UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-23052
Oppenheimer Global Multi-Asset Growth Fund
(Exact name of registrant as specified in charter)
6803 South Tucson Way, Centennial, Colorado 80112-3924
(Address of principal executive offices) (Zip code)
Cynthia Lo Bessette
OFI Global Asset Management, Inc.
225 Liberty Street, New York, New York 10281-1008
(Name and address of agent for service)
Registrant’s telephone number, including area code: (303) 768-3200
Date of fiscal year end: October 31
Date of reporting period: 4/30/2018
Item 1. Reports to Stockholders.
Semiannual Report 4/30/2018
OppenheimerFunds ® The Right Way to Invest Oppenheimer Global Multi-Asset Growth Fund
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Portfolio Proxy Voting Policies and Guidelines; Updates to Statement of Investments | 74 | |||
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Class A Shares
AVERAGE ANNUAL TOTAL RETURNS AT 4/30/18
Class A Shares of the Fund | ||||||
Without Sales Charge
|
With Sales Charge
| MSCI All Country
| ||||
6-Month | -0.30% | -6.03% | 3.56% | |||
1-Year | 6.19 | 0.09 | 14.16 | |||
Since Inception (8/27/15) | 7.93 | 5.57 | 11.89 |
Performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Fund returns include changes in share price, reinvested distributions, and a 5.75% maximum applicable sales charge except where “without sales charge” is indicated. Current performance may be lower or higher than the performance quoted. Returns do not consider capital gains or income taxes on an individual’s investment. Returns for periods of less than one year are cumulative and not annualized. For performance data current to the most recent month-end, visit oppenheimerfunds.com or call 1.800.CALL OPP (225.5677). See Fund prospectuses and summary prospectuses for more information on share classes and sales charges.
2 OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND
The Fund’s Class A shares (without sales charge) produced a return of -0.30% during the reporting period. In comparison, the MSCI All Country World Index (the “Index”) produced a return of 3.56% over the same period.
MARKET OVERVIEW
Equity markets continued rallying into the close of the fourth quarter of 2017. Heading into 2018, volatility increased on concerns that a more hawkish U.S. Federal Reserve (Fed) would increase short term interest rates more aggressively to normalize monetary policy and curtail early indications of inflationary price pressure. As a result, although global equities got off to a very strong start in January, markets reversed course during February and March, only recovering slightly in April. Consistent with expectations, the Fed raised interest rates by 25 basis points (bps) from 1.5% to 1.75%, but did not alter rate trajectory projections for the remainder of the year. Nevertheless, U.S. Treasury yields increased across the curve on inflation/policy normalization concerns and increased trade tensions between the U.S. and China caused equity markets to selloff. Although risk-off sentiment gathered steam, developed market equities underperformed emerging markets on more advanced business cycle dynamics and developed markets cyclical sectors began to underperform defensives. During April, equities recovered somewhat from earlier weakness as strong corporate results and big-ticket mergers and acquisitions (M&A) activity lifted market sentiment.
Against this backdrop, equity markets produced positive absolute results despite higher volatility. As mentioned, emerging markets equities outperformed other international and U.S. counterparts, with the MSCI Emerging Markets Index up 4.80% for the six-month period ended April 30, 2018, the MSCI All Country World Index up 3.56%, and the S&P 500 Index up 3.82%. Yields rose across the U.S. Treasury curve during the reporting period, with the 10-year yield ending at 2.95%.
FUND REVIEW
The Fund’s investment objective is to seek capital appreciation. The Fund is managed by the Global Multi-Asset Team, which leverages proprietary research to gauge the impact of changes in the macroeconomic backdrop, overall risk environment and evaluations of prospective risks and returns across asset classes. The Fund invests in a globally diversified set of growth generating assets such as traditional equities, fixed income assets, and alternatives. The Fund will dynamically allocate across assets based on the investment team’s views and seeks to capture the best opportunities for growth with less risk than the broad equity market, in addition to benefitting from bottom up security selection from actively managed strategies.
3 OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND
During the period, the security selection component of the Fund’s investment process was the largest detractor from relative performance, driven mostly by underperformance in domestic equity strategies. Our large-cap core strategy, which has historically outperformed in periods of volatility, was the largest detractor to performance due to poor stock selection. In particular, the underperformance was mainly driven by company-specific issues with some of our larger holdings within the Industrials, Utilities, and Health Care sectors.
During the reporting period, the Fund’s allocation to alternative strategies was also a slight detractor to performance. In particular, our systematic alpha-oriented strategies and exposure to Oppenheimer Fundamental Alternatives Fund posted slight negative returns for the period. Both systematic and fundamental alternatives seek to offer the diversification benefits of hedge fund-like strategies and use systematic and fundamental techniques to generate returns from both directional positions and relative value trades. Both strategies seek to generate attractive risk-adjusted returns that exhibit low correlation to traditional stocks and bonds. We believe that over a full business cycle, maintaining some exposure to these strategies on a levered basis provides diversification and helps the Fund keep pace with its 100% equity benchmark.
Opportunistic exposure to master limited partnerships (MLPs) was also a detractor to relative performance. Despite a move higher in energy prices, MLPs struggled during the period and underperformed the Index. With the correlation breakdown between MLPs and oil prices, as a risk control measure we reduced our MLP exposure, and took on a more concentrated position via a dynamically managed long position in oil futures. We see rising demand and a supportive supply picture as a tailwind to energy commodities in general and crude markets in particular. Moreover, the Brent futures curve is in backwardation and receives a positive risk premium for long positions relative to the spot market. All these factors, in our view provide upside potential and positive momentum to oil prices in the near term.
During the period, our broad equity exposure was a positive contributor to performance as equity markets posted gains. We increased exposure to U.S. equities while reducing our European equity tilt, supported by constructive dynamics associated with late expansion phases of the business cycle and deterioration in other developed equity markets. Among style factors, we expect the momentum factor to continue to outperform, currently coinciding with growth and technology stocks. However, although there are no clear catalysts for an enduring correction in U.S. equities at this stage, recent headlines around increasing tariffs on several imports (i.e., washing machines, steel, and aluminum) may provide some near term volatility.
4 OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND
Our tilt to Europe was a detractor during the period. While European equities have done well, the main beneficiary of strong European growth has been the Euro, rather than local equities, which continue to lag U.S. markets both in terms of performance and positive earnings revisions. As mentioned earlier, we reduced our European equity exposure, awaiting clearer signals that economic fundamentals are translating through to earnings. We maintain a tilt to emerging market equities, the largest in the portfolio in relative terms, as we believe the asset class has the potential to offer some of the most attractive returns over the next few years on attractive valuations. Emerging markets exited their “recession” in early 2016, and are currently in the early stage of a new expansionary cycle, supported by strong external demand, rising commodity prices and low inflation. China continues to successfully manage a transition from investment to consumption driven growth. This positioning led to positive contribution during the period as emerging market equities outperformed developed markets.
Our allocation to emerging market local debt was also a significant contributor to performance during the period. We favor this asset class for its potential to provide stable income coupled with modest price appreciation from local currencies, which we believe to be attractively valued, and supported in many cases by tailwinds from commodity prices. While spreads to U.S. Treasuries have compressed by about 150 bps since 2015, the yield on the asset class
remains above 6%, with stable average inflation around 4% and a real yield of 2%, well above the negative real yields available in developed fixed income markets. Inflation continues to surprise to the downside for the ninth consecutive year, further supporting local bond prices.
STRATEGY & OUTLOOK
As we look ahead, global economic activity has started to decelerate, confirming the slowing of near term growth momentum. This deceleration has been fairly broad-based across regions and sectors, with business surveys in both manufacturing and services indicating a reversal in nearly all of the improvement seen in the fourth quarter of last year. Overall, we believe the global economy has entered a “slowdown” regime, characterized by above-trend but decelerating growth. Growth has moderated most notably in Europe, followed by Asia, while we continue to see acceleration in the United States, which remains in an expansionary regime. Global financial markets have taken notice and our global market sentiment indicators are signaling a decline in global risk appetite, as riskier asset classes have, on average, underperformed safer assets. Similarly, equity market volatility has begun to incorporate some of the uncertainty in the growth outlook, coupled with ongoing noise surrounding North American Free Trade Agreement negotiations and the rising tensions between China and the U.S. on trade issues. Despite such rhetoric, all parties involved have expressed willingness to compromise, and we remain constructive on the resolution of these disputes.
5 OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND
In terms of duration relative to our equity only benchmark, we have an overweight in both U.S. and developed markets fixed income. Major central banks are going far and beyond to deliver gradual exit strategies after a decade of unprecedented monetary easing. Their main goal remains clear: policy normalization while minimizing market impact. We do see some headwinds in credit markets with non-financial corporate leverage nearing previous cyclical peaks and tight spread levels. Given the advanced stage of the credit cycle our return expectations are
carry or yield-like. On balance we prefer fixed income investments with attractive real yields, such as emerging market local debt.
As always, we continue to closely monitor developments in financial conditions as well as the political and policy landscape to assess risks to the macro outlook and financial markets. We are paying close attention to the policy backdrop and the inflation picture; both are potential headwinds that could derail an already advanced business cycle. Should we see further deterioration in economic data, or volatility pickup in equities or credit, we stand ready to adapt accordingly.
Benjamin Rockmuller, CFA Portfolio Manager |
Alessio de Longis, CFA Portfolio Manager |
6 OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND
TOP TEN COMMON STOCK HOLDINGS
Microsoft Corp.
|
| 1.0%
|
| |
Apple, Inc.
|
| 1.0
|
| |
JPMorgan Chase & Co.
|
| 0.9
|
| |
UnitedHealth Group, Inc.
|
| 0.8
|
| |
Facebook, Inc., Cl. A
|
| 0.8
|
| |
Amazon.com, Inc.
|
| 0.8
|
| |
Alibaba Group Holding Ltd., Sponsored ADR
|
| 0.7
|
| |
SAP SE
|
| 0.7
|
| |
Suncor Energy, Inc.
|
| 0.6
|
| |
Airbus SE
|
| 0.5
|
|
Portfolio holdings and allocations are subject to change. Percentages are as of April 30, 2018, and are based on net assets. For more current Fund holdings, please visit oppenheimerfunds.com.
TOP TEN GEOGRAPHICAL HOLDINGS
United States
|
| 57.1%
|
| |
France
|
| 5.5
|
| |
Japan
|
| 5.0
|
| |
United Kingdom
|
| 3.9
|
| |
Germany
|
| 3.6
|
| |
China
|
| 3.1
|
| |
South Korea
|
| 1.8
|
| |
Switzerland
|
| 1.7
|
| |
Canada
|
| 1.5
|
| |
Russia
|
| 1.5
|
|
Portfolio holdings and allocation are subject to change. Percentages are as of April 30, 2018, and are based on total market value of investments.
PORTFOLIO ALLOCATION
Common Stocks
|
| 63.1%
|
| |
Investment Companies
| ||||
Oppenheimer Fundamental Alternatives Fund
|
| 14.4
|
| |
Oppenheimer Global High Yield Fund
|
| 4.2
|
| |
Oppenheimer Institutional Government Money Market Fund
|
| 8.9
|
| |
Foreign Government Obligations
|
| 7.0
|
| |
U.S. Government Obligations
|
| 1.7
|
| |
Short-Term Notes
|
| 0.6
|
| |
Preferred Stocks
|
| 0.1
|
| |
Over-the-Counter Options Purchased
|
| —*
|
| |
Over-the-Counter Interest Rate Swaptions Purchased
|
| —*
|
|
*Represents a value of less than 0.05%.
Portfolio holdings and allocations are subject to change. Percentages are as of April 30, 2018, and are based on the total market value of investments.
REGIONAL ALLOCATION
U.S./Canada
|
| 58.6%
|
| |
Europe
|
| 18.3
|
| |
Asia
|
| 15.0
|
| |
Latin & South America
|
| 4.0
|
| |
Emerging Europe
|
| 2.1
|
| |
Middle East/Africa
|
| 2.0
|
|
Portfolio holdings and allocation are subject to change. Percentages are as of April 30, 2018, and are based on total market value of investments.
7 OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND
Share Class Performance
AVERAGE ANNUAL TOTAL RETURNS WITHOUT SALES CHARGE AS OF 4/30/18
Inception
| 6-Month
| 1-Year
| Since
| |||||||||||||
Class A (QMGAX) | 8/27/15 | -0.30 | % | 6.19 | % | 7.93 | % | |||||||||
Class C (QMGCX) | 8/27/15 | -0.64 | 5.31 | 7.13 | ||||||||||||
Class I (QMGIX) | 8/27/15 | -0.24 | 6.33 | 8.18 | ||||||||||||
Class R (QMGRX) | 8/27/15 | -0.41 | 5.90 | 7.68 | ||||||||||||
Class Y (QMGYX) | 8/27/15 | -0.27 | 6.30 | 8.09 |
AVERAGE ANNUAL TOTAL RETURNS WITH SALES CHARGE AS OF 4/30/18
Inception
| 6-Month
| 1-Year
| Since
| |||||||||||||
Class A (QMGAX) | 8/27/15 | -6.03 | % | 0.09 | % | 5.57 | % | |||||||||
Class C (QMGCX) | 8/27/15 | -1.61 | 4.31 | 7.13 | ||||||||||||
Class I (QMGIX) | 8/27/15 | -0.24 | 6.33 | 8.18 | ||||||||||||
Class R (QMGRX) | 8/27/15 | -0.41 | 5.90 | 7.68 | ||||||||||||
Class Y (QMGYX) | 8/27/15 | -0.27 | 6.30 | 8.09 |
Performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. Returns do not consider capital gains or income taxes on an individual’s investment. For performance data current to the most recent month-end, visit oppenheimerfunds.com or call 1.800. CALL OPP (225.5677). Fund returns include changes in share price, reinvested distributions, and the applicable sales charge: for Class A shares, the current maximum initial sales charge of 5.75%; and for Class C shares, the contingent deferred sales charge of 1% for the 1-year period. There is no sales charge for Class I, Class R and Class Y shares. Returns for periods of less than one year are cumulative and not annualized. See Fund prospectuses and summary prospectuses for more information on share classes and sales charges.
The Fund’s performance is compared to the performance of the MSCI All Country World Index. The MSCI All Country World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The Index is unmanaged and cannot be purchased directly by investors. While index comparisons may be useful to provide a benchmark for the Fund’s performance, it must be noted that the Fund’s investments are not limited to the investments comprising the Index. Index performance includes reinvestment of income, but does not reflect transaction costs, fees, expenses or taxes. Index performance is shown for illustrative purposes only as a benchmark for the Fund’s performance, and does not predict or depict performance of the Fund. The Fund’s performance reflects the effects of the Fund’s business and operating expenses.
The views in the Fund Performance Discussion represent the opinions of this Fund’s portfolio managers and are not intended as investment advice or to predict or depict the performance
8 OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND
of any investment. These views are as of the close of business on April 30, 2018, and are subject to change based on subsequent developments. The Fund’s portfolio and strategies are subject to change.
Before investing in any of the Oppenheimer funds, investors should carefully consider a fund’s investment objectives, risks, charges and expenses. Fund prospectuses and summary prospectuses contain this and other information about the funds, and may be obtained by asking your financial advisor, visiting oppenheimerfunds.com, or calling 1.800.CALL OPP (225.5677). Read prospectuses and summary prospectuses carefully before investing.
Shares of Oppenheimer funds are not deposits or obligations of any bank, are not guaranteed by any bank, are not insured by the FDIC or any other agency, and involve investment risks, including the possible loss of the principal amount invested.
9 OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND
Fund Expenses. As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments and/or contingent deferred sales charges on redemptions; and (2) ongoing costs, including management fees; distribution and service fees; and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire 6-month period ended April 30, 2018.
Actual Expenses. The first section of the table provides information about actual account values and actual expenses. You may use the information in this section for the class of shares you hold, together with the amount you invested, to estimate the expense that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600.00 account value divided by $1,000.00 = 8.60), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During 6 Months Ended April 30, 2018” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes. The second section of the table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio for each class of shares, and an assumed rate of return of 5% per year for each class before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example for the class of shares you hold with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as front-end or contingent deferred sales charges (loads). Therefore, the “hypothetical” section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
10 OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND
Actual
| Beginning
| Ending
| Expenses
| |||||||||||||||||
Class A
| $ | 1,000.00 | $ | 997.00 | $ | 5.46 | ||||||||||||||
Class C | 1,000.00 | 993.60 | 9.19 | |||||||||||||||||
Class I | 1,000.00 | 997.60 | 4.22 | |||||||||||||||||
Class R | 1,000.00 | 995.90 | 6.70 | |||||||||||||||||
Class Y | 1,000.00 | 997.30 | 4.72 | |||||||||||||||||
Hypothetical
| ||||||||||||||||||||
(5% return before expenses) | ||||||||||||||||||||
Class A | 1,000.00 | 1,019.34 | 5.52 | |||||||||||||||||
Class C | 1,000.00 | 1,015.62 | 9.29 | |||||||||||||||||
Class I | 1,000.00 | 1,020.58 | 4.27 | |||||||||||||||||
Class R | 1,000.00 | 1,018.10 | 6.78 | |||||||||||||||||
Class Y | 1,000.00 | 1,020.08 | 4.77 |
Expenses are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). Those annualized expense ratios, excluding indirect expenses from affiliated funds, based on the 6-month period ended April 30, 2018 are as follows:
Class
| Expense Ratios
| |||
Class A | 1.10% | |||
Class C | 1.85 | |||
Class I | 0.85 | |||
Class R | 1.35 | |||
Class Y | 0.95 |
The expense ratios reflect voluntary and/or contractual waivers and/or reimbursements of expenses by the Fund’s Manager and Transfer Agent. Some of these undertakings may be modified or terminated at any time, as indicated in the Fund’s prospectus. The “Consolidated Financial Highlights” tables in the Fund’s financial statements, included in this report, also show the gross expense ratios, without such waivers or reimbursements and reduction to custodian expenses, if applicable.
11 OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND
CONSOLIDATED STATEMENT OF INVESTMENTS April 30, 2018 Unaudited
Shares | Value | |||||||
Common Stocks—62.6% | ||||||||
Consumer Discretionary—11.7% | ||||||||
Auto Components—1.4% | ||||||||
Aptiv plc | 1,094 | $ | 92,531 | |||||
BorgWarner, Inc. | 317 | 15,514 | ||||||
Bridgestone Corp. | 2,600 | 108,476 | ||||||
Continental AG | 1,238 | 330,699 | ||||||
Delphi Technologies plc | 365 | 17,670 | ||||||
Koito Manufacturing Co. Ltd. | 2,000 | 134,292 | ||||||
Valeo SA | 4,508 | 299,986 | ||||||
|
| |||||||
999,168 | ||||||||
Automobiles—0.9% | ||||||||
Astra International Tbk PT | 28,500 | 14,575 | ||||||
Bayerische Motoren Werke AG | 2,170 | 242,193 | ||||||
General Motors Co. | 1,562 | 57,388 | ||||||
Hero MotoCorp Ltd. | 2,428 | 135,635 | ||||||
Subaru Corp. | 3,000 | 100,750 | ||||||
Volkswagen AG | 676 | 139,989 | ||||||
|
| |||||||
690,530 | ||||||||
Diversified Consumer Services—0.1% | ||||||||
New Oriental Education & Technology Group, Inc., Sponsored ADR | 420 | 37,733 | ||||||
Rentokil Initial plc | 8,790 | 37,053 | ||||||
|
| |||||||
74,786 | ||||||||
Hotels, Restaurants & Leisure—2.7% | ||||||||
Accor SA | 2,015 | 113,807 | ||||||
Carnival Corp. | 4,294 | 270,780 | ||||||
Cedar Fair LP1 | 793 | 53,718 | ||||||
China Lodging Group Ltd., Sponsored ADR | 614 | 85,751 | ||||||
Domino’s Pizza Group plc | 16,160 | 80,687 | ||||||
Galaxy Entertainment Group Ltd. | 13,000 | 113,748 | ||||||
Genting Bhd | 75,679 | 171,805 | ||||||
Genting Malaysia Bhd | 1,800 | 2,343 | ||||||
Jollibee Foods Corp. | 5,270 | 28,963 | ||||||
Las Vegas Sands Corp. | 527 | 38,645 | ||||||
McDonald’s Corp. | 1,042 | 174,473 | ||||||
MGM China Holdings Ltd. | 40,400 | 110,764 | ||||||
Sands China Ltd. | 49,200 | 283,905 | ||||||
Starbucks Corp. | 1,185 | 68,220 | ||||||
Whitbread plc | 3,573 | 210,339 | ||||||
Yum China Holdings, Inc. | 3,177 | 135,849 | ||||||
|
| |||||||
1,943,797 | ||||||||
Household Durables—0.7% | ||||||||
Lennar Corp., Cl. A | 533 | 28,190 | ||||||
Panasonic Corp. | 4,500 | 66,688 | ||||||
SEB SA2 | 562 | 107,622 | ||||||
Sony Corp. | 6,000 | 275,709 |
12 OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND
| Shares | Value | ||||||
Household Durables (Continued) | ||||||||
Whirlpool Corp. | 134 | $ | 20,763 | |||||
|
| |||||||
498,972 | ||||||||
Internet & Catalog Retail—1.3% | ||||||||
Amazon.com, Inc.2 | 340 | 532,484 | ||||||
Booking Holdings, Inc.2 | 29 | 63,162 | ||||||
Ctrip.com International Ltd., ADR2 | 2,100 | 85,890 | ||||||
JD.com, Inc., ADR2 | 6,075 | 221,798 | ||||||
Vipshop Holdings Ltd., ADR2 | 1,310 | 20,279 | ||||||
|
| |||||||
923,613 | ||||||||
Leisure Products—0.2% | ||||||||
Bandai Namco Holdings, Inc. | 3,600 | 122,094 | ||||||
Media—1.1% | ||||||||
Comcast Corp., Cl. A | 10,420 | 327,084 | ||||||
ProSiebenSat. 1 Media SE | 7,430 | 269,912 | ||||||
SES SA, Cl. A, FDR | 5,688 | 87,710 | ||||||
Technicolor SA | 10,972 | 17,859 | ||||||
Walt Disney Co. (The) | 361 | 36,219 | ||||||
Zee Entertainment Enterprises Ltd. | 8,010 | 70,345 | ||||||
|
| |||||||
809,129 | ||||||||
Multiline Retail—0.2% | ||||||||
Dollarama, Inc. | 734 | 84,493 | ||||||
SACI Falabella | 362 | 3,504 | ||||||
Target Corp. | 958 | 69,551 | ||||||
|
| |||||||
157,548 | ||||||||
Specialty Retail—1.7% | ||||||||
AutoNation, Inc.2 | 904 | 41,756 | ||||||
AutoZone, Inc.2 | 83 | 51,835 | ||||||
Best Buy Co., Inc. | 2,127 | 162,779 | ||||||
CarMax, Inc.2 | 2,869 | 179,312 | ||||||
Dufry AG2 | 639 | 90,396 | ||||||
Finish Line, Inc. (The), Cl. A | 10,575 | 143,503 | ||||||
Lowe’s Cos., Inc. | 3,702 | 305,156 | ||||||
Nitori Holdings Co. Ltd. | 600 | 100,970 | ||||||
O’Reilly Automotive, Inc.2 | 694 | 177,713 | ||||||
Steinhoff International Holdings NV2 | 13,579 | 2,082 | ||||||
|
| |||||||
1,255,502 | ||||||||
Textiles, Apparel & Luxury Goods—1.4% | ||||||||
Cie Financiere Richemont SA | 1,074 | 101,995 | ||||||
Hermes International | 195 | 125,992 | ||||||
Kering SA | 423 | 244,012 | ||||||
LVMH Moet Hennessy Louis Vuitton SE | 1,094 | 380,797 | ||||||
Pandora AS | 1,023 | 113,680 | ||||||
PRADA SpA | 13,300 | 66,919 |
13 OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND
CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued
Shares | Value | |||||||
Textiles, Apparel & Luxury Goods (Continued) | ||||||||
Tapestry, Inc. | 484 | $ | 26,025 | |||||
| 1,059,420
|
| ||||||
Consumer Staples—5.3% | ||||||||
Beverages—1.8% | ||||||||
Anadolu Efes Biracilik Ve Malt Sanayii AS | 4,669 | 30,690 | ||||||
Coca-Cola Co. (The) | 1,937 | 83,698 | ||||||
Coca-Cola European Partners plc | 4,105 | 160,916 | ||||||
Diageo plc | 2,510 | 89,280 | ||||||
Fomento Economico Mexicano SAB de CV | 7,794 | 75,339 | ||||||
Fomento Economico Mexicano SAB de CV, Sponsored ADR | 350 | 33,831 | ||||||
Heineken NV | 957 | 100,635 | ||||||
Kweichow Moutai Co. Ltd., Cl. A | 500 | 52,596 | ||||||
PepsiCo, Inc. | 2,866 | 289,294 | ||||||
Pernod Ricard SA | 1,671 | 277,156 | ||||||
Tsingtao Brewery Co. Ltd., Cl. H | 26,000 | 134,873 | ||||||
| 1,328,308
|
| ||||||
Food & Staples Retailing—0.7% | ||||||||
Alimentation Couche-Tard, Inc., Cl. B | 1,731 | 74,838 | ||||||
Atacadao Distribuicao Comercio e Industria Ltda2 | 12,300 | 53,017 | ||||||
BIM Birlesik Magazalar AS | 800 | 13,554 | ||||||
CP ALL PCL | 41,834 | 115,203 | ||||||
Magnit PJSC | 668 | 51,944 | ||||||
Shoprite Holdings Ltd. | 2,177 | 43,292 | ||||||
SPAR Group Ltd. (The) | 4,777 | 80,965 | ||||||
Walmart, Inc. | 786 | 69,529 | ||||||
| 502,342
|
| ||||||
Food Products—1.5% | ||||||||
Barry Callebaut AG | 49 | 88,003 | ||||||
Danone SA | 3,433 | 276,766 | ||||||
Kraft Heinz Co. (The) | 3,014 | 169,929 | ||||||
Mondelez International, Inc., Cl. A | 3,768 | 148,836 | ||||||
Saputo, Inc. | 3,150 | 102,134 | ||||||
Unilever plc | 1,300 | 72,850 | ||||||
Vietnam Dairy Products JSC | 840 | 6,826 | ||||||
Want Want China Holdings Ltd. | 16,000 | 14,139 | ||||||
WH Group Ltd.3 | 191,500 | 198,518 | ||||||
| 1,078,001
|
| ||||||
Household Products—0.4% | ||||||||
HRG Group, Inc.2 | 580 | 6,519 | ||||||
Procter & Gamble Co. (The) | 543 | 39,281 | ||||||
Reckitt Benckiser Group plc | 2,327 | 182,436 | ||||||
Spectrum Brands Holdings, Inc. | 406 | 29,272 | ||||||
257,508 |
14 OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND
Shares | Value | |||||||
Personal Products—0.5% | ||||||||
Amorepacific Corp. | 127 | $ | 41,272 | |||||
Amorepacific Group | 68 | 9,060 | ||||||
Beiersdorf AG | 731 | 82,832 | ||||||
LG Household & Health Care Ltd. | 176 | 225,510 | ||||||
| 358,674
|
| ||||||
Tobacco—0.4% | ||||||||
Philip Morris International, Inc. | 2,830 | 232,060 | ||||||
Swedish Match AB | 2,111 | 94,353 | ||||||
| 326,413
|
| ||||||
Energy—3.0% | ||||||||
Energy Equipment & Services—0.5% | ||||||||
Halliburton Co. | 1,009 | 53,467 | ||||||
TechnipFMC plc | 7,735 | 253,515 | ||||||
Weatherford International plc2 | 21,006 | 61,968 | ||||||
| 368,950
|
| ||||||
Oil, Gas & Consumable Fuels—2.5% | ||||||||
Chevron Corp. | 1,133 | 141,750 | ||||||
CNOOC Ltd. | 62,000 | 104,607 | ||||||
Concho Resources, Inc.2 | 234 | 36,787 | ||||||
ConocoPhillips | 1,076 | 70,478 | ||||||
Enbridge, Inc. | 1,007 | 30,482 | ||||||
Exxon Mobil Corp. | 1,667 | 129,609 | ||||||
Husky Energy, Inc. | 1,669 | 23,346 | ||||||
Koninklijke Vopak NV | 1,253 | 61,538 | ||||||
LUKOIL PJSC, ADR | 370 | 24,657 | ||||||
Magellan Midstream Partners LP1 | 4,216 | 277,539 | ||||||
Novatek PJSC, Sponsored GDR | 1,055 | 133,588 | ||||||
Phillips 66 | 368 | 40,962 | ||||||
Reliance Industries Ltd. | 1,037 | 14,897 | ||||||
Suncor Energy, Inc. | 11,038 | 421,983 | ||||||
TOTAL SA | 5,207 | 326,981 | ||||||
| 1,839,204
|
| ||||||
Financials—10.3% | ||||||||
Capital Markets—2.2% | ||||||||
Ameriprise Financial, Inc. | 272 | 38,137 | ||||||
AXA SA | 1,805 | 51,598 | ||||||
Bank of New York Mellon Corp. (The) | 3,786 | 206,375 | ||||||
BlackRock, Inc., Cl. A | 139 | 72,488 | ||||||
Charles Schwab Corp. (The) | 1,224 | 68,152 | ||||||
China International Capital Corp. Ltd., Cl. H3 | 9,200 | 20,795 | ||||||
CME Group, Inc., Cl. A | 1,348 | 212,553 | ||||||
Goldman Sachs Group, Inc. (The) | 312 | 74,359 | ||||||
Intercontinental Exchange, Inc. | 3,525 | 255,422 | ||||||
Morgan Stanley | 892 | 46,045 | ||||||
Nasdaq, Inc. | 971 | 85,759 |
15 OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND
CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued
Shares | Value | |||||||
Capital Markets (Continued) | ||||||||
NEX Group plc | 7,572 | $ | 102,681 | |||||
S&P Global, Inc. | 1,149 | 216,701 | ||||||
TP ICAP plc | 10,017 | 64,846 | ||||||
UBS Group AG2 | 3,095 | 52,000 | ||||||
| 1,567,911
|
| ||||||
Commercial Banks—4.1% | ||||||||
Banco Comercial Portugues SA, Cl. R2 | 153,505 | 51,218 | ||||||
Banco de Chile | 48,802 | 8,059 | ||||||
Banco Santander SA | 31,261 | 201,561 | ||||||
Bank Central Asia Tbk PT | 7,400 | 11,701 | ||||||
Bank Mandiri Persero Tbk PT | 41,900 | 21,315 | ||||||
Bank of America Corp. | 7,507 | 224,609 | ||||||
Bank Rakyat Indonesia Persero Tbk PT | 20,900 | 4,817 | ||||||
CIT Group, Inc. | 567 | 30,023 | ||||||
Citigroup, Inc. | 1,606 | 109,642 | ||||||
Commercial International Bank Egypt SAE | 4,267 | 22,676 | ||||||
Credicorp Ltd. | 220 | 51,148 | ||||||
FirstRand Ltd. | 16,649 | 88,903 | ||||||
Grupo Aval Acciones y Valores SA, ADR | 3,400 | 30,124 | ||||||
Grupo Financiero Inbursa SAB de CV, Cl. O | 25,385 | 42,295 | ||||||
HSBC Holdings plc | 26,420 | 263,319 | ||||||
ICICI Bank Ltd. | 20,693 | 87,601 | ||||||
ICICI Bank Ltd., Sponsored ADR | 13,061 | 111,149 | ||||||
Itau Unibanco Holding SA, ADR | 2,010 | 29,205 | ||||||
JPMorgan Chase & Co. | 6,190 | 673,348 | ||||||
KeyCorp | 3,079 | 61,334 | ||||||
Kotak Mahindra Bank Ltd. | 6,876 | 124,353 | ||||||
Lloyds Banking Group plc | 183,222 | 162,846 | ||||||
Sberbank of Russia PJSC | 11,945 | 42,883 | ||||||
Sberbank of Russia PJSC, Sponsored ADR | 880 | 13,009 | ||||||
Societe Generale SA | 2,610 | 142,963 | ||||||
SunTrust Banks, Inc. | 2,231 | 149,031 | ||||||
US Bancorp | 3,271 | 165,022 | ||||||
Zenith Bank plc | 20,104 | 1,537 | ||||||
Zions Bancorporation | 1,488 | 81,468 | ||||||
| 3,007,159
|
| ||||||
Consumer Finance—0.3% | ||||||||
Cholamandalam Investment & Finance Co. Ltd. | 842 | 21,876 | ||||||
Discover Financial Services | 1,937 | 138,011 | ||||||
Prosegur Cash SA3 | 26,119 | 76,117 | ||||||
| 236,004
|
| ||||||
Diversified Financial Services—1.1% | ||||||||
Ayala Corp. | 900 | 16,726 | ||||||
B3 SA-Brasil Bolsa Balcao | 12,100 | 87,386 | ||||||
Berkshire Hathaway, Inc., Cl. B2 | 1,568 | 303,768 | ||||||
Grupo de Inversiones Suramericana SA | 928 | 12,878 |
16 OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND
Shares | Value | |||||||
Diversified Financial Services (Continued) | ||||||||
Hong Kong Exchanges & Clearing Ltd. | 432 | $ | 14,003 | |||||
ING Groep NV | 9,599 | 161,041 | ||||||
ORIX Corp. | 10,700 | 188,092 | ||||||
| 783,894
|
| ||||||
Insurance—1.8% | ||||||||
AIA Group Ltd. | 14,600 | 130,351 | ||||||
Aon plc | 145 | 20,658 | ||||||
Hartford Financial Services Group, Inc. (The) | 1,089 | 58,632 | ||||||
Japan Post Insurance Co. Ltd. | 4,900 | 120,427 | ||||||
Marsh & McLennan Cos., Inc. | 2,380 | 193,970 | ||||||
Ping An Insurance Group Co. of China Ltd., Cl. H | 11,500 | 112,313 | ||||||
Progressive Corp. (The) | 3,445 | 207,699 | ||||||
Prudential plc | 13,274 | 340,443 | ||||||
Samsung Life Insurance Co. Ltd. | 1,017 | 111,308 | ||||||
| 1,295,801
|
| ||||||
Real Estate Investment Trusts (REITs)—0.3% | ||||||||
Crown Castle International Corp. | 445 | 44,887 | ||||||
Digital Realty Trust, Inc. | 243 | 25,683 | ||||||
Invitation Homes, Inc. | 845 | 19,553 | ||||||
Mid-America Apartment Communities, Inc. | 1,063 | 97,222 | ||||||
Prologis, Inc. | 872 | 56,602 | ||||||
| 243,947
|
| ||||||
Real Estate Management & Development—0.3% | ||||||||
Ayala Land, Inc. | 38,300 | 30,104 | ||||||
Emaar Properties PJSC | 15,333 | 24,086 | ||||||
Scout24 AG3 | 2,115 | 109,568 | ||||||
SM Prime Holdings, Inc. | 58,000 | 38,254 | ||||||
| 202,012
|
| ||||||
Thrifts & Mortgage Finance—0.2% | ||||||||
Housing Development Finance Corp. Ltd. | 5,942 |
| 166,948
|
| ||||
Health Care—6.4% | ||||||||
Biotechnology—1.4% | ||||||||
3SBio, Inc.2,3 | 4,500 | 9,652 | ||||||
Amgen, Inc. | 247 | 43,097 | ||||||
Avexis, Inc.2 | 668 | 142,057 | ||||||
Biocon Ltd. | 3,210 | 31,960 | ||||||
Biogen, Inc.2 | 162 | 44,323 | ||||||
Celgene Corp.2 | 2,161 | 188,223 | ||||||
Celltrion Healthcare Co. Ltd.2 | 4 | 333 | ||||||
CSL Ltd. | 959 | 122,455 | ||||||
Exact Sciences Corp.2 | 1,924 | 96,219 | ||||||
Galapagos NV2 | 175 | 15,683 | ||||||
Gilead Sciences, Inc. | 2,756 | 199,066 | ||||||
Grifols SA | 4,310 | 120,615 |
17 OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND
CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued
Shares | Value | |||||||
Biotechnology (Continued) | ||||||||
Vertex Pharmaceuticals, Inc.2 | 184 | $ | 28,181 | |||||
Wuxi Biologics Cayman, Inc.2,3 | 500 | 4,521 | ||||||
| 1,046,385
|
| ||||||
Health Care Equipment & Supplies—1.3% | ||||||||
Abbott Laboratories | 666 | 38,714 | ||||||
Analogic Corp. | 1,739 | 144,511 | ||||||
Boston Scientific Corp.2 | 5,361 | 153,968 | ||||||
Danaher Corp. | 534 | 53,571 | ||||||
Essilor International Cie Generale d’Optique SA | 605 | 82,336 | ||||||
Intuitive Surgical, Inc.2 | 83 | 36,585 | ||||||
Siemens Healthineers AG2,3 | 516 | 20,117 | ||||||
Sonova Holding AG | 487 | 80,487 | ||||||
Stryker Corp. | 1,016 | 172,131 | ||||||
William Demant Holding AS2 | 2,885 | 112,265 | ||||||
Zimmer Biomet Holdings, Inc. | 366 | 42,152 | ||||||
| 936,837
|
| ||||||
Health Care Providers & Services—1.6% | ||||||||
Apollo Hospitals Enterprise Ltd. | 1,699 | 27,740 | ||||||
DaVita, Inc.2 | 1,829 | 114,843 | ||||||
Express Scripts Holding Co.2 | 778 | 58,894 | ||||||
Laboratory Corp. of America Holdings2 | 789 | 134,722 | ||||||
Mediclinic International plc | 3,500 | 32,229 | ||||||
Quest Diagnostics, Inc. | 1,063 | 107,576 | ||||||
Sinopharm Group Co. Ltd., Cl. H | 21,200 | 89,327 | ||||||
UnitedHealth Group, Inc. | 2,597 | 613,931 | ||||||
| 1,179,262
|
| ||||||
Health Care Technology—0.2% | ||||||||
Cerner Corp.2 | 1,752 | 102,054 | ||||||
Ping An Healthcare & Technology Co. Ltd.2,3 | 343 | 2,395 | ||||||
| 104,449
|
| ||||||
Life Sciences Tools & Services—0.5% | ||||||||
Agilent Technologies, Inc. | 2,558 | 168,163 | ||||||
Lonza Group AG2 | 410 | 100,215 | ||||||
Samsung Biologics Co. Ltd.2,3 | 121 | 54,818 | ||||||
Thermo Fisher Scientific, Inc. | 228 | 47,960 | ||||||
| 371,156
|
| ||||||
Pharmaceuticals—1.4% | ||||||||
Allergan plc | 224 | 34,418 | ||||||
Bayer AG | 1,858 | 222,420 | ||||||
Dong-E-E-Jiao Co. Ltd., Cl. A | 1,299 | 12,074 | ||||||
Dr. Reddy’s Laboratories Ltd. | 445 | 14,049 | ||||||
Hutchison China MediTech Ltd., ADR2 | 150 | 5,108 | ||||||
Jiangsu Hengrui Medicine Co. Ltd., Cl. A | 7,128 | 93,702 | ||||||
Merck & Co., Inc. | 5,655 | 332,910 |
18 OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND
Shares | Value | |||||||
Pharmaceuticals (Continued) | ||||||||
Mylan NV2 | 1,141 | $ | 44,225 | |||||
Novo Nordisk AS, Cl. B | 2,532 | 118,879 | ||||||
Pfizer, Inc. | 2,505 | 91,708 | ||||||
Roche Holding AG | 338 | 74,989 | ||||||
| 1,044,482
|
| ||||||
Industrials—7.0% | ||||||||
Aerospace & Defense—1.3% | ||||||||
Airbus SE | 3,475 | 407,090 | ||||||
Lockheed Martin Corp. | 1,115 | 357,737 | ||||||
MTU Aero Engines AG | 675 | 116,149 | ||||||
Spirit AeroSystems Holdings, Inc., Cl. A | 594 | 47,740 | ||||||
| 928,716
|
| ||||||
Air Freight & Couriers—0.2% | ||||||||
FedEx Corp. | 112 | 27,686 | ||||||
XPO Logistics, Inc.2 | 587 | 57,033 | ||||||
ZTO Express Cayman, Inc., ADR | 1,640 | 27,060 | ||||||
| 111,779
|
| ||||||
Airlines—0.3% | ||||||||
Alaska Air Group, Inc. | 904 | 58,697 | ||||||
Japan Airlines Co. Ltd. | 2,300 | 90,617 | ||||||
Spirit Airlines, Inc.2 | 1,410 | 50,365 | ||||||
| 199,679
|
| ||||||
Commercial Services & Supplies—0.5% | ||||||||
Edenred | 3,085 | 105,909 | ||||||
Johnson Controls International plc | 449 | 15,208 | ||||||
KAR Auction Services, Inc. | 1,027 | 53,394 | ||||||
Prosegur Cia de Seguridad SA | 13,053 | 98,550 | ||||||
Republic Services, Inc., Cl. A | 1,362 | 88,094 | ||||||
Waste Management, Inc. | 429 | 34,873 | ||||||
| 396,028
|
| ||||||
Construction & Engineering—0.2% | ||||||||
Boskalis Westminster | 2,466 | 72,906 | ||||||
Fluor Corp. | 966 | 56,946 | ||||||
Vinci SA | 321 | 32,053 | ||||||
| 161,905
|
| ||||||
Electrical Equipment—0.8% | ||||||||
Legrand SA | 1,309 | 101,513 | ||||||
Melrose Industries plc | 6,040 | 18,921 | ||||||
Mitsubishi Electric Corp. | 3,900 | 59,880 | ||||||
Nidec Corp. | 900 | 140,898 | ||||||
Philips Lighting NV3 | 3,466 | 105,328 |
19 OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND
CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued
Shares | Value | |||||||
Electrical Equipment (Continued) | ||||||||
Schneider Electric SE | 1,825 | $ | 164,852 | |||||
| 591,392
|
| ||||||
Industrial Conglomerates—0.5% | ||||||||
General Electric Co. | 8,710 | 122,549 | ||||||
Jardine Strategic Holdings Ltd. | 1,500 | 56,758 | ||||||
Seibu Holdings, Inc. | 7,600 | 128,419 | ||||||
SM Investments Corp. | 3,260 | 58,732 | ||||||
| 366,458
|
| ||||||
Machinery—1.0% | ||||||||
Aalberts Industries NV | 2,243 | 110,100 | ||||||
Atlas Copco AB, Cl. A | 2,640 | 102,734 | ||||||
Caterpillar, Inc. | 312 | 45,040 | ||||||
Deere & Co. | 330 | 44,659 | ||||||
Illinois Tool Works, Inc. | 779 | 110,634 | ||||||
Kubota Corp. | 5,600 | 94,614 | ||||||
PACCAR, Inc. | 237 | 15,090 | ||||||
Parker-Hannifin Corp. | 355 | 58,440 | ||||||
Stanley Black & Decker, Inc. | 181 | 25,628 | ||||||
VAT Group AG2,3 | 567 | 83,562 | ||||||
Wabtec Corp. | 415 | 36,856 | ||||||
Weir Group plc (The) | 1,336 | 39,167 | ||||||
| 766,524
|
| ||||||
Professional Services—0.8% | ||||||||
Bureau Veritas SA | 3,794 | 98,826 | ||||||
Equifax, Inc. | 520 | 58,266 | ||||||
Intertek Group plc | 910 | 61,082 | ||||||
Nielsen Holdings plc | 3,168 | 99,633 | ||||||
Recruit Holdings Co. Ltd. | 11,700 | 269,467 | ||||||
| 587,274
|
| ||||||
Road & Rail—0.3% | ||||||||
Canadian National Railway Co. | 358 | 27,666 | ||||||
Kansas City Southern | 259 | 27,617 | ||||||
Union Pacific Corp. | 1,183 | 158,085 | ||||||
| 213,368
|
| ||||||
Trading Companies & Distributors—0.8% | ||||||||
Brenntag AG | 1,941 | 111,074 | ||||||
Bunzl plc | 4,118 | 119,229 | ||||||
Fastenal Co. | 2,679 | 133,923 | ||||||
Ferguson plc | 742 | 56,687 | ||||||
ITOCHU Corp. | 4,400 | 88,068 | ||||||
Travis Perkins plc | 3,236 | 56,305 | ||||||
565,286 |
20 OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND
Shares | Value | |||||||
Transportation Infrastructure—0.3% | ||||||||
Beijing Capital International Airport Co. Ltd., Cl. H | 76,000 | $ | 103,597 | |||||
DP World Ltd. | 2,728 | 60,567 | ||||||
Grupo Aeroportuario del Sureste SAB de CV, Cl. B | 1,601 | 28,792 | ||||||
| 192,956
|
| ||||||
Information Technology—14.1% | ||||||||
Communications Equipment—0.8% | ||||||||
Cisco Systems, Inc. | 5,171 | 229,024 | ||||||
Motorola Solutions, Inc. | 2,359 | 259,089 | ||||||
Nokia OYJ | 21,904 | 132,145 | ||||||
| 620,258
|
| ||||||
Electronic Equipment, Instruments, & Components—1.6% | ||||||||
Hitachi Ltd. | 14,000 | 102,303 | ||||||
Hoya Corp. | 4,200 | 224,545 | ||||||
Keyence Corp. | 300 | 183,134 | ||||||
Samsung Electro-Mechanics Co. Ltd. | 1,470 | 161,491 | ||||||
Spectris plc | 2,024 | 74,605 | ||||||
Sunny Optical Technology Group Co. Ltd. | 500 | 8,165 | ||||||
TDK Corp. | 2,300 | 196,011 | ||||||
TE Connectivity Ltd. | 386 | 35,416 | ||||||
VeriFone Systems, Inc.2 | 6,352 | 146,160 | ||||||
Zebra Technologies Corp., Cl. A2 | 206 | 27,775 | ||||||
| 1,159,605
|
| ||||||
Internet Software & Services—2.9% | ||||||||
Alibaba Group Holding Ltd., Sponsored ADR2 | 2,843 | 507,589 | ||||||
Alphabet, Inc., Cl. A2 | 16 | 16,298 | ||||||
Alphabet, Inc., Cl. C2 | 173 | 175,998 | ||||||
Baidu, Inc., Sponsored ADR2 | 998 | 250,398 | ||||||
eBay, Inc.2 | 5,389 | 204,136 | ||||||
Facebook, Inc., Cl. A2 | 3,256 | 560,032 | ||||||
Kakao Corp. | 80 | 8,280 | ||||||
MercadoLibre, Inc. | 10 | 3,396 | ||||||
NAVER Corp. | 148 | 98,729 | ||||||
Tencent Holdings Ltd. | 4,500 | 220,934 | ||||||
United Internet AG | 1,198 | 77,497 | ||||||
Yandex NV, Cl. A2 | 586 | 19,549 | ||||||
| 2,142,836
|
| ||||||
IT Services—1.4% | ||||||||
Amadeus IT Group SA | 1,295 | 94,374 | ||||||
Amdocs Ltd. | 2,538 | 170,680 | ||||||
Atos SE | 980 | 132,039 | ||||||
Cielo SA | 7,100 | 38,913 | ||||||
DXC Technology Co. | 843 | 86,880 | ||||||
First Data Corp., Cl. A2 | 1,519 | 27,494 | ||||||
Mastercard, Inc., Cl. A | 965 | 172,031 | ||||||
PayPal Holdings, Inc.2 | 2,948 | 219,950 |
21 OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND
CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued
Shares | Value | |||||||
IT Services (Continued)
| ||||||||
Tata Consultancy Services Ltd.
|
| 984
|
| $
| 51,907
|
| ||
| 994,268
|
| ||||||
Semiconductors & Semiconductor Equipment—2.5%
| ||||||||
Advantest Corp.
|
| 9,900
|
|
| 233,191
|
| ||
ams AG2
|
| 1,479
|
|
| 122,073
|
| ||
Applied Materials, Inc.
|
| 3,817
|
|
| 189,591
|
| ||
ASML Holding NV
|
| 711
|
|
| 134,384
|
| ||
Broadcom, Inc.
|
| 194
|
|
| 44,508
|
| ||
Infineon Technologies AG
|
| 13,851
|
|
| 354,745
|
| ||
Marvell Technology Group Ltd.
|
| 2,332
|
|
| 46,780
|
| ||
Microchip Technology, Inc.
|
| 896
|
|
| 74,959
|
| ||
Renesas Electronics Corp.2
|
| 11,200
|
|
| 117,406
|
| ||
STMicroelectronics NV
|
| 6,430
|
|
| 140,007
|
| ||
Taiwan Semiconductor Manufacturing Co. Ltd.
|
| 34,000
|
|
| 257,736
|
| ||
Texas Instruments, Inc.
|
| 854
|
|
| 86,621
|
| ||
| 1,802,001
|
| ||||||
Software—3.2%
| ||||||||
Activision Blizzard, Inc.
|
| 2,512
|
|
| 166,671
|
| ||
Dassault Systemes SE
|
| 835
|
|
| 107,834
|
| ||
Microsoft Corp.
|
| 8,035
|
|
| 751,433
|
| ||
Netmarble Corp.3
|
| 137
|
|
| 18,709
|
| ||
Nintendo Co. Ltd.
|
| 700
|
|
| 295,246
|
| ||
Oracle Corp.
|
| 1,542
|
|
| 70,423
|
| ||
Red Hat, Inc.2
|
| 193
|
|
| 31,471
|
| ||
SAP SE
|
| 4,410
|
|
| 491,531
|
| ||
ServiceNow, Inc.2
|
| 670
|
|
| 111,314
|
| ||
Snap, Inc., Cl. A2
|
| 3,027
|
|
| 43,377
|
| ||
Synopsys, Inc.2
|
| 600
|
|
| 51,306
|
| ||
Temenos Group AG
|
| 1,401
|
|
| 175,913
|
| ||
| 2,315,228
|
| ||||||
Technology Hardware, Storage & Peripherals—1.7%
| ||||||||
Apple, Inc.
|
| 4,385
|
|
| 724,665
|
| ||
HP, Inc.
|
| 1,243
|
|
| 26,712
|
| ||
Samsung Electronics Co. Ltd.
|
| 144
|
|
| 353,260
|
| ||
Western Digital Corp.
|
| 1,318
|
|
| 103,845
|
| ||
| 1,208,482
|
| ||||||
Materials—2.7%
| ||||||||
Chemicals—1.1%
| ||||||||
Air Liquide SA
|
| 1,448
|
|
| 188,130
|
| ||
Akzo Nobel NV
|
| 1,211
|
|
| 109,013
| ��
| ||
Albemarle Corp.
|
| 192
|
|
| 18,616
|
| ||
DowDuPont, Inc.
|
| 1,673
|
|
| 105,800
|
| ||
Eastman Chemical Co.
|
| 783
|
|
| 79,929
|
| ||
Essentra plc
|
| 7,182
|
|
| 43,575
|
| ||
Novozymes AS, Cl. B
|
| 1,370
|
|
| 64,588
|
|
22 OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND
Shares | Value | |||||||
Chemicals (Continued) | ||||||||
PPG Industries, Inc. | 843 | $ | 89,257 | |||||
Sika AG | 11 | 79,721 | ||||||
| 778,629
|
| ||||||
Construction Materials—0.3% | ||||||||
Dalmia Bharat Ltd. | 145 | 6,585 | ||||||
Indocement Tunggal Prakarsa Tbk PT | 15,000 | 18,945 | ||||||
James Hardie Industries plc | 3,132 | 55,482 | ||||||
UltraTech Cement Ltd. | 578 | 35,425 | ||||||
Vulcan Materials Co. | 730 | 81,534 | ||||||
| 197,971
|
| ||||||
Containers & Packaging—0.2% | ||||||||
CCL Industries, Inc., Cl. B | 2,331 | 113,069 | ||||||
WestRock Co. | 748 | 44,251 | ||||||
| 157,320
|
| ||||||
Metals & Mining—1.1% | ||||||||
Anglo American plc | 5,065 | 118,872 | ||||||
Antofagasta plc | 11,389 | 151,496 | ||||||
Compass Minerals International, Inc. | 424 | 28,535 | ||||||
Franco-Nevada Corp. | 690 | 48,962 | ||||||
Freeport-McMoRan, Inc. | 1,126 | 17,127 | ||||||
Glencore plc2 | 29,030 | 139,759 | ||||||
Grupo Mexico SAB de CV | 17,884 | 59,451 | ||||||
Korea Zinc Co. Ltd. | 264 | 106,862 | ||||||
Polyus PJSC, GDR3 | 300 | 9,547 | ||||||
Vale SA, Cl. B, Sponsored ADR | 2,970 | 41,105 | ||||||
Wheaton Precious Metals Corp. | 3,851 | 80,062 | ||||||
| 801,778
|
| ||||||
Telecommunication Services—1.1% | ||||||||
Diversified Telecommunication Services—0.8% | ||||||||
AT&T, Inc. | 2,324 | 75,995 | ||||||
Iliad SA | 372 | 74,393 | ||||||
Nippon Telegraph & Telephone Corp. | 3,600 | 171,298 | ||||||
Spark New Zealand Ltd. | 45,528 | 110,473 | ||||||
Verizon Communications, Inc. | 3,335 | 164,582 | ||||||
| 596,741
|
| ||||||
Wireless Telecommunication Services—0.3% | ||||||||
Rogers Communications, Inc., Cl. B | 1,912 | 90,258 | ||||||
SK Telecom Co. Ltd. | 657 | 140,437 | ||||||
| 230,695
|
| ||||||
Utilities—1.0% | ||||||||
Electric Utilities—0.5% | ||||||||
Duke Energy Corp. | 765 | 61,323 | ||||||
Edison International | 939 | 61,523 |
23 OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND
CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued
Shares | Value | |||||||||||
Electric Utilities (Continued) | ||||||||||||
Entergy Corp. | 704 | $ | 57,439 | |||||||||
NextEra Energy, Inc. | 363 | 59,499 | ||||||||||
PG&E Corp. | 2,839 | 130,878 | ||||||||||
|
| |||||||||||
| 370,662
|
| ||||||||||
Gas Utilities—0.1% | ||||||||||||
AmeriGas Partners LP1 | 1,212 |
| 51,874
|
| ||||||||
Multi-Utilities—0.4% | ||||||||||||
National Grid plc | 15,684 | 181,655 | ||||||||||
Vectren Corp. | 2,057 | 144,545 | ||||||||||
|
| |||||||||||
326,200 | ||||||||||||
|
| |||||||||||
Total Common Stocks (Cost $38,801,634) |
| 45,616,119
|
| |||||||||
Preferred Stocks—0.1% | ||||||||||||
Lojas Americanas SA, Preference | 12,260 | 69,818 | ||||||||||
Zee Entertainment Enterprises Ltd., 6% Cum. Non-Cv. | 32,510 | 3,722 | ||||||||||
|
| |||||||||||
Total Preferred Stocks (Cost $55,759) |
| 73,540
|
| |||||||||
Principal Amount | ||||||||||||
U.S. Government Obligation—1.6% | ||||||||||||
United States Treasury Bonds, 2.875%, 8/15/454 (Cost $1,246,454) | $
| 1,259,000
|
|
| 1,204,115
|
| ||||||
Foreign Government Obligations—6.9% | ||||||||||||
Arab Republic of Egypt: | ||||||||||||
Series 3YR, 15.00% Bonds, 10/3/20 | EGP | 250,000 | 14,042 | |||||||||
Series 3YR, 16.00% Unsec. Nts., 12/12/20 | EGP | 100,000 | 5,751 | |||||||||
Argentine Republic: | ||||||||||||
16.00% Bonds, 10/17/23 | ARS | 265,000 | 11,921 | |||||||||
21.20% Bonds, 9/19/18 | ARS | 300,000 | 14,170 | |||||||||
26.088% [BADLARPP+325] Sr. Unsec. Nts., 3/1/205 | ARS | 1,038,000 | 52,141 | |||||||||
Federation of Malaysia, Series 0902, 4.378% Sr. Unsec. Nts., 11/29/19 | MYR | 725,000 | 186,976 | |||||||||
Federative Republic of Brazil: | ||||||||||||
10.00% Unsec. Nts., 1/1/21 | BRL | 1,315,000 | 393,585 | |||||||||
10.00% Unsec. Nts., 1/1/23 | BRL | 260,000 | 77,151 | |||||||||
17.959% Unsec. Nts., 8/15/229 | BRL | 65,000 | 61,029 | |||||||||
18.093% Unsec. Nts., 5/15/459 | BRL | 25,000 | 24,138 | |||||||||
Hungary: | ||||||||||||
Series 20/A, 7.50% Bonds, 11/12/20 | HUF | 6,400,000 | 28,946 | |||||||||
Series 25/B, 5.50% Bonds, 6/24/25 | HUF | 35,100,000 | 166,179 | |||||||||
Series 27/A, 3.00% Bonds, 10/27/27 | HUF | 5,000,000 | 20,090 | |||||||||
Kingdom of Thailand: | ||||||||||||
1.875% Sr. Unsec. Nts., 6/17/22 | THB | 5,000,000 | 158,879 | |||||||||
2.125% Sr. Unsec. Nts., 12/17/26 | THB | 2,300,000 | 71,154 | |||||||||
Oriental Republic of Uruguay, 9.875% Sr. Unsec. Nts., 6/20/223 | UYU | 1,790,000 | 65,675 | |||||||||
Republic of Chile: | ||||||||||||
4.50% Unsec. Nts., 2/28/21 | CLP | 93,000,000 | 155,673 | |||||||||
4.50% Bonds, 3/1/21 | CLP | 20,000,000 | 33,474 |
24 OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND
Principal Amount | Value | |||||||||||
Foreign Government Obligations (Continued) | ||||||||||||
Republic of Chile: (Continued)
4.50% Bonds, 3/1/26 | CLP | 15,000,000 | $ | 24,607 | ||||||||
Republic of Colombia: | ||||||||||||
Series B, 7.00% Bonds, 5/4/22 | COP | 220,000,000 | 83,012 | |||||||||
Series B, 7.50% Bonds, 8/26/26 | COP | 235,000,000 | 90,710 | |||||||||
Series B, 10.00% Bonds, 7/24/24 | COP | 130,000,000 | 56,033 | |||||||||
Series B, 11.00% Bonds, 7/24/20 | COP | 160,000,000 | 64,403 | |||||||||
Republic of Indonesia: | ||||||||||||
Series FR61, 7.00% Sr. Unsec. Nts., 5/15/22 | IDR | 1,500,000,000 | 109,703 | |||||||||
Series FR63, 5.625% Sr. Unsec. Nts., 5/15/23 | IDR | 300,000,000 | 20,895 | |||||||||
Series FR64, 6.125% Sr. Unsec. Nts., 5/15/28 | IDR | 150,000,000 | 10,156 | |||||||||
Series FR71, 9.00% Sr. Unsec. Nts., 3/15/29 | IDR | 1,170,000,000 | 96,717 | |||||||||
Series FR72, 8.25% Sr. Unsec. Nts., 5/15/36 | IDR | 1,580,000,000 | 121,971 | |||||||||
Series FR73, 8.75% Sr. Unsec. Nts., 5/15/31 | IDR | 2,020,000,000 | 163,415 | |||||||||
Republic of Peru: | ||||||||||||
6.35% Sr. Unsec. Nts., 8/12/283 | PEN | 280,000 | 93,592 | |||||||||
6.95% Sr. Unsec. Nts., 8/12/313 | PEN | 40,000 | 13,922 | |||||||||
7.84% Sr. Unsec. Nts., 8/12/203 | PEN | 170,000 | 58,193 | |||||||||
8.20% Sr. Unsec. Nts., 8/12/263 | PEN | 145,000 | 54,240 | |||||||||
Republic of Poland: | ||||||||||||
Series 0721, 1.75% Bonds, 7/25/21 | PLN | 230,000 | 65,429 | |||||||||
Series 0726, 2.50% Bonds, 7/25/26 | PLN | 380,000 | 104,783 | |||||||||
Republic of South Africa: | ||||||||||||
Series 2023, 7.75% Bonds, 2/28/23 | ZAR | 250,000 | 20,137 | |||||||||
Series 2030, 8.00% Bonds, 1/31/30 | ZAR | 1,110,000 | 85,247 | |||||||||
Series 2037, 8.50% Bonds, 1/31/37 | ZAR | 2,950,000 | 227,259 | |||||||||
Series 2048, 8.75% Bonds, 2/28/48 | ZAR | 500,000 | 38,875 | |||||||||
Series R186, 10.50% Bonds, 12/21/26 | ZAR | 265,000 | 24,309 | |||||||||
Series R208, 6.75% Sr. Unsec. Nts., 3/31/21 | ZAR | 2,300,000 | 181,796 | |||||||||
Series R214, 6.50% Bonds, 2/28/41 | ZAR | 860,000 | 52,130 | |||||||||
Republic of Turkey: | ||||||||||||
8.50% Bonds, 7/10/19 | TRY | 65,000 | 15,142 | |||||||||
8.80% Bonds, 11/14/18 | TRY | 60,000 | 14,431 | |||||||||
10.70% Bonds, 2/17/21 | TRY | 180,000 | 41,387 | |||||||||
11.00% Bonds, 2/24/27 | TRY | 630,000 | 145,166 | |||||||||
12.20% Bonds, 1/18/23 | TRY | 60,000 | 14,387 | |||||||||
12.40% Bonds, 3/8/28 | TRY | 200,000 | 48,987 | |||||||||
Romania, Series 10YR, 5.95% Bonds, 6/11/21 | RON | 360,000 | 99,860 | |||||||||
Russian Federation: | ||||||||||||
Series 6209, 7.60% Bonds, 7/20/22 | RUB | 4,825,000 | 79,043 | |||||||||
Series 6210, 6.80% Bonds, 12/11/19 | RUB | 7,000,000 | 111,626 | |||||||||
Series 6211, 7.00% Bonds, 1/25/23 | RUB | 17,500,000 | 281,462 | |||||||||
Series 6212, 7.05% Bonds, 1/19/28 | RUB | 1,000,000 | 15,801 | |||||||||
Series 6216, 6.70% Bonds, 5/15/19 | RUB | 18,500,000 | 294,537 | |||||||||
United Mexican States: | ||||||||||||
Series M, 5.75% Bonds, 3/5/26 | MXN | 2,600,000 | 125,274 | |||||||||
Series M, 8.00% Bonds, 6/11/20 | MXN | 800,000 | 43,395 | |||||||||
Series M, 8.00% Sr. Unsec. Nts., 12/7/23 | MXN | 1,500,000 | 82,582 | |||||||||
Series M20, 8.50% Sr. Unsec. Nts., 5/31/29 | MXN | 930,000 | 53,380 |
25 OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND
CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued
Principal Amount | Value | |||||||||||
Foreign Government Obligations (Continued) | ||||||||||||
United Mexican States: (Continued) | ||||||||||||
Series M20, 10.00% Bonds, 12/5/24 | MXN | 2,300,000 | $ | 140,042 | ||||||||
Series M30, 8.50% Sr. Unsec. Nts., 11/18/38 | MXN | 320,000 | 18,636 | |||||||||
Series M30, 10.00% Bonds, 11/20/36 | MXN | 350,000 | 23,138 | |||||||||
|
|
| ||||||||||
Total Foreign Government Obligations (Cost $5,024,941) | 5,050,784 |
Notional | ||||||||||||||||||||||||
Counter- | Exercise Expiration | Amount | Contracts | |||||||||||||||||||||
party | Price | Date | (000’s) | (000’s) | ||||||||||||||||||||
Over-the-Counter Option Purchased—0.0% |
| |||||||||||||||||||||||
BRL Currency Call2 (Cost $1,341) | CITNA-B | BRL3.200 | 4/25/19 | BRL 512,000 | BRL 350 | 1,185 |
Pay/Receive | Notional | |||||||||||||||||||||||||||
Floating | Floating | Fixed | Expiration | Amount | ||||||||||||||||||||||||
Rate | Rate | Rate | Date | (000’s) | ||||||||||||||||||||||||
Over-the-Counter Interest Rate Swaption Purchased—0.0% |
| |||||||||||||||||||||||||||
Interest Rate Swap maturing 6/19/202 | BAC | Pay | | Three-Month USD BBA LIBOR | | 2.667 | % | 6/15/18 USD | 1,220 | 350 |
Principal Amount | ||||||||||||
Short-Term Notes—0.6% | ||||||||||||
Arab Republic of Egypt Treasury Bills, 15.783%, 3/5/197 | EGP | 650,000 | 32,168 | |||||||||
Arab Republic of Egypt Treasury Bills, 17.25%, 7/3/187 | EGP | 1,000,000 | 55,026 | |||||||||
Argentine Republic Treasury Bills, 26.25%, 5/16/186 | ARS | 100,000 | 4,829 | |||||||||
Argentine Republic Treasury Bills, 27.55%, 6/21/187 | ARS | 520,000 | 24,463 | |||||||||
Federal Republic of Nigeria Treasury Bills, 15.388%, 10/18/187 | NGN | 11,000,000 | 29,080 | |||||||||
Federal Republic of Nigeria Treasury Bills, 18.386%, 8/2/186 | NGN | 19,000,000 | 51,519 | |||||||||
United States Treasury Bills, 2.003%, 10/18/184,7,8 | 225,000 | 222,928 | ||||||||||
Total Short-Term Notes (Cost $422,685) |
| 420,013
|
| |||||||||
Shares | ||||||||||||
Investment Companies—27.3% | ||||||||||||
Oppenheimer Fundamental Alternatives Fund, Cl. I10 | 381,758 | 10,421,985 | ||||||||||
Oppenheimer Global High Yield Fund, Cl. I10 | 328,946 | 3,036,174 | ||||||||||
Oppenheimer Institutional Government Money Market Fund, Cl. E, 1.67%10,11 | 6,417,767 | 6,417,767 | ||||||||||
Total Investment Companies (Cost $20,089,301)
|
| 19,875,926
|
| |||||||||
Total Investments, at Value (Cost $65,644,616) | 99.1 | % | 72,242,032 | |||||||||
Net Other Assets (Liabilities) | 0.9 | 641,374 | ||||||||||
Net Assets | 100.0 | % | $ | 72,883,406 | ||||||||
Footnotes to Consolidated Statement of Investments
1. Security is a Master Limited Partnership.
2. Non-income producing security.
26 OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND
Footnotes to Consolidated Statement of Investments (Continued)
3. Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended. These securities have been determined to be liquid under guidelines established by the Board of Trustees. These securities amount to $999,269 or 1.37% of the Fund’s net assets at period end.
4. All or a portion of the security position is held in accounts at a futures clearing merchant and pledged to cover margin requirements on open futures contracts and written options on futures, if applicable. The aggregate market value of such securities is $1,421,099. See Note 6 of the accompanying Consolidated Notes.
5. Represents the current interest rate for a variable or increasing rate security, determined as [Referenced Rate + Basis-point spread].
6. Current yield as of period end.
7. Zero coupon bond reflects effective yield on the original acquisition date.
8. All or a portion of this security is owned by the subsidiary. See Note 2 of the accompanying Consolidated Notes.
9. Denotes an inflation-indexed security: coupon or principal are indexed to a consumer price index.
10. Is or was an affiliate, as defined in the Investment Company Act of 1940, as amended, at or during the reporting period, by virtue of the Fund owning at least 5% of the voting securities of the issuer or as a result of the Fund and the issuer having the same investment adviser. Transactions during the reporting period in which the issuer was an affiliate are as follows:
Shares October 31, 2017 | Gross Additions | Gross Reductions | Shares April 30, 2018 | |||||||||||||
| ||||||||||||||||
Oppenheimer Fundamental Alternatives Fund, Cl. I | 175,626 | 232,325 | 26,193 | 381,758 | ||||||||||||
Oppenheimer Global High Yield Fund, Cl. l | 319,923 | 9,023 | — | 328,946 | ||||||||||||
Oppenheimer Global Multi Strategies Fund, Cl. l | 167,965 | 49,589 | 217,554 | — | ||||||||||||
Oppenheimer Institutional Government Money Market Fund, CI. E | 3,085,963 | 24,303,552 | 20,971,748 | 6,417,767 | ||||||||||||
Oppenheimer Master Loan Fund, LLC | 96,613 | — | 96,613 | — | ||||||||||||
Oppenheimer Senior Floating Rate Fund, Cl. l | 284,864 | — | 284,864 | — | ||||||||||||
Value | Income | Realized Gain (Loss) |
Change in Gain (Loss) | |||||||||||||
| ||||||||||||||||
Oppenheimer Fundamental | ||||||||||||||||
Alternatives Fund, Cl. I | $ | 10,421,985 | $ | 206,677 | $ | (13,033 | ) | $ | (246,379 | ) | ||||||
Oppenheimer Global High Yield Fund, Cl. l | 3,036,174 | 84,610 | — | (94,103 | ) | |||||||||||
Oppenheimer Global Multi Strategies Fund, Cl. l | — | 153,428 | (124,884 | ) | (54,543 | ) | ||||||||||
Oppenheimer Institutional | ||||||||||||||||
Government Money Market Fund, CI. E | 6,417,767 | 24,888 | — | — | ||||||||||||
Oppenheimer Master Loan Fund, LLC | — | 5,710 | a | 15,976 | a | (26,069 | )a | |||||||||
Oppenheimer Senior Floating Rate Fund, Cl. l | — | 3,898 | 56,975 | (68,369 | ) | |||||||||||
Total | $ | 19,875,926 | $ | 479,211 | $ | (64,966 | ) | $ | (489,463 | ) | ||||||
a. Represents the amount allocated to the Fund from Oppenheimer Master Loan Fund, LLC.
11. Rate shown is the 7-day yield at period end.
27 OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND
CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued
Distribution of investments representing geographic holdings, as a percentage of total investments at value, is as follows:
Geographic Holdings | Value | Percent | ||||||||||
United States | $ | 41,274,961 | 57.1 | % | ||||||||
France | 3,948,224 | 5.5 | ||||||||||
Japan | 3,612,595 | 5.0 | ||||||||||
United Kingdom | 2,791,661 | 3.9 | ||||||||||
Germany | 2,568,729 | 3.6 | ||||||||||
China | 2,220,187 | 3.1 | ||||||||||
South Korea | 1,330,068 | 1.8 | ||||||||||
Switzerland | 1,242,462 | 1.7 | ||||||||||
Canada | 1,097,293 | 1.5 | ||||||||||
Russia | 1,077,646 | 1.5 | ||||||||||
India | 904,192 | 1.2 | ||||||||||
South Africa | 877,224 | 1.2 | ||||||||||
Brazil | 876,533 | 1.2 | ||||||||||
Netherlands | 854,947 | 1.2 | ||||||||||
Hong Kong | 802,391 | 1.1 | ||||||||||
Mexico | 726,154 | 1.0 | ||||||||||
Indonesia | 594,211 | 0.8 | ||||||||||
Spain | 591,217 | 0.8 | ||||||||||
Denmark | 409,413 | 0.6 | ||||||||||
Chile | 376,812 | 0.5 | ||||||||||
Malaysia | 361,125 | 0.5 | ||||||||||
Thailand | 345,236 | 0.5 | ||||||||||
Colombia | 337,160 | 0.5 | ||||||||||
Turkey | 323,743 | 0.4 | ||||||||||
Peru | 271,095 | 0.4 | ||||||||||
Taiwan | 257,736 | 0.4 | ||||||||||
Hungary | 215,215 | 0.3 | ||||||||||
Sweden | 197,086 | 0.3 | ||||||||||
Philippines | 172,779 | 0.2 | ||||||||||
Poland | 170,212 | 0.2 | ||||||||||
Finland | 132,146 | 0.2 | ||||||||||
Egypt | 129,663 | 0.2 | ||||||||||
Australia | 122,455 | 0.2 | ||||||||||
Austria | 122,073 | 0.2 | ||||||||||
Argentina | 110,920 | 0.2 | ||||||||||
Macau | 110,764 | 0.1 | ||||||||||
New Zealand | 110,473 | 0.1 | ||||||||||
Romania | 99,860 | 0.1 | ||||||||||
United Arab Emirates | 84,652 | 0.1 | ||||||||||
Nigeria | 82,136 | 0.1 | ||||||||||
Italy | 66,919 | 0.1 | ||||||||||
Uruguay | 65,675 | 0.1 | ||||||||||
Ireland | 55,482 | 0.1 | ||||||||||
Portugal | 51,218 | 0.1 | ||||||||||
Bermuda | 46,780 | 0.1 | ||||||||||
Belgium | 15,683 | 0.0 |
28 OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND
Geographic Holdings (Continued) | Value | Percent | ||||||
Vietnam | $ | 6,826 | 0.0% | |||||
|
| |||||||
Total | $ | 72,242,032 | 100.0% | |||||
|
|
Forward Currency Exchange Contracts as of April 30, 2018 | ||||||||||||||||||||||||
Counter -party |
Settlement |
Currency Purchased (000’s) |
Currency Sold (000’s) |
Unrealized |
Unrealized Depreciation | |||||||||||||||||||
BAC | 06/2018 | CNH | 5,500 | USD | 874 | $ | — | $ | 5,763 | |||||||||||||||
BAC | 06/2018 | COP | 5,141,000 | USD | 1,800 | 28,379 | — | |||||||||||||||||
BAC | 06/2018 | HUF | 13,900 | USD | 56 | — | 1,867 | |||||||||||||||||
BAC | 06/2018 | ILS | 190 | USD | 56 | — | 2,608 | |||||||||||||||||
BAC | 06/2018 | MYR | 5,120 | USD | 1,310 | — | 14,655 | |||||||||||||||||
BAC | 06/2018 | PHP | 800 | USD | 15 | 183 | — | |||||||||||||||||
BAC | 06/2018 | PLN | 10 | USD | 3 | — | 91 | |||||||||||||||||
BAC | 06/2018 | SEK | 17,350 | USD | 2,102 | — | 111,771 | |||||||||||||||||
BAC | 06/2018 | THB | 6,700 | USD | 215 | — | 2,774 | |||||||||||||||||
BAC | 06/2018 | TRY | 30 | USD | 7 | 41 | — | |||||||||||||||||
BAC | 06/2018 | USD | 1,836 | CHF | 1,745 | 66,401 | — | |||||||||||||||||
BAC | 06/2018 | USD | 1,579 | CLP | 951,000 | 29,101 | — | |||||||||||||||||
BAC | 06/2018 | USD | 53 | ILS | 190 | 200 | — | |||||||||||||||||
BAC | 06/2018 | USD | 1,419 | MYR | 5,500 | 27,926 | — | |||||||||||||||||
BAC | 06/2018 | USD | 607 | NOK | 4,730 | 15,917 | — | |||||||||||||||||
BAC | 06/2018 | USD | 55 | PEN | 180 | — | 193 | |||||||||||||||||
BAC | 06/2018 | USD | 1,371 | PLN | 4,640 | 47,766 | — | |||||||||||||||||
BAC | 06/2018 | USD | 960 | RUB | 61,500 | — | 10,473 | |||||||||||||||||
BAC | 06/2018 | USD | 931 | THB | 29,000 | 11,078 | — | |||||||||||||||||
BAC | 06/2018 | USD | 104 | ZAR | 1,240 | 5,097 | — | |||||||||||||||||
BAC | 06/2018 | ZAR | 60 | USD | 5 | — | 264 | |||||||||||||||||
BOA | 06/2018 | AUD | 3,120 | USD | 2,422 | — | 72,991 | |||||||||||||||||
BOA | 05/2018 | BRL | 1,130 | USD | 330 | — | 7,629 | |||||||||||||||||
BOA | 06/2018 | HUF | 15,000 | USD | 60 | — | 1,944 | |||||||||||||||||
BOA | 06/2018 | IDR | 653,000 | USD | 47 | — | 399 | |||||||||||||||||
BOA | 06/2018 | ILS | 190 | USD | 55 | — | 1,686 | |||||||||||||||||
BOA | 06/2018 | NZD | 2,480 | USD | 1,827 | — | 82,303 | |||||||||||||||||
BOA | 06/2018 | PHP | 2,900 | USD | 56 | 60 | — | |||||||||||||||||
BOA | 06/2018 | PLN | 630 | USD | 186 | — | 5,914 | |||||||||||||||||
BOA | 06/2018 | TRY | 2,800 | USD | 666 | 11,378 | — | |||||||||||||||||
BOA | 06/2018 | TWD | 52,000 | USD | 1,795 | — | 31,859 | |||||||||||||||||
BOA | 05/2018 | USD | 333 | BRL | 1,130 | 10,793 | — | |||||||||||||||||
BOA | 06/2018 | USD | 1,614 | CNH | 10,240 | — | 2,284 | |||||||||||||||||
BOA | 06/2018 | USD | 2 | COP | 6,000 | 77 | — | |||||||||||||||||
BOA | 08/2018 | USD | 56 | EUR | 45 | 797 | — | |||||||||||||||||
BOA | 06/2018 | USD | 1,963 | GBP | 1,400 | 30,392 | — | |||||||||||||||||
BOA | 06/2018 | USD | 1,537 | IDR | 21,264,000 | 19,729 | — | |||||||||||||||||
BOA | 06/2018 | USD | 7 | KRW | 7,000 | 42 | — | |||||||||||||||||
BOA | 06/2018 | USD | 65 | MXN | 1,200 | 1,100 | — | |||||||||||||||||
BOA | 06/2018 | USD | 1,886 | PHP | 99,000 | — | 23,745 | |||||||||||||||||
BOA | 06/2018 | USD | 13 | THB | 400 | 189 | — | |||||||||||||||||
BOA | 06/2018 | USD | 51 | ZAR | 620 | 1,744 | — | |||||||||||||||||
CITNA-B | 06/2018 | USD | 48 | RUB | 2,900 | 1,742 | — | |||||||||||||||||
CITNA-B | 05/2018 | BRL | 2,070 | USD | 597 | — | 6,347 |
29 OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND
CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued
Forward Currency Exchange Contracts (Continued) | ||||||||||||||||||||||||
Counter -party | Settlement Month(s) | Currency Purchased (000’s) | Currency Sold (000’s) | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||||
CITNA-B | 06/2018 | COP | 161,000 | USD | 57 | $ | 65 | $ | — | |||||||||||||||
CITNA-B | 06/2018 | DKK | 760 | USD | 127 | — | 3,505 | |||||||||||||||||
CITNA-B | 08/2018 | GHS | 245 | USD | 52 | 259 | 302 | |||||||||||||||||
CITNA-B | 06/2018 | HUF | 900 | USD | 4 | — | 91 | |||||||||||||||||
CITNA-B | 06/2018 | ILS | 4,910 | USD | 1,410 | — | 40,949 | |||||||||||||||||
CITNA-B | 06/2018 | MXN | 1,700 | USD | 91 | 152 | 1,397 | |||||||||||||||||
CITNA-B | 06/2018 | PEN | 70 | USD | 22 | — | 162 | |||||||||||||||||
CITNA-B | 06/2018 | PHP | 67,000 | USD | 1,284 | 9,246 | — | |||||||||||||||||
CITNA-B | 06/2018 | PLN | 2,670 | USD | 788 | — | 26,433 | |||||||||||||||||
CITNA-B | 06/2018 | RON | 15 | USD | 4 | — | 105 | |||||||||||||||||
CITNA-B | 06/2018 | RUB | 53,700 | USD | 929 | — | 82,259 | |||||||||||||||||
CITNA-B | 06/2018 | SGD | 400 | USD | 306 | — | 4,334 | |||||||||||||||||
CITNA-B | 06/2018 | THB | 29,300 | USD | 942 | — | 11,833 | |||||||||||||||||
CITNA-B | 06/2018 | TRY | 210 | USD | 53 | — | 1,904 | |||||||||||||||||
CITNA-B | 05/2018 - 04/2019 | USD | 1,201 | BRL | 4,180 | 10,132 | — | |||||||||||||||||
CITNA-B | 06/2018 | USD | 134 | CLP | 80,800 | 2,523 | — | |||||||||||||||||
CITNA-B | 06/2018 | USD | 69 | COP | 199,000 | 57 | 1,560 | |||||||||||||||||
CITNA-B | 06/2018 | USD | 1,844 | ILS | 6,300 | 87,974 | — | |||||||||||||||||
CITNA-B | 06/2018 | USD | 167 | MXN | 3,100 | 2,853 | 228 | |||||||||||||||||
CITNA-B | 06/2018 | USD | 135 | PEN | 440 | — | 292 | |||||||||||||||||
CITNA-B | 06/2018 | USD | 73 | RUB | 4,200 | 6,431 | — | |||||||||||||||||
CITNA-B | 06/2018 | USD | 709 | TRY | 2,840 | 22,415 | — | |||||||||||||||||
CITNA-B | 06/2018 | USD | 1,068 | TWD | 31,000 | 16,486 | — | |||||||||||||||||
CITNA-B | 06/2018 | ZAR | 10 | USD | 1 | 3 | — | |||||||||||||||||
DEU | 06/2018 | GBP | 430 | USD | 610 | — | 16,029 | |||||||||||||||||
DEU | 06/2018 | NOK | 7,820 | USD | 1,017 | — | 39,746 | |||||||||||||||||
DEU | 06/2018 | USD | 545 | EUR | 440 | 11,211 | — | |||||||||||||||||
DEU | 06/2018 | USD | 6 | PLN | 20 | 154 | — | |||||||||||||||||
GSCO-OT | 06/2018 | CLP | 34,000 | USD | 56 | — | 259 | |||||||||||||||||
GSCO-OT | 06/2018 | COP | 151,000 | USD | 55 | — | 1,761 | |||||||||||||||||
GSCO-OT | 06/2018 | HUF | 3,000 | USD | 12 | — | 276 | |||||||||||||||||
GSCO-OT | 06/2018 | MXN | 1,500 | USD | 80 | 272 | 394 | |||||||||||||||||
GSCO-OT | 06/2018 | MYR | 710 | USD | 181 | — | 1,787 | |||||||||||||||||
GSCO-OT | 06/2018 | PLN | 80 | USD | 24 | — | 849 | |||||||||||||||||
GSCO-OT | 06/2018 | TRY | 40 | USD | 10 | 119 | — | |||||||||||||||||
GSCO-OT | 06/2018 | USD | 54 | CLP | 32,000 | 1,374 | — | |||||||||||||||||
GSCO-OT | 06/2018 | USD | 6 | IDR | 88,000 | 67 | — | |||||||||||||||||
GSCO-OT | 06/2018 | USD | 84 | MXN | 1,600 | 149 | 856 | |||||||||||||||||
GSCO-OT | 06/2018 | USD | 51 | MYR | 200 | 267 | — | |||||||||||||||||
GSCO-OT | 06/2018 | USD | 3 | RON | 10 | 53 | — | |||||||||||||||||
GSCO-OT | 06/2018 | ZAR | 560 | USD | 47 | — | 2,209 | |||||||||||||||||
HSBC | 06/2018 | CHF | 2,950 | USD | 3,148 | — | 156,196 | |||||||||||||||||
HSBC | 06/2018 | HKD | 440 | USD | 56 | — | 161 | |||||||||||||||||
HSBC | 06/2018 | PLN | 150 | USD | 44 | — | 1,370 | |||||||||||||||||
HSBC | 06/2018 | USD | 1,699 | AUD | 2,156 | 75,576 | — | |||||||||||||||||
HSBC | 06/2018 | USD | 308 | HUF | 77,000 | 10,704 | — | |||||||||||||||||
HSBC | 06/2018 | USD | 400 | MXN | 7,500 | 2,101 | — | |||||||||||||||||
HSBC | 06/2018 | USD | 2,552 | NZD | 3,485 | 100,726 | — |
30 OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND
Forward Currency Exchange Contracts (Continued) | ||||||||||||||||||||||||||
Counter -party | Settlement Month(s) | Currency Purchased (000’s) | Currency Sold (000’s) | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||||||
HSBC | 06/2018 | USD | 2,686 | SEK | 21,780 | $ | 187,813 | $ | — | |||||||||||||||||
HSBC | 06/2018 | USD | 585 | TRY | 2,430 | — | 3,132 | |||||||||||||||||||
HSBC | 06/2018 | USD | 964 | ZAR | 11,780 | 26,430 | — | |||||||||||||||||||
JPM | 05/2018 | BRL | 630 | USD | 180 | — | 545 | |||||||||||||||||||
JPM | 06/2018 | CAD | 1,535 | USD | 1,210 | — | 12,873 | |||||||||||||||||||
JPM | 06/2018 | CLP | 1,229,000 | USD | 2,042 | — | 39,096 | |||||||||||||||||||
JPM | 06/2018 | CZK | 2,250 | USD | 110 | — | 3,442 | |||||||||||||||||||
JPM | 06/2018 | EUR | 545 | USD | 680 | — | 18,620 | |||||||||||||||||||
JPM | 08/2018 | GHS | 10 | USD | 2 | — | 9 | |||||||||||||||||||
JPM | 06/2018 | IDR | 20,540,000 | USD | 1,484 | — | 17,690 | |||||||||||||||||||
JPM | 06/2018 | INR | 80,300 | USD | 1,221 | 241 | 21,294 | |||||||||||||||||||
JPM | 06/2018 | JPY | 696,000 | USD | 6,606 | — | 214,504 | |||||||||||||||||||
JPM | 06/2018 | MXN | 1,520 | USD | 82 | 133 | 1,610 | |||||||||||||||||||
JPM | 08/2018 | NGN | 9,000 | USD | 24 | 1,500 | — | |||||||||||||||||||
JPM | 06/2018 | RUB | 2,100 | USD | 34 | — | 942 | |||||||||||||||||||
JPM | 06/2018 | TRY | 260 | USD | 62 | 833 | — | |||||||||||||||||||
JPM | 10/2018 | UAH | 800 | USD | 27 | 1,043 | — | |||||||||||||||||||
JPM | 06/2018 | USD | 68 | ARS | 1,470 | 126 | — | |||||||||||||||||||
JPM | 05/2018 | USD | 181 | BRL | 630 | 1,162 | — | |||||||||||||||||||
JPM | 06/2018 | USD | 3,380 | CAD | 4,415 | — | 63,334 | |||||||||||||||||||
JPM | 06/2018 | USD | 1,585 | COP | 4,407,000 | 18,223 | 941 | |||||||||||||||||||
JPM | 06/2018 | USD | 29 | CZK | 600 | 378 | — | |||||||||||||||||||
JPM | 08/2018 | USD | 118 | EUR | 95 | 2,174 | — | |||||||||||||||||||
JPM | 06/2018 | USD | 1 | IDR | 19,000 | — | 10 | |||||||||||||||||||
JPM | 06/2018 | USD | 1,191 | INR | 78,000 | 25,878 | — | |||||||||||||||||||
JPM | 06/2018 | USD | 271 | KRW | 288,000 | 1,671 | — | |||||||||||||||||||
JPM | 08/2018 | USD | 24 | NGN | 9,000 | — | 2,229 | |||||||||||||||||||
JPM | 06/2018 | USD | 18 | PLN | 60 | 507 | — | |||||||||||||||||||
JPM | 06/2018 | USD | 84 | RON | 315 | 2,170 | — | |||||||||||||||||||
JPM | 06/2018 | USD | 439 | RUB | 25,400 | 38,270 | — | |||||||||||||||||||
JPM | 06/2018 | USD | 10 | TRY | 40 | 53 | 41 | |||||||||||||||||||
JPM | 06/2018 | USD | 69 | ZAR | 870 | — | 93 | |||||||||||||||||||
JPM | 06/2018 | ZAR | 7,070 | USD | 592 | — | 28,854 | |||||||||||||||||||
TDB | 05/2018 | BRL | 2,440 | USD | 701 | — | 4,499 | |||||||||||||||||||
TDB | 06/2018 | CAD | 3,125 | USD | 2,480 | — | 43,108 | |||||||||||||||||||
TDB | 08/2018 | EUR | 30 | USD | 37 | — | 859 | |||||||||||||||||||
TDB | 06/2018 | GBP | 1,545 | USD | 2,197 | — | 63,901 | |||||||||||||||||||
TDB | 05/2018 | USD | 716 | BRL | 2,440 | 19,596 | — | |||||||||||||||||||
TDB | 06/2018 | USD | 4,463 | JPY | 476,000 | 91,317 | — | |||||||||||||||||||
TDB | 06/2018 | USD | 11 | MXN | 200 | 34 | — | |||||||||||||||||||
|
| |||||||||||||||||||||||||
Total Unrealized Appreciation and Depreciation |
| $ | 1,091,053 | $ | 1,326,433 | |||||||||||||||||||||
|
|
Futures Contracts as of April 30, 2018 | ||||||||||||||||||||||||
Buy/Sell | Expiration Date | Number of Contracts | Notional Amount (000’s) | Value | Unrealized Appreciation/ (Depreciation) | |||||||||||||||||||
Description | ||||||||||||||||||||||||
Brent Crude Oil* | Buy | 5/31/18 | 17 | USD 1,253 | $ | 1,269,730 | $ | 16,831 |
31 OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND
CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued
Futures Contracts (Continued) | ||||||||||||||||||||||||
Description | Buy/Sell | Expiration Date | Number of Contracts | Notional Amount (000’s) | Value | Unrealized Appreciation/ (Depreciation) | ||||||||||||||||||
Canadian Bonds, 10 yr. | Buy | 6/20/18 | 4 | CAD 408 | $ | 409,518 | $ | 1,146 | ||||||||||||||||
CBOE Volatility Index* | Sell | 6/20/18 | 22 | USD 372 | 372,350 | (618) | ||||||||||||||||||
Euro-BUND | Buy | 6/7/18 | 25 | EUR 4,735 | 4,792,361 | 57,634 | ||||||||||||||||||
Japanese Bonds, 10 yr. | Buy | 6/13/18 | 4 | JPY 5,516 | 5,511,892 | (3,668) | ||||||||||||||||||
MSCI Emerging Market Index | Buy | 6/15/18 | 63 | USD 3,887 | 3,629,430 | (257,466) | ||||||||||||||||||
Nikkei 225 Index | Buy | 6/7/18 | 5 | JPY 981 | 1,029,546 | 48,926 | ||||||||||||||||||
S&P 500 E-Mini Index | Sell | 6/15/18 | 6 | USD 803 | 794,100 | 8,577 | ||||||||||||||||||
S&P 500 E-Mini Index | Buy | 6/15/18 | 67 | USD 9,343 | 8,867,450 | (475,983) | ||||||||||||||||||
S&P/TSX 60 Index | Buy | 6/14/18 | 3 | CAD 429 | 429,877 | 1,271 | ||||||||||||||||||
SPI 200 Index | Buy | 6/21/18 | 12 | AUD 1,350 | 1,347,451 | (2,733) | ||||||||||||||||||
Stoxx Europe 600 Index | Sell | 6/15/18 | 10 | EUR 222 | 230,048 | (8,100) | ||||||||||||||||||
United States | ||||||||||||||||||||||||
Treasury Long Bonds | Buy | 6/20/18 | 15 | USD 2,151 | 2,157,656 | 6,966 | ||||||||||||||||||
United States | ||||||||||||||||||||||||
Treasury Long Gilt United States | Buy | 6/27/18 | 7 | GBP 1,165 | 1,178,207 | 13,097 | ||||||||||||||||||
Treasury Nts., 10 yr. | Buy | 6/20/18 | 1 | USD 120 | 119,625 | (509) | ||||||||||||||||||
United States Ultra Bonds | Buy | 6/20/18 | 11 | USD 1,706 | 1,728,375 | 22,324 | ||||||||||||||||||
|
| |||||||||||||||||||||||
$ | (572,305) | |||||||||||||||||||||||
|
|
*All or a portion of this security is owned by the subsidiary. See Note 2 of the accompanying Consolidated Notes.
Over-the-Counter Options Written at April 30, 2018 | ||||||||||||||||||||||||||||
Description | Counter -party | Exercise Price | Expiration Date |
Number of |
Notional | Premiums Received | Value | |||||||||||||||||||||
MXN | MXN | |||||||||||||||||||||||||||
MXN Currency Put | JPM | 20.200 | 8/2/18 | (3,030) | MXN 2,020,000 | $ | 1,735 | $ | (1,597) | |||||||||||||||||||
ZAR | ZAR | |||||||||||||||||||||||||||
ZAR Currency Call | JPM | 12.000 | 8/1/18 | (1,460) | ZAR 1,200,000 | 802 | (820) | |||||||||||||||||||||
|
| |||||||||||||||||||||||||||
Total Over-the-Counter Options Written |
| $ | 2,537 | $ | (2,417) | |||||||||||||||||||||||
|
|
a
Centrally Cleared Interest Rate Swaps at April 30, 2018 | ||||||||||||||||||||||||||||||||
Counter- party |
Pay/Receive | Floating Rate | Fixed Rate | Maturity Date |
Notional |
Premiums |
Value |
Unrealized | ||||||||||||||||||||||||
BAC | Pay | BP0006M | 1.677% | 2/12/28 | GBP 5,315 | $ | — | $ | 100,835 | $ | 100,835 |
32 OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND
Centrally Cleared Interest Rate Swaps (Continued) | ||||||||||||||||||||||||||||||||
Counter- party | Pay/Receive Floating Rate | Floating Rate | Fixed Rate | Maturity Date | Notional Amount (000’s) | Premiums Received / (Paid) | Value | Unrealized Appreciation/ (Depreciation) | ||||||||||||||||||||||||
Three-Month SEK | ||||||||||||||||||||||||||||||||
BAC | Pay | STIBOR SIDE | 1.471% | 2/14/28 | SEK 73,130 | $ | — | $ | 223,253 | $ | 223,253 | |||||||||||||||||||||
MXN TIIE | ||||||||||||||||||||||||||||||||
BNP | Pay | BANXICO | 7.380 | 3/29/23 | MXN 5,400 | — | (1,465 | ) | (1,465) | |||||||||||||||||||||||
Three-Month ZAR | ||||||||||||||||||||||||||||||||
CITNA-B | Pay | JIBAR SAFEX | 8.590 | 1/23/28 | ZAR 1,635 | — | 753 | 753 | ||||||||||||||||||||||||
CITNA-B | Pay | SORF6M | 2.675 | 4/25/28 | SGD 35 | — | 37 | 37 | ||||||||||||||||||||||||
MXN TIIE | ||||||||||||||||||||||||||||||||
CITNA-B | Pay | BANXICO | 7.920 | 9/13/18 | MXN 8,900 | — | 43 | 43 | ||||||||||||||||||||||||
CITNA-B | Receive | SORF6M | 2.000 | 4/25/20 | SGD 165 | — | (50 | ) | (50) | |||||||||||||||||||||||
DEU | Receive | BZDI | 7.980 | 1/4/21 | BRL 400 | — | (62 | ) | (62) | |||||||||||||||||||||||
Six-Month PLN | ||||||||||||||||||||||||||||||||
GSCOI | Receive | WIBOR WIBO | 2.580 | 2/6/23 | PLN 875 | — | 3,014 | 3,014 | ||||||||||||||||||||||||
MXN TIIE | ||||||||||||||||||||||||||||||||
GSCOI | Pay | BANXICO | 7.350 | 3/11/22 | MXN 2,200 | — | (596 | ) | (596) | |||||||||||||||||||||||
Three-Month ZAR | ||||||||||||||||||||||||||||||||
GSCOI | Pay | JIBAR SAFEX | 7.600 | 2/21/28 | ZAR 500 | — | (269 | ) | (269) | |||||||||||||||||||||||
MXN TIIE | ||||||||||||||||||||||||||||||||
JPM | Receive | BANXICO | 8.040 | 2/11/28 | MXN 1,650 | — | (1,667 | ) | (1,667) | |||||||||||||||||||||||
Three-Month USD | ||||||||||||||||||||||||||||||||
JPM | Receive | BBA LIBOR | 2.118 | 3/20/22 | USD 105 | — | 2,916 | 2,916 | ||||||||||||||||||||||||
JPM | Pay | BZDI | 9.480 | 7/1/20 | BRL 5,200 | — | 1,369 | 1,369 | ||||||||||||||||||||||||
MXN TIIE | ||||||||||||||||||||||||||||||||
JPM | Pay | BANXICO | 7.895 | 2/21/20 | MXN 6,100 | — | 1,145 | 1,145 | ||||||||||||||||||||||||
JPM | Pay | BZDI | 10.500 | 7/1/20 | BRL 3,575 | — | 4,686 | 4,686 | ||||||||||||||||||||||||
JPM | Pay | BZDI | 8.840 | 1/4/21 | BRL 1,195 | — | 8,652 | 8,652 | ||||||||||||||||||||||||
JPM | Receive | BZDI | 9.395 | 1/2/23 | BRL 440 | — | (1,904 | ) | (1,904) | |||||||||||||||||||||||
JPM | Receive | BZDI | 7.535 | 1/2/19 | BRL 1,285 | — | (3,778 | ) | (3,778) | |||||||||||||||||||||||
JPM | Receive | EUR006M | 1.161 | 2/14/28 | EUR 9,480 | — | (235,480 | ) | (235,480) | |||||||||||||||||||||||
Three-Month ZAR | ||||||||||||||||||||||||||||||||
JPM | Pay | JIBAR SAFEX | 7.930 | 1/9/28 | ZAR 705 | — | 930 | 930 | ||||||||||||||||||||||||
MXN TIIE | ||||||||||||||||||||||||||||||||
UBS | Pay | BANXICO | 6.860 | 7/21/22 | MXN 2,000 | — | (2,532 | ) | (2,532) | |||||||||||||||||||||||
UBS | Receive | BBSW6M | 3.063 | 2/13/28 | AUD 11,435 | — | (143,647 | ) | (143,647) | |||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Total Centrally Cleared Interest Rate Swaps |
| $ | — | $ | (43,817 | ) | $ | (43,817) | ||||||||||||||||||||||||
|
|
Over-the-Counter Interest Rate Swaps at April 30, 2018 | ||||||||||||||||||||||||||||||||
Counter- party |
Pay/Receive | Floating Rate | Fixed Rate | Maturity Date |
Notional Amount (000’s) |
Premiums | Value |
Unrealized (Depreciation) | ||||||||||||||||||||||||
Six-Month INR | ||||||||||||||||||||||||||||||||
FBIL MIBOR OIS | ||||||||||||||||||||||||||||||||
BOA | Pay | Compound | 6.250 | % | 9/29/22 | INR 6,200 | $ | — | $ (1,815 | ) | $ | (1,815) | ||||||||||||||||||||
Six-Month INR | ||||||||||||||||||||||||||||||||
FBIL MIBOR OIS | ||||||||||||||||||||||||||||||||
BOA | Pay | Compound | 6.290 | 9/28/22 | INR 12,500 | — | (3,366 | ) | (3,366) | |||||||||||||||||||||||
Six-Month INR | ||||||||||||||||||||||||||||||||
FBIL MIBOR OIS | ||||||||||||||||||||||||||||||||
BOA | Receive | Compound | 6.705 | 3/8/23 | INR 6,150 | — | 764 | 764 |
33 OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND
CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued
Over-the-Counter Interest Rate Swaps (Continued) | ||||||||||||||||||||||||||||||||
Counter- party |
Pay/Receive | Floating Rate | Fixed Rate | Maturity Date |
Notional |
Premiums | Value |
Unrealized (Depreciation) | ||||||||||||||||||||||||
BOA | Pay | NSERO | 6.700 | % | 3/8/20 | INR 26,890 | $ | — | $ | (450 | ) | $ | (450) | |||||||||||||||||||
Six-Month INR | ||||||||||||||||||||||||||||||||
FBIL MIBOR OIS | ||||||||||||||||||||||||||||||||
BOA | Pay | Compound | 6.350 | 6/5/22 | INR 15,000 | — | (2,913 | ) | (2,913) | |||||||||||||||||||||||
Three-Month | ||||||||||||||||||||||||||||||||
MYR KLIBOR | ||||||||||||||||||||||||||||||||
BOA | Pay | BNM | 3.470 | 10/27/21 | MYR 950 | — | (3,412 | ) | (3,412) | |||||||||||||||||||||||
Three-Month | ||||||||||||||||||||||||||||||||
MYR KLIBOR | ||||||||||||||||||||||||||||||||
BOA | Pay | BNM | 3.290 | 10/27/18 | MYR 570 | — | (312 | ) | (312) | |||||||||||||||||||||||
Three-Month | ||||||||||||||||||||||||||||||||
COP IBR OIS | ||||||||||||||||||||||||||||||||
GSCOI | Pay | Compound | 5.175 | 4/20/20 | COP 545,000 | — | 3,046 | 3,046 | ||||||||||||||||||||||||
JPM | Pay | BZDI | 10.130 | 7/1/19 | BRL 2,125 | — | 8,249 | 8,249 | ||||||||||||||||||||||||
Three-Month | ||||||||||||||||||||||||||||||||
COP IBR OIS | ||||||||||||||||||||||||||||||||
JPM | Pay | Compound | 5.700 | 3/8/19 | COP 805,000 | — | 4,613 | 4,613 | ||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Total Over-the-Counter Interest Rate Swaps |
| $ | — | $ | 4,404 | $ | 4,404 | |||||||||||||||||||||||||
|
|
Over-the-Counter Interest Rate Swaptions Written at April 30, 2018 | ||||||||||||||||||||||||||||||||
Description | Counter- party | Pay/ Receive Floating Rate | Floating Rate | Fixed Rate | Expiration Date | Notional Amount (000’s) | Premiums Received | Value | ||||||||||||||||||||||||
Interest Rate | | Three- Month | ||||||||||||||||||||||||||||||
Swap maturing | USD BBA | |||||||||||||||||||||||||||||||
6/19/20 Call | BAC | Receive | LIBOR | 2.417% | 6/15/18 | USD 1,220 | $ | 671 | $ | (25) |
Glossary: | ||||
Counterparty Abbreviations | ||||
BAC | Barclays Bank plc | |||
BNP | BNP Paribas | |||
BOA | Bank of America NA | |||
CITNA-B | Citibank NA | |||
DEU | Deutsche Bank AG | |||
GSCOI | Goldman Sachs International | |||
GSCO-OT | Goldman Sachs Bank USA | |||
HSBC | HSBC Bank USA NA | |||
JPM | JPMorgan Chase Bank NA | |||
TDB | Toronto Dominion Bank | |||
UBS | UBS AG | |||
Currency abbreviations indicate amounts reporting in currencies | ||||
ARS | Argentine Peso | |||
AUD | Australian Dollar | |||
BRL | Brazilian Real | |||
CAD | Canadian Dollar | |||
CHF | Swiss Franc |
34 OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND
Currency abbreviations indicate amounts reporting in currencies (Continued) | ||
CLP | Chilean Peso | |
CNH | Offshore Chinese Renminbi | |
COP | Colombian Peso | |
CZK | Czech Koruna | |
DKK | Danish Krone | |
EGP | Egyptian Pounds | |
EUR | Euro | |
GBP | British Pound Sterling | |
GHS | Ghanaian Cedi | |
HKD | Hong Kong Dollar | |
HUF | Hungarian Forint | |
IDR | Indonesian Rupiah | |
ILS | Israeli Shekel | |
INR | Indian Rupee | |
JPY | Japanese Yen | |
KRW | South Korean Won | |
MXN | Mexican Nuevo Peso | |
MYR | Malaysian Ringgit | |
NGN | Nigerian Naira | |
NOK | Norwegian Krone | |
NZD | New Zealand Dollar | |
PEN | Peruvian New Sol | |
PHP | Philippine Peso | |
PLN | Polish Zloty | |
RON | New Romanian Leu | |
RUB | Russian Ruble | |
SEK | Swedish Krona | |
SGD | Singapore Dollar | |
THB | Thailand Baht | |
TRY | New Turkish Lira | |
TWD | New Taiwan Dollar | |
UAH | Ukraine Hryvnia | |
UYU | Uruguay Peso | |
ZAR | South African Rand | |
Definitions | ||
BADLARPP | Argentina Deposit Rates Badlar Private Banks ARS 30 to 35 Days | |
BANXICO | Banco de Mexico | |
BBA LIBOR | British Bankers’ Association London - Interbank Offered Rate | |
BBSW6M | ASX Australian Bank Bill Short Term Rates 6 Month Mid | |
BNM | Bank Negara Malaysia | |
BP0006M | ICE LIBOR GBP 6 Month | |
BUND | German Federal Obligation | |
BZDI | Brazil Interbank Deposit Rate | |
EUR006M | EURIBOR 6 Month ACT/360 | |
FBIL | Financial Benchmarks India Private Ltd. | |
IBR | Indicador Bancario de Referencia | |
ICE LIBOR | Intercontinental Exchange London Interbank Offered Rate | |
JIBAR SAFEX | South Africa Johannesburg Interbank Agreed Rate/Futures Exchange | |
KLIBOR | Kuala Lumpur Interbank Offered Rate |
35 OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND
CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued
Definitions (Continued) | ||
MIBOR | Mumbai Interbank Offered Rate | |
MSCI | Morgan Stanley Capital International | |
Nikkei 225 | 225 top-rated Japanese Companies listed on the Tokyo Stock Exchange | |
NSERO | India Rupee Floating Rate | |
OIS | Overnight Index Swap | |
S&P | Standard & Poor’s | |
SORF6M | Association of Banks in Singapore Swap Offer Rate Fixing 6 Month | |
STIBOR SIDE | Stockholm Interbank Offered Rate | |
TIIE | Interbank Equilibrium Interest Rate | |
TSX 60 | 60 largest companies on the Toronto Stock Exchange | |
WIBOR WIBO | Poland Warsaw Interbank Offer Bid Rate |
See accompanying Notes to Consolidated Financial Statements.
36 OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND
ASSETS AND LIABILITIES April 30, 2018 Unaudited
Assets | ||||
Investments, at value—see accompanying statement of investments: | ||||
Unaffiliated companies (cost $45,555,315) | $ | 52,366,106 | ||
Affiliated companies (cost $20,089,301) | 19,875,926 | |||
|
|
| ||
72,242,032 | ||||
Cash | 58,638 | |||
Cash—foreign currencies (cost $2,744) | 2,589 | |||
Cash used for collateral on futures | 354,000 | |||
Cash used for collateral on OTC derivatives | 300,000 | |||
Cash used for collateral on centrally cleared swaps | 319,124 | |||
Unrealized appreciation on forward currency exchange contracts | 1,091,053 | |||
Swaps, at value | 16,672 | |||
Centrally cleared swaps, at value | 347,633 | |||
Receivables and other assets: | ||||
Interest and dividends | 278,183 | |||
Investments sold | 189,360 | |||
Variation margin receivable | 39,007 | |||
Shares of beneficial interest sold | 30,854 | |||
Other | 37,584 | |||
|
|
| ||
Total assets
|
| 75,306,729
|
| |
Liabilities | ||||
Unrealized depreciation on forward currency exchange contracts | 1,326,433 | |||
Options written, at value (premiums received $2,537) | 2,417 | |||
Swaps, at value | 12,268 | |||
Centrally cleared swaps, at value | 391,450 | |||
Swaptions written, at value (premiums received $671) | 25 | |||
Payables and other liabilities: | ||||
Investments purchased | 501,506 | |||
Variation margin payable | 108,837 | |||
Distribution and service plan fees | 14,964 | |||
Foreign capital gains tax | 11,384 | |||
Trustees’ compensation | 615 | |||
Shareholder communications | 420 | |||
Other | 53,004 | |||
|
|
| ||
Total liabilities |
| 2,423,323
|
| |
Net Assets | $ | 72,883,406 | ||
|
|
| ||
Composition of Net Assets | ||||
Par value of shares of beneficial interest | $ | 6,438 | ||
Additional paid-in capital | 65,929,884 | |||
Accumulated net investment income | 632,186 | |||
Accumulated net realized gain on investments and foreign currency transactions | 565,939 | |||
Net unrealized appreciation on investments and translation of assets and liabilities denominated in foreign currencies | 5,748,959 | |||
|
|
| ||
Net Assets | $ | 72,883,406 | ||
|
|
|
37 OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND
CONSOLIDATED STATEMENT OF
ASSETS AND LIABILITIES Unaudited / Continued
Net Asset Value Per Share | ||||
Class A Shares: | ||||
Net asset value and redemption price per share (based on net assets of $65,516,659 and 5,783,383 shares of beneficial interest outstanding) | $ | 11.33 | ||
Maximum offering price per share (net asset value plus sales charge of 5.75% of offering price) | $ | 12.02 | ||
| ||||
Class C Shares: | ||||
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $3,967,451 and 353,632 shares of beneficial interest outstanding) | $ | 11.22 | ||
| ||||
Class I Shares: | ||||
Net asset value, redemption price and offering price per share (based on net assets of $11,342 and 1,000 shares of beneficial interest outstanding) | $ | 11.34 | ||
| ||||
Class R Shares: | ||||
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $2,961,857 and 262,161 shares of beneficial interest outstanding) | $ | 11.30 | ||
| ||||
Class Y Shares: | ||||
Net asset value, redemption price and offering price per share (based on net assets of $426,097 and 37,529 shares of beneficial interest outstanding) | $ | 11.35 |
See accompanying Notes to Consolidated Financial Statements.
38 OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND
OPERATIONS For the Six Months Ended April 30, 2018 Unaudited
Allocation of Income and Expenses from Master Fund1 | ||||
Net investment income allocated from Oppenheimer Master Loan Fund, LLC: | ||||
Interest | $ | 5,634 | ||
Dividends | 76 | |||
Net expenses | (246 | ) | ||
|
|
| ||
Net investment income allocated from Oppenheimer Master Loan Fund, LLC |
| 5,464
|
| |
Investment Income | ||||
Dividends: | ||||
Unaffiliated companies (net of foreign withholding taxes of $25,618) | 389,069 | |||
Affiliated companies | 473,501 | |||
Interest (net of foreign withholding taxes of $3,369) | 212,214 | |||
|
|
| ||
Total investment income |
| 1,074,784
|
| |
Expenses | ||||
Management fees | 268,288 | |||
Distribution and service plan fees: | ||||
Class A | 8,882 | |||
Class C | 13,410 | |||
Class R | 6,854 | |||
Transfer and shareholder servicing agent fees: | ||||
Class A | 66,793 | |||
Class C | 2,709 | |||
Class I | 2 | |||
Class R | 2,800 | |||
Class Y | 334 | |||
Shareholder communications: | ||||
Class A | 5,277 | |||
Class C | 1,251 | |||
Class R | 2,251 | |||
Class Y | 333 | |||
Legal, auditing and other professional fees | 55,030 | |||
Registration fees | 42,115 | |||
Custodian fees and expenses | 25,679 | |||
Trustees’ compensation | 493 | |||
Other | 9,228 | |||
|
|
| ||
Total expenses | 511,729 | |||
Less waivers and reimbursements of expenses | (104,459 | ) | ||
|
|
| ||
Net expenses |
| 407,270
|
| |
Net Investment Income | 672,978 |
39 OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND
CONSOLIDATED STATEMENT OF
OPERATIONS Unaudited / Continued
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment transactions in: | ||||
Unaffiliated companies | $ | 1,031,013 | ||
Affiliated companies | (80,942 | ) | ||
Option contracts written | 7,958 | |||
Futures contracts | 978,152 | |||
Foreign currency transactions | 173 | |||
Forward currency exchange contracts | (470,086 | ) | ||
Swap contracts | (178,169 | ) | ||
Affiliated swap contracts | (137,254 | ) | ||
Swaption contracts written | 1,238 | |||
Net realized gain allocated from Oppenheimer Master Loan Fund, LLC | 15,976 | |||
|
|
| ||
Net realized gain | 1,168,059 | |||
Net change in unrealized appreciation/depreciation on: | ||||
Investment transactions in: | ||||
Unaffiliated companies (net of foreign capital gains tax of $1,492) | (774,022 | ) | ||
Affiliated companies | (463,394 | ) | ||
Translation of assets and liabilities denominated in foreign currencies | (9,420 | ) | ||
Forward currency exchange contracts | 225,827 | |||
Futures contracts | (1,122,794 | ) | ||
Option contracts written | (105 | ) | ||
Swap contracts | (66,728 | ) | ||
Affiliated swap contracts | 7,834 | |||
Swaption contracts written | 646 | |||
Net change in unrealized appreciation/depreciation allocated from Oppenheimer Master Loan Fund, LLC | (26,069 | ) | ||
|
|
| ||
Net change in unrealized appreciation/depreciation |
| (2,228,225
| )
| |
Net Decrease in Net Assets Resulting from Operations | $ | (387,188 | ) | |
|
|
|
1. The Fund invests in a certain affiliated mutual fund that expects to be treated as a partnership for tax purposes. See Note 4 of the accompanying Consolidated Notes.
See accompanying Notes to Consolidated Financial Statements.
40 OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND
CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS
Six Months Ended April 30, 2018 (Unaudited) | Year Ended October 31, 2017 | |||
Operations | ||||
Net investment income | $ 672,978 | $ 846,399 | ||
Net realized gain | 1,168,059 | 2,662,511 | ||
Net change in unrealized appreciation/depreciation | (2,228,225) | 5,583,161 | ||
| ||||
Net increase (decrease) in net assets resulting from operations | (387,188)
| 9,092,071
| ||
Dividends and/or Distributions to Shareholders | ||||
Dividends from net investment income: | ||||
Class A | (275,168) | (2,538,513) | ||
Class C | — | (24,896) | ||
Class I | (76) | (518) | ||
Class R | (5,819) | (75,468) | ||
Class Y | (1,379) | (5,577) | ||
| ||||
(282,442) | (2,644,972) | |||
Distributions from net realized gain: | ||||
Class A | (1,174,838) | — | ||
Class C | (34,914) | — | ||
Class I | (211) | — | ||
Class R | (47,590) | — | ||
Class Y | (4,623) | — | ||
| ||||
(1,262,176)
| —
| |||
Beneficial Interest Transactions | ||||
Net increase in net assets resulting from beneficial interest transactions: | ||||
Class A | 2,926,027 | 4,671,912 | ||
Class C | 2,375,600 | 1,060,445 | ||
Class I | — | — | ||
Class R | 503,809 | 1,092,156 | ||
Class Y | 169,307 | 163,830 | ||
| ||||
5,974,743
| 6,988,343
| |||
Net Assets | ||||
Total increase | 4,042,937 | 13,435,442 | ||
Beginning of period | 68,840,469 | 55,405,027 | ||
| ||||
End of period (including accumulated net investment income of $632,186 and $241,650, respectively) | $72,883,406 | $68,840,469 | ||
|
See accompanying Notes to Consolidated Financial Statements.
41 OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND
CONSOLIDATED FINANCIAL HIGHLIGHTS
Class A | Six Months April 30, 2018 | Year Ended October 31, 2017 | Year Ended October 31, 2016 | Period Ended October 30, 20151,2 | ||||||||||||
Per Share Operating Data | ||||||||||||||||
Net asset value, beginning of period | $11.62 | $10.49 | $10.30 | $10.00 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||
Net investment income3 | 0.11 | 0.15 | 0.14 | 0.02 | ||||||||||||
Net realized and unrealized gain (loss) | (0.14) | 1.48 | 0.14 | 0.28 | ||||||||||||
Total from investment operations | (0.03) | 1.63 | 0.28 | 0.30 | ||||||||||||
Dividends and/or distributions to shareholders: | ||||||||||||||||
Dividends from net investment income | (0.05) | (0.50) | (0.09) | 0.00 | ||||||||||||
Distributions from net realized gain | (0.21) | 0.00 | (0.00)4 | 0.00 | ||||||||||||
Total dividends and/or distributions to shareholders | (0.26) | (0.50) | (0.09) | 0.00 | ||||||||||||
Net asset value, end of period | $11.33 | $11.62 | $10.49 | $10.30 | ||||||||||||
Total Return, at Net Asset Value5 | (0.30)% | 16.26% | 2.73% | 3.00% | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||
Net assets, end of period (in thousands) | $65,517 | $64,323 | $53,579 | $51,525 | ||||||||||||
Average net assets (in thousands) | $66,301 | $57,577 | $50,502 | $49,048 | ||||||||||||
Ratios to average net assets:6 | ||||||||||||||||
Net investment income | 1.93%7 | 1.41%7 | 1.38%7 | 1.07% | ||||||||||||
Total expenses8 | 1.37%7 | 1.47%7 | 1.42%7 | 1.61% | ||||||||||||
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses | 1.10%7 | 1.10%7 | 1.10%7 | 1.05% | ||||||||||||
Portfolio turnover rate | 37% | 54% | 61% | 8% |
1. Represents the last business day of the Fund’s reporting period.
2. For the period from August 27, 2015 (commencement of operations) to October 30, 2015.
3. Per share amounts calculated based on the average shares outstanding during the period.
4. Less than $0.005 per share.
5. Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
6. Annualized for periods less than one full year.
7. Includes the Fund’s share of the allocated expenses and/or net investment income from the master fund.
8. Total expenses including indirect expenses from affiliated fund fees and expenses were as follows:
Six Months Ended April 30, 2018 | 1.56 | % | ||||
Year Ended October 31, 2017 | 1.62 | % | ||||
Year Ended October 31, 2016 | 1.53 | % | ||||
Period Ended October 30, 2015 | 1.72 | % |
See accompanying Notes to Consolidated Financial Statements.
42 OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND
Class C | Six Months April 30, 2018 | Year Ended October 31, 2017 | Year Ended October 31, 2016 | Period Ended October 30, 20151,2 | ||||||||||||
Per Share Operating Data | ||||||||||||||||
Net asset value, beginning of period | $11.50 | $10.41 | $10.29 | $10.00 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||
Net investment income3 | 0.05 | 0.07 | 0.04 | 0.01 | ||||||||||||
Net realized and unrealized gain (loss) | (0.12) | 1.47 | 0.15 | 0.28 | ||||||||||||
|
| |||||||||||||||
Total from investment operations | (0.07) | 1.54 | 0.19 | 0.29 | ||||||||||||
Dividends and/or distributions to shareholders: | ||||||||||||||||
Dividends from net investment income | 0.00 | (0.45) | (0.07) | 0.00 | ||||||||||||
Distributions from net realized gain | (0.21) | 0.00 | (0.00)4 | 0.00 | ||||||||||||
|
| |||||||||||||||
Total dividends and/or distributions to shareholders | (0.21) | (0.45) | (0.07) | 0.00 | ||||||||||||
Net asset value, end of period | $11.22 | $11.50 | $10.41 | $10.29 | ||||||||||||
|
| |||||||||||||||
Total Return, at Net Asset Value5 | (0.64)% | 15.42% | 1.88% | 2.90% | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||
Net assets, end of period (in thousands) | $3,967 | $1,701 | $522 | $45 | ||||||||||||
Average net assets (in thousands) | $2,741 | $997 | $308 | $28 | ||||||||||||
Ratios to average net assets:6 | ||||||||||||||||
Net investment income | 0.87%7 | 0.67%7 | 0.36%7 | 0.42% | ||||||||||||
Total expenses8 | 2.41%7 | 2.98%7 | 3.05%7 | 2.34% | ||||||||||||
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses | 1.85%7 | 1.85%7 | 1.85%7 | 1.81% | ||||||||||||
Portfolio turnover rate | 37% | 54% | 61% | 8% |
1. Represents the last business day of the Fund’s reporting period.
2. For the period from August 27, 2015 (commencement of operations) to October 30, 2015.
3. Per share amounts calculated based on the average shares outstanding during the period.
4. Less than $0.005 per share.
5. Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
6. Annualized for periods less than one full year.
7. Includes the Fund’s share of the allocated expenses and/or net investment income from the master fund.
8. Total expenses including indirect expenses from affiliated fund fees and expenses were as follows:
Six Months Ended April 30, 2018 | 2.60% | |||||
Year Ended October 31, 2017 | 3.13% | |||||
Year Ended October 31, 2016 | 3.16% | |||||
Period Ended October 30, 2015 | 2.45% |
See accompanying Notes to Consolidated Financial Statements.
43 OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND
CONSOLIDATED FINANCIAL HIGHLIGHTS Continued
Class I | Six Months Ended April 30, 2018 (Unaudited) | Year Ended October 31, 2017 | Year Ended October 31, 2016 | Period Ended October 30, 20151,2 | ||||||||||||
Per Share Operating Data | ||||||||||||||||
Net asset value, beginning of period | $11.65 | $10.51 | $10.31 | $10.00 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||
Net investment income3 | 0.13 | 0.18 | 0.16 | 0.02 | ||||||||||||
Net realized and unrealized gain (loss) | (0.15) | 1.48 | 0.13 | 0.29 | ||||||||||||
|
| |||||||||||||||
Total from investment operations | (0.02) | 1.66 | 0.29 | 0.31 | ||||||||||||
Dividends and/or distributions to shareholders: | ||||||||||||||||
Dividends from net investment income | (0.08) | (0.52) | (0.09) | 0.00 | ||||||||||||
Distributions from net realized gain | (0.21) | 0.00 | (0.00)4 | 0.00 | ||||||||||||
|
| |||||||||||||||
Total dividends and/or distributions to shareholders | (0.29) | (0.52) | (0.09) | 0.00 | ||||||||||||
Net asset value, end of period | $11.34 | $11.65 | $10.51 | $10.31 | ||||||||||||
|
| |||||||||||||||
Total Return, at Net Asset Value5 | (0.24)% | 16.60% | 2.91% | 3.10% | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||
Net assets, end of period (in thousands) | $11 | $12 | $11 | $10 | ||||||||||||
Average net assets (in thousands) | $12 | $11 | $10 | $10 | ||||||||||||
Ratios to average net assets:6 | ||||||||||||||||
Net investment income | 2.23%7 | 1.66%7 | 1.61%7 | 1.27% | ||||||||||||
Total expenses8 | 1.14%7 | 1.21%7 | 1.19%7 | 1.30% | ||||||||||||
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses | 0.85%7 | 0.85%7 | 0.85%7 | 0.84% | ||||||||||||
Portfolio turnover rate | 37% | 54% | 61% | 8% |
1. Represents the last business day of the Fund’s reporting period.
2. For the period from August 27, 2015 (commencement of operations) to October 30, 2015.
3. Per share amounts calculated based on the average shares outstanding during the period.
4. Less than $0.005 per share.
5. Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
6. Annualized for periods less than one full year.
7. Includes the Fund’s share of the allocated expenses and/or net investment income from the master fund.
8. Total expenses including indirect expenses from affiliated fund fees and expenses were as follows:
Six Months Ended April 30, 2018 | 1.33% | |||||
Year Ended October 31, 2017 | 1.36% | |||||
Year Ended October 31, 2016 | 1.30% | |||||
Period Ended October 30, 2015 | 1.41% |
See accompanying Notes to Consolidated Financial Statements.
44 OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND
Class R | Six Months Ended April 30, 2018 (Unaudited) | Year Ended October 31, 2017 | Year Ended October 31, 2016 | Period Ended October 30, 20151,2 | ||||||||||||
Per Share Operating Data | ||||||||||||||||
Net asset value, beginning of period | $11.58 | $10.47 | $10.30 | $10.00 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||
Net investment income3 | 0.09 | 0.13 | 0.04 | 0.01 | ||||||||||||
Net realized and unrealized gain (loss) | (0.13) | 1.47 | 0.21 | 0.29 | ||||||||||||
|
| |||||||||||||||
Total from investment operations | (0.04) | 1.60 | 0.25 | 0.30 | ||||||||||||
Dividends and/or distributions to shareholders: | ||||||||||||||||
Dividends from net investment income | (0.03) | (0.49) | (0.08) | 0.00 | ||||||||||||
Distributions from net realized gain | (0.21) | 0.00 | (0.00)4 | 0.00 | ||||||||||||
|
| |||||||||||||||
Total dividends and/or distributions to shareholders | (0.24) | (0.49) | (0.08) | 0.00 | ||||||||||||
Net asset value, end of period | $11.30 | $11.58 | $10.47 | $10.30 | ||||||||||||
|
| |||||||||||||||
Total Return, at Net Asset Value5 | (0.41)% | 16.03% | 2.43% | 3.00% | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||
Net assets, end of period (in thousands) | $2,962 | $2,533 | $1,204 | $10 | ||||||||||||
Average net assets (in thousands) | $2,787 | $1,995 | $226 | $10 | ||||||||||||
Ratios to average net assets:6 | ||||||||||||||||
Net investment income | 1.63%7 | 1.17%7 | 0.43%7 | 0.77% | ||||||||||||
Total expenses8 | 1.98%7 | 2.57%7 | 2.07%7 | 1.48% | ||||||||||||
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses | 1.35%7 | 1.35%7 | 1.33%7 | 1.33% | ||||||||||||
Portfolio turnover rate | 37% | 54% | 61% | 8% |
1. Represents the last business day of the Fund’s reporting period.
2. For the period from August 27, 2015 (commencement of operations) to October 30, 2015.
3. Per share amounts calculated based on the average shares outstanding during the period.
4. Less than $0.005 per share.
5. Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
6. Annualized for periods less than one full year.
7. Includes the Fund’s share of the allocated expenses and/or net investment income from the master fund.
8. Total expenses including indirect expenses from affiliated fund fees and expenses were as follows:
Six Months Ended April 30, 2018 | 2.17% | |||||
Year Ended October 31, 2017 | 2.72% | |||||
Year Ended October 31, 2016 | 2.18% | |||||
Period Ended October 30, 2015 | 1.59% |
See accompanying Notes to Consolidated Financial Statements.
45 OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND
CONSOLIDATED FINANCIAL HIGHLIGHTS Continued
Class Y | Six Months Ended April 30, 2018 (Unaudited) | Year Ended October 31, 2017 | Year Ended October 31, 2016 | Period Ended October 30, 20151,2 | ||||||||||||
Per Share Operating Data | ||||||||||||||||
Net asset value, beginning of period | $11.65 | $10.51 | $10.31 | $10.00 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||
Net investment income3 | 0.11 | 0.17 | 0.12 | 0.02 | ||||||||||||
Net realized and unrealized gain (loss) | (0.14) | 1.47 | 0.17 | 0.29 | ||||||||||||
|
| |||||||||||||||
Total from investment operations | (0.03) | 1.64 | 0.29 | 0.31 | ||||||||||||
Dividends and/or distributions to shareholders: | ||||||||||||||||
Dividends from net investment income | (0.06) | (0.50) | (0.09) | 0.00 | ||||||||||||
Distributions from net realized gain | (0.21) | 0.00 | (0.00)4 | 0.00 | ||||||||||||
|
| |||||||||||||||
Total dividends and/or distributions to shareholders | (0.27) | (0.50) | (0.09) | 0.00 | ||||||||||||
Net asset value, end of period | $11.35 | $11.65 | $10.51 | $10.31 | ||||||||||||
|
| |||||||||||||||
Total Return, at Net Asset Value5 | (0.27)% | 16.41% | 2.86% | 3.10% | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||
Net assets, end of period (in thousands) | $426 | $271 | $89 | $10 | ||||||||||||
Average net assets (in thousands) | $335 | $165 | $23 | $10 | ||||||||||||
Ratios to average net assets:6 | ||||||||||||||||
Net investment income | 1.89%7 | 1.57%7 | 1.13%7 | 1.17% | ||||||||||||
Total expenses8 | 1.53%7 | 2.65%7 | 1.52%7 | 1.48% | ||||||||||||
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses | 0.95%7 | 0.95%7 | 0.94%7 | 0.94% | ||||||||||||
Portfolio turnover rate | 37% | 54% | 61% | 8% |
1. Represents the last business day of the Fund’s reporting period.
2. For the period from August 27, 2015 (commencement of operations) to October 30, 2015.
3. Per share amounts calculated based on the average shares outstanding during the period.
4. Less than $0.005 per share.
5. Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
6. Annualized for periods less than one full year.
7. Includes the Fund’s share of the allocated expenses and/or net investment income from the master fund.
8. Total expenses including indirect expenses from affiliated fund fees and expenses were as follows:
Six Months Ended April 30, 2018 | 1.72% | |||||
Year Ended October 31, 2017 | 2.80% | |||||
Year Ended October 31, 2016 | 1.63% | |||||
Period Ended October 30, 2015 | 1.59% |
See accompanying Notes to Consolidated Financial Statements.
46 OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND
FINANCIAL STATEMENTS April 30, 2018 Unaudited
1. Organization
Oppenheimer Global Multi-Asset Growth Fund (the “Fund”) is a diversified open-end management investment company registered under the Investment Company Act of 1940 (“1940 Act”), as amended. The Fund’s investment objective is to seek capital appreciation. The Fund’s investment adviser is OFI Global Asset Management, Inc. (“OFI Global” or the “Manager”), a wholly-owned subsidiary of OppenheimerFunds, Inc. (“OFI” or the “Sub-Adviser”). The Manager has entered into a sub-advisory agreement with OFI. The Sub-Adviser has entered into a sub-sub-advisory agreement with Barings LLC, formerly known as Barings Rea I Estate Advisers LLC, and OFI SteeIPath, Inc. (collectively, the “Sub-Sub-Advisers”).
The Fund offers Class A, Class C, Class I, Class R and Class Y shares. Class A shares are sold at their offering price, which is normally net asset value plus a front-end sales charge. Class C and Class R shares are sold without a front-end sales charge but may be subject to a contingent deferred sales charge (“ CDSC”). Class R shares are sold only through retirement plans. Retirement plans that offer Class R shares may impose charges on those accounts. Class I and Class Y shares are sold to certain institutional investors or intermediaries without either a front-end sales charge or a CDSC, however, the intermediaries may impose charges on their accountholders who beneficially own Class I and Class Y shares. All classes of shares have identical rights and voting privileges with respect to the Fund in general and exclusive voting rights on matters that affect that class alone. Earnings, net assets and net asset value per share may differ due to each class having its own expenses, such as transfer and shareholder servicing agent fees and shareholder communications, directly attributable to that class. Class A, C and R shares have separate distribution and/or service plans under which they pay fees. Class I and Class Y shares do not pay such fees.
The following is a summary of significant accounting policies followed in the Fund’s preparation of financial statements in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”).
2. Significant Accounting Policies
Security Valuation. All investments in securities are recorded at their estimated fair value, as described in Note 3.
Basis for Consolidation. The Fund has established a Cayman Islands exempted company, Oppenheimer Global Multi-Asset Growth Fund (Cayman) Ltd., which is wholly-owned and controlled by the Fund (the “Subsidiary”). The Fund and Subsidiary are both managed by the Manager. The Fund may invest up to 25% of its total assets in the Subsidiary. The Subsidiary invests primarily in commodity-linked derivatives (including commodity futures, financial futures, options and swap contracts) and exchange traded funds related to gold or other special minerals (“Gold ETFs”). The Subsidiary may also invest in certain fixed-income securities and other investments that may serve as margin or collateral for its derivatives positions. The Fund applies its investment restrictions and compliance policies and procedures, on a look-through basis, to the Subsidiary.
The financial statements have been consolidated and include accounts of the Fund and the Subsidiary. Accordingly, all inter-company transactions and balances have been eliminated. At period end, the Fund owned 2,743 shares with net assets of $291,048 in the Subsidiary.
47 OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND
NOTES TO CONSOLIDATED
FINANCIAL STATEMENTS Unaudited / Continued
2. Significant Accounting Policies (Continued)
Other financial information at period end:
Total market value of investments | $ | 222,928 | ||
Net assets | $ | 291,048 | ||
Net income (loss) | $ | (176) | ||
Net realized gain (loss) | $ | — | ||
Net change in unrealized appreciation/depreciation | $ | 16,224 |
Foreign Currency Translation. The books and records of the Fund are maintained in U.S. dollars. Any foreign currency amounts are translated into U.S. dollars on the following basis: (1) Value of investment securities, other assets and liabilities — at the exchange rates prevailing at market close as described in Note 3.
(2) Purchases and sales of investment securities, income and expenses — at the rates of exchange prevailing on the respective dates of such transactions.
Although the net assets and the values are presented at the foreign exchange rates at market close, the Fund does not isolate the portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in prices of securities held. Such fluctuations are included with the net realized and unrealized gains or losses from investments shown in the Consolidated Statement of Operations.
For securities, which are subject to foreign withholding tax upon disposition, realized and unrealized gains or losses on such securities are recorded net of foreign withholding tax.
Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, the difference between the amounts of dividends, interest, and foreign withholding tax reclaims recorded on the Fund’s books, and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities other than investments in securities, resulting from changes in the exchange rate.
Allocation of Income, Expenses, Gains and Losses. Income, expenses (other than those attributable to a specific class), gains and losses are allocated on a daily basis to each class of shares based upon the relative proportion of net assets represented by such class. Operating expenses directly attributable to a specific class are charged against the operations of that class.
Dividends and Distributions to Shareholders. Dividends and distributions to shareholders, which are determined in accordance with income tax regulations and may differ from U.S. GAAP, are recorded on the ex-dividend date. Income and capital gain distributions, if any, are declared and paid annually or at other times as determined necessary by the Manager.
48 OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND
2. Significant Accounting Policies (Continued)
The tax character of distributions is determined as of the Fund’s fiscal year end. Therefore, a portion of the Fund’s distributions made to shareholders prior to the Fund’s fiscal year end may ultimately be categorized as a tax return of capital.
Investment Income. Dividend income is recorded on the ex-dividend date or upon ex-dividend notification in the case of certain foreign dividends where the ex-dividend date may have passed. Non-cash dividends included in dividend income, if any, are recorded at the fair value of the securities received. Withholding taxes on foreign dividends, if any, and capital gains taxes on foreign investments, if any, have been provided for in accordance with the Fund’s understanding of the applicable tax rules and regulations. Interest income, if any, is recognized on an accrual basis. Discount and premium, which are included in interest income on the Consolidated Statement of Operations, are amortized or accreted daily.
Return of Capital Estimates. Distributions received from the Fund’s investments in Master Limited Partnerships (MLPs) and Real Estate Investments Trusts (REITs), generally are comprised of income and return of capital. The Fund records investment income and return of capital based on estimates. Such estimates are based on historical information available from each MLP. REIT and other industry sources. These estimates may subsequently be revised based on information received from MLPs and REITs after their tax reporting periods are concluded.
Custodian Fees. “Custodian fees and expenses” in the Consolidated Statement of Operations may include interest expense incurred by the Fund on any cash overdrafts of its custodian account during the period. Such cash overdrafts may result from the effects of failed trades in portfolio securities and from cash outflows resulting from unanticipated shareholder redemption activity. The Fund pays interest to its custodian on such cash overdrafts, to the extent they are not offset by positive cash balances maintained by the Fund, at a rate equal to the Federal Funds Rate plus 2.00%. The “Reduction to custodian expenses” line item, if applicable, represents earnings on cash balances maintained by the Fund during the period. Such interest expense and other custodian fees may be paid with these earnings.
Security Transactions. Security transactions are recorded on the trade date. Realized gains and losses on securities sold are determined on the basis of identified cost.
Indemnifications. The Fund’s organizational documents provide current and former Trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund’s maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
Federal Taxes. The Fund intends to comply with provisions of the Internal Revenue Code
49 OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND
NOTES TO CONSOLIDATED
FINANCIAL STATEMENTS Unaudited / Continued
2. Significant Accounting Policies (Continued)
applicable to regulated investment companies and to distribute substantially all of its investment company taxable income to shareholders. Therefore, no federal income or excise tax provision is required. The Fund files income tax returns in U.S. federal and applicable state jurisdictions. The statute of limitations on the Fund’s tax return filings generally remains open for the three preceding fiscal reporting period ends. The Fund has analyzed its tax positions for the fiscal year ended October 31, 20 17, including open tax years, and does not believe there are any uncertain tax positions requiring recognition in the Fund’s financial statements.
Subchapter M requires, among other things, that at least 90% of the Fund’s gross income be derived from securities or derived with respect to its business of investing in securities (typically referred to as “qualifying income”). Income from commodity-linked derivatives may not be treated as “qualifying income” for purposes of the 90% gross income requirement. The Internal Revenue Service (IRS) has previously issued a number of private letter rulings which conclude that income derived from commodity index-linked notes and investments in a wholly-owned subsidiary will be “qualifying income.” As a result, the Fund will gain exposure to commodities through commodity-linked notes and its wholly-owned subsidiary.
The IRS has suspended the granting of private letter rulings pending further review. As a result, there can be no assurance that the IRS will not change its position with respect to commodity-linked notes and wholly-owned subsidiaries. In addition, future legislation and guidance from the Treasury and the IRS may adversely affect the Fund’s ability to gain exposure to commodities through commodity-linked notes and its wholly-owned subsidiary.
The Fund is required to include in income for federal income tax purposes all of the subsidiary’s net income and gains whether or not such income is distributed by the subsidiary. Net income and gains from the subsidiary are generally treated as ordinary income by the Fund, regardless of the character of the subsidiary’s underlying income. Net losses from the subsidiary do not pass through to the Fund for federal income tax purposes.
During the fiscal year ended October 31, 2017, the Fund utilized $1,282,776 of capital loss carryforwards to offset capital gains realized in that fiscal year. At period end, the Fund elected to defer $145,533 of late year ordinary losses. Capital loss carryforwards with no expiration, if any, must be utilized prior to those with expiration dates. Capital losses with no expiration will be carried forward to future years if not offset by gains.
At period end, it is estimated that the capital loss carryforwards would be or zero. The estimated capital loss carryforward represents the carryforward as of the end of the last fiscal year, increased or decreased by capital losses or gains realized in the first six months of the current fiscal year. During the reporting period, it is estimated that the Fund will utilize $145,533 of capital loss carryforward to offset realized capital gains.
Net investment income (loss) and net realized gain (loss) may differ for financial statement and tax purposes. The character of dividends and distributions made during the fiscal year from net investment income or net realized gains are determined in accordance with federal income tax requirements, which may differ from the character of net investment income or net realized gains presented in those financial statements in accordance with U.S. GAAP. Also, due to timing of dividends and distributions, the fiscal year in which amounts are distributed may differ from the fiscal year in which the income or net realized gain was recorded by the Fund.
50 OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND
2. Significant Accounting Policies (Continued)
The aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments for federal income tax purposes at period end are noted in the following table. The primary difference between book and tax appreciation or depreciation of securities and other investments, if applicable, is attributable to the tax deferral of losses or tax realization of financial statement unrealized gain or loss.
Federal tax cost of securities | $ | 65,807,333 | ||
Federal tax cost of other Investments | 31,646,461 | |||
|
|
| ||
Total federal tax cost | $ | 97,453,794 | ||
|
|
| ||
Gross unrealized appreciation |
$ |
10,210,806 |
| |
Gross unrealized depreciation | (4,624,564 | ) | ||
|
|
| ||
Net unrealized appreciation | $ | 5,586,242 | ||
|
|
|
Certain foreign countries impose a tax on capital gains which is accrued by the Fund based on unrealized appreciation, if any, on affected securities. The tax is paid when the gain is realized.
Use of Estimates. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.
3. Securities Valuation
The Fund calculates the net asset value of its shares as of 4:00 P.M. Eastern Time, on each day the New York Stock Exchange (the “Exchange”) is open for trading, except in the case of a scheduled early closing of the Exchange, in which case the Fund will calculate net asset value of the shares as of the scheduled early closing time of the Exchange.
The Fund’s Board has adopted procedures for the valuation of the Fund’s securities and has delegated the day-to-day responsibility for valuation determinations under those procedures to the Manager. The Manager has established a Valuation Committee which is responsible for determining a fair valuation for any security for which market quotations are not readily available. The Valuation Committee’s fair valuation determinations are subject to review, approval and ratification by the Fund’s Board at least quarterly or more frequently, if necessary.
Valuation Methods and Inputs
Securities are valued primarily using unadjusted quoted market prices, when available, as supplied by third party pricing services or broker-dealers.
The following methodologies are used to determine the market value or the fair value of the types of securities described below:
Equity securities traded on a securities exchange (including exchange-traded derivatives
51 OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND
NOTES TO CONSOLIDATED
FINANCIAL STATEMENTS Unaudited / Continued
3. Securities Valuation (Continued)
other than futures and futures options) are valued based on the official closing price on the principal exchange on which the security is traded, as identified by the Manager, prior to the time when the Fund’s assets are valued. If the official closing price is unavailable, the security is valued at the last sale price on the principal exchange on which it is traded, or if no sales occurred, the security is valued at the mean between the quoted bid and asked prices. Over-the-counter equity securities are valued at the last published sale price, or if no sales occurred, at the mean between the quoted bid and asked prices. Events occurring after the close of trading on foreign exchanges may result in adjustments to the valuation of foreign securities to more accurately reflect their fair value as of the time when the Fund’s assets are valued.
Shares of a registered investment company that are not traded on an exchange are valued at that investment company’s net asset value per share.
Corporate and government debt securities (of U.S. or foreign issuers) and municipal debt securities, short-term notes, mortgage-backed securities, collateralized mortgage obligations, and asset-backed securities are valued at the mean between the bid and asked prices utilizing evaluated prices obtained from third party pricing services or broker-dealers who may use matrix pricing methods to determine the evaluated prices. Pricing services generally price debt securities assuming orderly transactions of an institutional “round lot” size, but some trades may occur in smaller, “odd lot” sizes, sometimes at lower prices than institutional round lot trades. Standard inputs generally considered by third-party pricing vendors include reported trade data, broker-dealer price quotations, benchmark yields, issuer spreads on comparable securities, the credit quality, yield, maturity, as well as other appropriate factors.
Structured securities, swaps, swaptions, and other over-the-counter derivatives are valued utilizing evaluated prices obtained from third party pricing services or broker-dealers. Standard inputs generally considered by third-party pricing vendors include market information relevant to the underlying reference asset such as the price of financial instruments, stock market indices, foreign currencies, interest rate spreads, commodities, credit spreads, credit event probabilities, index values, individual security values, forward interest rates, variable interest rates, volatility measures, and forward currency rates, or the occurrence of other specific events.
Forward foreign currency exchange contracts are valued utilizing current and forward currency rates obtained from third party pricing services. When the settlement date of a contract is an interim date for which a quotation is not available, interpolated values are derived using the nearest dated forward currency rate.
Futures contracts and futures options traded on a commodities or futures exchange will be valued at the final settlement price or official closing price on the principal exchange as reported by such principal exchange at its trading session ending at, or most recently prior to, the time when the Fund’s assets are valued.
Securities for which market quotations are not readily available, or when a significant event has occurred that would materially affect the value of the security, are fair valued either (i) by a standardized fair valuation methodology applicable to the security type or the significant event as previously approved by the Valuation Committee and the Fund’s Board or (ii) as determined in good faith by the Manager’s Valuation Committee. The Valuation Committee
52 OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND
3. Securities Valuation (Continued)
considers all relevant facts that are reasonably available, through either public information or information available to the Manager, when determining the fair value of a security. Those standardized fair valuation methodologies include, but are not limited to, valuing securities at the last sale price or initially at cost and subsequently adjusting the value based on: changes in company specific fundamentals, changes in an appropriate securities index, or changes in the value of similar securities which may be further adjusted for any discounts related to security-specific resale restrictions. When possible, such methodologies use observable market inputs such as unadjusted quoted prices of similar securities, observable interest rates, currency rates and yield curves. The methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities nor can it be assured that the Fund can obtain the fair value assigned to a security if it were to sell the security.
Classifications
Each investment asset or liability of the Fund is assigned a level at measurement date based on the significance and source of the inputs to its valuation. Various data inputs may be used in determining the value of each of the Fund’s investments as of the reporting period end. These data inputs are categorized in the following hierarchy under applicable financial accounting standards:
1) Level 1-unadjusted quoted prices in active markets for identical assets or liabilities (including securities actively traded on a securities exchange)
2) Level 2-inputs other than unadjusted quoted prices that are observable for the asset or liability (such as unadjusted quoted prices for similar assets and market corroborated inputs such as interest rates, prepayment speeds, credit risks, etc.)
3) Level 3-significant unobservable inputs (including the Manager’s own judgments about assumptions that market participants would use in pricing the asset or liability).
The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities.
The Fund classifies each of its investments in investment companies which are publicly offered as Level 1. Investment companies that are not publicly offered, if any, are classified as Level 2 in the fair value hierarchy.
The table below categorizes amounts that are included in the Fund’s Statement of Assets and Liabilities at period end based on valuation input level:
53 OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND
NOTES TO CONSOLIDATED
FINANCIAL STATEMENTS Unaudited / Continued
3. Securities Valuation (Continued)
Level 1— Unadjusted Quoted Prices | Level 2— Other Significant | Level 3— Significant | Value | |||||||||||||
Assets Table | ||||||||||||||||
Investments, at Value: | ||||||||||||||||
Common Stocks | ||||||||||||||||
Consumer Discretionary | $ | 3,733,886 | $ | 4,800,673 | $ | — | $ | 8,534,559 | ||||||||
Consumer Staples | 1,682,405 | 2,230,809 | — | 3,913,214 | ||||||||||||
Energy | 1,226,403 | 919,783 | — | 2,146,186 | ||||||||||||
Financials | 4,222,011 | 3,281,665 | — | 7,503,676 | ||||||||||||
Health Care | 3,239,310 | 1,443,261 | — | 4,682,571 | ||||||||||||
Industrials | 1,867,711 | 3,213,654 | — | 5,081,365 | ||||||||||||
Information Technology | 5,635,571 | 4,607,107 | — | 10,242,678 | ||||||||||||
Materials | 807,698 | 1,128,000 | — | 1,935,698 | ||||||||||||
Telecommunication Services | 330,835 | 496,601 | — | 827,436 | ||||||||||||
Utilities | 567,081 | 181,655 | — | 748,736 | ||||||||||||
Preferred Stocks | 73,540 | — | — | 73,540 | ||||||||||||
U.S. Government Obligation | — | 1,204,115 | — | 1,204,115 | ||||||||||||
Foreign Government Obligations | — | 5,050,784 | — | 5,050,784 | ||||||||||||
Over-the-Counter Option Purchased | — | 1,185 | — | 1,185 | ||||||||||||
Over-the-Counter Interest Rate | ||||||||||||||||
Swaption Purchased | — | 350 | — | 350 | ||||||||||||
Short-Term Notes | — | 420,013 | — | 420,013 | ||||||||||||
Investment Companies | 19,875,926 | — | — | 19,875,926 | ||||||||||||
Total Investments, at Value | 43,262,377 | 28,979,655 | — | 72,242,032 | ||||||||||||
Other Financial Instruments: | ||||||||||||||||
Swaps, at value | — | 16,672 | — | 16,672 | ||||||||||||
Centrally cleared swaps, at value | — | 347,633 | — | 347,633 | ||||||||||||
Futures contracts | 176,772 | — | — | 176,772 | ||||||||||||
Forward currency exchange contracts | — | 1,091,053 | — | 1,091,053 | ||||||||||||
Total Assets | $ | 43,439,149 | $ | 30,435,013 | $ | — | $ | 73,874,162 | ||||||||
Liabilities Table | ||||||||||||||||
Other Financial Instruments: | ||||||||||||||||
Swaps, at value | $ | — | $ | (12,268 | ) | $ | — | $ | (12,268 | ) | ||||||
Centrally cleared swaps, at value | — | (391,450 | ) | — | (391,450 | ) | ||||||||||
Options written, at value | — | (2,417 | ) | — | (2,417 | ) | ||||||||||
Futures contracts | (749,077 | ) | — | — | (749,077 | ) | ||||||||||
Forward currency exchange contracts | — | (1,326,433 | ) | — | (1,326,433 | ) | ||||||||||
Swaptions written, at value | — | (25 | ) | — | (25 | ) | ||||||||||
Total Liabilities | $ | (749,077 | ) | $ | (1,732,593 | ) | $ | — | $ | (2,481,670 | ) | |||||
Forward currency exchange contracts and futures contracts, if any, are reported at their unrealized appreciation/depreciation at measurement date, which represents the change in the contract’s value from trade date. All additional assets and liabilities included in the above table are reported at their market value at measurement date.
The table below shows the transfers between Level 1 and Level 2. The Fund’s policy is to recognize transfers in and transfers out as of the beginning of the reporting period.
54 OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND
3. Securities Valuation (Continued)
Transfers into Level 1* | Transfers out of Level 1** | Transfers into Level 2** | Transfers out of Level 2* | |||||||||||
Assets Table Investments, at Value: | ||||||||||||||
Common Stocks | ||||||||||||||
Consumer Discretionary | $ — | $ (139,918) | $ 139,918 | $ — | ||||||||||
Consumer Staples | 88,071 | — | — | (88,071) | ||||||||||
Financials | — | (54,868) | 54,868 | — | ||||||||||
Health Care | — | (27,242) | 27,242 | — | ||||||||||
Materials | — | (37,235) | 37,235 | — | ||||||||||
|
| |||||||||||||
Total Assets | $ 88,071 | $ (259,263) | $ 259,263 | $ (88,071) | ||||||||||
|
|
* Transfers from Level 2 to Level are a result of the availability of quoted prices from an active market which were not available and have become available.
** Transfers from Level 1 to Level 2 are a result of a change in pricing methodology to the use of a valuation determined based on observable market information other than quoted prices from an active market due to a lack of available unadjusted quoted prices.
4. Investments and Risks
Risks of Foreign Investing. The Fund may invest in foreign securities which are subject to special risks. Securities traded in foreign markets may be less liquid and more volatile than those traded in U.S. markets. Foreign issuers are usually not subject to the same accounting and disclosure requirements that U.S. companies are subject to, which may make it difficult for the Fund to evaluate a foreign company’s operations or financial condition. A change in the value of a foreign currency against the U.S. dollar will result in a change in the U.S. dollar value of investments denominated in that foreign currency and in the value of any income or distributions the Fund may receive on those investments. The value of foreign investments may be affected by exchange control regulations, foreign taxes, higher transaction and other costs, delays in the settlement of transactions, changes in economic or monetary policy in the United States or abroad, expropriation or nationalization of a company’s assets, or other political and economic factors. In addition, due to the inter-relationship of global economies and financial markets, changes in political and economic factors in one country or region could adversely affect conditions in another country or region. Investments in foreign securities may also expose the Fund to time-zone arbitrage risk. Foreign securities may trade on weekends or other days when the Fund does not price its shares. At times, the Fund may emphasize investments in a particular country or region and may be subject to greater risks from adverse events that occur in that country or region. Foreign securities and foreign currencies held in foreign banks and securities depositories may be subject to limited or no regulatory oversight.
Investments in Affiliated Funds. The Fund is permitted to invest in other mutual funds advised by the Manager (“Affiliated Funds”). Affiliated Funds are open-end management
55 OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND
NOTES TO CONSOLIDATED
FINANCIAL STATEMENTS Unaudited / Continued
4. Investments and Risks (Continued)
investment companies registered under the 1940 Act, as amended. The Manager is the investment adviser of, and the Sub-Adviser provides investment and related advisory services to, the Affiliated Funds. When applicable, the Fund’s investments in Affiliated Funds are included in the Consolidated Statement of Investments. Shares of Affiliated Funds are valued at their net asset value per share. As a shareholder, the Fund is subject to its proportional share of the Affiliated Funds’ expenses, including their management fee. The Manager will waive fees and/or reimburse Fund expenses in an amount equal to the indirect management fees incurred through the Fund’s investment in the Affiliated Funds.
Each of the Affiliated Funds in which the Fund invests has its own investment risks, and those risks can affect the value of the Fund’s investments and therefore the value of the Fund’s shares. To the extent that the Fund invests more of its assets in one Affiliated Fund than in another, the Fund will have greater exposure to the risks of that Affiliated Fund.
Investments in Money Market Instruments. The Fund is permitted to invest its free cash balances in money market instruments to provide liquidity or for defensive purposes. The Fund may invest in money market instruments by investing in Class E shares of Oppenheimer Institutional Government Money Market Fund (“IGMMF”), which is an Affiliated Fund. IGMMF is regulated as a money market fund under the 1940 Act, as amended. The Fund may also invest in money market instruments directly or in other affiliated or unaffiliated money market funds.
Investment in Oppenheimer Master Fund. The Fund is permitted to invest in entities sponsored and/or advised by the Manager or an affiliate. Certain of these entities in which the Fund invests are mutual funds registered under the 1940 Act, as amended, that expect to be treated as partnerships for tax purposes, specifically Oppenheimer Master Loan Fund, LLC (the “Master Fund”). The Master Fund has its own investment risks, and those risks can affect the value of the Fund’s investments and therefore the value of the Fund’s shares. To the extent that the Fund invests more of its assets in the Master Fund, the Fund will have greater exposure to the risks of the Master Fund.
The investment objective of the Master Fund is to seek income. The Fund’s investment in the Master Fund is included in the Consolidated Statement of Investments. The Fund recognizes income and gain/(loss) on its investment in the Master Fund according to its allocated pro-rata share, based on its relative proportion of total outstanding Master Fund shares held, of the total net income earned and the net gain/(loss) realized on investments sold by the Master Fund. As a shareholder, the Fund is subject to its proportional share of the Master Fund’s expenses, including its management fee. At period end, the Fund no long held Master Loan.
Master Limited Partnerships (“MLPs”). MLPs issue common units that represent an equity ownership interest in a partnership and provide limited voting rights. MLP common units are registered with the Securities and Exchange Commission (“SEC”), and are freely tradable on securities exchanges such as the NYSE and the NASDAQ Stock Market
56 OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND
4. Investments and Risks (Continued)
(“NASDAQ”), or in the over-the-counter (“OTC”) market. An MLP consists of one or more general partners, who conduct the business, and one or more limited partners, who contribute capital. MLP common unit holders have a limited role in the partnership’s operations and management. The Fund, as a limited partner, normally would not be liable for the debts of the MLP beyond the amounts the Fund has contributed, but would not be shielded to the same extent that a shareholder of a corporation would be. In certain circumstances creditors of an MLP would have the right to seek return of capital distributed to a limited partner. This right of an MLP’s creditors would continue after the Fund sold its investment in the MLP.
Equity Security Risk. Stocks and other equity securities fluctuate in price. The value of the Fund’s portfolio may be affected by changes in the equity markets generally. Equity markets may experience significant short-term volatility and may fall sharply at times. Different markets may behave differently from each other and U.S. equity markets may move in the opposite direction from one or more foreign stock markets. Adverse events in any part of the equity or fixed-income markets may have unexpected negative effects on other market segments.
The prices of individual equity securities generally do not all move in the same direction at the same time and a variety of factors can affect the price of a particular company’s securities. These factors may include, but are not limited to, poor earnings reports, a loss of customers, litigation against the company, general unfavorable performance of the company’s sector or industry, or changes in government regulations affecting the company or its industry.
Sovereign Debt Risk. The Fund invests in sovereign debt securities, which are subject to certain special risks. These risks include, but are not limited to, the risk that a governmental entity may delay or refuse, or otherwise be unable, to pay interest or repay the principal on its sovereign debt. There may also be no legal process for collecting sovereign debt that a government does not pay or bankruptcy proceedings through which all or part of such sovereign debt may be collected. In addition, a restructuring or default of sovereign debt may also cause additional impacts to the financial markets, such as downgrades to credit ratings, reduced liquidity and increased volatility, among others.
Shareholder Concentration. At period end, one shareholder owned 20% or more of the Fund’s total outstanding shares.
The shareholder is a related party of the Fund. Related parties may include, but are not limited to, the investment manager and its affiliates, affiliated broker dealers, fund of funds, and directors or employees. The related party owned 78% of the Fund’s total outstanding shares at period end.
5. Market Risk Factors
The Fund’s investments in securities and/or financial derivatives may expose the Fund to various market risk factors:
Commodity Risk. Commodity risk relates to the change in value of commodities or commodity indexes as they relate to increases or decreases in the commodities market.
57 OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND
NOTES TO CONSOLIDATED
FINANCIAL STATEMENTS Unaudited / Continued
5. Market Risk Factors (Continued)
Commodities are physical assets that have tangible properties. Examples of these types of assets are crude oil, heating oil, metals, livestock, and agricultural products.
Credit Risk. Credit risk relates to the ability of the issuer of debt to meet interest and principal payments, or both, as they come due. In general, lower-grade, higher-yield debt securities are subject to credit risk to a greater extent than lower-yield, higher-quality securities.
Equity Risk. Equity risk relates to the change in value of equity securities as they relate to increases or decreases in the general market.
Foreign Exchange Rate Risk. Foreign exchange rate risk relates to the change in the U.S. dollar value of a security held that is denominated in a foreign currency. The U.S. dollar value of a foreign currency denominated security will decrease as the dollar appreciates against the currency, while the U.S. dollar value will increase as the dollar depreciates against the currency.
Interest Rate Risk. Interest rate risk refers to the fluctuations in value of fixed-income securities resulting from the inverse relationship between price and yield. For example, an increase in general interest rates will tend to reduce the market value of already issued fixed-income investments, and a decline in general interest rates will tend to increase their value. In addition, debt securities with longer maturities, which tend to have higher yields, are subject to potentially greater fluctuations in value from changes in interest rates than obligations with shorter maturities.
Volatility Risk. Volatility risk refers to the magnitude of the movement, but not the direction of the movement, in a financial instrument’s price over a defined time period. Large increases or decreases in a financial instrument’s price over a relative time period typically indicate greater volatility risk, while small increases or decreases in its price typically indicate lower volatility risk.
6. Use of Derivatives
The Fund’s investment objective not only permits the Fund to purchase investment securities, it also allows the Fund to enter into various types of derivatives contracts, including, but not limited to, futures contracts, forward currency exchange contracts, credit default swaps, interest rate swaps, total return swaps, variance swaps and purchased and written options. In doing so, the Fund will employ strategies in differing combinations to permit it to increase, decrease, or change the level or types of exposure to market risk factors. These instruments may allow the Fund to pursue its objectives more quickly and efficiently than if it were to make direct purchases or sales of securities capable of effecting a similar response to market factors. Such contracts may be entered into through a bilateral over-the-counter (“OTC”) transaction, or through a securities or futures exchange and cleared through a clearinghouse.
Derivatives may have little or no initial cash investment relative to their market value exposure and therefore can produce significant gains or losses in excess of their cost due to changes in the market risk factors and the overall market. This use of embedded leverage
58 OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND
6. Use of Derivatives (Continued)
allows the Fund to increase its market value exposure relative to its net assets and can substantially increase the volatility of the Fund’s performance. In instances where the Fund is using derivatives to decrease, or hedge, exposures to market risk factors for securities held by the Fund, there are also risks that those derivatives may not perform as expected resulting in losses for the combined or hedged positions. Some derivatives have the potential for unlimited loss, regardless of the size of the Fund’s initial investment.
Additional associated risks from investing in derivatives also exist and potentially could have significant effects on the valuation of the derivative and the Fund. Typically, the associated risks are not the risks that the Fund is attempting to increase or decrease exposure to, per its investment objectives, but are the additional risks from investing in derivatives. Examples of these associated risks are liquidity risk, which is the risk that the Fund will not be able to sell the derivative in the open market in a timely manner, and counterparty credit risk, which is the risk that the counterparty will not fulfill its obligation to the Fund.
The Fund’s actual exposures to these market risk factors and associated risks during the period are discussed in further detail, by derivative type, below.
Forward Currency Exchange Contracts
The Fund may enter into forward currency exchange contracts (“forward contracts”) for the purchase or sale of a foreign currency at a negotiated rate at a future date. Such contracts are traded in the OTC inter-bank currency dealer market.
Forward contracts are reported on a schedule following the Consolidated Statement of Investments. The unrealized appreciation (depreciation) is reported in the Consolidated Statement of Assets and Liabilities as a receivable (or payable) and in the Consolidated Statement of Operations within the change in unrealized appreciation (depreciation). At contract close, the difference between the original cost of the contract and the value at the close date is recorded as a realized gain (loss) in the Consolidated Statement of Operations.
The Fund may enter into forward foreign currency exchange contracts in order to decrease exposure to foreign exchange rate risk associated with either specific transactions or portfolio instruments or to increase exposure to foreign exchange rate risk.
During the reporting period, the Fund had daily average contract amounts on forward contracts to buy and sell of $47,311,393 and $42,980,841, respectively.
Additional associated risk to the Fund includes counterparty credit risk. Counterparty credit risk arises from the possibility that the counterparty to a forward contract will default and fail to perform its obligations to the Fund.
Futures Contracts
A futures contract is a commitment to buy or sell a specific amount of a commodity, financial instrument or currency at a negotiated price on a stipulated future date. The Fund may buy and sell futures contracts and may also buy or write put or call options on these futures contracts. Futures contracts and options thereon are generally entered into on a regulated futures exchange and cleared through a clearinghouse associated with the exchange.
Upon entering into a futures contract, the Fund is required to deposit either cash or
59 OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND
NOTES TO CONSOLIDATED
FINANCIAL STATEMENTS Unaudited / Continued
6. Use of Derivatives (Continued)
securities (initial margin) in an amount equal to a certain percentage of the contract value in an account registered in the futures commission merchant’s name. Subsequent payments (variation margin) are paid to or from the futures commission merchant each day equal to the daily changes in the contract value. Such payments are recorded as unrealized gains and losses. Should the Fund fail to make requested variation margin payments, the futures commission merchant can gain access to the initial margin to satisfy the Fund’s payment obligations.
Futures contracts are reported on a schedule following the Consolidated Statement of Investments. Securities held by a futures commission merchant to cover initial margin requirements on open futures contracts are noted in the Consolidated Statement of Investments. Cash held by a futures commission merchant to cover initial margin requirements on open futures contracts and the receivable and/or payable for the daily mark to market for the variation margin are noted in the Consolidated Statement of Assets and Liabilities. The net change in unrealized appreciation and depreciation is reported in the Consolidated Statement of Operations. Realized gains (losses) are reported in the Consolidated Statement of Operations at the closing or expiration of futures contracts.
The Fund may purchase and/or sell financial futures contracts and options on futures contracts to gain exposure to, or decrease exposure to interest rate risk, equity risk, foreign exchange rate risk, volatility risk, or commodity risk.
During the reporting period, the Fund had an ending monthly average market value of $38,719,609 and $199,500 on futures contracts purchased and sold, respectively.
Additional associated risks of entering into futures contracts (and related options) include the possibility that there may be an illiquid market where the Fund is unable to liquidate the contract or enter into an offsetting position and, if used for hedging purposes, the risk that the price of the contract will correlate imperfectly with the prices of the Fund’s securities.
Option Activity
The Fund may buy and sell put and call options, or write put and call options. When an option is written, the Fund receives a premium and becomes obligated to sell or purchase the underlying security, currency or other underlying financial instrument at a fixed price, upon exercise of the option.
Options can be traded through an exchange or through a privately negotiated arrangement with a dealer in an OTC transaction. Options traded through an exchange are generally cleared through a clearinghouse (such as The Options Clearing Corporation). The difference between the premium received or paid, and market value of the option, is recorded as unrealized appreciation or depreciation. The net change in unrealized appreciation or depreciation is reported in the Consolidated Statement of Operations. When an option is exercised, the cost of the security purchased or the proceeds of the security sale are adjusted by the amount of premium received or paid. Upon the expiration or closing of the option transaction, a gain or loss is reported in the Consolidated Statement of Operations.
Foreign Currency Options. The Fund may purchase or write call and put options on currencies to increase or decrease exposure to foreign exchange rate risk. A purchased call, or
60 OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND
6. Use of Derivatives (Continued)
written put option becomes more valuable as the price of the underlying financial instrument appreciates relative to the strike price. A purchased put, or written call option becomes more valuable as the price of the underlying financial instrument depreciates relative to the strike price.
Index/Security Options. The Fund may purchase or write call and put options on individual equity securities and/or equity indexes to increase or decrease exposure to equity risk. A purchased call or written put option becomes more valuable as the price of the underlying financial instrument appreciates relative to the strike price. A purchased put or written call option becomes more valuable as the price of the underlying financial instrument depreciates relative to the strike price.
During the reporting period, the Fund had an ending monthly average market value of $7,549 and $1,480 on purchased call options and purchased put options, respectively.
Options written, if any, are reported in a schedule following the Consolidated Statement of Investments and as a liability in the Consolidated Statement of Assets and Liabilities. Securities held in collateral accounts to cover potential obligations with respect to outstanding written options are noted in the Consolidated Statement of Investments.
The risk in writing a call option is the market price of the underlying security increasing above the strike price and the option being exercised. The Fund must then purchase the underlying security at the higher market price and deliver it for the strike price or. if it owns the underlying security, deliver it at the strike price and forego any benefit from the increase in the price of the underlying security above the strike price. The risk in writing a put option is the market price of the underlying security decreasing below the strike price and the option being exercised. The Fund must then purchase the underlying security at the strike price when the market price of the underlying security is below the strike price. Alternatively, the Fund could also close out a written option position, in which case the risk is that the closing transaction will require a premium to be paid by the Fund that is greater than the premium the Fund received. When writing options, the Fund has the additional risk that there may be an illiquid market where the Fund is unable to close the contract. The risk in buying an option is that the Fund pays a premium for the option, and the option may be worth less than the premium paid or expire worthless.
During the reporting period, the Fund had an ending monthly average market value of $1,552 and $2,345 on written call options and written put options, respectively.
Additional associated risks to the Fund include counterparty credit risk and liquidity risk.
Swap Contracts
The Fund may enter into swap contract agreements with a counterparty to exchange a series of cash flows based on either specified reference rates, the price or volatility of asset or non-asset references, or the occurrence of a credit event, over a specified period. Swaps can be executed in a bi-lateral privately negotiated arrangement with a dealer in an OTC transaction (“OTC swaps”) or executed on a regulated market. Certain swaps, regardless of the venue of their execution, are required to be cleared through a clearinghouse (“centrally cleared swaps”). Swap contracts may include interest rate, equity, debt, index, total return, credit default, currency, and volatility swaps.
61 OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND
NOTES TO CONSOLIDATED
FINANCIAL STATEMENTS Unaudited / Continued
6. Use of Derivatives (Continued)
Swap contracts are reported on a schedule following the Consolidated Statement of Investments. The values of centrally cleared swap and OTC swap contracts are aggregated by positive and negative values and disclosed separately on the Consolidated Statement of Assets and Liabilities. The unrealized appreciation (depreciation) related to the change in the valuation of the notional amount of the swap is combined with the accrued interest due to (owed by) the Fund, if any, at termination or settlement. The net change in this amount during the period is included on the Consolidated Statement of Operations. The Fund also records any periodic payments received from (paid to) the counterparty, including at termination, under such contracts as realized gain (loss) on the Consolidated Statement of Operations.
Swap contract agreements are exposed to the market risk factor of the specific underlying reference rate or asset. Swap contracts are typically more attractively priced compared to similar investments in related cash securities because they isolate the risk to one market risk factor and eliminate the other market risk factors. Investments in cash securities (for instance bonds) have exposure to multiple risk factors (credit and interest rate risk). Because swaps have embedded leverage, they can expose the Fund to substantial risk in the isolated market risk factor.
Interest Rate Swap Contracts. An interest rate swap is an agreement between counterparties to exchange periodic payments based on interest rates. One cash flow stream will typically be a floating rate payment based upon a specified floating interest rate while the other is typically a fixed interest rate.
The Fund may enter into interest rate swaps in which it pays the fixed or floating interest rate in order to increase or decrease exposure to interest rate risk. Typically, if relative interest rates rise, floating payments under a swap agreement will be greater than the fixed payments.
For the reporting period, the Fund had ending monthly average notional amounts of $11,377,3 27 and $12,095,814 on interest rate swaps which pay a fixed rate and interest rate swaps which receive a fixed rate, respectively.
Additional associated risks to the Fund include counterparty credit risk and liquidity risk. Total Return Swap Contracts. A total return swap is an agreement between counterparties to exchange periodic payments based on the value of asset or non-asset references. One cash flow is typically based on a non-asset reference (such as an interest rate) and the other on the total return of a reference asset (such as a security or a basket of securities or securities index). The total return of the reference asset typically includes appreciation or depreciation on the reference asset, plus any interest or dividend payments.
Total return swap contracts are exposed to the market risk factor of the specific underlying financial instrument or index. Total return swaps are less standard in structure than other types of swaps and can isolate and/or include multiple types of market risk factors including equity risk, credit risk, and interest rate risk.
The Fund may enter into total return swaps to increase or decrease exposure to the credit risk of various indexes or basket of securities. These credit risk related total return swaps require the Fund to pay to, or receive payments from, the counterparty based on the movement of credit spreads of the related indexes or securities.
62 OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND
6. Use of Derivatives (Continued)
Total Return Swaps on Shares of Affiliated Funds. The Fund has entered into total return swaps on an Affiliated Fund or Funds. This investment technique provides the Fund with synthetic long investment exposure to the performance of the Affiliated Fund through payments made by a swap dealer counterparty to the Fund under the swap that reflect the positive total return (inclusive of dividends and distributions) on those shares. In exchange, the Fund would make periodic payments to the counterparty under the swap based on a fixed or variable interest rate, as well as payments reflecting any negative total return on those shares. The swap provides the Fund with the economic equivalent of ownership of those shares through an entitlement to receive any gains realized, and dividends paid, on the shares, and an obligation to pay any losses realized on the shares. This investment technique provides the Fund effectively with leverage intended to achieve an economic effect similar to the Fund’s purchase of shares of the Affiliated Fund with borrowed money.
For the reporting period, the Fund had ending monthly average notional amounts of $4,608,077 on total return swaps which are long the reference asset.
Additional associated risks to the Fund include counterparty credit risk and liquidity risk. At period end, the Fund had no total return swap agreements outstanding.
Swaption Transactions
The Fund may enter into a swaption contract which grants the purchaser the right, but not the obligation, to enter into a swap transaction at preset terms detailed in the underlying agreement within a specified period of time. The purchaser pays a premium to the swaption writer who bears the risk of unfavorable changes in the preset terms on the underlying swap.
Purchased swaptions are reported as a component of investments in the Consolidated Statement of Investments and the Consolidated Statement of Assets and Liabilities. Written swaptions are reported on a schedule following the Consolidated Statement of Investments and their value is reported as a separate asset or liability line item in the Consolidated Statement of Assets and Liabilities. The net change in unrealized appreciation or depreciation on written swaptions is separately reported in the Consolidated Statement of Operations. When a swaption is exercised, the cost of the swap is adjusted by the amount of premium paid or received. Upon the expiration or closing of an unexercised swaption contract, a gain or loss is reported in the Consolidated Statement of Operations for the amount of the premium paid or received.
The Fund generally will incur a greater risk when it writes a swaption than when it purchases a swaption. When the Fund writes a swaption it will become obligated, upon exercise of the swaption, according to the terms of the underlying agreement. Swaption contracts written by the Fund do not give rise to counterparty credit risk prior to exercise as they obligate the Fund, not its counterparty, to perform. When the Fund purchases a swaption it only risks losing the amount of the premium it paid if the swaption expires unexercised. However, when the Fund exercises a purchased swaption there is a risk that the counterparty will fail to perform or otherwise default on its obligations under the swaption contract.
The Fund may purchase swaptions which give it the option to enter into an interest rate
63 OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND
NOTES TO CONSOLIDATED
FINANCIAL STATEMENTS Unaudited / Continued
6. Use of Derivatives (Continued)
swap in which it pays a floating or fixed interest rate and receives a fixed or floating interest rate in order to increase or decrease exposure to interest rate risk. Purchasing the fixed portion of this swaption becomes more valuable as the reference interest rate decreases relative to the preset interest rate. Purchasing the floating portion of this swaption becomes more valuable as the reference interest rate increases relative to the preset interest rate.
The Fund may write swaptions which give it the obligation, if exercised by the purchaser, to enter into an interest rate swap in which it pays a fixed or floating interest rate and receives a floating or fixed interest rate in order to increase or decrease exposure to interest rate risk. A written swaption paying a fixed rate becomes more valuable as the reference interest rate increases relative to the preset interest rate. A written swaption paying a floating rate becomes more valuable as the reference interest rate decreases relative to the preset interest rate.
During the reporting period, the Fund had an ending monthly average market value of $436 and $767 on purchased and written swaptions, respectively.
Counterparty Credit Risk. Derivative positions are subject to the risk that the counterparty will not fulfill its obligation to the Fund. The Fund intends to enter into derivative transactions with counterparties that the Manager believes to be creditworthy at the time of the transaction.
The Fund’s risk of loss from counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund. For OTC options purchased, the Fund bears the risk of loss of the amount of the premiums paid plus the positive change in market values net of any collateral held by the Fund should the counterparty fail to perform under the contracts. Options written by the Fund do not typically give rise to counterparty credit risk, as options written generally obligate the Fund and not the counterparty to perform.
To reduce counterparty risk with respect to OTC transactions, the Fund has entered into master netting arrangements, established within the Fund’s International Swap and Derivatives Association, Inc. (“ISDA”) master agreements, which allow the Fund to make (or to have an entitlement to receive) a single net payment in the event of default (close-out netting) for outstanding payables and receivables with respect to certain OTC positions in swaps, options, swaptions, and forward currency exchange contracts for each individual counterparty. In addition, the Fund may require that certain counterparties post cash and/or securities in collateral accounts to cover their net payment obligations for those derivative contracts subject to lSDA master agreements. If the counterparty fails to perform under these contracts and agreements, the cash and/or securities will be made available to the Fund.
ISDA master agreements include credit related contingent features which allow counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event that, for example, the Fund’s net assets decline by a stated percentage or the Fund fails to meet the terms of its lSDA master agreements, which would cause the Fund to accelerate payment of any net liability owed to the counterparty.
For financial reporting purposes, the Fund does not offset derivative assets and derivative
64 OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND
6. Use of Derivatives (Continued)
liabilities that are subject to netting arrangements in the Consolidated Statement of Assets and Liabilities. Bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.
The Fund’s risk of loss from counterparty credit risk on exchange-traded derivatives cleared through a clearinghouse and for centrally cleared swaps is generally considered lower than as compared to OTC derivatives. However, counterparty credit risk exists with respect to initial and variation margin deposited/paid by the Fund that is held in futures commission merchant, broker and/or clearinghouse accounts for such exchange-traded derivatives and for centrally cleared swaps.
With respect to centrally cleared swaps, such transactions will be submitted for clearing, and if cleared, will be held in accounts at futures commission merchants or brokers that are members of clearinghouses. While brokers, futures commission merchants and clearinghouses are required to segregate customer margin from their own assets, in the event that a broker, futures commission merchant or clearinghouse becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the broker, futures commission merchant or clearinghouse for all its customers, U.S. bankruptcy laws will typically allocate that shortfall on a pro-rata basis across all the broker’s, futures commission merchant’s or clearinghouse’s customers, potentially resulting in losses to the Fund.
There is the risk that a broker, futures commission merchant or clearinghouse will decline to clear a transaction on the Fund’s behalf, and the Fund may be required to pay a termination fee to the executing broker with whom the Fund initially enters into the transaction.
Clearinghouses may also be permitted to terminate centrally cleared swaps at any time. The Fund is also subject to the risk that the broker or futures commission merchant will improperly use the Fund’s assets deposited/paid as initial or variation margin to satisfy payment obligations of another customer. In the event of a default by another customer of the broker or futures commission merchant, the Fund might not receive its variation margin payments from the clearinghouse, due to the manner in which variation margin payments are aggregated for all customers of the broker/futures commission merchant.
Collateral and margin requirements differ by type of derivative. Margin requirements are established by the broker, futures commission merchant or clearinghouse for exchange-traded and cleared derivatives, including centrally cleared swaps. Brokers, futures commission merchants and clearinghouses can ask for margin in excess of the regulatory minimum, or increase the margin amount, in certain circumstances.
Collateral terms are contract specific for OTC derivatives. For derivatives traded under an ISDA master agreement, the collateral requirements are typically calculated by netting the mark to market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Fund or the counterparty.
For financial reporting purposes, cash collateral that has been pledged to cover obligations of the Fund, if any, is reported separately on the Consolidated Statement of Assets and Liabilities as cash pledged as collateral. Non-cash collateral pledged by the Fund, if any, is noted in the Consolidated Statement of Investments. Generally, the amount of collateral due
65 OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND
NOTES TO CONSOLIDATED
FINANCIAL STATEMENTS Unaudited / Continued
6. Use of Derivatives (Continued)
from or to a party must exceed a minimum transfer amount threshold (e.g. $250,000) before a transfer has to be made. To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance.
The following table presents by counterparty the Fund’s OTC derivative assets net of the related collateral pledged by the Fund at period end:
Gross Amounts Not Offset in the Consolidated Statement of Assets & Liabilities | ||||||||||||||||||||
Counterparty | Gross Amounts of Assets & | Financial Instruments Available for Offset | Financial Instruments Collateral Received** | Cash Collateral Received** | Net Amount | |||||||||||||||
Bank of America NA | $ | 77,065 | $ | (77,065 | ) | $ | – | $ | – | $ | – | |||||||||
Barclays Bank plc | 232,439 | (150,484 | ) | – | – | 81,955 | ||||||||||||||
Citibank NA | 161,523 | (161,523 | ) | – | – | – | ||||||||||||||
Deutsche Bank AG | 11,365 | (11,365 | ) | – | – | – | ||||||||||||||
Goldman Sachs Bank USA | 2,301 | (2,301 | ) | – | – | – | ||||||||||||||
Goldman Sachs International | 3,046 | – | – | – | 3,046 | |||||||||||||||
HSBC Bank USA NA | 403,350 | (160,859 | ) | – | – | 242,491 | ||||||||||||||
JPMorgan Chase Bank NA | 107,224 | (107,224 | ) | – | – | – | ||||||||||||||
Toronto Dominion Bank | 110,947 | (110,947 | ) | – | – | – | ||||||||||||||
|
| |||||||||||||||||||
$ | 1,109,260 | $ | (781,768 | ) | $ | – | $ | – | $ | 327,492 | ||||||||||
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|
* OTC derivatives are reported gross on the Consolidated Statement of Assets and Liabilities Exchange traded options and margin related to centrally cleared swaps and futures, if any, are excluded from these reported amounts.
** Reported collateral posted for the benefit of the Fund within this table is limited to the net outstanding amount due from an individual counterparty. The collateraI posted for the benefit of the Fund may exceed these amounts.
The following table presents by counterparty the Fund’s OTC derivative liabilities net of the related collateral pledged by the Fund at period end:
Gross Amounts Not Offset in the Consolidated Statement of Assets & Liabilities | ||||||||||||||||||||
Counterparty | Gross Amounts of Assets & | Financial Instruments Available for Offset | Financial Instruments Collateral Pledged** | Cash Collateral Pledged** | Net Amount | |||||||||||||||
Bank of America NA | $ | (243,022 | ) | $ | 77,065 | $ | – | $ | – | $ | (165,957) | |||||||||
Barclays Bank plc | (150,484 | ) | 150,484 | – | – | – | ||||||||||||||
Citibank NA | (181,701 | ) | 161,523 | – | – | (20,178) | ||||||||||||||
Deutsche Bank AG | (55,775 | ) | 11,365 | – | – | (44,410) |
66 OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND
6. Use of Derivatives (Continued)
Gross Amounts Not Offset in the Consolidated Statement of Assets & Liabilities | ||||||||||||||||||||
Counterparty | Gross Amounts of Assets & | Financial Instruments Available for Offset | Financial Instruments Collateral Pledged** | Cash Collateral Pledged** | Net Amount | |||||||||||||||
Goldman Sachs Bank USA | $ | (8,391 | ) | $ | 2,301 | $ | – | $ | – | $ | (6,090) | |||||||||
HSBC Bank USA NA | (160,859 | ) | 160,859 | – | – | |||||||||||||||
JPMorgan Chase Bank NA | (428,544 | ) | 107,224 | – | 300,000 | (21,320) | ||||||||||||||
Toronto Dominion Bank | (112,367 | ) | 110,947 | – | – | (1,420) | ||||||||||||||
|
| |||||||||||||||||||
$ | (1,341,143 | ) | $ | 781,768 | $ | – | $ | 300,000 | $ | (259,375) | ||||||||||
|
|
* OTC derivatives are reported gross on the Consolidated Statement of Assets and Liabilities Exchange traded options and margin related to centrally cleared swaps and futures, if any, are excluded from these reported amounts.
** Reported collateral pledged within this table is limited to the net outstanding amount due from the Fund. The securities pledged as collateral by the Fund as reported on the Consolidated Statements of Investments may exceed these amounts.
The following table presents the valuations of derivative instruments by risk exposure as reported within the Consolidated Statement of Assets and Liabilities at period end:
Asset Derivatives | Liability Derivatives | |||||||||||
Derivatives Not Accounted for as Hedging Instruments | Consolidated Statement of Assets | Value | Consolidated Statement of Assets and Liabilities Location | Value | ||||||||
Interest rate contracts | Swaps, at value | $ | 16,672 | Swaps, at value | $ | 12,268 | ||||||
Interest rate contracts | Centrally cleared swaps, at value | 347,633 | Centrally cleared swaps, at value | 391,450 | ||||||||
Commodity contracts | Variation margin receivable | 15,300 | * | |||||||||
Equity contracts | Variation margin receivable | 5,431 | * | Variation margin payable | 106,637 | * | ||||||
Interest rate contracts | Variation margin receivable | 18,276 | * | |||||||||
Volatility contracts | Variation margin payable | 2,200 | * | |||||||||
Unrealized appreciation on | Unrealized depreciation on | |||||||||||
Forward currency | forward currency exchange | forward currency exchange | ||||||||||
exchange contracts | contracts | 1,091,053 | contracts | 1,326,433 | ||||||||
Forward currency exchange contracts |
Options written, at value Swaptions written, at value |
|
2,417 25 |
| ||||||||
Interest rate contracts | ||||||||||||
Forward currency exchange contracts | Investments, at value | 1,185 | ** | |||||||||
Interest rate contracts | Investments, at value | 350 | ** | |||||||||
|
|
|
| |||||||||
Total | $ | 1,495,900 | $ | 1,841,430 | ||||||||
|
|
|
|
* Includes only the current day’s variation margin. Prior variation margin movements have been reflected in cash on the Consolidated Statement of Assets and Liabilities upon receipt or payment.
** Amounts relate to purchased option contracts and purchased swaption contracts, if any.
67 OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND
NOTES TO CONSOLIDATED
FINANCIAL STATEMENTS Unaudited / Continued
6. Use of Derivatives (Continued)
The effect of derivative instruments on the Consolidated Statement of Operations is as follows:
Amount of Realized Gain or (Loss) Recognized on Derivatives | ||||||||||||||||
Derivatives Not Accounted for as Hedging Instruments | Investment transactions in unaffiliated companies* | Swaption contracts written | Option contracts written | Futures contracts | ||||||||||||
Credit contracts | $ | — | $ | — | $ | — | $ — | |||||||||
Equity contracts | (1,450 | ) | — | — | 1,260,798 | |||||||||||
Forward currency exchange contracts | (31,238 | ) | — | 7,958 | — | |||||||||||
Interest rate contracts | — | 1,238 | — | (282 ,646) | ||||||||||||
|
| |||||||||||||||
Total | $ | (32,688 | ) | $ | 1,238 | $ | 7,958 | $ 978,152 | ||||||||
|
| |||||||||||||||
Amount of Realized Gain or (Loss) Recognized on Derivatives | ||||||||||||||||
Derivatives Not Accounted for as Hedging Instruments | Forward currency exchange contracts | Swap contracts | Affiliated Contracts | Total | ||||||||||||
Credit contracts | $ | — | $ | (31,960 | ) | $ | — | $ (31,960) | ||||||||
Equity contracts | — | — | (137,254 | ) | 1,122,094 | |||||||||||
Forward currency exchange contracts | (470,086 | ) | — | — | (493,366) | |||||||||||
Interest rate contracts | — | (146,209 | ) | — | (427,617) | |||||||||||
|
| |||||||||||||||
Total | $ | (470,086 | ) | $ | (178,169 | ) | $ | (137,254 | ) | $ 169,151 | ||||||
|
| |||||||||||||||
* Includes purchased option contracts and purchased swaption contracts, if any. | ||||||||||||||||
Amount of Change in Unrealized Gain or (Loss) Recognized on Derivatives | ||||||||||||||||
Derivatives Not Accounted for as Hedging Instruments | Investment transactions in unaffiliated companies* | Swaption contracts written | Option contracts written | Futures contracts | ||||||||||||
Commodity contracts | $ | — | $ | — | $ | — | $ 16,831 | |||||||||
Credit contracts | — | — | — | — | ||||||||||||
Equity contracts | — | — | — | (1 ,229,424) | ||||||||||||
Forward currency exchange contracts | (491 | ) | — | (105 | ) | — | ||||||||||
Interest rate contracts | (2, 151 | ) | 646 | — | 90,417 | |||||||||||
Volatility contracts | — | — | — | (618) | ||||||||||||
|
| |||||||||||||||
Total | $ | (2,642 | ) | $ | 646 | $ | (105 | ) | $ (1,122,794) | |||||||
|
|
68 OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND
6. Use of Derivatives (Continued)
Amount of Change in Unrealized Gain or (Loss) Recognized on Derivatives | ||||||||||||||||||
Derivatives Not Accounted for as Hedging Instruments | Forward currency exchange contracts | Swap contracts | Affiliated Swap contracts | Total | ||||||||||||||
Commodity contracts | $ | — | $ | — | $ | — | $ 16,831 | |||||||||||
Credit contracts | — | (31,590 | ) | — | (31,590) | |||||||||||||
Equity contracts | — | — | 7,834 | (1,221,590) | ||||||||||||||
Forward currency exchange contracts | 225,827 | — | — | 225,231 | ||||||||||||||
Interest rate contracts | — | (35,138 | ) | — | 53,774 | |||||||||||||
Volatility contracts | — | — | — | (618) | ||||||||||||||
|
| |||||||||||||||||
Total | $ | 225,827 | $ | (66,728 | ) | $ | 7,834 | $ (957,962) | ||||||||||
|
|
* Includes purchased option contracts and purchased swaption contracts, if any.
7. | Shares of Beneficial Interest |
The Fund has authorized an unlimited number of $0.001 par value shares of beneficial interest of each class. Transactions in shares of beneficial interest were as follows:
Six Months Ended April 30, 2018 | Year Ended October 31, 2017 | |||||||||||||
Shares | Amount | Shares | Amount | |||||||||||
| ||||||||||||||
Class A | ||||||||||||||
Sold | 342,658 | $ | 4,020,570 | 467,114 | $ 5,115,465 | |||||||||
Dividends and/or distributions reinvested | 12,796 | 147,665 | 6,529 | 65,222 | ||||||||||
Redeemed | (107,330 | ) | (1,242,208 | ) | (46,554 | ) | (508,775) | |||||||
|
| |||||||||||||
Net increase | 248,124 | $ | 2,926,027 | 427,089 | $ 4,671,912 | |||||||||
|
| |||||||||||||
| ||||||||||||||
Class C | ||||||||||||||
Sold | 217,269 | $ | 2,508,341 | 118,835 | $ 1,285,239 | |||||||||
Dividends and/or distributions reinvested | 3,028 | 34,703 | 2,457 | 24,449 | ||||||||||
Redeemed | (14,504 | ) | (167,444 | ) | (23,581 | ) | (249,243) | |||||||
|
| |||||||||||||
Net increase | 205,793 | $ | 2,375,600 | 97,711 | $ 1,060,445 | |||||||||
|
| |||||||||||||
| ||||||||||||||
Class I | ||||||||||||||
Sold | — | $ | — | — | $ — | |||||||||
Dividends and/or distributions reinvested | — | — | — | — | ||||||||||
Redeemed | — | — | — | — | ||||||||||
|
| |||||||||||||
Net increase | — | $ | — | — | $ — | |||||||||
|
| |||||||||||||
| ||||||||||||||
Class R | ||||||||||||||
Sold | 61,982 | $ | 719,677 | 150,020 | $ 1,587,760 | |||||||||
Dividends and/or distributions reinvested | 4,616 | 53,172 | 7,520 | 74,979 | ||||||||||
Redeemed | (23,207 | ) | (269,040 | ) | (53,753 | ) | (570,583) | |||||||
|
| |||||||||||||
Net increase | 43,391 | $ | 503,809 | 103,787 | $ 1,092,156 | |||||||||
|
|
69 OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND
NOTES TO CONSOLIDATED
FINANCIAL STATEMENTS Unaudited / Continued
7. | Shares of Beneficial Interest (Continued) |
Six Months Ended April 30, 2018 | Year Ended October 31, 2017 | |||||||||||||
Shares | Amount | Shares | Amount | |||||||||||
| ||||||||||||||
Class Y | ||||||||||||||
Sold | 20,470 | $ | 243,758 | 19,743 | $ 217,187 | |||||||||
Dividends and/or distributions reinvested | 433 | 4,999 | 507 | 5,076 | ||||||||||
Redeemed | (6,684 | ) | (79,450 | ) | (5,451 | ) | (58,433) | |||||||
|
| |||||||||||||
Net increase | 14,219 | $ | 169,307 | 14,799 | $ 163,830 | |||||||||
|
|
8. | Purchases and Sales of Securities |
The aggregate cost of purchases and proceeds from sales of securities, other than short-term obligations and investments in IGMMF. for the reporting period were as follows:
Purchases | Sales | |||||||
| ||||||||
Investment securities | $ | 25,523,832 | $ | 24,894,075 |
9. | Fees and Other Transactions with Affiliates |
Management Fees. Under the investment advisory agreement, the Fund pays the Manager a management fee based on the daily net assets of the Fund at an annual rate as shown in the following table:
Fee Schedule | ||||
Up to $500 million | 0.75 | % | ||
Next $500 million | 0.70 | |||
Next $4.0 billion | 0.65 | |||
Over $5.0 billion | 0.60 |
The Manager also provides investment management related services to the Subsidiary. The Subsidiary pays the Manager a monthly management fee at an annual rate according to the above schedule. The Subsidiary also pays certain other expenses including custody and directors’ fees.
The Fund’s effective management fee for the reporting period was 0.75% of average annual net assets before any Subsidiary management fees or any applicable waivers.
Sub-Adviser Fees. The Manager has retained the Sub-Adviser to provide the day-to-day portfolio management of the Fund and the Subsidiary. Under the Sub-Advisory Agreement, the Manager pays the Sub-Adviser an annual fee in monthly installments, equal to a percentage of the investment management fee collected by the Manager from the Fund and the Subsidiary, which shall be calculated after any investment management fee waivers. The fee paid to the Sub-Adviser is paid by the Manager, not by the Fund.
Sub-Sub-Adviser Fees. The Sub-Adviser retains the Sub-Sub-Advisers to provide the day-to-day portfolio management of the Fund. Under the Sub-Sub-Advisory Agreement, the Sub-Adviser pays the Sub-Sub-Advisers an annual fee in monthly installments, based on the average daily net assets of the Fund. The fee paid to the Sub-Sub-Advisers under the
70 OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND
9. Fees and Other Transactions with Affiliates (Continued)
Sub-Sub-Advisory agreement is paid by the Sub-Adviser, not by the Fund.
Transfer Agent Fees. OFI Global (the “Transfer Agent”) serves as the transfer and shareholder servicing agent for the Fund. The Fund pays the Transfer Agent a fee based on annual net assets, which shall be calculated after any applicable fee waivers. Fees incurred and average net assets for each class with respect to these services are detailed in the Consolidated Statement of Operations and Consolidated Financial Highlights, respectively.
Sub-Transfer Agent Fees. The Transfer Agent has retained Shareholder Services, Inc., a wholly-owned subsidiary of OFI (the “Sub-Transfer Agent”), to provide the day-to-day transfer agent and shareholder servicing of the Fund. Under the Sub-Transfer Agency Agreement, the Transfer Agent pays the Sub-Transfer Agent an annual fee in monthly installments, equal to a percentage of the transfer agent fee collected by the Transfer Agent from the Fund, which shall be calculated after any applicable fee waivers. The fee paid to the Sub-Transfer Agent is paid by the Transfer Agent, not by the Fund.
Trustees’ Compensation. The Fund’s Board of Trustees (“Board”) has adopted a compensation deferral plan for Independent Trustees that enables Trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. For purposes of determining the amount owed to the Trustees under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of the Fund or in other Oppenheimer funds selected by the Trustees. The Fund purchases shares of the funds selected for deferral by the Trustees in amounts equal to his or her deemed investment, resulting in a Fund asset equal to the deferred compensation liability. Such assets are included as a component of “Other” within the asset section of the Consolidated Statement of Assets and Liabilities. Deferral of Trustees’ fees under the plan will not affect the net assets of the Fund and will not materially affect the Fund’s assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance with the compensation deferral plan.
Distribution and Service Plan (12b-1) Fees. Under its General Distributor’s Agreement with the Fund, OppenheimerFunds Distributor, Inc. (the “Distributor”) acts as the Fund’s principal underwriter in the continuous public offering of the Fund’s classes of shares.
Service Plan for Class A Shares. The Fund has adopted a Service Plan (the “Plan”) for Class A shares pursuant to Rule 12b-1 under the 1940 Act. Under the Plan, the Fund reimburses the Distributor for a portion of its costs incurred for services provided to accounts that hold Class A shares. Reimbursement is made periodically at an annual rate of up to 0.25% of the daily net assets of Class A shares of the Fund. The Distributor currently uses all of those fees to pay dealers, brokers, banks and other financial institutions periodically for providing personal service and maintenance of accounts of their customers that hold Class A shares. Any unreimbursed expenses the Distributor incurs with respect to Class A shares in any fiscal year cannot be recovered in subsequent periods. Fees incurred by the Fund under the Plan are detailed in the Consolidated Statement of Operations.
71 OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND
NOTES TO CONSOLIDATED
FINANCIAL STATEMENTS Unaudited / Continued
9. Fees and Other Transactions with Affiliates (Continued)
Distribution and Service Plans for Class C and Class R Shares. The Fund has adopted Distribution and Service Plans (the “Plans”) for Class C and Class R shares pursuant to Rule 12b-1 under the 1940 Act to compensate the Distributor for distributing those share classes, maintaining accounts and providing shareholder services. Under the Plans, the Fund pays the Distributor an annual asset-based sales charge of 0.75% on Class C shares’ daily net assets and 0.25% on Class R shares’ daily net assets. The Fund also pays a service fee under the Plans at an annual rate of 0.25% of daily net assets. The Plans continue in effect from year to year only if the Fund’s Board of Trustees votes annually to approve their continuance at an in person meeting called for that purpose. Fees incurred by the Fund under the Plans are detailed in the Consolidated Statement of Operations.
Sales Charges. Front-end sales charges and CDSC do not represent expenses of the Fund. They are deducted from the proceeds of sales of Fund shares prior to investment or from redemption proceeds prior to remittance, as applicable. The sales charges retained by the Distributor from the sale of shares and the CDSC retained by the Distributor on the redemption of shares is shown in the following table for the period indicated.
Six Months Ended | Class A Front-End Sales Charges Retained by Distributor | Class A Contingent Deferred Sales Charges Retained by Distributor | Class C Contingent Deferred Sales Charges Retained by Distributor | Class R Contingent Deferred Sales Charges Retained by Distributor | ||||||||||||
| ||||||||||||||||
April 30, 2018 | $13,501 | $— | $255 | $— |
Waivers and Reimbursements of Expenses. The Manager has contractually agreed to limit the “Total expenses” for all share classes so that “Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses”, as a percentage of average annual net assets, will not exceed the following annual rates: 1.10% for Class A shares, 1.85% for Class C shares, 0.85% for Class I shares, 1.35% for Class R shares and 0.95% for Class Y shares, as calculated on the daily net assets of the Fund. The expense limitations do not include extraordinary expenses, interest and fees from borrowing, and other expenses not incurred in the ordinary course of the Fund’s business.
During the reporting period, the Manager waived fees and/or reimbursed the Fund as follows:
Class A | $21,847 | |||
Class C | 5,086 | |||
Class I | 6 | |||
Class R | 6,008 | |||
Class Y | 645 |
72 OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND
9. Fees and Other Transactions with Affiliates (Continued)
This fee waiver and/or expense reimbursement may not be amended or withdrawn for one year from the date of the Fund’s prospectus, unless approved by the Board.
The Manager has contractually agreed to waive the management fee it receives from the Fund in an amount equal to the management fee it receives from the Subsidiary. During the reporting period, the Manager waived $54. This fee waiver and/or expense reimbursement may not be amended or withdrawn for one year from the date of the Fund’s prospectus, unless approved by the Board.
Effective for the period January 1, 2017 through December 31, 2017, the Transfer Agent voluntarily waived and/or reimbursed Fund expenses in an amount equal to 0.015% of average annual net assets for Classes A, B, C, R and Y.
During the reporting period, the Transfer Agent waived fees and/or reimbursed the Fund for transfer agent and shareholder servicing agent fees as follows:
Class A | $1,627 | |||
Class C | 47 | |||
Class R | 65 | |||
Class Y | 7 |
The Manager will waive fees and/or reimburse Fund expenses in an amount equal to the indirect management fees incurred through the Fund’s investments in Affiliated Funds. During the reporting period, the Manager waived fees and/or reimbursed the Fund $69,067 for these management fees. This fee waiver and/or expense reimbursement may not be amended or withdrawn for one year from the date of the Fund’s prospectus, unless approved by the Board.
73 OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND
PORTFOLIO PROXY VOTING POLICIES AND GUIDELINES;
UPDATES TO STATEMENT OF INVESTMENTS Unaudited
The Fund has adopted Portfolio Proxy Voting Policies and Guidelines under which the Fund votes proxies relating to securities (“portfolio proxies”) held by the Fund. A description of the Fund’s Portfolio Proxy Voting Policies and Guidelines is available (i) without charge, upon request, by calling the Fund toll-free at 1.800.CALL OPP (225.5677), (ii) on the Fund’s website at www.oppenheimerfunds.com, and (iii) on the SEC’s website at www.sec.gov. In addition, the Fund is required to file Form N-PX, with its complete proxy voting record for the 12 months ended June 30th, no later than August 31st of each year. The Fund’s voting record is available (i) without charge, upon request, by calling the Fund toll-free at 1.800.CALL OPP (225.5677), and (ii) in the Form N-PX filing on the SEC’s website at www.sec.gov.
The Fund files its complete schedule of portfolio holdings with the SEC for the first quarter and the third quarter of each fiscal year on Form N-Q. The Fund’s Form N-Q filings are available on the SEC’s website at www.sec.gov. Those forms may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.
Householding—Delivery of Shareholder Documents
This is to inform you about OppenheimerFunds’ “householding” policy. If more than one member of your household maintains an account in a particular fund, OppenheimerFunds will mail only one copy of the fund’s prospectus (or, if available, the fund’s summary prospectus), annual and semiannual report and privacy policy. The consolidation of these mailings, called householding, benefits your fund through reduced mailing expense, and benefits you by reducing the volume of mail you receive from OppenheimerFunds. Householding does not affect the delivery of your account statements.
Please note that we will continue to household these mailings for as long as you remain an OppenheimerFunds shareholder, unless you request otherwise. If you prefer to receive multiple copies of these materials, please call us at 1.800.CALL-OPP (225-5677). You may also notify us in writing or via email. We will begin sending you individual copies of the prospectus (or, if available, the summary prospectus), reports and privacy policy within 30 days of receiving your request to stop householding.
74 OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND
DISTRIBUTION SOURCES Unaudited
For any distribution that took place over the last six months of the Fund’s reporting period, the table below details on a per-share basis the percentage of the Fund’s total distribution payment amount that was derived from the following sources: net income, net profit from the sale of securities, and other capital sources. Other capital sources represent a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income.” You should not draw any conclusions about each Fund’s investment performance from the amounts of these distributions. This information is based upon income and capital gains using generally accepted accounting principles as of the date of each distribution. For certain securities, such as Master Limited Partnerships (“MLPs”) and Real Estate lnvestment Trusts (“REITs”), the percentages attributed to each category (net income, net profit from sale and other capital sources) are estimated using historical information because the character of the amounts received from the MLPs and REITs in which the fund invests is unknown until after the end of the calendar year. Because the Fund is actively managed, the relative amount of the Fund’s total distributions derived from various sources over the calendar year may change. Please note that this information should not be used for tax reporting purposes as the tax character of distributable income may differ from the amounts used for this notification. You will receive IRS tax forms in the first quarter of each calendar year detailing the actual amount of the taxable and non-taxable portion of distributions paid to you during the tax year.
For the most current information, please go to oppenheimerfunds.com. Select your Fund, and scroll down to the ‘Dividends’ table under ‘Analytics’. The Fund’s latest distribution information will be followed by the sources of any distribution, updated daily.
Fund Name | Pay Date | Net Income | Net Profit from Sale | Other Capital Sources | ||||||||||||
| ||||||||||||||||
Oppenheimer Global Multi-Asset Growth Fund | 12/19/17 | 18.3% | 81.7% | 0.0% |
75 OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND
OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND
Trustees and Officers | Brian F. Wruble, Chairman of the Board of Trustees and Trustee | |
Beth Ann Brown, Trustee | ||
Edmund P. Giambastiani, Jr., Trustee | ||
Elizabeth Krentzman, Trustee | ||
Mary F. Miller, Trustee | ||
Joel W. Motley, Trustee | ||
Joanne Pace, Trustee | ||
Daniel Vandivort, Trustee | ||
Benjamin Rockmuller, Vice President | ||
Alessio de Longis, Vice President | ||
Arthur P. Steinmetz, Trustee, President and Principal Executive Officer | ||
Cynthia Lo Bessette, Secretary and Chief Legal Officer | ||
Jennifer Foxson, Vice President and Chief Business Officer | ||
Mary Ann Picciotto, Chief Compliance Officer and Chief Anti-Money | ||
Laundering Officer | ||
Brian S. Petersen, Treasurer and Principal Financial & Accounting Officer | ||
Manager | OFI Global Asset Management, Inc. | |
Sub-Adviser | OppenheimerFunds, Inc. | |
Distributor | OppenheimerFunds Distributor, Inc. | |
Transfer and Shareholder Servicing Agent | OFI Global Asset Management, Inc. | |
Sub-Transfer Agent | Shareholder Services, Inc. DBA OppenheimerFunds Services | |
Independent Registered Public Accounting Firm | KPMG LLP | |
Legal Counsel | Kramer Levin Naftalis & Frankel LLP | |
The financial statements included herein have been taken from the records of the Fund without examination of those records by the independent registered public accounting firm. |
© 2018 OppenheimerFunds, Inc. All rights reserved.
76 OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND
As an Oppenheimer fund shareholder, you are entitled to know how we protect your personal information and how we limit its disclosure.
Information Sources
We obtain non-public personal information about our shareholders from the following sources:
● | Applications or other forms. |
● | When you create a user ID and password for online account access. |
● | When you enroll in eDocs Direct, SM our electronic document delivery service. |
● | Your transactions with us, our affiliates or others. |
● | Technologies on our website, including: “cookies” and web beacons, which are used to collect data on the pages you visit and the features you use. |
If you visit oppenheimerfunds.com and do not log on to the secure account information areas, we do not obtain any personal information about you. When you do log on to a secure area, we do obtain your user ID and password to identify you. We also use this information to provide you with products and services you have requested, to inform you about products and services that you may be interested in and assist you in other ways.
We do not collect personal information through our website unless you willingly provide it to us, either directly by email or in those areas of the website that request information. In order to update your personal information (including your mailing address, email address and phone number) you must first log on and visit your user profile.
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We use cookies to help us improve and manage our website. For example, cookies help us recognize new versus repeat visitors to the site, track the pages visited, and enable some special features on the website. This data helps us provide better service for our website visitors.
Protection of Information
We do not disclose any non-public personal information (such as names on a customer list) about current or former customers to anyone, except as permitted by law.
Disclosure of Information
Copies of confirmations, account statements and other documents reporting activity in your fund accounts are made available to your financial advisor (as designated by you). We may also use details about you and your investments to help us, our financial service affiliates, or firms that jointly market their financial products and services with ours, to better serve your investment needs or suggest educational material that may be of interest to you. If this requires us to provide you with an opportunity to “opt in” or “opt out” of such information sharing with a firm not affiliated with us. you will receive notification on how to do so, before any such sharing takes place.
Right of Refusal
We will not disclose your personal information to unaffiliated third parties (except as permitted by law), unless we first offer you a reasonable opportunity to refuse or “opt out” of such disclosure.
77 OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND
PRIVACY NOTICE Continued
Internet Security and Encryption
In general, the email services provided by our website are encrypted and provide a secure and private means of communication with us. To protect your own privacy, confidential and/ or personal information should only be communicated via email when you are advised that you are using a secure website.
As a security measure, we do not include personal or account information in non-secure emails, and we advise you not to send such information to us in non-secure emails. Instead, you may take advantage of the secure features of our website to encrypt your email correspondence. To do this, you will need to use a browser that supports Secure Sockets Layer (SSL) protocol.
● | All transactions conducted via our websites, including redemptions, exchanges and purchases, are secured by the highest encryption standards available. SSL is used to establish a secure connection between your PC and OppenheimerFunds’ server. It transmits information in an encrypted and scrambled format. |
● | Encryption is achieved through an electronic scrambling technology that uses a “key” to code and then decode the data. Encryption acts like the cable converter box you may have on your television set. It scrambles data with a secret code so that no one can make sense of it while it is being transmitted. When the data reaches its destination, the same software unscrambles the data. |
● | You can exit the secure area by closing your browser or, for added security, you can use the Log Out button before you close your browser. |
Other Security Measures
We maintain physical, electronic and procedural safeguards to protect your personal account information. Our employees and agents have access to that information only so that they may offer you products or provide services, for example, when responding to your account questions.
How You Can Help
You can also do your part to keep your account information private and to prevent unauthorized transactions. If you obtain a user ID and password for your account, safeguard that information. Strengthening your online credentials–your online security profile–typically your user name, password, and security questions and answers, can be one of your most important lines of defense on the Internet. For additional information on how you can help prevent identity theft, visit https://www.oppenheimerfunds.com/security.
Who We Are
This joint notice describes the privacy policies of the Oppenheimer funds, OppenheimerFunds, Inc., each of its investment adviser subsidiaries, OppenheimerFunds Distributor, Inc. and OFI Global Trust Co. It applies to all Oppenheimer fund accounts you presently have, or may open in the future, using your Social Security number—whether or not you remain a shareholder of our funds. This notice was last updated as of November 2017. In the event it is updated or changed, we will post an updated notice on our website at oppenheimerfunds.com. If you have any questions about this privacy policy, email us by clicking on the Contact Us section of our website at oppenheimerfunds.com, write to us at P.O. Box 5270, Denver, CO 80217-5270, or call us at 800 CALL OPP (225 5677).
78 OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND
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79 OPPENHEIMER GLOBAL MULTI-ASSET GROWTH FUND
OppenheimerFunds®
The Right Way to Invest
Visit us at oppenheimerfunds.com for 24-hr access to account information and transactions or call us at 800.CALL OPP (800.225.5677) for 24-hr automated information and automated transactions. Representatives also available Mon-Fri 8am-8pm ET.
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![]() | Oppenheimer funds are distributed by OppenheimerFunds Distributor, Inc. 225 Liberty Street, New York, NY 10281- 1008 © 2018 OppenheimerFunds Distributor, Inc. All rights reserved.
RS2015.001.0418 June 22, 2018 |
Item 2. Code of Ethics.
Not applicable to semiannual reports.
Item 3. Audit Committee Financial Expert.
Not applicable to semiannual reports.
Item 4. Principal Accountant Fees and Services.
Not applicable to semiannual reports.
Item 5. Audit Committee of Listed Registrants
Not applicable.
Item 6. Schedule of Investments.
a) Not applicable. The complete schedule of investments is included in Item 1 of this Form N-CSR.
b) Not applicable.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
The Fund’s Governance Committee Provisions with Respect to Nominations of Directors/Trustees to the Respective Boards
None
Item 11. Controls and Procedures.
Based on their evaluation of the registrant’s disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c)) as of 4/30/2018, the registrant’s principal executive officer and principal financial officer found the registrant’s disclosure controls and procedures to provide reasonable assurances that information required to be disclosed by the registrant in the reports that it files under the Securities Exchange Act of 1934 (a) is accumulated and communicated to registrant’s management, including its principal executive officer and principal financial officer, to allow timely decisions regarding required disclosure, and (b) is recorded, processed, summarized and reported, within the time periods specified in the rules and forms adopted by the U.S. Securities and Exchange Commission.
There have been no changes in the registrant’s internal controls over financial reporting that occurred during the registrant’s second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 13. Exhibits.
(a) | (1) Exhibit attached hereto. |
(2) Exhibits attached hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Oppenheimer Global Multi-Asset Growth Fund
By: | /s/ Arthur P. Steinmetz | |
Arthur P. Steinmetz | ||
Principal Executive Officer | ||
Date: | 6/15/2018 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/ Arthur P. Steinmetz | |
Arthur P. Steinmetz | ||
Principal Executive Officer | ||
Date: | 6/15/2018 | |
By: | /s/ Brian S. Petersen | |
Brian S. Petersen | ||
Principal Financial Officer | ||
Date: | 6/15/2018 |