N-CSR

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number 811-23052

Oppenheimer Global Multi-Asset Growth Fund

(Exact name of registrant as specified in charter)

6803 South Tucson Way, Centennial, Colorado 80112-3924

(Address of principal executive offices) (Zip code)

Cynthia Lo Bessette

OFI Global Asset Management, Inc.

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

(Name and address of agent for service)

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

Date of fiscal year end: October 31

Date of reporting period: 10/31/2018

Item 1. Reports to Stockholders.

Annual Report	10/31/2018

An Important Update

On October 18, 2018, Massachusetts Mutual Life Insurance Company, an indirect corporate parent of OppenheimerFunds, Inc. and its subsidiaries OFI Global Asset Management, Inc., OFI SteelPath, Inc. and OFI Advisors, LLC, announced that it has entered into an agreement whereby Invesco Ltd., a global investment management company, will acquire OppenheimerFunds, Inc. As of the date of this report, the transaction is expected to close in the second quarter of 2019, pending necessary regulatory and other third-party approvals. This is subject to change.

Table of Contents

Fund Performance Discussion	4
Top Holdings and Allocations	9
Fund Expenses	12
Consolidated Statement of Investments	14
Consolidated Statement of Assets and Liabilities	34
Consolidated Statement of Operations	36
Consolidated Statements of Changes in Net Assets	38
Consolidated Financial Highlights	39
Notes to Consolidated Financial Statements	44
Report of Independent Registered Public Accounting Firm	73
Federal Income Tax Information	74
Board Approval of the Fund’s Investment Advisory, Sub-Advisory and Sub-Sub Advisory Agreements	75
Portfolio Proxy Voting Policies and Guidelines; Updates to Statement of Investments	78
Trustees and Officers	79
Privacy Notice	85

Class A Shares

AVERAGE ANNUAL TOTAL RETURNS AT 10/31/18

	Class A Shares of the Fund
	Without Sales Charge	With Sales Charge	MSCI All Country         World Index
1-Year	-6.98%	-12.33%	-0.52%
Since Inception (8/27/15)	4.33	2.41	8.54

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.

3      OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

Fund Performance Discussion

The Fund’s Class A shares (without sales charge) returned -6.98% in the one-year reporting period ended October 31, 2018. The Fund underperformed the MSCI All Country World Index (the “Index”), which returned -0.52% over the same period.

MARKET OVERVIEW

President Trump’s tax bill passed very late in December 2017, finalizing a process that had moved in fits and starts for much of the year. The final bill was mostly in line with earlier expectations, with key changes being a much lower corporate tax rate, small cuts to individual tax rates, and some changes to deductibility of mortgage payments and state taxes. These tax cuts along with high optimism of synchronized global growth helped move market sentiment up significantly to start 2018. Equity markets

were up strongly in January as earnings reports were positive and expectations for future growth continued to be priced in.

After reaching record highs, markets saw a sell-off in February as market volatility returned and sentiment for risk assets turned negative during the month. The U.S. equity market declined on concerns over stretched valuations, an increase in inflation expectations, and less accommodation from global central banks.

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

4      OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

Throughout the period, activity from central banks around the world was closely monitored as the liquidity they have been providing has been a key backstop to market sentiment over the past decade. The U.S. Federal Reserve (Fed) increasingly tapered its re-investment program for both government and mortgage-backed securities. The Fed raised rates four times during the period, bringing the total number of rate increases to eight since December 2015. Other central banks around the world also signaled a slowdown of liquidity support. While the European Central Bank (ECB) announcement in June was accepted as ‘dovish,’ it did commit to ending its purchase program by year-end.

Later in the year, the Trump administration initiated aggressive U.S. policies toward global trade relations, triggering fears of global trade wars. Particularly in focus was the application of tariffs and counter tariffs on a wide variety of goods traded between the U.S. and China. The concerns of strained trade relations caused by U.S. policy expanded to traditionally friendly trade partners: Canada, Mexico, and the European Union. While there were periods of respite from the negative sentiment of global trade wars, particularly when a reformed NAFTA agreement was signed by the three North American countries, fears of full blown global trade wars weighed on markets.

Negative volatility again entered the markets in October as investors were concerned over rising interest rates, global trade wars, and weakness in the outlook for global growth.

Equity markets lost most of the gains they had made since the February sell off.

FUND REVIEW

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 and international 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. Within the international strategies the global strategy and the international growth strategy were the largest detractors. The global equity strategy experienced underperformance driven mostly by poor stock selection in the Information Technology and the Consumer Discretionary sectors. This negative performance was partially offset by positive performance in our developing market strategy.

With respect to asset allocation at the end of the reporting period, the portfolio was underweight equity-focused strategies. We hold a modest underweight to U.S. equities as part of our underweight to global equities, and this detracted from performance as the U.S. equity market outpaced other regions. Within U.S. equities, we are overweight

5      OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

small-caps and mid-caps versus large-caps, overweight quality and underweight value. Our leading indicators suggested the U.S. economy is likely to slow over the next few quarters, after experiencing strong growth acceleration in the first half of the year. Monetary conditions continue to tighten, albeit at a gradual pace, while activity in the construction and industrial sector is peaking. We expected growth to decelerate, but to remain solidly above trend.

We expected small-caps and mid-caps to outperform large-caps, benefiting from domestic fiscal expansion, and stable credit markets, while being more insulated from weakening growth outside the U.S.

We hold a modest underweight to European equities as part of our underweight to global equities. This was a positive contributor during the period as international equities were down over 8% for the period. European growth continues to decelerate, and this slowdown is widespread across all major Euro Area economies.

We held a modest underweight to emerging market equities as part of our underweight to global equities. This was a positive contributor to performance as emerging market equities continued to fall on U.S.-China trade tensions. Our leading indicators suggested emerging markets growth

should continue to decelerate, with risks of falling below trend, therefore registering a “contraction” in our macro regime framework. Manufacturing surveys indicate an inventory cycle that has not fully

adjusted yet, as orders-to-inventories ratios are still falling. China’s renewed fiscal policy efforts are partially a reaction to this macro picture, aimed at stabilizing downside risks.

Tensions in global trade policy continue to drift higher, as exemplified by the threat of additional tariffs on as much as $200bln in U.S. imports from China, bringing the total to nearly 60% of all Chinese imports into the U.S. Together with tightening financial conditions, global trade uncertainty is weighing negatively on emerging market sentiment. On the back of this our global risk appetite framework signaled very weak market sentiment, down to levels last seen in mid-2015, warranting a defensive stance on emerging market equities despite attractive valuations.

Our allocation to emerging market local debt was a detractor to performance - during the period, we cut our exposure to the asset class. Many of the emerging market economies are nearing a contraction phase of the business cycle, where growth is below trend and decelerating. Given the macro backdrop, we plan to wait for a few catalysts before returning to the asset class, such as a re-acceleration in emerging market growth, a dovish turn in Fed policy, or a meaningful resolution in U.S.-China trade policy.

Throughout the period, active currency management was a detractor to relative performance. In particular, our recent overweight positions to safe-haven currencies like the Swiss Franc and underweight

6      OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

positions to emerging market currencies like the Brazilian Real detracted from performance. In terms of positioning, we are partially hedged versus the Index, with underweight positions in the Euro and a few emerging market currencies. We continue to hold an overweight to the Japanese Yen. Ongoing weakness outside the U.S. argues for a modest overweight to the U.S. Dollar, as domestic equities remain more attractive than foreign equity markets, encouraging equity capital to stay in the U.S. We plan to wait for positive economic surprises in foreign markets to re-establish a bearish position in the greenback.

In terms of our government bond positioning, we are overweight duration via U.S. and developed markets sovereign fixed income, with a curve flattening bias. Particularly in the U.S., this detracted from performance as yields have moved higher on positive economic data. In our view, slowing global growth outside of the U.S., fragile risk appetite, and stable inflation continue to justify our overweight duration stance. While we believe the Fed will continue to tighten one more time this year, interest rates seem fairly priced at this stage, which should leave the long-end of the curve less exposed to Fed rate hikes. Also, our interest rate relative value trades, which have less directional risk and capitalize on cyclical and market dislocations across different countries, have detracted during the period.

During the period, our alternatives exposure was a positive contributor to relative

performance as the broad equity markets declined. We continue to hold a meaningful position in catastrophe bonds at the expense of investment grade credit, given attractive loss-adjusted yields and the potential for low correlation with other asset classes, especially as the credit and business cycles extend further. Our alternative exposure to master limited partnerships (MLPs) was a detractor to relative performance. Despite a move higher in energy prices earlier in the period, MLPs struggled during the period and underperformed. We believe they are increasingly supported by crude and natural gas volume increases, stable energy markets, and cheap valuations. Furthermore, the restructuring of the sector (incentive distribution rights elimination or simplification) should improve prospects for distributable cash flow. Our allocation to alternatives strategies was a relatively neutral contributor as our systematic alpha strategy detracted and this was offset by positive performance from our investment in Oppenheimer Fundamental Alternatives Fund.

OUTLOOK

Global growth has peaked, and the deceleration in economic activity, while not severe, is broad based. Our leading indicators suggest the U.S. is entering a slowdown regime, joining the deceleration experienced by Europe and emerging markets. Market sentiment remains weak, particularly in non-U.S. markets. With over 30% of revenue exposure to emerging markets, Europe is likely to see a marginal drag from external

7      OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

demand given recent growth disappointments in Asia and the negative impact from trade policy uncertainty. In the second quarter of 2018, we flagged Italy as one of the key risks to watch. So far, the Italian government has delivered a more constructive rhetoric than we initially feared on upcoming budget proposals. However, no details have been revealed yet and the new proposal, while below the 3% Maastricht limit, is likely to bring into question debt sustainability in the face of slowing gross domestic product growth and the end of quantitative easing by the ECB. Our overall stance remains slightly defensive, with a modest underweight to global equities and overweight to duration. We maintain a significant exposure to alternative assets such as event-linked bonds and MLPs, at the expense of investment-grade and core U.S. equities, and have no exposure to emerging market local debt.

As always, we continue to closely monitor the developments in financial conditions as well

	Benjamin Rockmuller, CFA Portfolio Manager

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 to derail the advanced cycle. The main risk, in our view, is a dovish shift in the Fed’s rhetoric. While we expect the Fed to continue hiking rates through at least mid-2019, a dovish shift in communication is likely to provide substantial relief to risky assets, particularly in emerging markets, while weakening the dollar. A signaling that monetary policy has reached a neutral stance would indicate the approaching end of the tightening cycle, extending the current market cycle even further. If that were to happen and leading economic indicators were to re-accelerate, we would adjust our exposures accordingly. On the contrary, should we see further deterioration in economic data, or volatility pickup in equities or credit, we stand ready to adapt to a slowing macro environment and could reduce risk further.

	Alessio de Longis, CFA Portfolio Manager

8      OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

Top Holdings and Allocations

TOP TEN COMMON STOCK HOLDINGS

Airbus SE	1.0	%
Alphabet, Inc., Cl. A	0.9
Energy Transfer LP	0.9
LVMH Moet Hennessy Louis Vuitton SE	0.9
SAP SE	0.8
Alibaba Group Holding Ltd., Sponsored ADR	0.8
Prudential plc	0.6
Enterprise Products Partners LP	0.6
Kering SA	0.5
Murata Manufacturing Co. Ltd.	0.5

Portfolio holdings and allocations are subject to change. Percentages are as of October 31, 2018, and are based on net assets.

TOP TEN GEOGRAPHICAL HOLDINGS

United States	65.6	%
Japan	6.4
France	5.0
United Kingdom	3.9
Germany	3.2
China	2.9
Switzerland	1.9
India	1.5
South Korea	1.2
Canada	1.0

Portfolio holdings and allocation are subject to change. Percentages are as of October 31, 2018, and are based on total market value of investments.

PORTFOLIO ALLOCATION

Common Stocks	57.4	%
Investment Companies
Oppenheimer Fundamental Alternatives Fund	15.3
Oppenheimer Master Event-Linked Bond Fund, LLC	10.1
Oppenheimer Russell 1000 Dynamic Multifactor Exchange Traded Fund	11.8
U.S. Government Obligations	4.8
Short-Term Notes	0.4
Over-the-Counter Options Purchased	0.2
Preferred Stocks	—*

* Represents a value of less than 0.05%.

Portfolio holdings and allocations are subject to change. Percentages are as of October 31, 2018, and are based on the total market value of investments.

REGIONAL ALLOCATION

U.S./Canada	66.6	%
Europe	17.2
Asia	14.2
Latin & South America	0.9
Middle East/Africa	0.6
Emerging Europe	0.5

Portfolio holdings and allocation are subject to change. Percentages are as of October 31, 2018, and are based on total market value of investments.

For more current Fund holdings, please visit oppenheimerfunds.com.

9      OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

Share Class Performance

AVERAGE ANNUAL TOTAL RETURNS WITHOUT SALES CHARGE AS OF 10/31/18

	Inception Date	1-Year			Since             Inception
Class A (QMGAX)	8/27/15		-6.98	%		4.33	%
Class C (QMGCX)	8/27/15		-7.72			3.53
Class I (QMGIX)	8/27/15		-6.84			4.57
Class R (QMGRX)	8/27/15		-7.29			4.06
Class Y (QMGYX)	8/27/15		-6.86			4.49

AVERAGE ANNUAL TOTAL RETURNS WITH SALES CHARGE AS OF 10/31/18

	Inception Date	1-Year			Since             Inception
Class A (QMGAX)	8/27/15		-12.33	%		2.41	%
Class C (QMGCX)	8/27/15		-8.63			3.53
Class I (QMGIX)	8/27/15		-6.84			4.57
Class R (QMGRX)	8/27/15		-7.29			4.06
Class Y (QMGYX)	8/27/15		-6.86			4.49

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 manager(s) and are not intended as investment advice or to predict or depict the performance

10      OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

of any investment. These views are as of the close of business on October 31, 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.

11      OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

Fund Expenses

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

The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire 6-month period ended October 31, 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 October 31, 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.

12      OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

Actual	Beginning Account Value May 1, 2018		Ending         Account         Value         October 31, 2018		Expenses Paid During 6 Months Ended October 31, 2018
Class A	$	1,000.00	$	932.90	$	5.72
Class C		1,000.00		928.70		9.38
Class I		1,000.00		933.90		4.50
Class R		1,000.00		931.00		6.94
Class Y		1,000.00		933.90		4.99
Hypothetical
(5% return before expenses)
Class A		1,000.00		1,019.31		5.97
Class C		1,000.00		1,015.53		9.80
Class I		1,000.00		1,020.57		4.70
Class R		1,000.00		1,018.05		7.25
Class Y		1,000.00		1,020.06		5.21

Expenses are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Those annualized expense ratios, excluding indirect expenses from affiliated funds, based on the 6-month period ended October 31, 2018 are as follows:

Class	Expense Ratios
Class A		1.17%
Class C		1.92
Class I		0.92
Class R		1.42
Class Y		1.02

The expense ratios reflect voluntary and/or contractual waivers and/or reimbursements of expenses by the Fund’s Manager and Transfer Agent. Some of these undertakings may be modified or terminated at any time, as indicated in the Fund’s prospectus. The “Financial Highlights” tables in the Fund’s financial statements, included in this report, also show the gross expense ratios, without such waivers or reimbursements and reduction to custodian expenses, if applicable.

13      OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

CONSOLIDATED STATEMENT OF INVESTMENTS October 31, 2018

	Shares		Value
Common Stocks—55.9%
Consumer Discretionary—11.7%
Auto Components—0.4%
Bridgestone Corp.		2,200	$	84,757
Continental AG		443		73,232
Koito Manufacturing Co. Ltd.		1,600		76,892
Valeo SA		1,746		56,369
				291,250
Automobiles—0.9%
Bayerische Motoren Werke (BMW) AG		2,000		150,975
Bayerische Motoren Werke AG		762		65,730
Hero MotoCorp Ltd.		2,085		77,984
Subaru Corp.		2,700		72,824
Suzuki Motor Corp.		2,000		99,787
Volkswagen AG		913		153,768
				621,068
Distributors—0.0%
Pool Corp.		265		38,624
Diversified Consumer Services—0.2%
Bright Horizons Family Solutions, Inc.1		333		38,265
Cambium Learning Group, Inc.1		7,397		106,369
New Oriental Education & Technology Group, Inc., Sponsored ADR1		446		26,095
				170,729
Entertainment—0.3%
Take-Two Interactive Software, Inc.1		354		45,620
Walt Disney Co. (The)		1,360		156,169
				201,789
Hotels, Restaurants & Leisure—1.8%
Carnival Corp.		2,986		167,335
Chipotle Mexican Grill, Inc., Cl. A1		40		18,413
Domino’s Pizza Group plc		12,820		46,378
Domino’s Pizza, Inc.		167		44,888
Genting Bhd		17,740		31,094
Huazhu Group Ltd., ADR		3,097		81,018
International Game Technology plc		3,190		59,175
Jollibee Foods Corp.		5,270		27,159
Kangwon Land, Inc.		2,290		57,799
Planet Fitness, Inc., Cl. A1		564		27,687
Sands China Ltd.		12,800		50,765
Sonic Corp.		5,616		243,060
Vail Resorts, Inc.		166		41,719
Whitbread plc		3,019		169,682
Yum China Holdings, Inc.		4,091		147,603
				1,213,775

14      OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

	Shares		Value
Household Durables—0.6%
Newell Brands, Inc.		4,470	$	70,984
SEB SA2		392		56,103
SEB SA2		130		18,606
Sony Corp.		4,800		258,336
				404,029
Interactive Media & Services—2.2%
58.com, Inc., ADR1		725		47,553
Alphabet, Inc., Cl. A1		580		632,537
Baidu, Inc., Sponsored ADR1		1,355		257,531
Facebook, Inc., Cl. A1		1,640		248,936
IAC/InterActiveCorp1		192		37,745
XO Group, Inc.1		7,012		242,685
				1,466,987
Internet & Catalog Retail—1.4%
Alibaba Group Holding Ltd., Sponsored ADR1		3,681		523,733
Amazon.com, Inc.1		20		31,960
Farfetch Ltd., Cl. A1		1,180		24,237
GrubHub, Inc.1		310		28,749
JD.com, Inc., ADR1		9,232		217,137
Meituan Dianping, Cl. B1,2		700		4,526
Meituan Dianping, Cl. B1,2		5,800		35,623
MercadoLibre, Inc.		95		30,828
Pinduoduo, Inc., ADR1		1,540		27,181
				923,974
Leisure Products—0.2%
Bandai Namco Holdings, Inc.		3,100		110,028
Media—0.3%
ProSiebenSat.1 Media SE		1,961		45,336
SES SA, Cl. A, FDR		5,088		109,321
Zee Entertainment Enterprises Ltd.		8,880		54,326
				208,983
Multiline Retail—0.3%
Dollarama, Inc.		1,769		48,927
Lojas Americanas SA		12,360		62,439
Ollie’s Bargain Outlet Holdings, Inc.1		388		36,045
SACI Falabella		3,864		29,147
				176,558
Specialty Retail—1.2%
Burlington Stores, Inc.1		281		48,189
Dufry AG1		763		85,790
Industria de Diseno Textil SA		7,636		215,367
Nitori Holdings Co. Ltd.		500		65,575
O’Reilly Automotive, Inc.1		139		44,584

15      OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

	Shares		Value
Specialty Retail (Continued)
Rent-A-Center, Inc.1		10,140	$	144,495
Ross Stores, Inc.		492		48,708
Steinhoff International Holdings NV1		13,579		1,653
Tiffany & Co.		1,230		136,899
Tractor Supply Co.		184		16,908
Urban Outfitters, Inc.1		410		16,179
				824,347
Textiles, Apparel & Luxury Goods—1.9%
Brunello Cucinelli SpA		724		24,800
Canada Goose Holdings, Inc.1		231		12,606
Cie Financiere Richemont SA		755		55,058
Hermes International		175		99,735
Kering SA		830		368,029
lululemon athletica, Inc.1		344		48,411
LVMH Moet Hennessy Louis Vuitton SE		1,941		588,039
PRADA SpA		13,500		47,928
Puma SE		38		19,536
				1,264,142
Consumer Staples—3.7%
Beverages—1.1%
Anadolu Efes Biracilik Ve Malt Sanayii AS		4,669		15,686
Coca-Cola European Partners plc		3,796		172,680
Diageo plc		4,446		153,775
Fomento Economico Mexicano SAB de CV		8,264		70,255
Fomento Economico Mexicano SAB de CV, Sponsored ADR		420		35,729
Heineken NV		705		63,535
Pernod Ricard SA		1,058		161,437
Tsingtao Brewery Co. Ltd., Cl. H		10,000		39,353
				712,450
Food & Staples Retailing—0.4%
Alimentation Couche-Tard, Inc., Cl. B		1,573		75,122
Atacadao Distribuicao Comercio e Industria Ltda		12,300		50,370
BIM Birlesik Magazalar AS		800		11,363
CP ALL PCL		26,934		54,641
Shoprite Holdings Ltd.		2,802		34,188
SPAR Group Ltd. (The)		2,128		25,303
				250,987
Food Products—1.1%
Archer-Daniels-Midland Co.		526		24,854
Barry Callebaut AG		35		68,281
Danone SA		2,575		182,441
Lamb Weston Holdings, Inc.		793		61,981
McCormick & Co., Inc.		238		34,272
Saputo, Inc.		2,101		64,014
Unilever plc		3,780		200,165

16      OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

	Shares		Value
Food Products (Continued)
Vietnam Dairy Products JSC		1,272	$	6,350
WH Group Ltd.3		166,000		115,979
				758,337
Household Products—0.6%
Church & Dwight Co., Inc.		277		16,445
Colgate-Palmolive Co.		2,950		175,673
Reckitt Benckiser Group plc		2,772		224,140
				416,258
Personal Products—0.3%
Amorepacific Corp.		155		20,737
AMOREPACIFIC Group		68		3,723
Beiersdorf AG		612		63,348
LG Household & Health Care Ltd.		131		120,595
				208,403
Tobacco—0.2%
Philip Morris International, Inc.		942		82,962
Swedish Match AB		1,070		54,546
				137,508
Energy—6.6%
Energy Equipment & Services—0.5%
TechnipFMC plc		9,982		266,162
USA Compression Partners LP4		4,092		59,948
				326,110
Oil, Gas & Consumable Fuels—6.1%
Antero Midstream GP LP		5,970		96,177
BP plc		20,389		147,688
Buckeye Partners LP4		5,049		165,658
Centennial Resource Development, Inc., Cl. A1		976		18,700
CNOOC Ltd.		45,000		76,233
Continental Resources, Inc.1		439		23,127
DCP Midstream LP4		1,720		61,903
Diamondback Energy, Inc.		253		28,427
Encana Corp.		4,843		49,592
Energy Transfer LP4		40,629		631,375
Enterprise Products Partners LP4		14,130		378,967
EQM Midstream Partners LP4		3,307		151,824
Kunlun Energy Co. Ltd.		32,000		36,261
LUKOIL PJSC, ADR		570		42,562
Magellan Midstream Partners LP4		3,396		209,465
MPLX LP4		7,897		265,418
Novatek PJSC, Sponsored GDR		1,055		178,411
Phillips 66 Partners LP4		979		47,883
Plains All American Pipeline LP4		1,822		39,665
Plains GP Holdings LP, Cl. A1		1,662		35,517

17      OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

	Shares		Value
Oil, Gas & Consumable Fuels (Continued)
Sunoco LP4		727	$	19,876
Tallgrass Energy LP, Cl. A		11,323		246,388
Targa Resources Corp.		3,390		175,161
TC PipeLines LP4		4,842		148,891
TOTAL SA		4,012		235,461
Valero Energy Partners LP4		5,371		225,475
Western Gas Partners LP4		1,502		59,419
Williams Cos., Inc. (The)		12,713		309,307
				4,104,831
Financials—6.9%
Capital Markets—1.1%
China International Capital Corp. Ltd., Cl. H3		10,400		17,145
Credit Suisse Group AG1		7,235		94,293
E*TRADE Financial Corp.		242		11,960
Goldman Sachs Group, Inc. (The)		680		153,252
KKR & Co., Inc., Cl. A		894		21,143
MSCI, Inc., Cl. A		293		44,061
Raymond James Financial, Inc.		220		16,872
S&P Global, Inc.		1,470		268,010
UBS Group AG1		9,465		132,069
				758,805
Commercial Banks—2.0%
Akbank TAS		7,868		9,357
Banco Bilbao Vizcaya Argentaria SA		7,145		39,442
Banco de Chile		49,894		6,911
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand, Cl. B		12,555		15,656
Bank Central Asia Tbk PT		15,200		23,668
BDO Unibank, Inc.		2,110		4,825
BNP Paribas SA		1,200		62,573
Citigroup, Inc.		3,500		229,110
Commercial International Bank Egypt SAE		4,267		19,118
Credicorp Ltd.		220		49,656
FirstRand Ltd.		16,649		72,375
Grupo Aval Acciones y Valores SA, ADR		3,400		23,902
Grupo Financiero Inbursa SAB de CV, Cl. O		26,452		34,287
HSBC Holdings plc		10,756		88,611
ICICI Bank Ltd., Sponsored ADR		26,691		253,298
Itau Unibanco Holding SA, ADR		2,010		26,472
Kotak Mahindra Bank Ltd.		8,718		131,960
Lloyds Banking Group plc		120,640		88,198
Sberbank of Russia PJSC		11,945		34,472
Siam Commercial Bank PCL (The)		5,900		24,528
Societe Generale SA		2,380		87,424
SVB Financial Group1		160		37,957
				1,363,800

18      OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

	Shares		Value
Consumer Finance—0.0%
Cholamandalam Investment & Finance Co. Ltd.		842	$	14,520
Diversified Financial Services—0.7%
Ayala Corp.		920		15,810
B3 SA-Brasil Bolsa Balcao		12,100		86,292
Grupo de Inversiones Suramericana SA		483		4,711
Hong Kong Exchanges & Clearing Ltd.		2,754		73,437
ING Groep NV		8,312		98,339
ORIX Corp.		8,800		143,061
				421,650
Insurance—2.4%
AIA Group Ltd.		16,600		126,260
Allianz SE		854		178,329
Arthur J. Gallagher & Co.		381		28,198
Aspen Insurance Holdings Ltd.		5,835		244,370
Dai-ichi Life Holdings, Inc.		3,700		69,655
Japan Post Insurance Co. Ltd.		2,800		66,634
Legal & General Group plc		18,449		59,256
Navigators Group, Inc. (The)		3,520		243,408
Progressive Corp. (The)		780		54,366
Prudential plc		20,961		420,478
Samsung Life Insurance Co. Ltd.		852		68,978
Standard Life Aberdeen plc		14,988		51,771
				1,611,703
Real Estate Investment Trusts (REITs)—0.1%
InfraREIT, Inc.		570		11,981
Unibail-Rodamco-Westfield		334		60,582
				72,563
Real Estate Management & Development—0.4%
Ayala Land, Inc.		38,300		28,425
CBRE Group, Inc., Cl. A1		621		25,020
DLF Ltd.		76,036		170,318
Emaar Properties PJSC		15,333		21,322
Oberoi Realty Ltd.		181		1,037
SM Prime Holdings, Inc.		55,000		34,734
				280,856
Thrifts & Mortgage Finance—0.2%
Housing Development Finance Corp. Ltd.		6,235		149,485
Health Care—5.7%
Biotechnology—1.5%
ACADIA Pharmaceuticals, Inc.1		1,830		35,648
AnaptysBio, Inc.1		540		40,349
Biocon Ltd.		3,210		28,611
Biogen, Inc.1		300		91,281

19      OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

	Shares		Value
Biotechnology (Continued)
Bluebird Bio, Inc.1		410	$	47,027
Blueprint Medicines Corp.1		820		49,831
Circassia Pharmaceuticals plc1		16,240		11,621
CSL Ltd.		672		90,125
Gilead Sciences, Inc.		1,110		75,680
GlycoMimetics, Inc.1		2,207		27,764
Grifols SA		3,561		101,572
Incyte Corp.1		870		56,393
Innovent Biologics, Inc.1,3		1,500		3,171
Ionis Pharmaceuticals, Inc.1		1,030		51,037
Loxo Oncology, Inc.1		460		70,224
MacroGenics, Inc.1		2,170		35,718
Mirati Therapeutics, Inc.1		417		15,583
Neurocrine Biosciences, Inc.1		232		24,859
Sage Therapeutics, Inc.1		710		91,363
Sarepta Therapeutics, Inc.1		94		12,573
Shire plc		880		52,636
uniQure NV1		710		18,268
Wuxi Biologics Cayman, Inc.1,3		2,500		17,908
				1,049,242
Health Care Equipment & Supplies—1.4%
ABIOMED, Inc.1		61		20,813
Align Technology, Inc.1		88		19,466
Cooper Cos., Inc. (The)		137		35,388
DexCom, Inc.1		193		25,625
Edwards Lifesciences Corp.1		181		26,716
EssilorLuxottica SA		415		56,736
Hoya Corp.		1,900		107,606
ICU Medical, Inc.1		126		32,096
IDEXX Laboratories, Inc.1		205		43,485
Insulet Corp.1		412		36,342
K2M Group Holdings, Inc.1		9,150		250,527
Siemens Healthineers AG1,3		1,576		65,302
Sonova Holding AG		351		57,250
West Pharmaceutical Services, Inc.		127		13,452
William Demant Holding AS1		1,737		57,096
Zimmer Biomet Holdings, Inc.		630		71,562
				919,462
Health Care Providers & Services—1.2%
Anthem, Inc.		970		267,303
Apollo Hospitals Enterprise Ltd.		925		14,301
Centene Corp.1		690		89,921
Encompass Health Corp.		230		15,479
LifePoint Health, Inc.1		3,865		250,684
Mediclinic International plc		2,740		13,177
Sinopharm Group Co. Ltd., Cl. H		20,200		97,854

20      OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

	Shares		Value
Health Care Providers & Services (Continued)
WellCare Health Plans, Inc.1		236	$	65,134
				813,853
Health Care Technology—0.0%
Ping An Healthcare & Technology Co. Ltd.1,3		315		1,516
Life Sciences Tools & Services—0.6%
Agilent Technologies, Inc.		2,419		156,727
Bio-Rad Laboratories, Inc., Cl. A1		127		34,652
ICON plc1		298		41,148
IQVIA Holdings, Inc.1		139		17,087
Lonza Group AG1		348		109,120
Samsung Biologics Co. Ltd.1,3		134		45,850
				404,584
Pharmaceuticals—1.0%
Bayer AG		2,412		185,184
Dong-E-E-Jiao Co. Ltd., Cl. A		3,299		18,542
Endocyte, Inc.1		9,720		229,878
Hutchison China MediTech Ltd., ADR1		480		15,730
Jiangsu Hengrui Medicine Co. Ltd., Cl. A		7,465		65,797
Novo Nordisk AS, Cl. B		2,224		96,054
Roche Holding AG		298		72,309
				683,494
Industrials—7.9%
Aerospace & Defense—1.5%
Airbus SE		6,095		671,771
Esterline Technologies Corp.1		1,941		227,796
HEICO Corp.		202		16,934
Rolls-Royce Holdings plc1		8,300		88,907
Textron, Inc.		508		27,244
				1,032,652
Air Freight & Couriers—0.3%
BEST, Inc., ADR1		555		3,491
United Parcel Service, Inc., Cl. B		1,090		116,129
XPO Logistics, Inc.1		476		42,545
ZTO Express Cayman, Inc., ADR		2,939		47,670
				209,835
Airlines—0.1%
International Consolidated Airlines Group SA		10,710		82,525
Building Products—0.5%
Assa Abloy AB, Cl. B		6,002		119,648
SMC Corp.		200		63,618

21      OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

	Shares		Value
Building Products (Continued)
USG Corp.		3,503	$	147,897
				331,163
Commercial Services & Supplies—0.5%
Cintas Corp.		243		44,194
Copart, Inc.1		707		34,579
Edenred		2,315		87,720
Prosegur Cash SA3		14,367		28,437
Prosegur Cia de Seguridad SA		9,115		50,648
Rentokil Initial plc		7,635		30,822
Waste Connections, Inc.		872		66,656
				343,056
Construction & Engineering—0.2%
Boskalis Westminster		2,978		85,865
FLSmidth & Co. AS		1,080		56,709
				142,574
Electrical Equipment—0.8%
Legrand SA		1,149		75,103
Melrose Industries plc		16,022		34,478
Mitsubishi Electric Corp.		9,200		116,356
Nidec Corp.		2,460		318,381
				544,318
Industrial Conglomerates—0.8%
3M Co.		740		140,792
Jardine Strategic Holdings Ltd.		1,504		50,474
Roper Technologies, Inc.		198		56,014
Seibu Holdings, Inc.		7,300		132,033
Siemens AG		916		105,552
SM Investments Corp.		3,290		55,428
				540,293
Machinery—1.2%
Aalberts Industries NV		1,357		49,850
American Railcar Industries, Inc.		3,266		228,326
Atlas Copco AB, Cl. A		2,267		56,041
Epiroc AB, Cl. A1		4,494		39,417
FANUC Corp.		600		104,273
IDEX Corp.		406		51,489
Komatsu Ltd.		2,500		64,825
Kubota Corp.		4,900		77,025
Minebea Mitsumi, Inc.		3,500		53,215
VAT Group AG1,3		660		66,155
Weir Group plc (The)		2,113		42,801
				833,417

22      OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

	Shares		Value
Professional Services—1.3%
Bureau Veritas SA		2,932	$	66,248
CoStar Group, Inc.1		158		57,104
Dun & Bradstreet Corp. (The)		1,726		245,575
Equifax, Inc.		800		81,152
IHS Markit Ltd.1		774		40,658
Intertek Group plc		700		41,909
Recruit Holdings Co. Ltd.		9,800		262,651
TransUnion		892		58,649
				853,946
Trading Companies & Distributors—0.6%
Brenntag AG		1,783		93,223
Bunzl plc		3,717		109,707
Ferguson plc		654		44,128
ITOCHU Corp.		5,400		99,876
SiteOne Landscape Supply, Inc.1		248		16,874
United Rentals, Inc.1		120		14,408
				378,216
Transportation Infrastructure—0.1%
DP World Ltd.		2,728		49,113
Grupo Aeroportuario del Sureste SAB de CV, Cl. B		1,601		26,611
				75,724
Information Technology—10.4%
Communications Equipment—0.3%
Nokia OYJ		19,474		109,755
Palo Alto Networks, Inc.1		177		32,398
Xero Ltd.1		1,667		47,604
				189,757
Electronic Equipment, Instruments, & Components—2.0%
CDW Corp.		575		51,756
Electro Scientific Industries, Inc.1		7,412		214,948
FLIR Systems, Inc.		682		31,583
Hitachi Ltd.		2,200		67,191
Keyence Corp.		455		221,678
Keysight Technologies, Inc.1		359		20,492
Murata Manufacturing Co. Ltd.		2,300		356,891
Omron Corp.		1,900		76,755
Samsung Electro-Mechanics Co. Ltd.		690		72,038
Sunny Optical Technology Group Co. Ltd.		2,200		19,252
TDK Corp.		2,600		222,845
				1,355,429
Internet Software & Services—0.8%
Kakao Corp.		161		12,899
NAVER Corp.		420		42,387
Scout24 AG3		1,822		75,646

23      OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

	Shares		Value
Internet Software & Services (Continued)
Tencent Holdings Ltd.		6,500	$	220,318
United Internet AG		1,310		54,303
Yahoo Japan Corp.		11,800		36,999
Yandex NV, Cl. A1		2,100		63,273
				505,825
IT Services—1.1%
Amadeus IT Group SA		849		68,457
Atos SE		1,240		106,142
Booz Allen Hamilton Holding Corp., Cl. A		482		23,878
Broadridge Financial Solutions, Inc.		295		34,497
DXC Technology Co.		366		26,656
Earthport plc1		54,490		5,338
EPAM Systems, Inc.1		370		44,204
Fiserv, Inc.1		490		38,857
Global Payments, Inc.		439		50,147
PayPal Holdings, Inc.1		2,100		176,799
Tata Consultancy Services Ltd.		1,883		49,432
Total System Services, Inc.		769		70,095
Twilio, Inc., Cl. A1		209		15,721
WEX, Inc.1		230		40,471
				750,694
Semiconductors & Semiconductor Equipment—2.2%
Advanced Micro Devices, Inc.1		281		5,117
ams AG		1,440		56,032
ASML Holding NV		625		106,872
Infineon Technologies AG		10,915		218,815
Integrated Device Technology, Inc.1		5,020		234,986
Maxim Integrated Products, Inc.		3,960		198,079
Monolithic Power Systems, Inc.		292		34,491
Renesas Electronics Corp.1		19,000		100,099
Rohm Co. Ltd.		700		49,754
STMicroelectronics NV2		5,800		88,182
STMicroelectronics NV2		2,890		44,015
Taiwan Semiconductor Manufacturing Co. Ltd.		34,000		252,608
Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR		2,433		92,697
Xilinx, Inc.		225		19,208
				1,500,955
Software—3.8%
Adobe, Inc.1		1,150		282,624
Atlassian Corp. plc, Cl. A1		554		42,054
CA, Inc.		3,343		148,296
Capcom Co. Ltd.		2,700		56,388
Dassault Systemes SE		380		47,517
Fair Isaac Corp.1		133		25,630
Imperva, Inc.1		4,267		236,179
Intuit, Inc.		1,290		272,190

24      OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

	Shares		Value
Software (Continued)
Nintendo Co. Ltd.		1,000	$	310,003
PTC, Inc.1		374		30,821
RealPage, Inc.1		569		30,157
Red Hat, Inc.1		1,179		202,364
RingCentral, Inc., Cl. A1		481		37,388
SAP SE		5,150		551,926
ServiceNow, Inc.1		292		52,864
Splunk, Inc.1		273		27,256
Synopsys, Inc.1		494		44,228
Temenos AG1		850		116,125
Ultimate Software Group, Inc. (The)1		59		15,731
Zendesk, Inc.1		487		26,770
				2,556,511
Technology Hardware, Storage & Peripherals—0.2%
Samsung Electronics Co. Ltd.		3,484		130,300
Materials—2.0%
Chemicals—0.8%
Air Liquide SA		1,577		191,027
Akzo Nobel NV		1,334		112,195
Ashland Global Holdings, Inc.		216		15,980
Celanese Corp., Cl. A		214		20,745
Essentra plc		265		1,293
Ingevity Corp.1		185		16,850
Novozymes AS, Cl. B		1,097		54,185
Sika AG		571		73,213
Westlake Chemical Partners LP4		3,030		70,145
				555,633
Construction Materials—0.1%
Dalmia Bharat Ltd.1		183		5,209
Indocement Tunggal Prakarsa Tbk PT		15,000		17,033
James Hardie Industries plc		2,732		36,394
UltraTech Cement Ltd.		465		22,009
				80,645
Containers & Packaging—0.2%
Avery Dennison Corp.		319		28,940
CCL Industries, Inc., Cl. B		1,805		75,932
				104,872
Metals & Mining—0.9%
Agnico Eagle Mines Ltd.		1,970		69,659
Anglo American plc		5,071		108,451
Glencore plc1		46,970		191,187
Grupo Mexico SAB de CV		21,069		48,614
Korea Zinc Co. Ltd.		64		21,364
Polyus PJSC, GDR3		300		9,194

25      OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

	Shares		Value
Metals & Mining (Continued)
Vale SA, Cl. B, Sponsored ADR		3,340	$	50,434
Wheaton Precious Metals Corp.		6,646		109,194
				608,097
Telecommunication Services—1.0%
Diversified Telecommunication Services—0.5%
Nippon Telegraph & Telephone Corp.		5,200		218,383
Spark New Zealand Ltd.		50,339		130,023
				348,406
Wireless Telecommunication Services—0.5%
Rogers Communications, Inc., Cl. B		1,601		82,443
SK Telecom Co. Ltd.		777		182,636
SoftBank Group Corp.		400		32,430
				297,509
Total Common Stocks (Cost $37,865,546)				37,729,052
Preferred Stock—0.0%
Zee Entertainment Enterprises Ltd., 6% Cum. Non-Cv. (Cost $3,256)		32,510		3,377
	Principal Amount
U.S. Government Obligations—4.7%
United States Treasury Bonds, 2.875%, 8/15/455	$	2,459,000		2,236,201
United States Treasury Nts., 2.75%, 2/15/285		955,000		925,007
Total U.S. Government Obligations (Cost $3,315,343)				3,161,208

	Counter- party		Exercise	Expiration	Notional Amount (000’s)	Contracts (000’s)
			Price	Date
Over-the-Counter Options Purchased—0.1%
EUR Currency Put1,8		BOA	JPY127.500	11/7/18	EUR 200,000	EUR 11,000	34,929
GBP Currency Put1,9		BOA	JPY145.000	11/13/18	GBP 70,000	GBP 3,850	30,786
TRY Currency Call1		CITNA-B	TRY4.700	11/28/18	TRY 94,000	TRY 1,200	170
ZAR Currency Put1,10		BOA	ZAR14.600	11/21/18	ZAR 1,460,000	ZAR 80,300	34,609
Total Over-the-Counter Options Purchased (Cost $63,691)							100,494

	Principal Amount
Short-Term Note—0.4%
United States Treasury Bills, 2.182%, 12/27/186 (Cost $249,156)		250,000	249,144
	Shares
Investment Companies—36.2%
Oppenheimer Fundamental Alternatives Fund, Cl. I7		357,038	10,072,033
Oppenheimer Master Event-Linked Bond Fund, LLC7		423,283	6,662,749

26      OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

	Shares			Value
Investment Companies (Continued)
Oppenheimer Russell 1000 Dynamic Multifactor Exchange Traded Fund7		280,058		$	7,729,601
Total Investment Companies (Cost $24,321,077)					24,464,383
Total Investments, at Value (Cost $65,818,069)		97.3	%		65,707,658
Net Other Assets (Liabilities)		2.7			1,830,400
Net Assets		100.0	%	$	67,538,058

Footnotes to Consolidated Statement of Investments

1. Non-income producing security.

2. The Fund holds securities which have been issued by the same entity and that trade on separate exchanges.

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 $446,303 or 0.66% of the Fund’s net assets at period end.

4. Security is a Master Limited Partnership.

5. 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 $2,015,693. See Note 6 of the accompanying Notes.

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

7. Is or was an affiliate, as defined in the Investment Company Act of 1940, as amended, at or during the reporting period, by virtue of the Fund owning at least 5% of the voting securities of the issuer or as a result of the Fund and the issuer having the same investment adviser. Transactions during the reporting period in which the issuer was an affiliate are as follows:

	Shares October 31, 2017		Gross Additions		Gross Reductions			Shares October 31, 2018
Investment Company
Oppenheimer Fundamental Alternatives Fund, Cl. I		175,626		259,555		78,143			357,038
Oppenheimer Global High Yield Fund, Cl. I		319,923		10,744		330,667			—
Oppenheimer Global Multi Strategies Fund, Cl. I		167,965		49,589		217,554			—
Oppenheimer Institutional Government Money Market Fund, Cl. E		3,085,963		50,664,187		53,750,150			—
Oppenheimer Master Event-Linked Bond Fund, LLC		—		453,142		29,859			423,283
Oppenheimer Master Loan Fund, LLC		96,613		—		96,613			—
Oppenheimer Russell 1000 Dynamic Multifactor Exchange Traded Fund		—		417,798		137,740			280,058
Oppenheimer Senior Floating Rate Fund, Cl. I		284,864		—		284,864			—
	Value		Income		Realized Gain (Loss)			Change in Unrealized Gain (Loss)
Investment Company
Oppenheimer Fundamental Alternatives Fund, Cl. I	$	10,072,033	$	206,677	$	7,978		$	114,950
Oppenheimer Global High Yield Fund, Cl. I		—		108,298		(23,880	)		(79,524	)

27      OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

Footnotes to Consolidated Statement of Investments (Continued)

	Value		Income			Realized Gain (Loss)			Change in Unrealized Gain (Loss)
Oppenheimer Global Multi Strategies Fund, Cl. I	$	—	$	153,428		$	(124,884	)	$	(54,543	)
Oppenheimer Institutional Government Money Market Fund, Cl. E		—		39,839			—			—
Oppenheimer Master Event-Linked Bond Fund, LLC		6,662,749		224,715	a		(36,825)	a		(92,892)	a
Oppenheimer Master Loan Fund, LLC		—		5,710	b		15,976	b		(26,069)	b
Oppenheimer Russell 1000 Dynamic Multifactor Exchange Traded Fund		7,729,601		15,607			33,176			73,665
Oppenheimer Senior Floating Rate Fund, Cl. I		—		3,898			56,975			(68,369	)
Total	$	24,464,383	$	758,172		$	(71,484	)	$	(132,782	)

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

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

8. Knock-out option becomes ineligible for exercise if at any time spot rates are less than or equal to 124 JPY per 1 EUR.

9. Knock-out option becomes ineligible for exercise if at any time spot rates are less than or equal to 139.5 JPY per 1 GBP.

10. Knock-out option becomes ineligible for exercise if at any time spot rates are greater than or equal to 15.4 ZAR per 1 USD.

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

Geographic Holdings (Unaudited)	Value		Percent
United States	$	43,138,981		65.6	%
Japan		4,196,828		6.4
France		3,279,062		5.0
United Kingdom		2,593,408		3.9
Germany		2,100,203		3.2
China		1,884,910		2.9
Switzerland		1,253,048		1.9
India		975,863		1.5
South Korea		779,307		1.2
Canada		654,144		1.0
Netherlands		534,925		0.8
Spain		503,923		0.8
Hong Kong		432,645		0.7
Taiwan		345,305		0.5
Russia		327,912		0.5
South Africa		289,757		0.4
Brazil		276,007		0.4

28      OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

Geographic Holdings (Unaudited) (Continued)	Value			Percent
Sweden		$	269,653		0.4	%
Denmark			264,044		0.4
Mexico			231,152		0.3
New Zealand			177,627		0.3
Philippines			166,382		0.3
Australia			132,179		0.2
Finland			109,754		0.2
Luxembourg			109,322		0.2
Ireland			89,030		0.1
Thailand			79,168		0.1
Italy			72,728		0.1
United Arab Emirates			70,435		0.1
Austria			56,032		0.1
Peru			49,656		0.1
Indonesia			40,702		0.1
Turkey			36,577		0.1
Chile			36,058		0.1
Eurozone			34,929		0.1
Malaysia			31,094		0.0
Argentina			30,827		0.0
Colombia			28,613		0.0
Egypt			19,118		0.0
Vietnam			6,350		0.0
Total		$	65,707,658		100.0	%

Forward Currency Exchange Contracts as of October 31, 2018
Counter -party	Settlement Month(s)		Currency Purchased (000’s)			Currency Sold (000’s)		Unrealized Appreciation		Unrealized Depreciation
BAC		04/2019	BRL	70	USD		16	$	2,120	$	—
BAC		01/2019	CHF	1,760	USD		1,856		—		93,911
BAC		01/2019	MYR	635	USD		154		—		1,947
BAC		01/2019	THB	5,000	USD		155		—		3,409
BAC		01/2019	TRY	880	USD		137		13,329		—
BAC		01/2019	USD	35	ARS		1,470		—		1,922
BAC		01/2019	USD	117	CLP		78,000		5,096		—
BOA		11/2018	BRL	2,060	USD		515		38,625		—
BOA		02/2019	EUR	60	USD		69		—		592
BOA		11/2018	JPY	73,000	USD		654		—		6,205
BOA		11/2018	USD	554	BRL		2,060		795		—
BOA		01/2019	USD	93	HKD		730		—		37
BOA		01/2019	USD	459	IDR		6,940,000		9,272		—
BOA		01/2019	USD	300	INR		22,000		5,651		—
BOA		11/2018	USD	662	JPY		73,000		14,823		—
BOA		01/2019	USD	87	ZAR		1,260		2,827		—
CITNA-B		01/2019	AUD	1,904	USD		1,387		—		37,134
CITNA-B		11/2018 - 12/2018	BRL	2,380	USD		640		—		1,087
CITNA-B		01/2019	CAD	1,855	USD		1,439		—		27,743
CITNA-B		01/2019	COP	42,000	USD		14		—		916
CITNA-B		01/2019	DKK	1,370	USD		217		—		7,244
CITNA-B		01/2019	EUR	370	USD		439		—		16,551

29      OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

Forward Currency Exchange Contracts (Continued)
Counter -party	Settlement Month(s)		Currency Purchased (000’s)			Currency Sold (000’s)		Unrealized Appreciation		Unrealized Depreciation
CITNA-B		01/2019	GBP	1,260	USD		1,657	$	—	$	39,665
CITNA-B		01/2019	HUF	6,000	USD		22		—		864
CITNA-B		01/2019	NOK	1,390	USD		171		—		5,723
CITNA-B		01/2019	PLN	390	USD		107		—		4,834
CITNA-B		01/2019	SEK	2,710	USD		311		—		12,962
CITNA-B		11/2018 - 04/2019	USD	449	BRL		1,750		1,410		22,125
CITNA-B		01/2019	USD	65	CAD		85		182		—
CITNA-B		01/2019	USD	1,056	CHF		1,020		34,398		—
CITNA-B		01/2019	USD	77	DKK		485		2,910		—
CITNA-B		01/2019	USD	135	GBP		105		—		238
CITNA-B		01/2019	USD	127	TRY		850		—		18,129
DEU		01/2019	EUR	310	USD		367		—		13,766
DEU		01/2019	JPY	36,000	USD		322		—		227
DEU		01/2019	USD	493	CAD		635		9,481		—
DEU		01/2019	USD	1,897	EUR		1,600		71,051		—
DEU		01/2019	USD	491	JPY		55,000		—		18
GSCO-OT		01/2019	CLP	146,000	USD		221		—		11,427
GSCO-OT		01/2019	INR	11,000	USD		149		—		2,429
GSCO-OT		06/2019	USD	163	RUB		10,510		7,186		—
HSBC		01/2019	CNH	2,220	USD		322		—		5,396
HSBC		01/2019	HKD	1,410	USD		181		—		504
HSBC		01/2019	ILS	470	USD		133		—		5,538
HSBC		01/2019	JPY	160,000	USD		1,434		—		6,200
HSBC		01/2019	KRW	180,000	USD		162		—		3,794
HSBC		01/2019	MXN	600	USD		31		—		2,193
HSBC		01/2019	USD	97	CAD		125		1,719		—
HSBC		01/2019	USD	203	CNH		1,420		62		—
HSBC		02/2019	USD	69	EUR		60		861		—
HSBC		01/2019	USD	231	GBP		175		6,461		—
HSBC		01/2019	USD	53	NZD		80		1,177		—
HSBC		01/2019	USD	128	PHP		7,000		—		2,772
HSBC		01/2019	USD	79	RON		315		2,845		—
JPM		11/2018 - 12/2018	BRL	550	USD		143		5,108		147
JPM		01/2019	CAD	635	USD		491		—		8,290
JPM		01/2019	EUR	1,600	USD		1,900		—		74,497
JPM		01/2019	IDR	10,531,000	USD		691		1,540		9,515
JPM		01/2019 - 06/2019	RUB	12,410	USD		179		4,922		—
JPM		01/2019	SGD	390	USD		286		—		4,345
JPM		01/2019	TWD	18,000	USD		593		—		8,426
JPM		11/2018 - 12/2018	USD	142	BRL		550		—		6,083
JPM		01/2019	USD	1,405	EUR		1,195		41,199		157
JPM		01/2019	USD	118	KRW		135,000		—		154
JPM		01/2019	USD	76	PEN		250		1,605		—
JPM		01/2019	ZAR	6,600	USD		464		—		20,531
Total Unrealized Appreciation and Depreciation								$	286,655	$	489,647

30      OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

Futures Contracts as of October 31, 2018
Description	Buy/Sell	Expiration Date		Number of Contracts		Notional Amount (000’s)		Value		Unrealized Appreciation/     (Depreciation)
Canadian Bonds, 10 yr.	Buy		12/18/18		15		CAD 1,523	$	1,505,754	$	(17,722)
Euro-BUND	Buy		12/6/18		39		EUR 7,083		7,079,221		(3,340)
Japanese Bonds, 10 yr.	Buy		12/13/18		4		JPY 5,325		5,339,833		14,526
Long Gilt	Buy		12/27/18		17		GBP 2,658		2,659,896		2,370
MSCI Emerging Market Index	Sell		12/21/18		12		USD 615		574,020		41,187
S&P 500 E-Mini Index	Buy		12/21/18		128		USD 17,387		17,350,400		(36,788)
S&P/TSX 60 Index	Buy		12/20/18		7		CAD 1,010		950,951		(59,054)
SPI 200 Index	Buy		12/20/18		12		AUD 1,311		1,231,756		(79,687)
Stoxx Europe 600 Index	Sell		12/21/18		284		EUR 6,137		5,799,757		337,126
United States Treasury Long Bonds	Buy		12/19/18		10		USD 1,383		1,381,250		(2,111)
United States Treasury Nts., 10 yr.	Buy		12/19/18		7		USD 832		829,063		(3,137)
United States Treasury Nts., 5 yr.	Buy		12/31/18		57		USD 6,452		6,405,820		(46,652)
United States Ultra Bonds	Sell		12/19/18		7		USD 1,075		1,044,531		30,394
										$	177,112

Over-the-Counter Options Written at October 31, 2018

Description

Counter -party

Exercise Price

Expiration Date

Number of Contracts (000’s)

Notional Amount (000’s)

Premiums Received

Value

TRY

GBP

GBP Currency Call

JPM

1.280

11/2/18

(350)

GBP 4,595

$

2,311

$         (1,402)

TRY

GBP

GBP Currency Put

JPM

1.280

11/2/18

(350)

GBP 4,595

2,262

(1,958)

USD

TRY

TRY Currency Call

CITNA-B

4.400

11/28/18

(1,700)

TRY 132,000

2,746

(204)

Total Over-the-Counter Options Written

$

7,319

$         (3,564)

Centrally Cleared Credit Default Swaps at October 31, 2018
Reference Asset	Buy/Sell Protection		Fixed Rate		Maturity Date		Notional Amount (000’s)		Premiums Received/ (Paid)		Value	Unrealized Appreciation/ (Depreciation)
CDX.HY.30		Buy		5.000%		6/20/23		USD  3,800	$	279,031	$          (253,498)	$	25,533
CDX.IG.31		Buy		1.000		12/20/23		USD  3,800		69,827	(61,406)		8,421
Total Centrally Cleared Credit Default Swaps									$	348,858	$          (314,904)	$	33,954

31      OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

Over-the-Counter Total Return Swaps at October 31, 2018

Reference Asset

Counter- party

Pay/Receive Total Return*

Floating Rate

Maturity Date

Notional Amount (000’s)

Value

Unrealized Appreciation/     (Depreciation)

iShares J.P. Morgan

One-Month USD

USD Emerging

BBA LIBOR plus

Markets Bond

JPM

Receive

35 basis points

3/29/19

USD  5,737

$          (43,283)

$          (43,283)

Russell 1000

One-Month USD

Growth Total

BBA LIBOR Plus

Return Index

JPM

Pay

51 bps

4/16/19

USD  2,363

19,793

19,793

Russell Midcap

One-Month USD

Growth Total

BBA LIBOR Plus

Return Index

JPM

Pay

43 bps

4/16/19

USD  3,148

(2,097)

(2,097)

Total Over-the-Counter Total Return Swaps

$          (25,587)

$          (25,587)

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

Glossary:
Counterparty Abbreviations
BAC	Barclays Bank plc
BOA	Bank of America NA
CITNA-B	Citibank NA
DEU	Deutsche Bank AG
GSCO-OT	Goldman Sachs Bank USA
HSBC	HSBC Bank USA NA
JPM	JPMorgan Chase Bank NA
Currency abbreviations indicate amounts reporting in currencies
ARS	Argentine Peso
AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
CHF	Swiss Franc
CLP	Chilean Peso
CNH	Offshore Chinese Renminbi
COP	Colombian Peso
DKK	Danish Krone
EUR	Euro
GBP	British Pound Sterling
HKD	Hong Kong Dollar
HUF	Hungarian Forint
IDR	Indonesian Rupiah
ILS	Israeli Shekel
INR	Indian Rupee
JPY	Japanese Yen
KRW	South Korean Won
MXN	Mexican Nuevo Peso
MYR	Malaysian Ringgit

32      OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

Currency abbreviations indicate amounts reporting in currencies (Continued)
NOK	Norwegian Krone
NZD	New Zealand Dollar
PEN	Peruvian New Sol
PHP	Philippine Peso
PLN	Polish Zloty
RON	New Romanian Leu
RUB	Russian Ruble
SEK	Swedish Krona
SGD	Singapore Dollar
THB	Thailand Baht
TRY	New Turkish Lira
TWD	New Taiwan Dollar
ZAR	South African Rand
Definitions
BBA LIBOR	British Bankers’ Association London - Interbank Offered Rate
BUND	German Federal Obligation
CDX.HY.30	Markit CDX High Yield Index
CDX.IG.31	Markit CDX Investment Grade Index
MSCI	Morgan Stanley Capital International
S&P	Standard & Poor’s
TSX 60	60 largest companies on the Toronto Stock Exchange

See accompanying Notes to Consolidated Financial Statements.

33      OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

CONSOLIDTED STATEMENT OF

ASSETS AND LIABILITIES October 31, 2018

Assets
Investments, at value—see accompanying statement of investments:
Unaffiliated companies (cost $41,496,992)	$	41,243,275
Affiliated companies (cost $24,321,077)		24,464,383
		65,707,658
Cash		112,562
Cash—foreign currencies (cost $2,333)		6,722
Cash used for collateral on futures		877,000
Cash used for collateral on centrally cleared swaps		450,498
Unrealized appreciation on forward currency exchange contracts		286,655
Swaps, at value		19,793
Receivables and other assets:
Investments sold		1,129,712
Variation margin receivable		187,055
Interest and dividends		141,081
Shares of beneficial interest sold		35,815
Other		41,930
Total assets		68,996,481
Liabilities
Unrealized depreciation on forward currency exchange contracts		489,647
Options written, at value (premiums received $7,319)		3,564
Swaps, at value		45,380
Centrally cleared swaps, at value (premiums received $348,858)		314,904
Payables and other liabilities:
Investments purchased		353,682
Variation margin payable		146,619
Distribution and service plan fees		14,591
Shareholder communications		7,880
Foreign capital gains tax		1,620
Trustees’ compensation		751
Shares of beneficial interest redeemed		177
Other		79,608
Total liabilities		1,458,423
Net Assets	$	67,538,058
Composition of Net Assets
Par value of shares of beneficial interest	$	6,397
Additional paid-in capital		65,713,700
Total distributable earnings		1,817,961
Net Assets	$	67,538,058

34       OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

Net Asset Value Per Share
Class A Shares:
Net asset value and redemption price per share (based on net assets of $60,915,694 and 5,765,206 shares of beneficial interest outstanding)	$	10.57
Maximum offering price per share (net asset value plus sales charge of 5.75% of offering price)	$	11.21
Class C Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $3,649,188 and 350,052 shares of beneficial interest outstanding)	$	10.42
Class I Shares:
Net asset value, redemption price and offering price per share (based on net assets of $10,593 and 1,000 shares of beneficial interest outstanding)	$	10.59
Class R Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $2,512,744 and 238,760 shares of beneficial interest outstanding)	$	10.52
Class Y Shares:
Net asset value, redemption price and offering price per share (based on net assets of $449,839 and 42,443 shares of beneficial interest outstanding)	$	10.60

See accompanying Notes to Consolidated Financial Statements.

35      OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

CONSOLIDATED STATEMENT OF

OPERATIONS For the Year Ended October 31, 2018

Allocation of Income and Expenses from Master Funds1
Net investment income allocated from Oppenheimer Master Event-Linked Bond Fund, LLC:
Interest	$	223,797
Dividends		918
Net expenses		(13,552	)
Net investment income allocated from Oppenheimer Master Event-Linked Bond Fund, LLC		211,163
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
Total allocation of net investment income from master funds		216,627
Investment Income
Dividends:
Unaffiliated companies (net of foreign withholding taxes of $46,806)		815,323
Affiliated companies		527,747
Interest (net of foreign withholding taxes of $5,151)		353,762
Total investment income		1,696,832
Expenses
Management fees		547,320
Distribution and service plan fees:
Class A		19,632
Class C		34,564
Class R		14,433
Transfer and shareholder servicing agent fees:
Class A		131,337
Class C		6,851
Class I		4
Class R		5,771
Class Y		792
Shareholder communications:
Class A		19,279
Class C		6,408
Class R		6,286
Class Y		744
Legal, auditing and other professional fees		161,752
Registration fees		86,126
Custodian fees and expenses		54,023
Trustees’ compensation		1,000
Borrowing fees		533
Other		32,275
Total expenses		1,129,130
Less waivers and reimbursements of expenses		(259,235	)
Net expenses		869,895
Net Investment Income		1,043,564

36       OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions in:
Unaffiliated companies (net of foreign capital gains tax of $4,258)	$	3,364,847
Affiliated companies		(50,635	)
Option contracts written		77,497
Futures contracts		493,405
Foreign currency transactions		(42,499	)
Forward currency exchange contracts		(1,434,614	)
Swap contracts		(522,235	)
Affiliated swap contracts		(137,254	)
Swaption contracts written		1,859
Net realized gain (loss) allocated from:
Oppenheimer Master Event-Linked Bond Fund, LLC		(36,825	)
Oppenheimer Master Loan Fund, LLC		15,976
Net realized gain		1,729,522
Net change in unrealized appreciation/(depreciation) on:
Investment transactions in:
Unaffiliated companies		(7,828,768	)
Affiliated companies		(13,821	)
Translation of assets and liabilities denominated in foreign currencies		(121	)
Forward currency exchange contracts		258,215
Futures contracts		(373,377	)
Option contracts written		3,530
Swap contracts		(18,948	)
Affiliated swap contracts		7,834
Net change in unrealized appreciation/(depreciation) allocated from:
Oppenheimer Master Event-Linked Bond Fund, LLC		(92,892	)
Oppenheimer Master Loan Fund, LLC		(26,069	)
Net change in unrealized appreciation/(depreciation)		(8,084,417	)
Net Decrease in Net Assets Resulting from Operations	$	(5,311,331	)

1. The Fund invests in certain affiliated mutual funds that expect to be treated as partnerships for tax purposes. See Note 4 of the accompanying Consolidated Notes.

See accompanying Notes to Consolidated Financial Statements.

37      OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended October 31, 2018			Year Ended     October 31, 20171
Operations
Net investment income	$	1,043,564		$	846,399
Net realized gain		1,729,522			2,662,511
Net change in unrealized appreciation/(depreciation)		(8,084,417	)		5,583,161
Net increase (decrease) in net assets resulting from operations		(5,311,331	)		9,092,071
Dividends and/or Distributions to Shareholders
Dividends and distributions declared:
Class A		(1,450,006	)		(2,538,513	)
Class C		(34,914	)		(24,896	)
Class I		(287	)		(518	)
Class R		(53,409	)		(75,468	)
Class Y		(6,002	)		(5,577	)
Total dividends and distributions declared		(1,544,618	)		(2,644,972	)
Beneficial Interest Transactions
Net increase in net assets resulting from beneficial interest transactions:
Class A		2,729,359			4,671,912
Class C		2,343,816			1,060,445
Class I		—			—
Class R		254,146			1,092,156
Class Y		226,217			163,830
Total beneficial interest transactions		5,553,538			6,988,343
Net Assets
Total increase (decrease)		(1,302,411	)		13,435,442
Beginning of period		68,840,469			55,405,027
End of period	$	67,538,058		$	68,840,469

1. Prior period amounts have been conformed to current year presentation. See Notes to Consolidated Financial Statements, Note 2– New Accounting Pronouncements for further details.

See accompanying Notes to Consolidated Financial Statements.

38       OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

CONSOLIDATED FINANCIAL HIGHLIGHTS

Class A	Year Ended     October 31, 2018		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		0.17		0.15		0.14		0.02
Net realized and unrealized gain (loss)		(0.96)		1.48		0.14		0.28
Total from investment operations		(0.79)		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		$10.57		$11.62		$10.49		$10.30
Total Return, at Net Asset Value5		(6.98)%		16.26%		2.73%		3.00%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$60,916		$64,323		$53,579		$51,525
Average net assets (in thousands)		$65,968		$57,577		$50,502		$49,048
Ratios to average net assets:6
Net investment income		1.48%7		1.41%7		1.38%7		1.07%
Expenses excluding specific expenses listed below		1.49%7		1.47%7		1.42%7		1.61%
Interest and fees from borrowings		0.00%8		0.00%		0.00%		0.00%
Total expenses9		1.49%7		1.47%7		1.42%7		1.61%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.17%7		1.10%7		1.10%7		1.05%
Portfolio turnover rate		126%		54%		61%		8%

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

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

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

4. Less than $0.005 per share.

5. Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

6. Annualized for periods less than one full year.

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

8. Less than 0.005%.

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

Year Ended October 31, 2018	1.66	%
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.

39       OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

CONSOLIDATED FINANCIAL HIGHLIGHTS Continued

Class C	Year Ended     October 31, 2018		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		0.08		0.07		0.04		0.01
Net realized and unrealized gain (loss)		(0.95)		1.47		0.15		0.28
Total from investment operations		(0.87)		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		$10.42		$11.50		$10.41		$10.29
Total Return, at Net Asset Value5		(7.72)%		15.42%		1.88%		2.90%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$3,649		$1,701		$522		$45
Average net assets (in thousands)		$3,483		$997		$308		$28
Ratios to average net assets:6
Net investment income		0.73%7		0.67%7		0.36%7		0.42%
Expenses excluding specific expenses listed below		2.62%7		2.98%7		3.05%7		2.34%
Interest and fees from borrowings		0.00%8		0.00%		0.00%		0.00%
Total expenses9		2.62%7		2.98%7		3.05%7		2.34%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.92%7		1.85%7		1.85%7		1.81%
Portfolio turnover rate		126%		54%		61%		8%

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

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

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

4. Less than $0.005 per share.

5. Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

6. Annualized for periods less than one full year.

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

8. Less than 0.005%.

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

Year Ended October 31, 2018	2.79	%
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.

40      OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

Class I	Year Ended     October 31, 2018		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		0.20		0.18		0.16		0.02
Net realized and unrealized gain (loss)		(0.97)		1.48		0.13		0.29
Total from investment operations		(0.77)		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		$10.59		$11.65		$10.51		$10.31
Total Return, at Net Asset Value5		(6.84)%		16.60%		2.91%		3.10%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$10		$12		$11		$10
Average net assets (in thousands)		$12		$11		$10		$10
Ratios to average net assets:6
Net investment income		1.74%7		1.66%7		1.61%7		1.27%
Expenses excluding specific expenses listed below		1.24%7		1.21%7		1.19%7		1.30%
Interest and fees from borrowings		0.00%8		0.00%		0.00%		0.00%
Total expenses9		1.24%7		1.21%7		1.19%7		1.30%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.92%7		0.85%7		0.85%7		0.84%
Portfolio turnover rate		126%		54%		61%		8%

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

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

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

4. Less than $0.005 per share.

5. Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

6. Annualized for periods less than one full year.

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

8. Less than 0.005%.

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

Year Ended October 31, 2018	1.41	%
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.

41      OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

CONSOLIDATED FINANCIAL HIGHLIGHTS Continued

Class R	Year Ended     October 31, 2018		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		0.14		0.13		0.04		0.01
Net realized and unrealized gain (loss)		(0.96)		1.47		0.21		0.29
Total from investment operations		(0.82)		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		$10.52		$11.58		$10.47		$10.30
Total Return, at Net Asset Value5		(7.29)%		16.03%		2.43%		3.00%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$2,513		$2,533		$1,204		$10
Average net assets (in thousands)		$2,904		$1,995		$226		$10
Ratios to average net assets:6
Net investment income		1.23%7		1.17%7		0.43%7		0.77%
Expenses excluding specific expenses listed below		2.15%7		2.57%7		2.07%7		1.48%
Interest and fees from borrowings		0.00%8		0.00%		0.00%		0.00%
Total expenses9		2.15%7		2.57%7		2.07%7		1.48%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.42%7		1.35%7		1.33%7		1.33%
Portfolio turnover rate		126%		54%		61%		8%

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

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

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

4. Less than $0.005 per share.

5. Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

6. Annualized for periods less than one full year.

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

8. Less than 0.005%.

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

Year Ended October 31, 2018	2.32	%
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.

42      OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

Class Y	Year Ended     October 31, 2018		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		0.19		0.17		0.12		0.02
Net realized and unrealized gain (loss)		(0.97)		1.47		0.17		0.29
Total from investment operations	(0.78)		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		$10.60		$11.65		$10.51		$10.31
Total Return, at Net Asset Value5		(6.86)%		16.41%		2.86%		3.10%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$450		$271		$89		$10
Average net assets (in thousands)	$401		$165		$23		$10
Ratios to average net assets:6
Net investment income		1.63%7		1.57%7		1.13%7		1.17%
Expenses excluding specific expenses listed below		1.63%7		2.65%7		1.52%7		1.48%
Interest and fees from borrowings		0.00%8		0.00%		0.00%		0.00%
Total expenses9		1.63%7		2.65%7		1.52%7		1.48%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses	1.02%7		0.95%7		0.94%7		0.94%
Portfolio turnover rate		126%		54%		61%		8%

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

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

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

4. Less than $0.005 per share.

5. Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

6. Annualized for periods less than one full year.

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

8. Less than 0.005%.

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

Year Ended October 31, 2018	1.80	%
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.

43      OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS October 31, 2018

1. Organization

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

The Fund 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. (the “Subsidiary”), which is wholly-owned and controlled by the Fund. 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, other special minerals (“Gold ETFs” 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 6,015 shares with net assets of $733,626 in the Subsidiary.

44       OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

2. Significant Accounting Policies (Continued)

Other financial information at period end:

Total market value of investments*	$	—
Net assets	$	733,626
Net income (loss)	$	(33,854)
Net realized gain (loss)	$	96,479
Net change in unrealized appreciation/depreciation	$	—

*At period end, the Subsidiary only held cash.

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.

Investment Income. Dividend income is recorded on the ex-dividend date or upon

45       OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS Continued

2. Significant Accounting Policies (Continued)

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 applicable to regulated investment companies and to distribute substantially all of its investment company taxable income, including any net realized gain on investments not offset by capital loss carryforwards, if any, to shareholders. Therefore, no federal income or excise tax provision is required. The Fund files income tax returns in U.S. federal and applicable state jurisdictions. The statute of limitations on the Fund’s tax return filings generally remains open

46       OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

2. Significant Accounting Policies (Continued)

for the three preceding fiscal reporting period ends. The Fund has analyzed its tax positions for the fiscal year ended October 31, 2018, 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.

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

Total Distributable Earnings1	Accumulated Loss Carryforward2,3		Net Unrealized Depreciation Based on cost of Securities and Other Investments for Federal Income Tax Purposes
$3,642,925		$—		$640,340

1. At period end, the Fund elected to defer $1,121,237 of late year ordinary losses.

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

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

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

47       OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS Continued

2. Significant Accounting Policies (Continued)

realized gains presented in those financial statements in accordance with U.S. GAAP. Also, due to timing of dividends and distributions, the fiscal year in which amounts are distributed may differ from the fiscal year in which the income or net realized gain was recorded by the Fund.

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

Increase to Paid-in Capital	Reduction to Accumulated Net Earnings4
$204,980		$204,980

4. $204,761, all of which was long-term capital gain, was distributed in connection with Fund share redemptions.

The tax character of distributions paid during the reporting periods:

	Year Ended       October 31, 2018		Year Ended        October 31, 2017
Distributions paid from:
Ordinary income	$	282,442	$	1,878,138
Long-term capital gain		1,262,176		766,834
	$	1,544,618	$	2,644,972

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	$	66,206,300
Federal tax cost of other investments		36,929,556
Total federal tax cost	$	103,135,856
Gross unrealized appreciation	$	3,868,311
Gross unrealized depreciation		(4,508,651	)
Net unrealized depreciation	$	(640,340	)

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.

New Accounting Pronouncements. In March 2017, Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”), ASU 2017-08. This provides guidance

48       OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

2. Significant Accounting Policies (Continued)

related to the amortization period for certain purchased callable debt securities held at a premium. The ASU is effective for annual periods beginning after December 15, 2018, and interim periods within those annual periods. The Manager is evaluating the impacts of these changes on the financial statements.

During August 2018, the Securities and Exchange Commission (the “SEC”) issued Final Rule Release No. 33-10532 (the “Rule”), Disclosure Update and Simplification. The rule amends certain financial statement disclosure requirements to conform to U.S. GAAP. The amendments to Rule 6-04.17 of Regulation S-X (balance sheet) remove the requirement to separately state the book basis components of net assets: undistributed (over-distribution of) net investment income (“UNII”), accumulated undistributed net realized gains (losses), and net unrealized appreciation (depreciation) at the balance sheet date. Instead, consistent with U.S. GAAP, funds will be required to disclose total distributable earnings. The amendments to Rule 6-09 of Regulation S-X (statement of changes in net assets) remove the requirement to separately state the sources of distributions paid. Instead, consistent with U.S. GAAP, funds will be required to disclose the total amount of distributions paid, except that any tax return of capital must be separately disclosed. The amendments also remove the requirement to parenthetically state the book basis amount of UNII on the statement of changes in net assets. The requirements of the Rule are effective November 5, 2018, and the Funds’ Statement of Assets and Liabilities and Statement of Changes in Net Assets for the current reporting period have been modified accordingly. In addition, certain amounts within each Fund’s Statement of Changes in Net Assets for the prior fiscal period have been modified to conform to the Rule.

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

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NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS 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

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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 Consolidated Statement of Assets and Liabilities at period end based on valuation input level:

	Level 1— Unadjusted Quoted Prices		Level 2— Other Significant Observable Inputs		Level 3— Significant Unobservable Inputs		Value
Assets Table
Investments, at Value:
Common Stocks
Consumer Discretionary	$	4,357,373	$	3,558,910	$	—	$	7,916,283

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NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS Continued

3. Securities Valuation (Continued)

	Level 1— Unadjusted Quoted Prices			Level 2— Other Significant     Observable Inputs			Level 3— Significant     Unobservable Inputs		Value
Investments, at Value: (Continued)
Consumer Staples	$	864,357		$	1,619,586		$	—	$	2,483,943
Energy		3,448,163			982,778			—		4,430,941
Financials		1,890,893			2,782,489			—		4,673,382
Health Care		2,505,984			1,366,167			—		3,872,151
Industrials		1,792,787			3,574,932			—		5,367,719
Information Technology		3,038,920			3,950,551			—		6,989,471
Materials		506,493			842,754			—		1,349,247
Telecommunication Services		82,443			563,472			—		645,915
Preferred Stock		3,377			—			—		3,377
U.S. Government Obligations		—			3,161,208			—		3,161,208
Over-the-Counter Options Purchased		—			100,494			—		100,494
Short-Term Note		—			249,144			—		249,144
Investment Companies		17,801,634			6,662,749			—		24,464,383
Total Investments, at Value		36,292,424			29,415,234			—		65,707,658
Other Financial Instruments:
Swaps, at value		—			19,793			—		19,793
Futures contracts		425,603			—			—		425,603
Forward currency exchange contracts		—			286,655			—		286,655
Total Assets	$	36,718,027		$	29,721,682		$	—	$	66,439,709
Liabilities Table
Other Financial Instruments:
Swaps, at value	$	—		$	(45,380	)	$	—	$	(45,380	)
Centrally cleared swaps, at value		—			(314,904	)		—		(314,904	)
Options written, at value		—			(3,564	)		—		(3,564	)
Futures contracts		(248,491	)		—			—		(248,491	)
Forward currency exchange contracts		—			(489,647	)		—		(489,647	)
Total Liabilities	$	(248,491	)	$	(853,495	)	$	—	$	(1,101,986	)

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 out of Level 1*			Transfers into  Level 2*
Assets Table
Investments, at Value:
Common Stocks
Consumer Discretionary	$	(139,918	)	$	139,918
Financials		(54,868	)		54,868
Health Care		(27,242	)		27,242
Materials		(37,235	)		37,235
Total Assets	$	(259,263	)	$	259,263

* 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 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

53       OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS Continued

4. Investments and Risks (Continued)

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 Funds. 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 (“Master Loan”) and Oppenheimer Master Event-Linked Bond Fund, LLC (“Master Event-Linked Bond”) (the “Master Funds”). Each 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 one Master Fund than in another, the Fund will have greater exposure to the risks of that Master Fund.

The investment objective of Master Loan is to seek income. The investment objective of Master Event-Linked Bond is to seek total return. The Fund’s investments in the Master Funds are included in the Consolidated Statement of Investments. The Fund recognizes income and gain/(loss) on its investments in each 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 Funds. As a shareholder, the Fund is subject to its proportional share of the Master 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 Master Funds. The Fund owns 1.9% of Master Event-Linked Bond and no longer held Master Loan at period end.

Master Limited Partnerships (“MLPs”). MLPs issue common units that represent an equity ownership interest in a partnership and provide limited voting rights. MLP common units are registered with the Securities and Exchange Commission (“SEC”), and are freely tradable on securities exchanges such as the NYSE and the NASDAQ Stock Market (“NASDAQ”), or in the over-the-counter (“OTC”) market. An MLP consists of one or more general partners, who conduct the business, and one or more limited partners, who contribute

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4. Investments and Risks (Continued)

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.

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. 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

55       OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS Continued

5. Market Risk Factors (Continued)

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 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

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6. Use of Derivatives (Continued)

able to sell the derivative in the open market in a timely manner, and counterparty credit risk, which is the risk that the counterparty will not fulfill its obligation to the Fund.

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

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 $45,891,928 and $42,159,745, respectively.

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

Futures Contracts

A futures contract is a commitment to buy or sell a specific amount of a commodity, financial instrument or currency at a negotiated price on a stipulated future date. The Fund may buy and sell futures contracts and may also buy or write put or call options on these futures contracts. Futures contracts and options thereon are generally entered into on a regulated futures exchange and cleared through a clearinghouse associated with the exchange.

Upon entering into a futures contract, the Fund is required to deposit either cash or securities (initial margin) in an amount equal to a certain percentage of the contract value in an account registered in the futures commission merchant’s name. Subsequent payments (variation margin) are paid to or from the futures commission merchant each day equal to the daily changes in the contract value. Such payments are recorded as unrealized gains and losses. Should the Fund fail to make requested variation margin payments, the futures commission merchant can gain access to the initial margin to satisfy the Fund’s payment obligations.

Futures contracts are reported on a schedule following the 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

57       OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS Continued

6. Use of Derivatives (Continued)

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 $37,969,834 and $2,121,149 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 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

58       OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

6. Use of Derivatives (Continued)

$9,677 and $8,871 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 $51,152 and $61,058 on written call options and written put options, respectively.

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

Swap Contracts

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

Swap contracts are reported on a schedule following the 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

59       OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS Continued

6. Use of Derivatives (Continued)

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.

Credit Default Swap Contracts. A credit default swap is a contract that enables an investor to buy or sell protection against a defined-issuer credit event, such as the issuer’s failure to make timely payments of interest or principal on a debt security, bankruptcy or restructuring. The Fund may enter into credit default swaps either by buying or selling protection on a corporate issuer, sovereign issuer, or a basket or index of issuers (the “reference asset”).

The buyer of protection pays a periodic fee to the seller of protection based on the notional amount of the swap contract. The seller of protection agrees to compensate the buyer of protection for future potential losses as a result of a credit event on the reference asset. The contract effectively transfers the credit event risk of the reference asset from the buyer of protection to the seller of protection.

The ongoing value of the contract will fluctuate throughout the term of the contract based primarily on the credit risk of the reference asset. If the credit quality of the reference asset improves relative to the credit quality at contract initiation, the buyer of protection may have an unrealized loss greater than the anticipated periodic fee owed. This unrealized loss would be the result of current credit protection being cheaper than the cost of credit protection at contract initiation. If the buyer elects to terminate the contract prior to its maturity, and there has been no credit event, this unrealized loss will become realized. If the contract is held to maturity, and there has been no credit event, the realized loss will be equal to the periodic fee paid over the life of the contract.

If there is a credit event, the buyer of protection can exercise its rights under the contract and receive a payment from the seller of protection equal to the notional amount of the swap less the market value of specified debt securities issued by the reference asset. Upon exercise of the contract the difference between such value and the notional amount is recorded as realized gain (loss) and is included on the Consolidated Statement of Operations.

The Fund may purchase or sell credit protection through credit default swaps to increase or decrease exposure to the credit risk of individual issuers and/or indexes of issuers that are either unavailable or considered to be less attractive in the bond market.

For the reporting period, the Fund had ending monthly average notional amounts of $1,798,462 on credit default swaps to buy protection.

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

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

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6. Use of Derivatives (Continued)

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 $6,915,065 and $8,621,555 on interest rate swaps which pay a fixed rate and interest rate swaps which receive a fixed rate, respectively.

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

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

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

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

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

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

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,

61       OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS Continued

6. Use of Derivatives (Continued)

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 $3,858,112 and $423,921 on total return swaps which are long the reference asset and total return swaps which are short the reference asset, respectively.

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

Swaption Transactions

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

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

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

62       OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

6. Use of Derivatives (Continued)

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 $235 and $413 on purchased and written swaptions, respectively.

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

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

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

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

ISDA master agreements include credit related contingent features which allow counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event that, for example, the Fund’s net assets decline by a stated percentage or the Fund fails to meet the terms of its ISDA master agreements, which would cause the Fund to accelerate payment of any net liability owed to the counterparty.

For financial reporting purposes, the Fund does not offset derivative assets and derivative 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,

63       OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS Continued

6. Use of Derivatives (Continued)

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 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:

64       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 Received**		Cash Collateral Received**		Net Amount
Bank of America NA	$	172,317	$	(6,834	)	$	–	$	–	$	165,483
Barclays Bank plc		20,545		(20,545	)		–		–		–
Citibank NA		39,070		(39,070	)		–		–		–
Deutsche Bank AG		80,532		(14,011	)		–		–		66,521
Goldman Sachs Bank USA		7,186		(7,186	)		–		–		–
HSBC Bank USA NA		13,125		(13,125	)		–		–		–
JPMorgan Chase Bank NA		74,167		(74,167	)		–		–		–
	$	406,942	$	(174,938	)	$	–	$	–	$	232,004

*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 collateral posted for the benefit of the Fund may exceed these amounts.

The following table presents by counterparty the Fund’s OTC derivative liabilities net of the related collateral pledged by the Fund at period end:

				Gross Amounts Not Offset in the 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	$	(6,834	)	$	6,834	$	–	$	–	$	–
Barclays Bank plc		(101,189	)		20,545		–		–		(80,644	)
Citibank NA		(195,419	)		39,070		–		–		(156,349	)
Deutsche Bank AG		(14,011	)		14,011		–		–		–
Goldman Sachs Bank USA		(13,856	)		7,186		–		–		(6,670	)
HSBC Bank USA NA		(26,397	)		13,125		–		–		(13,272	)
JPMorgan Chase Bank NA		(180,885	)		74,167		–		–		(106,718	)
	$	(538,591	)	$	174,938	$	–	$	–	$	(363,653	)

*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 Statement of Investments may exceed these amounts.

65       OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS Continued

6. Use of Derivatives (Continued)

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
Equity contracts	Swaps, at value	$	19,793		Swaps, at value	$	45,380
Credit contracts					Centrally cleared swaps, at value		314,904
Equity contracts	Variation margin receivable		178,742	*	Variation margin payable		96,604	*
Interest rate contracts	Variation margin receivable		8,313	*	Variation margin payable		50,015	*
Forward currency exchange contracts	Unrealized appreciation on forward currency exchange contracts		286,655		Unrealized depreciation on forward currency exchange contracts		489,647
Currency contracts					Options written, at value		3,564
Currency contracts	Investments, at value		100,494*	*
Total		$	593,997			$	1,000,114

*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.

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
Commodity contracts	$	—		$	—	$	—		$	85,045
Currency contracts		(15,087	)		—		177,659			—
Credit contracts		—			—		—			—
Equity contracts		(2,093	)		—		(100,162	)		405,007
Forward currency exchange contracts		—			—		—			—
Interest rate contracts		(1,133	)		1,859		—			(8,081	)
Volatility contracts		—			—		—			11,434
Total	$	(18,313	)	$	1,859	$	77,497		$	493,405

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6. Use of Derivatives (Continued)

Amount of Realized Gain or (Loss) Recognized on Derivatives (Continued)
Derivatives Not Accounted for as Hedging Instruments	Forward currency exchange contracts			Swap contracts			Affiliated swap contracts			Total
Commodity contracts	$	—		$	—		$	—		$	85,045
Currency contracts		—			—			—			162,572
Credit contracts		—			(44,517	)		—			(44,517	)
Equity contracts		—			(212,494	)		(137,254	)		(46,996	)
Forward currency exchange contracts		(1,434,614	)		—			—			(1,434,614	)
Interest rate contracts		—			(265,224	)		—			(272,579	)
Volatility contracts		—			—			—			11,434
Total	$	(1,434,614	)	$	(522,235	)	$	(137,254	)	$	(1,539,655	)

*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*		Option contracts written			Futures contracts			Forward currency exchange contracts
Credit contracts	$	—	$	—		$	—		$	—
Currency contracts		36,468		3,530			—			—
Equity contracts		—		—			(341,132	)		—
Forward currency exchange contracts		—		—			—			258,215
Interest rate contracts		—		—			(32,245	)		—
Total	$	36,468	$	3,530		$	(373,377	)	$	258,215
Amount of Change in Unrealized Gain or (Loss) Recognized on Derivatives (Continued)
Derivatives Not Accounted for as Hedging Instruments			Swap contracts			Affiliated swap contacts			Total
Credit contracts			$	2,364		$	—		$	2,364
Currency contracts				—			—			39,998
Equity contracts				(25,587	)		7,834			(358,885	)
Forward currency exchange contracts				—			—			258,215
Interest rate contracts				4,275			—			(27,970	)
Total			$	(18,948	)	$	7,834		$	(86,278	)

*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:

67       OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS Continued

7. Shares of Beneficial Interest (Continued)

	Year Ended October 31, 2018						Year Ended October 31, 2017
	Shares			Amount			Shares			Amount
Class A
Sold		546,221		$	6,329,434			467,114		$	5,115,465
Dividends and/or distributions reinvested		12,796			147,665			6,529			65,222
Redeemed		(329,070	)		(3,747,740	)		(46,554	)		(508,775	)
Net increase		229,947		$	2,729,359			427,089		$	4,671,912
Class C
Sold		315,021		$	3,604,071			118,835		$	1,285,239
Dividends and/or distributions reinvested		3,028			34,703			2,457			24,449
Redeemed		(115,836	)		(1,294,958	)		(23,581	)		(249,243	)
Net increase		202,213		$	2,343,816			97,711		$	1,060,445
Class I
Sold		—		$	—			—		$	—
Dividends and/or distributions reinvested		—			—			—			—
Redeemed		—			—			—			—
Net increase		—		$	—			—		$	—
Class R
Sold		104,789		$	1,202,086			150,020		$	1,587,760
Dividends and/or distributions reinvested		4,616			53,172			7,520			74,979
Redeemed		(89,415	)		(1,001,112	)		(53,753	)		(570,583	)
Net increase		19,990		$	254,146			103,787		$	1,092,156
Class Y
Sold		30,090		$	354,226			19,743		$	217,187
Dividends and/or distributions reinvested		433			4,999			507			5,076
Redeemed		(11,390	)		(133,008	)		(5,451	)		(58,433	)
Net increase		19,133		$	226,217			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		$90,072,035		$87,279,275
U.S. government and government agency obligations		2,068,384		—

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:

68       OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

9. Fees and Other Transactions with Affiliates (Continued)

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

The 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 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 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

69       OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS Continued

9. Fees and Other Transactions with Affiliates (Continued)

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.

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.

70       OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

9. Fees and Other Transactions with Affiliates (Continued)

		Class A	Class C	Class R
	Class A	Contingent	Contingent	Contingent
	Front-End	Deferred	Deferred	Deferred
	Sales Charges	Sales Charges	Sales Charges	Sales Charges
	Retained by	Retained by	Retained by	Retained by
Year Ended	Distributor	Distributor	Distributor	Distributor
October 31, 2018	$25,596	$—	$868	$—

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” (excluding any applicable dividend expense, taxes, interest and fees from borrowing, any subsidiary expenses, Acquired Fund Fees and Expenses, brokerage commissions, unusual and infrequent expenses and certain other Fund 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.

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

Class A	$	84,718
Class C		17,865
Class I		17
Class R		15,566
Class Y		1,688

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 $1,654. 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, 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

71       OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS Continued

9. Fees and Other Transactions with Affiliates (Continued)

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 $135,981 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.

10. Borrowings and Other Financing

Joint Credit Facility. A number of mutual funds managed by the Manager participate in a $1.95 billion revolving credit facility (the “Facility”) intended to provide short-term financing, if necessary, subject to certain restrictions in connection with atypical redemption activity. Expenses and fees related to the Facility are paid by the participating funds and are disclosed separately or as other expenses on the Consolidated Statement of Operations. The Fund did not utilize the Facility during the reporting period.

11. Pending Acquisition

On October 18, 2018, Massachusetts Mutual Life Insurance Company (“MassMutual”), an indirect corporate parent of the Sub-Adviser and the Manager announced that it has entered into a definitive agreement, whereby Invesco Ltd. (“Invesco”), a global investment management company, will acquire the Sub-Adviser. As of the time of the announcement, the transaction is expected to close in the second quarter of 2019, pending necessary regulatory and other third-party approvals. This is subject to change.

72       OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and Board of Trustees

Oppenheimer Global Multi-Asset Growth Fund:

Opinion on the Consolidated Financial Statements

We have audited the accompanying consolidated statement of assets and liabilities of Oppenheimer Global Multi-Asset Growth Fund (the “Fund”), including the consolidated statement of investments, as of October 31, 2018, the related consolidated statement of operations for the year then ended, the consolidated statements of changes in net assets for each of the years in the two year period then ended, and the related consolidated notes (collectively, the “consolidated financial statements”) and the consolidated financial highlights for each of the years in the three year period then ended, and for the period from August 27, 2015 (commencement of operations) to October 30, 2015. In our opinion, the consolidated financial statements and consolidated financial highlights present fairly, in all material respects, the consolidated financial position of the Fund as of October 31, 2018, the results of their consolidated operations for the year then ended, the changes in their consolidated net assets for each of the years in the two year period then ended, and the consolidated financial highlights for each of the years in the three year period then ended, and the period from August 27, 2015 (commencement of operations) to October 30, 2015, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These consolidated financial statements and consolidated financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these consolidated financial statements and consolidated financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements and consolidated financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements and consolidated financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements and consolidated financial highlights. Such procedures also included confirmation of securities owned as of October 31, 2018, by correspondence with the custodian, brokers and the transfer agent, or by other appropriate auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements and consolidated financial highlights. We believe that our audits provide a reasonable basis for our opinion.

KPMG LLP

We have not been able to determine the specific year that we began serving as the auditor of one or more Oppenheimer Funds investment companies, however we are aware that we have served as the auditor of one or more Oppenheimer Funds investment companies since at least 1969.

Denver, Colorado

December 21, 2018

73       OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

FEDERAL INCOME TAX INFORMATION Unaudited

In early 2018, if applicable, shareholders of record received information regarding all dividends and distributions paid to them by the Fund during calendar year 2017.

Capital gain distributions of $0.211 per share were paid to Class A, Class C, Class I, Class R and Class Y shareholders, respectively, on December 19, 2017. Whether received in stock or in cash, the capital gain distribution should be treated by shareholders as a gain from the sale of the capital assets held for more than one year (long-term capital gains).

Dividends, if any, paid by the Fund during the reporting period which are not designated as capital gain distributions should be multiplied by the maximum amount allowable but not less than 100% to arrive at the amount eligible for the corporate dividend-received deduction.

A portion, if any, of the dividends paid by the Fund during the reporting period which are not designated as capital gain distributions are eligible for lower individual income tax rates to the extent that the Fund has received qualified dividend income as stipulated by recent tax legislation. The maximum amount allowable but not less than $988,382 of the Fund’s fiscal year taxable income may be eligible for the lower individual income tax rates. In early 2018, shareholders of record received information regarding the percentage of distributions that are eligible for lower individual income tax rates.

Recent tax legislation allows a regulated investment company to designate distributions not designated as capital gain distributions, as either interest related dividends or short-term capital gain dividends, both of which are exempt from the U.S. withholding tax applicable to non U.S. taxpayers. For the reporting period, the maximum amount allowable but not less than $49,369 of the ordinary distributions to be paid by the Fund qualifies as an interest related dividend.

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

74       OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

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

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

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

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

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

75       OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

BOARD APPROVAL OF THE FUND’S INVESTMENT ADVISORY, SUB-ADVISORY AND SUB-SUB-ADVISORY AGREEMENTS Unaudited / Continued

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

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

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

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

76      OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

following annual rates: 1.10% for Class A shares, 1.85% for Class C shares, 0.85% for Class I shares, 1.35% for Class R shares, and 0.95% for Class Y shares, and that the expense limitations may not be amended or withdrawn for one year from the date of the Fund’s prospectus, unless approved by the Board. The Board noted that the Fund’s contractual management fee and total expenses, net of waivers, were lower than its peer group median and category median.

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

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

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

Based on its review of the information it received and its evaluations described above, the Board, including a majority of the independent Trustees, decided to continue the Agreements through September 30, 2019. In arriving at its decision, the Board did not identify any factor or factors as being more important than others, but considered all of the above information, and considered the terms and conditions of the Agreements, including the management fees, in light of all the surrounding circumstances.

77      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.

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.

78       OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

TRUSTEES AND OFFICERS Unaudited

Name, Position(s) Held with the Fund, Length of Service, Year of Birth	Principal Occupation(s) During the Past 5 Years; Other Trusteeships/ Directorships Held; Number of Portfolios in the Fund Complex Currently Overseen
INDEPENDENT TRUSTEES	The address of each Trustee in the chart below is 6803 S. Tucson Way, Centennial, Colorado 80112-3924. Each Trustee serves for an indefinite term, or until his or her resignation, retirement, death or removal. Each of the Trustees in the chart below oversee 47 portfolios in the OppenheimerFunds complex.
Brian F. Wruble, Chairman of the Board of Trustees and Trustee (since 2015) Year of Birth: 1943	Governor of Community Foundation of the Florida Keys (non-profit) (since July 2012); Director of TCP Capital, Inc. (registered business development company) (since November 2015); Chairman Emeritus of the Board of Trustees (since August 2011), Chairman of the Board of Trustees (August 2007-August 2011), Trustee of the Board of Trustees (since August 1991) of The Jackson Laboratory (non-profit); Member of Zurich Insurance Group’s Investment Management Advisory Council (insurance) (October 2004-February 2017); Treasurer (since 2007) and Trustee (since May 1992) of the Institute for Advanced Study (non-profit educational institute); Director of Special Value Opportunities Fund, LLC (registered investment company) (affiliate of the Sub-Adviser’s parent company) (September 2004- June 2015); General Partner of Odyssey Partners, L.P. (hedge fund) (September 1995-December 2007); Special Limited Partner of Odyssey Investment Partners, LLC (private equity investment) (January 1999-September 2004). Mr. Wruble has served on the Boards of certain Oppenheimer funds since April 2001, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Board’s deliberations.
Beth Ann Brown, Trustee (since 2016) Year of Birth: 1968	Director, Board of Directors of Caron Engineering Inc. (since January 2018); Advisor, Board of Advisors of Caron Engineering Inc. (December 2014-December 2017); Independent Consultant (since September 2012); held the following positions at Columbia Management Investment Advisers LLC: Head of Intermediary Distribution (2008-2012), Managing Director, Strategic Relations (2005-2008), Managing Director, Head of National Accounts (2004-2005); Senior Vice President, National Account Manager (2002-2004), Senior Vice President, Key Account Manager (1999-2002) and Vice President, Key Account Manager (1996-1999) of Liberty Funds Distributor, Inc.; President and Director, of Acton Shapleigh Youth Conservation Corps (non -profit) (2012-2015); and Vice President and Director of Grahamtastic Connection (non-profit) (since May 2013). Ms. Brown has served on the Boards of certain Oppenheimer funds since January 2016, during which time she has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Board’s deliberations.
Edmund P. Giambastiani, Jr., Trustee (since 2015) Year of Birth: 1948	Director of THL Credit, Inc. (since November 2016) (alternative credit investment manager); Advisory Board Member of the Maxwell School of Citizenship and Public Affairs of Syracuse University (April 2012-September 2016); Director of Mercury Defense Systems Inc. (information technology) (August 2011-February 2013); Trustee of the U.S. Naval Academy Foundation Athletic & Scholarship Program (since November 2010); Advisory Board Member of the Massachusetts Institute of Technology Lincoln Laboratory (federally-funded research development) (since May 2010); Director of The Boeing Company (aerospace and defense) (since October 2009); Trustee of MITRE Corporation (federally-funded research development) (since September 2008); Independent Director of QinetiQ Group Plc (defense technology and security) (February 2008-August 2011); Chairman of Monster Worldwide, Inc. (career services) (March 2015-November 2016), Director

79       OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

TRUSTEES AND OFFICERS Unaudited / Continued

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

80      OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

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

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

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

Advisory Board Director of Massey Quick Simon & Co. (wealth management), LLC (since October 2014); Board Director of Horizon Blue Cross Blue Shield of New Jersey (healthcare) (since November 2012); Advisory Board Director of The Alberleen Group LLC (investment banking) (since March 2012); Governing Council Member (since 2016) and Chair of Education Committee (since 2017) of Independent Directors Council (IDC) (since 2016); Board Member of 100 Women in Finance (non-profit) (since January 2015); Advisory Council Member of Morgan Stanley Children’s Hospital (non-profit) (since May 2012); Director of The Komera Project (non-profit) (April 2012-2016); New York Advisory Board Director of Peace First (non-profit) (March 2010-2013); Senior Advisor of SECOR Asset Management, LP (2010-2011); Managing Director and Chief Operating Officer of Morgan Stanley Investment Management (2006-2010); Partner and Chief Operating Officer of FrontPoint Partners, LLC (hedge fund) (2005-2006); held the following positions at Credit Suisse (investment banking): Managing Director (2003-2005); Global Head of Human Resources and member of Executive Board and Operating Committee (2004-2005), Global Head of Operations and Product Control (2003-2004); held the following positions at Morgan Stanley: Managing Director (1997-2003), Controller and Principal Accounting Officer (1999-2003); Chief Financial Officer (temporary assignment) for the Oversight Committee, Long Term Capital Management (1998-1999). Lead Independent Director and Chair of the Audit and Nominating Committee of The Global Chartist Fund, LLC of Oppenheimer Asset Management (2011-2012); Board Director of Managed Funds Association (2008-2010); Board Director of Morgan Stanley Foundation (2007- 2010) and Investment Committee Chair (2008-2010). Ms. Pace has served on the Boards of certain Oppenheimer funds since November 2012, during which time she has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Board’s deliberations.

81      OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

TRUSTEES AND OFFICERS Unaudited / Continued

Daniel Vandivort, Trustee (since 2015) Year of Birth: 1954	Chairman and Lead Independent Director/Trustee (March 2010-September 2014), Chairman of the Audit Committee (March 2009-September 2014) and Director/Trustee (December 2008-September 2014) of the Board of Directors/ Trustees of Value Line Funds; Trustee (since January 2015) and Treasurer and Chairman of the Audit Committee and Finance Committee (since January 2016) of Board of Trustees of Huntington Disease Foundation of America; Trustee, Board of Trustees, RIM Retirement Savings Plan (2005-2007); President and Chief Investment Officer, Robeco Investment Management, formerly known as Weiss Peck and Greer (January 2005-June 2007); Member, Management Committee of Robeco Investment Management (2001-2007); Chairman and Trustee of the Board of Trustees of Weiss, Peck and Greer Funds (2004-2005); Managing Director and Head of Fixed Income, Weiss, Peck and Greer (November 1994-January 2005); Managing Director and Head of Fixed Income, CS First Boston Investment Management (January 1992-November 1994); Director, Global Product Development, First Boston Asset Management (November 1989-January 1992); Vice President, Fixed Income Sales, First Boston Corp. (May 1984-November 1989). Mr. Vandivort has served on the Boards of certain Oppenheimer funds since 2014, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Board’s deliberations.
INTERESTED TRUSTEE AND OFFICER	Mr. Steinmetz is an “Interested Trustee” because he is affiliated with the Manager and the Sub-Adviser by virtue of his positions as Chairman and director of the Sub-Adviser and officer and director of the Manager. Both as a Trustee and as an officer, Mr. Steinmetz serves for an indefinite term, or until his resignation, retirement, death or removal. Mr. Steinmetz’s address is 225 Liberty Street, New York, New York 10281-1008. Mr. Steinmetz is an officer of 105 portfolios in the OppenheimerFunds complex.
Arthur P. Steinmetz, Trustee, President and Principal Executive Officer (since 2015) Year of Birth: 1958	Chairman of OppenheimerFunds, Inc. (since January 2015); CEO and Chairman of OFI Global Asset Management, Inc. (since July 2014), President of OFI Global Asset Management, Inc. (since May 2013), a Director of OFI Global Asset Management, Inc. (since January 2013), Director of OppenheimerFunds, Inc. (since July 2014), President, Management Director and CEO of Oppenheimer Acquisition Corp. (OppenheimerFunds, Inc.’s parent holding company) (since July 2014), and President and Director of OFI SteelPath, Inc. (since January 2013). Chief Investment Officer of the OppenheimerFunds advisory entities (January 2013-December 2013); Executive Vice President of OFI Global Asset Management, Inc. (January 2013-May 2013); Chief Investment Officer of OppenheimerFunds, Inc. (October 2010-December 2012); Chief Investment Officer, Fixed-Income, of OppenheimerFunds, Inc. (April 2009-October 2010); Executive Vice President of OppenheimerFunds, Inc. (October 2009-December 2012); Director of Fixed Income of OppenheimerFunds, Inc. (January 2009-April 2009); and a Senior Vice President of OppenheimerFunds, Inc. (March 1993-September 2009).
OTHER OFFICERS OF THE FUND	The addresses of the Officers in the chart below are as follows: for Messrs. Rockmuller, de Longis, Mss. Lo Bessette, Foxson and Picciotto, 225 Liberty Street, New York, New York 10281-1008, for Mr. Petersen, 6803 S. Tucson Way, Centennial, Colorado 80112-3924. Each Officer serves for an indefinite term or until his or her resignation, retirement, death or removal.

82      OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

Benjamin H. Rockmuller, Vice President (since 2015) Year of Birth: 1979	Vice President of the Sub-Adviser (since September 2010); Senior Portfolio Manager of the Sub-Adviser (since January 2014); Portfolio Manager of the Sub-Adviser (July 2010-January 2014); Assistant Vice President of the Sub-Adviser (January 2010-August 2010); Senior Analyst of the Sub-Adviser for the Global Debt Team (January 2010-July 2010); Intermediate Analyst of the Sub-Adviser for the Global Debt Team (January 2007-January 2010); Junior Analyst of the Sub-Adviser for the Global Debt Team (April 2004-January 2007) and Junior Analyst of the Sub- Adviser for the High Yield Team (June 2003-April 2004).
Alessio de Longis, Vice President (since 2015) Year of Birth: 1978	Vice President of the Sub-Adviser (since June 2010); Assistant Vice President of the Sub-Adviser (May 2009-June 2010); Senior Research Analyst of the Sub-Adviser (January 2008-June 2010); Intermediate Research Analyst of the Sub-Adviser (January 2006-January 2008) Junior Analyst of the Sub-Adviser (February 2004-January 2006).
Cynthia Lo Bessette, Secretary and Chief Legal Officer (since 2016) Year of Birth: 1969	Executive Vice President, General Counsel and Secretary of the Manager (since February 2016); Senior Vice President and Deputy General Counsel of the Manager (March 2015-February 2016); Chief Legal Officer of the Sub-Adviser and the Distributor (since February 2016); Vice President, General Counsel and Secretary of Oppenheimer Acquisition Corp. (since February 2016); General Counsel of OFI SteelPath, Inc., VTL Associates, LLC and Index Management Solutions, LLC (since February 2016); Chief Legal Officer of OFI Global Institutional, Inc., HarbourView Asset Management Corporation, OFI Global Trust Company, Oppenheimer Real Asset Management, Inc., OFI Private Investments Inc., Shareholder Services, Inc. and Trinity Investment Management Corporation (since February 2016); Corporate Counsel (February 2012-March 2015) and Deputy Chief Legal Officer (April 2013-March 2015) of Jennison Associates LLC; Assistant General Counsel (April 2008-September 2009) and Deputy General Counsel (October 2009-February 2012) of Lord Abbett & Co. LLC.
Jennifer Foxson, Vice President and Chief Business Officer (since 2014) Year of Birth: 1969	Senior Vice President of OppenheimerFunds Distributor, Inc. (since June 2014); Vice President of OppenheimerFunds Distributor, Inc. (April 2006-June 2014); Vice President of the Sub-Adviser (January 1998-March 2006); Assistant Vice President of the Sub-Adviser (October 1991-December 1998).
Mary Ann Picciotto, Chief Compliance Officer and Chief Anti-Money Laundering Officer (since 2014) Year of Birth: 1973	Senior Vice President and Chief Compliance Officer of the Manager (since March 2014); Chief Compliance Officer of the Sub-Adviser, OFI SteelPath, Inc., OFI Global Trust Company, OFI Global Institutional, Inc., Oppenheimer Real Asset Management, Inc., OFI Private Investments, Inc., Harborview Asset Management Corporation, Trinity Investment Management Corporation, and Shareholder Services, Inc. (since March 2014); Managing Director of Morgan Stanley Investment Management Inc. and certain of its various affiliated entities; Chief Compliance Officer of various Morgan Stanley Funds (May 2010-January 2014); Chief Compliance Officer of Morgan Stanley Investment Management Inc. (April 2007-January 2014).
Brian S. Petersen, Treasurer and Principal Financial & Accounting Officer (since 2016) Year of Birth: 1970	Senior Vice President of the Manager (since January 2017); Vice President of the Manager (January 2013-January 2017); Vice President of the Sub-Adviser (February 2007-December 2012); Assistant Vice President of the Sub-Adviser (August 2002- 2007).

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

83      OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

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

© 2018 OppenheimerFunds, Inc. All rights reserved.

84       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.

85       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).

86      OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

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87       OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND

	Visit us at oppenheimerfunds.com for 24-hr access to account information and transactions or call us at 800.CALL OPP (800.225.5677) for 24-hr automated information and automated transactions. Representatives also available Mon–Fri 8am-8pm ET.
Visit Us oppenheimerfunds.com Call Us 800 225 5677 Follow Us	Oppenheimer funds are distributed by OppenheimerFunds Distributor, Inc. 225 Liberty Street, New York, NY 10281-1008 © 2018 OppenheimerFunds Distributor, Inc. All rights reserved. RA2015.001.1018 December 21, 2018

Item 2. Code of Ethics.

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

Item 3. Audit Committee Financial Expert.

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

Item 4. Principal Accountant Fees and Services.

(a) Audit Fees

The principal accountant for the audit of the registrant’s annual financial statements billed $65,400 in fiscal 2018 and $50,700 in fiscal 2017.

(b) Audit-Related Fees

The principal accountant for the audit of the registrant’s annual financial statements billed $3,500 in fiscal 2018 and $3,500 in fiscal 2017.

The principal accountant for the audit of the registrant’s annual financial statements billed $297,836 in fiscal 2018 and $386,986 in fiscal 2017 to the registrant’s investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant.

Such services include: Internal control reviews, GIPS attestation procedures, incremental and additional audit services

(c) Tax Fees

The principal accountant for the audit of the registrant’s annual financial statements billed $49,085 in fiscal 2018 and $28,815 in fiscal 2017.

The principal accountant for the audit of the registrant’s annual financial statements billed $534,826 in fiscal 2018 and $286,402 in fiscal 2017 to the registrant’s investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant.

Such services include: tax compliance, tax planning and tax advice. Tax compliance generally involves preparation of original and amended tax returns, claims for a refund and tax payment-planning services. Tax planning and tax advice includes assistance with tax audits and appeals,

tax advice related to mergers and acquisitions and requests for rulings or technical advice from taxing authorities.

(d) All Other Fees

The principal accountant for the audit of the registrant’s annual financial statements billed no such fees in fiscal 2018 and no such fees in fiscal 2017.

The principal accountant for the audit of the registrant’s annual financial statements billed no such fees in fiscal 2018 and no such fees in fiscal 2017 to the registrant’s investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant.

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

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

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

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

(2) 0%

(f) Not applicable as less than 50%.

(g) The principal accountant for the audit of the registrant’s annual financial statements billed $885,247 in fiscal 2018 and $705,703 in fiscal 2017 to the registrant and the registrant’s investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant related to non-audit fees. Those billings did not include any prohibited non-audit services as defined by the Securities Exchange Act of 1934.

(h) The registrant’s audit committee of the board of Trustees has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser,

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

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Schedule of Investments.

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

b) Not applicable.

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

Not applicable.

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

Not applicable.

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

and Affiliated Purchasers.

Not applicable.

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

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

None

Item 11. Controls and Procedures.

Based on their evaluation of the registrant’s disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c)) as of 10/31/2018, 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:	12/21/2018

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:	12/21/2018

By:	/s/ Brian S. Petersen
	Brian S. Petersen
	Principal Financial Officer
Date:	12/21/2018

EX-99.CODE ETH

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

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

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

INTRODUCTION / DEFINITION / POLICY STATEMENT:

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

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

POLICY DETAILS:

A. POLICY STATEMENT

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

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

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

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

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

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

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

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

• Compliance with applicable laws, rules and regulations.

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

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

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

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

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

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

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

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

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

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

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

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

• Intentionally cause the Funds to fail to comply with applicable laws, rules and regulations, including failure to comply with the requirement of full, fair, accurate, understandable and timely disclosure in reports and documents that the Funds file with, or submit to, the SEC and in other public communications;

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

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

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

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

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

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

• Is prohibited by this Executive Code;

• Is consistent with honest and ethical conduct; and

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

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

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

B. POLICY IMPLEMENTATION

Each Covered Officer shall:

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

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

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

The Compliance Department shall:

• Maintain the current list of Covered Officers;

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

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

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

• Provide the Boards with a quarterly report setting forth:

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

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

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

o Any other significant information arising under the Executive Code.

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

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

• Includes the current Executive Code as an exhibit; and

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

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

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

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

Approved by OFI Legal and Compliance on July 2016

Exhibit A

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

Each Oppenheimer fund

President (Principal Executive Officer)

Treasurer (Principal Financial Officer)

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

President (Principal Executive Officer)

Chief Executive Officer (Principal Executive Officer)

Chief Financial Officer Principal Financial Officer)

Treasurer (Principal Financial Officer)

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

EX-99.CERT

Exhibit 99.CERT

Section 302 Certifications

CERTIFICATIONS

I, Arthur P. Steinmetz, certify that:

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

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

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

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

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

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

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

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

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

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

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

Date:    12/21/2018

/s/ Arthur P. Steinmetz

Arthur P. Steinmetz

Principal Executive Officer

Exhibit 99.CERT

Section 302 Certifications

CERTIFICATIONS

I, Brian S. Petersen, certify that:

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

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

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

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

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

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

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

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

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

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

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

Date:    12/21/2018

/s/ Brian S. Petersen

Brian S. Petersen

Principal Financial Officer

EX-99.906CERT

EX-99.906CERT

Section 906 Certifications

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

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

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

1. The Registrant’s periodic report on Form N-CSR for the period ended 10/31/2018 (the “Form N-CSR”) fully complies with the requirements of Section 15(d) of the Securities Exchange Act of 1934, as amended; and

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

Principal Executive Officer	Principal Financial Officer
Oppenheimer Global Multi-Asset Growth Fund	Oppenheimer Global Multi-Asset Growth Fund
/s/ Arthur P. Steinmetz	/s/ Brian S. Petersen
Arthur P. Steinmetz	Brian S. Petersen
Date: 12/21/2018	Date: 12/21/2018