175,368,478		161,789			5,632,610,366
Other Financial Instruments:
Swaps, at value		—			5,422,456		—			5,422,456
Centrally cleared swaps, at value		—			7,287,087		—			7,287,087
Forward currency exchange contracts		—			214,383,690		—			214,383,690
Total Assets	$	457,080,099		$	5,402,461,711	$	161,789		$	5,859,703,599
Liabilities Table
Other Financial Instruments:
Swaps, at value	$	—		$	(6,539,259)	$	—		$	(6,539,259)
Centrally cleared swaps, at value		—			(16,069,411)		—			(16,069,411)
Options written, at value		—			(118,850,584)		(353,680	)		(119,204,264)
Futures contracts		(4,321,511	)		—		—			(4,321,511)
Forward currency exchange contracts		—			(269,799,220)		—			(269,799,220)
Swaptions written, at value		—			(43,075,917)		—			(43,075,917)
Total Liabilities	$	(4,321,511	)	$	(454,334,391)	$	(353,680	)	$	(459,009,582)

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

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

41      OPPENHEIMER INTERNATIONAL BOND FUND

NOTES TO CONSOLIDATED

STATEMENT OF INVESTMENTS Unaudited / Continued

3. Securities Valuation (Continued)

	Transfers into Level 2*		Transfers out of Level 3*
Assets Table
Investments, at Value:
Foreign Government Obligations		$        15,964,191		$        (15,964,191)
Structured Securities		1,090,112		(1,090,112)
Total Assets		$        17,054,303		$        (17,054,303)

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

4. Investments and Risks

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

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

Each of the Affiliated Funds in which the Fund invests has its own investment risks, and those risks can affect the value of the Fund’s investments and therefore the value of the

42      OPPENHEIMER INTERNATIONAL BOND FUND

4. Investments and Risks (Continued)

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”), 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.

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

43      OPPENHEIMER INTERNATIONAL BOND FUND

NOTES TO CONSOLIDATED

STATEMENT OF INVESTMENTS Unaudited / Continued

4. Investments and Risks (Continued)

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 and/or principal payment.

Information concerning securities not accruing interest at period end is as follows:

Cost	$10,122,193
Market Value	$—
Market Value as % of Net Assets	0.00%

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

5. Market Risk Factors

The Fund’s investments in securities and/or financial derivatives may expose the Fund to various market risk factors:

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

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

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

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

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

44      OPPENHEIMER INTERNATIONAL BOND FUND

5. Market Risk Factors (Continued)

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 changes in the market risk factors and the overall market. This use of embedded leverage allows the Fund to increase its market value exposure relative to its net assets and can substantially increase the volatility of the Fund’s performance. In instances where the Fund is using derivatives to decrease, or hedge, exposures to market risk factors for securities held by the Fund, there are also risks that those derivatives may not perform as expected resulting in losses for the combined or hedged positions. Some derivatives have the potential for unlimited loss, regardless of the size of the Fund’s initial investment.

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

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.

45      OPPENHEIMER INTERNATIONAL BOND FUND

NOTES TO CONSOLIDATED

STATEMENT OF INVESTMENTS Unaudited / Continued

6. Use of Derivatives (Continued)

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 may enter into forward foreign currency exchange contracts in order to decrease exposure to foreign exchange rate risk associated with either specific transactions or portfolio instruments or to increase exposure to foreign exchange rate risk.

During the reporting period, the Fund had daily average contract amounts on forward contracts to buy and sell of $4,784,534,509 and $5,490,941,911, respectively.

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

Futures Contracts

A futures contract is a commitment to buy or sell a specific amount of a commodity, financial instrument or currency at a negotiated price on a stipulated future date. The Fund may buy and sell futures contracts and may also buy or write put or call options on these futures contracts. Futures contracts and options thereon are generally entered into on a regulated futures exchange and cleared through a clearinghouse associated with the exchange.

Upon entering into a futures contract, the Fund is required to deposit either cash or securities (initial margin) in an amount equal to a certain percentage of the contract value in an account registered in the futures commission merchant’s name. Subsequent payments (variation margin) are paid to or from the futures commission merchant each day equal to the daily changes in the contract value. Such payments are recorded as unrealized 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 may purchase and/or sell financial futures contracts and options on futures

46      OPPENHEIMER INTERNATIONAL BOND FUND

6. Use of Derivatives (Continued)

contracts to gain exposure to, or decrease exposure to interest rate risk, equity risk, foreign exchange rate risk, volatility risk, or commodity risk.

During the reporting period, the Fund had an ending monthly average market value of $12,224,346 and $186,153,593 on futures contracts purchased and sold, respectively.

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

Option Activity

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

Options can be traded through an exchange or through a privately negotiated arrangement with a dealer in an OTC transaction. Options traded through an exchange are generally cleared through a clearinghouse (such as The Options Clearing Corporation). The difference between the premium received or paid, and market value of the option, is recorded as unrealized appreciation or depreciation. The net change in unrealized appreciation or depreciation is reported in the 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.

Foreign Currency Options. The Fund may purchase or write call and put options on currencies to increase or decrease exposure to foreign exchange rate risk. A purchased call, or written put option becomes more valuable as the price of the underlying financial instrument appreciates relative to the strike price. A purchased put, or written call option becomes more valuable as the price of the underlying financial instrument depreciates relative to the strike price.

Interest Rate Options. The Fund may purchase or write call and put options on treasury and/or euro futures to increase or decrease exposure to interest rate risk. A purchased call or written put option becomes more valuable as the price of the underlying financial instrument appreciates relative to the strike price. A purchased put or written call option becomes more valuable as the price of the underlying financial instrument depreciates relative to the strike price.

Index/Security Options. The Fund may purchase or write call and put options on individual equity securities and/or equity indexes to increase or decrease exposure to equity risk. A purchased call or written put option becomes more valuable as the price of the underlying financial instrument appreciates relative to the strike price. A purchased put or written call option becomes more valuable as the price of the underlying financial instrument depreciates relative to the strike price.

47      OPPENHEIMER INTERNATIONAL BOND FUND

NOTES TO CONSOLIDATED

STATEMENT OF INVESTMENTS Unaudited / Continued

6. Use of Derivatives (Continued)

During the reporting period, the Fund had an ending monthly average market value of $12,711,233 and $7,665,785 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 the market price of the underlying security increasing above the strike price and the option being exercised. The Fund must then purchase the underlying security at the higher market price and deliver it for the strike price or, if it owns the underlying security, deliver it at the strike price and forego any benefit from the increase in the price of the underlying security above the strike price. The risk in writing a put option is the market price of the underlying security decreasing below the strike price and the option being exercised. The Fund must then purchase the underlying security at the strike price when the market price of the underlying security is below the strike price. Alternatively, the Fund could also close out a written option position, in which case the risk is that the closing transaction will require a premium to be paid by the Fund that is greater than the premium the Fund received. When writing options, the Fund has the additional risk that there may be an illiquid market where the Fund is unable to close the contact. The risk in buying an option is that the Fund pays a premium for the option, and the option may be worth less than the premium paid or expire worthless.

During the reporting period, the Fund had an ending monthly average market value of $15,102,142 and $51,935,841 on written call options and written put options, respectively.

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

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

48      OPPENHEIMER INTERNATIONAL BOND FUND

6. Use of Derivatives (Continued)

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.

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 may purchase or sell credit protection through credit default swaps to increase or decrease 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 engaged in spread curve trades by simultaneously purchasing and selling protection through credit default swaps referenced to the same reference asset but with

49      OPPENHEIMER INTERNATIONAL BOND FUND

NOTES TO CONSOLIDATED

STATEMENT OF INVESTMENTS Unaudited / Continued

6. Use of Derivatives (Continued)

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 $378,777,948 and $163,769,097 on credit default swaps to buy protection and credit default swaps to sell protection, respectively.

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

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

The Fund may enter into interest rate swaps in which it pays the fixed or floating interest rate in order to increase or decrease exposure to interest rate risk. Typically, if relative interest rates rise, floating payments under a swap agreement will be greater than the fixed payments.

For the reporting period, the Fund had ending monthly average notional amounts of $1,130,886,963 and $2,632,942,388 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.

Total Return Swap Contracts. A total return swap is an agreement between counterparties to exchange periodic payments based on the value of asset or non-asset references. One cash flow is typically based on a non-asset reference (such as an interest rate) and the other on the total return of a reference asset (such as a security or a basket of securities or securities index). The total return of the reference asset typically includes appreciation or depreciation on the reference asset, plus any interest or dividend payments.

Total return swap contracts are exposed to the market risk factor of the specific underlying financial instrument or index. Total return swaps are less standard in structure than other types of swaps and can isolate and/or include multiple types of market risk factors including equity risk, credit risk, and interest rate risk.

The Fund may enter into total return swaps to increase or decrease exposure to the credit risk of various indexes or basket of securities. These credit risk related total return swaps require the Fund to pay to, or receive payments from, the counterparty based on the movement of credit spreads of the related indexes or securities.

For the reporting period, the Fund had ending monthly average notional amounts of $47,863,272 on total return swaps which are long the reference asset.

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

50      OPPENHEIMER INTERNATIONAL BOND FUND

6. Use of Derivatives (Continued)

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 may purchase swaptions which give it the option to enter into an interest rate swap in which it pays a floating or fixed interest rate and receives a fixed or floating interest rate in order to increase or decrease exposure to interest rate risk. Purchasing the fixed portion of this swaption becomes more valuable as the reference interest rate decreases relative to the preset interest rate. Purchasing the floating portion of this swaption becomes more valuable as the reference interest rate increases relative to the preset interest rate.

The Fund may purchase swaptions which give it the option to buy or sell credit protection through credit default swaps in order to decrease or increase exposure to the credit risk of individual issuers and/ or indexes of issuers. A swaption selling protection becomes more valuable as the likelihood of a credit event on the reference asset decreases. A swaption buying protection becomes more valuable as the likelihood of a credit event on the reference asset increases.

The Fund may write swaptions which give it the obligation, if exercised by the purchaser, to enter into an interest rate swap in which it pays a fixed or floating interest rate and receives a floating or fixed interest rate in order to increase or decrease exposure to interest rate risk. A written swaption paying a fixed rate becomes more valuable as the reference interest rate increases relative to the preset interest rate. A written swaption paying a floating rate becomes more valuable as the reference interest rate decreases relative to the preset interest rate.

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

51      OPPENHEIMER INTERNATIONAL BOND FUND

NOTES TO CONSOLIDATED

STATEMENT OF INVESTMENTS Unaudited / Continued

6. Use of Derivatives (Continued)

likelihood of a credit event on the reference asset increases.

During the reporting period, the Fund had an ending monthly average market value of $121,399,401 and $67,257,679 on purchased and written swaptions, respectively.

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

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

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

At period end, the Fund has required certain counterparties to post collateral of $24,448,094.

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

52      OPPENHEIMER INTERNATIONAL BOND FUND

6. Use of Derivatives (Continued)

cleared swaps.

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

There is the risk that a broker, futures commission merchant or clearinghouse will decline to clear a transaction on the Fund’s behalf, and the Fund may be required to pay a termination fee to the executing broker with whom the Fund initially enters into the transaction.

Clearinghouses may also be permitted to terminate centrally cleared swaps at any time. The Fund is also subject to the risk that the broker or futures commission merchant will improperly use the Fund’s assets deposited/paid as initial or variation margin to satisfy payment obligations of another customer. In the event of a default by another customer of the broker or futures commission merchant, the Fund might not receive its variation margin payments from the clearinghouse, due to the manner in which variation margin payments are aggregated for all customers of the broker/futures commission merchant.

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

Collateral terms are contract specific for OTC derivatives. For derivatives traded under an

ISDA master agreement, the collateral requirements are typically calculated by netting the mark to market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Fund or the counterparty.

For financial reporting purposes, cash collateral that has been pledged to cover obligations of the Fund, if any, is reported separately on the Consolidated Statement of Assets and Liabilities 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.

53      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 6/30/2018, 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:	8/17/2018

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:	8/17/2018

By:	/s/ Brian S. Petersen
	Brian S. Petersen
	Principal Financial Officer
Date:	8/17/2018