N-CSRS

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 811-23052

Oppenheimer Global Multi-Asset Growth Fund

(Exact name of registrant as specified in charter)

6803 South Tucson Way, Centennial, Colorado 80112-3924

(Address of principal executive offices)  (Zip code)

Cynthia Lo Bessette

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:  4/30/2017

Item 1.  Reports to Stockholders.

Table of Contents

Fund Performance Discussion	3
Top Holdings and Allocations	7
Fund Expenses	10
Statement of Investments	12
Statement of Assets and Liabilities	36
Statement of Operations	38
Statements of Changes in Net Assets	40
Financial Highlights	41
Notes to Financial Statements	46
Portfolio Proxy Voting Policies and Guidelines; Updates to Statement of Investments	71
Distribution Sources	72
Trustees and Officers	73
Privacy Policy Notice	74

Class A Shares

AVERAGE ANNUAL TOTAL RETURNS AT 4/30/17

	Class A Shares of the Fund
	Without Sales Charge			With Sales Charge			MSCI All Country     World Index
6-Month		9.16	%		2.88	%		11.76%
1-Year		14.28			7.71			15.14
Since Inception (8/27/15)		8.99			5.20			10.55

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 5.75% 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. Returns for periods of less than one year are cumulative and not annualized. For performance data current to the most recent month-end, visit oppenheimerfunds.com or call 1.800.CALL OPP (225.5677). See Fund prospectuses and summary prospectuses for more information on share classes and sales charges.

2      OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

Fund Performance Discussion

The Fund’s Class A shares (without sales charge) produced a return of 9.16% during the reporting period. In comparison, the MSCI All Country World Index (the “Index”) produced a return of 11.76% over the same period.

MARKET OVERVIEW

The world experienced a major unexpected event in early November, with the U.S. election delivering a victory to Donald J. Trump, the Republican candidate. Markets began to price in optimism on fiscal spending and potential for broad reforms as it became clear the Republican Party would control the Presidency, and have controlling majorities in the House and Senate. Investors were most positive on potential fiscal expansion, through both infrastructure spending and tax cuts for individuals and corporations.

Central banks slightly reduced monetary stimulus during December, though the moves were generally well telegraphed and were taken positively by markets. The most notable was the U.S. Federal Reserve (the “Fed”), who hiked rates (as widely expected) for the first time since December 2015. The accompanying statement was more hawkish than many expected, forecasting a pickup in growth and employment and one more rate hike for 2017 than they had previously indicated.

Markets started 2017 on a positive note, with business and consumer sentiment hitting recent highs in the U.S. and inflation figures generally coming in above expectations.

Economic data continued to show signs that the global slowdown evident in early 2016 is abating.

Donald Trump was sworn in as the new U.S. President at the end of January and promptly began pushing against long-held U.S. policies, including bans on immigration and improved regulatory environment for pipelines.

Markets generally traded on a positive note during February, as continued strength in U.S. and global economic indicators helped maintain expectations of a cyclical upswing in growth. Key business surveys on manufacturing and services were strong and beat expectations, indicating a strong outlook for growth in the short term.

European political issues remained near the surface. Predictions of “Frexit” and the demise of the euro emerged. These fears eased after the period ended with the election of Emmanuel Macron.

As February drew to a close, the Fed became increasingly vocal about the possibility of a March rate hike. The Fed followed through on their comments and hiked its short-term rates in March for the third time since the financial

3        OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

crisis, marking an increase in the pace of rate moves.

By the end of March, a ‘chase for yield’ mentality began to return to markets, and both credit and government bond markets attracted buyers.

Market activity was relatively subdued in April, and trading levels remained in recent ranges. There were a couple of key developments, including slowing global momentum in key economic measures, balanced by more positive outcomes from French elections and the start of U.S. earnings season.

FUND REVIEW

The Fund’s absolute performance was driven by positive performance across its equity, fixed income, and alternative components. The primary driver of the Fund’s positive performance during the reporting period came from its equity components. This was driven mostly by widespread strong performance across our international and domestic equity strategies. The largest contributors were the global equity strategy and our large cap core strategy.

In terms of asset allocation, our macroeconomic tools and research indicate the world economy continues its broad-based and synchronized acceleration in economic activity. All major developed markets have moved back into an “expansion” phase of the business cycle, while emerging markets remain on a gradual “recovery” path that

began in early 2016. This macro backdrop has justified a moderately long risk posture in our portfolio during the past few months, and we believe it will continue to support traditionally riskier assets in the near-term.

The fixed income component in the aggregate was a positive contributor to performance. A top contributor during the period was our allocation to credit assets. In particular, our bank loan and global high yield strategies were large contributors. Credit assets have been some of the best performing assets on a risk-adjusted basis during the period. We continue to see attractive income and total return opportunities in emerging markets local debt, given attractive real yields, stable inflation and cheap currency valuations in most high yielding markets. During the period our allocation to emerging markets local debt was a positive contributor to relative performance versus the Index. We see value in this asset class in comparison to developed market bonds that have low or negative real yields. In addition, many emerging markets have room to cut rates as inflation declines and this will provide some capital appreciation.

In contrast to positive economic momentum in the macro environment, we see warning signs in the credit cycle. Specifically, growing corporate leverage and the resulting tighter lending standards could increase credit market vulnerability. As a result, we have reduced our exposure to certain areas of the credit markets, particularly high yield bonds. Despite favorable economic conditions, the

4        OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

current business cycle is very extended, a fact that is reflected in the expensive valuations of several asset classes as well as the build-up of leverage in the corporate sector. In the credit cycle, corporate leverage typically follows a cyclical pattern that precedes changes in credit conditions by several quarters and is followed by a re-pricing of credit spreads. Today the non-financial corporate credit cycle has reached cyclical highs, surpassing the 2008 peak and approaching the peaks of 1989 and 2000. All three of these episodes coincided with recessions.

During the period, we had begun to adjust our portfolios to better reflect the growing risks in the credit cycle. Specifically, we have substantially reduced our high yield corporate bond exposures in favor of bank loans, where we see comparable spreads for less interest rate risk. We have also made some moderate adjustments to reflect additional concerns arising from a tightening Fed, softening in oil prices, and uncertainty around fiscal policy and European elections. Coupled with the rising risks in the credit cycle, these factors could be headwinds to global growth and lead to increased volatility down the road. We slightly reduced our exposure to equities to realize some gains from their impressive post-election run, while also reducing overall risk.

During the reporting period, our allocation to certain alternative strategies was a slight contributor to performance. In particular, Oppenheimer Global Multi Strategies Fund and Oppenheimer Fundamental Alternatives Fund posted slight positive returns for the

period, but did not keep pace with other risk-oriented assets. These funds seek to offer the diversification benefits of hedge fund-like strategies and use systematic and fundamental techniques to generate return. Both funds seek to generate attractive risk-adjusted returns that exhibit low correlation to traditional stocks and bonds. We believe having exposure to these funds provides a great diversification strategy in this equity-dominated growth Fund.

The Fund’s return shaping strategies, which are designed to improve our overall risk profile, detracted from performance during the reporting period. Under normal circumstances, we expect return shaping strategies to cost money, like any insurance premium, and commensurately enhance returns or partially protect principal in environments of extreme market volatility. These strategies are also often used as an efficient way to access upside market participation, especially when we are running lower levels of risk. During the period we utilized downside hedges to reduce tail risk and layer in some downside mitigation in the event we had a risk-off environment. In the absence of volatility during the period, the premium spent for downside hedges was a small detractor.

STRATEGY & OUTLOOK

The Fund’s investment objective is to seek capital appreciation. 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

5        OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

backdrop, overall risk environment and evaluations of prospective risks and returns across asset classes. The Fund invests in a globally diversified set of growth generating assets like traditional equities, fixed income assets, and alternatives. The Fund will dynamically allocate across assets based on the investment team’s views. The Fund seeks to capture the best opportunities for growth with less risk than the broad equity market.

We have modest return expectations given valuations in most asset classes and prefer equities over developed market bonds. We do favor emerging versus developed assets and currencies due to attractive relative valuations and cyclical tailwinds. We also have a preference for European equities over U.S. equities, where we see cheaper valuations and improving macroeconomic conditions. In

our view, we see continued global growth as supportive to traditionally riskier assets in the near term. With that said, looking out further, we do see increasing vulnerabilities in credit markets. In particular, non-financial corporate leverage nearing previous cyclical peaks resulted in portfolio changes to move up in credit quality and prefer bank loans to high yield corporate debt. As always, we continue to closely monitor the developments in the credit cycle as well as the political and policy landscapes to assess risks to the macro outlook and financial markets. While fundamental risks are increasing, we don’t yet see a clear catalyst for increased volatility and broad-based underperformance in risk assets in the near term. Should we see the positive economic data fade, or volatility spread to equities and credit, we stand ready to adapt to a changing environment.

	Mark Hamilton		Dokyoung Lee, CFA
	Portfolio Manager		Portfolio Manager
	Benjamin Rockmuller, CFA		Alessio de Longis, CFA
	Portfolio Manager		Portfolio Manager

6        OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

Top Holdings and Allocations

TOP TEN COMMON STOCK HOLDINGS

Alphabet, Inc., Cl. C	1.2%
Apple, Inc.	1.2
SAP SE	0.8
Facebook, Inc., Cl. A	0.8
Airbus SE	0.8
Citigroup, Inc.	0.7
Comcast Corp., Cl. A	0.6
LVMH Moet Hennessy Louis Vuitton SE	0.6
Kering	0.6
Alibaba Group Holding Ltd., Sponsored ADR	0.6

Portfolio holdings and allocations are subject to change. Percentages are as of April 30, 2017, and are based on net assets. For more current Fund holdings, please visit oppenheimerfund.com.

TOP TEN GEOGRAPHICAL HOLDINGS

United States	54.7%
France	5.8
Japan	4.9
United Kingdom	4.3
Brazil	3.8
Germany	3.2
Switzerland	2.7
China	2.2
India	1.9
Canada	1.8

Portfolio holdings and allocations are subject to change. Percentages are as of April 30, 2017, and are based on total market value of investments.

PORTFOLIO ALLOCATION
Common Stocks	63.0%
Investment Companies
iShares MSCI Brazil Capped Exchange Traded Fund	1.4
Oppenheimer Fundamental Alternatives Fund	5.6
Oppenheimer Global High Yield Fund	4.3
Oppenheimer Institutional Government Money Market Fund	10.3
Oppenheimer Master Loan Fund, LLC	1.8
Oppenheimer Senior Floating Rate Fund	3.8
Foreign Government Obligations	7.4
U.S. Government Obligations	2.1
Preferred Stocks	0.3

Portfolio holdings and allocations are subject to change. Percentages are as of April 30, 2017, and are based on the total market value of investments.

REGIONAL ALLOCATION

U.S./Canada	56.5%
Europe	20.5
Asia	12.8
Latin America	6.2
Emerging Europe	2.5
Middle East/Africa	1.5

Portfolio holdings and allocations are subject to change. Percentages are as of April 30, 2017, and are based on total market value of investments.

7        OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

Share Class Performance

AVERAGE ANNUAL TOTAL RETURNS WITHOUT SALES CHARGE AS OF 4/30/17

	Inception Date		6-Month			1-Year			Since Inception
Class A (QMGAX)		8/27/15		9.16	%		14.28	%		8.99	%
Class C (QMGCX)		8/27/15		8.90			13.59			8.23
Class I (QMGIX)		8/27/15		9.39			14.63			9.30
Class R (QMGRX)		8/27/15		9.11			14.13			8.77
Class Y (QMGYX)		8/27/15		9.21			14.55			9.17

AVERAGE ANNUAL TOTAL RETURNS WITH SALES CHARGE AS OF 4/30/17

	Inception Date		6-Month			1-Year			Since Inception
Class A (QMGAX)		8/27/15		2.88	%		7.71	%		5.20	%
Class C (QMGCX)		8/27/15		7.90			12.59			8.23
Class I (QMGIX)		8/27/15		9.39			14.63			9.30
Class R (QMGRX)		8/27/15		9.11			14.13			8.77
Class Y (QMGYX)		8/27/15		9.21			14.55			9.17

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. Returns for periods of less than one year are cumulative and not annualized. 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 current maximum initial sales charge of 5.75% 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, Class R and Class Y shares. See Fund prospectuses and summary prospectuses for more information on share classes and sales charges.

The Fund’s performance is compared to the performance of the MSCI All Country World Index.

The MSCI All Country World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. 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.

8        OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

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 GROWTH 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 April 30, 2017.

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 April 30, 2017” 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 GROWTH FUND

Actual	Beginning Account Value November 1, 2016		Ending Account Value April 30, 2017		Expenses Paid During 6 Months Ended April 30, 2017
Class A	$	1,000.00	$	1,091.60	$	5.72
Class C		1,000.00		1,089.00		9.62
Class I		1,000.00		1,093.90		4.42
Class R		1,000.00		1,091.10		7.02
Class Y		1,000.00		1,092.10		4.94
Hypothetical
(5% return before expenses)
Class A		1,000.00		1,019.34		5.52
Class C		1,000.00		1,015.62		9.29
Class I		1,000.00		1,020.58		4.27
Class R		1,000.00		1,018.10		6.78
Class Y		1,000.00		1,020.08		4.77

Expenses are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). Those annualized expense ratios, excluding indirect expenses from affiliated funds, based on the 6-month period ended April 30, 2017 are as follows:

Class	Expense Ratios
Class A		1.10%
Class C		1.85
Class I		0.85
Class R		1.35
Class Y		0.95

The expense ratios reflect voluntary and/or contractual waivers and/or reimbursements of expenses by the Fund’s Manager and Transfer Agent. 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 GROWTH FUND

STATEMENT OF INVESTMENTS April 30, 2017 Unaudited

	Shares		Value
Common Stocks—62.4%
Consumer Discretionary—11.1%
Auto Components—1.1%
Adient plc		142	$	10,445
Bridgestone Corp.		3,700		154,468
Continental AG		551		123,342
Delphi Automotive plc		968		77,827
Koito Manufacturing Co. Ltd.		1,400		72,336
Valeo SA		3,250		233,662
				672,080
Automobiles—0.7%
Astra International Tbk PT		57,500		38,575
Bayerische Motoren Werke AG		522		49,839
Hero MotoCorp Ltd.		2,211		113,921
Subaru Corp.		1,300		49,223
Suzuki Motor Corp.		3,200		133,754
Tata Motors Ltd., Sponsored ADR		533		19,012
				404,324
Diversified Consumer Services—0.2%
Dignity plc		1,495		48,269
Estacio Participacoes SA		5,600		31,458
Kroton Educacional SA		5,200		24,492
New Oriental Education & Technology Group, Inc., Sponsored ADR1		790		50,986
				155,205
Hotels, Restaurants & Leisure—1.7%
Accor SA1		1,651		75,248
Carnival Corp.		4,032		249,057
Cedar Fair LP2		561		40,207
China Lodging Group Ltd., Sponsored ADR1		625		44,362
Crown Resorts Ltd.		4,800		44,913
Domino’s Pizza Group plc		15,510		66,380
Galaxy Entertainment Group Ltd.		13,000		72,262
Genting Bhd		21,200		48,026
Genting Malaysia Bhd		16,600		22,432
International Game Technology plc		2,241		49,750
Jollibee Foods Corp.		5,270		22,150
McDonald’s Corp.		884		123,698
Sands China Ltd.		16,000		72,681
Starbucks Corp.		618		37,117
Whitbread plc		1,099		57,436
Wyndham Worldwide Corp.		317		30,213
				1,055,932
Household Durables—0.8%
Newell Brands, Inc.		443		21,149
SEB SA		732		118,107
Sony Corp.		5,000		168,856

12        OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

	Shares		Value
Household Durables (Continued)
Whirlpool Corp.		859	$	159,499
				467,611
Internet & Catalog Retail—0.7%
Amazon.com, Inc.1		133		123,024
Ctrip.com International Ltd., ADR1		1,550		78,291
JD.com, Inc., ADR1		3,434		120,430
Priceline Group, Inc. (The)1		39		72,026
Rakuten, Inc.		3,200		32,793
				426,564
Leisure Products—0.2%
Nintendo Co. Ltd.		600		151,239
Media—1.5%
Comcast Corp., Cl. A		9,959		390,293
DISH Network Corp., Cl. A1		444		28,611
ProSiebenSat.1 Media SE		1,606		68,210
SES SA, Cl. A, FDR		3,038		66,513
Technicolor SA		10,532		53,471
Walt Disney Co. (The)		1,683		194,555
Zee Entertainment Enterprises Ltd.		15,608		127,715
				929,368
Multiline Retail—0.2%
Dollarama, Inc.		1,155		101,112
Specialty Retail—1.6%
AutoNation, Inc.1		755		31,710
AutoZone, Inc.1		319		220,809
Dufry AG1		654		107,180
Industria de Diseno Textil SA		6,047		231,797
Lowe’s Cos., Inc.		3,059		259,648
Steinhoff International Holdings NV		3,541		18,039
Tiffany & Co.		1,141		104,573
				973,756
Textiles, Apparel & Luxury Goods—2.4%
adidas AG		310		62,102
Brunello Cucinelli SpA		1,021		26,741
Burberry Group plc		3,776		78,817
Christian Dior SE		434		119,232
Cie Financiere Richemont SA		999		83,463
Coach, Inc.		720		28,361
Hermes International		185		88,504
Kering		1,151		357,131
LVMH Moet Hennessy Louis Vuitton SE		1,572		388,391
NIKE, Inc., Cl. B		540		29,921
Pandora AS		688		74,406

13        OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

	Shares		Value
Textiles, Apparel & Luxury Goods (Continued)
Prada SpA		14,800	$	69,488
Tod’s SpA		349		26,960
				1,433,517
Consumer Staples—5.5%
Beverages—1.7%
Ambev SA, ADR		6,490		37,188
Anadolu Efes Biracilik Ve Malt Sanayii AS		3,487		19,652
Anheuser-Busch InBev SA/NV		484		54,693
Coca-Cola Amatil Ltd.		7,949		55,832
Coca-Cola European Partners plc		2,260		87,281
Constellation Brands, Inc., Cl. A		218		37,614
Diageo plc		1,364		39,726
Dr Pepper Snapple Group, Inc.		379		34,735
Fomento Economico Mexicano SAB de CV		5,317		47,848
Fomento Economico Mexicano SAB de CV, Sponsored ADR		270		24,311
Heineken NV		1,088		96,936
Kweichow Moutai Co. Ltd., Cl. A		900		53,948
Molson Coors Brewing Co., Cl. B		449		43,055
Nigerian Breweries plc		26,001		9,497
PepsiCo, Inc.		1,798		203,677
Pernod Ricard SA		1,663		208,034
Wuliangye Yibin Co. Ltd., Cl. A		2,501		16,500
				1,070,527
Food & Staples Retailing—0.8%
Alimentation Couche-Tard, Inc., Cl. B		1,558		71,654
BIM Birlesik Magazalar AS		1,198		19,569
CP ALL PCL		49,034		86,328
Kroger Co. (The)		559		16,574
Magnit PJSC		756		116,431
Rite Aid Corp.1		2,348		9,392
Shoprite Holdings Ltd.		1,440		22,617
SPAR Group Ltd. (The)		4,584		61,836
Walgreens Boots Alliance, Inc.		642		55,559
Whole Foods Market, Inc.		1,126		40,953
				500,913
Food Products—1.7%
Barry Callebaut AG1		55		75,446
Danone SA		1,992		139,254
Kraft Heinz Co. (The)		1,844		166,679
Mondelez International, Inc., Cl. A		3,266		147,068
Nestle SA		1,680		129,410
Saputo, Inc.		2,747		90,316
Tingyi Cayman Islands Holding Corp.		12,000		15,418
Unilever plc		4,445		228,675

14        OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

	Shares		Value
Food Products (Continued)
Want Want China Holdings Ltd.		39,000	$	28,082
				1,020,348
Household Products—0.7%
Colgate-Palmolive Co.		2,519		181,469
HRG Group, Inc.1		469		9,385
Kimberly-Clark de Mexico SAB de CV, Cl. A		9,635		20,564
Procter & Gamble Co. (The)		681		59,472
Reckitt Benckiser Group plc		869		80,032
Spectrum Brands Holdings, Inc.		275		39,526
Weatherford International plc1		6,451		37,222
				427,670
Personal Products—0.1%
LG Household & Health Care Ltd.		64		48,715
Tobacco—0.5%
KT&G Corp.		593		52,903
Philip Morris International, Inc.		1,641		181,888
Swedish Match AB		1,781		58,751
				293,542
Energy—2.1%
Energy Equipment & Services—0.3%
Halliburton Co.		740		33,951
Schlumberger Ltd.		367		26,641
TechnipFMC plc1		4,414		132,648
				193,240
Oil, Gas & Consumable Fuels—1.8%
Chevron Corp.		992		105,846
ConocoPhillips		399		19,116
Enbridge, Inc.		971		40,248
Hess Corp.		399		19,483
Husky Energy, Inc.1		1,608		18,565
Koninklijke Vopak NV		1,409		63,518
Magellan Midstream Partners LP2		2,419		179,732
Novatek PJSC, Sponsored GDR		1,055		127,664
Phillips 66		2,424		192,854
Suncor Energy, Inc.		7,524		235,953
TOTAL SA		1,465		75,092
Ultrapar Participacoes SA		300		6,656
				1,084,727
Financials—10.3%
Capital Markets—2.3%
Ameriprise Financial, Inc.		224		28,638
Bank of New York Mellon Corp. (The)		3,004		141,368
BlackRock, Inc., Cl. A		38		14,614

15        OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

	Shares		Value
Capital Markets (Continued)
Charles Schwab Corp. (The)		953	$	37,024
CME Group, Inc., Cl. A		1,096		127,344
Credit Suisse Group AG1		2,756		41,898
Daiwa Securities Group, Inc.		2,000		12,172
Goldman Sachs Group, Inc. (The)		555		124,209
Intercontinental Exchange, Inc.		1,998		120,280
Morgan Stanley		601		26,065
Nasdaq, Inc.		873		60,124
NEX Group plc		6,957		55,448
S&P Global, Inc.		2,049		274,955
TP ICAP plc		9,510		56,424
UBS Group AG		16,670		284,770
				1,405,333
Commercial Banks—3.2%
3SBio, Inc.1,3		8,500		11,363
Australia & New Zealand Banking Group Ltd.		3,890		95,215
Banco Bilbao Vizcaya Argentaria SA		5,941		47,531
Bank Mandiri Persero Tbk PT		29,300		25,727
Bank of America Corp.		7,746		180,792
Bank of the Philippine Islands		2,210		4,634
Bank Pekao SA		1,207		43,703
Barclays plc		20,650		56,292
BDO Unibank, Inc.		2,476		5,939
BOC Hong Kong Holdings Ltd.		16,000		65,852
Citigroup, Inc.		7,067		417,801
Credicorp Ltd.		90		13,829
Firstrand Ltd.		441		1,648
Grupo Aval Acciones y Valores SA, ADR		3,400		27,132
Grupo Financiero Banorte SAB de CV, Cl. O		5,900		34,146
Grupo Financiero Inbursa SAB de CV, Cl. O		21,821		36,849
ICICI Bank Ltd., Sponsored ADR		23,491		201,318
JPMorgan Chase & Co.		2,085		181,395
KeyCorp.		2,060		37,574
Kotak Mahindra Bank Ltd.		3,433		48,224
Sberbank of Russia PJSC, Sponsored ADR		5,110		60,734
Societe Generale SA		1,986		108,556
Sumitomo Mitsui Financial Group, Inc.		900		33,354
Sumitomo Mitsui Trust Holdings, Inc.		500		17,154
SunTrust Banks, Inc.		1,273		72,319
US Bancorp		1,866		95,689
Zenith Bank plc		161,349		7,152
				1,931,922
Consumer Finance—0.5%
American Express Co.		1,814		143,759
Cholamandalam Investment & Finance Co. Ltd.		606		10,492
Discover Financial Services		1,244		77,862
Prosegur Cash SA1,3		22,380		57,046

16        OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

	Shares		Value
Consumer Finance (Continued)
Synchrony Financial		1,250	$	34,750
				323,909
Diversified Financial Services—0.9%
Ayala Corp.		260		4,508
Berkshire Hathaway, Inc., Cl. B1		964		159,262
BM&FBovespa SA-Bolsa de Valores Mercadorias e Futuros		12,100		72,469
Grupo de Inversiones Suramericana SA		1,699		22,465
Hong Kong Exchanges & Clearing Ltd.		914		22,480
ING Groep NV		6,991		113,758
Kinnevik AB, Cl. B		2,132		56,864
Moscow Exchange (The)		11,386		22,992
ORIX Corp.		5,300		80,976
				555,774
Insurance—2.2%
AIA Group Ltd.		16,600		114,825
Allianz SE		706		134,415
American International Group, Inc.		1,166		71,021
Aon plc		335		40,146
Dai-ichi Life Holdings, Inc.		5,700		97,236
FNF Group		1,737		71,130
Marsh & McLennan Cos., Inc.		1,052		77,985
MetLife, Inc.		2,959		153,306
Old Mutual plc		14,392		36,279
Ping An Insurance Group Co. of China Ltd., Cl. H		10,000		56,198
Progressive Corp. (The)		1,965		78,050
Prudential plc		14,971		332,386
Sul America SA		3,933		20,805
XL Group Ltd.		923		38,628
				1,322,410
Real Estate Investment Trusts (REITs)—0.5%
Boston Properties, Inc.		177		22,408
British Land Co. plc (The)		3,660		31,118
Crown Castle International Corp.		616		58,274
Digital Realty Trust, Inc.		185		21,245
HCP, Inc.		1,179		36,962
Invitation Homes, Inc.1		690		14,870
Mid-America Apartment Communities, Inc.		702		69,645
Ventas, Inc.		405		25,924
				280,446
Real Estate Management & Development—0.4%
Ayala Land, Inc.		28,200		19,921
DLF Ltd.1		52,467		151,503
Emaar Properties PJSC		8,672		16,934
SM Prime Holdings, Inc.1		61,000		36,380

17        OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

	Shares		Value
Real Estate Management & Development (Continued)
SOHO China Ltd.		18,000	$	9,819
				234,557
Thrifts & Mortgage Finance—0.3%
Housing Development Finance Corp. Ltd.		8,078		193,475
Health Care—6.7%
Biotechnology—1.7%
ACADIA Pharmaceuticals, Inc.1		1,807		62,034
Amgen, Inc.		380		62,062
Biocon Ltd.1		550		9,435
Biogen, Inc.1		438		118,790
BioMarin Pharmaceutical, Inc.1		403		38,624
Bluebird Bio, Inc.1		392		34,868
Blueprint Medicines Corp.1		280		13,042
Celgene Corp.1		1,730		214,607
Circassia Pharmaceuticals plc1		13,350		17,197
CSL Ltd.		1,059		105,166
Gilead Sciences, Inc.		1,201		82,329
Grifols SA		4,081		109,589
Ionis Pharmaceuticals, Inc.1		1,090		52,527
MacroGenics, Inc.1		1,473		31,832
Sage Therapeutics, Inc.1		671		47,641
Vertex Pharmaceuticals, Inc.1		137		16,207
				1,015,950
Health Care Equipment & Supplies—1.3%
Boston Scientific Corp.1		3,150		83,097
Coloplast AS, Cl. B		1,075		92,011
CR Bard, Inc.		84		25,828
Danaher Corp.		931		77,580
Essilor International SA		655		84,864
Intuitive Surgical, Inc.1		40		33,435
Medtronic plc		554		46,032
Sonova Holding AG		466		68,911
Stryker Corp.		709		96,686
William Demant Holding AS1		2,770		63,417
Zimmer Biomet Holdings, Inc.		1,160		138,794
				810,655
Health Care Providers & Services—1.6%
Aetna, Inc.		1,313		177,347
Anthem, Inc.		810		144,091
Apollo Hospitals Enterprise Ltd.1		1,699		32,568
Cardinal Health, Inc.		211		15,316
Centene Corp.1		630		46,872
Express Scripts Holding Co.1		1,444		88,575
Humana, Inc.		104		23,086
Laboratory Corp. of America Holdings1		288		40,363

18        OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

	Shares		Value
Health Care Providers & Services (Continued)
Mediclinic International plc		1,170	$	12,448
Sinopharm Group Co. Ltd., Cl. H		11,200		50,136
Sonic Healthcare Ltd.		3,246		53,672
UnitedHealth Group, Inc.		1,486		259,872
				944,346
Health Care Technology—0.2%
Bharti Infratel Ltd.		4,179		23,069
Cerner Corp.1		1,472		95,312
				118,381
Life Sciences Tools & Services—0.3%
Agilent Technologies, Inc.		838		46,132
Lonza Group AG1		508		103,892
Samsung Biologics Co. Ltd.1		112		17,208
Thermo Fisher Scientific, Inc.		142		23,477
				190,709
Pharmaceuticals—1.6%
Allergan plc		293		71,451
Bayer AG		809		100,109
Celltrion, Inc.1		57		4,490
Dr. Reddy’s Laboratories Ltd.		660		26,675
Galenica AG		50		54,356
GlaxoSmithKline plc, Sponsored ADR		529		21,636
Glenmark Pharmaceuticals Ltd.		1,357		18,893
Hikma Pharmaceuticals plc		320		8,033
Jiangsu Hengrui Medicine Co. Ltd., Cl. A		5,540		43,076
Merck & Co., Inc.		3,471		216,347
Mylan NV1		1,512		56,473
Novo Nordisk AS, Cl. B		1,828		71,111
Pfizer, Inc.		1,810		61,395
Roche Holding AG		586		153,268
Shire plc		735		43,308
Teva Pharmaceutical Industries Ltd., Sponsored ADR		558		17,622
Valeant Pharmaceuticals International, Inc.1		1,870		17,297
				985,540
Industrials—9.0%
Aerospace & Defense—1.2%
Airbus SE		6,058		489,802
Arconic, Inc.		222		6,067
Embraer SA, Sponsored ADR		1,300		24,960
Lockheed Martin Corp.		743		200,201
				721,030
Air Freight & Couriers—0.3%
FedEx Corp.		95		18,021
Royal Mail plc		6,861		35,756

19        OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

	Shares		Value
Air Freight & Couriers (Continued)
United Parcel Service, Inc., Cl. B		734	$	78,876
XPO Logistics, Inc.1		1,109		54,774
				187,427
Airlines—0.3%
Delta Air Lines, Inc.		589		26,764
International Consolidated Airlines Group SA		6,330		45,884
Japan Airlines Co. Ltd.		2,200		69,487
Southwest Airlines Co.		347		19,509
Spirit Airlines, Inc.1		527		30,181
				191,825
Building Products—0.3%
Assa Abloy AB, Cl. B		5,049		109,319
SMC Corp.		300		84,607
				193,926
Commercial Services & Supplies—0.8%
Edenred		3,520		90,193
Johnson Controls International plc		4,003		166,405
KAR Auction Services, Inc.		1,121		48,898
Prosegur Cia de Seguridad SA		13,515		88,138
Republic Services, Inc., Cl. A		304		19,149
Waste Connections, Inc.		499		45,918
Waste Management, Inc.		298		21,688
				480,389
Construction & Engineering—0.4%
Boskalis Westminster		1,513		55,636
FLSmidth & Co. AS		554		33,301
Vinci SA		1,906		162,362
				251,299
Electrical Equipment—1.4%
ABB Ltd.		1,455		35,593
Eaton Corp. plc		1,033		78,136
Emerson Electric Co.		596		35,927
Legrand SA		1,319		85,379
Mitsubishi Electric Corp.		5,600		78,171
Nidec Corp.		2,740		251,447
Philips Lighting NV1,3		3,343		113,018
Schneider Electric SE		2,454		193,778
				871,449
Industrial Conglomerates—0.9%
3M Co.		577		112,994
General Electric Co.		6,333		183,594
Jardine Strategic Holdings Ltd.		1,500		63,334
Seibu Holdings, Inc.		1,700		29,686

20        OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

	Shares		Value
Industrial Conglomerates (Continued)
Siemens AG		546	$	78,263
SM Investments Corp.		3,260		47,492
				515,363
Machinery—1.0%
Aalberts Industries NV		2,777		110,092
Atlas Copco AB, Cl. A		2,855		106,630
Caterpillar, Inc.		199		20,350
Deere & Co.		364		40,626
FANUC Corp.		300		60,996
Kubota Corp.		2,700		42,529
PACCAR, Inc.		292		19,485
Parker-Hannifin Corp.		301		48,401
SKF AB, Cl. B		3,531		77,559
Stanley Black & Decker, Inc.		122		16,610
Wabtec Corp.		415		34,814
Weir Group plc (The)		1,248		32,182
				610,274
Professional Services—0.9%
Bureau Veritas SA		1,380		31,965
Experian plc		3,869		83,076
Intertek Group plc		1,520		79,963
Nielsen Holdings plc		3,269		134,454
Recruit Holdings Co. Ltd.		3,300		166,805
SGS SA		22		49,517
				545,780
Road & Rail—0.4%
Canadian National Railway Co.		1,319		95,350
Canadian Pacific Railway Ltd.		980		150,185
Kansas City Southern		169		15,222
				260,757
Trading Companies & Distributors—0.8%
Brenntag AG		2,674		158,449
Bunzl plc		3,304		103,042
ITOCHU Corp.		2,900		41,044
Travis Perkins plc		3,614		75,402
Wolseley plc		1,313		83,279
				461,216
Transportation Infrastructure—0.3%
Beijing Capital International Airport Co. Ltd., Cl. H		38,000		53,675
DP World Ltd.		2,881		58,853
Grupo Aeroportuario del Sureste SAB de CV, Cl. B		1,601		30,380
				142,908

21        OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

	Shares		Value
Information Technology—12.8%
Communications Equipment—0.3%
Cisco Systems, Inc.		3,837	$	130,726
Nokia OYJ		13,720		78,440
				209,166
Electronic Equipment, Instruments, & Components—1.4%
Hoya Corp.		2,600		124,353
Keyence Corp.		600		241,404
Kyocera Corp.		1,600		90,696
Murata Manufacturing Co. Ltd.		1,600		214,857
Spectris plc		1,422		50,787
TDK Corp.		1,600		99,197
TE Connectivity Ltd.		659		50,987
				872,281
Internet Software & Services—3.9%
Alibaba Group Holding Ltd., Sponsored ADR1		2,993		345,691
Alphabet, Inc., Cl. A1		266		245,922
Alphabet, Inc., Cl. C1		829		751,041
Baidu, Inc., Sponsored ADR1		743		133,911
Facebook, Inc., Cl. A1		3,299		495,675
MercadoLibre, Inc.		20		4,578
NAVER Corp.		85		59,709
Tencent Holdings Ltd.		7,100		222,083
Twitter, Inc.1		2,878		47,429
United Internet AG		1,151		52,979
				2,359,018
IT Services—1.3%
Amadeus IT Group SA, Cl. A		1,626		87,653
Amdocs Ltd.		1,847		113,110
Atos SE		500		65,537
Earthport plc1		35,740		12,032
First Data Corp., Cl. A1		1,880		29,365
Infosys Ltd.		6,865		98,206
Mastercard, Inc., Cl. A		1,019		118,530
PayPal Holdings, Inc.1		4,657		222,232
Tata Consultancy Services Ltd.		1,207		42,643
				789,308
Semiconductors & Semiconductor Equipment—2.0%
Applied Materials, Inc.		2,017		81,910
ASML Holding NV		681		89,924
Broadcom Ltd.		550		121,446
Infineon Technologies AG		12,348		255,615
Maxim Integrated Products, Inc.		4,065		179,470
Micron Technology, Inc.1		697		19,286
NXP Semiconductors NV1		252		26,649
SK Hynix, Inc.		2,091		99,264

22        OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

	Shares		Value
Semiconductors & Semiconductor Equipment (Continued)
STMicroelectronics NV		4,160	$	67,346
Taiwan Semiconductor Manufacturing Co. Ltd.		34,000		218,265
Texas Instruments, Inc.		900		71,262
				1,230,437
Software—2.5%
Activision Blizzard, Inc.		592		30,932
Adobe Systems, Inc.1		1,139		152,330
Check Point Software Technologies Ltd.1		128		13,313
Dassault Systemes SE		961		85,837
Gemalto NV		960		53,706
Intuit, Inc.		1,278		160,018
Microsoft Corp.		3,432		234,955
Oracle Corp.		1,026		46,129
SAP SE		5,096		511,087
Snap, Inc., Cl. A1		569		12,831
Synopsys, Inc.1		759		55,938
Temenos Group AG1		1,536		132,907
				1,489,983
Technology Hardware, Storage & Peripherals—1.4%
Apple, Inc.		4,897		703,454
HP, Inc.		2,047		38,525
Western Digital Corp.		1,016		90,495
				832,474
Materials—2.2%
Chemicals—1.4%
Air Liquide SA		510		61,437
Akzo Nobel NV		1,108		96,740
Albemarle Corp.		143		15,574
Eastman Chemical Co.		716		57,101
EI du Pont de Nemours & Co.		881		70,260
Essentra plc		6,658		46,691
Linde AG		1,149		206,452
Novozymes AS, Cl. B		1,668		72,062
PPG Industries, Inc.		1,104		121,263
Sherwin-Williams Co. (The)		50		16,734
Sika AG		14		89,360
				853,674
Construction Materials—0.3%
Indocement Tunggal Prakarsa Tbk PT		14,000		17,801
James Hardie Industries plc		4,632		78,589
Semen Indonesia Persero Tbk PT		5,500		3,640
UltraTech Cement Ltd.		490		32,351
Vulcan Materials Co.		472		57,055
				189,436

23        OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

	Shares		Value
Containers & Packaging—0.2%
CCL Industries, Inc., Cl. B		424	$	98,153
WestRock Co.		345		18,478
				116,631
Metals & Mining—0.3%
Alrosa PJSC		18,425		31,682
Glencore plc1		18,140		71,091
Goldcorp, Inc.		2,633		36,757
Nucor Corp.		697		42,747
				182,277
Telecommunication Services—2.0%
Diversified Telecommunication Services—1.3%
BT Group plc, Cl. A		27,446		108,317
CenturyLink, Inc.		838		21,511
Iliad SA		392		95,167
Inmarsat plc		9,216		97,570
Nippon Telegraph & Telephone Corp.		5,600		239,627
Spark New Zealand Ltd.		37,827		95,994
Verizon Communications, Inc.		2,570		117,989
				776,175
Wireless Telecommunication Services—0.7%
China Mobile Ltd.		1,500		15,981
KDDI Corp.		3,900		103,446
Rogers Communications, Inc., Cl. B		2,160		99,040
SK Telecom Co. Ltd.		229		48,317
T-Mobile US, Inc.1		964		64,848
Vodafone Group plc		43,392		111,864
				443,496
Utilities—0.7%
Electric Utilities—0.5%
Edison International		1,382		110,519
Entergy Corp.		363		27,682
PG&E Corp.		2,316		155,288
				293,489
Gas Utilities—0.1%
AmeriGas Partners LP2		915		41,193
Multi-Utilities—0.1%
National Grid plc		7,057		91,405
Total Common Stocks (Cost $31,969,192)				37,927,883
Preferred Stocks—0.4%
Bayerische Motoren Werke (BMW) AG, Preference		1,728		142,070
Lojas Americanas SA, Preference		10,860		57,618

24        OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

		Shares		Value
Preferred Stocks (Continued)
Zee Entertainment Enterprises Ltd., 6% Cum. Non-Cv.			56,210	$	8,249
Total Preferred Stocks (Cost $174,944)					207,937
		Principal Amount
U.S. Government Obligation—2.0%
United States Treasury Bonds, 2.875%, 8/15/454 (Cost $1,246,157)		$	1,259,000		1,237,803
Foreign Government Obligations—7.3%
Argentine Republic:
2.25% Bonds, 4/28/205	ARS		175,000		12,894
2.50% Bonds, 7/22/215	ARS		485,000		37,827
16.00% Bonds, 10/17/23	ARS		265,000		18,461
22.75% Bonds, 3/5/18	ARS		400,000		26,532
23.306% Sr. Unsec. Nts., 3/1/206	ARS		1,038,000		71,942
Federative Republic of Brazil:
9.762% Unsec. Nts., 1/1/19	BRL		1,605,000		511,133
9.762% Unsec. Nts., 1/1/21	BRL		1,415,000		447,237
9.762% Unsec. Nts., 1/1/23	BRL		360,000		112,923
12.90% Unsec. Nts., 8/15/22	BRL		65,000		63,097
18.194% Unsec. Nts., 5/15/45	BRL		25,000		25,644
Hungary:
Series 20/A, 7.50% Bonds, 11/12/20	HUF		6,400,000		27,277
Series 25/B, 5.50% Bonds, 6/24/25	HUF		25,100,000		102,887
Republic of Chile, 4.50% Unsec. Nts., 2/28/21	CLP		40,000,000		62,414
Republic of Colombia:
Series B, 7.00% Bonds, 5/4/22	COP		350,000,000		125,520
Series B, 7.50% Bonds, 8/26/26	COP		145,000,000		53,888
Series B, 7.75% Bonds, 9/18/30	COP		50,000,000		18,991
Series B, 10.00% Bonds, 7/24/24	COP		130,000,000		54,183
Republic of Indonesia:
Series FR59, 7.00% Sr. Unsec. Nts., 5/15/27	IDR		1,300,000,000		97,239
Series FR61, 7.00% Sr. Unsec. Nts., 5/15/22	IDR		1,500,000,000		114,094
Series FR72, 8.25% Sr. Unsec. Nts., 5/15/36	IDR		1,580,000,000		125,110
Series FR73, 8.75% Sr. Unsec. Nts., 5/15/31	IDR		1,020,000,000		84,713
Republic of Peru:
6.35% Sr. Unsec. Nts., 8/12/283	PEN		345,000		110,302
6.95% Sr. Unsec. Nts., 8/12/313	PEN		40,000		13,349
7.84% Sr. Unsec. Nts., 8/12/203	PEN		120,000		40,883
8.20% Sr. Unsec. Nts., 8/12/263	PEN		125,000		45,723
Republic of Poland:
Series 0721, 1.75% Bonds, 7/25/21	PLN		530,000		131,751
Series 0726, 2.50% Bonds, 7/25/26	PLN		380,000		91,823
Republic of South Africa:
6.50% Bonds, 2/28/41	ZAR		860,000		45,841
Series 2023, 7.75% Bonds, 2/28/23	ZAR		250,000		18,388
Series 2030, 8.00% Bonds, 1/31/30	ZAR		2,220,000		152,307
Series 2037, 8.50% Bonds, 1/31/37	ZAR		900,000		61,311
Series R186, 10.50% Bonds, 12/21/26	ZAR		925,000		77,311
Series R208, 6.75% Sr. Unsec. Nts., 3/31/21	ZAR		2,300,000		166,763

25        OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

		Principal Amount		Value
Foreign Government Obligations (Continued)
Republic of Turkey:
8.50% Bonds, 7/10/19	TRY		65,000	$	17,495
8.80% Bonds, 11/14/18	TRY		60,000		16,398
10.60% Bonds, 2/11/26	TRY		75,000		21,710
10.70% Bonds, 2/17/21	TRY		80,000		22,624
11.00% Bonds, 2/24/27	TRY		120,000		35,681
Romania:
5.90% Bonds, 7/26/17	RON		260,000		63,240
5.95% Bonds, 6/11/21	RON		160,000		43,390
Russian Federation:
Series 6209, 7.60% Bonds, 7/20/22	RUB		4,825,000		85,170
Series 6210, 6.80% Bonds, 12/11/19	RUB		7,000,000		119,884
Series 6211, 7.00% Bonds, 1/25/23	RUB		5,800,000		99,732
Series 6212, 7.05% Bonds, 1/19/28	RUB		1,000,000		16,967
Series 6216, 6.70% Bonds, 5/15/19	RUB		18,500,000		318,826
United Mexican States:
Series M, 5.75% Bonds, 3/5/26	MXN		2,600,000		125,593
Series M, 8.00% Sr. Unsec. Nts., 12/7/23	MXN		200,000		11,133
Series M10, 8.50% Bonds, 12/13/18	MXN		2,750,000		149,900
Series M20, 8.50% Sr. Unsec. Nts., 5/31/29	MXN		930,000		54,084
Series M20, 10.00% Bonds, 12/5/24	MXN		1,100,000		68,253
Series M30, 8.50% Sr. Unsec. Nts., 11/18/38	MXN		320,000		18,623
Series M30, 10.00% Bonds, 11/20/36	MXN		150,000		9,919
Total Foreign Government Obligations (Cost $4,334,411)					4,448,380
		Shares
Investment Companies—26.9%
iShares MSCI Brazil Capped Exchange Traded Fund			22,850		849,334
Oppenheimer Fundamental Alternatives Fund, Cl. I7			121,333		3,386,409
Oppenheimer Global High Yield Fund, Cl. I7			275,584		2,612,534
Oppenheimer Institutional Government Money Market Fund, Cl. E, 0.71%7,8			6,191,321		6,191,321
Oppenheimer Master Loan Fund, LLC7			64,963		1,065,204
Oppenheimer Senior Floating Rate Fund, Cl. I7			278,589		2,267,715
Total Investment Companies (Cost $16,159,720)					16,372,517
Total Investments, at Value (Cost $53,884,424)			99.0%		60,194,520
Net Other Assets (Liabilities)			1.0		585,979
Net Assets			100.0%	$	60,780,499

Footnotes to Statement of Investments

1. Non-income producing security.

2. Security is a Master Limited Partnership.

3. 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 $391,684 or 0.64% of the Fund’s net assets at period end.

4. All or a portion of the security position is held in accounts at a futures clearing merchant and pledged to cover margin requirements on open futures contracts and written options on futures, if applicable. The aggregate market value of such securities is $1,237,803. See Note 6 of the accompanying Notes.

5. Denotes an inflation-indexed security: coupon or principal are indexed to a consumer price index.

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

26        OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

Footnotes to Statement of Investments (Continued)

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 October 31, 2016		Gross         Additions		Gross Reductions			Shares April 30, 2017
Oppenheimer Fundamental Alternatives Fund, Cl. I		120,464		869		—			121,333
Oppenheimer Global High Yield Fund, Cl. I		599,838		12,825		337,079			275,584
Oppenheimer Institutional Government Money Market Fund, Cl. E		4,187,545		12,173,742		10,169,966			6,191,321
Oppenheimer Master Loan Fund, LLC		64,963		—		—			64,963
Oppenheimer Senior Floating Rate Fund, Cl. I		295,052		6,378		22,841			278,589
			Value		Income			Realized Gain
Oppenheimer Fundamental Alternatives Fund, Cl. I			$	3,386,409	$	23,892		$	—
Oppenheimer Global High Yield Fund, Cl. I				2,612,534		120,570			73,807
Oppenheimer Institutional Government Money Market Fund, Cl. E				6,191,321		6,644			—
Oppenheimer Master Loan Fund, LLC				1,065,204		33,289	a		4,324a
Oppenheimer Senior Floating Rate Fund, Cl. I				2,267,715		51,847			5,599
Total			$	15,523,183	$	236,242		$	83,730

     a. Represents the amount allocated to the Fund from Oppenheimer Master Loan 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	Value		Percent
United States	$	32,904,515	54.7%
France		3,477,515	5.8
Japan		2,941,912	4.9
United Kingdom		2,610,870	4.3
Brazil		2,285,014	3.8
Germany		1,942,933	3.2
Switzerland		1,599,394	2.7
China		1,349,952	2.2
India		1,157,748	1.9
Canada		1,083,250	1.8
Russia		1,000,082	1.7
Netherlands		838,016	1.4
Mexico		631,604	1.1
Spain		621,754	1.0
South Africa		620,471	1.0
Indonesia		506,898	0.8

27        OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

Geographic Holdings (Continued)	Value		Percent
Hong Kong	$	411,434	0.7%
Sweden		409,123	0.7
Denmark		406,307	0.7
Australia		354,798	0.6
South Korea		330,606	0.5
Colombia		302,178	0.5
Poland		267,278	0.4
Peru		224,086	0.4
Taiwan		218,265	0.4
Argentina		172,234	0.3
Ireland		170,970	0.3
Turkey		153,130	0.3
Philippines		141,024	0.2
Hungary		130,164	0.2
Italy		123,189	0.2
Singapore		121,446	0.2
Romania		106,630	0.2
New Zealand		95,994	0.2
Thailand		86,328	0.1
Finland		78,440	0.1
United Arab Emirates		75,786	0.1
Malaysia		70,458	0.1
Chile		62,415	0.1
Belgium		54,693	0.1
Israel		30,935	0.1
Nigeria		16,648	0.0
Jordan		8,033	0.0
Total	$	60,194,520	100.0%

Forward Currency Exchange Contracts as of April 30, 2017

Counterparty	Settlement Month(s)			Currency Purchased (000’s)		Currency Sold (000’s)			Unrealized Appreciation		Unrealized Depreciation
BAC		05/2017	BRL		570		USD	178	$	1,320	$	—
BAC		06/2017	INR		3,000		USD	45		1,873		—
BAC		06/2017	MYR		100		USD	23		232		—
BAC		05/2017	USD		182		BRL	570		2,806		—
BAC		06/2017	USD		486		CAD	655		6,066		—
BAC		06/2017	USD		954		CNH	6,620		—		2,292
BAC		05/2017	USD		5		MXN	100		2		—
BAC		06/2017	USD		3		TRY	10		—		85
BNP		06/2017	USD		202		THB	7,000		—		234
BOA		06/2017	COP		1,901,000		USD	629		12,236		—
BOA		05/2017 - 06/2017	EUR		1,295		USD	1,390		22,925		—
BOA		06/2017	HUF		1,700		USD	6		133		—
BOA		06/2017	IDR		3,230,000		USD	240		1,577		—
BOA		06/2017	INR		4,600		USD	70		1,373		—
BOA		06/2017	RON		45		USD	11		126		—
BOA		06/2017	THB		16,200		USD	464		4,271		499
BOA		06/2017 - 09/2017	TRY		930		USD	243		9,953		—

28        OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

Forward Currency Exchange Contracts (Continued)

Counterparty	Settlement Month(s)			Currency Purchased (000’s)		Currency Sold (000’s)		Unrealized Appreciation		Unrealized Depreciation
BOA		06/2017	TWD		44,000	USD	1,428	$	31,384	$	—
BOA		09/2017	USD		19	CLP	12,400		194		—
BOA		05/2017 - 06/2017	USD		1,790	EUR	1,685		—		48,557
BOA		06/2017	USD		9	HUF	2,500		34		15
BOA		06/2017	USD		73	IDR	983,200		—		218
BOA		06/2017	USD		187	INR	12,300		—		3,572
BOA		06/2017	USD		259	KRW	299,000		—		3,946
BOA		05/2017	USD		21	MXN	400		—		292
BOA		06/2017	USD		1,208	NOK	10,290		9,025		—
BOA		06/2017	USD		15	PLN	60		—		287
BOA		06/2017	USD		2	RON	10		—		42
BOA		06/2017	USD		55	RUB	3,300		—		2,448
BOA		06/2017	USD		367	SEK	3,310		—		7,402
BOA		06/2017	USD		285	THB	10,000		—		4,017
BOA		06/2017	USD		50	TRY	190		—		2,558
BOA		06/2017	USD		34	ZAR	450		369		—
BOA		06/2017	ZAR		880	USD	67		—		1,820
CITNA-B		05/2017	BRL		1,520	USD	480		—		1,202
CITNA-B		05/2017	CAD		556	USD	416		—		8,949
CITNA-B		06/2017	CZK		14,000	USD	552		18,092		—
CITNA-B		06/2017	EUR		650	USD	702		7,955		—
CITNA-B		05/2017	JPY		43,173	USD	417		—		29,244
CITNA-B		06/2017	MYR		1,110	USD	249		6,907		—
CITNA-B		06/2017	PLN		180	USD	45		996		—
CITNA-B		06/2017	TRY		3,890	USD	1,015		66,505		—
CITNA-B		06/2017	USD		91	ARS	1,470		—		2,597
CITNA-B		05/2017 - 06/2017	USD		933	BRL	2,980		1,219		3,519
CITNA-B		05/2017	USD		417	CAD	556		9,293		—
CITNA-B		06/2017	USD		48	COP	146,000		79		1,185
CITNA-B		06/2017	USD		1,811	GBP	1,475		—		101,390
CITNA-B		05/2017	USD		417	JPY	43,173		29,131		—
CITNA-B		05/2017	USD		5	MXN	100		—		18
CITNA-B		06/2017	USD		13	MYR	60		—		388
CITNA-B		06/2017	USD		186	PEN	620		—		3,698
CITNA-B		06/2017	USD		362	PLN	1,480		—		19,299
CITNA-B		06/2017	USD		60	RUB	3,600		18		2,722
CITNA-B		06/2017	USD		202	ZAR	2,690		2,966		928
DEU		06/2017	JPY		24,000	USD	210		5,412		—
DEU		06/2017	USD		45	CAD	60		796		—
DEU		06/2017	USD		433	CHF	435		—		5,383
DEU		06/2017	USD		48	EUR	45		—		1,486
DEU		06/2017	USD		255	ILS	940		—		5,221
DEU		06/2017	USD		833	JPY	91,000		15,598		—
DEU		06/2017	USD		52	ZAR	720		—		964
GSCO-OT		05/2017	BRL		140	USD	45		—		547
GSCO-OT		06/2017	COP		184,000	USD	62		—		273
GSCO-OT		05/2017 - 06/2017	EUR		2,045	USD	2,230		2,983		762

29        OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

Forward Currency Exchange Contracts (Continued)

Counterparty	Settlement Month(s)			Currency Purchased (000’s)		Currency Sold (000’s)		Unrealized Appreciation		Unrealized Depreciation
GSCO-OT		05/2017	MXN		500	USD	25	$	1,796	$	—
GSCO-OT		06/2017	NOK		11,550	USD	1,363		—		17,541
GSCO-OT		06/2017	USD		435	AUD	576		3,649		—
GSCO-OT		05/2017	USD		44	BRL	140		—		324
GSCO-OT		06/2017	USD		8	COP	22,000		235		—
GSCO-OT		06/2017	USD		9	IDR	126,000		4		—
GSCO-OT		05/2017	USD		11	MXN	200		150		—
GSCO-OT		06/2017	USD		12	MYR	55		—		275
GSCO-OT		06/2017	USD		6	PEN	20		—		53
GSCO-OT		06/2017	USD		54	RON	230		—		1,360
GSCO-OT		06/2017	USD		6	ZAR	80		136		—
HSBC		06/2017	CHF		95	USD	94		1,615		—
HSBC		06/2017	CLP		124,000	USD	187		—		2,035
HSBC		06/2017	CNH		2,020	USD	289		2,247		—
HSBC		06/2017	COP		15,000	USD	5		—		9
HSBC		06/2017	GBP		770	USD	986		12,289		—
HSBC		06/2017	IDR		310,000	USD	23		40		—
HSBC		06/2017	INR		16,000	USD	246		1,901		—
HSBC		06/2017	KRW		196,000	USD	170		2,763		—
HSBC		06/2017	PHP		400	USD	8		2		—
HSBC		06/2017	PLN		370	USD	91		4,458		—
HSBC		06/2017	TWD		5,000	USD	162		3,919		—
HSBC		06/2017	USD		616	CAD	830		7,637		—
HSBC		06/2017	USD		1	CLP	900		16		—
HSBC		06/2017	USD		790	CNH	5,490		366		2,719
HSBC		06/2017	USD		7	COP	20,000		97		—
HSBC		06/2017	USD		16	DKK	110		—		462
HSBC		06/2017	USD		85	GBP	70		—		5,515
HSBC		06/2017	USD		605	HKD	4,690		1,269		—
HSBC		06/2017	USD		127	HUF	37,000		—		2,144
HSBC		06/2017	USD		100	INR	6,500		—		726
HSBC		06/2017	USD		1,969	MXN	38,200		—		45,070
HSBC		06/2017	USD		343	NZD	490		6,683		—
HSBC		06/2017	USD		3	PEN	10		—		5
HSBC		06/2017	USD		430	SEK	3,860		—		7,101
HSBC		06/2017	USD		9	THB	300		35		—
JPM		05/2017	BRL		80	USD	25		46		86
JPM		06/2017	IDR		10,879,000	USD	813		1,009		1,287
JPM		06/2017	INR		41,000	USD	630		5,956		1,180
JPM		05/2017 - 06/2017	MXN		31,540	USD	1,588		74,710		—
JPM		06/2017	MYR		2,480	USD	553		18,585		—
JPM		06/2017	PEN		110	USD	33		406		—
JPM		06/2017	RUB		49,400	USD	831		28,055		—
JPM		05/2017	USD		26	BRL	80		309		—
JPM		06/2017	USD		3	CLP	2,000		45		—
JPM		06/2017	USD		2,928	EUR	2,760		—		85,304
JPM		06/2017	USD		7	HUF	2,000		31		—

30        OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

Forward Currency Exchange Contracts (Continued)

Counterparty	Settlement Month(s)			Currency Purchased (000’s)		Currency Sold (000’s)		Unrealized Appreciation		Unrealized Depreciation
JPM		06/2017	USD		7	IDR	94,000	$	—	$	31
JPM		06/2017	USD		219	JPY	25,000		—		5,298
JPM		06/2017	USD		610	KRW	696,000		67		2,475
JPM		05/2017	USD		5	MXN	100		—		7
JPM		06/2017	USD		648	MYR	2,900		—		20,483
JPM		06/2017	USD		236	PHP	12,000		—		2,074
JPM		06/2017	USD		5	PLN	20		—		1
JPM		06/2017	USD		74	RON	315		—		2,158
JPM		09/2017	USD		229	RUB	13,300		3,543		—
JPM		06/2017	USD		99	SGD	140		—		938
JPM		06/2017	USD		3	TRY	10		—		133
JPM		06/2017	USD		916	TWD	28,000		—		12,454
JPM		06/2017	USD		4	ZAR	60		—		157
TDB		05/2017	BRL		1,070	USD	335		2,477		—
TDB		09/2017	PLN		560	USD	137		6,756		—
TDB		05/2017 - 06/2017	USD		683	BRL	2,150		8,438		—
TDB		05/2017	USD		74	MXN	1,520		—		6,621
Total Unrealized Appreciation and Depreciation								$	475,589	$	494,085

Futures Contracts as of April 30, 2017

Description	Exchange		Buy/Sell		Expiration Date		Number of Contracts		Value		Unrealized Appreciation   (Depreciation)
Mexican Bolsa Index		MDX		Buy		6/16/17		30	$	785,519	$	31,654
Mini MSCI Emerging Market Index		NYF		Buy		6/16/17		17		832,150		19,321
Nikkei 225 Index		TYOE		Buy		6/8/17		2		344,472		(364)
S&P 500 E-Mini Index		CME		Buy		6/16/17		29		3,451,725		25,036
STOXX Europe 600 Index		EUX		Sell		6/16/17		31		647,507		(28,852)
United States Treasury Long Bonds		CBT		Buy		6/21/17		11		1,682,656		25,677
United States Treasury Nts., 10 yr.		CBT		Buy		6/21/17		59		7,417,406		2,652
United States Ultra Bonds		CBT		Buy		6/21/17		9		1,466,438		24,734
											$	99,858

Over-the-Counter Currency Swap at April 30, 2017

Counterparty	Pay/Receive Floating Rate	Floating Rate	Fixed Rate	Maturity Date	Notional Amount Currency Received (000’s)		Notional Amount Currency Delivered (000’s)	Value
BOA	Pay	Six-Month USD BBA LIBOR	6.335%	3/23/20		INR            12,215	INR            187	$	8,120

Centrally Cleared Interest Rate Swaps at April 30, 2017

	Pay/Receive Floating	Floating		Fixed		Maturity     Notional Amount
Counterparty	Rate	Rate		Rate		Date		(000’s)		Value
BNP	Pay		BZDI		9.968%		1/4/21  BRL		355	$	(125)

31        OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

Centrally Cleared Interest Rate Swaps (Continued)

Pay/Receive Floating

Floating

Fixed

Maturity  Notional Amount

Counterparty

Rate

Rate

Rate

Date

(000’s)

Value

DEU

Pay

BZDI

9.975%

1/4/21  BRL

360

$

(106)

GSCOI

Pay

MXN TIIE BANXICO

7.350

3/11/22 MXN

2,200

460

JPM

Receive

Three-Month USD BBA LIBOR

2.118

3/20/22 USD

105

(1,054)

MXN TIIE

JPM

Pay

BANXICO

7.160

4/4/19 MXN

15,500

(497)

Total Centrally Cleared Interest Rate Swaps

$

(1,322)

Over-the-Counter Interest Rate Swaps at April 30, 2017

Counterparty

Pay/Receive Floating Rate

Floating Rate

Fixed Rate

Maturity Date

Notional  Amount (000’s)

Value

BOA

Pay

Three-Month MYR KLIBOR BNM

3.470%

10/27/21 MYR

950

$

(2,309)

BOA

Pay

Three-Month MYR KLIBOR BNM

3.290

10/27/18 MYR

570

(537)

CITNA-B

Pay

BZDI

10.910

1/2/23 BRL

1,100

2,277

GSCOI

Pay

Three-Month COP IBR OIS Compound

5.175

4/20/20 COP

545,000

1,104

JPM

Pay

Three-Month COP IBR OIS Compound

6.520

10/27/26 COP

171,000

3,548

JPM

Pay

Three-Month COP IBR OIS Compound

5.700

3/8/19 COP

805,000

2,866

Total Over-the-Counter Interest Rate Swaps

$

6,949

Over-the-Counter Total Return Swaps at April 30, 2017

Reference Asset	Counterparty	Pay/Receive Total Return*		Floating Rate	Maturity Date			Notional Amount (000’s)		Value
NDDUMAF Index	GSCOI		Receive	One-Month USD BBA LIBOR plus 40 basis points		5/12/17	USD		825	$	30,956
NDEUSRU Index	BOA		Receive	One-Month USD BBA LIBOR plus 88 basis points		6/20/17	USD		780		19,098
NDEUSSA Index	BOA		Receive	One-Month USD BBA LIBOR minus 5 basis points		7/25/17	USD		859		13,228
OAIIX Reference Fund**	SOG		Receive	One-Month USD BBA LIBOR plus 85 basis points		12/29/17	USD		997		2,215
OAIIX Reference Fund**	GSCOI		Receive	One-Month USD BBA LIBOR plus 100 basis points		8/7/17	USD		3,712		13,901

32        OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

Over-the-Counter Total Return Swaps (Continued)

Reference Asset	Counterparty	Pay/Receive Total Return*		Floating Rate	Maturity Date			Notional Amount (000’s)		Value
				One-Month USD
				BBA LIBOR plus
OAIIX Reference Fund**	SOG		Receive	85 basis points		9/18/17	USD		3,712	$	13,992
				One-Month USD
PowerShares Senior Loan				BBA LIBOR plus
Exchange Traded Fund	CITNA-B		Receive	20 basis points		8/18/17	USD		3,289		9,154
				One-Month USD
				BBA LIBOR plus
QOPIX Reference Fund**	GSCOI		Receive	100 basis points		8/7/17	USD		4,948		25,400
Total Over-the-Counter Total Return Swaps										$	127,944

* Fund will pay or receive the total return of the reference asset depending on whether the return is positive or negative. For contracts where the Fund has elected to receive the total return of the reference asset if positive, it will be responsible for paying the floating rate and the total return of the reference asset if negative. If the Fund has elected to pay the total return of the reference asset if positive, it will receive the floating rate and the total return of the reference asset if negative.

** The Reference Asset is an affiliated Fund.

			Realized Gain/
Reference Asset	Value		(Loss)
OAIIX Reference Fund	$	30,108	$	9,014
QOPIX Reference Fund		25,400		51,123
Total	$	55,508	$	60,137

Glossary:
Counterparty Abbreviations
BAC	Barclays Bank plc
BNP	BNP Paribas
BOA	Bank of America NA
CITNA-B	Citibank NA
DEU	Deutsche Bank AG
GSCOI	Goldman Sachs International
GSCO-OT	Goldman Sachs Bank USA
HSBC	HSBC Bank USA NA
JPM	JPMorgan Chase Bank NA
SOG	Societe Generale Securities Corp.
TDB	Toronto Dominion Bank
Currency abbreviations indicate amounts reporting in currencies
ARS	Argentine Peso
AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
CHF	Swiss Franc
CLP	Chilean Peso
CNH	Offshore Chinese Renminbi
COP	Colombian Peso
CZK	Czech Koruna

33        OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

Currency abbreviations indicate amounts reporting in currencies (Continued)
DKK	Danish Krone
EUR	Euro
GBP	British Pound Sterling
HKD	Hong Kong Dollar
HUF	Hungarian Forint
IDR	Indonesian Rupiah
ILS	Israeli Shekel
INR	Indian Rupee
JPY	Japanese Yen
KRW	South Korean Won
MXN	Mexican Nuevo Peso
MYR	Malaysian Ringgit
NOK	Norwegian Krone
NZD	New Zealand Dollar
PEN	Peruvian New Sol
PHP	Philippine Peso
PLN	Polish Zloty
RON	New Romanian Leu
RUB	Russian Ruble
SEK	Swedish Krona
SGD	Singapore Dollar
THB	Thailand Baht
TRY	New Turkish Lira
TWD	New Taiwan Dollar
ZAR	South African Rand
Definitions
BANXICO	Banco de Mexico
BBA LIBOR	British Bankers’ Association London - Interbank Offered Rate
BNM	Bank Negara Malaysia
BZDI	Brazil Interbank Deposit Rate
IBR	Indicador Bancario de Referencia
KLIBOR	Kuala Lumpur Interbank Offered Rate
MSCI	Morgan Stanley Capital International
NDDUMAF	MSCI Malaysia NETR USD Index
NDEUSRU	MSCI Daily Emerging Markets Russia Net Total Return US Dollar Index
NDEUSSA	MSCI Emerging Africa South Africa NETR USD Index
OAIIX	Oppenheimer Global Multi Strategies Fund
OIS	Overnight Index Swap
QOPIX	Oppenheimer Fundamental Alternatives Fund
S&P	Standard & Poor’s
TIIE	Interbank Equilibrium Interest Rate
Exchange Abbreviations
CBT	Chicago Board of Trade
CME	Chicago Mercantile Exchanges
EUX	European Stock Exchange
MDX	Mexican Derivatives Market
NYF	New York Futures Exchange

34        OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

Exchange Abbreviations (Continued)
TYOE	Tokyo Stock Exchange

See accompanying Notes to Financial Statements.

35        OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

STATEMENT OF ASSETS AND LIABILITIES April 30, 2017 Unaudited

Assets
Investments, at value—see accompanying statement of investments:
Unaffiliated companies (cost $38,575,692)	$	44,671,337
Affiliated companies (cost $15,308,732)		15,523,183
		60,194,520
Cash		5,661
Cash—foreign currencies (cost $10,473)		10,087
Cash used for collateral on futures		268,000
Cash used for collateral on centrally cleared swaps		19,542
Unrealized appreciation on forward currency exchange contracts		475,589
Swaps, at value		90,351
Affiliated swaps, at Value		55,508
Centrally cleared swaps, at value		460
Receivables and other assets:
Interest and dividends		245,192
Investments sold		223,359
Variation margin receivable		14,833
Shares of beneficial interest sold		3,526
Other		34,328
Total assets		61,640,956
Liabilities
Unrealized depreciation on forward currency exchange contracts		494,085
Swaps, at value		2,846
Centrally cleared swaps, at value		1,782
Payables and other liabilities:
Investments purchased		279,816
Variation margin payable		12,456
Distribution and service plan fees		12,167
Foreign capital gains tax		4,940
Shares of beneficial interest redeemed		4,000
Shareholder communications		2,589
Trustees’ compensation		392
Other		45,384
Total liabilities		860,457
Net Assets	$	60,780,499
Composition of Net Assets
Par value of shares of beneficial interest	$	5,570
Additional paid-in capital		55,932,690
Accumulated net investment loss		(880,295	)
Accumulated net realized loss on investments and foreign currency transactions		(821,957	)
Net unrealized appreciation on investments and translation of assets and liabilities denominated in foreign currencies		6,544,491
Net Assets	$	60,780,499

36        OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

Net Asset Value Per Share
Class A Shares:
Net asset value and redemption price per share (based on net assets of $57,609,971 and 5,278,362 shares of beneficial interest outstanding)	$	10.91
Maximum offering price per share (net asset value plus sales charge of 5.75% of offering price)	$	11.58
Class C Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $1,016,304 and 93,708 shares of beneficial interest outstanding)	$	10.85
Class I Shares:
Net asset value, redemption price and offering price per share (based on net assets of $10,926 and 1,000 shares of beneficial interest outstanding)	$	10.93
Class R Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $2,004,622 and 184,063 shares of beneficial interest outstanding)	$	10.89
Class Y Shares:
Net asset value, redemption price and offering price per share (based on net assets of $138,676 and 12,683 shares of beneficial interest outstanding)	$	10.93

See accompanying Notes to Financial Statements.

37        OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

STATEMENT OF

OPERATIONS For the Six Months Ended April 30, 2017 Unaudited

Allocation of Income and Expenses from Master Fund1
Net investment income allocated from Oppenheimer Master Loan Fund, LLC:
Interest	$	31,897
Dividends		1,392
Net expenses		(1,844)
Net investment income allocated from Oppenheimer Master Loan Fund, LLC		31,445
Investment Income
Dividends:
Unaffiliated companies (net of foreign withholding taxes of $21,877)		316,847
Affiliated companies		202,953
Interest (net of foreign withholding taxes of $5,036)		184,695
Total investment income		704,495
Expenses
Management fees		209,392
Distribution and service plan fees:
Class A		1,911
Class C		3,608
Class R		4,187
Transfer and shareholder servicing agent fees:
Class A		58,641
Class C		797
Class I		2
Class R		1,849
Class Y		123
Shareholder communications:
Class A		10,057
Class C		2,484
Class R		6,821
Class Y		1,143
Legal, auditing and other professional fees		42,836
Registration fees		40,629
Custodian fees and expenses		27,343
Trustees’ compensation		444
Other		14,575
Total expenses		426,842
Less waivers and reimbursements of expenses		(114,733)
Net expenses		312,109
Net Investment Income		423,831

38        OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions in:
Unaffiliated companies (includes premiums on options exercised)(net of foreign capital gains tax of $1,980)	$	205,278
Affiliated companies		79,406
Closing and expiration of futures contracts		(140,322)
Foreign currency transactions		27,062
Swap contracts		233,385
Affiliated Swap Contracts		60,137
Net realized gain allocated from:
Oppenheimer Master Loan Fund, LLC		4,324
Net realized gain		469,270
Net change in unrealized appreciation/depreciation on:
Investment transactions		4,048,774
Translation of assets and liabilities denominated in foreign currencies		(258,503)
Futures contracts		300,325
Swap contracts		31,384
Affiliated Swap Contracts		26,674
Net change in unrealized appreciation/depreciation allocated from:
Oppenheimer Master Loan Fund, LLC		1,814
Net change in unrealized appreciation/depreciation		4,150,468
Net Increase in Net Assets Resulting from Operations	$	5,043,569

1. The Fund invests in a certain affiliated mutual fund that expects to be treated as a partnership for tax purposes.

See Note 4 of the accompanying Notes.

See accompanying Notes to Financial Statements.

39        OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended April 30, 2017 (Unaudited)		Year Ended October 31, 2016
Operations
Net investment income	$	423,831	$	701,043
Net realized gain (loss)		469,270		(168,676)
Net change in unrealized appreciation/depreciation		4,150,468		847,286
Net increase in net assets resulting from operations		5,043,569		1,379,653
Dividends and/or Distributions to Shareholders
Dividends from net investment income:
Class A		(2,538,513)		(430,562)
Class C		(24,896)		(1,003)
Class I		(518)		(94)
Class R		(75,468)		(77)
Class Y		(5,578)		(89)
		(2,644,973)		(431,825)
Distributions from net realized gain:
Class A		—		(1,201)
Class C		—		(3)
Class I		—		—
Class R		—		—
Class Y		—		—
		—		(1,204)
Beneficial Interest Transactions
Net increase in net assets resulting from beneficial interest transactions:
Class A		1,782,426		1,117,784
Class C		449,273		451,421
Class I		—		—
Class R		700,937		1,209,357
Class Y		44,240		80,106
		2,976,876		2,858,668
Net Assets
Total increase		5,375,472		3,805,292
Beginning of period		55,405,027		51,599,735
End of period (including accumulated net investment income (loss) of $(880,295) and $1,340,847, respectively)	$	60,780,499	$	55,405,027

See accompanying Notes to Financial Statements.

40        OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

FINANCIAL HIGHLIGHTS

Class A	Six Months Ended April 30, 2017 (Unaudited)		Year Ended October 31, 2016		Period Ended October 30, 20151,2
Per Share Operating Data
Net asset value, beginning of period		$10.49		$10.30		$10.00
Income (loss) from investment operations:
Net investment income3		0.08		0.14		0.02
Net realized and unrealized gain		0.84		0.14		0.28
Total from investment operations		0.92		0.28		0.30
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.50)		(0.09)		0.00
Distributions from net realized gain		0.00		(0.00)4		0.00
Total dividends and/or distributions to shareholders		(0.50)		(0.09)		0.00
Net asset value, end of period		$10.91		$10.49		$10.30
Total Return, at Net Asset Value5		9.16%		2.73%		3.00%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$57,610		$53,579		$51,525
Average net assets (in thousands)		$53,786		$50,502		$49,048
Ratios to average net assets:6
Net investment income		1.53%7		1.38%7		1.07%
Total expenses8		1.47%7		1.42%7		1.61%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.10%7		1.10%7		1.05%
Portfolio turnover rate		16%		61%		8%

1. Represents the last business day of the Fund’s reporting period.

2. For the period from August 27, 2015 (commencement of operations) to October 30, 2015.

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

4. Less than $0.005 per share.

5. 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.

6. Annualized for periods less than one full year.

7. Includes the Fund’s share of the allocated expenses and/or net investment income from the master fund.

8. Total expenses including indirect expenses from affiliated fund fees and expenses were as follows:

Six Months Ended April 30, 2017	1.61	%
Year Ended October 31, 2016	1.53	%
Period Ended October 30, 2015	1.72	%

See accompanying Notes to Financial Statements.

41        OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

FINANCIAL HIGHLIGHTS Continued

Class C	Six Months Ended April 30, 2017 (Unaudited)		Year Ended October 31, 2016		Period Ended October 30, 20151,2
Per Share Operating Data
Net asset value, beginning of period		$10.41		$10.29		$10.00
Income (loss) from investment operations:
Net investment income3		0.04		0.04		0.01
Net realized and unrealized gain		0.85		0.15		0.28
Total from investment operations		0.89		0.19		0.29
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.45)		(0.07)		0.00
Distributions from net realized gain		0.00		(0.00)4		0.00
Total dividends and/or distributions to shareholders		(0.45)		(0.07)		0.00
Net asset value, end of period		$10.85		$10.41		$10.29
Total Return, at Net Asset Value5		8.90%		1.88%		2.90%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$1,016		$522		$45
Average net assets (in thousands)		$735		$308		$28
Ratios to average net assets:6
Net investment income		0.79%7		0.36%7		0.42%
Total expenses8		3.10%7		3.05%7		2.34%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.85%7		1.85%7		1.81%
Portfolio turnover rate		16%		61%		8%

1. Represents the last business day of the Fund’s reporting period.

2. For the period from August 27, 2015 (commencement of operations) to October 30, 2015.

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

4. Less than $0.005 per share.

5. 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.

6. Annualized for periods less than one full year.

7. Includes the Fund’s share of the allocated expenses and/or net investment income from the master fund.

8. Total expenses including indirect expenses from affiliated fund fees and expenses were as follows:

Six Months Ended April 30, 2017	3.24	%
Year Ended October 31, 2016	3.16	%
Period Ended October 30, 2015	2.45	%

See accompanying Notes to Financial Statements.

42        OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

Class I	Six Months Ended April 30, 2017 (Unaudited)		Year Ended October 31, 2016		Period Ended October 30, 20151,2
Per Share Operating Data
Net asset value, beginning of period		$10.51		$10.31		$10.00
Income (loss) from investment operations:
Net investment income3		0.09		0.16		0.02
Net realized and unrealized gain		0.85		0.13		0.29
Total from investment operations		0.94		0.29		0.31
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.52)		(0.09)		0.00
Distributions from net realized gain		0.00		(0.00)4		0.00
Total dividends and/or distributions to shareholders		(0.52)		(0.09)		0.00
Net asset value, end of period		$10.93		$10.51		$10.31
Total Return, at Net Asset Value5		9.39%		2.91%		3.10%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$11		$11		$10
Average net assets (in thousands)		$10		$10		$10
Ratios to average net assets:6
Net investment income		1.79%7		1.61%7		1.27%
Total expenses8		1.22%7		1.19%7		1.30%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.85%7		0.85%7		0.84%
Portfolio turnover rate		16%		61%		8%

1. Represents the last business day of the Fund’s reporting period.

2. For the period from August 27, 2015 (commencement of operations) to October 30, 2015.

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

4. Less than $0.005 per share.

5. 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.

6. Annualized for periods less than one full year.

7. Includes the Fund’s share of the allocated expenses and/or net investment income from the master fund.

8. Total expenses including indirect expenses from affiliated fund fees and expenses were as follows:

Six Months Ended April 30, 2017	1.36	%
Year Ended October 31, 2016	1.30	%
Period Ended October 30, 2015	1.41	%

See accompanying Notes to Financial Statements.

43        OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

FINANCIAL HIGHLIGHTS Continued

Class R	Six Months Ended April 30, 2017 (Unaudited)		Year Ended October 31, 2016		Period Ended October 30, 20151,2
Per Share Operating Data
Net asset value, beginning of period		$10.47		$10.30		$10.00
Income (loss) from investment operations:
Net investment income3		0.07		0.04		0.01
Net realized and unrealized gain		0.84		0.21		0.29
Total from investment operations		0.91		0.25		0.30
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.49)		(0.08)		0.00
Distributions from net realized gain		0.00		(0.00)4		0.00
Total dividends and/or distributions to shareholders		(0.49)		(0.08)		0.00
Net asset value, end of period		$10.89		$10.47		$10.30
Total Return, at Net Asset Value5		9.11%		2.43%		3.00%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$2,004		$1,204		$10
Average net assets (in thousands)		$1,703		$226		$10
Ratios to average net assets:6
Net investment income		1.29%7		0.43%7		0.77%
Total expenses8		2.73%7		2.07%7		1.48%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.35%7		1.33%7		1.33%
Portfolio turnover rate		16%		61%		8%

1. Represents the last business day of the Fund’s reporting period.

2. For the period from August 27, 2015 (commencement of operations) to October 30, 2015.

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

4. Less than $0.005 per share.

5. 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.

6. Annualized for periods less than one full year.

7. Includes the Fund’s share of the allocated expenses and/or net investment income from the master fund.

8. Total expenses including indirect expenses from affiliated fund fees and expenses were as follows:

Six Months Ended April 30, 2017	2.87	%
Year Ended October 31, 2016	2.18	%
Period Ended October 30, 2015	1.59	%

See accompanying Notes to Financial Statements.

44        OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

Class Y	Six Months Ended April 30, 2017 (Unaudited)		Year Ended October 31, 2016		Period Ended October 30, 20151,2
Per Share Operating Data
Net asset value, beginning of period		$10.51		$10.31		$10.00
Income (loss) from investment operations:
Net investment income3		0.09		0.12		0.02
Net realized and unrealized gain		0.83		0.17		0.29
Total from investment operations		0.92		0.29		0.31
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.50)		(0.09)		0.00
Distributions from net realized gain		0.00		(0.00)4		0.00
Total dividends and/or distributions to shareholders		(0.50)		(0.09)		0.00
Net asset value, end of period		$10.93		$10.51		$10.31
Total Return, at Net Asset Value5		9.21%		2.86%		3.10%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$139		$89		$10
Average net assets (in thousands)		$113		$23		$10
Ratios to average net assets:6
Net investment income		1.68%7		1.13%7		1.17%
Total expenses8		3.47%7		1.52%7		1.48%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.95%7		0.94%7		0.94%
Portfolio turnover rate		16%		61%		8%

1. Represents the last business day of the Fund’s reporting period.

2. For the period from August 27, 2015 (commencement of operations) to October 30, 2015.

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

4. Less than $0.005 per share.

5. 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.

6. Annualized for periods less than one full year.

7. Includes the Fund’s share of the allocated expenses and/or net investment income from the master fund.

8. Total expenses including indirect expenses from affiliated fund fees and expenses were as follows:

Six Months Ended April 30, 2017	3.61	%
Year Ended October 31, 2016	1.63	%
Period Ended October 30, 2015	1.59	%

See accompanying Notes to Financial Statements.

45        OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

NOTES TO STATEMENT OF INVESTMENTS April 30, 2017 Unaudited

1. Organization

Oppenheimer Global Multi-Asset Growth 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 capital appreciation. 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 Barings LLC, formerly known as Barings Real Estate Advisers LLC, and OFI SteelPath, Inc. (collectively, the “Sub-Sub-Advisers”). The Fund commenced operations on August 27, 2015.

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 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.

Foreign Currency Translation. The books and records of the Fund are maintained in U.S. dollars. Any foreign currency amounts are translated into U.S. dollars on the following basis:

(1) Value of investment securities, other assets and liabilities — at the exchange rates prevailing at Market Close as described in Note 3.

(2) Purchases and sales of investment securities, income and expenses — at the rates of exchange prevailing on the respective dates of such transactions.

Although the net assets and the values are presented at the foreign exchange rates at Market Close, the Fund does not isolate the portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in prices of securities held. Such fluctuations are included with the net realized and unrealized

46        OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

2. Significant Accounting Policies (Continued)

gains or losses from investments shown in the Statement of Operations.

For securities, which are subject to foreign withholding tax upon disposition, realized gains or losses on such securities are recorded net of foreign withholding tax.

Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, the difference between the amounts of dividends, interest, and foreign withholding tax reclaims recorded on Fund’s books, and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities other than investments in securities, resulting from changes in the exchange rate.

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. GAAP, are recorded on the ex-dividend date. Income and capital gain distributions, if any, are declared and paid annually or at other times as deemed necessary by the Manager.

The tax character of distributions is determined as of the Fund’s fiscal year end. Therefore, a portion of the Fund’s distributions made to shareholders prior to the Fund’s fiscal year end may ultimately be categorized as a tax return of capital.

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 value of the securities received. Withholding taxes on foreign dividends, if any, and capital gains taxes on foreign investments, if any, have been provided for in accordance with the Fund’s understanding of the applicable tax rules and regulations. 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. 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.

47        OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

NOTES TO STATEMENT OF INVESTMENTS Unaudited / Continued

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%. This rate increased to 2.00% effective January 1, 2017. 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 to shareholders. Therefore, no federal income or excise tax provision is required. 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 Fund has analyzed its tax positions for the fiscal year ended October 31, 2016, including open tax years, and does not believe there are any uncertain tax positions requiring recognition in the Fund’s financial statements.

During the fiscal year ended October 31, 2016, the Fund did not utilize any capital loss carryforward to offset capital gains realized in that fiscal year. Details of the fiscal year ended October 31, 2016 capital loss carryforwards are included in the table below. Capital loss carryforwards with no expiration, if any, must be utilized prior to those with expiration dates. Capital losses with no expiration will be carried forward to future years if not offset by gains.

Expiring
No expiration	$	1,282,776

At period end, it is estimated that the capital loss carryforwards would be $813,506, which will not expire. The estimated capital loss carryforward represents the carryforward as of the end of the last fiscal year, increased or decreased by capital losses or gains realized in the first six months of the current fiscal year. During the reporting period, it is estimated that the Fund

48        OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

2. Significant Accounting Policies (Continued)

will utilize $469,270 of capital loss carryforward to offset realized capital gains.

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 U.S. 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.

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	$	54,041,013
Federal tax cost of other investments		(15,422,244)
Total federal tax cost	$	38,618,769
Gross unrealized appreciation	$	8,218,184
Gross unrealized depreciation		(1,830,282)
Net unrealized appreciation	$	6,387,902

Certain foreign countries impose a tax on capital gains which is accrued by the Fund based on unrealized appreciation, if any, on affected securities. The tax is paid when the gain is realized.

Use of Estimates. The preparation of financial statements in conformity with U.S. GAAP 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.

Recent Accounting Pronouncement. In October 2016, the Securities and Exchange Commission (“SEC”) adopted amendments to rules under the Investment Company Act of 1940 (“final rules”) intended to modernize the reporting and disclosure of information by registered investment companies. The final rules amend Regulation S-X and require funds to provide standardized, enhanced derivative disclosure in fund financial statements in a format designed for individual investors. The amendments to Regulation S-X also update the disclosures for other investments and investments in, and advances to affiliates and amend the rules regarding the general form and content of fund financial statements. The compliance date for the amendments to Regulation S-X is August 1, 2017. OFI Global is currently evaluating the amendments and their impact, if any, on the Fund’s financial statements.

49        OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

NOTES TO STATEMENT OF INVESTMENTS Unaudited / Continued

3. Securities Valuation

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

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

Equity securities traded on a securities exchange (including exchange-traded derivatives other than futures and futures options) are valued based on the official closing price on the principal exchange on which the security is traded, as identified by the Manager, prior to the time when the Fund’s assets are valued. If the official closing price is unavailable, the security is valued at the last sale price on the principal exchange on which it is traded, or if no sales occurred, the security is valued at the mean between the quoted bid and asked prices. Over-the-counter equity securities are valued at the last published sale price, or if no sales occurred, at the mean between the quoted bid and asked prices. Events occurring after the close of trading on foreign exchanges may result in adjustments to the valuation of foreign securities to more accurately reflect their fair value as of the time when the Fund’s assets are valued.

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, short-term notes, 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. Standard inputs generally considered by third-party pricing vendors include reported trade data, broker-dealer price quotations, benchmark yields, issuer spreads on comparable securities, the credit quality, yield, maturity, as well as other appropriate factors.

Structured securities, swaps, swaptions, and other over-the-counter derivatives are valued utilizing evaluated prices obtained from third party pricing services or broker-dealers. Standard inputs generally considered by third-party pricing vendors include market information relevant to the underlying reference asset such as the price of financial instruments, stock market indices, foreign currencies, interest rate spreads, commodities, credit spreads, credit event

50        OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

3. Securities Valuation (Continued)

probabilities, index values, individual security values, forward interest rates, variable interest rates, volatility measures, and forward currency rates, or the occurrence of other specific events.

Forward foreign currency exchange contracts are valued utilizing current and forward currency rates obtained from third party pricing services. When the settlement date of a contract is an interim date for which a quotation is not available, interpolated values are derived using the nearest dated forward currency rate.

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.

Securities for which market quotations are not readily available 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. Those standardized fair valuation 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.

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 may be used in 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).

51        OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

NOTES TO STATEMENT OF INVESTMENTS Unaudited / Continued

3. Securities Valuation (Continued)

The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities.

The Fund classifies each of its investments in investment companies which are publicly offered as Level 1. Investment companies that are not publicly offered, if any, are measured using net asset value and are classified as Level 2 in the fair value hierarchy.

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	$	2,696,686		$	4,074,022		$	—	$	6,770,708
Consumer Staples		1,591,518			1,770,197			—		3,361,715
Energy		872,389			405,578			—		1,277,967
Financials		3,377,697			2,870,129			—		6,247,826
Health Care		2,698,679			1,366,902			—		4,065,581
Industrials		1,747,559			3,686,084			—		5,433,643
Information Technology		5,239,227			2,543,440			—		7,782,667
Materials		740,574			601,444			—		1,342,018
Telecommunication Services		303,388			916,283			—		1,219,671
Utilities		334,682			91,405			—		426,087
Preferred Stocks		8,249			199,688			—		207,937
U.S. Government Obligation		—			1,237,803			—		1,237,803
Foreign Government Obligations		—			4,448,380			—		4,448,380
Investment Companies		15,307,313			1,065,204			—		16,372,517
Total Investments, at Value		34,917,961			25,276,559			—		60,194,520
Other Financial Instruments:
Swaps, at value		—			90,351			—		90,351
Centrally cleared swaps, at value		—			460			—		460
Affiliated swaps, at value		—			55,508			—		55,508
Futures contracts		129,074			—			—		129,074
Forward currency exchange contracts		—			475,589			—		475,589
Total Assets	$	35,047,035		$	25,898,467		$	—		60,945,502
Liabilities Table
Other Financial Instruments:
Swaps, at value	$	—		$	(2,846	)	$	—	$	(2,846)
Centrally cleared swaps, at value		—			(1,782	)		—		(1,782)
Futures contracts		(29,216	)		—			—		(29,216)
Forward currency exchange contracts		—			(494,085	)		—		(494,085)
Total Liabilities	$	(29,216	)	$	(498,713	)	$	—	$	(527,929)

Forward currency exchange contracts and futures contracts, if any, are reported at their unrealized appreciation/depreciation at measurement date, which represents the change in

52        OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

3. Securities Valuation (Continued)

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.

The table below shows the transfers between Level 1 and Level 2. The Fund’s policy is to recognize transfers in and transfers out as of the beginning of the reporting period.

	Transfers into Level 1*		Transfers out of Level 1**		Transfers into Level 2**		Transfers out of   Level 2*
Assets Table
Investments, at Value:
Common Stocks
Consumer
Staples	$	–	$	(55,549)	$	55,549	$	–
Information
Technology		447,983		–		–		(447,983)
Materials		196,315		–		–		(196,315)
Total Assets	$	644,298	$	(55,549)	$	55,549	$	(644,298)

* Transfers from Level 2 to Level 1 are a result of the availability of quoted prices from an active market which were not available and have become available.

** Transfers from Level 1 to Level 2 are a result of a change from the use of an exchange traded price to a valuation received from a third-party pricing service or a fair valuation determined based on observable market information other than quoted prices from an active market.

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.

53        OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

NOTES TO STATEMENT OF INVESTMENTS Unaudited / Continued

4. Investments and Risks (Continued)

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.

    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.

Investments in Money Market Instruments. The Fund is permitted to invest its free cash balances in money market instruments to provide liquidity or for defensive purposes. The Fund may invest in money market instruments by investing in Class E shares of Oppenheimer Institutional Government Money Market Fund (“IGMMF”) which is an Affiliated Fund. IGMMF is regulated as a money market fund under the 1940 Act, as amended. The Fund may also invest in money market instruments directly or in other affiliated or unaffiliated money market funds.

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 1940 Act, as amended, that expect to be treated as partnerships for tax purposes, specifically Oppenheimer Master Loan 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 income. 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 0.1% of the Master Fund at period end.

Master Limited Partnerships (“MLPs”). MLPs issue common units that represent an

54        OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

4. Investments and Risks (Continued)

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 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.

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.

Sovereign Debt Risk. The Fund invests in sovereign debt securities, which are subject to certain special risks. These risks include, but are not limited to, the risk that a governmental entity may delay or refuse, or otherwise be unable, to pay interest or repay the principal on its sovereign debt. There may also be no legal process for collecting sovereign debt that a government does not pay or bankruptcy proceedings through which all or part of such sovereign debt may be collected. In addition, a restructuring or default of sovereign debt may also cause additional impacts to the financial markets, such as downgrades to credit ratings, reduced liquidity and increased volatility, among others.

Shareholder Concentration. At period end, one shareholder owned 20% or more of the Fund’s total outstanding shares.

    The shareholder is a related party of the Fund. Related parties may include, but are not limited to, the investment manager and its affiliates, affiliated broker dealers, fund of funds, and directors or employees. The related party owned 90% of the Fund’s total outstanding shares at period end.

55        OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

NOTES TO STATEMENT OF INVESTMENTS Unaudited / Continued

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.

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.

56        OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

6. Use of Derivatives (Continued)

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 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.

Forward Currency Exchange Contracts

The Fund may enter into forward currency exchange contracts (“forward contracts”) for the purchase or sale of a foreign currency at a negotiated rate at a future date. Such contracts are traded in the OTC inter-bank currency dealer market.

    Forward contracts are reported on a schedule following the Statement of Investments. The unrealized appreciation (depreciation) is reported in the Statement of Assets and Liabilities as a receivable (or payable) and in the Statement of Operations within the change in unrealized appreciation (depreciation). At contract close, the difference between the original cost of the contract and the value at the close date is recorded as a realized gain (loss) in the Statement of Operations.

    The Fund may enter into forward foreign currency exchange contracts in order to decrease exposure to foreign exchange rate risk associated with either specific transactions or portfolio instruments or to increase exposure to foreign exchange rate risk.

    During the reporting period, the Fund had daily average contract amounts on forward contracts to buy and sell of $24,356,579 and $29,395,105, respectively.

    Additional associated risk to the Fund includes counterparty credit risk. Counterparty credit risk arises from the possibility that the counterparty to a forward contract will default and fail to perform its obligations to the Fund.

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

57        OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

NOTES TO STATEMENT OF INVESTMENTS Unaudited / Continued

6. Use of Derivatives (Continued)

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 may purchase and/or sell financial futures contracts and options on futures contracts to gain exposure to, or decrease exposure to interest rate risk, equity risk, foreign exchange rate risk, volatility risk, or commodity risk.

    During the reporting period, the Fund had an ending monthly average market value of $15,596,224 and $4,895,729 on futures contracts purchased and sold, respectively.

    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 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.

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6. Use of Derivatives (Continued)

Foreign Currency Options. The Fund may purchase or write call and put options on currencies to increase or decrease exposure to foreign exchange rate risk. A purchased call, or written put option becomes more valuable as the price of the underlying financial instrument appreciates relative to the strike price. A purchased put, or written call option becomes more valuable as the price of the underlying financial instrument depreciates relative to the strike price.

Index/Security Options. The Fund may purchase or write call and put options on individual equity securities and/or equity indexes to increase or decrease exposure to equity risk. A purchased call or written put option becomes more valuable as the price of the underlying financial instrument appreciates relative to the strike price. A purchased put or 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 $24,571 on purchased put options.

    At period end, the Fund had no purchased options outstanding.

    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.

    At period end, the Fund had no written options outstanding.

Written option activity for the reporting period was as follows:

	Number of Contracts			Amount of Premiums
Options outstanding as of October 31, 2016		–		$	–
Options written		147,522,000			171,617
Options exercised		(147,522,000	)		(171,617)
Options outstanding as of April 30, 2017		–		$	–

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

59        OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

NOTES TO STATEMENT OF INVESTMENTS Unaudited / Continued

6. Use of Derivatives (Continued)

(“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.

Currency Swap Contracts. A currency swap contract is an agreement between counterparties to exchange different currencies at contract inception that are equivalent to a notional value. The exchange at contract inception is made at the current spot rate. The contract also includes an agreement to reverse the exchange of the same notional values of those currencies at contract termination. The re-exchange at contract termination may take place at the same exchange rate, a specified rate or the then current spot rate. Certain currency swap contracts provide for exchanging the currencies only at contract termination and can provide for only a net payment in the settlement currency, typically USD. A currency swap contract may also include the exchange of periodic payments, between the counterparties, that are based on interest rates available in the respective currencies at contract inception. Other currency swap contracts may not provide for exchanging the different currencies at all, and only for exchanging interest cash flows based on the notional value in the contract.

The Fund has entered into currency swap contracts with the obligation to pay an interest rate on the dollar notional amount and receive an interest rate on the various foreign currency notional amounts. These currency swap contracts increase exposure to, or decrease exposure away from, foreign exchange and interest rate risk.

For the reporting period, the Fund had ending monthly average notional amounts of $53,999 on currency swaps which receive a fixed rate.

Additional associated risks to the Fund include counterparty credit risk and liquidity risk. Interest Rate Swap Contracts. An interest rate swap is an agreement between counterparties to exchange periodic payments based on interest rates. One cash flow

60        OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

6. Use of Derivatives (Continued)

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 may enter into interest rate swaps in which it pays the fixed or floating interest rate in order to increase or decrease exposure to interest rate risk. Typically, if relative interest rates rise, floating payments under a swap agreement will be greater than the fixed payments.

For the reporting period, the Fund had ending monthly average notional amounts of $304,532 and $ 1,123,135 on interest rate swaps which pay a fixed rate and interest rate swaps which receive a fixed rate, respectively.

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 may enter into total return swaps on various equity securities or indexes to increase or decrease exposure to equity risk. These equity risk related total return swaps require the Fund to pay or receive a floating reference interest rate, and an amount equal to the opposite price movement of securities or an index (expressed as a percentage) multiplied by the notional amount of the contract. Equity leg 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. Reference leg payments equal a floating reference interest rate and an amount equal to the negative price movement of the same securities or index (expressed as a percentage) multiplied by the notional amount of the contract.

The Fund may enter into total return swaps to increase or decrease exposure to the credit risk of various indexes or basket of securities. These credit risk related total return swaps require the Fund to pay to, or receive payments from, the counterparty based on the movement of credit spreads of the related indexes or securities.

The Fund may enter into total return swaps on various commodity indexes to increase or decrease exposure to commodity risk. These commodity risk related total return swaps require the Fund to pay or receive a fixed or a floating reference interest rate, and an amount equal to the opposite price movement of 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 index (expressed as a percentage) multiplied by the notional amount of the contract. The Fund will receive payments of a fixed or a floating reference interest rate and an amount equal to the negative price movement of the same

61        OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

NOTES TO STATEMENT OF INVESTMENTS Unaudited / Continued

6. Use of Derivatives (Continued)

index (expressed as a percentage) multiplied by the notional amount of the contract.

Total Return Swaps on Shares of Affiliated Funds. The Fund has entered into total return swaps on an Affiliated Fund or Funds. This investment technique provides the Fund with synthetic long investment exposure to the performance of the Affiliated Fund through payments made by a swap dealer counterparty to the Fund under the swap that reflect the positive total return (inclusive of dividends and distributions) on those shares. In exchange, the Fund would make periodic payments to the counterparty under the swap based on a fixed or variable interest rate, as well as payments reflecting any negative total return on those shares. The swap provides the Fund with the economic equivalent of ownership of those shares through an entitlement to receive any gains realized, and dividends paid, on the shares, and an obligation to pay any losses realized on the shares. This investment technique provides the Fund effectively with leverage intended to achieve an economic effect similar to the Fund’s purchase of shares of the Affiliated Fund with borrowed money.

For the reporting period, the Fund had ending monthly average notional amounts of $20,069,422 on total return swaps which are long the reference asset.

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

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 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.

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6. Use of Derivatives (Continued)

    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 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

63        OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

NOTES TO STATEMENT OF INVESTMENTS Unaudited / Continued

6. Use of Derivatives (Continued)

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
Bank of America NA	$                  134,046	$          (78,519)	$	–	$                        –	$	55,527
Barclays Bank plc	12,299	(2,377)		–	–		9,922
Citibank NA	154,592	(154,592)		–	–		–
Deutsche Bank AG	21,806	(13,054)		–	–		8,752
Goldman Sachs Bank USA	8,953	(8,953)		–	–		–
Goldman Sachs International	71,361	–		–	–		71,361
HSBC Bank USA NA	45,337	(45,337)		–	–		–
JPMorgan Chase Bank NA	139,176	(134,066)		–	–		5,110
Societe Generale Securities Corp.	16,207	(6,621)		–	–		9,586
Toronto Dominion Bank	17,671	(6,621)		–	–		11,050
	$                621,448	$        (450,140)	$	–	$                        –	$	171,308

*OTC derivatives are reported gross on the Statement of Assets and Liabilities. Exchange traded options and margin related to centrally cleared swaps and futures, if any, 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 by counterparty the Fund’s OTC derivative liabilities 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 Pledged**		Cash Collateral Pledged**	Net Amount
Bank of America NA	$                  (78,519)	$            78,519	$	–	$                        –	$	–
Barclays Bank plc	(2,377)	2,377		–	–		–
BNP Paribas	(234)	–		–	–		(234)
Citibank NA	(175,139)	154,592		–	–		(20,547)

64        OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

6. Use of Derivatives (Continued)

		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 Pledged**	Cash Collateral Pledged**	Net Amount
Deutsche Bank AG	$              (13,054)	$              13,054	$                    –	$                        –	$	–
Goldman Sachs Bank USA	(21,135)	8,953	–	–		(12,182)
HSBC Bank USA, NA	(65,786)	45,337	–	–		(20,449)
JPMorgan Chase Bank NA	(134,066)	134,066	–	–		–
Toronto Dominion Bank	(6,621)	6,621	–	–		–
	$            (496,931)	$            443,519	$                    –	$                        –	$	(53,412)

*OTC derivatives are reported gross on the Statement of Assets and Liabilities. Exchange traded options and margin related to centrally cleared swaps and futures, if any, are excluded from these reported amounts.

**Reported collateral pledged within this table is limited to the net outstanding amount due from the Fund. The securities pledged as collateral by the Fund as reported on the Statements of Investments 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
Equity contracts	Affiliated swaps, at value	$	55,508
Credit contracts	Swaps, at value		9,154
Equity contracts	Swaps, at value		63,282
Forward currency exchange contracts	Swaps, at value		8,120
Interest rate contracts	Swaps, at value		9,795		Swaps, at value	$	2,846
Interest rate contracts	Centrally cleared swaps, at value		460		Centrally cleared swaps, at value		1,782
Equity contracts	Variation margin receivable		3,818	*	Variation margin payable		12,456	*
Interest rate contracts	Variation margin receivable		11,015	*
Forward currency exchange contracts	Unrealized appreciation on forward currency exchange contracts		475,589		Unrealized depreciation on forward currency exchange contracts		494,085
Total		$	636,741			$	511,169

*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.

The effect of derivative instruments on the Statement of Operations is as follows:

65        OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

NOTES TO STATEMENT OF INVESTMENTS Unaudited / Continued

6. Use of Derivatives (Continued)

Amount of Realized Gain or (Loss) Recognized on Derivatives
Derivatives Not Accounted for as Hedging Instruments	Investment transactions in unaffiliated companies (including premiums on options exercised)*			Closing and expiration of futures contracts			Foreign currency        transactions
Credit contracts	$	—		$	—		$	—
Equity contracts		(22,191	)		554,932			—
Forward currency exchange contracts		(159,220	)		—			30,183
Interest rate contracts		—			(465,711	)		—
Volatility contracts		—			(229,543	)		—
Total	$	(181,411	)	$	(140,322	)	$	30,183
Amount of Realized Gain or (Loss) Recognized on Derivatives (Continued)
Derivatives Not Accounted for as Hedging Instruments	Swap contracts			Affiliated swap contracts			Total
Credit contracts	$	65,058		$	—		$	65,058
Equity contracts		172,209			60,137			765,087
Forward currency exchange contracts		—			—			(129,037)
Interest rate contracts		(3,882	)		—			(469,593)
Volatility contracts		—			—			(229,543)
Total	$	233,385		$	60,137		$	1,972

* 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	Futures contracts		Translation of assets and liabilities denominated in foreign currencies			Swap contracts			Affiliated swap contacts		Total
Credit contracts	$	—	$	—		$	39,877		$	—	$	39,877
Equity contracts		73,391		—			(28,909	)		26,674		71,156
Forward currency exchange contracts		—		(265,046	)		8,120			—		(256,926)
Interest rate contracts		226,934		—			12,296			—		239,230
Total	$	300,325	$	(265,046	)	$	31,384		$	26,674	$	93,337

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:

66        OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

7. Shares of Beneficial Interest (Continued)

	Six Months Ended April 30, 2017						Year Ended October 31, 2016
	Shares			Amount			Shares			Amount
Class A
Sold		181,170		$	1,897,281			110,293		$	1,145,240
Dividends and/or distributions reinvested		6,529			65,222			51			507
Redeemed		(17,507	)		(180,077	)		(2,664	)		(27,963)
Net increase		170,192		$	1,782,426			107,680		$	1,117,784
Class C
Sold		57,197		$	590,045			54,603		$	542,162
Dividends and/or distributions reinvested		2,457			24,449			95			936
Redeemed		(16,074	)		(165,221	)		(8,867	)		(91,677)
Net increase		43,580		$	449,273			45,831		$	451,421
Class I
Sold		—		$	—			—		$	—
Dividends and/or distributions reinvested		—			—			—			—
Redeemed		—			—			—			—
Net increase		—		$	—			—		$	—
Class R
Sold		100,242		$	1,027,817			114,762		$	1,217,684
Dividends and/or distributions reinvested		7,520			74,979			—			2
Redeemed		(38,682	)		(401,859	)		(779	)		(8,329)
Net increase		69,080		$	700,937			113,983		$	1,209,357
Class Y
Sold		7,082		$	74,557			7,673		$	81,837
Dividends and/or distributions reinvested		508			5,076			—			—
Redeemed		(3,418	)		(35,393	)		(162	)		(1,731)
Net increase		4,172		$	44,240			7,511		$	80,106

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 IGMMF, for the reporting period were as follows:

	Purchases		Sales
Investment securities	$	8,512,189	$	12,201,790
U.S. government and government agency obligations		—		724,541

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:

67        OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

NOTES TO STATEMENT OF INVESTMENTS Unaudited / Continued

9. Fees and Other Transactions with Affiliates (Continued)

Fee Schedule
Up to $500 million	0.75%
Next $500 million	0.70
Next $4.0 billion	0.65
Over $5.0 billion	0.60

The Fund’s effective management fee for the reporting period was 0.75% 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 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-to-day 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.

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

68        OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

9. Fees and Other Transactions with Affiliates (Continued)

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.

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.

Six Months 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
April 30, 2017		$8,457		$—		$138		$—

69        OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

NOTES TO STATEMENT OF INVESTMENTS Unaudited / Continued

9. Fees and Other Transactions with Affiliates (Continued)

Waivers and Reimbursements of Expenses. The Manager has contractually agreed to limit the “Total expenses” for all share classes so that “Expenses after payments, waivers and/ or reimbursements and reduction to custodian expenses”, as a percentage of average annual net assets, will not exceed the following annual rates: 1.10% for Class A shares, 1.85% for Class C shares, 0.85% for Class I shares, 1.35% for Class R shares and 0.95% for Class Y shares, as calculated on the daily net assets of the Fund. The expense limitations do not include extraordinary expenses, interest and fees from borrowing, and other expenses not incurred in the ordinary course of the Fund’s business.

During the reporting period, the Manager waived fees and/or reimbursed the Fund as follows:

Class A	$	56,056
Class C		4,018
Class I		12
Class R		10,337
Class Y		1,319

This fee waiver and/or expense reimbursement may not be amended or withdrawn for one year from the date of the Fund’s prospectus, unless approved by the Board.

Effective January 1, 2017, the Transfer Agent has voluntarily agreed to waive fees and/or reimburse Fund expenses in an amount equal to 0.015% of average annual net assets for Classes A, C, R and Y.

During the reporting period, the Transfer Agent waived fees and/or reimbursed the Fund for transfer agent and shareholder servicing agent fees as follows:

Class A	$	2,683
Class C		41
Class R		90
Class Y		5

This fee waiver and/or reimbursement may be terminated at any time.

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 Affiliated Funds. During the reporting period, the Manager waived fees and/or reimbursed the Fund $40,172 for these management fees. This fee waiver and/or expense reimbursement may not be amended or withdrawn for one year from the date of the Fund’s prospectus, unless approved by the Board.

70        OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

PORTFOLIO PROXY VOTING POLICIES AND GUIDELINES;

UPDATES TO STATEMENTS OF INVESTMENTS Unaudited

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

71        OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

DISTRIBUTION SOURCES Unaudited

For any distribution that took place over 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 Real Estate Investment Trusts (“REITs”) and Master Limited Partnerships (“MLPs”), 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 REITs and MLPs 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 Growth Fund		12/20/16		55.0%		0.0%	45.0%

72        OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

Trustees and Officers	Brian F. Wruble, Chairman of the Board of Trustees and Trustee
	Beth Ann Brown, Trustee
	Edmund P. Giambastiani, Jr., Trustee
	Elizabeth Krentzman, Trustee
	Mary F. Miller, Trustee
	Joel W. Motley, Trustee
	Joanne Pace, Trustee
	Daniel Vandivort, Trustee
	Mark Hamilton, Vice President
	Dokyoung Lee, Vice PresidentJoseph Welsh, Vice President
	Benjamin Rockmuller, Vice President
	Alessio de Longis, Vice President
	Arthur P. Steinmetz, Trustee, President and Principal Executive Officer
	Cynthia Lo Bessette, Secretary and Chief Legal Officer
	Jennifer Foxson, Vice President and Chief Business Officer
	Mary Ann Picciotto, Chief Compliance Officer and Chief Anti-Money
	Laundering Officer
	Brian S. Petersen, Treasurer and Principal Financial & Accounting Officer
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
	The financial statements included herein have been taken from the records of the Fund without examination of those records by the independent registered public accounting firm.

© 2017 OppenheimerFunds, Inc. All Rights reserved.

73        OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

PRIVACY POLICY NOTICE

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:

● Applications or other forms

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

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

● Your transactions with us, our affiliates or others

● Technologies on our website, including: “cookies” and web beacons, which are used to collect data on the pages you visit and the features you use.

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 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.

74        OPPENHEIMER GLOBAL MULTI-ASSET GROWTH 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.

● 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.

● 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.

● 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, safeguard that information. 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 November 2016. 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).

75        OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

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Visit us at oppenheimerfunds.com for 24-hr access to account information and transactions or call us at 800.CALL OPP (800.225.5677) for 24-hr automated information and automated transactions. Representatives also available Mon–Fri 8am-8pm ET.

Visit Us oppenheimerfunds.com Call Us 800 225 5677 Follow Us
	Oppenheimer funds are distributed by OppenheimerFunds Distributor, Inc. 225 Liberty Street, New York, NY 10281-1008 © 2017 OppenheimerFunds Distributor, Inc. All rights reserved. RS2015.001.0417 June 23, 2017

Item 2.  Code of Ethics.

Not applicable to semiannual reports.

Item 3.  Audit Committee Financial Expert.

Not applicable to semiannual reports.

Item 4.  Principal Accountant Fees and Services.

Not applicable to semiannual reports.

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 4/30/2017, 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) Not applicable to semiannual reports.

(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 Growth Fund

By:	/s/ Arthur P. Steinmetz
	Arthur P. Steinmetz
	Principal Executive Officer
Date:	6/16/2017

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:	6/16/2017

By:	/s/ Brian S. Petersen
	Brian S. Petersen
	Principal Financial Officer
Date:	6/16/2017

EX-99.CERT

Exhibit 99.CERT

Section 302 Certifications

CERTIFICATIONS

I, Arthur P. Steinmetz, certify that:

1. I have reviewed this report on Form N-CSR of Oppenheimer Global Multi-Asset Growth Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of Trustees (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:    6/16/2017

/s/ Arthur P. Steinmetz

Arthur P. Steinmetz

Principal Executive Officer

Exhibit 99.CERT

Section 302 Certifications

CERTIFICATIONS

I, Brian S. Petersen, certify that:

1. I have reviewed this report on Form N-CSR of Oppenheimer Global Multi-Asset Growth Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of Trustees (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:    6/16/2017

/s/ Brian S. Petersen

Brian S. Petersen

Principal Financial Officer

EX-99.906CERT

EX-99.906CERT

Section 906 Certifications

CERTIFICATION PURSUANT TO 18 U.S.C SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

Arthur P. Steinmetz, Principal Executive Officer, and Brian S. Petersen, Principal Financial Officer, of Oppenheimer Global Multi-Asset Growth Fund (the “Registrant”), each certify to the best of his knowledge that:

1. The Registrant’s periodic report on Form N-CSR for the period ended 4/30/2017 (the “Form N-CSR”) fully complies with the requirements of Section 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant. This certification is being furnished to the Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR filed with the Commission.

Principal Executive Officer	Principal Financial Officer
Oppenheimer Global Multi-Asset Growth Fund	Oppenheimer Global Multi-Asset Growth Fund
/s/ Arthur P. Steinmetz	/s/ Brian S. Petersen
Arthur P. Steinmetz	Brian S. Petersen
Date:    6/16/2017	Date:  6/16/2017