<PAGE> PAGE 1
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002 A000000 3410 SOUTH GALENA STREET
002 B000000 DENVER
002 C000000 CO
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003 000000 N
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012 B00AA01 84-1562
012 C01AA01 DENVER
012 C02AA01 CO
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018 00AA00 Y
019 A00AA00 Y
019 B00AA00 48
019 C00AA00 OPPENHEIMR
020 A000001 MERRILL LYNCH, PIERCE, FENNER & SMITH, INC.
020 B000001 13-5674085
020 C000001 63
020 A000002 INTERNATIONALE NEDERLANDEN GROUPEN
020 B000002 FOREIGN
020 C000002 60
020 A000003 MORGAN GUARANTY TRUST CO.
020 B000003 13-5123346
<PAGE> PAGE 2
020 C000003 45
020 A000004 PAINEWEBBER, INC.
020 B000004 13-2638166
020 C000004 43
020 A000005 DEUTSCHE BANK CAPITAL CORP.
020 B000005 FOREIGN
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020 A000006 ZION FIRST NATIONAL BANK
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020 A000007 FIRST CHICAGO CAPITAL MARKET
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020 A000008 CHASE MANHATTAN BANK, NA (THE)
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020 A000009 SWISS BANK CORP. INVESTMENT BANKING, INC.
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<PAGE> PAGE 3
022 A000008 GOLDMAN, SACHS & CO.
022 B000008 13-5108880
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083 A00AA00 N
083 B00AA00 0
084 A00AA00 N
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<PAGE> PAGE 4
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<PAGE> PAGE 5
062 F000100 0.0
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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SIGNATURE GEORGE C. BOWEN
TITLE TREASURER
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 939800
<NAME> Oppenheimer International Bond Fund - A
<SERIES>
<NUMBER> 1
<NAME> Oppenheimer International Bond Fund
<S> <C>
<PERIOD-TYPE> 12-mos
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-START> OCT-01-1995
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 105,246,914
<INVESTMENTS-AT-VALUE> 107,270,820
<RECEIVABLES> 7,246,037
<ASSETS-OTHER> 1,862
<OTHER-ITEMS-ASSETS> 654,392
<TOTAL-ASSETS> 115,173,111
<PAYABLE-FOR-SECURITIES> 6,611,001
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 944,239
<TOTAL-LIABILITIES> 7,555,240
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 104,210,304
<SHARES-COMMON-STOCK> 9,494,568
<SHARES-COMMON-PRIOR> 781,299
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,480,266
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,927,301
<NET-ASSETS> 52,128,047
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 4,624,080
<OTHER-INCOME> 0
<EXPENSES-NET> 791,297
<NET-INVESTMENT-INCOME> 3,832,783
<REALIZED-GAINS-CURRENT> 1,549,896
<APPREC-INCREASE-CURRENT> 1,839,250
<NET-CHANGE-FROM-OPS> 7,221,929
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,931,780
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 9,721,751
<NUMBER-OF-SHARES-REDEEMED> 1,254,497
<SHARES-REINVESTED> 246,015
<NET-CHANGE-IN-ASSETS> 100,195,269
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (189)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 311,128
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 833,224
<AVERAGE-NET-ASSETS> 19,817,115
<PER-SHARE-NAV-BEGIN> 5.10
<PER-SHARE-NII> 0.52
<PER-SHARE-GAIN-APPREC> 0.40
<PER-SHARE-DIVIDEND> 0.53
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 5.49
<EXPENSE-RATIO> 1.49
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 939800
<NAME> Oppenheimer International Bond Fund - B
<SERIES>
<NUMBER> 1
<NAME> Oppenheimer International Bond Fund
<S> <C>
<PERIOD-TYPE> 12-mos
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-START> OCT-01-1995
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 105,246,914
<INVESTMENTS-AT-VALUE> 107,270,820
<RECEIVABLES> 7,246,037
<ASSETS-OTHER> 1,862
<OTHER-ITEMS-ASSETS> 654,392
<TOTAL-ASSETS> 115,173,111
<PAYABLE-FOR-SECURITIES> 6,611,001
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 944,239
<TOTAL-LIABILITIES> 7,555,240
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 104,210,304
<SHARES-COMMON-STOCK> 8,246,151
<SHARES-COMMON-PRIOR> 635,325
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,480,266
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,927,301
<NET-ASSETS> 45,207,455
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 4,624,080
<OTHER-INCOME> 0
<EXPENSES-NET> 791,297
<NET-INVESTMENT-INCOME> 3,832,783
<REALIZED-GAINS-CURRENT> 1,549,896
<APPREC-INCREASE-CURRENT> 1,839,250
<NET-CHANGE-FROM-OPS> 7,221,929
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,609,969
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 8,129,566
<NUMBER-OF-SHARES-REDEEMED> 691,490
<SHARES-REINVESTED> 172,750
<NET-CHANGE-IN-ASSETS> 100,195,269
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (189)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 311,128
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 833,224
<AVERAGE-NET-ASSETS> 17,890,990
<PER-SHARE-NAV-BEGIN> 5.10
<PER-SHARE-NII> 0.48
<PER-SHARE-GAIN-APPREC> 0.39
<PER-SHARE-DIVIDEND> 0.49
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 5.48
<EXPENSE-RATIO> 2.26
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 939800
<NAME> Oppenheimer International Bond Fund - C
<SERIES>
<NUMBER> 1
<NAME> Oppenheimer International Bond Fund
<S> <C>
<PERIOD-TYPE> 12-mos
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-START> OCT-01-1995
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 105,246,914
<INVESTMENTS-AT-VALUE> 107,270,820
<RECEIVABLES> 7,246,037
<ASSETS-OTHER> 1,862
<OTHER-ITEMS-ASSETS> 654,392
<TOTAL-ASSETS> 115,173,111
<PAYABLE-FOR-SECURITIES> 6,611,001
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 944,239
<TOTAL-LIABILITIES> 7,555,240
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 104,210,304
<SHARES-COMMON-STOCK> 1,876,082
<SHARES-COMMON-PRIOR> 39,431
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,480,266
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,927,301
<NET-ASSETS> 10,282,369
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 4,624,080
<OTHER-INCOME> 0
<EXPENSES-NET> 791,297
<NET-INVESTMENT-INCOME> 3,832,783
<REALIZED-GAINS-CURRENT> 1,549,896
<APPREC-INCREASE-CURRENT> 1,839,250
<NET-CHANGE-FROM-OPS> 7,221,929
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 360,475
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,915,475
<NUMBER-OF-SHARES-REDEEMED> 114,564
<SHARES-REINVESTED> 35,740
<NET-CHANGE-IN-ASSETS> 100,195,269
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (189)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 311,128
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 833,224
<AVERAGE-NET-ASSETS> 4,039,270
<PER-SHARE-NAV-BEGIN> 5.09
<PER-SHARE-NII> 0.48
<PER-SHARE-GAIN-APPREC> 0.39
<PER-SHARE-DIVIDEND> 0.48
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 5.48
<EXPENSE-RATIO> 2.25
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<PAGE>
SHAREHOLDER MEETING (Unaudited)
On September 26, 1996, a special shareholder meeting was held at which the
eleven Trustees identified below were elected, the selection of Deloitte &
Touche LLP as the independent certified public accountants and auditors of the
Fund for the fiscal year beginning October 1, 1995 was ratified (Proposal No.
1), the approval of a new investment advisory agreement with OppenheimerFunds,
Inc. (Proposal No. 2), the Fund's amended Class A 12b-1 Distribution and Service
Plan was approved by Class A shareholders (Proposal No. 3), the Fund's amended
Class B 12b-1 Distribution and Service Plan was approved by Class B shareholders
(Proposal No. 4) and the Fund's amended Class C 12b-1 Distribution and Service
Plan was approved by Class C shareholders (Proposal No. 5). The following is a
report of the votes cast:
<TABLE>
<CAPTION>
NOMINEE/PROPOSAL FOR AGAINST WITHHELD/ABSTAIN TOTAL
- ----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Robert G. Avis 8,268,105.956 94,830.312 -- 8,362,936.268
William A. Baker 8,284,580.597 78,355.671 -- 8,362,936.268
Charles Conrad, Jr. 8,288,023.846 74,912.422 -- 8,362,936.268
Jon S. Fossel 8,287,101.937 75,834.331 -- 8,362,936.268
Sam Freedman 8,280,155.813 82,780.455 -- 8,362,936.268
Raymond J. Kalinowski 8,287,005.853 75,930.415 -- 8,362,936.268
C. Howard Kast 8,281,408.293 81,527.975 -- 8,362,936.268
Robert M. Kirchner 8,286,171.994 76,764.274 -- 8,362,936.268
Bridget A. Macaskill 8,287,466.702 75,469.566 -- 8,362,936.268
Ned M. Steel 8,284,676.127 78,260.141 -- 8,362,936.268
James C. Swain 8,267,184.047 95,752.221 -- 8,362,936.268
- ----------------------------------------------------------------------------------------------
Proposal No. 1 8,181,936.836 23,362.450 177,077.150 8,382,376.436
Proposal No. 2 7,970,833.153 22,855.799 388,687.484 8,382,376.436
Proposal No. 3 3,381,168.164 16,893.996 134,106.169 3,532,168.329
Proposal No. 4 3,606,436.610 48,770.655 285,833.731 3,941,040.996
Proposal No. 5 885,251.055 -- 23,916.056 909,167.111
</TABLE>
<PAGE>
DELOITTE & TOUCHE LLP/LOGO/
Suite 3600
555 Seventeenth Street
Denver, Colorado 80202-3942
Telephone: (303)292-5400
Facsimile: (303)312-4000
To the Board of Trustees of
Oppenheimer International Bond Fund:
In planning and performing our audit of the financial statements of Oppenheimer
International Bond Fund (Fund) for the year ended September 30, 1996 (on which
we have issued our report dated October 21, 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 N-SAR, not
to provide assurance on the internal control structure.
The management of the 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 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 consider to be material weaknesses as defined above as of
September 30, 1996.
This report is intended solely for the information and use of management, the
Board of Trustees and the Securities and Exchange Commission.
Yours truly,
/S/DELOITTE & TOUCHE LLP
October 21, 1996
- ---------------
DELOITTE TOUCHE
TOHMATSU
INTERNATIONAL
- ---------------
<PAGE>
During the year ended September 30, 1996, the Fund adjusted 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 September 30, 1996, amounts have
been reclassified to reflect a decrease in overdistributed net investment income
of $13,482. Accumulated net realized gain on investments was decreased by the
same amount. In addition, to properly reflect foreign currency gain in the
components of capital, $55,959 of foreign exchange gain determined according to
U.S. federal income tax rules has been reclassified from net realized gain to
net investment income.
