Oppenheimer Global Multi-Asset Income Fund

Class A Shares of the Fund

Without Sales

Charge

With Sales Charge

Barclays U.S.

Aggregate Bond Index

Since Inception (12/1/14)

N-CSR 1 d13003dncsr.htm OPPENHEIMER GLOBAL MULTI-ASSET INCOME FUND Oppenheimer Global Multi-Asset Income Fund

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 811-22993

Oppenheimer Global Multi-Asset Income Fund

(Exact name of registrant as specified in charter)

6803 South Tucson Way, Centennial, Colorado 80112-3924

(Address of principal executive offices) (Zip code)

Arthur S. Gabinet

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: October 31

Date of reporting period: 10/30/2015

Item 1. Reports to Stockholders.

LOGO


Table of Contents

Fund Performance Discussion			3

Top Holdings and Allocations			6

Fund Expenses			10

Statement of Investments			12

Statement of Assets and Liabilities			21

Statement of Operations			23

Statement of Changes in Net Assets			25

Financial Highlights			26

Notes to Financial Statements			31

Report of Independent Registered Public Accounting Firm			55

Federal Income Tax Information			56

Portfolio Proxy Voting Policies and Procedures; Updates to Statement of Investments			57

Distribution Sources			58

Trustees and Officers			59

Privacy Policy Notice			68

Class A Shares

CUMULATIVE TOTAL RETURNS AT 10/30/15*

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. 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. For performance data current to the most recent month-end, visit oppenheimerfunds.com or call 1.800.CALL OPP (225.5677).

*October 30, 2015, was the last business day of the Fund’s fiscal year. See Note 1 of the accompanying Notes to Financial Statements. Index returns are calculated through October 31, 2015.

2 OPPENHEIMER GLOBAL MULTI-ASSET INCOME FUND

Fund Performance Discussion

Since the Fund’s inception on December 1, 2014 through October 30, 2015, its Class A shares (without sales charge) returned -1.38%. In comparison, the Barclays U.S. Aggregate Bond Index (the “Index”) produced a return of 1.35% over the same period. At period end, the Fund’s Class A shares produced a distribution rate of 4.02% (without sales charge).

MARKET OVERVIEW

In 2014, growth in the U.S. continued at a higher pace than any other developed economy and employment gains remained positive. Growth in the rest of the world was subdued, however, with major developed economies like the Eurozone and Japan continuing to disappoint due to weak aggregate demand. The biggest surprise of the reporting period and possibly all of 2014 was the precipitous fall in the price of crude oil. Weak demand amid tepid global growth was responsible for part of the drop, but significantly, the U.S. energy revolution is increasingly helping to insulate global and

domestic energy supplies from shocks in the Middle East and elsewhere.

The start of 2015 was marked by cooling U.S. growth after the positive results in 2014. The dollar continued to strengthen significantly during this time against most of the U.S.’s major trading partners, which acted as a drag on growth. Businesses, especially U.S. firms with revenues dependent on exporting goods and services, cited this as a headwind. European Central Bank (“ECB”) President Mario Draghi announced the purchase of €60 billion a

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

LOGO

3 OPPENHEIMER GLOBAL MULTI-ASSET INCOME FUND

month in sovereign bonds from Eurozone countries for at least 19 months, a form of quantitative easing (“QE”) that is projected to increase the ECB’s balance sheet by over €1 trillion. The announcement and implementation of these extraordinary monetary policies had a significant impact on financial markets, with European markets rallying and the euro falling against most major trading partners. The Federal Reserve (the “Fed”) appeared to remain on track to raise U.S. rates during 2015, but made it clear that it will remain flexible on the timing and the extent of rate hikes.

Over the second half of the reporting period, major risk asset classes were vulnerable to profit taking as negative macroeconomic catalysts emerged. Two stole the show. Uncertainty around the global economic impact and extent of China’s ongoing economic slowdown led the way, with many fearing the stunning collapse in commodity prices signals more pain ahead. The timing of when the Fed would raise interest rates was a close second. These issues resulted in market volatility over the second half of the reporting period.

FUND REVIEW

Top contributors to the Fund’s performance during the reporting period included the preferred strategy allocation, which invests primarily in preferred stocks, and the Fund’s exposure to event-linked securities through Oppenheimer Master Event-Linked Bond

Fund, LLC. Preferred stocks continued to do well due to increased demand from investors. The tumultuous market environment also benefited preferred stocks, as they typically outperform common stocks in periods of market volatility. Event-linked securities transfer a specified set of catastrophe risks like hurricane, earthquakes and windstorms from a sponsor to investors. This strategy is an income alternative that acts as an effective diversifier to the portfolio because of its floating rate coupon structure and lack of correlation with traditional financial assets. Event-linked securities had a strong reporting period, outperforming more credit-sensitive assets and other risk assets like equities.

The most significant detractor from performance was the Fund’s exposure to energy infrastructure master limited partnerships (“MLPs”). The asset class experienced a difficult reporting period as energy market volatility increased, and in some cases accelerated negative price momentum across this alternative asset. While we have little certainty on when markets will normalize, we believe that when the negative price sentiment fades, fundamentals will eventually come back into focus. In our view, the midstream MLP business model has become increasingly fee-based and if production declines persist, prices will have to go higher to meet global demand. Also given the relatively low yield environment we are facing, over the long-

4 OPPENHEIMER GLOBAL MULTI-ASSET INCOME FUND

term we believe investor interest in income generating asset classes will remain strong, and that MLPs are positioned to benefit.

STRATEGY & OUTLOOK

The Fund’s investment objective is to seek total return. The Fund is managed by the Global Multi-Asset Group, which relies on its proprietary research to gauge the impact of changes in the macroeconomic backdrop, overall risk environment and evaluations of prospective risks and returns across asset classes. Informed by these indicators, the portfolio management team manages the portfolio’s allocation in seeking to meet its investment objective and to maintain an attractive income to risk profile.

The Fund invests in a globally diversified set of income generating assets, including traditional fixed income, income generating equities and real assets, and alternative

income sources. The portfolio management team attempts to produce a high level of current income without taking on an undue level of risk. For this strategy, the team targets a high level of yield efficiency, a measure of income relative to portfolio risk contribution.

As we look ahead, we expect a continuation this year’s seesaw behavior, in which global markets alternate between risk-on and risk-off. Our view is informed by the divergence in policy across the world’s major economies, as the U.S. looks to increase interest rates, while Europe and China maintain and may even expand stimulative measures. Though this divergence will likely lead to heightened market volatility, it will also create opportunities for those with the flexibility to take advantage of short-term dislocations.


				Mark Hamilton Portfolio Manager				Dokyoung Lee, CFA Portfolio Manager

				Benjamin Rockmuller, CFA Portfolio Manager				Alessio de Longis, CFA Portfolio Manager

5 OPPENHEIMER GLOBAL MULTI-ASSET INCOME FUND

Top Holdings and Allocations*


TOP TEN HOLDINGS
Oppenheimer Global High Yield Fund, Cl. I			30.6%
Oppenheimer Senior Floating Rate Fund, Cl. I			14.4
Oppenheimer Master Event-Linked Bond Fund, LLC			9.9
Oppenheimer Core Bond Fund, Cl. I			5.2
Oppenheimer Emerging Markets Local Debt Fund, Cl. I			4.5
Barclays OFI SteelPath MLP Exchange Traded Note			3.5
Oppenheimer Institutional Money Market Fund, Cl. E			2.3
RBS Capital Funding Trust V, 5.90% Non-Cum., Non-Vtg.			0.8
VEREIT, Inc., 6.70% Cum., Non-Vtg.			0.7
Barclays plc, 8.25% Jr. Sub. Perpetual Bonds			0.6

Portfolio holdings and allocations are subject to change. Percentages are as of October 30, 2015, and are based on net assets. For more current Top 10 Fund holdings, please visit oppenheimerfunds.com.


PORTFOLIO ALLOCATION
Investment Companies
Oppenheimer Global High Yield Fund			30.5%
Oppenheimer Senior Floating Rate Fund			14.4
Oppenheimer Master Event-Linked Bond Fund, LLC			9.9
Oppenheimer Core Bond Fund			5.2
Oppenheimer Emerging Markets Local Debt Fund			4.5
Barclays OFI SteelPath MLP Exchange Traded Note			3.5
Oppenheimer Institutional Money Market Fund			2.3
Common Stocks			13.0
Preferred Stocks			10.4
Non-Convertible Corporate Bonds and Notes			5.7
Convertible Corporate Bonds and Notes			0.4
Exchange-Traded Options Purchased			0.1
Over-the-Counter Options Purchased			0.1
Rights, Warrants and Certificates			—**
Structured Securities			—**

** Represents a value of less than 0.05%.

Portfolio holdings and allocations are subject to change. Percentages are as of October 30, 2015, and are based on the total market value of investments.

6 OPPENHEIMER GLOBAL MULTI-ASSET INCOME FUND


TOP TEN GEOGRAPHICAL HOLDINGS
United States			90.8%
United Kingdom			1.9
Netherlands			1.7
France			1.1
Germany			0.9
Singapore			0.8
Australia			0.6
Switzerland			0.5
Belgium			0.5
Hong Kong			0.4

Portfolio holdings and allocation are subject to change. Percentages are as of October 30, 2015, and are based on total market value of investments.


REGIONAL ALLOCATION
U.S./Canada			91.0%
Europe			7.2
Asia			1.8
Middle East/Africa			0.0

Portfolio holdings and allocation are subject to change. Percentages are as of October 30, 2015, and are based on total market value of investments.

* October 30, 2015, was the last business day of the Fund’s fiscal year. See Note 2 of the accompanying Notes to Financial Statements.

7 OPPENHEIMER GLOBAL MULTI-ASSET INCOME FUND

Share Class Performance

DISTRIBUTION RATES

As of 10/30/15


	Without Sales Charge	With Sales Charge
Class A	4.02%	3.83%
Class C	3.18	N/A
Class I	4.29	N/A
Class R	3.66	N/A
Class Y	4.11	N/A

STANDARDIZED YIELDS

For the 30 Days Ended 10/30/15

CUMULATIVE TOTAL RETURNS WITHOUT SALES CHARGE AS OF 10/30/15


	Inception Date		Since Inception
Class A (QMAAX)		12/1/14	-1.38%
Class C (QMACX)		12/1/14	-2.12%
Class I (QMAIX)		12/1/14	-1.18%
Class R (QMARX)		12/1/14	-1.67%
Class Y (QMAYX)		12/1/14	-1.30%

CUMULATIVE TOTAL RETURNS WITH SALES CHARGE AS OF 10/30/15


	Inception Date		Since Inception
Class A (QMAAX)		12/1/14	-6.06%
Class C (QMACX)		12/1/14	-3.07%
Class I (QMAIX)		12/1/14	-1.18%
Class R (QMARX)		12/1/14	-1.67%
Class Y (QMAYX)		12/1/14	-1.30%

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. 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

8 OPPENHEIMER GLOBAL MULTI-ASSET INCOME FUND

current maximum initial sales charge of 4.75% and for Class C shares, the contingent deferred sales charge (“CDSC”) of 1% for the 1-year period. There is no sales charge for Class I and Class Y shares.

The distribution rate is based on the pay date immediately preceding the nearest month-end or quarter-end. The dividend rate for each share class is calculated by annualizing the dividend distributed by the class on that date and dividing that figure by the class’s net asset value on that date. For the Class A dividend rate with sales charge, the annualized Class A dividend distribution is divided by the Class A maximum offering price on that date. Each result is compounded semiannually and annualized. Falling share prices artificially increase distribution rates. This Report must be preceded or accompanied by a Fund prospectus.

Standardized yield is based on net investment income for the 30-day period ended 10/31/15 and the maximum offering price at the end of the period for Class A shares and the net asset value for Class C, Class I, Class R and Class Y shares. Each result is compounded semiannually and then annualized. Falling share prices will tend to artificially raise yields.

The Fund’s performance is compared to the performance of the Barclays U.S. Aggregate Bond Index. The Barclays U.S. Aggregate Bond Index is an index of U.S. Government and corporate bonds. The Index is 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 Index. 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.

9 OPPENHEIMER GLOBAL MULTI-ASSET INCOME 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 October 30, 2015.

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 October 30, 2015” 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.

10 OPPENHEIMER GLOBAL MULTI-ASSET INCOME FUND


Actual	Beginning Account Value May 1, 2015		Ending Account Value October 30, 2015	Expenses Paid During 6 Months Ended October 30, 2015
Class A	$	1,000.00	$ 970.30	$ 4.26
Class C		1,000.00	966.40	8.37
Class I		1,000.00	971.30	3.12
Class R		1,000.00	968.40	5.99
Class Y		1,000.00	970.90	3.76

Hypothetical
(5% return before expenses)
Class A		1,000.00	1,020.76	4.37
Class C		1,000.00	1,016.60	8.58
Class I		1,000.00	1,021.91	3.20
Class R		1,000.00	1,019.00	6.14
Class Y		1,000.00	1,021.26	3.86

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 October 30, 2015 are as follows:


Class	Expense Ratios
Class A		0.86	%
Class C		1.69
Class I		0.63
Class R		1.21
Class Y		0.76

The expense ratios reflect voluntary and/or contractual waivers and/or reimbursements of expenses by the Fund’s Manager. Some of these undertakings may be modified or terminated at any time, as indicated in the Fund’s prospectus. The “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.

11 OPPENHEIMER GLOBAL MULTI-ASSET INCOME FUND

STATEMENT OF INVESTMENTS October 30, 2015*


	Shares		Value

Common Stocks—13.0%

Consumer Discretionary—0.7%

Auto Components—0.1%

American Axle & Manufacturing Holdings, Inc.¹		205	$	4,543

Lear Corp.²		290		36,267

				40,810


Automobiles—0.3%

Ford Motor Co.²		4,240		62,794

General Motors Co.²		1,695		59,173

				121,967


Hotels, Restaurants & Leisure—0.0%

Extended Stay America, Inc.		585		11,232

Las Vegas Sands Corp.		65		3,218

				14,450


Household Durables—0.1%

Beazer Homes USA, Inc.¹		935		13,314

CalAtlantic Group, Inc.¹		318		12,113

KB Home		60		786

MDC Holdings, Inc.²		920		23,911

PulteGroup, Inc.		110		2,016

				52,140


Multiline Retail—0.1%

J.C. Penney Co., Inc.¹		415		3,805

Kohl’s Corp.²		405		18,679

Target Corp.		105		8,104

				30,588


Specialty Retail—0.1%

Best Buy Co., Inc.²		1,375		48,167

Staples, Inc.		295		3,832

				51,999


Consumer Staples—0.1%

Beverages—0.0%

Molson Coors Brewing Co., Cl. B²		145		12,775


Food & Staples Retailing—0.0%

Wal-Mart Stores, Inc.		280		16,027


Food Products—0.0%

Kraft Heinz Co. (The)		5		390

Pinnacle Foods, Inc.		75		3,306

				3,696


Household Products—0.0%

Procter & Gamble Co. (The)		95		7,256


Tobacco—0.1%

Philip Morris International, Inc.		260		22,984

12 OPPENHEIMER GLOBAL MULTI-ASSET INCOME FUND


	Shares		Value

Energy—0.4%

Oil, Gas & Consumable Fuels—0.4%

BP plc, Sponsored ADR		660	$	23,562

Chevron Corp.		320		29,082

Exxon Mobil Corp.²		175		14,479

Kinder Morgan, Inc.²		1,425		38,974

Marathon Oil Corp.		460		8,455

Royal Dutch Shell plc, Cl. A, Sponsored ADR		625		32,787

Williams Cos., Inc. (The)²		650		25,636

				172,975


Financials—10.4%

Capital Markets—0.2%

Goldman Sachs Group, Inc. (The)		215		40,313

KKR & Co. LP³		1,385		23,753

Morgan Stanley²		920		30,332

				94,398


Commercial Banks—0.6%

Bank of America Corp.		930		15,605

Citigroup, Inc.²		2,340		124,418

JPMorgan Chase & Co.²		1,690		108,582

Wells Fargo & Co.²		885		47,914

				296,519


Insurance—0.4%

ACE Ltd.		1		114

American International Group, Inc.		245		15,450

Assured Guaranty Ltd.²		2,480		68,051

Genworth Financial, Inc., Cl. A¹		1,000		4,680

MBIA, Inc.¹		3,500		26,285

MetLife, Inc.²		1,135		57,181

				171,761


Real Estate Investment Trusts (REITs)—8.4%

Apollo Commercial Real Estate Finance, Inc.		910		15,115

Ascendas Real Estate Investment Trust		109,000		185,322

Ashford Hospitality Trust, Inc.		475		3,268

BioMed Realty Trust, Inc.²		10,550		246,976

Blackstone Mortgage Trust, Inc., Cl. A		460		12,659

Care Capital Properties, Inc.		480		15,816

Charter Hall Retail REIT		42,500		128,553

Chatham Lodging Trust		7,010		160,459

Colony Capital, Inc., Cl. A		1,220		24,815

Communications Sales & Leasing, Inc.		660		13,259

Dream Office Real Estate Investment Trust		6,200		99,524

EPR Properties		3,570		202,812

Eurocommercial Properties NV		4,424		210,941

Fortune Real Estate Investment Trust		197,000		203,706

Frasers Centrepoint Trust		134,000		186,865

Goodman Group		32,300		139,873

Hersha Hospitality Trust, Cl. A		9,782		234,866

Hospitality Properties Trust		4,900		131,516

13 OPPENHEIMER GLOBAL MULTI-ASSET INCOME FUND

STATEMENT OF INVESTMENTS Continued


	Shares		Value

Real Estate Investment Trusts (REITs) (Continued)

ICADE		1,717	$	127,019

iStar, Inc.¹		770		9,964

Liberty Property Trust		6,010		204,460

Medical Properties Trust, Inc.		14,430		163,059

NorthStar Realty Finance Corp.		630		7,566

Ramco-Gershenson Properties Trust		11,090		186,312

STAG Industrial, Inc.		7,340		150,617

Starwood Property Trust, Inc.		12,765		256,449

Two Harbors Investment Corp.		1,520		12,859

Unibail-Rodamco SE		760		211,769

Ventas, Inc.		1,920		103,142

Warehouses de Pauw CVA		2,803		229,394

Welltower, Inc.		1,360		88,223

WP GLIMCHER, Inc.		8,130		94,471

				4,061,649


Real Estate Management & Development—0.8%

Citycon OYJ¹		42,733		112,396

Vonovia SE		8,072		268,907

				381,303


Thrifts & Mortgage Finance—0.0%

MGIC Investment Corp.¹		855		8,037


Health Care—0.5%

Biotechnology—0.0%

AbbVie, Inc.		280		16,674


Health Care Equipment & Supplies—0.1%

Medtronic plc		359		26,537


Pharmaceuticals—0.4%

GlaxoSmithKline plc, Sponsored ADR		275		11,841

Johnson & Johnson		225		22,732

Merck & Co., Inc.²		880		48,101

Mylan NV¹		130		5,732

Pfizer, Inc.²		1,580		53,436

Roche Holding AG, Sponsored ADR		555		18,820

Teva Pharmaceutical Industries Ltd., Sponsored ADR		380		22,492

				183,154


Industrials—0.2%

Airlines—0.1%

United Continental Holdings, Inc.¹		570		34,377


Commercial Services & Supplies—0.0%

R.R. Donnelley & Sons Co.		1,280		21,593


Electrical Equipment—0.0%

Eaton Corp. plc		140		7,827

General Cable Corp.		325		5,002

				12,829

14 OPPENHEIMER GLOBAL MULTI-ASSET INCOME FUND


	Shares		Value

Industrial Conglomerates—0.1%
General Electric Co.		975	$	28,197


Machinery—0.0%

Navistar International Corp.¹		890		10,947


Marine—0.0%

Costamare, Inc.		150		2,110


Road & Rail—0.0%

CSX Corp.		135		3,644


Information Technology—0.3%

Communications Equipment—0.1%

Cisco Systems, Inc.²		550		15,868

QUALCOMM, Inc.		200		11,884

				27,752


Internet Software & Services—0.0%

Alphabet, Inc., Cl. C¹		22		15,638


IT Services—0.0%

First Data Corp., Cl. A¹		125		1,980


Semiconductors & Semiconductor Equipment—0.0%

Applied Materials, Inc.		175		2,935

Cypress Semiconductor Corp.¹		425		4,479

Micron Technology, Inc.¹		425		7,038

				14,452


Software—0.1%

Microsoft Corp.²		675		35,532


Technology Hardware, Storage & Peripherals—0.1%

Apple, Inc.²		410		48,995

EMC Corp.		325		8,521

Hewlett-Packard Co.		195		5,257

Seagate Technology plc		125		4,758

				67,531


Materials—0.1%

Chemicals—0.0%

LyondellBasell Industries NV, Cl. A		115		10,684


Metals & Mining—0.0%

Allegheny Technologies, Inc.		365		5,366

Freeport-McMoRan, Inc.		460		5,414

				10,780


Paper & Forest Products—0.1%

Domtar Corp.²		475		19,589

International Paper Co.²		355		15,155

Louisiana-Pacific Corp.¹		294		5,192

				39,936

15 OPPENHEIMER GLOBAL MULTI-ASSET INCOME FUND

STATEMENT OF INVESTMENTS Continued


	Shares		Value

Telecommunication Services—0.2%

Diversified Telecommunication Services—0.2%

AT&T, Inc.		1,130	$	37,866

CenturyLink, Inc.²		910		25,671

Frontier Communications Corp.		4,075		20,946

Windstream Holdings, Inc.		600		3,906

				88,389


Utilities—0.1%

Electric Utilities—0.1%

American Electric Power Co., Inc.²		285		16,145

Edison International		275		16,643

PPL Corp.²		650		22,360

				55,148


Independent Power and Renewable Electricity Producers—0.0%

NRG Energy, Inc.		605		7,799

Total Common Stocks (Cost $6,700,054)				6,277,017


Preferred Stocks—10.4%

Aflac, Inc., 5.50% Jr. Sub.		2,850		72,789

Allergan plc, 5.50% Cv., Series A		10		10,466

Allstate Corp. (The), 6.625% Non-Cum., Non-Vtg.		5,605		152,400

American Financial Group, Inc., 6.375% Sr. Unsec.		2,725		72,267

Arch Capital Group Ltd., 6.75% Non-Cum., Non-Vtg.		5,400		145,044

Aviva plc, 8.25% Sr. Sub.		5,350		144,503

Axis Capital Holdings Ltd., 6.875% Non-Cum., Series C		2,675		72,332

Capital One Financial Corp., 6.70% Non-Cum.		6,225		169,382

Charles Schwab Corp. (The), 6% Non-Cum., Non-Vtg.¹		9,000		233,190

Citigroup Capital XIII, 6.692% Cum., Non-Vtg.⁴		8,350		212,090

Deutsche Bank Contingent Capital Trust V, 8.05% Non-Cum., Non-Vtg.		7,900		215,986

Digital Realty Trust, Inc., 7.375% Cum., Non-Vtg.		2,650		72,742

Discover Financial Services, 6.50% Non-Cum., Non-Vtg.		5,926		158,165

Dominion Resources, Inc., 6.375% Cv.		85		4,219

Exelon Corp., 6.50% Cv.		235		9,814

Fifth Third Bancorp, 6.625% Non-Cum., Non-Vtg.⁴		2,650		73,935

First Republic Bank, 7% Non-Cum.		5,410		148,234

Frontier Communications Corp., 11.125% Cv., Series A, Non-Vtg.		245		24,287

GMAC Capital Trust I, 8.125% Jr. Sub., Non-Vtg.⁴		11,261		290,872

Hartford Financial Services Group, Inc. (The), 7.875% Jr. Sub., Non-Vtg.⁴		4,975		153,230

Hospitality Properties Trust, 7.125% Cum.		2,750		72,462

HSBC Holdings plc, 8% Jr. Sub.		4,225		109,850

ING Groep NV, 7.20% Jr. Sub.		8,653		227,055

iStar, Inc., 4.50% Cv., Non-Vtg.		480		26,251

Kimco Realty Corp., 5.625% Cum., Series K, Non-Vtg.		2,950		74,251

Kinder Morgan, Inc., 9.75% Cv., Series A, Non-Vtg.¹		80		3,945

KKR Financial Holdings LLC, 7.375% Cum.		5,675		150,217

PartnerRe Ltd., 7.25% Cum., Non-Vtg.		5,475		156,476

PNC Financial Services Group, Inc. (The), 6.125% Non-Cum., Non-Vtg.⁴		5,550		154,567

Post Holdings, Inc., 5.25% Cv.		280		34,359

Protective Life Corp., 6.25% Sub.		2,775		72,372

16 OPPENHEIMER GLOBAL MULTI-ASSET INCOME FUND


	Shares		Value

Preferred Stocks (Continued)

Prudential Financial, Inc., 5.75% Jr. Sub.		2,825	$	73,394

Public Storage, 6.375% Cum., Series Y, Non-Vtg.		2,725		72,894

Raymond James Financial, Inc., 6.90% Sr. Unsec.		5,700		153,501

RBS Capital Funding Trust V, 5.90% Non-Cum., Non-Vtg.		15,406		379,758

Regions Financial Corp., 6.375% Non-Cum., Series A		2,800		72,800

SL Green Realty Corp., 6.50% Cum., Non-Vtg.		2,850		74,727

Southwestern Energy Co., 6.25% Cv., Non-Vtg.		220		6,169

State Street Corp., 6% Non-Cum., Non-Vtg.		5,975		154,454

US Bancorp, 6.50% Non-Cum., Non-Vtg.⁴		4,100		118,818

VEREIT, Inc., 6.70% Cum., Non-Vtg.		13,925		345,479

Vornado Realty Trust, 6.625%, Cum., Series G		2,875		72,795

WPX Energy, Inc., 6.25% Cv.		50		1,850

Total Preferred Stocks (Cost $4,963,734)				5,044,391

	Units
Rights, Warrants and Certificates—0.0%

Kinder Morgan, Inc. Wts., Strike Price $40, Exp. 5/25/17¹ (Cost $3,998)		1,145		698

	Principal Amount
Non-Convertible Corporate Bonds and Notes—5.7%

Bank of America Corp., 8% Jr. Sub. Perpetual Bonds, Series K^4,5	$	210,000		219,208

Barclays plc, 8.25% Jr. Sub. Perpetual Bonds^4,5		280,000		298,817

Citizens Financial Group, Inc., 5.50% Jr. Sub. Perpetual Bonds^4,5,6		150,000		147,750

Credit Suisse Group AG, 7.50% Jr. Sub. Perpetual Bonds^4,5,6		200,000		211,569

Deutsche Bank AG, 7.50% Jr. Sub. Perpetual Bonds^4,5		200,000		190,750

Goldman Sachs Capital II, 4% Jr. Sub. Perpetual Bonds^4,5		230,000		166,175

J.C. Penney Corp., Inc., 5.65% Sr. Unsec. Nts., 6/1/20		8,000		7,360

JPMorgan Chase & Co., 7.90% Jr. Sub. Perpetual Bonds, Series 1^4,5		210,000		218,453

Lloyds Banking Group plc, 7.50% Jr. Sub. Perpetual Bonds^4,5		280,000		298,200

MetLife, Inc., 5.25% Jr. Sub. Perpetual Bonds^4,5		106,000		107,259

Morgan Stanley, 5.45% Jr. Sub. Perpetual Bonds, Series H^4,5		210,000		206,850

Societe Generale SA, 7.875% Jr. Sub. Perpetual Bonds^4,5,6		200,000		201,126

SunTrust Banks, Inc., 5.625% Jr. Sub. Perpetual Bonds^4,5		140,000		141,575

Wells Fargo & Co., 7.98% Jr. Sub. Perpetual Bonds, Series K^4,5		200,000		213,250

XLIT Ltd., 6.50% Jr. Sub. Perpetual Bonds^4,5		180,000		144,036

Total Non-Convertible Corporate Bonds and Notes (Cost $2,776,938)				2,772,378


Convertible Corporate Bonds and Notes—0.4%

General Cable Corp., 4.50% Cv. Unsec. Sub. Nts., 11/15/29⁴		3,000		2,061

iStar, Inc., 3% Cv. Sr. Unsec. Nts., 11/15/16		7,500		8,841

MGIC Investment Corp.:
2.00% Cv. Sr. Unsec. Nts., 4/1/20		8,000		11,690
5.00% Cv. Sr. Unsec. Nts., 5/1/17		4,000		4,273
9.00% Cv. Jr. Sub. Nts., 4/1/63⁶		44,000		54,972

Micron Technology, Inc., 3% Cv. Sr. Unsec. Nts., 11/15/43		30,000		27,300

Navistar International Corp.:
4.50% Cv. Sr. Sub. Nts., 10/15/18		23,000		16,402
4.75% Cv. Sr. Sub. Nts., 4/15/19		35,000		24,500

17 OPPENHEIMER GLOBAL MULTI-ASSET INCOME FUND

STATEMENT OF INVESTMENTS Continued



								Principal Amount			Value

Convertible Corporate Bonds and Notes (Continued)

Radian Group, Inc., 2.25% Cv. Sr. Unsec. Nts., 3/1/19								$	17,000		$	23,619

Total Convertible Corporate Bonds and Notes (Cost $192,718)												173,658

								Shares
Structured Securities—0.0%

Barclays Bank plc, Alcoa, Inc. Equity Linked Nts., 10/4/17									98			3,096

Citigroup, Inc., J.C. Penney Co., Inc. Equity Linked Nts., 12/7/15⁶									582			5,309

Deutsche Bank AG (London), Standard Pacific Corp. Equity Linked Nts., 12/18/15⁶									564			4,270

UBS AG (London Branch), Standard Pacific Corp. Equity Linked Nts., 12/11/15⁶									227			1,728

UBS AG (London Branch), Standard Pacific Corp. Equity Linked Nts., 3/31/16⁶									508			3,914

UBS AG (London Branch), Standard Pacific Corp. Equity Linked Nts., 3/8/16⁶									117			883

Total Structured Securities (Cost $21,071)												19,200
			Exercise Price		Expiration Date			Contracts
Exchange-Traded Options Purchased—0.1%

Merck & Co., Inc. Put¹		USD		47.500		11/20/15	USD		1			6

S&P 500 Index Call¹		USD		2,090.000		1/15/16	USD		13			59,215

Total Exchange-Traded Options Purchased (Cost $28,417)												59,221

Counterparty

Over-the-Counter Option Purchased—0.1%

SX5E Index Call¹	GSG	EUR		3550.000		1/15/16	EUR		80			48,223

Total Over-the-Counter Options Purchased (Cost $49,939)												48,223

								Shares
Investment Companies—70.4%

Barclays OFI SteelPath MLP Exchange Traded Note⁷									91,175			1,691,752

Oppenheimer Core Bond Fund, Cl. I⁷									372,018			2,540,883

Oppenheimer Emerging Markets Local Debt Fund, Cl. I⁷									303,603			2,164,689

Oppenheimer Global High Yield Fund, Cl. I⁷									1,600,312			14,802,887

Oppenheimer Institutional Money Market Fund, Cl. E, 0.18%^7,8									1,101,949			1,101,949

Oppenheimer Master Event-Linked Bond Fund, LLC⁷									321,321			4,799,761

Oppenheimer Senior Floating Rate Fund, Cl. I⁷									887,205			6,964,563

Total Investment Companies (Cost $36,423,358)												34,066,484


Total Investments, at Value (Cost $51,160,227)									100.1%			48,461,270

Net Other Assets (Liabilities)									(0.1	)		(49,612)

Net Assets									100.0%		$	48,411,658

Footnotes to Statement of Investments

*October 30, 2015 represents the last business day of the Fund’s reporting period. See Note 2 of the accompanying Notes.

1. Non-income producing security.

2. All or a portion of the security position is held in segregated accounts and pledged to cover margin requirements with respect to outstanding written options. The aggregate market value of such securities is $946,868. See Note 6 of the accompanying Notes.

3. Security is a Master Limited Partnership.

4. Represents the current interest rate for a variable or increasing rate security.

18 OPPENHEIMER GLOBAL MULTI-ASSET INCOME FUND

Footnotes to Statement of Investments (Continued)

5. This bond has no contractual maturity date, is not redeemable and contractually pays an indefinite stream of interest. Rate reported represents the current interest rate for this variable rate security.

6. 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 $631,521 or 1.30% of the Fund’s net assets at period end.

7. 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:


	Shares December 1, 2014 (commencement of operations)		Gross Additions		Gross Reductions			Shares October 30, 2015

Barclays OFI SteelPath MLP Exchange Traded Note		—		91,175		—			91,175
Oppenheimer Core Bond Fund, Cl. I		—		372,018		—			372,018
Oppenheimer Emerging Markets Local Debt Fund, Cl. I		—		303,603		—			303,603
Oppenheimer Global High Yield Fund, Cl. I		—		1,600,312		—			1,600,312
Oppenheimer Institutional Money Market Fund, Cl. E		—		32,146,256		31,044,307			1,101,949
Oppenheimer Master Event-Linked Bond Fund, LLC		—		345,733		24,412			321,321
Oppenheimer Senior Floating Rate Fund, Cl. I		—		887,205		—			887,205

			Value		Income			Realized Gain

Barclays OFI SteelPath MLP Exchange Traded Note			$	1,691,752	$	69,792		$	—
Oppenheimer Core Bond Fund, Cl. I				2,540,883		81,372			—
Oppenheimer Emerging Markets Local Debt Fund, Cl. I				2,164,689		132,238			—
Oppenheimer Global High Yield Fund, Cl. I				14,802,887		707,977			—
Oppenheimer Institutional Money Market Fund, Cl. E				1,101,949		897			—
Oppenheimer Master Event-Linked Bond Fund, LLC				4,799,761		262,242	^b		85,964^a
Oppenheimer Senior Floating Rate Fund, Cl. I				6,964,563		303,342			—

Total			$	34,066,484	$	1,557,860		$	85,964

a. Represents the amount allocated to the Fund from Oppenheimer Master Event-Linked Bond Fund, LLC.

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


Distribution of investments representing geographic holdings, as a percentage of total investments at value, is as follows:
Geographic Holdings (Unaudited)	Value		Percent

United States	$	43,980,701		90.8%
United Kingdom		919,562		1.9
Netherlands		828,438		1.7
France		539,914		1.1
Germany		459,657		0.9
Singapore		372,187		0.8
Australia		268,426		0.6
Switzerland		230,503		0.5

19 OPPENHEIMER GLOBAL MULTI-ASSET INCOME FUND

STATEMENT OF INVESTMENTS Continued


Geographic Holdings (Unaudited / Continued)	Value		Percent

Belgium	$	229,394		0.5%
Hong Kong		203,706		0.4
Ireland		144,036		0.3
Finland		112,397		0.2
Canada		99,524		0.2
Eurozone		48,223		0.1
Israel		22,492		0.0
Greece		2,110		0.0

Total	$	48,461,270		100.0%

Futures Contracts as of October 30, 2015

Description

Exchange

Buy/Sell

Expiration

Date

Number of
Contracts

Value

Unrealized

Appreciation

S&P 500 E-Mini Index

CME

Buy

12/18/15

4,976,880

183,658


Exchange-Traded Options Written at October 30, 2015
Description		Exercise Price		Expiration Date		Number of Contracts			Premiums Received		Value

Allstate Corp. Put	USD		65.000		1/15/16 USD		(1	)	$	730	$	(363	)

Louisiana-Pacific Corp. Put	USD		17.000		11/20/15 USD		(1	)		93		(35	)

MBIA, Inc. Put	USD		7.000		11/20/15 USD		(1	)		39		(22	)

Medtronic plc Put	USD		70.000		11/20/15 USD		(2	)		246		(69	)

Merck & Co., Inc. Put	USD		52.500		11/20/15 USD		(1	)		185		(25	)

Merck & Co., Inc. Put	USD		57.500		11/20/15 USD		(1	)		536		(295	)

Wal-Mart Stores, Inc. Put	USD		70.000		12/18/15 USD		(1	)		692		(1,270	)

Total of Exchange-Traded Options Written									$	2,521	$	(2,079	)

Centrally Cleared Interest Rate Swaps at October 30, 2015

Counterparty

Pay/Receive
Floating Rate

Floating Rate

Fixed Rate

Maturity

Date

Notional Amount
(000’s)

Value

DEU

Pay

Three-
Month USD
BBA LIBOR

2.518%

10/23/45

USD

807

(3,009)

GSG

Pay

Three-
Month USD
BBA LIBOR

2.611

10/13/45

USD

376

6,339

Total of Centrally Cleared Interest Rate Swaps

3,330

Glossary:

Counterparty Abbreviations

DEU Deutsche Bank AG

GSG Goldman Sachs Group, Inc. (The)

Currency abbreviations indicate amounts reporting in currencies

EUR Euro

Exchange Abbreviations

CME Chicago Mercantile Exchanges

See accompanying Notes to Financial Statements.

20 OPPENHEIMER GLOBAL MULTI-ASSET INCOME FUND


STATEMENT OF ASSETS AND LIABILITIES October 30, 2015¹
Assets
Investments, at value—see accompanying statement of investments:
Unaffiliated companies (cost $14,736,869)	$	14,394,786
Affiliated companies (cost $36,423,358)		34,066,484

		48,461,270

Cash		21,002

Cash—foreign currencies (cost $94,500)		94,500

Cash used for collateral on futures		350,000

Cash used for collateral on centrally cleared swaps		125,939

Centrally cleared swaps, at value		6,339

Receivables and other assets:

Interest and dividends		186,231

Investments sold		8,964

Shares of beneficial interest sold		61

Other		25,360

Total assets		49,279,666


Liabilities
Options written, at value (premiums received $2,521)		2,079

Centrally cleared swaps, at value		3,009


Payables and other liabilities:

Investments purchased		788,558

Variation margin payable		22,320

Distribution and service plan fees		10,198

Shareholder communications		2,175

Trustees’ compensation		269

Other		39,400

Total liabilities		868,008


Net Assets	$	48,411,658



Composition of Net Assets
Par value of shares of beneficial interest	$	5,091

Additional paid-in capital		50,907,998

Accumulated net investment income		120,436

Accumulated net realized loss on investments and foreign currency transactions		(110,273	)

Net unrealized depreciation on investments and translation of assets and liabilities denominated in foreign currencies		(2,511,594	)

Net Assets	$	48,411,658

21 OPPENHEIMER GLOBAL MULTI-ASSET INCOME FUND


STATEMENT OF ASSETS AND LIABILITIES Continued
Net Asset Value Per Share
Class A Shares:
Net asset value and redemption price per share (based on net assets of $48,077,028 and 5,055,983 shares of beneficial interest outstanding)	$	9.51
Maximum offering price per share (net asset value plus sales charge of 4.75% of offering price)	$	9.98

Class C Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $118,869 and 12,503 shares of beneficial interest outstanding)	$	9.51

Class I Shares:
Net asset value, redemption price and offering price per share (based on net assets of $9,510 and 1,000 shares of beneficial interest outstanding)	$	9.51

Class R Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $163,327 and 17,183 shares of beneficial interest outstanding)	$	9.51

Class Y Shares:
Net asset value, redemption price and offering price per share (based on net assets of $42,924 and 4,515 shares of beneficial interest outstanding)	$	9.51
See accompanying Notes to Financial Statements.

22 OPPENHEIMER GLOBAL MULTI-ASSET INCOME FUND


STATEMENT OF OPERATIONS For the Period Ended October 30, 2015^1,2
Allocation of Income and Expenses from Master Funds³
Net investment income allocated from Oppenheimer Master Event-Linked Bond Fund, LLC:

Interest	$	262,143

Dividends		99

Net expenses		(20,015)

Net investment income allocated from Oppenheimer Master Event-Linked Bond Fund, LLC		242,227

Investment Income

Dividends:

Unaffiliated companies (net of foreign withholding taxes of $12,883)		483,391
Affiliated companies		1,295,618

Interest (net of foreign withholding taxes of $1,255)		223,945

Total investment income		2,002,954


Expenses
Management fees		293,525

Distribution and service plan fees:

Class A		10,723

Class C		632

Class R		235

Transfer and shareholder servicing agent fees:

Class A		99,029

Class C		143

Class I		3

Class R		113

Class Y		43

Shareholder communications:

Class A		7,229

Class C		2,037

Class R		1,243

Legal, auditing and other professional fees		69,131

Custodian fees and expenses		31,226

Trustees’ compensation		834

Borrowing fees		218

Other		16,817


Total expenses		533,181

Less waivers and reimbursements of expenses		(196,172	)

Net expenses		337,009

Net Investment Income		1,908,172
1. For the period from December 1, 2014 (commencement of operations) to October 30, 2015.
2. October 30, 2015 represents the last business day of the Fund’s reporting period. See Note 2 of the accompanying Notes.
3. The Fund invests in an affiliated mutual fund that expects to be treated as a partnership for tax purposes. See Note 4 of the accompanying Notes.

23 OPPENHEIMER GLOBAL MULTI-ASSET INCOME FUND


STATEMENT OF OPERATIONS Continued
Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investments from unaffiliated companies (includes premiums on options exercised)	$	74,145

Closing and expiration of option contracts written		44,393

Closing and expiration of futures contracts		(270,397	)

Foreign currency transactions		(10,269	)

Swap contracts		(4,542	)

Net realized gain allocated from Oppenheimer Master Event-Linked Bond Fund, LLC		85,964

Net realized loss		(80,706	)

Net change in unrealized appreciation/depreciation on:

Investments		(2,314,985	)

Translation of assets and liabilities denominated in foreign currencies		(220,537	)

Futures contracts		183,658

Option contracts written		442

Swap contracts		3,330

Net change in unrealized appreciation/depreciation allocated from Oppenheimer Master Event- Linked Bond Fund, LLC		(163,502	)

Net change in unrealized appreciation/depreciation		(2,511,594	)

Net Decrease in Net Assets Resulting from Operations	$	(684,128	)

See accompanying Notes to Financial Statements.

24 OPPENHEIMER GLOBAL MULTI-ASSET INCOME FUND

STATEMENT OF CHANGES IN NET ASSETS


	Period Ended October 30, 2015^1,2

Operations
Net investment income	$	1,908,172

Net realized loss		(80,706)

Net change in unrealized appreciation/depreciation		(2,511,594)

Net decrease in net assets resulting from operations		(684,128)


Dividends and/or Distributions to Shareholders
Dividends from net investment income:

Class A		(1,791,686)

Class C		(2,143)

Class I		(376)

Class R		(2,077)

Class Y		(852)

		(1,797,134)


Beneficial Interest Transactions
Net increase in net assets resulting from beneficial interest transactions:

Class A		50,487,233

Class C		113,765

Class I		—

Class R		157,434

Class Y		34,488

		50,792,920


Net Assets
Total increase		48,311,658

Beginning of period		100,000³

End of period (including accumulated net investment income of $120,436)	$	48,411,658

1. For the period from December 1, 2014 (commencement of operations) to October 30, 2015.
2. October 30, 2015 represents the last business day of the Fund’s reporting period. See Note 2 of the accompanying Notes.
3. Reflects the value of the Manager’s seed money invested on September 29, 2014.
See accompanying Notes to Financial Statements.

25 OPPENHEIMER GLOBAL MULTI-ASSET INCOME FUND

FINANCIAL HIGHLIGHTS


Class A	Period Ended October 30, 2015^1,2

Per Share Operating Data
Net asset value, beginning of period	$	10.00

Income (loss) from investment operations:
Net investment income³		0.38
Net realized and unrealized loss		(0.51)

Total from investment operations		(0.13)

Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.36)

Net asset value, end of period	$	9.51



Total Return, at Net Asset Value⁴		(1.38)%

Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	48,077

Average net assets (in thousands)	$	49,189

Ratios to average net assets:⁵
Net investment income		4.21%
Expenses excluding interest and fees from borrowings		1.21%
Interest and fees from borrowings		0.00%⁶

Total expenses⁷		1.21%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.79%

Portfolio turnover rate		18%

1. For the period from December 1, 2014 (commencement of operations) to October 30, 2015.

2. October 30, 2015 represents the last business day of the Fund’s reporting period. See Note 2 of the accompanying Notes.

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

4. 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. The returns do 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:


		Period Ended October 30, 2015			1.58%

See accompanying Notes to Financial Statements.

26 OPPENHEIMER GLOBAL MULTI-ASSET INCOME FUND


Class C	Period Ended October 30, 2015^1,2

Per Share Operating Data
Net asset value, beginning of period	$	10.00

Income (loss) from investment operations:
Net investment income³		0.29
Net realized and unrealized loss		(0.50)

Total from investment operations		(0.21)

Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.28)

Net asset value, end of period	$	9.51



Total Return, at Net Asset Value⁴		(2.12)%

Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	119

Average net assets (in thousands)	$	71

Ratios to average net assets:⁵
Net investment income		3.31%
Expenses excluding interest and fees from borrowings		5.29%
Interest and fees from borrowings		0.00%⁶

Total expenses⁷		5.29%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.68%

Portfolio turnover rate		18%

1. For the period from December 1, 2014 (commencement of operations) to October 30, 2015.

2. October 30, 2015 represents the last business day of the Fund’s reporting period. See Note 2 of the accompanying Notes.

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

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:


				Period Ended October 30, 2015			5.66%

See accompanying Notes to Financial Statements.

27 OPPENHEIMER GLOBAL MULTI-ASSET INCOME FUND


FINANCIAL HIGHLIGHTS Continued


Class I	Period Ended October 30, 2015^1,2

Per Share Operating Data
Net asset value, beginning of period	$	10.00

Income (loss) from investment operations:
Net investment income³		0.40
Net realized and unrealized loss		(0.51)

Total from investment operations		(0.11)

Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.38)

Net asset value, end of period	$	9.51



Total Return, at Net Asset Value⁴		(1.18)%

Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	10

Average net assets (in thousands)	$	10

Ratios to average net assets:⁵
Net investment income		4.43%
Expenses excluding interest and fees from borrowings		0.98%
Interest and fees from borrowings		0.00%⁶

Total expenses⁷		0.98%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.56%

Portfolio turnover rate		18%

1. For the period from December 1, 2014 (commencement of operations) to October 30, 2015.

2. October 30, 2015 represents the last business day of the Fund’s reporting period. See Note 2 of the accompanying Notes.

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

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:


		Period Ended October 30, 2015			1.35%

See accompanying Notes to Financial Statements.

28 OPPENHEIMER GLOBAL MULTI-ASSET INCOME FUND


Class R	Period Ended October 30, 2015^1,2

Per Share Operating Data
Net asset value, beginning of period	$	10.00

Income (loss) from investment operations:
Net investment income³		0.34
Net realized and unrealized loss		(0.50)

Total from investment operations		(0.16)

Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.33)

Net asset value, end of period	$	9.51



Total Return, at Net Asset Value⁴		(1.67)%

Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	163

Average net assets (in thousands)	$	56

Ratios to average net assets:⁵
Net investment income		3.89%
Expenses excluding interest and fees from borrowings		4.14%
Interest and fees from borrowings		0.00%⁶

Total expenses⁷		4.14%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.18%

Portfolio turnover rate		18%

1. For the period from December 1, 2014 (commencement of operations) to October 30, 2015.

2. October 30, 2015 represents the last business day of the Fund’s reporting period. See Note 2 of the accompanying Notes.

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

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:


		Period Ended October 30, 2015			4.51%

See accompanying Notes to Financial Statements.

29 OPPENHEIMER GLOBAL MULTI-ASSET INCOME FUND


FINANCIAL HIGHLIGHTS Continued


Class Y	Period Ended October 30, 2015^1,2

Per Share Operating Data
Net asset value, beginning of period	$	10.00

Income (loss) from investment operations:
Net investment income³		0.38
Net realized and unrealized loss		(0.51)

Total from investment operations		(0.13)

Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.36)

Net asset value, end of period	$	9.51



Total Return, at Net Asset Value⁴		(1.30)%

Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	43

Average net assets (in thousands)	$	21

Ratios to average net assets:⁵
Net investment income		4.28%
Expenses excluding interest and fees from borrowings		1.26%
Interest and fees from borrowings		0.00%⁶

Total expenses⁷		1.26%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.73%

Portfolio turnover rate		18%

1. For the period from December 1, 2014 (commencement of operations) to October 30, 2015.

2. October 30, 2015 represents the last business day of the Fund’s reporting period. See Note 2 of the accompanying Notes.

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

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:


		Period Ended October 30, 2015			1.63	%

See accompanying Notes to Financial Statements.

30 OPPENHEIMER GLOBAL MULTI-ASSET INCOME FUND

NOTES TO FINANCIAL STATEMENTS October 30, 2015

1. Organization

Oppenheimer Global Multi-Asset Income Fund (the “Fund”) is a 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 Sub-Adviser has entered into a sub-sub-advisory agreement with Cornerstone Real Estate Advisers LLC and OFI SteelPath, Inc. (collectively, the “Sub-Sub-Advisers”). The Fund commenced operations on December 1, 2014. At period end, approximately 98.3% of the shares of the Fund were owned by the Manager, other funds advised or sub-advised by the Manager or an affiliate of the Manager.

The Fund offers Class A, Class C, Class I, Class R and Class Y shares. 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 without a front-end sales charge but may be subject to a contingent deferred sales charge (“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, 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.

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.

Reporting Period End Date. The last day of the Fund’s reporting period is the last day the New York Stock Exchange was open for trading during the period. The Fund’s financial statements have been presented through that date to maintain consistency with the Fund’s net asset value calculations used for shareholder transactions.

Foreign Currency Translation. The Fund’s accounting records are maintained in U.S. dollars. The values of securities denominated in foreign currencies and amounts related to the purchase and sale of foreign securities and foreign investment income are translated into U.S. dollars as of the close of the New York Stock Exchange (the “Exchange”), normally 4:00 P.M.

31 OPPENHEIMER GLOBAL MULTI-ASSET INCOME FUND

NOTES TO FINANCIAL STATEMENTS Continued

2. Significant Accounting Policies (Continued)

Eastern time, on each day the Exchange is open for trading. Foreign exchange rates may be valued primarily using a reliable bank, dealer or service authorized by the Board of Trustees.

Reported net realized gains and losses from foreign currency transactions arise from sales of portfolio securities, sales and maturities of short-term securities, sales of foreign currencies, exchange rate fluctuations between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized appreciation and depreciation on the translation of assets and liabilities denominated in foreign currencies arise from changes in the values of assets and liabilities, including investments in securities at fiscal period end, resulting from changes in exchange rates.

The effect of changes in foreign currency exchange rates on investments is separately identified from the fluctuations arising from changes in market values of securities held and reported with all other foreign currency gains and losses in the Fund’s Statement of Operations.

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. generally accepted accounting principles, 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.

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 market value of the securities received. Interest income is recognized on an accrual basis. Discount and premium, which are included in interest income on the Statement of Operations, are amortized or accreted daily.

Return of Capital Estimates. Distributions received from the Fund’s investments in Master Limited Partnerships (MLPs) and Real Estate Investments Trusts (REITs), generally are comprised of income and return of capital. The Fund records investment income and return of capital based on estimates made at the time such distributions are received. Such estimates are based on historical information available from each MLP, REIT and other industry sources. These estimates may subsequently be revised based on information received from MLPs and REITs after their tax reporting periods are concluded.

32 OPPENHEIMER GLOBAL MULTI-ASSET INCOME FUND

2. Significant Accounting Policies (Continued)

Custodian Fees. “Custodian fees and expenses” in the 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%. 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, however, during the reporting period, the Fund paid excise tax of $1,348. 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 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
Carryforward^1,2,3

Net Unrealized
Depreciation
Based on cost of
Securities and
Other Investments
for Federal Income
Tax Purposes

$382,541

$—

$272,996

$2,603,107

33 OPPENHEIMER GLOBAL MULTI-ASSET INCOME FUND

NOTES TO FINANCIAL STATEMENTS Continued

2. Significant Accounting Policies (Continued)

1. At period end, the Fund had $272,807 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	$	272,807

2. The Fund had $189 of straddle losses which were deferred.

3. During the 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 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 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.

Increase

to Paid-in Capital

Increase
to Accumulated
Net Investment
Income

Increase
to Accumulated Net
Realized Loss on
Investments

$20,169

$9,398

$29,567

The tax character of distributions paid during the reporting period:


	Period Ended October 31, 2015
Distributions paid from:
Ordinary income	$	1,797,134

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	$	51,037,247
Federal tax cost of other investments		5,005,195

Total federal tax cost	$	56,042,442

Gross unrealized appreciation	$	746,485
Gross unrealized depreciation		(3,349,592	)

Net unrealized depreciation	$	(2,603,107	)

34 OPPENHEIMER GLOBAL MULTI-ASSET INCOME FUND

2. Significant Accounting Policies (Continued)

Recent Accounting Pronouncement. In May 2015, Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”), ASU 2015-07. This is an update to Fair Value Measurement Topic 820. Under the amendments in this ASU, investments for which fair value is measured at net asset value per share (or its equivalent) using the practical expedient should not be categorized in the fair value hierarchy. ASU 2015-17 is effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. At period end, the Manager does not believe the adoption of the ASU will have a material effect on the financial statements or disclosures.

Use of Estimates. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America 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.

3. Securities Valuation

The Fund calculates the net asset value of its shares as of the close of the New York Stock Exchange (the “Exchange”), normally 4:00 P.M. Eastern time, on each day 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 using unadjusted quoted market prices, when available, as supplied primarily by third party pricing services or dealers.

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

Securities traded on a registered U.S. securities exchange (including exchange-traded derivatives other than futures and futures options) are valued based on the last sale price of the security reported on the principal exchange on which it is traded, prior to the time when the Fund’s assets are valued. In the absence of a sale, the security is valued at the mean between the bid and asked price on the principal exchange or, if not available from the principal exchange, obtained from two dealers. If bid and asked prices are not available from either the exchange or two dealers, the security is valued by using one of the following methodologies (listed in order of priority): (1) using a bid from the principal exchange, (2) the

35 OPPENHEIMER GLOBAL MULTI-ASSET INCOME FUND

NOTES TO FINANCIAL STATEMENTS Continued

3. Securities Valuation (Continued)

mean between the bid and asked price as provided by a single dealer, or (3) a bid from a single dealer. A security of a foreign issuer traded on a foreign exchange, but not listed on a registered U.S. securities exchange, is valued based on the last sale price on the principal exchange on which the security is traded, as identified by the third party pricing service used by the Manager, prior to the time when the Fund’s assets are valued. If the last sale price is unavailable, the security is valued at the most recent official closing price on the principal exchange on which it is traded. If the last sales price or official closing price for a foreign security is not available, the security is valued at the mean between the bid and asked price per the exchange or, if not available from the exchange, obtained from two dealers. If bid and asked prices are not available from either the exchange or two dealers, the security is valued by using one of the following methodologies (listed in order of priority): (1) using a bid from the exchange, (2) the mean between the bid and asked price as provided by a single dealer, or (3) a bid from a single dealer.

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, event-linked bonds, loans, 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.

Short-term money market type debt securities with a remaining maturity of sixty days or less are valued at cost adjusted by the amortization of discount or premium to maturity (amortized cost), which approximates market value. Short-term debt securities with a remaining maturity in excess of sixty days are valued at the mean between the “bid” and “asked” prices utilizing evaluated prices obtained from third party pricing services or broker-dealers.

Structured securities, swaps, swaptions, and other over-the-counter derivatives are valued utilizing evaluated prices obtained from third party pricing services or broker-dealers.

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.

A description of the standard inputs that may generally be considered by the third party pricing vendors in determining their evaluated prices is provided below.


Security Type		Standard inputs generally considered by third-party pricing vendors
Corporate debt, government debt, municipal, mortgage-backed and asset-backed securities		Reported trade data, broker-dealer price quotations, benchmark yields, issuer spreads on comparable securities, the credit quality, yield, maturity, and other appropriate factors.
Loans		Information obtained from market participants regarding reported trade data and broker-dealer price quotations.
Event-linked bonds		Information obtained from market participants regarding reported trade data and broker-dealer price quotations.

36 OPPENHEIMER GLOBAL MULTI-ASSET INCOME FUND

3. Securities Valuation (Continued)


Security Type (Continued)		Standard inputs generally considered by third-party pricing vendors
Structured securities		Relevant market information such as the price of underlying financial instruments, stock market indices, foreign currencies, interest rate spreads, commodities, or the occurrence of other specific events.
Swaps		Relevant market information, including underlying reference assets such as credit spreads, credit event probabilities, index values, individual security values, forward interest rates, variable interest rates, volatility measures, and forward currency rates.

If a market value or price cannot be determined for a security using the methodologies described above, or if, in the “good faith” opinion of the Manager, the market value or price obtained does not constitute a “readily available market quotation,” 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. Fair value determinations by the Manager 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. Those fair valuation standardized 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, or its third party service provider who is subject to oversight by the Manager, regularly compares prior day prices, prices on comparable securities, 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 are used in

37 OPPENHEIMER GLOBAL MULTI-ASSET INCOME FUND

NOTES TO FINANCIAL STATEMENTS Continued

3. Securities Valuation (Continued)

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 table below categorizes amounts that are included in the Fund’s 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:
Common Stocks
Consumer Discretionary	$	311,954	$	—	$	—	$	311,954
Consumer Staples		62,738		—		—		62,738
Energy		172,975		—		—		172,975
Financials		3,008,922		2,004,745		—		5,013,667
Health Care		226,365		—		—		226,365
Industrials		113,697		—		—		113,697
Information Technology		162,885		—		—		162,885
Materials		61,400		—		—		61,400
Telecommunication Services		88,389		—		—		88,389
Utilities		62,947		—		—		62,947
Preferred Stocks		5,018,140		26,251		—		5,044,391
Rights, Warrants and Certificates		698		—		—		698
Non-Convertible Corporate Bonds and Notes		—		2,772,378		—		2,772,378
Convertible Corporate Bonds and
Notes		—		173,658		—		173,658
Structured Securities		—		19,200		—		19,200
Exchange-Traded Options Purchased		59,221		—		—		59,221
Over-the-Counter Option Purchased		—		48,223		—		48,223
Investment Companies		27,574,971		6,491,513		—		34,066,484

Total Investments, at Value		36,925,302		11,535,968		—		48,461,270
Other Financial Instruments:
Centrally cleared swaps, at value		—		6,339		—		6,339
Futures contracts		183,658		—		—		183,658

Total Assets	$	37,108,960	$	11,542,307	$	—	$	48,651,267

38 OPPENHEIMER GLOBAL MULTI-ASSET INCOME FUND

3. Securities Valuation (Continued)


Liabilities Table
Other Financial Instruments:
Centrally cleared swaps, at value	$	—	$	(3,009)	$	—	$	(3,009)
Options written, at value		—		(2,079)		—		(2,079)

Total Liabilities	$	—	$	(5,088)	$	—	$	(5,088)

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 to, the Affiliated Funds. When applicable, the Fund’s investments in Affiliated Funds are included in the 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.

39 OPPENHEIMER GLOBAL MULTI-ASSET INCOME FUND

NOTES TO FINANCIAL STATEMENTS Continued

4. Investments and Risks (Continued)

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.

Significant Holdings. At period end, the Fund’s investment in Oppenheimer Global High Yield Fund, accounted for 30.6% of the Fund’s net assets. Additional information on Oppenheimer Global High Yield Fund, including the audited financials, can be found on the SEC website.

Investment in Oppenheimer Institutional Money Market Fund. The Fund is permitted to invest daily available cash balances in a money market Affiliated Fund. The Fund may invest the available cash in Class E shares of Oppenheimer Institutional Money Market Fund (“IMMF”) to seek current income while preserving liquidity or for defensive purposes. IMMF is regulated as a money market fund under the Investment Company Act of 1940, as amended.

Investment in Oppenheimer Master Fund. The Fund is permitted to invest in entities sponsored and/or advised by the Manager or an affiliate. Certain of these entities in which the Fund invests are mutual funds registered under the Investment Company Act of 1940 that expect to be treated as partnerships for tax purposes, specifically Oppenheimer Master Event-Linked Bond Fund, LLC (the “Master Fund”). The Master Fund 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 the Master Fund, the Fund will have greater exposure to the risks of the Master Fund.

The investment objective of the Master Fund is to seek total return. The Fund’s investment in the Master Fund is included in the Statement of Investments. The Fund recognizes income and gain/(loss) on its investment in the master fund according to its allocated pro-rata share, based on its relative proportion of total outstanding Master Fund shares held, of the total net income earned and the net gain/(loss) realized on investments sold by the Master Fund. As a shareholder, the Fund is subject to its proportional share of the Master Fund’s expenses, including its 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 Master Fund. The Fund owns 1.6% of the Master Fund at October 30, 2015.

Master Limited Partnerships (“MLPs”). MLPs issue common units that represent an equity ownership interest in a partnership and provide limited voting rights. MLP common units are registered with the Securities and Exchange Commission (“SEC”), and are freely tradable on securities exchanges such as the NYSE and the NASDAQ Stock Market (“NASDAQ”), or in the over-the-counter (“OTC”) market. An MLP consists of one or more general partners, who conduct the business, and one or more limited partners, who contribute capital. MLP common unit holders have a limited role in the partnership’s operations and management. The Fund, as a limited partner, normally would not be liable for the debts of the MLP beyond the amounts the Fund has contributed, but would not be

40 OPPENHEIMER GLOBAL MULTI-ASSET INCOME FUND

4. Investments and Risks (Continued)

shielded to the same extent that a shareholder of a corporation would be. In certain circumstances creditors of an MLP would have the right to seek return of capital distributed to a limited partner. This right of an MLP’s creditors would continue after the Fund sold its investment in the MLP.

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 Statement of Operations. The Fund records a realized gain or loss when a structured security is sold or matures.

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.

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.

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.

41 OPPENHEIMER GLOBAL MULTI-ASSET INCOME FUND


NOTES TO FINANCIAL STATEMENTS Continued

5. Market Risk Factors (Continued)

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 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 unanticipated 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

42 OPPENHEIMER GLOBAL MULTI-ASSET INCOME 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.

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 Statement of Investments. Securities held by a futures commission merchant to cover initial margin requirements on open futures contracts are noted in the Statement of Investments. Cash held by a futures commission merchant to cover initial margin requirements on open futures contracts and the receivable and/or payable for the daily mark to market for the variation margin are noted in the Statement of Assets and Liabilities. The net change in unrealized appreciation and depreciation is reported in the Statement of Operations. Realized gains (losses) are reported in the Statement of Operations at the closing or expiration of futures contracts.

The Fund has purchased futures contracts on various equity indexes to increase exposure to equity risk.

The Fund has purchased futures contracts, which have values that are linked to the price movement of the related volatility indexes, in order to increase exposure to volatility risk.

The Fund has sold futures contracts, which have values that are linked to the price movement of the related volatility indexes, in order to decrease exposure to volatility risk.

During the reporting period, the Fund had an ending monthly average market value of $2,645,450 on futures contracts purchased.

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

43 OPPENHEIMER GLOBAL MULTI-ASSET INCOME FUND


NOTES TO FINANCIAL STATEMENTS Continued

6. Use of Derivatives (Continued)

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 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 Statement of Operations.

The Fund has purchased call options on individual equity securities and/or equity indexes to increase exposure to equity risk. A purchased call option becomes more valuable as the price of the underlying financial instrument appreciates relative to the strike price.

The Fund has purchased put options on individual equity securities and/or equity indexes to decrease exposure to equity risk. A purchased put 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 of $13,339 and $164 on purchased call options and purchased put options, respectively.

Options written, if any, are reported in a schedule following the Statement of Investments and as a liability in the Statement of Assets and Liabilities. Securities held in collateral accounts to cover potential obligations with respect to outstanding written options are noted in the 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.

The Fund has written put options on individual equity securities and/or equity indexes to increase exposure to equity risk. A written put option becomes more valuable as the price of the underlying financial instrument appreciates relative to the strike price.

The Fund has written call options on individual equity securities and/or equity indexes to decrease exposure to equity risk. A 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 of $69 and $14,921 on written call options and written put options, respectively.

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

Written option activity for the reporting period was as follows:

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6. Use of Derivatives (Continued)


	Number of Contracts			Amount of Premiums
Options outstanding as of December 1, 2014		—		$	—
Options written		267			343,826
Options closed or expired		(84	)		(44,393	)
Options exercised		(175	)		(296,912	)

Options outstanding as of October 31, 2015		8		$	2,521

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 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 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 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 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.

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 has entered into interest rate swaps in which it pays a floating interest rate and receives a fixed interest rate in order to increase exposure to interest rate risk. Typically, if relative interest rates rise, payments made by the Fund under a swap agreement will be greater than the payments received by the Fund.

45 OPPENHEIMER GLOBAL MULTI-ASSET INCOME FUND


NOTES TO FINANCIAL STATEMENTS Continued

6. Use of Derivatives (Continued)

For the reporting period, the Fund had ending monthly average notional amounts of $98,583 on interest rate swaps which receive a fixed rate.

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 has entered into total return swaps on various equity securities or indexes to increase exposure to equity risk. These equity risk related total return swaps require the Fund to pay a floating reference interest rate, and an amount equal to the negative price movement of securities or an index (expressed as a percentage) multiplied by the notional amount of the contract. The Fund will receive payments equal to the positive price movement of the same securities or index (expressed as a percentage) multiplied by the notional amount of the contract and, in some cases, dividends paid on the securities.

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

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

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

46 OPPENHEIMER GLOBAL MULTI-ASSET INCOME FUND

6. Use of Derivatives (Continued)

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.

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 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 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

47 OPPENHEIMER GLOBAL MULTI-ASSET INCOME FUND


NOTES TO FINANCIAL STATEMENTS Continued

6. Use of Derivatives (Continued)

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 Statement of Assets and Liabilities as cash pledged as collateral. Non-cash collateral pledged by the Fund, if any, is noted in the 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 Statement of Assets & Liabilities
Counterparty	Gross Amounts Not Offset in the Statement of Assets & Liabilities*		Financial Instruments Available for Offset		Financial Instruments Collateral Received**		Cash Collateral Received**		Net Amount
Goldman Sachs Group, Inc. (The)	$	48,223	$	—	$	—	$	—	$	48,223

*OTC derivatives are reported gross on the Statement of Assets and Liabilities. Exchange traded options and margin related to centrally cleared swaps and futures 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 the valuations of derivative instruments by risk exposure as reported within the Statement of Assets and Liabilities at period end:

Asset Derivatives

Liability Derivatives

Derivatives Not

Accounted for as

Hedging Instruments

Statement of Assets and
Liabilities Location

Value

Statement of Assets and
Liabilities Location

Value

Interest rate contracts

Centrally cleared swaps, at value

6,339

Centrally cleared swaps, at value

3,009

Equity contracts

Variation margin payable

22,320

Equity contracts

Investments, at value

107,444

^**

Options written, at value

2,079

Total

113,783

27,408

*Includes only the current day’s variation margin. Prior variation margin movements have been reflected in cash on the 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 Statement of Operations is as follows:

48 OPPENHEIMER GLOBAL MULTI-ASSET INCOME FUND

6. Use of Derivatives (Continued)


Amount Realized Gain or (Loss) Recognized on Derivatives
Derivatives Not Accounted for as Hedging Instruments	Investment from unaffiliated companies*		Closing and expiration of option contracts written		Closing and expiration of futures contracts			Swap contracts			Total

Equity contracts	$	97,800	$	44,393	$	(268,500	)	$	(4,542	)	$	(130,849)
Volatility contracts		—		—		(1,897	)		—			(1,897)

Total	$	97,800	$	44,393	$	(270,397	)	$	(4,542	)	$	(132,746)


* Includes purchased option contracts, purchased swaption contracts, written option contracts exercised and written swaption contracts exercised if any.
Amount of Change in Unrealized Gain or (Loss) Recognized on Derivatives
Derivatives Not Accounted for as Hedging Instruments	Investments*		Option contracts written		Futures contracts			Swap contracts			Total

Equity contracts	$	29,088	$	442	$	183,658		$	—		$	213,188
Interest rate contracts		—		—		—			3,330			3,330

Total	$	29,088	$	442	$	183,658		$	3,330		$	216,518

* 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:


	Period Ended October 30, 2015^1,2,3
	Shares			Amount
Class A
Sold		5,061,505		$	50,602,072
Dividends and/or distributions reinvested		1,282			12,411
Redeemed		(12,804	)		(127,250	)

Net increase		5,049,983		$	50,487,233


Class C
Sold		11,680		$	115,583
Dividends and/or distributions reinvested		193			1,862
Redeemed		(370	)		(3,680	)

Net increase		11,503		$	113,765


Class I
Sold		—		$	—
Dividends and/or distributions reinvested		—			—
Redeemed		—			—

Net increase		—		$	—

49 OPPENHEIMER GLOBAL MULTI-ASSET INCOME FUND


NOTES TO FINANCIAL STATEMENTS Continued

7. Shares of Beneficial Interest (Continued)


	Period Ended October 30, 2015^1,2,3
	Shares			Amount
Class R
Sold		16,913		$	164,520
Dividends and/or distributions reinvested		185			1,750
Redeemed		(915	)		(8,836	)

Net increase		16,183		$	157,434


Class Y
Sold		3,464		$	34,000
Dividends and/or distributions reinvested		51			488
Redeemed		—			—

Net increase		3,515		$	34,488

1. For the period December 1, 2014 (commencement of operations) to October 30, 2015.

2. October 30, 2015 represents the last business day of the Fund’s reporting period. See Note 2.

3. The Fund sold 6,000 shares of Class A at a value of $60,000 and 1,000 shares of Class C, Class I, Class R and Class Y at a value of $10,000, respectively, to the Manager upon seeding of the Fund on September 29, 2014. These amounts are not reflected in the table above.

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 IMMF, for the reporting period were as follows:


	Purchases		Sales
Investment securities	$	57,762,490	$	8,066,974

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 $500 million	0.65	%
Next $500 million	0.60
Next $4.0 billion	0.55
Over $5.0 billion	0.50

The Fund’s effective management fee for the reporting period was 0.65% of average annual net assets before any applicable waivers.

Sub-Adviser Fees. The Manager has retained the Sub-Adviser to provide the day-to-day portfolio management of the Fund. 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, which shall be

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9. Fees and Other Transactions with Affiliates (Continued)

calculated after any investment management fee waivers. The fee paid to the Sub-Adviser is paid by the Manager, not by the Fund.

Sub-Sub-Adviser Fees. The Sub-Adviser retains the Sub-Sub-Advisers to provide the day-today portfolio management of the Fund. Under the Sub-Sub-Advisory Agreement, the Sub-Adviser pays the Sub-Sub-Advisers an annual fee in monthly installments, based on the average daily net assets of the Fund. The fee paid to the Sub-Sub-Advisers under the Sub-Sub-Advisory agreement is paid by the Sub-Adviser, 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. Fees incurred and average net assets for each class with respect to these services are detailed in the Statement of Operations and 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.

Offering and Organizational Costs. The Manager paid all initial offering and organizational costs associated with the registration and seeding of 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 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.

51 OPPENHEIMER GLOBAL MULTI-ASSET INCOME FUND


NOTES TO FINANCIAL STATEMENTS Continued

9. Fees and Other Transactions with Affiliates (Continued)

Service Plan for Class A Shares. The Fund has adopted a Service Plan (the “Plan”) 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 Statement of Operations.

Distribution and Service Plans for Class C and Class R Shares. The Fund has adopted Distribution and Service Plans (the “Plans”) for 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 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 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.


Period Ended	Class A Front-End Sales Charges Retained by Distributor		Class A 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
October 30, 2015		$330		$—		$14		$—

Waivers and Reimbursements of Expenses. The Manager has contractually agreed to waive fees and/or reimburse certain expenses so that “Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses”, excluding expenses incurred directly or indirectly by the Fund as a result of investments in other investment companies, wholly-owned subsidiaries and pooled investment vehicles; will not exceed 0.90% for Class A shares, 1.65% for Class C shares, 0.65% for Class I shares, 1.15% for Class R shares and 0.70% for Class Y shares. During the reporting period, the Manager waived $8,105, $2,097, $1, $1,313 and $23 for Class A, Class C, Class I, Class R and Class Y shares, respectively.

52 OPPENHEIMER GLOBAL MULTI-ASSET INCOME FUND

9. Fees and Other Transactions with Affiliates (Continued)

The Manager will waive fees and/or reimburse Fund expenses in an amount equal to the indirect management fees incurred through the Fund’s investments in underlying funds managed by the Manager or its affiliates. During the reporting period, the Manager waived fees and/or reimbursed the Fund $184,633 for management fees.

Waivers and/or reimbursements may be modified or terminated as set forth according to the terms in the prospectus.

10. Borrowings and Other Financing

Joint Credit Facility. A number of mutual funds managed by the Manager participate in a $1.28 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 Statement of Operations. The Fund did not utilize the Facility during the reporting period.

11. Pending Litigation

In 2009, several putative class action lawsuits were filed and later consolidated before the U.S. District Court for the District of Colorado against OppenheimerFunds, Inc. (“OFI”), OppenheimerFunds Distributor, Inc. (“OFDI”), and Oppenheimer Rochester California Municipal Fund, a fund advised by OFI Global Asset Management, Inc. and distributed by the Distributor (the “California Fund”), in connection with the California Fund’s investment performance. The plaintiffs asserted claims against OFI, OFDI and certain present and former trustees and officers of the California Fund under the federal securities laws, alleging, among other things, that the disclosure documents of the California Fund contained misrepresentations and omissions and the investment policies of the California Fund were not followed. Plaintiffs in the suit filed an amended complaint and defendants filed a motion to dismiss. In 2011, the court issued an order which granted in part and denied in part the defendants’ motion to dismiss. In 2012, plaintiffs filed a motion, which defendants opposed, to certify a class and appoint class representatives and class counsel. In March 2015, the court granted plaintiffs’ motion for class certification. In May 2015, the U.S. Court of Appeals for the Tenth Circuit vacated the class certification order and remanded the matter to the district court for further proceedings. In July 2015, the district court held an evidentiary hearing on plaintiffs’ motion for class certification. In October 2015, the district court reaffirmed its order granting plaintiffs’ motion for class certification. Defendants have filed a petition before the U.S. Court of Appeals for the Tenth Circuit for permission to appeal that order.

OFI and OFDI believe the suit is without merit; that it is premature to render any opinion as to the likelihood of an outcome unfavorable to them in the suit; and that no estimate can yet be made as to the amount or range of any potential loss. Furthermore, OFI believes that the

53 OPPENHEIMER GLOBAL MULTI-ASSET INCOME FUND


NOTES TO FINANCIAL STATEMENTS Continued

11. Pending Litigation (Continued)

suit should not impair the ability of OFI or OFDI to perform their respective duties to the Fund and that the outcome of the suit should not have any material effect on the operations of any of the Oppenheimer funds.

54 OPPENHEIMER GLOBAL MULTI-ASSET INCOME FUND

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

The Board of Trustees and Shareholders of Oppenheimer Global Multi-Asset Income Fund:

We have audited the accompanying statement of assets and liabilities of Oppenheimer Global Multi-Asset Income Fund, including the statement of investments, as of October 30, 2015, and the related statement of operations, the statement of changes in net assets and the financial highlights for the period from December 1, 2014 (commencement of operations) to October 30, 2015. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audit.

We conducted our audit 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 October 30, 2015, 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 audit provides a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Oppenheimer Global Multi-Asset Income Fund as of October 30, 2015, the results of its operations, the changes in its net assets and the financial highlights for the period from December 1, 2014 (commencement of operations) to October 30, 2015, in conformity with U.S. generally accepted accounting principles.

KPMG LLP

Denver, Colorado

December 22, 2015

55 OPPENHEIMER GLOBAL MULTI-ASSET INCOME FUND

FEDERAL INCOME TAX INFORMATION Unaudited

In early 2015, if applicable, shareholders of record received information regarding all dividends and distributions paid to them by the Fund during calendar year 2014.

Dividends, if any, paid by the Fund during the reporting period which are not designated as capital gain distributions should be multiplied by the maximum amount allowable but not less than 7.25% to arrive at the amount eligible for the corporate dividend-received deduction.

A portion, if any, of the dividends paid by the Fund during the reporting period which are not designated as capital gain distributions are eligible for lower individual income tax rates to the extent that the Fund has received qualified dividend income as stipulated by recent tax legislation. The maximum amount allowable but not less than $200,878 of the Fund’s fiscal year taxable income may be eligible for the lower individual income tax rates. In early 2015, shareholders of record received information regarding the percentage of distributions that are eligible for lower individual income tax rates.

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 $961,855 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.

56 OPPENHEIMER GLOBAL MULTI-ASSET INCOME FUND

PORTFOLIO PROXY VOTING POLICIES AND PROCEDURES;

UPDATES TO STATEMENTS OF INVESTMENTS Unaudited

The Fund has adopted Portfolio Proxy Voting Policies and Procedures 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 Procedures 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.

57 OPPENHEIMER GLOBAL MULTI-ASSET INCOME FUND

DISTRIBUTION SOURCES Unaudited

For any distribution that took place over the last six months of the Fund’s reporting period, the table below details on a per-share basis the percentage of the Fund’s total distribution payment amount that was derived from the following sources: net income, net profit from the sale of securities, and other capital sources. This information is based upon income and capital gains using generally accepted accounting principles as of the date of each distribution. For certain securities, such as Master Limited Partnerships (“MLPs”) and Real Estate Investment Trusts (“REITs”), the percentages attributed to each category (net income, net profit from sale and other capital sources) are estimated using historical information because the character of the amounts received from the MLPs and REITs in which the fund invests is unknown until after the end of the calendar year. Because the Fund is actively managed, the relative amount of the Fund’s total distributions derived from various sources over the calendar year may change. Please note that this information should not be used for tax reporting purposes as the tax character of distributable income may differ from the amounts used for this notification. You will receive IRS tax forms in the first quarter of each calendar year detailing the actual amount of the taxable and non-taxable portion of distributions paid to you during the tax year.

For the most current information, please go to oppenheimerfunds.com. Select your Fund, then the ‘Detailed’ tab; where ‘Dividends’ are shown, the Fund’s latest pay date will be followed by the sources of any distribution, updated daily.


Fund Name	Pay Date		Net Income		Net Profit from Sale		Other Capital Sources

Oppenheimer Global Multi-Asset Income Fund		4/29/15		91.0%		9.0%		0.0%

Oppenheimer Global Multi-Asset Income Fund		6/29/15		99.2%		0.0%		0.8%

Oppenheimer Global Multi-Asset Income Fund		7/30/15		97.8%		0.0%		2.2%

Oppenheimer Global Multi-Asset Income Fund		8/28/15		97.9%		0.0%		2.1%

Oppenheimer Global Multi-Asset Income Fund		9/29/15		97.8%		0.0%		2.2%

Oppenheimer Global Multi-Asset Income Fund		10/29/15		94.8%		3.1%		2.1%

58 OPPENHEIMER GLOBAL MULTI-ASSET INCOME 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.

Brian F. Wruble, Chairman of the Board of Trustees and Trustee (since 2014) Year of Birth: 1943		Director and Vice Chairman of Community Foundation of the Florida Keys (non-profit) (since July 2012); Trustee of the Board of Trustees, The Jackson Laboratory (non-profit) (1991-2011 and since May 2014); Chairman Emeritus (since August 2011) of The Jackson Laboratory (non-profit); Director of Special Value Opportunities Fund, LLC (registered investment company) (affiliate of the Sub-Adviser’s parent company) (since September 2004); Member of Zurich Insurance Group’s Investment Management Advisory Council (insurance) (since 2004); Treasurer (since 2007) and Trustee of the Institute for Advanced Study (non-profit educational institute) (since May 1992); General Partner of Odyssey Partners, L.P. (hedge fund) (September 1995-December 2007); Special Limited Partner of Odyssey Investment Partners, LLC (private equity investment) (January 1999-September 2004). Oversees 52 portfolios in the OppenheimerFunds complex. Mr. Wruble has served on the Boards of certain Oppenheimer funds since April 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.

David K. Downes, Trustee (since 2014) Year of Birth: 1940		Director of THL Credit Inc. (since June 2009); Chief Executive Officer and Board Member of Community Capital Management (investment management company) (since January 2004); President of The Community Reinvestment Act Qualified Investment Fund (investment management company) (since 2004); Director of Actua Corporation (information technology company) (since October 2003); formerly, Independent Chairman GSK Employee Benefit Trust (April 2006-June 2013); Director of Correctnet (January 2006-2007); Independent Chairman of the Board of Trustees of Quaker Investment Trust (registered investment company) (2004-2007); Chief Operating Officer and Chief Financial Officer of Lincoln National Investment Companies, Inc. (subsidiary of Lincoln National Corporation, a publicly traded company) and Delaware Investments U.S., Inc. (investment management subsidiary of Lincoln National Corporation) (1993-2003); President, Chief Executive Officer and Trustee of Delaware Investment Family of Funds (1993-2003); President and Board Member of Lincoln National Convertible Securities Funds, Inc. and the Lincoln National Income Funds, TDC (1993-2003); Chairman and Chief Executive Officer of Retirement Financial Services, Inc. (registered transfer agent and investment adviser and subsidiary of Delaware Investments U.S., Inc.) (1993-2003); President and Chief Executive Officer of Delaware Service Company, Inc. (1995-2003); Chief Administrative Officer, Chief Financial Officer, Vice Chairman and Director of Equitable Capital Management Corporation (investment subsidiary of Equitable Life Assurance Society) (1985-1992); Corporate Controller of Merrill Lynch Company (financial services holding company) (1977-1985); held the following positions at the Colonial Penn Group, Inc. (insurance company): Corporate Budget Director (1974-1977), Assistant Treasurer (1972-1974) and Director of Corporate Taxes (1969-1972); held the following positions at Price Waterhouse Company

59 OPPENHEIMER GLOBAL MULTI-ASSET INCOME FUND


TRUSTEES AND OFFICERS Unaudited / Continued


David K. Downes, Continued		(financial services firm): Tax Manager (1967-1969), Tax Senior (1965-1967) and Staff Accountant (1963-1965); United States Marine Corps (1957-1959). Oversees 52 portfolios in the OppenheimerFunds complex. Mr. Downes has served on the Boards of certain Oppenheimer funds since December 2005, 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.

Matthew P. Fink, Trustee (since 2014) Year of Birth: 1941		Trustee of the Committee for Economic Development (policy research foundation) (2005-2011); Director of ICI Education Foundation (education foundation) (October 1991-August 2006); President of the Investment Company Institute (trade association) (October 1991-June 2004); Director of ICI Mutual Insurance Company (insurance company) (October 1991-June 2004); Author of The Rise of Mutual Funds: An Insider’s View published by Oxford University Press (second edition 2010). Oversees 52 portfolios in the OppenheimerFunds complex. Mr. Fink has served on the Boards of certain Oppenheimer funds since January 2005, 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.

Edmund P. Giambastiani, Jr., Trustee (since 2014) Year of Birth: 1948		Advisory Board Member of the Maxwell School of Citizenship and Public Affairs of Syracuse University (since April 2012); Director of Mercury Defense Systems Inc. (information technology) (August 2011-February 2013); Trustee of the U.S. Naval Academy Foundation (since November 2010); Advisory Board Member of the Massachusetts Institute of Technology Lincoln Laboratory (federally-funded research development center) (since May 2010); Director of The Boeing Company (aerospace and defense) (since October 2009); Trustee of MITRE Corporation (federally-funded research development center) (since September 2008); Independent Director of QinetiQ Group Plc (defense technology and security) (February 2008-August 2011); Director of Monster Worldwide, Inc. (on-line career services) (since January 2008, Lead Director since June 2011); Chairman of Alenia North America, Inc. (military and defense products) (January 2008-October 2009); Director of SRA International, Inc. (information technology and services) (January 2008-July 2011); President of Giambastiani Group LLC (national security and energy consulting) (since October 2007); United States Navy, career nuclear submarine officer (June 1970-October 2007), Vice Chairman of the Joint Chiefs of Staff (2005-October 2007), NATO Supreme Allied Commander Transformation (2003-2005), Commander, U.S. Joint Forces Command (2002-2005). Since his retirement from the U.S. Navy in October 2007, Admiral Giambastiani has also served on numerous U.S. Government advisory boards, investigations and task forces for the Secretaries of Defense, State and Interior and the Central Intelligence Agency. Oversees 52 portfolios in the OppenheimerFunds complex. Admiral Giambastiani has served on the Boards of certain Oppenheimer funds since February 2013, including as an Advisory Board Member for certain Oppenheimer funds, 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. For purposes of this report, Admiral Giambastiani is identified as a Trustee.

60 OPPENHEIMER GLOBAL MULTI-ASSET INCOME FUND


Elizabeth Krentzman, Trustee (since 2014) Year of Birth: 1959		Advisory Board Member of the Securities and Exchange Commission Historical Society (since 2007); held the following positions at Deloitte & Touche LLP: Principal and Chief Regulatory Advisor for Asset Management Services (2007-2014) and U.S. Mutual Fund Leader (2011-2014); General Counsel of the Investment Company Institute (trade association) (June 2004-April 2007); held the following positions at Deloitte & Touche LLP: National Director of the Investment Management Regulatory Consulting Practice (1997-2004), Principal (2003-2004), Director (1998-2003) and Senior Manager (1997-1998); Assistant Director of the Division of Investment Management-Office of Disclosure and Investment Adviser Regulation (1996-1997) and various positions with the Division of Investment Management – Office of Regulatory Policy (1991-1996) of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray (1987-1991); former Chair of the Investment Management Subcommittee of the Washington, D.C. Bar. Oversees 52 portfolios in the OppenheimerFunds complex. Ms. Krentzman has served on the Boards of certain Oppenheimer funds since August 2014, 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.

Mary F. Miller, Trustee (since 2014) Year of Birth: 1942		Trustee of International House (not-for-profit) (since June 2007); Trustee of the American Symphony Orchestra (not-for-profit) (October 1998-November 2011); and Senior Vice President and General Auditor of American Express Company (financial services company) (July 1998-February 2003). Oversees 52 portfolios in the OppenheimerFunds complex. Ms. Miller has served on the Boards of certain Oppenheimer funds since August 2004, 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.

Joel W. Motley, Trustee (since 2014) Year of Birth: 1952		Member of the Vestry of Trinity Wall Street (since April 2012); Director of Southern Africa Legal Services Foundation (since March 2012); Board Member of Pulitzer Center for Crisis Reporting (non-profit journalism) (since December 2010); Managing Director of Public Capital Advisors, LLC (privately-held financial advisor) (since January 2006); Managing Director of Carmona Motley, Inc. (privately-held financial advisor) (since January 2002); Director of Columbia Equity Financial Corp. (privately-held financial advisor) (2002-2007); Managing Director of Carmona Motley Hoffman Inc. (privately-held financial advisor) (January 1998-December 2001); Member of the Finance and Budget Committee of the Council on Foreign Relations, Member of the Investment Committee and Board of Human Rights Watch and Member of the Investment Committee and Board of Historic Hudson Valley. Oversees 52 portfolios in the OppenheimerFunds complex. Mr. Motley has served on the Boards of certain Oppenheimer funds since October 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.

Joanne Pace, Trustee (since 2014) Year of Birth: 1958		Board Director of Horizon Blue Cross Blue Shield of New Jersey (since November 2012); Advisory Board Director of The Alberleen Group LLC (since March 2012); Advisory Board Director of The Agile Trading Group LLC (since March 2012); Advisory Council Member of 100 Women in Hedge Funds (non-profit) (since December 2012); Advisory Council Member of Morgan Stanley

61 OPPENHEIMER GLOBAL MULTI-ASSET INCOME FUND


TRUSTEES AND OFFICERS Unaudited / Continued


Joanne Pace, Continued		Children’s Hospital (non-profit) (since May 2012); Board Director of The Komera Project (non-profit) (since April 2012); New York Advisory Board Director of Peace First (non-profit) (since March 2010); Senior Advisor of SECOR Asset Management, LP (2010-2011); Managing Director and Chief Operating Officer of Morgan Stanley Investment Management (2006-2010); Partner and Chief Operating Officer of FrontPoint Partners, LLC (hedge fund) (2005-2006); held the following positions at Credit Suisse: Managing Director (2003-2005); Global Head of Human Resources and member of Executive Board and Operating Committee (2004-2005), Global Head of Operations and Product Control (2003-2004); held the following positions at Morgan Stanley: Managing Director (1997-2003), Controller and Principal Accounting Officer (1999-2003); Chief Financial Officer (temporary assignment) for the Oversight Committee, Long Term Capital Management (1998-1999). Lead Independent Director and Chair of the Audit and Nominating Committee of The Global Chartist Fund, LLC of Oppenheimer Asset Management (2011-2012); Board Director of Managed Funds Association (2008-2010); Board Director of Morgan Stanley Foundation (2007-2010) and Investment Committee Chair (2008-2010). Oversees 52 portfolios in the OppenheimerFunds complex. Ms. Pace has served on the Boards of certain Oppenheimer funds since November 2012, including as an Advisory Board Member for certain Oppenheimer funds, 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 Board’s deliberations. For purposes of this report, Ms. Pace is identified as a Trustee.

Daniel Vandivort, Trustee (since 2014) Year of Birth: 1954		Chairman and Lead Independent Director/Trustee (March 2010-September 2014), Chairman of the Audit Committee (March 2009-September 2014) and Director/Trustee (December 2008-September 2014) of the Board of Directors/Trustees of Value Line Funds; Trustee, Board of Trustees of Huntington Disease Foundation of America (June 2007-December 2013): Trustee, Board of Trustees, RIM Retirement Savings Plan (2005-2007); President and Chief Investment Officer, Robeco Investment Management, formerly known as Weiss Peck and Greer (January 2005-June 2007); Member, Management Committee of Robeco Investment Management (2001-2007); Chairman and Trustee of the Board of Trustees of Weiss, Peck and Greer Funds (2004-2005); Managing Director and Head of Fixed Income, Weiss, Peck and Greer (November 1994-January 2005); Managing Director and Head of Fixed Income, CS First Boston Investment Management (January 1992-November 1994); Director, Global Product Development, First Boston Asset Management (November 1989-January 1992); Vice President, Fixed Income Sales, First Boston Corp. (May 1984-November 1989). Oversees 52 portfolios in the OppenheimerFunds complex. Mr. Vandivort has served on the Boards of certain Oppenheimer funds since 2014, 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 TRUSTEES		Mr. Glavin is an “Interested Trustee” because he is affiliated with the Manager and the Sub-Adviser by virtue of his positions as director of the Sub-Adviser, and as a shareholder of the Sub-Adviser’s parent company. As a Trustee, he serves for an indefinite term, or until his resignation, retirement, death or removal. Mr. Glavin’s address is 225 Liberty Street, New York, New York 10281-1008.

62 OPPENHEIMER GLOBAL MULTI-ASSET INCOME FUND



INTERESTED TRUSTEES Continued		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.

William F. Glavin, Jr., Trustee (since 2014) Year of Birth: 1958		Chairman of the Sub-Adviser (since July 2014 and December 2009-December 2012) and Director of the Sub-Adviser (since January 2009); Chairman, Director and Chief Executive Officer (January 2013-June 2014) of the Manager; President of the Manager (January 2013-May 2013); Chief Executive Officer (January 2009-December 2012); President of the Sub-Adviser (May 2009-December 2012); Management Director (June 2009-June 2014), President (December 2009-June 2014) and Chief Executive Officer (January 2011-June 2014) of Oppenheimer Acquisition Corp. (“OAC”) (the Sub-Adviser’s parent holding company); Director of Oppenheimer Real Asset Management, Inc. (March 2010-June 2014); Executive Vice President (March 2006-February 2009) and Chief Operating Officer (July 2007-February 2009) of Massachusetts Mutual Life Insurance Company (OAC’s parent company); Director (May 2004-March 2006) and Chief Operating Officer and Chief Compliance Officer (May 2004-January 2005), President (January 2005-March 2006) and Chief Executive Officer (June 2005-March 2006) of Babson Capital Management LLC; Director (March 2005-March 2006), President (May 2003-March 2006) and Chief Compliance Officer (July 2005-March 2006) of Babson Capital Securities, Inc. (a broker-dealer); President (May 2003-March 2006) of Babson Investment Company, Inc.; Director (May 2004-August 2006) of Babson Capital Europe Limited; Director (May 2004-October 2006) of Babson Capital Guernsey Limited; Director (May 2004-March 2006) of Babson Capital Management LLC; Non-Executive Director (March 2005-March 2007) of Baring Asset Management Limited; Director (February 2005-June 2006) Baring Pension Trustees Limited; Director and Treasurer (December 2003-November 2006) of Charter Oak Capital Management, Inc.; Director (May 2006-September 2006) of C.M. Benefit Insurance Company; Director (May 2008-June 2009) and Executive Vice President (June 2007-July 2009) of C.M. Life Insurance Company; President (March 2006-May 2007) of MassMutual Assignment Company; Director (January 2005-December 2006), Deputy Chairman (March 2005-December 2006) and President (February 2005-March 2005) of MassMutual Holdings (Bermuda) Limited; Director (May 2008-June 2009) and Executive Vice President (June 2007-July 2009) of MML Bay State Life Insurance Company; Chief Executive Officer and President (April 2007-January 2009) of MML Distributors, LLC; and Chairman (March 2006-December 2008) and Chief Executive Officer (May 2007-December 2008) of MML Investors Services, Inc. An officer of 91 portfolios in the OppenheimerFunds complex. Mr. Glavin has served on the Boards of certain Oppenheimer funds since December 2009, 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.

63 OPPENHEIMER GLOBAL MULTI-ASSET INCOME FUND


TRUSTEES AND OFFICERS Unaudited / Continued


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 91 portfolios in the OppenheimerFunds complex.



OTHER OFFICERS OF THE FUND		The addresses of the Officers in the chart below are as follows: for Messrs. Hamilton, Lee, Rockmuller, de Longis, Steinmetz, Gabinet, Mss. Sexton and Picciotto, 225 Liberty Street, New York, New York 10281-1008, for Mr. Wixted, 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.

Mark Hamilton Vice President (since 2014) Year of Birth: 1965		Chief Investment Officer, Asset Allocation and Senior Vice President of the Sub-Adviser (since April 2013). Mr. Hamilton served at AllianceBernstein L.P. (from 1994-2013) as an Investment Director of Dynamic Asset Allocation (from 2010-2013), Head of North American Blend Team (from 2009-2010), and Senior Portfolio Manager of Blend Strategies (from 2006-2010). A portfolio manager and officer of other portfolios in the OppenheimerFunds complex.

Dokyoung Lee, Vice President (since 2014) Year of Birth: 1965		Director of Research, Global Multi-Asset Group and a Senior Vice President of the Sub-Adviser (since October 2013). Mr. Lee served at Alliance Bernstein L.P. (1994-2013): Director of Research for Strategic Asset Allocation (2011-2013), Director of Research for Blend Strategies (2008-2011), Head of Asia Pacific Blend Strategies (2005-2008), Head of Quantitative Research and Senior Portfolio Manager for Japan Value Equities (2001-2005), Portfolio Manager for Emerging Markets Value Equities (1997-2001), and Quantitative Analyst for US Value Equities (1994-1997). A portfolio manager and officer of other portfolios in the OppenheimerFunds complex.

Benjamin H. Rockmuller, Vice President (since 2014) Year of Birth: 1979		Vice President of the Sub-Adviser (since September 2010); Senior Portfolio Manager of the Sub-Adviser (since January 2014); Portfolio Manager of the Sub-Adviser (July 2010-January 2014); Assistant Vice President of the Sub-Adviser (January 2010-August 2010); Senior Analyst of the Sub-Adviser for the Global Debt Team (January 2010-July 2010); Intermediate Analyst of the Sub-Adviser for the Global Debt Team (January 2007-January 2010); Junior Analyst of the Sub-Adviser for the Global Debt Team (April 2004-January 2007) and Junior Analyst of the Sub-Adviser for the High Yield Team (June 2003-April 2004). A portfolio manager and an officer in the OppenheimerFunds complex.

Alessio de Longis, Vice President (since 2015) Year of Birth: 1978		Vice President of the Sub-Adviser (since June 2010); Assistant Vice President of the Sub-Adviser (May 2009-June 2010); Senior Research Analyst of the Sub-Adviser (January 2008-June 2010); Intermediate Research Analyst of the

64 OPPENHEIMER GLOBAL MULTI-ASSET INCOME FUND


Alessio de Longis, Continued		Sub-Adviser (January 2006-January 2008) Junior Analyst of the Sub-Adviser (February 2004-January 2006). A portfolio manager and an officer in the OppenheimerFunds complex.

Arthur S. Gabinet, Secretary and Chief Legal Officer (since 2011) Year of Birth: 1958		Executive Vice President, Secretary and General Counsel of the Manager (since January 2013); General Counsel OFI SteelPath, Inc. (since January 2013); Executive Vice President (May 2010-December 2012) and General Counsel (since January 2011) of the Sub-Adviser; General Counsel of the Distributor (since January 2011); General Counsel of Centennial Asset Management Corporation (January 2011-December 2012); Executive Vice President (January 2011-December 2012) and General Counsel of HarbourView Asset Management Corporation (since January 2011); Assistant Secretary (since January 2011) and Director (since January 2011) of OppenheimerFunds International Ltd. and OppenheimerFunds plc; Director of Oppenheimer Real Asset Management, Inc. (January 2011-December 2012) and General Counsel (since January 2011); Executive Vice President (January 2011-December 2011) and General Counsel of Shareholder Financial Services, Inc. and Shareholder Services, Inc. (since January 2011); Executive Vice President (January 2011-December 2012) and General Counsel of OFI Private Investments Inc. (since January 2011); Vice President of OppenheimerFunds Legacy Program (January 2011-December 2011); Executive Vice President (January 2011-December 2012) and General Counsel of OFI Institutional Asset Management, Inc. (since January 2011); General Counsel, Asset Management of the Sub-Adviser (May 2010-December 2010); Principal, The Vanguard Group (November 2005-April 2010); District Administrator, U.S. Securities and Exchange Commission (January 2003-October 2005). An officer of 91 portfolios in the OppenheimerFunds complex.

Jennifer Sexton, 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 91 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 91 portfolios in the OppenheimerFunds complex.

Brian W. Wixted, Treasurer and Principal Financial & Accounting Officer (since 1999) Year of Birth: 1959		Senior Vice President of the Manager (since January 2013); Treasurer of the Sub-Adviser, HarbourView Asset Management Corporation, Shareholder Financial Services, Inc., Shareholder Services, Inc., and Oppenheimer Real Asset Management, Inc. (March 1999-June 2008), OFI Private Investments, Inc. (March 2000-June 2008), OppenheimerFunds International Ltd. and OppenheimerFunds plc (since May 2000), OFI Institutional Asset Management, Inc. (November 2000-June 2008), and OppenheimerFunds Legacy Program

65 OPPENHEIMER GLOBAL MULTI-ASSET INCOME FUND


TRUSTEES AND OFFICERS Unaudited / Continued

Brian W. Wixted,

Continued

(charitable trust program established by the Sub-Adviser) (June 2003-December 2011); Treasurer and Chief Financial Officer of OFI Trust Company (since May 2000); Assistant Treasurer of Oppenheimer Acquisition Corporation (March 1999-June 2008). An officer of 91 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).

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OPPENHEIMER GLOBAL MULTI-ASSET INCOME 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		Kramer Levin Naftalis & Frankel LLP

67 OPPENHEIMER GLOBAL MULTI-ASSET INCOME FUND

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:

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Applications or other forms

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When you create a user ID and password for online account access

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When you enroll in eDocs Direct, our electronic document delivery service

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Your transactions with us, our affiliates or others

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A software program on our website, often referred to as a “cookie,” which indicates which parts of our site you’ve visited

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When you set up challenge questions to reset your password online

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 financial services or 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.

68 OPPENHEIMER GLOBAL MULTI-ASSET INCOME FUND

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.

We do not guarantee or warrant that any part of our website, including files available for download, are free of viruses or other harmful code. It is your responsibility to take appropriate precautions, such as use of an anti-virus software package, to protect your computer hardware and software.

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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.

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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.

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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, do not allow it to be used by anyone else. 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 March 2015. 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).

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71 OPPENHEIMER GLOBAL MULTI-ASSET INCOME FUND

LOGO

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 David Downes, the Board’s Audit Committee Chairman, is an audit committee financial expert and that Mr. Downes 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 $42,600 in fiscal 2015 and no such fees in fiscal 2014.

(b)	Audit-Related Fees

The principal accountant for the audit of the registrant’s annual financial statements billed $7,200 in fiscal 2015 and no such fees in fiscal 2014.

The principal accountant for the audit of the registrant’s annual financial statements billed $185,479 in fiscal 2015 and no such fees in fiscal 2014 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: GIPS attestation procedures, system conversion testing, entity reorganization, and internal controls

(c)

Tax Fees

The principal accountant for the audit of the registrant’s annual financial statements billed $525 in fiscal 2015 and no such fees in fiscal 2014.

The principal accountant for the audit of the registrant’s annual financial statements billed $476,233 in fiscal 2015 and no such fees in fiscal 2014 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 2015 and no such fees in fiscal 2014.

The principal accountant for the audit of the registrant’s annual financial statements billed no such fees in fiscal 2015 and no such fees in fiscal 2014 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 $669,437 in fiscal 2015 and 0 in fiscal 2014 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 10/30/2015, 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 Global Multi-Asset Income Fund


By:		/s/ Arthur P. Steinmetz
		Arthur P. Steinmetz
		Principal Executive Officer
Date:		12/9/2015

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:		12/9/2015


By:		/s/ Brian W. Wixted
		Brian W. Wixted
		Principal Financial Officer
Date:		12/9/2015