Oppenheimer International Bond Fund N-CSR Certified 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: 9/30/2017

Item 1. Reports to Stockholders.

Table of Contents

Fund Performance Discussion	3
Top Holdings and Allocations	8
Fund Expenses	11
Consolidated Statement of Investments	13
Consolidated Statement of Assets and Liabilities	50
Consolidated Statement of Operations	52
Consolidated Statements of Changes in Net Assets	54
Consolidated Financial Highlights	55
Notes to Consolidated Financial Statements	61
Report of Independent Registered Public Accounting Firm	89
Federal Income Tax Information	90
Board Approval of the Fund’s Investment Advisory and Sub-Advisory Agreements	91
Portfolio Proxy Voting Policies and Guidelines; Updates to Statements of Investments	94
Trustees and Officers	95
Privacy Policy Notice	101

Class A Shares

AVERAGE ANNUAL TOTAL RETURNS AT 9/30/17    

	Class A Shares of the Fund
	Without Sales Charge	With Sales Charge	Citigroup Non-U.S. Dollar World Government Bond Index	JP Morgan Government Bond Index- Emerging Markets Global Diversified	JP Morgan Emerging Markets Bond Index Global Diversified	Reference     Index
1-Year	4.67%	-0.30%	-3.14%	7.32%	4.61%	1.53%
5-Year	1.91	0.92	-1.07	-0.91	4.91	0.26
10-Year	4.07	3.56	2.67	3.80	7.46	4.12

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). See Fund prospectuses and summary prospectuses for more information on share classes and sales charges.

2       OPPENHEIMER INTERNATIONAL BOND FUND

Fund Performance Discussion

The Fund’s Class A shares (without sales charge) returned 4.67% during the reporting period, outperforming 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 JP Morgan Government Bond Index – Emerging Markets Global Diversified, and 20% of the JP Morgan Emerging Markets Bond Index Global Diversified, which returned 1.53%.

MARKET OVERVIEW

Markets in general turned to “risk-on” mode after the surprise election of Donald Trump, with equities climbing and credit spreads narrowing to the tight levels from early 2015, and U.S. Treasury yields climbing to levels not experienced since 2014. The U.S. dollar rallied over the fourth quarter of 2016, particularly immediately following Mr. Trump’s victory. However, much of the move was reversed over the first quarter of 2017 when the greenback depreciated against

most currencies, especially against Emerging Market (EM) currencies. This trend resumed through the end of the reporting period. In addition, EM local assets reversed most of the losses they experienced in the months after the Presidential election, and rallied year to date in 2017.

Global economic data continued to improve during the reporting period. The cyclical uptick is encouraging with improvements in global

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

3       OPPENHEIMER INTERNATIONAL BOND FUND

investment, trade, and industrial production. Business and consumer confidence are at cyclical highs in many countries. Growth expectations remain upbeat in several countries and regions, including the Eurozone, Japan, Canada, Australia, Sweden, Eastern Europe and parts of Asia. Latin America is a different story, with growth more challenged overall, except for Brazil.

In the U.S., while devastating hurricanes swept through the country during the period, gross domestic product (GDP) remained on its 2% growth trend through the end of the reporting period. In the short term, severe storms typically reduce economic activity but then lead to rebuilding in later months. The medium-term course of the economy should not be affected, in our view. Private consumption, the driving force of the economy in recent years, is growing at a moderate rate. Additionally, business fixed investment has gained momentum in recent months, and headwinds from international trade turned into tailwinds as lagged effects of past dollar strength diminishes. In fact, dollar weakness leads to global growth momentum gains.

International economic and geopolitical concerns were somewhat elevated in the closing months of the period, with tensions in North Korea and the Catalan independence referendum. The German election led to mixed results for Chancellor Merkel, with a complicated coalition-building process that is not expected to be resolved until the end of the year. Nevertheless, Merkel is still in

a position of authority and, in cooperation with French President Macron, a modest reform agenda on Eurozone governance is expected in the coming year or two. Markets are keeping an eye on developments in North Korea, which remains unpredictable.

With the U.S. expansion continuing, the Federal Reserve is nearing its dual mandates of full employment and price stability. While inflation has surprised to the downside for a few months now, the Fed sees it as temporary and has begun its balance sheet normalization program. The Fed continues to signal one more hike this year, likely in December, and three hikes next year. The market is increasingly pricing in a December hike, but not more than one hike for 2018. The reaction to balance sheet normalization and hikes has been orderly.

FUND REVIEW

The Fund invests in three major risk categories, or levers – interest rates (typically government bonds), currencies, and credit (corporate bonds and other fixed-income instruments containing credit risk). During the reporting period, the strongest driver of performance versus the Index was credit. The performance in interest rates and currencies detracted from performance versus the Index.

In credit, notable contributors to performance included our exposure to the UK, Brazil, Greece, the Netherlands, Spain and Portugal. The Fund was overweight in all of these countries. Detractors included overweight

4       OPPENHEIMER INTERNATIONAL BOND FUND

exposure to United States-denominated credit and Eurozone credit.

In rates, the primary reason for the Fund’s underperformance included overweight positions in Mexico and the United States. Positive contributors included Japan, the Eurozone and Brazil. The portfolio was underweight in Japan and Eurozone, and overweight in Brazil, overall.

Currencies detracted most from performance, due primarily to Mexico, Brazil and the Euro. The Fund was overweight in Mexico and Brazil, and underweight to the Euro. Positive contributors included Japan and Turkey, both of which the Fund was underweight.

STRATEGY & OUTLOOK

We expect a further continuation of the global recovery we have seen since mid-2016:

• The upswing in global growth has been broad and synchronized: the U.S., Eurozone, Japan, Canada, Australia, China, and EM have been benefitting from higher commodities and recovery from recession in Brazil, Russia, and Nigeria.

• Global growth has now reached its long-term historical average rate of 3.5%, with data in the third quarter of 2017 showing a further pick-up in global trade and industrial production, and further strengthening in consumer and business confidence. U.S. second-quarter GDP growth was revised up to 3.1% from an initial estimate of (a mediocre) 2% and a

sub-trend growth rate of 1.4% in the first quarter.

• There has been an improvement in the structure of growth. We believe the global economy is poised to improve further due to high consumer and business confidence. Consumption has stabilized while at the same time, global Purchasing Managers Indices and capital expenditure expectations are suggesting continued momentum.

• Growth is less reliant on the contribution of easy policies, which are turning from neutral to tighter. This growth pick-up is occurring against the backdrop of gradual withdrawal of easy central bank policies.

• Commodities have remained buoyant, with Brent crude oil prices rallying to a 26-month high and metals & mining broadly strong.

In addition, in our view, these macroeconomic trends are likely to continue, with the U.S. and Europe continuing to improve modestly, while India and China reach more sustainable growth levels. We further believe that globally, there will be a multitude of fiscal and monetary policy divergences. These divergences may require the portfolio to perform frequent tactical adjustments, and country and lever selection will take precedence for the next few months. Also, we believe cycles are likely to be shorter than they’ve been since the global financial crisis. We see the decade of easy policy globally giving way to shorter fiscal, market and monetary cycles.

5       OPPENHEIMER INTERNATIONAL BOND FUND

Below are just a few examples of why we believe active tactical management should afford opportunities over the coming year:

• The U.S. is still likely to head toward a modestly stimulative fiscal policy into next year with tighter monetary policy, which is generally currency positive, rates negative, and neutral for credit.

• Eurozone monetary policy will remain easy for the year with talk of “tapering” quantitative easing (QE) later in the year, while fiscal policies will be mixed.

• We think Brazil will continue to have tighter fiscal policy but easier monetary policy, despite the political setbacks.

• China will continue fiscal support of its economy going into the party congress in October, while monetary policy is likely to be stable to higher as the central bank continues attempts to stabilize the currency.

• Countries like Russia, Malaysia, Indonesia, and South Africa look to fiscally consolidate, which is credit positive but may hamper increased growth requiring further monetary policy support.

In currency, our base case has not changed, but the likelihood of a dollar bull case has gone down. Our U.S. dollar base case (which we view to have a 65% probability at period end) assumes a small fiscal package in the U.S. resulting in an additional 0.5% growth for four to six quarters, some form of tax cuts (but no tax code overhaul), and a Fed continuing along their dots this year and next. In such an environment, we believe the U.S.

dollar would be range bound but skewed to going up moderately; a range of -3% to 5% remains appropriate. Our bull case (which we view to have a 10% probability at period end) assumes a proper U.S. stimulus with significant tax cuts and reform and an accelerating Fed, resulting in a U.S. dollar appreciation of 5% to 10%. Our bear case (which we view to have a 25% probability at period end) assumes complete gridlock in the U.S. and would imply that the U.S. dollar has peaked. Based on this, we remain underweight currency versus the Index, and likely to run between 60%-70% foreign exchange exposure, as of the reporting period’s end. While the bulk of the currency exposure in the portfolio is in the euro and Japanese yen, we selectively own high-yielding emerging market currencies where we believe fundamentals are improving.

In rates, we continue to believe U.S. rates will lead the selloff and will be more volatile than European or Japanese rates. We continue to see more value in EM duration than in developed market duration. While U.S. policy uncertainty continued to close the reporting period, the market has priced in a benign external environment for emerging markets. While some valuations are less favorable compared to the beginning of this year, our current view of emerging markets remains very constructive. With global growth and world trade on a solid footing and stability in the usual pressure points, we feel that emerging market local assets remain attractive for the foreseeable future. Given economic and expected monetary policy rates

6       OPPENHEIMER INTERNATIONAL BOND FUND

in EM, we are overweight Mexico, India, and Indonesia while underweight Turkey, Malaysia, Thailand and Czech Republic. We remain significantly underweight Japanese government bonds and core European bonds compared to the Index.

In credit, we continue to like European financials as we believe steeper credit curves should be supportive of earnings and credit quality. However, we have become cautious on select developed and emerging market credits given tight valuations, which could weigh on sentiment, if not actual fundamentals. In general, we prefer

short-duration bonds and favor high yield over investment grade. We have reduced, and expect to continue to reduce, the credit portion of the portfolio over the next few quarters based on valuations.

Our investment selection continues to be extremely important as there will be many winners and losers in terms of foreign policy, fiscal policy and economic outcomes. We continue to like quasi-sovereign oil and gas names as energy prices recovered over the last year, but have reduced exposure to be more selective to the main players rather than frontier ones.

	Hemant Baijal		Christopher Kelly Portfolio Manager
	Portfolio Manager

7       OPPENHEIMER INTERNATIONAL BOND FUND

Top Holdings and Allocations

TOP TEN GEOGRAPHICAL HOLDINGS

United Kingdom	11.7	%
Mexico	9.0
India	8.0
Brazil	6.6
United States	5.9
Italy	5.2
Indonesia	4.8
Russia	4.5
South Africa	3.5
Spain	3.0

Portfolio holdings and allocation are subject to change. Percentages are as of September 30, 2017, and are based on total market value of investments.

REGIONAL ALLOCATION

Portfolio holdings and allocations are subject to change. Percentages are as of September 30, 2017, and are based on the total market value of investments.

8       OPPENHEIMER INTERNATIONAL BOND FUND

Share Class Performance

AVERAGE ANNUAL TOTAL RETURNS WITHOUT SALES CHARGE AS OF 9/30/17

	Inception Date	1-Year	5-Year	10-Year
Class A (OIBAX)	6/15/95	4.67%	1.91%	4.07%
Class B (OIBBX)	6/15/95	4.07	1.14	3.54
Class C (OIBCX)	6/15/95	3.89	1.16	3.31
Class I (OIBIX)	1/27/12	5.12	2.36	3.08*
Class R (OIBNX)	3/1/01	4.41	1.61	3.70
Class Y (OIBYX)	9/27/04	4.75	2.17	4.35
AVERAGE ANNUAL TOTAL RETURNS WITH SALES CHARGE AS OF 9/30/17
	Inception Date	1-Year	5-Year	10-Year
Class A (OIBAX)	6/15/95	-0.30%	0.92%	3.56%
Class B (OIBBX)	6/15/95	-0.94	0.79	3.54
Class C (OIBCX)	6/15/95	2.89	1.16	3.31
Class I (OIBIX)	1/27/12	5.12	2.36	3.08*
Class R (OIBNX)	3/1/01	4.41	1.61	3.70
Class Y (OIBYX)	9/27/04	4.75	2.17	4.35

*Shows performance since inception.

STANDARDIZED YIELDS
For the 30 Days Ended 9/30/17
Class A	3.73%
Class B	3.16
Class C	3.17
Class I	4.36
Class R	3.68
Class Y	4.18

UNSUBSIDIZED STANDARDIZED YIELDS
For the 30 Days Ended 9/30/17
Class A	3.70%
Class B	3.13
Class C	3.14
Class I	4.34
Class R	3.64
Class Y	4.15

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: for Class A shares, the current maximum initial sales charge of 4.75%; for Class B shares, the contingent deferred sales charge of 5% (1-year) and 2% (5-year); and for Class C shares, the contingent deferred sales charge of 1% for the 1-year period. There is no sales charge for Class I, Class R and Class Y shares. Because Class 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

9       OPPENHEIMER INTERNATIONAL BOND FUND

conversion. Returns for periods of less than one year are cumulative and not annualized. See Fund prospectuses and summary prospectuses for more information on share classes and sales charges.

Standardized yield is based on an SEC-standardized formula designed to approximate the Fund’s annualized hypothetical current income from securities less expenses for the 30-day period ended September 30, 2017 and that date’s maximum offering price (for Class A shares) or net asset value (for all other share classes). Each result is compounded semiannually and then annualized. Falling share prices will tend to artificially raise yields. The unsubsidized standardized yield is computed under an SEC-standardized formula based on net income earned for the 30-day period ended September 30, 2017. The calculation excludes any expense reimbursements and thus may result in a lower yield.

The Fund’s performance is compared to the Citigroup Non-U.S. Dollar World Government Bond Index, JP Morgan Government Bond Index -Emerging Markets Global Diversified, JP Morgan Emerging Markets Bond Index Global Diversified, 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 a maturity of one year or longer and amounts outstanding of at least U.S. $25 million. The JPMorgan Government Bond Index-Emerging Markets Global Diversified 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 JPMorgan Emerging Markets Bond Index Global Diversified is a composite index representing an unleveraged investment in emerging market bonds that is broadly based across the spectrum of emerging market bonds and includes reinvestment of income (to represent real assets). 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.

10       OPPENHEIMER INTERNATIONAL BOND FUND

Fund Expenses

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

The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire 6-month period ended September 30, 2017.

Actual Expenses. The first section of the table provides information about actual account values and actual expenses. You may use the information in this section for the class of shares you hold, together with the amount you invested, to estimate the expense that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600.00 account value divided by $1,000.00 = 8.60), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During 6 Months Ended September 30, 2017” 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.

11       OPPENHEIMER INTERNATIONAL BOND FUND

Actual	Beginning Account Value April 1, 2017	Ending Account Value September 30, 2017	Expenses Paid During 6 Months Ended September 30, 2017
Class A	$    1,000.00	$    1,056.30	$    5.27
Class B	1,000.00	1,052.40	9.15
Class C	1,000.00	1,050.70	9.14
Class I	1,000.00	1,056.70	3.05
Class R	1,000.00	1,053.20	6.56
Class Y	1,000.00	1,055.80	3.98
Hypothetical (5% return before expenses)
Class A	1,000.00	1,019.95	5.18
Class B	1,000.00	1,016.19	8.99
Class C	1,000.00	1,016.19	8.99
Class I	1,000.00	1,022.11	3.00
Class R	1,000.00	1,018.70	6.45
Class Y	1,000.00	1,021.21	3.91

Expenses are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period). Those annualized expense ratios, excluding indirect expenses from affiliated funds, based on the 6-month period ended September 30, 2017 are as follows:

Class	Expense Ratios
Class A		1.02	%
Class B		1.77
Class C		1.77
Class I		0.59
Class R		1.27
Class Y		0.77

The expense ratios reflect voluntary and/or contractual waivers and/or reimbursements of expenses by the Fund’s Manager and Transfer Agent. 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.

12       OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED STATEMENT OF INVESTMENTS September 30, 2017

		Principal Amount		Value
Asset-Backed Securities—0.8%
Avoca CLO VIII Ltd., Series VIII-X, Cl. E, 4.008% [EUR006M+425], 10/15/231	EUR		12,700,000	$	15,015,674
Cadogan Square CLO IV BV, Series 4X, Cl. D, 1.276% [EUR006M+155], 7/24/231	EUR		9,500,000		11,238,383
Halcyon Structured Asset Management European CLO BV,
Series 2006-IIX, Cl. E, 3.578% [EUR006M+385], 1/25/231	EUR		12,082,117		13,813,516
Jubilee CLO BV, Series 2015-16X, Cl. E, 5.25% [EUR003M+525], 12/15/291	EUR		3,750,000		4,424,058
Total Asset-Backed Securities (Cost $43,600,847)					44,491,631
Mortgage-Backed Obligations—2.7%
Alba plc, Series 2007-1, Cl. C, 0.623% [BP0003M+29], 3/17/391	GBP		13,037,912		15,701,062
Capital Mortgage Srl, Series 2007-1, Cl. B, 0.00% [EUR003M+22], 1/30/471	EUR		8,000,000		5,850,906
Eurohome UK Mortgages plc:
Series 2007-1, Cl. B1, 1.227% [BP0003M+90], 6/15/441	GBP		5,275,000		5,461,703
Series 2007-2, Cl. B1, 1.727% [BP0003M+140], 9/15/441	GBP		4,000,000		4,179,095
Eurosail plc:
Series 2006-4X, Cl. E1C, 3.287% [BP0003M+300], 12/10/441	GBP		3,772,218		4,085,349
Series 2007-5X, Cl. A1A, 1.072% [BP0003M+77], 9/13/451	GBP		11,095,308		13,741,929
Eurosail-UK plc, Series 2007-2X, Cl. C1A, 0.119% [EUR003M+45], 3/13/451	EUR		5,000,000		4,671,779
Fondo de Titulizacion de Activos Santander Hipotecario 2,
Series 2, Cl. E, 1.769% [EUR003M+210], 1/18/491	EUR		7,700,000		4,923,495
Great Hall Mortgages plc, Series 2007-1, Cl. DA, 1.113% [BP0003M+78], 3/18/391	GBP		3,500,000		3,757,281
Grifonas Finance plc, Series 1, Cl. B, 0.248% [EUR006M+52], 8/28/391	EUR		5,000,000		3,244,239
Hipocat 11 Fondo de Titulizacion de Activos, Series HIPO-11, Cl. A2, 0.00% [EUR003M+13], 1/15/501	EUR		2,564,603		2,615,058
Hipocat 9 Fondo de Titulizacion de Activos, Series HIPO-9, Cl. C, 0.00% [EUR003M+29], 7/15/381	EUR		17,400,000		12,627,440
IM Pastor 4 Fondo de Titulizacion de Activos:
Series 4, Cl. A, 0.00% [EUR003M+14], 3/22/441	EUR		18,850,090		19,662,552
Series 4, Cl. B, 0.00% [EUR003M+19], 3/22/441	EUR		3,000,000		1,801,925
Ludgate Funding plc, Series 2007-1, 0.00%, 1/1/61	GBP		207,500,000		7,237,641
Lusitano Mortgages No. 4 plc, Series 4, Cl. C, 0.231% [EUR003M+56], 9/15/481	EUR		3,220,138		3,028,511
Magellan Mortgages No. 4 plc, Series 4, Cl. A, 0.00% [EUR003M+28], 7/20/591	EUR		1,366,230		1,506,071
Mansard Mortgages plc, Series 2006-1X, Cl. B1, 1.395% [BP0003M+110], 10/15/481	GBP		3,273,618		4,184,683
Newgate Funding:
Series 2006-2, Cl. CB, 0.099% [EUR003M+43], 12/1/501	EUR		4,221,654		4,355,338
Series 2007-2X, Cl. CB, 0.111% [EUR003M+44], 12/15/501	EUR		3,797,165		3,779,571
Series 2007-3X, Cl. D, 3.327% [BP0003M+300], 12/15/501	GBP		5,052,610		6,694,031

13       OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

		Principal Amount		Value
Mortgage-Backed Obligations (Continued)
Rural Hipotecario IX FTA, Series 9, Cl. C, 0.191% [EUR003M+52], 2/17/501	EUR		4,800,000	$	4,967,611
Southern Pacific Financing plc, Series 2005-B, Cl. D, 0.997% [BP0003M+71], 6/10/431	GBP		6,017,811		6,833,337
Total Mortgage-Backed Obligations (Cost $151,555,684)					144,910,607
Foreign Government Obligations—59.6%
Angola—0.2%
Republic of Angola, 9.50% Sr. Unsec. Nts., 11/12/252			7,215,000		7,769,004
Argentina—1.9%
Argentine Republic:
5.375% Sr. Unsec. Nts., 1/20/232	EUR		2,535,000		3,086,653
6.50% Sr. Unsec. Nts., 2/15/232			3,350,000		3,539,811
6.875% Sr. Unsec. Nts., 1/26/27			4,610,000		4,985,715
7.125% Sr. Unsec. Nts., 6/28/172			1,215,000		1,215,607
7.50% Sr. Unsec. Nts., 4/22/26			3,670,000		4,128,750
7.625% Sr. Unsec. Nts., 4/22/46			4,568,121		5,082,034
7.875% Sr. Unsec. Nts., 6/15/272			5,020,000		5,453,226
9.125% Sr. Unsec. Nts., 3/16/242			3,380,000		3,895,450
15.50% Bonds, 10/17/26	ARS		135,000,000		8,332,457
16.00% Bonds, 10/17/23	ARS		118,258,140		7,129,641
18.20% Unsec. Nts., 10/3/21	ARS		212,805,000		12,717,230
21.20% Bonds, 9/19/18	ARS		150,000,000		8,619,060
22.75% Bonds, 3/5/18	ARS		75,000,000		4,320,667
24.605% [BADLARPP+325] Sr. Unsec. Nts., 3/1/201	ARS		180,336,000		10,713,616
26.25% [ARPP7DRR] Unsec. Nts., 6/21/201	ARS		265,000,000		16,125,182
					99,345,099
Australia—1.5%
Commonwealth of Australia:
Series 148, 2.75% Sr. Unsec. Nts., 11/21/27	AUD		50,800,000		39,517,500
Series 150, 3.00% Sr. Unsec. Nts., 3/21/47	AUD		12,500,000		8,720,988
Series 35CI, 2.00% Sr. Unsec. Nts., 8/21/353	AUD		11,300,000		10,753,553
Queensland Treasury Corp., Series 33, 6.50% Sr. Unsec. Bonds, 3/14/33	AUD		20,590,000		21,552,380
					80,544,421
Austria—0.2%
Republic of Austria, 2.10% Sr. Unsec. Nts., 9/20/172	EUR		10,000,000		12,079,869
Belarus—0.1%
Republic of Belarus, 6.875% Sr. Unsec. Nts., 2/28/232			3,005,000		3,238,564
Brazil—4.6%
Federative Republic of Brazil:
6.00% Unsec. Nts., 8/15/223	BRL		30,170,000		30,591,331
6.00% Sr. Unsec. Nts., 4/7/26			7,620,000		8,477,250
10.00% Unsec. Nts., 1/1/21	BRL		400,000,000		130,958,100

14       OPPENHEIMER INTERNATIONAL BOND FUND

		Principal Amount		Value
Brazil (Continued)
Federative Republic of Brazil: (Continued) 10.00% Unsec. Nts., 1/1/25	BRL		105,000,000	$	34,054,919
17.517% Unsec. Nts., 5/15/453	BRL		40,400,000		43,246,461
					247,328,061
Chile—0.5%
Republic of Chile:
4.50% Unsec. Nts., 2/28/21	CLP		15,335,000,000		24,612,462
4.50% Bonds, 3/1/21	CLP		700,000,000		1,123,758
					25,736,220
Colombia—0.8%
Republic of Colombia:
4.00% Sr. Unsec. Nts., 2/26/24			3,380,000		3,526,185
6.125% Sr. Unsec. Nts., 1/18/41			11,200,000		13,199,200
Series B, 7.00% Sr. Unsec. Nts., 9/11/19	COP		75,000,000,000		26,349,292
					43,074,677
Croatia—0.4%
Republic of Croatia:
3.875% Sr. Unsec. Nts., 5/30/22	EUR		8,065,000		10,752,218
6.75% Sr. Unsec. Nts., 11/5/192			6,890,000		7,473,383
					18,225,601
Dominican Republic—0.4%
Dominican Republic:
5.95% Sr. Unsec. Nts., 1/25/272			12,210,000		13,156,275
6.85% Sr. Unsec. Nts., 1/27/452			6,120,000		6,862,050
					20,018,325
Ecuador—0.4%
Republic of Ecuador:
9.625% Sr. Unsec. Nts., 6/2/272			2,100,000		2,210,250
9.65% Sr. Unsec. Nts., 12/13/262			6,070,000		6,434,200
10.75% Sr. Unsec. Nts., 3/28/222			9,145,000		10,242,400
					18,886,850
Egypt—0.3%
Arab Republic of Egypt:
6.125% Sr. Unsec. Nts., 1/31/222			6,080,000		6,303,629
8.50% Sr. Unsec. Nts., 1/31/472			9,130,000		10,205,952
					16,509,581
Gabon—0.2%
Gabonese Republic, 6.375% Bonds, 12/12/242			10,300,000		10,091,703
Greece—2.1%
Hellenic Republic:
3.00% Bonds, 2/24/2317	EUR		3,000,000		3,331,111

15       OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

		Principal Amount		Value
Greece (Continued)
Hellenic Republic: (Continued)
3.00% Bonds, 2/24/2417	EUR		3,000,000	$	3,260,388
3.00% Bonds, 2/24/2517	EUR		3,000,000		3,215,237
3.00% Bonds, 2/24/2617	EUR		3,000,000		3,162,037
3.00% Bonds, 2/24/2717	EUR		3,000,000		3,100,874
3.00% Bonds, 2/24/2817	EUR		3,000,000		2,987,273
3.00% Bonds, 2/24/2917	EUR		8,000,000		7,695,058
3.00% Bonds, 2/24/3017	EUR		3,000,000		2,831,011
3.00% Bonds, 2/24/3117	EUR		3,000,000		2,776,709
3.00% Bonds, 2/24/3217	EUR		3,000,000		2,744,092
3.00% Bonds, 2/24/3317	EUR		3,000,000		2,698,409
3.00% Bonds, 2/24/3417	EUR		3,000,000		2,656,935
3.00% Bonds, 2/24/3517	EUR		3,000,000		2,619,857
3.00% Bonds, 2/24/3617	EUR		3,000,000		2,577,990
3.00% Bonds, 2/24/3717	EUR		3,000,000		2,555,099
3.00% Bonds, 2/24/3817	EUR		3,000,000		2,523,336
3.00% Bonds, 2/24/3917	EUR		3,000,000		2,527,868
3.00% Bonds, 2/24/4017	EUR		3,000,000		2,511,848
3.00% Bonds, 2/24/4117	EUR		3,000,000		2,525,602
3.00% Bonds, 2/24/4217	EUR		3,000,000		2,514,295
4.375% Sr. Unsec. Nts., 8/1/222	EUR		43,705,000		51,181,005
					111,996,034
Honduras—0.1%
Republic of Honduras, 7.50% Sr. Unsec. Nts., 3/15/242			5,000,000		5,712,500
Hungary—1.3%
Hungary:
5.75% Sr. Unsec. Nts., 11/22/23			13,770,000		15,981,035
Series 22/B, 1.75% Bonds, 10/26/22	HUF		2,750,000,000		10,724,814
Series 23/A, 6.00% Bonds, 11/24/23	HUF		7,239,000,000		34,652,477
Series 25/B, 5.50% Bonds, 6/24/25	HUF		1,550,000,000		7,235,801
					68,594,127
India—6.2%
Republic of India:
7.68% Sr. Unsec. Nts., 12/15/23	INR		1,300,000,000		20,835,943
8.20% Sr. Unsec. Nts., 9/24/25	INR		3,375,000,000		55,583,801
8.27% Sr. Unsec. Nts., 6/9/20	INR		8,023,000,000		128,396,496
8.40% Sr. Unsec. Nts., 7/28/24	INR		3,997,000,000		66,008,754
8.60% Sr. Unsec. Nts., 6/2/28	INR		2,150,000,000		36,528,935
State of Gujarat India, 7.52% Sr. Unsec. Nts., 5/24/277	INR		500,000,000		7,960,609
State of Maharastra, 7.99% Sr. Unsec. Nts., 10/28/257	INR		500,000,000		8,003,582
State of Tamil Nadu, 8.53% Sr. Unsec. Nts., 3/9/26	INR		500,000,000		8,214,375
					331,532,495
Indonesia—4.2%
Perusahaan Penerbit SBSN Indonesia III:
4.35% Sr. Unsec. Nts., 9/10/242			3,560,000		3,786,950

16       OPPENHEIMER INTERNATIONAL BOND FUND

		Principal Amount		Value
Indonesia (Continued)
Perusahaan Penerbit SBSN Indonesia III: (Continued)
4.55% Sr. Unsec. Nts., 3/29/262		$	5,680,000	$	6,056,300
Republic of Indonesia:
3.375% Sr. Unsec. Nts., 7/30/252	EUR		2,755,000		3,599,360
3.70% Sr. Unsec. Nts., 1/8/222			4,215,000		4,378,078
3.75% Sr. Unsec. Nts., 6/14/282	EUR		3,340,000		4,423,162
3.85% Sr. Unsec. Nts., 7/18/272			6,030,000		6,207,970
4.125% Sr. Unsec. Nts., 1/15/252			3,450,000		3,629,304
4.75% Sr. Unsec. Nts., 7/18/472			6,030,000		6,365,190
Series FR53, 8.25% Sr. Unsec. Nts., 7/15/21	IDR		450,000,000,000		35,895,493
Series FR56, 8.375% Sr. Unsec. Nts., 9/15/26	IDR		288,430,000,000		24,348,683
Series FR61, 7.00% Sr. Unsec. Nts., 5/15/22	IDR		594,691,000,000		45,929,184
Series FR71, 9.00% Sr. Unsec. Nts., 3/15/29	IDR		359,350,000,000		31,008,578
Series FR73, 8.75% Sr. Unsec. Nts., 5/15/31	IDR		560,080,000,000		48,267,344
					223,895,596
Iraq—0.2%
Republic of Iraq:
5.80% Unsec. Nts., 1/15/282			3,445,000		3,231,927
6.752% Sr. Unsec. Nts., 3/9/232			6,035,000		6,013,889
					9,245,816
Italy—3.7%
Republic of Italy:
0.90% Bonds, 8/1/22	EUR		48,000,000		56,905,989
2.05% Bonds, 8/1/27	EUR		80,000,000		93,721,927
3.45% Unsec. Nts., 3/1/482	EUR		40,000,000		48,190,412
					198,818,328
Ivory Coast—0.4%
Republic of Cote d’Ivoire:
5.125% Sr. Unsec. Nts., 6/15/252	EUR		6,160,000		7,554,644
5.75% Sr. Unsec. Nts., 12/31/32			4,325,130		4,238,593
6.125% Sr. Unsec. Nts., 6/15/332			7,215,000		7,133,701
					18,926,938
Jamaica—0.2%
Commonwealth of Jamaica:
7.875% Sr. Unsec. Nts., 7/28/45			6,050,000		7,471,750
8.00% Sr. Unsec. Nts., 3/15/39			2,590,000		3,214,838
					10,686,588
Kazakhstan—0.1%
Republic of Kazakhstan, 4.875% Sr. Unsec. Nts., 10/14/442			6,015,000		6,172,322
Lebanon—0.1%
Lebanese Republic, 6.10% Sr. Unsec. Nts., 10/4/22			3,035,000		3,041,404

17       OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

		Principal Amount		Value
Malaysia—2.7%
Federation of Malaysia:
4.24% Sr. Unsec. Nts., 2/7/18	MYR		96,000,000	$	22,831,017
Series 0116, 3.80% Sr. Unsec. Nts., 8/17/23	MYR		130,000,000		30,848,253
Series 0213, 3.26% Sr. Unsec. Nts., 3/1/18	MYR		174,800,000		41,438,012
Series 0511, 3.58% Sr. Unsec. Nts., 9/28/18	MYR		200,000,000		47,579,017
					142,696,299
Mexico—7.4%
United Mexican States:
4.00% Bonds, 6/13/193	MXN		1,088,310,080		60,715,869
Series M, 5.00% Sr. Unsec. Nts., 12/11/19	MXN		820,000,000		43,461,801
Series M, 6.50% Bonds, 6/10/21	MXN		400,000,000		21,851,510
Series M, 8.00% Bonds, 11/7/47	MXN		466,000,000		27,955,778
Series M10, 8.50% Bonds, 12/13/18	MXN		2,890,000,000		161,492,438
Series M20, 8.50% Sr. Unsec. Nts., 5/31/29	MXN		240,000,000		14,812,125
Series M20, 10.00% Bonds, 12/5/24	MXN		698,700,000		45,469,217
Series M30, 10.00% Bonds, 11/20/36	MXN		290,000,000		20,578,375
					396,337,113
Peru—0.9%
Republic of Peru:
6.35% Sr. Unsec. Nts., 8/12/282	PEN		112,140,000		37,236,773
8.20% Sr. Unsec. Nts., 8/12/262	PEN		29,000,000		10,993,269
					48,230,042
Poland—0.4%
Republic of Poland, Series 0726, 2.50% Bonds, 7/25/26	PLN		90,900,000		23,445,748
Portugal—1.1%
Portuguese Republic:
2.875% Sr. Unsec. Nts., 10/15/252	EUR		18,000,000		22,690,126
4.125% Sr. Unsec. Nts., 4/14/272	EUR		25,000,000		33,906,967
					56,597,093
Romania—0.3%
Romania:
2.375% Sr. Unsec. Nts., 4/19/272	EUR		5,980,000		7,219,705
3.875% Sr. Unsec. Nts., 10/29/352	EUR		1,900,000		2,388,154
4.875% Sr. Unsec. Nts., 1/22/242			6,895,000		7,616,217
					17,224,076
Russia—3.5%
Agency for Housing Mortgage Lending OJSC Via AHML Finance Ltd., 7.75% Sr. Unsec. Nts., 2/13/182	RUB		132,500,000		2,295,627
Russian Federation:
Series 6209, 7.60% Bonds, 7/20/22	RUB		1,000,000,000		17,490,601
Series 6211, 7.00% Bonds, 1/25/23	RUB		1,280,000,000		21,759,110

18       OPPENHEIMER INTERNATIONAL BOND FUND

		Principal Amount		Value
Russia (Continued)
Russian Federation: (Continued)
Series 6216, 6.70% Bonds, 5/15/19	RUB		8,543,000,000	$	146,789,400
					188,334,738
Senegal—0.1%
Republic of Senegal:
6.25%Sr. Unsec. Nts., 7/30/242			3,330,000		3,566,030
6.25%Unsec. Nts., 5/23/332			2,995,000		3,088,714
					6,654,744
Serbia—0.4%
Republic of Serbia:
5.25%Sr. Unsec. Nts., 11/21/172			6,345,000		6,375,101
5.875% Unsec. Nts., 12/3/182			12,495,000		12,970,634
					19,345,735
Slovenia—0.4%
Republic of Slovenia, Series RS78, 1.75% Bonds, 11/3/40	EUR		20,000,000		22,371,523
South Africa—3.4%
Republic of South Africa:
Series 2023, 7.75% Bonds, 2/28/23	ZAR		311,100,000		22,826,646
Series 2048, 8.75% Bonds, 2/28/48	ZAR		152,000,000		10,159,186
Series R186, 10.50% Bonds, 12/21/26	ZAR		1,204,700,000		99,901,096
Series R208, 6.75% Sr. Unsec. Nts., 3/31/21	ZAR		514,540,000		37,145,275
Series R214, 6.50% Bonds, 2/28/41	ZAR		255,000,000		13,329,519
					183,361,722
Sri Lanka—0.4%
Democratic Socialist Republic of Sri Lanka:
5.875% Sr. Unsec. Nts., 7/25/222			6,875,000		7,329,245
6.00%Sr. Unsec. Nts., 1/14/192			9,030,000		9,335,358
6.20%Sr. Unsec. Nts., 5/11/272			2,390,000		2,511,720
6.25%Sr. Unsec. Nts., 10/4/202			3,055,000		3,262,389
					22,438,712
Thailand—0.6%
Kingdom of Thailand, 1.875% Sr. Unsec. Nts., 6/17/22	THB		1,120,000,000		33,795,757
Turkey—0.9%
Republic of Turkey:
5.75%Sr. Unsec. Nts., 5/11/47			6,070,000		5,980,589
8.50%Bonds, 7/10/19	TRY		45,000,000		12,067,949
8.80%Bonds, 11/14/18	TRY		73,165,000		19,962,025
11.00% Bonds, 2/24/27	TRY		30,000,000		8,592,683
					46,603,246

19       OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

		Principal Amount		Value
Ukraine—1.4%
Ukraine:
7.375% Sr. Unsec. Nts., 9/25/322		$	26,200,000	$	25,569,890
7.75%Sr. Unsec. Nts., 9/1/20			6,105,000		6,485,403
7.75%Sr. Unsec. Nts., 9/1/22			5,970,000		6,346,826
7.75%Sr. Unsec. Nts., 9/1/23			14,090,000		14,815,635
7.75%Sr. Unsec. Nts., 9/1/24			9,030,000		9,447,637
7.75%Sr. Unsec. Nts., 9/1/25			12,065,000		12,517,160
					75,182,551
United Kingdom—5.0%
United Kingdom:
2.75%Bonds, 9/7/24	GBP		97,000,000		144,960,452
3.25%Unsec. Nts., 1/22/44	GBP		71,340,000		121,125,740
					266,086,192
Uruguay—0.5%
Oriental Republic of Uruguay:
5.10%Sr. Unsec. Nts., 6/18/50			17,930,000		18,952,010
9.875% Sr. Unsec. Nts., 6/20/222	UYU		176,475,000		6,592,570
					25,544,580
Vietnam—0.1%
Socialist Republic of Vietnam, 4.80% Sr. Unsec. Nts., 11/19/242			6,815,000		7,292,091
Total Foreign Government Obligations (Cost $3,114,932,293)					3,173,012,085
Corporate Bonds and Notes—28.8%
Consumer Discretionary—1.3%
Auto Components—0.2%
GKN Holdings plc:
5.375% Sr. Unsec. Nts., 9/19/22	GBP		2,490,000		3,867,249
6.75%Sr. Unsec. Nts., 10/28/19	GBP		4,475,000		6,666,387
					10,533,636
Automobiles—0.1%
Aston Martin Capital Holdings Ltd., 6.50% Sr. Sec. Nts., 4/15/222		��	3,500,000		3,766,455
Hotels, Restaurants & Leisure—0.1%
Melco Resorts Finance Ltd., 4.875% Sr. Unsec. Nts., 6/6/252			7,670,000		7,723,815
Leisure Equipment & Products—0.1%
Proven Honour Capital Ltd., 4.125% Sr. Unsec. Nts., 5/6/26			3,905,000		4,026,129
Media—0.8%
Altice Luxembourg SA, 6.25% Sr. Unsec. Nts., 2/15/252	EUR		6,725,000		8,653,544
Myriad International Holdings BV, 4.85% Sr. Unsec. Nts., 7/6/272			3,015,000		3,125,047
SES SA, 4.625% [EUSA5+466.4] Jr. Sub. Perpetual Bonds1,4	EUR		4,050,000		5,134,568

20       OPPENHEIMER INTERNATIONAL BOND FUND

		Principal Amount		Value
Media (Continued)
Telenet Finance VI Luxembourg SCA, 4.875% Sr. Sec. Nts., 7/15/272	EUR		5,000,000	$	6,519,656
UPC Holding BV, 6.75% Sr. Sec. Nts., 3/15/232	EUR		5,900,000		7,407,815
Ziggo Secured Finance BV, 4.25% Sr. Sec. Nts., 1/15/272	EUR		8,000,000		10,019,846
					40,860,476
Consumer Staples—0.3%
Beverages—0.1%
Coca-Cola Icecek AS, 4.215% Sr. Unsec. Nts., 9/19/242			5,950,000		6,033,770
Food Products—0.1%
Adecoagro SA, 6% Sr. Unsec. Nts., 9/21/272			3,291,000		3,292,645
Minerva Luxembourg SA, 6.50% Sr. Unsec. Nts., 9/20/262			3,305,000		3,351,270
					6,643,915
Tobacco—0.1%
Imperial Brands Finance plc, 3.50% Sr. Unsec. Nts., 2/11/232			2,000,000		2,054,214
Energy—5.4%
Energy Equipment & Services—0.6%
Pertamina Persero PT:
5.625% Sr. Unsec. Nts., 5/20/432			11,693,000		12,610,678
6.45% Sr. Unsec. Nts., 5/30/442			10,950,000		13,013,068
Societe Generale SA, 8.875% [BP0003M+340] Jr. Sub. Perpetual Bonds1,4	GBP		2,000,000		2,812,644
					28,436,390
Oil, Gas & Consumable Fuels—4.8%
Bharat Petroleum Corp. Ltd., 4% Sr. Unsec. Nts., 5/8/25			6,120,000		6,300,173
Cosan Ltd., 5.95% Sr. Unsec. Nts., 9/20/242			2,280,000		2,337,570
ENI USA, Inc., 7.30% Sr. Unsec. Nts., 11/15/27			4,000,000		5,021,625
Gazprom OAO Via Gaz Capital SA, 4.95% Sr. Unsec. Nts., 7/19/222			14,765,000		15,496,606
Geopark Ltd., 6.50% Sr. Sec. Nts., 9/21/242			2,640,000		2,659,800
Indian Oil Corp. Ltd., 5.75% Sr. Unsec. Nts., 8/1/23			8,500,000		9,615,387
KazMunayGas National Co. JSC:
4.40% Sr. Unsec. Nts., 4/30/232			2,945,000		3,002,442
5.75% Sr. Unsec. Nts., 4/19/472			11,960,000		11,821,527
6.375% Sr. Unsec. Nts., 4/9/212			9,620,000		10,540,297
7.00% Sr. Unsec. Nts., 5/5/202			8,810,000		9,624,132
Novatek OAO via Novatek Finance DAC, 4.422% Sr. Unsec. Nts., 12/13/222			3,430,000		3,534,786
Origin Energy Finance Ltd., 7.875% [EUSA5+500] Sub. Nts., 6/16/711	EUR		9,900,000		12,268,826
Petrobras Global Finance BV:
4.375% Sr. Unsec. Nts., 5/20/23			13,880,000		13,755,080
5.299% Sr. Unsec. Nts., 1/27/252			13,380,000		13,376,655
5.999% Sr. Unsec. Nts., 1/27/282			20,238,000		20,263,298
6.125% Sr. Unsec. Nts., 1/17/22			8,090,000		8,716,975

21       OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

		Principal Amount		Value
Oil, Gas & Consumable Fuels (Continued)
Petrobras Global Finance BV: (Continued) 6.85% Sr. Unsec. Nts., 6/5/15		$	12,190,000	$	11,644,498
Petroleos Mexicanos:
3.75% Sr. Unsec. Nts., 2/21/245	EUR		4,175,000		5,256,518
3.75% Sr. Unsec. Nts., 4/16/26	EUR		6,695,000		8,135,843
4.625% Sr. Unsec. Nts., 9/21/23			15,450,000		15,996,930
5.375% Sr. Unsec. Nts., 3/13/222			2,985,000		3,193,055
6.375% Sr. Unsec. Nts., 2/4/21			6,035,000		6,626,490
6.75% Sr. Unsec. Nts., 9/21/472			11,300,000		12,050,320
6.875% Sr. Unsec. Nts., 8/4/26			4,565,000		5,204,100
Proven Glory Capital Ltd., 4% Sr. Unsec. Nts., 2/21/275			5,840,000		5,935,081
Saka Energi Indonesia PT, 4.45% Sr. Unsec. Nts., 5/5/242			3,920,000		3,979,956
SURA Asset Management SA, 4.375% Sr. Unsec. Nts., 4/11/272			4,050,000		4,131,000
Topaz Marine SA, 9.125% Sr. Unsec. Nts., 7/26/222			2,015,000		2,026,586
TOTAL SA, 3.875% [EUSA5+378.3] Jr. Sub. Perpetual Bonds1,4	EUR		6,070,000		7,865,038
Ultrapar International SA, 5.25% Sr. Unsec. Nts., 10/6/262			2,720,000		2,818,600
YPF SA, 6.95% Sr. Unsec. Nts., 7/21/272			6,000,000		6,385,476
YPF Sociedad Anonima, 24.104% [BADLARPP+400] Sr. Unsec. Nts., 7/7/201,2			8,000,000		7,705,086
					257,289,756
Financials—14.6%
Capital Markets—1.6%
Credit Suisse Group AG, 7.50% [USSW5+459.8] Jr. Sub. Perpetual Bonds1,4			22,000,000		24,928,904
Credit Suisse Group Funding Guernsey Ltd., 3.80% Sr. Unsec. Nts., 6/9/23			10,000,000		10,361,163
Equate Petrochemical BV, 4.25% Sr. Unsec. Nts., 11/3/262			6,090,000		6,277,572
Koks OAO Via Koks Finance DAC, 7.50% Sr. Unsec. Nts., 5/4/222			7,020,000		7,558,925
Marble II Pte Ltd., 5.30% Sr. Sec. Nts., 6/20/222			1,885,000		1,920,233
Seven & Seven Ltd., 2.452% [US0006M+100] Sr. Unsec. Nts., 9/11/191,2			2,000,000		1,989,529
UBS Group AG:
6.875% [USISDA05+549.65] Jr. Sub. Perpetual Bonds1,4			4,595,000		4,943,214
7.00% [USSW5+486.6] Jr. Sub. Perpetual Bonds1,4			8,000,000		9,002,096
7.125% [USSW5+1,134.7] Jr. Sub. Perpetual Bonds1,4			16,000,000		17,262,817
					84,244,453
Commercial Banks—10.2%
Akbank Turk AS, 7.50% Sr. Unsec. Nts., 2/5/182	TRY		11,095,000		3,061,210
Allied Irish Banks plc, 4.125% [EUSA5+395] Sub. Nts., 11/26/251	EUR		12,000,000		15,237,504
Astana Finance JSC, 9.16% Sr. Unsec. Nts., 3/14/126,7			612,810		—
Banco Bilbao Vizcaya Argentaria SA:
6.75% [EUSA5+660.4] Jr. Sub. Perpetual Bonds1,4	EUR		13,000,000		16,207,454
7.00% [EUSA5+615.5] Jr. Sub. Perpetual Bonds1,4	EUR		12,800,000		15,813,073
8.875% [EUSA5+917.7] Jr. Sub. Perpetual Bonds1,4	EUR		12,800,000		17,610,242

22       OPPENHEIMER INTERNATIONAL BOND FUND

		Principal Amount		Value
Commercial Banks (Continued)
Banco Hipotecario SA, 22.479% [BADLARPP+250] Sr. Unsec. Nts., 1/12/201,2	ARS		75,979,000	$	4,336,131
Banco Macro SA, 6.75% [USSW5+546.3] Sub. Nts., 11/4/261,2			1,610,000		1,703,203
Banco Mercantil del Norte SA (Grand Cayman):
6.875% [H15T5Y+503.5] Jr. Sub. Perpetual Bonds1,2,4			2,410,000		2,569,662
7.625% [H15T10Y+535.3] Jr. Sub. Perpetual Bonds1,2,4			2,216,000		2,423,196
Bank of China Ltd., 5% Sub. Nts., 11/13/242			16,350,000		17,601,315
Bank of Ireland:
4.25% [EUSA5+355] Sub. Nts., 6/11/241	EUR		4,090,000		5,101,212
10.00% Sub. Nts., 12/19/22	EUR		9,500,000		15,892,025
Bank of Scotland plc, 4.875% Sec. Nts., 12/20/24	GBP		8,675,000		14,187,039
Bankia SA, 3.375% [EUSA5+335] Sub. Nts., 3/15/271	EUR		4,000,000		4,928,495
Barclays plc:
5.875% [BPSW5+491] Jr. Sub. Perpetual Bonds1,4,5	GBP		12,500,000		16,558,179
6.50% [EUSA5+587.5] Jr. Sub. Perpetual Bonds1,4	EUR		15,000,000		18,658,980
7.875% [USSW5+1,287.1] Jr. Sub. Perpetual Bonds1,4			8,000,000		10,618,368
8.00% [EUSA5+675] Jr. Sub. Perpetual Bonds1,4	EUR		11,575,000		15,398,803
BNP Paribas SA, 7.625% [USSW5+631.4] Jr. Sub. Perpetual Bonds1,2,4			6,000,000		6,607,500
BPCE SA:
2.75% [EUSA5+183] Sub. Nts., 7/8/261	EUR		3,500,000		4,393,511
4.50% Sub. Nts., 3/15/252			5,000,000		5,196,285
Caixa Geral de Depositos SA, 10.75% [EUSA5+1092.5] Jr. Sub. Perpetual Bonds1,4	EUR		7,000,000		9,259,312
CaixaBank SA, 6.75% [EUSA5+649.8] Jr. Sub. Perpetual Bonds1,4	EUR		5,000,000		6,292,554
Compass Bank, 3.875% Sub. Nts., 4/10/25			5,000,000		4,995,856
Cooperatieve Rabobank UA, 5.50% [EUSA5+525] Jr. Sub. Perpetual Bonds1,4	EUR		5,090,000		6,450,788
Credit Agricole Assurances SA, 4.25% [EUSA5+450] Sub. Perpetual Bonds1,4	EUR		10,000,000		12,826,428
Credit Agricole SA, 8.125% [USSW5+618.5] Jr. Sub. Perpetual Bonds1,2,4			4,405,000		5,225,524
DNB Bank ASA, 6.50% [USSW5+508] Jr. Sub. Perpetual Bonds1,4			2,500,000		2,683,993
Dresdner Funding Trust I, 8.151% Jr. Sub. Nts., 6/30/312			9,900,000		12,750,061
EUROFIMA, 6.25% Sr. Unsec. Nts., 12/28/18	AUD		5,270,000		4,343,065
Export-Import Bank of India:
9.50% Sr. Unsec. Nts., 10/9/18	INR		175,000,000		2,750,029
9.70% Sr. Unsec. Nts., 11/21/18	INR		200,000,000		3,157,315
Global Bank Corp., 4.50% Sr. Unsec. Nts., 10/20/212			3,660,000		3,755,160
Globo Comunicacao e Participacoes SA, 5.125% Sr. Sec. Nts., 3/31/272			6,300,000		6,378,750
HP Pelzer Holding GmbH, 4.125% Sr. Sec. Nts., 4/1/24	EUR		1,300,000		1,603,360
HSBC Bank Capital Funding Sterling 1 LP, 5.844% [BP0006M+176] Jr. Sub. Perpetual Bonds1,4	GBP		3,100,000		5,391,227
HSBC Bank plc, 1.75% [US0006M+25] Jr. Sub. Perpetual Bonds1,4			5,000,000		4,165,980

23       OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

		Principal Amount		Value
Commercial Banks (Continued)
HSBC Holdings plc:
6.375% [USISDA05+436.8] Jr. Sub. Perpetual Bonds1,4		$	10,000,000	$	10,753,100
6.875% [USISDA05+551.4] Jr. Sub. Perpetual Bonds1,4			5,000,000		5,456,250
ING Groep NV, 6.875% [USSW5+512.4] Jr. Sub. Perpetual Bonds1,4			5,000,000		5,400,000
Intesa Sanpaolo SpA:
5.017% Sub. Nts., 6/26/242			4,000,000		4,070,944
5.71% Sub. Nts., 1/15/262			5,000,000		5,276,177
7.00% [EUSA5+688.4] Jr. Sub. Perpetual Bonds1,4	EUR		10,000,000		12,631,509
KBC Group NV, 5.625% [EUSA5+475.9] Jr. Sub. Perpetual Bonds1,4	EUR		4,220,000		5,174,903
Krung Thai Bank PCL (Cayman Islands), 5.20% [H15T5Y+353.5] Sub. Nts., 12/26/241			3,310,000		3,442,327
Lloyds Bank plc, 13% [GUKG5+1340] Jr. Sub. Perpetual Bonds1,4	GBP		5,000,000		12,674,819
Lloyds Banking Group plc:
4.65% Sub. Nts., 3/24/26			15,000,000		15,881,358
6.657% [US0003M+127] Jr. Sub. Perpetual Bonds1,2,4			10,000,000		11,475,000
7.00% [BPSW5+506] Jr. Sub. Perpetual Bonds1,4	GBP		13,000,000		18,183,884
NABARD, 8.19% Sr. Unsec. Nts., 6/8/18	INR		80,000,000		1,237,364
Rabobank Capital Funding Trust IV, 5.556% [BP0006M+146] Jr. Sub. Perpetual Bonds1,2,4	GBP		8,005,000		11,571,427
Royal Bank of Scotland Group plc, 2.50% Sr. Unsec. Nts., 3/22/23	EUR		9,000,000		11,419,767
Santander UK Group Holdings plc:
4.75% Sub. Nts., 9/15/252			6,870,000		7,188,761
6.75% [BPSW5+579.2] Jr. Sub. Perpetual Bonds1,4	GBP		5,000,000		7,311,375
Sberbank of Russia Via SB Capital SA, 5.50% [H15T5Y+402.3] Sub. Nts., 2/26/241,2			8,940,000		9,142,357
Societe Generale SA:
4.25% Sub. Nts., 4/14/252			5,000,000		5,130,821
7.375% [USSW5+623.8] Jr. Sub. Perpetual Bonds1,2,4			5,000,000		5,425,000
SPCM SA, 2.875% Sr. Unsec. Nts., 6/15/232	EUR		4,100,000		5,005,061
Standard Chartered Bank, 5.375% [BP0003M+189] Jr. Sub. Perpetual Bonds1,4	GBP		4,000,000		5,703,833
Standard Chartered plc:
2.821% [US0003M+151] Jr. Sub. Perpetual Bonds1,4			13,200,000		11,397,712
4.30% Sub. Nts., 2/19/272			7,000,000		7,158,389
TC Ziraat Bankasi AS, 4.75% Sr. Unsec. Nts., 4/29/212			1,535,000		1,558,025
Turkiye Garanti Bankasi AS, 6.125% [USSW5+422] Sub. Nts., 5/24/271,2			3,350,000		3,362,804
Turkiye Is Bankasi, 6% Sub. Nts., 10/24/222			2,995,000		3,037,817
Turkiye Vakiflar Bankasi TAO:
5.625% Sr. Unsec. Nts., 5/30/222			5,395,000		5,491,031
6.875% [USSW5+543.9] Sub. Nts., 2/3/251,2			2,930,000		3,000,408
UniCredit SpA, 6.95% Sub. Nts., 10/31/22	EUR		5,000,000		7,233,080
Westpac Banking Corp. (New Zealand), 5% [USISDA05+288.8] Jr. Sub. Perpetual Bonds1,4			4,000,000		3,999,200
Yapi ve Kredi Bankasi AS, 5.85% Sr. Unsec. Nts., 6/21/242			8,555,000		8,625,048

24       OPPENHEIMER INTERNATIONAL BOND FUND

		Principal Amount		Value
Commercial Banks (Continued)
Zenith Bank plc, 7.375% Sr. Unsec. Nts., 5/30/222		$	3,745,000	$	3,878,449
					544,430,789
Consumer Finance—0.3%
Drax Finco plc, 4.25% Sec. Nts., 5/1/222	GBP		4,900,000		6,857,950
Financiera Independencia SAB de CV SOFOM ENR, 8% Sr.
Unsec. Nts., 7/19/242			2,050,000		2,126,875
Minejesa Capital BV:
4.625% Sr. Sec. Nts., 8/10/302			2,415,000		2,465,696
5.625% Sr. Sec. Nts., 8/10/372			4,225,000		4,429,106
					15,879,627
Diversified Financial Services—0.3%
JPMorgan Hipotecaria su Casita, 6.47% Sec. Nts., 8/26/357,8	MXN		34,101,099		187,266
National Savings Bank, 8.875% Sr. Unsec. Nts., 9/18/182			11,135,000		11,689,523
Power Finance Corp. Ltd., 8.29% Sr. Unsec. Nts., 6/13/18	INR		180,000,000		2,779,958
Rural Electrification Corp. Ltd., 9.04% Sr. Unsec. Nts., 10/12/19	INR		250,000,000		3,971,245
					18,627,992
Insurance—1.8%
Allianz SE, 4.75% [EUR003M+360] Jr. Sub. Perpetual Bonds1,4	EUR		10,000,000		13,805,100
ASR Nederland NV, 5.125% [EUSA5+520] Sub. Nts., 9/29/451	EUR		8,000,000		11,187,865
Aviva plc, 6.125% [GUKG5+240] Jr. Sub. Perpetual Bonds1,4	GBP		6,560,000		9,964,358
AXA SA:
5.25% [EUR003M+305] Sub. Nts., 4/16/401	EUR		5,000,000		6,623,037
8.60% Sub. Nts., 12/15/30			7,325,000		10,511,375
Beazley Insurance DAC, 5.875% Sub. Nts., 11/4/26			5,000,000		5,303,500
Cloverie plc per Swiss Re Corporate Solutions Ltd., 4.50% [USSW10+290.8] Sub. Nts., 9/11/441			14,000,000		14,340,536
Credivalores-Crediservicios SAS, 9.75% Sr. Unsec. Nts., 7/27/222			2,040,000		2,132,820
Demeter Investments BV for Swiss Re Ltd., 5.75% [US0003M+359.3] Sub. Nts., 8/15/501			5,000,000		5,427,000
Demeter Investments BV for Zurich Insurance Co. Ltd., 3.50% [EUR003M+395] Sub. Nts., 10/1/461	EUR		4,000,000		5,259,937
Mapfre SA, 4.375% [EUR003M+454.3] Sub. Nts., 3/31/471	EUR		3,000,000		3,917,328
Power Finance Corp. Ltd., 8.53% Sr. Unsec. Nts., 7/24/20	INR		330,000,000		5,182,632
					93,655,488
Real Estate Investment Trusts (REITs)—0.1%
Banco Invex SA/Hipotecaria Credito y Casa SA de CV, 6.45% Sec. Nts., 3/13/343,6,7	MXN		27,602,566		—
Trust F/1401, 5.25% Sr. Unsec. Nts., 1/30/262			7,005,000		7,460,325
					7,460,325

25       OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

		Principal Amount		Value
Real Estate Management & Development—0.1%
Stedin Holding NV, 3.25% [EUSA5+275] Jr. Sub. Perpetual Bonds1,4	EUR		3,000,000	$	3,782,652
Thrifts & Mortgage Finance—0.2%
Housing Development Finance Corp. Ltd.:
8.70% Sr. Sec. Nts., 4/26/18	INR		250,000,000		3,858,818
8.75% Sr. Sec. Nts., 1/13/20	INR		330,000,000		5,198,970
8.95% Sec. Nts., 10/19/20	INR		125,000,000		1,990,017
					11,047,805
Health Care—0.3%
Health Care Providers & Services—0.1%
OCP SA, 4.50% Sr. Unsec. Nts., 10/22/252			6,360,000		6,419,135
Life Sciences Tools & Services—0.2%
Quintiles IMS, Inc.:
3.25% Sr. Unsec. Nts., 3/15/252	EUR		6,000,000		7,239,993
3.25% Sr. Unsec. Nts., 3/15/25	EUR		1,000,000		1,204,007
					8,444,000
Industrials—1.0%
Aerospace & Defense—0.1%
Embraer Netherlands Finance BV, 5.40% Sr. Unsec. Nts., 2/1/27			6,100,000		6,613,925
Airlines—0.1%
Latam Finance Ltd., 6.875% Sr. Unsec. Nts., 4/11/242			2,040,000		2,170,560
Construction & Engineering—0.1%
Fideicomiso PA Costera, 6.25% Sr. Sec. Nts., 1/15/342,3	COP		10,107,644,400		3,592,522
Fideicomiso PA Pacifico Tres, 8.25% Sr. Sec. Nts., 1/15/358			3,335,000		3,860,262
					7,452,784
Industrial Conglomerates—0.1%
Grupo KUO SAB de CV, 5.75% Sr. Unsec. Nts., 7/7/272			2,610,000		2,753,550
Professional Services—0.1%
Atento Luxco 1 SA, 6.125% Sr. Sec. Nts., 8/10/222			3,655,000		3,829,545
Nassa Topco AS, 2.875% Sr. Unsec. Nts., 4/6/242	EUR		2,000,000		2,395,775
					6,225,320
Trading Companies & Distributors—0.3%
Postal Savings Bank of China Co. Ltd., 4.50% [H15T5Y+263.4] Jr. Sub. Perpetual Bonds1,4,5			15,000,000		14,955,000
Rumo Luxembourg Sarl, 7.375% Sr. Unsec. Nts., 2/9/242			2,440,000		2,647,400
					17,602,400
Transportation Infrastructure—0.2%
DP World Ltd., 6.85% Sr. Unsec. Nts., 7/2/372			5,115,000		6,334,288

26       OPPENHEIMER INTERNATIONAL BOND FUND

		Principal Amount		Value
Transportation Infrastructure (Continued)
Mexico City Airport Trust, 5.50% Sr. Sec. Nts., 7/31/472		$	4,065,000	$	4,135,731
					10,470,019
Information Technology—0.3%
Communications Equipment—0.2%
HTA Group Ltd., 9.125% Sr. Unsec. Nts., 3/8/222			2,370,000		2,497,388
Virgin Media Finance plc, 4.50% Sr. Unsec. Nts., 1/15/25	EUR		6,950,000		8,609,349
					11,106,737
Electronic Equipment, Instruments, & Components—0.1%
Tunghsu Venus Holdings Ltd., 7% Sr. Unsec. Nts., 6/12/20			3,000,000		2,878,635
Materials—2.0%
Chemicals—0.7%
Arkema SA, 4.75% [EUSA5+434.6] Jr. Sub. Perpetual Bonds1,4	EUR		4,500,000		5,789,747
Crown European Holdings SA:
2.625% Sr. Unsec. Nts., 9/30/242	EUR		2,000,000		2,425,535
3.375% Sr. Unsec. Nts., 5/15/252	EUR		5,000,000		6,222,254
CYDSA SAB de CV, 6.25% Sr. Unsec. Nts., 10/4/272			3,035,000		2,979,854
Kallpa Generacion SA, 4.875% Sr. Unsec. Nts., 5/24/262			2,665,000		2,831,563
ONGC Videsh Ltd.:
2.75% Sr. Unsec. Nts., 7/15/21	EUR		7,490,000		9,448,208
4.625% Sr. Unsec. Nts., 7/15/24			8,130,000		8,738,043
					38,435,204
Construction Materials—0.1%
St. Marys Cement, Inc., 5.75% Sr. Unsec. Nts., 1/28/272			2,750,000		2,912,937
Containers & Packaging—0.4%
Ardagh Packaging Finance plc/Ardagh Holdings USA, Inc.:
2.75% Sr. Sec. Nts., 3/15/24	EUR		3,500,000		4,276,750
4.125% Sr. Sec. Nts., 5/15/23	EUR		3,675,000		4,656,013
Klabin Finance SA, 4.875% Sr. Unsec. Nts., 9/19/272			3,560,000		3,541,844
Smurfit Kappa Acquisitions ULC, 4.875% Sr. Sec. Nts., 9/15/182			8,535,000		8,727,038
					21,201,645
Metals & Mining—0.7%
ABJA Investment Co. Pte Ltd., 5.95% Sr. Unsec. Nts., 7/31/24			6,065,000		6,483,182
ArcelorMittal, 2.875% Sr. Unsec. Nts., 7/6/20	EUR		2,500,000		3,152,582
Autodis SA, 4.375% Sr. Sec. Nts., 5/1/222	EUR		1,000,000		1,230,820
Glencore Funding LLC, 4.125% Sr. Unsec. Nts., 5/30/232			4,945,000		5,154,477
JSW Steel Ltd., 4.75% Sr. Unsec. Nts., 11/12/19			5,930,000		6,067,873
Metalloinvest Finance DAC, 5.625% Unsec. Nts., 4/17/202			1,250,000		1,320,483
Metinvest BV, 9.373% Sr. Sec. Nts., 12/31/219			3,060,630		3,104,091
Polyus Finance plc, 5.25% Sr. Unsec. Nts., 2/7/232			6,115,000		6,403,047
Southern Copper Corp., 7.50% Sr. Unsec. Nts., 7/27/35			5,405,000		7,046,705
					39,963,260

27       OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

		Principal Amount		Value
Paper & Forest Products—0.1%
Suzano Austria GmbH, 5.75% Sr. Unsec. Nts., 7/14/262		$	6,355,000	$	6,843,064
Telecommunication Services—2.8%
Diversified Telecommunication Services—2.1%
Genneia SA, 8.75% Sr. Unsec. Nts., 1/20/222			1,990,000		2,179,408
Koninklijke KPN NV, 8.375% Sr. Unsec. Nts., 10/1/30			7,493,000		10,437,328
SoftBank Group Corp.:
3.125% Sr. Unsec. Nts., 9/19/255	EUR		13,500,000		15,918,202
5.125% Sr. Unsec. Nts., 9/19/275			10,000,000		9,915,720
Telecom Italia Capital SA, 7.721% Sr. Unsec. Unsub. Nts., 6/4/38			13,147,000		16,930,707
Telecom Italia SpA, 7.375% Sr. Unsec. Nts., 12/15/17	GBP		5,000,000		6,809,744
Telefonica Emisiones SAU:
2.932% Sr. Unsec. Nts., 10/17/29	EUR		3,600,000		4,666,202
3.987% Sr. Unsec. Nts., 1/23/23	EUR		5,000,000		6,918,441
Telefonica Europe BV:
3.75% [EUSA5+385.8] Jr. Sub. Perpetual Bonds1,4	EUR		13,300,000		16,574,005
6.50% [EUSA5+503.8] Jr. Sub. Perpetual Bonds1,4	EUR		10,000,000		12,490,792
Telia Co. AB, 3.25% [SKSW5+290] Sub. Nts., 10/4/771,5	SEK		75,000,000		9,340,630
					112,181,179
Wireless Telecommunication Services—0.7%
Bharti Airtel International Netherlands BV, 5.125% Sr. Unsec. Nts., 3/11/232			2,960,000		3,126,716
C&W Senior Financing Designated Activity Co., 6.875% Sr. Unsec. Nts., 9/15/272			3,620,000		3,773,850
Telekom Austria AG, 5.625% [EUSA5+485.9] Jr. Sub. Perpetual Bonds1,4	EUR		11,595,000		13,938,471
VimpelCom Holdings BV:
4.95% Sr. Unsec. Nts., 6/16/242			6,005,000		6,159,809
9.00% Sr. Unsec. Nts., 2/13/182	RUB		128,400,000		2,230,069
Wind Acquisition Finance SA, 4% Sr. Sec. Nts., 7/15/202	EUR		8,545,000		10,212,953
					39,441,868
Utilities—0.8%
Electric Utilities—0.4%
Capex SA, 6.875% Sr. Unsec. Nts., 5/15/242			2,590,000		2,676,169
Electricite de France SA, 4.25% [EUSA7+302.1] Jr. Sub. Perpetual Bonds1,4	EUR		3,100,000		3,892,883
EnBW Energie Baden-Wuerttemberg AG, 3.625% [EUSA5+233.8] Jr. Sub. Nts., 4/2/761	EUR		4,870,000		6,131,739
Enel SpA, 8.75% [USSW5+588] Jr. Sub. Nts., 9/24/731,2			5,000,000		6,068,750
Power Grid Corp. of India Ltd., 8.70% Sec. Nts., 7/15/18	INR		130,000,000		2,020,406
					20,789,947
Independent Power and Renewable Electricity Producers—0.3%
AES Andres BV/Dominican Power Partners/Empresa
Generadora de Electricidad Itabo SA, 7.95% Sr. Unsec. Nts., 5/11/262			3,050,000		3,315,350

28       OPPENHEIMER INTERNATIONAL BOND FUND

		Principal Amount		Value
Independent Power and Renewable Electricity Producers (Continued)
AES Argentina Generacion SA, 7.75% Sr. Unsec. Nts., 2/2/242		$	2,520,000	$	2,707,286
Azure Power Energy Ltd., 5.50% Sr. Sec. Nts., 11/3/222			2,620,000		2,685,500
Reliance Jio Infocomm Ltd., 8.32% Sec. Nts., 7/8/21	INR		335,000,000		5,307,914
					14,016,050
Multi-Utilities—0.1%
KazTransGas JSC, 4.375% Sr. Unsec. Nts., 9/26/272			7,315,000		7,277,657
Total Corporate Bonds and Notes (Cost $1,467,314,777)					1,531,697,563
		Shares
Common Stock—0.0%
JSC Astana Finance, GDR7,8,10 (Cost $–)			868,851		—
		Principal Amount
Structured Securities—0.3%
Deutsche Bank AG, Coriolanus Ltd. Sec. Credit Linked Bonds:
3.003%, 4/30/252,11		$	2,642,990		1,307,420
3.054%, 4/30/252,11			3,367,576		1,665,854
3.098%, 4/30/252,11			2,907,362		1,438,198
3.131%, 4/30/252,11			2,598,815		1,285,568
3.179%, 4/30/252,11			3,235,736		1,600,636
3.231%, 4/30/252,11			3,693,101		1,826,883
3.265%, 4/30/252,11			2,950,356		1,459,466
3.346%, 4/30/252,11			2,773,209		1,371,836
LB Peru Trust II Certificates, Series 1998-A, 3.796%, 2/28/166,7,11			11,734		—
Morgan Stanley, Russian Federation Total Return Linked
Bonds, Series 007, Cl. VR, 5%, 8/22/347	RUB		142,287,446		1,090,112
Total Structured Securities (Cost $24,544,226)					13,045,973
Short-Term Notes—3.0%
Arab Republic of Egypt Treasury Bills:
18.19%, 8/21/1811	EGP		160,000,000		7,834,398
18.276%, 2/6/1811	EGP		68,700,000		3,680,751
United States Treasury Bills, 1.007%, 11/30/1711,12,13			150,000,000		149,759,285
Total Short-Term Notes (Cost $161,493,144)					161,274,434

Exercise Price

Expiration Date

Notional Amount (000’s)

Contracts (000’s)

Exchange-Traded Option Purchased—0.0%

EURO BUND Put10 (Cost $1,865,956)

EUR

161.500

11/24/17

EUR  1,744

EUR 1

1,744,803

Counter- party

Exercise Price

Expiration Date

Notional Amount (000’s)

Contracts (000’s)

Over-the-Counter Options Purchased—0.4%

BRL Currency Call10

GSCO-OT

BRL

3.106

12/7/17

BRL 232,950

BRL 232,950

479,178

BRL Currency Call10

GSCO-OT

BRL

3.110

12/14/17

BRL 311,000

BRL 311,000

720,276

29       OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

Counter- party

Exercise Price

Expiration Date

Notional Amount (000’s)

Contracts

Value

Over-the-Counter Options Purchased (Continued)

CAD Currency Call10

BAC

CAD

1.224

12/20/17

CAD 122,390

CAD 122,390

$

641,324

CHF Currency Put10

BOA

CHF

0.975

2/1/18

CHF 73,125

CHF 73,125

847,811

CHF Currency Put10

GSCO-OT

CHF

0.922

6/4/19

CHF 92,230

CHF 92,230

4,885,515

EUR Currency Put10

CITNA-B

MXN

21.450

12/21/17

EUR 75,000

EUR 75, 000

941,534

EUR Currency Put10

BOA

MXN

21.450

12/21/17

EUR 50,000

EUR 50,000

627,689

EUR Currency Put10

GSCO-OT

KRW

1270.000

10/18/17

EUR 100,000

EUR 100,000

—

EUR Currency Put10,14

BOA

JPY

120.000

8/8/18

EUR 5,000

EUR 5, 000

859,702

French Republic Bonds Put10

GSCOI

EUR

82.000

1/15/18

EUR 92,822

EUR 100,000

617,125

IDR Currency Call10

GSCO-OT

IDR

13600.000

5/25/18

IDR 1,020,000,000

IDR 1,020,000, 000

1,020,000

IDR Currency Call10

GSCO-OT

IDR

13600.000

8/28/18

IDR 1,364,760,000

IDR 1,360,000,000

1,360,000

INR Currency Call10

GSCO-OT

INR

65.000

9/5/18

INR 4,875,000

INR 4,875,000

628,875

INR Currency Call10

SCB

INR

64.150

2/1/18

INR 6,415,000

INR 6,415,000

282,260

INR Currency Call10

CITNA-B

INR

63.800

11/8/17

INR 6,380,000

INR 6,380,000

31,900

JPY Currency Put10

GSCO-OT

JPY

120.000

5/7/20

JPY 12,000,000

JPY 12,000,000

2,400,000

JPY Currency Call10

CITNA-B

JPY

105.000

8/1/18

JPY 10,500,000

JPY 10,500,000

1,764,000

JPY Currency Call10

GSCO-OT

JPY

105.000

8/1/18

JPY 10,500,000

JPY 10,500,000

1,764,000

PHP Currency Call10

GSCO-OT

PHP

51.000

11/17/17

PHP 5,100,000

PHP 5,100,000

872,100

SGD Currency Put10

GSCO-OT

JPY

79.500

11/17/17

SGD 150,000

SGD 150,000

309,735

SGD Currency Put10

GSCO-OT

SGD

1.380

10/16/17

SGD 138,000

SGD 138,000

28,842

Total Over-the-Counter Options Purchased (Cost $31,110,083)

21,081,866

30       OPPENHEIMER INTERNATIONAL BOND FUND

Counter -party

Buy /Sell Protection

Reference Asset

Fixed Rate

Expiration Date

Notional Amount (000’s)

Value

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

Credit Default Swap Maturing 6/20/22 Call10 (Cost $1,056,825)

JPM

Buy

iTraxx Europe Crossover Series 27 Version 1

5.00%

10/18/17

EUR 100,000

$           82,934

Counter -party

Pay/Receive Floating Rate

Floating Rate

Fixed Rate

Expiration Date

Notional Amount (000’s)

Over-the-Counter Interest Rate Swaptions Purchased—1.6%

Interest Rate Swap Maturing 10/10/27 Call10

JPM

Receive

Six-Month EUR EURIBOR

1.150

10/6/17

EUR 150,000

120

Interest Rate Swap Maturing 11/10/27 Call10

BOA

Receive

Three-Month USD BBA LIBOR

2.366

11/8/17

USD 200,000

948,046

Interest Rate Swap Maturing 12/14/27 Call10

JPM

Receive

Six-Month EUR EURIBOR

1.800

12/12/17

EUR 126,000

475,165

Interest Rate Swap Maturing 12/14/27 Call10

JPM

Receive

Six-Month EUR EURIBOR

1.500

12/12/17

EUR 126,000

1,448,109

Interest Rate Swap Maturing 12/23/19 Call10

BAC

Pay

Six-Month GBP BBA LIBOR

0.655

12/21/17

GBP 251,000

53,290

Interest Rate Swap Maturing 12/4/22 Call10

JPM

Receive

Three-Month USD BBA LIBOR

1.821

11/30/17

USD 150,000

1,691,509

Interest Rate Swap Maturing 2/24/32 Call10

BOA

Receive

Three-Month KRW CD KSDA

2.060

2/23/22

KRW 56,900,000

1,963,558

Interest Rate Swap Maturing 2/24/32 Call10

BOA

Pay

Three-Month KRW CD KSDA

2.060

2/23/22

KRW 56,900,000

1,374,180

31       OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

Counter -party

Pay/Receive Floating Rate

Floating Rate

Fixed Rate

Expiration Date

Notional Amount (000’s)

Value

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

Interest Rate Swap Maturing 3/5/47 Call10

JPM

Receive

Three-Month USD LIBOR

2.885%

3/3/27

USD 70,000

$       7,626,197

Interest Rate Swap Maturing 5/1/24 Call10

BOA

Receive

Three-Month USD BBA LIBOR

2.336

4/29/19

USD 100,000

1,461,914

Interest Rate Swap Maturing 5/30/33 Put10

BAC

Receive

Six-Month GBP BBA LIBOR

3.990

5/30/23

GBP 40,415

149,817

Interest Rate Swap Maturing 6/4/25 Call10

GSCOI

Pay

Three-Month USD BBA LIBOR

2.145

5/31/18

USD 300,000

3,001,128

Interest Rate Swap Maturing 7/10/25 Call10

BOA

Pay

Three-Month USD BBA LIBOR

2.360

7/6/18

USD 225,000

4,166,064

Interest Rate Swap Maturing 7/10/29 Call10

BOA

Pay

Three-Month USD BBA LIBOR

2.600

7/8/19

USD 150,000

5,807,880

Interest Rate Swap Maturing 7/23/25 Call10

GSCOI

Pay

Three-Month USD BBA LIBOR

2.220

7/19/18

USD 200,000

2,714,948

Interest Rate Swap Maturing 7/24/28 Call10

BOA

Receive

Three-Month USD BBA LIBOR

2.367

7/20/18

USD 200,000

4,374,260

Interest Rate Swap Maturing 7/29/50 Call10

JPM

Receive

Six-Month EUR EURIBOR

2.250

7/27/20

EUR 100,000

7,044,182

Interest Rate Swap Maturing 8/1/48 Call10

BOA

Receive

Three-Month USD BBA LIBOR

2.870

7/30/18

USD 50,000

1,274,283

Interest Rate Swap Maturing 9/17/77 Call10

JPM

Receive

Six-Month EUR EURIBOR

1.600

9/15/37

EUR 160,000

40,822,707

Total Over-the-Counter Interest Rate Swaptions Purchased (Cost $94,765,982)

86,397,357

32       OPPENHEIMER INTERNATIONAL BOND FUND

	Shares		Value
Investment Company—1.9%
Oppenheimer Institutional Government Money Market Fund, Cl. E, 0.98%15,16 (Cost $102,075,708)		102,075,708	$	102,075,708
Total Investments, at Value (Cost $5,194,315,525)		99.1%		5,279,814,961
Net Other Assets (Liabilities)		0.9		48,397,653
Net Assets		100.0%	$	5,328,212,614

Footnotes to Consolidated Statement of Investments

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

2. Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended. These securities have been determined to be liquid under guidelines established by the Board of Trustees. These securities amount to $1,107,546,586 or 20.79% of the Fund’s net assets at period end.

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

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

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

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

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

8. Restricted security. The aggregate value of restricted securities at period end was $4,047,528, which represents 0.08% of the Fund’s net assets. See Note 4 of the accompanying Consolidated Notes. Information concerning restricted securities is as follows:

	Acquisition						Unrealized Appreciation/
Security	Dates		Cost		Value		(Depreciation)
Fideicomiso PA Pacifico Tres, 8.25% Sr. Sec. Nts., 1/15/35		2/12/16	$	3,271,435	$	3,860,262	$	588,827
JPMorgan Hipotecaria su Casita, 6.47% Sec. Nts., 8/26/35		3/21/07		3,120,932		187,266		(2,933,666)
JSC Astana Finance, GDR		6/5/15		—		—		—
			$	6,392,367	$	4,047,528	$	(2,344,839)

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

10. Non-income producing security.

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

12. 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 $1,563,487. See Note 6 of the accompanying Consolidated Notes.

13. 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 $34,930,854. See Note 6 of the accompanying Consolidated Notes.

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

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

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

33       OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

Footnotes to Consolidated Statement of Investments (Continued)

	Shares September 30, 2016		Gross         Additions		Gross         Reductions		Shares September 30, 2017
Oppenheimer Institutional Government Money Market Fund, Cl. E		302,535,418		3,102,790,083		3,303,249,793		102,075,708

	Value		Income		Realized     Gain (Loss)		Change in Unrealized Gain (Loss)
Oppenheimer Institutional Government Money Market Fund, Cl. E	$	102,075,708	$	1,698,625	$	—	$	—

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

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

Geographic Holdings (Unaudited)	Value		Percent
United Kingdom	$	615,910,249	11.7%
Mexico		477,436,828	9.0
India		421,630,012	8.0
Brazil		350,187,536	6.6
United States		307,015,743	5.9
Italy		273,903,097	5.2
Indonesia		255,879,298	4.8
Russia		235,111,124	4.5
South Africa		186,486,769	3.5
Spain		155,846,210	3.0
Malaysia		142,696,299	2.7
Argentina		127,623,219	2.5
Greece		111,996,034	2.1
Netherlands		108,788,290	2.1
Australia		96,812,447	1.8
France		95,375,053	1.8
Switzerland		92,052,308	1.7
Turkey		80,773,359	1.5
Ukraine		78,286,643	1.5
Ireland		77,214,648	1.5
Peru		70,064,171	1.3
Hungary		68,594,127	1.3
Portugal		65,856,405	1.3
Colombia		56,791,281	1.1
Eurozone		52,302,141	1.0
Kazakhstan		48,438,378	0.9
China		45,396,160	0.9

34       OPPENHEIMER INTERNATIONAL BOND FUND

Geographic Holdings (Unaudited) (Continued)	Value		Percent
Thailand	$	37,238,084	0.7%
Germany		36,035,064	0.7
Sri Lanka		34,128,235	0.6
Japan		31,761,922	0.6
Chile		30,566,580	0.6
Egypt		28,024,730	0.5
Austria		26,018,340	0.5
Uruguay		25,544,580	0.5
Poland		23,445,748	0.4
Dominican Republic		23,333,675	0.4
Slovenia		22,371,523	0.4
Serbia		19,345,735	0.4
Ivory Coast		18,926,938	0.4
Ecuador		18,886,850	0.4
Croatia		18,225,601	0.3
Romania		17,224,076	0.3
Luxembourg		16,940,694	0.3
Belgium		11,694,559	0.2
Jamaica		10,686,587	0.2
Guernsey		10,361,163	0.2
Gabon		10,091,703	0.2
Sweden		9,340,630	0.2
Iraq		9,245,816	0.2
United Arab Emirates		8,360,874	0.2
Angola		7,769,004	0.2
Hong Kong		7,723,814	0.1
Vietnam		7,292,091	0.1
Senegal		6,654,744	0.1
Morocco		6,419,135	0.1
Kuwait		6,277,572	0.1
Honduras		5,712,500	0.1
South Korea		5,327,267	0.1
Mauritius		5,182,887	0.1
Supranational		4,343,065	0.1
Nigeria		3,878,449	0.1
Panama		3,755,160	0.1
Belarus		3,238,564	0.1
Lebanon		3,041,404	0.0
Norway		2,683,993	0.0
Denmark		2,395,775	0.0
Philippines		872,100	0.0
Canada		641,324	0.0
Singapore		338,577	0.0
Total	$	5,279,814,961	100.0%

Forward Currency Exchange Contracts as of September 30, 2017
Counter -party	Settlement Month(s)		Currency   Purchased (000’s)		Currency Sold (000’s)		Unrealized   Appreciation		Unrealized   Depreciation
BAC		03/2018	EUR	90,995	USD	109,734	$	—	$	1,204,599
BAC		12/2017	USD	10,516	CLP	6,621,000		190,249		—

35       OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

Forward Currency Exchange Contracts (Continued)
Counter -party	Settlement Month(s)		Currency   Purchased (000’s)				Currency Sold (000’s)		Unrealized     Appreciation		Unrealized     Depreciation
BAC		03/2018	USD		73,636	EUR		61,745	$	158,619	$            165,954
BAC		03/2018	USD		40,061	NOK		316,060		223,347	—
BOA		03/2018	GBP		124,000	USD		165,478		1,489,411	—
BOA		02/2018	HUF		11,852,400	USD		41,746		3,494,877	—
BOA		10/2017	IDR		675,250,000	USD		50,497		—	395,286
BOA		10/2017	USD		51,483	CNH		368,000		—	3,824,300
BOA		03/2018	USD		143,084	EUR		117,725		2,672,907	—
BOA		03/2018	USD		171,023	GBP		128,155		—	1,539,318
BOA		10/2017	USD	��	172,325	IDR		2,304,329,000		1,348,936	—
BOA		12/2017 - 12/2017	USD		385,525	INR		24,879,000		8,063,015	—
BOA		10/2017	USD		38,399	NOK		300,000		719,777	—
BOA		12/2017	USD		191,903	ZAR		2,556,920		5,434,794	—
CITNA-B		10/2017	CNH		211,000	USD		29,506		2,205,121	—
CITNA-B		03/2018	EUR		2,130	USD		2,567		—	26,903
CITNA-B		03/2018	GBP		5,560	USD		7,583		—	96,730
CITNA-B		12/2017	MXN		900,000	USD		50,318		—	1,517,956
CITNA-B		03/2018	USD		16,113	GBP		12,065		96,817	229,186
CITNA-B		12/2017	USD		406,811	MXN		7,276,300		12,272,335	—
CITNA-B		03/2018	USD		32,422	SEK		261,770		—	28,098
DEU		03/2018	USD		380,333	EUR		313,500		6,420,716	—
GSCO-OT		05/2018	BRL		28,140	USD		8,499		130,450	—
GSCO-OT		10/2017	CNH		175,000	USD		24,522		1,779,169	—
GSCO-OT		12/2017	MYR		125,490	USD		30,000		—	313,451
GSCO-OT		10/2017	NOK		369,170	USD		45,749		617,432	—
GSCO-OT		10/2017	PHP		2,655,000	USD		51,349		787,162	—
GSCO-OT		11/2017	PLN		184,000	USD		51,550		—	1,126,831
GSCO-OT		05/2018 - 05/2019	USD		30,000	BRL		109,875		—	2,831,862
GSCO-OT		02/2018	USD		42,000	HUF		11,852,400		—	3,241,086
GSCO-OT		03/2018	USD		111,996	JPY		12,566,000		—	597,306
GSCO-OT		12/2017	USD		29,733	MYR		125,490		82,181	35,976
GSCO-OT		10/2017	USD		48,000	PHP		2,476,320		—	607,507
HSBC		03/2018	EUR		61,560	USD		74,362		—	939,520
HSBC		12/2017	PLN		41,980	USD		11,689		—	182,013
HSBC		03/2018	USD		122,434	EUR		101,365		1,535,476	—
JPM		10/2017	BRL		22,900	USD		7,229		1,940	—
JPM		12/2017	COP		15,051,000	USD		5,113		—	32,638
JPM		03/2018	EUR		942,285	USD		1,141,632		—	17,767,720
JPM		06/2018	KRW		134,400,000	USD		128,000		—	10,175,200
JPM		03/2018	PHP		2,575,000	USD		50,000		34,924	73,729
JPM		10/2017	USD		7,306	BRL		22,900		75,548	—
JPM		10/2017	USD		2,515	CNH		18,000		—	190,576
JPM		12/2017	USD		32,798	COP		96,556,000		209,384	—
JPM		03/2018	USD		712,804	EUR		588,825		10,511,581	—
JPM		10/2017	USD		13,387	IDR		179,000,000		105,786	—
JPM		06/2018	USD		111,767	KRW		134,400,000		—	6,057,648
JPM		03/2019	USD		50,000	PHP		2,612,500		199,362	—
JPM		12/2017	USD		193,041	RUB		11,312,000		—	326,024
JPM		12/2017	USD		33,764	THB		1,115,900		274,603	—

36       OPPENHEIMER INTERNATIONAL BOND FUND

Forward Currency Exchange Contracts (Continued)
Counter -party	Settlement Month(s)		Currency   Purchased (000’s)			Currency Sold (000’s)		Unrealized     Appreciation		Unrealized     Depreciation
JPM		12/2017	USD	46,433	TRY		164,490	$	1,321,270	$                —
NOM		03/2018	EUR	37,270	USD		44,715		41,229	304,724
NOM		03/2018	USD	17,190	EUR		14,265		176,527	—
TDB		10/2017 -11/2017	BRL	970,730	USD		304,213		2,131,863	—
TDB		03/2018	DKK	203,610	USD		32,863		—	208,213
TDB		03/2018 -03/2018	JPY	66,143,558	USD		602,261		—	9,587,400
TDB		03/2018	NOK	850,000	USD		107,707		—	569,547
TDB		12/2017	PLN	164,100	USD		45,586		—	605,248
TDB		03/2018	USD	90,421	AUD		112,735		2,145,186	—
TDB		10/2017 - 11/2017	USD	504,692	BRL		1,611,835		—	3,170,686
TDB		03/2018	USD	295,178	GBP		225,000		—	7,787,110
TDB		12/2017	USD	52,238	HUF		13,490,000		883,321	—
TDB		12/2017	USD	33,946	PLN		122,200		450,708	—
TDB		03/2018	USD	9,368	SEK		74,500		132,976	—
Total Unrealized Appreciation and Depreciation								$	68,418,999	$  75,760,345

Futures Contracts as of September 30, 2017
Description	Buy/Sell		Expiration Date		Number of Contracts		Notional Amount (000’s)		Value		Unrealized Appreciation
EURO-BUXL		Sell		12/7/17		121		EUR 23,478	$	23,347,796	$            130,355
Euro-OAT		Sell		12/7/17		252		EUR 46,245		46,206,711	38,508
											$            168,863

Over-the-Counter Options Written at September 30, 2017

Description

Counter -party

Exercise Price

Expiration Date

Number of Contracts (000’s)

Notional Amount (000’s)

Premiums Received

Value

AUD

AUD

AUD Currency Call

JPM

89.500

12/13/17

(125,000)

AUD 125,000

$

1,062,335

$    (993,984)

BRL

BRL

BRL Currency Call

GSCO-OT

2.992

12/7/17

(224,363)

BRL 224,363

292,200

(93,335)

BRL

BRL

BRL Currency Put

GSCO-OT

3.955

5/21/19

(197,750)

BRL 197,750

3,608,017

(1,823,255)

BRL

BRL

BRL Currency Put

GSCO-OT

3.298

12/7/17

(247,350)

BRL 247,350

761,325

(781,626)

BRL

BRL

BRL Currency Call

GSCO-OT

3.000

12/14/17

(300,000)

BRL 300,000

333,000

(164,100)

BRL

BRL

BRL Currency Put

GSCO-OT

3.294

12/14/17

(329,420)

BRL 329,420

1,048,000

(1,195,465)

CAD

CAD

CAD Currency Call

BAC

1.183

12/20/17

(118,320)

CAD 118,320

338,000

(106,724)

JPY

CAD

CAD Currency Call

TDB

88.450

11/7/17

(100,000)

CAD 100,000

1,114,492

(1,976,659)

37       OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

Over-the-Counter Options Written (Continued)

Description

Counter -party

Exercise Price

Expiration Date

Number of Contracts (000’s)

Notional Amount (000’s)

Premiums Received

Value

CHF

CHF

CHF Currency Call

BOA

0.925

2/1/18

(69,375)

CHF 69,375

$

821,250

$    (510,878)

CHF

CHF

CHF Currency Put

BOA

1.025

2/1/18

(76,875)

CHF 76,875

277,500

(139,528)

COP

COP

COP Currency Put

CITNA-B

3000.000

12/4/17

(150,000,000)

COP 150,000,000

878,750

(600,000)

COP

COP

COP Currency Put

GSCO-OT

2975.000

12/19/17

(148,750,000)

COP 148,750,000

814,350

(892,500)

COP

COP

COP Currency Put

JPM

2973.000

12/19/17

(148,650,000)

COP 148,650,000

822,050

(891,900)

USD

EUR

EUR Currency Put

BAC

1.170

12/15/17

(75,000)

EUR 75,000

558,749

(646,575)

USD

EUR

EUR Currency Call

BAC

1.238

12/15/17

(75,000)

EUR 75,000

512,112

(205,800)

MXN

EUR

EUR Currency Put

BOA

20.650

12/21/17

(50,000)

EUR 50,000

244,411

(145,884)

EUR

EUR

EUR Currency Put

BOA

1.161

3/12/18

(125,000)

EUR 125,000

1,292,875

(1,388,875)

MXN

EUR

EUR Currency Call

BOA

22.500

12/21/17

(50,000)

EUR 50,000

594,337

(665,884)

USD

EUR

EUR Currency Call

BOA

1.255

3/12/18

(125,000)

EUR 125,000

1,239,500

(736,000)

USD

EUR

EUR Currency Put

BOA

1.200

3/8/18

(250,000)

EUR 250,000

4,866,000

(6,923,000)

MXN

EUR

EUR Currency Put

CITNA-B

20.650

12/21/17

(75,000)

EUR 75,000

326,270

(218,826)

EUR

EUR

EUR Currency Call

CITNA-B

22.500

12/21/17

(75,000)

EUR 75,000

859,096

(998,826)

USD

EUR

EUR Currency Put

CITNA-B

1.157

3/15/18

(125,000)

EUR 125,000

1,220,000

(1,251,500)

USD

EUR

EUR Currency Call

CITNA-B

1.251

3/15/18

(125,000)

EUR 125,000

1,220,000

(827,375)

IDR

IDR

IDR Currency Call

GSCO-OT

12600.000

8/28/18

(1,260,000,000)

IDR 1,264,410,000

261,903

—

IDR

IDR

IDR Currency Call

GSCO-OT

12600.000

5/25/18

(945,000,000)

IDR 945,000,000

325,502

—

38       OPPENHEIMER INTERNATIONAL BOND FUND

Over-the-Counter Options Written (Continued)

Description

Counter -party

Exercise Price

Expiration Date

Number of Contracts (000’s)

Notional Amount (000’s)

Premiums Received

Value

IDR

IDR

IDR Currency Put

GSCO-OT

14000.000

5/25/18

(1,050,000,000)

IDR 1,050,000,000

$

1,888,125

$  (1,050,000)

IDR

IDR

IDR Currency Put

GSCO-OT

14200.000

8/28/18

(1,420,000,000)

IDR 1,424,970,000

2,455,802

(2,840,000)

INR

INR

INR Currency Put

CITNA-B

64.650

11/8/17

(6,465,000)

INR 6,465,000

833,162

(1,700,295)

INR

INR

INR Currency Call

CITNA-B

62.900

11/8/17

(6,290,000)

INR 6,290,000

254,132

(6,290)

INR

INR

INR Currency Call

GSCO-OT

62.000

9/5/18

(4,650,000)

INR 4,650,000

328,800

(111,600)

INR

INR

INR Currency Put

GSCO-OT

68.000

9/5/18

(5,100,000)

INR 5,100,000

1,409,550

(2,060,400)

INR

INR

INR Currency Call

SCB

62.150

2/1/18

(6,215,000)

INR 6,215,000

305,000

(31,075)

EUR

EUR

Italian Republic Bonds Call

JPM

93.670

12/20/17

(100,000)

EUR 111,235

1,170,378

(854,636)

JPY

JPY

JPY Currency Call

CITNA-B

95.000

8/1/18

(14,250,000)

JPY 14,250,000

1,220,493

(598,500)

JPY

JPY

JPY Currency Call

GSCO-OT

95.000

8/1/18

(14,250,000)

JPY 14,250,000

1,236,300

(598,500)

JPY

JPY

JPY Currency Put

JPM

109.000

12/8/17

(10,900,000)

JPY 10,900,000

1,112,000

(3,564,300)

JPY

JPY

JPY Currency Put

JPM

109.000

11/28/17

(13,625,000)

JPY 13,625,000

1,787,500

(4,387,250)

NOK

NOK

NOK Currency Put

GSCO-OT

7.842

12/8/17

(784,150)

NOK 784,150

1,155,400

(2,292,070)

NOK

NOK

NOK Currency Put

JPM

7.955

12/20/17

(795,500)

NOK 795,500

1,318,300

(1,606,910)

PHP

PHP

PHP Currency Put

GSCO-OT

52.500

11/17/17

(5,250,000)

PHP 5,250,000

320,000

(73,500)

PLN

PLN

PLN Currency Put

BOA

3.549

11/28/17

(443,625)

PLN 443,625

2,370,000

(4,014,363)

RUB

RUB

RUB Currency Put

BOA

59.000

11/8/17

(5,900,000)

RUB 5,900,000

1,549,000

(926,300)

RUB

RUB

RUB Currency Put

CITNA-B

59.000

11/23/17

(5,900,000)

RUB 5,900,000

1,810,244

(1,315,700)

39       OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

Over-the-Counter Options Written (Continued)

Description

Counter -party

Exercise Price

Expiration Date

Number of Contracts (000’s)

Notional Amount (000’s)

Premiums Received

Value

RUB

RUB

RUB Currency Call

GSCO-OT

56.494

12/20/17

(5,649,400)

RUB 5,649,400

$

1,020,900

$     (898,254)

RUB

RUB

RUB Currency Put

GSCO-OT

61.501

12/20/17

(6,150,050)

RUB 6,150,050

827,500

(940,958)

SEK

SEK

SEK Currency Put

CITNA-B

8.000

12/8/17

(800,000)

SEK 800,000

1,165,685

(2,220,800)

SEK

SEK

SEK Currency Put

GSCO-OT

8.065

11/28/17

(1,008,125)

SEK 1,008,125

1,335,875

(2,067,664)

SEK

SEK

SEK Currency Put

JPM

8.000

12/8/17

(800,000)

SEK 800,000

1,113,100

(2,220,800)

SGD

SGD

SGD Currency Put

GSCO-OT

76.500

11/17/17

(150,000)

SGD 150,000

432,623

(67,039)

SGD

SGD

SGD Currency Put

GSCO-OT

1.400

10/16/17

(140,000)

SGD 140,000

153,600

(840)

TRY

TRY

TRY Currency Put

CITNA-B

5.000

6/20/19

(250,000)

TRY 250,000

1,980,000

(1,894,250)

TRY

TRY

TRY Currency Put

CITNA-B

5.000

6/7/19

(375,000)

TRY 375,000

2,887,500

(2,726,250)

TRY

TRY

TRY Currency Put

GSCO-OT

5.020

5/31/19

(376,500)

TRY 376,500

2,895,450

(2,621,193)

TRY

TRY

TRY Currency Put

JPM

3.769

6/21/18

(188,450)

TRY 188,450

2,204,450

(2,577,242)

ZAR

ZAR

ZAR Currency Put

GSCO-OT

14.652

4/5/18

(1,098,900)

ZAR 1,098,900

5,010,525

(2,383,514)

ZAR

ZAR

ZAR Currency Put

JPM

14.726

4/6/18

(736,300)

ZAR 736,300

3,297,500

(1,528,559)

Total Over-the-Counter Options Written

$

72,540,918

$  (74,357,551)

Centrally Cleared Credit Default Swaps at September 30, 2017
Reference Asset	Buy/Sell Protection		Fixed Rate		Maturity Date		Notional Amount (000’s)		Premiums Received/ (Paid)		Value		Unrealized Appreciation (Depreciation)
CDX.EM.28		Sell		1.000%		12/20/22		USD  12,000	$	505,333	$	(475,156)	$        30,177
CDX.EM.28		Sell		1.000		12/20/22		USD   6,000		255,934		(237,578)	18,356
CDX.HY.28		Buy		5.000		6/20/22		USD   50,000		3,472,222		(3,812,645)	(340,423)
Federative Republic of Brazil		Sell		1.000		6/20/22		USD   15,000		928,605		(531,719)	396,886

40       OPPENHEIMER INTERNATIONAL BOND FUND

Centrally Cleared Credit Default Swaps (Continued)
Reference Asset	Buy/Sell Protection		Fixed Rate		Maturity Date		Notional Amount (000’s)		Premiums Received/ (Paid)		Value		Unrealized Appreciation (Depreciation)
Federative Republic of Brazil		Buy		1.000%		12/20/17		USD 100,000	$	195,325	$	(151,812)	$	43,513
Intesa Sanpaolo SpA		Buy		1.000		12/20/21		EUR 15,000		(548,711)		(241,620)		(790,331)
People’s Republic of China		Buy		1.000		12/20/22		USD 33,000		525,613		(572,201)		(46,588)
Republic of Italy		Sell		1.000		12/20/21		USD 16,000		585,507		(153,956)		431,551
Republic of Korea		Buy		1.000		12/20/22		USD 49,600		574,459		(602,878)		(28,419)
Republic of South Africa		Buy		1.000		12/20/22		USD 24,000		(1,057,668)		1,026,997		(30,671)
Republic of South
Africa		Buy		1.000		12/20/22		USD 23,000		(1,023,050)		984,206		(38,844)
Republic of South Africa		Buy		1.000		12/20/22		USD 20,000		(891,000)		855,831		(35,169)
Total Centrally Cleared Credit Default Swaps									$	3,522,569	$	(3,912,531)	$	(389,962)

Over-the-Counter Credit Default Swaps at September 30, 2017
									Notional		Premiums				Unrealized
	Counter-		Buy/Sell		Fixed		Maturity		Amount		Received/				Appreciation
Reference Asset	party		Protection		Rate		Date		(000’s)		(Paid)		Value		(Depreciation)
Banco Bilbao Vizcaya Argentaria Sociedad Anonima		UBS		Sell		3.000%		12/20/17		EUR 4,405	$	171,759	$	38,994	$	210,753
Banco Bilbao Vizcaya Argentaria Sociedad Anonima		UBS		Sell		3.000		12/20/17		EUR 4,405		171,759		38,994		210,753
Banco Santander SA		BOA		Sell		3.000		12/20/17		EUR 5,000		(106,178)		44,479		(61,699)
Federative Republic of Brazil		BNP		Sell		1.000		12/20/18		USD 10,265		812,157		47,487		859,644
Federative Republic of Brazil		BNP		Sell		1.000		6/20/21		USD 65,000		7,926,133		(967,244)		6,958,889
Hellenic Republic		BAC		Sell		1.000		3/20/20		USD 3,090		1,174,372		(204,610)		969,762
Hellenic Republic		BAC		Sell		1.000		3/20/20		USD 3,090		1,097,122		(204,610)		892,512
ICICI Bank Ltd.		GSCO-OT		Sell		1.000		12/20/19		USD 10,000		359,971		127,134		487,105
Kingdom of Spain		GSCO-OT		Buy		1.000		6/20/20		USD 50,000		47,068		(822,257)		(775,189)
Oriental Republic of Uruguay		BOA		Sell		1.000		12/20/21		USD 14,802		267,519		66,389		333,908
Portuguese Republic		GSCOI		Buy		1.000		12/20/17		USD 25,000		(354,145)		(55,715)		(409,860)
Portuguese Republic		GSCOI		Sell		1.000		12/20/21		USD 20,000		1,907,243		(171,256)		1,735,987
Portuguese Republic		GSCOI		Sell		1.000		12/20/21		USD 10,000		907,779		(85,628)		822,151
Portuguese Republic		GSCO-OT		Buy		1.000		12/20/17		USD 25,000		(705,360)		(55,715)		(761,075)
Portuguese Republic		GSCO-OT		Buy		1.000		12/20/17		USD 25,000		(720,209)		(55,715)		(775,924)
Reliance Industries Ltd.		GSCOI		Sell		1.000		6/20/21		USD 10,000		448,896		87,229		536,125

41       OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

Over-the-Counter Credit Default Swaps (Continued)
Reference Asset	Counter- party		Buy/Sell Protection		Fixed Rate		Maturity Date		Notional Amount (000’s)		Premiums Received/ (Paid)		Value		Unrealized Appreciation (Depreciation)
State Bank of India		BNP		Sell		1.000%		9/20/19	USD	13,035	$	537,811	$	176,551	$	714,362
Total Over-the-Counter Credit Default Swaps											$	13,943,697	$	(1,995,493)	$	11,948,204

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

Type of Reference Asset on which the Fund Sold Protection	Total Maximum                 Potential Payments for Selling Credit Protection (Undiscounted)			Amount                 Recoverable*		Reference                   Asset Rating   Range**
Non-Investment Grade Corporate Debt Indexes	$	18,000,000					BB
Investment Grade Single Name Corporate Debt		33,035,000					BBB+ to BBB-
Investment Grade Single Name Corporate Debt		13,810,000	EUR				A- to BBB-
Investment Grade Sovereign Debt		30,802,000					BBB
Non-Investment Grade Sovereign Debt		126,445,000			175,000,000		BB+ to B-
Total EUR		13,810,000	EUR
Total USD	$	208,282,000		$	175,000,000

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

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

Centrally Cleared Interest Rate Swaps at September 30, 2017
Counter- party	Pay/Receive Floating Rate		Floating Rate	Fixed Rate		Maturity Date		Notional Amount (000’s)		Premiums Received / (Paid)		Value		Unrealized Appreciation (Depreciation)
BAC		Receive	Six-Month HUF BUBOR		0.980%		6/27/22		HUF 3,000,000	$	—	$	(78,082)	$	(78,082)
BOA		Receive	MXN TIIE BANXICO		7.215		6/3/27		MXN 250,000		—		(131,637)		(131,637)
BOA		Receive	Three-Month USD BBA LIBOR		1.924		10/12/22		USD 160,000		—		656,930		656,930
BOA		Pay	MXN TIIE BANXICO		6.500		11/20/26		MXN 500,000		(47)		(1,042,501)		(1,042,548)
BOA		Receive	Six-Month SGD SOR VWAP		1.755		9/5/22		SGD 70,000		—		237,556		237,556
BOA		Pay	MXN TIIE BANXICO		6.500		11/24/26		MXN 1,000,000		(15)		(2,083,845)		(2,083,860)
BOA		Pay	MXN TIIE BANXICO		7.165		6/13/19		MXN 980,000		—		77,193		77,193

42       OPPENHEIMER INTERNATIONAL BOND FUND

Centrally Cleared Interest Rate Swaps (Continued)
Counter- party	Pay/Receive Floating Rate		Floating Rate	Fixed Rate		Maturity Date		Notional Amount (000’s)		Premiums Received / (Paid)		Value		Unrealized Appreciation (Depreciation)
CITNA-B		Receive	Six-Month HUF BUBOR		1.480%		11/24/21		HUF 3,000,000	$	—	$	(489,355)	$	(489,355)
CITNA-B		Receive	Six-Month HUF BUBOR		1.560		11/18/21		HUF 6,000,000		—		(1,074,266)		(1,074,266)
GSCOI		Pay	Three-Month USD BBA LIBOR		1.893		2/9/20		USD 513,000		—		404,736		404,736
GSCOI		Receive	Three-Month USD BBA LIBOR		2.505		2/9/28		USD 111,300		—		(1,680,506)		(1,680,506)
GSCOI		Pay	MXN TIIE BANXICO		7.350		3/11/22		MXN 330,000		—		384,391		384,391
GSCOI		Receive	Six-Month PLN WIBOR WIBO		1.775		10/10/21		PLN 95,000		3,197		(337,072)		(333,875)
GSCOI		Pay	Six-Month GBP BBA LIBOR		1.760		8/7/27		GBP 144,200		—		(414,714)		(414,714)
GSCOI		Pay	Six-Month PLN WIBOR WIBO		1.780		6/10/21		PLN 200,000		(30,941)		(973,518)		(1,004,459)
GSCOI		Receive	Six-Month GBP BBA LIBOR		1.943		8/9/32		GBP 92,700		—		295,951		295,951
GSCOI		Pay	Three-Month ZAR JIBAR SAFEX		7.940		3/27/27		ZAR 178,500		—		113,812		113,812
JPM		Receive	BZDI		7.720		7/2/18		BRL 728,800		—		(832,947)		(832,947)
JPM		Pay	BZDI		8.840		1/4/21		BRL 264,000		—		148,917		148,917
JPM		Receive	BZDI		7.535		1/2/19		BRL 284,000		—		(220,090)		(220,090)
JPM		Receive	BZDI		9.395		1/2/23		BRL 97,600		—		49,537		49,537
JPM		Pay	BZDI		9.400		1/4/21		BRL 131,000		—		625,710		625,710
JPM		Receive	Six-Month SGD SOR VWAP		1.818		8/30/22		SGD 59,000		—		64,777		64,777
JPM		Pay	BZDI		10.500		7/1/20		BRL 880,000		—		318,880		318,880
JPM		Pay	Six-Month PLN WIBOR WIBO		2.090		1/11/22		PLN 160,000		—		(34,996)		(34,996)
JPM		Receive	BZDI		10.050		1/2/23		BRL 94,500		—		(493,098)		(493,098)
JPM		Receive	Three-Month USD BBA LIBOR		2.118		3/20/22		USD 15,675		—		(107,943)		(107,943)
JPM		Receive	Three-Month USD BBA LIBOR		2.097		6/8/27		USD 12,000		—		113,935		113,935
JPM		Pay	BZDI		9.865		1/4/21		BRL 248,000		—		1,742,000		1,742,000
JPM		Receive	BZDI		9.520		1/2/19		BRL 226,000		—		(1,301,364)		(1,301,364)
JPM		Pay	Six-Month PLN WIBOR WIBO		2.315		1/15/26		PLN 90,200		(23,445)		(618,056)		(641,501)
SIB		Receive	MXN TIIE BANXICO		7.235		6/9/27		MXN 120,000		—		(72,402)		(72,402)
SIB		Pay	BZDI		9.290		1/4/21		BRL 130,000		—		515,288		515,288
SIB		Pay	MXN TIIE BANXICO		7.170		4/4/19		MXN 2,040,000		—		193,924		193,924
UBS		Pay	MXN TIIE BANXICO		6.860		7/21/22		MXN 208,300		—		24,837		24,837
Total Centrally Cleared Interest Rate Swaps										$	(51,251)	$	(6,018,018)	$	(6,069,269)

43       OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

Over-the-Counter Interest Rate Swaps at September 30, 2017
Counter- party	Pay/Receive Floating Rate		Floating Rate	Fixed Rate		Maturity Date		Notional Amount (000’s)		Premiums Received / (Paid)		Value		Unrealized Appreciation (Depreciation)
BNP		Receive	Three-Month COP IBR OIS Compound		4.890%		6/27/19		COP 53,000,000	$	—	$	44,060	$	44,060
BOA		Pay	Six-Month INR FBIL MIBOR OIS COMPOUND		6.030		9/20/19		INR 5,125,000		—		185,575		185,575
BOA		Pay	Six-Month INR FBIL MIBOR OIS COMPOUND		6.020		9/22/19		INR 3,150,000		—		94,274		94,274
BOA		Pay	Six-Month INR FBIL MIBOR OIS COMPOUND		6.210		9/22/22		INR 3,525,000		—		68,882		68,882
BOA		Receive	Three-Month KRW CD KSDA		1.820		7/25/24		KRW 41,000,000		—		302,272		302,272
BOA		Pay	Three-Month KRW CD KSDA		1.840		7/25/21		KRW 142,000,000		—		(403,205)		(403,205)
CITNA-B		Pay	Six-Month CLP TNA		3.410		9/20/22		CLP 13,920,000		—		(149,982)		(149,982)
CITNA-B		Pay	Six-Month CLP TNA		2.500		8/8/19		CLP 33,000,000		—		(215,929)		(215,929)
DEU		Pay	Three-Month COP IBR OIS Compound		5.030		4/28/20		COP 100,000,000		—		150,774		150,774
GSCOI		Pay	Six-Month CLP TNA		2.530		8/2/19		CLP 34,000,000		—		(182,522)		(182,522)
GSCOI		Pay	Three-Month KRW CD KSDA		1.700		9/3/19		KRW 570,000,000		—		(855,814)		(855,814)
GSCOI		Pay	Six-Month CLP TNA		3.380		9/14/22		CLP 13,500,000		—		(170,362)		(170,362)
GSCOI		Pay	Three-Month COP IBR OIS Compound		6.260		7/14/27		COP 40,000,000		—		289,197		289,197
GSCOI		Pay	Three-Month COP IBR OIS Compound		5.175		4/20/20		COP 88,000,000		—		252,088		252,088
GSCOI		Receive	1 Time COP IBR OIS Compound		5.010		7/14/18		COP 323,075,000		—		(190,107)		(190,107)
GSCOI		Pay	Three-Month COP IBR OIS Compound		6.470		9/29/26		COP 55,000,000		—		753,864		753,864
JPM		Pay	Three-Month COP IBR OIS Compound		7.300		6/1/26		COP 39,425,000		—		1,356,719		1,356,719
JPM		Pay	Three-Month COP IBR OIS Compound		4.990		5/2/20		COP 105,000,000		—		92,386		92,386
JPM		Pay	Three-Month COP IBR OIS Compound		5.700		3/8/19		COP 199,335,000		—		937,702		937,702

44       OPPENHEIMER INTERNATIONAL BOND FUND

Over-the-Counter Interest Rate Swaps (Continued)
Counter- party	Pay/Receive Floating Rate		Floating Rate	Fixed Rate		Maturity Date		Notional Amount (000’s)		Premiums Received / (Paid)		Value		Unrealized Appreciation (Depreciation)
JPM		Receive	Three-Month COP IBR OIS Compound		4.880%		6/27/19		COP 27,000,000	$	—	$	20,926	$	20,926
JPM		Receive	One-Week CNY CNREPOFIX=CFXS		3.940		4/19/22		CNY 380,000		—		(519,087)		(519,087)
JPM		Receive	Five-Year EUR CPI EXT		1.603		5/24/27		EUR 50,000		—		46,871		46,871
JPM		Pay	Five-Year EUR CPI EXT		2.080		5/24/37		EUR 50,000		—		(88,436)		(88,436)
SIB		Pay	Three-Month COP IBR OIS Compound		6.280		7/13/27		COP 20,000,000		—		151,262		151,262
Total Over-the-Counter Interest Rate Swaps										$	—	$	1,971,408	$	1,971,408

Over-the-Counter Credit Default Swaptions Written at September 30, 2017

Description

Counter- party

Buy/Sell Protection

Reference Asset

Fixed Rate

Expiration Date

Notional Amount (000’s)

Premiums Received

Value

Credit Default Swap Maturing 6/20/22 Call

JPM

Sell

iTraxx Europe Crossover Series 27 Version 1

5.000%

10/18/17

EUR

200,000

$

704,550

$

(83,797)

Credit Default Swap Maturing 6/20/22 Call

JPM

Buy

iTraxx Europe Crossover Series 27 Version 1

5.000

10/18/17

EUR

200,000

393,373

(1,302,501)

Total Over-the-Counter Credit Default Swaptions Written

$

1,097,923

$

(1,386,298)

Over-the-Counter Interest Rate Swaptions Written at September 30, 2017

Description

Counter- party

Pay/ Receive Floating Rate

Floating Rate

Fixed Rate

Expiration Date

Notional Amount (000’s)

Premiums Received

Value

Interest Rate Swap Maturing 12/21/22 Call

BAC

Receive

Six-Month GBP BBA LIBOR

0.858%

12/21/17

GBP

101,000

$

886,515

$

(82,997)

Interest Rate Swap Maturing 11/29/27 Call

BAC

Pay

Six-Month EUR EURIBOR

1.565

11/24/17

EUR

305,000

1,745,851

(2,478,322)

Interest Rate Swap Maturing 7/24/28 Call

BOA

Pay

Three-Month USD BBA LIBOR

2.867

7/20/18

USD

200,000

1,740,000

(1,573,454)

45       OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

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

Description

Counter- party

Pay/ Receive Floating Rate

Floating Rate

Fixed Rate

Expiration Date

Notional Amount (000’s)

Premiums Received

Value

Interest Rate Swap Maturing 8/1/23 Call

BOA

Pay

Three-Month USD BBA LIBOR

2.350%

7/30/18

USD

237,500

$

1,737,500

$

(1,747,307)

Interest Rate Swap Maturing 7/10/25 Call

BOA

Receive

Three-Month USD BBA LIBOR

2.160

7/6/18

USD

225,000

2,812,500

(2,577,116)

Interest Rate Swap Maturing 12/1/22 Call

BOA

Pay

MXN TIIE BANXICO

6.748

12/6/17

MXN

1,260,000

460,416

(629,067)

Interest Rate Swap Maturing 12/1/27 Call

BOA

Pay

Six-Month EUR EURIBOR

1.488

11/29/17

EUR

215,000

1,470,780

(2,388,752)

Interest Rate Swap Maturing 11/10/27 Call

BOA

Pay

Three-Month USD BBA LIBOR

2.566

11/8/17

USD

200,000

570,000

(176,392)

Interest Rate Swap Maturing 7/10/25 Call

BOA

Receive

Three-Month USD BBA LIBOR

1.960

7/6/18

USD

225,000

1,845,000

(1,400,173)

Interest Rate Swap Maturing 7/10/29 Call

BOA

Receive

Three-Month USD BBA LIBOR

2.100

7/8/19

USD

150,000

2,937,864

(2,456,388)

Interest Rate Swap Maturing 1/2/19 Call

BOA

Pay

BZDI

9.500

1/2/18

BRL

500,000

464,409

(1,866)

Interest Rate Swap Maturing 7/10/29 Call

BOA

Receive

Three-Month USD BBA LIBOR

2.350

7/8/19

USD

150,000

4,110,000

(3,954,369)

Interest Rate Swap Maturing 5/25/66 Call

GSCOI

Pay

Six-Month EUR EURIBOR

1.912

1/15/18

EUR

87,500

813,872

(621,739)

Interest Rate Swap Maturing 11/7/22 Call

GSCOI

Pay

Six-Month PLN WIBOR WIBO

2.448

11/3/17

PLN

225,000

327,126

(254,149)

Interest Rate Swap Maturing 6/4/25 Call

GSCOI

Receive

Three-Month USD BBA LIBOR

1.745

5/31/18

USD

300,000

2,415,001

(612,255)

46       OPPENHEIMER INTERNATIONAL BOND FUND

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

Description

Counter- party

Pay/ Receive Floating Rate

Floating Rate

Fixed Rate

Expiration Date

Notional Amount (000’s)

Premiums Received

Value

Interest Rate Swap Maturing 6/4/25 Call

GSCOI

Receive

Three-Month USD BBA LIBOR

1.945%

5/31/18

USD

300,000

$

3,720,000

$

(1,510,065)

Interest Rate Swap Maturing 7/23/25 Call

GSCOI

Receive

Three-Month USD BBA LIBOR

1.820

7/19/18

USD

200,000

1,510,000

(764,418)

Interest Rate Swap Maturing 7/23/25 Call

GSCOI

Receive

Three-Month USD BBA LIBOR

2.020

7/19/18

USD

200,000

2,360,000

(1,557,186)

Interest Rate Swap Maturing 12/14/27 Call

JPM

Pay

Six-Month EUR EURIBOR

1.650

12/12/17

EUR

252,000

1,054,299

(1,726,607)

Interest Rate Swap Maturing 12/15/22 Call

JPM

Pay

Three-Month SEK STIBOR SIDE

0.467

12/13/17

SEK

1,000,000

518,028

(682,570)

Interest Rate Swap Maturing 9/17/67 Call

JPM

Pay

Six-Month EUR EURIBOR

3.100

9/15/37

EUR

200,000

19,261,235

(19,942,002)

Interest Rate Swap Maturing 7/29/30 Call

JPM

Pay

Six-Month EUR EURIBOR

3.000

7/27/20

EUR

255,000

2,326,100

(3,301,565)

Interest Rate Swap Maturing 10/10/27 Call

JPM

Pay

Six-Month EUR EURIBOR

1.300

10/6/17

EUR

150,000

361,554

—

Interest Rate Swap Maturing 7/29/30 Call

JPM

Pay

Six-Month EUR EURIBOR

2.475

7/27/20

EUR

255,000

4,303,285

(5,047,560)

Interest Rate Swap Maturing 12/4/22 Call

JPM

Pay

Three-Month SEK STIBOR SIDE

0.467

11/30/17

SEK

800,000

427,278

(476,969)

Interest Rate Swap Maturing 12/4/22 Call

JPM

Pay

Three-Month USD BBA LIBOR

2.071

11/30/17

USD

150,000

210,000

(567,283)

Total Over-the-Counter Interest Rate Swaptions Written

$

60,388,613

$

(56,530,571)

Glossary:
Counterparty Abbreviations
BAC	Barclays Bank plc

47       OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

Counterparty Abbreviations (Continued)

BNP	BNP Paribas
BOA	Bank of America NA
CITNA-B	Citibank NA
DEU	Deutsche Bank AG
GSCOI	Goldman Sachs International
GSCO-OT	Goldman Sachs Bank USA
HSBC	HSBC Bank USA NA
JPM	JPMorgan Chase Bank NA
NOM	Nomura Global Financial Products, Inc.
SCB	Standard Chartered Bank
SIB	Banco Santander SA
TDB	Toronto Dominion Bank
UBS	UBS AG
Currency abbreviations indicate amounts reporting in currencies
ARS	Argentine Peso
AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
CHF	Swiss Franc
CLP	Chilean Peso
CNH	Offshore Chinese Renminbi
CNY	Chinese Renminbi
COP	Colombian Peso
DKK	Danish Krone
EGP	Egyptian Pounds
EUR	Euro
GBP	British Pound Sterling
HUF	Hungarian Forint
IDR	Indonesian Rupiah
INR	Indian Rupee
JPY	Japanese Yen
KRW	South Korean Won
MXN	Mexican Nuevo Peso
MYR	Malaysian Ringgit
NOK	Norwegian Krone
PEN	Peruvian New Sol
PHP	Philippine Peso
PLN	Polish Zloty
RUB	Russian Ruble
SEK	Swedish Krona
SGD	Singapore Dollar
THB	Thailand Baht
TRY	New Turkish Lira
UYU	Uruguay Peso
ZAR	South African Rand
Definitions
ARPP7DRR	Argentina Central Bank 7 Day Repo Reference Rate
BADLARPP	Argentina Deposit Rates Badlar Private Banks ARS 30 to 35 Days

48       OPPENHEIMER INTERNATIONAL BOND FUND

Definitions (Continued)

BANXICO	Banco de Mexico
BBA LIBOR	British Bankers’ Association London - Interbank Offered Rate
BBR	Bank Bill Rate
BBSW	Bank Bill Swap Reference Rate (Australian Financial Market)
BP0003M	ICE LIBOR GBP 3 Month
BP0006M	ICE LIBOR GBP 6 Month
BPSW5	GBP Swap 5 Year
BUBOR	Budapest Interbank Offered Rate
BUND	German Federal Obligation
BUXL	German Federal Obligation
BZDI	Brazil Interbank Deposit Rate
CD	Certificate of Deposit
CDX.EM.28	Markit CDX Emerging Markets Index
CDX.HY.28	Markit CDX High Yield Index
CNREPOFIX=CFXS	Repurchase Fixing Rates
CPI EXT	Excluding Tobacco Consumer Price Index
EUR003M	EURIBOR 3 Month ACT/360
EUR006M	EURIBOR 6 Month ACT/360
EURIBOR	Euro Interbank Offered Rate
EUSA5	EUR Swap Annual 5 Year
EUSA7	EUR Swap Annual 7 Year
FBIL	Financial Benchmarks India Private Ltd.
GUKG5	UK Government Bonds 5 Year Note Generic Bid Yield
H15T5Y	US Treasury Yield Curve Rate T Note Constant Maturity 5 Year
H15T10Y	US Treasury Yield Curve Rate T Note Constant Maturity 10 Year
IBR	Indicador Bancario de Referencia
iTraxx Europe
Crossover Series 27
Version 1	Credit Default Swap Trading Index for a Specific Basket of Securities
JIBAR SAFEX	South Africa Johannesburg Interbank Agreed Rate/Futures Exchange
KSDA	Korean Securities Dealers Assn.
MIBOR	Mumbai Interbank Offered Rate
OAT	French Government Bonds
OIS	Overnight Index Swap
SKSW5	SEK Swap (vs 3M STIBOR) 5 Year
SOR VWAP	Swap Offered Rate Singapore Dollar Index
STIBOR SIDE	Stockholm Interbank Offered Rate
TIIE	Interbank Equilibrium Interest Rate
TNA	Non-Deliverable CLP Camara
US0003M	ICE LIBOR USD 3 Month
US0006M	ICE LIBOR USD 6 Month
USISDA05	USD ICE Swap Rate 11:00am NY 5 Year
USSW10	USD Swap Semi 30/360 10 Year
USSW5	USD Swap Semi 30/360 5 Year
WIBOR WIBO	Poland Warsaw Interbank Offer Bid Rate
Exchange Abbreviations
EUX	European Stock Exchange

See accompanying Notes to Consolidated Financial Statements.

49       OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED STATEMENT OF

ASSETS AND LIABILITIES September 30, 2017

Assets
Investments, at value—see accompanying consolidated statement of investments:
Unaffiliated companies (cost $5,092,239,817)	$	5,177,739,253
Affiliated companies (cost $102,075,708)		102,075,708
		5,279,814,961
Cash		55,416,538
Cash—foreign currencies (cost $895,671)		871,717
Cash used for collateral on futures		1,797,000
Cash used for collateral on OTC derivatives		49,569,000
Cash used for collateral on centrally cleared swaps		40,366,499
Unrealized appreciation on forward currency exchange contracts		68,418,999
Swaps, at value (net premiums received $2,663,694)		5,374,109
Centrally cleared swaps, at value (premiums paid $2,971,718)		8,835,408
Receivables and other assets:
Investments sold		150,541,443
Interest and dividends		77,556,481
Shares of beneficial interest sold		13,850,959
Other		422,945
Total assets		5,752,836,059
Liabilities
Unrealized depreciation on forward currency exchange contracts		75,760,345
Options written, at value (premiums received $72,540,918)		74,357,552
Swaps, at value (net premiums received $11,280,003)		5,398,194
Centrally cleared swaps, at value (net premiums received $6,443,036)		18,765,957
Swaptions written, at value (premiums received $61,486,536)		57,916,869
Payables and other liabilities:
Investments purchased		170,305,683
Shares of beneficial interest redeemed		16,790,405
Dividends		1,141,342
Distribution and service plan fees		372,301
Variation margin payable		315,168
Trustees’ compensation		308,835
Foreign capital gains tax		131,152
Shareholder communications		31,695
Other		3,027,947
Total liabilities		424,623,445
Net Assets	$	5,328,212,614

50       OPPENHEIMER INTERNATIONAL BOND FUND

Composition of Net Assets
Par value of shares of beneficial interest	$	896,506
Additional paid-in capital		5,554,225,332
Accumulated net investment loss		(141,403,253)
Accumulated net realized loss on investments and foreign currency transactions		(171,610,068)
Net unrealized appreciation on investments and translation of assets and liabilities denominated in foreign currencies		86,104,097
Net Assets	$	5,328,212,614
Net Asset Value Per Share
Class A Shares:
Net asset value and redemption price per share (based on net assets of $1,280,770,294 and 215,348,339 shares of beneficial interest outstanding)		$5.95
Maximum offering price per share (net asset value plus sales charge of 4.75% of offering price)		$6.25
Class B Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $6,287,160 and 1,060,746 shares of beneficial
interest outstanding)		$5.93
Class C Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $369,678,514 and 62,388,009 shares of beneficial interest outstanding)		$5.93
Class I Shares:
Net asset value, redemption price and offering price per share (based on net assets of $1,194,371,997 and 201,066,286 shares of beneficial interest outstanding)		$5.94
Class R Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $131,111,998 and 22,108,908 shares of beneficial interest outstanding)		$5.93
Class Y Shares:
Net asset value, redemption price and offering price per share (based on net assets of $2,345,992,651 and 394,533,734 shares of beneficial interest outstanding)		$5.95

See accompanying Notes to Consolidated Financial Statements.

51       OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED STATEMENT OF

OPERATIONS For the Year Ended September 30, 2017

Investment Income
Interest (net of foreign withholding taxes of $2,237,203)	$	263,364,696
Dividends—affiliated companies		1,698,625
Total investment income		265,063,321
Expenses
Management fees		29,296,072
Distribution and service plan fees:
Class A		3,434,685
Class B		109,408
Class C		4,148,389
Class R		666,121
Transfer and shareholder servicing agent fees:
Class A		3,063,545
Class B		24,117
Class C		913,818
Class I		398,930
Class R		294,192
Class Y		4,591,442
Shareholder communications:
Class A		9,414
Class C		1,468
Class I		2,480
Class Y		24,929
Custodian fees and expenses		1,014,444
Trustees’ compensation		164,496
Borrowing fees		122,011
Other		619,616
Total expenses		48,899,577
Less reduction to custodian expenses		(18,877)
Less waivers and reimbursements of expenses		(1,415,261)
Net expenses		47,465,439
Net Investment Income		217,597,882

52       OPPENHEIMER INTERNATIONAL BOND FUND

Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions in unaffiliated companies (net of foreign capital gains tax of $791,951)	$	62,219,552
Option contracts written		62,058,222
Futures contracts		1,898,660
Foreign currency transactions		(1,290,132)
Forward currency exchange contracts		(133,326,892)
Swap contracts		(34,076,305)
Swaption contracts written		(25,540,900)
Net realized loss		(68,057,795)
Net change in unrealized appreciation/depreciation on:
Investment transactions in unaffiliated companies (net of foreign capital gains tax of $131,152)		139,118,595
Translation of assets and liabilities denominated in foreign currencies		643,016
Forward currency exchange contracts		(74,577,380)
Futures contracts		(339,104)
Option contracts written		(12,910,974)
Swap contracts		19,974,686
Swaption contracts written		3,767,430
Net change in unrealized appreciation/depreciation		75,676,269
Net Increase in Net Assets Resulting from Operations	$	225,216,356

See accompanying Notes to Consolidated Financial Statements.

53       OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended September 30, 2017		Year Ended September 30, 2016
Operations
Net investment income	$	217,597,882	$	245,019,070
Net realized loss		(68,057,795)		(90,223,663)
Net change in unrealized appreciation/depreciation		75,676,269		438,655,151
Net increase in net assets resulting from operations		225,216,356		593,450,558
Dividends and/or Distributions to Shareholders
Dividends from net investment income:
Class A		(24,160,850)		(28,695,968)
Class B		(163,103)		(331,852)
Class C		(6,044,910)		(6,892,603)
Class I		(25,211,947)		(26,029,127)
Class R		(2,185,147)		(2,295,521)
Class Y		(37,761,200)		(41,834,717)
		(95,527,157)		(106,079,788)
Tax return of capital distribution:
Class A		(39,941,064)		(37,451,448)
Class B		(269,630)		(433,103)
Class C		(9,993,031)		(8,995,618)
Class I		(41,678,665)		(33,970,923)
Class R		(3,612,336)		(2,995,912)
Class Y		(62,424,233)		(54,598,987)
		(157,918,959)		(138,445,991)
Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions:
Class A		(321,216,991)		(493,083,408)
Class B		(11,594,539)		(22,776,411)
Class C		(120,082,457)		(120,840,114)
Class I		(419,205,515)		385,646,845
Class R		(14,905,760)		(28,697,932)
Class Y		270,216,022		(835,584,507)
		(616,789,240)		(1,115,335,527)
Net Assets
Total decrease		(645,019,000)		(766,410,748)
Beginning of period		5,973,231,614		6,739,642,362
End of period (including accumulated net investment loss of $141,403,253 and $176,959,235, respectively)	$	5,328,212,614	$	5,973,231,614

See accompanying Notes to Consolidated Financial Statements.

54       OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED FINANCIAL HIGHLIGHTS

Class A	Year Ended September 30, 2017	Year Ended September 30, 2016	Year Ended September 30, 2015	Year Ended September 30, 2014	Year Ended September 30, 2013
Per Share Operating Data
Net asset value, beginning of period	$5.95	$5.62	$6.01	$6.09	$6.54
Income (loss) from investment operations:
Net investment income1	0.23	0.22	0.18	0.19	0.23
Net realized and unrealized gain (loss)	0.03	0.33	(0.39)	(0.08)	(0.40)
Total from investment operations	0.26	0.55	(0.21)	0.11	(0.17)
Dividends and/or distributions to shareholders:
Dividends from net investment income	(0.10)	(0.10)	(0.14)	(0.07)	(0.24)
Distributions from net realized gain	0.00	0.00	0.00	(0.00)2	(0.04)
Tax return of capital distribution	(0.16)	(0.12)	(0.04)	(0.12)	0.00
Total dividends and/or distributions to shareholders	(0.26)	(0.22)	(0.18)	(0.19)	(0.28)
Net asset value, end of period	$5.95	$5.95	$5.62	$6.01	$6.09
Total Return, at Net Asset Value3	4.67%	9.95%	(3.57)%	1.86%	(2.77)%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$1,280,770	$1,611,584	$2,010,994	$3,104,220	$4,794,923
Average net assets (in thousands)	$1,391,397	$1,753,796	$2,556,904	$4,022,858	$5,586,929
Ratios to average net assets:4
Net investment income	3.94%	3.78%	3.03%	3.16%	3.61%
Expenses excluding specific expenses listed below	1.05%	1.05%	1.02%	1.02%	1.01%
Interest and fees from borrowings	0.00%5	0.00%5	0.00%5	0.00%	0.00%
Total expenses6	1.05%	1.05%	1.02%	1.02%	1.01%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses	1.02%	1.03%	1.02%7	1.02%7	1.01%7
Portfolio turnover rate	96%	128%	111%	108%	105%

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

2. Less than $0.005 per share.

3. 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.

4. Annualized for periods less than one full year.

5. Less than 0.005%.

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

Year Ended September 30, 2017	1.06	%
Year Ended September 30, 2016	1.05	%
Year Ended September 30, 2015	1.02	%
Year Ended September 30, 2014	1.02	%
Year Ended September 30, 2013	1.01	%

7. Waiver was less than 0.005%.

See accompanying Notes to Consolidated Financial Statements.

55       OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED FINANCIAL HIGHLIGHTS Continued

Class B	Year Ended September 30, 2017	Year Ended September 30, 2016	Year Ended September 30, 2015	Year Ended September 30, 2014	Year Ended September 30, 2013
Per Share Operating Data
Net asset value, beginning of period	$5.92	$5.60	$5.99	$6.07	$6.51
Income (loss) from investment operations:
Net investment income1	0.19	0.17	0.13	0.14	0.18
Net realized and unrealized gain (loss)	0.04	0.32	(0.38)	(0.08)	(0.40)
Total from investment operations	0.23	0.49	(0.25)	0.06	(0.22)
Dividends and/or distributions to shareholders:
Dividends from net investment income	(0.08)	(0.07)	(0.11)	(0.05)	(0.18)
Distributions from net realized gain	0.00	0.00	0.00	(0.00)2	(0.04)
Tax return of capital distribution	(0.14)	(0.10)	(0.03)	(0.09)	0.00
Total dividends and/or distributions to shareholders	(0.22)	(0.17)	(0.14)	(0.14)	(0.22)
Net asset value, end of period	$5.93	$5.92	$5.60	$5.99	$6.07
Total Return, at Net Asset Value3	4.07%	8.96%	(4.32)%	1.06%	(3.46)%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$6,287	$18,210	$39,835	$73,164	$128,905
Average net assets (in thousands)	$10,918	$25,916	$56,357	$99,269	$165,674
Ratios to average net assets:4
Net investment income	3.32%	2.95%	2.27%	2.38%	2.77%
Expenses excluding specific expenses listed below	1.80%	1.81%	1.77%	1.81%	1.85%
Interest and fees from borrowings	0.00%5	0.00%5	0.00%5	0.00%	0.00%
Total expenses6	1.80%	1.81%	1.77%	1.81%	1.85%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses	1.77%	1.79%	1.77%7	1.81%7	1.85%7
Portfolio turnover rate	96%	128%	111%	108%	105%

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

2. Less than $0.005 per share.

3. 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.

4. Annualized for periods less than one full year.

5. Less than 0.005%.

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

Year Ended September 30, 2017	1.81	%
Year Ended September 30, 2016	1.81	%
Year Ended September 30, 2015	1.77	%
Year Ended September 30, 2014	1.81	%
Year Ended September 30, 2013	1.85	%

7. Waiver was less than 0.005%.

See accompanying Notes to Consolidated Financial Statements.

56       OPPENHEIMER INTERNATIONAL BOND FUND

Class C	Year Ended September 30, 2017	Year Ended September 30, 2016	Year Ended September 30, 2015	Year Ended September 30, 2014	Year Ended September 30, 2013
Per Share Operating Data
Net asset value, beginning of period	$5.92	$5.60	$5.99	$6.07	$6.51
Income (loss) from investment operations:
Net investment income1	0.18	0.17	0.13	0.15	0.19
Net realized and unrealized gain (loss)	0.05	0.32	(0.38)	(0.08)	(0.40)
Total from investment operations	0.23	0.49	(0.25)	0.07	(0.21)
Dividends and/or distributions to shareholders:
Dividends from net investment income	(0.08)	(0.07)	(0.11)	(0.06)	(0.19)
Distributions from net realized gain	0.00	0.00	0.00	(0.00)2	(0.04)
Tax return of capital distribution	(0.14)	(0.10)	(0.03)	(0.09)	0.00
Total dividends and/or distributions to shareholders	(0.22)	(0.17)	(0.14)	(0.15)	(0.23)
Net asset value, end of period	$5.93	$5.92	$5.60	$5.99	$6.07
Total Return, at Net Asset Value3	3.89%4	8.97%	(4.31)%	1.13%	(3.30)%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$369,679	$493,319	$585,788	$858,281	$1,238,931
Average net assets (in thousands)	$414,939	$524,002	$713,793	$1,033,206	$1,509,389
Ratios to average net assets:5
Net investment income	3.20%	3.04%	2.30%	2.45%	2.93%
Expenses excluding specific expenses listed below	1.80%	1.80%	1.77%	1.74%	1.69%
Interest and fees from borrowings	0.00%6	0.00%6	0.00%6	0.00%	0.00%
Total expenses7	1.80%	1.80%	1.77%	1.74%	1.69%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses	1.77%	1.78%	1.77%8	1.74%8	1.69%8
Portfolio turnover rate	96%	128%	111%	108%	105%

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

2. Less than $0.005 per share.

3. 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.

4. The return does not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes.

5. Annualized for periods less than one full year.

6. Less than 0.005%.

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

Year Ended September 30, 2017	1.81	%
Year Ended September 30, 2016	1.80	%
Year Ended September 30, 2015	1.77	%
Year Ended September 30, 2014	1.74	%
Year Ended September 30, 2013	1.69	%

8. Waiver was less than 0.005%.

See accompanying Notes to Consolidated Financial Statements.

57       OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED FINANCIAL HIGHLIGHTS Continued

Class I	Year Ended September 30, 2017	Year Ended September 30, 2016	Year Ended September 30, 2015	Year Ended September 30, 2014	Year Ended September 30, 2013
Per Share Operating Data
Net asset value, beginning of period	$5.94	$5.61	$6.00	$6.08	$6.53
Income (loss) from investment operations:
Net investment income1	0.25	0.24	0.21	0.22	0.24
Net realized and unrealized gain (loss)	0.04	0.33	(0.39)	(0.08)	(0.38)
Total from investment operations	0.29	0.57	(0.18)	0.14	(0.14)
Dividends and/or distributions to shareholders:
Dividends from net investment income	(0.11)	(0.10)	(0.16)	(0.09)	(0.27)
Distributions from net realized gain	0.00	0.00	0.00	(0.00)2	(0.04)
Tax return of capital distribution	(0.18)	(0.14)	(0.05)	(0.13)	0.00
Total dividends and/or distributions to shareholders	(0.29)	(0.24)	(0.21)	(0.22)	(0.31)
Net asset value, end of period	$5.94	$5.94	$5.61	$6.00	$6.08
Total Return, at Net Asset Value3	5.12%	10.45%	(3.16)%	2.32%	(2.31)%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$1,194,372	$1,631,480	$1,154,225	$779,478	$542,637
Average net assets (in thousands)	$1,327,997	$1,406,045	$918,521	$611,312	$206,805
Ratios to average net assets:4
Net investment income	4.37%	4.28%	3.54%	3.58%	3.95%
Expenses excluding specific expenses listed below	0.61%	0.60%	0.57%	0.56%	0.57%
Interest and fees from borrowings	0.00%5	0.00%5	0.00%5	0.00%	0.00%
Total expenses6	0.61%	0.60%	0.57%	0.56%	0.57%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses	0.59%	0.58%	0.57%7	0.56%7	0.57%7
Portfolio turnover rate	96%	128%	111%	108%	105%

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

2. Less than $0.005 per share.

3. 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.

4. Annualized for periods less than one full year.

5. Less than 0.005%.

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

Year Ended September 30, 2017	0.62	%
Year Ended September 30, 2016	0.60	%
Year Ended September 30, 2015	0.57	%
Year Ended September 30, 2014	0.56	%
Year Ended September 30, 2013	0.57	%

7. Waiver was less than 0.005%.

See accompanying Notes to Consolidated Financial Statements.

58       OPPENHEIMER INTERNATIONAL BOND FUND

Class R	Year Ended September 30, 2017		Year Ended September 30, 2016		Year Ended September 30, 2015		Year Ended September 30, 2014		Year Ended September 30, 2013
Per Share Operating Data
Net asset value, beginning of period		$5.93		$5.60		$5.99		$6.07		$6.52
Income (loss) from investment operations:
Net investment income1		0.21		0.20		0.16		0.17		0.20
Net realized and unrealized gain (loss)		0.04		0.33		(0.39)		(0.08)		(0.40)
Total from investment operations		0.25		0.53		(0.23)		0.09		(0.20)
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.09)		(0.09)		(0.12)		(0.07)		(0.21)
Distributions from net realized gain		0.00		0.00		0.00		(0.00)2		(0.04)
Tax return of capital distribution		(0.16)		(0.11)		(0.04)		(0.10)		0.00
Total dividends and/or distributions to shareholders		(0.25)		(0.20)		(0.16)		(0.17)		(0.25)
Net asset value, end of period		$5.93		$5.93		$5.60		$5.99		$6.07
Total Return, at Net Asset Value3		4.41%		9.70%		(3.84)%		1.55%		(3.16)%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$131,112		$146,479		$166,932		$216,721		$252,758
Average net assets (in thousands)		$133,661		$149,525		$192,512		$234,841		$290,208
Ratios to average net assets:4
Net investment income		3.67%		3.54%		2.81%		2.84%		3.19%
Expenses excluding specific expenses listed below		1.30%		1.29%		1.27%		1.35%		1.53%
Interest and fees from borrowings		0.00%5		0.00%5		0.00%5		0.00%		0.00%
Total expenses6		1.30%		1.29%		1.27%		1.35%		1.53%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.27%		1.27%		1.27%7		1.32%		1.43%
Portfolio turnover rate		96%		128%		111%		108%		105%

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

2. Less than $0.005 per share.

3. 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.

4. Annualized for periods less than one full year.

5. Less than 0.005%.

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

Year Ended September 30, 2017	1.31	%
Year Ended September 30, 2016	1.29	%
Year Ended September 30, 2015	1.27	%
Year Ended September 30, 2014	1.35	%
Year Ended September 30, 2013	1.53	%

7. Waiver was less than 0.005%.

See accompanying Notes to Consolidated Financial Statements.

59       OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED FINANCIAL HIGHLIGHTS Continued

Class Y	Year Ended September 30, 2017		Year Ended September 30, 2016		Year Ended September 30, 2015		Year Ended September 30, 2014		Year Ended September 30, 2013
Per Share Operating Data
Net asset value, beginning of period		$5.95		$5.61		$6.01		$6.09		$6.53
Income (loss) from investment operations:
Net investment income1		0.24		0.23		0.20		0.21		0.25
Net realized and unrealized gain (loss)		0.04		0.34		(0.41)		(0.08)		(0.40)
Total from investment operations		0.28		0.57		(0.21)		0.13		(0.15)
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.11)		(0.10)		(0.15)		(0.08)		(0.25)
Distributions from net realized gain		0.00		0.00		0.00		(0.00)2		(0.04)
Tax return of capital distribution		(0.17)		(0.13)		(0.04)		(0.13)		0.00
Total dividends and/or distributions to shareholders		(0.28)		(0.23)		(0.19)		(0.21)		(0.29)
Net asset value, end of period		$5.95		$5.95		$5.61		$6.01		$6.09
Total Return, at Net Asset Value3		4.75%4		10.42%		(3.50)%		2.14%		(2.36)%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$2,345,993		$2,072,160		$2,781,868		$3,431,584		$3,946,008
Average net assets (in thousands)		$2,088,382		$2,399,267		$3,128,046		$3,532,821		$4,710,455
Ratios to average net assets:5
Net investment income		4.13%		4.03%		3.32%		3.43%		3.88%
Expenses excluding specific expenses listed below		0.80%		0.80%		0.77%		0.74%		0.74%
Interest and fees from borrowings		0.00%6		0.00%6		0.00%6		0.00%		0.00%
Total expenses7		0.80%		0.80%		0.77%		0.74%		0.74%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.77%		0.78%		0.77%8		0.74%8		0.74%8
Portfolio turnover rate		96%		128%		111%		108%		105%

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

2. Less than $0.005 per share.

3. 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.

4. The return does not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes.

5. Annualized for periods less than one full year.

6. Less than 0.005%.

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

Year Ended September 30, 2017	0.81%
Year Ended September 30, 2016	0.80%
Year Ended September 30, 2015	0.77%
Year Ended September 30, 2014	0.74%
Year Ended September 30, 2013	0.74%

8. Waiver was less than 0.005%.

See accompanying Notes to Consolidated Financial Statements.

60       OPPENHEIMER INTERNATIONAL BOND FUND

NOTES TO

CONSOLIDATED FINANCIAL STATEMENTS September 30, 2017

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 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.

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

61       OPPENHEIMER INTERNATIONAL BOND FUND

NOTES TO

CONSOLIDATED FINANCIAL STATEMENTS Continued

2. Significant Accounting Policies (Continued)

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 966,844 shares with net assets of $94,712,028 in the Subsidiary.

Other financial information at period end:

Total market value of investments	$	77,879,330
Net assets	$	94,712,028
Net income (loss)	$	2,111,732
Net realized gain (loss)	$	2,301,809
Net change in unrealized appreciation/depreciation	$	1,192,133

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

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

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

Although the net assets and the values are presented at the foreign exchange rates at Market Close, the Fund does not isolate the portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in prices of securities held. Such fluctuations are included with the net realized and unrealized gains or losses from investments shown in the Consolidated Statement of Operations.

For securities, which are subject to foreign withholding tax upon disposition, realized gains or losses on such securities are recorded net of foreign withholding tax.

Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, the difference between the amounts of dividends, interest, and foreign withholding tax reclaims recorded on Fund’s books, and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities other than investments in securities, resulting from changes in the exchange rate.

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

Dividends and Distributions to Shareholders. Dividends and distributions to shareholders, which are determined in accordance with income tax regulations and may differ from U.S. 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 or at other times as deemed necessary by the Manager.

62       OPPENHEIMER INTERNATIONAL BOND FUND

2. Significant Accounting Policies (Continued)

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 value of the securities received. Withholding taxes on foreign dividends, if any, and capital gains taxes on foreign investments, if any, have been provided for in accordance with the Fund’s understanding of the applicable tax rules and regulations. 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%. This rate increased to the Federal Funds Rate plus 2.00% effective January 1, 2017. The “Reduction to custodian expenses” line item, if applicable, represents earnings on cash balances maintained by the Fund during the period. Such interest expense and other custodian fees may be paid with these earnings.

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

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

Federal Taxes. The Fund intends to comply with provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its investment company taxable income, including any net realized gain on investments not offset by capital loss carryforwards, if any, to shareholders. Therefore, no federal income or excise tax provision is required. The Fund files income tax returns in U.S. federal and applicable state jurisdictions. The statute of limitations on the Fund’s tax return filings generally remains open for the three preceding fiscal reporting period ends. The Fund has analyzed its tax positions for the fiscal year ended September 30, 2017, 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

63       OPPENHEIMER INTERNATIONAL BOND FUND

NOTES TO

CONSOLIDATED FINANCIAL STATEMENTS Continued

2. Significant Accounting Policies (Continued)

not be treated as “qualifying income” for purposes of the 90% gross income requirement. The Internal Revenue Service (IRS) has previously issued a number of private letter rulings which conclude that income derived from commodity index-linked notes and investments in a wholly-owned subsidiary will be “qualifying income.” As a result, the Fund will gain exposure to commodities through commodity-linked notes and its wholly-owned subsidiary.

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

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

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

Undistributed Net Investment Income	Undistributed Long-Term Gain		Accumulated Loss Carryforward1,2,3,4,5		Net Unrealized Appreciation Based on cost of Securities and Other Investments for Federal Income Tax Purposes
$—		$—		$303,120,690		$78,263,097

1. At period end, the Fund had $175,337,920 of net capital loss carryforward available to offset future realized capital gains, if any, and thereby reduce future taxable gain distributions. Details of the capital loss carryforwards are included in the table below. Capital loss carryovers with no expiration, if any, must be utilized prior to those with expiration dates.

Expiring
No expiration	$                    175,337,920

2. The Fund had $126,549,423 of post-October foreign currency losses which were deferred.

3. The Fund had $1,233,347 of straddle losses which were deferred.

4. During the reporting period, the Fund utilized $20,368,037 of capital loss carryforward to offset capital gains realized in that fiscal year.

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

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

64       OPPENHEIMER INTERNATIONAL BOND FUND

2. Significant Accounting Policies (Continued)

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.

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

Reduction to Paid-in Capital	Reduction to Accumulated Net Investment Loss		Reduction to Accumulated Net Realized Loss on Investments
$164,238,597		$71,404,216		$92,834,381

The tax character of distributions paid during the reporting periods:

	Year Ended September 30, 2017		Year Ended September 30, 2016
Distributions paid from:
Ordinary income	$	95,527,157	$	106,079,788
Return of capital		157,918,959		138,445,991
Total	$	253,446,116	$	244,525,779

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	$	5,198,661,812
Federal tax cost of other investments		(216,775,455)
Total federal tax cost	$	4,981,886,357
Gross unrealized appreciation	$	324,160,099
Gross unrealized depreciation		(245,897,002)
Net unrealized appreciation	$	78,263,097

Certain foreign countries impose a tax on capital gains which is accrued by the Fund based on unrealized appreciation, if any, on affected securities. The tax is paid when the gain is realized.

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.

65       OPPENHEIMER INTERNATIONAL BOND FUND

NOTES TO

CONSOLIDATED FINANCIAL STATEMENTS Continued

3. Securities Valuation

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

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

Valuation Methods and Inputs

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

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

Equity securities traded on a securities exchange (including exchange-traded derivatives other than futures and futures options) are valued based on the official closing price on the principal exchange on which the security is traded, as identified by the Manager, prior to the time when the Fund’s assets are valued. If the official closing price is unavailable, the security is valued at the last sale price on the principal exchange on which it is traded, or if no sales occurred, the security is valued at the mean between the quoted bid and asked prices. Over-the-counter equity securities are valued at the last published sale price, or if no sales occurred, at the mean between the quoted bid and asked prices. Events occurring after the close of trading on foreign exchanges may result in adjustments to the valuation of foreign securities to more accurately reflect their fair value as of the time when the Fund’s assets are valued.

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

Corporate and government debt securities (of U.S. or foreign issuers) and municipal debt securities, short-term notes, mortgage-backed securities, collateralized mortgage obligations, and asset-backed securities are valued at the mean between the bid and asked prices utilizing evaluated prices obtained from third party pricing services or broker-dealers who may use matrix pricing methods to determine the evaluated prices. Pricing services generally price debt securities assuming orderly transactions of an institutional “round lot” size, but some trades may occur in smaller, “odd lot” sizes, sometimes at lower prices than institutional round lot trades. Standard inputs generally considered by third-party pricing vendors include reported trade data, broker-dealer price quotations, benchmark yields, issuer spreads on comparable securities, the credit quality, yield, maturity, as well as other appropriate factors.

Structured securities, swaps, swaptions, and other over-the-counter derivatives are valued utilizing evaluated prices obtained from third party pricing services or broker-dealers. Standard inputs generally considered by third-party pricing vendors include market information relevant

66       OPPENHEIMER INTERNATIONAL BOND FUND

3. Securities Valuation (Continued)

to the underlying reference asset such as the price of financial instruments, stock market indices, foreign currencies, interest rate spreads, commodities, credit spreads, credit event probabilities, index values, individual security values, forward interest rates, variable interest rates, volatility measures, and forward currency rates, or the occurrence of other specific events.

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

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

Securities for which market quotations are not readily available or 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. Those standardized fair valuation methodologies include, but are not limited to, valuing securities at the last sale price or initially at cost and subsequently adjusting the value based on: changes in company specific fundamentals, changes in an appropriate securities index, or changes in the value of similar securities which may be further adjusted for any discounts related to security-specific resale restrictions. When possible, such methodologies use observable market inputs such as unadjusted quoted prices of similar securities, observable interest rates, currency rates and yield curves. The methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities nor can it be assured that the Fund can obtain the fair value assigned to a security if it were to sell the security.

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

Classifications

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

67       OPPENHEIMER INTERNATIONAL BOND FUND

NOTES TO

CONSOLIDATED FINANCIAL STATEMENTS Continued

3. Securities Valuation (Continued)

in determining the value of each of the Fund’s investments as of the reporting period end. These data inputs are categorized in the following hierarchy under applicable financial accounting standards:

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

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

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

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

The Fund classifies each of its investments in investment companies which are publicly offered as Level 1. Investment companies that are not publicly offered, if any, are classified as Level 2 in the fair value hierarchy.

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:

	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	$	—	$	44,491,631	$	—	$	44,491,631
Mortgage-Backed Obligations		—		144,910,607		—		144,910,607
Foreign Government Obligations		—		3,157,047,894		15,964,191		3,173,012,085
Corporate Bonds and Notes		—		1,531,510,297		187,266		1,531,697,563
Common Stock		—		—		—		—
Structured Securities		—		11,955,861		1,090,112		13,045,973
Short-Term Notes		—		161,274,434		—		161,274,434
Exchange-Traded Option Purchased		1,744,803		—		—		1,744,803
Over-the-Counter Options Purchased		—		21,081,866		—		21,081,866
Over-the-Counter Credit Default
Swaption Purchased		—		82,934		—		82,934
Over-the-Counter Interest Rate
Swaptions Purchased		—		86,397,357		—		86,397,357
Investment Company		102,075,708		—		—		102,075,708
Total Investments, at Value		103,820,511		5,158,752,881		17,241,569		5,279,814,961
Other Financial Instruments:
Swaps, at value		—		5,374,109		—		5,374,109
Centrally cleared swaps, at value		—		8,835,408		—		8,835,408
Futures contracts		168,863		—		—		168,863
Forward currency exchange contracts		—		68,418,999		—		68,418,999
Total Assets	$	103,989,374	$	5,241,381,397	$	17,241,569	$	5,362,612,340

68       OPPENHEIMER INTERNATIONAL BOND FUND

3. Securities Valuation (Continued)

	Level 1— Unadjusted     Quoted Prices		Level 2— Other Significant Observable Inputs		Level 3— Significant Unobservable Inputs		Value
Liabilities Table
Other Financial Instruments:
Swaps, at value	$	—	$	(5,398,194)	$	—	$	(5,398,194)
Centrally cleared swaps, at value		—		(18,765,957)		—		(18,765,957)
Options written, at value		—		(74,357,552)		—		(74,357,552)
Forward currency exchange contracts		—		(75,760,345)		—		(75,760,345)
Swaptions written, at value		—		(57,916,869)		—		(57,916,869)
Total Liabilities	$	—	$	(232,198,917)	$	—	$	(232,198,917)

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

4. Investments and Risks

Risks of Foreign Investing. The Fund may invest in foreign securities which are subject to special risks. Securities traded in foreign markets may be less liquid and more volatile than those traded in U.S. markets. Foreign issuers are usually not subject to the same accounting and disclosure requirements that U.S. companies are subject to, which may make it difficult for the Fund to evaluate a foreign company’s operations or financial condition. A change in the value of a foreign currency against the U.S. dollar will result in a change in the U.S. dollar value of investments denominated in that foreign currency and in the value of any income or distributions the Fund may receive on those investments. The value of foreign investments may be affected by exchange control regulations, foreign taxes, higher transaction and other costs, delays in the settlement of transactions, changes in economic or monetary policy in the United States or abroad, expropriation or nationalization of a company’s assets, or other political and economic factors. In addition, due to the inter-relationship of global economies and financial markets, changes in political and economic factors in one country or region could adversely affect conditions in another country or region. Investments in foreign securities may also expose the Fund to time-zone arbitrage risk. Foreign securities may trade on weekends or other days when the Fund does not price its shares. At times, the Fund may emphasize investments in a particular country or region and may be subject to greater risks from adverse events that occur in that country or region. Foreign securities and foreign currencies held in 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

69       OPPENHEIMER INTERNATIONAL BOND FUND

NOTES TO

CONSOLIDATED FINANCIAL STATEMENTS Continued

4. Investments and Risks (Continued)

to, the Affiliated Funds. When applicable, the Fund’s investments in Affiliated Funds are included in the Consolidated Statement of Investments. Shares of Affiliated Funds are valued at their net asset value per share. As a shareholder, the Fund is subject to its proportional share of the Affiliated Funds’ expenses, including their management fee. The Manager will waive fees and/or reimburse Fund expenses in an amount equal to the indirect management fees incurred through the Fund’s investment in the Affiliated Funds.

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

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

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

Restricted Securities. At period end, investments in securities included issues that are restricted. A restricted security may have a contractual restriction on its resale and is valued under methods approved by the Board of Trustees as reflecting fair value. Securities that are restricted are marked with an applicable footnote on the Consolidated Statement of Investments. Restricted securities are reported on a schedule following the Consolidated Statement of Investments.

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

70       OPPENHEIMER INTERNATIONAL BOND FUND

4. Investments and Risks (Continued)

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 and/or principal payment.

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

Cost	$10,122,190
Market Value	$—
Market Value as % of Net Assets	Less than 0.005%

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

5. Market Risk Factors

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

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

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

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

Foreign Exchange Rate Risk. Foreign exchange rate risk relates to the change in the U.S. dollar value of a security held that is denominated in a foreign currency. The U.S. dollar

71       OPPENHEIMER INTERNATIONAL BOND FUND

NOTES TO

CONSOLIDATED FINANCIAL STATEMENTS Continued

5. Market Risk Factors (Continued)

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

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

72       OPPENHEIMER INTERNATIONAL BOND FUND

6. Use of Derivatives (Continued)

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

During the reporting period, the Fund had daily average contract amounts on forward contracts to buy and sell of $4,451,053,878 and $6,068,539,036, respectively.

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

Futures Contracts

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

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

Futures contracts are reported on a schedule following the Consolidated Statement of Investments. Securities held by a futures commission merchant to cover initial margin requirements on open futures contracts are noted in the Consolidated Statement of Investments. Cash held by a futures commission merchant to cover initial margin requirements

73       OPPENHEIMER INTERNATIONAL BOND FUND

NOTES TO

CONSOLIDATED FINANCIAL STATEMENTS Continued

6. Use of Derivatives (Continued)

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 may purchase and/or sell financial futures contracts and options on futures contracts to gain exposure to, or decrease exposure to interest rate risk, equity risk, foreign exchange rate risk, volatility risk, or commodity risk.

During the reporting period, the Fund had an ending monthly average market value of $26,444,213 and $162,290,118 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 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.

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

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

During the reporting period, the Fund had an ending monthly average market value

74       OPPENHEIMER INTERNATIONAL BOND FUND

6. Use of Derivatives (Continued)

of $18,782,729 and $17,593,500 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.

During the reporting period, the Fund had an ending monthly average market value of $14,822,824 and $31,995,885 on written call options and written put options, respectively. Additional associated risks to the Fund include counterparty credit risk and liquidity risk.

Swap Contracts

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

Swap contracts are reported on a schedule following the Consolidated Statement of Investments. The values of centrally cleared swap and OTC swap contracts are aggregated by positive and negative values and disclosed separately on the Consolidated Statement of Assets and Liabilities. 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.

75       OPPENHEIMER INTERNATIONAL BOND FUND

NOTES TO

CONSOLIDATED FINANCIAL STATEMENTS Continued

6. Use of Derivatives (Continued)

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

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

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

If there is a credit event, the buyer of protection can exercise its rights under the contract and receive a payment from the seller of protection equal to the notional amount of the swap less the market value of specified debt securities issued by the reference asset. Upon exercise of the contract the difference between such value and the notional amount is recorded as realized gain (loss) and is included on the Consolidated Statement of Operations.

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

The Fund has engaged in spread curve trades by simultaneously purchasing and selling protection through credit default swaps referenced to the same reference asset but with 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 $711,918,546 and $340,106,815 on credit default swaps to buy protection and credit default swaps to sell protection, respectively.

Additional associated risks to the Fund include counterparty credit risk and liquidity risk. Currency Swap Contracts. A currency swap contract is an agreement between counterparties to exchange different currencies at contract inception that are equivalent to a notional value. The exchange at contract inception is made at the current spot rate. The contract also includes an agreement to reverse the exchange of the same notional values of those currencies at contract termination. The re-exchange at contract termination may

76       OPPENHEIMER INTERNATIONAL BOND FUND

6. Use of Derivatives (Continued)

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 $49,144,369 on currency swaps which receive a fixed rate.

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

At period end, the Fund had no currency swap agreements outstanding.

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

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

For the reporting period, the Fund had ending monthly average notional amounts of $1,692,517,844 and $2,583,088,231 on interest rate swaps which pay a fixed rate and interest rate swaps which receive a fixed rate, respectively.

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

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

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

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

77       OPPENHEIMER INTERNATIONAL BOND FUND

NOTES TO

CONSOLIDATED FINANCIAL STATEMENTS Continued

6. Use of Derivatives (Continued)

For the reporting period, the Fund had ending monthly average notional amounts of $36,988,846 and $41,445,141 on total return swaps which are long the reference asset and total return swaps which are short the reference asset, respectively.

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

At period end, the Fund had no total return swap agreements outstanding.

Swaption Transactions

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

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

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

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

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

The Fund may write swaptions which give it the obligation, if exercised by the purchaser, to

78       OPPENHEIMER INTERNATIONAL BOND FUND

6. Use of Derivatives (Continued)

enter into an interest rate swap in which it pays a fixed or floating interest rate and receives a floating or fixed interest rate in order to increase or decrease exposure to interest rate risk. A written swaption paying a fixed rate becomes more valuable as the reference interest rate increases relative to the preset interest rate. A written swaption paying a floating rate becomes more valuable as the reference interest rate decreases relative to the preset interest rate.

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

During the reporting period, the Fund had an ending monthly average market value of $44,619,038 and $40,672,211 on purchased and written swaptions, respectively.

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

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

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

At period end, the Fund has required certain counterparties to post collateral of $8,441,286.

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

79       OPPENHEIMER INTERNATIONAL BOND FUND

NOTES TO

CONSOLIDATED FINANCIAL STATEMENTS Continued

6. Use of Derivatives (Continued)

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 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

80       OPPENHEIMER INTERNATIONAL BOND FUND

6. Use of Derivatives (Continued)

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	$	151,262	$	–	$	–	$	(90,000)	$	61,262
Bank of America NA		47,690,975		(38,517,705)		–		–		9,173,270
Barclays Bank plc		1,416,646		(1,416,646)		–		–		–
BNP Paribas		268,098		(268,098)		–		–		–
Citibank NA		17,311,707		(16,623,396)		–		–		688,311
Deutsche Bank AG		6,571,490		–		(4,795,033)		(1,690,000)		86,457
Goldman Sachs Bank USA		17,992,049		(17,992,049)		–		–		–
Goldman Sachs International		7,715,579		(7,031,216)		–		(684,363)		–
HSBC Bank USA NA		1,535,476		(1,121,533)		–		(413,943)		–
JPMorgan Chase Bank NA		74,379,925		(74,379,925)		–		–		–
Nomura Global Financial Products, Inc.		217,756		(217,756)		–		–		–
Standard Chartered Bank		282,260		(31,075)		–		(251,185)		–
Toronto Dominion Bank		5,744,054		(5,744,054)		–		–		–
UBS AG		77,988		–		(77,988)		–		–
	$	181,355,265	$	(163,343,453)	$	(4,873,021)	$	(3,129,491)	$	10,009,300

*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, if any, 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:

81       OPPENHEIMER INTERNATIONAL BOND FUND

NOTES TO

CONSOLIDATED FINANCIAL STATEMENTS Continued

6. Use of Derivatives (Continued)

			Gross Amounts Not Offset in the Consolidated Statement of Assets & Liabilities
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
Bank of America NA	$	(38,517,705)	$	38,517,705	$	–	$	–	$	–
Barclays Bank plc		(5,300,191)		1,416,646		191,692		3,569,000		(122,853)
BNP Paribas		(967,244)		268,098		260,581		402,000		(36,565)
Citibank NA		(16,623,396)		16,623,396		–		–		–
Goldman Sachs Bank USA		(32,643,519)		17,992,049		5,011,944		9,639,526		–
Goldman Sachs International		(7,031,216)		7,031,216		–		–		–
HSBC Bank USA NA		(1,121,533)		1,121,533		–		–		–
JPMorgan Chase Bank NA		(86,987,494)		74,379,925		12,607,569		–		–
Nomura Global Financial Products, Inc.		(304,724)		217,756		–		–		(86,968)
Standard Chartered Bank		(31,075)		31,075		–		–		–
Toronto Dominion Bank		(23,904,863)		5,744,054		9,841,182		8,319,627		–
	$	(213,432,960)	$	163,343,453	$	27,912,968	$	21,930,153	$	(246,386)

*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, if any, 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 Statement 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	$	627,257	Swaps, at value	$	2,622,750
Interest rate contracts	Swaps, at value		4,746,852	Swaps, at value		2,775,444
Credit contracts	Centrally cleared swaps, at value		2,867,034	Centrally cleared swaps, at value		6,779,565
Interest rate contracts	Centrally cleared swaps, at value		5,968,374	Centrally cleared swaps, at value		11,986,392
Interest rate contracts				Variation margin payable		2,140,469	*
Forward currency exchange contracts	Unrealized appreciation on forward currency exchange contracts		68,418,999	Unrealized depreciation on foreign currency exchange contracts		75,760,345

82       OPPENHEIMER INTERNATIONAL BOND FUND

6. Use of Derivatives (Continued)

	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
Forward currency exchange contracts				Options written, at value	$	73,502,915
Interest rate contracts				Options written, at value		854,637
Credit contracts				Swaptions written, at value		1,386,298
Interest rate contracts				Swaptions written, at value		56,530,571
Credit contracts	Investments, at value	$	82,934**
Forward currency exchange contracts	Investments, at value		20,464,741**
Interest rate contracts	Investments, at value		88,759,285**
Total		$	191,935,476		$	234,339,386

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

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

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

Amount of Realized Gain or (Loss) Recognized on Derivatives
Derivatives Not Accounted for as Hedging Instruments	Investment transactions     in unaffiliated companies*		Swaption contracts written		Option contracts written		Futures contracts
Credit contracts	$	(4,619,668)	$	5,220,600	$	—	$	—
Equity contracts		—		—		—		—
Forward currency exchange contracts		4,567,335		—		75,696,794		—
Interest rate contracts		32,010,043		(30,761,500)		(13,638,572)		1,898,660
Total	$	31,957,710	$	(25,540,900)	$	62,058,222	$	1,898,660

Amount of Realized Gain or (Loss) Recognized on Derivatives
Derivatives Not Accounted for as Hedging Instruments	Forward currency exchange contracts		Swap contracts		Total
Credit contracts	$	—	$	(39,147,639)	$	(38,546,707)
Equity contracts		—		74,750		74,750
Forward currency exchange contracts		(133,326,892)		3,437,142		(49,625,621)
Interest rate contracts		—		1,559,442		(8,931,927)
Total	$	(133,326,892)	$	(34,076,305)	$	(97,029,505)

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

83       OPPENHEIMER INTERNATIONAL BOND FUND

NOTES TO

CONSOLIDATED FINANCIAL STATEMENTS Continued

6. Use of Derivatives (Continued)

`Amount of Change in Unrealized Gain or (Loss) Recognized on Derivatives
Derivatives Not Accounted for as Hedging Instruments	Investment transactions in unaffiliated companies*		Option contracts written		Swaption contracts written		Futures contracts
Credit contracts	$	61,418	$	—	$	(373,563)	$	—
Forward currency exchange contracts		536,365		(9,620,494)		—		—
Interest rate contracts		106,839,080		(3,290,480)		4,140,993		(339,104)
Total	$	107,436,863	$	(12,910,974)	$	3,767,430	$	(339,104)
Amount of Change in Unrealized Gain or (Loss) Recognized on Derivatives (Continued)
Derivatives Not Accounted for as Hedging Instruments			Forward currency exchange contracts		Swap contracts		Total
Credit contracts			$	—	$	17,588,539	$	17,276,394
Forward currency exchange contracts				(74,577,380)		—		(83,661,509)
Interest rate contracts				—		2,386,147		109,736,636
Total			$	(74,577,380)	$	19,974,686	$	43,351,521

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

7. Shares of Beneficial Interest

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

	Year Ended September 30, 2017				Year Ended September 30, 2016
	Shares		Amount		Shares		Amount
Class A
Sold		33,215,903	$	192,596,948		39,335,254	$	223,275,613
Dividends and/or distributions reinvested		10,118,544		58,513,744		10,334,209		59,053,670
Redeemed		(99,000,839)		(572,327,683)		(136,717,148)		(775,412,691)
Net decrease		(55,666,392)	$	(321,216,991)		(87,047,685)	$	(493,083,408)
Class B
Sold		49,514	$	288,493		75,815	$	427,157
Dividends and/or distributions reinvested		69,721		400,047		122,595		695,594
Redeemed		(2,132,370)		(12,283,079)		(4,243,653)		(23,899,162)
Net decrease		(2,013,135)	$	(11,594,539)		(4,045,243)	$	(22,776,411)
Class C
Sold		3,277,871	$	18,916,038		3,781,734	$	21,360,105
Dividends and/or distributions reinvested		2,356,675		13,573,517		2,266,648		12,915,461
Redeemed		(26,515,697)		(152,572,012)		(27,466,654)		(155,115,680)
Net decrease		(20,881,151)	$	(120,082,457)		(21,418,272)	$	(120,840,114)

84       OPPENHEIMER INTERNATIONAL BOND FUND

7. Shares of Beneficial Interest (Continued)

	Year Ended September 30, 2017						Year Ended September 30, 2016
		Shares			Amount			Shares			Amount
Class I
Sold		47,001,372		$	271,989,516			181,293,238		$	1,016,126,192
Dividends and/or distributions reinvested		11,314,777			65,348,110			10,269,195			58,831,696
Redeemed		(131,938,102	)		(756,543,141	)		(122,639,841	)		(689,311,043	)
Net increase (decrease)		(73,621,953	)	$	(419,205,515	)		68,922,592		$	385,646,845
Class R
Sold		3,635,144		$	20,971,449			3,477,750		$	19,775,544
Dividends and/or distributions reinvested		947,336			5,465,034			875,562			4,992,970
Redeemed		(7,177,948	)		(41,342,243	)		(9,457,727	)		(53,466,446	)
Net decrease		(2,595,468	)	$	(14,905,760	)		(5,104,415	)	$	(28,697,932	)
Class Y
Sold		129,553,202		$	752,409,177			82,398,471		$	468,832,533
Dividends and/or distributions reinvested		16,240,485			94,081,754			15,477,845			88,373,953
Redeemed		(99,816,640	)		(576,274,909	)		(244,755,467	)		(1,392,790,993	)
Net increase (decrease)		45,977,047		$	270,216,022			(146,879,151	)	$	(835,584,507	)

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 IGMMF, for the reporting period were as follows:

	Purchases		Sales
Investment securities		$4,519,585,752		$5,076,650,338

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

85       OPPENHEIMER INTERNATIONAL BOND FUND

NOTES TO

CONSOLIDATED FINANCIAL STATEMENTS Continued

9. Fees and Other Transactions with Affiliates (Continued)

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, which shall be calculated after any applicable fee waivers. Fees incurred and average net assets for each class with respect to these services are detailed in the Consolidated Statement of Operations and Consolidated Financial Highlights, respectively.

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

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

86       OPPENHEIMER INTERNATIONAL BOND FUND

9. Fees and Other Transactions with Affiliates (Continued)

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

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

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

Year Ended	Class A Front-End Sales Charges Retained by Distributor		Class A Contingent Deferred Sales Charges Retained by Distributor		Class B Contingent Deferred Sales Charges Retained by Distributor		Class C Contingent Deferred Sales Charges Retained by Distributor		Class R   Contingent   Deferred   Sales Charges   Retained by   Distributor
September 30, 2017		$110,313		$14,682		$21,803		$10,338		$—

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 $682,738. This fee waiver and/or expense reimbursement may not be amended or withdrawn

for one year from the date of the Fund’s prospectus, unless approved by the Board.

Effective January 1, 2017, the Transfer Agent has voluntarily agreed to waive fees and/or reimburse Fund expenses in an amount equal to 0.015% of average annual net assets for Classes A, B, C, R and Y.

87       OPPENHEIMER INTERNATIONAL BOND FUND

NOTES TO

CONSOLIDATED FINANCIAL STATEMENTS Continued

9. Fees and Other Transactions with Affiliates (Continued)

During the reporting period, the Transfer Agent waived fees and/or reimbursed the Fund for transfer agent and shareholder servicing agent fees as follows:

Class A	$	151,679
Class B		1,064
Class C		44,903
Class R		14,809
Class Y		237,838

This fee waiver and/or reimbursement may be terminated at any time.

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 IGMMF. During the reporting period, the Manager waived fees and/or reimbursed the Fund $282,230 for IGMMF management fees. This fee waiver and/or expense reimbursement may not be amended or withdrawn for one year from the date of the Fund’s prospectus, unless approved by the Board.

10. Borrowings and Other Financing

Joint Credit Facility. A number of mutual funds managed by the Manager participate in a

$1.875 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.

88       OPPENHEIMER INTERNATIONAL BOND FUND

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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

We have audited the accompanying consolidated statement of assets and liabilities of Oppenheimer International Bond Fund (the Fund) and subsidiary, including the consolidated statement of investments, as of September 30, 2017, and the related consolidated statement of operations for the year then ended, the consolidated statements of changes in net assets for each of the years in the two-year period then ended, and the consolidated financial highlights for each of the years in the five-year period then ended. These consolidated financial statements and consolidated financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these consolidated financial statements and consolidated financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of September 30, 2017, by correspondence with the custodian, transfer agent and brokers, or by other appropriate auditing procedures where replies from brokers were not received. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the consolidated financial statements and consolidated financial highlights referred to above present fairly, in all material respects, the financial position of Oppenheimer International Bond Fund and subsidiary as of September 30, 2017, the results of their operations for the year then ended, the changes in their net assets for each of the years in the two-year period then ended, and the consolidated financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

KPMGLLP

Denver, Colorado

November 28, 2017

89       OPPENHEIMER INTERNATIONAL BOND FUND

FEDERAL INCOME TAX INFORMATION Unaudited

In early 2017, if applicable, shareholders of record received information regarding all dividends and distributions paid to them by the Fund during calendar year 2016.

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

Dividends, if any, paid by the Fund during the reporting period which are not designated as capital gain distributions, may be eligible for lower individual income tax rates to the extent that the Fund has received qualified dividend income as stipulated by recent tax legislation. In early 2017, shareholders of record received information regarding the percentage of distributions that are eligible for lower individual income tax rates. The amount will be the maximum amount allowed.

Recent tax legislation allows a regulated investment company to designate distributions not designated as capital gain distributions, as either interest related dividends or short-term capital gain dividends, both of which are exempt from the U.S. withholding tax applicable to non U.S. taxpayers. For the reporting period, the maximum amount allowable but not less than $3,674,489 of the ordinary distributions to be paid by the Fund qualifies as an interest related dividend.

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

90       OPPENHEIMER INTERNATIONAL BOND FUND

BOARD APPROVAL OF THE FUND’S INVESTMENT ADVISORY

AND SUB-ADVISORY AGREEMENTS Unaudited

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

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

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

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

91       OPPENHEIMER INTERNATIONAL BOND FUND

BOARD APPROVAL OF THE FUND’S INVESTMENT ADVISORY

AND SUB-ADVISORY AGREEMENTS Unaudited / Continued

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

Investment Performance of the Managers and the Fund. Throughout the year, the Managers provided information on the investment performance of the Fund, the Adviser and the Sub-Adviser, including comparative performance information. The Board reviewed information, prepared by the Managers and the independent consultant, comparing the Fund’s historical performance to its benchmark and to the performance of other retail world bond funds. The Board considered that the Fund outperformed its category median for the one-, three- and ten-year periods, although the Fund underperformed its category median for the five-year period.

Fees and Expenses of the Fund. The Board reviewed the fees paid to the Managers and the other expenses borne by the Fund. The Board noted that the Adviser, not the Fund, pays the Sub-Adviser’s fee under the sub-advisory agreement. The independent consultant provided comparative data in regard to the fees and expenses of the Fund and other retail world bond funds with comparable asset levels and distribution features. The Board noted that the Fund’s contractual management fee and total expenses were lower than their respective peer group medians and category medians.

Economies of Scale and Profits Realized by the Managers. The Board considered information regarding the Managers’ costs in serving as the Fund’s investment adviser and sub-adviser, including the costs associated with the personnel and systems necessary to manage the Fund, and information regarding the Managers’ profitability from their relationship with the Fund. The Board also considered that the Managers must be able to pay and retain experienced professional personnel at competitive rates to provide quality services to the Fund. The Board reviewed whether the Managers may realize economies of scale in managing and supporting the Fund. The Board noted that the Fund currently has management fee breakpoints, which are intended to share with Fund shareholders economies of scale that may exist as the Fund’s assets grow.

92       OPPENHEIMER INTERNATIONAL BOND FUND

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

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

Based on its review of the information it received and its evaluations described above, the Board, including a majority of the independent Trustees, decided to continue the Agreements through August 31, 2018. In arriving at its decision, the Board did not identify any factor or factors as being more important than others, but considered all of the above information, and considered the terms and conditions of the Agreements, including the management fees, in light of all the surrounding circumstances.

93       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.

94       OPPENHEIMER INTERNATIONAL BOND FUND

TRUSTEES AND OFFICERS Unaudited

Name, Position(s) Held with the Fund, Length of Service, Year of Birth	Principal Occupation(s) During the Past 5 Years; Other Trusteeships/ Directorships Held; Number of Portfolios in the Fund Complex Currently Overseen
INDEPENDENT TRUSTEES	The address of each Trustee in the chart below is 6803 S. Tucson Way, Centennial, Colorado 80112-3924. Each Trustee serves for an indefinite term, or until his or her resignation, retirement, death or removal.
Robert J. Malone, Chairman of the Board of Trustees (since 2016), Trustee (since 2002) Year of Birth: 1944	Chairman - Colorado Market of MidFirst Bank (since January 2015); Chairman of the Board (2012-2016) and Director (August 2005-January 2016) of Jones International University (educational organization); Trustee of the Gallagher Family Foundation (non-profit organization) (2000-2016); Chairman, Chief Executive Officer and Director of Steele Street Bank Trust (commercial banking) (August 2003-January 2015); Director of Opera Colorado Foundation (non-profit organization) (2008-2012); Director of Colorado UpLIFT (charitable organization) (1986-2010); Director of Jones Knowledge, Inc. (2006-2010); Former Chairman of U.S. Bank-Colorado (subsidiary of U.S. Bancorp and formerly Colorado National Bank) (July 1996-April 1999); Director of Commercial Assets, Inc. (real estate investment trust) (1993-2000); Director of U.S. Exploration, Inc. (oil and gas exploration) (1997-February 2004); Chairman of the Board (1991-1994) and Trustee (1985-1994) of Regis University; and Chairman of the Board (1990- 1991) and Member (1984-1999) of Young Presidents Organization. Oversees 45 portfolios in the OppenheimerFunds complex. Mr. Malone has served on the Boards of certain Oppenheimer funds since 2002, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
Andrew J. Donohue, Trustee (since 2017) Year of Birth: 1950	Of Counsel, Shearman & Sterling LLP (since September 2017); Chief of Staff of the U.S. Securities and Exchange Commission (regulator) (June 2015-February 2017); Managing Director and Investment Company General Counsel of Goldman Sachs (investment bank) (November 2012-May 2015); Partner at Morgan Lewis & Bockius, LLP (law firm) (March 2011-October 2012); Director of the Division of Investment Management of U.S. Securities and Exchange Commission (regulator) (May 2006-November 2010); Global General Counsel of Merrill Lynch Investment Managers (investment firm) (May 2003-May 2006); General Counsel (October 1991-November 2001) and Executive Vice President (January 1993-November 2001) of OppenheimerFunds, Inc. (investment firm) (June 1991-November 2001). Oversees 45 portfolios in the OppenheimerFunds complex. Mr. Donohue has served on the Boards of certain Oppenheimer funds since 2017, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Board’s deliberations.

95       OPPENHEIMER INTERNATIONAL BOND FUND

TRUSTEES AND OFFICERS Unaudited / Continued

Jon S. Fossel, Trustee (since 1995) Year of Birth: 1942	Chairman of the Board of Jack Creek Preserve Foundation (non-profit organization) (2005-2015); Director of Jack Creek Preserve Foundation (non-profit organization) (since March 2005); Chairman of the Board (2006-December 2011) and Director (June 2002-December 2011) of UNUMProvident (insurance company); Director of Northwestern Energy Corp. (public utility corporation) (November 2004-December 2009); Director of P.R. Pharmaceuticals (October 1999-October 2003); Director of Rocky Mountain Elk Foundation (non-profit organization) (February 1998-February 2003 and February 2005-February 2007); Chairman and Director (until October 1996) and President and Chief Executive Officer (until October 1995) of the Sub-Adviser; President, Chief Executive Officer and Director of the following: Oppenheimer Acquisition Corp. (“OAC”) (parent holding company of the Sub- Adviser), Shareholders Services, Inc. and Shareholder Financial Services, Inc. (until October 1995). Oversees 45 portfolios in the OppenheimerFunds complex. Mr. Fossel has served on the Boards of certain Oppenheimer funds since 1990, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
Richard F. Grabish, Trustee (since 2012) Year of Birth: 1948	Formerly Senior Vice President and Assistant Director of Sales and Marketing (March 1997-December 2007), Director (March 1987-December 2007) and Manager of Private Client Services (June 1985-June 2005) of A.G. Edwards & Sons, Inc. (broker/dealer and investment firm); Chairman and Chief Executive Officer of A.G. Edwards Trust Company, FSB (March 2001-December 2007); President and Vice Chairman of A.G. Edwards Trust Company, FSB (investment adviser) (April 1987-March 2001); President of A.G. Edwards Trust Company, FSB (investment adviser) (June 2005-December 2007). Oversees 45 portfolios in the OppenheimerFunds complex. Mr. Grabish has served on the Boards of certain Oppenheimer funds since 2001, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
Beverly L. Hamilton, Trustee (since 2002) Year of Birth: 1946	Trustee of Monterey Institute for International Studies (educational organization) (2000-2014); Board Member of Middlebury College (educational organization) (December 2005-June 2011); Director (1991-2016), Vice Chairman of the Board (2006-2009) and Chairman of the Board (2010-2013) of American Funds’ Emerging Markets Growth Fund, Inc. (mutual fund); Director of The California Endowment (philanthropic organization) (April 2002-April 2008); Director (February 2002-2005) and Chairman of Trustees (2006-2007) of the Community Hospital of Monterey Peninsula; President of ARCO Investment Management Company (February 1991-April 2000); Member of the investment committees of The Rockefeller Foundation (2001-2006) and The University of Michigan (since 2000); Advisor at Credit Suisse First Boston’s Sprout venture capital unit (venture capital fund) (1994-January 2005); Trustee of MassMutual Institutional Funds (investment company) (1996-June 2004); Trustee of MML Series Investment Fund (investment company) (April 1989-June 2004); Member of the investment committee of Hartford Hospital (2000-2003); and Advisor to Unilever (Holland) pension fund (2000-2003). Oversees 45 portfolios in the OppenheimerFunds complex. Ms. Hamilton has served on the Boards of certain Oppenheimer funds since 2002, during which time she has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.

96       OPPENHEIMER INTERNATIONAL BOND FUND

Victoria J. Herget, Trustee (since 2012) Year of Birth: 1951	Board Chair (2008-2015) and Director (2004-Present), United Educators (insurance company); Trustee (since 2000) and Chair (since 2010), Newberry Library (independent research library); Trustee, Mather LifeWays (senior living organization) (since 2001); Independent Director of the First American Funds (mutual fund family) (2003-2011); former Managing Director (1993-2001), Principal (1985- 1993), Vice President (1978-1985) and Assistant Vice President (1973-1978) of Zurich Scudder Investments (investment adviser) (and its predecessor firms); Trustee (1992-2007), Chair of the Board of Trustees (1999-2007), Investment Committee Chair (1994-1999) and Investment Committee member (2007-2010) of Wellesley College; Trustee, BoardSource (non-profit organization) (2006-2009) and Chicago City Day School (K-8 School) (1994-2005). Oversees 45 portfolios in the OppenheimerFunds complex. Ms. Herget has served on the Boards of certain Oppenheimer funds since 2012, during which time she has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
F. William Marshall, Jr., Trustee (since 2000) Year of Birth: 1942	Trustee Emeritus of Worcester Polytech Institute (WPI) (private university) (since 2009); Trustee of MassMutual Select Funds (formerly MassMutual Institutional Funds) (investment company) (1996-2015), MML Series Investment Fund (investment company) (1996-2015) and Mass Mutual Premier Funds (investment company) (January 2012-December 2015); President and Treasurer of the SIS Charitable Fund (private charitable fund) (January 1999-March 2011); Former Trustee of WPI (1985-2008); Former Chairman of the Board (2004-2006) and Former Chairman of the Investment Committee of WPI (1994-2008); Chairman of SIS Family Bank, F.S.B. (formerly SIS Bank) (commercial bank) (January 1999- July 1999); Executive Vice President of Peoples Heritage Financial Group, Inc. (commercial bank) (January 1999-July 1999); and Former President and Chief Executive Officer of SIS Bancorp. (1993-1999). Oversees 45 portfolios in the OppenheimerFunds complex. Mr. Marshall has served on the Boards of certain Oppenheimer funds since 2000, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
Karen L. Stuckey, Trustee (since 2012) Year of Birth: 1953	Member (since May 2015) of Desert Mountain Community Foundation Advisory Board (non-profit organization); Partner (1990-2012) of PricewaterhouseCoopers LLP (professional services firm) (held various positions 1975-1990); Trustee (1992-2006); member of Executive, Nominating and Audit Committees and Chair of Finance Committee (1992-2006), and Emeritus Trustee (since 2006) of Lehigh University; and member, Women’s Investment Management Forum (professional organization) since inception. Oversees 45 portfolios in the OppenheimerFunds complex. Ms. Stuckey has served on the Boards of certain Oppenheimer funds since 2012, during which time she has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.

97       OPPENHEIMER INTERNATIONAL BOND FUND

TRUSTEES AND OFFICERS Unaudited / Continued

James D. Vaughn, Trustee (since 2012) Year of Birth:1945	Retired; former managing partner (1994-2001) of Denver office of Deloitte & Touche LLP, (held various positions 1969-1993); Trustee and Chairman of the Audit Committee of Schroder Funds (2003-2012); Board member and Chairman of Audit Committee of AMG National Trust Bank (since 2005); Trustee and Investment Committee member, University of South Dakota Foundation (since 1996); Board member, Audit Committee Member and past Board Chair, Junior Achievement (since 1993); former Board member, Mile High United Way, Boys and Girls Clubs, Boy Scouts, Colorado Business Committee for the Arts, Economic Club of Colorado and Metro Denver Network. Oversees 45 portfolios in the OppenheimerFunds complex. Mr. Vaughn has served on the Boards of certain Oppenheimer funds since 2012, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
INTERESTED TRUSTEE AND OFFICER	Mr. Steinmetz is an “Interested Trustee” because he is affiliated with the Manager and the Sub-Adviser by virtue of his positions as Chairman of the Sub-Adviser and officer and director of the Manager. Both as a Trustee and as an officer, Mr. Steinmetz serves for an indefinite term, or until his resignation, retirement, death or removal. Mr. Steinmetz’s address is 225 Liberty Street, New York, New York 10281-1008.
Arthur P. Steinmetz, Trustee (since 2015), President and Principal Executive Officer (since 2014) Year of Birth: 1958	Chairman of the Sub-Adviser (since January 2015); CEO and Chairman of the Manager (since July 2014), President of the Manager (since May 2013), a Director of the Manager (since January 2013), Director of the Sub-Adviser (since July 2014), President, Management Director and CEO of Oppenheimer Acquisition Corp. (the Sub-Adviser’s parent holding company) (since July 2014), and President and Director of OFI SteelPath, Inc. (since January 2013). Chief Investment Officer of the OppenheimerFunds advisory entities from (January 2013-December 2013); Executive Vice President of the Manager (January 2013-May 2013); Chief Investment Officer of the Sub-Adviser (October 2010-December 2012); Chief Investment Officer, Fixed-Income, of the Sub-Adviser (April 2009-October 2010); Executive Vice President of the Sub-Adviser (October 2009-December 2012); Director of Fixed Income of the Sub-Adviser (January 2009-April 2009); and a Senior Vice President of the Sub-Adviser (March 1993-September 2009). An officer of 101 portfolios in the OppenheimerFunds complex.
OTHER OFFICERS OF THE FUND	The addresses of the Officers in the chart below are as follows: for Messrs. Baijal, Kelly, Mss. Lo Bessette, Foxson and Picciotto, 225 Liberty Street, New York, New York 10281-1008, for Mr. Petersen, 6803 S. Tucson Way, Centennial, Colorado 80112-3924. Each Officer serves for an indefinite term or until his or her resignation, retirement, death or removal.
Hemant Baijal, Vice President (since 2013) Year of Birth: 1962	Senior Vice President of the Sub-Adviser (since January 2016); Senior Portfolio Manager of the Sub-Adviser (since July 2011); Co-Head of the Global Debt Team (since January 2015); Vice President of the Sub-Adviser (July 2011-January 2016). Co-founder, Partner and Portfolio Manager of Six Seasons Global Asset Management (January 2009-December 2010); Partner and Portfolio Manager of Aravali Partners, LLC (September 2006-December 2008); Partner and Portfolio Manager at Havell Capital Management, LLC (November 1996-August 2006). A portfolio manager and officer in the OppenheimerFunds complex.

98       OPPENHEIMER INTERNATIONAL BOND FUND

Christopher Kelly, Vice President (since 2015) Year of Birth: 1967	Senior Vice President of the Sub-Adviser (since January 2016); Portfolio Manager of the Sub-Adviser(since March 2015); Co-Head of the Global Debt Team (since March 2015); Vice President of the Sub-Adviser (March 2015-January 2016). Deputy Head of Emerging Markets Fixed Income at BlackRock, Inc. (June 2012 - January 2015); Portfolio Manager and Deputy Chief Investment Officer of Emerging Markets at Fisher Francis Trees and Watts, a BNP Paribas Investment Partner (February 2008 - April 2012). A portfolio manager and an officer of other portfolios in the OppenheimerFunds complex.
Cynthia Lo Bessette, Secretary and Chief Legal Officer (since 2016) Year of Birth: 1969	Executive Vice President, General Counsel and Secretary of the Manager (since February 2016); Senior Vice President and Deputy General Counsel of the Manager (March 2015-February 2016); Chief Legal Officer of the Sub-Adviser and the Distributor (since February 2016); Vice President, General Counsel and Secretary of Oppenheimer Acquisition Corp. (since February 2016); General Counsel of OFI SteelPath, Inc., VTL Associates, LLC and Index Management Solutions, LLC (since February 2016); Chief Legal Officer of OFI Global Institutional, Inc., HarbourView Asset Management Corporation, OFI Global Trust Company, Oppenheimer Real Asset Management, Inc., OFI Private Investments Inc., Shareholder Services, Inc. and Trinity Investment Management Corporation (since February 2016); Corporate Counsel (February 2012-March 2015) and Deputy Chief Legal Officer (April 2013-March 2015) of Jennison Associates LLC; Assistant General Counsel (April 2008-September 2009) and Deputy General Counsel (October 2009-February 2012) of Lord Abbett & Co. LLC. An officer of 101 portfolios in the OppenheimerFunds complex.
Jennifer Foxson, Vice President and Chief Business Officer (since 2014) Year of Birth: 1969	Senior Vice President of OppenheimerFunds Distributor, Inc. (since June 2014); Vice President of OppenheimerFunds Distributor, Inc. (April 2006-June 2014); Vice President of the Sub-Adviser (January 1998-March 2006); Assistant Vice President of the Sub-Adviser (October 1991-December 1998). An officer of 101 portfolios in the OppenheimerFunds complex.
Mary Ann Picciotto, Chief Compliance Officer and Chief Anti-Money Laundering Officer (since 2014) Year of Birth: 1973	Senior Vice President and Chief Compliance Officer of the Manager (since March 2014); Chief Compliance Officer of the Sub-Adviser, OFI SteelPath, Inc., OFI Global Trust Company, OFI Global Institutional, Inc., Oppenheimer Real Asset Management, Inc., OFI Private Investments, Inc., Harborview Asset Management Corporation, Trinity Investment Management Corporation, and Shareholder Services, Inc. (since March 2014); Managing Director of Morgan Stanley Investment Management Inc. and certain of its various affiliated entities; Chief Compliance Officer of various Morgan Stanley Funds (May 2010-January 2014); Chief Compliance Officer of Morgan Stanley Investment Management Inc. (April 2007-January 2014). An officer of 101 portfolios in the OppenheimerFunds complex.
Brian S. Petersen, Treasurer and Principal Financial & Accounting Officer (since 2016) Year of Birth: 1970	Senior Vice President of the Manager (since January 2017); Vice President of the Manager (January 2013-January 2017); Vice President of the Sub-Adviser (February 2007-December 2012); Assistant Vice President of the Sub-Adviser (August 2002- 2007). An officer of 101 portfolios in the OppenheimerFunds complex.

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

99       OPPENHEIMER INTERNATIONAL BOND FUND

OPPENHEIMER INTERNATIONAL BOND FUND

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

©2017 OppenheimerFunds, Inc. All rights reserved.

100       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,^SM our electronic document delivery service

● Your transactions with us, our affiliates or others

● Technologies on our website, including: “cookies” and web beacons, which are used to collect data on the pages you visit and the features you use.

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 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.

101       OPPENHEIMER INTERNATIONAL BOND FUND

PRIVACY POLICY NOTICE Continued

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.

● 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, safeguard that information. 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 November 2016. 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).

102       OPPENHEIMER INTERNATIONAL BOND FUND

THIS PAGE INTENTIONALLY LEFT BLANK.

103       OPPENHEIMER INTERNATIONAL BOND FUND

OppenheimerFunds^®

The Right Way

to Invest

Visit us at oppenheimerfunds.com for 24-hr access to

account information and transactions or call us at 800.CALL

OPP (800.225.5677) for 24-hr automated information and

automated transactions. Representatives also

available Mon–Fri 8am-8pm ET.

Visit Us oppenheimerfunds.com Call Us 800 225 5677
Follow Us	Oppenheimer funds are distributed by OppenheimerFunds Distributor, Inc. 225 Liberty Street, New York, NY 10281-1008 © 2017 OppenheimerFunds Distributor, Inc. All rights reserved. RA0880.001.0917 November 21, 2017

Item 2. Code of Ethics.

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

Item 3. Audit Committee Financial Expert.

The Board of Trustees of the registrant has determined that Karen L. Stuckey, the Chairwoman of the Board’s Audit Committee, is the audit committee financial expert and that Ms. Stuckey is “independent” for purposes of this Item 3.

Item 4. Principal Accountant Fees and Services.

(a) Audit Fees

The principal accountant for the audit of the registrant’s annual financial statements billed $93,400 in fiscal 2017 and $80,800 in fiscal 2016.

(b) Audit-Related Fees

The principal accountant for the audit of the registrant’s annual financial statements billed $3,500 in fiscal 2017 and $6,710 in fiscal 2016.

The principal accountant for the audit of the registrant’s annual financial statements billed $386,986 in fiscal 2017 and $598,285 in fiscal 2016 to the registrant’s investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant.

Such services include: Internal control reviews, GIPS attestation procedures, custody audits, and additional audit services.

(c) Tax Fees

The principal accountant for the audit of the registrant’s annual financial statements billed $7,318 in fiscal 2017 and $6,325 in fiscal 2016.

The principal accountant for the audit of the registrant’s annual financial statements billed $286,402 in fiscal 2017 and $45,432 in fiscal 2016 to the registrant’s investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant.

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

(d) All Other Fees

The principal accountant for the audit of the registrant’s annual financial statements billed no such fees in fiscal 2017 and no such fees in fiscal 2016.

The principal accountant for the audit of the registrant’s annual financial statements billed no such fees in fiscal 2017 and no such fees in fiscal 2016 to the registrant’s investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant.

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

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

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

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

(2) 0%

(f) Not applicable as less than 50%.

(g) The principal accountant for the audit of the registrant’s annual financial statements billed $684,206 in fiscal 2017 and $656,752 in fiscal 2016 to the registrant and the registrant’s investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant related to non-audit fees. Those billings did not include any prohibited non-audit services as defined by the Securities Exchange Act of 1934.

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

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Schedule of Investments.

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

b) Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

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

None

Item 11. Controls and Procedures.

Based on their evaluation of the registrant’s disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c)) as of 9/30/2017, the registrant’s principal executive officer and principal financial officer found the registrant’s disclosure controls and procedures to provide reasonable assurances that information required to be disclosed by the registrant in the reports that it files under the Securities Exchange Act of 1934 (a) is accumulated and communicated to registrant’s management, including its principal executive officer and principal financial officer, to allow timely decisions regarding required disclosure, and (b) is recorded, processed, summarized and reported, within the time periods specified in the rules and forms adopted by the U.S. Securities and Exchange Commission.

There have been no changes in the registrant’s internal controls over financial reporting that occurred during the registrant’s second fiscal quarter of the period covered by this report that

have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits.

(a) (1) Exhibit attached hereto.

(2) Exhibits attached hereto.

(3) Not applicable.

(b) Exhibit attached hereto.

SIGNATURES

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

Oppenheimer International Bond Fund

By:	/s/ Arthur P. Steinmetz
	Arthur P. Steinmetz
	Principal Executive Officer
Date:	11/14/2017

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

By:	/s/ Arthur P. Steinmetz
	Arthur P. Steinmetz
	Principal Executive Officer
Date:	11/14/2017

By:	/s/ Brian S. Petersen
	Brian S. Petersen
	Principal Financial Officer
Date:	11/14/2017