Oppenheimer International Bond Fund N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number 811-07255

Oppenheimer International Bond Fund

(Exact name of registrant as specified in charter)

6803 South Tucson Way, Centennial, Colorado 80112-3924

(Address of principal executive offices)  (Zip code)

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:  3/31/2016

Item 1.  Reports to Stockholders.

Table of Contents

Fund Performance Discussion	3
Top Holdings and Allocations	6
Fund Expenses	9
Consolidated Statement of Investments	11
Consolidated Statement of Assets and Liabilities	51
Consolidated Statement of Operations	53
Consolidated Statements of Changes in Net Assets	55
Consolidated Financial Highlights	56
Notes to Consolidated Financial Statements	68
Portfolio Proxy Voting Policies and Guidelines; Updates to Statement of Investments	99
Distribution Sources	100
Trustees and Officers	101
Privacy Policy Notice	102

Class A Shares

AVERAGE ANNUAL TOTAL RETURNS AT 3/31/16

	6-Month	1-Year	5-Year	10-Year
Class A Shares of the Fund without Sales Charge	3.09%	-0.46%	1.09%	4.49%
Class A Shares of the Fund with Sales Charge	-1.81	-5.19	0.11	3.99
Citigroup Non-U.S. Dollar World Government Bond Index	7.59	7.74	0.24	3.97
J.P. Morgan Government Bond Index	11.00	-1.65	-2.00	4.95
J.P. Morgan Emerging Markets Bond Index	6.36	4.19	6.22	7.20
Reference Index	8.46	4.33	0.97	4.88

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

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Fund Performance Discussion

The Fund’s Class A shares (without sales charge) returned 3.09% during the reporting period, underperforming the Reference Index (the “Index”), a customized weighted index currently comprised of 50% of the Citigroup Non-U.S. Dollar World Government Bond Index, 30% of the J P. Morgan Government Bond Index, and 20% of the J.P. Morgan Emerging Markets Bond Index, which returned 8.46%.

MARKET OVERVIEW

Over the first half of the reporting period, continued volatility in oil, weak economic data in some emerging markets, and mixed data in much of the developed world helped contribute to a volatile close to 2015. Ironically, the strong November U.S. payrolls report and subsequent high expectations of a Federal Reserve (“Fed”) hike brought out sellers as equity markets approached their early summer highs. The Fed finally hiked interest rates 0.25% in December, which followed a somewhat underwhelming easing program by the European Central Bank (“ECB”) earlier in the month.

2016 started with risk assets under pressure. The MSCI World Equity Index fell over 11% for the first six weeks of the year. The weak sentiment manifested itself in emerging market fixed income as well, with the J.P. Morgan Emerging Markets Bond Index (EMBI) widening almost 100 basis points during this time. Corporate spreads also widened significantly. Regulatory issues and concern over European bank profitability caused financial bonds in particular to widen significantly against government bonds.

By mid-February, markets began to turn positive. The ECB hinted it would likely ease further, the BoJ’s tone remained dovish, China signaled it would provide further stimulus, and better than expected economic data helped turn sentiment. A dovish Fed statement in mid-March and further dovish statements from Chair Yellen (sometimes at odds with other Fed speakers) helped the better trend in risk sentiment persist.

By the end of the reporting period, U.S. investment-grade industrial bonds not only retraced their entire widening, but ended the period over 10 basis points tighter from the beginning of 2016. Bank debt, however, only retraced about half of their move and remained about 25 basis points wider over the first quarter of 2016. The Credit Suisse High Yield Index round tripped during the quarter, widening about 150 basis points, only to end the quarter very close to year-end levels.

Over the first half of the reporting period, foreign exchange markets saw the U.S. dollar rally continue. The market shifted

3    OPPENHEIMER INTERNATIONAL BOND FUND

in late January when the BoJ surprised and cut interest rates to negative levels. The Fed closely followed with a dovish January statement citing concerns over slowing growth inflation and investment. They also added “The Committee is closely monitoring global economic and financial developments…” The euro subsequently jumped, moving from U.S. $1.08 up to $1.12. The yen also rallied against the dollar, jumping from ¥121 to ¥112 to the dollar over a two-week period.

The move to negative interest rates in Japan caused some of the lowest yielding bonds in the world to rally further. Japanese 10-year government bonds rallied from 0.27% prior to the BoJ action down to -0.09% by the last week of the reporting period. German 10-year bunds rallied from 0.63% to a low of 0.10% at the end of February before settling at period end at 0.15%. Low yields across many developed markets helped rates in emerging markets as well. Brazilian 10-year yields fell from approximately 16.5% to 14% by period end, Indian 10-year year bonds yields fell from 7.75% to 7.50%, and South Korean yields rallied from 2.10% to 1.80%. 10-year U.S. Treasury yields dropped from 2.20% to 1.77% at period end.

As risk sentiment improved and government yields fell, emerging market and corporate spreads tightened dramatically. Better data, continued dovish sentiment from central banks, and supportive policy action in China helped sentiment to turn.

FUND REVIEW

The Fund was largely hedged back to U.S. dollars for much of the reporting period, but continued to increase Foreign Exchange (FX) exposure to developed market currencies, particularly the euro, yen and pound sterling. Although the allocation to foreign currency was increased, the Fund maintained an underweight position relative to the Index. The decline of the dollar in early 2016 was the largest detractor from performance relative to the Index during the reporting period.

The Fund had mixed results across credit positioning. The Fund’s emerging market credit exposure detracted from relative performance versus the Index, while developed credit, which is mainly in investment-grade European names, was a positive contributor.

The Fund has generally remained underweight duration versus the Index, which was a drag on Fund performance during the reporting period.

STRATEGY & OUTLOOK

We believe that the U.S. dollar is likely to have one additional bullish period, but that the dollar bull cycle is near an end. Current pricing of Fed policy appears too pessimistic for the likely outcomes and we believe as one or two Fed hikes are priced into the market, the dollar is likely to make one additional positive move. However, that move will

4    OPPENHEIMER INTERNATIONAL BOND FUND

then fade into the early stages of what may become a multi-year dollar bear market.

To this end, the Fund’s foreign currency exposure was increased from just under 30% at the end of 2015 up to about 40% at period end. On an outright basis the Fund’s largest currency long positions were in the euro (16%), Japanese yen (12.5%), Indian rupee (4%), British pound (3%) and Norwegian krone (2.6%). At period end the Fund held short positions in the Brazilian real (-2.3%), and the New Zealand dollar (-1%).

The team believes there is no value in purchasing negative yielding assets which are pervasive in some markets (notably short maturity core country European debt and Japan). However, the team sees opportunities in other markets where yields are currently positive and where central banks may cut rates to encourage growth or where yields appear too high for the likely inflation and economic outcomes.

	Hemant Baijal
	Portfolio Manager

The Fund remains underweight duration compared to the blended benchmark by about 1.9 years. The underweight in Japanese rates is by far the largest position, contributing -1.6 years of duration relative to the benchmark. The Fund’s largest overweights include Australia (0.32 years), Italy (0.23 years), India (0.22 years), Brazil (0.21 years) and Spain (0.15 years).

In terms of credit positioning, the largest positions within the Fund were in investment-grade European credit, which is not in the Index. India was the only country in the Index that is among the Fund’s top 10 credit positions. The U.K. (6.3%), France (3.6%), Spain (3.3%), India (2.7%) and the Netherlands (2.2%) were the five largest credit positions at period end. The Fund’s largest underweight compared to the reference benchmark was in Turkey (-0.7%), Hungary (-0.6%), Poland (-0.6%), Philippines (-0.6%), and Panama (-0.6%).

	Christopher Kelly
	Portfolio Manager

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Top Holdings and Allocations

TOP TEN GEOGRAPHICAL HOLDINGS

Mexico	11.9	%
United Kingdom	10.4
Brazil	8.5
United States	7.8
France	7.2
India	6.8
Italy	6.1
Spain	4.9
Germany	2.7
Indonesia	2.4

Portfolio holdings and allocation are subject to change. Percentages are as of March 31, 2016, and are based on total market value of investments.

Portfolio holdings and allocations are subject to change. Percentages are as of March 31, 2016, and are based on the total market value of investments.

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Share Class Performance

AVERAGE ANNUAL TOTAL RETURNS WITHOUT SALES CHARGE AS OF 3/31/16

	Inception Date		6-Month			1-Year			5-Year			10-Year
Class A (OIBAX)		6/15/95		3.09	%		-0.46	%		1.09	%		4.49	%
Class B (OIBBX)		6/15/95		2.71			-1.06			0.30			3.98
Class C (OIBCX)		6/15/95		2.71			-1.05			0.40			3.76
Class I (OIBIX)		1/27/12		3.32			-0.03			1.34	*		N/A
Class R (OIBNX)		3/1/01		2.97			-0.72			0.75			4.10
Class Y (OIBYX)		9/27/04		3.40			-0.21			1.36			4.82

AVERAGE ANNUAL TOTAL RETURNS WITH SALES CHARGE AS OF 3/31/16

	Inception Date		6-Month			1-Year			5-Year			10-Year
Class A (OIBAX)		6/15/95		-1.81	%		-5.19	%		0.11	%		3.99	%
Class B (OIBBX)		6/15/95		-2.30			-5.88			-0.05			3.98
Class C (OIBCX)		6/15/95		1.71			-2.02			0.40			3.76
Class I (OIBIX)		1/27/12		3.32			-0.03			1.34	*		N/A
Class R (OIBNX)		3/1/01		2.97			-0.72			0.75			4.10
Class Y (OIBYX)		9/27/04		3.40			-0.21			1.36			4.82

*Shows performance since inception.

STANDARDIZED YIELDS
For the 30 Days Ended 3/31/16
Class A	1.88%
Class B	1.23
Class C	1.24
Class I	2.41
Class R	1.74
Class Y	2.22

Performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. Returns do not consider capital gains or income taxes on an individual’s investment. For performance data current to the most recent month-end, visit oppenheimerfunds.com or call 1.800. CALL OPP (225.5677). Fund returns include changes in share price, reinvested distributions, and the applicable sales charge (unless otherwise indicated): for Class A shares, the current maximum initial sales charge of 4.75%; for Class B shares, the contingent deferred sales charge (“CDSC”) of 5% (1-year) and 2% (5-year); and for Class C shares, the CDSC of 1% for the 1-year period. Prior to 7/1/14, Class R shares were named Class N shares. Beginning 7/1/14, new purchases of Class R shares will no longer be subject to a CDSC upon redemption (any CDSC will remain in effect for purchases prior to 7/1/14). There is no sales charge for Class I and Class Y shares. Because Class

7    OPPENHEIMER INTERNATIONAL BOND FUND

B shares convert to Class A shares 72 months after purchase, the 10-year return for Class B shares uses Class A performance for the period after conversion. Returns for periods of less than one year are cumulative and not annualized.

Standardized yield is based on net investment income for the 30-day period ended 3/31/16 and the maximum offering price at the end of the period for Class A shares and the net asset value for Class B, Class C, Class I, Class R and Class Y shares. Each result is compounded semiannually and then annualized. Falling share prices will tend to artificially raise yields.

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

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

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

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

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

8    OPPENHEIMER INTERNATIONAL BOND FUND

Fund Expenses

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

The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire 6-month period ended March 31, 2016.

Actual Expenses. The first section of the table provides information about actual account values and actual expenses. You may use the information in this section for the class of shares you hold, together with the amount you invested, to estimate the expense that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600.00 account value divided by $1,000.00 = 8.60), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During 6 Months Ended March 31, 2016” to estimate the expenses you paid on your account during this period.

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

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

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Actual	Beginning Account Value October 1, 2015	Ending Account Value March 31, 2016	Expenses Paid During 6 Months Ended March 31, 2016
Class A	$    1,000.00	$    1,030.90	$    5.29
Class B	1,000.00	1,027.10	9.11
Class C	1,000.00	1,027.10	9.11
Class I	1,000.00	1,033.20	3.05
Class R	1,000.00	1,029.70	6.57
Class Y	1,000.00	1,034.00	4.02
Hypothetical
(5% return before expenses)
Class A	1,000.00	1,019.80	5.27
Class B	1,000.00	1,016.05	9.06
Class C	1,000.00	1,016.05	9.06
Class I	1,000.00	1,022.00	3.04
Class R	1,000.00	1,018.55	6.53
Class Y	1,000.00	1,021.05	4.00

Expenses are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period). Those annualized expense ratios, excluding indirect expenses from affiliated funds, based on the 6-month period ended March 31, 2016 are as follows:

Class	Expense Ratios
Class A	1.04	%
Class B	1.79
Class C	1.79
Class I	0.60
Class R	1.29
Class Y	0.79

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

10    OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED STATEMENT OF INVESTMENTS March 31, 2016 Unaudited

		Principal Amount		Value
Asset-Backed Securities—1.2%
Avoca CLO VIII Ltd., Series VIII-X, Cl. E, 4.276%, 10/15/231	EUR		12,700,000	$	12,634,711
Axius Europe CLO SA, Series 2007-1X, Cl. E, 4.489%, 11/15/231	EUR		7,931,617		8,188,283
Bancaja Fondo de Titulizacion, Series 10, Cl. A2, 0.028%, 5/22/501	EUR		2,169,334		2,368,128
Cadogan Square CLO IV BV, Series 4X, Cl. D, 1.485%, 7/24/231	EUR		9,500,000		10,114,174
Halcyon Structured Asset Management European CLO BV, Series 2006-IIX, Cl. E, 3.785%, 1/25/231	EUR		12,082,113		11,293,460
Highlander Euro CDO II Cayman Ltd., Series 2006-2CX, Cl. E, 3.359%, 12/14/221	EUR		11,856,645		11,249,157
Stichting Halcyon Structured Asset Management European, Series 2007-IX, Cl. E, 3.735%, 7/24/231	EUR		3,303,497		3,341,828
TDA IBERCAJA Fondo de Titulizacion de Activos, Series 6, Cl. A, 0.10%, 11/25/511	EUR		1,293,485		1,374,862
Theseus European CLO SA, Series 2006-1X, Cl. E, 3.872%, 8/27/221	EUR		10,000,000		10,945,238
Total Asset-Backed Securities (Cost $79,482,394)					71,509,841
Mortgage-Backed Obligations—2.1%
Alba plc, Series 2007-1, Cl. C, 0.879%, 3/17/391	GBP		5,475,000		6,143,241
Capital Mortgage Srl, Series 2007-1, Cl. B, 0.06%, 1/30/471	EUR		8,000,000		4,828,283
Eurosail plc, Series 2007-5X, Cl. A1A, 1.361%, 9/13/451	GBP		13,014,883		16,098,930
Fondo de Titulizacion de Activos UCI, Series 16, Cl. A2, 0%, 6/16/491	EUR		11,297,438		9,764,644
GAMMA Sociedade de Titularizacao de Creditos SA/Atlantes Mortgage plc, Series 2, Cl. A, 0.10%, 9/18/601	EUR		3,834,938		3,705,256
Hipocat 11 Fondo de Titulizacion de Activos, Series HIPO-11, Cl. A2, 0.081%, 1/15/501	EUR		3,021,277		2,570,674
Hipocat 7 FTA, Series HIPO-7, Cl. C, 0.256%, 7/15/361	EUR		3,668,339		3,070,272
IM Pastor 4 Fondo de Titulizacion de Activos:
Series 4, Cl. A, 0.009%, 3/22/441	EUR		22,276,324		19,252,334
Series 4, Cl. B, 0.059%, 3/22/441	EUR		3,000,000		1,017,221
Lusitano Mortgages No. 4 plc, Series 4, Cl. C, 0.335%, 9/15/481	EUR		3,308,556		2,444,259
Magellan Mortgages No. 4 plc, Series 4, Cl. A, 0.138%, 7/20/591	EUR		1,586,250		1,512,552
Mansard Mortgages plc:
Series 2006-1X, Cl. B1, 1.691%, 10/15/481	GBP		1,421,179		1,659,550
Series 2007-2X, Cl. M2, 2.591%, 12/15/491	GBP		17,175,000		20,994,292
Newgate Funding, Series 2007-3X, Cl. D, 3.591%, 12/15/501	GBP		5,825,083		7,567,931
Paragon Secured Finance No 1 plc, Series 1, Cl. A, 0.993%, 11/15/351	GBP		3,333,890		4,594,120
ResLoC UK plc, Series 2007-1X, Cl. A3B, 0.751%, 12/15/431	GBP		5,576,970		7,159,085
Rmac plc, Series 2004-NS2X, Cl. A3, 0.831%, 6/12/361	GBP		9,533,168		12,398,035
Rural Hipotecario I Fondo de Titulizacion Hipotecaria, Series 6, Cl. C, 0.807%, 10/17/361	EUR		2,663,365		2,362,980

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CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

		Principal Amount		Value
Mortgage-Backed Obligations (Continued)
Southern Pacific Financing plc, Series 2005-B, Cl. D, 1.301%, 6/10/431	GBP		6,017,811	$	6,204,764
Total Mortgage-Backed Obligations (Cost $149,388,390)					133,348,423
Foreign Government Obligations—58.0%
Argentina—0.2%
Argentine Republic Sr. Unsec. Nts., 9.125%, 3/16/242			7,000,000		7,213,500
Argentine Republic Unsec. Bonds, 8.75%, 5/7/24			5,000,000		5,422,500
					12,636,000
Australia—1.9%
Commonwealth of Australia Sr. Unsec. Bonds:
2.00%, 8/21/353	AUD		11,300,000		10,877,065
3.75%, 4/21/37	AUD		20,000,000		16,968,718
4.75%, 4/21/27	AUD		10,000,000		9,306,568
Commonwealth of Australia Sr. Unsec. Nts., 1%, 11/21/183	AUD		25,000,000		20,342,128
New South Wales Treasury Corp. Sr. Unsec. Bonds, 6%, 5/1/23	AUD		20,000,000		19,005,641
Queensland Treasury Corp. Sr. Unsec. Bonds, Series 33, 6.50%, 3/14/33	AUD		20,590,000		22,124,822
Victoria Treasury Corp. Sr. Unsec. Bonds, 5.50%, 11/17/26	AUD		20,385,000		19,671,786
					118,296,728
Brazil—7.7%
Federative Republic of Brazil Nota Do Tesouro Nacional Unsec. Nts.:
9.762%, 1/1/18	BRL		789,400,000		208,366,299
9.762%, 1/1/21	BRL		230,000,000		56,136,133
10.00%, 1/1/19	BRL		104,100,000		27,552,301
10.00%, 1/1/25	BRL		582,700,000		131,783,205
10.00%, 1/1/27	BRL		148,782,000		34,059,622
Federative Republic of Brazil Sr. Unsec. Bonds:
5.00%, 1/27/45			10,435,000		8,400,175
6.00%, 4/7/26			10,000,000		10,185,000
					476,482,735
Canada—1.0%
Canada Unsec. Bonds, 3.75%, 6/1/19	CAD		73,380,000		62,190,080
Colombia—0.4%
Republic of Colombia Sr. Unsec. Bonds:
3.875%, 3/22/26	EUR		6,670,000		7,677,098
4.00%, 2/26/24			3,380,000		3,405,350
5.00%, 6/15/45			3,450,000		3,225,750
6.125%, 1/18/41			11,200,000		11,816,000
					26,124,198
Costa Rica—0.1%
Republic of Costa Rica Sr. Unsec. Bonds, 7.158%, 3/12/452			5,090,000		4,625,537
Croatia—0.6%
Republic of Croatia Sr. Unsec. Bonds:
3.00%, 3/11/25	EUR		6,895,000		7,434,911
6.00%, 1/26/242			10,340,000		11,285,438

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		Principal Amount		Value
Croatia (Continued)
Republic of Croatia Sr. Unsec. Bonds: (Continued) 6.75%, 11/5/192		$	6,890,000	$	7,573,454
Republic of Croatia Sr. Unsec. Nts., 3.875%, 5/30/22	EUR		11,030,000		12,895,663
					39,189,466
Cyprus—0.1%
Republic of Cyprus Sr. Unsec. International Bonds, 4.25%, 11/4/25	EUR		5,600,000		6,586,799
Dominican Republic—0.4%
Dominican Republic Sr. Unsec. Bonds:
6.60%, 1/28/242			9,475,000		10,114,562
6.85%, 1/27/452			12,235,000		12,173,825
					22,288,387
France—3.7%
French Republic Unsec. Bonds:
0.25%, 7/25/243	EUR		95,038,000		117,819,682
1.85%, 7/25/273	EUR		78,956,250		114,994,792
					232,814,474
Gabon—0.1%
Gabonese Republic Sr. Unsec. International Bonds, 6.95%, 6/16/252			5,000,000		4,187,500
Gabonese Republic Unsec. Bonds, 6.375%, 12/12/242			1,000,000		835,000
					5,022,500
Germany—1.7%
Federal Republic of Germany Inflation Linked Bonds:
0.10%, 4/15/233	EUR		59,142,600		72,332,886
0.50%, 4/15/303	EUR		24,877,500		33,095,545
					105,428,431
Greece—0.7%
Hellenic Republic Sr. Unsec. Bonds:
3.00%, 2/24/231	EUR		500,000		409,188
3.00%, 2/24/241	EUR		500,000		401,531
3.00%, 2/24/251	EUR		500,000		392,783
3.00%, 2/24/261	EUR		500,000		384,106
3.00%, 2/24/271	EUR		500,000		372,820
3.00%, 2/24/281	EUR		500,000		364,549
3.00%, 2/24/291	EUR		5,500,000		3,934,174
3.00%, 2/24/301	EUR		500,000		351,445
3.00%, 2/24/311	EUR		500,000		345,707
3.00%, 2/24/321	EUR		500,000		340,117
3.00%, 2/24/331	EUR		500,000		334,762
3.00%, 2/24/341	EUR		500,000		327,043
3.00%, 2/24/351	EUR		500,000		327,166
3.00%, 2/24/361	EUR		500,000		322,601
3.00%, 2/24/371	EUR		500,000		317,488
3.00%, 2/24/381	EUR		500,000		318,746
3.00%, 2/24/391	EUR		500,000		317,574
3.00%, 2/24/401	EUR		500,000		316,364

13    OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

		Principal Amount		Value
Greece (Continued)
Hellenic Republic Sr. Unsec. Bonds: (Continued)
3.00%, 2/24/411	EUR		500,000	$	316,823
3.00%, 2/24/421	EUR		500,000		317,289
6.14%, 4/14/28	EUR		25,000,000		19,463,893
Hellenic Republic Sr. Unsec. Nts., 4.75%, 4/17/192	EUR		15,000,000		15,167,786
					45,143,955
Honduras—0.1%
Republic of Honduras Sr. Unsec. International Bonds, 7.50%, 3/15/242			5,000,000		5,312,500
Hungary—1.8%
Hungary Sr. Unsec. Bonds:
5.375%, 2/21/23			10,325,000		11,464,457
5.75%, 11/22/23			13,770,000		15,715,012
Hungary Unsec. Bonds:
Series 20/A, 7.50%, 11/12/20	HUF		11,275,000,000		50,890,499
Series 23/A, 6.00%, 11/24/23	HUF		7,239,000,000		32,390,772
					110,460,740
India—4.0%
Indian Railway Finance Corp. Ltd. Sr. Unsec. Nts., 3.417%, 10/10/17			9,920,000		10,132,734
Republic of India Sr. Unsec. Bonds:
7.59%, 1/11/26	INR		3,360,000,000		51,173,983
8.40%, 7/28/24	INR		3,997,000,000		62,644,665
Republic of India Sr. Unsec. Nts., 8.27%, 6/9/20	INR		8,023,000,000		124,566,366
					248,517,748
Indonesia—1.9%
Perusahaan Penerbit SBSN Indonesia III Sr. Unsec. Nts., 4%, 11/21/182			7,025,000		7,323,562
Perusahaan Penerbit SBSN Indonesia III Unsec. Bonds:
4.35%, 9/10/242			4,560,000		4,582,800
4.55%, 3/29/262			6,680,000		6,696,700
Perusahaan Penerbit SBSN Indonesia III Unsec. Nts., 6.125%, 3/15/192			14,480,000		15,928,000
Republic of Indonesia Sr. Unsec. Bonds:
3.375%, 7/30/252	EUR		2,755,000		3,136,792
4.125%, 1/15/252			3,450,000		3,474,788
5.125%, 1/15/452			17,255,000		17,194,780
5.875%, 3/13/202			3,450,000		3,845,684
Republic of Indonesia Treasury Bonds:
Series FR53, 8.25%, 7/15/21	IDR		659,100,000,000		51,598,782
Series FR72, 8.25%, 5/15/36	IDR		75,280,000,000		5,735,059
					119,516,947
Iraq—0.0%
Republic of Iraq Unsec. Bonds, 5.80%, 1/15/282			3,445,000		2,385,490
Italy—4.1%
Republic of Italy (The) Buoni Poliennali Del Tesoro Sr. Unsec. Bonds:
1.25%, 9/15/322,3	EUR		6,886,110		8,345,409

14    OPPENHEIMER INTERNATIONAL BOND FUND

		Principal Amount		Value
Italy (Continued)
Republic of Italy (The) Buoni Poliennali Del Tesoro Sr. Unsec. Bonds: (Continued)
2.35%, 9/15/242,3	EUR		9,896,800	$	13,161,181
3.10%, 9/15/263	EUR		67,884,700		97,834,914
Republic of Italy (The) Buoni Poliennali Del Tesoro Unsec.
Bonds, 2.70%, 3/1/472	EUR		111,000,000		135,196,628
					254,538,132
Ivory Coast—0.6%
Republic of Cote d’Ivoire Sr. Unsec. Bonds:
5.75%, 12/31/321			30,065,000		27,697,381
6.375%, 3/3/282			8,360,000		7,942,000
					35,639,381
Jamaica—0.1%
Commonwealth of Jamaica Sr. Unsec. Bonds, 7.875%, 7/28/45			7,325,000		7,453,188
Japan—1.6%
Japan Sr. Unsec. Bonds, Series 36, 2%, 3/20/42	JPY		2,000,000,000		24,116,416
Japan Sr. Unsec. Nts., Series 19, 0.10%, 9/10/243	JPY		7,938,080,000		74,608,148
					98,724,564
Kazakhstan—0.2%
Republic of Kazakhstan Sr. Unsec. Bonds, 4.875%, 10/14/442			13,205,000		11,642,452
Malaysia—0.3%
Federation of Malaysia Sr. Unsec. Bonds, 4.262%, 9/15/16	MYR		83,350,000		21,556,534
Mexico—11.1%
United Mexican States Sr. Unsec. Bonds:
4.00%, 3/15/15	EUR		12,865,000		12,790,548
5.625%, 3/19/14	GBP		8,000,000		10,424,187
10.00%, 12/5/24	MXN		698,700,000		51,996,020
United Mexican States Sr. Unsec. Nts.:
Series M, 4.75%, 6/14/18	MXN		1,611,000,000		93,815,389
Series M, 5.00%, 12/11/19	MXN		1,785,000,000		103,044,861
Series M10, 7.25%, 12/15/16	MXN		7,061,500,000		417,907,443
					689,978,448
Morocco—0.2%
Kingdom of Morocco Sr. Unsec. Bonds, 5.50%, 12/11/422			9,755,000		10,169,588
Namibia—0.1%
Republic of Namibia Sr. Unsec. Bonds, 5.25%, 10/29/252			7,130,000		6,916,100
New Zealand—0.5%
Commonwealth of New Zealand Bonds:
2.50%, 9/20/353	NZD		6,000,000		4,390,976
3.00%, 9/20/303	NZD		10,000,000		7,900,560
Commonwealth of New Zealand Sr. Unsec. Bonds, 2%, 9/20/253	NZD		29,000,000		20,886,580
					33,178,116
Nigeria—0.1%
Federal Republic of Nigeria Sr. Unsec. Bonds, 6.75%, 1/28/212			2,070,000		2,002,725

15    OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

		Principal Amount		Value
Nigeria (Continued)
Federal Republic of Nigeria Sr. Unsec. Nts., 5.125%, 7/12/182		$	3,445,000	$	3,423,469
					5,426,194
Panama—0.3%
Republic of Panama Sr. Unsec. Bonds:
3.875%, 3/17/28			8,010,000		8,110,125
4.00%, 9/22/24			4,550,000		4,800,250
6.70%, 1/26/36			3,710,000		4,748,800
					17,659,175
Paraguay—0.2%
Republic of Paraguay Sr. Unsec. Bonds:
4.625%, 1/25/232			4,000,000		4,070,000
6.10%, 8/11/442			6,880,000		7,043,400
					11,113,400
Peru—0.4%
Republic of Peru Sr. Unsec. Bonds:
2.75%, 1/30/26	EUR		6,885,000		7,886,133
3.75%, 3/1/30	EUR		15,005,000		17,425,388
					25,311,521
Poland—1.2%
Republic of Poland Unsec. Bonds:
Series 0726, 2.50%, 7/25/26	PLN		90,900,000		23,663,697
Series 1017, 5.25%, 10/25/17	PLN		175,000,000		49,710,844
					73,374,541
Romania—0.6%
Romania Sr. Unsec. Bonds:
2.75%, 10/29/252	EUR		5,960,000		7,011,294
3.875%, 10/29/352	EUR		13,825,000		16,432,556
4.875%, 1/22/242			6,895,000		7,610,701
6.125%, 1/22/442			7,230,000		8,845,529
					39,900,080
Russia—0.2%
Agency for Housing Mortgage Lending OJSC Via AHML Finance Ltd. Unsec. Nts., 7.75%, 2/13/182	RUB		132,500,000		1,892,688
Russian Federation Sr. Unsec. Bonds, 4.50%, 4/4/222			10,000,000		10,272,170
					12,164,858
Serbia—0.3%
Republic of Serbia Sr. Unsec. Nts., 5.25%, 11/21/172			6,345,000		6,555,184
Republic of Serbia Unsec. Nts., 5.875%, 12/3/182			12,495,000		13,090,887
					19,646,071
South Africa—1.4%
Republic of South Africa Sr. Unsec. Bonds, Series R208, 6.75%, 3/31/21	ZAR		514,540,000		32,172,921
Republic of South Africa Unsec. Bonds:
Series 2023, 7.75%, 2/28/23	ZAR		311,100,000		19,773,306

16    OPPENHEIMER INTERNATIONAL BOND FUND

		Principal Amount		Value
South Africa (Continued)
Republic of South Africa Unsec. Bonds: (Continued)
Series R186, 10.50%, 12/21/26	ZAR		507,200,000	$	37,535,085
					89,481,312
Spain—1.6%
Kingdom of Spain Inflation Linked Bonds, 1%, 11/30/302,3	EUR		34,419,700		39,743,994
Kingdom of Spain Sr. Unsec. Bonds, 2.90%, 10/31/462	EUR		50,000,000		60,032,587
					99,776,581
Sri Lanka—0.4%
Democratic Socialist Republic of Sri Lanka Sr. Unsec. Bonds:
5.875%, 7/25/222			12,000,000		11,349,456
6.25%, 10/4/202			3,055,000		3,036,517
6.85%, 11/3/252			3,890,000		3,727,511
Democratic Socialist Republic of Sri Lanka Sr. Unsec. Nts., 6%, 1/14/192			9,030,000		9,054,643
					27,168,127
Turkey—0.9%
Republic of Turkey Nts.:
8.20%, 7/13/16	TRY		33,900,000		12,000,586
8.50%, 7/10/19	TRY		45,000,000		15,521,103
8.80%, 11/14/18	TRY		44,165,000		15,408,331
Republic of Turkey Unsec. Nts.:
6.30%, 2/14/18	TRY		28,925,000		9,705,498
9.00%, 3/8/17	TRY		6,615,000		2,334,902
					54,970,420
Ukraine—0.5%
Ukraine Unsec. Bonds, 7.75% Sr. Unsec. Nts., 9/1/194			29,835,000		28,341,191
United Kingdom—4.1%
United Kingdom Unsec. Treasury Bonds:
2.75%, 9/7/24	GBP		97,000,000		155,644,528
3.25%, 1/22/44	GBP		37,340,000		64,295,047
4.25%, 12/7/55	GBP		15,155,000		34,108,204
					254,047,779
Uruguay—0.3%
Oriental Republic of Uruguay Sr. Unsec. Bonds, 5.10%, 6/18/50			21,110,000		19,685,075
Vietnam—0.2%
Socialist Republic of Vietnam Sr. Unsec. Bonds, 4.80%, 11/19/242			13,625,000		13,692,308
Zambia—0.1%
Republic of Zambia Sr. Unsec. Bonds:
8.50%, 4/14/242			2,100,000		1,748,250
8.97%, 7/30/272			5,000,000		4,150,000
					5,898,250
Total Foreign Government Obligations (Cost $3,614,211,647)					3,610,476,101

17    OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

		Principal Amount		Value
Corporate Bonds and Notes—31.1%
Consumer Discretionary—1.5%
Auto Components—0.2%
GKN Holdings plc:
5.375% Sr. Unsec. Nts., 9/19/22	GBP		2,490,000	$	3,982,222
6.75% Sr. Unsec. Nts., 10/28/19	GBP		4,475,000		7,300,112
					11,282,334
Automobiles—0.0%
Daimler Finance North America LLC, 3.875% Sr. Unsec. Nts., 9/15/21			300,000		321,419
Hotels, Restaurants & Leisure—0.1%
Merlin Entertainments plc, 2.75% Sr. Unsec. Nts., 3/15/222	EUR		5,690,000		6,471,433
Media—1.1%
Altice Luxembourg SA:
6.25% Sr. Unsec. Nts., 2/15/252	EUR		3,410,000		3,506,773
7.25% Sr. Sec. Nts., 5/15/222	EUR		10,375,000		11,728,987
Telenet Finance VI Luxembourg SCA, 4.875% Sr. Sec. Nts., 7/15/272	EUR		5,000,000		5,695,622
UPC Holding BV, 6.75% Sr. Unsec. Nts., 3/15/232	EUR		8,400,000		10,361,071
Virgin Media Finance plc:
6.375% Sr. Unsec. Nts., 10/15/242	GBP		2,500,000		3,661,479
7.00% Sr. Unsec. Nts., 4/15/23	GBP		3,495,000		5,202,576
Virgin Media Secured Finance plc:
4.875% Sr. Sec. Nts., 1/15/272	GBP		7,000,000		9,629,672
6.00% Sr. Sec. Nts., 4/15/21	GBP		9,679,500		14,557,322
VTR Finance BV, 6.875% Sr. Sec. Nts., 1/15/242			1,920,000		1,886,976
					66,230,478
Textiles, Apparel & Luxury Goods—0.1%
New Look Secured Issuer plc, 6.50% Sr. Sec. Nts., 7/1/222	GBP		3,850,000		5,462,146
Consumer Staples—0.3%
Beverages—0.1%
Anheuser-Busch InBev SA/NV, 2.75% Sr. Unsec. Nts., 3/17/364	EUR		5,000,000		6,078,508
Food & Staples Retailing—0.1%
Cencosud SA, 5.15% Sr. Unsec. Nts., 2/12/252			7,185,000		7,281,875
Food Products—0.1%
Minerva Luxembourg SA, 7.75% Sr. Unsec. Nts., 1/31/232			4,345,000		4,404,744
Energy—4.0%
Energy Equipment & Services—0.6%
Pertamina Persero PT:
5.625% Sr. Unsec. Nts., 5/20/432			24,378,000		21,592,497
6.45% Sr. Unsec. Nts., 5/30/442			10,700,000		10,450,262
Sinopec Group Overseas Development 2015 Ltd., 2.50% Sr. Unsec. Nts., 4/28/202			5,790,000		5,821,926
					37,864,685
Oil, Gas & Consumable Fuels—3.4%
Bharat Petroleum Corp. Ltd., 4% Sr. Unsec. Nts., 5/8/25			12,790,000		12,905,315

18    OPPENHEIMER INTERNATIONAL BOND FUND

		Principal Amount		Value
Oil, Gas & Consumable Fuels (Continued)
CNOOC Finance 2011 Ltd., 4.25% Sr. Unsec. Nts., 1/26/212		$	8,435,000	$	8,994,924
Cosan Luxembourg SA, 5% Sr. Unsec. Nts., 3/14/232			745,000		655,525
Delek & Avner Tamar Bond Ltd., 5.082% Sr. Sec. Nts., 12/30/232			1,945,000		1,937,706
Gazprom OAO Via Gaz Capital SA:
4.95% Sr. Unsec. Nts., 7/19/222			13,665,000		13,368,005
4.95% Sr. Unsec. Nts., 2/6/282			19,000,000		17,267,333
Indian Oil Corp. Ltd.:
5.625% Sr. Unsec. Nts., 8/2/21			4,615,000		5,151,747
5.75% Sr. Unsec. Nts., 8/1/23			20,365,000		22,875,455
KazMunayGas National Co. JSC:
4.40% Sr. Unsec. Nts., 4/30/232			4,000,000		3,668,640
6.375% Sr. Unsec. Nts., 4/9/212			9,685,000		9,985,816
7.00% Sr. Unsec. Nts., 5/5/202			7,925,000		8,352,950
Kinder Morgan, Inc., 1.50% Sr. Unsec. Nts., 3/16/22	EUR		6,340,000		6,853,463
MEG Energy Corp., 6.50% Sr. Unsec. Nts., 3/15/212			1,260,000		767,025
Novatek OAO via Novatek Finance Ltd., 4.422% Sr. Unsec. Nts., 12/13/222			2,830,000		2,624,825
Origin Energy Finance Ltd.:
3.50% Sr. Unsec. Nts., 10/9/182			5,711,000		5,414,902
5.45% Sr. Unsec. Nts., 10/14/212			920,000		882,878
Pacific Exploration & Production Corp., 5.625% Sr. Unsec. Nts., 1/19/252			5,915,000		1,035,125
Petrobras Global Finance BV:
4.375% Sr. Unsec. Nts., 5/20/23			2,750,000		2,013,550
4.875% Sr. Unsec. Nts., 3/17/20			9,150,000		7,637,505
5.375% Sr. Unsec. Nts., 1/27/21			8,000,000		6,587,600
5.75% Sr. Unsec. Nts., 1/20/20			6,690,000		5,780,160
Petroleos Mexicanos:
3.75% Sr. Unsec. Nts., 4/16/26	EUR		6,895,000		7,010,680
5.50% Sr. Unsec. Nts., 6/27/44			25,710,000		21,532,125
6.375% Sr. Unsec. Nts., 2/4/212			6,635,000		7,092,815
6.875% Sr. Unsec. Nts., 8/4/262			5,995,000		6,504,575
Repsol International Finance BV:
2.125% Sr. Unsec. Nts., 12/16/204	EUR		8,000,000		9,383,205
2.25% Sr. Unsec. Nts., 12/10/26	EUR		2,000,000		2,270,226
Thai Oil PCL, 4.875% Sr. Unsec. Nts., 1/23/432			1,520,000		1,522,914
TOTAL SA, 2.25% Jr. Sub. Perpetual Bonds1,5	EUR		5,620,000		6,034,672
YPF SA, 8.50% Sr. Unsec. Nts., 3/23/212			5,000,000		5,018,750
Zhaikmunai LLP, 6.375% Sr. Unsec. Nts., 2/14/192			800,000		638,000
					211,768,411
Financials—17.3%
Capital Markets—1.4%
Credit Suisse Group AG, 7.50% Jr. Sub. Perpetual Bonds1,5			20,530,000		20,275,428
Credit Suisse Group Funding Guernsey Ltd., 2.75% Sr. Unsec. Nts., 3/26/20			8,000,000		7,905,024
Deutsche Bank AG:
4.50% Sub. Nts., 4/1/25			10,000,000		8,710,540
7.125% Jr. Sub. Perpetual Bonds1,5	GBP		10,000,000		11,479,328

19    OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

		Principal Amount		Value
Capital Markets (Continued)
Deutsche Bank AG: (Continued)
7.50% Jr. Sub. Perpetual Bonds1,5		$	4,425,000	$	3,799,969
Seven & Seven Ltd., 1.898% Sr. Unsec. Nts., 9/11/191,2			3,500,000		3,487,820
UBS AG (Jersey Branch), 7.25% Sub. Nts., 2/22/221			15,090,000		15,560,959
UBS Group AG:
7.00% Jr. Sub. Perpetual Bonds1,5			13,000,000		13,403,728
7.125% Jr. Sub. Perpetual Bonds1,5			5,000,000		5,161,260
					89,784,056
Commercial Banks—12.9%
ABN AMRO Bank NV, 4.75% Sub. Nts., 7/28/252			11,050,000		11,171,970
Akbank TAS, 7.50% Sr. Unsec. Nts., 2/5/182	TRY		11,095,000		3,661,598
Allied Irish Banks plc, 4.125% Sub. Nts., 11/26/251,4	EUR		12,000,000		13,177,100
Astana Finance JSC, 9.16% Sr. Unsec. Nts., 3/14/126			612,810		—
Banco ABC Brasil SA, 7.875% Sub. Nts., 4/8/202			1,100,000		1,075,140
Banco Bilbao Vizcaya Argentaria SA:
6.75% Jr. Sub. Perpetual Bonds1,5	EUR		17,000,000		17,796,755
7.00% Jr. Sub. Perpetual Bonds1,5	EUR		28,120,000		29,810,093
Banco Santander SA:
6.25% Jr. Sub. Perpetual Bonds1,5	EUR		12,700,000		12,986,384
6.375% Jr. Sub. Perpetual Bonds1,5			10,000,000		8,993,970
Bank of China Ltd., 5% Sub. Nts., 11/13/242			10,500,000		10,924,158
Bank of Ireland:
4.25% Sub. Nts., 6/11/241	EUR		5,230,000		5,964,167
10.00% Sub. Nts., 2/12/20	EUR		10,000,000		13,555,689
10.00% Sub. Nts., 12/19/22	EUR		5,000,000		7,251,051
Bank of Scotland plc:
4.875% Sec. Nts., 11/8/16	GBP		5,170,000		7,596,694
4.875% Sec. Nts., 12/20/24	GBP		8,675,000		15,009,398
Barclays plc:
4.375% Sub. Nts., 9/11/24			2,500,000		2,354,452
6.50% Jr. Sub. Perpetual Bonds1,5	EUR		15,000,000		15,161,095
6.625% Jr. Sub. Perpetual Bonds1,5			3,000,000		2,704,395
7.00% Jr. Sub. Perpetual Bonds1,5	GBP		6,010,000		7,689,177
7.875% Jr. Sub. Perpetual Bonds1,5	GBP		10,000,000		12,843,005
8.00% Jr. Sub. Perpetual Bonds1,5	EUR		7,335,000		8,100,066
BNP Paribas SA:
5.945% Jr. Sub. Perpetual Bonds1,5	GBP		4,615,000		6,645,713
7.375% Jr. Sub. Perpetual Bonds1,2,5			3,160,000		3,061,250
7.625% Jr. Sub. Perpetual Bonds1,2,5			1,000,000		1,007,500
BPCE SA:
2.75% Sub. Nts., 7/8/261	EUR		9,245,000		10,753,406
4.50% Sub. Nts., 3/15/252			5,000,000		4,961,580
4.875% Sub. Nts., 4/1/262			6,005,000		5,966,826
Commerzbank AG, 8.125% Sub. Nts., 9/19/232			7,805,000		8,840,723
Commonwealth Bank of Australia, 4.50% Sub. Nts., 12/9/252			5,000,000		5,072,980
Compass Bank, 3.875% Sub. Nts., 4/10/25			5,000,000		4,700,315
Cooperatieve Rabobank UA:
4.375% Sub. Nts., 8/4/25			6,100,000		6,319,216

20    OPPENHEIMER INTERNATIONAL BOND FUND

		Principal Amount		Value
Commercial Banks (Continued)
Cooperatieve Rabobank UA: (Continued)
5.50% Jr. Sub. Perpetual Bonds1,5	EUR		5,090,000	$	5,600,054
Credit Agricole Assurances SA:
4.25% Sub. Perpetual Bonds1,5	EUR		10,000,000		10,804,918
4.50% Sub. Perpetual Bonds1,5	EUR		5,000,000		5,490,407
Credit Agricole SA:
8.125% Jr. Sub. Perpetual Bonds1,2,5			2,005,000		2,007,997
8.375% Jr. Sub. Perpetual Bonds1,2,5			30,000,000		33,231,000
Danske Bank AS:
5.684% Jr. Sub. Perpetual Bonds1,5	GBP		7,485,000		10,862,425
5.75% Jr. Sub. Perpetual Bonds1,5	EUR		6,000,000		6,832,486
EUROFIMA, 6.25% Sr. Unsec. Nts., 12/28/18	AUD		5,270,000		4,416,592
Export-Import Bank of India:
9.50% Sr. Unsec. Nts., 10/9/18	INR		175,000,000		2,747,388
9.70% Sr. Unsec. Nts., 11/21/18	INR		200,000,000		3,157,984
Grupo Aval Ltd., 4.75% Sr. Unsec. Nts., 9/26/222			700,000		654,500
HSBC Bank Capital Funding Sterling 1 LP, 5.844% Jr. Sub. Perpetual Bonds1,5	GBP		3,590,000		5,479,948
ICICI Bank Ltd., 6.375% Jr. Sub. Nts., 4/30/221,2			32,516,000		33,310,171
ICICI Bank Ltd. (Dubai):
4.00% Sr. Unsec. Nts., 3/18/262			10,000,000		10,057,540
4.75% Sr. Unsec. Nts., 11/25/162			10,585,000		10,795,853
Industrial and Commercial Bank of China Ltd., 4.875% Sub. Nts., 9/21/252			7,000,000		7,210,847
ING Bank NV, 2.75% Sr. Unsec. Nts., 3/22/212			3,000,000		3,048,324
ING Groep NV, 6.50% Jr. Sub. Perpetual Bonds1,5			15,000,000		13,818,750
Intesa Sanpaolo SpA:
5.017% Sub. Nts., 6/26/242			9,085,000		8,524,801
7.00% Jr. Sub. Perpetual Bonds1,4,5	EUR		5,140,000		5,596,576
7.70% Jr. Sub. Perpetual Bonds1,2,5			15,500,000		14,260,000
Krung Thai Bank PCL (Cayman Islands), 5.20% Sub. Nts., 12/26/241			14,310,000		14,729,483
Lloyds Banking Group plc:
4.65% Sub. Nts., 3/24/26			25,000,000		24,836,775
7.00% Jr. Sub. Perpetual Bonds1,5	GBP		13,000,000		17,872,605
7.625% Jr. Sub. Perpetual Bonds1,5	GBP		8,000,000		11,146,403
NABARD, 8.19% Sr. Unsec. Nts., 6/8/18	INR		80,000,000		1,219,827
NN Group NV:
4.625% Sub. Nts., 4/8/441	EUR		17,640,000		20,811,466
6.375% Sub. Nts., 5/7/271	EUR		10,400,000		12,453,690
Rabobank Capital Funding Trust IV, 5.556% Jr. Sub. Perpetual Bonds1,2,5	GBP		8,355,000		12,241,258
Royal Bank of Scotland Group plc:
3.625% Sub. Nts., 3/25/241	EUR		9,000,000		9,940,698
4.80% Sr. Unsec. Nts., 4/5/267			12,000,000		12,069,720
5.125% Sub. Nts., 5/28/24			8,820,000		8,496,500
7.64% Jr. Sub. Perpetual Bonds1,5			3,715,000		3,631,412
Royal Bank of Scotland plc (The), 13.125% Sub. Nts., 3/19/221	AUD		30,052,000		24,679,451

21    OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

		Principal Amount		Value
Commercial Banks (Continued)
Santander Issuances SAU:
3.25% Sr. Unsec. Nts., 4/4/264,7	EUR		13,000,000	$	14,771,265
5.179% Sub. Nts., 11/19/25			10,000,000		9,711,720
Santander UK Group Holdings plc, 4.75% Sub. Nts., 9/15/252			9,070,000		8,605,571
Sberbank of Russia Via SB Capital SA, 5.50% Sub. Nts., 2/26/241,2			10,340,000		9,441,040
Skandinaviska Enskilda Banken AB, 5.75% Jr. Sub. Perpetual Bonds1,5			7,000,000		6,802,068
Societe Generale SA:
4.25% Sub. Nts., 4/14/252			5,000,000		4,824,135
6.00% Jr. Sub. Perpetual Bonds1,2,5			5,000,000		4,414,575
6.00% Jr. Sub. Perpetual Bonds1,5			8,000,000		7,058,880
7.875% Jr. Sub. Perpetual Bonds1,2,5			15,000,000		14,024,535
8.00% Jr. Sub. Perpetual Bonds1,2,5			11,765,000		11,441,462
SPCM SA, 2.875% Sr. Unsec. Nts., 6/15/232	EUR		4,100,000		4,557,470
Standard Chartered Bank, 8.103% Jr. Sub. Perpetual Bonds1,5	GBP		3,000,000		4,343,431
Standard Chartered plc, 6.50% Jr. Sub. Perpetual Bonds1,2,5			5,300,000		4,661,928
State Bank of India:
6.439% Jr. Sub. Perpetual Bonds1,5			3,954,000		3,993,702
7.14% Jr. Sub. Perpetual Bonds1,5			4,400,000		4,477,282
SumitG Guaranteed Secured Obligation Issuer DAC, 2.251% Sr. Sec. Nts., 11/2/202			9,270,000		9,270,612
Sumitomo Mitsui Financial Group, Inc., 3.784% Sr. Unsec. Nts., 3/9/26			15,000,000		15,468,855
Turkiye Is Bankasi, 5.375% Sr. Unsec. Nts., 10/6/212,7			3,675,000		3,676,470
Turkiye Vakiflar Bankasi TAO, 6.875% Sub. Nts., 2/3/251,2			4,720,000		4,664,587
UniCredit SpA, 8% Jr. Sub. Perpetual Bonds1,5			10,000,000		8,350,000
Wanda Properties International Co. Ltd., 7.25% Sr. Unsec. Nts., 1/29/24			10,250,000		10,664,612
					802,417,915
Diversified Financial Services—1.0%
Banco Nacional de Desenvolvimento Economico e Social, 4% Sr. Unsec. Nts., 4/14/192			12,230,000		11,832,525
Berkshire Hathaway, Inc., 1.625% Sr. Unsec. Nts., 3/16/35	EUR		27,850,000		29,696,642
JPMorgan Hipotecaria su Casita, 6.47% Sec. Nts., 8/26/352	MXN		34,101,099		173,692
National Savings Bank, 8.875% Sr. Unsec. Nts., 9/18/182			11,135,000		11,636,075
Power Finance Corp. Ltd., 8.29% Sr. Unsec. Nts., 6/13/18	INR		180,000,000		2,738,683
Rural Electrification Corp. Ltd., 9.04% Sr. Unsec. Nts., 10/12/19	INR		250,000,000		3,891,249
Schaeffler Finance BV:
3.25% Sr. Sec. Nts., 5/15/252	EUR		2,310,000		2,683,391
4.75% Sr. Sec. Nts., 5/15/232			460,000		464,600
					63,116,857
Insurance—1.7%
AIA Group Ltd., 4.50% Sr. Unsec. Nts., 3/16/462			13,000,000		13,254,826
Allianz SE, 4.75% Jr. Sub. Perpetual Bonds1,5	EUR		10,000,000		12,364,569
Assicurazioni Generali SpA:
5.50% Sub. Nts., 10/27/471,4	EUR		6,000,000		7,068,407

22    OPPENHEIMER INTERNATIONAL BOND FUND

		Principal Amount		Value
Insurance (Continued)
Assicurazioni Generali SpA: (Continued)
7.75% Sub. Nts., 12/12/421	EUR		4,385,000	$	6,012,378
10.125% Sub. Nts., 7/10/421	EUR		12,000,000		17,881,834
Aviva plc, 6.125% Jr. Sub. Perpetual Bonds1,5	GBP		7,465,000		10,922,196
AXA SA:
3.375% Sub. Nts., 7/6/471,4	EUR		10,000,000		11,364,503
5.25% Sub. Nts., 4/16/401	EUR		5,000,000		6,302,174
Cloverie plc for Zurich Insurance Co. Ltd., 5.625% Sub. Nts., 6/24/461,4			5,000,000		5,154,480
Sogecap SA, 4.125% Sub. Perpetual Bonds1,5	EUR		5,600,000		6,116,535
Swiss Reinsurance Co. via ELM BV, 3.538% Jr. Sub. Perpetual Bonds1,5	AUD		13,000,000		9,793,719
					106,235,621
Real Estate Investment Trusts (REITs)—0.1%
Banco Invex SA/Hipotecaria Credito y Casa SA de CV, 6.45% Sec. Nts., 3/13/343,6	MXN		27,602,566		—
Trust F/1401, 5.25% Sr. Unsec. Nts., 1/30/262			3,515,000		3,497,425
					3,497,425
Real Estate Management & Development—0.1%
Groupama SA, 6.375% Sub. Perpetual Bonds1,5	EUR		4,000,000		4,130,927
Techem GmbH, 6.125% Sr. Sec. Nts., 10/1/192	EUR		2,635,000		3,163,277
					7,294,204
Thrifts & Mortgage Finance—0.1%
Housing Development Finance Corp. Ltd.:
8.70% Sr. Sec. Nts., 4/26/18	INR		250,000,000		3,776,364
8.95% Sec. Nts., 10/19/20	INR		125,000,000		1,921,816
					5,698,180
Health Care—0.3%
Biotechnology—0.1%
Deutsche Bank AG, 6% Jr. Sub. Perpetual Bonds1,5	EUR		5,000,000		4,642,370
Health Care Providers & Services—0.1%
OCP SA, 4.50% Sr. Unsec. Nts., 10/22/252			6,360,000		6,099,781
Pharmaceuticals—0.1%
Almirall SA, 4.625% Sr. Unsec. Nts., 4/1/21	EUR		5,295,000		6,313,798
Industrials—0.7%
Construction & Engineering—0.1%
Fideicomiso PA Pacifico Tres, 8.25% Sr. Sec. Nts., 1/15/352			3,335,000		3,443,147
Odebrecht Finance Ltd., 8.25% Sr. Unsec. Nts., 4/25/182	BRL		9,645,000		1,260,732
					4,703,879
Industrial Conglomerates—0.2%
CITIC Ltd., 7.875% Sub. Perpetual Bonds1,5			3,310,000		3,320,956
Hutchison Whampoa Europe Finance 13 Ltd., 3.75% Sub. Perpetual Bonds1,5	EUR		4,000,000		4,648,139

23    OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

		Principal Amount		Value
Industrial Conglomerates (Continued)
Hutchison Whampoa International 14 Ltd., 3.625% Sr. Unsec. Nts., 10/31/242		$	5,000,000	$	5,203,705
					13,172,800
Machinery—0.0%
SKF AB, 2.375% Sr. Unsec. Nts., 10/29/20	EUR		925,000		1,125,793
Road & Rail—0.2%
Transnet SOC Ltd., 4% Sr. Unsec. Nts., 7/26/222			16,530,000		15,014,183
Transportation Infrastructure—0.2%
DP World Ltd., 6.85% Sr. Unsec. Nts., 7/2/372			8,445,000		8,651,565
Sydney Airport Finance Co. Pty Ltd., 3.375% Sr. Sec. Nts., 4/30/252			2,395,000		2,377,071
					11,028,636
Information Technology—0.2%
Internet Software & Services—0.2%
Baidu, Inc., 4.125% Sr. Unsec. Nts., 6/30/25			13,895,000		14,544,855
Materials—2.0%
Chemicals—0.6%
Arkema SA, 4.75% Jr. Sub. Perpetual Bonds1,5	EUR		7,565,000		8,759,339
Crown European Holdings SA, 3.375% Sr. Unsec. Nts., 5/15/252	EUR		5,000,000		5,655,090
ONGC Videsh Ltd.:
2.75% Sr. Unsec. Nts., 7/15/21	EUR		7,490,000		8,644,049
4.625% Sr. Unsec. Nts., 7/15/24			12,695,000		13,347,662
					36,406,140
Construction Materials—0.4%
Cemex SAB de CV:
4.375% Sr. Sec. Nts., 3/5/232	EUR		700,000		748,738
7.75% Sr. Sec. Nts., 4/16/262			6,855,000		7,059,279
Globo Comunicacao e Participacoes SA, 4.843% Sr. Unsec. Nts., 6/8/251,2			5,945,000		5,363,579
HeidelbergCement Finance Luxembourg SA:
3.25% Sr. Unsec. Nts., 10/21/21	EUR		1,955,000		2,412,224
7.50% Sr. Unsec. Nts., 4/3/20	EUR		1,775,000		2,478,047
8.00% Sr. Unsec. Nts., 1/31/17	EUR		2,040,000		2,470,277
Lafarge SA, 4.75% Sr. Unsec. Nts., 9/30/20	EUR		3,205,000		4,273,515
Union Andina de Cementos SAA, 5.875% Sr. Unsec. Nts., 10/30/212			1,870,000		1,879,350
					26,685,009
Containers & Packaging—0.3%
Klabin Finance SA, 5.25% Sr. Unsec. Nts., 7/16/242			9,785,000		9,262,971
Smurfit Kappa Acquisitions, 4.875% Sr. Sec. Nts., 9/15/182			8,535,000		8,865,731
					18,128,702
Metals & Mining—0.7%
ABJA Investment Co. Pte Ltd.:
4.95% Sr. Unsec. Nts., 5/3/23	SGD		1,250,000		804,631
5.95% Sr. Unsec. Nts., 7/31/24			1,625,000		1,520,998

24    OPPENHEIMER INTERNATIONAL BOND FUND

		Principal Amount		Value
Metals & Mining (Continued)
ArcelorMittal:
2.875% Sr. Unsec. Nts., 7/6/20	EUR		4,935,000	$	5,323,298
5.50% Sr. Unsec. Nts., 2/25/17			8,650,000		8,812,187
BHP Billiton Finance USA Ltd., 6.25% Jr. Sub. Nts., 10/19/751,2			5,000,000		5,050,000
Glencore Funding LLC, 4.125% Sr. Unsec. Nts., 5/30/232			5,110,000		4,183,623
JSW Steel Ltd., 4.75% Sr. Unsec. Nts., 11/12/19			1,855,000		1,590,251
Metalloinvest Finance Ltd., 5.625% Unsec. Nts., 4/17/202			1,250,000		1,243,468
Southern Copper Corp., 5.875% Sr. Unsec. Nts., 4/23/45			10,985,000		9,776,057
Teck Resources Ltd., 3.15% Sr. Unsec. Nts., 1/15/17			6,245,000		6,026,425
					44,330,938
Paper & Forest Products—0.0%
Metsa Board OYJ, 4% Sr. Unsec. Nts., 3/13/19	EUR		800,000		980,024
Telecommunication Services—2.7%
Diversified Telecommunication Services—1.7%
AT&T, Inc., 2.45% Sr. Unsec. Nts., 3/15/35	EUR		10,000,000		11,073,929
British Telecommunications plc:
1.75% Sr. Unsec. Nts., 3/10/264	EUR		5,200,000		6,114,752
5.75% Sr. Unsec. Nts., 12/7/28	GBP		3,185,000		5,827,519
Colombia Telecomunicaciones SA ESP:
5.375% Sr. Unsec. Nts., 9/27/222			2,780,000		2,530,078
8.50% Sub. Perpetual Bonds1,2,5			835,000		713,925
Koninklijke KPN NV, 8.375% Sr. Unsec. Nts., 10/1/30			9,438,000		12,629,327
Telecom Italia Capital SA, 7.721% Sr. Unsec. Unsub. Nts., 6/4/38			15,957,000		16,804,476
Telecom Italia SpA, 3.625% Sr. Unsec. Nts., 1/19/244	EUR		5,140,000		6,178,082
Telecom Italia SpA/Milano, 7.375% Sr. Unsec. Nts., 12/15/17	GBP		5,000,000		7,791,153
Telefonica Emisiones SAU, 2.932% Sr. Unsec. Nts., 10/17/29	EUR		15,600,000		19,741,260
Telefonica Europe BV, 6.50% Jr. Sub. Perpetual Bonds1,5	EUR		10,000,000		12,101,077
UPC Holding BV, 6.75% Sr. Unsec. Nts., 3/15/23	EUR		1,440,000		1,776,218
					103,281,796
Wireless Telecommunication Services—1.0%
Bharti Airtel International Netherlands BV:
5.125% Sr. Unsec. Nts., 3/11/232			8,880,000		9,505,880
5.35% Sr. Unsec. Nts., 5/20/242			3,445,000		3,721,840
Bharti Airtel Ltd., 4.375% Sr. Unsec. Nts., 6/10/252			3,000,000		3,054,285
Digicel Group Ltd., 7.125% Sr. Unsec. Nts., 4/1/222			2,010,000		1,572,624
Digicel Ltd., 6.75% Sr. Unsec. Nts., 3/1/232			5,015,000		4,463,350
Millicom International Cellular SA, 6% Sr. Unsec. Nts., 3/15/252			6,790,000		6,323,188
Telefonica Europe BV:
5.875% Jr. Sub. Perpetual Bonds1,5	EUR		2,000,000		2,328,127
6.75% Jr. Sub. Perpetual Bonds1,5	GBP		11,565,000		16,872,490
Telekom Austria AG, 5.625% Jr. Sub. Perpetual Bonds1,5	EUR		7,460,000		8,940,716
VimpelCom Holdings BV, 9% Sr. Unsec. Nts., 2/13/182	RUB		128,400,000		1,847,347
Wind Acquisition Finance SA, 4% Sr. Sec. Nts., 7/15/202	EUR		5,695,000		6,440,221
					65,070,068

25    OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

		Principal Amount		Value
Utilities—2.1%
Electric Utilities—1.7%
EDP Finance BV:
5.25% Sr. Unsec. Nts., 1/14/212		$	11,585,000	$	12,114,087
6.00% Sr. Unsec. Nts., 2/2/182			1,945,000		2,065,007
Electricite de France SA:
5.25% Jr. Sub. Perpetual Bonds1,2,5			5,788,000		5,317,725
5.625% Jr. Sub. Perpetual Bonds1,2,5			2,915,000		2,678,156
5.875% Jr. Sub. Perpetual Bonds1,5	GBP		9,600,000		11,890,454
6.00% Jr. Sub. Perpetual Bonds1,5	GBP		12,520,000		16,462,203
Enel SpA:
5.00% Jr. Sub. Nts., 1/15/751	EUR		10,075,000		12,024,375
8.75% Jr. Sub. Nts., 9/24/731,2			5,000,000		5,575,000
Israel Electric Corp. Ltd., 7.25% Sr. Sec. Nts., 1/15/192			18,180,000		20,183,872
National Power Corp., 5.875% Sr. Unsec. Nts., 12/19/16	PHP		665,100,000		14,764,353
Power Grid Corp. of India Ltd., 8.70% Sec. Nts., 7/15/18	INR		130,000,000		1,981,126
					105,056,358
Independent Power and Renewable Electricity Producers—0.2%
Hero Asia Investment Ltd., 2.875% Sr. Unsec. Nts., 10/3/17			3,310,000		3,343,348
Infinis plc, 7% Sr. Sec. Nts., 2/15/19	GBP		4,700,000		6,821,321
					10,164,669
Multi-Utilities—0.2%
NGG Finance plc, 4.25% Sub. Nts., 6/18/761	EUR		10,305,000		12,263,289
Total Corporate Bonds and Notes (Cost $2,018,073,962)					1,934,223,379
		Shares
Common Stock—0.0%
JP Morgan International, GDR8 (Cost $0)			868,851		—
		Principal Amount
Structured Securities—0.3%
Credit Suisse First Boston International, Moitk Total Return Linked Nts., 21%, 3/30/116	RUB		220,242,600		—
Credit Suisse First Boston, Inc. (Nassau Branch), Russian Specialized Construction & Installation Administration Total Return Linked Nts., 13%, 5/24/106	RUB		64,600,000		—
Deutsche Bank AG, Coriolanus Ltd. Sec. Credit Linked Bonds:
3.01% Sr. Sec. Nts., 4/30/252,9			3,138,550		1,874,178
3.138% Sr. Sec. Nts., 4/30/252,9			3,086,093		1,842,854
3.191% Sr. Sec. Nts., 4/30/252,9			3,842,437		2,294,502
3.242% Sr. Sec. Nts., 4/30/252,9			4,385,558		2,618,826
3.269% Sr. Sec. Nts., 4/30/252,9			3,503,547		2,092,135
3.346% Sr. Sec. Nts., 4/30/252,9			3,293,186		1,966,518
3.797% Sr. Sec. Nts., 4/30/252,9			3,998,996		2,387,991
3.894% Sr. Sec. Nts., 4/30/251,2			3,452,493		2,061,648
LB Peru Trust II Certificates, Series 1998-A, 3.795%, 2/28/166			11,734		—
Morgan Stanley, Russian Federation Total Return Linked
Bonds, Series 007, Cl. VR, 5%, 8/22/34	RUB		166,861,888		1,096,468
Total Structured Securities (Cost $36,974,567)					18,235,120

26    OPPENHEIMER INTERNATIONAL BOND FUND

	Principal Amount		Value
Short-Term Notes—2.4%
United States Treasury Bills:
0.30%, 5/12/169,10,11	$	75,000,000	$	74,974,375
0.41%, 9/29/169		75,000,000		74,858,025
Total Short-Term Notes (Cost $149,822,599)				149,832,400

				Exercise		Expiration
				Price		Date			Contracts
Exchange-Traded Option Purchased—0.0%
S&P 500 E-Mini Index Futures Put8 (Cost $1,037,597)			USD		1,900.000		6/17/16	USD		580	524,900
	Counter-			Exercise		Expiration
	party			Price		Date			Contracts
Over-the-Counter Options Purchased—0.4%
BRL Currency Put8		BOA	BRL		3.920		4/6/16	BRL		294,000,000	2,058
BRL Currency Put8		BOA	BRL		3.998		4/5/16	BRL		399,800,000	—
BRL Currency Put8		BOA	BRL		3.998		4/5/16	BRL		399,800,000	—
BRL Currency Call8		JPM	BRL		44.400		9/6/16	BRL		225,000,000	18,816
BRL Currency Call8		JPM	BRL		44.400		9/6/16	BRL		225,000,000	18,816
BRL Currency Call8		GSG	BRL		45.500		8/18/16	BRL		175,000,000	6,191
BRL Currency Call8		GSG	BRL		45.500		8/18/16	BRL		175,000,000	6,191
BRL Currency Call8		GSG	BRL		44.000		8/25/16	BRL		132,000,000	10,794
BRL Currency Call8		GSG	BRL		44.000		8/25/16	BRL		132,000,000	10,794
COP Currency Call8		GOL	COP		3000.000		6/24/16	COP		150,000,000,000	1,800,000
COP Currency Call8		GOL	COP		3000.000		6/24/16	COP		150,000,000,000	1,800,000
COP Currency Call8		JPM	COP		3000.000		6/24/16	COP		150,000,000,000	1,800,000
COP Currency Call8		JPM	COP		3000.000		6/24/16	COP		150,000,000,000	1,800,000
EUR Currency Put8		BOA	EUR		1.070		6/9/16	EUR		150,000,000	769,026
EUR Currency Put8		BOA	EUR		1.070		6/9/16	EUR		150,000,000	769,026
EUR Currency Call8		BOA	EUR		1.100		4/29/16	EUR		5,000,000	299,831
EUR Currency Call8		BOA	EUR		1.100		4/29/16	EUR		5,000,000	299,831
EUR Currency Put8		BOA	EUR		1.090		5/17/16	EUR		200,000,000	300,000

27    OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

Counter-

Exercise

Expiration

party

Price

Date

Contracts

Value

Over-the-Counter Options Purchased (Continued)

EUR Currency Put8

BOA

EUR

1.090

5/17/16

EUR

200,000,000

$

300,000

EUR Currency Call8

BOA

EUR

1.080

4/29/16

EUR

5,000,000

149,021

EUR Currency Call8

BOA

EUR

1.080

4/29/16

EUR

5,000,000

149,021

EUR Currency Put8

GSG

EUR

9.236

5/17/16

EUR

110,000,000

729,377

EUR Currency Put8

GSG

EUR

9.236

5/17/16

EUR

110,000,000

729,377

EUR Currency Put8

CITNA-B

EUR

1.070

5/3/16

EUR

100,000,000

11,200

EUR Currency Put8

CITNA-B

EUR

1.070

5/3/16

EUR

100,000,000

11,200

EUR Currency Call8

BOA

EUR

0.850

1/17/17

EUR

75,000,000

2,152,812

EUR Currency Call8

BOA

EUR

0.850

1/17/17

EUR

75,000,000

2,152,812

EUR Currency Put8

BOA

EUR

0.698

1/17/17

EUR

75,000,000

359,801

EUR Currency Put8

BOA

EUR

0.698

1/17/17

EUR

75,000,000

359,801

IDR Currency Put8

GSG

IDR

14905.000

11/24/16

IDR

745,250,000,000

745,250

IDR Currency Put8

GSG

IDR

14905.000

11/24/16

IDR

745,250,000,000

745,250

INR Currency Call8

BOA

INR

67.850

9/19/16

INR

10,177,500,000

2,340,825

INR Currency Call8

BOA

INR

67.850

9/19/16

INR

10,177,500,000

2,340,825

INR Currency Call8

CITNA-B

INR

67.250

6/17/16

INR

13,450,000,000

2,501,700

INR Currency Call8

CITNA-B

INR

67.250

6/17/16

INR

13,450,000,000

2,501,700

INR Currency Call8

BOA

INR

68.000

9/19/16

INR

10,200,000,000

2,509,200

INR Currency Call8

BOA

INR

68.000

9/19/16

INR

10,200,000,000

2,509,200

JPY Currency Put8

BOA

JPY

118.000

8/12/16

JPY

7,080,000,000

396,480

JPY Currency Put8

BOA

JPY

118.000

8/12/16

JPY

7,080,000,000

396,480

JPY Currency Put8

GSG

JPY

120.000

4/29/16

JPY

30,000,000,000

30,000

JPY Currency Put8

GSG

JPY

120.000

4/29/16

JPY

30,000,000,000

30,000

JPY Currency Put8

JPM

JPY

120.000

4/29/16

JPY

30,000,000,000

30,000

28    OPPENHEIMER INTERNATIONAL BOND FUND

Counter-

Exercise

Expiration

party

Price

Date

Contracts

Value

Over-the-Counter Options Purchased (Continued)

JPY Currency Put8

JPM

JPY

120.000

4/29/16

JPY

30,000,000,000

$

30,000

JPY Currency Put8

BOA

JPY

125.000

8/2/16

JPY

25,000,000,000

175,000

JPY Currency Put8

BOA

JPY

125.000

8/2/16

JPY

25,000,000,000

175,000

JPY Currency Put8

CITNA-B

JPY

120.000

5/6/16

JPY

24,000,000,000

48,000

JPY Currency Put8

CITNA-B

JPY

120.000

5/6/16

JPY

24,000,000,000

48,000

JPY Currency Put8

BOA

JPY

118.000

2/23/17

JPY

35,400,000,000

4,354,200

JPY Currency Put8

BOA

JPY

118.000

2/23/17

JPY

35,400,000,000

4,354,200

JPY Currency Put8

GSG

JPY

112.500

5/23/16

JPY

11,250,000,000

1,361,250

JPY Currency Put8

GSG

JPY

112.500

5/23/16

JPY

11,250,000,000

1,361,250

MXN Currency Call8

JPM

MXN

15.060

4/11/16

MXN

753,000,000

—

MXN Currency Call8

JPM

MXN

15.060

4/11/16

MXN

753,000,000

—

MXN Currency Call8

JPM

MXN

15.060

4/11/16

MXN

753,000,000

—

MXN Currency Call8

JPM

MXN

15.060

4/11/16

MXN

753,000,000

—

RUB Currency Call8

GSG

RUB

67.000

6/22/16

RUB

6,700,000,000

3,370,100

RUB Currency Call8

GSG

RUB

67.000

6/22/16

RUB

6,700,000,000

3,370,100

TRY Currency Put8

CITNA-B

TRY

3.050

5/20/16

TRY

305,000,000

237,900

Total Over-the-Counter Options Purchased (Cost $52,888,747)

26,508,832

Counter-

Buy/Sell

Reference

Expiration

party

Protection

Asset

Fixed Rate

Date

Notional (000’s)

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

Credit Default Swap maturing 6/20/21 Call8 (Cost $2,040,934)

JPM

Buy

iTraxx Europe Senior Financials Series 25 Version 1

1.00

%

6/15/16

EUR

497,500,000

$

1,336,382

29    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—0.4%

Interest

Rate Swap

Three-

maturing

Month USD

1/19/19 Call8

BOA

Pay

BBA LIBOR

1.200

%

1/17/17

$

500,000

$

3,461,760

Interest

Rate Swap

Three-

maturing

Month USD

1/31/19 Call8

BOA

Pay

BBA LIBOR

1.200

1/27/17

500,000

3,457,520

Interest

Rate Swap maturing

Three-

11/20/28

Month KRW

Call8

BOA

Receive

CD KSDA

3.640

11/19/18

50,000,000

60,685

Interest

Rate Swap maturing

Three-

11/23/36

Month USD

Call8

GSG

Receive

BBA LIBOR

3.250

11/21/16

175,000

689,283

Interest

Rate Swap maturing

Three-

12/13/26

Month USD

Call8

BOA

Receive

BBA LIBOR

2.115

12/9/16

150,000

2,048,334

Interest

Rate Swap

Three-

maturing

Month USD

2/1/19 Call8

BOA

Pay

BBA LIBOR

0.914

1/30/17

450,000

1,530,752

Interest

Rate Swap

Three-

maturing

Month USD

4/16/19 Call8

GSG

Pay

BBA LIBOR

1.778

4/12/16

1,000,000

5,935,190

Interest

Rate Swap

Three-

maturing

Month USD

4/29/19 Call8

JPM

Receive

BBA LIBOR

1.163

4/27/16

500,000

239,190

Interest

Rate Swap

Three-

maturing

Month KRW

4/30/24 Call8

GSG

Receive

CD KSDA

3.530

4/29/19

100,000,000

101,751

Interest

Rate Swap

Six-Month

maturing

SGD SOR

5/19/25 Call8

JPM

Receive

VWAP

3.170

5/15/20

100,000

1,498,672

Interest

Rate Swap

Six-Month

maturing

SGD SOR

5/19/25 Call8

JPM

Pay

VWAP

3.170

5/15/20

100,000

2,995,517

30    OPPENHEIMER INTERNATIONAL BOND FUND

Counter-

Pay/Receive Floating

Floating

Fixed Expiration

Notional Amount

party

Rate

Rate

Rate

Date

(000’s)

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

Interest

Rate Swap

Six-Month

maturing

GBP BBA

5/30/33 Put8

BAC

Receive

LIBOR

3.990%

5/30/23

$

40,415

$

2,147,925

Interest

Rate Swap

Three-

maturing

Month USD

6/13/26 Call8

JPM

Receive

BBA LIBOR

1.998

6/9/16

200,000

696,738

Interest

Rate Swap

Six-Month

maturing

EUR

6/21/26 Call8

JPM

Receive

EURIBOR

0.695

6/17/16

100,000

755,110

Interest

Rate Swap

Six-Month

maturing

JPY BBA

7/29/36 Call8

JPM

Receive

LIBOR

0.969

7/27/16

7,000,000

21

Interest

Rate Swap

Six-Month

maturing

EUR

9/19/28 Call8

JPM

Receive

EURIBOR

2.758

9/17/18

100,000

1,665,673

Total Over-the-Counter Interest Rate Swaptions Purchased (Cost $33,943,698)

27,284,121

	Shares		Value
Investment Company—4.3%
Oppenheimer Institutional Money Market Fund, Cl. E, 0.46%12,13 (Cost $265,311,008)		265,311,008		265,311,008
Total Investments, at Value (Cost $6,403,175,543)		100.2%		6,238,590,507
Net Other Assets (Liabilities)		(0.2)		(14,257,111)
Net Assets		100.0%	$	6,224,333,396

Footnotes to Consolidated Statement of Investments

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

2. Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended. These securities have been determined to be liquid under guidelines established by the Board of Trustees. These securities amount to $1,292,374,378 or 20.76% of the Fund’s net assets at period end.

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

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

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

6. This security is not accruing income because the issuer has missed an interest payment on it and/or is not anticipated to make future interest and/or principal payments. The rate shown is the contractual interest rate. See Note 4 of accompanying Consolidated Notes.

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

8. Non-income producing security.

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

31    OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

Footnotes to Consolidated Statement of Investments (continued)

10. All or a portion of the security position is held in accounts at a futures clearing merchant and pledged to cover margin requirements on open futures contracts and written options on futures, if applicable. The aggregate market value of such securities is $6,532,767. See Note 6 of the accompanying Consolidated Notes.

11. All or a portion of the security position is held in segregated accounts and pledged to cover margin requirements under certain derivative contracts. The aggregate market value of such securities is $68,441,608. See Note 6 of the accompanying Consolidated Notes.

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

13. Is or was an affiliate, as defined in the Investment Company Act of 1940, as amended, at or during the reporting period, by virtue of the Fund owning at least 5% of the voting securities of the issuer or as a result of the Fund and the issuer having the same investment adviser. Transactions during the reporting period in which the issuer was an affiliate are as follows:

	Shares September 30, 2015		Gross Additions		Gross Reductions		Shares March 31, 2016
Oppenheimer Institutional Money Market Fund, Cl. E		543,275,597		1,672,724,149		1,950,688,738		265,311,008
					Value		Income
Oppenheimer Institutional Money Market Fund, Cl. E					$	265,311,008	$	271,950

14. Digital option becomes eligible for exercise if at expiration date spot exchange rate 1 is greater than or equal to 1.10 USD per 1 EUR and if spot exchange rate 2 is greater than or equal to 116 JPY per 1 USD.

15. Digital option becomes eligible for exercise if at expiration date spot exchange rate 1 is less than or equal to 1.08 USD per 1 EUR and if spot exchange rate 2 is less than or equal to 119 JPY per 1 USD.

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

Geographic Holdings	Value		Percent
Mexico	$	743,597,776		11.9	%
United Kingdom		645,790,795		10.4
Brazil		532,394,624		8.5
United States		486,500,276		7.8
France		452,051,420		7.2
India		423,060,572		6.8
Italy		381,873,718		6.1
Spain		304,638,068		4.9
Germany		169,259,164		2.7
Indonesia		152,304,956		2.4
Australia		137,094,559		2.2
Netherlands		134,980,807		2.2
Japan		120,588,369		1.9
Hungary		110,460,740		1.8
South Africa		104,495,495		1.7
Switzerland		81,438,221		1.3
Ireland		74,675,871		1.2
Poland		73,374,541		1.2
Canada		68,983,530		1.1
Turkey		67,210,975		1.1
China		64,825,627		1.0
Russia		62,423,444		1.0

32    OPPENHEIMER INTERNATIONAL BOND FUND

Geographic Holdings (Continued)	Value		Percent
Peru	$	54,105,580		0.9%
Luxembourg		48,504,767		0.8
Greece		45,143,955		0.7
Colombia		44,424,161		0.7
Romania		39,900,080		0.6
Croatia		39,189,466		0.6
Sri Lanka		38,804,202		0.6
Ivory Coast		35,639,381		0.6
Kazakhstan		34,287,858		0.5
New Zealand		33,178,116		0.5
Ukraine		28,341,191		0.5
Hong Kong		23,106,670		0.4
Dominican Republic		22,288,388		0.4
Israel		22,121,579		0.4
Malaysia		21,556,534		0.3
Uruguay		19,685,075		0.3
Serbia		19,646,071		0.3
Portugal		17,884,350		0.3
Denmark		17,694,911		0.3
Panama		17,659,175		0.3
Argentina		17,654,750		0.3
Morocco		16,269,368		0.3
Thailand		16,252,397		0.3
Philippines		14,764,353		0.2
Vietnam		13,692,308		0.2
Jamaica		13,489,162		0.2
Belgium		11,774,130		0.2
Jersey, Channel Islands		11,249,157		0.2
Paraguay		11,113,400		0.2
Chile		9,168,851		0.1
Austria		8,940,716		0.1
United Arab Emirates		8,651,565		0.1
Sweden		7,927,861		0.1
Namibia		6,916,100		0.1
Eurozone		6,742,999		0.1
Cyprus		6,586,799		0.1
Zambia		5,898,250		0.1
Nigeria		5,426,194		0.1
Honduras		5,312,500		0.1
Gabon		5,022,500		0.1
Costa Rica		4,625,537		0.1
Singapore		4,494,189		0.1
Supranational		4,416,592		0.1
South Korea		3,650,257		0.1
Iraq		2,385,490		0.0
Finland		980,024		0.0
Total	$	6,238,590,507		100.0%

33    OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

Forward Currency Exchange Contracts as of March 31, 2016
Counter-party	Settlement Month(s)			Currency Purchased (000’s)			Currency Sold (000’s)		Unrealized Appreciation		Unrealized Depreciation
BAC		05/2016	JPY		4,000,000	USD		34,309	$	1,279,946	$                —
BAC		05/2016	USD		5,540	EUR		5,065		—	231,522
BAC		07/2016	USD		7,775	IDR		113,724,000		—	758,951
BAC		05/2016	USD		20,781	MYR		86,410		—	1,505,317
BAC		12/2016	USD		14,332	PHP		705,000		—	846,809
BAC		04/2016	USD		116	RUB		7,700		1,298	—
BNP		04/2016	BRL		15,630	USD		4,392		—	44,887
BNP		04/2016	USD		4,238	BRL		15,630		—	109,194
BOA		04/2016	BRL		332,025	USD		87,498		4,842,748	—
BOA		02/2017	CNH		338,375	USD		50,000		1,436,412	—
BOA		04/2016	COP		66,177,000	USD		19,879		2,161,398	—
BOA		05/2016	EUR		1,140,345	USD		1,245,850		53,708,141	—
BOA		05/2016	GBP		210,204	USD		318,395		69,188	16,519,079
BOA		04/2016 - 05/2016	INR		8,431,144	USD		126,141		1,044,625	—
BOA		05/2016	JPY		39,711,335	USD		333,603		19,712,816	—
BOA		04/2016	MXN		3,522,700	USD		205,547		—	1,676,111
BOA		05/2016	NOK		1,453,160	USD		167,310		8,262,834	—
BOA		05/2016	SEK		795,770	USD		94,106		4,082,912	—
BOA		04/2016	USD		93,294	BRL		332,025		953,531	—
BOA		05/2016	USD		61,043	CAD		81,105		—	1,408,459
BOA		02/2017	USD		41,000	CNH		284,438		—	2,237,368
BOA		05/2016	USD		1,588,492	EUR		1,466,915		—	83,229,610
BOA		05/2016	USD		690,158	GBP		456,280		35,444,588	704,916
BOA		04/2016 - 09/2016	USD		180,455	INR		12,252,624		—	2,163,695
BOA		05/2016	USD		134,056	JPY		16,354,335		—	11,450,072
BOA		04/2016 - 07/2016	USD		521,357	MXN		9,159,500		2,853,560	8,356,151
BOA		05/2016	USD		30,397	NZD		47,000		—	2,008,027
BOA		04/2016	USD		11,138	PLN		43,980		—	648,195
BOA		05/2016	USD		168,350	SEK		1,380,360		—	1,970,557
CITNA-B		05/2016	AUD		43,180	USD		30,502		2,525,581	—
CITNA-B		05/2016	CAD		53,125	USD		38,328		2,578,215	—
CITNA-B		05/2016	EUR		251,170	USD		277,305		8,910,306	—
CITNA-B		05/2016	JPY		13,112,220	USD		116,566		1,041,511	947,011
CITNA-B		04/2016 - 05/2016	PLN		404,670	USD		102,033		6,352,450	—
CITNA-B		05/2016	SEK		584,590	USD		67,220		4,911,519	—
CITNA-B		06/2016	TRY		50,290	USD		17,227		332,566	—
CITNA-B		02/2017	USD		37,000	CNH		250,386		—	1,061,257
CITNA-B		05/2016	USD		105,750	EUR		95,240		—	2,776,904
CITNA-B		04/2016 - 05/2016	USD		33,979	PLN		134,160		—	1,966,122
DEU		04/2016	BRL		686,740	USD		187,378		3,613,994	—
DEU		05/2016	EUR		89,840	USD		100,051		2,325,718	—
DEU		04/2016 - 05/2016	USD		364,497	BRL		1,378,080		542,697	17,779,104
DEU		05/2016	USD		5,786	EUR		5,250		—	196,258
DEU		05/2016	USD		8,709	GBP		5,735		470,569	—
DEU		06/2016	USD		78,153	HUF		22,361,000		—	2,823,509
GSCO-OT		05/2016	AUD		42,655	USD		30,662		1,963,990	—
GSCO-OT		04/2016 - 01/2017	BRL		495,700	USD		131,868		3,544,533	954,321

34    OPPENHEIMER INTERNATIONAL BOND FUND

Forward Currency Exchange Contracts (Continued)
Counter-party	Settlement Month(s)			Currency Purchased (000’s)			Currency Sold (000’s)		Unrealized Appreciation		Unrealized Depreciation
GSCO-OT		05/2016	CAD		32,000	USD		23,376	$	1,264,532	$                —
GSCO-OT		07/2016 - 02/2017	CNH		1,045,300	USD		163,690		383,163	3,402,794
GSCO-OT		05/2016	EUR		100,000	USD		110,729		3,223,035	—
GSCO-OT		07/2016	IDR		100,417,000	USD		7,516		18,970	—
GSCO-OT		05/2016	JPY		24,925,962	USD		214,461		7,524,516	216,679
GSCO-OT		04/2016 - 01/2017	USD		229,633	BRL		854,600		7,759,577	4,927,078
GSCO-OT		07/2016 - 02/2017	USD		221,068	CNH		1,447,580		2,706,217	3,436,594
GSCO-OT		05/2016	USD		109,406	EUR		100,000		—	4,545,863
GSCO-OT		05/2016	USD		58,395	GBP		41,865		—	1,741,336
GSCO-OT		07/2016	USD		39,775	IDR		579,647,000		—	3,720,871
GSCO-OT		05/2016	USD		83,977	JPY		9,780,000		—	3,036,444
GSCO-OT		02/2017	USD		22,500	KRW		27,317,250		—	1,254,039
GSCO-OT		05/2016	USD		19,865	MXN		350,000		—	306,039
GSCO-OT		05/2016	USD		55,714	NOK		493,000		—	3,851,336
GSCO-OT		04/2016	USD		46,557	PLN		188,440		—	3,941,851
HSBC		05/2016	AUD		7,865	USD		5,636		379,570	—
HSBC		05/2016	EUR		132,200	USD		144,461		6,186,683	—
HSBC		05/2016	GBP		43,435	USD		62,258		557,472	423,620
HSBC		05/2016	JPY		11,113,000	USD		99,688		—	814,024
HSBC		05/2016	SGD		1,160	USD		814		46,556	—
HSBC		05/2016	USD		129,485	EUR		117,955		—	4,926,310
HSBC		05/2016	USD		24,430	GBP		17,135		2,277	185,155
HSBC		05/2016	USD		16,254	INR		1,131,000		—	721,151
HSBC		05/2016	USD		1,625	SGD		2,320		—	95,469
JPM		04/2016	BRL		757,210	USD		212,765		—	2,174,605
JPM		05/2016	EUR		98,120	USD		106,182		5,633,846	—
JPM		05/2016	GBP		18,100	USD		25,547		452,984	—
JPM		05/2016	JPY		36,881,510	USD		305,964		22,168,631	—
JPM		05/2016 - 06/2018	KRW		317,969,600	USD		279,550		8,430,545	11,341,350
JPM		05/2016	NZD		50,000	USD		31,836		2,637,204	—
JPM		04/2016 - 05/2016	PLN		86,980	USD		22,424		878,174	—
JPM		04/2016	RUB		333,300	USD		4,279		680,985	—
JPM		04/2016 - 01/2017	USD		234,715	BRL		920,610		2,780,972	20,697,894
JPM		04/2016	USD		27,695	COP		94,800,000		—	3,878,266
JPM		05/2016	USD		152,141	EUR		138,350		—	5,509,756
JPM		05/2016	USD		10,046	GBP		7,065		—	102,271
JPM		05/2016	USD		67,185	INR		4,606,000		—	1,947,200
JPM		05/2016	USD		81,438	JPY		9,946,000		—	7,050,324
JPM		06/2016 - 06/2018	USD		239,767	KRW		268,569,600		11,082,375	4,891,498
JPM		04/2016 - 08/2016	USD		332,192	MXN		6,115,900		2,107,076	20,940,539
JPM		04/2016	USD		11,163	PLN		44,190		—	679,754
JPM		04/2016 - 05/2016	USD		15,711	RUB		1,184,900		—	1,813,973
JPM		06/2016	USD		70,400	TRY		214,070		—	4,346,679
JPM		04/2016 - 06/2016	USD		195,845	ZAR		3,021,860		505,882	8,001,883
JPM		04/2016	ZAR		1,510,930	USD		102,784		—	463,266
MSCO		05/2016	DKK		234,315	USD		33,687		2,144,559	—
MSCO		05/2016	EUR		46,150	USD		50,236		2,357,443	—

35    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
MSCO		05/2016	USD		108,032	EUR		98,110	$	—	$	3,764,119
MSCO		05/2016	USD		36,606	GBP		25,625		116,907		320,044
MSCO		04/2016	USD		48,561	MXN		809,000		1,741,579		—
NOM		05/2016	EUR		7,825	USD		8,505		413,040		—
NOM		05/2016	GBP		5,445	USD		8,106		20,166		304,269
NOM		05/2016	USD		14,381	EUR		12,915		—		335,877
RBS		05/2016	CAD		44,650	USD		33,374		1,006,679		—
RBS		05/2016	EUR		20,090	USD		22,203		689,405		—
RBS		05/2016	GBP		28,160	USD		40,313		136,930		—
RBS		05/2016	JPY		3,362,160	USD		29,780		133,591		—
RBS		05/2016	NOK		949,060	USD		109,679		4,986,809		—
RBS		05/2016	USD		119,537	EUR		110,200		—		6,046,545
RBS		05/2016	USD		43,387	GBP		31,100		—		1,286,577
RBS		05/2016	USD		63,254	NOK		554,060		—		3,687,107
RBS		05/2016	USD		33,356	NZD		50,000		—		1,117,499
SCB		05/2016	JPY		4,474,640	USD		40,000		—		183,564
SCB		05/2016	USD		40,000	KRW		49,400,000		—		3,063,244
TDB		04/2016	BRL		618,605	USD		160,447		11,595,143		—
TDB		05/2016	CAD		97,000	USD		70,021		4,669,968		—
TDB		05/2016	EUR		100,000	USD		110,028		3,938,568		—
TDB		04/2016	MXN		709,100	USD		39,437		1,601,363		—
TDB		05/2016	USD		151,091	AUD		216,290		—		14,344,268
TDB		04/2016 - 01/2017	USD		333,867	BRL		1,265,425		1,677,587		11,542,907
TDB		05/2016	USD		136,047	CAD		184,000		—		5,634,026
TDB		05/2016	USD		114,683	EUR		106,260		—		6,402,417
TDB		05/2016	USD		17,592	GBP		11,640		871,892		—
TDB		07/2016	USD		10,586	IDR		157,460,000		—		1,230,127
TDB		04/2016 - 09/2016	USD		123,283	INR		8,433,000		—		2,556,472
Total Unrealized Appreciation and Depreciation									$	300,480,517	$	361,578,379

Futures Contracts as of March 31, 2016
Description	Exchange		Buy/Sell		Expiration Date		Number of Contracts		Value		Unrealized Appreciation (Depreciation)
Euro-BOBL		EUX		Sell		6/8/16		59	$	8,801,542	$	20,748
Euro-BTP		EUX		Sell		6/8/16		182		29,122,092		(604,924)
Euro-Bundesobligation		EUX		Sell		6/8/16		535		99,425,375		(203,335)
Euro-BUXL		EUX		Sell		6/8/16		50		9,589,083		(54,674)
Euro-OAT		EUX		Sell		6/8/16		748		134,685,845		(894,524)
United Kingdom Treasury Bonds		LIF		Sell		6/28/16		498		86,702,905		(572,889)
											$	(2,309,598)

Over-the-Counter Options Written at March 31, 2016

Description

Counterparty

Exercise Price

Expiration Date

Number of Contracts

Premiums Received

Value

AUD Currency Call

BAC

JPY

85.000

5/20/16

AUD        (75,000,000)

$

1,070,120

$

(1,493,278)

36    OPPENHEIMER INTERNATIONAL BOND FUND

Over-the-Counter Options Written (Continued)
Description	Counterparty			Exercise Price		Expiration Date		Number of Contracts		Premiums Received		Value
BRL Currency Call		BOA	BRL		3.600		4/6/16	BRL	(270,000,000)	$	644,250	$	(919,080)
BRL Currency Call		BOA	BRL		3.697		4/5/16	BRL	(369,650,000)		816,500		(3,072,161)
BRL Currency Put		GSG	JPY		28.000		8/25/16	BRL	(132,100,000)		1,194,652		(1,317,732)
BRL Currency Put		GSG	JPY		28.000		8/18/16	BRL	(175,000,000)		1,779,392		(1,655,471)
BRL Currency Put		GSG	JPY		25.000		9/12/16	BRL	(100,000,000)		1,006,682		(470,050)
BRL Currency Put		GSG	JPY		25.000		9/12/16	BRL	(100,000,000)		1,532,854		(470,050)
BRL Currency Put		JPM	JPY		27.000		5/24/16	BRL	(160,000,000)		1,895,451		(246,984)
BRL Currency Put		JPM	JPY		29.100		9/6/16	BRL	(225,000,000)		2,169,911		(3,255,032)
COP Currency Call		GSG	COP		2850.000		6/24/16	COP	(142,500,000,000)		533,750		(855,000)
COP Currency Put		GSG	COP		3400.000		6/24/16	COP	(170,000,000,000)		552,500		(680,000)
COP Currency Put		JPM	COP		3390.000		6/24/16	COP	(169,500,000,000)		640,050		(678,000)
COP Currency Call		JPM	COP		2850.000		6/24/16	COP	(142,500,000,000)		523,050		(855,000)
EUR Currency Put		BOA	USD		1.025		5/17/16	EUR	(200,000,000)		594,500		(1,200)
EUR Currency Call1		BOA	CHF		1.130		6/9/16	EUR	(75,000,000)		408,765		(94,355)
EUR Currency Put2		BOA	USD		1.040		7/15/16	EUR	(150,000,000)		1,560,000		(337,500)
EUR Currency Call3		BOA	GBP		0.795		1/17/17	EUR	(75,000,000)		1,963,304		(3,550,242)
EUR Currency Call4		BOA	USD		1.125		7/15/16	EUR	(150,000,000)		3,045,937		(5,266,950)
EUR Currency Put5		BOA	CHF		1.040		6/9/16	EUR	(150,000,000)		549,974		(255,556)
EUR Currency Call		CITNA-B	USD		1.148		5/3/16	EUR	(100,000,000)		900,788		(873,100)
EUR Currency Call		CITNA-B	JPY		126.400		6/10/16	EUR	(100,000,000)		2,424,364		(2,792,492)
EUR Currency Call		GSG	MXN		20.300		6/1/16	EUR	(75,000,000)		1,789,374		(1,307,730)
EUR Currency Call		GSG	AUD		1.490		6/9/16	EUR	(75,000,000)		2,280,323		(1,861,502)
EUR Currency Call		GSG	NOK		9.983		5/17/16	EUR	(110,000,000)		1,106,578		(230,566)
EUR Currency Call		GSG	USD		1.125		4/12/16	EUR	(100,000,000)		598,047		(1,651,400)
EUR Currency Call		JPM	MXN		20.500		6/10/16	EUR	(75,000,000)		1,797,206		(1,283,773)
EUR Currency Call		RBS	JPY		126.500		6/10/16	EUR	(50,000,000)		1,240,048		(1,366,200)
INR Currency Call		BOA	INR		65.500		9/19/16	INR	(9,825,000,000)		700,350		(609,150)
INR Currency Put		BOA	INR		71.000		9/19/16	INR	(10,650,000,000)		1,681,051		(1,565,550)
INR Currency Put		BOA	INR		72.000		9/19/16	INR	(10,800,000,000)		1,335,000		(1,220,400)
INR Currency Call		BOA	INR		66.000		9/19/16	INR	(9,900,000,000)		895,500		(821,700)
INR Currency Call		CITNA-B	INR		65.000		6/17/16	INR	(13,000,000,000)		464,000		(377,000)
JPY Currency Put		BOA	JPY		122.000		2/23/17	JPY	(36,600,000,000)		3,830,999		(2,671,800)
JPY Currency Call		BOA	JPY		110.000		5/23/16	JPY	(8,250,000,000)		1,379,175		(519,750)
JPY Currency Put		BOA	JPY		123.000		8/12/16	JPY	(7,380,000,000)		426,000		(125,460)
JPY Currency Call		BOA	JPY		112.550		4/14/16	JPY	(11,255,000,000)		1,093,000		(810,360)
JPY Currency Put		GSG	JPY		117.000		5/23/16	JPY	(11,700,000,000)		820,000		(257,400)
JPY Currency Call		GSG	JPY		112.280		4/14/16	JPY	(5,614,000,000)		552,250		(325,612)
JPY Currency Call		GSG	JPY		108.980		5/23/16	JPY	(10,898,000,000)		1,450,001		(512,206)
JPY Currency Call		JPM	KRW		11.500		5/27/16	JPY	(11,000,000,000)		1,920,029		(86,358)
MXN Currency Put6		GSG	MXN		17.900		3/24/17	MXN	(1,342,500,000)		2,321,250		(2,182,905)
MXN Currency Put7		GSG	MXN		18.000		3/17/17	MXN	(1,800,000,000)		3,592,500		(2,599,200)
NZD Currency Call8		GSG	USD		0.675		7/27/16	NZD	(150,000,000)		2,369,250		(4,147,200)
Portuguese Republic Bonds Put		JPM	EUR		97.000		7/15/16	EUR	(50,000,000)		906,768		(465,183)
Portuguese Republic Bonds Put		JPM	EUR		98.100		7/11/16	EUR	(50,000,000)		743,499		(614,296)
RUB Currency Put		GSG	RUB		75.000		6/22/16	RUB	(7,500,000,000)		2,025,000		(1,635,000)
RUB Currency Call		GSG	RUB		62.500		6/22/16	RUB	(6,250,000,000)		1,246,500		(1,225,000)
TRY Currency Put		CITNA-B	TRY		3.200		5/20/16	TRY	(320,000,000)		1,010,000		(24,320)
ZAR Currency Call		BOA	ZAR		15.220		5/20/16	ZAR	(380,500,000)		702,250		(1,105,353)
ZAR Currency Put		BOA	ZAR		15.220		5/20/16	ZAR	(380,500,000)		1,123,250		(472,961)

37    OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

Over-the-Counter Options Written (Continued)
Description	Counterparty			Exercise Price		Expiration Date		Number of Contracts			Premiums Received		Value
ZAR Currency Put		CITNA-B	ZAR		15.200		5/20/16		ZAR	(380,000,000)	$	893,750	$	(483,740)
ZAR Currency Call		CITNA-B	ZAR		15.200		5/20/16		ZAR	(380,000,000)		893,750		(1,082,240)
Total of Over-the-Counter Options Written											$	68,993,492	$	(62,780,548)

1. Knock-in option becomes eligible for exercise if at any time spot rates are greater than or equal to 1.16 CHF per 1 EUR.

2. Knock-in option becomes eligible for exercise if at any time spot rates are less than or equal to 1.02 USD per 1 EUR.

3. Knock-in option becomes eligible for exercise if at any time spot rates are greater than or equal to .85050 GBP per 1 EUR.

4. Knock-in option becomes eligible for exercise if at any time spot rates are greater than or equal to 1.15 USD per 1 EUR.

5. Knock-in option becomes eligible for exercise if at any time spot rates are less than or equal to 1.01 CHF per 1 EUR.

6. Knock-out option becomes ineligible for exercise if at any time spot rates are less than or equal to 16.70 MXN per 1 USD.

7. Knock-out option becomes ineligible for exercise if at any time spot rates are less than or equal to 16.75 MXN per 1 USD.

8. Knock-out option becomes ineligible for exercise if at any time spot rates are less than or equal to 0.6405 USD per 1 NZD.

Centrally Cleared Credit Default Swaps at March 31, 2016
Reference Asset	Buy/Sell Protection		Fixed Rate		Maturity Date				Notional Amount (000’s)			Premiums Received/(Paid)			Value
CDX.EM 25		Buy		1.000%		6/20/21		USD		10,000		$	(863,111	)	$	858,350
CDX.EM 25		Buy		1.000		6/20/21		USD		37,245			(3,523,791	)		3,202,646
CDX.EM 25		Buy		1.000		6/20/21		USD		31,000	��		(2,714,222	)		2,666,897
Total Centrally Cleared Credit Default Swaps												$	(7,101,124	)	$	6,727,893
Over-the-Counter Credit Default Swaps at March 31, 2016
Reference Asset	Counterparty		Buy/Sell Protection		Fixed Rate		Maturity Date		Notional Amount (000’s)			Premiums Received/(Paid)			Value
Alpha Bank AE		BAC		Buy		5.000		3/20/17      EUR		5,335		$	(626,176	)	$	598,211
Banco Bilbao Vizcaya Argentaria Sociedad Anonima		UBS		Sell		3.000		12/20/17      EUR		4,405			171,759			204,625
Banco Bilbao Vizcaya Argentaria Sociedad Anonima		UBS		Sell		3.000		12/20/17      EUR		4,405			171,759			204,625
Banco Santander SA		BAC		Sell		3.000		9/20/17      EUR		20,000			(72,359	)		800,381
Banco Santander SA		BOA		Sell		3.000		12/20/17      EUR		5,000			(106,178	)		227,815
Banco Santander SA		UBS		Sell		3.000		9/20/17      EUR		8,850			(31,905	)		354,169
Federative Republic of Brazil		BNP		Buy		1.000		6/20/21      USD		6,680			(892,773	)		779,323
Federative Republic of Brazil		BNP		Buy		1.000		12/20/17      USD		50,000			(975,740	)		296,283
Federative Republic of Brazil		BNP		Buy		1.000		12/20/17      USD		25,000			(531,654	)		148,141

38    OPPENHEIMER INTERNATIONAL BOND FUND

Over-the-Counter Credit Default Swaps (Continued)
Reference Asset	Counterparty		Buy/Sell Protection		Fixed Rate		Maturity         Date		Notional Amount (000’s)		Premiums Received/(Paid)		Value
Federative Republic of Brazil		BNP		Buy		1.000%		12/20/17 USD		75,000	$	(1,570,342)	$	444,424
Federative Republic of Brazil		BNP		Buy		1.000		12/20/20 USD		6,675		(1,058,970)		661,079
Federative Republic of Brazil		BNP		Sell		1.000		12/20/17 USD		25,000		960,638		(148,141)
Federative Republic of Brazil		BNP		Sell		1.000		6/20/21 USD		75,000		9,145,538		(8,749,885)
Federative Republic of Brazil		BNP		Sell		1.000		12/20/18 USD		10,265		812,157		(290,123)
Federative Republic of Brazil		DEU		Sell		1.000		12/20/17 USD		15,000		557,015		(88,885)
Federative Republic of Brazil		DEU		Buy		1.000		12/20/17 USD		50,000		(1,080,723)		296,283
Hellenic Republic		BAC		Sell		1.000		3/20/20 USD		3,090		1,174,372		(911,242)
Hellenic Republic		BAC		Sell		1.000		3/20/20 USD		3,090		1,097,122		(911,242)
Hellenic Republic		GSG		Sell		1.000		3/20/20 USD		5,000		1,950,556		(1,474,502)
Hellenic Republic		GSG		Sell		1.000		9/20/20 USD		20,000		7,000,000		(6,284,343)
Hellenic Republic		GSG		Sell		1.000		6/20/17 USD		10,000		1,501,111		(1,592,592)
ICICI Bank Ltd.		GSG		Sell		1.000		12/20/19 USD		10,000		359,971		(171,061)
Kingdom of Spain		GSG		Buy		1.000		12/20/20 USD		50,000		(54,790)		(226,140)
Kingdom of Spain		GSG		Buy		1.000		6/20/20 USD		50,000		70,615		(326,376)
Kingdom of Spain		GSG		Buy		1.000		6/20/20 USD		50,000		47,068		(326,376)
Malaysia		BAC		Buy		1.000		12/20/20 USD		6,855		(481,199)		125,577
Malaysia		BNP		Buy		1.000		12/20/20 USD		6,445		(328,478)		118,066
Malaysia		BNP		Buy		1.000		12/20/20 USD		6,445		(257,865)		118,066
Malaysia		BOA		Buy		1.000		12/20/20 USD		6,915		(369,675)		126,676
Malaysia		BOA		Buy		1.000		12/20/20 USD		3,430		(237,809)		62,834
Malaysia		BOA		Buy		1.000		12/20/20 USD		7,065		(369,590)		129,424
Malaysia		BOA		Buy		1.000		12/20/20 USD		6,855		(469,331)		125,577
Malaysia		MOS-A		Buy		1.000		12/20/20 USD		6,910		(436,947)		126,584
People’s Republic of China		BAC		Sell		1.000		12/20/20 USD		10,000		84,987		(75,846)
People’s Republic of China		BNP		Sell		1.000		12/20/20 USD		10,000		58,954		(75,846)
People’s Republic of China		BNP		Sell		1.000		12/20/20 USD		10,000		129,837		(75,846)
People’s Republic of China		GSG		Sell		1.000		6/20/20 USD		75,000		(519,283)		(283,760)
Portuguese Republic		GSG		Buy		1.000		12/20/17 USD		25,000		(354,145)		218,210
Portuguese Republic		GSG		Buy		1.000		12/20/17 USD		25,000		(705,360)		218,210
Portuguese Republic		GSG		Buy		1.000		12/20/17 USD		25,000		(720,209)		218,210
Republic of Colombia		BOA		Buy		1.000		6/20/21 USD		10,000		(537,404)		544,532
Republic of Colombia		BOA		Buy		1.000		6/20/21 USD		10,000		(597,341)		544,532
Republic of Colombia		CITNA-B		Buy		1.000		6/20/21 USD		10,000		(550,507)		543,149

39    OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

Over-the-Counter Credit Default Swaps (Continued)
Reference Asset	Counterparty		Buy/Sell Protection		Fixed Rate		Maturity         Date		Notional Amount (000’s)		Premiums Received/(Paid)		Value
Republic of Indonesia		BAC		Buy		1.000%		12/20/20 USD		6,855	$	(584,765)	$	249,913
Republic of Indonesia		BAC		Buy		1.000		12/20/20 USD		7,235		(466,961)		263,767
Republic of Indonesia		BNP		Buy		1.000		12/20/20 USD		6,855		(591,941)		249,913
Republic of Indonesia		BNP		Buy		1.000		12/20/20 USD		12,890		(794,162)		469,932
Republic of Indonesia		BNP		Buy		1.000		6/20/21 USD		15,000		(758,631)		703,933
Republic of Indonesia		BNP		Buy		1.000		9/20/20 USD		9,620		(677,203)		296,467
Republic of Indonesia		BOA		Buy		1.000		9/20/20 USD		16,035		(1,115,327)		494,163
Republic of Italy		GSG		Sell		1.000		12/20/20 USD		50,000		250,887		(528,595)
Republic of Peru		BAC		Buy		1.000		12/20/20 USD		5,000		(282,394)		110,081
Republic of Peru		BNP		Buy		1.000		12/20/20 USD		5,000		(258,189)		110,081
Republic of Peru		BNP		Buy		1.000		12/20/20 USD		11,175		(319,257)		246,032
Republic of Peru		GSG		Buy		1.000		12/20/20 USD		5,000		(242,781)		110,081
Republic of Peru		GSG		Buy		1.000		12/20/20 USD		5,000		(249,767)		110,081
Republic of Peru		GSG		Buy		1.000		12/20/20 USD		10,000		(516,378)		220,163
Republic of Peru		GSG		Buy		1.000		12/20/20 USD		5,000		(249,340)		110,081
Republic of South Africa		BOA		Buy		1.000		12/20/20 USD		22,500		(2,358,454)		1,751,265
Republic of South Africa		HSBC		Buy		1.000		12/20/20 USD		22,500		(2,589,911)		1,751,265
Republic of South Africa		HSBC		Buy		1.000		6/20/21 USD		10,000		(1,004,694)		913,629
Republic of South Africa		HSBC		Buy		1.000		12/20/20 USD		10,000		(1,148,340)		778,340
Republic of Turkey		BNP		Buy		1.000		6/20/21 USD		10,000		(753,378)		728,364
Republic of Turkey		GSG		Buy		1.000		12/20/20 USD		32,219		(3,071,303)		1,972,960
Republic of Turkey		HSBC		Buy		1.000		12/20/20 USD		6,105		(587,330)		373,845
Republic of Turkey		MOS-A		Buy		1.000		12/20/20 USD		9,715		(894,840)		594,907
Republic of Turkey		MOS-A		Buy		1.000		9/20/20 USD		16,096		(1,256,346)		884,330
Russian Federation		BNP		Buy		1.000		12/20/20 USD		6,915		(738,227)		498,109
Russian Federation		GSG		Buy		1.000		6/20/21 USD		10,000		(891,141)		849,810
Russian Federation		GSG		Buy		1.000		6/20/21 USD		10,000		(859,857)		848,279
Russian Federation		GSG		Buy		1.000		12/20/20 USD		15,000		(1,361,482)		1,080,498
Russian Federation		GSG		Buy		1.000		12/20/20 USD		10,000		(1,008,423)		720,332
Russian Federation		GSG		Buy		1.000		12/20/20 USD		10,000		(880,556)		720,332
Russian Federation		HSBC		Buy		1.000		12/20/20 USD		10,000		(990,731)		720,332
Russian Federation		HSBC		Buy		1.000		12/20/20 USD		10,000		(970,053)		720,332
State Bank of India		BNP		Sell		1.000		9/20/19 USD		13,035		537,811		(89,979)
Telefonica SA		UBS		Sell		1.000		9/20/17 EUR		5,000		627,078		44,430

40    OPPENHEIMER INTERNATIONAL BOND FUND

Over-the-Counter Credit Default Swaps (Continued)
Reference Asset	Counterparty	Buy/Sell Protection	Fixed Rate	Maturity         Date	Notional Amount (000’s)	Premiums  Received/(Paid)	Value
United Mexican
States	BNP	Buy	1.000%	6/20/21 USD	10,000	$             (293,178)	$	299,889
Total Over-the-Counter Credit Default Swaps						$        (15,992,858)	$	5,600,162

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

Type of Reference   Asset   on which the Fund   Sold   Protection	Total Maximum   Potential Payments   for Selling Credit   Protection   (Undiscounted)			Amount   Recoverable*			Reference   Asset Rating   Range**
Investment Grade Single	$	23,035,000		$	—		BBB-
Name Corporate Debt
Investment Grade Single		47,660,000	EUR		—	EUR	BBB- to BBB
Name Corporate Debt
Investment Grade		155,000,000			—		BBB+ to AA-
Sovereign Debt
Non-Investment Grade							B- to BB+
Sovereign Debt		166,445,000			213,355,000
Total USD	$	344,480,000		$	213,355,000
Total EUR		47,660,000	EUR		—	EUR

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

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

Over-the-Counter Currency Swap at March 31, 2016

Counterparty

Pay/Receive Floating Rate

Floating Rate

Fixed Rate

Maturity Date

Notional Amount Currency Received (000’s)

Notional Amount Currency Delivered (000’s)

Premiums Received / (Paid)

Value

Six-Month

USD BBA

BAC

Pay

LIBOR

7.150%

1/28/19

INR 1,567,863

INR    25,000

$

10,739

$

(118,095)

Centrally Cleared Interest Rate Swaps at March 31, 2016

Counterparty

Pay/Receive Floating Rate

Floating Rate

Fixed Rate

Maturity Date

Notional Amount (000’s)

Value

Six-Month JPY

BAC

Receive

BBA LIBOR

1.445%

11/10/35

JPY

5,000,000

$

(8,290,870)

Three-Month ZAR

BAC

Pay

JIBAR SAFEX

7.720

3/11/18

ZAR

910,000

47,791

Three-Month ZAR

BAC

Receive

JIBAR SAFEX

8.740

3/11/26

ZAR

250,000

(101,072)

41    OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

Centrally Cleared Interest Rate Swaps (Continued)

	Pay/Receive Floating Rate
		Floating Rate	Fixed Rate		Maturity	Notional Amount
Counterparty					Date	(000’s)		Value
		Three-Month USD
BAC	Receive	BBA LIBOR		1.151%	2/18/21	USD	205,000	$	(59,528)
		Three-Month AUD
BOA	Pay	BBR BBSW		2.080	3/4/19	AUD	172,000		76,685
		Three-Month USD
BOA	Pay	BBA LIBOR		1.609	2/24/26	USD	10,500		9,556
		Six-Month JPY
BOA	Receive	BBA LIBOR		0.625	4/4/46	JPY	1,000,000		(77,904)
		Six-Month
BOA	Pay	JPY BBA LIBOR		0.515	4/4/36	JPY	1,450,000		46,811
		Three-Month AUD
BOA	Pay	BBR BBSW		2.155	3/9/19	AUD	171,000		348,085
Three-Month AUD
BOA	Pay	BBR BBSW		2.140	3/10/19	AUD	257,000		446,985
Three-Month CAD
BOA	Pay	BA CDOR		0.685	2/4/18	CAD	500,800		(1,409,770)
Three-Month CAD
BOA	Receive	BA CDOR		0.910	2/4/21	CAD	202,300		377,914
Three-Month CAD
BOA	Pay	BA CDOR		0.810	3/2/18	CAD	806,000		(332,416)
Six-Month PLN
DEU	Pay	WIBOR WIBO		2.310	1/15/26	PLN	43,000		111,160
Three-Month ZAR
DEU	Pay	JIBAR SAFEX		7.720	3/11/18	ZAR	825,000		43,327
Three-Month ZAR
DEU	Receive	JIBAR SAFEX		8.740	3/11/26	ZAR	225,000		(90,965)
Six-Month PLN
DEU	Receive	WIBOR WIBO		1.820	1/15/21	PLN	81,000		(46,039)
Three-Month USD
DEU	Receive	BBA LIBOR		1.625	2/6/26	USD	10,600		(8,941)
Six-Month PLN
GSG	Pay	WIBOR WIBO		1.538	1/15/19	PLN	170,000		(85,008)
Three-Month USD
GSG	Receive	BBA LIBOR		2.396	10/29/24	USD	6,660		(525,277)
Three-Month USD
JPM	Receive	BBA LIBOR		2.399	10/29/24	USD	6,190		(489,791)
MXN TIIE
JPM	Receive	BANXICO		4.710	3/2/18	MXN	910,000		(150,122)
MXN TIIE
JPM	Pay	BANXICO		4.600	3/30/18	MXN	900,000		(1,354)
Six-Month PLN
JPM	Pay	WIBOR WIBO		2.315	1/15/26	PLN	90,200		244,106
MXN TIIE
JPM	Pay	BANXICO		6.260	2/20/26	MXN	220,000		197,941
Three-Month USD
JPM	Receive	BBA LIBOR		1.637	2/22/26	USD	16,000		(29,174)
Total Centrally Cleared Interest Rate Swaps								$	(9,747,870)

42    OPPENHEIMER INTERNATIONAL BOND FUND

Over-the-Counter Interest Rate Swaps at March 31, 2016

Pay/Receive Floating Rate

Floating Rate

Fixed Rate

Maturity

Notional Amount

Counterparty

Date

(000’s)

Value

MXN TIIE

BAC

Pay

BANXICO

3.795%

11/17/16

MXN

1,680,000

$

(306,973)

MXN TIIE

BAC

Pay

BANXICO

3.825

12/16/16

MXN

1,710,600

(349,547)

BOA

Pay

BZDI

16.260

1/2/19

BRL

250,000

3,069,134

Three-Month MYR

BOA

Pay

KLIBOR BNM

3.895

2/3/21

MYR

141,000

365,211

Three-Month CNY

BOA

Pay

CNREPOFIX=CFXS

2.420

3/21/21

CNY

350,000

(189,138)

BOA

Pay

BZDI

16.050

1/2/18

BRL

313,500

2,903,120

Six-Month INR

FBIL MIBOR OIS

BOA

Pay

Compound

6.540

3/2/21

INR

4,035,000

378,418

One-Time INR

MIBOR OIS

BOA

Receive

Compound

6.720

3/2/17

INR

18,000,000

(516,373)

Six-Month INR

FBIL MIBOR OIS

BOA

Pay

Compound

6.760

2/24/21

INR

4,050,000

961,189

MXN TIIE

BOA

Pay

BANXICO

4.600

3/30/18

MXN

1,350,000

(116)

One-Time INR

MIBOR OIS

BOA

Receive

Compound

6.935

2/24/17

INR

17,800,000

(1,006,399)

BOA

Pay

BZDI

14.460

1/2/25

BRL

130,000

267,621

Three-Month MYR

BOA

Pay

KLIBOR BNM

3.715

2/12/21

MYR

140,000

80,680

MXN TIIE

DEU

Pay

BANXICO

6.025

2/6/26

MXN

230,000

(38,697)

Three-Month

COP IBR OIS

GSG

Pay

Compound

6.370

3/10/19

COP

120,000,000

75,692

MXN TIIE

GSG

Receive

BANXICO

4.705

3/1/18

MXN

920,000

(148,211)

Three-Month MYR

GSG

Receive

KLIBOR BNM

3.760

3/17/21

MYR

440,000

(498,770)

Six-Month PLN

GSG

Pay

WIBOR WIBO

1.860

5/20/20

PLN

200,000

827,661

MXN TIIE

GSG

Pay

BANXICO

3.815

12/15/16

MXN

1,730,000

(362,015)

Six-Month CLP

GSG

Pay

TNA

4.350

1/14/21

CLP

23,500,000

371,394

MXN TIIE

GSG

Pay

BANXICO

6.200

3/19/26

MXN

230,000

130,092

MXN TIIE

HSBC

Receive

BANXICO

5.180

4/13/20

MXN

382,000

(101,486)

Three-Month

COP IBR OIS

JPM

Pay

Compound

6.090

10/29/24

COP

15,470,000

(259,326)

Three-Month KRW

JPM

Receive

CD KSDA

3.080

6/10/18

KRW

132,000,000

(3,806,436)

43    OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

Over-the-Counter Interest Rate Swaps (Continued)

Pay/Receive Floating Rate

Floating Rate

Fixed Rate

Maturity

Notional Amount

Counterparty

Date

(000’s)

Value

Three-Month

COP IBR OIS

JPM

Pay

Compound

6.590%

3/4/19

COP

116,000,000

$

326,713

Six-Month CLP

JPM

Pay

TNA

3.850

2/2/18

CLP

37,200,000

(35,237)

MXN TIIE

JPM

Receive

BANXICO

5.185

4/9/20

MXN

350,000

(95,452)

MXN TIIE

JPM

Pay

BANXICO

5.947

2/6/26

MXN

340,000

(175,125)

JPM

Pay

BZDI

16.050

1/2/18

BRL

317,000

2,935,531

Three-Month

COP IBR OIS

JPM

Pay

Compound

5.790

2/10/25

COP

32,000,000

(781,998)

MXN TIIE

JPM

Receive

BANXICO

5.230

4/7/20

MXN

320,000

(122,205)

Three-Month

COP IBR OIS

MOS-A

Pay

Compound

6.090

10/29/24

COP

15,940,000

(267,204)

MXN TIIE

SIB

Pay

BANXICO

6.060

2/10/26

MXN

220,000

(5,274)

SIB

Pay

BZDI

14.670

1/2/25

BRL

62,500

199,809

SIB

Receive

BZDI

14.450

1/4/21

BRL

77,500

(262,228)

SIB

Receive

BZDI

14.400

1/4/21

BRL

70,000

(213,580)

SIB

Pay

BZDI

14.700

1/2/25

BRL

55,000

185,281

Total Over-the-Counter Interest Rate Swaps

$

3,535,756

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

Description

Counter- party

Buy/Sell Protection

Reference Asset

Fixed Rate

Expiration Date

Notional Amount (000’s)

Premiums Received

Value

iTraxx

Europe

Senior

Credit Default Swap

Financials

maturing 6/20/21

Series 25

Call

JPM

Sell

Version 1

1.000%

6/15/16

174,125

$

932,594

$

(547,099)

iTraxx

Europe

Senior

Credit Default Swap

Financials

maturing 6/20/21

Series 25

Call

JPM

Sell

Version 1

5.000

6/15/16

50,000

603,962

(579,800)

iTraxx

Europe

Senior

Credit Default Swap

Financials

maturing 6/20/21

Series 25

Call

JPM

Sell

Version 1

5.000

6/15/16

50,000

267,794

(299,392)

44    OPPENHEIMER INTERNATIONAL BOND FUND

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

Description

Counter- party

Buy/Sell Protection

Reference Asset

Fixed Rate

Expiration Date

Notional Amount (000’s)

Premiums Received

Value

iTraxx

Europe

Senior

Credit Default Swap

Financials

maturing 6/20/21

Series 25

Call

JPM

Sell

Version 1

1.000%

6/15/16

497,500

$

850,389

$

(498,909)

Total of Over-the-Counter Credit Default Swaptions Written

$

2,654,739

$

(1,925,200)

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

Description

Counter- party

Floating Rate

Pay/ Receive Floating Rate

Fixed Rate

Notional Amount (000’s)

Premiums Received

Value

Three-

Month

Interest Rate Swap

AUD BBR

maturing 5/17/19 Call

BOA

Pay

BBSW

2.193%

5/16/16

AUD

150,000

$

332,344

$

(166,360)

Three-

Month

Interest Rate Swap

AUD BBR

maturing 5/17/19 Call

BOA

Receive

BBSW

1.993

5/16/16

AUD

150,000

337,661

(162,491)

Three-

Month

Interest Rate Swap

AUD BBR

maturing 5/19/19 Call

BOA

Pay

BBSW

2.173

5/18/16

AUD

100,000

219,770

(122,029)

Three-

Month

Interest Rate Swap

USD BBA

maturing 1/31/19 Call

BOA

Receive

LIBOR

1.000

1/27/17

USD

500,000

1,500,000

(2,170,650)

Three-

Month

Interest Rate Swap

USD BBA

maturing 1/31/19 Call

BOA

Receive

LIBOR

0.800

1/27/17

USD

500,000

1,000,000

(1,140,745)

Three-

Month

Interest Rate Swap

USD BBA

maturing 2/1/27 Call

BOA

Receive

LIBOR

1.620

1/30/17

USD

100,000

1,500,000

(1,852,557)

Three-

Month

Interest Rate Swap

AUD BBR

maturing 5/19/19 Call

BOA

Receive

BBSW

1.973

5/18/16

AUD

100,000

223,344

(33,707)

Three-

Month

Interest Rate Swap

CAD BA

maturing 6/8/21 Call

BOA

Receive

CDOR

0.850

6/8/16

CAD

150,000

573,395

(316,368)

Three-

Month

Interest Rate Swap

USD BBA

maturing 12/13/26 Call

BOA

Pay

LIBOR

2.415

12/9/16

USD

150,000

1,380,000

(1,221,891)

45    OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

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

Pay/

Receive

Counter-

Floating

Floating

Fixed

Notional

Premiums

Description

party

Rate

Rate

Rate

Amount (000’s)

Received

Value

Three-

Month

Interest Rate Swap

USD BBA

maturing 12/13/26 Call

BOA

Pay

LIBOR

2.715%

12/9/16

USD

150,000

$        675,000

$

(721,680)

Three-

Month

Interest Rate Swap

CAD BA

maturing 8/19/21 Call

BOA

Pay

CDOR

1.003

8/19/16

CAD

150,000

888,985

(1,099,984)

Three-

Month

Interest Rate Swap

CAD BA

maturing 8/19/21 Call

BOA

Receive

CDOR

0.903

8/19/16

CAD

150,000

1,138,335

(705,217)

Three-

Month

Interest Rate Swap

CAD BA

maturing 6/8/21 Call

BOA

Pay

CDOR

1.050

6/8/16

CAD

150,000

573,394

(588,784)

Three-

Month

Interest Rate Swap

USD BBA

maturing 1/19/19 Call

BOA

Receive

LIBOR

1.000

1/17/17

USD

500,000

1,600,000

(2,164,220)

Three-

Month

Interest Rate Swap

USD BBA

maturing 1/19/19 Call

BOA

Receive

LIBOR

0.800

1/17/17

USD

500,000

1,100,000

(1,128,880)

Interest Rate Swap

MXN TIIE

maturing 7/30/26 Call

BOA

Pay

BANXICO

7.000

8/10/16

MXN

1,000,000

2,288,203

(140,375)

Three-

Month

Interest Rate Swap

CAD BA

maturing 7/22/21 Call

BOA

Pay

CDOR

1.108

7/22/16

CAD

150,000

1,029,506

(704,410)

Three-

Month

Interest Rate Swap

CAD BA

maturing 6/30/21 Call

BOA

Pay

CDOR

1.015

6/30/16

CAD

150,000

753,798

(752,446)

Three-

Month

Interest Rate Swap

CAD BA

maturing 6/30/21 Call

BOA

Receive

CDOR

1.015

6/30/16

CAD

150,000

753,798

(807,670)

Three-

Month

Interest Rate Swap

CAD BA

maturing 7/22/21 Call

BOA

Receive

CDOR

1.108

7/22/16

CAD

150,000

1,029,505

(1,252,241)

Six-

Month

PLN

Interest Rate Swap

WIBOR

maturing 6/10/21 Call

GSG

Receive

WIBO

1.780

6/8/16

PLN

200,000

357,549

(343,861)

46    OPPENHEIMER INTERNATIONAL BOND FUND

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

Pay/

Receive

Counter-

Floating

Floating

Fixed

Notional

Premiums

Description

party

Rate

Rate

Rate

Amount (000’s)

Received

Value

Six-

Month

Interest Rate Swap

EUR

maturing 6/7/47 Call

GSG

Pay

EURIBOR

1.810%

6/5/17

EUR

100,000

$    5,753,820

$

(1,457,874)

Six-

Month

PLN

Interest Rate Swap

WIBOR

maturing 6/10/21 Call

GSG

Pay

WIBO

1.780

6/8/16

PLN

200,000

357,548

(452,079)

Six-

Month

Interest Rate Swap

EUR

maturing 6/7/47 Call

GSG

Receive

EURIBOR

1.810

6/5/17

EUR

100,000

5,753,820

(9,799,611)

Three-

Month

Interest Rate Swap

USD BBA

maturing 4/16/19 Call

GSG

Receive

LIBOR

1.568

4/12/16

USD

2,000,000

2,500,000

(7,787,080)

Three-

Month

Interest Rate Swap

KRW CD

maturing 4/30/24 Call

GSG

Pay

KSDA

4.530

4/29/19

KRW

100,000,000

579,626

(30,517)

Six-

Month

Interest Rate Swap

JPY BBA

maturing 6/20/36 Call

JPM

Pay

LIBOR

0.580

6/16/16

JPY

5,000,000

871,019

(61,192)

Six-

Month

Interest Rate Swap

JPY BBA

maturing 6/28/36 Call

JPM

Pay

LIBOR

0.495

6/24/16

JPY

5,000,000

878,828

(335,382)

Three-

Month

SEK

Interest Rate Swap

STIBOR

maturing 6/27/21 Call

JPM

Receive

SIDE

0.370

6/22/16

SEK

750,000

415,030

(416,794)

Three-

Month

Interest Rate Swap

KRW CD

maturing 2/12/29 Call

JPM

Pay

KSDA

4.610

2/11/19

KRW

100,000,000

1,026,886

(42,441)

Three-

Month

SEK

Interest Rate Swap

STIBOR

maturing 6/27/21 Call

JPM

Pay

SIDE

0.370

6/22/16

SEK

750,000

415,030

(423,774)

Six-

Month

Interest Rate Swap

JPY BBA

maturing 7/29/36 Call

JPM

Pay

LIBOR

1.069

7/27/16

JPY

7,000,000

672,085

(1)

Six-

Month

Interest Rate Swap

JPY BBA

maturing 7/29/36 Call

JPM

Pay

LIBOR

1.169

7/27/16

JPY

7,000,000

424,474

—

47    OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

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

Pay/

Receive

Counter-

Floating

Floating

Fixed

Notional

Premiums

Description

party

Rate

Rate

Rate

Amount (000’s)

Received

Value

Six-

Month

Interest Rate Swap

EUR

maturing 9/19/28 Call

JPM

Receive

EURIBOR

0.758%

9/17/18

EUR

150,000

$

2,016,247

$

(4,364,844)

Three-

Month

Interest Rate Swap

USD BBA

maturing 6/13/46 Call

JPM

Pay

LIBOR

2.390

6/9/16

USD

40,000

762,200

(440,910)

Three-

Month

Interest Rate Swap

USD BBA

maturing 6/13/21 Call

JPM

Pay

LIBOR

1.570

6/9/16

USD

194,000

717,800

(316,829)

Six-

Month

Interest Rate Swap

EUR

maturing 6/21/19 Call

JPM

Pay

EURIBOR

-0.085

6/17/16

EUR

330,000

1,065,476

(493,593)

Total of Over-the-Counter Interest Rate Swaptions Written

$

43,464,476

$

(44,019,487)

Glossary:
Counterparty Abbreviations
BAC	Barclays Bank plc
BNP	BNP Paribas
BOA	Bank of America NA
CITNA-B	Citibank NA
DEU	Deutsche Bank AG
GSCO-OT	Goldman Sachs Bank USA
GSG	Goldman Sachs Group, Inc. (The)
HSBC	HSBC Bank USA NA
JPM	JPMorgan Chase Bank NA
MOS-A	Morgan Stanley
MSCO	Morgan Stanley Capital Services, Inc.
NOM	Nomura Global Financial Products, Inc.
RBS	Royal Bank of Scotland plc (The)
SCB	Standard Chartered Bank
SIB	Banco Santander SA
TDB	Toronto Dominion Bank
UBS	UBS AG
Currency abbreviations indicate amounts reporting in currencies
AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
CLP	Chilean Peso
CNH	Offshore Chinese Renminbi
CNY	Chinese Renminbi
COP	Colombian Peso
DKK	Danish Krone
EUR	Euro

48    OPPENHEIMER INTERNATIONAL BOND FUND

Currency abbreviations indicate amounts reporting in currencies (Continued)
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
PHP	Philippine Peso
PLN	Polish Zloty
RUB	Russian Ruble
SEK	Swedish Krona
SGD	Singapore Dollar
TRY	New Turkish Lira
ZAR	South African Rand
Definitions
BA CDOR	Canada Bankers Acceptances Deposit Offering Rate
BANXICO	Banco de Mexico
BBA LIBOR	British Bankers’ Association London - Interbank Offered Rate
BBR BBSW	Bank Bill Swap Reference Rate (Australian Financial Market)
BNM	Bank Negara Malaysia
BOBL	German Federal Obligation
BTP	Italian Treasury Bonds
BZDI	Brazil Interbank Deposit Rate
CD	Certificate of Deposit
CDX.EM.25	Markit CDX Emerging Markets Index
CLP TNA	Non-Deliverable CLP Camara
CNREPOFIX=CFX	Repurchase Fixing Rate
EURIBOR	Euro Interbank Offered Rate
FBIL	Financial Benchmarks India Private Ltd.
IBR	Indicador Bancario de Referencia
iTraxx Europe Senior
Financials Series 25
Version 1	Credit Default Swap Trading Index for a Specific Basket of Securities
JIBAR SAFEX	South Africa Johannesburg Interbank Agreed Rate/Futures Exchange
KLIBOR	Kuala Lumpur Interbank Offered Rate.
KSDA	Korean Securities Dealers Assn.
MIBOR	Mumbai Interbank Offered Rate
OAT	French Government Bonds
OIS	Overnight Index Swap
SOR VWAP	Swap Offered Rate Singapore Dollar Index
STIBOR SIDE	Stockholm Interbank Offered Rate
TIIE	Interbank Equilibrium Interest Rate
WIBOR WIBO	Poland Warsaw Interbank Offer Bid Rate
Exchange Abbreviations
EUX	European Stock Exchange

49    OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

Exchange Abbreviations (Continued)
LIF	London International Financial Futures and Options Exchange

See accompanying Notes to Consolidated Financial Statements.

50    OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED STATEMENT OF

ASSETS AND LIABILITIES March 31, 2016 Unaudited

Assets
Investments, at value—see accompanying statement of investments:
Unaffiliated companies (cost $6,137,864,535)	$	5,973,279,499
Affiliated companies (cost $265,311,008)		265,311,008
		6,238,590,507
Cash		68,079,817
Cash used for collateral on futures		1,001,000
Cash used for collateral on OTC derivatives		40,928,873
Cash used for collateral on centrally cleared swaps		17,874,374
Unrealized appreciation on forward currency exchange contracts		300,480,517
Swaps, at value (net premiums paid $41,157,424)		41,308,488
Centrally cleared swaps, at value (premiums paid $7,101,124 )		8,678,254
Receivables and other assets:
Investments sold (including $14,352,281 sold on a when issued or delayed delivery basis)		103,742,556
Interest, dividends and principal paydowns		81,192,748
Shares of beneficial interest sold		9,403,297
Variation margin receivable		4,817
Other		294,115
Total assets		6,911,579,363
Liabilities
Bank overdraft-foreign		26,633
Unrealized depreciation on forward currency exchange contracts		361,578,379
Options written, at value (premiums received $68,993,492)		62,780,548
Swaps, at value (net premiums received $25,175,305)		32,290,665
Centrally cleared swaps, at value		11,698,231
Swaptions written, at value (premiums received $46,119,215)		45,944,687
Payables and other liabilities:
Investments purchased (including $29,988,656 purchased on a when issued or delayed delivery basis)		155,052,563
Shares of beneficial interest redeemed		14,904,573
Dividends		1,453,506
Distribution and service plan fees		514,174
Variation margin payable		359,974
Trustees’ compensation		218,897
Shareholder communications		67,560
Other		355,577
Total liabilities		687,245,967
Net Assets	$	6,224,333,396

51    OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED STATEMENT OF

ASSETS AND LIABILITIES Unaudited / Continued

Composition of Net Assets
Par value of shares of beneficial interest	$	1,093,127
Additional paid-in capital		6,987,450,170
Accumulated net investment loss		(279,782,797)
Accumulated net realized loss on investments and foreign currency transactions		(246,093,421)
Net unrealized depreciation on investments and translation of assets and liabilities denominated in foreign currencies		(238,333,683)
Net Assets	$	6,224,333,396
Net Asset Value Per Share
Class A Shares:
Net asset value and redemption price per share (based on net assets of $1,729,731,831 and 303,549,874 shares of beneficial interest outstanding)		$5.70
Maximum offering price per share (net asset value plus sales charge of 4.75% of offering price)		$5.98
Class B Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $25,038,324 and 4,410,446 shares of beneficial interest outstanding)		$5.68
Class C Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $518,107,544 and 91,260,163 shares of beneficial interest outstanding)		$5.68
Class I Shares:
Net asset value, redemption price and offering price per share (based on net assets of $1,399,614,672 and 245,911,267 shares of beneficial interest outstanding)		$5.69
Class R Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $146,877,103 and 25,849,973 shares of beneficial interest outstanding)		$5.68
Class Y Shares:
Net asset value, redemption price and offering price per share (based on net assets of $2,404,963,922 and 422,145,136 shares of beneficial interest outstanding)		$5.70

See accompanying Notes to Consolidated Financial Statements.

52    OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED STATEMENT OF

OPERATIONS For the Six Months Ended March 31, 2016 Unaudited

Investment Income
Interest (net of foreign withholding taxes of $879,822)	$	138,932,080
Dividends affiliated companies		271,950
Total investment income		139,204,030
Expenses
Management fees		17,028,303
Distribution and service plan fees:
Class A		2,283,125
Class B		154,521
Class C		2,707,308
Class R		378,425
Transfer and shareholder servicing agent fees:
Class A		2,028,227
Class B		34,032
Class C		596,116
Class I		189,644
Class R		166,978
Class Y		2,795,885
Shareholder communications:
Class A		36,891
Class B		936
Class C		9,041
Class I		889
Class R		850
Class Y		31,791
Custodian fees and expenses		314,709
Trustees’ compensation		94,276
Borrowing fees	��	56,365
Other		885,876
Total expenses		29,794,188
Less reduction to custodian expenses		(7,726)
Less waivers and reimbursements of expenses		(397,366)
Net expenses		29,389,096
Net Investment Income		109,814,934

53    OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED STATEMENT OF

OPERATIONS Unaudited / Continued

Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments from unaffiliated companies (includes premiums on options exercised) (net of foreign capital gains tax of $11,361)	$	(61,436,095)
Closing and expiration of option contracts written		9,462,941
Closing and expiration of futures contracts		(2,866,511)
Foreign currency transactions		(33,680,615)
Swap contracts		(26,898,403)
Closing and expiration of swaption contracts written		9,172,026
Net realized loss		(106,246,657)
Net change in unrealized appreciation/depreciation on:
Investments		123,892,622
Translation of assets and liabilities denominated in foreign currencies		47,769,028
Futures contracts		(5,138,885)
Option contracts written		14,449,560
Swap contracts		15,442,496
Swaption contracts written		(6,521,181)
Net change in unrealized appreciation/depreciation		189,893,640
Net Increase in Net Assets Resulting from Operations	$	193,461,917

See accompanying Notes to Consolidated Financial Statements.

54    OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended March 31, 2016 (Unaudited)		Year Ended September 30, 2015
Operations
Net investment income	$	109,814,934	$	236,967,127
Net realized loss		(106,246,657)		(269,827,797)
Net change in unrealized appreciation/depreciation		189,893,640		(219,030,718)
Net increase (decrease) in net assets resulting from operations		193,461,917		(251,891,388)
Dividends and/or Distributions to Shareholders
Dividends from net investment income:
Class A		(30,055,541)		(59,378,613)
Class B		(388,344)		(981,103)
Class C		(6,811,180)		(12,542,702)
Class I		(23,276,145)		(24,536,293)
Class R		(2,283,961)		(4,124,206)
Class Y		(44,597,187)		(79,088,208)
		(107,412,358)		(180,651,125)
Tax return of capital distribution:
Class A		—		(18,311,460)
Class B		—		(302,557)
Class C		—		(3,867,978)
Class I		—		(7,566,619)
Class R		—		(1,271,842)
Class Y		—		(24,389,599)
		—		(55,710,055)
Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions:
Class A		(303,841,939)		(934,147,804)
Class B		(15,024,129)		(29,914,814)
Class C		(74,422,054)		(227,136,145)
Class I		221,872,353		437,267,773
Class R		(22,012,802)		(37,350,514)
Class Y		(407,929,954)		(444,271,574)
		(601,358,525)		(1,235,553,078)
Net Assets
Total decrease		(515,308,966)		(1,723,805,646)
Beginning of period		6,739,642,362		8,463,448,008
End of period (including accumulated net investment loss of $279,782,797 and $282,185,373, respectively)	$	6,224,333,396	$	6,739,642,362

See accompanying Notes to Consolidated Financial Statements.

55    OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED FINANCIAL HIGHLIGHTS

Class A	Six Months Ended March 31, 2016 (Unaudited)		Year Ended September 30, 2015		Year Ended September 30, 2014		Year Ended September 30, 2013		Year Ended September 28, 20121		Year Ended September 30, 2011
Per Share Operating Data
Net asset value, beginning of period		$5.62		$6.01		$6.09		$6.54		$6.29		$6.80
Income (loss) from investment operations:
Net investment income2		0.09		0.18		0.19		0.23		0.25		0.25
Net realized and unrealized gain (loss)		0.08		(0.39)		(0.08)		(0.40)		0.33		(0.44)
Total from investment operations		0.17		(0.21)		0.11		(0.17)		0.58		(0.19)
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.09)		(0.14)		(0.07)		(0.24)		(0.33)		(0.26)
Distributions from net realized gain		0.00		0.00		0.003		(0.04)		0.00		(0.06)
Tax return of capital distribution		0.00		(0.04)		(0.12)		0.00		0.00		0.00
Total dividends and/or distributions to shareholders		(0.09)		(0.18)		(0.19)		(0.28)		(0.33)		(0.32)
Net asset value, end of period		$5.70		$5.62		$6.01		$6.09		$6.54		$6.29
Total Return, at Net Asset Value4		3.09%		(3.57)%		1.86%		(2.77)%		9.58%		(2.88)%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$1,729,732		$2,010,994		$3,104,220		$4,794,923		$5,886,327		$6,382,276
Average net assets (in thousands)		$1,841,563		$2,556,904		$4,022,858		$5,586,929		$6,013,740		$7,004,799
Ratios to average net assets:5
Net investment income		3.34%		3.03%		3.16%		3.61%		3.89%		3.80%
Expenses excluding specific expenses listed below		1.05%		1.02%		1.02%		1.01%		1.02%		0.98%
Interest and fees from borrowings		0.00%6		0.00%6		0.00%		0.00%		0.00%		0.00%
Total expenses7		1.05%		1.02%		1.02%		1.01%		1.02%		0.98%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.04%		1.02%		1.02%		1.01%		1.02%		0.98%
Portfolio turnover rate		74%		111%		108%		105%		111%		80%

56    OPPENHEIMER INTERNATIONAL BOND FUND

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

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

3. Less than $0.005 per share.

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

5. Annualized for periods less than one full year.

6. Less than 0.005%.

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

Six Months Ended March 31, 2016	1.05%
Year Ended September 30, 2015	1.02%
Year Ended September 30, 2014	1.02%
Year Ended September 30, 2013	1.01%
Year Ended September 28, 2012	1.02%
Year Ended September 30, 2011	0.98%

See accompanying Notes to Consolidated Financial Statements.

57    OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED FINANCIAL HIGHLIGHTS Continued

Class B	Six Months Ended March 31, 2016 (Unaudited)		Year Ended September 30, 2015		Year Ended September 30, 2014		Year Ended September 30, 2013		Year Ended September 28, 20121		Year Ended September 30, 2011
Per Share Operating Data
Net asset value, beginning of period		$5.60		$5.99		$6.07		$6.51		$6.27		$6.78
Income (loss) from investment operations:
Net investment income2		0.07		0.13		0.14		0.18		0.19		0.19
Net realized and unrealized gain (loss)		0.08		(0.38)		(0.08)		(0.40)		0.33		(0.44)
Total from investment operations		0.15		(0.25)		0.06		(0.22)		0.52		(0.25)
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.07)		(0.11)		(0.05)		(0.18)		(0.28)		(0.20)
Distributions from net realized gain		0.00		0.00		0.003		(0.04)		0.00		(0.06)
Tax return of capital distribution		0.00		(0.03)		(0.09)		0.00		0.00		0.00
Total dividends and/or distributions to shareholders		(0.07)		(0.14)		(0.14)		(0.22)		(0.28)		(0.26)
Net asset value, end of period		$5.68		$5.60		$5.99		$6.07		$6.51		$6.27
Total Return, at Net Asset Value4		2.71%		(4.32)%		1.06%		(3.46)%		8.50%		(3.74)%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$25,038		$39,835		$73,164		$128,905		$193,955		$226,660
Average net assets (in thousands)		$30,827		$56,357		$99,269		$165,674		$208,830		$257,491
Ratios to average net assets:5
Net investment income		2.59%		2.27%		2.38%		2.77%		3.02%		2.93%
Expenses excluding specific expenses listed below		1.80%		1.77%		1.81%		1.85%		1.89%		1.84%
Interest and fees from borrowings		0.00%6		0.00%6		0.00%		0.00%		0.00%		0.00%
Total expenses7		1.80%		1.77%		1.81%		1.85%		1.89%		1.84%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.79%		1.77%		1.81%		1.85%		1.89%		1.84%
Portfolio turnover rate		74%		111%		108%		105%		111%		80%

58    OPPENHEIMER INTERNATIONAL BOND FUND

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

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

3. Less than $0.005 per share.

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

5. Annualized for periods less than one full year.

6. Less than 0.005%.

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

Six Months Ended March 31, 2016	1.80%
Year Ended September 30, 2015	1.77%
Year Ended September 30, 2014	1.81%
Year Ended September 30, 2013	1.85%
Year Ended September 28, 2012	1.89%
Year Ended September 30, 2011	1.84%

See accompanying Notes to Consolidated Financial Statements.

59    OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED FINANCIAL HIGHLIGHTS Continued

Class C	Six Months Ended March 31, 2016 (Unaudited)		Year Ended September 30, 2015		Year Ended September 30, 2014		Year Ended September 30, 2013		Year Ended September 28, 20121		Year Ended September 30, 2011
Per Share Operating Data
Net asset value, beginning of period		$5.60		$5.99		$6.07		$6.51		$6.27		$6.78
Income (loss) from investment operations:
Net investment income2		0.07		0.13		0.15		0.19		0.20		0.21
Net realized and unrealized gain (loss)		0.08		(0.38)		(0.08)		(0.40)		0.33		(0.45)
Total from investment operations		0.15		(0.25)		0.07		(0.21)		0.53		(0.24)
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.07)		(0.11)		(0.06)		(0.19)		(0.29)		(0.21)
Distributions from net realized gain		0.00		0.00		0.003		(0.04)		0.00		(0.06)
Tax return of capital distribution		0.00		(0.03)		(0.09)		0.00		0.00		0.00
Total dividends and/or distributions to shareholders		(0.07)		(0.14)		(0.15)		(0.23)		(0.29)		(0.27)
Net asset value, end of period		$5.68		$5.60		$5.99		$6.07		$6.51		$6.27
Total Return, at Net Asset Value4		2.71%		(4.31)%		1.13%		(3.30)%		8.69%		(3.58)%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$518,107		$585,788		$858,281		$1,238,931		$1,614,123		$1,724,712
Average net assets (in thousands)		$541,354		$713,793		$1,033,206		$1,509,389		$1,651,022		$1,891,414
Ratios to average net assets:5
Net investment income		2.59%		2.30%		2.45%		2.93%		3.21%		3.10%
Expenses excluding specific expenses listed below		1.80%		1.77%		1.74%		1.69%		1.71%		1.68%
Interest and fees from borrowings		0.00%6		0.00%6		0.00%		0.00%		0.00%		0.00%
Total expenses7		1.80%		1.77%		1.74%		1.69%		1.71%		1.68%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.79%		1.77%		1.74%		1.69%		1.71%		1.68%
Portfolio turnover rate		74%		111%		108%		105%		111%		80%

60    OPPENHEIMER INTERNATIONAL BOND FUND

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

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

3. Less than $0.005 per share.

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

5. Annualized for periods less than one full year.

6. Less than 0.005%.

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

Six Months Ended March 31, 2016	1.80%
Year Ended September 30, 2015	1.77%
Year Ended September 30, 2014	1.74%
Year Ended September 30, 2013	1.69%
Year Ended September 28, 2012	1.71%
Year Ended September 30, 2011	1.68%

See accompanying Notes to Consolidated Financial Statements.

61    OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED FINANCIAL HIGHLIGHTS Continued

Class I	Six Months Ended March 31, 2016 (Unaudited)		Year Ended September 30, 2015		Year Ended September 30, 2014		Year Ended September 30, 2013		Period Ended September 28, 2012 1,2
Per Share Operating Data
Net asset value, beginning of period		$5.61		$6.00		$6.08		$6.53		$6.36
Income (loss) from investment operations:
Net investment income3		0.10		0.21		0.22		0.24		0.18
Net realized and unrealized gain (loss)		0.08		(0.39)		(0.08)		(0.38)		0.18
Total from investment operations		0.18		(0.18)		0.14		(0.14)		0.36
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.10)		(0.16)		(0.09)		(0.27)		(0.19)
Distributions from net realized gain		0.00		0.00		0.004		(0.04)		0.00
Tax return of capital distribution		0.00		(0.05)		(0.13)		0.00		0.00
Total dividends and/or distributions to shareholders		(0.10)		(0.21)		(0.22)		(0.31)		(0.19)
Net asset value, end of period		$5.69		$5.61		$6.00		$6.08		$6.53
Total Return, at Net Asset Value5		3.32%		(3.16)%		2.32%		(2.31)%		5.70%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$1,399,615		$1,154,225		$779,478		$542,637		$855
Average net assets (in thousands)		$1,265,851		$918,521		$611,312		$206,805		$380
Ratios to average net assets:6
Net investment income		3.76%		3.54%		3.58%		3.95%		4.20%
Expenses excluding specific expenses listed below		0.61%		0.57%		0.56%		0.57%		0.57%
Interest and fees from borrowings		0.00%7		0.00%7		0.00%		0.00%		0.00%
Total expenses8		0.61%		0.57%		0.56%		0.57%		0.57%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.60%		0.57%		0.56%		0.57%		0.57%
Portfolio turnover rate		74%		111%		108%		105%		111%

62    OPPENHEIMER INTERNATIONAL BOND FUND

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

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

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

4. Less than $0.005 per share.

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

6. Annualized for periods less than one full year.

7. Less than 0.005%.

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

Six Months Ended March 31, 2016	0.61%
Year Ended September 30, 2015	0.57%
Year Ended September 30, 2014	0.56%
Year Ended September 30, 2013	0.57%
Period Ended September 28, 2012	0.57%

See accompanying Notes to Consolidated Financial Statements.

63    OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED FINANCIAL HIGHLIGHTS Continued

Class R	Six Months Ended March 31, 2016 (Unaudited)		Year Ended September 30, 2015		Year Ended September 30, 2014		Year Ended September 30, 2013		Year Ended September 28, 20121		Year Ended September 30, 2011
Per Share Operating Data
Net asset value, beginning of period		$5.60		$5.99		$6.07		$6.52		$6.28		$6.79
Income (loss) from investment operations:
Net investment income2		0.09		0.16		0.17		0.20		0.22		0.22
Net realized and unrealized gain (loss)		0.07		(0.39)		(0.08)		(0.40)		0.33		(0.44)
Total from investment operations		0.16		(0.23)		0.09		(0.20)		0.55		(0.22)
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.08)		(0.12)		(0.07)		(0.21)		(0.31)		(0.23)
Distributions from net realized gain		0.00		0.00		0.003		(0.04)		0.00		(0.06)
Tax return of capital distribution		0.00		(0.04)		(0.10)		0.00		0.00		0.00
Total dividends and/or distributions to shareholders		(0.08)		(0.16)		(0.17)		(0.25)		(0.31)		(0.29)
Net asset value, end of period		$5.68		$5.60		$5.99		$6.07		$6.52		$6.28
Total Return, at Net Asset Value4		2.97%		(3.84)%		1.55%		(3.16)%		9.01%		(3.28)%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$146,877		$166,932		$216,721		$252,758		$314,773		$322,070
Average net assets (in thousands)		$151,649		$192,512		$234,841		$290,208		$314,673		$325,834
Ratios to average net assets:5
Net investment income		3.08%		2.81%		2.84%		3.19%		3.50%		3.39%
Expenses excluding specific expenses listed below		1.30%		1.27%		1.35%		1.53%		1.54%		1.44%
Interest and fees from borrowings		0.00%6		0.00%6		0.00%		0.00%		0.00%		0.00%
Total expenses7		1.30%		1.27%		1.35%		1.53%		1.54%		1.44%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.29%		1.27%		1.32%		1.43%		1.41%		1.38%
Portfolio turnover rate		74%		111%		108%		105%		111%		80%

64    OPPENHEIMER INTERNATIONAL BOND FUND

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

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

3. Less than $0.005 per share.

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

5. Annualized for periods less than one full year.

6. Less than 0.005%.

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

Six Months Ended March 31, 2016	1.30%
Year Ended September 30, 2015	1.27%
Year Ended September 30, 2014	1.35%
Year Ended September 30, 2013	1.53%
Year Ended September 28, 2012	1.54%
Year Ended September 30, 2011	1.44%

See accompanying Notes to Consolidated Financial Statements.

65    OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED FINANCIAL HIGHLIGHTS Continued

Class Y	Six Months Ended March 31, 2016 (Unaudited)		Year Ended September 30, 2015		Year Ended September 30, 2014		Year Ended September 30, 2013		Year Ended September 28, 20121		Year Ended September 30, 2011
Per Share Operating Data
Net asset value, beginning of period		$5.61		$6.01		$6.09		$6.53		$6.29		$6.80
Income (loss) from investment operations:
Net investment income2		0.10		0.20		0.21		0.25		0.26		0.27
Net realized and unrealized gain (loss)		0.09		(0.41)		(0.08)		(0.40)		0.33		(0.44)
Total from investment operations		0.19		(0.21)		0.13		(0.15)		0.59		(0.17)
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.10)		(0.15)		(0.08)		(0.25)		(0.35)		(0.28)
Distributions from net realized gain		0.00		0.00		0.003		(0.04)		0.00		(0.06)
Tax return of capital distribution		0.00		(0.04)		(0.13)		0.00		0.00		0.00
Total dividends and/or distributions to shareholders		(0.10)		(0.19)		(0.21)		(0.29)		(0.35)		(0.34)
Net asset value, end of period		$5.70		$5.61		$6.01		$6.09		$6.53		$6.29
Total Return, at Net Asset Value4		3.40%		(3.50)%		2.14%		(2.36)%		9.71%		(2.64)%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$2,404,964		$2,781,868		$3,431,584		$3,946,008		$4,736,285		$4,084,001
Average net assets (in thousands)		$2,538,812		$3,128,046		$3,532,821		$4,710,455		$4,446,720		$3,861,749
Ratios to average net assets:5
Net investment income		3.59%		3.32%		3.43%		3.88%		4.16%		4.04%
Expenses excluding specific expenses listed below		0.80%		0.77%		0.74%		0.74%		0.75%		0.74%
Interest and fees from borrowings		0.00%6		0.00%6		0.00%		0.00%		0.00%		0.00%
Total expenses7		0.80%		0.77%		0.74%		0.74%		0.75%		0.74%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.79%		0.77%		0.74%		0.74%		0.75%		0.73%
Portfolio turnover rate		74%		111%		108%		105%		111%		80%

66    OPPENHEIMER INTERNATIONAL BOND FUND

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

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

3. Less than $0.005 per share.

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

5. Annualized for periods less than one full year.

6. Less than 0.005%.

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

Six Months Ended March 31, 2016	0.80%
Year Ended September 30, 2015	0.77%
Year Ended September 30, 2014	0.74%
Year Ended September 30, 2013	0.74%
Year Ended September 28, 2012	0.75%
Year Ended September 30, 2011	0.74%

See accompanying Notes to Consolidated Financial Statements.

67    OPPENHEIMER INTERNATIONAL BOND FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS March 31, 2016

1. Organization

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

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

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

2. Significant Accounting Policies

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

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

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.

68    OPPENHEIMER INTERNATIONAL BOND FUND

2. Significant Accounting Policies (Continued)

The Fund may invest up to 25% of its total assets in the Subsidiary. The Subsidiary invests primarily in Regulation S securities. Regulation S securities are securities of U.S. and non-U.S. issuers that are issued through private offerings without registration with the Securities and Exchange Commission pursuant to Regulation S under the Securities Act of 1933. The Fund applies its investment restrictions and compliance policies and procedures, on a look-through basis, to the Subsidiary. The Subsidiary is subject to the same investment restrictions and guidelines, and follows the same compliance policies and procedures, as the Fund.

The financial statements have been consolidated and include accounts of the Fund and the Subsidiary. Accordingly, all inter-company transactions and balances have been eliminated. At period end, the Fund owned 1,261,254 shares with net assets of $127,063,194 in the Subsidiary.

Other financial information at period end:

Total market value of investments	$	113,228,069
Net assets	$	127,063,194
Net income (loss)	$	1,484,317
Net realized gain (loss)	$	(406,065)
Net change in unrealized appreciation/depreciation	$	2,635,913

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

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

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

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

69    OPPENHEIMER INTERNATIONAL BOND FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Unaudited / Continued

2. Significant Accounting Policies (Continued)

expenses directly attributable to a specific class are charged against the operations of that class.

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

The tax character of distributions is determined as of the Fund’s fiscal year end. Therefore, a portion of the Fund’s distributions made to shareholders prior to the Fund’s fiscal year end may ultimately be categorized as a tax return of capital.

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

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

Security Transactions. Security transactions are recorded on the trade date. Realized gains and losses on securities sold (except for the investments in the Subsidiary) are determined on the basis of identified cost.

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

Federal Taxes. The Fund intends to comply with provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its

70    OPPENHEIMER INTERNATIONAL BOND FUND

2. Significant Accounting Policies (Continued)

investment company taxable income to shareholders. Therefore, no federal income or excise tax provision is required. The Fund files income tax returns in U.S. federal and applicable state jurisdictions. The statute of limitations on the Fund’s tax return filings generally remains open for the three preceding fiscal reporting period ends. The Fund has analyzed its tax positions for the fiscal year ended September 30, 2015, including open tax years, and does not believe there are any uncertain tax positions requiring recognition in the Fund’s financial statements.

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

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

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

During the fiscal year ended September 30, 2015, the Fund did not utilize any capital loss carryforward to offset capital gains realized in that fiscal year. The Fund had post-October foreign currency losses of $55,883,182, post-October passive foreign investments company losses of $1,177 and straddle losses of $4,596,121, which were deferred. Details of the fiscal year ended September 30, 2015 capital loss carryforwards are included in the table below. Capital loss carryforwards with no expiration, if any, must be utilized prior to those with expiration dates. Capital losses with no expiration will be carried forward to future years if not offset by gains.

Expiring
No expiration	$            125,432,748

At period end, it is estimated that the capital loss carryforwards would be $231,679,405, which will not expire. The estimated capital loss carryforward represents the carryforward as of the end of the last fiscal year, increased or decreased by capital losses or gains realized in the first six months of the current fiscal year. During the reporting period, it is estimated that the Fund will not utilize any capital loss carryforward to offset realized capital gains.

71    OPPENHEIMER INTERNATIONAL BOND FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Unaudited / Continued

2. Significant Accounting Policies (Continued)

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

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

Federal tax cost of securities	$	6,405,739,510
Federal tax cost of other investments		(765,312,866)
Total federal tax cost	$	5,640,426,644
Gross unrealized appreciation	$	590,108,518
Gross unrealized depreciation		(829,785,797)
Net unrealized depreciation	$	(239,677,279)

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

3. Securities Valuation

The Fund calculates the net asset value of its shares as of the close of the New York Stock Exchange (the “Exchange”), normally 4:00 P.M. Eastern time, on each day the Exchange is open for trading, 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 its next regularly scheduled meeting covering the calendar quarter in which the fair valuation was determined.

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3. Securities Valuation (Continued)

Valuation Methods and Inputs

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

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

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

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

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

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

Structured securities, swaps, swaptions, and other over-the-counter derivatives are valued utilizing evaluated prices obtained from third party pricing services or broker-dealers.

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3. Securities Valuation (Continued)

Forward foreign currency exchange contracts are valued utilizing current and forward currency rates obtained from third party pricing services. When the settlement date of a contract is an interim date for which a quotation is not available, interpolated values are derived using the nearest dated forward currency rate.

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

A description of the standard inputs that may generally be considered by the third party pricing vendors in determining their evaluated prices is provided below.

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

If a market value or price cannot be determined for a security using the methodologies described above, or if, in the “good faith” opinion of the Manager, the market value or price obtained does not constitute a “readily available market quotation,” or a significant event has occurred that would materially affect the value of the security, the security is fair valued either (i) by a standardized fair valuation methodology applicable to the security type or the significant event as previously approved by the Valuation Committee and the Fund’s Board or (ii) as determined in good faith by the Manager’s Valuation Committee. The Valuation Committee considers all relevant facts that are reasonably available, through either public information or information available to the Manager, when determining the fair value of a security. Fair value determinations by the Manager are subject to review, approval and ratification by the Fund’s Board at its next regularly scheduled meeting covering the calendar quarter in which the fair valuation was determined. Those fair valuation standardized methodologies include, but are not limited to, valuing securities at the last sale price or initially at cost and subsequently adjusting the value based on: changes in company specific fundamentals, changes in an appropriate securities index, or changes in the value of similar securities which may be further adjusted for any discounts related to security-specific resale restrictions. When possible, such methodologies use observable market inputs such as

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3. Securities Valuation (Continued)

unadjusted quoted prices of similar securities, observable interest rates, currency rates and yield curves. The methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities nor can it be assured that the Fund can obtain the fair value assigned to a security if it were to sell the security.

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

Classifications

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

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

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

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

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

The Fund classifies each of its investments in those Underlying Funds which are publicly offered and reported on an exchange as Level 1, and those Underlying Funds which are not publicly offered are not assigned a level, without consideration as to the classification level of the specific investments held by the Underlying Funds.

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

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3. Securities Valuation (Continued)

	Level 1— Unadjusted Quoted Prices			Level 2— Other Significant Observable Inputs			Level 3— Significant Unobservable Inputs		Value
Assets Table
Investments, at Value:
Asset-Backed Securities	$	—		$	71,509,841		$	—	$	71,509,841
Mortgage-Backed Obligations		—			133,348,423			—		133,348,423
Foreign Government Obligations		—			3,610,476,101			—		3,610,476,101
Corporate Bonds and Notes		—			1,934,049,687			173,692		1,934,223,379
Common Stock		—			—			—		—
Structured Securities		—			17,138,652			1,096,468		18,235,120
Short-Term Notes		—			149,832,400			—		149,832,400
Exchange-Traded Option Purchased		524,900			—			—		524,900
Over-the-Counter Options Purchased		—			26,508,832			—		26,508,832
Over-the-Counter Credit Default
Swaption Purchased		—			1,336,382			—		1,336,382
Over-the-Counter Interest Rate
Swaptions Purchased		—			27,284,121			—		27,284,121
Investment Company		265,311,008			—			—		265,311,008
Total Investments, at Value		265,835,908			5,971,484,439			1,270,160		6,238,590,507
Other Financial Instruments:
Swaps, at value		—			41,308,488			—		41,308,488
Centrally cleared swaps, at value		—			8,678,254			—		8,678,254
Futures contracts		20,748			—			—		20,748
Forward currency exchange contracts		—			300,480,517			—		300,480,517
Total Assets	$	265,856,656		$	6,321,951,698		$	1,270,160	$	6,589,078,514
Liabilities Table
Other Financial Instruments:
Swaps, at value	$	—		$	(32,290,665	)	$	—	$	(32,290,665)
Centrally cleared swaps, at value		—			(11,698,231	)		—		(11,698,231)
Options written, at value		—			(62,780,548	)		—		(62,780,548)
Futures contracts		(2,330,346	)		—			—		(2,330,346)
Forward currency exchange contracts		—			(361,578,379	)		—		(361,578,379)
Swaptions written, at value		—			(45,944,687	)		—		(45,944,687)
Total Liabilities	$	(2,330,346	)	$	(514,292,510	)	$	—	$	(516,622,856)

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

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

	Transfers into Level 2*		Transfers out of Level 3*
Assets Table
Investments, at Value:
Asset-Backed Securities	$	11,360,715	$	(11,360,715)

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3. Securities Valuation (Continued)

Non-Convertible Corporate Bonds and Notes	$	14,713,594		(14,713,594)
Total Assets	$	26,074,309	$	(26,074,309)

  * 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 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.

Investment in Oppenheimer Institutional Money Market Fund. The Fund is permitted

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4. Investments and Risks (Continued)

to invest daily available cash balances in a money market Affiliated Fund. The Fund may invest the available cash in Class E shares of Oppenheimer Institutional Money Market Fund (“IMMF”) to seek current income while preserving liquidity or for defensive purposes. IMMF is regulated as a money market fund under the Investment Company Act of 1940, as amended.

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

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

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

	When-Issued or Delayed Delivery Basis Transactions
Purchased securities		$29,988,656
Sold securities		14,352,281

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

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4. Investments and Risks (Continued)

direction from one or more foreign stock markets. Adverse events in any part of the equity or fixed-income markets may have unexpected negative effects on other market segments.

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

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

Cost	$19,100,628
Market Value	$0
Market Value as % of Net Assets	Less than 0.005%

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

5. Market Risk Factors

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

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

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

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Unaudited / Continued

5. Market Risk Factors (Continued)

U.S. dollar value of a security held that is denominated in a foreign currency. The U.S. dollar value of a foreign currency denominated security will decrease as the dollar appreciates against the currency, while the U.S. dollar value will increase as the dollar depreciates against the currency.

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

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

6. Use of Derivatives

The Fund’s investment objective not only permits the Fund to purchase investment securities, it also allows the Fund to enter into various types of derivatives contracts, including, but not limited to, futures contracts, forward currency exchange contracts, credit default swaps, interest rate swaps, total return swaps, variance swaps and purchased and written options. In doing so, the Fund will employ strategies in differing combinations to permit it to increase, decrease, or change the level or types of exposure to market risk factors. These instruments may allow the Fund to pursue its objectives more quickly and efficiently than if it were to make direct purchases or sales of securities capable of effecting a similar response to market factors. Such contracts may be entered into through a bilateral over-the-counter (“OTC”) transaction, or through a securities or futures exchange and cleared through a clearinghouse.

Derivatives may have little or no initial cash investment relative to their market value exposure and therefore can produce significant gains or losses in excess of their cost due to unanticipated changes in the market risk factors and the overall market. This use of embedded leverage allows the Fund to increase its market value exposure relative to its net assets and can substantially increase the volatility of the Fund’s performance. In instances where the Fund is using derivatives to decrease, or hedge, exposures to market risk factors for securities held by the Fund, there are also risks that those derivatives may not perform as expected resulting in losses for the combined or hedged positions. Some derivatives have the potential for unlimited loss, regardless of the size of the Fund’s initial investment.

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.

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6. Use of Derivatives (Continued)

Examples of these associated risks are liquidity risk, which is the risk that the Fund will not be able to sell the derivative in the open market in a timely manner, and counterparty credit risk, which is the risk that the counterparty will not fulfill its obligation to the Fund.

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

Forward Currency Exchange Contracts

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

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

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

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

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

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

During the reporting period, the Fund had daily average contract amounts on forward contracts to buy and sell of $4,566,590,488 and $7,150,603,029, 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

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Unaudited / Continued

6. Use of Derivatives (Continued)

contracts. Futures contracts and options thereon are generally entered into on a regulated futures exchange and cleared through a clearinghouse associated with the exchange.

Upon entering into a futures contract, the Fund is required to deposit either cash or securities (initial margin) in an amount equal to a certain percentage of the contract value in an account registered in the futures commission merchant’s name. Subsequent payments (variation margin) are paid to or from the futures commission merchant each day equal to the daily changes in the contract value. Such payments are recorded as unrealized gains and losses. Should the Fund fail to make requested variation margin payments, the futures commission merchant can gain access to the initial margin to satisfy the Fund’s payment obligations.

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

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

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

During the reporting period, the Fund had an ending monthly average market value of $160,648,400 and $250,990,711 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. When an option is exercised, the cost of the security purchased or the proceeds of the security sale are adjusted

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6. Use of Derivatives (Continued)

by the amount of premium received or paid. Upon the expiration or closing of the option transaction, a gain or loss is reported in the Consolidated Statement of Operations.

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

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

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

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

The Fund has purchased call options on individual equity securities and/or equity indexes to increase exposure to equity risk. A purchased call option becomes more valuable as the price of the underlying financial instrument appreciates relative to the strike price.

The Fund has purchased put options on individual equity securities and/or equity indexes to decrease exposure to equity risk. A purchased put option becomes more valuable as the price of the underlying financial instrument depreciates relative to the strike price.

During the reporting period, the Fund had an ending monthly average market value of $11,959,207 and $19,684,130 on purchased call options and purchased put options, respectively.

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

The risk in writing a call option is that the market price of the security increases and if the option is exercised, the Fund must either purchase the security at a higher price for delivery or, if the Fund owns the underlying security, give up the opportunity for profit. The risk in writing a put option is that the Fund may incur a loss if the market price of the security decreases and the option is exercised. The risk in buying an option is that the Fund pays a premium whether or not the option is exercised. The Fund also has the additional risk that there may be an illiquid market where the Fund is unable to close the contract.

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

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

The Fund has written put options on treasury and/or euro futures to increase exposure to

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Unaudited / Continued

6. Use of Derivatives (Continued)

interest rate risk. A written put option becomes more valuable as the price of the underlying financial instrument appreciates relative to the strike price.

During the reporting period, the Fund had an ending monthly average market value of $18,101,932 and $33,152,319 on written call options and written put options, respectively.

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

Written option activity for the reporting period was as follows:

	Number of Contracts		Amount of Premiums
Options outstanding as of
September 30, 2015		103,247,622,415	$	36,982,648
Options written		3,917,540,560,000		191,295,686
Options closed or expired		(85,744,700,000)		(9,462,942)
Options exercised		(3,131,596,232,415)		(149,821,900)
Options outstanding as of March 31, 2016		803,447,250,000	$	68,993,492

Swap Contracts

The Fund may enter into swap contract agreements with a counterparty to exchange a series of cash flows based on either specified reference rates, the price or volatility of asset or non-asset references, or the occurrence of a credit event, over a specified period. Swaps can be executed in a bi-lateral privately negotiated arrangement with a dealer in an OTC transaction (“OTC swaps”) or executed on a regulated market. Certain swaps, regardless of the venue of their execution, are required to be cleared through a clearinghouse (“centrally cleared swaps”). Swap contracts may include interest rate, equity, debt, index, total return, credit default, currency, and volatility swaps.

Swap contracts are reported on a schedule following the Consolidated Statement of Investments. The values of centrally cleared swap and OTC swap contracts are aggregated by positive and negative values and disclosed separately on the Consolidated Statement of Assets and Liabilities. The unrealized appreciation (depreciation) related to the change in the valuation of the notional amount of the swap is combined with the accrued interest due to (owed by) the Fund, if any, at termination or settlement. The net change in this amount during the period is included on the Consolidated Statement of Operations. The Fund also records any periodic payments received from (paid to) the counterparty, including at termination, under such contracts as realized gain (loss) on the Consolidated Statement of Operations.

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

Credit Default Swap Contracts. A credit default swap is a contract that enables an

84    OPPENHEIMER INTERNATIONAL BOND FUND

6. Use of Derivatives (Continued)

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.

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

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

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

For the reporting period, the Fund had ending monthly average notional amounts of $635,345,921 and $309,638,943 on credit default swaps to buy protection and credit default swaps to sell protection, respectively.

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

Currency Swap Contracts. A currency swap contract is an agreement between counterparties to exchange different currencies at contract inception that are equivalent to a notional value. The exchange at contract inception is made at the current spot rate. The

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Unaudited / Continued

6. Use of Derivatives (Continued)

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

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

For the reporting period, the Fund had ending monthly average notional amounts of $42,013,882 and $143,469,329 on currency swaps which pay a fixed rate and which receive a fixed rate, respectively.

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

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

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

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

For the reporting period, the Fund had ending monthly average notional amounts of $1,549,212,801 and $1,970,179,590 on interest rate swaps which pay a fixed rate and interest rate swaps which receive a fixed rate, respectively.

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

Swaption Transactions

The Fund may enter into a swaption contract which grants the purchaser the right, but not the obligation, to enter into a swap transaction at preset terms detailed in the underlying agreement within a specified period of time. The purchaser pays a premium to the swaption writer who bears the risk of unfavorable changes in the preset terms on the underlying swap.

Purchased swaptions are reported as a component of investments in the Consolidated

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6. Use of Derivatives (Continued)

Statement of Investments and the Consolidated Statement of Assets and Liabilities. Written swaptions are reported on a schedule following the Consolidated Statement of Investments and their value is reported as a separate asset or liability line item in the Consolidated Statement of Assets and Liabilities. The net change in unrealized appreciation or depreciation on written swaptions is separately reported in the Consolidated Statement of Operations. When a swaption is exercised, the cost of the swap is adjusted by the amount of premium paid or received. Upon the expiration or closing of an unexercised swaption contract, a gain or loss is reported in the Consolidated Statement of Operations for the amount of the premium paid or received.

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

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

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

The Fund has purchased swaptions which gives it the option to sell credit protection through credit default swaps in order to increase exposure to the credit risk of individual issuers and/ or indexes of issuers. A purchased swaption of this type becomes more valuable as the likelihood of a credit event on the reference asset decreases.

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

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

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

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Unaudited / Continued

6. Use of Derivatives (Continued)

becomes more valuable as the reference interest rate increases relative to the preset interest rate.

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

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

During the reporting period, the Fund had an ending monthly average market value of $29,295,784 and $38,661,519 on purchased and written swaptions, respectively.

Written swaption activity for the reporting period was as follows:

	Notional Amount		Amount of Premiums
Swaptions outstanding as of September 30, 2015		226,133,250,000	$	59,201,573
Swaptions written		52,051,875,000		82,999,172
Swaptions closed or expired		(17,893,250,000)		(9,172,026)
Swaptions exercised		(25,606,250,000)		(86,909,504)
Swaptions outstanding as of March 31, 2016		234,685,625,000	$	46,119,215

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

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6. Use of Derivatives (Continued)

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 $23,384,616.

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

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

The Fund’s risk of loss from counterparty credit risk on exchange-traded derivatives cleared through a clearinghouse and for centrally cleared swaps is generally considered lower than as compared to OTC derivatives. However, counterparty credit risk exists with respect to initial and variation margin deposited/paid by the Fund that is held in futures commission merchant, broker and/or clearinghouse accounts for such exchange-traded derivatives and for centrally cleared swaps.

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

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

Collateral and margin requirements differ by type of derivative. Margin requirements are established by the broker, futures commission merchant or clearinghouse for exchange-traded

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Unaudited / Continued

6. Use of Derivatives (Continued)

and cleared derivatives, including centrally cleared swaps. Brokers, futures commission merchants and clearinghouses can ask for margin in excess of the regulatory minimum, or increase the margin amount, in certain circumstances.

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

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

The following table presents by counterparty the Fund’s OTC derivative assets net of the related collateral pledged by the Fund at period end.

			Gross Amounts Not Offset in the Consolidated Statement of Assets & Liabilities
Counterparty	Gross Amounts Not Offset in the Consolidated Statement of Assets & Liabilities*			Financial Instruments Available for Offset			Financial Instruments Collateral Received**			Cash Collateral Received**			Net Amount
Banco Santander SA	$	385,090	$		(385,090	)	$	–		$	–		$	–
Bank of America NA		170,972,249			(170,972,249	)		–			–			–
Barclays Bank plc		5,577,099			(5,577,099	)		–			–			–
BNP Paribas		6,168,102			(6,168,102	)		–			–			–
Citibank NA		29,994,097			(12,384,186	)		(10,710,506	)	��	–			6,899,405
Deutsche Bank Securities, Inc.		7,249,261			(7,249,261	)		–			–			–
Goldman Sachs & Co.		1,800,000			–			–			–			1,800,000
Goldman Sachs Bank USA		28,388,533			(28,388,533	)		–			–			–
Goldman Sachs Group, Inc. (The)		21,781,272			(21,781,272	)		–			–			–
HSBC Bank USA NA		12,430,301			(7,267,215	)		(5,163,086	)		–			–
JPMorgan Chase Bank NA		71,657,037			(71,657,037	)		–			–			–
Morgan Stanley		1,605,821			(267,204	)		–			(1,338,617	)		–
Morgan Stanley Capital Services, Inc.		6,360,488			(4,084,163	)		–			(2,276,325	)		–
Nomura Global Financial Products, Inc.		433,206			(433,206	)		–			–			–

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6. Use of Derivatives (Continued)

			Gross Amounts Not Offset in the Consolidated Statement of Assets & Liabilities
Counterparty	Gross Amounts Not Offset in the Consolidated Statement of Assets & Liabilities*		Financial Instruments Available for Offset			Financial Instruments Collateral Received**			Cash Collateral Received**			Net Amount
Royal Bank of Scotland plc (The)	$	6,953,414	$	(6,953,414	)	$	–		$	–		$	–
Toronto Dominion Bank		24,354,521		(24,354,521	)		–			–			–
UBS AG		807,849		–			(807,849	)		–			–
	$	396,918,340	$	(367,922,552	)	$	(16,681,441	)	$	(3,614,942	)	$	8,699,405

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

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

The following table presents by counterparty the Fund’s OTC derivative liabilities net of the related collateral pledged by the Fund at period end.

				Gross Amounts Not Offset in the Consolidated Statement of Assets & Liabilities
Counterparty	Gross Amounts Not Offset in the Consolidated Statement of Assets & Liabilities*			Financial Instruments Available for Offset		Financial Instruments Collateral Pledged**		Cash Collateral Pledged**		Net Amount
Banco Santander SA	$	(481,082	)	$	385,090	$	95,992	$	–	$	–
Bank of America NA		(174,756,499	)		170,972,249		272,907		–		(3,511,343	)
Barclays Bank plc		(7,508,822	)		5,577,099		1,877,358		–		(54,365	)
BNP Paribas		(9,583,901	)		6,168,102		3,415,799		–		–
Citibank NA		(12,384,186	)		12,384,186		–		–		–
Deutsche Bank Securities, Inc.		(20,926,453	)		7,249,261		11,167,183		1,620,000		(890,009	)
Goldman Sachs Bank USA		(35,335,245	)		28,388,533		–		6,946,712		–
Goldman Sachs Group, Inc. (The)		(55,477,787	)		21,781,272		1,679,426		13,623,800		(18,393,289	)
HSBC Bank USA NA		(7,267,215	)		7,267,215		–		–		–
JPMorgan Chase Bank NA		(115,420,623	)		71,657,037		11,733,989		20,715,073		(11,314,524	)
Morgan Stanley		(267,204	)		267,204		–		–		–
Morgan Stanley Capital Services, Inc.		(4,084,163	)		4,084,163		–		–		–
Nomura Global Financial Products, Inc.		(640,146	)		433,206		68,976		–		(137,964	)
Royal Bank of Scotland plc (The)		(13,503,928	)		6,953,414		2,606,109		1,370,000		(2,574,405	)

91    OPPENHEIMER INTERNATIONAL BOND FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Unaudited / Continued

6. Use of Derivatives (Continued)

				Gross Amounts Not Offset in the Consolidated Statement of Assets & Liabilities
Counterparty	Gross Amounts Not Offset in the Consolidated Statement of Assets & Liabilities*			Financial Instruments Available for Offset		Financial Instruments Collateral Pledged**		Cash Collateral Pledged**		Net Amount
Standard Chartered
Bank	$	(3,246,808	)	$	–	$	2,685,082	$	–	$	(561,726)
Toronto Dominion
Bank		(41,710,217	)		24,354,521		16,235,696		1,120,000		–
	$	(502,594,279	)	$	367,922,552	$	58,785,229	$	38,448,873	$	(37,437,625)

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

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

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

	Asset Derivatives			Liability Derivatives
Derivatives Not Accounted for as Hedging Instruments	Consolidated Statement of Assets and Liabilities Location	Value		Consolidated Statement of Assets and Liabilities Location	Value
Credit contracts	Swaps, at value	$	28,230,942	Swaps, at value	$	22,630,780
Forward currency
exchange contracts				Swaps, at value		118,095
Interest rate contracts	Swaps, at value		13,077,546	Swaps, at value		9,541,790
Credit contracts	Centrally cleared swaps, at value		6,727,893
Interest rate contracts	Centrally cleared swaps, at value		1,950,361	Centrally cleared swaps, at value		11,698,231
Interest rate contracts	Variation margin receivable		4,817*	Variation margin payable		359,974*
	Unrealized appreciation on			Unrealized depreciation on
Forward currency	foreign currency exchange			foreign currency exchange
exchange contracts	contracts		300,480,517	contracts		361,578,379
Forward currency exchange contracts				Options written, at value		62,780,548
Credit contracts				Swaptions, at value		1,925,200
Interest rate contracts				Swaptions, at value		44,019,487
Credit contracts	Investments, at value		1,336,382**
Forward currency
exchange contracts	Investments, at value		26,508,832**
Interest rate contracts	Investments, at value		27,809,021**
Total		$	406,126,311		$	514,652,484

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

92    OPPENHEIMER INTERNATIONAL BOND FUND

6. Use of Derivatives (Continued)

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

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

Amount of Realized Gain or (Loss) Recognized on Derivatives
Derivatives Not Accounted for as Hedging Instruments	Investment from unaffiliated companies (including premiums on options)*			Closing and expiration of swaption contracts written		Closing and expiration of option contracts written		Closing and             expiration     of futures     contracts
Credit contracts	$	5,052,395		$	202,612	$	—	$	—
Forward currency exchange contracts		24,780,648			—		9,462,941		—
Interest rate contracts		(25,433,970	)		8,969,414		—		(2,866,511)
Total	$	4,399,073		$	9,172,026	$	9,462,941	$	(2,866,511)

Amount of Realized Gain or (Loss) Recognized on Derivatives (Continued)
Derivatives Not Accounted for as Hedging Instruments		Foreign currency transactions		Swap contracts		Total
Credit contracts	$	—	$	(4,788,494)	$	466,513
Forward currency exchange contracts		148,477,936		7,139,754		189,861,279
Interest rate contracts		—		(29,249,663)		(48,580,730)
Total	$	148,477,936	$	(26,898,403)	$	141,747,062

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

Amount of Change in Unrealized Gain or (Loss) Recognized on Derivatives
Derivatives Not Accounted for as Hedging Instruments	Investments*			Option contracts written		Swaption contracts written			Futures contracts
Credit contracts	$	(704,552	)	$	—	$	1,888,782		$	—
Forward currency exchange contracts		(13,221,220	)		16,480,200		—			—
Interest rate contracts		22,329,722			(2,030,640)		(8,409,963	)		(5,138,885)
Total	$	8,403,950		$	14,449,560	$	(6,521,181	)	$	(5,138,885)

Amount of Change in Unrealized Gain or (Loss) Recognized on Derivatives (Continued)
Derivatives Not Accounted for as Hedging Instruments	Translation of assets and liabilities denominated in foreign currencies			Swap contracts			Total
Credit contracts	$	—	$		(23,944,523)	$		(22,760,293)
Foreign exchange contracts		(238,935,056)			9,868,554			(225,807,522)
Interest rate contracts		—			29,518,465			36,268,699
Total	$	(238,935,056)	$		15,442,496	$		(212,299,116)

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

93    OPPENHEIMER INTERNATIONAL BOND FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Unaudited / Continued

7. Shares of Beneficial Interest

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

	Six Months Ended March 31, 2016						Year Ended September 30, 2015
	Shares			Amount			Shares			Amount
Class A
Sold		23,347,630		$	129,952,940			53,415,513		$	314,734,344
Dividends and/or distributions reinvested		4,812,018			26,775,661			11,803,830			69,326,875
Redeemed		(82,672,190	)		(460,570,540	)		(223,848,329	)		(1,318,209,023)
Net decrease		(54,512,542	)	$	(303,841,939	)		(158,628,986	)	$	(934,147,804)
Class B
Sold		49,525		$	273,989			94,453		$	554,735
Dividends and/or distributions reinvested		63,644			352,821			195,208			1,141,544
Redeemed		(2,821,847	)		(15,650,939	)		(5,394,764	)		(31,611,093)
Net decrease		(2,708,678	)	$	(15,024,129	)		(5,105,103	)	$	(29,914,814)
Class C
Sold		2,129,780		$	11,783,951			4,855,225		$	28,518,382
Dividends and/or distributions reinvested		992,537			5,500,716			2,232,586			13,040,803
Redeemed		(16,549,586	)		(91,706,721	)		(45,794,353	)		(268,695,330)
Net decrease		(13,427,269	)	$	(74,422,054	)		(38,706,542	)	$	(227,136,145)
Class I
Sold		122,247,445		$	675,485,651			228,451,439		$	1,327,914,075
Dividends and/or distributions reinvested		4,140,793			22,999,299			5,391,371			31,517,895
Redeemed		(86,242,618	)		(476,612,597	)		(157,987,326	)		(922,164,197)
Net increase		40,145,620		$	221,872,353			75,855,484		$	437,267,773
Class R
Sold		1,667,104		$	9,250,269			4,629,093		$	27,170,680
Dividends and/or distributions reinvested		389,180			2,157,754			871,211			5,092,255
Redeemed		(6,015,102	)		(33,420,825	)		(11,870,568	)		(69,613,449)
Net decrease		(3,958,818	)	$	(22,012,802	)		(6,370,264	)	$	(37,350,514)
Class Y
Sold		43,853,156		$	243,997,997			132,928,229		$	783,645,962
Dividends and/or distributions reinvested		7,295,633			40,598,544			15,801,534			92,569,156
Redeemed		(124,439,491	)		(692,526,495	)		(224,627,209	)		(1,320,486,692)
Net decrease		(73,290,702	)	$	(407,929,954	)		(75,897,446	)	$	(444,271,574)

8. Purchases and Sales of Securities

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

94    OPPENHEIMER INTERNATIONAL BOND FUND

8. Purchases and Sales of Securities (Continued)

	Purchases		Sales
Investment securities	$	4,896,953,448	$	4,092,214,989
U.S. government and government agency obligations		—		125,000,000

9. Fees and Other Transactions with Affiliates

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

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

The Manager also provides investment management related services to the Subsidiary. The Subsidiary pays the Manager a monthly management fee at an annual rate according to the above schedule. The Subsidiary also pays certain other expenses including custody and directors’ fees.

The Fund’s effective management fee for the reporting period was 0.53% of average annual net assets before any Subsidiary management fees or any applicable waivers.

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

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

Sub-Transfer Agent Fees. The Transfer Agent has retained Shareholder Services, Inc., a wholly-owned subsidiary of OFI (the “Sub-Transfer Agent”), to provide the day-to-day transfer agent and shareholder servicing of the Fund. Under the Sub-Transfer Agency Agreement, the Transfer Agent pays the Sub-Transfer Agent an annual fee in monthly installments, equal to a percentage of the transfer agent fee collected by the Transfer Agent from the Fund, which shall be calculated after any applicable fee waivers. The fee paid to the Sub-Transfer Agent is paid

95     OPPENHEIMER INTERNATIONAL BOND FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Unaudited / Continued

9. Fees and Other Transactions with Affiliates (Continued)

by the Transfer Agent, not by the Fund.

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

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

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

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

96    OPPENHEIMER INTERNATIONAL BOND FUND

9. Fees and Other Transactions with Affiliates (Continued)

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

Six Months Ended	Class A Front-End Sales Charges Retained by Distributor		Class A Contingent Deferred Sales Charges Retained by Distributor		Class B Contingent Deferred Sales Charges Retained by Distributor		Class C Contingent Deferred Sales Charges Retained by Distributor
March 31, 2016		$51,680		$8,990		$36,127		$5,724

Waivers and Reimbursements of Expenses. The Manager has contractually agreed to waive the management fee it receives from the Fund in an amount equal to the management fee it receives from the Subsidiary. During the reporting period, the Manager waived $306,207.

The Manager will waive fees and/or reimburse Fund expenses in an amount equal to the indirect management fees incurred through the Fund’s investment in IMMF. During the reporting period, the Manager waived fees and/or reimbursed the Fund $91,159 for IMMF management fees.

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

10. Borrowings and Other Financing

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

11. Pending Litigation

In 2009, several putative class action lawsuits were filed and later consolidated before the U.S. District Court for the District of Colorado against OppenheimerFunds, Inc. (“OFI”), OppenheimerFunds Distributor, Inc. (“OFDI”), and Oppenheimer Rochester California Municipal Fund, a fund advised by OFI Global Asset Management, Inc. and distributed by the Distributor (the “California Fund”), in connection with the California Fund’s investment performance. The plaintiffs asserted claims against OFI, OFDI and certain present and former trustees and officers of the California Fund under the federal securities laws, alleging, among other things, that the disclosure documents of the California Fund contained misrepresentations and omissions and the investment policies of the California Fund were

97    OPPENHEIMER INTERNATIONAL BOND FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Unaudited / Continued

11. Pending Litigation (Continued)

not followed. Plaintiffs in the suit filed an amended complaint and defendants filed a motion to dismiss. In 2011, the court issued an order which granted in part and denied in part the defendants’ motion to dismiss. In 2012, plaintiffs filed a motion, which defendants opposed, to certify a class and appoint class representatives and class counsel. In March 2015, the court granted plaintiffs’ motion for class certification. In May 2015, the U.S. Court of Appeals for the Tenth Circuit vacated the class certification order and remanded the matter to the district court for further proceedings. In October 2015, the district court reaffirmed its order and determined that the suit will proceed as a class action. In December 2015, the Tenth Circuit denied defendants’ petition to appeal the district court’s reaffirmed class certification order.

OFI and OFDI believe the suit is without merit; that it is premature to render any opinion as to the likelihood of an outcome unfavorable to them in the suit; and that no estimate can yet be made as to the amount or range of any potential loss. Furthermore, OFI believes that the suit should not impair the ability of OFI or OFDI to perform their respective duties to the Fund and that the outcome of the suit should not have any material effect on the operations of any of the Oppenheimer funds.

98    OPPENHEIMER INTERNATIONAL BOND FUND

PORTFOLIO PROXY VOTING POLICIES AND GUIDELINES;

UPDATES TO STATEMENTS OF INVESTMENTS Unaudited

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

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

Householding—Delivery of Shareholder Documents

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

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

99    OPPENHEIMER INTERNATIONAL BOND FUND

DISTRIBUTION SOURCES Unaudited

For any distribution that took place over the Fund’s reporting period, the table below details on a per-share basis the percentage of the Fund’s total distribution payment amount that was derived from the following sources: net income, net profit from the sale of securities, and other capital sources. This information is based upon income and capital gains using generally accepted accounting principles as of the date of each distribution. Because the Fund is actively managed, the relative amount of the Fund’s total distributions derived from various sources over the calendar year may change. Please note that this information should not be used for tax reporting purposes as the tax character of distributable income may differ from the amounts used for this notification. You will receive IRS tax forms in the first quarter of each calendar year detailing the actual amount of the taxable and non-taxable portion of distributions paid to you during the tax year.

For the most current information, please go to oppenheimerfunds.com. Select your Fund, then the ‘Detailed’ tab; where ‘Dividends’ are shown, the Fund’s latest pay date will be followed by the sources of any distribution, updated daily.

Fund Name	Pay Date		Net Income		Net Profit from Sale		Other Capital Sources
Oppenheimer Limited-Term Bond Fund		5/29/15		99.9%		99.9%		99.9%

100    OPPENHEIMER INTERNATIONAL BOND FUND

OPPENHEIMER INTERNATIONAL BOND FUND

Trustees and Officers	Sam Freedman, Chairman of the Board of Trustees and Trustee
	Jon S. Fossel, Trustee
	Richard F. Grabish, Trustee
	Beverly L. Hamilton, Trustee
	Victoria J. Herget, Trustee
	Robert J. Malone, Trustee
	F. William Marshall, Jr., Trustee
	Karen L. Stuckey, Trustee
	James D. Vaughn, Trustee
	Arthur P. Steinmetz, Trustee, President and Principal Executive Officer
	Hemant Baijal, Vice President
	Chris Kelly, Vice President
	Cynthia Lo Bessette, Secretary and Chief Legal Officer
	Jennifer Sexton, Vice President and Chief Business Officer
	Mary Ann Picciotto, Chief Compliance Officer and Chief Anti-Money
	Laundering Officer
	Brian S. Petersen, Treasurer and Principal Financial & Accounting Officer
Manager	OFI Global Asset Management, Inc.
Sub-Adviser	OppenheimerFunds, Inc.
Distributor	OppenheimerFunds Distributor, Inc.
Transfer and Shareholder	OFI Global Asset Management, Inc.
Servicing Agent
Sub-Transfer Agent	Shareholder Services, Inc.
	DBA OppenheimerFunds Services
Independent Registered	KPMG LLP
Public Accounting Firm
Legal Counsel	Ropes & Gray LLP
	The financial statements included herein have been taken from the records of the Fund without examination of those records by the independent registered public accounting firm.

© 2016 OppenheimerFunds, Inc. All rights reserved.

101    OPPENHEIMER INTERNATIONAL BOND FUND

PRIVACY POLICY NOTICE

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

Information Sources

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

•  Applications or other forms

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

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

•  Your transactions with us, our affiliates or others

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

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

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

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

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

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

Protection of Information

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

Disclosure of Information

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

Right of Refusal

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

102    OPPENHEIMER INTERNATIONAL BOND FUND

Internet Security and Encryption

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

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

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

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

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

Other Security Measures

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

How You Can Help

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

Who We Are

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

103    OPPENHEIMER INTERNATIONAL BOND FUND

Item 2.  Code of Ethics.

Not applicable to semiannual reports.

Item 3.  Audit Committee Financial Expert.

Not applicable to semiannual reports.

Item 4.  Principal Accountant Fees and Services.

Not applicable to semiannual reports.

Item 5.  Audit Committee of Listed Registrants

Not applicable.

Item 6.  Schedule of Investments.

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

b) Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

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

None

Item 11.  Controls and Procedures.

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

periods specified in the rules and forms adopted by the U.S. Securities and Exchange Commission.

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

Item 12.  Exhibits.

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

(2) Exhibits attached hereto.

(3) Not applicable.

(b) Exhibit attached hereto.

SIGNATURES

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

Oppenheimer International Bond Fund

By:	/s/ Arthur P. Steinmetz
	Arthur P. Steinmetz
	Principal Executive Officer
Date:	5/13/2016

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:	5/13/2016
By:	/s/ Brian S. Petersen
	Brian S. Petersen
	Principal Financial Officer
Date:	5/13/2016