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001 C000000 2123230200
002 A000000 TWO WORLD TRADE CENTER
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020 A000001 FIRST BOSTON CORP. (THE)
020 B000001 13-5659485
020 C000001 2
020 A000002 PAINEWEBBER, INC.
020 B000002 13-2638166
020 C000002 1
020 A000003 DEUTSCHE BANK CAPITAL CORP.
020 B000003 FOREIGN
020 C000003 1
020 A000004 BARCLAYS DE ZOETE WEDD SECURITIES, INC.
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020 C000004 1
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<PAGE> PAGE 2
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022 A000001 MORGAN GUARANTY TRUST CO.
022 B000001 13-5123346
022 C000001 188529
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022 A000002 ZION FIRST NATIONAL BANK
022 B000002 87-0189025
022 C000002 150000
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022 A000005 NOMURA SECURITIES INTERNATIONAL, INC.
022 B000005 13-2642206
022 C000005 30272
022 D000005 30123
022 A000006 LEHMAN BROTHERS, INC.
022 B000006 13-2518466
022 C000006 18906
022 D000006 18188
022 A000007 SALOMON BROTHERS, INC.
022 B000007 13-3082694
022 C000007 17620
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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-31-1997
<PERIOD-START> NOV-01-1996
<PERIOD-END> OCT-31-1997
<INVESTMENTS-AT-COST> 59,000,447
<INVESTMENTS-AT-VALUE> 59,113,384
<RECEIVABLES> 7,760,039
<ASSETS-OTHER> 2,617
<OTHER-ITEMS-ASSETS> 980,565
<TOTAL-ASSETS> 67,856,605
<PAYABLE-FOR-SECURITIES> 10,355,155
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,720,530
<TOTAL-LIABILITIES> 13,075,685
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 59,740,223
<SHARES-COMMON-STOCK> 6,615,505
<SHARES-COMMON-PRIOR> 6,615,505
<ACCUMULATED-NII-CURRENT> 82,750
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (5,105,071)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 63,018
<NET-ASSETS> 54,780,920
<DIVIDEND-INCOME> 3,465
<INTEREST-INCOME> 5,438,948
<OTHER-INCOME> 0
<EXPENSES-NET> 655,053
<NET-INVESTMENT-INCOME> 4,787,360
<REALIZED-GAINS-CURRENT> 1,085,931
<APPREC-INCREASE-CURRENT> (1,609,166)
<NET-CHANGE-FROM-OPS> 4,264,125
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 4,445,641
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (181,516)
<ACCUMULATED-NII-PRIOR> 523,824
<ACCUMULATED-GAINS-PRIOR> (7,083,779)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 359,532
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 663,356
<AVERAGE-NET-ASSETS> 55,339,000
<PER-SHARE-NAV-BEGIN> 8.31
<PER-SHARE-NII> 0.72
<PER-SHARE-GAIN-APPREC> (0.08)
<PER-SHARE-DIVIDEND> 0.67
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 8.28
<EXPENSE-RATIO> 1.20
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
SHAREHOLDER MEETING (Unaudited)
On May 5, 1997, an annual shareholder meeting was held at which the three
Trustees identified below were elected, the selection of KPMG Peat Marwick LLP
as the independent certified public accountants and auditors of the Fund for the
fiscal year beginning November 1, 1996 was ratified (Proposal No. 1) and the
Investment Advisory Agreement between the Fund and OppenheimerFunds, Inc. was
approved (Proposal No. 2) as described in the Fund's proxy statement for that
meeting. The following is a report of the votes cast:
<TABLE>
<CAPTION>
Withheld/ Broker
Nominee/Proposal For Against Abstain Non-Votes Total
- ---------------- ------ ------- --------- --------- -----
Trustees
<S> <C> <C> <C> <C> <C>
Leon Levy 5,257,990 17,829 1,069,981 5,275,819
Bridget A. Macaskill 5,261,308 14,511 1,069,981 5,275,819
Clayton K. Yeutter 5,256,990 18,829 1,069,981 5,275,819
Proposal No. 1 5,236,797 14,613 24,409 1,069,981 5,275,819
Proposal No. 2 5,211,615 31,043 33,161 1,069,981 5,275,819
</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, 1997, we considered its internal
control structure, including procedures for safeguarding securities, in order to
determine our auditing procedures for the pur pose of expressing our opinion on
the financial statements and to comply with the requirements of Form N-SAR, not
to provide assurance on the internal control structure.
The management of Oppenheimer World Bond Fund is responsible for establishing
and maintain ing an internal control structure. In fulfilling this
responsibility, estimates and judgments by man agement 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 man agement'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 ef fectiveness 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 rela tion to the financial statements being audited may
occur and not be detected within a timely pe riod 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, 1997.
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, 1997
<PAGE>
The Fund adjusts the classification of distributions to shareholders to reflect
the differences between financial statement amounts and distributions determined
in accordance with income tax regulations. Accordingly, during the period ended
October 31, 1997, amounts have been reclassified to reflect a decrease in
accumulated net realized loss on investments of $892,777, a decrease in
undistributed net investment income of $782,793, and a decrease in paid-in
capital of $109,984.
