UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number 811-23052

Oppenheimer Global Multi-Asset Growth Fund

(Exact name of registrant as specified in charter)

6803 South Tucson Way, Centennial, Colorado 80112-3924

(Address of principal executive offices) (Zip code)

Cynthia Lo Bessette

OFI Global Asset Management, Inc.

225 Liberty Street, New York, New York 10281-1008

(Name and address of agent for service)

Registrant’s telephone number, including area code: (303) 768-3200

Date of fiscal year end: October 31

Date of reporting period: 4/30/2018

Item 1. Reports to Stockholders.

Semiannual Report 4/30/2018
OppenheimerFunds ® The Right Way to Invest Oppenheimer Global Multi-Asset Growth Fund

Table of Contents

Fund Performance Discussion	3
Top Holdings and Allocations	7
Fund Expenses	10
Consolidated Statement of Investments	12
Consolidated Statement of Assets and Liabilities	37
Consolidated Statement of Operations	39
Consolidated Statements of Changes in Net Assets	41
Consolidated Financial Highlights	42
Notes to Consolidated Financial Statements	47
Portfolio Proxy Voting Policies and Guidelines; Updates to Statement of Investments	74
Distribution Sources	75
Trustees and Officers	76
Privacy Notice	77

Class A Shares

AVERAGE ANNUAL TOTAL RETURNS AT 4/30/18

	Class A Shares of the Fund
	Without Sales Charge	With Sales Charge	MSCI All Country World Index
6-Month	-0.30%	-6.03%	3.56%
1-Year	6.19	0.09	14.16
Since Inception (8/27/15)	7.93	5.57	11.89

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 -0.30% during the reporting period. In comparison, the MSCI All Country World Index (the “Index”) produced a return of 3.56% over the same period.

MARKET OVERVIEW

Equity markets continued rallying into the close of the fourth quarter of 2017. Heading into 2018, volatility increased on concerns that a more hawkish U.S. Federal Reserve (Fed) would increase short term interest rates more aggressively to normalize monetary policy and curtail early indications of inflationary price pressure. As a result, although global equities got off to a very strong start in January, markets reversed course during February and March, only recovering slightly in April. Consistent with expectations, the Fed raised interest rates by 25 basis points (bps) from 1.5% to 1.75%, but did not alter rate trajectory projections for the remainder of the year. Nevertheless, U.S. Treasury yields increased across the curve on inflation/policy normalization concerns and increased trade tensions between the U.S. and China caused equity markets to selloff. Although risk-off sentiment gathered steam, developed market equities underperformed emerging markets on more advanced business cycle dynamics and developed markets cyclical sectors began to underperform defensives. During April, equities recovered somewhat from earlier weakness as strong corporate results and big-ticket mergers and acquisitions (M&A) activity lifted market sentiment.

Against this backdrop, equity markets produced positive absolute results despite higher volatility. As mentioned, emerging markets equities outperformed other international and U.S. counterparts, with the MSCI Emerging Markets Index up 4.80% for the six-month period ended April 30, 2018, the MSCI All Country World Index up 3.56%, and the S&P 500 Index up 3.82%. Yields rose across the U.S. Treasury curve during the reporting period, with the 10-year yield ending at 2.95%.

FUND REVIEW

The Fund’s investment objective is to seek capital appreciation. The Fund is managed by the Global Multi-Asset Team, which leverages 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 such as traditional equities, fixed income assets, and alternatives. The Fund will dynamically allocate across assets based on the investment team’s views and seeks to capture the best opportunities for growth with less risk than the broad equity market, in addition to benefitting from bottom up security selection from actively managed strategies.

3        OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

During the period, the security selection component of the Fund’s investment process was the largest detractor from relative performance, driven mostly by underperformance in domestic equity strategies. Our large-cap core strategy, which has historically outperformed in periods of volatility, was the largest detractor to performance due to poor stock selection. In particular, the underperformance was mainly driven by company-specific issues with some of our larger holdings within the Industrials, Utilities, and Health Care sectors.

During the reporting period, the Fund’s allocation to alternative strategies was also a slight detractor to performance. In particular, our systematic alpha-oriented strategies and exposure to Oppenheimer Fundamental Alternatives Fund posted slight negative returns for the period. Both systematic and fundamental alternatives seek to offer the diversification benefits of hedge fund-like strategies and use systematic and fundamental techniques to generate returns from both directional positions and relative value trades. Both strategies seek to generate attractive risk-adjusted returns that exhibit low correlation to traditional stocks and bonds. We believe that over a full business cycle, maintaining some exposure to these strategies on a levered basis provides diversification and helps the Fund keep pace with its 100% equity benchmark.

Opportunistic exposure to master limited partnerships (MLPs) was also a detractor to relative performance. Despite a move higher in energy prices, MLPs struggled during the period and underperformed the Index. With the correlation breakdown between MLPs and oil prices, as a risk control measure we reduced our MLP exposure, and took on a more concentrated position via a dynamically managed long position in oil futures. We see rising demand and a supportive supply picture as a tailwind to energy commodities in general and crude markets in particular. Moreover, the Brent futures curve is in backwardation and receives a positive risk premium for long positions relative to the spot market. All these factors, in our view provide upside potential and positive momentum to oil prices in the near term.

During the period, our broad equity exposure was a positive contributor to performance as equity markets posted gains. We increased exposure to U.S. equities while reducing our European equity tilt, supported by constructive dynamics associated with late expansion phases of the business cycle and deterioration in other developed equity markets. Among style factors, we expect the momentum factor to continue to outperform, currently coinciding with growth and technology stocks. However, although there are no clear catalysts for an enduring correction in U.S. equities at this stage, recent headlines around increasing tariffs on several imports (i.e., washing machines, steel, and aluminum) may provide some near term volatility.

4        OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

Our tilt to Europe was a detractor during the period. While European equities have done well, the main beneficiary of strong European growth has been the Euro, rather than local equities, which continue to lag U.S. markets both in terms of performance and positive earnings revisions. As mentioned earlier, we reduced our European equity exposure, awaiting clearer signals that economic fundamentals are translating through to earnings. We maintain a tilt to emerging market equities, the largest in the portfolio in relative terms, as we believe the asset class has the potential to offer some of the most attractive returns over the next few years on attractive valuations. Emerging markets exited their “recession” in early 2016, and are currently in the early stage of a new expansionary cycle, supported by strong external demand, rising commodity prices and low inflation. China continues to successfully manage a transition from investment to consumption driven growth. This positioning led to positive contribution during the period as emerging market equities outperformed developed markets.

Our allocation to emerging market local debt was also a significant contributor to performance during the period. We favor this asset class for its potential to provide stable income coupled with modest price appreciation from local currencies, which we believe to be attractively valued, and supported in many cases by tailwinds from commodity prices. While spreads to U.S. Treasuries have compressed by about 150 bps since 2015, the yield on the asset class

remains above 6%, with stable average inflation around 4% and a real yield of 2%, well above the negative real yields available in developed fixed income markets. Inflation continues to surprise to the downside for the ninth consecutive year, further supporting local bond prices.

STRATEGY & OUTLOOK

As we look ahead, global economic activity has started to decelerate, confirming the slowing of near term growth momentum. This deceleration has been fairly broad-based across regions and sectors, with business surveys in both manufacturing and services indicating a reversal in nearly all of the improvement seen in the fourth quarter of last year. Overall, we believe the global economy has entered a “slowdown” regime, characterized by above-trend but decelerating growth. Growth has moderated most notably in Europe, followed by Asia, while we continue to see acceleration in the United States, which remains in an expansionary regime. Global financial markets have taken notice and our global market sentiment indicators are signaling a decline in global risk appetite, as riskier asset classes have, on average, underperformed safer assets. Similarly, equity market volatility has begun to incorporate some of the uncertainty in the growth outlook, coupled with ongoing noise surrounding North American Free Trade Agreement negotiations and the rising tensions between China and the U.S. on trade issues. Despite such rhetoric, all parties involved have expressed willingness to compromise, and we remain constructive on the resolution of these disputes.

5        OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

In terms of duration relative to our equity only benchmark, we have an overweight in both U.S. and developed markets fixed income. Major central banks are going far and beyond to deliver gradual exit strategies after a decade of unprecedented monetary easing. Their main goal remains clear: policy normalization while minimizing market impact. We do see some headwinds in credit markets with non-financial corporate leverage nearing previous cyclical peaks and tight spread levels. Given the advanced stage of the credit cycle our return expectations are

carry or yield-like. On balance we prefer fixed income investments with attractive real yields, such as emerging market local debt.

As always, we continue to closely monitor developments in financial conditions as well as the political and policy landscape to assess risks to the macro outlook and financial markets. We are paying close attention to the policy backdrop and the inflation picture; both are potential headwinds that could derail an already advanced business cycle. Should we see further deterioration in economic data, or volatility pickup in equities or credit, we stand ready to adapt accordingly.

	Benjamin Rockmuller, CFA Portfolio Manager

	Alessio de Longis, CFA Portfolio Manager

6        OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

Top Holdings and Allocations

TOP TEN COMMON STOCK HOLDINGS

Microsoft Corp.	1.0%
Apple, Inc.	1.0
JPMorgan Chase & Co.	0.9
UnitedHealth Group, Inc.	0.8
Facebook, Inc., Cl. A	0.8
Amazon.com, Inc.	0.8
Alibaba Group Holding Ltd., Sponsored ADR	0.7
SAP SE	0.7
Suncor Energy, Inc.	0.6
Airbus SE	0.5

Portfolio holdings and allocations are subject to change. Percentages are as of April 30, 2018, and are based on net assets. For more current Fund holdings, please visit oppenheimerfunds.com.

TOP TEN GEOGRAPHICAL HOLDINGS

United States	57.1%
France	5.5
Japan	5.0
United Kingdom	3.9
Germany	3.6
China	3.1
South Korea	1.8
Switzerland	1.7
Canada	1.5
Russia	1.5

Portfolio holdings and allocation are subject to change. Percentages are as of April 30, 2018, and are based on total market value of investments.

PORTFOLIO ALLOCATION

Common Stocks	63.1%
Investment Companies
Oppenheimer Fundamental Alternatives Fund	14.4
Oppenheimer Global High Yield Fund	4.2
Oppenheimer Institutional Government Money Market Fund	8.9
Foreign Government Obligations	7.0
U.S. Government Obligations	1.7
Short-Term Notes	0.6
Preferred Stocks	0.1
Over-the-Counter Options Purchased	—*
Over-the-Counter Interest Rate Swaptions Purchased	—*

*Represents a value of less than 0.05%.

Portfolio holdings and allocations are subject to change. Percentages are as of April 30, 2018, and are based on the total market value of investments.

REGIONAL ALLOCATION

U.S./Canada	58.6%
Europe	18.3
Asia	15.0
Latin & South America	4.0
Emerging Europe	2.1
Middle East/Africa	2.0

Portfolio holdings and allocation are subject to change. Percentages are as of April 30, 2018, and are based on total market value of investments.

7        OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

Share Class Performance

AVERAGE ANNUAL TOTAL RETURNS WITHOUT SALES CHARGE AS OF 4/30/18

	Inception Date		6-Month			1-Year			Since Inception
Class A (QMGAX)		8/27/15		-0.30	%		6.19	%		7.93	%
Class C (QMGCX)		8/27/15		-0.64			5.31			7.13
Class I (QMGIX)		8/27/15		-0.24			6.33			8.18
Class R (QMGRX)		8/27/15		-0.41			5.90			7.68
Class Y (QMGYX)		8/27/15		-0.27			6.30			8.09

AVERAGE ANNUAL TOTAL RETURNS WITH SALES CHARGE AS OF 4/30/18

	Inception Date		6-Month			1-Year			Since Inception
Class A (QMGAX)		8/27/15		-6.03	%		0.09	%		5.57	%
Class C (QMGCX)		8/27/15		-1.61			4.31			7.13
Class I (QMGIX)		8/27/15		-0.24			6.33			8.18
Class R (QMGRX)		8/27/15		-0.41			5.90			7.68
Class Y (QMGYX)		8/27/15		-0.27			6.30			8.09

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 do not consider capital gains or income taxes on an individual’s investment. For performance data current to the most recent month-end, visit oppenheimerfunds.com or call 1.800. CALL OPP (225.5677). 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 of 1% for the 1-year period. There is no sales charge for Class I, Class R and Class Y shares. Returns for periods of less than one year are cumulative and not annualized. 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 views in the Fund Performance Discussion represent the opinions of this Fund’s portfolio managers and are not intended as investment advice or to predict or depict the performance

8        OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

of any investment. These views are as of the close of business on April 30, 2018, and are subject to change based on subsequent developments. The Fund’s portfolio and strategies are subject to change.

Before investing in any of the Oppenheimer funds, investors should carefully consider a fund’s investment objectives, risks, charges and expenses. Fund prospectuses and summary prospectuses contain this and other information about the funds, and may be obtained by asking your financial advisor, visiting oppenheimerfunds.com, or calling 1.800.CALL OPP (225.5677). Read prospectuses and summary prospectuses carefully before investing.

Shares of Oppenheimer funds are not deposits or obligations of any bank, are not guaranteed by any bank, are not insured by the FDIC or any other agency, and involve investment risks, including the possible loss of the principal amount invested.

9        OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

Fund Expenses

Fund Expenses. As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments and/or contingent deferred sales charges on redemptions; and (2) ongoing costs, including management fees; distribution and service fees; and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire 6-month period ended April 30, 2018.

Actual Expenses. The first section of the table provides information about actual account values and actual expenses. You may use the information in this section for the class of shares you hold, together with the amount you invested, to estimate the expense that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600.00 account value divided by $1,000.00 = 8.60), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During 6 Months Ended April 30, 2018” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes. The second section of the table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio for each class of shares, and an assumed rate of return of 5% per year for each class before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example for the class of shares you hold with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as front-end or contingent deferred sales charges (loads). Therefore, the “hypothetical” section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

10        OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

Actual	Beginning Account Value November 1, 2017			Ending Account Value April 30, 2018			Expenses Paid During 6 Months Ended April 30, 2018
Class A		$	1,000.00		$	997.00		$	5.46
Class C			1,000.00			993.60			9.19
Class I			1,000.00			997.60			4.22
Class R			1,000.00			995.90			6.70
Class Y			1,000.00			997.30			4.72
Hypothetical
(5% return before expenses)
Class A			1,000.00			1,019.34			5.52
Class C			1,000.00			1,015.62			9.29
Class I			1,000.00			1,020.58			4.27
Class R			1,000.00			1,018.10			6.78
Class Y			1,000.00			1,020.08			4.77

Expenses are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). Those annualized expense ratios, excluding indirect expenses from affiliated funds, based on the 6-month period ended April 30, 2018 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 “Consolidated Financial Highlights” tables in the Fund’s financial statements, included in this report, also show the gross expense ratios, without such waivers or reimbursements and reduction to custodian expenses, if applicable.

11        OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

CONSOLIDATED STATEMENT OF INVESTMENTS April 30, 2018 Unaudited

	Shares		Value
Common Stocks—62.6%
Consumer Discretionary—11.7%
Auto Components—1.4%
Aptiv plc		1,094	$	92,531
BorgWarner, Inc.		317		15,514
Bridgestone Corp.		2,600		108,476
Continental AG		1,238		330,699
Delphi Technologies plc		365		17,670
Koito Manufacturing Co. Ltd.		2,000		134,292
Valeo SA		4,508		299,986
				999,168
Automobiles—0.9%
Astra International Tbk PT		28,500		14,575
Bayerische Motoren Werke AG		2,170		242,193
General Motors Co.		1,562		57,388
Hero MotoCorp Ltd.		2,428		135,635
Subaru Corp.		3,000		100,750
Volkswagen AG		676		139,989
				690,530
Diversified Consumer Services—0.1%
New Oriental Education & Technology Group, Inc., Sponsored ADR		420		37,733
Rentokil Initial plc		8,790		37,053
				74,786
Hotels, Restaurants & Leisure—2.7%
Accor SA		2,015		113,807
Carnival Corp.		4,294		270,780
Cedar Fair LP1		793		53,718
China Lodging Group Ltd., Sponsored ADR		614		85,751
Domino’s Pizza Group plc		16,160		80,687
Galaxy Entertainment Group Ltd.		13,000		113,748
Genting Bhd		75,679		171,805
Genting Malaysia Bhd		1,800		2,343
Jollibee Foods Corp.		5,270		28,963
Las Vegas Sands Corp.		527		38,645
McDonald’s Corp.		1,042		174,473
MGM China Holdings Ltd.		40,400		110,764
Sands China Ltd.		49,200		283,905
Starbucks Corp.		1,185		68,220
Whitbread plc		3,573		210,339
Yum China Holdings, Inc.		3,177		135,849
				1,943,797
Household Durables—0.7%
Lennar Corp., Cl. A		533		28,190
Panasonic Corp.		4,500		66,688
SEB SA2		562		107,622
Sony Corp.		6,000		275,709

12        OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

	Shares		Value
Household Durables (Continued)
Whirlpool Corp.		134	$	20,763
				498,972
Internet & Catalog Retail—1.3%
Amazon.com, Inc.2		340		532,484
Booking Holdings, Inc.2		29		63,162
Ctrip.com International Ltd., ADR2		2,100		85,890
JD.com, Inc., ADR2		6,075		221,798
Vipshop Holdings Ltd., ADR2		1,310		20,279
				923,613
Leisure Products—0.2%
Bandai Namco Holdings, Inc.		3,600		122,094
Media—1.1%
Comcast Corp., Cl. A		10,420		327,084
ProSiebenSat. 1 Media SE		7,430		269,912
SES SA, Cl. A, FDR		5,688		87,710
Technicolor SA		10,972		17,859
Walt Disney Co. (The)		361		36,219
Zee Entertainment Enterprises Ltd.		8,010		70,345
				809,129
Multiline Retail—0.2%
Dollarama, Inc.		734		84,493
SACI Falabella		362		3,504
Target Corp.		958		69,551
				157,548
Specialty Retail—1.7%
AutoNation, Inc.2		904		41,756
AutoZone, Inc.2		83		51,835
Best Buy Co., Inc.		2,127		162,779
CarMax, Inc.2		2,869		179,312
Dufry AG2		639		90,396
Finish Line, Inc. (The), Cl. A		10,575		143,503
Lowe’s Cos., Inc.		3,702		305,156
Nitori Holdings Co. Ltd.		600		100,970
O’Reilly Automotive, Inc.2		694		177,713
Steinhoff International Holdings NV2		13,579		2,082
				1,255,502
Textiles, Apparel & Luxury Goods—1.4%
Cie Financiere Richemont SA		1,074		101,995
Hermes International		195		125,992
Kering SA		423		244,012
LVMH Moet Hennessy Louis Vuitton SE		1,094		380,797
Pandora AS		1,023		113,680
PRADA SpA		13,300		66,919

13        OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

	Shares		Value
Textiles, Apparel & Luxury Goods (Continued)
Tapestry, Inc.		484	$	26,025
				1,059,420
Consumer Staples—5.3%
Beverages—1.8%
Anadolu Efes Biracilik Ve Malt Sanayii AS		4,669		30,690
Coca-Cola Co. (The)		1,937		83,698
Coca-Cola European Partners plc		4,105		160,916
Diageo plc		2,510		89,280
Fomento Economico Mexicano SAB de CV		7,794		75,339
Fomento Economico Mexicano SAB de CV, Sponsored ADR		350		33,831
Heineken NV		957		100,635
Kweichow Moutai Co. Ltd., Cl. A		500		52,596
PepsiCo, Inc.		2,866		289,294
Pernod Ricard SA		1,671		277,156
Tsingtao Brewery Co. Ltd., Cl. H		26,000		134,873
				1,328,308
Food & Staples Retailing—0.7%
Alimentation Couche-Tard, Inc., Cl. B		1,731		74,838
Atacadao Distribuicao Comercio e Industria Ltda2		12,300		53,017
BIM Birlesik Magazalar AS		800		13,554
CP ALL PCL		41,834		115,203
Magnit PJSC		668		51,944
Shoprite Holdings Ltd.		2,177		43,292
SPAR Group Ltd. (The)		4,777		80,965
Walmart, Inc.		786		69,529
				502,342
Food Products—1.5%
Barry Callebaut AG		49		88,003
Danone SA		3,433		276,766
Kraft Heinz Co. (The)		3,014		169,929
Mondelez International, Inc., Cl. A		3,768		148,836
Saputo, Inc.		3,150		102,134
Unilever plc		1,300		72,850
Vietnam Dairy Products JSC		840		6,826
Want Want China Holdings Ltd.		16,000		14,139
WH Group Ltd.3		191,500		198,518
				1,078,001
Household Products—0.4%
HRG Group, Inc.2		580		6,519
Procter & Gamble Co. (The)		543		39,281
Reckitt Benckiser Group plc		2,327		182,436
Spectrum Brands Holdings, Inc.		406		29,272
				257,508

14        OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

	Shares		Value
Personal Products—0.5%
Amorepacific Corp.		127	$	41,272
Amorepacific Group		68		9,060
Beiersdorf AG		731		82,832
LG Household & Health Care Ltd.		176		225,510
				358,674
Tobacco—0.4%
Philip Morris International, Inc.		2,830		232,060
Swedish Match AB		2,111		94,353
				326,413
Energy—3.0%
Energy Equipment & Services—0.5%
Halliburton Co.		1,009		53,467
TechnipFMC plc		7,735		253,515
Weatherford International plc2		21,006		61,968
				368,950
Oil, Gas & Consumable Fuels—2.5%
Chevron Corp.		1,133		141,750
CNOOC Ltd.		62,000		104,607
Concho Resources, Inc.2		234		36,787
ConocoPhillips		1,076		70,478
Enbridge, Inc.		1,007		30,482
Exxon Mobil Corp.		1,667		129,609
Husky Energy, Inc.		1,669		23,346
Koninklijke Vopak NV		1,253		61,538
LUKOIL PJSC, ADR		370		24,657
Magellan Midstream Partners LP1		4,216		277,539
Novatek PJSC, Sponsored GDR		1,055		133,588
Phillips 66		368		40,962
Reliance Industries Ltd.		1,037		14,897
Suncor Energy, Inc.		11,038		421,983
TOTAL SA		5,207		326,981
				1,839,204
Financials—10.3%
Capital Markets—2.2%
Ameriprise Financial, Inc.		272		38,137
AXA SA		1,805		51,598
Bank of New York Mellon Corp. (The)		3,786		206,375
BlackRock, Inc., Cl. A		139		72,488
Charles Schwab Corp. (The)		1,224		68,152
China International Capital Corp. Ltd., Cl. H3		9,200		20,795
CME Group, Inc., Cl. A		1,348		212,553
Goldman Sachs Group, Inc. (The)		312		74,359
Intercontinental Exchange, Inc.		3,525		255,422
Morgan Stanley		892		46,045
Nasdaq, Inc.		971		85,759

15        OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

	Shares		Value
Capital Markets (Continued)
NEX Group plc		7,572	$	102,681
S&P Global, Inc.		1,149		216,701
TP ICAP plc		10,017		64,846
UBS Group AG2		3,095		52,000
				1,567,911
Commercial Banks—4.1%
Banco Comercial Portugues SA, Cl. R2		153,505		51,218
Banco de Chile		48,802		8,059
Banco Santander SA		31,261		201,561
Bank Central Asia Tbk PT		7,400		11,701
Bank Mandiri Persero Tbk PT		41,900		21,315
Bank of America Corp.		7,507		224,609
Bank Rakyat Indonesia Persero Tbk PT		20,900		4,817
CIT Group, Inc.		567		30,023
Citigroup, Inc.		1,606		109,642
Commercial International Bank Egypt SAE		4,267		22,676
Credicorp Ltd.		220		51,148
FirstRand Ltd.		16,649		88,903
Grupo Aval Acciones y Valores SA, ADR		3,400		30,124
Grupo Financiero Inbursa SAB de CV, Cl. O		25,385		42,295
HSBC Holdings plc		26,420		263,319
ICICI Bank Ltd.		20,693		87,601
ICICI Bank Ltd., Sponsored ADR		13,061		111,149
Itau Unibanco Holding SA, ADR		2,010		29,205
JPMorgan Chase & Co.		6,190		673,348
KeyCorp		3,079		61,334
Kotak Mahindra Bank Ltd.		6,876		124,353
Lloyds Banking Group plc		183,222		162,846
Sberbank of Russia PJSC		11,945		42,883
Sberbank of Russia PJSC, Sponsored ADR		880		13,009
Societe Generale SA		2,610		142,963
SunTrust Banks, Inc.		2,231		149,031
US Bancorp		3,271		165,022
Zenith Bank plc		20,104		1,537
Zions Bancorporation		1,488		81,468
				3,007,159
Consumer Finance—0.3%
Cholamandalam Investment & Finance Co. Ltd.		842		21,876
Discover Financial Services		1,937		138,011
Prosegur Cash SA3		26,119		76,117
				236,004
Diversified Financial Services—1.1%
Ayala Corp.		900		16,726
B3 SA-Brasil Bolsa Balcao		12,100		87,386
Berkshire Hathaway, Inc., Cl. B2		1,568		303,768
Grupo de Inversiones Suramericana SA		928		12,878

16        OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

	Shares		Value
Diversified Financial Services (Continued)
Hong Kong Exchanges & Clearing Ltd.		432	$	14,003
ING Groep NV		9,599		161,041
ORIX Corp.		10,700		188,092
				783,894
Insurance—1.8%
AIA Group Ltd.		14,600		130,351
Aon plc		145		20,658
Hartford Financial Services Group, Inc. (The)		1,089		58,632
Japan Post Insurance Co. Ltd.		4,900		120,427
Marsh & McLennan Cos., Inc.		2,380		193,970
Ping An Insurance Group Co. of China Ltd., Cl. H		11,500		112,313
Progressive Corp. (The)		3,445		207,699
Prudential plc		13,274		340,443
Samsung Life Insurance Co. Ltd.		1,017		111,308
				1,295,801
Real Estate Investment Trusts (REITs)—0.3%
Crown Castle International Corp.		445		44,887
Digital Realty Trust, Inc.		243		25,683
Invitation Homes, Inc.		845		19,553
Mid-America Apartment Communities, Inc.		1,063		97,222
Prologis, Inc.		872		56,602
				243,947
Real Estate Management & Development—0.3%
Ayala Land, Inc.		38,300		30,104
Emaar Properties PJSC		15,333		24,086
Scout24 AG3		2,115		109,568
SM Prime Holdings, Inc.		58,000		38,254
				202,012
Thrifts & Mortgage Finance—0.2%
Housing Development Finance Corp. Ltd.		5,942		166,948
Health Care—6.4%
Biotechnology—1.4%
3SBio, Inc.2,3		4,500		9,652
Amgen, Inc.		247		43,097
Avexis, Inc.2		668		142,057
Biocon Ltd.		3,210		31,960
Biogen, Inc.2		162		44,323
Celgene Corp.2		2,161		188,223
Celltrion Healthcare Co. Ltd.2		4		333
CSL Ltd.		959		122,455
Exact Sciences Corp.2		1,924		96,219
Galapagos NV2		175		15,683
Gilead Sciences, Inc.		2,756		199,066
Grifols SA		4,310		120,615

17        OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

	Shares		Value
Biotechnology (Continued)
Vertex Pharmaceuticals, Inc.2		184	$	28,181
Wuxi Biologics Cayman, Inc.2,3		500		4,521
				1,046,385
Health Care Equipment & Supplies—1.3%
Abbott Laboratories		666		38,714
Analogic Corp.		1,739		144,511
Boston Scientific Corp.2		5,361		153,968
Danaher Corp.		534		53,571
Essilor International Cie Generale d’Optique SA		605		82,336
Intuitive Surgical, Inc.2		83		36,585
Siemens Healthineers AG2,3		516		20,117
Sonova Holding AG		487		80,487
Stryker Corp.		1,016		172,131
William Demant Holding AS2		2,885		112,265
Zimmer Biomet Holdings, Inc.		366		42,152
				936,837
Health Care Providers & Services—1.6%
Apollo Hospitals Enterprise Ltd.		1,699		27,740
DaVita, Inc.2		1,829		114,843
Express Scripts Holding Co.2		778		58,894
Laboratory Corp. of America Holdings2		789		134,722
Mediclinic International plc		3,500		32,229
Quest Diagnostics, Inc.		1,063		107,576
Sinopharm Group Co. Ltd., Cl. H		21,200		89,327
UnitedHealth Group, Inc.		2,597		613,931
				1,179,262
Health Care Technology—0.2%
Cerner Corp.2		1,752		102,054
Ping An Healthcare & Technology Co. Ltd.2,3		343		2,395
				104,449
Life Sciences Tools & Services—0.5%
Agilent Technologies, Inc.		2,558		168,163
Lonza Group AG2		410		100,215
Samsung Biologics Co. Ltd.2,3		121		54,818
Thermo Fisher Scientific, Inc.		228		47,960
				371,156
Pharmaceuticals—1.4%
Allergan plc		224		34,418
Bayer AG		1,858		222,420
Dong-E-E-Jiao Co. Ltd., Cl. A		1,299		12,074
Dr. Reddy’s Laboratories Ltd.		445		14,049
Hutchison China MediTech Ltd., ADR2		150		5,108
Jiangsu Hengrui Medicine Co. Ltd., Cl. A		7,128		93,702
Merck & Co., Inc.		5,655		332,910

18        OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

	Shares		Value
Pharmaceuticals (Continued)
Mylan NV2		1,141	$	44,225
Novo Nordisk AS, Cl. B		2,532		118,879
Pfizer, Inc.		2,505		91,708
Roche Holding AG		338		74,989
				1,044,482
Industrials—7.0%
Aerospace & Defense—1.3%
Airbus SE		3,475		407,090
Lockheed Martin Corp.		1,115		357,737
MTU Aero Engines AG		675		116,149
Spirit AeroSystems Holdings, Inc., Cl. A		594		47,740
				928,716
Air Freight & Couriers—0.2%
FedEx Corp.		112		27,686
XPO Logistics, Inc.2		587		57,033
ZTO Express Cayman, Inc., ADR		1,640		27,060
				111,779
Airlines—0.3%
Alaska Air Group, Inc.		904		58,697
Japan Airlines Co. Ltd.		2,300		90,617
Spirit Airlines, Inc.2		1,410		50,365
				199,679
Commercial Services & Supplies—0.5%
Edenred		3,085		105,909
Johnson Controls International plc		449		15,208
KAR Auction Services, Inc.		1,027		53,394
Prosegur Cia de Seguridad SA		13,053		98,550
Republic Services, Inc., Cl. A		1,362		88,094
Waste Management, Inc.		429		34,873
				396,028
Construction & Engineering—0.2%
Boskalis Westminster		2,466		72,906
Fluor Corp.		966		56,946
Vinci SA		321		32,053
				161,905
Electrical Equipment—0.8%
Legrand SA		1,309		101,513
Melrose Industries plc		6,040		18,921
Mitsubishi Electric Corp.		3,900		59,880
Nidec Corp.		900		140,898
Philips Lighting NV3		3,466		105,328

19        OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

	Shares		Value
Electrical Equipment (Continued)
Schneider Electric SE		1,825	$	164,852
				591,392
Industrial Conglomerates—0.5%
General Electric Co.		8,710		122,549
Jardine Strategic Holdings Ltd.		1,500		56,758
Seibu Holdings, Inc.		7,600		128,419
SM Investments Corp.		3,260		58,732
				366,458
Machinery—1.0%
Aalberts Industries NV		2,243		110,100
Atlas Copco AB, Cl. A		2,640		102,734
Caterpillar, Inc.		312		45,040
Deere & Co.		330		44,659
Illinois Tool Works, Inc.		779		110,634
Kubota Corp.		5,600		94,614
PACCAR, Inc.		237		15,090
Parker-Hannifin Corp.		355		58,440
Stanley Black & Decker, Inc.		181		25,628
VAT Group AG2,3		567		83,562
Wabtec Corp.		415		36,856
Weir Group plc (The)		1,336		39,167
				766,524
Professional Services—0.8%
Bureau Veritas SA		3,794		98,826
Equifax, Inc.		520		58,266
Intertek Group plc		910		61,082
Nielsen Holdings plc		3,168		99,633
Recruit Holdings Co. Ltd.		11,700		269,467
				587,274
Road & Rail—0.3%
Canadian National Railway Co.		358		27,666
Kansas City Southern		259		27,617
Union Pacific Corp.		1,183		158,085
				213,368
Trading Companies & Distributors—0.8%
Brenntag AG		1,941		111,074
Bunzl plc		4,118		119,229
Fastenal Co.		2,679		133,923
Ferguson plc		742		56,687
ITOCHU Corp.		4,400		88,068
Travis Perkins plc		3,236		56,305
				565,286

20        OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

	Shares		Value
Transportation Infrastructure—0.3%
Beijing Capital International Airport Co. Ltd., Cl. H		76,000	$	103,597
DP World Ltd.		2,728		60,567
Grupo Aeroportuario del Sureste SAB de CV, Cl. B		1,601		28,792
				192,956
Information Technology—14.1%
Communications Equipment—0.8%
Cisco Systems, Inc.		5,171		229,024
Motorola Solutions, Inc.		2,359		259,089
Nokia OYJ		21,904		132,145
				620,258
Electronic Equipment, Instruments, & Components—1.6%
Hitachi Ltd.		14,000		102,303
Hoya Corp.		4,200		224,545
Keyence Corp.		300		183,134
Samsung Electro-Mechanics Co. Ltd.		1,470		161,491
Spectris plc		2,024		74,605
Sunny Optical Technology Group Co. Ltd.		500		8,165
TDK Corp.		2,300		196,011
TE Connectivity Ltd.		386		35,416
VeriFone Systems, Inc.2		6,352		146,160
Zebra Technologies Corp., Cl. A2		206		27,775
				1,159,605
Internet Software & Services—2.9%
Alibaba Group Holding Ltd., Sponsored ADR2		2,843		507,589
Alphabet, Inc., Cl. A2		16		16,298
Alphabet, Inc., Cl. C2		173		175,998
Baidu, Inc., Sponsored ADR2		998		250,398
eBay, Inc.2		5,389		204,136
Facebook, Inc., Cl. A2		3,256		560,032
Kakao Corp.		80		8,280
MercadoLibre, Inc.		10		3,396
NAVER Corp.		148		98,729
Tencent Holdings Ltd.		4,500		220,934
United Internet AG		1,198		77,497
Yandex NV, Cl. A2		586		19,549
				2,142,836
IT Services—1.4%
Amadeus IT Group SA		1,295		94,374
Amdocs Ltd.		2,538		170,680
Atos SE		980		132,039
Cielo SA		7,100		38,913
DXC Technology Co.		843		86,880
First Data Corp., Cl. A2		1,519		27,494
Mastercard, Inc., Cl. A		965		172,031
PayPal Holdings, Inc.2		2,948		219,950

21        OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

	Shares		Value
IT Services (Continued)
Tata Consultancy Services Ltd.		984	$	51,907
				994,268
Semiconductors & Semiconductor Equipment—2.5%
Advantest Corp.		9,900		233,191
ams AG2		1,479		122,073
Applied Materials, Inc.		3,817		189,591
ASML Holding NV		711		134,384
Broadcom, Inc.		194		44,508
Infineon Technologies AG		13,851		354,745
Marvell Technology Group Ltd.		2,332		46,780
Microchip Technology, Inc.		896		74,959
Renesas Electronics Corp.2		11,200		117,406
STMicroelectronics NV		6,430		140,007
Taiwan Semiconductor Manufacturing Co. Ltd.		34,000		257,736
Texas Instruments, Inc.		854		86,621
				1,802,001
Software—3.2%
Activision Blizzard, Inc.		2,512		166,671
Dassault Systemes SE		835		107,834
Microsoft Corp.		8,035		751,433
Netmarble Corp.3		137		18,709
Nintendo Co. Ltd.		700		295,246
Oracle Corp.		1,542		70,423
Red Hat, Inc.2		193		31,471
SAP SE		4,410		491,531
ServiceNow, Inc.2		670		111,314
Snap, Inc., Cl. A2		3,027		43,377
Synopsys, Inc.2		600		51,306
Temenos Group AG		1,401		175,913
				2,315,228
Technology Hardware, Storage & Peripherals—1.7%
Apple, Inc.		4,385		724,665
HP, Inc.		1,243		26,712
Samsung Electronics Co. Ltd.		144		353,260
Western Digital Corp.		1,318		103,845
				1,208,482
Materials—2.7%
Chemicals—1.1%
Air Liquide SA		1,448		188,130
Akzo Nobel NV		1,211		109,013
Albemarle Corp.		192		18,616
DowDuPont, Inc.		1,673		105,800
Eastman Chemical Co.		783		79,929
Essentra plc		7,182		43,575
Novozymes AS, Cl. B		1,370		64,588

22        OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

	Shares		Value
Chemicals (Continued)
PPG Industries, Inc.		843	$	89,257
Sika AG		11		79,721
				778,629
Construction Materials—0.3%
Dalmia Bharat Ltd.		145		6,585
Indocement Tunggal Prakarsa Tbk PT		15,000		18,945
James Hardie Industries plc		3,132		55,482
UltraTech Cement Ltd.		578		35,425
Vulcan Materials Co.		730		81,534
				197,971
Containers & Packaging—0.2%
CCL Industries, Inc., Cl. B		2,331		113,069
WestRock Co.		748		44,251
				157,320
Metals & Mining—1.1%
Anglo American plc		5,065		118,872
Antofagasta plc		11,389		151,496
Compass Minerals International, Inc.		424		28,535
Franco-Nevada Corp.		690		48,962
Freeport-McMoRan, Inc.		1,126		17,127
Glencore plc2		29,030		139,759
Grupo Mexico SAB de CV		17,884		59,451
Korea Zinc Co. Ltd.		264		106,862
Polyus PJSC, GDR3		300		9,547
Vale SA, Cl. B, Sponsored ADR		2,970		41,105
Wheaton Precious Metals Corp.		3,851		80,062
				801,778
Telecommunication Services—1.1%
Diversified Telecommunication Services—0.8%
AT&T, Inc.		2,324		75,995
Iliad SA		372		74,393
Nippon Telegraph & Telephone Corp.		3,600		171,298
Spark New Zealand Ltd.		45,528		110,473
Verizon Communications, Inc.		3,335		164,582
				596,741
Wireless Telecommunication Services—0.3%
Rogers Communications, Inc., Cl. B		1,912		90,258
SK Telecom Co. Ltd.		657		140,437
				230,695
Utilities—1.0%
Electric Utilities—0.5%
Duke Energy Corp.		765		61,323
Edison International		939		61,523

23        OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

		Shares		Value
Electric Utilities (Continued)
Entergy Corp.			704	$	57,439
NextEra Energy, Inc.			363		59,499
PG&E Corp.			2,839		130,878
					370,662
Gas Utilities—0.1%
AmeriGas Partners LP1			1,212		51,874
Multi-Utilities—0.4%
National Grid plc			15,684		181,655
Vectren Corp.			2,057		144,545
					326,200
Total Common Stocks (Cost $38,801,634)					45,616,119
Preferred Stocks—0.1%
Lojas Americanas SA, Preference			12,260		69,818
Zee Entertainment Enterprises Ltd., 6% Cum. Non-Cv.			32,510		3,722
Total Preferred Stocks (Cost $55,759)					73,540
		Principal Amount
U.S. Government Obligation—1.6%
United States Treasury Bonds, 2.875%, 8/15/454 (Cost $1,246,454)		$	1,259,000		1,204,115
Foreign Government Obligations—6.9%
Arab Republic of Egypt:
Series 3YR, 15.00% Bonds, 10/3/20	EGP		250,000		14,042
Series 3YR, 16.00% Unsec. Nts., 12/12/20	EGP		100,000		5,751
Argentine Republic:
16.00% Bonds, 10/17/23	ARS		265,000		11,921
21.20% Bonds, 9/19/18	ARS		300,000		14,170
26.088% [BADLARPP+325] Sr. Unsec. Nts., 3/1/205	ARS		1,038,000		52,141
Federation of Malaysia, Series 0902, 4.378% Sr. Unsec. Nts., 11/29/19	MYR		725,000		186,976
Federative Republic of Brazil:
10.00% Unsec. Nts., 1/1/21	BRL		1,315,000		393,585
10.00% Unsec. Nts., 1/1/23	BRL		260,000		77,151
17.959% Unsec. Nts., 8/15/229	BRL		65,000		61,029
18.093% Unsec. Nts., 5/15/459	BRL		25,000		24,138
Hungary:
Series 20/A, 7.50% Bonds, 11/12/20	HUF		6,400,000		28,946
Series 25/B, 5.50% Bonds, 6/24/25	HUF		35,100,000		166,179
Series 27/A, 3.00% Bonds, 10/27/27	HUF		5,000,000		20,090
Kingdom of Thailand:
1.875% Sr. Unsec. Nts., 6/17/22	THB		5,000,000		158,879
2.125% Sr. Unsec. Nts., 12/17/26	THB		2,300,000		71,154
Oriental Republic of Uruguay, 9.875% Sr. Unsec. Nts., 6/20/223	UYU		1,790,000		65,675
Republic of Chile:
4.50% Unsec. Nts., 2/28/21	CLP		93,000,000		155,673
4.50% Bonds, 3/1/21	CLP		20,000,000		33,474

24        OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

		Principal Amount		Value
Foreign Government Obligations (Continued)
Republic of Chile: (Continued) 4.50% Bonds, 3/1/26	CLP		15,000,000	$	24,607
Republic of Colombia:
Series B, 7.00% Bonds, 5/4/22	COP		220,000,000		83,012
Series B, 7.50% Bonds, 8/26/26	COP		235,000,000		90,710
Series B, 10.00% Bonds, 7/24/24	COP		130,000,000		56,033
Series B, 11.00% Bonds, 7/24/20	COP		160,000,000		64,403
Republic of Indonesia:
Series FR61, 7.00% Sr. Unsec. Nts., 5/15/22	IDR		1,500,000,000		109,703
Series FR63, 5.625% Sr. Unsec. Nts., 5/15/23	IDR		300,000,000		20,895
Series FR64, 6.125% Sr. Unsec. Nts., 5/15/28	IDR		150,000,000		10,156
Series FR71, 9.00% Sr. Unsec. Nts., 3/15/29	IDR		1,170,000,000		96,717
Series FR72, 8.25% Sr. Unsec. Nts., 5/15/36	IDR		1,580,000,000		121,971
Series FR73, 8.75% Sr. Unsec. Nts., 5/15/31	IDR		2,020,000,000		163,415
Republic of Peru:
6.35% Sr. Unsec. Nts., 8/12/283	PEN		280,000		93,592
6.95% Sr. Unsec. Nts., 8/12/313	PEN		40,000		13,922
7.84% Sr. Unsec. Nts., 8/12/203	PEN		170,000		58,193
8.20% Sr. Unsec. Nts., 8/12/263	PEN		145,000		54,240
Republic of Poland:
Series 0721, 1.75% Bonds, 7/25/21	PLN		230,000		65,429
Series 0726, 2.50% Bonds, 7/25/26	PLN		380,000		104,783
Republic of South Africa:
Series 2023, 7.75% Bonds, 2/28/23	ZAR		250,000		20,137
Series 2030, 8.00% Bonds, 1/31/30	ZAR		1,110,000		85,247
Series 2037, 8.50% Bonds, 1/31/37	ZAR		2,950,000		227,259
Series 2048, 8.75% Bonds, 2/28/48	ZAR		500,000		38,875
Series R186, 10.50% Bonds, 12/21/26	ZAR		265,000		24,309
Series R208, 6.75% Sr. Unsec. Nts., 3/31/21	ZAR		2,300,000		181,796
Series R214, 6.50% Bonds, 2/28/41	ZAR		860,000		52,130
Republic of Turkey:
8.50% Bonds, 7/10/19	TRY		65,000		15,142
8.80% Bonds, 11/14/18	TRY		60,000		14,431
10.70% Bonds, 2/17/21	TRY		180,000		41,387
11.00% Bonds, 2/24/27	TRY		630,000		145,166
12.20% Bonds, 1/18/23	TRY		60,000		14,387
12.40% Bonds, 3/8/28	TRY		200,000		48,987
Romania, Series 10YR, 5.95% Bonds, 6/11/21	RON		360,000		99,860
Russian Federation:
Series 6209, 7.60% Bonds, 7/20/22	RUB		4,825,000		79,043
Series 6210, 6.80% Bonds, 12/11/19	RUB		7,000,000		111,626
Series 6211, 7.00% Bonds, 1/25/23	RUB		17,500,000		281,462
Series 6212, 7.05% Bonds, 1/19/28	RUB		1,000,000		15,801
Series 6216, 6.70% Bonds, 5/15/19	RUB		18,500,000		294,537
United Mexican States:
Series M, 5.75% Bonds, 3/5/26	MXN		2,600,000		125,274
Series M, 8.00% Bonds, 6/11/20	MXN		800,000		43,395
Series M, 8.00% Sr. Unsec. Nts., 12/7/23	MXN		1,500,000		82,582
Series M20, 8.50% Sr. Unsec. Nts., 5/31/29	MXN		930,000		53,380

25        OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

		Principal Amount		Value
Foreign Government Obligations (Continued)
United Mexican States: (Continued)
Series M20, 10.00% Bonds, 12/5/24	MXN		2,300,000	$	140,042
Series M30, 8.50% Sr. Unsec. Nts., 11/18/38	MXN		320,000		18,636
Series M30, 10.00% Bonds, 11/20/36	MXN		350,000		23,138
Total Foreign Government Obligations (Cost $5,024,941)					5,050,784

							Notional
	Counter-		Exercise Expiration				Amount		Contracts
	party		Price		Date		(000’s)		(000’s)
Over-the-Counter Option Purchased—0.0%
BRL Currency Call2 (Cost $1,341)		CITNA-B		BRL3.200		4/25/19		BRL 512,000		BRL 350	1,185

Pay/Receive

Notional

Floating

Floating

Fixed

Expiration

Amount

Rate

Rate

Rate

Date

(000’s)

Over-the-Counter Interest Rate Swaption Purchased—0.0%

Interest Rate Swap maturing 6/19/202 (Cost $2,501)

BAC

Pay

Three-Month USD BBA LIBOR

2.667

%

6/15/18 USD

1,220

350

		Principal Amount
Short-Term Notes—0.6%
Arab Republic of Egypt Treasury Bills, 15.783%, 3/5/197	EGP		650,000			32,168
Arab Republic of Egypt Treasury Bills, 17.25%, 7/3/187	EGP		1,000,000			55,026
Argentine Republic Treasury Bills, 26.25%, 5/16/186	ARS		100,000			4,829
Argentine Republic Treasury Bills, 27.55%, 6/21/187	ARS		520,000			24,463
Federal Republic of Nigeria Treasury Bills, 15.388%, 10/18/187	NGN		11,000,000			29,080
Federal Republic of Nigeria Treasury Bills, 18.386%, 8/2/186	NGN		19,000,000			51,519
United States Treasury Bills, 2.003%, 10/18/184,7,8			225,000			222,928
Total Short-Term Notes (Cost $422,685)						420,013
		Shares
Investment Companies—27.3%
Oppenheimer Fundamental Alternatives Fund, Cl. I10			381,758			10,421,985
Oppenheimer Global High Yield Fund, Cl. I10			328,946			3,036,174
Oppenheimer Institutional Government Money Market Fund, Cl. E, 1.67%10,11			6,417,767			6,417,767
Total Investment Companies (Cost $20,089,301)						19,875,926
Total Investments, at Value (Cost $65,644,616)			99.1	%		72,242,032
Net Other Assets (Liabilities)			0.9			641,374
Net Assets			100.0	%	$	72,883,406

Footnotes to Consolidated Statement of Investments

1. Security is a Master Limited Partnership.

2. Non-income producing security.

26        OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

Footnotes to Consolidated Statement of Investments (Continued)

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 $999,269 or 1.37% 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 $1,421,099. See Note 6 of the accompanying Consolidated Notes.

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

6. Current yield as of period end.

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

8. All or a portion of this security is owned by the subsidiary. See Note 2 of the accompanying Consolidated Notes.

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

10. 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, 2017		Gross Additions			Gross Reductions			Shares April 30, 2018
Oppenheimer Fundamental Alternatives Fund, Cl. I		175,626		232,325			26,193			381,758
Oppenheimer Global High Yield Fund, Cl. l		319,923		9,023			—			328,946
Oppenheimer Global Multi Strategies Fund, Cl. l		167,965		49,589			217,554			—
Oppenheimer Institutional Government Money Market Fund, CI. E		3,085,963		24,303,552			20,971,748			6,417,767
Oppenheimer Master Loan Fund, LLC		96,613		—			96,613			—
Oppenheimer Senior Floating Rate Fund, Cl. l		284,864		—			284,864			—
	Value		Income			Realized Gain (Loss)			Change in Unrealized Gain (Loss)
Oppenheimer Fundamental
Alternatives Fund, Cl. I	$	10,421,985	$	206,677		$	(13,033	)	$	(246,379	)
Oppenheimer Global High Yield Fund, Cl. l		3,036,174		84,610			—			(94,103	)
Oppenheimer Global Multi Strategies Fund, Cl. l		—		153,428			(124,884	)		(54,543	)
Oppenheimer Institutional
Government Money Market Fund, CI. E		6,417,767		24,888			—			—
Oppenheimer Master Loan Fund, LLC		—		5,710	a		15,976	a		(26,069	)a
Oppenheimer Senior Floating Rate Fund, Cl. l		—		3,898			56,975			(68,369	)
Total	$	19,875,926	$	479,211		$	(64,966	)	$	(489,463	)

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

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

27        OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

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

Geographic Holdings	Value		Percent
United States	$	41,274,961		57.1	%
France		3,948,224		5.5
Japan		3,612,595		5.0
United Kingdom		2,791,661		3.9
Germany		2,568,729		3.6
China		2,220,187		3.1
South Korea		1,330,068		1.8
Switzerland		1,242,462		1.7
Canada		1,097,293		1.5
Russia		1,077,646		1.5
India		904,192		1.2
South Africa		877,224		1.2
Brazil		876,533		1.2
Netherlands		854,947		1.2
Hong Kong		802,391		1.1
Mexico		726,154		1.0
Indonesia		594,211		0.8
Spain		591,217		0.8
Denmark		409,413		0.6
Chile		376,812		0.5
Malaysia		361,125		0.5
Thailand		345,236		0.5
Colombia		337,160		0.5
Turkey		323,743		0.4
Peru		271,095		0.4
Taiwan		257,736		0.4
Hungary		215,215		0.3
Sweden		197,086		0.3
Philippines		172,779		0.2
Poland		170,212		0.2
Finland		132,146		0.2
Egypt		129,663		0.2
Australia		122,455		0.2
Austria		122,073		0.2
Argentina		110,920		0.2
Macau		110,764		0.1
New Zealand		110,473		0.1
Romania		99,860		0.1
United Arab Emirates		84,652		0.1
Nigeria		82,136		0.1
Italy		66,919		0.1
Uruguay		65,675		0.1
Ireland		55,482		0.1
Portugal		51,218		0.1
Bermuda		46,780		0.1
Belgium		15,683		0.0

28        OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

Geographic Holdings (Continued)		Value	Percent
Vietnam	$	6,826	0.0%
Total	$	72,242,032	100.0%

Forward Currency Exchange Contracts as of April 30, 2018
Counter -party	Settlement Month(s)		Currency Purchased (000’s)		Currency Sold (000’s)		Unrealized Appreciation		Unrealized Depreciation
BAC		06/2018	CNH	5,500	USD	874	$	—	$	5,763
BAC		06/2018	COP	5,141,000	USD	1,800		28,379		—
BAC		06/2018	HUF	13,900	USD	56		—		1,867
BAC		06/2018	ILS	190	USD	56		—		2,608
BAC		06/2018	MYR	5,120	USD	1,310		—		14,655
BAC		06/2018	PHP	800	USD	15		183		—
BAC		06/2018	PLN	10	USD	3		—		91
BAC		06/2018	SEK	17,350	USD	2,102		—		111,771
BAC		06/2018	THB	6,700	USD	215		—		2,774
BAC		06/2018	TRY	30	USD	7		41		—
BAC		06/2018	USD	1,836	CHF	1,745		66,401		—
BAC		06/2018	USD	1,579	CLP	951,000		29,101		—
BAC		06/2018	USD	53	ILS	190		200		—
BAC		06/2018	USD	1,419	MYR	5,500		27,926		—
BAC		06/2018	USD	607	NOK	4,730		15,917		—
BAC		06/2018	USD	55	PEN	180		—		193
BAC		06/2018	USD	1,371	PLN	4,640		47,766		—
BAC		06/2018	USD	960	RUB	61,500		—		10,473
BAC		06/2018	USD	931	THB	29,000		11,078		—
BAC		06/2018	USD	104	ZAR	1,240		5,097		—
BAC		06/2018	ZAR	60	USD	5		—		264
BOA		06/2018	AUD	3,120	USD	2,422		—		72,991
BOA		05/2018	BRL	1,130	USD	330		—		7,629
BOA		06/2018	HUF	15,000	USD	60		—		1,944
BOA		06/2018	IDR	653,000	USD	47		—		399
BOA		06/2018	ILS	190	USD	55		—		1,686
BOA		06/2018	NZD	2,480	USD	1,827		—		82,303
BOA		06/2018	PHP	2,900	USD	56		60		—
BOA		06/2018	PLN	630	USD	186		—		5,914
BOA		06/2018	TRY	2,800	USD	666		11,378		—
BOA		06/2018	TWD	52,000	USD	1,795		—		31,859
BOA		05/2018	USD	333	BRL	1,130		10,793		—
BOA		06/2018	USD	1,614	CNH	10,240		—		2,284
BOA		06/2018	USD	2	COP	6,000		77		—
BOA		08/2018	USD	56	EUR	45		797		—
BOA		06/2018	USD	1,963	GBP	1,400		30,392		—
BOA		06/2018	USD	1,537	IDR	21,264,000		19,729		—
BOA		06/2018	USD	7	KRW	7,000		42		—
BOA		06/2018	USD	65	MXN	1,200		1,100		—
BOA		06/2018	USD	1,886	PHP	99,000		—		23,745
BOA		06/2018	USD	13	THB	400		189		—
BOA		06/2018	USD	51	ZAR	620		1,744		—
CITNA-B		06/2018	USD	48	RUB	2,900		1,742		—
CITNA-B		05/2018	BRL	2,070	USD	597		—		6,347

29        OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

Forward Currency Exchange Contracts (Continued)
Counter -party	Settlement Month(s)		Currency         Purchased (000’s)			Currency Sold (000’s)		Unrealized         Appreciation		Unrealized         Depreciation
CITNA-B		06/2018	COP	161,000	USD		57	$	65	$	—
CITNA-B		06/2018	DKK	760	USD		127		—		3,505
CITNA-B		08/2018	GHS	245	USD		52		259		302
CITNA-B		06/2018	HUF	900	USD		4		—		91
CITNA-B		06/2018	ILS	4,910	USD		1,410		—		40,949
CITNA-B		06/2018	MXN	1,700	USD		91		152		1,397
CITNA-B		06/2018	PEN	70	USD		22		—		162
CITNA-B		06/2018	PHP	67,000	USD		1,284		9,246		—
CITNA-B		06/2018	PLN	2,670	USD		788		—		26,433
CITNA-B		06/2018	RON	15	USD		4		—		105
CITNA-B		06/2018	RUB	53,700	USD		929		—		82,259
CITNA-B		06/2018	SGD	400	USD		306		—		4,334
CITNA-B		06/2018	THB	29,300	USD		942		—		11,833
CITNA-B		06/2018	TRY	210	USD		53		—		1,904
CITNA-B		05/2018 - 04/2019	USD	1,201	BRL		4,180		10,132		—
CITNA-B		06/2018	USD	134	CLP		80,800		2,523		—
CITNA-B		06/2018	USD	69	COP		199,000		57		1,560
CITNA-B		06/2018	USD	1,844	ILS		6,300		87,974		—
CITNA-B		06/2018	USD	167	MXN		3,100		2,853		228
CITNA-B		06/2018	USD	135	PEN		440		—		292
CITNA-B		06/2018	USD	73	RUB		4,200		6,431		—
CITNA-B		06/2018	USD	709	TRY		2,840		22,415		—
CITNA-B		06/2018	USD	1,068	TWD		31,000		16,486		—
CITNA-B		06/2018	ZAR	10	USD		1		3		—
DEU		06/2018	GBP	430	USD		610		—		16,029
DEU		06/2018	NOK	7,820	USD		1,017		—		39,746
DEU		06/2018	USD	545	EUR		440		11,211		—
DEU		06/2018	USD	6	PLN		20		154		—
GSCO-OT		06/2018	CLP	34,000	USD		56		—		259
GSCO-OT		06/2018	COP	151,000	USD		55		—		1,761
GSCO-OT		06/2018	HUF	3,000	USD		12		—		276
GSCO-OT		06/2018	MXN	1,500	USD		80		272		394
GSCO-OT		06/2018	MYR	710	USD		181		—		1,787
GSCO-OT		06/2018	PLN	80	USD		24		—		849
GSCO-OT		06/2018	TRY	40	USD		10		119		—
GSCO-OT		06/2018	USD	54	CLP		32,000		1,374		—
GSCO-OT		06/2018	USD	6	IDR		88,000		67		—
GSCO-OT		06/2018	USD	84	MXN		1,600		149		856
GSCO-OT		06/2018	USD	51	MYR		200		267		—
GSCO-OT		06/2018	USD	3	RON		10		53		—
GSCO-OT		06/2018	ZAR	560	USD		47		—		2,209
HSBC		06/2018	CHF	2,950	USD		3,148		—		156,196
HSBC		06/2018	HKD	440	USD		56		—		161
HSBC		06/2018	PLN	150	USD		44		—		1,370
HSBC		06/2018	USD	1,699	AUD		2,156		75,576		—
HSBC		06/2018	USD	308	HUF		77,000		10,704		—
HSBC		06/2018	USD	400	MXN		7,500		2,101		—
HSBC		06/2018	USD	2,552	NZD		3,485		100,726		—

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
HSBC		06/2018	USD	2,686	SEK		21,780	$	187,813	$	—
HSBC		06/2018	USD	585	TRY		2,430		—		3,132
HSBC		06/2018	USD	964	ZAR		11,780		26,430		—
JPM		05/2018	BRL	630	USD		180		—		545
JPM		06/2018	CAD	1,535	USD		1,210		—		12,873
JPM		06/2018	CLP	1,229,000	USD		2,042		—		39,096
JPM		06/2018	CZK	2,250	USD		110		—		3,442
JPM		06/2018	EUR	545	USD		680		—		18,620
JPM		08/2018	GHS	10	USD		2		—		9
JPM		06/2018	IDR	20,540,000	USD		1,484		—		17,690
JPM		06/2018	INR	80,300	USD		1,221		241		21,294
JPM		06/2018	JPY	696,000	USD		6,606		—		214,504
JPM		06/2018	MXN	1,520	USD		82		133		1,610
JPM		08/2018	NGN	9,000	USD		24		1,500		—
JPM		06/2018	RUB	2,100	USD		34		—		942
JPM		06/2018	TRY	260	USD		62		833		—
JPM		10/2018	UAH	800	USD		27		1,043		—
JPM		06/2018	USD	68	ARS		1,470		126		—
JPM		05/2018	USD	181	BRL		630		1,162		—
JPM		06/2018	USD	3,380	CAD		4,415		—		63,334
JPM		06/2018	USD	1,585	COP		4,407,000		18,223		941
JPM		06/2018	USD	29	CZK		600		378		—
JPM		08/2018	USD	118	EUR		95		2,174		—
JPM		06/2018	USD	1	IDR		19,000		—		10
JPM		06/2018	USD	1,191	INR		78,000		25,878		—
JPM		06/2018	USD	271	KRW		288,000		1,671		—
JPM		08/2018	USD	24	NGN		9,000		—		2,229
JPM		06/2018	USD	18	PLN		60		507		—
JPM		06/2018	USD	84	RON		315		2,170		—
JPM		06/2018	USD	439	RUB		25,400		38,270		—
JPM		06/2018	USD	10	TRY		40		53		41
JPM		06/2018	USD	69	ZAR		870		—		93
JPM		06/2018	ZAR	7,070	USD		592		—		28,854
TDB		05/2018	BRL	2,440	USD		701		—		4,499
TDB		06/2018	CAD	3,125	USD		2,480		—		43,108
TDB		08/2018	EUR	30	USD		37		—		859
TDB		06/2018	GBP	1,545	USD		2,197		—		63,901
TDB		05/2018	USD	716	BRL		2,440		19,596		—
TDB		06/2018	USD	4,463	JPY		476,000		91,317		—
TDB		06/2018	USD	11	MXN		200		34		—
Total Unrealized Appreciation and Depreciation								$	1,091,053	$	1,326,433

Futures Contracts as of April 30, 2018

Buy/Sell

Expiration Date

Number of Contracts

Notional Amount (000’s)

Value

Unrealized Appreciation/         (Depreciation)

Description

Brent Crude Oil*

Buy

5/31/18

17

USD 1,253

$

1,269,730

$

16,831

31        OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

Futures Contracts (Continued)
Description	Buy/Sell		Expiration Date		Number of Contracts		Notional Amount (000’s)		Value		Unrealized Appreciation/ (Depreciation)
Canadian Bonds, 10 yr.		Buy		6/20/18		4		CAD 408	$	409,518	$	1,146
CBOE Volatility Index*		Sell		6/20/18		22		USD 372		372,350		(618)
Euro-BUND		Buy		6/7/18		25		EUR 4,735		4,792,361		57,634
Japanese Bonds, 10 yr.		Buy		6/13/18		4		JPY 5,516		5,511,892		(3,668)
MSCI Emerging Market Index		Buy		6/15/18		63		USD 3,887		3,629,430		(257,466)
Nikkei 225 Index		Buy		6/7/18		5		JPY 981		1,029,546		48,926
S&P 500 E-Mini Index		Sell		6/15/18		6		USD 803		794,100		8,577
S&P 500 E-Mini Index		Buy		6/15/18		67		USD 9,343		8,867,450		(475,983)
S&P/TSX 60 Index		Buy		6/14/18		3		CAD 429		429,877		1,271
SPI 200 Index		Buy		6/21/18		12		AUD 1,350		1,347,451		(2,733)
Stoxx Europe 600 Index		Sell		6/15/18		10		EUR 222		230,048		(8,100)
United States
Treasury Long Bonds		Buy		6/20/18		15		USD 2,151		2,157,656		6,966
United States
Treasury Long Gilt United States		Buy		6/27/18		7		GBP 1,165		1,178,207		13,097
Treasury Nts., 10 yr.		Buy		6/20/18		1		USD 120		119,625		(509)
United States Ultra Bonds		Buy		6/20/18		11		USD 1,706		1,728,375		22,324
											$	(572,305)

*All or a portion of this security is owned by the subsidiary. See Note 2 of the accompanying Consolidated Notes.

Over-the-Counter Options Written at April 30, 2018

Description

Counter -party

Exercise Price

Expiration Date

Number of Contracts (000’s)

Notional Amount (000’s)

Premiums Received

Value

MXN

MXN

MXN Currency Put

JPM

20.200

8/2/18

(3,030)

MXN 2,020,000

$

1,735

$

(1,597)

ZAR

ZAR

ZAR Currency Call

JPM

12.000

8/1/18

(1,460)

ZAR 1,200,000

802

(820)

Total Over-the-Counter Options Written

$

2,537

$

(2,417)

a

Centrally Cleared Interest Rate Swaps at April 30, 2018

Counter- party

Pay/Receive Floating Rate

Floating Rate

Fixed Rate

Maturity Date

Notional Amount (000’s)

Premiums Received / (Paid)

Value

Unrealized Appreciation/ (Depreciation)

BAC

Pay

BP0006M

1.677%

2/12/28

GBP 5,315

$

—

$

100,835

$

100,835

32        OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

Centrally Cleared Interest Rate Swaps (Continued)
Counter- party	Pay/Receive Floating Rate		Floating Rate		Fixed Rate		Maturity Date		Notional Amount (000’s)		Premiums Received / (Paid)		Value			Unrealized Appreciation/ (Depreciation)
				Three-Month SEK
BAC		Pay		STIBOR SIDE		1.471%		2/14/28		SEK 73,130	$	—	$	223,253		$	223,253
				MXN TIIE
BNP		Pay		BANXICO		7.380		3/29/23		MXN 5,400		—		(1,465	)		(1,465)
				Three-Month ZAR
CITNA-B		Pay		JIBAR SAFEX		8.590		1/23/28		ZAR 1,635		—		753			753
CITNA-B		Pay		SORF6M		2.675		4/25/28		SGD 35		—		37			37
				MXN TIIE
CITNA-B		Pay		BANXICO		7.920		9/13/18		MXN 8,900		—		43			43
CITNA-B		Receive		SORF6M		2.000		4/25/20		SGD 165		—		(50	)		(50)
DEU		Receive		BZDI		7.980		1/4/21		BRL 400		—		(62	)		(62)
				Six-Month PLN
GSCOI		Receive		WIBOR WIBO		2.580		2/6/23		PLN 875		—		3,014			3,014
				MXN TIIE
GSCOI		Pay		BANXICO		7.350		3/11/22		MXN 2,200		—		(596	)		(596)
				Three-Month ZAR
GSCOI		Pay		JIBAR SAFEX		7.600		2/21/28		ZAR 500		—		(269	)		(269)
				MXN TIIE
JPM		Receive		BANXICO		8.040		2/11/28		MXN 1,650		—		(1,667	)		(1,667)
				Three-Month USD
JPM		Receive		BBA LIBOR		2.118		3/20/22		USD 105		—		2,916			2,916
JPM		Pay		BZDI		9.480		7/1/20		BRL 5,200		—		1,369			1,369
				MXN TIIE
JPM		Pay		BANXICO		7.895		2/21/20		MXN 6,100		—		1,145			1,145
JPM		Pay		BZDI		10.500		7/1/20		BRL 3,575		—		4,686			4,686
JPM		Pay		BZDI		8.840		1/4/21		BRL 1,195		—		8,652			8,652
JPM		Receive		BZDI		9.395		1/2/23		BRL 440		—		(1,904	)		(1,904)
JPM		Receive		BZDI		7.535		1/2/19		BRL 1,285		—		(3,778	)		(3,778)
JPM		Receive		EUR006M		1.161		2/14/28		EUR 9,480		—		(235,480	)		(235,480)
				Three-Month ZAR
JPM		Pay		JIBAR SAFEX		7.930		1/9/28		ZAR 705		—		930			930
				MXN TIIE
UBS		Pay		BANXICO		6.860		7/21/22		MXN 2,000		—		(2,532	)		(2,532)
UBS		Receive		BBSW6M		3.063		2/13/28		AUD 11,435		—		(143,647	)		(143,647)
Total Centrally Cleared Interest Rate Swaps											$	—	$	(43,817	)	$	(43,817)

Over-the-Counter Interest Rate Swaps at April 30, 2018

Counter- party

Pay/Receive Floating Rate

Floating Rate

Fixed Rate

Maturity Date

Notional Amount (000’s)

Premiums Received / (Paid)

Value

Unrealized Appreciation/ (Depreciation)

Six-Month INR

FBIL MIBOR OIS

BOA

Pay

Compound

6.250

%

9/29/22

INR 6,200

$

—

$        (1,815

)

$

(1,815)

Six-Month INR

FBIL MIBOR OIS

BOA

Pay

Compound

6.290

9/28/22

INR 12,500

—

(3,366

)

(3,366)

Six-Month INR

FBIL MIBOR OIS

BOA

Receive

Compound

6.705

3/8/23

INR 6,150

—

764

764

33        OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

Over-the-Counter Interest Rate Swaps (Continued)
Counter- party	Pay/Receive Floating Rate		Floating Rate		Fixed Rate			Maturity Date		Notional Amount (000’s)		Premiums Received / (Paid)		Value			Unrealized Appreciation/ (Depreciation)
BOA		Pay		NSERO		6.700	%		3/8/20		INR 26,890	$	—	$	(450	)	$	(450)
				Six-Month INR
				FBIL MIBOR OIS
BOA		Pay		Compound		6.350			6/5/22		INR 15,000		—		(2,913	)		(2,913)
				Three-Month
				MYR KLIBOR
BOA		Pay		BNM		3.470			10/27/21		MYR 950		—		(3,412	)		(3,412)
				Three-Month
				MYR KLIBOR
BOA		Pay		BNM		3.290			10/27/18		MYR 570		—		(312	)		(312)
				Three-Month
				COP IBR OIS
GSCOI		Pay		Compound		5.175			4/20/20		COP 545,000		—		3,046			3,046
JPM		Pay		BZDI		10.130			7/1/19		BRL 2,125		—		8,249			8,249
				Three-Month
				COP IBR OIS
JPM		Pay		Compound		5.700			3/8/19		COP 805,000		—		4,613			4,613
Total Over-the-Counter Interest Rate Swaps												$	—	$	4,404		$	4,404

Over-the-Counter Interest Rate Swaptions Written at April 30, 2018

Description

Counter- party

Pay/ Receive Floating Rate

Floating Rate

Fixed Rate

Expiration Date

Notional Amount (000’s)

Premiums Received

Value

Interest Rate

Three- Month

Swap maturing

USD BBA

6/19/20 Call

BAC

Receive

LIBOR

2.417%

6/15/18

USD             1,220

$

671

$

(25)

Glossary:
Counterparty Abbreviations
BAC	Barclays Bank plc
BNP	BNP Paribas
BOA	Bank of America NA
CITNA-B	Citibank NA
DEU	Deutsche Bank AG
GSCOI	Goldman Sachs International
GSCO-OT	Goldman Sachs Bank USA
HSBC	HSBC Bank USA NA
JPM	JPMorgan Chase Bank NA
TDB	Toronto Dominion Bank
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

34        OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

Currency abbreviations indicate amounts reporting in currencies (Continued)
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
GHS	Ghanaian Cedi
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
NGN	Nigerian Naira
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
UAH	Ukraine Hryvnia
UYU	Uruguay Peso
ZAR	South African Rand
Definitions
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
BBSW6M	ASX Australian Bank Bill Short Term Rates 6 Month Mid
BNM	Bank Negara Malaysia
BP0006M	ICE LIBOR GBP 6 Month
BUND	German Federal Obligation
BZDI	Brazil Interbank Deposit Rate
EUR006M	EURIBOR 6 Month ACT/360
FBIL	Financial Benchmarks India Private Ltd.
IBR	Indicador Bancario de Referencia
ICE LIBOR	Intercontinental Exchange London Interbank Offered Rate
JIBAR SAFEX	South Africa Johannesburg Interbank Agreed Rate/Futures Exchange
KLIBOR	Kuala Lumpur Interbank Offered Rate

35        OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

Definitions (Continued)
MIBOR	Mumbai Interbank Offered Rate
MSCI	Morgan Stanley Capital International
Nikkei 225	225 top-rated Japanese Companies listed on the Tokyo Stock Exchange
NSERO	India Rupee Floating Rate
OIS	Overnight Index Swap
S&P	Standard & Poor’s
SORF6M	Association of Banks in Singapore Swap Offer Rate Fixing 6 Month
STIBOR SIDE	Stockholm Interbank Offered Rate
TIIE	Interbank Equilibrium Interest Rate
TSX 60	60 largest companies on the Toronto Stock Exchange
WIBOR WIBO	Poland Warsaw Interbank Offer Bid Rate

See accompanying Notes to Consolidated Financial Statements.

36        OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

CONSOLIDATED STATEMENT OF

ASSETS AND LIABILITIES April 30, 2018 Unaudited

Assets
Investments, at value—see accompanying statement of investments:
Unaffiliated companies (cost $45,555,315)	$	52,366,106
Affiliated companies (cost $20,089,301)		19,875,926
		72,242,032
Cash		58,638
Cash—foreign currencies (cost $2,744)		2,589
Cash used for collateral on futures		354,000
Cash used for collateral on OTC derivatives		300,000
Cash used for collateral on centrally cleared swaps		319,124
Unrealized appreciation on forward currency exchange contracts		1,091,053
Swaps, at value		16,672
Centrally cleared swaps, at value		347,633
Receivables and other assets:
Interest and dividends		278,183
Investments sold		189,360
Variation margin receivable		39,007
Shares of beneficial interest sold		30,854
Other		37,584
Total assets		75,306,729
Liabilities
Unrealized depreciation on forward currency exchange contracts		1,326,433
Options written, at value (premiums received $2,537)		2,417
Swaps, at value		12,268
Centrally cleared swaps, at value		391,450
Swaptions written, at value (premiums received $671)		25
Payables and other liabilities:
Investments purchased		501,506
Variation margin payable		108,837
Distribution and service plan fees		14,964
Foreign capital gains tax		11,384
Trustees’ compensation		615
Shareholder communications		420
Other		53,004
Total liabilities		2,423,323
Net Assets	$	72,883,406
Composition of Net Assets
Par value of shares of beneficial interest	$	6,438
Additional paid-in capital		65,929,884
Accumulated net investment income		632,186
Accumulated net realized gain on investments and foreign currency transactions		565,939
Net unrealized appreciation on investments and translation of assets and liabilities denominated in foreign currencies		5,748,959
Net Assets	$	72,883,406

37        OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

CONSOLIDATED STATEMENT OF

ASSETS AND LIABILITIES Unaudited / Continued

Net Asset Value Per Share
Class A Shares:
Net asset value and redemption price per share (based on net assets of $65,516,659 and 5,783,383 shares of beneficial interest outstanding)	$	11.33
Maximum offering price per share (net asset value plus sales charge of 5.75% of offering price)	$	12.02
Class C Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $3,967,451 and 353,632 shares of beneficial interest outstanding)	$	11.22
Class I Shares:
Net asset value, redemption price and offering price per share (based on net assets of $11,342 and 1,000 shares of beneficial interest outstanding)	$	11.34
Class R Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $2,961,857 and 262,161 shares of beneficial interest outstanding)	$	11.30
Class Y Shares:
Net asset value, redemption price and offering price per share (based on net assets of $426,097 and 37,529 shares of beneficial interest outstanding)	$	11.35

See accompanying Notes to Consolidated Financial Statements.

38        OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

CONSOLIDATED STATEMENT OF

OPERATIONS For the Six Months Ended April 30, 2018 Unaudited

Allocation of Income and Expenses from Master Fund1
Net investment income allocated from Oppenheimer Master Loan Fund, LLC:
Interest	$	5,634
Dividends		76
Net expenses		(246	)
Net investment income allocated from Oppenheimer Master Loan Fund, LLC		5,464
Investment Income
Dividends:
Unaffiliated companies (net of foreign withholding taxes of $25,618)		389,069
Affiliated companies		473,501
Interest (net of foreign withholding taxes of $3,369)		212,214
Total investment income		1,074,784
Expenses
Management fees		268,288
Distribution and service plan fees:
Class A		8,882
Class C		13,410
Class R		6,854
Transfer and shareholder servicing agent fees:
Class A		66,793
Class C		2,709
Class I		2
Class R		2,800
Class Y		334
Shareholder communications:
Class A		5,277
Class C		1,251
Class R		2,251
Class Y		333
Legal, auditing and other professional fees		55,030
Registration fees		42,115
Custodian fees and expenses		25,679
Trustees’ compensation		493
Other		9,228
Total expenses		511,729
Less waivers and reimbursements of expenses		(104,459	)
Net expenses		407,270
Net Investment Income		672,978

39        OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

CONSOLIDATED STATEMENT OF

OPERATIONS Unaudited / Continued

Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions in:
Unaffiliated companies	$	1,031,013
Affiliated companies		(80,942	)
Option contracts written		7,958
Futures contracts		978,152
Foreign currency transactions		173
Forward currency exchange contracts		(470,086	)
Swap contracts		(178,169	)
Affiliated swap contracts		(137,254	)
Swaption contracts written		1,238
Net realized gain allocated from Oppenheimer Master Loan Fund, LLC		15,976
Net realized gain		1,168,059
Net change in unrealized appreciation/depreciation on:
Investment transactions in:
Unaffiliated companies (net of foreign capital gains tax of $1,492)		(774,022	)
Affiliated companies		(463,394	)
Translation of assets and liabilities denominated in foreign currencies		(9,420	)
Forward currency exchange contracts		225,827
Futures contracts		(1,122,794	)
Option contracts written		(105	)
Swap contracts		(66,728	)
Affiliated swap contracts		7,834
Swaption contracts written		646
Net change in unrealized appreciation/depreciation allocated from Oppenheimer Master Loan Fund, LLC		(26,069	)
Net change in unrealized appreciation/depreciation		(2,228,225	)
Net Decrease in Net Assets Resulting from Operations	$	(387,188	)

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 Consolidated Notes.

See accompanying Notes to Consolidated Financial Statements.

40        OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended April 30, 2018 (Unaudited)	Year Ended October 31, 2017
Operations
Net investment income	$                672,978	$                846,399
Net realized gain	1,168,059	2,662,511
Net change in unrealized appreciation/depreciation	(2,228,225)	5,583,161
Net increase (decrease) in net assets resulting from operations	(387,188)	9,092,071
Dividends and/or Distributions to Shareholders
Dividends from net investment income:
Class A	(275,168)	(2,538,513)
Class C	—	(24,896)
Class I	(76)	(518)
Class R	(5,819)	(75,468)
Class Y	(1,379)	(5,577)
	(282,442)	(2,644,972)
Distributions from net realized gain:
Class A	(1,174,838)	—
Class C	(34,914)	—
Class I	(211)	—
Class R	(47,590)	—
Class Y	(4,623)	—
	(1,262,176)	—
Beneficial Interest Transactions
Net increase in net assets resulting from beneficial interest transactions:
Class A	2,926,027	4,671,912
Class C	2,375,600	1,060,445
Class I	—	—
Class R	503,809	1,092,156
Class Y	169,307	163,830
	5,974,743	6,988,343
Net Assets
Total increase	4,042,937	13,435,442
Beginning of period	68,840,469	55,405,027
End of period (including accumulated net investment income of $632,186 and $241,650, respectively)	$72,883,406	$68,840,469

See accompanying Notes to Consolidated Financial Statements.

41        OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

CONSOLIDATED FINANCIAL HIGHLIGHTS

Class A	Six Months Ended April 30, 2018 (Unaudited)		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		$11.62		$10.49		$10.30		$10.00
Income (loss) from investment operations:
Net investment income3		0.11		0.15		0.14		0.02
Net realized and unrealized gain (loss)		(0.14)		1.48		0.14		0.28
Total from investment operations		(0.03)		1.63		0.28		0.30
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.05)		(0.50)		(0.09)		0.00
Distributions from net realized gain		(0.21)		0.00		(0.00)4		0.00
Total dividends and/or distributions to shareholders		(0.26)		(0.50)		(0.09)		0.00
Net asset value, end of period		$11.33		$11.62		$10.49		$10.30
Total Return, at Net Asset Value5		(0.30)%		16.26%		2.73%		3.00%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$65,517		$64,323		$53,579		$51,525
Average net assets (in thousands)		$66,301		$57,577		$50,502		$49,048
Ratios to average net assets:6
Net investment income		1.93%7		1.41%7		1.38%7		1.07%
Total expenses8		1.37%7		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		1.10%7		1.05%
Portfolio turnover rate		37%		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 fund.

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

Six Months Ended April 30, 2018	1.56	%
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 Consolidated Financial Statements.

42        OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

Class C	Six Months Ended April 30, 2018 (Unaudited)		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		$11.50		$10.41		$10.29		$10.00
Income (loss) from investment operations:
Net investment income3		0.05		0.07		0.04		0.01
Net realized and unrealized gain (loss)		(0.12)		1.47		0.15		0.28
Total from investment operations		(0.07)		1.54		0.19		0.29
Dividends and/or distributions to shareholders:
Dividends from net investment income		0.00		(0.45)		(0.07)		0.00
Distributions from net realized gain		(0.21)		0.00		(0.00)4		0.00
Total dividends and/or distributions to shareholders		(0.21)		(0.45)		(0.07)		0.00
Net asset value, end of period		$11.22		$11.50		$10.41		$10.29
Total Return, at Net Asset Value5		(0.64)%		15.42%		1.88%		2.90%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$3,967		$1,701		$522		$45
Average net assets (in thousands)		$2,741		$997		$308		$28
Ratios to average net assets:6
Net investment income		0.87%7		0.67%7		0.36%7		0.42%
Total expenses8		2.41%7		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		1.85%7		1.81%
Portfolio turnover rate		37%		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 fund.

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

Six Months Ended April 30, 2018	2.60%
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 Consolidated Financial Statements.

43        OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

CONSOLIDATED FINANCIAL HIGHLIGHTS Continued

Class I	Six Months Ended April 30, 2018 (Unaudited)		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		$11.65		$10.51		$10.31		$10.00
Income (loss) from investment operations:
Net investment income3		0.13		0.18		0.16		0.02
Net realized and unrealized gain (loss)		(0.15)		1.48		0.13		0.29
Total from investment operations		(0.02)		1.66		0.29		0.31
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.08)		(0.52)		(0.09)		0.00
Distributions from net realized gain		(0.21)		0.00		(0.00)4		0.00
Total dividends and/or distributions to shareholders		(0.29)		(0.52)		(0.09)		0.00
Net asset value, end of period		$11.34		$11.65		$10.51		$10.31
Total Return, at Net Asset Value5		(0.24)%		16.60%		2.91%		3.10%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$11		$12		$11		$10
Average net assets (in thousands)		$12		$11		$10		$10
Ratios to average net assets:6
Net investment income		2.23%7		1.66%7		1.61%7		1.27%
Total expenses8		1.14%7		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		0.85%7		0.84%
Portfolio turnover rate		37%		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 fund.

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

Six Months Ended April 30, 2018	1.33%
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 Consolidated Financial Statements.

44        OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

Class R	Six Months Ended April 30, 2018 (Unaudited)		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		$11.58		$10.47		$10.30		$10.00
Income (loss) from investment operations:
Net investment income3		0.09		0.13		0.04		0.01
Net realized and unrealized gain (loss)		(0.13)		1.47		0.21		0.29
Total from investment operations		(0.04)		1.60		0.25		0.30
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.03)		(0.49)		(0.08)		0.00
Distributions from net realized gain		(0.21)		0.00		(0.00)4		0.00
Total dividends and/or distributions to shareholders		(0.24)		(0.49)		(0.08)		0.00
Net asset value, end of period		$11.30		$11.58		$10.47		$10.30
Total Return, at Net Asset Value5		(0.41)%		16.03%		2.43%		3.00%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$2,962		$2,533		$1,204		$10
Average net assets (in thousands)		$2,787		$1,995		$226		$10
Ratios to average net assets:6
Net investment income		1.63%7		1.17%7		0.43%7		0.77%
Total expenses8		1.98%7		2.57%7		2.07%7		1.48%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.35%7		1.35%7		1.33%7		1.33%
Portfolio turnover rate		37%		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 fund.

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

Six Months Ended April 30, 2018	2.17%
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 Consolidated Financial Statements.

45        OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

CONSOLIDATED FINANCIAL HIGHLIGHTS Continued

Class Y	Six Months Ended April 30, 2018 (Unaudited)		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		$11.65		$10.51		$10.31		$10.00
Income (loss) from investment operations:
Net investment income3		0.11		0.17		0.12		0.02
Net realized and unrealized gain (loss)		(0.14)		1.47		0.17		0.29
Total from investment operations		(0.03)		1.64		0.29		0.31
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.06)		(0.50)		(0.09)		0.00
Distributions from net realized gain		(0.21)		0.00		(0.00)4		0.00
Total dividends and/or distributions to shareholders		(0.27)		(0.50)		(0.09)		0.00
Net asset value, end of period		$11.35		$11.65		$10.51		$10.31
Total Return, at Net Asset Value5		(0.27)%		16.41%		2.86%		3.10%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$426		$271		$89		$10
Average net assets (in thousands)		$335		$165		$23		$10
Ratios to average net assets:6
Net investment income		1.89%7		1.57%7		1.13%7		1.17%
Total expenses8		1.53%7		2.65%7		1.52%7		1.48%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.95%7		0.95%7		0.94%7		0.94%
Portfolio turnover rate		37%		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 fund.

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

Six Months Ended April 30, 2018	1.72%
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 Consolidated Financial Statements.

46        OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS April 30, 2018 Unaudited

1. Organization

Oppenheimer Global Multi-Asset Growth Fund (the “Fund”) is a diversified open-end management investment company registered under the Investment Company Act of 1940 (“1940 Act”), as amended. The Fund’s investment objective is to seek capital appreciation. The Fund’s investment adviser is OFI Global Asset Management, Inc. (“OFI Global” or the “Manager”), a wholly-owned subsidiary of OppenheimerFunds, Inc. (“OFI” or the “Sub-Adviser”). The Manager has entered into a sub-advisory agreement with OFI. The Sub-Adviser has entered into a sub-sub-advisory agreement with Barings LLC, formerly known as Barings Rea I Estate Advisers LLC, and OFI SteeIPath, Inc. (collectively, the “Sub-Sub-Advisers”).

The Fund offers Class A, Class C, Class I, Class R and Class Y shares. Class A shares are sold at their offering price, which is normally net asset value plus a front-end sales charge. Class C and Class R shares are sold without a front-end sales charge but may be subject to a contingent deferred sales charge (“ CDSC”). Class R shares are sold only through retirement plans. Retirement plans that offer Class R shares may impose charges on those accounts. Class I and Class Y shares are sold to certain institutional investors or intermediaries without either a front-end sales charge or a CDSC, however, the intermediaries may impose charges on their accountholders who beneficially own Class I and Class Y shares. All classes of shares have identical rights and voting privileges with respect to the Fund in general and exclusive voting rights on matters that affect that class alone. Earnings, net assets and net asset value per share may differ due to each class having its own expenses, such as transfer and shareholder servicing agent fees and shareholder communications, directly attributable to that class. Class A, C and R shares have separate distribution and/or service plans under which they pay fees. Class I and Class Y shares do not pay such fees.

The following is a summary of significant accounting policies followed in the Fund’s preparation of financial statements in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”).

2. Significant Accounting Policies

Security Valuation. All investments in securities are recorded at their estimated fair value, as described in Note 3.

Basis for Consolidation. The Fund has established a Cayman Islands exempted company, Oppenheimer Global Multi-Asset Growth Fund (Cayman) Ltd., which is wholly-owned and controlled by the Fund (the “Subsidiary”). The Fund and Subsidiary are both managed by the Manager. The Fund may invest up to 25% of its total assets in the Subsidiary. The Subsidiary invests primarily in commodity-linked derivatives (including commodity futures, financial futures, options and swap contracts) and exchange traded funds related to gold or other special minerals (“Gold ETFs”). The Subsidiary may also invest in certain fixed-income securities and other investments that may serve as margin or collateral for its derivatives positions. The Fund applies its investment restrictions and compliance policies and procedures, on a look-through basis, to the Subsidiary.

The financial statements have been consolidated and include accounts of the Fund and the Subsidiary. Accordingly, all inter-company transactions and balances have been eliminated. At period end, the Fund owned 2,743 shares with net assets of $291,048 in the Subsidiary.

47        OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS Unaudited / Continued

2. Significant Accounting Policies (Continued)

Other financial information at period end:

Total market value of investments	$	222,928
Net assets	$	291,048
Net income (loss)	$	(176)
Net realized gain (loss)	$	—
Net change in unrealized appreciation/depreciation	$	16,224

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

For securities, which are subject to foreign withholding tax upon disposition, realized and unrealized 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 determined necessary by the Manager.

48        OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

2. Significant Accounting Policies (Continued)

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

Investment Income. Dividend income is recorded on the ex-dividend date or upon ex-dividend notification in the case of certain foreign dividends where the ex-dividend date may have passed. Non-cash dividends included in dividend income, if any, are recorded at the fair value of the securities received. Withholding taxes on foreign dividends, if any, and capital gains taxes on foreign investments, if any, have been provided for in accordance with the Fund’s understanding of the applicable tax rules and regulations. Interest income, if any, is recognized on an accrual basis. Discount and premium, which are included in interest income on the Consolidated 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 Consolidated Statement of Operations may include interest expense incurred by the Fund on any cash overdrafts of its custodian account during the period. Such cash overdrafts may result from the effects of failed trades in portfolio securities and from cash outflows resulting from unanticipated shareholder redemption activity. The Fund pays interest to its custodian on such cash overdrafts, to the extent they are not offset by positive cash balances maintained by the Fund, at a rate equal to the Federal Funds Rate plus 2.00%. 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

49        OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS Unaudited / Continued

2. Significant Accounting Policies (Continued)

applicable to regulated investment companies and to distribute substantially all of its investment company taxable income to shareholders. Therefore, no federal income or excise tax provision is required. The Fund files income tax returns in U.S. federal and applicable state jurisdictions. The statute of limitations on the Fund’s tax return filings generally remains open for the three preceding fiscal reporting period ends. The Fund has analyzed its tax positions for the fiscal year ended October 31, 20 17, including open tax years, and does not believe there are any uncertain tax positions requiring recognition in the Fund’s financial statements.

Subchapter M requires, among other things, that at least 90% of the Fund’s gross income be derived from securities or derived with respect to its business of investing in securities (typically referred to as “qualifying income”). Income from commodity-linked derivatives may not be treated as “qualifying income” for purposes of the 90% gross income requirement. The Internal Revenue Service (IRS) has previously issued a number of private letter rulings which conclude that income derived from commodity index-linked notes and investments in a wholly-owned subsidiary will be “qualifying income.” As a result, the Fund will gain exposure to commodities through commodity-linked notes and its wholly-owned subsidiary.

The IRS has suspended the granting of private letter rulings pending further review. As a result, there can be no assurance that the IRS will not change its position with respect to commodity-linked notes and wholly-owned subsidiaries. In addition, future legislation and guidance from the Treasury and the IRS may adversely affect the Fund’s ability to gain exposure to commodities through commodity-linked notes and its wholly-owned subsidiary.

The Fund is required to include in income for federal income tax purposes all of the subsidiary’s net income and gains whether or not such income is distributed by the subsidiary. Net income and gains from the subsidiary are generally treated as ordinary income by the Fund, regardless of the character of the subsidiary’s underlying income. Net losses from the subsidiary do not pass through to the Fund for federal income tax purposes.

During the fiscal year ended October 31, 2017, the Fund utilized $1,282,776 of capital loss carryforwards to offset capital gains realized in that fiscal year. At period end, the Fund elected to defer $145,533 of late year ordinary losses. Capital loss carryforwards with no expiration, if any, must be utilized prior to those with expiration dates. Capital losses with no expiration will be carried forward to future years if not offset by gains.

At period end, it is estimated that the capital loss carryforwards would be or zero. The estimated capital loss carryforward represents the carryforward as of the end of the last fiscal year, increased or decreased by capital losses or gains realized in the first six months of the current fiscal year. During the reporting period, it is estimated that the Fund will utilize $145,533 of capital loss carryforward to offset realized capital gains.

Net investment income (loss) and net realized gain (loss) may differ for financial statement and tax purposes. The character of dividends and distributions made during the fiscal year from net investment income or net realized gains are determined in accordance with federal income tax requirements, which may differ from the character of net investment income or net realized gains presented in those financial statements in accordance with U.S. GAAP. Also, due to timing of dividends and distributions, the fiscal year in which amounts are distributed may differ from the fiscal year in which the income or net realized gain was recorded by the Fund.

50        OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

2. Significant Accounting Policies (Continued)

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	$	65,807,333
Federal tax cost of other Investments		31,646,461
Total federal tax cost	$	97,453,794
Gross unrealized appreciation	$	10,210,806
Gross unrealized depreciation		(4,624,564	)
Net unrealized appreciation	$	5,586,242

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

Use of Estimates. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

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

51        OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS Unaudited / Continued

3. Securities Valuation (Continued)

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 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 when a significant event has occurred that would materially affect the value of the security, are 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

52        OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

3. Securities Valuation (Continued)

considers all relevant facts that are reasonably available, through either public information or information available to the Manager, when determining the fair value of a security. Those standardized fair valuation methodologies include, but are not limited to, valuing securities at the last sale price or initially at cost and subsequently adjusting the value based on: changes in company specific fundamentals, changes in an appropriate securities index, or changes in the value of similar securities which may be further adjusted for any discounts related to security-specific resale restrictions. When possible, such methodologies use observable market inputs such as unadjusted quoted prices of similar securities, observable interest rates, currency rates and yield curves. The methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities nor can it be assured that the Fund can obtain the fair value assigned to a security if it were to sell the security.

Classifications

Each investment asset or liability of the Fund is assigned a level at measurement date based on the significance and source of the inputs to its valuation. Various data inputs may be used in determining the value of each of the Fund’s investments as of the reporting period end. These data inputs are categorized in the following hierarchy under applicable financial accounting standards:

1) Level 1-unadjusted quoted prices in active markets for identical assets or liabilities (including securities actively traded on a securities exchange)

2) Level 2-inputs other than unadjusted quoted prices that are observable for the asset or liability (such as unadjusted quoted prices for similar assets and market corroborated inputs such as interest rates, prepayment speeds, credit risks, etc.)

3) Level 3-significant unobservable inputs (including the Manager’s own judgments about assumptions that market participants would use in pricing the asset or liability).

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:

53        OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS Unaudited / Continued

3. Securities Valuation (Continued)

	Level 1— Unadjusted Quoted Prices			Level 2— Other Significant Observable lnputs			Level 3— Significant Unobservable lnputs		Value
Assets Table
Investments, at Value:
Common Stocks
Consumer Discretionary	$	3,733,886		$	4,800,673		$	—	$	8,534,559
Consumer Staples		1,682,405			2,230,809			—		3,913,214
Energy		1,226,403			919,783			—		2,146,186
Financials		4,222,011			3,281,665			—		7,503,676
Health Care		3,239,310			1,443,261			—		4,682,571
Industrials		1,867,711			3,213,654			—		5,081,365
Information Technology		5,635,571			4,607,107			—		10,242,678
Materials		807,698			1,128,000			—		1,935,698
Telecommunication Services		330,835			496,601			—		827,436
Utilities		567,081			181,655			—		748,736
Preferred Stocks		73,540			—			—		73,540
U.S. Government Obligation		—			1,204,115			—		1,204,115
Foreign Government Obligations		—			5,050,784			—		5,050,784
Over-the-Counter Option Purchased		—			1,185			—		1,185
Over-the-Counter Interest Rate
Swaption Purchased		—			350			—		350
Short-Term Notes		—			420,013			—		420,013
Investment Companies		19,875,926			—			—		19,875,926
Total Investments, at Value		43,262,377			28,979,655			—		72,242,032
Other Financial Instruments:
Swaps, at value		—			16,672			—		16,672
Centrally cleared swaps, at value		—			347,633			—		347,633
Futures contracts		176,772			—			—		176,772
Forward currency exchange contracts		—			1,091,053			—		1,091,053
Total Assets	$	43,439,149		$	30,435,013		$	—	$	73,874,162
Liabilities Table
Other Financial Instruments:
Swaps, at value	$	—		$	(12,268	)	$	—	$	(12,268	)
Centrally cleared swaps, at value		—			(391,450	)		—		(391,450	)
Options written, at value		—			(2,417	)		—		(2,417	)
Futures contracts		(749,077	)		—			—		(749,077	)
Forward currency exchange contracts		—			(1,326,433	)		—		(1,326,433	)
Swaptions written, at value		—			(25	)		—		(25	)
Total Liabilities	$	(749,077	)	$	(1,732,593	)	$	—	$	(2,481,670	)

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.

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3. Securities Valuation (Continued)

	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		$                    —		$                (139,918)		$                139,918	$                     —
Consumer Staples		88,071		—		—	(88,071)
Financials		—		(54,868)		54,868	—
Health Care		—		(27,242)		27,242	—
Materials		—		(37,235)		37,235	—
Total Assets		$                88,071		$                (259,263)		$                259,263	$            (88,071)

* Transfers from Level 2 to Level 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 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

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NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS Unaudited / Continued

4. Investments and Risks (Continued)

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 Consolidated Statement of Investments. Shares of Affiliated Funds are valued at their net asset value per share. As a shareholder, the Fund is subject to its proportional share of the Affiliated Funds’ expenses, including their management fee. The Manager will waive fees and/or reimburse Fund expenses in an amount equal to the indirect management fees incurred through the Fund’s investment in the Affiliated Funds.

Each of the Affiliated Funds in which the Fund invests has its own investment risks, and those risks can affect the value of the Fund’s investments and therefore the value of the Fund’s shares. To the extent that the Fund invests more of its assets in one Affiliated Fund than in another, the Fund will have greater exposure to the risks of that Affiliated Fund.

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

Investment in Oppenheimer Master Fund. The Fund is permitted to invest in entities sponsored and/or advised by the Manager or an affiliate. Certain of these entities in which the Fund invests are mutual funds registered under the 1940 Act, as amended, that expect to be treated as partnerships for tax purposes, specifically Oppenheimer Master Loan Fund, LLC (the “Master Fund”). The Master Fund has its own investment risks, and those risks can affect the value of the Fund’s investments and therefore the value of the Fund’s shares. To the extent that the Fund invests more of its assets in the Master Fund, the Fund will have greater exposure to the risks of the Master Fund.

The investment objective of the Master Fund is to seek income. The Fund’s investment in the Master Fund is included in the Consolidated 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. At period end, the Fund no long held Master Loan.

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

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4. Investments and Risks (Continued)

(“NASDAQ”), or in the over-the-counter (“OTC”) market. An MLP consists of one or more general partners, who conduct the business, and one or more limited partners, who contribute capital. MLP common unit holders have a limited role in the partnership’s operations and management. The Fund, as a limited partner, normally would not be liable for the debts of the MLP beyond the amounts the Fund has contributed, but would not be shielded to the same extent that a shareholder of a corporation would be. In certain circumstances creditors of an MLP would have the right to seek return of capital distributed to a limited partner. This right of an MLP’s creditors would continue after the Fund sold its investment in the MLP.

Equity Security Risk. Stocks and other equity securities fluctuate in price. The value of the Fund’s portfolio may be affected by changes in the equity markets generally. Equity markets may experience significant short-term volatility and may fall sharply at times. Different markets may behave differently from each other and U.S. equity markets may move in the opposite direction from one or more foreign stock markets. Adverse events in any part of the equity or fixed-income markets may have unexpected negative effects on other market segments.

The prices of individual equity securities generally do not all move in the same direction at the same time and a variety of factors can affect the price of a particular company’s securities. These factors may include, but are not limited to, poor earnings reports, a loss of customers, litigation against the company, general unfavorable performance of the company’s sector or industry, or changes in government regulations affecting the company or its industry.

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

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

The shareholder is a related party of the Fund. Related parties may include, but are not limited to, the investment manager and its affiliates, affiliated broker dealers, fund of funds, and directors or employees. The related party owned 78% 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.

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FINANCIAL STATEMENTS Unaudited / Continued

5. Market Risk Factors (Continued)

Commodities are physical assets that have tangible properties. Examples of these types of assets are crude oil, heating oil, metals, livestock, and agricultural products.

Credit Risk. Credit risk relates to the ability of the issuer of debt to meet interest and principal payments, or both, as they come due. In general, lower-grade, higher-yield debt securities are subject to credit risk to a greater extent than lower-yield, higher-quality securities.

Equity Risk. Equity risk relates to the change in value of equity securities as they relate to increases or decreases in the general market.

Foreign Exchange Rate Risk. Foreign exchange rate risk relates to the change in the U.S. dollar value of a security held that is denominated in a foreign currency. The U.S. dollar value of a foreign currency denominated security will decrease as the dollar appreciates against the currency, while the U.S. dollar value will increase as the dollar depreciates against the currency.

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

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

6. Use of Derivatives

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

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

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6. Use of Derivatives (Continued)

allows the Fund to increase its market value exposure relative to its net assets and can substantially increase the volatility of the Fund’s performance. In instances where the Fund is using derivatives to decrease, or hedge, exposures to market risk factors for securities held by the Fund, there are also risks that those derivatives may not perform as expected resulting in losses for the combined or hedged positions. Some derivatives have the potential for unlimited loss, regardless of the size of the Fund’s initial investment.

Additional associated risks from investing in derivatives also exist and potentially could have significant effects on the valuation of the derivative and the Fund. Typically, the associated risks are not the risks that the Fund is attempting to increase or decrease exposure to, per its investment objectives, but are the additional risks from investing in derivatives. Examples of these associated risks are liquidity risk, which is the risk that the Fund will not be able to sell the derivative in the open market in a timely manner, and counterparty credit risk, which is the risk that the counterparty will not fulfill its obligation to the Fund.

The Fund’s actual exposures to these market risk factors and associated risks during the period are discussed in further detail, by derivative type, below.

Forward Currency Exchange Contracts

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

Forward contracts are reported on a schedule following the Consolidated Statement of Investments. The unrealized appreciation (depreciation) is reported in the Consolidated Statement of Assets and Liabilities as a receivable (or payable) and in the Consolidated 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 Consolidated 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 $47,311,393 and $42,980,841, 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

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NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS Unaudited / Continued

6. Use of Derivatives (Continued)

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

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

During the reporting period, the Fund had an ending monthly average market value of $38,719,609 and $199,500 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 Consolidated 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 Consolidated 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

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6. Use of Derivatives (Continued)

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 $7,549 and $1,480 on purchased call options and purchased put options, respectively.

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

The risk in writing a call option is the market price of the underlying security increasing 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 contract. 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 $1,552 and $2,345 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.

61        OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS Unaudited / Continued

6. Use of Derivatives (Continued)

Swap contracts are reported on a schedule following the Consolidated 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 Consolidated 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 Consolidated 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 Consolidated Statement of Operations.

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

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

The Fund 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 $11,377,3 27 and $12,095,814 on interest rate swaps which pay a fixed rate and interest rate swaps which receive a fixed rate, respectively.

Additional associated risks to the Fund include counterparty credit risk and liquidity risk. Total Return Swap Contracts. A total return swap is an agreement between counterparties to exchange periodic payments based on the value of asset or non-asset references. One cash flow is typically based on a non-asset reference (such as an interest rate) and the other on the total return of a reference asset (such as a security or a basket of securities or securities index). The total return of the reference asset typically includes appreciation or depreciation on the reference asset, plus any interest or dividend payments.

Total return swap contracts are exposed to the market risk factor of the specific underlying financial instrument or index. Total return swaps are less standard in structure than other types of swaps and can isolate and/or include multiple types of market risk factors including equity risk, credit risk, and interest rate risk.

The Fund may enter into total return swaps 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.

62        OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

6. Use of Derivatives (Continued)

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 $4,608,077 on total return swaps which are long the reference asset.

Additional associated risks to the Fund include counterparty credit risk and liquidity risk. At period end, the Fund had no total return swap agreements outstanding.

Swaption Transactions

The Fund may enter into a swaption contract which grants the purchaser the right, but not 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 Consolidated Statement of Investments and the Consolidated Statement of Assets and Liabilities. Written swaptions are reported on a schedule following the Consolidated Statement of Investments and their value is reported as a separate asset or liability line item in the Consolidated Statement of Assets and Liabilities. The net change in unrealized appreciation or depreciation on written swaptions is separately reported in the Consolidated 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 Consolidated 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.

The Fund may purchase swaptions which give it the option to enter into an interest rate

63        OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS Unaudited / Continued

6. Use of Derivatives (Continued)

swap in which it pays a floating or fixed interest rate and receives a fixed or floating interest rate in order to increase or decrease exposure to interest rate risk. Purchasing the fixed portion of this swaption becomes more valuable as the reference interest rate decreases relative to the preset interest rate. Purchasing the floating portion of this swaption becomes more valuable as the reference interest rate increases relative to the preset interest rate.

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.

During the reporting period, the Fund had an ending monthly average market value of $436 and $767 on purchased and written swaptions, respectively.

Counterparty Credit Risk. Derivative positions are subject to the risk that the counterparty will not fulfill its obligation to the Fund. The Fund intends to enter into derivative transactions with counterparties that the Manager believes to be creditworthy at the time of the transaction.

The Fund’s risk of loss from counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund. For OTC options purchased, the Fund bears the risk of loss of the amount of the premiums paid plus the positive change in market values net of any collateral held by the Fund should the counterparty fail to perform under the contracts. Options written by the Fund do not typically give rise to counterparty credit risk, as options written generally obligate the Fund and not the counterparty to perform.

To reduce counterparty risk with respect to OTC transactions, the Fund has entered into master netting arrangements, established within the Fund’s International Swap and Derivatives Association, Inc. (“ISDA”) master agreements, which allow the Fund to make (or to have an entitlement to receive) a single net payment in the event of default (close-out netting) for outstanding payables and receivables with respect to certain OTC positions in swaps, options, swaptions, and forward currency exchange contracts for each individual counterparty. In addition, the Fund may require that certain counterparties post cash and/or securities in collateral accounts to cover their net payment obligations for those derivative contracts subject to lSDA 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 lSDA 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

64        OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

6. Use of Derivatives (Continued)

liabilities that are subject to netting arrangements in the Consolidated Statement of Assets and Liabilities. Bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.

The Fund’s risk of loss from counterparty credit risk on exchange-traded derivatives cleared through a clearinghouse and for centrally cleared swaps is generally considered lower than as compared to OTC derivatives. However, counterparty credit risk exists with respect to initial and variation margin deposited/paid by the Fund that is held in futures commission merchant, broker and/or clearinghouse accounts for such exchange-traded derivatives and for centrally cleared swaps.

With respect to centrally cleared swaps, such transactions will be submitted for clearing, and if cleared, will be held in accounts at futures commission merchants or brokers that are members of clearinghouses. While brokers, futures commission merchants and clearinghouses are required to segregate customer margin from their own assets, in the event that a broker, futures commission merchant or clearinghouse becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the broker, futures commission merchant or clearinghouse for all its customers, U.S. bankruptcy laws will typically allocate that shortfall on a pro-rata basis across all the broker’s, futures commission merchant’s or clearinghouse’s customers, potentially resulting in losses to the Fund.

There is the risk that a broker, futures commission merchant or clearinghouse will decline to clear a transaction on the Fund’s behalf, and the Fund may be required to pay a termination fee to the executing broker with whom the Fund initially enters into the transaction.

Clearinghouses may also be permitted to terminate centrally cleared swaps at any time. The Fund is also subject to the risk that the broker or futures commission merchant will improperly use the Fund’s assets deposited/paid as initial or variation margin to satisfy payment obligations of another customer. In the event of a default by another customer of the broker or futures commission merchant, the Fund might not receive its variation margin payments from the clearinghouse, due to the manner in which variation margin payments are aggregated for all customers of the broker/futures commission merchant.

Collateral and margin requirements differ by type of derivative. Margin requirements are established by the broker, futures commission merchant or clearinghouse for exchange-traded and cleared derivatives, including centrally cleared swaps. Brokers, futures commission merchants and clearinghouses can ask for margin in excess of the regulatory minimum, or increase the margin amount, in certain circumstances.

Collateral terms are contract specific for OTC derivatives. For derivatives traded under an ISDA master agreement, the collateral requirements are typically calculated by netting the mark to market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Fund or the counterparty.

For financial reporting purposes, cash collateral that has been pledged to cover obligations of the Fund, if any, is reported separately on the Consolidated Statement of Assets and Liabilities as cash pledged as collateral. Non-cash collateral pledged by the Fund, if any, is noted in the Consolidated Statement of Investments. Generally, the amount of collateral due

65        OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS Unaudited / Continued

6. Use of Derivatives (Continued)

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 Consolidated Statement of Assets & Liabilities
Counterparty	Gross Amounts Not Offset in the Consolidated Statement of Assets & Liabilities*		Financial Instruments Available for Offset			Financial Instruments Collateral Received**		Cash Collateral Received**		Net Amount
Bank of America NA	$	77,065	$	(77,065	)	$	–	$	–	$	–
Barclays Bank plc		232,439		(150,484	)		–		–		81,955
Citibank NA		161,523		(161,523	)		–		–		–
Deutsche Bank AG		11,365		(11,365	)		–		–		–
Goldman Sachs Bank USA		2,301		(2,301	)		–		–		–
Goldman Sachs International		3,046		–			–		–		3,046
HSBC Bank USA NA		403,350		(160,859	)		–		–		242,491
JPMorgan Chase Bank NA		107,224		(107,224	)		–		–		–
Toronto Dominion Bank		110,947		(110,947	)		–		–		–
	$	1,109,260	$	(781,768	)	$	–	$	–	$	327,492

* OTC derivatives are reported gross on the Consolidated 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 collateraI 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 Consolidated Statement of Assets & Liabilities
Counterparty	Gross Amounts Not Offset in the Consolidated Statement of Assets & Liabilities*			Financial Instruments Available for Offset		Financial Instruments Collateral Pledged**		Cash Collateral Pledged**		Net Amount
Bank of America NA	$	(243,022	)	$	77,065	$	–	$	–	$	(165,957)
Barclays Bank plc		(150,484	)		150,484		–		–		–
Citibank NA		(181,701	)		161,523		–		–		(20,178)
Deutsche Bank AG		(55,775	)		11,365		–		–		(44,410)

66        OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

6. Use of Derivatives (Continued)

				Gross Amounts Not Offset in the Consolidated Statement of Assets & Liabilities
Counterparty	Gross Amounts Not Offset in the Consolidated Statement of Assets & Liabilities*			Financial Instruments Available for Offset		Financial Instruments Collateral Pledged**		Cash Collateral Pledged**		Net Amount
Goldman Sachs Bank USA	$	(8,391	)	$	2,301	$	–	$	–	$	(6,090)
HSBC Bank USA NA		(160,859	)		160,859		–		–
JPMorgan Chase Bank NA		(428,544	)		107,224		–		300,000		(21,320)
Toronto Dominion Bank		(112,367	)		110,947		–		–		(1,420)
	$	(1,341,143	)	$	781,768	$	–	$	300,000	$	(259,375)

* OTC derivatives are reported gross on the Consolidated 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 Consolidated Statements of Investments may exceed these amounts.

The following table presents the valuations of derivative instruments by risk exposure as reported within the Consolidated Statement of Assets and Liabilities at period end:

	Asset Derivatives				Liability Derivatives
Derivatives Not Accounted for as Hedging Instruments	Consolidated Statement of Assets and Liabilities Location	Value			Consolidated Statement of Assets and Liabilities Location	Value
Interest rate contracts	Swaps, at value	$	16,672		Swaps, at value	$	12,268
Interest rate contracts	Centrally cleared swaps, at value		347,633		Centrally cleared swaps, at value		391,450
Commodity contracts	Variation margin receivable		15,300	*
Equity contracts	Variation margin receivable		5,431	*	Variation margin payable		106,637	*
Interest rate contracts	Variation margin receivable		18,276	*
Volatility contracts					Variation margin payable		2,200	*
	Unrealized appreciation on				Unrealized depreciation on
Forward currency	forward currency exchange				forward currency exchange
exchange contracts	contracts		1,091,053		contracts		1,326,433
Forward currency exchange contracts					Options written, at value Swaptions written, at value		2,417 25
Interest rate contracts
Forward currency exchange contracts	Investments, at value		1,185	**
Interest rate contracts	Investments, at value		350	**
Total		$	1,495,900			$	1,841,430

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

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

67        OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS Unaudited / Continued

6. Use of Derivatives (Continued)

The effect of derivative instruments on the Consolidated 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		(1,450	)		—			—		1,260,798
Forward currency exchange contracts		(31,238	)		—			7,958		—
Interest rate contracts		—			1,238			—		(282 ,646)
Total	$	(32,688	)	$	1,238		$	7,958		$        978,152
Amount of Realized Gain or (Loss) Recognized on Derivatives
Derivatives Not Accounted for as Hedging Instruments	Forward currency exchange contracts			Swap contracts			Affiliated Swap Contracts			Total
Credit contracts	$	—		$	(31,960	)	$	—		$        (31,960)
Equity contracts		—			—			(137,254	)	1,122,094
Forward currency exchange contracts		(470,086	)		—			—		(493,366)
Interest rate contracts		—			(146,209	)		—		(427,617)
Total	$	(470,086	)	$	(178,169	)	$	(137,254	)	$        169,151
* 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 in unaffiliated companies*			Swaption contracts written			Option contracts written			Futures contracts
Commodity contracts	$	—		$	—		$	—		$          16,831
Credit contracts		—			—			—		—
Equity contracts		—			—			—		(1 ,229,424)
Forward currency exchange contracts		(491	)		—			(105	)	—
Interest rate contracts		(2, 151	)		646			—		90,417
Volatility contracts		—			—			—		(618)
Total	$	(2,642	)	$	646		$	(105	)	$  (1,122,794)

68        OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

6. Use of Derivatives (Continued)

Amount of Change in Unrealized Gain or (Loss) Recognized on Derivatives
Derivatives Not Accounted for as Hedging Instruments	Forward currency exchange contracts		Swap contracts			Affiliated Swap contracts		Total
Commodity contracts	$	—	$	—		$	—	$            16,831
Credit contracts		—		(31,590	)		—	(31,590)
Equity contracts		—		—			7,834	(1,221,590)
Forward currency exchange contracts		225,827		—			—	225,231
Interest rate contracts		—		(35,138	)		—	53,774
Volatility contracts		—		—			—	(618)
Total	$	225,827	$	(66,728	)	$	7,834	$        (957,962)

* 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:

	Six Months Ended April 30, 2018						Year Ended October 31, 2017
	Shares			Amount			Shares			Amount
Class A
Sold		342,658		$	4,020,570			467,114		$            5,115,465
Dividends and/or distributions reinvested		12,796			147,665			6,529		65,222
Redeemed		(107,330	)		(1,242,208	)		(46,554	)	(508,775)
Net increase		248,124		$	2,926,027			427,089		$            4,671,912
Class C
Sold		217,269		$	2,508,341			118,835		$            1,285,239
Dividends and/or distributions reinvested		3,028			34,703			2,457		24,449
Redeemed		(14,504	)		(167,444	)		(23,581	)	(249,243)
Net increase		205,793		$	2,375,600			97,711		$            1,060,445
Class I
Sold		—		$	—			—		$                          —
Dividends and/or distributions reinvested		—			—			—		—
Redeemed		—			—			—		—
Net increase		—		$	—			—		$                          —
Class R
Sold		61,982		$	719,677			150,020		$            1,587,760
Dividends and/or distributions reinvested		4,616			53,172			7,520		74,979
Redeemed		(23,207	)		(269,040	)		(53,753	)	(570,583)
Net increase		43,391		$	503,809			103,787		$            1,092,156

69        OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS Unaudited / Continued

7. Shares of Beneficial Interest (Continued)

	Six Months Ended April 30, 2018						Year Ended October 31, 2017
	Shares			Amount			Shares			Amount
Class Y
Sold		20,470		$	243,758			19,743		$            217,187
Dividends and/or distributions reinvested		433			4,999			507		5,076
Redeemed		(6,684	)		(79,450	)		(5,451	)	(58,433)
Net increase		14,219		$	169,307			14,799		$            163,830

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	$	25,523,832	$	24,894,075

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

The Manager also provides investment management related services to the Subsidiary. The Subsidiary pays the Manager a monthly management fee at an annual rate according to the above schedule. The Subsidiary also pays certain other expenses including custody and directors’ fees.

The Fund’s effective management fee for the reporting period was 0.75% of average annual net assets before any Subsidiary management fees or any applicable waivers.

Sub-Adviser Fees. The Manager has retained the Sub-Adviser to provide the day-to-day portfolio management of the Fund and the Subsidiary. 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 and the Subsidiary, 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

70        OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

9. Fees and Other Transactions with Affiliates (Continued)

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 Consolidated Statement of Operations and Consolidated 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 Consolidated Statement of Assets and Liabilities. Deferral of Trustees’ fees under the plan will not affect the net assets of the Fund and will not materially affect the Fund’s assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance with the compensation deferral plan.

Distribution and Service Plan (12b-1) Fees. Under its General Distributor’s Agreement with the Fund, OppenheimerFunds Distributor, Inc. (the “Distributor”) acts as the Fund’s principal underwriter in the continuous public offering of the Fund’s classes of shares.

Service Plan for Class A Shares. The Fund has adopted a Service Plan (the “Plan”) for Class A shares pursuant to Rule 12b-1 under the 1940 Act. Under the Plan, the Fund reimburses the Distributor for a portion of its costs incurred for services provided to accounts that hold Class A shares. Reimbursement is made periodically at an annual rate of up to 0.25% of the daily net assets of Class A shares of the Fund. The Distributor currently uses all of those fees to pay dealers, brokers, banks and other financial institutions periodically for providing personal service and maintenance of accounts of their customers that hold Class A shares. Any unreimbursed expenses the Distributor incurs with respect to Class A shares in any fiscal year cannot be recovered in subsequent periods. Fees incurred by the Fund under the Plan are detailed in the Consolidated Statement of Operations.

71        OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS Unaudited / Continued

9. Fees and Other Transactions with Affiliates (Continued)

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 Consolidated Statement of Operations.

Sales Charges. Front-end sales charges and CDSC do not represent expenses of the Fund. They are deducted from the proceeds of sales of Fund shares prior to investment or from redemption proceeds prior to remittance, as applicable. The sales charges retained by the Distributor from the sale of shares and the CDSC retained by the Distributor on the redemption of shares is shown in the following table for the period indicated.

Six Months Ended	Class A Front-End Sales Charges Retained by Distributor		Class A Contingent Deferred Sales Charges Retained by Distributor		Class C Contingent Deferred Sales Charges Retained by Distributor		Class R Contingent Deferred Sales Charges Retained by Distributor
April 30, 2018		$13,501		$—		$255		$—

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

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

Class A	$21,847
Class C	5,086
Class I	6
Class R	6,008
Class Y	645

72        OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

9. Fees and Other Transactions with Affiliates (Continued)

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.

The Manager has contractually agreed to waive the management fee it receives from the Fund in an amount equal to the management fee it receives from the Subsidiary. During the reporting period, the Manager waived $54. 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 for the period January 1, 2017 through December 31, 2017, the Transfer Agent voluntarily waived and/or reimbursed Fund expenses in an amount equal to 0.015% of average annual net assets for Classes A, B, 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	$1,627
Class C	47
Class R	65
Class Y	7

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 $69,067 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.

73        OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

PORTFOLIO PROXY VOTING POLICIES AND GUIDELINES;

UPDATES TO STATEMENT 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.

74        OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

DISTRIBUTION SOURCES Unaudited

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

For the most current information, please go to oppenheimerfunds.com. Select your Fund, and scroll down to the ‘Dividends’ table under ‘Analytics’. The Fund’s latest distribution information will be followed by the sources of any distribution, updated daily.

Fund Name	Pay Date		Net Income		Net Profit from Sale		Other Capital Sources
Oppenheimer Global Multi-Asset Growth Fund		12/19/17		18.3%		81.7%		0.0%

75        OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

Trustees and Officers	Brian F. Wruble, Chairman of the Board of Trustees and Trustee
	Beth Ann Brown, Trustee
	Edmund P. Giambastiani, Jr., Trustee
	Elizabeth Krentzman, Trustee
	Mary F. Miller, Trustee
	Joel W. Motley, Trustee
	Joanne Pace, Trustee
	Daniel Vandivort, Trustee
	Benjamin Rockmuller, Vice President
	Alessio de Longis, Vice President
	Arthur P. Steinmetz, Trustee, President and Principal Executive Officer
	Cynthia Lo Bessette, Secretary and Chief Legal Officer
	Jennifer Foxson, Vice President and Chief Business Officer
	Mary Ann Picciotto, Chief Compliance Officer and Chief Anti-Money
	Laundering Officer
	Brian S. Petersen, Treasurer and Principal Financial & Accounting Officer
Manager	OFI Global Asset Management, Inc.
Sub-Adviser	OppenheimerFunds, Inc.
Distributor	OppenheimerFunds Distributor, Inc.
Transfer and Shareholder Servicing Agent	OFI Global Asset Management, Inc.
Sub-Transfer Agent	Shareholder Services, Inc. DBA OppenheimerFunds Services
Independent Registered Public Accounting Firm	KPMG LLP
Legal Counsel	Kramer Levin Naftalis & Frankel LLP
	The financial statements included herein have been taken from the records of the Fund without examination of those records by the independent registered public accounting firm.

© 2018 OppenheimerFunds, Inc. All rights reserved.

76        OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

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.

77        OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

PRIVACY NOTICE Continued

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).

78        OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

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79        OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

	OppenheimerFunds® The Right Way to Invest Visit us at oppenheimerfunds.com for 24-hr access to account information and transactions or call us at 800.CALL OPP (800.225.5677) for 24-hr automated information and automated transactions. Representatives also available Mon-Fri 8am-8pm ET.
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	Oppenheimer funds are distributed by OppenheimerFunds Distributor, Inc. 225 Liberty Street, New York, NY 10281- 1008 © 2018 OppenheimerFunds Distributor, Inc. All rights reserved. RS2015.001.0418 June 22, 2018

Item 2. Code of Ethics.

Not applicable to semiannual reports.

Item 3. Audit Committee Financial Expert.

Not applicable to semiannual reports.

Item 4. Principal Accountant Fees and Services.

Not applicable to semiannual reports.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Schedule of Investments.

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

b) Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

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

None

Item 11. Controls and Procedures.

Based on their evaluation of the registrant’s disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c)) as of 4/30/2018, 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:	6/15/2018

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ Arthur P. Steinmetz
	Arthur P. Steinmetz
	Principal Executive Officer
Date:	6/15/2018
By:	/s/ Brian S. Petersen
	Brian S. Petersen
	Principal Financial Officer
Date:	6/15/2018