N-CSR

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:  10/31/2017

Item 1.  Reports to Stockholders.

Table of Contents

Fund Performance Discussion	3
Top Holdings and Allocations	8
Fund Expenses	11
Statement of Investments	13
Statement of Assets and Liabilities	38
Statement of Operations	40
Statements of Changes in Net Assets	42
Financial Highlights	43
Notes to Financial Statements	48
Report of Independent Registered Public Accounting Firm	75
Federal Income Tax Information	76
Board Approval of the Fund’s Investment Advisory, Sub- Advisory and Sub-Sub Advisory Agreements	77
Portfolio Proxy Voting Policies and Guidelines; Updates to Statements of Investments	80
Trustees and Officers	81
Privacy Notice	88

Class A Shares

AVERAGE ANNUAL TOTAL RETURNS AT 10/31/17

	Class A Shares of the Fund
	Without Sales Charge	With Sales Charge	MSCI All Country         World Index
1-Year	16.26%	9.58%	23.20%
Since Inception (8/27/15)	9.98	7.03	12.96

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 16.26% during the reporting period. In comparison, the MSCI All Country World Index (the “Index”) produced a return of 23.20% over the same period.

MARKET OVERVIEW

Shortly after the reporting period began, markets turned to “risk-on” mode after the surprise election of Donald Trump. Equities climbed and U.S. Treasury yields rose to levels not experienced since 2014. The 10-year yield opened the reporting period on November 1, 2016 at 1.38% and ended 2016 at 2.44%.

Global economic data continued to improve during the reporting period. Business and consumer confidence are at

cyclical highs in many countries. Monetary policy in the United

States tightened during the reporting period, with the Federal Reserve (the “Fed”) raising its benchmark interest rate in December 2016, March 2017 and June 2017, each time by one-quarter of 1 percentage point. The Fed also announced the beginning of its plan to passively reduce the size of its balance sheet in September 2017. While we do not expect this process to have meaningful impact on bond markets, we are more cautious on the potential for tax cuts and the upcoming appointment of a new Fed chair.

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

3       OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

Against this backdrop, equity markets throughout the globe produced positive absolute returns. Emerging market equities outperformed other international and U.S. counterparts, with the MSCI Emerging Markets Index up 26.45% for the one-year ended October 31, 2017, the MSCI All Country World Index up 23.20%, and the S&P 500 Index up 23.63%. Year to date in 2017, U.S. Treasury rates fell overall from the close of 2016 and ended the reporting period at 2.38%. In this environment, the Bloomberg Barclays U.S. Aggregate Bond Index produced a muted return of 0.90% for the one-year ended October 31, 2017.

FUND REVIEW

The Fund’s absolute performance was driven by positive performance across its equity and fixed income 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, international equity and large cap core strategies.

In terms of asset allocation, our macroeconomic tools and research indicate positive global economic growth that is making a new cyclical high. The new peak is being driven by strong data in the western hemisphere, the continued expansion in Europe and a recovery in emerging markets that continues to gain widespread traction.

In our view, this macro backdrop has justified our high equity exposure in the portfolio and we believe it will continue to support this positioning in the near-term. In particular, we have a relative value tilt to European equities, where the Euro area expansion looks to be holding firm, which is funded through an underweight to U.S. equities. In Europe, we see cheaper valuations by a number of metrics and with the election of Emmanuel Macron in France political risk is receding. We continue to have a preference for emerging market equities given cheaper valuations and an economic cycle that is younger in comparison to the developed world.

The fixed income component in 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. On the credit side, we continue to see warning signs that we are in late cycle stages. Specifically, growing corporate leverage and the resulting tighter lending standards could increase credit market vulnerability. As a result, we have no exposure to certain areas of the credit markets, particularly high yield bonds. We do have a preference for bank loans, where we see comparable spreads for less interest rate and energy sector risk.

We also view the current business cycle as very extended, a fact that is reflected in the expensive valuations of several asset classes

4       OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

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.

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 absolute performance. We see value in this asset class in comparison to other income oriented assets. In addition, many emerging markets have room to cut rates as inflation declines and we believe this will provide some capital appreciation.

During the reporting period, our allocation to certain alternative strategies was a slight detractor to performance. In particular, Oppenheimer Global Multi Strategies Fund and Oppenheimer Fundamental Alternatives Fund, which we had exposure to through over-the-counter total return swaps, posted slight positive returns for the period, but did not keep pace with other risk-oriented assets like equities. 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. During the period we added exposure to Master Limited Partnerships (“MLPs”) because of their cheap valuations and attractive yields. Despite a move higher in energy prices MLPs struggled during the period and did not outperform the Index. In our view, we started to see the excess supply of oil start to normalize, which should provide some upside and stability to prices. We continue to be bullish on MLPs due to the attractive yield relative to other income sources.

One of our key market views at the turn of the year was that the U.S. dollar, though already significantly overvalued, would continue to appreciate in light of a shifting U.S. policy landscape. A united Republican Congress and presidency had increased the odds of fiscal stimulus which, coupled with monetary tightening already underway, created the potential for meaningful fiscal and monetary policy divergence between the United States and other major developed countries. As we explained at the time, such a policy mix was likely to boost the greenback against other major currencies. Throughout the year, the U.S. dollar has fallen on a trade-weighted basis. This has been a headwind to our currency positioning and has been a detractor during the period.

5       OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

With a few setbacks to the current administration’s agenda and tax reform still an open question, we have reduced our U.S. dollar long position to neutral and continue to express relative relative-value views in high-yielding emerging market currencies such as the Turkish lira, Russian ruble and Indian rupee versus their developed-market peers. We have also added long exposure to Japanese yen as a means of balancing risk in this strategy.

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 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 relative value opportunities rather than large directional tilts in the portfolio. We see an accelerating growth picture abroad as a potential tailwind to risk assets in the near term. We do have a relative value preference for European and emerging market equities versus the U.S. equity market, where we see cheaper valuations and earlier stages of the business cycle. With that said, we have increased our equity exposure and continue to prefer diversified income sources with attractive real yields. We do see increasing vulnerabilities in credit markets with non-financial corporate leverage nearing previous cyclical peaks, which causes us to 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 landscape to assess risks to the macro outlook and financial markets. While some fundamental risks have increased, the current macro backdrop is quite favorable to risk assets in the near term and we don’t see a clear catalyst for increased volatility.

6       OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

Should we see deterioration in economic data, or volatility spread to equities and credit, we stand ready to adapt to a changing environment.

  Mark Hamilton Portfolio Manager

  Dokyoung Lee, CFA Portfolio Manager

  Benjamin Rockmuller, CFA Portfolio Manager

  Alessio de Longis, CFA Portfolio Manager

7       OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

Top Holdings and Allocations

TOP TEN COMMON STOCK HOLDINGS

Apple, Inc.	1.3	%
Alphabet, Inc., Cl. C	1.1
SAP SE	0.7
Alibaba Group Holding Ltd., Sponsored ADR	0.7
Facebook, Inc., Cl. A	0.7
Citigroup, Inc.	0.7
Infineon Technologies AG	0.6
UnitedHealth Group, Inc.	0.6
Comcast Corp., Cl. A	0.6
Nippon Telegraph & Telephone Corp.	0.5

Portfolio holdings and allocations are subject to change. Percentages are as of October 31, 2017, and are based on net assets. For more current Fund holdings, please visit oppenheimerfunds.com.

TOP TEN GEOGRAPHICAL HOLDINGS

United States	57.0	%
Japan	5.7
France	5.1
United Kingdom	3.8
Germany	3.0
China	2.9
Switzerland	2.4
Canada	1.9
Russia	1.5
India	1.4

Portfolio holdings and allocation are subject to change. Percentages are as of October 31, 2017, and are based on total market value of investments.

PORTFOLIO ALLOCATION

Common Stocks	63.0	%
Investment Companies       Oppenheimer Fundamental Alternatives Fund	7.2
Oppenheimer Global High Yield Fund	4.5
Oppenheimer Global Multi Strategies Fund	5.8
Oppenheimer Institutional Government Money       Market Fund	4.5
Oppenheimer Master Loan Fund, LLC	2.4
Oppenheimer Senior Floating Rate Fund	3.4
Foreign Government Obligations	7.1
U.S. Government Obligations	1.9
Short-Term Notes	0.1
Preferred Stocks	0.1
Rights, Warrants and Certificates	—*
Over-the-Counter Options Purchased	—*

*Represents a value of less than 0.05%.

Portfolio holdings and allocations are subject to change. Percentages are as of October 31, 2017, and are based on the total market value of investments.

REGIONAL ALLOCATION

U.S./Canada	58.9	%
Europe	18.2
Asia	15.0
Latin & South America	4.0
Emerging Europe	2.3
Middle East/Africa	1.6

Portfolio holdings and allocation are subject to change. Percentages are as of October 31, 2017, and are based on total market value of investments.

8       OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

Share Class Performance

AVERAGE ANNUAL TOTAL RETURNS WITHOUT SALES CHARGE AS OF 10/31/17

	Inception Date	1-Year	Since      Inception
Class A (QMGAX)	8/27/15	16.26%	9.98%
Class C (QMGCX)	8/27/15	15.42	9.15
Class I (QMGIX)	8/27/15	16.60	10.27
Class R (QMGRX)	8/27/15	16.03	9.73
Class Y (QMGYX)	8/27/15	16.41	10.16

AVERAGE ANNUAL TOTAL RETURNS WITH SALES CHARGE AS OF 10/31/17

	Inception Date	1-Year	Since      Inception
Class A (QMGAX)	8/27/15	9.58%	7.03%
Class C (QMGCX)	8/27/15	14.42	9.15
Class I (QMGIX)	8/27/15	16.60	10.27
Class R (QMGRX)	8/27/15	16.03	9.73
Class Y (QMGYX)	8/27/15	16.41	10.16

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.

9       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.

10       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 October 31, 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 October 31, 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.

11       OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

Actual	Beginning Account Value May 1, 2017	Ending Account Value October 31, 2017	Expenses Paid During 6 Months Ended October 31, 2017
Class A	$   1,000.00	$    1,065.10	$          5.74
Class C	1,000.00	1,059.90	9.65
Class I	1,000.00	1,065.90	4.44
Class R	1,000.00	1,063.40	7.04
Class Y	1,000.00	1,065.90	4.96
Hypothetical (5% return before expenses)
Class A	1,000.00	1,019.66	5.62
Class C	1,000.00	1,015.88	9.44
Class I	1,000.00	1,020.92	4.34
Class R	1,000.00	1,018.40	6.89
Class Y	1,000.00	1,020.42	4.85

Expenses are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Those annualized expense ratios, excluding indirect expenses from affiliated funds, based on the 6-month period ended October 31, 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.

12       OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

STATEMENT OF INVESTMENTS October 31, 2017

	Shares		Value
Common Stocks—62.5%
Consumer Discretionary—9.9%
Auto Components—1.4%
Bridgestone Corp.		4,400	$	210,119
Continental AG		1,013		257,122
Delphi Automotive plc		1,539		152,946
Koito Manufacturing Co. Ltd.		1,800		120,132
Valeo SA		3,320		224,640
				964,959
Automobiles—0.6%
Astra International Tbk PT		57,500		33,919
Bayerische Motoren Werke AG		720		73,386
Hero MotoCorp Ltd.		2,354		139,918
Subaru Corp.		2,600		89,555
Suzuki Motor Corp.		1,600		87,573
				424,351
Diversified Consumer Services—0.2%
Dignity plc		1,495		48,125
Estacio Participacoes SA		2,400		21,518
New Oriental Education & Technology Group, Inc., Sponsored ADR		420		34,961
				104,604
Hotels, Restaurants & Leisure—2.0%
Accor SA		1,589		79,309
Carnival Corp.		3,292		218,556
Cedar Fair LP1		702		43,945
China Lodging Group Ltd., Sponsored ADR2		614		82,208
Domino’s Pizza Group plc		15,510		69,191
Galaxy Entertainment Group Ltd.		14,000		95,374
Genting Bhd		59,285		126,738
Genting Malaysia Bhd		12,500		14,852
Jollibee Foods Corp.		5,270		25,419
McDonald’s Corp.		1,297		216,482
Sands China Ltd.		38,400		181,078
Starbucks Corp.		930		51,001
Whitbread plc		1,116		54,732
Wyndham Worldwide Corp.		375		40,069
Yum China Holdings, Inc.2		1,640		66,174
				1,365,128
Household Durables—0.9%
Newell Brands, Inc.		443		18,066
SEB SA		572		106,631
Sony Corp.		6,900		289,404
Whirlpool Corp.		1,140		186,880
				600,981

13       OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

STATEMENT OF INVESTMENTS Continued

	Shares		Value
Internet & Catalog Retail—0.6%
Amazon.com, Inc.2		118	$	130,423
Ctrip.com International Ltd., ADR2		1,780		85,244
Priceline Group, Inc. (The)2		30		57,359
Rakuten, Inc.		9,700		103,250
				376,276
Leisure Products—0.3%
Nintendo Co. Ltd.		600		233,688
Media—1.0%
Comcast Corp., Cl. A		11,153		401,843
DISH Network Corp., Cl. A2		552		26,794
ProSiebenSat.1 Media SE		1,976		68,927
SES SA, Cl. A, FDR		3,418		55,588
Technicolor SA		10,532		37,345
Walt Disney Co. (The)		318		31,104
Zee Entertainment Enterprises Ltd.		8,010		67,073
				688,674
Multiline Retail—0.2%
Dollarama, Inc.		1,061		118,107
Target Corp.		784		46,288
				164,395
Specialty Retail—1.2%
AutoNation, Inc.2		1,213		57,496
AutoZone, Inc.2		343		202,198
Dufry AG2		666		99,177
Industria de Diseno Textil SA		2,089		78,086
Lowe’s Cos., Inc.		2,968		237,292
Nitori Holdings Co. Ltd.		200		28,962
O’Reilly Automotive, Inc.2		279		58,855
Steinhoff International Holdings NV		13,579		59,078
				821,144
Textiles, Apparel & Luxury Goods—1.5%
adidas AG		227		50,516
Burberry Group plc		913		23,058
Christian Dior SE		195		66,969
Cie Financiere Richemont SA		999		92,210
Hanesbrands, Inc.		1,860		41,850
Hermes International		185		96,037
Kering		506		232,010
LVMH Moet Hennessy Louis Vuitton SE		919		274,267
Pandora AS		865		81,773
PRADA SpA		14,700		50,878
Tapestry, Inc.2		770		31,532
				1,041,100

14       OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

	Shares		Value
Consumer Staples—5.6%
Beverages—1.8%
Anadolu Efes Biracilik Ve Malt Sanayii AS		3,487	$	20,194
Anheuser-Busch InBev SA/NV		484		59,332
Coca-Cola Co. (The)		934		42,945
Coca-Cola European Partners plc		2,974		121,518
Constellation Brands, Inc., Cl. A		201		44,037
Dr Pepper Snapple Group, Inc.		379		32,465
Fomento Economico Mexicano SAB de CV		6,320		55,174
Fomento Economico Mexicano SAB de CV, Sponsored ADR		270		23,693
Heineken NV		1,088		106,010
Kweichow Moutai Co. Ltd., Cl. A		600		55,981
Molson Coors Brewing Co., Cl. B		449		36,311
Nigerian Breweries plc		25,253		10,542
PepsiCo, Inc.		2,902		319,887
Pernod Ricard SA		2,162		324,355
				1,252,444
Food & Staples Retailing—0.7%
Alimentation Couche-Tard, Inc., Cl. B		1,558		73,051
Atacadao Distribuicao Comercio e Industria Ltda2		6,400		31,459
BIM Birlesik Magazalar AS		1,355		27,657
CP ALL PCL		39,134		82,484
Jeronimo Martins SGPS SA		216		3,925
Magnit PJSC		668		88,071
Shoprite Holdings Ltd.		1,972		28,212
SPAR Group Ltd. (The)		4,584		54,063
Walgreens Boots Alliance, Inc.		324		21,472
Wal-Mart Stores, Inc.		849		74,126
				484,520
Food Products—1.9%
Barry Callebaut AG2		55		85,871
Danone SA		2,975		243,161
Kraft Heinz Co. (The)		2,743		212,116
Mondelez International, Inc., Cl. A		4,533		187,802
Nestle SA		2,708		227,837
Saputo, Inc.		2,747		99,183
Unilever plc		2,293		130,052
Vietnam Dairy Products JSC		840		5,585
Want Want China Holdings Ltd.		31,000		25,361
WH Group Ltd.3		99,000		100,262
				1,317,230
Household Products—0.4%
HRG Group, Inc.2		469		7,607
Kimberly-Clark de Mexico SAB de CV, Cl. A		9,635		16,590
Procter & Gamble Co. (The)		581		50,163
Reckitt Benckiser Group plc		1,483		132,638
Spectrum Brands Holdings, Inc.		275		30,228

15       OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

STATEMENT OF INVESTMENTS Continued

	Shares		Value
Household Products (Continued)
Weatherford International plc2		9,636	$	33,437
				270,663
Personal Products—0.3%
Amorepacific Corp.		104		29,194
AMOREPACIFIC Group		68		8,696
Beiersdorf AG		301		33,765
LG Household & Health Care Ltd.		102		107,125
Natura Cosmeticos SA		300		2,840
				181,620
Tobacco—0.5%
Philip Morris International, Inc.		2,451		256,472
Swedish Match AB		1,781		67,055
				323,527
Energy—3.9%
Energy Equipment & Services—0.4%
Halliburton Co.		840		35,902
Schlumberger Ltd.		2,722		174,208
TechnipFMC plc2		1,584		43,087
				253,197
Oil, Gas & Consumable Fuels—3.5%
Antero Midstream GP LP		1,670		31,246
Buckeye Partners LP1		1,370		72,761
Chevron Corp.		1,301		150,773
ConocoPhillips		668		34,168
Enbridge, Inc.		961		36,960
Energy Transfer Equity LP1		7,120		126,380
Energy Transfer Partners LP1		7,570		131,794
Enterprise Products Partners LP1		4,410		108,045
EQT Midstream Partners LP1		510		37,261
Genesis Energy LP1		950		22,125
Husky Energy, Inc.2		2,735		35,446
Koninklijke Vopak NV		1,193		51,647
Magellan Midstream Partners LP1		5,193		356,811
MPLX LP1		2,720		95,907
Novatek PJSC, Sponsored GDR		1,055		120,425
Phillips 66		298		27,142
Phillips 66 Partners LP1		780		39,320
Plains All American Pipeline LP1		1,530		30,554
Plains GP Holdings LP, Cl. A		1,500		30,600
Rice Midstream Partners LP1		1,980		41,065
Suncor Energy, Inc.		10,335		350,977
Tallgrass Energy GP LP, Cl. A		2,410		60,250
Tallgrass Energy Partners LP1		200		8,728
Targa Resources Corp.		2,070		85,905
TC PipeLines LP1		1,910		101,784

16       OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

	Shares		Value
Oil, Gas & Consumable Fuels (Continued)
TOTAL SA		2,488	$	138,775
Western Gas Partners LP1		590		28,255
Williams Cos., Inc. (The)		1,110		31,635
Williams Partners LP1		1,710		63,338
				2,450,077
Financials—10.0%
Capital Markets—2.1%
Ameriprise Financial, Inc.		289		45,240
Bank of New York Mellon Corp. (The)		3,799		195,459
BlackRock, Inc., Cl. A		108		50,850
Charles Schwab Corp. (The)		947		42,463
China International Capital Corp. Ltd., Cl. H3		8,000		16,660
CME Group, Inc., Cl. A		1,477		202,600
Intercontinental Exchange, Inc.		3,263		215,684
Morgan Stanley		957		47,850
Nasdaq, Inc.		971		70,543
NEX Group plc		7,232		60,918
S&P Global, Inc.		1,012		158,348
TP ICAP plc		9,510		68,765
UBS Group AG2		14,276		243,189
				1,418,569
Commercial Banks—3.3%
Banco de Chile		32,380		4,967
Banco Santander SA		22,421		152,158
Bank Mandiri Persero Tbk PT		58,600		30,511
Bank of America Corp.		8,492		232,596
Bank of the Philippine Islands		530		1,007
Bank Pekao SA		196		6,409
Bank Rakyat Indonesia Persero Tbk PT		18,600		21,435
Citigroup, Inc.		6,446		473,781
Credicorp Ltd.		150		31,416
FirstRand Ltd.		12,892		46,732
Grupo Aval Acciones y Valores SA, ADR		3,400		28,288
Grupo Financiero Banorte SAB de CV, Cl. O		2,533		15,033
Grupo Financiero Inbursa SAB de CV, Cl. O		22,634		38,900
HSBC Holdings plc		24,775		241,588
ICICI Bank Ltd., Sponsored ADR		14,332		131,138
JPMorgan Chase & Co.		2,050		206,250
KeyCorp		3,079		56,192
Kotak Mahindra Bank Ltd.		3,467		54,868
Lloyds Banking Group plc		69,730		63,232
Sberbank of Russia PJSC, Sponsored ADR		2,530		36,298
SunTrust Banks, Inc.		2,023		121,805
US Bancorp		2,966		161,291
Zenith Bank plc		159,308		11,292

17       OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

STATEMENT OF INVESTMENTS Continued

	Shares		Value
Commercial Banks (Continued)
Zions Bancorporation		1,488	$	69,132
				2,236,319
Consumer Finance—0.6%
American Express Co.		2,536		242,239
Cholamandalam Investment & Finance Co. Ltd.		606		10,780
Discover Financial Services		1,581		105,184
Prosegur Cash SA2,3		24,127		78,836
				437,039
Diversified Financial Services—1.1%
Ayala Corp.		510		10,178
B3 SA-Brasil Bolsa Balcao		12,100		88,402
Berkshire Hathaway, Inc., Cl. B2		1,574		294,244
Grupo de Inversiones Suramericana SA		1,693		21,493
Hong Kong Exchanges & Clearing Ltd.		732		20,386
ING Groep NV		9,049		167,122
Moscow Exchange (The)		12,056		24,382
ORIX Corp.		8,300		143,002
				769,209
Insurance—2.0%
AIA Group Ltd.		16,200		121,921
American International Group, Inc.		1,428		92,263
Aon plc		371		53,212
Brighthouse Financial, Inc.2		219		13,617
Hartford Financial Services Group, Inc. (The)		874		48,114
Marsh & McLennan Cos., Inc.		1,576		127,546
MetLife, Inc.		3,532		189,244
Ping An Insurance Group Co. of China Ltd., Cl. H		14,000		122,955
Progressive Corp. (The)		3,124		151,983
Prudential plc		14,101		347,103
Sul America SA		3,933		21,557
XL Group Ltd.		1,402		56,739
				1,346,254
Real Estate Investment Trusts (REITs)—0.4%
Crown Castle International Corp.		406		43,474
Digital Realty Trust, Inc.		243		28,781
Invitation Homes, Inc.		845		19,072
Mid-America Apartment Communities, Inc.		978		100,098
Prologis, Inc.		872		56,314
Ventas, Inc.		971		60,930
				308,669
Real Estate Management & Development—0.2%
Ayala Land, Inc.		31,400		26,266
Emaar Properties PJSC		10,596		23,983
Scout24 AG3		1,647		66,009

18       OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

	Shares		Value
Real Estate Management & Development (Continued)
SM Prime Holdings, Inc.		61,000	$	43,767
				160,025
Thrifts & Mortgage Finance—0.3%
Housing Development Finance Corp. Ltd.		7,512		198,090
Health Care—5.7%
Biotechnology—1.2%
3SBio, Inc.2,3		8,500		15,212
Amgen, Inc.		247		43,279
Biocon Ltd.		1,920		10,668
Biogen, Inc.2		162		50,489
Celgene Corp.2		2,393		241,621
Celltrion Healthcare Co. Ltd.2		226		11,899
CSL Ltd.		959		102,280
Galapagos NV2		112		10,864
Gilead Sciences, Inc.		2,536		190,099
Grifols SA		4,081		127,792
Wuxi Biologics Cayman, Inc.2,3		500		2,835
				807,038
Health Care Equipment & Supplies—1.0%
Boston Scientific Corp.2		3,399		95,648
Coloplast AS, Cl. B		169		14,861
Danaher Corp.		729		67,265
Essilor International SA		655		82,965
Intuitive Surgical, Inc.2		83		31,155
Medtronic plc		326		26,249
Sonova Holding AG		466		84,194
Stryker Corp.		934		144,648
William Demant Holding AS2		2,770		80,028
Zimmer Biomet Holdings, Inc.		455		55,337
				682,350
Health Care Providers & Services—1.1%
Apollo Hospitals Enterprise Ltd.		1,699		27,242
Express Scripts Holding Co.2		2,103		128,893
Humana, Inc.		104		26,556
Laboratory Corp. of America Holdings2		266		40,887
Mediclinic International plc		1,830		14,136
Sinopharm Group Co. Ltd., Cl. H		20,000		89,545
Sonic Healthcare Ltd.		1,425		23,760
UnitedHealth Group, Inc.		1,975		415,185
				766,204
Health Care Technology—0.3%
Bharti Infratel Ltd.		19,472		133,207

19       OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

STATEMENT OF INVESTMENTS Continued

	Shares		Value
Health Care Technology (Continued)
Cerner Corp.2		1,601	$	108,100
				241,307
Life Sciences Tools & Services—0.4%
Agilent Technologies, Inc.		1,139		77,486
Lonza Group AG2		469		124,703
Samsung Biologics Co. Ltd.2,3		112		38,722
Thermo Fisher Scientific, Inc.		192		37,215
				278,126
Pharmaceuticals—1.7%
Allergan plc		224		39,699
Bayer AG		1,259		164,439
Bristol-Myers Squibb Co.		895		55,186
Celltrion, Inc.2		126		19,611
Dr. Reddy’s Laboratories Ltd.		660		24,722
GlaxoSmithKline plc, Sponsored ADR		1,262		45,975
Glenmark Pharmaceuticals Ltd.		603		5,764
Hutchison China MediTech Ltd., ADR2		150		4,567
Jiangsu Hengrui Medicine Co. Ltd., Cl. A		7,628		77,338
Merck & Co., Inc.		5,788		318,861
Mylan NV2		2,101		75,027
Novo Nordisk AS, Cl. B		2,400		119,429
Pfizer, Inc.		2,661		93,295
Roche Holding AG		336		77,683
Valeant Pharmaceuticals International, Inc.2		2,824		33,013
				1,154,609
Industrials—8.9%
Aerospace & Defense—1.0%
Airbus SE		3,287		336,216
Lockheed Martin Corp.		1,004		309,393
MTU Aero Engines AG		202		34,111
Spirit AeroSystems Holdings, Inc., Cl. A		392		31,399
				711,119
Air Freight & Couriers—0.1%
FedEx Corp.		112		25,291
XPO Logistics, Inc.2		705		48,892
ZTO Express Cayman, Inc., ADR2		1,140		18,228
				92,411
Airlines—0.4%
Alaska Air Group, Inc.		931		61,474
Japan Airlines Co. Ltd.		4,300		147,222
Southwest Airlines Co.		431		23,214
Spirit Airlines, Inc.2		1,070		39,686
				271,596

20       OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

	Shares		Value
Building Products—0.3%
SMC Corp.		500	$	191,855
Commercial Services & Supplies—0.7%
Edenred		2,995		86,332
Johnson Controls International plc		3,124		129,302
KAR Auction Services, Inc.		1,121		53,057
Prosegur Cia de Seguridad SA		13,075		99,771
Republic Services, Inc., Cl. A		481		31,299
Waste Connections, Inc.		710		50,176
Waste Management, Inc.		579		47,576
				497,513
Construction & Engineering—0.7%
Boskalis Westminster		1,562		55,838
Ferrovial SA		7,559		164,265
Vinci SA		2,374		232,524
				452,627
Electrical Equipment—1.1%
Legrand SA		1,219		90,585
Mitsubishi Electric Corp.		10,500		180,368
Nidec Corp.		1,000		132,368
Philips Lighting NV3		5,205		196,905
Schneider Electric SE		1,798		157,718
				757,944
Industrial Conglomerates—0.7%
General Electric Co.		10,065		202,910
Jardine Strategic Holdings Ltd.		1,500		62,958
Seibu Holdings, Inc.		6,900		123,464
Siemens AG, Sponsored ADR		406		29,240
SM Investments Corp.		3,260		60,394
				478,966
Machinery—0.9%
Aalberts Industries NV		2,174		107,046
Atlas Copco AB, Cl. A		2,559		111,950
Caterpillar, Inc.		492		66,814
Deere & Co.		156		20,729
Kubota Corp.		5,400		101,795
PACCAR, Inc.		362		25,966
Parker-Hannifin Corp.		358		65,374
Stanley Black & Decker, Inc.		117		18,901
Wabtec Corp.		415		31,748
Weir Group plc (The)		1,266		32,820
				583,143
Professional Services—1.1%
Bureau Veritas SA		4,259		114,127

21       OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

STATEMENT OF INVESTMENTS Continued

	Shares		Value
Professional Services (Continued)
Equifax, Inc.		328	$	35,598
Experian plc		3,234		68,072
Intertek Group plc		1,250		89,986
Nielsen Holdings plc		3,863		143,201
Recruit Holdings Co. Ltd.		13,300		325,596
				776,580
Road & Rail—0.5%
Canadian National Railway Co.		2,090		168,224
Canadian Pacific Railway Ltd.		661		114,644
Kansas City Southern		259		26,993
				309,861
Trading Companies & Distributors—1.0%
Brenntag AG		3,040		172,154
Bunzl plc		3,345		104,237
Fastenal Co.		1,945		91,357
Ferguson plc		693		48,326
ITOCHU Corp.		12,000		210,558
Travis Perkins plc		4,408		89,006
				715,638
Transportation Infrastructure—0.4%
Beijing Capital International Airport Co. Ltd., Cl. H		94,000		154,285
DP World Ltd.		2,728		64,790
Grupo Aeroportuario del Sureste SAB de CV, Cl. B		1,601		28,553
Malaysia Airports Holdings Bhd		22,108		43,277
				290,905
Information Technology—12.9%
Communications Equipment—0.4%
Cisco Systems, Inc.		3,797		129,668
Motorola Solutions, Inc.		559		50,612
Nokia OYJ		16,036		78,756
				259,036
Electronic Equipment, Instruments, & Components—1.1%
Hitachi Ltd.		13,000		103,445
Hoya Corp.		3,100		167,552
Keyence Corp.		200		110,652
Spectris plc		1,920		65,290
TDK Corp.		1,500		115,780
TE Connectivity Ltd.		1,519		138,183
Zebra Technologies Corp., Cl. A2		230		26,678
				727,580
Internet Software & Services—3.9%
Alibaba Group Holding Ltd., Sponsored ADR2		2,663		492,362
Alphabet, Inc., Cl. A2		33		34,090

22       OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

	Shares		Value
Internet Software & Services (Continued)
Alphabet, Inc., Cl. C2		745	$	757,397
Baidu, Inc., Sponsored ADR2		1,225		298,827
China Literature Ltd.2		4		28
eBay, Inc.2		3,608		135,805
Facebook, Inc., Cl. A2		2,733		492,104
MercadoLibre, Inc.		10		2,403
NAVER Corp.		129		103,328
NetEase, Inc., ADR		183		51,591
Tencent Holdings Ltd.		6,000		270,253
United Internet AG		1,151		72,813
				2,711,001
IT Services—1.3%
Amadeus IT Group SA		1,256		85,206
Amdocs Ltd.		2,565		166,982
Atos SE		850		132,121
First Data Corp., Cl. A2		2,640		47,018
Infosys Ltd.		3,817		54,325
Mastercard, Inc., Cl. A		1,019		151,597
PayPal Holdings, Inc.2		3,354		243,366
Tata Consultancy Services Ltd.		984		39,903
				920,518
Semiconductors & Semiconductor Equipment—2.7%
Applied Materials, Inc.		2,943		166,074
ASML Holding NV		681		122,856
Broadcom Ltd.		387		102,133
Infineon Technologies AG		15,294		418,736
Marvell Technology Group Ltd.		3,266		60,323
Maxim Integrated Products, Inc.		1,243		65,307
Renesas Electronics Corp.2		9,200		118,792
SK Hynix, Inc.		1,900		139,710
STMicroelectronics NV		6,120		144,103
Taiwan Semiconductor Manufacturing Co. Ltd.		35,000		282,701
Texas Instruments, Inc.		808		78,126
Tokyo Electron Ltd.		700		132,162
				1,831,023
Software—1.8%
Activision Blizzard, Inc.		592		38,770
Check Point Software Technologies Ltd.2		159		18,716
Dassault Systemes SE		815		86,571
Microsoft Corp.		3,319		276,074
Oracle Corp.		1,191		60,622
SAP SE		4,537		516,125
Snap, Inc., Cl. A2		3,089		47,385
Synopsys, Inc.2		670		57,968

23       OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

STATEMENT OF INVESTMENTS Continued

	Shares		Value
Software (Continued)
Temenos Group AG		1,305	$	150,744
				1,252,975
Technology Hardware, Storage & Peripherals—1.7%
Apple, Inc.		5,328		900,645
HP, Inc.		2,194		47,281
Samsung Electronics Co. Ltd.		61		150,162
Western Digital Corp.		1,195		106,678
				1,204,766
Materials—2.8%
Chemicals—1.4%
Air Liquide SA		1,614		205,572
Akzo Nobel NV		686		62,113
Albemarle Corp.		143		20,147
DowDuPont, Inc.		1,692		122,349
Eastman Chemical Co.		783		71,104
Essentra plc		6,832		48,289
Linde AG2		429		92,121
Novozymes AS, Cl. B		1,668		92,128
PPG Industries, Inc.		1,247		144,951
Sika AG		11		81,507
Westlake Chemical Partners LP1		1,350		30,038
				970,319
Construction Materials—0.3%
Indocement Tunggal Prakarsa Tbk PT		15,000		24,903
James Hardie Industries plc		2,932		44,793
UltraTech Cement Ltd.		548		37,235
Vulcan Materials Co.		717		87,295
				194,226
Containers & Packaging—0.2%
CCL Industries, Inc., Cl. B		2,252		108,541
WestRock Co.		748		45,875
				154,416
Metals & Mining—0.9%
Agnico Eagle Mines Ltd.		690		30,795
Alrosa PJSC		18,425		23,772
Anglo American plc		8,040		151,486
Compass Minerals International, Inc.		324		21,254
Glencore plc2		25,110		120,899
Grupo Mexico SAB de CV		14,594		47,455
Korea Zinc Co. Ltd.		158		72,295
Newcrest Mining Ltd.		4,800		81,887
Polyus PJSC, GDR3		300		12,315

24       OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

	Shares		Value
Metals & Mining (Continued)
Zhaojin Mining Industry Co. Ltd., Cl. H		48,500	$	39,510
				601,668
Telecommunication Services—1.9%
Diversified Telecommunication Services—1.3%
AT&T, Inc.		1,641		55,220
BT Group plc, Cl. A		12,238		42,318
Iliad SA		322		80,421
Inmarsat plc		4,588		37,846
Nippon Telegraph & Telephone Corp.		7,500		363,390
Spark New Zealand Ltd.		48,466		122,087
Verizon Communications, Inc.		4,052		193,969
				895,251
Wireless Telecommunication Services—0.6%
China Mobile Ltd.		5,000		50,255
Rogers Communications, Inc., Cl. B		2,229		115,657
SK Telecom Co. Ltd.		494		116,443
SoftBank Group Corp.		1,000		88,499
Vodafone Group plc		20,409		58,391
				429,245
Utilities—0.9%
Electric Utilities—0.6%
Edison International		1,421		113,609
Entergy Corp.		574		49,513
NextEra Energy, Inc.		135		20,935
PG&E Corp.		4,586		264,933
				448,990
Gas Utilities—0.1%
AmeriGas Partners LP1		915		41,403
Multi-Utilities—0.2%
National Grid plc		10,951		131,789
SCANA Corp.		259		11,173
				142,962
Total Common Stocks (Cost $35,510,663)				43,037,923
Preferred Stocks—0.1%
Lojas Americanas SA, Preference		10,460		56,212
Zee Entertainment Enterprises Ltd., 6% Cum. Non-Cv.		32,510		4,974
Total Preferred Stocks (Cost $48,626)				61,186
	Units
Rights, Warrants and Certificates—0.0%
Banco Santander SA Rts., Strike Price 1EUR, Exp. 11/15/172		22,421		1,071
Ferrovial SA Rts., Strike Price 1EUR, Exp. 11/13/172		7,559		3,636
Total Rights, Warrants and Certificates (Cost $4,607)				4,707

25       OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

STATEMENT OF INVESTMENTS Continued

		Principal Amount		Value
U.S. Government Obligation—1.8%
United States Treasury Bonds, 2.875%, 8/15/454 (Cost $1,246,306)		$	1,259,000	$	1,260,082
Foreign Government Obligations—7.1%
Arab Republic of Egypt, 15.00% Unsec. Nts., 10/3/20	EGP		250,000		13,991
Argentine Republic:
16.00% Bonds, 10/17/23	ARS		265,000		15,267
24.756% [BADLARPP+325] Sr. Unsec. Nts., 3/1/205	ARS		1,038,000		61,941
27.146% [ARPP7DRR] Unsec. Nts., 6/21/205	ARS		400,000		24,286
Federative Republic of Brazil:
10.00% Unsec. Nts., 1/1/19	BRL		580,000		182,461
10.00% Unsec. Nts., 1/1/21	BRL		1,315,000		412,597
10.00% Unsec. Nts., 1/1/23	BRL		260,000		80,855
17.517% Unsec. Nts., 5/15/456	BRL		25,000		25,380
18.077% Unsec. Nts., 8/15/226	BRL		65,000		63,400
Hungary:
Series 20/A, 7.50% Bonds, 11/12/20	HUF		6,400,000		28,926
Series 25/B, 5.50% Bonds, 6/24/25	HUF		35,100,000		162,559
Series 27/A, 3.00% Bonds, 10/27/27	HUF		5,000,000		19,648
Kingdom of Thailand, 1.875% Sr. Unsec. Nts., 6/17/22	THB		5,000,000		150,818
Malaysia:
3.26% Sr. Unsec. Nts., 3/1/18	MYR		130,000		30,734
4.24% Sr. Unsec. Nts., 2/7/18	MYR		100,000		23,696
4.378% Sr. Unsec. Nts., 11/29/19	MYR		200,000		48,236
Oriental Republic of Uruguay, 9.875% Sr. Unsec. Nts., 6/20/223	UYU		1,790,000		65,502
Republic of Chile:
4.50% Unsec. Nts., 2/28/21	CLP		70,000,000		112,950
4.50% Bonds, 3/1/26	CLP		15,000,000		23,709
Republic of Colombia:
Series B, 7.00% Bonds, 5/4/22	COP		220,000,000		75,567
Series B, 7.50% Bonds, 8/26/26	COP		235,000,000		82,027
Series B, 10.00% Bonds, 7/24/24	COP		130,000,000		51,245
Series B, 11.00% Bonds, 7/24/20	COP		160,000,000		59,905
Republic of Indonesia:
Series FR61, 7.00% Sr. Unsec. Nts., 5/15/22	IDR		1,800,000,000		135,697
Series FR71, 9.00% Sr. Unsec. Nts., 3/15/29	IDR		1,170,000,000		98,345
Series FR72, 8.25% Sr. Unsec. Nts., 5/15/36	IDR		1,580,000,000		127,047
Series FR73, 8.75% Sr. Unsec. Nts., 5/15/31	IDR		2,020,000,000		167,558
Republic of Peru:
6.35% Sr. Unsec. Nts., 8/12/283	PEN		345,000		114,236
6.95% Sr. Unsec. Nts., 8/12/313	PEN		40,000		13,836
7.84% Sr. Unsec. Nts., 8/12/203	PEN		170,000		57,978
8.20% Sr. Unsec. Nts., 8/12/263	PEN		145,000		54,765
Republic of Poland:
Series 0721, 1.75% Bonds, 7/25/21	PLN		530,000		142,651
Series 0726, 2.50% Bonds, 7/25/26	PLN		380,000		97,724
Series 0922, 5.75% Bonds, 9/23/22	PLN		125,000		39,158
Republic of South Africa:
Series 2023, 7.75% Bonds, 2/28/23	ZAR		250,000		17,190
Series 2030, 8.00% Bonds, 1/31/30	ZAR		1,260,000		78,929

26       OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

		Principal Amount		Value
Foreign Government Obligations (Continued)
Republic of South Africa: (Continued)
Series 2037, 8.50% Bonds, 1/31/37	ZAR		900,000	$	55,513
Series R186, 10.50% Bonds, 12/21/26	ZAR		925,000		70,936
Series R208, 6.75% Sr. Unsec. Nts., 3/31/21	ZAR		2,300,000		156,225
Series R214, 6.50% Bonds, 2/28/41	ZAR		860,000		41,362
Republic of Turkey:
8.50% Bonds, 7/10/19	TRY		65,000		16,176
8.80% Bonds, 11/14/18	TRY		60,000		15,294
10.70% Bonds, 2/17/21	TRY		180,000		45,384
11.00% Bonds, 2/24/27	TRY		480,000		122,988
Romania, 5.95% Bonds, 6/11/21	RON		360,000		100,390
Russian Federation:
Series 6209, 7.60% Bonds, 7/20/22	RUB		4,825,000		83,524
Series 6210, 6.80% Bonds, 12/11/19	RUB		7,000,000		118,569
Series 6211, 7.00% Bonds, 1/25/23	RUB		12,000,000		202,529
Series 6212, 7.05% Bonds, 1/19/28	RUB		1,000,000		16,600
Series 6216, 6.70% Bonds, 5/15/19	RUB		18,500,000		313,627
United Mexican States:
Series M, 5.75% Bonds, 3/5/26	MXN		2,600,000		123,289
Series M, 8.00% Bonds, 6/11/20	MXN		800,000		42,724
Series M, 8.00% Sr. Unsec. Nts., 12/7/23	MXN		200,000		10,903
Series M10, 8.50% Bonds, 12/13/18	MXN		2,750,000		145,659
Series M20, 8.50% Sr. Unsec. Nts., 5/31/29	MXN		930,000		52,972
Series M20, 10.00% Bonds, 12/5/24	MXN		2,200,000		133,201
Series M30, 8.50% Sr. Unsec. Nts., 11/18/38	MXN		320,000		18,439
Series M30, 10.00% Bonds, 11/20/36	MXN		350,000		22,891
Total Foreign Government Obligations (Cost $4,840,884)					4,870,009

Counter- party

Exercise Price

Expiration Date

Notional Amount (000’s)

Contracts (000’s)

Over-the-Counter Option Purchased—0.0%

CLP Currency Put2 (Cost $1,511)

GSCO-OT

CLP

637.000

1/12/18

CLP

5,096,000

CLP

71,000

1,846

		Principal Amount
Short-Term Notes—0.1%
Arab Republic of Egypt Treasury Bills, 17.25%, 7/3/187	EGP		1,000,000	50,622
Arab Republic of Egypt Treasury Bills, 17.946%, 4/3/187	EGP		700,000	37,044
Total Short-Term Notes (Cost $87,688)				87,666
		Shares
Investment Companies—27.6%
Oppenheimer Fundamental Alternatives Fund, Cl. I8			175,626	4,917,533
Oppenheimer Global High Yield Fund, Cl. I8			319,923	3,045,667
Oppenheimer Global Multi Strategies Fund, Cl. I8			167,965	3,987,489
Oppenheimer Institutional Government Money Market Fund, Cl. E, 1.01%8,9			3,085,963	3,085,963
Oppenheimer Master Loan Fund, LLC8			96,613	1,612,269

27       OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

STATEMENT OF INVESTMENTS Continued

	Shares		Value
Investment Companies (Continued)
Oppenheimer Senior Floating Rate Fund, Cl. I8		284,864	$	2,304,550
Total Investment Companies (Cost $18,677,383)				18,953,471
Total Investments, at Value (Cost $60,417,668)		99.2%		68,276,890
Net Other Assets (Liabilities)		0.8		563,579
Net Assets		100.0%	$	68,840,469

Footnotes to Statement of Investments

1. Security is a Master Limited Partnership.

2. Non-income producing security.

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 $834,073 or 1.21% 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 $1,260,082. See Note 6 of the accompanying Notes.

5. Represents the current interest rate for a variable or increasing rate security, determined as [Referenced Rate + Basis-point spread].

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

7. Zero coupon bond reflects effective yield on the original acquisition date.

8. 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 October 31, 2017
Oppenheimer Fundamental Alternatives Fund, Cl. I		120,464		55,162		—		175,626
Oppenheimer Global High Yield Fund, Cl. I		599,838		57,164		337,079		319,923
Oppenheimer Global Multi Strategies Fund, Cl. I		—		167,965		—		167,965
Oppenheimer Institutional Government Money Market Fund, Cl. E		4,187,545		23,465,931		24,567,513		3,085,963
Oppenheimer Master Loan Fund, LLC		64,963		31,650		—		96,613
Oppenheimer Senior Floating Rate Fund, Cl. I		295,052		12,653		22,841		284,864
	Value		Income		Realized Gain (Loss)		Change in Unrealized Gain (Loss)
Oppenheimer Fundamental Alternatives Fund, Cl. I	$	4,917,533	$	23,892	$	—	$	47,583
Oppenheimer Global High Yield Fund, Cl. I		3,045,667		195,756		73,807		49,876
Oppenheimer Global Multi Strategies Fund, Cl. I		3,987,489		—		—		54,543
Oppenheimer Institutional Government Money Market Fund, Cl. E		3,085,963		20,759		—		—

28       OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

Footnotes to Statement of Investments (Continued)

	Value		Income			Realized Gain (Loss)			Change in Unrealized Gain (Loss)
Oppenheimer Master Loan Fund,
LLC	$	1,612,269	$	73,846	a	$	(3,722)	a	$	1,126	a
Oppenheimer Senior Floating Rate
Fund, Cl. I		2,304,550		102,560			5,599			9,759
Total	$	18,953,471	$	416,813		$	75,684		$	162,887

a. Represents the amount allocated to the Fund from Oppenheimer Master Loan Fund, LLC.

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

Distribution of investments representing geographic holdings, as a percentage of total investments at value, is as follows:

Geographic Holdings (Unaudited)	Value		Percent
United States	$	38,928,566	57.0%
Japan		3,919,184	5.7
France		3,484,242	5.1
United Kingdom		2,570,783	3.8
Germany		2,049,464	3.0
China		1,983,638	2.9
Switzerland		1,670,299	2.4
Canada		1,301,761	1.9
Russia		1,040,111	1.5
Brazil		986,682	1.4
India		939,907	1.4
Netherlands		869,537	1.3
South Korea		797,186	1.2
Spain		790,822	1.2
Mexico		775,475	1.1
Indonesia		639,414	0.9
South Africa		622,377	0.9
Hong Kong		586,546	0.9
Denmark		388,218	0.6
Colombia		318,526	0.5
Malaysia		287,532	0.4
Poland		285,942	0.4
Taiwan		282,701	0.4
Peru		272,231	0.4
Turkey		247,693	0.4
Thailand		233,302	0.3
Hungary		211,133	0.3
Australia		207,928	0.3
Sweden		179,004	0.3
Philippines		167,030	0.2
Chile		143,472	0.2
New Zealand		122,087	0.2
Argentina		103,897	0.2
Singapore		102,133	0.2

29       OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

STATEMENT OF INVESTMENTS Continued

Geographic Holdings (Unaudited) (Continued)	Value		Percent
Egypt	$	101,657	0.2%
Ireland		101,532	0.2
Romania		100,390	0.1
United Arab Emirates		88,773	0.1
Finland		78,756	0.1
Belgium		70,196	0.1
Uruguay		65,502	0.1
Bermuda		60,323	0.1
Italy		50,878	0.1
Nigeria		21,834	0.0
Israel		18,716	0.0
Vietnam		5,585	0.0
Portugal		3,925	0.0
Total	$	68,276,890	100.0%

Forward Currency Exchange Contracts as of October 31, 2017
Counter -party	Settlement Month(s)		Currency Purchased (000’s)		Currency Sold (000’s)			Unrealized Appreciation		Unrealized Depreciation
BAC		11/2017	BRL	10		USD	3	$	—	$	32
BAC		12/2017	CLP	467,000		USD	757		—		23,976
BAC		12/2017	MYR	5,450		USD	1,297		3,421		10,766
BAC		12/2017	RUB	71,600		USD	1,237		—		18,105
BAC		12/2017	TRY	10		USD	3		—		81
BAC		11/2017	USD	3		BRL	10		—		5
BAC		12/2017	USD	51		CLP	32,300		583		—
BAC		12/2017	USD	1,122		EUR	950		12,541		—
BAC		12/2017	USD	49		MYR	205		451		—
BAC		12/2017	USD	60		RUB	3,500		304		—
BOA		11/2017	BRL	40		USD	13		—		486
BOA		12/2017	CLP	343,000		USD	557		—		18,200
BOA		12/2017	COP	2,331,000		USD	788		—		24,783
BOA		03/2018	CZK	550		USD	26		—		442
BOA		12/2017	HUF	1,700		USD	7		—		140
BOA		12/2017	IDR	7,662,000		USD	567		—		4,298
BOA		12/2017	INR	11,000		USD	170		—		1,247
BOA		12/2017	KRW	1,285,000		USD	1,139		10,095		—
BOA		12/2017	MXN	200		USD	11		—		464
BOA		12/2017	NOK	8,770		USD	1,123		—		48,285
BOA		12/2017	PLN	20		USD	5		48		—
BOA		12/2017	RON	5		USD	1		—		38
BOA		12/2017	SEK	17,450		USD	2,191		—		101,225
BOA		12/2017	THB	900		USD	27		21		—
BOA		12/2017	TWD	21,000		USD	699		676		1,307
BOA		11/2017	USD	12		BRL	40		—		19
BOA		12/2017	USD	1,357		CAD	1,650		77,442		—
BOA		12/2017	USD	2,211		EUR	1,840		63,068		—
BOA		12/2017	USD	68		IDR	919,200		351		—
BOA		12/2017	USD	102		INR	6,700		—		940
BOA		12/2017	USD	581		JPY	66,000		—		970
BOA		12/2017	USD	860		KRW	970,000		—		7,369

30       OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

Forward Currency Exchange Contracts (Continued)
Counter -party	Settlement Month(s)		Currency Purchased (000’s)			Currency Sold (000’s)			Unrealized Appreciation		Unrealized Depreciation
BOA		12/2017		USD	2,147		SEK	17,440	$	58,557	$	—
BOA		12/2017		USD	3		THB	100		—		16
BOA		12/2017		USD	132		ZAR	1,760		8,660		—
BOA		12/2017		ZAR	50		USD	4		—		174
CITNA-B		12/2017		BRL	20		USD	6		9		—
CITNA-B		12/2017		EUR	2,915		USD	3,450		—		46,149
CITNA-B		12/2017		IDR	1,206,000		USD	89		—		123
CITNA-B		12/2017		JPY	503,000		USD	4,669		—		236,429
CITNA-B		12/2017		MXN	400		USD	22		—		1,538
CITNA-B		12/2017		PLN	50		USD	14		141		—
CITNA-B		12/2017		SEK	11,950		USD	1,500		—		69,339
CITNA-B		12/2017		TRY	770		USD	204		—		3,807
CITNA-B		12/2017		USD	81		ARS	1,470		—		174
CITNA-B		12/2017		USD	39		COP	116,000		1,151		—
CITNA-B		12/2017		USD	949		JPY	106,000		14,222		—
CITNA-B		12/2017		USD	736		MXN	13,880		17,687		—
CITNA-B		12/2017		USD	1,211		NOK	9,680		24,476		—
CITNA-B		12/2017		USD	142		PEN	460		605		—
CITNA-B		12/2017		USD	503		TRY	1,920		4,712		2,157
CITNA-B		12/2017		USD	52		ZAR	680		4,490		—
CITNA-B		12/2017		ZAR	30		USD	2		—		60
DEU		12/2017		EUR	175		USD	211		—		7,043
DEU		12/2017		NOK	910		USD	118		—		6,171
DEU		12/2017		PLN	6,840		USD	1,925		—		45,131
DEU		12/2017		TRY	7,550		USD	2,152		—		186,239
DEU		12/2017		USD	1,441		CHF	1,365		69,146		—
DEU		12/2017		USD	1,118		EUR	940		20,398		—
DEU		12/2017		USD	227		GBP	170		436		—
DEU		12/2017		USD	146		HUF	37,000		7,600		—
DEU		12/2017		USD	82		RON	315		2,760		—
GSCO-OT		11/2017		BRL	20		USD	6		—		179
GSCO-OT		12/2017		COP	11,000		USD	4		—		109
GSCO-OT		12/2017		IDR	164,000		USD	12		15		2
GSCO-OT		12/2017		INR	7,200		USD	108		2,251		—
GSCO-OT		12/2017		MXN	700		USD	37		66		1,092
GSCO-OT		12/2017		MYR	60		USD	14		4		52
GSCO-OT		12/2017		PHP	100		USD	2		—		6
GSCO-OT		12/2017		PLN	30		USD	8		66		—
GSCO-OT		12/2017		RON	15		USD	4		—		73
GSCO-OT		12/2017		RUB	6,200		USD	107		—		1,269
GSCO-OT		12/2017		TRY	70		USD	19		—		537
GSCO-OT		11/2017 - 12/2017		USD	152		BRL	500		—		384
GSCO-OT		12/2017		USD	01		COP	1,000		12		—
GSCO-OT		12/2017		USD	22		IDR	304,000		65		—
GSCO-OT		12/2017		USD	3		INR	200		—		28
GSCO-OT		12/2017		USD	11		MXN	200		484		—
GSCO-OT		12/2017		USD	628		MYR	2,635		5,295		214
GSCO-OT		12/2017		USD	3		PEN	10		—		6

31       OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

STATEMENT OF INVESTMENTS Continued

Forward Currency Exchange Contracts (Continued)
Counter -party	Settlement Month(s)		Currency Purchased (000’s)			Currency Sold (000’s)			Unrealized Appreciation		Unrealized Depreciation
GSCO-OT		12/2017		USD	1		ZAR	10	$	24	$	—
HSBC		12/2017		CNH	990		USD	148		449		—
HSBC		12/2017		COP	2,141,000		USD	727		—		25,988
HSBC		12/2017		DKK	760		USD	123		—		4,136
HSBC		12/2017		HUF	1,000		USD	4		7		—
HSBC		12/2017		MXN	200		USD	11		—		483
HSBC		12/2017		PLN	20		USD	5		22		—
HSBC		12/2017		THB	200		USD	6		—		34
HSBC		12/2017		USD	224		CHF	220		2,432		—
HSBC		12/2017		USD	2,357		GBP	1,795		—		29,968
HSBC		12/2017		USD	689		HKD	5,370		197		—
HSBC		12/2017		USD	401		NZD	555		21,576		—
HSBC		12/2017		USD	55		PEN	180		94		—
HSBC		12/2017		USD	550		PLN	2,020		—		5,225
HSBC		12/2017		USD	1,109		SEK	8,770		58,959		—
JPM		12/2017		CLP	370,000		USD	593		91		11,821
JPM		12/2017		COP	399,000		USD	134		—		3,591
JPM		12/2017 - 03/2018		EUR	500		USD	592		125		7,704
JPM		12/2017		HKD	1,600		USD	205		—		27
JPM		12/2017		IDR	9,433,000		USD	703		—		10,599
JPM		12/2017		INR	72,200		USD	1,119		9		8,035
JPM		12/2017		JPY	64,000		USD	573		—		9,317
JPM		12/2017		MXN	15,200		USD	837		—		50,276
JPM		12/2017		PHP	2,000		USD	39		—		350
JPM		12/2017		RUB	34,700		USD	592		—		1,973
JPM		12/2017		THB	4,000		USD	121		—		600
JPM		12/2017		TRY	450		USD	127		—		10,098
JPM		12/2017		TWD	33,000		USD	1,108		1,286		11,023
JPM		12/2017		USD	2,063		CNH	13,450		40,700		—
JPM		03/2018		USD	24		EUR	20		757		—
JPM		12/2017		USD	547		IDR	7,339,000		8,001		—
JPM		12/2017		USD	331		ILS	1,160		1,208		—
JPM		12/2017		USD	543		INR	35,000		4,209		—
JPM		12/2017		USD	282		JPY	32,000		—		34
JPM		12/2017		USD	330		KRW	377,000		—		7,364
JPM		12/2017		USD	665		MXN	12,600		12,894		—
JPM		12/2017		USD	235		PHP	12,000		3,703		—
JPM		12/2017		USD	8		RON	30		171		—
JPM		12/2017		USD	435		RUB	25,500		1,910		—
JPM		12/2017		USD	105		SGD	140		1,804		—
JPM		12/2017		USD	303		THB	10,000		1,512		—
TDB		11/2017 - 12/2017		BRL	1,350		USD	416		33		4,088
TDB		12/2017		HUF	1,100		USD	4		—		135
TDB		12/2017		PLN	570		USD	158		—		1,707
TDB		12/2017		USD	691		AUD	861		32,443		—
TDB		11/2017 - 12/2017		USD	516		BRL	1,670		6,710		—
TDB		12/2017		USD	1,665		TRY	6,390		1,413		—
Total Unrealized Appreciation and Depreciation									$	615,048	$	1,076,255

32       OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

1. Currency purchased is less than 500.

Futures Contracts as of October 31, 2017
Description	Buy/Sell		Expiration Date		Number of Contracts		Notional Amount (000’s)		Value		Unrealized Appreciation (Depreciation)
Canadian Bonds, 10 yr.		Buy		12/18/17		5	CAD	524	$	532,633	$	8,724
Euro-BUND		Buy		12/7/17		21	EUR	3,934		3,981,166		47,453
Japanese Bonds, 10 yr.		Buy		12/13/17		3	JPY	3,967		3,970,010		3,469
MSCI Emerging Market Index		Buy		12/15/17		52	USD	2,868		2,922,920		55,415
Nikkei 225 Index		Buy		12/7/17		5	JPY	843		965,217		122,676
S&P 500 E-Mini Index		Buy		12/15/17		17	USD	2,094		2,186,838		92,572
SPI 200 Index		Buy		12/21/17		13	AUD	1,420		1,464,574		44,749
STOXX Europe 600 Index		Buy		12/15/17		181	EUR	3,933		4,161,939		228,504
United Kingdom Long Bonds, 10 yr.		Buy		12/27/17		8	GBP	1,314		1,321,031		7,133
United States Treasury Long Bonds		Buy		12/19/17		5	USD	778		762,344		(15,438)
United States Treasury Nts., 10 yr.		Buy		12/19/17		25	USD	3,168		3,123,438		(44,768)
											$	550,489

Over-the-Counter Options Written at October 31, 2017

Description

Counter -party

Exercise Price

Expiration Date

Number of Contracts (000’s)

Notional Amount (000’s)

Premiums Received

Value

CLP

CLP

CLP Currency Put

GSCO-OT

662.000

1/12/18

(74,000)

CLP 5,296,000

$

459

$

(518)

CLP

CLP

CLP Currency Call

GSCO-OT

615.000

1/12/18

(69,000)

CLP 4,920,000

629

(345)

Total Over-the-Counter Options Written

$

1,088

$

(863)

Centrally Cleared Interest Rate Swaps at October 31, 2017

Counter- party

Pay/Receive Floating Rate

Floating Rate

Fixed Rate

Maturity Date

Notional Amount (000’s)

Value

Unrealized Appreciation (Depreciation)

GSCOI

Pay

MXN TIIE BANXICO

7.350%

3/11/22

MXN        2,200

$

549

$

549

JPM

Receive

BZDI

9.395

1/2/23

BRL           440

1,723

1,723

JPM

Pay

BZDI

8.840

1/4/21

BRL        1,195

(2,314)

(2,314)

JPM

Receive

BZDI

7.535

1/2/19

BRL        1,285

(576)

(576)

JPM

Receive

BZDI

7.720

7/2/18

BRL        2,960

(3,222)

(3,222)

JPM

Pay

BZDI

10.500

7/1/20

BRL        3,575

(1,360)

(1,360)

Three-Month USD

JPM

Receive

BBA LIBOR

2.118

3/20/22

USD           105

(438)

(438)

33       OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

STATEMENT OF INVESTMENTS Continued

Centrally Cleared Interest Rate Swaps (Continued)

Counter- party

Pay/Receive Floating Rate

Floating Rate

Fixed Rate

Maturity Date

Notional Amount (000’s)

Value

Unrealized Appreciation (Depreciation)

SIB

Pay

BZDI

9.465%

1/2/25

BRL        235

$

(1,633)

$

(1,633)

SIB

Pay

BZDI

10.000

1/2/25

BRL        255

(265)

(265)

UBS

Pay

MXN TIIE BANXICO

6.860

7/21/22

MXN    4,100

(3,208)

(3,208)

Total Centrally Cleared Interest Rate Swaps

$

(10,744)

$

(10,744)

Over-the-Counter Interest Rate Swaps at October 31, 2017
Counter- party	Pay/Receive Floating Rate		Floating Rate		Fixed Rate		Maturity Date		Notional Amount (000’s)		Value		Unrealized Appreciation (Depreciation)
BOA		Pay		Six-Month INR FBIL MIBOR OIS Compound		6.250%		9/29/22	INR	6,200	$	(115)	$	(115)
BOA		Pay		Six-Month INR FBIL MIBOR OIS Compound		6.350		6/5/22	INR	15,000		1,110		1,110
BOA		Pay		Six-Month INR FBIL MIBOR OIS Compound		6.290		9/28/22	INR	12,500		188		188
BOA		Pay		Three-Month MYR KLIBOR BNM		3.290		10/27/18	MYR	570		(336)		(336)
BOA		Pay		Three-Month MYR KLIBOR BNM		3.470		10/27/21	MYR	950		(2,136)		(2,136)
CITNA-B		Pay		Six-Month CLP TNA		3.410		9/20/22	CLP	50,000		(194)		(194)
GSCOI		Pay		Three-Month KRW CD KSDA		2.090		10/25/19	KRW	243,000		(173)		(173)
GSCOI		Receive		Three-Month KRW CD KSDA		2.088		10/25/22	KRW	50,000		163		163
GSCOI		Receive		Three-Month COP IBR OIS Compound		5.175		4/20/20	COP	545,000		1,773		1,773
GSCOI		Receive		1 Time COP IBR OIS Compound		5.010		7/14/18	COP	1,785,500		(1,710)		(1,710)
GSCOI		Pay		Three-Month COP IBR OIS Compound		6.260		7/14/27	COP	221,100		1,401		1,401
JPM		Pay		Three-Month COP IBR OIS Compound		5.700		3/8/19	COP	805,000		4,129		4,129
JPM		Pay		BZDI		10.130		7/1/19	BRL	2,125		2,369		2,369
Total Over-the-Counter Interest Rate Swaps											$	6,469	$	6,469

34       OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

Over-the-Counter Total Return Swaps at October 31, 2017

Reference Asset

Counter- party

Pay/Receive Total Return*

Floating Rate

Maturity Date

Notional Amount (000’s)

Value

Unrealized Appreciation/ Depreciation

OAIIX Reference Fund**

GSCOI

Receive

One-Month USD BBA LIBOR plus 100 basis points

6/27/18

USD        1,158

$

9,320

$

9,320

OAIIX Reference Fund**

t-SGS

Receive

One-Month USD BBA LIBOR plus 85 basis points

10/11/18

USD        3,768

23,764

23,764

OAIIX Reference Fund**

t-SGS

Receive

One-Month USD BBA LIBOR plus 85 basis points

12/29/17

USD        1,011

6,329

6,329

PowerShares Senior Loan Exchange Traded Fund

CITNA-B

Receive

One-Month USD BBA LIBOR plus 25 basis points

9/20/18

USD        4,298

13,313

13,313

PowerShares Senior Loan Exchange Traded Fund

CITNA-B

Receive

One-Month USD BBA LIBOR plus 30 basis points

7/6/18

USD        1,340

18,277

18,277

QOPIX Reference Fund**

GSCOI

Receive

One-Month USD BBA LIBOR plus 100 basis points

6/29/18

USD        4,956

(47,247)

(47,247)

Total Over-the-Counter Total Return Swaps

$

23,756

$

23,756

* 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.

Reference Asset	Value		Realized Gain/ (Loss)
OAIIX Reference Fund	$	39,413	$	46,159
QOPIX Reference Fund		(47,247)		89,802
Total	$	(7,834)	$	135,961

Over-the-Counter Interest Rate Swaptions Written at October 31, 2017

Description

Counter- party

Pay/ Receive Floating Rate

Floating Rate

Fixed Rate

Expiration Date

Notional Amount (000’s)

Premiums Received

Value

Interest Rate Swap Maturing 2/6/23 Call

GSCOI

Pay

Six-Month PLN WIBOR WIBO

2.580%

2/2/18        PLN

875

$    1,238

$    (1,238)

Glossary:

Counterparty Abbreviations

BAC

Barclays Bank plc

BOA

Bank of America NA

35       OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

STATEMENT OF INVESTMENTS Continued

Counterparty Abbreviations (Continued)

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
SIB	Banco Santander SA
TDB	Toronto Dominion Bank
t-SGS	Societe Generale
UBS	UBS AG

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
DKK	Danish Krone
EGP	Egyptian Pounds
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
UYU	Uruguay Peso
ZAR	South African Rand

36       OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

Definitions
ARPP7DRR	Argentina Central Bank 7 Day Repo Reference Rate
BADLARPP	Argentina Deposit Rates Badlar Private Banks ARS 30 to 35 Days
BANXICO	Banco de Mexico
BBA LIBOR	British Bankers’ Association London - Interbank Offered Rate
BNM	Bank Negara Malaysia
BUND	German Federal Obligation
BZDI	Brazil Interbank Deposit Rate
CD	Certificate of Deposit
FBIL	Financial Benchmarks India Private Ltd.
IBR	Indicador Bancario de Referencia
KLIBOR	Kuala Lumpur Interbank Offered Rate
KSDA	Korean Securities Dealers Assn.
MIBOR	Mumbai Interbank Offered Rate
MSCI	Morgan Stanley Capital International
NIKKEI 225	225 top-rated Japanese Companies listed on the Tokyo Stock Exchange
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
TNA	Non-Deliverable CLP Camara
WIBOR WIBO	Poland Warsaw Interbank Offer Bid Rate

See accompanying Notes to Financial Statements.

37       OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

STATEMENT OF ASSETS AND LIABILITIES October 31, 2017

Assets
Investments, at value—see accompanying statement of investments:
Unaffiliated companies (cost $41,740,285)	$	49,323,419
Affiliated companies (cost $18,677,383)		18,953,471
		68,276,890
Cash		44,710
Cash—foreign currencies (cost $1,415)		1,420
Cash used for collateral on futures		270,000
Cash used for collateral on OTC derivatives		260,000
Cash used for collateral on centrally cleared swaps		28,408
Unrealized appreciation on forward currency exchange contracts		615,048
Swaps, at value		42,723
Affiliated swaps, at Value		39,413
Centrally cleared swaps, at value		2,272
Receivables and other assets:
Investments sold		224,718
Interest and dividends		216,835
Shares of beneficial interest sold		78,834
Variation margin receivable		52,272
Other		43,283
Total assets		70,196,826
Liabilities
Unrealized depreciation on forward currency exchange contracts		1,076,255
Options written, at value (premiums received $1,088)		863
Swaps, at value		4,664
Affilliated swaps, at value		47,247
Centrally cleared swaps, at value		13,016
Swaptions written, at value (premiums received $1,238)		1,238
Payables and other liabilities:
Investments purchased		107,033
Distribution and service plan fees		14,422
Foreign capital gains tax		9,709
Variation margin payable		8,771
Shareholder communications		6,539
Trustees’ compensation		493
Other		66,107
Total liabilities		1,356,357
Net Assets	$	68,840,469

38       OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

Composition of Net Assets
Par value of shares of beneficial interest	$	5,926
Additional paid-in capital		59,955,653
Accumulated net investment income		241,650
Accumulated net realized gain on investments and foreign currency transactions		660,056
Net unrealized appreciation on investments and translation of assets and liabilities denominated in foreign currencies		7,977,184
Net Assets	$	68,840,469
Net Asset Value Per Share
Class A Shares:
Net asset value and redemption price per share (based on net assets of $64,322,965 and 5,535,259 shares of beneficial interest outstanding)	$	11.62
Maximum offering price per share (net asset value plus sales charge of 5.75% of offering price)	$	12.33
Class C Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $1,700,702 and 147,839 shares of beneficial interest outstanding)	$	11.50
Class I Shares:
Net asset value, redemption price and offering price per share (based on net assets of $11,647 and 1,000 shares of beneficial interest outstanding)	$	11.65
Class R Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $2,533,559 and 218,770 shares of beneficial interest outstanding)	$	11.58
Class Y Shares:
Net asset value, redemption price and offering price per share (based on net assets of $271,596 and 23,310 shares of beneficial interest outstanding)	$	11.65

See accompanying Notes to Financial Statements.

39       OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

STATEMENT OF

OPERATIONS For the Year Ended October 31, 2017

Allocation of Income and Expenses from Master Funds1
Net investment income allocated from Oppenheimer Master Loan Fund, LLC:
Interest	$	70,579
Dividends		3,267
Net expenses		(4,396)
Net investment income allocated from Oppenheimer Master Loan Fund, LLC		69,450
Investment Income
Dividends:
Unaffiliated companies (net of foreign withholding taxes of $55,181)		734,486
Affiliated companies (net of foreign withholding taxes of $1,136)		342,967
Interest (net of foreign withholding taxes of $8,371)		379,793
Total investment income		1,457,246
Expenses
Management fees		455,098
Distribution and service plan fees:
Class A		9,034
Class C		9,841
Class R		9,885
Transfer and shareholder servicing agent fees:
Class A		126,552
Class C		2,181
Class I		4
Class R		4,376
Class Y		362
Shareholder communications:
Class A		25,578
Class C		5,828
Class R		13,237
Class Y		2,065
Legal, auditing and other professional fees		92,655
Registration fees		80,844
Custodian fees and expenses		52,121
Trustees’ compensation		891
Other		36,316
Total expenses		926,868
Less waivers and reimbursements of expenses		(246,571)
Net expenses		680,297
Net Investment Income		846,399

40       OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions in:
Unaffiliated companies (net of foreign capital gains tax of $2,715)	$	2,473,717
Affiliated companies		79,406
Option contracts written		(52,493)
Futures contracts		32,132
Foreign currency transactions		(7,376)
Forward currency exchange contracts		(279,742)
Swap contracts		282,919
Affiliated swap contracts		135,961
Swaption contracts written		1,709
Net realized gain (loss) allocated from:
Oppenheimer Master Loan Fund, LLC		(3,722)
Net realized gain		2,662,511
Net change in unrealized appreciation/depreciation on:
Investment transactions in:
Unaffiliated companies		5,432,061
Affiliated companies		161,761
Translation of assets and liabilities denominated in foreign currencies		8,941
Forward currency exchange contracts		(707,757)
Futures contracts		750,956
Option contracts written		225
Swap contracts		(27,484)
Affiliated swap contracts		(36,668)
Net change in unrealized appreciation/depreciation allocated from:
Oppenheimer Master Loan Fund, LLC		1,126
Net change in unrealized appreciation/depreciation		5,583,161
Net Increase in Net Assets Resulting from Operations	$	9,092,071

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.

41       OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended October 31, 2017		Year Ended October 31, 2016
Operations
Net investment income	$	846,399	$	701,043
Net realized gain (loss)		2,662,511		(168,676)
Net change in unrealized appreciation/depreciation		5,583,161		847,286
Net increase in net assets resulting from operations		9,092,071		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		(5,577)		(89)
		(2,644,972)		(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		4,671,912		1,117,784
Class C		1,060,445		451,421
Class I		—		—
Class R		1,092,156		1,209,357
Class Y		163,830		80,106
		6,988,343		2,858,668
Net Assets
Total increase		13,435,442		3,805,292
Beginning of period		55,405,027		51,599,735
End of period (including accumulated net investment income of $241,650 and $1,340,847, respectively)	$	68,840,469	$	55,405,027

See accompanying Notes to Financial Statements.

42       OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

FINANCIAL HIGHLIGHTS

Class A	Year Ended October 31, 2017		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		0.15		0.14		0.02
Net realized and unrealized gain		1.48		0.14		0.28
Total from investment operations		1.63		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		$11.62		$10.49		$10.30
Total Return, at Net Asset Value5		16.26%		2.73%		3.00%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$64,323		$53,579		$51,525
Average net assets (in thousands)		$57,577		$50,502		$49,048
Ratios to average net assets:6
Net investment income		1.41%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		54%		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 funds.

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

Year Ended October 31, 2017	1.62	%
Year Ended October 31, 2016	1.53	%
Period Ended October 30, 2015	1.72	%

See accompanying Notes to Financial Statements.

43       OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

FINANCIAL HIGHLIGHTS Continued

Class C	Year Ended October 31, 2017		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		0.07		0.04		0.01
Net realized and unrealized gain		1.47		0.15		0.28
Total from investment operations		1.54		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		$11.50		$10.41		$10.29
Total Return, at Net Asset Value5		15.42%		1.88%		2.90%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$1,701		$522		$45
Average net assets (in thousands)		$997		$308		$28
Ratios to average net assets:6
Net investment income		0.67%7		0.36%7		0.42%
Total expenses8		2.98%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		54%		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 funds.

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

Year Ended October 31, 2017	3.13	%
Year Ended October 31, 2016	3.16	%
Period Ended October 30, 2015	2.45	%

See accompanying Notes to Financial Statements.

44       OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

Class I	Year Ended October 31, 2017		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		0.18		0.16		0.02
Net realized and unrealized gain		1.48		0.13		0.29
Total from investment operations		1.66		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		$11.65		$10.51		$10.31
Total Return, at Net Asset Value5		16.60%		2.91%		3.10%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$12		$11		$10
Average net assets (in thousands)		$11		$10		$10
Ratios to average net assets:6
Net investment income		1.66%7		1.61%7		1.27%
Total expenses8		1.21%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		54%		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 funds.

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

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

See accompanying Notes to Financial Statements.

45       OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

FINANCIAL HIGHLIGHTS Continued

Class R	Year Ended October 31, 2017	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	0.13	0.04	0.01
Net realized and unrealized gain	1.47	0.21	0.29
Total from investment operations	1.60	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	$11.58	$10.47	$10.30
Total Return, at Net Asset Value5	16.03%	2.43%	3.00%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$2,533	$1,204	$10
Average net assets (in thousands)	$1,995	$226	$10
Ratios to average net assets:6
Net investment income	1.17%7	0.43%7	0.77%
Total expenses8	2.57%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	54%	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 funds.

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

Year Ended October 31, 2017	2.72	%
Year Ended October 31, 2016	2.18	%
Period Ended October 30, 2015	1.59	%

See accompanying Notes to Financial Statements.

46       OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

Class Y	Year Ended October 31, 2017		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		0.17		0.12		0.02
Net realized and unrealized gain		1.47		0.17		0.29
Total from investment operations		1.64		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		$11.65		$10.51		$10.31
Total Return, at Net Asset Value5		16.41%		2.86%		3.10%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$271		$89		$10
Average net assets (in thousands)		$165		$23		$10
Ratios to average net assets:6
Net investment income		1.57%7		1.13%7		1.17%
Total expenses8		2.65%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		54%		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 funds.

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

Year Ended October 31, 2017	2.80	%
Year Ended October 31, 2016	1.63	%
Period Ended October 30, 2015	1.59	%

See accompanying Notes to Financial Statements.

47       OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

NOTES TO STATEMENT OF INVESTMENTS October 31, 2017

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

48       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 the 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.

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.

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

49       OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

NOTES TO STATEMENT OF INVESTMENTS Continued

2. Significant Accounting Policies (Continued)

securities and from cash outflows resulting from unanticipated shareholder redemption activity. The Fund paid 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 the Federal Funds Rate plus 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, including any net realized gain on investments not offset by capital loss carryforwards, if any, to shareholders. Therefore, no federal income or excise tax provision is required. 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, 2017, including open tax years, and does not believe there are any uncertain tax positions requiring recognition in the Fund’s financial statements.

The tax components of capital shown in the following table represent distribution requirements the Fund must satisfy under the income tax regulations, losses the Fund may be able to offset against income and gains realized in future years and unrealized appreciation or depreciation of securities and other investments for federal income tax purposes.

Undistributed Net Investment Income1	Undistributed Long-Term Gain		Accumulated Loss Carryforward2,3		Net Unrealized Appreciation Based on cost of Securities and Other Investments for Federal Income Tax Purposes
$—		$1,255,874		$—		$7,769,287

1. At period end, the Fund elected to defer $145,533 of late year ordinary losses.

2. During the reporting period, the Fund utilized $1,282,776 of capital loss carryforward to offset capital gains realized in that fiscal year.

50       OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

2. Significant Accounting Policies (Continued)

3. During the previous reporting period, the Fund did not utilize any capital loss carryforward.

Net investment income (loss) and net realized gain (loss) may differ for financial statement and tax purposes. The character of dividends and distributions made during the fiscal year from net investment income or net realized gains are determined in accordance with federal income tax requirements, which may differ from the character of net investment income or net realized gains presented in those financial statements in accordance with 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.

Accordingly, the following amounts have been reclassified for the reporting period. Net assets of the Fund were unaffected by the reclassifications.

Increase to Paid-in Capital	Reduction to Accumulated Net Investment Loss		Reduction to Accumulated Net Realized Gain on Investments4
$11,852	$	699,376	$	711,228

4. $11,713, all of which was long-term capital gain, was distributed in connection with Fund share redemptions.

The tax character of distributions paid during the reporting periods:

	Year Ended October 31, 2017		Year Ended October 31, 2016
Distributions paid from:
Ordinary income	$	1,878,138	$	422,290
Long-term capital gain		766,834		10,739
Total	$	2,644,972	$	433,029

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	$	60,654,171
Federal tax cost of other investments		24,812,104
Total federal tax cost	$	85,466,275
Gross unrealized appreciation	$	9,427,563
Gross unrealized depreciation		(1,658,276)
Net unrealized appreciation	$	7,769,287

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.

51       OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

NOTES TO STATEMENT OF INVESTMENTS Continued

2. Significant Accounting Policies (Continued)

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.

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 least quarterly or more frequently, if necessary.

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. Pricing services generally price debt

52       OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

3. Securities Valuation (Continued)

securities assuming orderly transactions of an institutional “round lot” size, but some trades may occur in smaller, “odd lot” sizes, sometimes at lower prices than institutional round lot trades. 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 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

53       OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

NOTES TO STATEMENT OF INVESTMENTS Continued

3. Securities Valuation (Continued)

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).

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 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	$	2,799,109	$	3,986,191	$	—	$	6,785,300
Consumer Staples		1,772,576		2,057,428		—		3,830,004
Energy		2,349,340		353,934		—		2,703,274
Financials		4,469,200		2,404,974		—		6,874,174
Health Care		2,472,977		1,456,657		—		3,929,634
Industrials		1,939,239		4,190,919		—		6,130,158
Information Technology		5,299,110		3,607,789		—		8,906,899
Materials		767,039		1,153,590		—		1,920,629
Telecommunication Services		364,846		959,650		—		1,324,496
Utilities		501,566		131,789		—		633,355
Preferred Stocks		61,186		—		—		61,186
Rights, Warrants and Certificates		1,071		3,636		—		4,707
U.S. Government Obligation		—		1,260,082		—		1,260,082
Foreign Government Obligations		—		4,870,009		—		4,870,009
Over-the-Counter Option Purchased		—		1,846		—		1,846
Short-Term Notes		—		87,666		—		87,666
Investment Companies		17,341,202		1,612,269		—		18,953,471
Total Investments, at Value		40,138,461		28,138,429		—		68,276,890
Other Financial Instruments:
Swaps, at value		—		42,723		—		42,723
Centrally cleared swaps, at value		—		2,272		—		2,272

54       OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

3. Securities Valuation (Continued)

	Level 1— Unadjusted         Quoted Prices		Level 2— Other Significant    Observable Inputs		Level 3—     Significant     Unobservable Inputs		Value
Other Financial Instruments: (Continued)
Affiliated swaps, at value	$	—	$	39,413	$	—	$	39,413
Futures contracts		610,695		—		—		610,695
Forward currency exchange contracts		—		615,048		—		615,048
Total Assets	$	40,749,156	$	28,837,885	$	—	$	69,587,041
Liabilities Table
Other Financial Instruments:
Swaps, at value	$	—	$	(4,664)	$	—	$	(4,664)
Centrally cleared swaps, at value		—		(13,016)		—		(13,016)
Affiliated swaps, at value		—		(47,247)		—		(47,247)
Options written, at value		—		(863)		—		(863)
Futures contracts		(60,206)		—		—		(60,206)
Forward currency exchange contracts		—		(1,076,255)		—		(1,076,255)
Swaptions written, at value		—		(1,238)		—		(1,238)
Total Liabilities	$	(60,206)	$	(1,143,283)	$	—	$	(1,203,489)

Forward currency exchange contracts and futures contracts, if any, are reported at their unrealized appreciation/depreciation at measurement date, which represents the change in the contract’s value from trade date. All additional assets and liabilities included in the above table are reported at their market value at measurement date.

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
Discretionary	$	127,769	$	–	$	–	$	(127,769)
Consumer
Staples		42,621		(55,549)		55,549		(42,621)
Financials		226,983		–		–		(226,983)
Health Care		34,004		–		–		(34,004)
Industrials		23,752		–		–		(23,752)
Information
Technology		85,292		–		–		(85,292)
Materials		29,160		–		–		(29,160)
Preferred Stocks		95,718		–		–		(95,718)
Total Assets	$	665,299	$	(55,549)	$	55,549	$	(665,299)

* 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 in pricing methodology to the use of a valuation

55       OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

NOTES TO STATEMENT OF INVESTMENTS Continued

3. Securities Valuation (Continued)

determined based on observable market information other than quoted prices from an active market due to a lack of available unadjusted quoted prices.

4. Investments and Risks

Risks of Foreign Investing. The Fund may invest in foreign securities which are subject to special risks. Securities traded in foreign markets may be less liquid and more volatile than those traded in U.S. markets. Foreign issuers are usually not subject to the same accounting and disclosure requirements that U.S. companies are subject to, which may make it difficult for the Fund to evaluate a foreign company’s operations or financial condition. A change in the value of a foreign currency against the U.S. dollar will result in a change in the U.S. dollar value of investments denominated in that foreign currency and in the value of any income or distributions the Fund may receive on those investments. The value of foreign investments may be affected by exchange control regulations, foreign taxes, higher transaction and other costs, delays in the settlement of transactions, changes in economic or monetary policy in the United States or abroad, expropriation or nationalization of a company’s assets, or other political and economic factors. In addition, due to the inter-relationship of global economies and financial markets, changes in political and economic factors in one country or region could adversely affect conditions in another country or region. Investments in foreign securities may also expose the Fund to time-zone arbitrage risk. Foreign securities may trade on weekends or other days when the Fund does not price its shares. At times, the Fund may emphasize investments in a particular country or region and may be subject to greater risks from adverse events that occur in that country or region. Foreign securities and foreign currencies held in foreign banks and securities depositories may be subject to limited or no regulatory oversight.

Investments in Affiliated Funds. The Fund is permitted to invest in other mutual funds advised by the Manager (“Affiliated Funds”). Affiliated Funds are open-end management investment companies registered under the 1940 Act, as amended. The Manager is the investment adviser of, and the Sub-Adviser provides investment and related advisory services to, the Affiliated Funds. When applicable, the Fund’s investments in Affiliated Funds are included in the Statement of Investments. Shares of Affiliated Funds are valued at their net asset value per share. As a shareholder, the Fund is subject to its proportional share of the Affiliated Funds’ expenses, including their management fee. The Manager will waive fees and/ or reimburse Fund expenses in an amount equal to the indirect management fees incurred through the Fund’s investment in the Affiliated Funds.

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

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4. Investments and Risks (Continued)

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 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.

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NOTES TO STATEMENT OF INVESTMENTS Continued

4. Investments and Risks (Continued)

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 84% of the Fund’s total outstanding shares at period end.

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

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5. Market Risk Factors (Continued)

securities resulting from the inverse relationship between price and yield. For example, an increase in general interest rates will tend to reduce the market value of already issued fixed-income investments, and a decline in general interest rates will tend to increase their value. In addition, debt securities with longer maturities, which tend to have higher yields, are subject to potentially greater fluctuations in value from changes in interest rates than obligations with shorter maturities.

Volatility Risk. Volatility risk refers to the magnitude of the movement, but not the direction of the movement, in a financial instrument’s price over a defined time period. Large increases or decreases in a financial instrument’s price over a relative time period typically indicate greater volatility risk, while small increases or decreases in its price typically indicate lower volatility risk.

6. Use of Derivatives

The Fund’s investment objective not only permits the Fund to purchase investment securities, it also allows the Fund to enter into various types of derivatives contracts, including, but not limited to, futures contracts, forward currency exchange contracts, credit default swaps, interest rate swaps, total return swaps, variance swaps and purchased and written options. In doing so, the Fund will employ strategies in differing combinations to permit it to increase, decrease, or change the level or types of exposure to market risk factors. These instruments may allow the Fund to pursue its objectives more quickly and efficiently than if it were to make direct purchases or sales of securities capable of effecting a similar response to market factors. Such contracts may be entered into through a bilateral over-the-counter (“OTC”) transaction, or through a securities or futures exchange and cleared through a clearinghouse.

Derivatives may have little or no initial cash investment relative to their market value exposure and therefore can produce significant gains or losses in excess of their cost due to 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.

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NOTES TO STATEMENT OF INVESTMENTS Continued

6. Use of Derivatives (Continued)

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 $24,689,345 and $27,033,924, 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 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

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6. Use of Derivatives (Continued)

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 $17,682,382 and $2,636,162 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.

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 $13,867 on purchased put options.

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 the market price of the underlying security increasing

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NOTES TO STATEMENT OF INVESTMENTS Continued

6. Use of Derivatives (Continued)

above the strike price and the option being exercised. The Fund must then purchase the underlying security at the higher market price and deliver it for the strike price or, if it owns the underlying security, deliver it at the strike price and forego any benefit from the increase in the price of the underlying security above the strike price. The risk in writing a put option is the market price of the underlying security decreasing below the strike price and the option being exercised. The Fund must then purchase the underlying security at the strike price when the market price of the underlying security is below the strike price. Alternatively, the Fund could also close out a written option position, in which case the risk is that the closing transaction will require a premium to be paid by the Fund that is greater than the premium the Fund received. When writing options, the Fund has the additional risk that there may be an illiquid market where the Fund is unable to close the contact. The risk in buying an option is that the Fund pays a premium for the option, and the option may be worth less than the premium paid or expire worthless.

During the reporting period, the Fund had an ending monthly average market value of $27 and $228 on written call options and written put options, respectively.

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

Swap Contracts

The Fund may enter into swap contract agreements with a counterparty to exchange a series of cash flows based on either specified reference rates, the price or volatility of asset or non-asset references, or the occurrence of a credit event, over a specified period. Swaps can be executed in a bi-lateral privately negotiated arrangement with a dealer in an OTC transaction (“OTC swaps”) or executed on a regulated market. Certain swaps, regardless of the venue of their execution, are required to be cleared through a clearinghouse (“centrally cleared swaps”). Swap contracts may include interest rate, equity, debt, index, total return, credit default, currency, and volatility swaps.

Swap contracts are reported on a schedule following the Statement of Investments. The values of centrally cleared swap and OTC swap contracts are aggregated by positive and negative values and disclosed separately on the Statement of Assets and Liabilities. The unrealized appreciation (depreciation) related to the change in the valuation of the notional amount of the swap is combined with the accrued interest due to (owed by) the Fund, if any, at termination or settlement. The net change in this amount during the period is included on the Statement of Operations. The Fund also records any periodic payments received from (paid to) the counterparty, including at termination, under such contracts as realized gain (loss) on the Statement of Operations.

Swap contract agreements are exposed to the market risk factor of the specific underlying reference rate or asset. Swap contracts are typically more attractively priced compared to similar investments in related cash securities because they isolate the risk to one market risk factor and eliminate the other market risk factors. Investments in cash securities (for instance bonds) have exposure to multiple risk factors (credit and interest rate risk). Because swaps have embedded leverage, they can expose the Fund to substantial risk in the isolated market risk factor.

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6. Use of Derivatives (Continued)

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 $29,076 on currency swaps which receive a fixed rate.

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

At period end, the Fund had no currency swap agreements outstanding.

Interest Rate Swap Contracts. An interest rate swap is an agreement between counterparties to exchange periodic payments based on interest rates. One cash flow stream will typically be a floating rate payment based upon a specified floating interest rate while the other is typically a fixed interest rate.

The Fund 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 $903,494 and $2,327,707 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

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NOTES TO STATEMENT OF INVESTMENTS Continued

6. Use of Derivatives (Continued)

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 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 $18,506,556 on total return swaps which are long the reference asset.

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

Swaption Transactions

The Fund may enter into a swaption contract which grants the purchaser the right, but not

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6. Use of Derivatives (Continued)

the obligation, to enter into a swap transaction at preset terms detailed in the underlying agreement within a specified period of time. The purchaser pays a premium to the swaption writer who bears the risk of unfavorable changes in the preset terms on the underlying swap.

Purchased swaptions are reported as a component of investments in the Statement of Investments and the Statement of Assets and Liabilities. Written swaptions are reported on a schedule following the Statement of Investments and their value is reported as a separate asset or liability line item in the Statement of Assets and Liabilities. The net change in unrealized appreciation or depreciation on written swaptions is separately reported in the Statement of Operations. When a swaption is exercised, the cost of the swap is adjusted by the amount of premium paid or received. Upon the expiration or closing of an unexercised swaption contract, a gain or loss is reported in the Statement of Operations for the amount of the premium paid or received.

The Fund generally will incur a greater risk when it writes a swaption than when it purchases a swaption. When the Fund writes a swaption it will become obligated, upon exercise of the swaption, according to the terms of the underlying agreement. Swaption contracts written by the Fund do not give rise to counterparty credit risk prior to exercise as they obligate the Fund, not its counterparty, to perform. When the Fund purchases a swaption it only risks losing the amount of the premium it paid if the swaption expires unexercised. However, when the Fund exercises a purchased swaption there is a risk that the counterparty will fail to perform or otherwise default on its obligations under the swaption contract.

At period end, the Fund had no purchased swaption contracts outstanding.

The Fund may write swaptions which give it the obligation, if exercised by the purchaser, to enter into an interest rate swap in which it pays a fixed or floating interest rate and receives a floating or fixed interest rate in order to increase or decrease exposure to interest rate risk. A written swaption paying a fixed rate becomes more valuable as the reference interest rate increases relative to the preset interest rate. A written swaption paying a floating rate becomes more valuable as the reference interest rate decreases relative to the preset interest rate.

The Fund may enter into currency swaption contracts with the obligation to pay an interest rate on the US dollar notional amount or various foreign currency notional amounts and receive an interest rate on various foreign currency notional amounts or US dollar notional amounts, with an option to replace the contractual currency as disclosed in the Statement of Investments. This is done in order to take a positive investment perspective on the related currencies for which the Fund receives a payment. The US dollar swaption contracts seek to increase exposure to foreign exchange rate risk. The foreign currency swaption contracts seek to decrease exposure to foreign exchange rate risk.

During the reporting period, the Fund had an ending monthly average market value of $356 on written swaptions.

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

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NOTES TO STATEMENT OF INVESTMENTS Continued

6. Use of Derivatives (Continued)

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.

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.

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6. Use of Derivatives (Continued)

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 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	$	220,216	$	(212,990)	$	—	$	—	$	7,226
Barclays Bank plc		17,300		(17,300)		—		—		—
Citibank NA		99,083		(99,083)		—		—		—
Deutsche Bank AG		100,340		(100,340)		—		—		—
Goldman Sachs Bank USA		10,128		(4,814)		—		—		5,314

67       OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

NOTES TO STATEMENT OF INVESTMENTS Continued

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 Received**		Cash Collateral Received**		Net Amount
Goldman Sachs International	$	12,657	$	(12,657)	$	—	$	—	$	—
HSBC Bank USA NA		83,736		(65,834)		—		—		17,902
JPMorgan Chase Bank
NA		84,878		(84,878)		—		—		—
Societe Generale		30,093		—		—		—		30,093
Toronto Dominion
Bank		40,599		(5,930)		—		—		34,669
	$	699,030	$	(603,826)	$	—	$	—	$	95,204

*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	$	(212,990)	$	212,990	$	—	$	—	$	—
Barclays Bank plc		(52,965)		17,300		—		—		(35,665)
Citibank NA		(359,970)		99,083		—		260,000		(887)
Deutsche Bank AG		(244,584)		100,340		—		—		(144,244)
Goldman Sachs Bank
USA		(4,814)		4,814		—		—		—
Goldman Sachs
International		(50,368)		12,657		—		—		(37,711)
HSBC Bank USA NA		(65,834)		65,834		—		—		—
JPMorgan Chase Bank NA		(132,812)		84,878		—		—		(47,934)
Toronto Dominion
Bank		(5,930)		5,930		—		—		—
	$	(1,130,267)	$	603,826	$	—	$	260,000	$	(266,441)

*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 Statement of Investments may exceed these amounts.

68       OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

6. Use of Derivatives (Continued)

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	$	39,413		Swaps, at value	$	47,247
Credit contracts	Swaps, at value		31,590
Interest rate contracts	Swaps, at value		11,133		Swaps, at value		4,664
Interest rate contracts	Centrally cleared swaps, at value		2,272		Centrally cleared swaps, at value		13,016
Equity contracts	Variation margin receivable		50,034	*	Variation margin payable		6,064	*
Interest rate contracts	Variation margin receivable Unrealized appreciation on		2,238	*	Variation margin payable Unrealized depreciation on		2,707	*
Forward currency exchange contracts	forward currency exchange contracts		615,048		forward currency exchange contracts		1,076,255
Forward currency exchange contracts					Options written, at value		863
Interest rate contracts					Swaptions written, at value		1,238
Forward currency exchange contracts	Investments, at value		1,846	**
Total		$	753,574			$	1,152,054

* Includes only the current day’s variation margin. Prior variation margin movements have been reflected in cash on the Statement of Assets and Liabilities upon receipt or payment.

** Amounts relate to purchased option contracts and purchased swaption contracts, if any.

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

Amount of Realized Gain or (Loss) Recognized on Derivatives
Derivatives Not Accounted for as Hedging Instruments	Investment transactions in unaffiliated companies*		Swaption contracts written		Option contracts written		Futures contracts
Credit contracts	$	—	$	—	$	—	$	—
Equity contracts		(22,191)		—		—		561,805
Forward currency exchange contracts		(103,708)		—		(52,493)		—
Interest rate contracts		—		1,709		—		(300,130)
Volatility contracts		—		—		—		(229,543)
Total	$	(125,899)	$	1,709	$	(52,493)	$	32,132

69       OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

NOTES TO STATEMENT OF INVESTMENTS Continued

6. Use of Derivatives (Continued)

Amount of Realized Gain or (Loss) Recognized on Derivatives (Continued)
Derivatives Not Accounted for as Hedging Instruments	Forward currency exchange contracts		Swap contracts		Affiliated swap contracts		Total
Credit contracts	$	—	$	122,948	$	—	$	122,948
Equity contracts		—		153,232		135,961		828,807
Forward currency exchange contracts		(279,742)		5,257		—		(430,686)
Interest rate contracts		—		1,482		—		(296,939)
Volatility contracts		—		—		—		(229,543)
Total	$	(279,742)	$	282,919	$	135,961	$	(5,413)

*Includes purchased option contracts and purchased swaption contracts, if any.

Amount of Change in Unrealized Gain or (Loss) Recognized on Derivatives
Derivatives Not Accounted for as Hedging Instruments	Investment transactions*		Option contracts written		Futures contracts		Forward currency exchange contracts
Credit contracts	$	—	$	—	$	—	$	—
Equity contracts		—		—		570,512		—
Forward currency exchange contracts		1,846		225		—		(707,757)
Interest rate contracts		—		—		180,444		—
Total	$	1,846	$	225	$	750,956	$	(707,757)

Amount of Change in Unrealized Gain or (Loss) Recognized on Derivatives (Continued)
Derivatives Not Accounted for as Hedging Instruments	Swap contracts		Affiliated swap contacts		Total
Credit contracts	$	62,313	$	—	$	62,313
Equity contracts		(92,191)		(36,668)		441,653
Forward currency exchange contracts		—		—		(705,686)
Interest rate contracts		2,394		—		182,838
Total	$	(27,484)	$	(36,668)	$	(18,882)

*Includes purchased option contracts and purchased swaption contracts, if any.

7. Shares of Beneficial Interest

The Fund has authorized an unlimited number of $0.001 par value shares of beneficial interest of each class. Transactions in shares of beneficial interest were as follows:

	Year Ended October 31, 2017				Year Ended October 31, 2016
	Shares		Amount		Shares		Amount
Class A
Sold		467,114	$	5,115,465		110,293	$	1,145,240
Dividends and/or distributions reinvested		6,529		65,222		51		507
Redeemed		(46,554)		(508,775)		(2,664)		(27,963)
Net increase		427,089	$	4,671,912		107,680	$	1,117,784

70       OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

7. Shares of Beneficial Interest (Continued)

	Year Ended October 31, 2017				Year Ended October 31, 2016
	Shares		Amount		Shares		Amount
Class C
Sold		118,835	$	1,285,239		54,603	$	542,162
Dividends and/or distributions reinvested		2,457		24,449		95		936
Redeemed		(23,581)		(249,243)		(8,867)		(91,677)
Net increase		97,711	$	1,060,445		45,831	$	451,421
Class I
Sold		—	$	—		—	$	—
Dividends and/or distributions reinvested		—		—		—		—
Redeemed		—		—		—		—
Net increase		—	$	—		—	$	—
Class R
Sold		150,020	$	1,587,760		114,762	$	1,217,684
Dividends and/or distributions reinvested		7,520		74,979		—		2
Redeemed		(53,753)		(570,583)		(779)		(8,329)
Net increase		103,787	$	1,092,156		113,983	$	1,209,357
Class Y
Sold		19,743	$	217,187		7,673	$	81,837
Dividends and/or distributions reinvested		507		5,076		—		—
Redeemed		(5,451)		(58,433)		(162)		(1,731)
Net increase		14,799	$	163,830		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	$	33,944,012	$	30,290,814
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:

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

71       OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

NOTES TO STATEMENT OF INVESTMENTS Continued

9. Fees and Other Transactions with Affiliates (Continued)

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, which shall be calculated after any applicable fee waivers. 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 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.

72       OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

9. Fees and Other Transactions with Affiliates (Continued)

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.

Year Ended	Class A Front-End Sales Charges Retained by Distributor		Class A Contingent Deferred Sales Charges Retained by Distributor		Class C Contingent Deferred Sales Charges Retained by Distributor		Class R Contingent Deferred Sales Charges Retained by Distributor
October 31, 2017		$19,995		$—		$773		$—

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

73       OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

NOTES TO STATEMENT OF INVESTMENTS Continued

9. Fees and Other Transactions with Affiliates (Continued)

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	$	112,364
Class C		9,571
Class I		22
Class R		20,828
Class Y		2,521

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	$	7,313
Class C		135
Class R		262
Class Y		22

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 $93,533 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.

74       OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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

We have audited the accompanying statement of assets and liabilities of Oppenheimer Global Multi-Asset Growth Fund, including the statement of investments, as of October 31, 2017, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years or periods in the period from August 27, 2015 (commencement of operations) to October 31, 2017. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2017, by correspondence with the custodian, transfer agent and brokers, or by other appropriate auditing procedures where replies from brokers were not received. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Oppenheimer Global Multi-Asset Growth Fund as of October 31, 2017, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years or periods in the period from August 27, 2015 to October 31, 2017, in conformity with U.S. generally accepted accounting principles.

KPMG LLP

Denver, Colorado

December 21, 2017

75       OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

FEDERAL INCOME TAX INFORMATION Unaudited

In early 2017, if applicable, shareholders of record received information regarding all dividends and distributions paid to them by the Fund during calendar year 2016.

None of the dividends paid by the Fund during the reporting period are eligible for the corporate dividend-received deduction.

Dividends, if any, paid by the Fund during the reporting period which are not designated as capital gain distributions, may be eligible for lower individual income tax rates to the extent that the Fund has received qualified dividend income as stipulated by recent tax legislation. In early 2017, shareholders of record received information regarding the percentage of distributions that are eligible for lower individual income tax rates. The amount will be the maximum amount allowed.

The foregoing information is presented to assist shareholders in reporting distributions received from the Fund to the Internal Revenue Service. Because of the complexity of the federal regulations which may affect your individual tax return and the many variations in state and local tax regulations, we recommend that you consult your tax advisor for specific guidance.

76       OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

BOARD APPROVAL OF THE FUND’S INVESTMENT ADVISORY, SUB-

ADVISORY AND SUB-SUB-ADVISORY AGREEMENTS Unaudited

The Fund has entered into an investment advisory agreement with OFI Global Asset Management, Inc. (“OFI Global” or the “Adviser”), a wholly-owned subsidiary of OppenheimerFunds, Inc. (“OFI” or the “Sub-Adviser”). OFI Global has entered into a sub-advisory agreement with OFI whereby OFI provides investment sub-advisory services to the Fund, and OFI has entered into sub-sub-advisory agreements with Barings, LLC (“Barings”) and OFI SteelPath, Inc. (“OFI SteelPath”), whereby OFI SteelPath and Barings provide investment sub-sub-advisory services to the Fund (collectively, all the investment advisory agreements are referred to as the “Agreements”, “OFI Global” and “OFI” are referred to as the “Managers” and “OFI SteelPath” and “Barings” are referred to as the “Sub-Sub Advisers”). Each year, the Board of Trustees (the “Board”), including a majority of the independent Trustees, is required to determine whether to approve the terms of the Agreements and the renewal thereof. The Investment Company Act of 1940, as amended, requires that the Board request and evaluate, and that the Managers and Sub-Sub Advisers provide, such information as may be reasonably necessary to evaluate the terms of the Agreements. The Board employs an independent consultant to prepare a report that provides information, including comparative information that the Board requests for that purpose. In addition to in-person meetings focused on this evaluation, the Board receives information throughout the year regarding Fund services, fees, expenses and performance.

The Managers and Sub-Sub Advisers and the independent consultant provided information to the Board on the following factors: (i) the nature, quality and extent of the Managers’ and Sub-Sub Advisers’ services, (ii) the comparative investment performance of the Fund and the Managers and Sub-Sub Advisers, (iii) the fees and expenses of the Fund, including comparative fee and expense information, (iv) the profitability of the Managers, Sub-Sub Advisers and their affiliates, including an analysis of the cost of providing services, (v) whether economies of scale are realized as the Fund grows and whether fee levels reflect these economies of scale for Fund investors and (vi) other benefits to the Managers and Sub-Sub Advisers from their relationship with the Fund. The Board was aware that there are alternatives to retaining the Managers and Sub-Sub Advisers.

Outlined below is a summary of the principal information considered by the Board as well as the Board’s conclusions.

Nature, Quality and Extent of Services. The Board considered information about the nature, quality and extent of the services provided to the Fund and information regarding the Managers’ and the Sub-Sub Advisers’ key personnel who provide such services. The Sub-Sub Advisers duties include providing the Fund with the services of the portfolio managers and the Sub-Sub-Advisers’ investment team, who provide research, analysis and other advisory services in regard to the Fund’s investments; and for OFI SteelPath, securities trading services. OFI, among other duties, provides full portfolio management and investment advice, oversight of the Sub-Sub Advisers, securities trading, and clearance and settlement support services to the Funds, which, among other things, involve the management of large pools of cash and require expertise in analyzing and selecting investments and instruments. OFI Global is responsible for oversight of other third-party service providers; monitoring compliance with applicable Fund policies and procedures and adherence to the Fund’s investment restrictions; and risk management. OFI Global is also responsible for providing

77       OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

BOARD APPROVAL OF THE FUND’S INVESTMENT ADVISORY, SUB-

ADVISORY AND SUB-SUB-ADVISORY AGREEMENTS Unaudited / Continued

certain administrative services to the Fund. Those services include providing and supervising all administrative and clerical personnel who are necessary in order to provide effective corporate administration for the Fund; compiling and maintaining records with respect to the Fund’s operations; preparing and filing reports required by the U.S. Securities and Exchange Commission; preparing periodic reports regarding the operations of the Fund for its shareholders; preparing proxy materials for shareholder meetings; and preparing the registration statements required by federal and state securities laws for the sale of the Fund’s shares. OFI Global also provides the Fund with office space, facilities and equipment.

The Board also considered the quality of the services provided and the quality of the Managers’ and Sub-Sub Advisers’ resources that are available to the Fund. The Board took account of the fact that the Sub-Adviser has over fifty years of experience as an investment adviser and that its assets under management rank it among the top mutual fund managers in the United States. The Board evaluated the Managers’ advisory, administrative, accounting, legal, compliance and risk management services, among other services, and information the Board has received regarding the experience and professional qualifications of the Managers’ key personnel and the size and functions of its staff. In its evaluation of the quality of the portfolio management services provided, the Board considered the experience of Mark Hamilton, Alessio de Longis, Dokyoung Lee and Benjamin Rockmuller, the portfolio managers for the Fund, and the Sub-Sub-Advisers’ investment team and analysts. The Board members also considered the totality of their experiences with the Managers and Sub-Sub Advisers as directors or trustees of the Fund and other funds advised by the Managers and Sub-Sub Advisers. The Board considered information regarding the quality of services provided by affiliates of the Managers, which the Board members have become knowledgeable about through their experiences with the Managers and in connection with the review or renewal of the Fund’s service agreements or service providers. The Board concluded, in light of the Managers’ and Sub-Sub Advisers’ experience, reputation, personnel, operations and resources that the Fund benefits from the services provided under the Agreements.

Investment Performance of the Managers, Sub-Sub Advisers and the Fund. Throughout the year, the Managers provided information on the investment performance of the Fund, including comparative performance information. The Board also reviewed information, prepared by the Managers and the independent consultant, comparing the Fund’s historical performance to relevant benchmarks or market indices and to the performance of other retail funds in the world allocation category. The Board noted that the Fund’s one-year performance was better than its category median.

Fees and Expenses of the Fund. The Board reviewed the fees paid to the Managers and Sub-Sub Advisers and the other expenses borne by the Fund. The Board noted that the Adviser, not the Fund, pays the Sub-Adviser’s fee under the sub-advisory agreement, and the Sub-Adviser pays the Sub-Sub-Advisers’ fees under the sub-sub-advisory agreements. The independent consultant provided comparative data in regard to the fees and expenses of the Fund and other retail front-end load world allocation funds with comparable asset levels and distribution features. The Board also considered that the Adviser has contractually agreed to waive fees and/or reimburse the Fund so that the total annual fund operating expenses, excluding certain expenses, as a percentage of average daily net assets will not exceed the

78       OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

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, and that the expense limitations may not be amended or withdrawn for one year from the date of the Fund’s prospectus, unless approved by the Board. The Board noted that the Fund’s contractual management fee and total expenses, after waivers, were lower than its peer group median and category median.

Economies of Scale and Profits Realized by the Managers and the Sub-Sub Advisers. The Board considered information regarding the Managers’ and Sub-Sub Advisers’ costs in serving as the Fund’s investment adviser, sub-adviser and sub-sub-advisers, including the costs associated with the personnel and systems necessary to manage the Fund, and information regarding the Managers’ and Sub-Sub Advisers’ profitability from their relationship with the Fund. The Board also considered that the Managers and Sub-Sub Advisers must be able to pay and retain experienced professional personnel at competitive rates to provide quality services to the Fund. The Board reviewed whether the Managers and Sub-Sub Advisers may realize economies of scale in managing and supporting the Fund. The Board noted that the Fund currently has management fee breakpoints, which are intended to share with Fund shareholders economies of scale that may exist as the Fund’s assets grow.

Other Benefits to the Managers and Sub-Sub Advisers. In addition to considering the profits realized by the Managers and Sub-Sub Advisers, the Board considered information that was provided regarding the direct and indirect benefits the Managers and Sub-Sub Advisers receive as a result of their relationship with the Fund, including compensation paid to the Managers’ affiliates and research provided to the Adviser in connection with permissible brokerage arrangements (soft dollar arrangements).

Conclusions. These factors were also considered by the independent Trustees meeting separately from the full Board, assisted by experienced counsel to the Fund and to the independent Trustees. Fund counsel and the independent Trustees’ counsel are independent of the Managers and Sub-Sub Advisers within the meaning and intent of the Securities and Exchange Commission Rules.

Based on its review of the information it received and its evaluations described above, the Board, including a majority of the independent Trustees, decided to continue the Agreements through September 30, 2018. In arriving at its decision, the Board did not identify any factor or factors as being more important than others, but considered all of the above information, and considered the terms and conditions of the Agreements, including the management fees, in light of all the surrounding circumstances.

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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.

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TRUSTEES AND OFFICERS Unaudited

Name, Position(s) Held with the Fund, Length of Service, Year of Birth	Principal Occupation(s) During the Past 5 Years; Other Trusteeships/ Directorships Held; Number of Portfolios in the Fund Complex Currently Overseen
INDEPENDENT TRUSTEES	The address of each Trustee in the chart below is 6803 S. Tucson Way, Centennial, Colorado 80112-3924. Each Trustee serves for an indefinite term, or until his or her resignation, retirement, death or removal.
Brian F. Wruble, Chairman of the Board of Trustees (since 2007) and Trustee (since 2015) Year of Birth: 1943	Governor of Community Foundation of the Florida Keys (non-profit) (since July 2012); Director of TCP Capital, Inc. (since November 2015); Chairman Emeritus of the Board of Trustees (since August 2011), Chairman of the Board of Trustees (August 2007-August 2011), Trustee of the Board of Trustees (since August 1991) of The Jackson Laboratory (non-profit); Member of Zurich Insurance Group’s Investment Management Advisory Council (insurance) (October 2004-February 2017); Treasurer (since 2007) and Trustee (since May 1992) of the Institute for Advanced Study (non-profit educational institute); Director of Special Value Opportunities Fund, LLC (registered investment company) (affiliate of the Sub-Adviser’s parent company) (September 2004-June 2015); General Partner of Odyssey Partners, L.P. (hedge fund) (September 1995-December 2007); Special Limited Partner of Odyssey Investment Partners, LLC (private equity investment) (January 1999-September 2004). Oversees 57 portfolios in the OppenheimerFunds complex. Mr. Wruble has served on the Boards of certain Oppenheimer funds since April 2001, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
Beth Ann Brown, Trustee (since 2016) Year of Birth: 1968	Advisor, Board of Advisors of Caron Engineering Inc. (since December 2014); Independent Consultant (since September 2012); held the following positions at Columbia Management Investment Advisers LLC: Head of Intermediary Distribution (2008-2012), Managing Director, Strategic Relations (2005-2008), Managing Director, Head of National Accounts (2004-2005); Senior Vice President, National Account Manager (2002-2004), Senior Vice President, Key Account Manager (1999-2002) and Vice President, Key Account Manager (1996-1999) of Liberty Funds Distributor, Inc.; President and Director, of Acton Shapleigh Youth Conservation Corps (non-profit) (since 2012); and Vice President and Director of Grahamtastic Connection (non-profit) (since May 2013). Oversees 57 portfolios in the OppenheimerFunds complex. Ms. Brown has served on the Boards of certain Oppenheimer funds since January 2016, during which time she has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Board’s deliberations.
Edmund P. Giambastiani, Jr., Trustee (since 2015) Year of Birth: 1948	Advisory Board Member of the Maxwell School of Citizenship and Public Affairs of Syracuse University (since April 2012); Director of Mercury Defense Systems Inc. (information technology) (August 2011-February 2013); Trustee of the U.S. Naval Academy Foundation Athletic & Scholarship Program (since November 2010); Advisory Board Member of the Massachusetts Institute of Technology Lincoln Laboratory (federally-funded research development center) (since May 2010); Director of The Boeing Company (aerospace and defense) (since October 2009); Trustee of MITRE Corporation (federally-funded research development center) (since September 2008); Independent Director of QinetiQ Group Plc (defense technology and security) (February 2008-August 2011); Chairman of Monster Worldwide, Inc. (on-line career services) (March 2015-November 2016), Director of

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TRUSTEES AND OFFICERS Unaudited / Continued

Edmund P. Giambastiani, Jr., Continued	Monster Worldwide, Inc. (on-line career services) (February 2008-June 2011); Lead Director (June 2011-March 2015); Chairman of Alenia North America, Inc. (military and defense products) (January 2008-October 2009); Director of SRA International, Inc. (information technology and services) (January 2008-July 2011); President of Giambastiani Group LLC (national security and energy consulting) (since October 2007); United States Navy, career nuclear submarine officer (June 1970-October 2007), Vice Chairman of the Joint Chiefs of Staff (2005-October 2007), Supreme Allied Commander of NATO Commander Transformation (2003-2005), Commander, U.S. Joint Forces Command (2002-2005). Since his retirement from the U.S. Navy in October 2007, Admiral Giambastiani has also served on numerous U.S. Government advisory boards, investigations and task forces for the Secretaries of Defense, State and Interior and the Central Intelligence Agency. He recently completed serving as a federal commissioner on the Military Compensation and Retirement Modernization Commission. Oversees 57 portfolios in the OppenheimerFunds complex. Admiral Giambastiani has served on the Boards of certain Oppenheimer funds since February 2013, including as an Advisory Board Member for certain Oppenheimer funds, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations. For purposes of this report, Admiral Giambastiani is identified as a Trustee.
Elizabeth Krentzman, Trustee (since 2015) Year of Birth: 1959	Member of the University of Florida National Board Foundation (since September 2017); Member of the Cartica Funds Board of Directors (private investment funds) (since January 2017); Member of the University of Florida College of Law Association Board of Trustees and Audit Committee Member (since April 2016); Member of University of Florida Law Advisory Board, Washington, DC Alumni Group (since 2015); Advisory Board Member of the Securities and Exchange Commission Historical Society (since 2007); held the following positions at Deloitte & Touche LLP: Principal and Chief Regulatory Advisor for Asset Management Services (2007 - 2014) and U.S. Mutual Fund Leader (2011 - 2014); General Counsel of the Investment Company Institute (trade association) (June 2004 - April 2007); held the following positions at Deloitte & Touche LLP: National Director of the Investment Management Regulatory Consulting Practice (1997 - 2004), Principal (2003 - 2004), Director (1998 - 2003) and Senior Manager (1997 - 1998); Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission (1996 - 1997) and various positions with the Division of Investment Management – Office of Regulatory Policy (1991 - 1996) of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP (1987 – 1991). Oversees 57 portfolios in the OppenheimerFunds complex. Ms. Krentzman has served on the Boards of certain Oppenheimer funds since August 2014, during which time she has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
Mary F. Miller, Trustee (since 2015) Year of Birth: 1942	Trustee of International House (not-for-profit) (since June 2007); Trustee of the American Symphony Orchestra (not-for-profit) (October 1998-November 2011); and Senior Vice President and General Auditor of American Express Company (financial services company) (July 1998-February 2003). Oversees 57 portfolios in the OppenheimerFunds complex. Ms. Miller has served on the Boards of certain Oppenheimer funds since August 2004, during which time she has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.

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Joel W. Motley, Trustee (since 2015) Year of Birth: 1952

Director of Office of Finance Federal Home Loan Bank (since September 2016); Director of Greenwall Foundation (since October 2013); Member of Board and Investment Committee of The Greenwall Foundation (since April 2013); Member of the Vestry of Trinity Wall Street (since April 2012); Director of Southern Africa Legal Services Foundation (since March 2012); Board Member of Pulitzer Center for Crisis Reporting (non-profit journalism) (since March 2011); Managing Director of Public Capital Advisors, LLC (privately-held financial advisor) (since January 2006); Managing Director of Carmona Motley, Inc. (privately-held financial advisor) (since January 2002); Director of Columbia Equity Financial Corp. (privately-held financial advisor) (2002-2007); Managing Director of Carmona Motley Hoffman Inc. (privately-held financial advisor) (January 1998-December 2001); Member of the Finance and Budget Committee of the Council on Foreign Relations, Member of the Investment Committee and Board of Human Rights Watch (since July 2000) and Member of the Investment Committee and Board of Historic Hudson Valley (since February 2010). Oversees 57 portfolios in the OppenheimerFunds complex. Mr. Motley has served on the Boards of certain Oppenheimer funds since October 2002, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.

Joanne Pace, Trustee (since 2015) Year of Birth: 1958

Advisory Board Director of Massey Quick and Company, LLC (since October 2014); Board Director of Horizon Blue Cross Blue Shield of New Jersey (since November 2012); Advisory Board Director of The Alberleen Group LLC (since March, 2012); Board Member (since January 2015), Board Member of 100 Women in Hedge Funds (non-profit) (since January 2015); Advisory Council Member of Morgan Stanley Children’s Hospital (non-profit) (since May, 2012); Senior Advisor of SECOR Asset Management, LP (2010-2011); Managing Director and Chief Operating Officer of Morgan Stanley Investment Management (2006-2010); Partner and Chief Operating Officer of FrontPoint Partners, LLC (hedge fund) (2005-2006); held the following positions at Credit Suisse: Managing Director (2003-2005); Global Head of Human Resources and member of Executive Board and Operating Committee (2004-2005), Global Head of Operations and Product Control (2003-2004); held the following positions at Morgan Stanley: Managing Director (1997-2003), Controller and Principal Accounting Officer (1999-2003); Chief Financial Officer (temporary assignment) for the Oversight Committee, Long Term Capital Management (1998-1999). Lead Independent Director and Chair of the Audit and Nominating Committee of The Global Chartist Fund, LLC of Oppenheimer Asset Management (2011-2012); Board Director of Managed Funds Association (2008-2010); Board Director of Morgan Stanley Foundation (2007-2010) and Investment Committee Chair (2008-2010). Oversees 57 portfolios in the OppenheimerFunds complex. Ms. Pace has served on the Boards of certain Oppenheimer funds since November 2012, including as an Advisory Board Member for certain Oppenheimer funds, during which time she has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Board’s deliberations. For purposes of this report, Ms. Pace is identified as a Trustee.

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TRUSTEES AND OFFICERS Unaudited / Continued

Daniel Vandivort, Trustee (since 2015) Year of Birth: 1954	Chairman and Lead Independent Director/Trustee (March 2010-September 2014), Chairman of the Audit Committee (March 2009-September 2014) and Director/ Trustee (December 2008-September 2014) of the Board of Directors/Trustees of Value Line Funds; Trustee, Board of Trustees of Huntington Disease Foundation of America (since January 2015 and June 2007-December 2013) and Treasurer, Chairman of the Audit and Finance Committee (since January 2016); Trustee, Board of Trustees, RIM Retirement Savings Plan (2005-2007); President and Chief Investment Officer, Robeco Investment Management, formerly known as Weiss Peck and Greer (January 2005-June 2007); Member, Management Committee of Robeco Investment Management (2001-2007); Chairman and Trustee of the Board of Trustees of Weiss, Peck and Greer Funds (2004-2005); Managing Director and Head of Fixed Income, Weiss, Peck and Greer (November 1994-January 2005); Managing Director and Head of Fixed Income, CS First Boston Investment Management (January 1992-November 1994); Director, Global Product Development, First Boston Asset Management (November 1989 to January 1992); Vice President, Fixed Income Sales, First Boston Corp. (May 1984-November 1989). Oversees 57 portfolios in the OppenheimerFunds complex. Mr. Vandivort has served on the Boards of certain Oppenheimer funds since 2014, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
INTERESTED TRUSTEE AND OFFICER	Mr. Steinmetz is an “Interested Trustee” because he is affiliated with the Manager and the Sub-Adviser by virtue of his positions as Chairman of the Sub-Adviser and officer and director of the Manager. Both as a Trustee and as an officer, Mr. Steinmetz serves for an indefinite term, or until his resignation, retirement, death or removal. Mr. Steinmetz’s address is 225 Liberty Street, New York, New York 10281-1008.
Arthur P. Steinmetz, Trustee, President and Principal Executive Officer (since 2015) Year of Birth: 1958	Chairman of the Sub-Adviser (since January 2015); CEO and Chairman of the Manager (since July 2014), President of the Manager (since May 2013), a Director of the Manager (since January 2013), Director of the Sub-Adviser (since July 2014), President, Management Director and CEO of Oppenheimer Acquisition Corp. (the Sub-Adviser’s parent holding company) (since July 2014), and President and Director of OFI SteelPath, Inc. (since January 2013). Chief Investment Officer of the OppenheimerFunds advisory entities from (January 2013-December 2013); Executive Vice President of the Manager (January 2013-May 2013); Chief Investment Officer of the Sub-Adviser (October 2010-December 2012); Chief Investment Officer, Fixed-Income, of the Sub-Adviser (April 2009-October 2010); Executive Vice President of the Sub-Adviser (October 2009-December 2012); Director of Fixed Income of the Sub-Adviser (January 2009-April 2009); and a Senior Vice President of the Sub-Adviser (March 1993-September 2009). An officer of 101 portfolios in the OppenheimerFunds complex.
OTHER OFFICERS OF THE FUND	The addresses of the Officers in the chart below are as follows: for Messrs. Hamilton, Lee, Rockmuller, de Longis, Mss. Lo Bessette, Foxson and Picciotto, 225 Liberty Street, New York, New York 10281-1008, for Mr. Petersen, 6803 S. Tucson Way, Centennial, Colorado 80112- 3924. Each Officer serves for an indefinite term or until his or her resignation, retirement, death or removal.
Mark Hamilton, Vice President (since 2015) Year of Birth: 1965	Chief Investment Officer, Asset Allocation and Senior Vice President of the Sub-Adviser (since April 2013). Mr. Hamilton served at AllianceBernstein L.P. (from 1994-2013) as an Investment Director of Dynamic Asset Allocation (from 2010-2013), Head of North American Blend Team (from 2009-2010), and Senior Portfolio Manager of Blend Strategies (from 2006-2010). A portfolio manager and officer of other portfolios in the OppenheimerFunds complex.

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Dokyoung Lee, Vice President (since 2015) Year of Birth: 1965	Director of Research, Global Multi-Asset Group and a Senior Vice President of the Sub-Adviser (since October 2013). Mr. Lee served at Alliance Bernstein L.P. (1994- 2013): Director of Research for Strategic Asset Allocation (2011-2013), Director of Research for Blend Strategies (2008-2011), Head of Asia Pacific Blend Strategies (2005-2008), Head of Quantitative Research and Senior Portfolio Manager for Japan Value Equities (2001-2005), Portfolio Manager for Emerging Markets Value Equities (1997-2001), and Quantitative Analyst for US Value Equities (1994-1997). A portfolio manager and officer of other portfolios in the OppenheimerFunds complex.
Benjamin H. Rockmuller, Vice President (since 2015) Year of Birth: 1979	Vice President of the Sub-Adviser (since September 2010); Senior Portfolio Manager of the Sub-Adviser (since January 2014); Portfolio Manager of the Sub-Adviser (July 2010-January 2014); Assistant Vice President of the Sub-Adviser (January 2010-August 2010); Senior Analyst of the Sub-Adviser for the Global Debt Team (January 2010-July 2010); Intermediate Analyst of the Sub-Adviser for the Global Debt Team (January 2007-January 2010); Junior Analyst of the Sub-Adviser for the Global Debt Team (April 2004-January 2007) and Junior Analyst of the Sub- Adviser for the High Yield Team (June 2003-April 2004). A portfolio manager and an officer in the OppenheimerFunds complex.
Alessio de Longis, Vice President (since 2015) Year of Birth: 1978	Vice President of the Sub-Adviser (since June 2010); Assistant Vice President of the Sub-Adviser (May 2009-June 2010); Senior Research Analyst of the Sub-Adviser (January 2008-June 2010); Intermediate Research Analyst of the Sub-Adviser (January 2006-January 2008) Junior Analyst of the Sub-Adviser (February 2004-January 2006). A portfolio manager and an officer in the OppenheimerFunds complex.
Cynthia Lo Bessette, Secretary and Chief Legal Officer (since 2016) Year of Birth: 1969	Executive Vice President, General Counsel and Secretary of the Manager (since February 2016); Senior Vice President and Deputy General Counsel of the Manager (March 2015-February 2016); Chief Legal Officer of the Sub-Adviser and the Distributor (since February 2016); Vice President, General Counsel and Secretary of Oppenheimer Acquisition Corp. (since February 2016); General Counsel of OFI SteelPath, Inc., VTL Associates, LLC and Index Management Solutions, LLC (since February 2016); Chief Legal Officer of OFI Global Institutional, Inc., HarbourView Asset Management Corporation, OFI Global Trust Company, Oppenheimer Real Asset Management, Inc., OFI Private Investments Inc., Shareholder Services, Inc. and Trinity Investment Management Corporation (since February 2016); Corporate Counsel (February 2012-March 2015) and Deputy Chief Legal Officer (April 2013-March 2015) of Jennison Associates LLC; Assistant General Counsel (April 2008-September 2009) and Deputy General Counsel (October 2009-February 2012) of Lord Abbett & Co. LLC. An officer of 101 portfolios in the OppenheimerFunds complex.
Jennifer Foxson, Vice President and Chief Business Officer (since 2014) Year of Birth: 1969	Senior Vice President of OppenheimerFunds Distributor, Inc. (since June 2014); Vice President of OppenheimerFunds Distributor, Inc. (April 2006-June 2014); Vice President of the Sub-Adviser (January 1998-March 2006); Assistant Vice President of the Sub-Adviser (October 1991-December 1998). An officer of 101 portfolios in the OppenheimerFunds complex.

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TRUSTEES AND OFFICERS Unaudited / Continued

Mary Ann Picciotto, Chief Compliance Officer and Chief Anti-Money Laundering Officer (since 2014) Year of Birth: 1973

Senior Vice President and Chief Compliance Officer of the Manager (since March 2014); Chief Compliance Officer of the Sub-Adviser, OFI SteelPath, Inc., OFI Global Trust Company, OFI Global Institutional, Inc., Oppenheimer Real Asset Management, Inc., OFI Private Investments, Inc., Harborview Asset Management Corporation, Trinity Investment Management Corporation, and Shareholder Services, Inc. (since March 2014); Managing Director of Morgan Stanley Investment Management Inc. and certain of its various affiliated entities; Chief Compliance Officer of various Morgan Stanley Funds (May 2010-January 2014); Chief Compliance Officer of Morgan Stanley Investment Management Inc. (April 2007-January 2014). An officer of 101 portfolios in the OppenheimerFunds complex.

Brian S. Petersen, Treasurer and Principal Financial & Accounting Officer (since 2016) Year of Birth: 1970

Senior Vice President of the Manager (since January 2017); Vice President of the Manager (January 2013-January 2017); Vice President of the Sub-Adviser (February 2007-December 2012); Assistant Vice President of the Sub-Adviser (August 2002- 2007). An officer of 101 portfolios in the OppenheimerFunds complex.

The Fund’s Statement of Additional Information contains additional information about the Fund’s Trustees and Officers and is available without charge upon request, by calling 1.800.CALL OPP (225.5677).

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OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

Manager	OFI Global Asset Management, Inc.
Sub-Adviser	OppenheimerFunds, Inc.
Distributor	OppenheimerFunds Distributor, Inc.
Transfer and Shareholder Servicing Agent	OFI Global Asset Management, Inc.
Sub-Transfer Agent	Shareholder Services, Inc. DBA OppenheimerFunds Services
Independent Registered Public Accounting Firm	KPMG LLP
Legal Counsel	Kramer Levin Naftalis & Frankel LLP

^© 2017 OppenheimerFunds, Inc. All rights reserved.

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PRIVACY 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 non-public 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 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.

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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 conducted via our websites, including redemptions, exchanges and purchases, are secured by the highest encryption standards available. 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 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. Strengthening your online credentials–your online security profile–typically your user name, password, and security questions and answers, can be one of your most important lines of defense on the Internet. For additional information on how you can help prevent identity theft, visit https://www. oppenheimerfunds.com/security.

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 as of November 2017. 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, email us by clicking on the Contact Us section of our website at oppenheimerfunds.com, write to us at P.O. Box 5270, Denver, CO 80217-5270, or call us at 800 CALL OPP (225 5677).

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Item 2.  Code of Ethics.

The registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller or persons performing similar functions.

Item 3.  Audit Committee Financial Expert.

The Board of Trustees of the registrant has determined that Joanne Pace, the Board’s Audit Committee Chairwoman, is an audit committee financial expert and that Ms. Pace is “independent” for purposes of this Item 3.

Item 4.  Principal Accountant Fees and Services.

(a) Audit Fees

The principal accountant for the audit of the registrant’s annual financial statements billed $50,700 in fiscal 2017 and $44,800 in fiscal 2016.

(b) Audit-Related Fees

The principal accountant for the audit of the registrant’s annual financial statements billed $3,500 in fiscal 2017 and $6,693 in fiscal 2016.

The principal accountant for the audit of the registrant’s annual financial statements billed $386,986 in fiscal 2017 and $598,285 in fiscal 2016 to the registrant’s investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant.

Such services include: GIPS attestation procedures, internal controls, custody audits and additional audit services

(c) Tax Fees

The principal accountant for the audit of the registrant’s annual financial statements billed $28,815 in fiscal 2017 and $2,290 in fiscal 2016.

The principal accountant for the audit of the registrant’s annual financial statements billed $286,402 in fiscal 2017 and $690,716 in fiscal 2016 to the registrant’s investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant.

Such services include: tax compliance, tax planning and tax advice. Tax compliance generally involves preparation of original and amended tax returns, claims for a refund and tax payment-planning services. Tax planning and tax advice includes assistance with tax audits and appeals, tax advice related to mergers and acquisitions and requests for rulings or technical advice from taxing authorities.

(d) All Other Fees

The principal accountant for the audit of the registrant’s annual financial statements billed no such fees in fiscal 2017 and no such fees in fiscal 2016.

The principal accountant for the audit of the registrant’s annual financial statements billed no such fees in fiscal 2017 and no such fees in fiscal 2016 to the registrant’s investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant.

Such fees would include the cost to the principal accountant of attending audit committee meetings and consultations regarding the registrant’s retirement plan with respect to its Trustees.

(e) (1) During its regularly scheduled periodic meetings, the registrant’s audit committee will pre-approve all audit, audit-related, tax and other services to be provided by the principal accountants of the registrant.

The audit committee has delegated pre-approval authority to its Chairwoman for any subsequent new engagements that arise between regularly scheduled meeting dates provided that any fees such pre-approved are presented to the audit committee at its next regularly scheduled meeting.

Under applicable laws, pre-approval of non-audit services may be waived provided that: 1) the aggregate amount of all such services provided constitutes no more than five percent of the total amount of fees paid by the registrant to its principal accountant during the fiscal year in which services are provided 2) such services were not recognized by the registrant at the time of engagement as non-audit services and 3) such services are promptly brought to the attention of the audit committee of the registrant and approved prior to the completion of the audit.

(2) 0%

(f) Not applicable as less than 50%.

(g) The principal accountant for the audit of the registrant’s annual financial statements billed $705,703 in fiscal 2017 and $1,297,984 in fiscal 2016 to the registrant and the registrant’s investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant related to non-audit fees. Those billings did not include any prohibited non-audit services as defined by the Securities Exchange Act of 1934.

(h) The registrant’s audit committee of the board of Trustees has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence. No such services were rendered.

Item 5.  Audit Committee of Listed Registrants

Not applicable.

Item 6.  Schedule of Investments.

a) Not applicable. The complete schedule of investments is included in Item 1 of this Form N-CSR.

b) Not applicable.

Item 7.  Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8.  Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9.  Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10.  Submission of Matters to a Vote of Security Holders.

The Fund’s Governance Committee Provisions with Respect to Nominations of Directors/Trustees to the Respective Boards

None

Item 11.  Controls and Procedures.

Based on their evaluation of the registrant’s disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c)) as of 10/31/2017, 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.  Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13.  Exhibits.

(a)  (1) Exhibit attached hereto.

 (2) Exhibits 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: 12/11/2017

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: 12/11/2017

By:	/s/ Brian S. Petersen
	Brian S. Petersen
	Principal Financial Officer
Date: 12/11/2017

EX-99.CODE ETH

CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND FINANCIAL OFFICERS OF THE OPPENHEIMER FUNDS, OPPENHEIMERFUNDS, INC., OFI GLOBAL ASSET MANAGEMENT, INC. AND OFI STEELPATH, INC.

This Code of Ethics for Principal Executive and Financial Officers (referred to in this document as the “Code”) has been adopted by each of the investment companies for which OppenheimerFunds, Inc. (“OFI”), OFI Global Asset Management, Inc. (“OFI Global”) , OFI SteelPath, Inc. (“OFI SteelPath”) or one of OFI’s other subsidiaries (referred to collectively in this document as “OFI”) acts as investment adviser (individually, a “Fund” and collectively, the “Funds”), and by OFI to effectuate compliance with Section 406 under the Sarbanes-Oxley Act of 2002 and the rules adopted to implement Section 406.

This Code applies to OFI’s and each Fund’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions (“Covered Officers”). A listing of positions currently within the ambit of Covered Officers is attached as Exhibit A.¹

INTRODUCTION / DEFINITION / POLICY STATEMENT:

In general, the principles that govern honest and ethical conduct, including the avoidance of conflicts of interest between personal and professional relationships, reflect, at the minimum, the following: (1) the duty at all times in performing any responsibilities as a Fund financial officer, controller, accountant or principal executive officer to place the interests of the Funds ahead of personal interests; (2) the fundamental standard that Covered Officers should not take inappropriate advantage of their positions; (3) the duty to assure that a Fund’s financial statements and reports to its shareholders are prepared honestly and accurately in accordance with applicable rules, regulations and accounting standards; and (4) the duty to conduct the Funds’ business and affairs in an honest and ethical manner. Each Covered Officer should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

It is acknowledged that, as a result of the contractual relationship between each Fund and OFI, of which the Covered Officers are also officers or employees, and subject to OFI’s fiduciary duties to each Fund, the Covered Officers may, in the normal course of their duties, be involved in establishing policies and implementing decisions that will have different effects on OFI and the Funds. It is further acknowledged that the participation of the Covered Officers in such activities is inherent in the contractual relationship between each Fund and OFI and is consistent with the expectations of the Board of Trustees/Directors of the performance by the Covered Officers of their duties as officers of the Funds.

POLICY DETAILS:

A. POLICY STATEMENT

¹ The obligations imposed by this Code on Covered Officers are separate from and in addition to any obligations that may be imposed on such persons as Covered Persons under the Code of Ethics adopted by OFI and the Funds under Rule 17j-1 of the Investment Company Act of 1940, as amended and any other code of conduct applicable to Covered Officers in whatever capacity they serve. This Code does not incorporate by reference any provisions of the Rule 17j-1 Code of Ethics and accordingly, any violations or waivers granted under the Rule 17j-1 Code of Ethics will not be considered a violation or waiver under this Code.

Overview.  As a means of implementing Section 406 of SOX (“Section 406”), the SEC has adopted certain rules that require a mutual fund to disclose:

● Whether or not it has adopted a code of ethics that applies to the mutual fund’s principal executive officer, principal financial officer, principal accounting officer, controller or any other person that performs similar functions (each a “Covered Officer” and, collectively, the “Covered Officers”);

● Why, if it has not adopted such code, it has not done so; and

● Amendments to, and waivers from, the code of ethics relating to any of the Covered Officers.

Section 406 defines a “code of ethics” to mean such standards as are reasonable necessary to promote:

● Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

● Full, fair, accurate, timely and understandable disclosure in the periodic reports required to be filed by the issuer; and

● Compliance with applicable laws, rules and regulations.

This Code of Ethics for Principal Executive and Financial Officers (the “Executive Code”) sets forth standards and procedures to ensure compliance with SOX Section 406 and shall apply to each Covered Officer of the Funds and ETF Trust (referred to herein as the “Funds”).

Honest and ethical conduct. This Executive Code is intended to assure that the behavior of Covered Officers does not put, or appear to put, the interests of other parties above those of the Funds and that conflicts of interest are identified and handled ethically. A conflict of interest occurs when a Covered Officer allows, or appears to allow, advantages that could otherwise be avoided or ameliorated, to other parties at the expense of a Fund. Such advantages may benefit a Covered Officer’s own private interests over the interests of the Funds. Conflicts of interest may also arise when, in addition to serving as a Covered Officer of the Funds, a Covered Officer also holds a position as an officer or employee of an investment adviser or other entity retained by a Fund. A conflict of interest may be created if a Covered Officer who also serves as an officer or employee of an investment adviser to the Funds, provides benefits to another party that are improper, or that are a breach of the Covered Officer’s fiduciary relationship to the Funds, if the benefit was derived from such Covered Officer’s position with the Funds.

The compliance programs and procedures of the Funds and the investment adviser(s) to the Funds are designed to prevent, or identify and correct, violations of provisions set forth in the Investment Company Act and the Investment Advisers Act, including certain conflict of interest provisions. The obligations imposed by this Executive Code on Covered Officers are separate and in addition to any obligations imposed on such persons under any other procedures, such as the Code of Ethics adopted by the Funds and the investment advisers to the Funds pursuant to Rule 17j-1 under the Investment Company Act. This Executive Code does not, and is not intended to, repeat or replace these programs and procedures. Violations of such other programs

and procedures shall be addressed in accordance with the applicable program or procedure, unless or until it is determined that a violation of such program and procedure is also a violation of this Executive Code.

If a Covered Officer becomes aware of a conflict of interest or perceives there to be a conflict of interest, such Covered Officer shall promptly report the matter to the Funds’ Chief Compliance Officer or the OFI General Counsel. Upon receipt of a report, the Chief Compliance Officer or OFI General Counsel will take prompt steps to determine whether a conflict or perceived conflict of interest exists. If it is determined that an actual or perceived conflict of interest exists, the Chief Compliance Officer or OFI General Counsel will take steps to resolve the conflict or the appearance of a conflict. If it is determined that no conflict or appearance of a conflict exists, the Chief Compliance Officer or OFI General Counsel shall meet with the Covered Officer to advise him or her of such finding and of his or her reason for taking no action. In lieu of determining whether a conflict or appearance of conflict exists, the matter may be referred to the Funds’ Boards.

Prohibited Activity: No Covered Officer shall, in connection with carrying out his or her duties on behalf of the Funds:

● Use information concerning business and affairs of the Funds, including the investment intentions of the Funds, for personal gain to himself or herself, his or her family or friends or any other person, or in a manner detrimental to the interests of the Funds or the shareholders of the Funds;

● Use his or her ability to influence investment intentions for personal gain to himself or herself, his or her family or friends or any other person or in a manner detrimental to the Funds or the shareholders of the Funds;

● Use his or her personal influence or personal relationships to influence the preparation and issuance of financial reports of a Fund whereby the Covered Officer would benefit personally to the detriment of Funds or the shareholders of the Funds;

● Intentionally take any action or fail to take any action in connection with his or her official acts on behalf of the Funds that causes the Funds to violate applicable laws, rules and regulations;

● Employ any device, scheme, artifice or manipulative practice to defraud the Funds or the shareholders of the Funds;

● Intentionally cause the Funds to make any untrue statement of a material fact or omit to state a material fact that conflicts with statements made in official documents, regulatory filings, financial statements or communications to the public;

● Intentionally cause the Funds to fail to comply with applicable laws, rules and regulations, including failure to comply with the requirement of full, fair, accurate, understandable and timely disclosure in reports and documents that the Funds file with,

or submit to, the SEC and in other public communications;

● Intentionally mislead or fail to provide material information to the independent auditors of the Funds or to the Board of Trustees/Directors or the officers of the Funds or their investment adviser(s) in connection with financial reporting matters;

● Intentionally cause a Fund to be financially disadvantaged or to bear unwarranted expenses;

● Retaliate against others for, or otherwise discourage the reporting of, actual or apparent violations of this Code.

Waivers. Covered Officers requesting a waiver of any of the provisions of the Executive Code must submit a written request for such waiver to the Compliance Department, setting forth the basis of such request and all necessary facts upon which such request can be evaluated.

The Compliance Department shall review such request and make a written determination thereon, which shall be binding. The Compliance Department may, in reviewing such request, consult in its discretion with legal counsel to the Funds, or the Board, if applicable.

In determining whether to waive any of the provisions of this Code, the Compliance Department shall consider whether the proposed waiver:

● Is prohibited by this Executive Code;

● Is consistent with honest and ethical conduct; and

● Will result in a conflict of interest between the Covered Officer’s personal and professional obligations to a Fund.

For purposes of clarification, a determination by a Board as to the appropriate handling of a conflict of interest that has been disclosed to it and that does not involve unethical or fraudulent conduct does not constitute a waiver of this Executive Code.

Sanctions. Any violation of this Executive Code shall be subject to the imposition of such sanctions as may be deemed appropriate under the circumstances and may include, without limitation, a letter of censure, suspension from employment or termination of employment.

B. POLICY IMPLEMENTATION

Each Covered Officer shall:

● Certify that he or she has received, read and understands his or her obligations under the Executive Code (upon becoming subject to the Executive Code and annually thereafter); and

● At least annually, all Covered Officers shall certify that they have compiled with the requirements of the Executive Code and that they have disclosed or reported violations of the Executive Code to the Chief Compliance Officer; and

● Promptly report to the Chief Compliance Officer of the Funds or the General Counsel if he or she becomes aware of any actual or perceived conflict of interest.

The Compliance Department shall:

● Maintain the current list of Covered Officers;

● Furnish each Covered Officer with this Executive Code when such individual becomes subject to the Executive Code and annually thereafter;

● Periodically inform each Covered Officer of his or her duties and obligations under this Executive Code;

● Provide Fund Treasury with information with respect to amendments to, or waivers of, this Executive Code;

● Provide the Boards with a quarterly report setting forth:

o A description of any report submitted by a Covered Officer of a conflict of interest or perceived conflict of interest and the disposition thereof;

o A description of any request for a waiver from the Executive Code and the disposition thereof;

o Any violation of the Executive Code that has been reported or detected and the sanction imposed;

o Any other significant information arising under the Executive Code.

Fund Treasury shall ensure that the applicable Form N-CSR:

● Provides disclosure to the effect that the Funds have adopted the Executive Code;

● Includes the current Executive Code as an exhibit; and

● Provides disclosure with respect to any waivers that have been granted under the Executive Code.

Amendments. At least annually, the Board of each Fund shall review the Executive Code and consider whether any amendments are necessary or desirable. Proposed amendments to the Executive Code shall be presented to the Boards for review and approval at such times other than the annual review as deemed necessary or desirable by the Chief Compliance Officer.

Approved by the Denver Board of the Oppenheimer Funds on August 2016

Approved by the New York of the Oppenheimer Funds on September 2016

Approved by OFI Legal and Compliance on July 2016

Exhibit A

Positions Covered by this Code of Ethics for Principal Executive and Financial Officers*

Each Oppenheimer fund

President (Principal Executive Officer)

Treasurer (Principal Financial Officer)

OppenheimerFunds, Inc., OFI Global Asset Management, Inc., OFI SteelPath, Inc., and VTL Associates, LLC

President (Principal Executive Officer)

Chief Executive Officer (Principal Executive Officer)

Chief Financial Officer Principal Financial Officer)

Treasurer (Principal Financial Officer)

* There are no other positions with the Funds, OFI, OFI Global, OFI SteelPath, Inc., or VTL Associates, LLC held by persons who perform similar functions to those listed above.

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:   12/11/2017

/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:   12/11/2017

/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 10/31/2017 (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:   12/11/2017	Date:  12/11/2017