<PAGE> PAGE 1
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001 A000000 OPPENHEIMER WORLD BOND FUND
001 B000000 811-5670
001 C000000 2123230200
002 A000000 TWO WORLD TRADE CENTER
002 B000000 NEW YORK
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010 A000001 MITCHELL HUTCHINS ASSET MANAGEMENT INC.
010 B000001 801-13219
010 C010001 NEW YORK
010 C020001 NY
010 C030001 10019
020 A000001 MERRILL LYNCH, PIERCE, FENNER & SMITH, INC.
020 B000001 13-5674085
020 C000001 53
020 A000002 SALOMON BROTHERS, INC.
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020 C000002 30
020 A000003 MORGAN GUARANTY TRUST CO.
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020 A000004 INTERNATIONALE NEDERLANDEN GROUPEN
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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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SIGNATURE GEORGE C. BOWEN
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 841057
<NAME> Oppenheimer World Bond Fund
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> OCT-31-1996
<PERIOD-START> NOV-01-1995
<PERIOD-END> OCT-31-1996
<INVESTMENTS-AT-COST> 55,749,958
<INVESTMENTS-AT-VALUE> 57,428,870
<RECEIVABLES> 3,088,690
<ASSETS-OTHER> 6,700
<OTHER-ITEMS-ASSETS> 46,255
<TOTAL-ASSETS> 60,570,515
<PAYABLE-FOR-SECURITIES> 5,382,470
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 225,609
<TOTAL-LIABILITIES> 5,608,079
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 59,850,207
<SHARES-COMMON-STOCK> 6,615,505
<SHARES-COMMON-PRIOR> 6,615,505
<ACCUMULATED-NII-CURRENT> 523,824
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (7,083,779)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,672,184
<NET-ASSETS> 54,962,436
<DIVIDEND-INCOME> 4,495
<INTEREST-INCOME> 5,494,494
<OTHER-INCOME> 0
<EXPENSES-NET> 681,641
<NET-INVESTMENT-INCOME> 4,817,348
<REALIZED-GAINS-CURRENT> 1,174,051
<APPREC-INCREASE-CURRENT> 1,076,747
<NET-CHANGE-FROM-OPS> 7,068,146
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 4,445,589
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 2,622,557
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (8,026,616)
<OVERDISTRIB-NII-PRIOR> 79,149
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 346,262
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 681,641
<AVERAGE-NET-ASSETS> 53,309,000
<PER-SHARE-NAV-BEGIN> 7.91
<PER-SHARE-NII> 0.73
<PER-SHARE-GAIN-APPREC> 0.34
<PER-SHARE-DIVIDEND> 0.67
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 8.31
<EXPENSE-RATIO> 1.28
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<PAGE>
SHAREHOLDER MEETING (Unaudited)
On June 19, 1996, an annual shareholder meeting was held at which the five
Trustees identified below were elected, the selection of KPMG Peat Marwick LLP
as the independent auditors of the Fund for the fiscal year beginning November
1, 1995 was ratified (Proposal No. 1) and the change in the investment policy
(Proposal No. 2) was approved. The following is a report of the votes cast:
<TABLE>
<CAPTION>
WITHHELD/ BROKER
NOMINEE/PROPOSAL FOR AGAINST ABSTAIN NON-VOTES TOTAL
- --------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Bridget A. Macaskill 5,290,193 -- 159,970 66,290 5,516,453
Elizabeth B. Moynihan 5,282,704 -- 167,459 66,290 5,516,453
Sidney M. Robbins 5,238,525 -- 211,638 66,290 5,516,453
Donald W. Spiro 5,286,183 -- 163,980 66,290 5,516,453
Pauline Trigere 5,240,393 -- 209,770 66,290 5,516,453
Proposal No. 1 5,379,504 17,484 53,175 66,290 5,516,453
Proposal No. 2 3,002,732 197,370 115,378 66,290 3,381,770
</TABLE>
<PAGE>
THE BOARD OF TRUSTEES AND SHAREHOLDERS OF
OPPENHEIMER WORLD BOND FUND:
In planning and performing our audit of the financial statements of Oppenheimer
World Bond Fund for the year ended October 31, 1996, we considered its internal
control structure, including procedures for safeguarding securities, in order to
determine our auditing procedures for the purpose of expressing our opinion on
the financial statements and to comply with the requirements of Form NSAR, not
to provide assurance on the internal control structure.
The management of Oppenheimer World Bond Fund is responsible for establishing
and maintaining an internal control structure. In fulfilling this
responsibility, estimates and judgments by management are required to assess the
expected benefits and related costs of internal control structure policies and
procedures. Two of the objectives of an internal control structure are to
provide management with reasonable, but not absolute, assurance that assets are
safeguarded against loss from unauthorized use or disposition and that
transactions are executed in accordance with management's authorization and
recorded properly to permit preparation of financial statements in conformity
with generally accepted accounting principles.
Because of inherent limitations in any internal control structure, errors or
irregularities may occur and may not be detected. Also, projection of any
evaluation of the structure to future periods is subject to the risk that it may
become inadequate because of changes in conditions or that the effectiveness of
the design and operation may deteriorate.
Our consideration of the internal control structure would not necessarily
disclose all matters in the internal control structure that might be material
weaknesses under standards established by the American Institute of Certified
Public Accountants. A material weakness is a condition in which the design or
operation of the specific internal control structure elements does not reduce to
a relatively low level the risk that errors or irregularities in amounts that
would be material in relation to the financial statements being audited may
occur and not be detected within a timely period by employees in the normal
course of performing their assigned functions. However, we noted no matters
involving the internal control structure, including procedures for safeguarding
securities, that we considered to be material weaknesses as defined above as of
October 31, 1996.
This report is intended solely for the information and use of management and the
Securities and Exchange Commission and should not be used for any other purpose.
/S/KPMG PEAT MARWICK LLP
KPMG PEAT MARWICK LLP
Denver, Colorado
November 21, 1996
<PAGE>
During the year ended October 31, 1996, the Fund adjusted the classification of
net investment income and capital gain (loss) to reflect the differences between
financial statement amounts and distributions determined in accordance with
income tax regulations. Accordingly, during the year ended October 31, 1996,
amounts have been reclassified to reflect an increase in undistributed net
investment income of $145,857. Accumulated net realized loss on investments was
increased by the same amount. In addition, to properly reflect foreign currency
gain in the components of capital, $85,357 of foreign exchange gain determined
according to U.S. Federal income tax rules has been reclassified from
accumulated net realized loss to indistributed net investment income.
