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SIGNATURE GEORGE C. BOWEN
TITLE TREASURER
Return of Capital
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 year ended
October 31, 1998, amounts have been reclassified to reflect a decrease in
additional paid-in capital of $325,875, a decrease in undistributed net
investment income of $132,895, and a decrease in accumulated net realized loss
on investments of $458,770.
Auditor Letter
The Board of Directors 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, 1998, we considered its internal
controls, 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 N-SAR, not
to provide assurance on internal controls.
The management of Oppenheimer World Bond Fund is responsible for establishing
and maintaining internal controls. In fulfilling this responsibility, estimates
and judgments by management are required to assess the expected benefits and
related costs of internal control policies and procedures. Two of the objectives
of internal controls 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 controls, errors may occur and
may not be detected. Also, projection of any evaluation of internal controls to
future periods is subject to the risk that they may become inadequate because of
changes in conditions or that the effectiveness of the design and operation may
deteriorate.
Our consideration of internal controls would not necessarily disclose all
matters in internal controls 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 specific
internal control elements does not reduce to a relatively low level the risk
that errors 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 internal controls, including procedures for
safeguarding securities, that we considered to be material weaknesses as defined
above as of October 31, 1998.
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.
KPMG Peat Marwick LLP
Denver, Colorado
November 20, 1998
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