UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-23052
Oppenheimer Global Multi-Asset Growth Fund
(Exact name of registrant as specified in charter)
6803 South Tucson Way, Centennial, Colorado 80112-3924
(Address of principal executive offices) (Zip code)
Cynthia Lo Bessette
OFI Global Asset Management, Inc.
225 Liberty Street, New York, New York 10281-1008
(Name and address of agent for service)
Registrant’s telephone number, including area code: (303) 768-3200
Date of fiscal year end: October 31
Date of reporting period: 4/29/2016
Item 1. Reports to Stockholders.
Semiannual Report | 4/30/2016
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Oppenheimer Global Multi-Asset Growth Fund |
Class A Shares
CUMULATIVE TOTAL RETURNS AT 4/29/16*
Class A Shares of the Fund | ||||||
Without Sales Charge | With Sales Charge |
MSCI All Country
| ||||
6-Month
| -1.87% | -7.51% | -0.94% | |||
Since Inception (8/27/15)
| 1.08 | -4.74 | 2.75 |
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).
*April 29, 2016, was the last business day of the Fund’s semiannual period end. See Note 2 of the accompanying Notes to Financial Statements. Index returns are calculated through April 30, 2016.
2 OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND
The Fund’s Class A shares (without sales charge) produced a return of -1.87% during the reporting period. In comparison, the MSCI All Country World Index (the “Index”) produced a return of -0.94% over the same period.
MARKET OVERVIEW
Over the first half of the reporting period, continued volatility in oil, weak economic data in some emerging markets, and mixed data in much of the developed world helped contribute to a volatile close to 2015. Ironically, the strong November U.S. payrolls report and subsequent high expectations of a Federal Reserve (“Fed”) hike brought out sellers as equity markets approached their early summer highs. The Fed finally hiked interest rates 0.25% in December, which followed a somewhat underwhelming easing program by the European Central Bank (“ECB”) earlier in the month.
2016 began with declines in the price of almost every risk asset globally. Much of this volatility was driven by the twin fears of slowing global growth and the aggressive interest rate hike path indicated by the Fed in its December 2015 communication. March saw a relief rally, however, as communication from the Fed turned more accommodative in light of this weak start to the year. Oil prices also began to stabilize and commodities started to pick up.
Financial market fears during this reporting period did not translate into a recession globally, however, and economic growth
remained slow and steady. We believe continued accommodative monetary policy globally coupled with modest economic growth may likely set the tempo for the rest of 2016 despite the weak start to the year.
FUND REVIEW
The primary driver of the Fund’s negative performance during the reporting period came from its equity components. Equity markets were volatile in the period, with a sell-off driven by the Fed’s increase in interest rates, and a relief rally after a more dovish tone from the Fed. The top detractors were the global developed equity strategy and the large-cap growth strategy, both from an absolute and relative perspective. Our global developed equity strategy had underperformance relative to the Index during the period driven by poor stock selection within the Financials and Technology sectors. Our large-cap growth strategy was a large detractor with poor stock selection within the Technology and Health Care sectors.
During the reporting period, our allocation to certain alternative strategies detracted from performance but provided more downside protection than equites. In particular, Oppenheimer Global Multi Strategies Fund
3 OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND
and Oppenheimer Fundamental Alternatives Fund, which we had exposure to through over-the counter total return swaps, posted slight negative returns for the period, but outpaced equities. These funds seek to offer the diversification benefits of hedge fund-like strategies and use systematic and fundamental techniques to generate return. Both funds seek to generate attractive risk-adjusted returns that exhibit low correlation to traditional stocks and bonds. We believe having exposure to these funds provides a great diversification strategy in this equity-dominated growth Fund.
The fixed-income components in aggregate were positive contributors to performance. In particular, our long duration posture was a big contributor. Last year we anticipated that U.S. Treasuries would be an attractive hedge against renewed market volatility, given their positive yield (relative to option based hedging strategies, where we would typically pay a premium for protection). Given our general concerns about global growth and a lack of discernible inflation, we believe developed market government bonds, particularly long-dated U.S. Treasuries, offered an attractive hedge in an uncertain environment. This duration hedge worked extremely well as volatility picked up in the first part of the year and yields on Treasuries fell substantially. With the significant move in yields, we reduced this exposure but still remain slightly long duration.
We expect the Fed to take a more accommodative stance that will help to calm markets over the near term. With this improvement in the risk backdrop and in conjunction with most developed markets in a slowdown regime, we think the most compelling opportunities are in credit. This is an area of the market that we had reduced last fall at a time when we believed credit would underperform as volatility picked up. We did see this play out, and spreads widened to near recession levels across the high yield market. In mid-March, with attractive valuations and a belief that volatility will stabilize with a more dovish Fed, we added high yield credit to the portfolio. In our view, credit offers an attractive opportunity to capture returns versus equities while incurring less risk in the aggregate portfolio.
STRATEGY & OUTLOOK
The Fund’s investment objective is to seek capital appreciation. The Fund is managed by the Global Multi-Asset Group, which relies on its proprietary research to gauge the impact of changes in the macroeconomic backdrop, overall risk environment and evaluations of prospective risks and returns across asset classes. The Fund invests in a globally diversified set of growth generating assets like traditional equities, fixed income assets, and alternatives. The Fund will dynamically allocate across assets based on the investment team’s views. The Fund seeks to capture the best opportunities for growth with less risk than the broad equity market.
4 OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND
As we look ahead, we expect a continuation in this reporting period’s seesaw behavior, in which global markets alternate between risk-on and risk-off. Our view is informed by the divergence in policy across the world’s major economies, as the U.S. looks to continue to normalize interest rates, while Europe, Japan, and China maintain and may even expand stimulative policy measures. This muted growth outlook coupled with lack of consistent direction is causing a high degree of financial market uncertainty that may persist for some time. With this type
of backdrop, we believe in being somewhat cautious with our risk posture and instead focusing on higher risk-adjusted return assets. Finally, with a choppy market backdrop, we think a dynamic asset allocation approach is well suited to navigate the short-term market risks. Diverging policy and unintended stimulus effects are leading to some very interesting trends that we believe can persist over time. We believe a flexible mandate is well equipped to capitalize on such an environment.
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| | |||
Mark Hamilton | Dokyoung Lee, CFA | |||||
Portfolio Manager
| Portfolio Manager
| |||||
| | | ||||
Benjamin Rockmuller, CFA | Alessio de Longis, CFA | |||||
Portfolio Manager | Portfolio Manager |
5 OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND
TOP TEN COMMON STOCK HOLDINGS
Alphabet, Inc., Cl. C | 1.1% | |
Citigroup, Inc. | 0.9 | |
Apple, Inc. | 0.9 | |
Alphabet, Inc., Cl. A | 0.9 | |
SAP SE | 0.8 | |
Airbus Group SE | 0.8 | |
PayPal Holdings, Inc. | 0.7 | |
Facebook, Inc., Cl. A | 0.7 | |
S&P Global, Inc. | 0.7 | |
Baidu, Inc., Sponsored ADR | 0.6 |
Portfolio holdings and allocations are subject to change. Percentages are as of April 29, 2016, and are based on net assets. For more current Fund holdings, please visit oppenheimerfunds.com.
TOP TEN GEOGRAPHICAL HOLDINGS
| ||
United States | 56.7% | |
United Kingdom | 6.2 | |
Japan | 5.0 | |
France | 4.3 | |
Germany | 4.3 | |
Switzerland | 3.4 | |
China | 3.2 | |
India | 2.3 | |
Netherlands | 2.2 | |
Canada | 2.2 |
Portfolio holdings and allocation are subject to change. Percentages are as of April 29, 2016, and are based on total market value of investments.
PORTFOLIO ALLOCATION | ||||
Common Stocks | 75.5% | |||
Investment Companies | ||||
Oppenheimer Global High Yield Fund | 15.3 | |||
Oppenheimer Institutional Money Market Fund | 1.8 | |||
U.S. Government Obligations | 6.9 | |||
Preferred Stocks | 0.5 |
Portfolio holdings and allocations are subject to change. Percentages are as of April 29, 2016, and are based on the total market value of investments.
REGIONAL ALLOCATION
| ||
U.S./Canada | 58.9% | |
Europe | 24.8 | |
Asia | 13.6 | |
Latin America | 1.5 | |
Emerging Europe | 0.6 | |
Middle East/Africa | 0.6 |
Portfolio holdings and allocation are subject to change. Percentages are as of April 29, 2016, and are based on total market value of investments.
*April 29, 2016, was the last business day of the Fund’s semiannual period. See Note 2 of the accompanying Notes to Financial Statements.
6 OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND
Share Class Performance
CUMULATIVE TOTAL RETURNS WITHOUT SALES CHARGE AS OF 4/29/16
Inception Date
| 6-Month
|
Since Inception
| ||||||||||
Class A (QMGAX) | 8/27/15 | -1.87 | % | 1.08 | % | |||||||
Class C (QMGCX) | 8/27/15 | -2.33 | 0.51 | |||||||||
Class I (QMGIX) | 8/27/15 | -1.79 | 1.26 | |||||||||
Class R (QMGRX) | 8/27/15 | -2.07 | 0.87 | |||||||||
Class Y (QMGYX) | 8/27/15 | -1.93 | 1.11 |
CUMULATIVE TOTAL RETURNS WITH SALES CHARGE AS OF 4/29/16
Inception
| 6-Month
|
Since
| ||||||||||
Class A (QMGAX) | 8/27/15 | -7.51 | % | -4.74 | % | |||||||
Class C (QMGCX) | 8/27/15 | -3.30 | -0.49 | |||||||||
Class I (QMGIX) | 8/27/15 | -1.79 | 1.26 | |||||||||
Class R (QMGRX) | 8/27/15 | -2.07 | 0.87 | |||||||||
Class Y (QMGYX) | 8/27/15 | -1.93 | 1.11 |
Performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. For performance data current to the most recent month-end, visit oppenheimerfunds.com or call 1.800. CALL OPP (225.5677). Fund returns include changes in share price, reinvested distributions, and the applicable sales charge: for Class A shares, the current maximum initial sales charge of 5.75% and for Class C shares, the contingent deferred sales charge (“CDSC”) of 1% for the 1-year period. There is no sales charge for Class I and Class Y shares.
The Fund’s performance is compared to the performance of the MSCI All Country World Index (ACWI). The MSCI AC World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The Index is unmanaged and cannot be purchased directly by investors. While index comparisons may be useful to provide a benchmark for the Fund’s performance, it must be noted that the Fund’s investments are not limited to the investments comprising the Index. Index performance includes reinvestment of income, but does not reflect transaction costs, fees, expenses or taxes. Index performance is shown for illustrative purposes only as a benchmark for the Fund’s performance, and does not predict or depict performance of the Fund. The Fund’s performance reflects the effects of the Fund’s business and operating expenses.
The Fund’s investment strategy and focus can change over time. The mention of specific fund holdings does not constitute a recommendation by OppenheimerFunds, Inc. or its affiliates.
Before investing in any of the Oppenheimer funds, investors should carefully consider a fund’s investment objectives, risks, charges and expenses. Fund
7 OPPENHEIMER GLOBAL MULTI-ASSET GROWTH 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.
8 OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND
Fund Expenses. As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments and/or contingent deferred sales charges on redemptions; and (2) ongoing costs, including management fees; distribution and service fees; and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire 6-month period ended April 29, 2016.
Actual Expenses. The first section of the table provides information about actual account values and actual expenses. You may use the information in this section for the class of shares you hold, together with the amount you invested, to estimate the expense that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600.00 account value divided by $1,000.00 = 8.60), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During 6 Months Ended April 29, 2016” 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.
9 OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND
Beginning | Ending | Expenses | ||||||||||||||||
Account | Account | Paid During | ||||||||||||||||
Value | Value | 6 Months Ended | ||||||||||||||||
Actual | November 1, 2015 | April 29, 2016 | April 29, 2016 | |||||||||||||||
Class A | $ | 1,000.00 | $ | 981.30 | $ | 5.40 | ||||||||||||
Class C | 1,000.00 | 976.70 | 9.08 | |||||||||||||||
Class I | 1,000.00 | 982.10 | 4.17 | |||||||||||||||
Class R | 1,000.00 | 979.30 | 6.63 | |||||||||||||||
Class Y | 1,000.00 | 980.70 | 4.66 | |||||||||||||||
Hypothetical | ||||||||||||||||||
(5% return before expenses) | ||||||||||||||||||
Class A | 1,000.00 | 1,019.29 | 5.51 | |||||||||||||||
Class C | 1,000.00 | 1,015.58 | 9.26 | |||||||||||||||
Class I | 1,000.00 | 1,020.52 | 4.26 | |||||||||||||||
Class R | 1,000.00 | 1,018.05 | 6.76 | |||||||||||||||
Class Y | 1,000.00 | 1,020.03 | 4.76 |
Expenses are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 181/366 (to reflect the one-half year period). Those annualized expense ratios, excluding indirect expenses from affiliated funds, based on the 6-month period ended April 29, 2016 are as follows:
Class | Expense Ratios | |||||
Class A | 1.10% | |||||
Class C | 1.85 | |||||
Class I | 0.85 | |||||
Class R | 1.35 | |||||
Class Y | 0.95 |
The expense ratios reflect voluntary and/or contractual waivers and/or reimbursements of expenses by the Fund’s Manager. 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.
10 OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND
STATEMENT OF INVESTMENTS April 29, 2016* Unaudited
Shares | Value | |||||
| ||||||
Common Stocks—74.9% | ||||||
| ||||||
Consumer Discretionary—13.0% | ||||||
| ||||||
Auto Components—1.1% | ||||||
| ||||||
Bridgestone Corp. | 3,100 | $ 114,581 | ||||
| ||||||
Continental AG | 571 | 125,418 | ||||
| ||||||
Delphi Automotive plc | 525 | 38,656 | ||||
| ||||||
Denso Corp. | 1,500 | 56,201 | ||||
| ||||||
Johnson Controls, Inc. | 1,311 | 54,275 | ||||
| ||||||
Lear Corp. | 179 | 20,608 | ||||
| ||||||
Valeo SA | 1,020 | 161,401 | ||||
| ||||||
571,140
| ||||||
| ||||||
Automobiles—0.7% | ||||||
| ||||||
Astra International Tbk PT | 72,500 | 36,873 | ||||
| ||||||
Bayerische Motoren Werke AG | 572 | 52,682 | ||||
| ||||||
Ford Motor Co. | 1,866 | 25,303 | ||||
| ||||||
Hero MotoCorp Ltd. | 2,016 | 87,874 | ||||
| ||||||
Suzuki Motor Corp. | 1,400 | 37,774 | ||||
| ||||||
Tata Motors Ltd., ADR1 | 3,142 | 95,454 | ||||
| ||||||
335,960
| ||||||
| ||||||
Diversified Consumer Services—0.3% | ||||||
| ||||||
Dignity plc | 1,670 | 59,595 | ||||
| ||||||
Estacio Participacoes SA | 5,900 | 20,363 | ||||
| ||||||
Kroton Educacional SA | 7,100 | 26,424 | ||||
| ||||||
New Oriental Education & Technology Group, Inc., Sponsored ADR | 1,750 | 68,530 | ||||
| ||||||
174,912
| ||||||
| ||||||
Hotels, Restaurants & Leisure—2.3% | ||||||
| ||||||
Accor SA | 1,740 | 77,138 | ||||
| ||||||
Carnival Corp. | 4,729 | 231,957 | ||||
| ||||||
China Lodging Group Ltd., ADR | 541 | 19,508 | ||||
| ||||||
Crown Resorts Ltd. | 4,223 | 37,871 | ||||
| ||||||
Domino’s Pizza Group plc | 5,770 | 77,558 | ||||
| ||||||
Genting Bhd | 33,200 | 75,077 | ||||
| ||||||
Genting Malaysia Bhd | 19,900 | 22,756 | ||||
| ||||||
International Game Technology plc | 2,500 | 43,350 | ||||
| ||||||
Jollibee Foods Corp. | 5,910 | 28,921 | ||||
| ||||||
Las Vegas Sands Corp. | 820 | 37,023 | ||||
| ||||||
McDonald’s Corp. | 1,633 | 206,558 | ||||
| ||||||
Melco Crown Entertainment Ltd., ADR | 2,760 | 40,848 | ||||
| ||||||
Sands China Ltd. | 14,000 | 49,893 | ||||
| ||||||
Starbucks Corp. | 579 | 32,557 | ||||
| ||||||
Whitbread plc | 1,240 | 70,323 | ||||
| ||||||
William Hill plc | 16,509 | 75,527 | ||||
| ||||||
Yum! Brands, Inc. | 384 | 30,551 | ||||
| ||||||
1,157,416
| ||||||
| ||||||
Household Durables—0.6% | ||||||
| ||||||
Lennar Corp., Cl. A | 589 | 26,688 | ||||
| ||||||
SEB SA | 790 | 88,483 | ||||
| ||||||
Sony Corp. | 5,400 | 131,275 |
11 OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
Shares | Value | |||||||
| ||||||||
Household Durables (Continued) | ||||||||
| ||||||||
Whirlpool Corp. | 268 | $ | 46,669 | |||||
|
| |||||||
| 293,115
|
| ||||||
| ||||||||
Internet & Catalog Retail—1.0% | ||||||||
| ||||||||
Amazon.com, Inc.1 | 206 | 135,876 | ||||||
| ||||||||
Ctrip.com International Ltd., ADR1 | 2,120 | 92,453 | ||||||
| ||||||||
JD.com, Inc., ADR1 | 7,517 | 192,135 | ||||||
| ||||||||
Netflix, Inc.1 | 72 | 6,482 | ||||||
| ||||||||
Rakuten, Inc. | 9,100 | 98,730 | ||||||
|
| |||||||
| 525,676
|
| ||||||
| ||||||||
Leisure Products—0.2% | ||||||||
| ||||||||
Hasbro, Inc. | 464 | 39,273 | ||||||
| ||||||||
Nintendo Co. Ltd. | 400 | 53,807 | ||||||
|
| |||||||
| 93,080
|
| ||||||
| ||||||||
Media—2.1% | ||||||||
| ||||||||
CBS Corp., Cl. B | 775 | 43,330 | ||||||
| ||||||||
Comcast Corp., Cl. A | 4,135 | 251,243 | ||||||
| ||||||||
DISH Network Corp., Cl. A1 | 492 | 24,251 | ||||||
| ||||||||
Grupo Televisa SAB, Sponsored ADR | 3,610 | 105,520 | ||||||
| ||||||||
ProSiebenSat.1 Media SE | 1,691 | 86,234 | ||||||
| ||||||||
SES SA, FDR | 1,990 | 54,315 | ||||||
| ||||||||
SKY Perfect JSAT Holdings, Inc. | 9,100 | 48,114 | ||||||
| ||||||||
Sky plc | 8,047 | 110,595 | ||||||
| ||||||||
Walt Disney Co. (The) | 2,170 | 224,074 | ||||||
| ||||||||
Zee Entertainment Enterprises Ltd. | 20,155 | 125,745 | ||||||
|
| |||||||
| 1,073,421
|
| ||||||
| ||||||||
Multiline Retail—0.5% | ||||||||
| ||||||||
Dollarama, Inc. | 2,079 | 149,889 | ||||||
| ||||||||
Hudson’s Bay Co. | 5,214 | 69,315 | ||||||
| ||||||||
Kohl’s Corp. | 152 | 6,733 | ||||||
| ||||||||
Macy’s, Inc. | 279 | 11,046 | ||||||
| ||||||||
Nordstrom, Inc. | 128 | 6,545 | ||||||
|
| |||||||
| 243,528
|
| ||||||
| ||||||||
Specialty Retail—1.6% | ||||||||
| ||||||||
AutoZone, Inc.1 | 108 | 82,645 | ||||||
| ||||||||
Bed Bath & Beyond, Inc.1 | 126 | 5,950 | ||||||
| ||||||||
CarMax, Inc.1 | 461 | 24,410 | ||||||
| ||||||||
Dufry AG1 | 507 | 66,698 | ||||||
| ||||||||
Fast Retailing Co. Ltd. | 70 | 18,059 | ||||||
| ||||||||
Foot Locker, Inc. | 319 | 19,599 | ||||||
| ||||||||
Home Depot, Inc. (The) | 1,353 | 181,153 | ||||||
| ||||||||
Industria de Diseno Textil SA | 6,554 | 210,654 | ||||||
| ||||||||
O’Reilly Automotive, Inc.1 | 110 | 28,895 | ||||||
| ||||||||
Tiffany & Co. | 1,260 | 89,901 | ||||||
| ||||||||
TJX Cos., Inc. (The) | 667 | 50,572 | ||||||
| ||||||||
Williams-Sonoma, Inc. | 159 | 9,346 | ||||||
|
| |||||||
787,882 |
12 OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND
Shares | Value | |||||||
| ||||||||
Textiles, Apparel & Luxury Goods—2.6% | ||||||||
| ||||||||
adidas AG | 1,365 | $ | 176,016 | |||||
| ||||||||
Brunello Cucinelli SpA | 1,403 | 27,562 | ||||||
| ||||||||
Burberry Group plc | 8,065 | 139,936 | ||||||
| ||||||||
Christian Dior SE | 328 | 57,500 | ||||||
| ||||||||
Cie Financiere Richemont SA | 1,055 | 70,250 | ||||||
| ||||||||
Coach, Inc. | 448 | 18,041 | ||||||
| ||||||||
Hermes International | 200 | 71,118 | ||||||
| ||||||||
HUGO BOSS AG | 690 | 43,972 | ||||||
| ||||||||
Kering | 1,210 | 207,604 | ||||||
| ||||||||
LVMH Moet Hennessy Louis Vuitton SE | 1,750 | 290,200 | ||||||
| ||||||||
NIKE, Inc., Cl. B | 1,008 | 59,412 | ||||||
| ||||||||
Prada SpA | 19,500 | 65,749 | ||||||
| ||||||||
Swatch Group AG (The) | 172 | 58,815 | ||||||
| ||||||||
Tod’s SpA | 369 | 25,451 | ||||||
|
| |||||||
| 1,311,626
|
| ||||||
| ||||||||
Consumer Staples—8.1% | ||||||||
| ||||||||
Beverages—1.9% | ||||||||
| ||||||||
Ambev SA, ADR | 750 | 4,192 | ||||||
| ||||||||
Anadolu Efes Biracilik Ve Malt Sanayii AS | 3,404 | 26,766 | ||||||
| ||||||||
Coca-Cola Co. (The) | 937 | 41,978 | ||||||
| ||||||||
Coca-Cola Enterprises, Inc. | 1,420 | 74,522 | ||||||
| ||||||||
Constellation Brands, Inc., Cl. A | 297 | 46,350 | ||||||
| ||||||||
Diageo plc | 3,152 | 85,163 | ||||||
| ||||||||
Dr Pepper Snapple Group, Inc. | 213 | 19,364 | ||||||
| ||||||||
Fomento Economico Mexicano SAB de CV | 4,213 | 39,273 | ||||||
| ||||||||
Heineken NV | 1,198 | 112,320 | ||||||
| ||||||||
Kweichow Moutai Co. Ltd., Cl. A | 1,000 | 38,599 | ||||||
| ||||||||
Molson Coors Brewing Co., Cl. B | 190 | 18,170 | ||||||
| ||||||||
Nigerian Breweries plc | 31,253 | 18,253 | ||||||
| ||||||||
PepsiCo, Inc. | 2,109 | 217,143 | ||||||
| ||||||||
Pernod Ricard SA | 1,530 | 165,266 | ||||||
| ||||||||
SABMiller plc | 710 | 43,445 | ||||||
| ||||||||
Tsingtao Brewery Co. Ltd., Cl. H | 2,000 | 7,560 | ||||||
|
| |||||||
| 958,364
|
| ||||||
| ||||||||
Food & Staples Retailing—1.1% | ||||||||
| ||||||||
Alimentation Couche-Tard, Inc., Cl. B | 339 | 14,860 | ||||||
| ||||||||
Almacenes Exito SA | 2,378 | 13,373 | ||||||
| ||||||||
Almacenes Exito SA, GDR2 | 1,700 | 9,548 | ||||||
| ||||||||
BIM Birlesik Magazalar AS | 1,440 | 31,724 | ||||||
| ||||||||
Costco Wholesale Corp. | 191 | 28,293 | ||||||
| ||||||||
CP ALL PCL | 76,900 | 100,426 | ||||||
| ||||||||
CVS Health Corp. | 394 | 39,597 | ||||||
| ||||||||
Kroger Co. (The) | 395 | 13,979 | ||||||
| ||||||||
Magnit PJSC | 893 | 124,620 | ||||||
| ||||||||
Spar Group Ltd. (The) | 4,772 | 71,319 | ||||||
| ||||||||
Walgreens Boots Alliance, Inc. | 708 | 56,130 | ||||||
| ||||||||
Wal-Mart de Mexico SAB de CV | 6,732 | 16,638 |
13 OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
Shares | Value | |||||||
| ||||||||
Food & Staples Retailing (Continued) | ||||||||
| ||||||||
Wal-Mart Stores, Inc. | 638 | $ | 42,663 | |||||
|
| |||||||
| 563,170
|
| ||||||
| ||||||||
Food Products—2.9% | ||||||||
| ||||||||
Aryzta AG1 | 1,586 | 61,633 | ||||||
| ||||||||
Barry Callebaut AG1 | 62 | 72,708 | ||||||
| ||||||||
Danone SA | 3,000 | 210,217 | ||||||
| ||||||||
Hormel Foods Corp. | 406 | 15,651 | ||||||
| ||||||||
Inner Mongolia Yili Industrial Group Co. Ltd., Cl. A | 13,400 | 30,935 | ||||||
| ||||||||
Kraft Heinz Co. (The) | 2,583 | 201,655 | ||||||
| ||||||||
Mondelez International, Inc., Cl. A | 4,938 | 212,137 | ||||||
| ||||||||
Nestle SA | 3,653 | 271,983 | ||||||
| ||||||||
Saputo, Inc. | 3,018 | 94,891 | ||||||
| ||||||||
Tingyi Cayman Islands Holding Corp. | 22,000 | 25,730 | ||||||
| ||||||||
Unilever plc | 4,936 | 221,347 | ||||||
| ||||||||
Want Want China Holdings Ltd. | 46,000 | 35,270 | ||||||
|
| |||||||
| 1,454,157
|
| ||||||
| ||||||||
Household Products—0.7% | ||||||||
| ||||||||
Colgate-Palmolive Co. | 2,700 | 191,484 | ||||||
| ||||||||
Procter & Gamble Co. (The) | 794 | 63,615 | ||||||
| ||||||||
Reckitt Benckiser Group plc | 930 | 90,282 | ||||||
|
| |||||||
| 345,381
|
| ||||||
| ||||||||
Personal Products—0.1% | ||||||||
| ||||||||
LG Household & Health Care Ltd. | 7 | 6,167 | ||||||
| ||||||||
Shiseido Co. Ltd. | 3,200 | 71,467 | ||||||
|
| |||||||
| 77,634
|
| ||||||
| ||||||||
Tobacco—1.4% | ||||||||
| ||||||||
Japan Tobacco, Inc. | 4,300 | 176,134 | ||||||
| ||||||||
KT&G Corp. | 1,142 | 123,226 | ||||||
| ||||||||
Philip Morris International, Inc. | 2,559 | 251,089 | ||||||
| ||||||||
Reynolds American, Inc. | 108 | 5,357 | ||||||
| ||||||||
Swedish Match AB | 4,053 | 128,510 | ||||||
|
| |||||||
| 684,316
|
| ||||||
| ||||||||
Energy—3.1% | ||||||||
| ||||||||
Energy Equipment & Services—0.4% | ||||||||
| ||||||||
Halliburton Co. | 500 | 20,655 | ||||||
| ||||||||
Schlumberger Ltd. | 451 | 36,233 | ||||||
| ||||||||
Technip SA1 | 2,880 | 169,553 | ||||||
|
| |||||||
| 226,441
|
| ||||||
| ||||||||
Oil, Gas & Consumable Fuels—2.7% | ||||||||
| ||||||||
Anadarko Petroleum Corp. | 1,149 | 60,621 | ||||||
| ||||||||
Apache Corp. | 1,080 | 58,752 | ||||||
| ||||||||
BP plc, Sponsored ADR | 1,338 | 44,930 | ||||||
| ||||||||
Chevron Corp. | 2,124 | 217,030 | ||||||
| ||||||||
CNOOC Ltd. | 42,000 | 52,065 | ||||||
| ||||||||
ConocoPhillips | 1,094 | 52,282 | ||||||
| ||||||||
Continental Resources, Inc.1 | 536 | 19,972 |
14 OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND
Shares | Value | |||||||
| ||||||||
Oil, Gas & Consumable Fuels (Continued) | ||||||||
| ||||||||
Enbridge, Inc. | 1,052 | $ | 43,700 | |||||
| ||||||||
EOG Resources, Inc. | 666 | 55,025 | ||||||
| ||||||||
HollyFrontier Corp. | 1,110 | 39,516 | ||||||
| ||||||||
Koninklijke Vopak NV | 1,560 | 84,809 | ||||||
| ||||||||
Magellan Midstream Partners LP3 | 1,079 | 77,764 | ||||||
| ||||||||
Newfield Exploration Co.1 | 736 | 26,680 | ||||||
| ||||||||
Noble Energy, Inc. | 1,911 | 69,006 | ||||||
| ||||||||
Novatek OAO, Sponsored GDR | 955 | 92,348 | ||||||
| ||||||||
Phillips 66 | 374 | 30,709 | ||||||
| ||||||||
Pioneer Natural Resources Co. | 111 | 18,437 | ||||||
| ||||||||
Repsol SA | 3,751 | 49,508 | ||||||
| ||||||||
Suncor Energy, Inc. | 6,858 | 201,420 | ||||||
| ||||||||
Total SA | 1,210 | 61,188 | ||||||
|
| |||||||
| 1,355,762
|
| ||||||
| ||||||||
Financials—11.1% | ||||||||
| ||||||||
Capital Markets—1.8% | ||||||||
| ||||||||
Bank of New York Mellon Corp. (The) | 3,440 | 138,426 | ||||||
| ||||||||
BlackRock, Inc., Cl. A | 127 | 45,254 | ||||||
| ||||||||
Charles Schwab Corp. (The) | 922 | 26,194 | ||||||
| ||||||||
Credit Suisse Group AG1 | 4,582 | 69,423 | ||||||
| ||||||||
Deutsche Bank AG | 3,016 | 56,862 | ||||||
| ||||||||
Goldman Sachs Group, Inc. (The) | 805 | 132,109 | ||||||
| ||||||||
ICAP plc | 13,083 | 89,761 | ||||||
| ||||||||
Morgan Stanley | 194 | 5,250 | ||||||
| ||||||||
Nomura Holdings, Inc. | 6,800 | 28,562 | ||||||
| ||||||||
T. Rowe Price Group, Inc. | 283 | 21,307 | ||||||
| ||||||||
Tullett Prebon plc | 4,270 | 21,141 | ||||||
| ||||||||
UBS Group AG | 14,661 | 253,155 | ||||||
|
| |||||||
| 887,444
|
| ||||||
| ||||||||
Commercial Banks—3.1% | ||||||||
| ||||||||
Banca Monte dei Paschi di Siena SpA1 | 33,654 | 27,343 | ||||||
| ||||||||
Banco Bilbao Vizcaya Argentaria SA | 9,365 | 64,487 | ||||||
| ||||||||
Bank of America Corp. | 7,456 | 108,559 | ||||||
| ||||||||
Bank Pekao SA | 504 | 20,450 | ||||||
| ||||||||
BOC Hong Kong Holdings Ltd. | 14,000 | 41,723 | ||||||
| ||||||||
Citigroup, Inc. | 9,819 | 454,423 | ||||||
| ||||||||
Grupo Aval Acciones y Valores SA, ADR | 5,220 | 42,230 | ||||||
| ||||||||
Grupo Financiero Banorte SAB de CV | 8,749 | 49,744 | ||||||
| ||||||||
Grupo Financiero Inbursa SAB de CV | 22,096 | 43,307 | ||||||
| ||||||||
ICICI Bank Ltd., Sponsored ADR | 18,670 | 131,624 | ||||||
| ||||||||
JPMorgan Chase & Co. | 2,337 | 147,698 | ||||||
| ||||||||
Kotak Mahindra Bank Ltd. | 2,723 | 29,306 | ||||||
| ||||||||
Lloyds Banking Group plc | 75,589 | 74,366 | ||||||
| ||||||||
M&T Bank Corp. | 566 | 66,969 | ||||||
| ||||||||
Sberbank of Russia PJSC, ADR | 8,150 | 65,431 | ||||||
| ||||||||
Societe Generale SA | 1,680 | 65,966 | ||||||
| ||||||||
Sumitomo Mitsui Financial Group, Inc. | 2,300 | 69,138 | ||||||
| ||||||||
SunTrust Banks, Inc. | 1,206 | 50,338 |
15 OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
Shares | Value | |||||||
| ||||||||
Commercial Banks (Continued) | ||||||||
| ||||||||
Zenith Bank plc | 193,937 | $ | 12,387 | |||||
|
| |||||||
| 1,565,489
|
| ||||||
| ||||||||
Consumer Finance—0.6% | ||||||||
| ||||||||
Ally Financial, Inc.1 | 6,302 | 112,239 | ||||||
| ||||||||
Discover Financial Services | 1,737 | 97,741 | ||||||
| ||||||||
Synchrony Financial1 | 2,306 | 70,494 | ||||||
|
| |||||||
| 280,474
|
| ||||||
| ||||||||
Diversified Financial Services—2.0% | ||||||||
| ||||||||
Berkshire Hathaway, Inc., Cl. B1 | 1,409 | 204,981 | ||||||
| ||||||||
BM&FBovespa SA-Bolsa de Valores Mercadorias e Futuros | 12,800 | 63,940 | ||||||
| ||||||||
CME Group, Inc., Cl. A | 2,433 | 223,617 | ||||||
| ||||||||
Grupo de Inversiones Suramericana SA | 2,685 | 36,288 | ||||||
| ||||||||
Hong Kong Exchanges & Clearing Ltd. | 2,100 | 52,956 | ||||||
| ||||||||
ING Groep NV | 5,657 | 69,375 | ||||||
| ||||||||
Intercontinental Exchange, Inc. | 44 | 10,561 | ||||||
| ||||||||
Investment AB Kinnevik, Cl. B | 1,060 | 30,439 | ||||||
| ||||||||
S&P Global, Inc. | 3,142 | 335,723 | ||||||
|
| |||||||
| 1,027,880
|
| ||||||
| ||||||||
Insurance—2.2% | ||||||||
| ||||||||
AIA Group Ltd. | 17,200 | 102,684 | ||||||
| ||||||||
Allianz SE | 853 | 144,672 | ||||||
| ||||||||
American International Group, Inc. | 1,739 | 97,071 | ||||||
| ||||||||
Aon plc | 456 | 47,935 | ||||||
| ||||||||
China Pacific Insurance Group Co. Ltd., Cl. H | 11,200 | 39,301 | ||||||
| ||||||||
Dai-ichi Life Insurance Co. Ltd. (The) | 6,900 | 82,188 | ||||||
| ||||||||
FNF Group | 1,840 | 58,696 | ||||||
| ||||||||
Marsh & McLennan Cos., Inc. | 1,197 | 75,590 | ||||||
| ||||||||
Old Mutual plc | 21,351 | 58,104 | ||||||
| ||||||||
PICC Property & Casualty Co. Ltd., Cl. H | 8,000 | 14,406 | ||||||
| ||||||||
Ping An Insurance Group Co. of China Ltd., Cl. H | 13,500 | 62,846 | ||||||
| ||||||||
Progressive Corp. (The) | 2,488 | 81,109 | ||||||
| ||||||||
Prudential plc | 9,960 | 197,033 | ||||||
| ||||||||
Sul America SA | 4,100 | 19,968 | ||||||
|
| |||||||
| 1,081,603
|
| ||||||
| ||||||||
Real Estate Investment Trusts (REITs)—0.4% | ||||||||
| ||||||||
Crown Castle International Corp. | 175 | 15,204 | ||||||
| ||||||||
Digital Realty Trust, Inc. | 210 | 18,476 | ||||||
| ||||||||
Equity Residential | 412 | 28,045 | ||||||
| ||||||||
Public Storage | 134 | 32,804 | ||||||
| ||||||||
Simon Property Group, Inc. | 595 | 119,696 | ||||||
|
| |||||||
| 214,225
|
| ||||||
| ||||||||
Real Estate Management & Development—0.7% | ||||||||
| ||||||||
Deutsche Wohnen AG | 1,140 | 34,898 | ||||||
| ||||||||
DLF Ltd. | 56,313 | 109,677 | ||||||
| ||||||||
Global Logistic Properties Ltd. | 16,000 | 22,726 | ||||||
| ||||||||
Hang Lung Group Ltd. | 5,000 | 15,359 | ||||||
| ||||||||
Hang Lung Properties Ltd. | 5,000 | 9,914 |
16 OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND
Shares | Value | |||||||
| ||||||||
Real Estate Management & Development (Continued) | ||||||||
| ||||||||
SM Prime Holdings, Inc. | 92,000 | $ | 44,284 | |||||
| ||||||||
SOHO China Ltd. | 30,000 | 15,113 | ||||||
| ||||||||
Vonovia SE | 3,445 | 115,964 | ||||||
|
| |||||||
| 367,935
|
| ||||||
| ||||||||
Thrifts & Mortgage Finance—0.3% | ||||||||
| ||||||||
Housing Development Finance Corp. Ltd.
|
| 9,759
|
|
| 159,863
|
| ||
| ||||||||
Health Care—8.3% | ||||||||
| ||||||||
Biotechnology—1.8% | ||||||||
| ||||||||
ACADIA Pharmaceuticals, Inc.1 | 1,910 | 61,693 | ||||||
| ||||||||
Amgen, Inc. | 165 | 26,119 | ||||||
| ||||||||
Biogen, Inc.1 | 674 | 185,343 | ||||||
| ||||||||
BioMarin Pharmaceutical, Inc.1 | 640 | 54,195 | ||||||
| ||||||||
Bluebird Bio, Inc.1 | 580 | 25,723 | ||||||
| ||||||||
Celgene Corp.1 | 307 | 31,747 | ||||||
| ||||||||
Celldex Therapeutics, Inc.1 | 4,000 | 16,000 | ||||||
| ||||||||
Circassia Pharmaceuticals plc1 | 14,090 | 55,596 | ||||||
| ||||||||
CSL Ltd. | 1,100 | 87,769 | ||||||
| ||||||||
Gilead Sciences, Inc. | 1,460 | 128,787 | ||||||
| ||||||||
Grifols SA | 4,216 | 91,841 | ||||||
| ||||||||
Ionis Pharmaceuticals, Inc.1 | 640 | 26,221 | ||||||
| ||||||||
MacroGenics, Inc.1 | 1,310 | 26,934 | ||||||
| ||||||||
Regeneron Pharmaceuticals, Inc.1 | 43 | 16,199 | ||||||
| ||||||||
Sage Therapeutics, Inc.1 | 270 | 10,176 | ||||||
| ||||||||
Vertex Pharmaceuticals, Inc.1 | 566 | 47,736 | ||||||
|
| |||||||
| 892,079
|
| ||||||
| ||||||||
Health Care Equipment & Supplies—1.2% | ||||||||
| ||||||||
Boston Scientific Corp.1 | 4,575 | 100,284 | ||||||
| ||||||||
Coloplast AS, Cl. B | 995 | 74,658 | ||||||
| ||||||||
Essilor International SA | 580 | 75,121 | ||||||
| ||||||||
Medtronic plc | 198 | 15,672 | ||||||
| ||||||||
Sonova Holding AG | 514 | 68,730 | ||||||
| ||||||||
St. Jude Medical, Inc. | 840 | 64,008 | ||||||
| ||||||||
William Demant Holding AS1 | 569 | 58,513 | ||||||
| ||||||||
Zimmer Biomet Holdings, Inc. | 1,162 | 134,525 | ||||||
|
| |||||||
| 591,511
|
| ||||||
| ||||||||
Health Care Providers & Services—2.0% | ||||||||
| ||||||||
Aetna, Inc. | 1,890 | 212,190 | ||||||
| ||||||||
Anthem, Inc. | 990 | 139,362 | ||||||
| ||||||||
Apollo Hospitals Enterprise Ltd. | 1,514 | 29,772 | ||||||
| ||||||||
Cardinal Health, Inc. | 358 | 28,089 | ||||||
| ||||||||
Cigna Corp. | 150 | 20,781 | ||||||
| ||||||||
Express Scripts Holding Co.1 | 2,113 | 155,792 | ||||||
| ||||||||
HCA Holdings, Inc.1 | 139 | 11,206 | ||||||
| ||||||||
Humana, Inc. | 40 | 7,083 | ||||||
| ||||||||
McKesson Corp. | 377 | 63,268 | ||||||
| ||||||||
Sinopharm Group Co. Ltd., Cl. H | 16,800 | 71,300 | ||||||
| ||||||||
Sonic Healthcare Ltd. | 3,202 | 46,956 |
17 OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
Shares | Value | |||||||
| ||||||||
Health Care Providers & Services (Continued) | ||||||||
| ||||||||
UnitedHealth Group, Inc. | 1,935 | $ | 254,801 | |||||
|
| |||||||
| 1,040,600
|
| ||||||
| ||||||||
Health Care Technology—0.0% | ||||||||
| ||||||||
Cerner Corp.1
|
| 586
|
|
| 32,898
|
| ||
| ||||||||
Life Sciences Tools & Services—0.3% | ||||||||
| ||||||||
Agilent Technologies, Inc. | 798 | 32,654 | ||||||
| ||||||||
Lonza Group AG1 | 457 | 76,084 | ||||||
| ||||||||
Thermo Fisher Scientific, Inc. | 177 | 25,532 | ||||||
|
| |||||||
| 134,270
|
| ||||||
| ||||||||
Pharmaceuticals—3.0% | ||||||||
| ||||||||
Allergan plc1 | 573 | 124,089 | ||||||
| ||||||||
Bayer AG | 972 | 112,164 | ||||||
| ||||||||
Bristol-Myers Squibb Co. | 2,933 | 211,704 | ||||||
| ||||||||
Dr. Reddy’s Laboratories Ltd. | 1,024 | 47,260 | ||||||
| ||||||||
Eli Lilly & Co. | 479 | 36,179 | ||||||
| ||||||||
Galenica AG | 53 | 77,518 | ||||||
| ||||||||
Glenmark Pharmaceuticals Ltd. | 1,061 | 13,214 | ||||||
| ||||||||
Jiangsu Hengrui Medicine Co. Ltd., Cl. A | 300 | 2,155 | ||||||
| ||||||||
Johnson & Johnson | 1,765 | 197,821 | ||||||
| ||||||||
Merck & Co., Inc. | 2,184 | 119,771 | ||||||
| ||||||||
Mylan NV1 | 1,217 | 50,761 | ||||||
| ||||||||
Novo Nordisk AS, Cl. B | 1,748 | 97,681 | ||||||
| ||||||||
Pfizer, Inc. | 3,134 | 102,513 | ||||||
| ||||||||
Roche Holding AG | 649 | 164,160 | ||||||
| ||||||||
Shire plc | 760 | 47,448 | ||||||
| ||||||||
Sun Pharmaceutical Industries Ltd. | 2,335 | 28,510 | ||||||
| ||||||||
Teva Pharmaceutical Industries Ltd., Sponsored ADR | 1,412 | 76,883 | ||||||
| ||||||||
Theravance Biopharma, Inc.1 | 480 | 9,960 | ||||||
|
| |||||||
| 1,519,791
|
| ||||||
| ||||||||
Industrials—10.4% | ||||||||
| ||||||||
Aerospace & Defense—1.6% | ||||||||
| ||||||||
Airbus Group SE | 6,283 | 393,175 | ||||||
| ||||||||
Embraer SA | 5,100 | 30,503 | ||||||
| ||||||||
Embraer SA, Sponsored ADR | 3,600 | 83,160 | ||||||
| ||||||||
Lockheed Martin Corp. | 547 | 127,112 | ||||||
| ||||||||
Rolls-Royce Holdings plc1 | 10,538 | 103,479 | ||||||
| ||||||||
United Technologies Corp. | 921 | 96,125 | ||||||
|
| |||||||
| 833,554
|
| ||||||
| ||||||||
Air Freight & Couriers—0.6% | ||||||||
| ||||||||
FedEx Corp. | 138 | 22,785 | ||||||
| ||||||||
Royal Mail plc | 24,761 | 176,617 | ||||||
| ||||||||
United Parcel Service, Inc., Cl. B | 1,110 | 116,628 | ||||||
| ||||||||
XPO Logistics, Inc.1 | 395 | 11,905 | ||||||
|
| |||||||
| 327,935
|
| ||||||
| ||||||||
Airlines—0.3% | ||||||||
| ||||||||
Delta Air Lines, Inc. | 482 | 20,085 |
18 OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND
Shares | Value | |||||||
| ||||||||
Airlines (Continued) | ||||||||
| ||||||||
Japan Airlines Co. Ltd. | 3,100 | $ | 112,152 | |||||
|
| |||||||
| 132,237
|
| ||||||
| ||||||||
Building Products—0.3% | ||||||||
| ||||||||
A.O. Smith Corp. | 186 | 14,363 | ||||||
| ||||||||
Allegion plc | 250 | 16,362 | ||||||
| ||||||||
Assa Abloy AB, Cl. B | 6,583 | 137,950 | ||||||
|
| |||||||
| 168,675
|
| ||||||
| ||||||||
Commercial Services & Supplies—0.8% | ||||||||
| ||||||||
Aggreko plc | 2,657 | 42,335 | ||||||
| ||||||||
Cintas Corp. | 32 | 2,873 | ||||||
| ||||||||
Edenred | 3,340 | 65,759 | ||||||
| ||||||||
Prosegur Cia de Seguridad SA | 14,465 | 83,826 | ||||||
| ||||||||
Republic Services, Inc., Cl. A | 626 | 29,466 | ||||||
| ||||||||
Tyco International plc | 2,548 | 98,149 | ||||||
| ||||||||
Waste Connections, Inc. | 1,019 | 68,558 | ||||||
| ||||||||
Waste Management, Inc. | 323 | 18,989 | ||||||
|
| |||||||
| 409,955
|
| ||||||
| ||||||||
Construction & Engineering—0.6% | ||||||||
| ||||||||
Boskalis Westminster | 2,194 | 91,503 | ||||||
| ||||||||
CIMIC Group Ltd. | 2,100 | 56,907 | ||||||
| ||||||||
FLSmidth & Co. AS | 662 | 25,733 | ||||||
| ||||||||
Vinci SA | 1,520 | 113,699 | ||||||
|
| |||||||
| 287,842
|
| ||||||
| ||||||||
Electrical Equipment—1.2% | ||||||||
| ||||||||
ABB Ltd.1 | 1,616 | 34,189 | ||||||
| ||||||||
Acuity Brands, Inc. | 88 | 21,462 | ||||||
| ||||||||
Eaton Corp. plc | 1,110 | 70,230 | ||||||
| ||||||||
Emerson Electric Co. | 1,180 | 64,463 | ||||||
| ||||||||
Legrand SA | 1,230 | 70,097 | ||||||
| ||||||||
Nidec Corp. | 3,000 | 216,955 | ||||||
| ||||||||
Prysmian SpA | 1,582 | 37,365 | ||||||
| ||||||||
Rockwell Automation, Inc. | 157 | 17,815 | ||||||
| ||||||||
Schneider Electric SE1 | 1,000 | 65,142 | ||||||
|
| |||||||
| 597,718
|
| ||||||
| ||||||||
Industrial Conglomerates—1.4% | ||||||||
| ||||||||
3M Co. | 760 | 127,209 | ||||||
| ||||||||
Danaher Corp. | 1,099 | 106,328 | ||||||
| ||||||||
General Electric Co. | 9,636 | 296,307 | ||||||
| ||||||||
Jardine Strategic Holdings Ltd. | 2,000 | 57,834 | ||||||
| ||||||||
Siemens AG | 418 | 43,626 | ||||||
| ||||||||
SM Investments Corp. | 2,620 | 52,612 | ||||||
|
| |||||||
| 683,916
|
| ||||||
| ||||||||
Machinery—1.1% | ||||||||
| ||||||||
Aalberts Industries NV | 3,028 | 103,790 | ||||||
| ||||||||
Atlas Copco AB, Cl. A | 3,029 | 78,313 | ||||||
| ||||||||
Caterpillar, Inc. | 286 | 22,228 |
19 OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
Shares | Value | |||||||
| ||||||||
Machinery (Continued) | ||||||||
| ||||||||
Colfax Corp.1 | 191 | $ | 6,194 | |||||
| ||||||||
Cummins, Inc. | 156 | 18,257 | ||||||
| ||||||||
Deere & Co. | 918 | 77,213 | ||||||
| ||||||||
FANUC Corp. | 300 | 44,011 | ||||||
| ||||||||
Ingersoll-Rand plc | 411 | 26,937 | ||||||
| ||||||||
NGK Insulators Ltd. | 2,000 | 40,773 | ||||||
| ||||||||
Parker-Hannifin Corp. | 355 | 41,187 | ||||||
| ||||||||
Stanley Black & Decker, Inc. | 152 | 17,012 | ||||||
| ||||||||
WABCO Holdings, Inc.1 | 192 | 21,535 | ||||||
| ||||||||
Wabtec Corp. | 282 | 23,386 | ||||||
| ||||||||
Weir Group plc (The) | 1,348 | 23,747 | ||||||
|
| |||||||
| 544,583
|
| ||||||
| ||||||||
Professional Services—1.0% | ||||||||
| ||||||||
Experian plc | 6,116 | 112,093 | ||||||
| ||||||||
Intertek Group plc | 2,000 | 95,373 | ||||||
| ||||||||
Nielsen Holdings plc | 3,313 | 172,740 | ||||||
| ||||||||
Recruit Holdings Co. Ltd. | 2,700 | 83,552 | ||||||
| ||||||||
SGS SA | 25 | 55,050 | ||||||
|
| |||||||
| 518,808
|
| ||||||
| ||||||||
Road & Rail—0.4% | ||||||||
| ||||||||
Canadian National Railway Co. | 1,033 | 63,591 | ||||||
| ||||||||
Canadian Pacific Railway Ltd. | 740 | 106,745 | ||||||
| ||||||||
CSX Corp. | 682 | 18,598 | ||||||
| ||||||||
J.B. Hunt Transport Services, Inc. | 229 | 18,980 | ||||||
|
| |||||||
| 207,914
|
| ||||||
| ||||||||
Trading Companies & Distributors—0.9% | ||||||||
| ||||||||
Brenntag AG | 2,898 | 170,152 | ||||||
| ||||||||
Bunzl plc | 3,574 | 106,689 | ||||||
| ||||||||
Travis Perkins plc | 3,054 | 82,654 | ||||||
| ||||||||
Wolseley plc | 1,423 | 79,677 | ||||||
|
| |||||||
| 439,172
|
| ||||||
| ||||||||
Transportation Infrastructure—0.2% | ||||||||
| ||||||||
Airports of Thailand PCL | 1,000 | 11,193 | ||||||
| ||||||||
DP World Ltd. | 3,253 | 61,204 | ||||||
| ||||||||
Grupo Aeroportuario del Sureste SAB de CV, Cl. B1 | 1,295 | 19,944 | ||||||
|
| |||||||
| 92,341
|
| ||||||
| ||||||||
Information Technology—14.5% | ||||||||
| ||||||||
Communications Equipment—0.6% | ||||||||
| ||||||||
Nokia OYJ | 13,923 | 81,985 | ||||||
| ||||||||
Nokia OYJ, Sponsored ADR | 8,248 | 48,416 | ||||||
| ||||||||
Telefonaktiebolaget LM Ericsson, Cl. B | 22,524 | 182,187 | ||||||
|
| |||||||
| 312,588
|
| ||||||
| ||||||||
Electronic Equipment, Instruments, & Components—1.3% | ||||||||
| ||||||||
Hoya Corp. | 2,000 | 76,145 | ||||||
| ||||||||
Keyence Corp. | 300 | 178,668 | ||||||
| ||||||||
Kyocera Corp. | 1,900 | 93,102 |
20 OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND
Shares | Value | |||||||
| ||||||||
Electronic Equipment, Instruments, & Components (Continued) | ||||||||
| ||||||||
Murata Manufacturing Co. Ltd. | 1,600 | $ | 206,903 | |||||
| ||||||||
Spectris plc | 1,537 | 41,040 | ||||||
| ||||||||
TDK Corp. | 500 | 29,014 | ||||||
| ||||||||
TE Connectivity Ltd. | 748 | 44,491 | ||||||
|
| |||||||
| 669,363
|
| ||||||
| ||||||||
Internet Software & Services—4.8% | ||||||||
| ||||||||
Alibaba Group Holding Ltd., Sponsored ADR1 | 2,579 | 198,428 | ||||||
| ||||||||
Alphabet, Inc., Cl. A1 | 612 | 433,223 | ||||||
| ||||||||
Alphabet, Inc., Cl. C1 | 781 | 541,241 | ||||||
| ||||||||
Baidu, Inc., Sponsored ADR1 | 1,549 | 300,971 | ||||||
| ||||||||
eBay, Inc.1 | 5,068 | 123,811 | ||||||
| ||||||||
Facebook, Inc., Cl. A1 | 3,006 | 353,446 | ||||||
| ||||||||
LinkedIn Corp., Cl. A1 | 490 | 61,402 | ||||||
| ||||||||
NAVER Corp. | 86 | 50,978 | ||||||
| ||||||||
Tencent Holdings Ltd. | 9,600 | 194,806 | ||||||
| ||||||||
Twitter, Inc.1 | 2,910 | 42,544 | ||||||
| ||||||||
United Internet AG | 1,264 | 61,653 | ||||||
| ||||||||
Yahoo Japan Corp. | 16,200 | 72,390 | ||||||
|
| |||||||
| 2,434,893
|
| ||||||
| ||||||||
IT Services—2.1% | ||||||||
| ||||||||
Amadeus IT Holding SA, Cl. A | 2,292 | 104,514 | ||||||
| ||||||||
Amdocs Ltd. | 2,385 | 134,848 | ||||||
| ||||||||
Cognizant Technology Solutions Corp., Cl. A1 | 180 | 10,507 | ||||||
| ||||||||
Earthport plc1 | 33,440 | 8,354 | ||||||
| ||||||||
First Data Corp., Cl. A1 | 3,585 | 40,833 | ||||||
| ||||||||
Infosys Ltd. | 6,436 | 116,743 | ||||||
| ||||||||
MasterCard, Inc., Cl. A | 939 | 91,074 | ||||||
| ||||||||
NTT Data Corp. | 700 | 36,387 | ||||||
| ||||||||
PayPal Holdings, Inc.1 | 9,396 | 368,135 | ||||||
| ||||||||
Tata Consultancy Services Ltd. | 1,173 | 44,785 | ||||||
| ||||||||
Visa, Inc., Cl. A | 484 | 37,384 | ||||||
| ||||||||
Xerox Corp. | 6,773 | 65,021 | ||||||
|
| |||||||
| 1,058,585
|
| ||||||
| ||||||||
Semiconductors & Semiconductor Equipment—1.9% | ||||||||
| ||||||||
Applied Materials, Inc. | 2,188 | 44,788 | ||||||
| ||||||||
ARM Holdings plc | 4,120 | 56,580 | ||||||
| ||||||||
ASML Holding NV1 | 728 | 70,389 | ||||||
| ||||||||
Broadcom Ltd. | 873 | 127,240 | ||||||
| ||||||||
Infineon Technologies AG | 13,507 | 192,046 | ||||||
| ||||||||
Maxim Integrated Products, Inc. | 4,020 | 143,594 | ||||||
| ||||||||
Microchip Technology, Inc. | 550 | 26,724 | ||||||
| ||||||||
Micron Technology, Inc.1 | 1,476 | 15,867 | ||||||
| ||||||||
NVIDIA Corp. | 1,149 | 40,824 | ||||||
| ||||||||
NXP Semiconductors NV1 | 210 | 17,909 | ||||||
| ||||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 28,000 | 128,296 | ||||||
| ||||||||
Texas Instruments, Inc. | 1,044 | 59,550 | ||||||
|
| |||||||
| 923,807
|
|
21 OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
Shares | Value | |||||||
| ||||||||
Software—2.7% | ||||||||
| ||||||||
Activision Blizzard, Inc. | 2,461 | $ | 84,831 | |||||
| ||||||||
Adobe Systems, Inc.1 | 1,190 | 112,122 | ||||||
| ||||||||
AVEVA Group plc | 1,070 | 25,241 | ||||||
| ||||||||
Check Point Software Technologies Ltd.1 | 217 | 17,983 | ||||||
| ||||||||
Dassault Systemes | 1,050 | 82,161 | ||||||
| ||||||||
Electronic Arts, Inc.1 | 1,142 | 70,633 | ||||||
| ||||||||
Gemalto NV | 1,022 | 66,504 | ||||||
| ||||||||
Intuit, Inc. | 1,590 | 160,415 | ||||||
| ||||||||
Microsoft Corp. | 1,451 | 72,361 | ||||||
| ||||||||
Oracle Corp. | 2,366 | 94,309 | ||||||
| ||||||||
SAP SE | 5,288 | 413,637 | ||||||
| ||||||||
Synopsys, Inc.1 | 823 | 39,109 | ||||||
| ||||||||
Temenos Group AG1 | 1,715 | 88,835 | ||||||
|
| |||||||
| 1,328,141
|
| ||||||
| ||||||||
Technology Hardware, Storage & Peripherals—1.1% | ||||||||
| ||||||||
Apple, Inc. | 4,821 | 451,921 | ||||||
| ||||||||
Lenovo Group Ltd. | 62,000 | 48,655 | ||||||
| ||||||||
Western Digital Corp. | 1,660 | 67,836 | ||||||
|
| |||||||
| 568,412
|
| ||||||
| ||||||||
Materials—2.9% | ||||||||
| ||||||||
Chemicals—1.6% | ||||||||
| ||||||||
Akzo Nobel NV | 1,323 | 93,885 | ||||||
| ||||||||
Albemarle Corp. | 511 | 33,808 | ||||||
| ||||||||
Asian Paints Ltd. | 651 | 8,502 | ||||||
| ||||||||
Eastman Chemical Co. | 602 | 45,981 | ||||||
| ||||||||
Essentra plc | 7,094 | 84,429 | ||||||
| ||||||||
Linde AG | 1,091 | 166,719 | ||||||
| ||||||||
Mosaic Co. (The) | 197 | 5,514 | ||||||
| ||||||||
Novozymes AS, Cl. B | 1,806 | 86,604 | ||||||
| ||||||||
PPG Industries, Inc. | 502 | 55,416 | ||||||
| ||||||||
Sherwin-Williams Co. (The) | 83 | 23,847 | ||||||
| ||||||||
Sika AG | 18 | 76,652 | ||||||
| ||||||||
Syngenta AG | 305 | 122,945 | ||||||
|
| |||||||
| 804,302
|
| ||||||
| ||||||||
Construction Materials—0.5% | ||||||||
| ||||||||
Indocement Tunggal Prakarsa Tbk PT | 15,500 | 23,106 | ||||||
| ||||||||
James Hardie Industries plc | 6,600 | 92,869 | ||||||
| ||||||||
Semen Indonesia Persero Tbk PT1 | 19,500 | 14,604 | ||||||
| ||||||||
UltraTech Cement Ltd. | 548 | 26,004 | ||||||
| ||||||||
Vulcan Materials Co. | 986 | 106,123 | ||||||
|
| |||||||
| 262,706
|
| ||||||
| ||||||||
Containers & Packaging—0.1% | ||||||||
| ||||||||
CCL Industries, Inc., Cl. B
|
| 254
|
|
| 46,511
|
| ||
| ||||||||
Metals & Mining—0.6% | ||||||||
| ||||||||
Agnico Eagle Mines Ltd. | 1,200 | 56,652 | ||||||
| ||||||||
Alrosa PAO | 32,540 | 37,282 | ||||||
| ||||||||
Glencore plc1 | 11,200 | 26,945 |
22 OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND
Shares | Value | |||||
| ||||||
Metals & Mining (Continued) | ||||||
| ||||||
Goldcorp, Inc. | 3,829 | $ 77,154 | ||||
| ||||||
Newcrest Mining Ltd.1 | 3,500 | 51,308 | ||||
| ||||||
Newmont Mining Corp. | 179 | 6,260 | ||||
| ||||||
Silver Wheaton Corp. | 3,289 | 68,905 | ||||
| ||||||
324,506
| ||||||
| ||||||
Paper & Forest Products—0.1% | ||||||
| ||||||
Louisiana-Pacific Corp.1
|
| 1,883
|
| 32,011
| ||
| ||||||
Telecommunication Services—2.9% | ||||||
| ||||||
Diversified Telecommunication Services—1.7% | ||||||
| ||||||
BT Group plc | 13,957 | 90,685 | ||||
| ||||||
Iliad SA | 310 | 67,639 | ||||
| ||||||
Inmarsat plc | 3,840 | 52,101 | ||||
| ||||||
Koninklijke KPN NV | 10,885 | 42,832 | ||||
| ||||||
Nippon Telegraph & Telephone Corp. | 4,200 | 185,926 | ||||
| ||||||
Spark New Zealand Ltd. | 25,401 | 65,717 | ||||
| ||||||
Telesites SAB de CV1 | 2,421 | 1,492 | ||||
| ||||||
Telstra Corp. Ltd. | 9,168 | 37,336 | ||||
| ||||||
Verizon Communications, Inc. | 3,812 | 194,183 | ||||
| ||||||
Vivendi SA | 6,613 | 126,716 | ||||
| ||||||
864,627
| ||||||
| ||||||
Wireless Telecommunication Services—1.2% | ||||||
| ||||||
America Movil SAB de CV, ADR | 1,500 | 21,240 | ||||
| ||||||
China Mobile Ltd. | 4,500 | 51,184 | ||||
| ||||||
KDDI Corp. | 6,100 | 173,511 | ||||
| ||||||
Rogers Communications, Inc., Cl. B | 2,449 | 95,251 | ||||
| ||||||
SK Telecom Co. Ltd. | 147 | 26,643 | ||||
| ||||||
T-Mobile US, Inc.1 | 622 | 24,432 | ||||
| ||||||
Vodafone Group plc | 65,982 | 213,379 | ||||
| ||||||
605,640
| ||||||
| ||||||
Utilities—0.6% | ||||||
| ||||||
Electric Utilities—0.5% | ||||||
| ||||||
Edison International | 1,203 | 85,064 | ||||
| ||||||
NextEra Energy, Inc. | 81 | 9,524 | ||||
| ||||||
OGE Energy Corp. | 982 | 29,057 | ||||
| ||||||
PG&E Corp. | 2,374 | 138,167 | ||||
| ||||||
261,812
| ||||||
| ||||||
Gas Utilities—0.1% | ||||||
| ||||||
AmeriGas Partners LP3 | 1,024 | 44,391 | ||||
| ||||||
Total Common Stocks (Cost $36,969,581) | 37,815,988
| |||||
| ||||||
Preferred Stocks—0.5% | ||||||
| ||||||
Banco Davivienda SA, Preference | 1,900 | 17,901 | ||||
| ||||||
Bayerische Motoren Werke (BMW) AG, Preference | 1,800 | 143,008 | ||||
| ||||||
Lojas Americanas SA, Preference | 17,760 | 82,778 | ||||
| ||||||
Zee Entertainment Enterprises Ltd., 6% Cum. | 56,210 | 7,398 | ||||
| ||||||
Total Preferred Stocks (Cost $231,508) | 251,085 |
23 OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
Principal Amount | Value | |||||
| ||||||
U.S. Government Obligations—6.8% | ||||||
| ||||||
United States Treasury Bonds, 2.875%, 8/15/454,5 | $ | 2,023,000 | $ 2,110,005 | |||
| ||||||
United States Treasury Nts., 1.625%, 2/15/26 | 1,350,000 | 1,326,009 | ||||
| ||||||
Total U.S. Government Obligations (Cost $3,339,142) | 3,436,014 | |||||
Shares | ||||||
| ||||||
Investment Companies—16.9% | ||||||
| ||||||
Oppenheimer Global High Yield Fund, Cl. I6 | 841,858 | 7,644,072 | ||||
| ||||||
Oppenheimer Institutional Money Market Fund, Cl. E, 0.48%6,7 | 907,458 | 907,458 | ||||
| ||||||
Total Investment Companies (Cost $8,708,535)
| 8,551,530
| |||||
| ||||||
Total Investments, at Value (Cost $49,248,766) | 99.1% | 50,054,617 | ||||
| ||||||
Net Other Assets (Liabilities) | 0.9 | 449,409 | ||||
|
| |||||
Net Assets | 100.0% | $ 50,504,026 | ||||
|
|
Footnotes to Statement of Investments
*April 29, 2016 represents the last business day of the Fund’s reporting period. See Note 2 of the accompanying Notes.
1. Non-income producing security.
2. 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 $9,548 or 0.02% of the Fund’s net assets at period end.
3. Security is a Master Limited Partnership.
4. All or a portion of the security position is held in accounts at a futures clearing merchant and pledged to cover margin requirements on open futures contracts and written options on futures, if applicable. The aggregate market value of such securities is $1,065,954. See Note 6 of the accompanying Notes.
5. All or a portion of the security position is held in segregated accounts and pledged to cover margin requirements under certain derivative contracts. The aggregate market value of such securities is $43,806. See Note 6 of the accompanying Notes.
6. 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 30, 2015a | Gross Additions | Gross Reductions | Shares April 29, 2016a | |||||||||||||
| ||||||||||||||||
Oppenheimer Global High Yield Fund, Cl. I | 819,393 | 22,465 | — | 841,858 | ||||||||||||
Oppenheimer Institutional Money Market Fund, Cl. E | 318,978 | 11,637,225 | 11,048,745 | 907,458 |
Value | Income | |||||||
| ||||||||
Oppenheimer Global High Yield Fund, Cl. I | $ | 7,644,072 | $ | 198,040 | ||||
Oppenheimer Institutional Money Market Fund, Cl. E | 907,458 | 1,925 | ||||||
|
| |||||||
Total | $ | 8,551,530 | $ | 199,965 | ||||
|
|
a. Represents the last business day of the Fund’s reporting period. See Note 2 of the accompanying Notes.
7. Rate shown is the 7-day yield at period end.
24 OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND
Distribution of investments representing geographic holdings, as a percentage of total investments at value, is as follows:
Geographic Holdings | Value | Percent | ||||
| ||||||
United States | $ | 28,398,343 | 56.7% | |||
United Kingdom | 2,991,183 | 6.0 | ||||
Japan | 2,535,521 | 5.1 | ||||
France | 2,346,280 | 4.7 | ||||
Germany | 2,139,725 | 4.3 | ||||
Switzerland | 1,760,265 | 3.5 | ||||
China | 1,561,952 | 3.1 | ||||
Netherlands | 1,146,489 | 2.3 | ||||
Canada | 1,088,884 | 2.2 | ||||
India | 1,061,731 | 2.1 | ||||
Spain | 604,831 | 1.2 | ||||
Sweden | 557,399 | 1.1 | ||||
Hong Kong | 371,210 | 0.7 | ||||
Denmark | 343,190 | 0.7 | ||||
Brazil | 331,328 | 0.7 | ||||
Russia | 319,681 | 0.6 | ||||
Australia | 318,148 | 0.6 | ||||
Mexico | 297,157 | 0.6 | ||||
South Korea | 207,014 | 0.4 | ||||
Italy | 183,470 | 0.4 | ||||
Singapore | 149,966 | 0.3 | ||||
Ireland | 140,316 | 0.3 | ||||
Finland | 130,401 | 0.3 | ||||
Taiwan | 128,296 | 0.3 | ||||
Philippines | 125,817 | 0.3 | ||||
Colombia | 119,340 | 0.2 | ||||
Thailand | 111,619 | 0.2 | ||||
Malaysia | 97,833 | 0.2 | ||||
Israel | 94,866 | 0.2 | ||||
Indonesia | 74,583 | 0.2 | ||||
South Africa | 71,319 | 0.1 | ||||
New Zealand | 65,717 | 0.1 | ||||
United Arab Emirates | 61,204 | 0.1 | ||||
Turkey | 58,490 | 0.1 | ||||
Nigeria | 30,639 | 0.1 | ||||
Poland | 20,450 | 0.0 | ||||
Cayman Islands | 9,960 | 0.0 | ||||
|
| |||||
Total | $ | 50,054,617 | 100.0% | |||
|
|
|
Forward Currency Exchange Contracts as of April 29, 2016 |
Counterparty | Settlement Month(s) | Currency Purchased (000’s) | Currency Sold | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||||||
| ||||||||||||||||||||||||||
BNP | 06/2016 | MXN | 8,600 | USD | 491 | $ | 6,166 | $ | — | |||||||||||||||||
BOA | 06/2016 | CLP | 533,000 | USD | 794 | 9,263 | — | |||||||||||||||||||
BOA | 06/2016 | JPY | 308,000 | USD | 2,768 | 130,858 | — | |||||||||||||||||||
BOA | 06/2016 | SEK | 18,700 | USD | 2,293 | 39,814 | — |
25 OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
|
Forward Currency Exchange Contracts (Continued) |
Counterparty | Settlement Month(s) | Currency Purchased (000’s) | Currency Sold | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||||
| ||||||||||||||||||||||||
BOA | 06/2016 | USD | 347 | CAD | 450 | $ | — | $ | 12,108 | |||||||||||||||
BOA | 06/2016 | USD | 596 | HKD | 4,620 | 98 | — | |||||||||||||||||
BOA | 06/2016 | USD | 2,572 | INR | 173,000 | — | 8,402 | |||||||||||||||||
CITNA-B | 06/2016 | DKK | 930 | USD | 142 | 1,702 | — | |||||||||||||||||
CITNA-B | 06/2016 | USD | 4,265 | EUR | 3,760 | — | 47,306 | |||||||||||||||||
CITNA-B | 06/2016 | USD | 2,818 | GBP | 1,945 | — | 24,010 | |||||||||||||||||
CITNA-B | 06/2016 | USD | 832 | PLN | 3,240 | — | 15,895 | |||||||||||||||||
DEU | 05/2016 | BRL | 200 | USD | 54 | 3,950 | — | |||||||||||||||||
DEU | 05/2016 | JPY | 44,000 | USD | 396 | 18,219 | — | |||||||||||||||||
DEU | 05/2016 | USD | 58 | BRL | 200 | — | 195 | |||||||||||||||||
DEU | 06/2016 | ZAR | 18,760 | USD | 1,288 | 15,705 | — | |||||||||||||||||
GSCO-OT | 05/2016 - 06/2016 | BRL | 13,500 | USD | 3,854 | 51,177 | — | |||||||||||||||||
GSCO-OT | 06/2016 | COP | 3,524,000 | USD | 1,190 | 37,728 | — | |||||||||||||||||
GSCO-OT | 06/2016 | IDR | 15,696,000 | USD | 1,182 | — | 3,877 | |||||||||||||||||
GSCO-OT | 05/2016 | USD | 1,915 | BRL | 6,750 | — | 47,744 | |||||||||||||||||
HSBC | 06/2016 | PLN | 3,160 | USD | 834 | — | 7,394 | |||||||||||||||||
HSBC | 06/2016 | USD | 164 | CHF | 160 | — | 3,070 | |||||||||||||||||
HSBC | 06/2016 | USD | 390 | HKD | 3,020 | 43 | — | |||||||||||||||||
HSBC | 05/2016 | �� | USD | 389 | JPY | 44,000 | — | 25,154 | ||||||||||||||||
HSBC | 06/2016 | ZAR | 3,620 | USD | 234 | 17,517 | — | |||||||||||||||||
JPM | 06/2016 | AUD | 2,225 | USD | 1,693 | — | 5,163 | |||||||||||||||||
JPM | 05/2016 | BRL | 6,550 | USD | 1,821 | 83,523 | — | |||||||||||||||||
JPM | 06/2016 | INR | 119,000 | USD | 1,764 | 11,104 | — | |||||||||||||||||
JPM | 06/2016 | THB | 1,000 | USD | 29 | — | 150 | |||||||||||||||||
JPM | 06/2016 | USD | 905 | AUD | 1,176 | 12,315 | — | |||||||||||||||||
JPM | 05/2016 | USD | 1,898 | BRL | 6,550 | — | 6,374 | |||||||||||||||||
JPM | 06/2016 | USD | 1,592 | JPY | 172,000 | — | 27,288 | |||||||||||||||||
JPM | 06/2016 | USD | 111 | KRW | 129,000 | — | 1,001 | |||||||||||||||||
JPM | 06/2016 | USD | 62 | TWD | 2,000 | 254 | — | |||||||||||||||||
MSCO | 06/2016 | NOK | 6,880 | USD | 826 | 27,785 | — | |||||||||||||||||
MSCO | 06/2016 | USD | 1,675 | CHF | 1,615 | — | 12,093 | |||||||||||||||||
MSCO | 06/2016 | USD | 1,348 | JPY | 150,000 | — | 64,295 | |||||||||||||||||
|
| |||||||||||||||||||||||
Total Unrealized Appreciation and Depreciation |
| $ | 467,221 | $ | 311,519 | |||||||||||||||||||
|
|
|
Futures Contracts as of April 29, 2016 |
Description | Exchange | Buy/Sell | Expiration Date | Number of Contracts | Value | Unrealized Appreciation (Depreciation) | ||||||||||||||||||
| ||||||||||||||||||||||||
Mini MSCI Emerging Markets | ||||||||||||||||||||||||
Index | NYF | Buy | 6/17/16 | 19 | $ | 796,480 | $ | 33,864 | ||||||||||||||||
S&P 500 E-Mini Index | CME | Sell | 6/17/16 | 1 | 102,955 | 1,120 | ||||||||||||||||||
STOXX Europe 600 Index | EUX | Sell | 6/17/16 | 180 | 3,483,242 | (43,250) | ||||||||||||||||||
United States Treasury Long Bonds | CBT | Buy | 6/21/16 | 17 | 2,776,313 | (48,584) | ||||||||||||||||||
United States Treasury Nts., 10 yr. | CBT | Buy | 6/21/16 | 34 | 4,422,125 | 25,874 | ||||||||||||||||||
United States Treasury Nts., 5 yr. | CBT | Buy | 6/30/16 | 40 | 4,836,563 | 11,089 |
26 OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND
|
Futures Contracts (Continued) |
Description | Exchange | Buy/Sell | Expiration Date | Number of Contracts | Value | Unrealized Appreciation (Depreciation) | ||||||||||||||||||
| ||||||||||||||||||||||||
United States Ultra Bonds | CBT | Buy | 6/21/16 | 2 | $ | 342,688 | $ | 2,226 | ||||||||||||||||
|
| |||||||||||||||||||||||
$ | (17,661) | |||||||||||||||||||||||
|
|
|
Over-the-Counter Total Return Swaps at April 29, 2016 |
Reference Asset | Counterparty | Pay/Receive Total Return* | Floating Rate | Maturity Date | Notional Amount (000’s) | Value | ||||||||||||||||||||
| ||||||||||||||||||||||||||
iShares iBoxx USD High Yield | BOA | Receive | One-Month USD BBA LIBOR minus 25 basis points | 3/28/17 | USD | 4,901 | $ | 27,526 | ||||||||||||||||||
| ||||||||||||||||||||||||||
OAIIX Reference Fund** | GSG | Receive | One-Month USD BBA LIBOR plus 100 basis points | 9/20/16 | USD | 3,415 | 10,485 | |||||||||||||||||||
| ||||||||||||||||||||||||||
OAIIX Reference Fund** | t-SGS | Receive | One-Month USD BBA LIBOR plus 85 basis points | 9/16/16 | USD | 3,858 | 12,463 | |||||||||||||||||||
| ||||||||||||||||||||||||||
QOPIX Reference Fund** | t-SGS | Receive | One-Month USD BBA LIBOR plus 85 basis points | 9/16/16 | USD | 7,386 | (48,867) | |||||||||||||||||||
|
| |||||||||||||||||||||||||
Total of Over-the-Counter Total Return Swaps | $ | 1,607 | ||||||||||||||||||||||||
|
|
* Fund will pay or receive the total return of the reference asset depending on whether the return is positive or negative. For contracts where the Fund has elected to receive the total return of the reference asset if positive, it will be responsible for paying the floating rate and the total return of the reference asset if negative. If the Fund has elected to pay the total return of the reference asset if positive, it will receive the floating rate and the total return of the reference asset if negative.
**The Reference Asset is an affiliated Fund.
Reference Asset | Value | Realized Loss | ||||||
| ||||||||
OAIIX Reference Fund | $ | 22,948 | $ | 42,504 | ||||
| ||||||||
QOPIX Reference Fund | (48,867) | 113,160 | ||||||
|
| |||||||
Total | $ | (25,919) | $ | 155,664 | ||||
|
|
Glossary: | ||
Counterparty Abbreviations | ||
BNP | BNP Paribas | |
BOA | Bank of America NA | |
CITNA-B | Citibank NA | |
DEU | Deutsche Bank AG | |
GSCO-OT | Goldman Sachs Bank USA | |
GSG | Goldman Sachs Group, Inc. (The) | |
HSBC | HSBC Bank USA NA | |
JPM | JPMorgan Chase Bank NA | |
MSCO | Morgan Stanley Capital Services, Inc. | |
t-SGS | Societe Gererale | |
Currency abbreviations indicate amounts reporting in currencies | ||
AUD | Australian Dollar | |
BRL | Brazilian Real |
27 OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
Currency abbreviations indicate amounts reporting in currencies (Continued)
CAD | Canadian Dollar | |
CHF | Swiss Franc | |
CLP | Chilean Peso | |
COP | Colombian Peso | |
DKK | Danish Krone | |
EUR | Euro | |
GBP | British Pound Sterling | |
HKD | Hong Kong Dollar | |
IDR | Indonesian Rupiah | |
INR | Indian Rupee | |
JPY | Japanese Yen | |
KRW | South Korean Won | |
MXN | Mexican Nuevo Peso | |
NOK | Norwegian Krone | |
PLN | Polish Zloty | |
SEK | Swedish Krona | |
THB | Thailand Baht | |
TWD | New Taiwan Dollar | |
ZAR | South African Rand | |
Definitions | ||
BBA LIBOR | British Bankers’ Association London - Interbank Offered Rate | |
OAIIX | Oppenheimer Global Multi Strategies Fund | |
QOPIX | Oppenheimer Fundamental Alternatives Fund | |
S&P | Standard & Poor’s | |
Exchange Abbreviations | ||
CBT | Chicago Board of Trade | |
CME | Chicago Mercantile Exchanges | |
EUX | European Stock Exchange | |
NYF | New York Futures Exchange |
See accompanying Notes to Financial Statements.
28 OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND
STATEMENT OF ASSETS AND LIABILITIES April 29, 20161 Unaudited
| ||
Assets | ||
Investments, at value—see accompanying statement of investments: | ||
Unaffiliated companies (cost $40,540,231) | $ 41,503,087 | |
Affiliated companies (cost $8,708,535) | 8,551,530 | |
| ||
50,054,617 | ||
| ||
Cash—foreign currencies (cost $382) | 358 | |
| ||
Unrealized appreciation on forward currency exchange contracts | 467,221 | |
| ||
Swaps, at value | 27,526 | |
| ||
Affiliated swaps, at value | 22,948 | |
| ||
Receivables and other assets: | ||
Investments sold | 182,561 | |
Interest and dividends | 140,608 | |
Variation margin receivable | 86,462 | |
Shares of beneficial interest sold | 40 | |
Other | 31,339 | |
| ||
Total assets
| 51,013,680
| |
| ||
Liabilities | ||
Bank overdraft | 2,381 | |
| ||
Unrealized depreciation on forward currency exchange contracts | 311,519 | |
| ||
Affiliated swaps, at value | 48,867 | |
| ||
Payables and other liabilities: | ||
Investments purchased | 133,331 | |
Distribution and service plan fees | 10,299 | |
Variation margin payable | 2,755 | |
Shareholder communications | 317 | |
Trustees’ compensation | 185 | |
| ||
Total liabilities
| 509,654
| |
| ||
Net Assets | $ 50,504,026 | |
| ||
| ||
Composition of Net Assets | ||
Par value of shares of beneficial interest | $ 5,042 | |
| ||
Additional paid-in capital | 50,389,910 | |
| ||
Accumulated net investment loss | (15,756) | |
| ||
Accumulated net realized loss on investments and foreign currency transactions | (836,216) | |
| ||
Net unrealized appreciation on investments and translation of assets and liabilities denominated in foreign currencies | 961,046 | |
| ||
Net Assets | $ 50,504,026 | |
|
29 OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND
STATEMENT OF ASSETS AND LIABILITIES Unaudited / Continued
| ||
Net Asset Value Per Share | ||
Class A Shares: | ||
Net asset value and redemption price per share (based on net assets of $50,205,753 and 5,011,728 shares of beneficial interest outstanding) | $10.02 | |
Maximum offering price per share (net asset value plus sales charge of 5.75% of offering price) | $10.63 | |
| ||
Class C Shares: | ||
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $261,626 and 26,205 shares of beneficial interest outstanding) | $9.98 | |
| ||
Class I Shares: | ||
Net asset value, redemption price and offering price per share (based on net assets of $10,026 and 1,000 shares of beneficial interest outstanding) | $10.03 | |
| ||
Class R Shares: | ||
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $16,597 and 1,658 shares of beneficial interest outstanding) | $10.01 | |
| ||
Class Y Shares: | ||
Net asset value, redemption price and offering price per share (based on net assets of $10,024 and 1,000 shares of beneficial interest outstanding) | $10.02 |
See accompanying Notes to Financial Statements.
30 OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND
STATEMENT OF OPERATIONS For the Six Months Ended April 29, 20161 Unaudited
| ||
Investment Income | ||
Dividends: | ||
Unaffiliated companies (net of foreign withholding taxes of $24,281) | $ 346,742 | |
Affiliated companies | 199,965 | |
| ||
Interest | 60,761 | |
| ||
Total investment income
| 607,468
| |
| ||
Expenses | ||
Management fees | 182,243 | |
| ||
Distribution and service plan fees: | ||
Class A | 3,763 | |
Class C | 828 | |
Class R | 16 | |
| ||
Transfer and shareholder servicing agent fees: | ||
Class A | 53,239 | |
Class C | 184 | |
Class I | 2 | |
Class R | 13 | |
Class Y | 11 | |
| ||
Shareholder communications: | ||
Class A | 896 | |
Class C | 251 | |
Class R | 17 | |
| ||
Legal, auditing and other professional fees | 51,516 | |
| ||
Custodian fees and expenses | 12,676 | |
| ||
Trustees’ compensation | 411 | |
| ||
Other | 13,547 | |
| ||
Total expenses | 319,613 | |
Less waivers and reimbursements of expenses | (51,451) | |
| ||
Net expenses
| 268,162
| |
| ||
Net Investment Income | 339,306 |
1. April 29, 2016 represents the last business day of the Fund’s reporting period. See Note 2 of the accompanying Notes.
31 OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND
STATEMENT OF OPERATIONS Unaudited / Continued
| ||
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investments from unaffiliated companies | $ (592,121) | |
Closing and expiration of futures contracts | (567,105) | |
Foreign currency transactions | 174,488 | |
Swap contracts | 399,643 | |
Affiliated swap contracts | (155,664) | |
| ||
Net realized loss | (740,759) | |
| ||
Net change in unrealized appreciation/depreciation on: | ||
Investments | (1,309,022) | |
Translation of assets and liabilities denominated in foreign currencies | 788,975 | |
Futures contracts | (8,167) | |
Swap contracts | 34,704 | |
Affiliated swap contracts | (92,181) | |
| ||
Net change in unrealized appreciation/depreciation
| (585,691)
| |
| ||
Net Decrease in Net Assets Resulting from Operations | $ (987,144) | |
|
See accompanying Notes to Financial Statements.
32 OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND
STATEMENTS OF CHANGES IN NET ASSETS Unaudited
Six Months Ended April 29, 20161 (Unaudited) | Period Ended October 30, 20151,2 | |||||
| ||||||
Operations | ||||||
Net investment income | $ | 339,306 | $ 94,980 | |||
| ||||||
Net realized loss | (740,759) | (119,102) | ||||
| ||||||
Net change in unrealized appreciation/depreciation | (585,691) | 1,546,737 | ||||
|
| |||||
Net increase (decrease) in net assets resulting from operations
|
| (987,144)
|
| 1,522,615
| ||
| ||||||
Dividends and/or Distributions to Shareholders | ||||||
Dividends from net investment income: | ||||||
Class A | (430,562) | — | ||||
Class C | (1,003) | — | ||||
Class I | (94) | — | ||||
Class R | (77) | — | ||||
Class Y | (89) | — | ||||
|
| |||||
| (431,825)
|
| —
| |||
| ||||||
Distributions from net realized gain: | ||||||
Class A | (1,201) | — | ||||
Class C | (3) | — | ||||
Class I | — | — | ||||
Class R | — | — | ||||
Class Y | — | — | ||||
|
| |||||
| (1,204)
|
| —
| |||
| ||||||
Beneficial Interest Transactions | ||||||
Net increase (decrease) in net assets resulting from beneficial interest transactions: | ||||||
Class A | 107,480 | 49,945,032 | ||||
Class C | 210,599 | 32,088 | ||||
Class I | — | — | ||||
Class R | 6,385 | — | ||||
Class Y | — | — | ||||
|
| |||||
| 324,464
|
| 49,977,120
| |||
| ||||||
Net Assets | ||||||
Total increase (decrease) | (1,095,709) | 51,499,735 | ||||
| ||||||
Beginning of period | 51,599,735 | 100,0003 | ||||
|
| |||||
End of period (including accumulated net investment income (loss) of $(15,756) and $76,763, respectively) | $ | 50,504,026 | $ 51,599,735 | |||
|
|
1. April 29, 2016 and October 30, 2015 represent the last business days of the Fund’s respective reporting periods. See Note 2 of the accompanying Notes.
2. For the period from August 27, 2015 (commencement of operations) to October 30, 2015.
3. Reflects the value of the Manager’s seed money invested on May 26, 2015.
See accompanying Notes to Financial Statements.
33 OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND
Class A | Six Months Ended April 29, 2016 (Unaudited)1 | Period Ended October 30, 2015 1.2 | ||||
| ||||||
Per Share Operating Data | ||||||
Net asset value, beginning of period | $10.30 | $10.00 | ||||
| ||||||
Income (loss) from investment operations: | ||||||
Net investment income3 | 0.07 | 0.02 | ||||
Net realized and unrealized gain (loss) | (0.26) | 0.28 | ||||
|
| |||||
Total from investment operations | (0.19) | 0.30 | ||||
| ||||||
Dividends and/or distributions to shareholders: | ||||||
Dividends from net investment income | (0.09) | 0.00 | ||||
Distributions from net realized gain | 0.004 | 0.00 | ||||
|
| |||||
Total dividends and/or distributions to shareholders | (0.09) | 0.00 | ||||
| ||||||
Net asset value, end of period | $10.02 | $10.30 | ||||
|
| |||||
| ||||||
Total Return, at Net Asset Value5 | (1.87)% | 3.00% | ||||
| ||||||
Ratios/Supplemental Data | ||||||
Net assets, end of period (in thousands) | $50,206 | $51,525 | ||||
| ||||||
Average net assets (in thousands) | $48,636 | $49,048 | ||||
| ||||||
Ratios to average net assets:6 | ||||||
Net investment income | 1.40% | 1.07% | ||||
Total expenses7 | 1.31% | 1.61% | ||||
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses | 1.10% | 1.05% | ||||
| ||||||
Portfolio turnover rate | 26% | 8% |
1. April 29, 2016 and October 30, 2015 represent the last business days of the Fund’s respective reporting periods. See Note 2 of the accompanying Notes.
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. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes.
6. Annualized for periods less than one full year.
7. Total expenses including indirect expenses from affiliated fund fees and expenses were as follows:
Six Months Ended April 29, 2016 | 1.42% | |||
Period Ended October 30, 2015 | 1.72% |
See accompanying Notes to Financial Statements.
34 OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND
Class C | Six Months Ended April 29, 2016 (Unaudited)1 | Period Ended October 30, 2015 1.2 | ||||
| ||||||
Per Share Operating Data | ||||||
Net asset value, beginning of period | $10.29 | $10.00 | ||||
| ||||||
Income (loss) from investment operations: | ||||||
Net investment income3 | 0.03 | 0.01 | ||||
Net realized and unrealized gain (loss) | (0.27) | 0.28 | ||||
|
| |||||
Total from investment operations | (0.24) | 0.29 | ||||
| ||||||
Dividends and/or distributions to shareholders: | ||||||
Dividends from net investment income | (0.07) | 0.00 | ||||
Distributions from net realized gain | 0.004 | 0.00 | ||||
|
| |||||
Total dividends and/or distributions to shareholders | (0.07) | 0.00 | ||||
| ||||||
Net asset value, end of period | $9.98 | $10.29 | ||||
|
| |||||
| ||||||
Total Return, at Net Asset Value5 | (2.33)% | 2.90% | ||||
| ||||||
Ratios/Supplemental Data | ||||||
Net assets, end of period (in thousands) | $262 | $45 | ||||
| ||||||
Average net assets (in thousands) | $170 | $28 | ||||
| ||||||
Ratios to average net assets:6 | ||||||
Net investment income | 0.62% | 0.42% | ||||
Total expenses7 | 2.60% | 2.34% | ||||
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses | 1.85% | 1.81% | ||||
| ||||||
Portfolio turnover rate | 26% | 8% |
1. April 29, 2016 and October 30, 2015 represent the last business days of the Fund’s respective reporting periods. See Note 2 of the accompanying Notes.
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. Total expenses including indirect expenses from affiliated fund fees and expenses were as follows:
Six Months Ended April 29, 2016 | 2.71% | |||
Period Ended October 30, 2015 | 2.45% |
See accompanying Notes to Financial Statements.
35 OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND
FINANCIAL HIGHLIGHTS Continued
Class I | Six Months Ended April 29, 2016 (Unaudited)1 | Period Ended October 30, 20151.2 | ||||
| ||||||
Per Share Operating Data | ||||||
Net asset value, beginning of period | $10.31 | $10.00 | ||||
| ||||||
Income (loss) from investment operations: | ||||||
Net investment income3 | 0.08 | 0.02 | ||||
Net realized and unrealized gain (loss) | (0.27) | 0.29 | ||||
|
| |||||
Total from investment operations | (0.19) | 0.31 | ||||
| ||||||
Dividends and/or distributions to shareholders: | ||||||
Dividends from net investment income | (0.09) | 0.00 | ||||
Distributions from net realized gain | 0.004 | 0.00 | ||||
|
| |||||
Total dividends and/or distributions to shareholders | (0.09) | 0.00 | ||||
| ||||||
Net asset value, end of period | $10.03 | $10.31 | ||||
|
| |||||
| ||||||
Total Return, at Net Asset Value5 | (1.79)% | 3.10% | ||||
| ||||||
Ratios/Supplemental Data | ||||||
Net assets, end of period (in thousands) | $10 | $10 | ||||
| ||||||
Average net assets (in thousands) | $10 | $10 | ||||
| ||||||
Ratios to average net assets:6 | ||||||
Net investment income | 1.63% | 1.27% | ||||
Total expenses7 | 1.09% | 1.30% | ||||
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses | 0.85% | 0.84% | ||||
| ||||||
Portfolio turnover rate | 26% | 8% |
1. April 29, 2016 and October 30, 2015 represent the last business days of the Fund’s respective reporting periods. See Note 2 of the accompanying Notes.
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. Total expenses including indirect expenses from affiliated fund fees and expenses were as follows:
Six Months Ended April 29, 2016 | 1.20% | |||
Period Ended October 30, 2015 | 1.41% |
See accompanying Notes to Financial Statements.
36 OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND
Class R | Six Months Ended April 29, 2016 (Unaudited)1 | Period Ended October 30, 2015 1.2 | ||||
| ||||||
Per Share Operating Data | ||||||
Net asset value, beginning of period | $10.30 | $10.00 | ||||
| ||||||
Income (loss) from investment operations: | ||||||
Net investment income3 | 0.05 | 0.01 | ||||
Net realized and unrealized gain (loss) | (0.26) | 0.29 | ||||
|
| |||||
Total from investment operations | (0.21) | 0.30 | ||||
| ||||||
Dividends and/or distributions to shareholders: | ||||||
Dividends from net investment income | (0.08) | 0.00 | ||||
Distributions from net realized gain | 0.004 | 0.00 | ||||
Total dividends and/or distributions to shareholders | (0.08) | 0.00 | ||||
| ||||||
Net asset value, end of period | $10.01 | $10.30 | ||||
|
| |||||
| ||||||
Total Return, at Net Asset Value5 | (2.07)% | 3.00% | ||||
| ||||||
| ||||||
Ratios/Supplemental Data | ||||||
Net assets, end of period (in thousands) | $16 | $10 | ||||
| ||||||
Average net assets (in thousands) | $12 | $10 | ||||
| ||||||
Ratios to average net assets:6 | ||||||
Net investment income | 1.12% | 0.77% | ||||
Total expenses7 | 1.87% | 1.48% | ||||
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses | 1.35% | 1.33% | ||||
| ||||||
Portfolio turnover rate | 26% | 8% |
1. April 29, 2016 and October 30, 2015 represent the last business days of the Fund’s respective reporting periods. See Note 2 of the accompanying Notes.
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. Total expenses including indirect expenses from affiliated fund fees and expenses were as follows:
Six Months Ended April 29, 2016 | 1.98% | |||
Period Ended October 30, 2015 | 1.59% |
See accompanying Notes to Financial Statements.
37 OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND
FINANCIAL HIGHLIGHTS Continued
Class Y | Six Months Ended April 29, 2016 (Unaudited)1 | Period Ended October 30, 2015 1.2 | ||||
| ||||||
Per Share Operating Data | ||||||
Net asset value, beginning of period | $10.31 | $10.00 | ||||
| ||||||
Income (loss) from investment operations: | ||||||
Net investment income3 | 0.08 | 0.02 | ||||
Net realized and unrealized gain (loss) | (0.28) | 0.29 | ||||
|
| |||||
Total from investment operations | (0.20) | 0.31 | ||||
| ||||||
Dividends and/or distributions to shareholders: | ||||||
Dividends from net investment income | (0.09) | 0.00 | ||||
Distributions from net realized gain | 0.004 | 0.00 | ||||
Total dividends and/or distributions to shareholders | (0.09) | 0.00 | ||||
| ||||||
Net asset value, end of period | $10.02 | $10.31 | ||||
|
| |||||
| ||||||
Total Return, at Net Asset Value5 | (1.93)% | 3.10% | ||||
| ||||||
| ||||||
Ratios/Supplemental Data | ||||||
Net assets, end of period (in thousands) | $10 | $10 | ||||
| ||||||
Average net assets (in thousands) | $10 | $10 | ||||
| ||||||
Ratios to average net assets:6 | ||||||
Net investment income | 1.54% | 1.17% | ||||
Total expenses7 | 1.27% | 1.48% | ||||
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses | 0.95% | 0.94% | ||||
| ||||||
Portfolio turnover rate | 26% | 8% |
1. April 29, 2016 and October 30, 2015 represent the last business days of the Fund’s respective reporting periods. See Note 2 of the accompanying Notes.
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. Total expenses including indirect expenses from affiliated fund fees and expenses were as follows:
Six Months Ended April 29, 2016 | 1.38% | |||
Period Ended October 30, 2015 | 1.59% |
See accompanying Notes to Financial Statements.
38 OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND
NOTES TO STATEMENT OF INVESTMENTS April 29, 2016 Unaudited
1. Organization
Oppenheimer Global Multi-Asset Growth Fund (the “Fund”) is a diversified open-end management investment company registered under the Investment Company Act of 1940 (“1940 Act”), as amended. The Fund’s investment objective is to seek capital appreciation. The Fund’s investment adviser is OFI Global Asset Management, Inc. (“OFI Global” or the “Manager”), a wholly-owned subsidiary of OppenheimerFunds, Inc. (“OFI” or the “Sub-Adviser”). The Manager has entered into a sub-advisory agreement with OFI. The Sub-Adviser has entered into a sub-sub-advisory agreement with Cornerstone Real Estate Advisers LLC and OFI SteelPath, Inc. (collectively, the “Sub-Sub-Advisers”). The Fund commenced operations on August 27, 2015. At period end, approximately 99.18% of the shares of the Fund were owned by the Manager, other funds advised or sub-advised by the Manager or an affiliate of the Manager.
The Fund offers Class A, Class C, Class I, Class R and Class Y shares. Class A shares are sold at their offering price, which is normally net asset value plus a front-end sales charge. Class C and Class R shares are sold without a front-end sales charge but may be subject to a contingent deferred sales charge (“CDSC”). Class R shares are sold only through retirement plans. Retirement plans that offer Class R shares may impose charges on those accounts. Class I and Class Y shares are sold to certain institutional investors or intermediaries without either a front-end sales charge or a CDSC, however, the intermediaries may impose charges on their accountholders who beneficially own Class I and Class Y shares. All classes of shares have identical rights and voting privileges with respect to the Fund in general and exclusive voting rights on matters that affect that class alone. Earnings, net assets and net asset value per share may differ due to each class having its own expenses, such as transfer and shareholder servicing agent fees and shareholder communications, directly attributable to that class. Class A, C and R shares have separate distribution and/or service plans under which they pay fees. Class I and Class Y shares do not pay such fees.
The following is a summary of significant accounting policies followed in the Fund’s preparation of financial statements in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”).
2. Significant Accounting Policies
Security Valuation. All investments in securities are recorded at their estimated fair value, as described in Note 3.
Reporting Period End Date. The last day of the Fund’s reporting period is the last day the New York Stock Exchange was open for trading during the period. The Fund’s financial statements have been presented through that date to maintain consistency with the Fund’s net asset value calculations used for shareholder transactions.
Foreign Currency Translation. The Fund’s accounting records are maintained in U.S. dollars. The values of securities denominated in foreign currencies and amounts related to the purchase and sale of foreign securities and foreign investment income are translated into U.S.
39 OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND
NOTES TO STATEMENT OF INVESTMENTS Unaudited / Continued
2. Significant Accounting Policies (Continued)
dollars as of the close of the New York Stock Exchange (the “Exchange”), normally 4:00 P.M. Eastern time, on each day the Exchange is open for trading. Foreign exchange rates may be valued primarily using a reliable bank, dealer or service authorized by the Board of Trustees.
Reported net realized gains and losses from foreign currency transactions arise from sales of portfolio securities, sales and maturities of short-term securities, sales of foreign currencies, exchange rate fluctuations between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized appreciation and depreciation on the translation of assets and liabilities denominated in foreign currencies arise from changes in the values of assets and liabilities, including investments in securities at fiscal period end, resulting from changes in exchange rates.
The effect of changes in foreign currency exchange rates on investments is separately identified from the fluctuations arising from changes in market values of securities held and reported with all other foreign currency gains and losses in the Fund’s Statement of Operations.
Allocation of Income, Expenses, Gains and Losses. Income, expenses (other than those attributable to a specific class), gains and losses are allocated on a daily basis to each class of shares based upon the relative proportion of net assets represented by such class. Operating expenses directly attributable to a specific class are charged against the operations of that class.
Dividends and Distributions to Shareholders. Dividends and distributions to shareholders, which are determined in accordance with income tax regulations and may differ from U.S. GAAP, are recorded on the ex-dividend date. Income and capital gain distributions, if any, are declared and paid annually or at other times as deemed necessary by the Manager.
The tax character of distributions is determined as of the Fund’s fiscal year end. Therefore, a portion of the Fund’s distributions made to shareholders prior to the Fund’s fiscal year end may ultimately be categorized as a tax return of capital.
Investment Income. Dividend income is recorded on the ex-dividend date or upon ex-dividend notification in the case of certain foreign dividends where the ex-dividend date may have passed. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Interest income is recognized on an accrual basis. Discount and premium, which are included in interest income on the Statement of Operations, are amortized or accreted daily.
Return of Capital Estimates. Distributions received from the Fund’s investments in Master Limited Partnerships (MLPs) and Real Estate Investments Trusts (REITs), generally are comprised of income and return of capital. The Fund records investment income and return of capital based on estimates. Such estimates are based on historical information available
40 OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND
2. Significant Accounting Policies (Continued)
from each MLP, REIT and other industry sources. These estimates may subsequently be revised based on information received from MLPs and REITs after their tax reporting periods are concluded.
Custodian Fees. “Custodian fees and expenses” in the Statement of Operations may include interest expense incurred by the Fund on any cash overdrafts of its custodian account during the period. Such cash overdrafts may result from the effects of failed trades in portfolio securities and from cash outflows resulting from unanticipated shareholder redemption activity. The Fund pays interest to its custodian on such cash overdrafts, to the extent they are not offset by positive cash balances maintained by the Fund, at a rate equal to the Federal Funds Rate plus 0.50%. The “Reduction to custodian expenses” line item, if applicable, represents earnings on cash balances maintained by the Fund during the period. Such interest expense and other custodian fees may be paid with these earnings.
Security Transactions. Security transactions are recorded on the trade date. Realized gains and losses on securities sold are determined on the basis of identified cost.
Indemnifications. The Fund’s organizational documents provide current and former Trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund’s maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
Federal Taxes. The Fund intends to comply with provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its investment company taxable income to shareholders. Therefore, no federal income or excise tax provision is required. The Fund files income tax returns in U.S. federal and applicable state jurisdictions. The statute of limitations on the Fund’s tax return filings generally remains open for the three preceding fiscal reporting period ends. The Fund has analyzed its tax positions for the fiscal year ended October 30, 2015, including open tax years, and does not believe there are any uncertain tax positions requiring recognition in the Fund’s financial statements.
During the fiscal year ended October 30, 2015, the Fund did not utilize any capital loss carryforward to offset capital gains realized in that fiscal year. Capital loss carryforwards with no expiration, if any, must be utilized prior to those with expiration dates. Capital losses with no expiration will be carried forward to future years if not offset by gains.
At period end, it is estimated that the capital loss carryforwards would be $740,759, which will not expire. The estimated capital loss carryforward represents the carryforward as of the end of the last fiscal year, increased or decreased by capital losses or gains realized in the first six months of the current fiscal year. During the reporting period, it is estimated that the Fund will not utilize any capital loss carryforward to offset realized capital gains.
Net investment income (loss) and net realized gain (loss) may differ for financial statement
41 OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND
NOTES TO STATEMENT OF INVESTMENTS Unaudited / Continued
2. Significant Accounting Policies (Continued)
and tax purposes. The character of dividends and distributions made during the fiscal year from net investment income or net realized gains are determined in accordance with federal income tax requirements, which may differ from the character of net investment income or net realized gains presented in those financial statements in accordance with U.S. GAAP. Also, due to timing of dividends and distributions, the fiscal year in which amounts are distributed may differ from the fiscal year in which the income or net realized gain was recorded by the Fund.
The aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments for federal income tax purposes at period end are noted in the following table. The primary difference between book and tax appreciation or depreciation of securities and other investments, if applicable, is attributable to the tax deferral of losses or tax realization of financial statement unrealized gain or loss.
Federal tax cost of securities | $ | 49,353,303 | ||
Federal tax cost of other investments | 9,605,655 | |||
|
| |||
Total federal tax cost | $ | 58,958,958 | ||
|
| |||
Gross unrealized appreciation | $ | 3,531,768 | ||
Gross unrealized depreciation | (2,675,781) | |||
|
| |||
Net unrealized appreciation | $ | 855,987 | ||
|
|
Use of Estimates. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.
3. Securities Valuation
The Fund calculates the net asset value of its shares as of 4:00 P.M. Eastern time, on each day the New York Stock Exchange (the “Exchange”) is open for trading, except in the case of a scheduled early closing of the Exchange, in which case the Fund will calculate net asset value of the shares as of the scheduled early closing time of the Exchange.
The Fund’s Board has adopted procedures for the valuation of the Fund’s securities and has delegated the day-to-day responsibility for valuation determinations under those procedures to the Manager. The Manager has established a Valuation Committee which is responsible for determining a “fair valuation” for any security for which market quotations are not “readily available.” The Valuation Committee’s fair valuation determinations are subject to review, approval and ratification by the Fund’s Board at its next regularly scheduled meeting covering the calendar quarter in which the fair valuation was determined.
Valuation Methods and Inputs
Securities are valued using unadjusted quoted market prices, when available, as supplied primarily by third party pricing services or dealers.
42 OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND
3. Securities Valuation (Continued)
The following methodologies are used to determine the market value or the fair value of the types of securities described below:
Securities traded on a registered U.S. securities exchange (including exchange-traded derivatives other than futures and futures options) are valued based on the last sale price of the security reported on the principal exchange on which it is traded, prior to the time when the Fund’s assets are valued. In the absence of a sale, the security is valued at the mean between the bid and asked price on the principal exchange or, if not available from the principal exchange, obtained from two dealers. If bid and asked prices are not available from either the exchange or two dealers, the security is valued by using one of the following methodologies (listed in order of priority): (1) a bid from the principal exchange, (2) the mean between the bid and asked price as provided by a single dealer, or (3) a bid from a single dealer. A security of a foreign issuer traded on a foreign exchange, but not listed on a registered U.S. securities exchange, is valued based on the last sale price on the principal exchange on which the security is traded, as identified by the third party pricing service used by the Manager, prior to the time when the Fund’s assets are valued. If the last sale price is unavailable, the security is valued at the most recent official closing price on the principal exchange on which it is traded. If the last sales price or official closing price for a foreign security is not available, the security is valued at the mean between the bid and asked price per the exchange or, if not available from the exchange, obtained from two dealers. If bid and asked prices are not available from either the exchange or two dealers, the security is valued by using one of the following methodologies (listed in order of priority): (1) a bid from the exchange, (2) the mean between the bid and asked price as provided by a single dealer, or (3) a bid from a single dealer.
Shares of a registered investment company that are not traded on an exchange are valued at that investment company’s net asset value per share.
Corporate and government debt securities (of U.S. or foreign issuers) and municipal debt securities, event-linked bonds, loans, mortgage-backed securities, collateralized mortgage obligations, and asset-backed securities are valued at the mean between the “bid” and “asked” prices utilizing evaluated prices obtained from third party pricing services or broker-dealers who may use matrix pricing methods to determine the evaluated prices.
Short-term money market type debt securities with a remaining maturity of sixty days or less are valued at cost adjusted by the amortization of discount or premium to maturity (amortized cost), which approximates market value. Short-term debt securities with a remaining maturity in excess of sixty days are valued at the mean between the “bid” and “asked” prices utilizing evaluated prices obtained from third party pricing services or broker-dealers.
Structured securities, swaps, swaptions, and other over-the-counter derivatives are valued utilizing evaluated prices obtained from third party pricing services or broker-dealers.
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
43 OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND
NOTES TO STATEMENT OF INVESTMENTS Unaudited / Continued
3. Securities Valuation (Continued)
be valued at the final settlement price or official closing price on the principal exchange as reported by such principal exchange at its trading session ending at, or most recently prior to, the time when the Fund’s assets are valued.
A description of the standard inputs that may generally be considered by the third party pricing vendors in determining their evaluated prices is provided below.
Security Type | Standard inputs generally considered by third-party pricing vendors | |||
| ||||
Corporate debt, government debt, municipal, mortgage-backed and asset-backed securities | Reported trade data, broker-dealer price quotations, benchmark yields, issuer spreads on comparable securities, the credit quality, yield, maturity, and other appropriate factors. | |||
| ||||
Loans | Information obtained from market participants regarding reported trade data and broker-dealer price quotations. | |||
| ||||
Event-linked bonds | Information obtained from market participants regarding reported trade data and broker-dealer price quotations. | |||
| ||||
Structured securities | Relevant market information such as the price of underlying financial instruments, stock market indices, foreign currencies, interest rate spreads, commodities, or the occurrence of other specific events. | |||
| ||||
Swaps | Relevant market information, including underlying reference assets such as credit spreads, credit event probabilities, index values, individual security values, forward interest rates, variable interest rates, volatility measures, and forward currency rates. |
If a market value or price cannot be determined for a security using the methodologies described above, or if, in the “good faith” opinion of the Manager, the market value or price obtained does not constitute a “readily available market quotation,” or a significant event has occurred that would materially affect the value of the security, the security is fair valued either (i) by a standardized fair valuation methodology applicable to the security type or the significant event as previously approved by the Valuation Committee and the Fund’s Board or (ii) as determined in good faith by the Manager’s Valuation Committee. The Valuation Committee considers all relevant facts that are reasonably available, through either public information or information available to the Manager, when determining the fair value of a security. Fair value determinations by the Manager are subject to review, approval and ratification by the Fund’s Board at its next regularly scheduled meeting covering the calendar quarter in which the fair valuation was determined. Those fair valuation standardized methodologies include, but are not limited to, valuing securities at the last sale price or initially at cost and subsequently adjusting the value based on: changes in company specific fundamentals, changes in an appropriate securities index, or changes in the value of similar securities which may be further adjusted for any discounts related to security-specific resale restrictions. When possible, such methodologies use observable market inputs such as unadjusted quoted prices of similar securities, observable interest rates, currency rates and yield curves. The methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities nor can it be assured that the Fund can obtain the fair value assigned to a security if it were to sell the security.
To assess the continuing appropriateness of security valuations, the Manager, or its third
44 OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND
3. Securities Valuation (Continued)
party service provider who is subject to oversight by the Manager, regularly compares prior day prices, prices on comparable securities, and sale prices to the current day prices and challenges those prices exceeding certain tolerance levels with the third party pricing service or broker source. For those securities valued by fair valuations, whether through a standardized fair valuation methodology or a fair valuation determination, the Valuation Committee reviews and affirms the reasonableness of the valuations based on such methodologies and fair valuation determinations on a regular basis after considering all relevant information that is reasonably available.
Classifications
Each investment asset or liability of the Fund is assigned a level at measurement date based on the significance and source of the inputs to its valuation. Various data inputs are used in 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 those investment companies which are publicly offered and reported on an exchange as Level 1, and those investment companies which are not publicly offered are not assigned a level, without consideration as to the classification level of the specific investments held by those investment companies.
The table below categorizes amounts that are included in the Fund’s Statement of Assets and Liabilities at period end based on valuation input level:
45 OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND
NOTES TO STATEMENT OF INVESTMENTS Unaudited / Continued
3. Securities Valuation (Continued)
Level 1— Unadjusted Quoted Prices | Level 2— Other Significant | Level 3— Significant Unobservable Inputs | Value | |||||||||||||
| ||||||||||||||||
Assets Table | ||||||||||||||||
Investments, at Value: | ||||||||||||||||
Common Stocks | ||||||||||||||||
Consumer Discretionary | $ | 2,946,624 | $ | 3,621,132 | $ | — | $ | 6,567,756 | ||||||||
Consumer Staples | 1,669,758 | 2,413,264 | — | 4,083,022 | ||||||||||||
Energy | 1,072,732 | 509,471 | — | 1,582,203 | ||||||||||||
Financials | 3,000,363 | 2,584,550 | — | 5,584,913 | ||||||||||||
Health Care | 2,884,699 | 1,326,450 | — | 4,211,149 | ||||||||||||
Industrials | 2,064,977 | 3,179,673 | — | 5,244,650 | ||||||||||||
Information Technology | 4,543,791 | 2,751,998 | — | 7,295,789 | ||||||||||||
Materials | 558,182 | 911,854 | — | 1,470,036 | ||||||||||||
Telecommunication Services | 335,106 | 1,135,161 | — | 1,470,267 | ||||||||||||
Utilities | 306,203 | — | — | 306,203 | ||||||||||||
Preferred Stocks | 7,398 | 243,687 | — | 251,085 | ||||||||||||
U.S. Government Obligations | — | 3,436,014 | — | 3,436,014 | ||||||||||||
Investment Companies | 8,551,530 | — | — | 8,551,530 | ||||||||||||
|
| |||||||||||||||
Total Investments, at Value | 27,941,363 | 22,113,254 | — | 50,054,617 | ||||||||||||
Other Financial Instruments: | ||||||||||||||||
Swaps, at value | — | 27,526 | — | 27,526 | ||||||||||||
Affiliated swaps, at value | — | 22,948 | — | 22,948 | ||||||||||||
Futures contracts | 74,173 | — | — | 74,173 | ||||||||||||
Forward currency exchange contracts | — | 467,221 | — | 467,221 | ||||||||||||
|
| |||||||||||||||
Total Assets | $ | 28,015,536 | $ | 22,630,949 | $ | — | $ | 50,646,485 | ||||||||
|
| |||||||||||||||
Liabilities Table | ||||||||||||||||
Other Financial Instruments: | ||||||||||||||||
Affiliated swaps, at value | $ | — | $ | (48,867 | ) | $ | — | $ | (48,867) | |||||||
Futures contracts | (91,834 | ) | — | — | (91,834) | |||||||||||
Forward currency exchange contracts | — | (311,519 | ) | — | (311,519) | |||||||||||
|
| |||||||||||||||
Total Liabilities | $ | (91,834 | ) | $ | (360,386 | ) | $ | — | $ | (452,220) | ||||||
|
|
Forward currency exchange contracts and futures contracts, if any, are reported at their unrealized appreciation/depreciation at measurement date, which represents the change in the contract’s value from trade date. All additional assets and liabilities included in the above table are reported at their market value at measurement date.
4. Investments and Risks
Risks of Foreign Investing. The Fund may invest in foreign securities which are subject to special risks. Securities traded in foreign markets may be less liquid and more volatile than those traded in U.S. markets. Foreign issuers are usually not subject to the same accounting and disclosure requirements that U.S. companies are subject to, which may make it difficult for the Fund to evaluate a foreign company’s operations or financial condition. A change in the value of a foreign currency against the U.S. dollar will result in a change in the U.S. dollar value of investments denominated in that foreign currency and in the value of any income
46 OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND
4. Investments and Risks (Continued)
or distributions the Fund may receive on those investments. The value of foreign investments may be affected by exchange control regulations, foreign taxes, higher transaction and other costs, delays in the settlement of transactions, changes in economic or monetary policy in the United States or abroad, expropriation or nationalization of a company’s assets, or other political and economic factors. In addition, due to the inter-relationship of global economies and financial markets, changes in political and economic factors in one country or region could adversely affect conditions in another country or region. Investments in foreign securities may also expose the Fund to time-zone arbitrage risk. Foreign securities may trade on weekends or other days when the Fund does not price its shares. At times, the Fund may emphasize investments in a particular country or region and may be subject to greater risks from adverse events that occur in that country or region. Foreign securities and foreign currencies held in foreign banks and securities depositories may be subject to limited or no regulatory oversight.
Investments in Affiliated Funds. The Fund is permitted to invest in other mutual funds advised by the Manager (“Affiliated Funds”). Affiliated Funds are open-end management investment companies registered under the 1940 Act, as amended. The Manager is the investment adviser of, and the Sub-Adviser provides investment and related advisory services to, the Affiliated Funds. When applicable, the Fund’s investments in Affiliated Funds are included in the Statement of Investments. Shares of Affiliated Funds are valued at their net asset value per share. As a shareholder, the Fund is subject to its proportional share of the Affiliated Funds’ expenses, including their management fee. The Manager will waive fees and/ or reimburse Fund expenses in an amount equal to the indirect management fees incurred through the Fund’s investment in the Affiliated Funds.
Each of the Affiliated Funds in which the Fund invests has its own investment risks, and those risks can affect the value of the Fund’s investments and therefore the value of the Fund’s shares. To the extent that the Fund invests more of its assets in one Affiliated Fund than in another, the Fund will have greater exposure to the risks of that Affiliated Fund.
Investment in Oppenheimer Institutional Money Market Fund. The Fund is permitted to invest daily available cash balances in a money market Affiliated Fund. The Fund may invest the available cash in Class E shares of Oppenheimer Institutional Money Market Fund (“IMMF”) to seek current income while preserving liquidity or for defensive purposes. IMMF is regulated as a money market fund under the Investment Company Act of 1940, as amended.
Master Limited Partnerships (“MLPs”). MLPs issue common units that represent an equity ownership interest in a partnership and provide limited voting rights. MLP common units are registered with the Securities and Exchange Commission (“SEC”), and are freely tradable on securities exchanges such as the NYSE and the NASDAQ Stock Market (“NASDAQ”), or in the over-the-counter (“OTC”) market. An MLP consists of one or more general partners, who conduct the business, and one or more limited partners, who contribute capital. MLP common unit holders have a limited role in the partnership’s operations and management. The Fund, as a limited partner, normally would not be liable for the debts of the
47 OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND
NOTES TO STATEMENT OF INVESTMENTS Unaudited / Continued
4. Investments and Risks (Continued)
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.
5. Market Risk Factors
The Fund’s investments in securities and/or financial derivatives may expose the Fund to various market risk factors:
Commodity Risk. Commodity risk relates to the change in value of commodities or commodity indexes as they relate to increases or decreases in the commodities market. Commodities are physical assets that have tangible properties. Examples of these types of assets are crude oil, heating oil, metals, livestock, and agricultural products.
Credit Risk. Credit risk relates to the ability of the issuer of debt to meet interest and principal payments, or both, as they come due. In general, lower-grade, higher-yield debt securities are subject to credit risk to a greater extent than lower-yield, higher-quality securities.
Equity Risk. Equity risk relates to the change in value of equity securities as they relate to increases or decreases in the general market.
Foreign Exchange Rate Risk. Foreign exchange rate risk relates to the change in the U.S. dollar value of a security held that is denominated in a foreign currency. The U.S. dollar value of a foreign currency denominated security will decrease as the dollar appreciates against the currency, while the U.S. dollar value will increase as the dollar depreciates against the currency.
Interest Rate Risk. Interest rate risk refers to the fluctuations in value of fixed-income securities resulting from the inverse relationship between price and yield. For example, an increase in general interest rates will tend to reduce the market value of already issued fixed-income investments, and a decline in general interest rates will tend to increase their value. In addition, debt securities with longer maturities, which tend to have higher yields, are subject to potentially greater fluctuations in value from changes in interest rates than
48 OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND
5. Market Risk Factors (Continued)
obligations with shorter maturities.
Volatility Risk. Volatility risk refers to the magnitude of the movement, but not the direction of the movement, in a financial instrument’s price over a defined time period. Large increases or decreases in a financial instrument’s price over a relative time period typically indicate greater volatility risk, while small increases or decreases in its price typically indicate lower volatility risk.
6. Use of Derivatives
The Fund’s investment objective not only permits the Fund to purchase investment securities, it also allows the Fund to enter into various types of derivatives contracts, including, but not limited to, futures contracts, forward currency exchange contracts, credit default swaps, interest rate swaps, total return swaps, variance swaps and purchased and written options. In doing so, the Fund will employ strategies in differing combinations to permit it to increase, decrease, or change the level or types of exposure to market risk factors. These instruments may allow the Fund to pursue its objectives more quickly and efficiently than if it were to make direct purchases or sales of securities capable of effecting a similar response to market factors. Such contracts may be entered into through a bilateral over-the-counter (“OTC”) transaction, or through a securities or futures exchange and cleared through a clearinghouse.
Derivatives may have little or no initial cash investment relative to their market value exposure and therefore can produce significant gains or losses in excess of their cost due to unanticipated changes in the market risk factors and the overall market. This use of embedded leverage allows the Fund to increase its market value exposure relative to its net assets and can substantially increase the volatility of the Fund’s performance. In instances where the Fund is using derivatives to decrease, or hedge, exposures to market risk factors for securities held by the Fund, there are also risks that those derivatives may not perform as expected resulting in losses for the combined or hedged positions. Some derivatives have the potential for unlimited loss, regardless of the size of the Fund’s initial investment.
Additional associated risks from investing in derivatives also exist and potentially could have significant effects on the valuation of the derivative and the Fund. Typically, the associated risks are not the risks that the Fund is attempting to increase or decrease exposure to, per its investment objectives, but are the additional risks from investing in derivatives. Examples of these associated risks are liquidity risk, which is the risk that the Fund will not be 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.
49 OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND
NOTES TO STATEMENT OF INVESTMENTS Unaudited / Continued
6. Use of Derivatives (Continued)
Forward contracts are reported on a schedule following the Statement of Investments. The unrealized appreciation (depreciation) is reported in the Statement of Assets and Liabilities as a receivable (or payable) and in the Statement of Operations within the change in unrealized appreciation (depreciation). At contract close, the difference between the original cost of the contract and the value at the close date is recorded as a realized gain (loss) in the Statement of Operations.
The Fund has entered into forward contracts with the obligation to purchase specified foreign currencies in the future at a currently negotiated forward rate in order to take a positive investment perspective on the related currency. These forward contracts seek to increase exposure to foreign exchange rate risk.
The Fund has entered into forward contracts with the obligation to purchase specified foreign currencies in the future at a currently negotiated forward rate in order to decrease exposure to foreign exchange rate risk associated with foreign currency denominated securities held by the Fund.
The Fund has entered into forward contracts with the obligation to sell specified foreign currencies in the future at a currently negotiated forward rate in order to take a negative investment perspective on the related currency. These forward contracts seek to increase exposure to foreign exchange rate risk.
The Fund has entered into forward contracts with the obligation to sell specified foreign currencies in the future at a currently negotiated forward rate in order to decrease exposure to foreign exchange rate risk associated with foreign currency denominated securities held by the Fund.
During the reporting period, the Fund had daily average contract amounts on forward contracts to buy and sell of $11,262,422 and $7,869,459, 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.
50 OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND
6. Use of Derivatives (Continued)
Futures contracts are reported on a schedule following the Statement of Investments. Securities held by a futures commission merchant to cover initial margin requirements on open futures contracts are noted in the Statement of Investments. Cash held by a futures commission merchant to cover initial margin requirements on open futures contracts and the receivable and/or payable for the daily mark to market for the variation margin are noted in the Statement of Assets and Liabilities. The net change in unrealized appreciation and depreciation is reported in the Statement of Operations. Realized gains (losses) are reported in the Statement of Operations at the closing or expiration of futures contracts.
The Fund has purchased futures contracts on various equity indexes to increase exposure to equity risk.
The Fund has sold futures contracts on various equity indexes to decrease exposure to equity risk.
During the reporting period, the Fund had an ending monthly average market value of $5,702,196 and $1,948,555 on futures contracts purchased and sold, respectively.
Additional associated risks of entering into futures contracts (and related options) include the possibility that there may be an illiquid market where the Fund is unable to liquidate the contract or enter into an offsetting position and, if used for hedging purposes, the risk that the price of the contract will correlate imperfectly with the prices of the Fund’s securities.
Option Activity
The Fund may buy and sell put and call options, or write put and call options. When an option is written, the Fund receives a premium and becomes obligated to sell or purchase the underlying security, currency or other underlying financial instrument at a fixed price, upon exercise of the option.
Options can be traded through an exchange or through a privately negotiated arrangement with a dealer in an OTC transaction. Options traded through an exchange are generally cleared through a clearinghouse (such as The Options Clearing Corporation). The difference between the premium received or paid, and market value of the option, is recorded as unrealized appreciation or depreciation. The net change in unrealized appreciation or depreciation is reported in the Statement of Operations. When an option is exercised, the cost of the security purchased or the proceeds of the security sale are adjusted by the amount of premium received or paid. Upon the expiration or closing of the option transaction, a gain or loss is reported in the Statement of Operations.
The Fund has purchased call options on individual equity securities and/or equity indexes to increase exposure to equity risk. A purchased call option becomes more valuable as the price of the underlying financial instrument appreciates relative to the strike price.
During the reporting period, the Fund had an ending monthly average market value of $79,232 on purchased call options.
Options written, if any, are reported in a schedule following the Statement of Investments and as a liability in the Statement of Assets and Liabilities. Securities held in collateral accounts to cover potential obligations with respect to outstanding written options are noted in the Statement of Investments.
51 OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND
NOTES TO STATEMENT OF INVESTMENTS Unaudited / Continued
6. Use of Derivatives (Continued)
The risk in writing a call option is that the market price of the security increases and if the option is exercised, the Fund must either purchase the security at a higher price for delivery or, if the Fund owns the underlying security, give up the opportunity for profit. The risk in writing a put option is that the Fund may incur a loss if the market price of the security decreases and the option is exercised. The risk in buying an option is that the Fund pays a premium whether or not the option is exercised. The Fund also has the additional risk that there may be an illiquid market where the Fund is unable to close the contract.
At period end, the Fund had no such written option activity.
Swap Contracts
The Fund may enter into swap contract agreements with a counterparty to exchange a series of cash flows based on either specified reference rates, the price or volatility of asset or non-asset references, or the occurrence of a credit event, over a specified period. Swaps can be executed in a bi-lateral privately negotiated arrangement with a dealer in an OTC transaction (“OTC swaps”) or executed on a regulated market. Certain swaps, regardless of the venue of their execution, are required to be cleared through a clearinghouse (“centrally cleared swaps”). Swap contracts may include interest rate, equity, debt, index, total return, credit default, currency, and volatility swaps.
Swap contracts are reported on a schedule following the Statement of Investments. The values of centrally cleared swap and OTC swap contracts are aggregated by positive and negative values and disclosed separately on the Statement of Assets and Liabilities. The unrealized appreciation (depreciation) related to the change in the valuation of the notional amount of the swap is combined with the accrued interest due to (owed by) the Fund, if any, at termination or settlement. The net change in this amount during the period is included on the Statement of Operations. The Fund also records any periodic payments received from (paid to) the counterparty, including at termination, under such contracts as realized gain (loss) on the Statement of Operations.
Swap contract agreements are exposed to the market risk factor of the specific underlying reference rate or asset. Swap contracts are typically more attractively priced compared to similar investments in related cash securities because they isolate the risk to one market risk factor and eliminate the other market risk factors. Investments in cash securities (for instance bonds) have exposure to multiple risk factors (credit and interest rate risk). Because swaps have embedded leverage, they can expose the Fund to substantial risk in the isolated market risk factor.
Interest Rate Swap Contracts. An interest rate swap is an agreement between counterparties to exchange periodic payments based on interest rates. One cash flow stream will typically be a floating rate payment based upon a specified floating interest rate while the other is typically a fixed interest rate.
The Fund has entered into interest rate swaps in which it pays a floating interest rate and receives a fixed interest rate in order to increase exposure to interest rate risk. Typically, if relative interest rates rise, payments made by the Fund under a swap agreement will be
52 OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND
6. Use of Derivatives (Continued)
greater than the payments received by the Fund.
The Fund has entered into interest rate swaps in which it pays a fixed interest rate and receives a floating interest rate in order to decrease exposure to interest rate risk. Typically, if relative interest rates rise, payments received by the Fund under the swap agreement will be greater than the payments made by the Fund.
For the reporting period, the Fund had ending monthly average notional amounts of $112,857 and $1,244,286 on interest rate swaps which pay a fixed rate and interest rate swaps which receive a fixed rate, respectively.
Additional associated risks to the Fund include counterparty credit risk and liquidity risk.
Total Return Swap Contracts. A total return swap is an agreement between counterparties to exchange periodic payments based on the value of asset or non-asset references. One cash flow is typically based on a non-asset reference (such as an interest rate) and the other on the total return of a reference asset (such as a security or a basket of securities or securities index). The total return of the reference asset typically includes appreciation or depreciation on the reference asset, plus any interest or dividend payments.
Total return swap contracts are exposed to the market risk factor of the specific underlying financial instrument or index. Total return swaps are less standard in structure than other types of swaps and can isolate and/or include multiple types of market risk factors including equity risk, credit risk, and interest rate risk.
The Fund has entered into total return swaps on various equity securities or indexes to increase exposure to equity risk. These equity risk related total return swaps require the Fund to pay a floating reference interest rate, and an amount equal to the negative price movement of securities or an index (expressed as a percentage) multiplied by the notional amount of the contract. The Fund will receive payments equal to the positive price movement of the same securities or index (expressed as a percentage) multiplied by the notional amount of the contract and, in some cases, dividends paid on the securities.
Total Return Swaps on Shares of Affiliated Funds. The Fund has entered into total return swaps on an Affiliated Fund or Funds. This investment technique provides the Fund with synthetic long investment exposure to the performance of the Affiliated Fund through payments made by a swap dealer counterparty to the Fund under the swap that reflect the positive total return (inclusive of dividends and distributions) on those shares. In exchange, the Fund would make periodic payments to the counterparty under the swap based on a fixed or variable interest rate, as well as payments reflecting any negative total return on those shares. The swap provides the Fund with the economic equivalent of ownership of those shares through an entitlement to receive any gains realized, and dividends paid, on the shares, and an obligation to pay any losses realized on the shares. This investment technique provides the Fund effectively with leverage intended to achieve an economic effect similar to the Fund’s purchase of shares of the Affiliated Fund with borrowed money.
For the reporting period, the Fund had ending monthly average notional amounts of $16,051,691 on total return swaps which are long the reference asset.
Additional associated risks to the Fund include counterparty credit risk and liquidity risk.
Counterparty Credit Risk. Derivative positions are subject to the risk that the counterparty
53 OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND
NOTES TO STATEMENT OF INVESTMENTS Unaudited / Continued
6. Use of Derivatives (Continued)
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 Statement of Assets and Liabilities. Bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.
The Fund’s risk of loss from counterparty credit risk on exchange-traded derivatives cleared through a clearinghouse and for centrally cleared swaps is generally considered lower than as compared to OTC derivatives. However, counterparty credit risk exists with respect to initial and variation margin deposited/paid by the Fund that is held in futures commission merchant, broker and/or clearinghouse accounts for such exchange-traded derivatives and for centrally cleared swaps.
With respect to centrally cleared swaps, such transactions will be submitted for clearing, and if cleared, will be held in accounts at futures commission merchants or brokers that are members of clearinghouses. While brokers, futures commission merchants and clearinghouses are required to segregate customer margin from their own assets, in the event that a broker, futures commission merchant or clearinghouse becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the broker, futures commission merchant or clearinghouse for all its customers, U.S. bankruptcy laws will
54 OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND
6. Use of Derivatives (Continued)
typically allocate that shortfall on a pro-rata basis across all the broker’s, futures commission merchant’s or clearinghouse’s customers, potentially resulting in losses to the Fund.
There is the risk that a broker, futures commission merchant or clearinghouse will decline to clear a transaction on the Fund’s behalf, and the Fund may be required to pay a termination fee to the executing broker with whom the Fund initially enters into the transaction. Clearinghouses may also be permitted to terminate centrally cleared swaps at any time. The Fund is also subject to the risk that the broker or futures commission merchant will improperly use the Fund’s assets deposited/paid as initial or variation margin to satisfy payment obligations of another customer. In the event of a default by another customer of the broker or futures commission merchant, the Fund might not receive its variation margin payments from the clearinghouse, due to the manner in which variation margin payments are aggregated for all customers of the broker/futures commission merchant.
Collateral and margin requirements differ by type of derivative. Margin requirements are established by the broker, futures commission merchant or clearinghouse for exchange-traded and cleared derivatives, including centrally cleared swaps. Brokers, futures commission merchants and clearinghouses can ask for margin in excess of the regulatory minimum, or increase the margin amount, in certain circumstances.
Collateral terms are contract specific for OTC derivatives. For derivatives traded under an ISDA master agreement, the collateral requirements are typically calculated by netting the mark to market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Fund or the counterparty.
For financial reporting purposes, cash collateral that has been pledged to cover obligations of the Fund, if any, is reported separately on the Statement of Assets and Liabilities as cash pledged as collateral. Non-cash collateral pledged by the Fund, if any, is noted in the Statement of Investments. Generally, the amount of collateral due from or to a party must exceed a minimum transfer amount threshold (e.g. $250,000) before a transfer has to be made. To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance.
The following table presents by counterparty the Fund’s OTC derivative assets net of the related collateral pledged by the Fund at period end.
Gross Amounts Not Offset in the Statement of Assets & Liabilities | ||||||||||||||
Counterparty | Gross Amounts the Statement of Assets & | Financial Instruments Available for Offset | Financial Instruments Collateral Received** | Cash Collateral Received** | Net Amount | |||||||||
| ||||||||||||||
Bank of America NA | $ 207,559 | $ (20,510) | $ | – | $ – | $ | 187,049 | |||||||
BNP Paribas | 6,166 | – | – | – | 6,166 | |||||||||
Citibank NA | 1,702 | (1,702) | – | – | – |
55 OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND
NOTES TO STATEMENT OF INVESTMENTS Unaudited / Continued
6. Use of Derivatives (Continued)
Gross Amounts Not Offset in the Statement of Assets & Liabilities | ||||||||||||
Counterparty | Gross Amounts Not Offset in the Statement of Assets & Liabilities* | Financial Instruments Available for Offset | Financial Instruments Collateral Received** | Cash Collateral Received** | Net Amount | |||||||
| ||||||||||||
Deutsche Bank Securities, Inc. | $ 37,874 | $ (195) | $ – | $ – | $ | 37,679 | ||||||
Goldman Sachs Bank USA | 88,905 | (51,621) | – | – | 37,284 | |||||||
Goldman Sachs Group, Inc. (The) | 10,485 | – | – | – | 10,485 | |||||||
HSBC Bank USA NA | 17,560 | (17,560) | – | – | – | |||||||
JPMorgan Chase Bank NA | 107,196 | (39,976) | – | – | 67,220 | |||||||
Morgan Stanley Capital Services, Inc. | 27,785 | (27,785) | – | – | – | |||||||
Societe Generale | 12,463 | (12,463) | – | – | – | |||||||
| ||||||||||||
$ 517,695 | $ (171,812) | $ – | $ – | $ | 345,883 | |||||||
|
*OTC derivatives are reported gross on the Statement of Assets and Liabilities. Exchange traded options and margin related to centrally cleared swaps and futures are excluded from these reported amounts.
**Reported collateral posted for the benefit of the Fund within this table is limited to the net outstanding amount due from an individual counterparty. The collateral posted for the benefit of the Fund may exceed these amounts.
The following table presents by counterparty the Fund’s OTC derivative liabilities net of the related collateral pledged by the Fund at period end.
Gross Amounts Not Offset in the Statement of Assets & Liabilities | ||||||||||||
Counterparty | Gross Amounts Not Offset in the Statement of Assets & Liabilities* | Financial Instruments Available for Offset | Financial Instruments Collateral Pledged** | Cash Collateral Pledged** | Net Amount | |||||||
| ||||||||||||
Bank of America NA | $ (20,510) | $ 20,510 | $ – | $ – | $ | – | ||||||
Citibank NA | (87,211) | 1,702 | – | – | (85,509) | |||||||
Deutsche Bank Securities, Inc. | (195) | 195 | – | – | – | |||||||
Goldman Sachs Bank USA | (51,621) | 51,621 | – | – | – | |||||||
HSBC Bank USA NA | (35,618) | 17,560 | – | – | (18,058) | |||||||
JPMorgan Chase Bank NA | (39,976) | 39,976 | – | – | – | |||||||
Morgan Stanley Capital Services, Inc. | (76,388) | 27,785 | – | – | (48,603) |
56 OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND
6. Use of Derivatives (Continued)
Gross Amounts Not Offset in the Statement of Assets & Liabilities | ||||||||||||
Counterparty | Gross Amounts Not Offset in the Statement of Assets & Liabilities* | Financial Instruments Available for Offset | Financial Instruments Collateral Pledged** | Cash Collateral Pledged** | Net Amount | |||||||
| ||||||||||||
Societe Generale | $ (48,867) | $ – | $ – | $ – | $ | (48,867) | ||||||
| ||||||||||||
$ (360,386) | $ 159,349 | $ – | $ – | $ | (201,037) | |||||||
|
*OTC derivatives are reported gross on the Statement of Assets and Liabilities. Exchange traded options and margin related to centrally cleared swaps and futures are excluded from these reported amounts.
**Reported collateral pledged within this table is limited to the net outstanding amount due from the Fund. The securities pledged as collateral by the Fund as reported on the Statements of Investments may exceed these amounts.
The following table presents the valuations of derivative instruments by risk exposure as reported within the Statement of Assets and Liabilities at period end:
Asset Derivatives | Liability Derivatives | |||||||||||
Derivatives Not Accounted for as Hedging Instruments | Statement of Assets and Liabilities Location | Value | Statement of Assets and Liabilities Location | Value | ||||||||
| ||||||||||||
Credit contracts | Swaps, at value | $ | 27,526 | |||||||||
Equity contracts | Affiliated swaps, at value | 22,948 | Affiliated swaps, at value | $ | 48,867 | |||||||
Equity contracts | Variation margin receivable | 67,618* | Variation margin payable | 2,755* | ||||||||
Interest rate contracts | Variation margin receivable | 18,844* | ||||||||||
Foreign exchange contracts | Unrealized appreciation on foreign currency exchange contracts | 467,221 | Unrealized depreciation on foreign currency exchange contracts | 311,519 | ||||||||
|
|
|
| |||||||||
Total | $ | 604,157 | $ | 363,141 | ||||||||
|
|
|
|
*Includes only the current day’s variation margin. Prior variation margin movements have been reflected in cash on the Statement of Assets and Liabilities upon receipt or payment.
The effect of derivative instruments on the Statement of Operations is as follows:
Amount of Realized Gain or (Loss) Recognized on Derivatives | ||||||||||
Derivatives Not Accounted for as Hedging Instruments | Investment from unaffiliated companies | Closing and expiration of futures contracts | Foreign currency transactions | |||||||
| ||||||||||
Credit contracts | $ — | $ — | $ | — | ||||||
Equity contracts | (209,643) | (567,105) | — | |||||||
Foreign exchange contracts | — | — | 172,913 | |||||||
Interest rate contracts | — | — | — | |||||||
| ||||||||||
Total | $ (209,643) | $ (567,105) | $ | 172,913 | ||||||
|
57 OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND
NOTES TO STATEMENT OF INVESTMENTS Unaudited / Continued
6. Use of Derivatives (Continued)
Amount of Realized Gain or (Loss) Recognized on Derivatives (Continued) | ||||||||||||||
Derivatives Not Accounted for as Hedging Instruments | Swap contracts | Affiliated swap contracts | Total | |||||||||||
| ||||||||||||||
Credit contracts | $ | 94,533 | $ | — | $ | 94,533 | ||||||||
Equity contracts | — | (155,664) | (932,412) | |||||||||||
Foreign exchange contracts | — | — | 172,913 | |||||||||||
Interest rate contracts | 305,110 | — | 305,110 | |||||||||||
|
| |||||||||||||
Total | $ | 399,643 | $ | (155,664) | $ | (359,856) | ||||||||
|
| |||||||||||||
Amount of Change in Unrealized Gain or (Loss) Recognized on Derivatives | ||||||||||||||
Derivatives Not Accounted for as Hedging Instruments | Investments | Futures contracts | Translation of assets and liabilities denominated in foreign currencies | |||||||||||
| ||||||||||||||
Credit contracts | $ | — | $ | — | $ | — | ||||||||
Equity contracts | (67,061) | (8,266) | — | |||||||||||
Foreign exchange contracts | — | — | 155,702 | |||||||||||
Interest rate contracts | — | 99 | — | |||||||||||
|
| |||||||||||||
Total | $ | (67,061) | $ | (8,167) | $ | 155,702 | ||||||||
|
|
Amount of Unrealized Gain or (Loss) Recognized on Derivatives (Continued) | ||||||||||||||
Derivatives Not Accounted for as Hedging Instruments | Swap contracts | Affiliated swap contracts | Total | |||||||||||
| ||||||||||||||
Credit contracts | $ | 27,526 | $ | — | $ | 27,526 | ||||||||
Equity contracts | — | (92,181 | ) | (167,508) | ||||||||||
Foreign exchange contracts | — | — | 155,702 | |||||||||||
Interest rate contracts | 7,178 | — | 7,277 | |||||||||||
|
| |||||||||||||
Total | $ | 34,704 | $ | (92,181 | ) | $ | 22,997 | |||||||
|
|
*Includes purchased option contracts and purchased swaption contracts, if any.
7. Shares of Beneficial Interest
The Fund has authorized an unlimited number of $0.001 par value shares of beneficial interest of each class. Transactions in shares of beneficial interest were as follows:
Six Months Ended April 29, 20161 | Period Ended October 30, 20151,2,3 | |||||||
Shares | Amount | Shares | Amount | |||||
| ||||||||
Class A | ||||||||
Sold | 11,192 | $ 107,023 | 4,994,490 | $ 49,945,032 | ||||
Dividends and/or distributions reinvested | 51 | 507 | — | — | ||||
Redeemed | (5) | (50) | — | — | ||||
| ||||||||
Net increase | 11,238 | $ 107,480 | 4,994,490 | $ 49,945,032 | ||||
|
58 OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND
7. Shares of Beneficial Interest (Continued)
Six Months Ended April 29, 20161 | Period Ended October 30, 20151,2,3 | |||||||
Shares | Amount | Shares | Amount | |||||
| ||||||||
Class C | ||||||||
Sold | 21,816 | $ 209,688 | 3,297 | $ 32,088 | ||||
Dividends and/or distributions reinvested | 94 | 936 | — | — | ||||
Redeemed | (2) | (25) | — | — | ||||
| ||||||||
Net increase | 21,908 | $ 210,599 | 3,297 | $ 32,088 | ||||
| ||||||||
| ||||||||
Class I | ||||||||
Sold | — | $ — | — | $ — | ||||
Dividends and/or distributions reinvested | — | — | — | — | ||||
Redeemed | — | — | — | — | ||||
| ||||||||
Net increase | — | $ — | — | $ — | ||||
| ||||||||
| ||||||||
Class R | ||||||||
Sold | 658 | $ 6,383 | — | $ — | ||||
Dividends and/or distributions reinvested | — | 2 | — | — | ||||
Redeemed | — | — | — | — | ||||
| ||||||||
Net increase | 658 | $ 6,385 | — | $ — | ||||
| ||||||||
| ||||||||
Class Y | ||||||||
Sold | — | $ — | — | $ — | ||||
Dividends and/or distributions reinvested | — | — | — | — | ||||
Redeemed | — | — | — | — | ||||
| ||||||||
Net increase | — | $ — | — | $ — | ||||
|
1. April 29, 2016 represents the last business day of the Fund’s reporting period. See Note 2 of the accompanying Notes.
2. The Fund sold 6,000 shares of Class A at a value of $60,000 and 1,000 shares of Class C, Class I, Class R and Class Y at a value of $10,000, respectively, to the Manager upon seeding of the Fund on May 26, 2015. These amounts are not reflected in the table above.
3. For the period from August 27, 2015 (commencement of operations) to October 30, 2015.
8. Purchases and Sales of Securities
The aggregate cost of purchases and proceeds from sales of securities, other than short-term obligations and investments in IMMF, for the reporting period were as follows:
Purchases | Sales | |||||||
| ||||||||
Investment securities | $ | 9,486,500 | $8,204,970 | |||||
U.S. government and government agency obligations | 3,024,122 | 4,766,159 |
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:
59 OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND
NOTES TO STATEMENT OF INVESTMENTS Unaudited / Continued
9. Fees and Other Transactions with Affiliates (Continued)
Fee Schedule | ||||
Up to $500 million | 0.75% | |||
Next $500 million | 0.70 | |||
Next $4.0 billion | 0.65 | |||
Over $5.0 billion | 0.60 |
The Fund’s effective management fee for the reporting period was 0.75% of average annual net assets before any applicable waivers.
Sub-Adviser Fees. The Manager has retained the Sub-Adviser to provide the day-to-day portfolio management of the Fund. Under the Sub-Advisory Agreement, the Manager pays the Sub-Adviser an annual fee in monthly installments, equal to a percentage of the investment management fee collected by the Manager from the Fund, which shall be calculated after any investment management fee waivers. The fee paid to the Sub-Adviser is paid by the Manager, not by the Fund.
Sub-Sub-Adviser Fees. The Sub-Adviser retains the Sub-Sub-Advisers to provide the day-to-day portfolio management of the Fund. Under the Sub-Sub-Advisory Agreement, the Sub-Adviser pays the Sub-Sub-Advisers an annual fee in monthly installments, based on the average daily net assets of the Fund. The fee paid to the Sub-Sub-Advisers under the Sub-Sub-Advisory agreement is paid by the Sub-Adviser, not by the Fund.
Transfer Agent Fees. OFI Global (the “Transfer Agent”) serves as the transfer and shareholder servicing agent for the Fund. The Fund pays the Transfer Agent a fee based on annual net assets. Fees incurred and average net assets for each class with respect to these services are detailed in the Statement of Operations and Financial Highlights, respectively.
Sub-Transfer Agent Fees. The Transfer Agent has retained Shareholder Services, Inc., a wholly-owned subsidiary of OFI (the “Sub-Transfer Agent”), to provide the day-to-day transfer agent and shareholder servicing of the Fund. Under the Sub-Transfer Agency Agreement, the Transfer Agent pays the Sub-Transfer Agent an annual fee in monthly installments, equal to a percentage of the transfer agent fee collected by the Transfer Agent from the Fund, which shall be calculated after any applicable fee waivers. The fee paid to the Sub-Transfer Agent is paid by the Transfer Agent, not by the Fund.
Trustees’ Compensation. The Fund’s Board of Trustees (“Board”) has adopted a compensation deferral plan for Independent Trustees that enables Trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. For purposes of determining the amount owed to the Trustees under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of the Fund or in other Oppenheimer funds selected by the Trustees. The Fund purchases shares of the funds selected for deferral by the Trustees in amounts equal to his or her deemed investment, resulting in a Fund asset equal to the deferred compensation liability. Such assets are included
60 OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND
9. Fees and Other Transactions with Affiliates (Continued)
as a component of “Other” within the asset section of the Statement of Assets and Liabilities. Deferral of Trustees’ fees under the plan will not affect the net assets of the Fund and will not materially affect the Fund’s assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance with the compensation deferral plan.
Distribution and Service Plan (12b-1) Fees. Under its General Distributor’s Agreement with the Fund, OppenheimerFunds Distributor, Inc. (the “Distributor”) acts as the Fund’s principal underwriter in the continuous public offering of the Fund’s classes of shares.
Service Plan for Class A Shares. The Fund has adopted a Service Plan (the “Plan”) for Class A shares pursuant to Rule 12b-1 under the 1940 Act. Under the Plan, the Fund reimburses the Distributor for a portion of its costs incurred for services provided to accounts that hold Class A shares. Reimbursement is made periodically at an annual rate of up to
0.25% of the daily net assets of Class A shares of the Fund. The Distributor currently uses all of those fees to pay dealers, brokers, banks and other financial institutions periodically for providing personal service and maintenance of accounts of their customers that hold Class A shares. Any unreimbursed expenses the Distributor incurs with respect to Class A shares in any fiscal year cannot be recovered in subsequent periods. Fees incurred by the Fund under the Plan are detailed in the Statement of Operations.
Distribution and Service Plans for Class C and Class R Shares. The Fund has adopted Distribution and Service Plans (the “Plans”) for Class C and Class R shares pursuant to Rule 12b-1 under the 1940 Act to compensate the Distributor for distributing those share classes, maintaining accounts and providing shareholder services. Under the Plans, the Fund pays the Distributor an annual asset-based sales charge of 0.75% on Class C shares’ daily net assets and 0.25% on Class R shares’ daily net assets. The Fund also pays a service fee under the Plans at an annual rate of 0.25% of daily net assets. The Plans continue in effect from year to year only if the Fund’s Board of Trustees votes annually to approve their continuance at an in person meeting called for that purpose. Fees incurred by the Fund under the Plans are detailed in the Statement of Operations.
Sales Charges. Front-end sales charges and CDSC do not represent expenses of the Fund. They are deducted from the proceeds of sales of Fund shares prior to investment or from redemption proceeds prior to remittance, as applicable. The sales charges retained by the Distributor from the sale of shares and the CDSC retained by the Distributor on the redemption of shares is shown in the following table for the period indicated.
Six Months Ended | Class A Front-End | |||
| ||||
April 29, 2016 | $363 |
61 OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND
NOTES TO STATEMENT OF INVESTMENTS Unaudited / Continued
Waivers and Reimbursements of Expenses. The Manager has contractually agreed to limit the “Total expenses” for all share classes so that “Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses”, as a percentage of average annual net assets, will not exceed the following annual rates: 1.10% for Class A shares,
1.85% for Class C shares, 0.85% for Class I shares, 1.35% for Class R shares and 0.95% for Class Y shares, as calculated on the daily net assets of the Fund. The expense limitations do not include extraordinary expenses, interest and fees from borrowing, and other expenses not incurred in the ordinary course of the Fund’s business. During the reporting period, the Manager reimbursed the Fund $23,307, $556, $6, $24 and $10 for Class A, Class C, Class I, Class R and Class Y shares, respectively.
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 IMMF. During the reporting period, the Manager waived fees and/or reimbursed the Fund $490 for IMMF management fees.
The Manager will waive fees and/or reimburse Fund expenses in an amount equal to the indirect management fees incurred through the Fund’s investments in underlying funds managed by the Manager or its affiliates. During the reporting period, the Manager waived fees and/or reimbursed the Fund $27,058 for management fees.
Waivers and/or reimbursements may be modified or terminated as set forth according to the terms in the prospectus.
10. Pending Litigation
In 2009, several putative class action lawsuits were filed and later consolidated before the U.S. District Court for the District of Colorado against OppenheimerFunds, Inc. (“OFI”), OppenheimerFunds Distributor, Inc. (“OFDI”), and Oppenheimer Rochester California Municipal Fund, a fund advised by OFI Global Asset Management, Inc. and distributed by the Distributor (the “California Fund”), in connection with the California Fund’s investment performance. The plaintiffs asserted claims against OFI, OFDI and certain present and former trustees and officers of the California Fund under the federal securities laws, alleging, among other things, that the disclosure documents of the California Fund contained misrepresentations and omissions and the investment policies of the California Fund were not followed. Plaintiffs in the suit filed an amended complaint and defendants filed a motion to dismiss. In 2011, the court issued an order which granted in part and denied in part the defendants’ motion to dismiss. In 2012, plaintiffs filed a motion, which defendants opposed, to certify a class and appoint class representatives and class counsel. In March 2015, the court granted plaintiffs’ motion for class certification. In May 2015, the U.S. Court of Appeals for the Tenth Circuit vacated the class certification order and remanded the matter to the district court for further proceedings. In October 2015, the district court reaffirmed its order and determined that the suit will proceed as a class action. In December 2015, the Tenth Circuit denied defendants’ petition to appeal the district court’s reaffirmed class certification order.
OFI and OFDI believe the suit is without merit; that it is premature to render any opinion as to the likelihood of an outcome unfavorable to them in the suit; and that no estimate can yet
62 OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND
10. Pending Litigation (Continued)
be made as to the amount or range of any potential loss. Furthermore, OFI believes that the suit should not impair the ability of OFI or OFDI to perform their respective duties to the Fund and that the outcome of the suit should not have any material effect on the operations of any of the Oppenheimer funds.
63 OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND
PORTFOLIO PROXY VOTING POLICIES AND GUIDELINES;
UPDATES TO STATEMENTS OF INVESTMENTS Unaudited
The Fund has adopted Portfolio Proxy Voting Policies and Guidelines under which the Fund votes proxies relating to securities (“portfolio proxies”) held by the Fund. A description of the Fund’s Portfolio Proxy Voting Policies and Guidelines is available (i) without charge, upon request, by calling the Fund toll-free at 1.800.CALL OPP (225.5677), (ii) on the Fund’s website at www.oppenheimerfunds.com, and (iii) on the SEC’s website at www.sec.gov. In addition, the Fund is required to file Form N-PX, with its complete proxy voting record for the 12 months ended June 30th, no later than August 31st of each year. The Fund’s voting record is available (i) without charge, upon request, by calling the Fund toll-free at 1.800.CALL OPP (225.5677), and (ii) in the Form N-PX filing on the SEC’s website at www.sec.gov.
The Fund files its complete schedule of portfolio holdings with the SEC for the first quarter and the third quarter of each fiscal year on Form N-Q. The Fund’s Form N-Q filings are available on the SEC’s website at www.sec.gov. Those forms may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.
Householding—Delivery of Shareholder Documents
This is to inform you about OppenheimerFunds’ “householding” policy. If more than one member of your household maintains an account in a particular fund, OppenheimerFunds will mail only one copy of the fund’s prospectus (or, if available, the fund’s summary prospectus), annual and semiannual report and privacy policy. The consolidation of these mailings, called householding, benefits your fund through reduced mailing expense, and benefits you by reducing the volume of mail you receive from OppenheimerFunds. Householding does not affect the delivery of your account statements.
Please note that we will continue to household these mailings for as long as you remain an OppenheimerFunds shareholder, unless you request otherwise. If you prefer to receive multiple copies of these materials, please call us at 1.800.CALL-OPP (225-5677). You may also notify us in writing or via email. We will begin sending you individual copies of the prospectus (or, if available, the summary prospectus), reports and privacy policy within 30 days of receiving your request to stop householding.
64 OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND
DISTRIBUTION SOURCES Unaudited
For any distribution that took place over the Fund’s reporting period, the table below details on a per-share basis the percentage of the Fund’s total distribution payment amount that was derived from the following sources: net income, net profit from the sale of securities, and other capital sources. This information is based upon income and capital gains using generally accepted accounting principles as of the date of each distribution. For certain securities, such as Master Limited Partnerships (“MLPs”) and Real Estate Investment Trusts (“REITs”), the percentages attributed to each category (net income, net profit from sale and other capital sources) are estimated using historical information because the character of the amounts received from the MLPs and REITs in which the fund invests is unknown until after the end of the calendar year. Because the Fund is actively managed, the relative amount of the Fund’s total distributions derived from various sources over the calendar year may change. Please note that this information should not be used for tax reporting purposes as the tax character of distributable income may differ from the amounts used for this notification. You will receive IRS tax forms in the first quarter of each calendar year detailing the actual amount of the taxable and non-taxable portion of distributions paid to you during the tax year.
For the most current information, please go to oppenheimerfunds.com. Select your Fund, then the ‘Detailed’ tab; where ‘Dividends’ are shown, the Fund’s latest pay date will be followed by the sources of any distribution, updated daily.
Fund Name | Pay Date | Net Income | Net Profit from Sale | Other Capital Sources | ||||||||||
Oppenheimer Global Multi-Asset Growth Fund | 12/15/15 | 82.4% | 0.0% | 17.6% | ||||||||||
Oppenheimer Global Multi-Asset Growth Fund | 12/29/15 | 94.3% | 0.0% | 5.7% |
65 OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND
OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND
Trustee and Officers | Brian F. Wruble, Chairman of the Board of Trustees and Trustee | |||
Beth Ann Brown, Trustee Matthew P. Fink, Trustee | ||||
Edmund P. Giambastiani, Jr., Trustee | ||||
Elizabeth Krentzman, Trustee | ||||
Mary F. Miller, Trustee | ||||
Joel W. Motley, Trustee | ||||
Joanne Pace, Trustee | ||||
Daniel Vandivort, Trustee | ||||
Arthur P. Steinmetz, Trustee, President and Principal Executive Officer | ||||
Mark Hamilton, Vice President | ||||
Dokyoung Lee, Vice President | ||||
Benjamin Rockmuller, Vice President | ||||
Alessio de Longis, Vice President | ||||
Cynthia Lo Bessette, Secretary and Chief Legal Officer | ||||
Jennifer Sexton, Vice President and Chief Business Officer | ||||
Mary Ann Picciotto, Chief Compliance Officer and Chief Anti-Money Laundering Officer | ||||
Brian S. Petersen, Treasurer and Principal Financial & Accounting Officer | ||||
Manager | OFI Global Asset Management, Inc. | |||
Sub-Adviser | OppenheimerFunds, Inc. | |||
Distributor | OppenheimerFunds Distributor, Inc. | |||
Transfer and Shareholder Servicing Agent | OFI Global Asset Management, Inc. | |||
Sub-Transfer Agent | Shareholder Services, Inc. | |||
DBA OppenheimerFunds Services | ||||
Independent Registered Public Accounting Firm | KPMG LLP | |||
Legal Counsel | Kramer Levin Naftalis & Frankel LLP | |||
The financial statements included herein have been taken from the records of the Fund without examination of those records by the independent registered public accounting firm. |
© 2016 OppenheimerFunds, Inc. All Rights reserved.
66 OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND
As an Oppenheimer fund shareholder, you are entitled to know how we protect your personal information and how we limit its disclosure.
Information Sources
We obtain nonpublic personal information about our shareholders from the following sources:
● | Applications or other forms | |
● | When you create a user ID and password for online account access | |
● | When you enroll in eDocs Direct, our electronic document delivery service | |
● | Your transactions with us, our affiliates or others | |
● | A software program on our website, often referred to as a “cookie,” which indicates which parts of our site you’ve visited | |
● | When you set up challenge questions to reset your password online |
If you visit oppenheimerfunds.com and do not log on to the secure account information areas, we do not obtain any personal information about you. When you do log on to a secure area, we do obtain your user ID and password to identify you. We also use this information to provide you with products and services you have requested, to inform you about products and services that you may be interested in and assist you in other ways.
We do not collect personal information through our website unless you willingly provide it to us, either directly by email or in those areas of the website that request information. In order to update your personal information (including your mailing address, email address and phone number) you must first log on and visit your user profile.
If you have set your browser to warn you before accepting cookies, you will receive the warning message with each cookie. You can refuse cookies by turning them off in your browser. However, doing so may limit your access to certain sections of our website.
We use cookies to help us improve and manage our website. For example, cookies help us recognize new versus repeat visitors to the site, track the pages visited, and enable some special features on the website. This data helps us provide a better service for our website visitors.
Protection of Information
We do not disclose any non-public personal information (such as names on a customer list) about current or former customers to anyone, except as permitted by law.
Disclosure of Information
Copies of confirmations, account statements and other documents reporting activity in your fund accounts are made available to your financial advisor (as designated by you). We may also use details about you and your investments to help us, our financial service affiliates, or firms that jointly market their financial products and services with ours, to better serve your investment needs or suggest financial services or educational material that may be of interest to you. If this requires us to provide you with an opportunity to “opt in” or “opt out” of such information sharing with a firm not affiliated with us, you will receive notification on how to do so, before any such sharing takes place.
Right of Refusal
We will not disclose your personal information to unaffiliated third parties (except as permitted by law), unless we first offer you a reasonable opportunity to refuse or “opt out” of such disclosure.
67 OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND
PRIVACY POLICY 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.
We do not guarantee or warrant that any part of our website, including files available for download, are free of viruses or other harmful code. It is your responsibility to take appropriate precautions, such as use of an anti-virus software package, to protect your computer hardware and software.
● | All transactions, including redemptions, exchanges and purchases, are secured by SSL and 256-bit encryption. SSL is used to establish a secure connection between your PC and OppenheimerFunds’ server. It transmits information in an encrypted and scrambled format. | |
● | Encryption is achieved through an electronic scrambling technology that uses a “key” to code and then decode the data. Encryption acts like the cable converter box you may have on your television set. It scrambles data with a secret code so that no one can make sense of it while it is being transmitted. When the data reaches its destination, the same software unscrambles the data. | |
● | You can exit the secure area by either closing your browser, or for added security, you can use the Log Out button before you close your browser. |
Other Security Measures
We maintain physical, electronic and procedural safeguards to protect your personal account information. Our employees and agents have access to that information only so that they may offer you products or provide services, for example, when responding to your account questions.
How You Can Help
You can also do your part to keep your account information private and to prevent unauthorized transactions. If you obtain a user ID and password for your account, do not allow it to be used by anyone else. Also, take special precautions when accessing your account on a computer used by others.
Who We Are
This joint notice describes the privacy policies of the Oppenheimer funds, OppenheimerFunds, Inc., each of its investment adviser subsidiaries, OppenheimerFunds Distributor, Inc. and OFI Global Trust Co. It applies to all Oppenheimer fund accounts you presently have, or may open in the future, using your Social Security number—whether or not you remain a shareholder of our funds. This notice was last updated March 2015. In the event it is updated or changed, we will post an updated notice on our website at oppenheimerfunds.com. If you have any questions about this privacy policy, write to us at P.O. Box 5270, Denver, CO 80217-5270, email us by clicking on the Contact Us section of our website at oppenheimerfunds.com or call us at 1.800.CALL OPP (225.5677).
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71 OPPENHEIMER GLOBAL MULTI-ASSET 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.
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Oppenheimer funds are distributed by OppenheimerFunds Distributor, Inc. 225 Liberty Street, New York, NY 10281-1008 © 2016 OppenheimerFunds Distributor, Inc. All rights reserved.
RS2015.001.0416 June 24, 2016 |
Item 2. Code of Ethics.
Not applicable to semiannual reports.
Item 3. Audit Committee Financial Expert.
Not applicable to semiannual reports.
Item 4. Principal Accountant Fees and Services.
Not applicable to semiannual reports.
Item 5. Audit Committee of Listed Registrants
Not applicable.
Item 6. Schedule of Investments.
a) Not applicable. The complete schedule of investments is included in Item 1 of this Form N-CSR.
b) Not applicable.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
The Fund’s Governance Committee Provisions with Respect to Nominations of Directors/Trustees to the Respective Boards
None
Item 11. Controls and Procedures.
Based on their evaluation of the registrant’s disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c)) as of 4/29/2016, the registrant’s principal executive officer and principal financial officer found the registrant’s disclosure controls and procedures to provide reasonable assurances that information required to be disclosed by the registrant in the reports that it files under the Securities Exchange Act of 1934 (a) is accumulated and communicated to registrant’s management, including its principal executive officer and principal financial officer, to allow timely decisions regarding required disclosure, and (b) is recorded, processed, summarized and reported, within the time
periods specified in the rules and forms adopted by the U.S. Securities and Exchange Commission.
There have been no changes in the registrant’s internal controls over financial reporting that occurred during the registrant’s second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. Exhibits.
(a) | (1) Not applicable to semiannual reports. |
(2) Exhibits attached hereto. |
(3) Not applicable. |
(b) | Exhibit attached hereto. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Oppenheimer Global Multi-Asset Growth Fund
By: | /s/ Arthur P. Steinmetz | |
Arthur P. Steinmetz | ||
Principal Executive Officer | ||
Date: |
6/15/2016 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/ Arthur P. Steinmetz | |
Arthur P. Steinmetz | ||
Principal Executive Officer | ||
Date: |
6/15/2016 |
By: | /s/ Brian S. Petersen | |
Brian S. Petersen | ||
Principal Financial Officer | ||
Date: |
6/15/2016 |