Oppenheimer Quest For Value Funds N-CSRS Certified semi-annual shareholder report (management investment company)

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 811-5225

Oppenheimer Quest for Value Funds

(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 OppenheimerFunds® The Right Way to Invest Oppenheimer Global Allocation Fund

Table of Contents

Fund Performance Discussion	3
Top Holdings and Allocations	7
Fund Expenses	11
Consolidated Statement of Investments	13
Consolidated Statement of Assets and Liabilities	39
Consolidated Statement of Operations	41
Consolidated Statements of Changes in Net Assets	43
Consolidated Financial Highlights	44
Notes to Consolidated Financial Statements	56
Portfolio Proxy Voting Policies and Procedures; Updates to Statement of Investments	83
Trustees and Officers	84
Privacy Notice	85

Class A Shares

AVERAGE ANNUAL TOTAL RETURNS AT 4/30/18

	6-Month			1-Year			5-Year			10-Year
Class A Shares of the Fund without Sales Charge		0.17	%		5.69	%		5.45	%		4.46	%
Class A Shares of the Fund with Sales Charge		-5.59			-0.38			4.21			3.85
MSCI All Country World Index		3.56			14.16			8.80			5.10
Bloomberg Barclays Global Aggregate Bond Index, Hedged		-0.11			1.39			2.61			3.97
Reference Index		2.16			8.98			6.44			5.06

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 ALLOCATION FUND

Fund Performance Discussion

The Fund’s Class A shares (without sales charge) produced a return of 0.17% during the reporting period. The Fund underperformed its Reference Index (the “Reference Index”), a customized weighted index currently comprised of 60% of the MSCI All Country World Index and 40% of the Bloomberg Barclays Global Aggregate Bond Index, Hedged, which returned 2.16%.

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 total return. 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 and income generating assets such as traditional equities, fixed income assets, and alternatives. The

3        OPPENHEIMER GLOBAL ALLOCATION FUND

Fund seeks to outperform the blended benchmark from dynamic asset allocation decisions and bottom up security selection from actively managed strategies.

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 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.

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 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 150bps since 2015, the yield on the asset class

4        OPPENHEIMER GLOBAL ALLOCATION FUND

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.

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.

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.

In terms of duration relative to benchmark, we hold a modest underweight 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 and event-linked bonds.

5        OPPENHEIMER GLOBAL ALLOCATION FUND

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 ALLOCATION FUND

Top Holdings and Allocations

TOP TEN COMMON STOCK HOLDINGS

Microsoft Corp.	1.0	%
Apple, Inc.	1.0
JPMorgan Chase & Co.	0.9
UnitedHealth Group, Inc.	0.8
Facebook, Inc., Cl. A	0.8
Amazon.com, Inc.	0.7
SAP SE	0.7
Alibaba Group Holding Ltd., Sponsored ADR	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 COMMON STOCK INDUSTRIES

Commercial Banks	4.0	%
Software	3.1
Internet Software & Services	2.8
Hotels, Restaurants & Leisure	2.7
Oil, Gas & Consumable Fuels	2.5
Semiconductors & Semiconductor Equipment	2.5
Capital Markets	2.2
Insurance	1.8
Beverages	1.8
Technology Hardware, Storage & Peripherals	1.6

Portfolio holdings and allocations are subject to change. Percentages are as of April 30, 2018, and are based on net assets.

PORTFOLIO ALLOCATION

Common Stocks	61.3	%
Foreign Government Obligations	19.1
Investment Companies
Oppenheimer Institutional Government Money Market Fund	1.0
Oppenheimer Master Event- Linked Bond Fund, LLC	10.1
U.S. Government Obligations	6.2
Short-Term Notes	2.2
Preferred Stocks	0.1
Non-Convertible Corporate Bonds and Notes	—*
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.

7        OPPENHEIMER GLOBAL ALLOCATION FUND

TOP TEN GEOGRAPHICAL HOLDINGS

United States	45.6	%
Japan	10.1
France	7.1
United Kingdom	6.2
Germany	4.8
China	3.0
Canada	2.3
South Korea	1.8
Switzerland	1.7
Spain	1.7

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

REGIONAL ALLOCATION

U.S./Canada	47.9	%
Europe	26.4
Asia	19.5
Latin & South America	2.9
Emerging Europe	1.7
Middle East/Africa	1.6

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

8        OPPENHEIMER GLOBAL ALLOCATION FUND

Share Class Performance

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

	Inception Date		6-Month			1-Year			5-Year			10-Year
Class A (QVGIX)		11/1/91		0.17	%		5.69	%		5.45	%		4.46	%
Class B (QGRBX)		9/1/93		-0.32			4.79			4.61			3.96
Class C (QGRCX)		9/1/93		-0.21			4.90			4.68			3.71
Class I (QGRIX)		2/28/12		0.34			6.10			5.92			6.45	*
Class R (QGRNX)		3/1/01		0.00			5.39			5.19			4.21
Class Y (QGRYX)		5/1/00		0.26			5.92			5.74			4.81

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

	Inception Date		6-Month			1-Year			5-Year			10-Year
Class A (QVGIX)		11/1/91		-5.59	%		-0.38	%		4.21	%		3.85	%
Class B (QGRBX)		9/1/93		-5.31			-0.22			4.27			3.96
Class C (QGRCX)		9/1/93		-1.21			3.90			4.68			3.71
Class I (QGRIX)		2/28/12		0.34			6.10			5.92			6.45	*
Class R (QGRNX)		3/1/01		0.00			5.39			5.19			4.21
Class Y (QGRYX)		5/1/00		0.26			5.92			5.74			4.81

* Shows performance since inception.

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%; for Class B shares, the contingent deferred sales charge of 5% (1-year) and 2% (5-year); 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. Because Class B shares automatically converted to Class A shares 72 months after purchase, the 10-year return for Class B shares uses Class A performance for the period after conversion. Effective June 1, 2018, all Class B shares converted to Class A 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 Reference Index (60% MSCI All Country World Index / 40% Bloomberg Barclays Global Aggregate Bond Index, Hedged), and the Bloomberg Barclays Global Aggregate Bond Index, Hedged. 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 Fund’s Reference Index is a customized weighted index currently comprised of 60% MSCI All Country World Index and 40% Barclays Global Aggregate Bond

9        OPPENHEIMER GLOBAL ALLOCATION FUND

Index, Hedged. The Bloomberg Barclays Global Aggregate Bond Index provides a broad-based measure of global investment grade fixed-rate debt markets. The index is comprised of several other Barclays indexes that measure fixed income performance of regions around the world while hedging the currency back to the US dollar. The indices are 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 indices. 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 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.

10        OPPENHEIMER GLOBAL ALLOCATION FUND

Fund Expenses

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

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

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

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

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

11        OPPENHEIMER GLOBAL ALLOCATION FUND

	Beginning	Ending	Expenses
	Account	Account	Paid During
	Value	Value	6 Months Ended
Actual	November 1, 2017	April 30, 2018	April 30, 2018
Class A	$    1,000.00	$    1,001.70		$          6.22
Class B	1,000.00	996.80		10.45
Class C	1,000.00	997.90		10.01
Class I	1,000.00	1,003.40		4.18
Class R	1,000.00	1,000.00		7.47
Class Y	1,000.00	1,002.60		5.03
Hypothetical
(5% return before expenses)
Class A	1,000.00	1,018.60		6.28
Class B	1,000.00	1,014.38		10.54
Class C	1,000.00	1,014.83		10.09
Class I	1,000.00	1,020.63		4.22
Class R	1,000.00	1,017.36		7.53
Class Y	1,000.00	1,019.79		5.07

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		1.25	%
Class B		2.10
Class C		2.01
Class I		0.84
Class R		1.50
Class Y		1.01

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.

12        OPPENHEIMER GLOBAL ALLOCATION FUND

CONSOLIDATED STATEMENT OF INVESTMENTS April 30, 2018 Unaudited

	Shares		Value
Common Stocks—60.9%
Consumer Discretionary—11.4%
Auto Components—1.4%
Aptiv plc		24,460	$	2,068,827
BorgWarner, Inc.		6,560		321,046
Bridgestone Corp.		56,000		2,336,411
Continental AG		27,758		7,414,815
Delphi Technologies plc		8,150		394,541
Koito Manufacturing Co. Ltd.		43,600		2,927,574
Valeo SA		102,907		6,847,971
				22,311,185
Automobiles—0.9%
Astra International Tbk PT		565,000		288,950
Bayerische Motoren Werke AG		47,684		5,321,987
General Motors Co.		32,570		1,196,622
Hero MotoCorp Ltd.		57,543		3,214,522
Subaru Corp.		68,100		2,287,015
Volkswagen AG		14,631		3,029,858
				15,338,954
Diversified Consumer Services—0.1%
New Oriental Education & Technology Group, Inc., Sponsored ADR		9,220		828,325
Rentokil Initial plc		190,290		802,148
				1,630,473
Hotels, Restaurants & Leisure—2.7%
Accor SA		43,630		2,464,225
Carnival Corp.		97,330		6,137,630
Cedar Fair LP1		18,533		1,255,425
China Lodging Group Ltd., Sponsored ADR		15,548		2,171,434
Domino’s Pizza Group plc		399,870		1,996,552
Galaxy Entertainment Group Ltd.		283,000		2,476,204
Genting Bhd		1,632,200		3,705,391
Genting Malaysia Bhd		39,100		50,905
Jollibee Foods Corp.		135,080		742,375
Las Vegas Sands Corp.		11,060		811,030
McDonald’s Corp.		23,720		3,971,677
MGM China Holdings Ltd.		864,400		2,369,917
Sands China Ltd.		1,069,600		6,172,057
Starbucks Corp.		26,400		1,519,848
Whitbread plc		77,529		4,564,044
Yum China Holdings, Inc.		68,370		2,923,501
				43,332,215
Household Durables—0.7%
Lennar Corp., Cl. A		11,450		605,590
Panasonic Corp.		98,600		1,461,197
SEB SA2		12,810		2,453,096
Sony Corp.		128,900		5,923,139

13        OPPENHEIMER GLOBAL ALLOCATION FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

	Shares		Value
Household Durables (Continued)
Whirlpool Corp.		2,850	$	441,608
				10,884,630
Internet & Catalog Retail—1.2%
Amazon.com, Inc.2		7,286		11,410,823
Booking Holdings, Inc.2		650		1,415,700
Ctrip.com International Ltd., ADR2		43,240		1,768,516
JD.com, Inc., ADR2		130,758		4,773,974
Vipshop Holdings Ltd., ADR2		26,870		415,948
				19,784,961
Leisure Products—0.2%
Bandai Namco Holdings, Inc.		78,500		2,662,317
Media—1.1%
Comcast Corp., Cl. A		220,444		6,919,737
ProSiebenSat.1 Media SE		163,215		5,929,174
SES SA, Cl. A, FDR		128,120		1,975,624
Technicolor SA		264,210		430,046
Walt Disney Co. (The)		7,760		778,561
Zee Entertainment Enterprises Ltd.		209,371		1,838,735
				17,871,877
Multiline Retail—0.2%
Dollarama, Inc.		16,113		1,854,824
SACI Falabella		7,797		75,475
Target Corp.		20,840		1,512,984
				3,443,283
Specialty Retail—1.5%
AutoNation, Inc.2		21,160		977,380
AutoZone, Inc.2		1,880		1,174,098
Best Buy Co., Inc.		44,820		3,430,075
CarMax, Inc.2		65,960		4,122,500
Dufry AG2		13,844		1,958,447
Lowe’s Cos., Inc.		77,850		6,417,176
Nitori Holdings Co. Ltd.		13,700		2,305,479
O’Reilly Automotive, Inc.2		14,570		3,730,940
Steinhoff International Holdings NV2		303,311		46,505
				24,162,600
Textiles, Apparel & Luxury Goods—1.4%
Cie Financiere Richemont SA		26,145		2,482,919
Hermes International		4,771		3,082,619
Kering SA		8,788		5,069,445
LVMH Moet Hennessy Louis Vuitton SE		24,600		8,562,717
Pandora AS		22,014		2,446,296
PRADA SpA		275,000		1,383,660

14        OPPENHEIMER GLOBAL ALLOCATION FUND

	Shares		Value
Textiles, Apparel & Luxury Goods (Continued)
Tapestry, Inc.		10,330	$	555,444
				23,583,100
Consumer Staples—5.2%
Beverages—1.8%
Anadolu Efes Biracilik Ve Malt Sanayii AS		98,473		647,272
Coca-Cola Co. (The)		40,450		1,747,845
Coca-Cola European Partners plc		87,950		3,447,640
Diageo plc		54,230		1,928,950
Fomento Economico Mexicano SAB de CV		160,920		1,555,504
Fomento Economico Mexicano SAB de CV, Sponsored ADR		7,280		703,685
Heineken NV		21,013		2,209,661
Kweichow Moutai Co. Ltd., Cl. A		10,169		1,069,691
PepsiCo, Inc.		60,890		6,146,237
Pernod Ricard SA		36,670		6,082,185
Tsingtao Brewery Co. Ltd., Cl. H		578,000		2,998,325
				28,536,995
Food & Staples Retailing—0.7%
Alimentation Couche-Tard, Inc., Cl. B		39,605		1,712,273
Atacadao Distribuicao Comercio e Industria Ltda2		252,300		1,087,500
BIM Birlesik Magazalar AS		16,770		284,122
CP ALL PCL		1,037,800		2,857,900
Magnit PJSC		15,693		1,220,307
Shoprite Holdings Ltd.		47,654		947,647
SPAR Group Ltd. (The)		118,131		2,002,188
Walmart, Inc.		17,360		1,535,666
				11,647,603
Food Products—1.5%
Barry Callebaut AG		1,069		1,919,899
Danone SA		74,320		5,991,631
Kraft Heinz Co. (The)		67,780		3,821,436
Mondelez International, Inc., Cl. A		85,680		3,384,360
Saputo, Inc.		72,391		2,347,161
Unilever plc		28,928		1,621,079
Vietnam Dairy Products JSC		22,200		180,413
Want Want China Holdings Ltd.		318,000		281,006
WH Group Ltd.3		4,145,500		4,297,421
				23,844,406
Household Products—0.3%
HRG Group, Inc.2		13,420		150,841
Procter & Gamble Co. (The)		11,340		820,336
Reckitt Benckiser Group plc		51,847		4,064,783
Spectrum Brands Holdings, Inc.		9,200		663,320
				5,699,280

15        OPPENHEIMER GLOBAL ALLOCATION FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

	Shares		Value
Personal Products—0.5%
Amorepacific Corp.		2,637	$	856,957
Amorepacific Group		1,526		203,320
Beiersdorf AG		15,833		1,794,097
LG Household & Health Care Ltd.		3,889		4,982,993
				7,837,367
Tobacco—0.4%
Philip Morris International, Inc.		62,400		5,116,800
Swedish Match AB		47,464		2,121,433
				7,238,233
Energy—3.0%
Energy Equipment & Services—0.5%
Halliburton Co.		21,143		1,120,368
TechnipFMC plc		167,446		5,488,064
Weatherford International plc2		440,350		1,299,032
				7,907,464
Oil, Gas & Consumable Fuels—2.5%
Chevron Corp.		24,871		3,111,611
CNOOC Ltd.		1,339,000		2,259,176
Concho Resources, Inc.2		4,910		771,901
ConocoPhillips		22,541		1,476,435
Enbridge, Inc.		22,387		677,654
Exxon Mobil Corp.		39,160		3,044,690
Husky Energy, Inc.		37,312		521,923
Koninklijke Vopak NV		28,062		1,378,203
LUKOIL PJSC, ADR		7,670		511,122
Magellan Midstream Partners LP1		96,080		6,324,946
Novatek PJSC, Sponsored GDR		23,700		3,000,982
Phillips 66		7,809		869,220
Reliance Industries Ltd.		21,681		311,460
Suncor Energy, Inc.		243,330		9,302,506
TOTAL SA		112,690		7,076,527
				40,638,356
Financials—10.2%
Capital Markets—2.2%
Ameriprise Financial, Inc.		5,660		793,589
AXA SA		39,060		1,116,566
Bank of New York Mellon Corp. (The)		84,610		4,612,091
BlackRock, Inc., Cl. A		2,860		1,491,490
Charles Schwab Corp. (The)		27,290		1,519,507
China International Capital Corp. Ltd., Cl. H3		196,400		443,918
CME Group, Inc., Cl. A		30,620		4,828,162
Goldman Sachs Group, Inc. (The)		6,940		1,654,010
Intercontinental Exchange, Inc.		80,750		5,851,145
Morgan Stanley		18,700		965,294
Nasdaq, Inc.		20,910		1,846,771

16        OPPENHEIMER GLOBAL ALLOCATION FUND

	Shares		Value
Capital Markets (Continued)
NEX Group plc		187,492	$	2,542,498
S&P Global, Inc.		25,650		4,837,590
TP ICAP plc		247,946		1,605,112
UBS Group AG2		76,579		1,286,638
				35,394,381
Commercial Banks—4.0%
Banco Comercial Portugues SA, Cl. R2		3,322,483		1,108,575
Banco de Chile		1,070,755		176,824
Banco Santander SA		676,611		4,362,576
Bank Central Asia Tbk PT		159,800		252,683
Bank Mandiri Persero Tbk PT		873,000		444,101
Bank of America Corp.		156,110		4,670,811
Bank Rakyat Indonesia Persero Tbk PT		426,300		98,261
CIT Group, Inc.		11,810		625,339
Citigroup, Inc.		35,020		2,390,815
Commercial International Bank Egypt SAE		123,370		655,631
Credicorp Ltd.		5,330		1,239,172
FirstRand Ltd.		351,208		1,875,397
Grupo Aval Acciones y Valores SA, ADR		83,160		736,798
Grupo Financiero Inbursa SAB de CV, Cl. O		565,091		941,514
HSBC Holdings plc		571,830		5,699,234
ICICI Bank Ltd.		445,309		1,885,149
ICICI Bank Ltd., Sponsored ADR		290,060		2,468,411
Itau Unibanco Holding SA, ADR		41,660		605,320
JPMorgan Chase & Co.		131,150		14,266,497
KeyCorp		65,940		1,313,525
Kotak Mahindra Bank Ltd.		143,693		2,598,694
Lloyds Banking Group plc		3,965,690		3,524,679
Sberbank of Russia PJSC		247,537		888,661
Sberbank of Russia PJSC, Sponsored ADR		18,430		272,454
Societe Generale SA		56,510		3,095,337
SunTrust Banks, Inc.		49,860		3,330,648
US Bancorp		73,100		3,687,895
Zenith Bank plc		427,573		32,689
Zions Bancorporation		32,500		1,779,375
				65,027,065
Consumer Finance—0.3%
Cholamandalam Investment & Finance Co. Ltd.		17,688		459,545
Discover Financial Services		43,290		3,084,412
Prosegur Cash SA3		551,457		1,607,082
				5,151,039
Diversified Financial Services—1.1%
Ayala Corp.		18,990		352,913
B3 SA-Brasil Bolsa Balcao		310,400		2,241,699
Berkshire Hathaway, Inc., Cl. B2		33,250		6,441,522
Grupo de Inversiones Suramericana SA		19,546		271,241

17        OPPENHEIMER GLOBAL ALLOCATION FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

	Shares		Value
Diversified Financial Services (Continued)
Hong Kong Exchanges & Clearing Ltd.		10,086	$	326,927
ING Groep NV		207,754		3,485,464
ORIX Corp.		231,800		4,074,733
				17,194,499
Insurance—1.8%
AIA Group Ltd.		300,200		2,680,237
Aon plc		3,050		434,534
Hartford Financial Services Group, Inc. (The)		23,950		1,289,468
Japan Post Insurance Co. Ltd.		104,500		2,568,290
Marsh & McLennan Cos., Inc.		53,380		4,350,470
Ping An Insurance Group Co. of China Ltd., Cl. H		250,500		2,446,463
Progressive Corp. (The)		76,980		4,641,124
Prudential plc		301,174		7,724,324
Samsung Life Insurance Co. Ltd.		22,014		2,409,370
				28,544,280
Real Estate Investment Trusts (REITs)—0.3%
Crown Castle International Corp.		9,680		976,421
Digital Realty Trust, Inc.		5,230		552,759
Invitation Homes, Inc.		17,900		414,206
Mid-America Apartment Communities, Inc.		24,410		2,232,539
Prologis, Inc.		19,500		1,265,745
				5,441,670
Real Estate Management & Development—0.3%
Ayala Land, Inc.		824,400		647,981
Emaar Properties PJSC		322,727		506,952
Scout24 AG3		47,655		2,468,791
SM Prime Holdings, Inc.		1,424,103		939,279
				4,563,003
Thrifts & Mortgage Finance—0.2%
Housing Development Finance Corp. Ltd.		123,964		3,482,922
Health Care—6.1%
Biotechnology—1.3%
3SBio, Inc.2,3		100,500		215,559
Amgen, Inc.		5,270		919,509
Biocon Ltd.		69,432		691,297
Biogen, Inc.2		3,780		1,034,208
Celgene Corp.2		51,316		4,469,624
Celltrion Healthcare Co. Ltd.2		102		8,479
CSL Ltd.		22,400		2,860,254
Exact Sciences Corp.2		43,260		2,163,433
Galapagos NV2		4,089		366,456
Gilead Sciences, Inc.		62,350		4,503,540
Grifols SA		103,103		2,885,334
Vertex Pharmaceuticals, Inc.2		4,100		627,956

18        OPPENHEIMER GLOBAL ALLOCATION FUND

	Shares		Value
Biotechnology (Continued)
Wuxi Biologics Cayman, Inc.2,3		23,000	$	207,981
				20,953,630
Health Care Equipment & Supplies—1.1%
Abbott Laboratories		14,280		830,096
Boston Scientific Corp.2		118,620		3,406,766
Danaher Corp.		11,524		1,156,088
Essilor International Cie Generale d’Optique SA		13,294		1,809,216
Intuitive Surgical, Inc.2		1,980		872,744
Siemens Healthineers AG2,3		11,145		434,514
Sonova Holding AG		12,045		1,990,680
Stryker Corp.		23,330		3,952,569
William Demant Holding AS2		69,845		2,717,901
Zimmer Biomet Holdings, Inc.		8,040		925,967
				18,096,541
Health Care Providers & Services—1.6%
Apollo Hospitals Enterprise Ltd.		38,315		625,589
DaVita, Inc.2		41,020		2,575,646
Express Scripts Holding Co.2		16,500		1,249,050
Laboratory Corp. of America Holdings2		18,050		3,082,037
Mediclinic International plc		74,070		682,050
Quest Diagnostics, Inc.		22,530		2,280,036
Sinopharm Group Co. Ltd., Cl. H		460,600		1,940,751
UnitedHealth Group, Inc.		57,240		13,531,536
				25,966,695
Health Care Technology—0.2%
Cerner Corp.2		40,730		2,372,522
Ping An Healthcare & Technology Co. Ltd.2,3		7,088		49,489
				2,422,011
Life Sciences Tools & Services—0.5%
Agilent Technologies, Inc.		56,530		3,716,282
Lonza Group AG2		8,986		2,196,421
Samsung Biologics Co. Ltd.2,3		2,481		1,124,006
Thermo Fisher Scientific, Inc.		4,780		1,005,473
				8,042,182
Pharmaceuticals—1.4%
Allergan plc		5,560		854,294
Bayer AG		41,097		4,919,706
Dong-E-E-Jiao Co. Ltd., Cl. A		26,599		247,237
Dr. Reddy’s Laboratories Ltd.		9,969		314,728
Hutchison China MediTech Ltd., ADR2		3,870		131,774
Jiangsu Hengrui Medicine Co. Ltd., Cl. A		147,980		1,945,279
Merck & Co., Inc.		129,160		7,603,649
Mylan NV2		23,790		922,100
Novo Nordisk AS, Cl. B		56,384		2,647,275

19        OPPENHEIMER GLOBAL ALLOCATION FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

	Shares		Value
Pharmaceuticals (Continued)
Pfizer, Inc.		52,250	$	1,912,873
Roche Holding AG		8,623		1,913,114
				23,412,029
Industrials—6.9%
Aerospace & Defense—1.3%
Airbus SE		75,400		8,832,977
Lockheed Martin Corp.		24,736		7,936,298
MTU Aero Engines AG		14,609		2,513,815
Spirit AeroSystems Holdings, Inc., Cl. A		13,240		1,064,099
				20,347,189
Air Freight & Couriers—0.1%
FedEx Corp.		2,410		595,752
XPO Logistics, Inc.2		12,840		1,247,534
ZTO Express Cayman, Inc., ADR		34,940		576,510
				2,419,796
Airlines—0.3%
Alaska Air Group, Inc.		18,950		1,230,424
Japan Airlines Co. Ltd.		48,600		1,914,780
Spirit Airlines, Inc.2		31,990		1,142,683
				4,287,887
Commercial Services & Supplies—0.5%
Edenred		68,380		2,347,507
Johnson Controls International plc		10,840		367,151
KAR Auction Services, Inc.		24,030		1,249,319
Prosegur Cia de Seguridad SA		298,376		2,252,726
Republic Services, Inc., Cl. A		30,460		1,970,153
Waste Management, Inc.		8,830		717,791
				8,904,647
Construction & Engineering—0.2%
Boskalis Westminster		54,757		1,618,875
Fluor Corp.		20,300		1,196,685
Vinci SA		6,820		681,001
				3,496,561
Electrical Equipment—0.8%
Legrand SA		29,640		2,298,588
Melrose Industries plc		132,480		415,000
Mitsubishi Electric Corp.		83,100		1,275,910
Nidec Corp.		20,200		3,162,387
Philips Lighting NV3		75,007		2,279,380
Schneider Electric SE		39,520		3,569,836
				13,001,101

20        OPPENHEIMER GLOBAL ALLOCATION FUND

	Shares		Value
Industrial Conglomerates—0.5%
General Electric Co.		201,280	$	2,832,009
Jardine Strategic Holdings Ltd.		42,572		1,610,865
Seibu Holdings, Inc.		163,100		2,755,935
SM Investments Corp.		89,494		1,612,315
				8,811,124
Machinery—1.0%
Aalberts Industries NV		49,695		2,439,343
Atlas Copco AB, Cl. A		58,504		2,276,639
Caterpillar, Inc.		6,410		925,348
Deere & Co.		7,540		1,020,388
Illinois Tool Works, Inc.		17,660		2,508,073
Kubota Corp.		123,000		2,078,138
PACCAR, Inc.		4,950		315,167
Parker-Hannifin Corp.		7,360		1,211,603
Stanley Black & Decker, Inc.		4,030		570,608
VAT Group AG2,3		12,448		1,834,526
Wabtec Corp.		10,120		898,757
Weir Group plc (The)		33,015		967,898
				17,046,488
Professional Services—0.8%
Bureau Veritas SA		82,120		2,139,052
Equifax, Inc.		11,640		1,304,262
Intertek Group plc		19,790		1,328,365
Nielsen Holdings plc		66,720		2,098,344
Recruit Holdings Co. Ltd.		252,300		5,810,808
				12,680,831
Road & Rail—0.3%
Canadian National Railway Co.		8,520		658,426
Kansas City Southern		5,480		584,332
Union Pacific Corp.		25,090		3,352,777
				4,595,535
Trading Companies & Distributors—0.8%
Brenntag AG		46,477		2,659,646
Bunzl plc		89,820		2,600,578
Fastenal Co.		60,150		3,006,899
Ferguson plc		16,563		1,265,360
ITOCHU Corp.		94,400		1,889,453
Travis Perkins plc		70,405		1,225,021
				12,646,957
Transportation Infrastructure—0.3%
Beijing Capital International Airport Co. Ltd., Cl. H		1,656,000		2,257,326
DP World Ltd.		67,925		1,508,062

21        OPPENHEIMER GLOBAL ALLOCATION FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

	Shares		Value
Transportation Infrastructure (Continued)
Grupo Aeroportuario del Sureste SAB de CV, Cl. B		33,044	$	594,250
				4,359,638
Information Technology—13.6%
Communications Equipment—0.9%
Cisco Systems, Inc.		113,530		5,028,244
Motorola Solutions, Inc.		54,220		5,954,982
Nokia OYJ		476,935		2,877,321
				13,860,547
Electronic Equipment, Instruments, & Components—1.4%
Hitachi Ltd.		315,000		2,301,815
Hoya Corp.		90,000		4,811,682
Keyence Corp.		5,900		3,601,644
Largan Precision Co. Ltd.		1,500		174,033
Samsung Electro-Mechanics Co. Ltd.		31,840		3,497,875
Spectris plc		45,462		1,675,742
Sunny Optical Technology Group Co. Ltd.		14,000		228,633
TDK Corp.		49,200		4,192,932
TE Connectivity Ltd.		8,550		784,463
Zebra Technologies Corp., Cl. A2		4,620		622,915
				21,891,734
Internet Software & Services—2.8%
Alibaba Group Holding Ltd., Sponsored ADR2		60,351		10,775,068
Alphabet, Inc., Cl. A2		340		346,317
Alphabet, Inc., Cl. C2		3,850		3,916,721
Baidu, Inc., Sponsored ADR2		21,960		5,509,764
eBay, Inc.2		115,410		4,371,731
Facebook, Inc., Cl. A2		70,110		12,058,920
Kakao Corp.		1,660		171,815
MercadoLibre, Inc.		180		61,130
NAVER Corp.		3,105		2,071,309
Tencent Holdings Ltd.		93,485		4,589,784
United Internet AG		29,641		1,917,434
Yandex NV, Cl. A2		12,091		403,356
				46,193,349
IT Services—1.3%
Amadeus IT Group SA		28,705		2,091,894
Amdocs Ltd.		56,730		3,815,093
Atos SE		21,140		2,848,279
Cielo SA		152,400		835,259
DXC Technology Co.		17,680		1,822,101
First Data Corp., Cl. A2		33,980		615,038
Mastercard, Inc., Cl. A		21,800		3,886,286
PayPal Holdings, Inc.2		63,240		4,718,336

22        OPPENHEIMER GLOBAL ALLOCATION FUND

	Shares		Value
IT Services (Continued)
Tata Consultancy Services Ltd.		21,634	$	1,141,213
				21,773,499
Semiconductors & Semiconductor Equipment—2.5%
Advantest Corp.		215,200		5,068,964
ams AG2		31,659		2,613,050
Applied Materials, Inc.		85,470		4,245,295
ASML Holding NV		17,606		3,327,666
Broadcom, Inc.		4,330		993,389
Infineon Technologies AG		304,748		7,805,049
Marvell Technology Group Ltd.		49,490		992,769
Microchip Technology, Inc.		18,670		1,561,932
Renesas Electronics Corp.2		240,900		2,525,281
STMicroelectronics NV		143,950		3,134,372
Taiwan Semiconductor Manufacturing Co. Ltd.		724,000		5,488,262
Texas Instruments, Inc.		21,230		2,153,359
				39,909,388
Software—3.1%
Activision Blizzard, Inc.		57,970		3,846,310
Dassault Systemes SE		18,540		2,394,295
Microsoft Corp.		171,800		16,066,736
Netmarble Corp.3		2,811		383,877
Nintendo Co. Ltd.		15,100		6,368,874
Oracle Corp.		36,030		1,645,490
Red Hat, Inc.2		4,370		712,572
SAP SE		96,873		10,797,310
ServiceNow, Inc.2		15,130		2,513,698
Snap, Inc., Cl. A2		64,097		918,510
Synopsys, Inc.2		13,190		1,127,877
Temenos Group AG		31,857		4,000,048
				50,775,597
Technology Hardware, Storage & Peripherals—1.6%
Apple, Inc.		93,881		15,514,774
HP, Inc.		26,060		560,030
Samsung Electronics Co. Ltd.		3,098		7,599,989
Western Digital Corp.		29,460		2,321,153
				25,995,946
Materials—2.6%
Chemicals—1.0%
Air Liquide SA		31,337		4,071,421
Akzo Nobel NV		26,214		2,359,750
Albemarle Corp.		4,380		424,685
DowDuPont, Inc.		37,659		2,381,555
Eastman Chemical Co.		16,900		1,725,152
Essentra plc		178,121		1,080,713
Novozymes AS, Cl. B		30,071		1,417,691

23        OPPENHEIMER GLOBAL ALLOCATION FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

	Shares		Value
Chemicals (Continued)
PPG Industries, Inc.		19,540	$	2,068,895
Sika AG		234		1,695,876
				17,225,738
Construction Materials—0.3%
Dalmia Bharat Ltd.		3,005		136,478
Indocement Tunggal Prakarsa Tbk PT		387,500		489,408
James Hardie Industries plc		68,000		1,204,588
UltraTech Cement Ltd.		13,428		822,982
Vulcan Materials Co.		16,330		1,823,898
				4,477,354
Containers & Packaging—0.2%
CCL Industries, Inc., Cl. B		58,378		2,831,716
WestRock Co.		16,060		950,110
				3,781,826
Metals & Mining—1.1%
Anglo American plc		109,640		2,573,182
Antofagasta plc		246,500		3,278,922
Compass Minerals International, Inc.		10,070		677,711
Franco-Nevada Corp.		14,910		1,058,013
Freeport-McMoRan, Inc.		23,160		352,263
Glencore plc2		605,510		2,915,100
Grupo Mexico SAB de CV		376,817		1,252,628
Korea Zinc Co. Ltd.		5,708		2,310,488
Polyus PJSC, GDR3		6,900		219,587
Real Gold Mining Ltd.2,4		273,000		348
Vale SA, Cl. B, Sponsored ADR		62,690		867,630
Wheaton Precious Metals Corp.		83,340		1,732,639
				17,238,511
Telecommunication Services—1.1%
Diversified Telecommunication Services—0.8%
AT&T, Inc.		50,900		1,664,430
Iliad SA		8,470		1,693,839
Nippon Telegraph & Telephone Corp.		79,500		3,782,844
Spark New Zealand Ltd.		985,423		2,391,110
Verizon Communications, Inc.		76,800		3,790,080
				13,322,303
Wireless Telecommunication Services—0.3%
Rogers Communications, Inc., Cl. B		41,385		1,953,616
SK Telecom Co. Ltd.		14,211		3,037,668
				4,991,284
Utilities—0.8%
Electric Utilities—0.5%
Duke Energy Corp.		15,900		1,274,544

24        OPPENHEIMER GLOBAL ALLOCATION FUND

		Shares		Value
Electric Utilities (Continued)
Edison International			20,170	$	1,321,539
Entergy Corp.			14,800		1,207,532
NextEra Energy, Inc.			7,541		1,236,045
PG&E Corp.			63,870		2,944,407
					7,984,067
Gas Utilities—0.1%
AmeriGas Partners LP1			28,615		1,224,722
Multi-Utilities—0.2%
National Grid plc			366,050		4,239,659
Total Common Stocks (Cost $884,138,995)					989,530,524
Preferred Stocks—0.1%
Lojas Americanas SA, Preference			252,014		1,435,168
Zee Entertainment Enterprises Ltd., 6% Cum. Non-Cv.			629,697		72,084
Total Preferred Stocks (Cost $1,353,689)					1,507,252
		Principal Amount
U.S. Government Obligations—6.2%
United States Treasury Bonds, 2.875%, 8/15/455,6		$	17,022,000		16,279,947
United States Treasury Nts.:
1.625%, 2/15/265,6			38,920,000		35,386,034
2.625%, 2/28/23			16,470,000		16,350,978
2.75%, 2/15/28			33,000,000		32,446,348
Total U.S. Government Obligations (Cost $105,088,982)					100,463,307
Foreign Government Obligations—18.9%
Argentina—0.1%
Argentine Republic:
16.00% Bonds, 10/17/23	ARS		4,825,000		217,045
21.20% Bonds, 9/19/18	ARS		4,550,000		214,913
26.088% [BADLARPP+325] Sr. Unsec. Nts., 3/1/207	ARS		16,346,000		821,100
					1,253,058
Belgium—0.4%
Kingdom of Belgium, Series 85, 0.80% Sr. Unsec. Nts., 6/22/283	EUR		5,560,000		6,708,663
Brazil—0.5%
Federative Republic of Brazil:
10.00% Unsec. Nts., 1/1/21	BRL		16,165,000		4,838,256
10.00% Unsec. Nts., 1/1/23	BRL		3,930,000		1,166,170
17.959% Unsec. Nts., 8/15/2211	BRL		1,200,000		1,126,691
18.093% Unsec. Nts., 5/15/4511	BRL		495,000		477,929
					7,609,046
Canada—0.7%
Canada, 1.00% Bonds, 6/1/27	CAD		16,950,000		11,812,128

25        OPPENHEIMER GLOBAL ALLOCATION FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

		Principal Amount		Value
Chile—0.2%
Republic of Chile:
4.50% Unsec. Nts., 2/28/21	CLP		1,507,000,000	$	2,522,565
4.50% Bonds, 3/1/21	CLP		280,000,000		468,640
4.50% Bonds, 3/1/26	CLP		200,000,000		328,089
					3,319,294
Colombia—0.2%
Republic of Colombia:
Series B, 7.00% Bonds, 5/4/22	COP		3,390,000,000		1,279,150
Series B, 7.50% Bonds, 8/26/26	COP		3,650,000,000		1,408,899
Series B, 10.00% Bonds, 7/24/24	COP		2,400,000,000		1,034,452
					3,722,501
Egypt—0.0%
Arab Republic of Egypt:
Series 3YR, 15.00% Bonds, 10/3/20	EGP		4,250,000		238,710
Series 3YR, 16.00% Unsec. Nts., 12/12/20	EGP		1,000,000		57,511
					296,221
France—1.7%
French Republic, 0.75% Bonds, 5/25/28	EUR		23,610,000		28,419,116
Germany—1.3%
Federal Republic of Germany, 0.50% Bonds, 2/15/28	EUR		17,150,000		20,600,472
Hungary—0.2%
Hungary:
Series 20/A, 7.50% Bonds, 11/12/20	HUF		116,700,000		527,808
Series 25/B, 5.50% Bonds, 6/24/25	HUF		575,000,000		2,722,301
Series 27/A, 3.00% Bonds, 10/27/27	HUF		70,000,000		281,261
					3,531,370
Indonesia—0.5%
Republic of Indonesia:
Series FR61, 7.00% Sr. Unsec. Nts., 5/15/22	IDR		14,600,000,000		1,067,781
Series FR63, 5.625% Sr. Unsec. Nts., 5/15/23	IDR		4,600,000,000		320,388
Series FR71, 9.00% Sr. Unsec. Nts., 3/15/29	IDR		20,700,000,000		1,711,145
Series FR72, 8.25% Sr. Unsec. Nts., 5/15/36	IDR		28,900,000,000		2,230,986
Series FR73, 8.75% Sr. Unsec. Nts., 5/15/31	IDR		29,650,000,000		2,398,640
					7,728,940
Italy—1.3%
Italian Republic, 2.00% Bonds, 2/1/28	EUR		16,990,000		20,933,109
Japan—5.3%
Japan, Series 350, 0.10% Sr. Unsec. Nts., 3/20/28	JPY		9,309,000,000		85,584,640

26        OPPENHEIMER GLOBAL ALLOCATION FUND

		Principal Amount		Value
Malaysia—0.1%
Federation of Malaysia:
Series 0217, 4.045% Sr. Unsec. Nts., 8/15/24	MYR		1,000,000	$	254,383
Series 0902, 4.378% Sr. Unsec. Nts., 11/29/19	MYR		6,785,000		1,749,840
					2,004,223
Mexico—0.4%
United Mexican States:
Series M, 5.75% Bonds, 3/5/26	MXN		45,000,000		2,168,209
Series M, 8.00% Bonds, 6/11/20	MXN		10,000,000		542,438
Series M, 8.00% Sr. Unsec. Nts., 12/7/23	MXN		22,000,000		1,211,208
Series M20, 8.50% Sr. Unsec. Nts., 5/31/29	MXN		17,020,000		976,905
Series M20, 10.00% Bonds, 12/5/24	MXN		18,850,000		1,147,738
Series M30, 8.50% Sr. Unsec. Nts., 11/18/38	MXN		5,880,000		342,427
Series M30, 10.00% Bonds, 11/20/36	MXN		2,750,000		181,796
					6,570,721
Netherlands—0.4%
Kingdom of Netherlands, 0.75% Bonds, 7/15/283	EUR		5,330,000		6,471,149
Peru—0.2%
Republic of Peru:
6.35% Sr. Unsec. Nts., 8/12/283	PEN		3,560,000		1,189,952
6.95% Sr. Unsec. Nts., 8/12/313	PEN		760,000		264,523
7.84% Sr. Unsec. Nts., 8/12/203	PEN		4,180,000		1,430,869
8.20% Sr. Unsec. Nts., 8/12/263	PEN		2,255,000		843,518
					3,728,862
Poland��0.1%
Republic of Poland:
Series 0721, 1.75% Bonds, 7/25/21	PLN		2,310,000		657,136
Series 0726, 2.50% Bonds, 7/25/26	PLN		6,960,000		1,919,180
					2,576,316
Romania—0.1%
Romania, Series 10YR, 5.95% Bonds, 6/11/21	RON		5,640,000		1,564,473
Russia—0.8%
Russian Federation:
Series 6209, 7.60% Bonds, 7/20/22	RUB		88,675,000		1,452,673
Series 6210, 6.80% Bonds, 12/11/19	RUB		126,800,000		2,022,034
Series 6211, 7.00% Bonds, 1/25/23	RUB		231,200,000		3,718,512
Series 6212, 7.05% Bonds, 1/19/28	RUB		18,000,000		284,410
Series 6216, 6.70% Bonds, 5/15/19	RUB		338,600,000		5,390,823
					12,868,452
South Africa—0.6%
Republic of South Africa:
Series 2023, 7.75% Bonds, 2/28/23	ZAR		4,700,000		378,570
Series 2030, 8.00% Bonds, 1/31/30	ZAR		13,540,000		1,039,861

27        OPPENHEIMER GLOBAL ALLOCATION FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

	Principal Amount			Value
South Africa (Continued)
Republic of South Africa: (Continued)
Series 2037, 8.50% Bonds, 1/31/37		ZAR	47,650,000	$	3,670,809
Series 2048, 8.75% Bonds, 2/28/48		ZAR	4,500,000		349,875
Series R186, 10.50% Bonds, 12/21/26		ZAR	6,635,000		608,658
Series R208, 6.75% Sr. Unsec. Nts., 3/31/21		ZAR	42,700,000		3,375,092
Series R214, 6.50% Bonds, 2/28/41		ZAR	9,140,000		554,029
					9,976,894
Spain—0.9%
Kingdom of Spain, 1.40% Sr. Unsec. Nts., 4/30/283		EUR	11,510,000		14,058,583
Thailand—0.2%
Kingdom of Thailand:
1.875% Sr. Unsec. Nts., 6/17/22		THB	80,500,000		2,557,954
2.125% Sr. Unsec. Nts., 12/17/26		THB	34,400,000		1,064,222
					3,622,176
Turkey—0.3%
Republic of Turkey:
8.50% Bonds, 7/10/19		TRY	1,165,000		271,382
8.80% Bonds, 11/14/18		TRY	1,100,000		264,567
10.70% Bonds, 2/17/21		TRY	2,670,000		613,914
11.00% Bonds, 2/24/27		TRY	9,870,000		2,274,272
12.20% Bonds, 1/18/23		TRY	940,000		225,391
12.40% Bonds, 3/8/28		TRY	2,900,000		710,307
					4,359,833
United Kingdom—2.3%
United Kingdom Gilt, 4.25% Unsec. Nts., 12/7/27		GBP	21,710,000		37,485,785
Uruguay—0.1%
Oriental Republic of Uruguay, 9.875% Sr. Unsec. Nts., 6/20/223		UYU	29,910,000		1,097,392
Total Foreign Government Obligations (Cost $313,908,905)					307,903,417
Non-Convertible Corporate Bond and Note—0.0%
Omnicare, Inc., 4.75% Sr. Unsec. Nts., 12/1/22 (Cost $210,945)			210,000		215,240

	Counter- party		Exercise Price		Expiration Date		Notional Amount (000’s)		Contracts (000’s)
Over-the-Counter Option Purchased—0.0%
BRL Currency Call2 (Cost $22,997)		CITNA-B		BRL3.200		4/25/19		BRL 512,000		BRL 6,000	20,316

28        OPPENHEIMER GLOBAL ALLOCATION FUND

Counter- party

Pay/Receive Floating Rate

Floating Rate

Fixed Rate

Expiration Date

Notional Amount (000’s)

Value

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

Interest

Rate Swap

Maturing 6/19/202 (Cost $37,474)

BAC

Pay

Three- Month USD BBA LIBOR

2.667

%

6/15/18

USD

18,280

$

5,245

		Principal Amount
Short-Term Notes—2.2%
Arab Republic of Egypt Treasury Bills, 15.783%, 3/5/199	EGP		9,150,000	452,830
Arab Republic of Egypt Treasury Bills, 17.25%, 7/3/189	EGP		16,000,000	880,408
Argentine Republic Treasury Bills, 27.071%, 6/21/189	ARS		8,210,000	386,230
Federal Republic of Nigeria Treasury Bills, 15.388%, 10/18/189	NGN		159,000,000	420,342
Federal Republic of Nigeria Treasury Bills, 18.386%, 8/2/188	NGN		300,000,000	813,460
United States Treasury Bills, 1.981%, 10/18/189,10			33,060,000	32,755,573
Total Short-Term Notes (Cost $35,753,128)				35,708,843

	Shares
Investment Companies—11.0%
Oppenheimer Institutional Government Money Market Fund, Cl. E, 1.67%12,13		15,583,445		15,583,445
Oppenheimer Master Event-Linked Bond Fund, LLC12		10,590,407		164,070,514
Total Investment Companies (Cost $186,141,457)				179,653,959
Total Investments, at Value (Cost $1,526,656,572)		99.3%		1,615,008,103
Net Other Assets (Liabilities)		0.7		10,801,094
Net Assets		100.0%	$	1,625,809,197

Footnotes to Consolidated Statement of Investments

1. Security is a Master Limited Partnership.

2. Non-income producing security.

3. Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended. These securities have been determined to be liquid under guidelines established by the Board of Trustees. These securities amount to $47,630,780 or 2.93% of the Fund’s net assets at period end.

4. The value of this security was determined using significant unobservable inputs. See Note 3 of the accompanying Consolidated Notes.

5. All or a portion of the security position is held in accounts at a futures clearing merchant and pledged to cover margin requirements on open futures contracts and written options on futures, if applicable. The aggregate market value of such securities is $13,207,230. See Note 6 of the accompanying Consolidated Notes.

6. All or a portion of the security position is held in segregated accounts and pledged to cover margin requirements under certain derivative contracts. The aggregate market value of such securities is $3,481,523. See Note 6 of the accompanying Consolidated Notes.

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

8. Current yield as of period end.

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

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

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

29        OPPENHEIMER GLOBAL ALLOCATION FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

Footnotes to Consolidated Statement of Investments (Continued)

12. 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 Institutional
Government Money Market Fund, Cl. E		178,062,806		618,747,908			781,227,269			15,583,445
Oppenheimer Master Event-Linked Bond Fund, LLC		4,616,016		5,974,391			—			10,590,407
Oppenheimer Master Loan Fund, LLC		7,213,775		—			7,213,775			—
Oppenheimer Senior Floating Rate Fund, Cl. I		4,392,376		—			4,392,376			—
Oppenheimer Ultra Short Duration Fund, Cl. Y		—		23,699,827			23,699,827			—
	Value		Income			Realized Gain (Loss)			Change in Unrealized Gain (Loss)
Oppenheimer Institutional
Government Money Market Fund, Cl. E	$	15,583,445	$	422,903		$	—		$	—
Oppenheimer Master Event-Linked Bond Fund, LLC		164,070,514		3,102,731	a		(693,643	)a		1,232,593a
Oppenheimer Master Loan Fund, LLC		—		426,339	b		(838,598	)b		85,021b
Oppenheimer Senior Floating Rate Fund, Cl. I		—		60,108			860,678			(1,036,373)
Oppenheimer Ultra Short Duration Fund, Cl. Y		—		649,263			(406,010	)		—
Total	$	179,653,959	$	4,661,344			$        (1,077,573	)	$	281,241

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

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

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

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

Geographic Holdings	Value		Percent
United States	$	736,453,471		45.6	%
Japan		163,672,244		10.1
France		115,353,113		7.1
United Kingdom		99,871,655		6.2
Germany		77,606,668		4.8
China		48,000,505		3.0
Canada		36,462,880		2.3
South Korea		28,658,149		1.8
Switzerland		28,112,501		1.7
Spain		27,258,195		1.7

30        OPPENHEIMER GLOBAL ALLOCATION FUND

Geographic Holdings (Continued)	Value		Percent
Netherlands	$	25,569,492	1.6%
Italy		22,316,769	1.4
India		20,063,808	1.2
Russia		19,384,920	1.2
Hong Kong		17,695,486	1.1
South Africa		15,530,681	1.0
Brazil		14,701,937	0.9
Mexico		11,618,302	0.7
Indonesia		9,302,344	0.6
Denmark		9,229,163	0.6
Belgium		7,075,119	0.4
Chile		6,850,515	0.4
Thailand		6,480,076	0.4
Malaysia		5,760,519	0.3
Taiwan		5,662,295	0.3
Turkey		5,291,227	0.3
Peru		4,968,034	0.3
Colombia		4,730,539	0.3
Sweden		4,398,072	0.3
Philippines		4,294,862	0.3
Hungary		3,531,370	0.2
Finland		2,877,321	0.2
Australia		2,860,254	0.2
Austria		2,613,050	0.2
Poland		2,576,316	0.2
New Zealand		2,391,110	0.1
Macau		2,369,917	0.1
Egypt		2,285,090	0.1
United Arab Emirates		2,015,015	0.1
Argentina		1,700,418	0.1
Romania		1,564,473	0.1
Nigeria		1,266,491	0.1
Ireland		1,204,588	0.1
Portugal		1,108,575	0.1
Uruguay		1,097,392	0.1
Bermuda		992,769	0.1
Vietnam		180,413	0.0
Total	$	1,615,008,103	100.0%

Forward Currency Exchange Contracts as of April 30, 2018
Counter	Settlement		Currency			Currency Sold		Unrealized		Unrealized
-party	Month(s)		Purchased (000’s)			(000’s)		Appreciation		Depreciation
BAC		06/2018	CNH	67,150	USD		10,670	$	—	$	70,358
BAC		06/2018	COP	71,964,000	USD		25,200		397,034		—
BAC		06/2018	HUF	132,700	USD		530		—		17,822
BAC		06/2018	ILS	2,900	USD		848		—		39,802
BAC		05/2018	MXN	736,500	USD		40,020		—		688,814
BAC		06/2018	MYR	65,290	USD		16,701		—		186,886
BAC		06/2018	PHP	12,900	USD		246		2,953		—
BAC		06/2018	SEK	232,780	USD		28,202		—		1,499,594

31        OPPENHEIMER GLOBAL ALLOCATION 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
BAC		06/2018	THB	96,300	USD		3,095	$	—	$	39,865
BAC		06/2018	TRY	230	USD		55		316		—
BAC		05/2018	USD	32	BRL		110		893		—
BAC		06/2018	USD	22,702	CHF		21,575		820,978		—
BAC		06/2018	USD	22,270	CLP		13,410,000		410,416		—
BAC		06/2018	USD	808	ILS		2,890		3,041		—
BAC		06/2018	USD	19,194	MYR		74,390		377,476		—
BAC		06/2018	USD	8,090	NOK		63,070		212,244		—
BAC		06/2018	USD	1,553	PEN		5,080		—		5,434
BAC		06/2018	USD	18,803	PLN		63,640		654,958		—
BAC		06/2018	USD	12,878	RUB		825,400		—		140,566
BAC		06/2018	USD	41,189	SGD		54,000		432,424		—
BAC		06/2018	USD	12,269	THB		382,000		145,919		—
BAC		06/2018	USD	2,305	ZAR		27,510		113,076		—
BAC		06/2018	ZAR	1,430	USD		120		—		6,281
BOA		06/2018	AUD	44,545	USD		34,584		—		1,042,112
BOA		05/2018	BRL	12,170	USD		3,545		—		71,460
BOA		06/2018	HUF	207,000	USD		826		—		26,584
BOA		06/2018	IDR	10,897,000	USD		785		—		6,349
BOA		06/2018	ILS	2,890	USD		831		—		25,644
BOA		06/2018	NZD	36,115	USD		26,606		—		1,198,535
BOA		06/2018	PHP	42,200	USD		814		874		—
BOA		06/2018	PLN	9,040	USD		2,662		—		84,861
BOA		06/2018	TRY	37,840	USD		8,999		153,769		—
BOA		06/2018	TWD	790,000	USD		27,277		—		484,019
BOA		05/2018	USD	3,603	BRL		12,170		129,096		—
BOA		06/2018	USD	34,246	CNH		217,250		—		48,465
BOA		06/2018	USD	63	COP		172,000		2,206		—
BOA		08/2018	USD	854	EUR		690		12,226		—
BOA		06/2018	USD	50,392	GBP		35,936		780,130		—
BOA		06/2018	USD	12	HUF		3,000		437		—
BOA		06/2018	USD	20,621	IDR		285,195,000		264,850		—
BOA		06/2018	USD	432	KRW		459,000		2,721		—
BOA		06/2018	USD	979	MXN		18,150		16,642		—
BOA		06/2018	USD	28,449	PHP		1,493,000		—		358,088
BOA		06/2018	USD	270	THB		8,400		3,857		—
BOA		06/2018	USD	839	ZAR		10,170		28,587		—
CITNA-B		06/2018	USD	750	RUB		45,800		27,511		—
CITNA-B		05/2018 - 06/2018	BRL	36,040	USD		10,392		—		107,283
CITNA-B		06/2018	COP	2,433,000	USD		865		987		—
CITNA-B		06/2018	CZK	600	USD		29		—		912
CITNA-B		08/2018	GHS	3,710	USD		794		4,009		4,462
CITNA-B		06/2018	HUF	20,200	USD		80		—		1,681
CITNA-B		06/2018	ILS	65,520	USD		18,814		—		546,434
CITNA-B		06/2018	MXN	25,850	USD		1,390		2,333		21,133
CITNA-B		06/2018	PEN	1,230	USD		380		—		2,853
CITNA-B		06/2018	PHP	976,000	USD		18,697		134,686		—
CITNA-B		06/2018	PLN	38,050	USD		11,222		—		371,588

32        OPPENHEIMER GLOBAL ALLOCATION FUND

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	RON	25	USD		7	$	—	$	174
CITNA-B		06/2018	RUB	626,700	USD		10,842		—		957,478
CITNA-B		06/2018	SGD	5,650	USD		4,328		—		61,223
CITNA-B		06/2018	THB	292,400	USD		9,398		—		118,107
CITNA-B		06/2018	TRY	2,450	USD		616		—		22,219
CITNA-B		05/2018 - 04/2019	USD	19,179	BRL		66,760		163,094		—
CITNA-B		06/2018	USD	2,115	CLP		1,273,200		39,756		—
CITNA-B		06/2018	USD	1,062	COP		3,047,000		1,194		22,963
CITNA-B		06/2018	USD	15	CZK		300		472		—
CITNA-B		06/2018	USD	3,602	DKK		21,515		99,234		—
CITNA-B		06/2018	USD	25,775	ILS		88,040		1,229,478		—
CITNA-B		06/2018	USD	2,212	MXN		41,100		36,777		3,591
CITNA-B		06/2018	USD	2,478	PEN		8,090		—		5,375
CITNA-B		06/2018	USD	1,072	RUB		61,900		94,792		—
CITNA-B		06/2018	USD	9,732	TRY		38,960		306,098		—
CITNA-B		06/2018	USD	16,569	TWD		481,000		255,797		—
CITNA-B		06/2018	ZAR	140	USD		11		35		—
DEU		06/2018	EUR	26,800	USD		33,144		—		671,639
DEU		06/2018	GBP	5,770	USD		8,181		—		215,087
DEU		06/2018	NOK	102,020	USD		13,262		—		518,527
DEU		06/2018	USD	16,316	EUR		13,175		335,704		—
DEU		06/2018	USD	73	PLN		250		1,931		—
GSCO-OT		06/2018	CLP	505,000	USD		827		—		3,846
GSCO-OT		06/2018	COP	2,206,000	USD		811		—		25,724
GSCO-OT		06/2018	HUF	42,000	USD		166		—		3,870
GSCO-OT		06/2018	MXN	20,800	USD		1,103		4,104		4,137
GSCO-OT		06/2018	MYR	14,005	USD		3,578		—		35,247
GSCO-OT		06/2018	PLN	820	USD		242		—		8,408
GSCO-OT		06/2018	TRY	560	USD		134		1,665		—
GSCO-OT		06/2018	USD	847	CLP		506,000		21,719		—
GSCO-OT		06/2018	USD	184	IDR		2,555,000		1,940		—
GSCO-OT		06/2018	USD	1,206	MXN		22,900		2,748		11,733
GSCO-OT		06/2018	USD	758	MYR		2,980		3,971		—
GSCO-OT		06/2018	USD	66	RON		250		1,318		—
GSCO-OT		06/2018	ZAR	8,020	USD		671		—		31,632
HSBC		06/2018	CHF	29,150	USD		31,107		—		1,543,427
HSBC		06/2018	PLN	1,440	USD		424		—		13,152
HSBC		06/2018	USD	26,445	AUD		33,558		1,176,335		—
HSBC		05/2018 - 06/2018	USD	131,255	EUR		106,930		1,812,342		—
HSBC		05/2018	USD	37,571	GBP		26,920		460,284		—
HSBC		06/2018	USD	6,208	HKD		48,520		17,750		—
HSBC		06/2018	USD	4,383	HUF		1,095,000		152,213		—
HSBC		05/2018	USD	85,676	JPY		9,345,000		27,895		—
HSBC		05/2018 - 06/2018	USD	45,396	MXN		856,200		12,812		292,214
HSBC		06/2018	USD	37,368	NZD		51,020		1,474,612		—
HSBC		06/2018	USD	37,874	SEK		307,080		2,648,013		—
HSBC		06/2018	USD	7,962	TRY		33,090		—		42,652
HSBC		06/2018	USD	14,352	ZAR		175,310		393,336		—

33        OPPENHEIMER GLOBAL ALLOCATION 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
JPM		05/2018	BRL	10,070	USD		2,880	$	—	$	5,874
JPM		06/2018	CAD	20,800	USD		16,397		—		174,437
JPM		06/2018	CLP	17,107,200	USD		28,430		—		544,206
JPM		06/2018	CZK	33,100	USD		1,617		—		50,631
JPM		06/2018	EUR	90,805	USD		112,414		—		2,272,722
JPM		08/2018	GHS	120	USD		26		—		106
JPM		06/2018	IDR	265,698,000	USD		19,193		301		228,317
JPM		06/2018	INR	802,200	USD		12,189		3,491		207,457
JPM		06/2018	JPY	5,803,000	USD		55,082		—		1,788,457
JPM		06/2018	MXN	26,100	USD		1,404		2,902		22,761
JPM		08/2018	NGN	147,000	USD		396		24,501		—
JPM		06/2018	RUB	27,100	USD		440		—		11,994
JPM		06/2018	SGD	54,000	USD		41,243		—		486,311
JPM		06/2018	TRY	3,660	USD		875		11,766		—
JPM		10/2018	UAH	12,600	USD		429		16,437		—
JPM		06/2018	USD	1,257	ARS		26,980		2,321		—
JPM		05/2018	USD	2,893	BRL		10,070		18,566		—
JPM		05/2018 - 06/2018	USD	68,786	CAD		89,625		—		1,104,806
JPM		06/2018	USD	22,363	COP		62,193,000		256,305		14,513
JPM		06/2018	USD	408	CZK		8,500		5,352		—
JPM		06/2018 - 08/2018	USD	179,932	EUR		144,285		4,913,130		—
JPM		06/2018	USD	17,347	INR		1,136,000		376,894		—
JPM		06/2018	USD	10,496	KRW		11,156,000		64,744		—
JPM		08/2018	USD	384	NGN		147,000		—		36,414
JPM		06/2018	USD	250	PLN		850		7,426		—
JPM		06/2018	USD	1,653	RON		6,215		42,804		—
JPM		06/2018	USD	7,842	RUB		453,500		683,416		—
JPM		06/2018	USD	85	TRY		350		747		143
JPM		06/2018	USD	847	ZAR		10,640		—		1,136
JPM		06/2018 - 06/2018	ZAR	113,190	USD		9,475		—		462,417
TDB		05/2018	BRL	35,420	USD		10,175		—		65,303
TDB		06/2018	CAD	44,740	USD		35,511		—		617,167
TDB		08/2018	EUR	485	USD		605		—		13,881
TDB		06/2018	GBP	19,800	USD		28,154		—		818,925
TDB		05/2018	USD	10,394	BRL		35,420		284,466		—
TDB		06/2018	USD	59,807	JPY		6,379,000		1,223,766		—
TDB		06/2018	USD	144	MXN		2,700		462		—
Total Unrealized Appreciation and Depreciation								$	23,853,865	$	20,638,288

Futures Contracts as of April 30, 2018

Description

Buy/Sell

Expiration Date

Number of Contracts

Notional Amount (000’s)

Value

Unrealized Appreciation/ (Depreciation)

Brent Crude Oil*

Buy

5/31/18

257

USD 17,998

$

19,195,330

$

1,197,178

MSCI Emerging

Market Index

Buy

6/15/18

366

USD 22,581

21,085,260

(1,495,758)

Nikkei 225 Index

Sell

6/7/18

33

JPY 6,385

6,795,005

(410,457)

34        OPPENHEIMER GLOBAL ALLOCATION FUND

Futures Contracts (Continued)

��

Description

Buy/Sell

Expiration Date

Number of Contracts

Notional Amount (000’s)

Value

Unrealized Appreciation/ (Depreciation)

S&P 500 E-Mini

Index

Buy

6/15/18

499

USD 69,588

$

66,042,650

$

(3,545,006)

SPI 200 Index

Buy

6/21/18

151

AUD 16,990

16,955,424

(34,392)

Stoxx Europe 600

Index

Sell

6/15/18

3,928

EUR 87,934

90,362,775

(2,428,300)

United States

Treasury Nts., 5 yr.

Buy

6/29/18

289

USD 32,985

32,803,758

(181,079)

United States Ultra

Bonds

Buy

6/20/18

104

USD 16,130

16,341,000

211,066

$

(6,686,748)

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

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

Description

Counter -party

Exercise Price

Expiration Date

Number of Contracts (000’s)

Notional Amount (000’s)

Premiums Received

Value

MXN

MXN

MXN Currency Put

JPM

20.200

8/2/18

(44,945)

MXN 2,020,000

$

25,737

$

(23,686)

ZAR

ZAR

ZAR Currency Call

JPM

12.000

8/1/18

(21,770)

ZAR 1,200,000

11,954

(12,235)

Total Over-the-Counter Options Written

$

37,691

$

(35,921)

Centrally Cleared Interest Rate Swaps at April 30, 2018
Counter- party	Pay/Receive Floating Rate		Floating Rate		Fixed Rate		Maturity Date		Notional Amount (000’s)		Premiums Received / (Paid)		Value			Unrealized Appreciation/ (Depreciation)
BAC		Pay		BP0006M		1.677%		2/12/28		GBP 74,070	$	—	$	1,405,244		$	1,405,244
				Three-Month SEK						SEK
BAC		Pay		STIBOR SIDE		1.471		2/14/28		1,019,560		—		3,112,533			3,112,533
				MXN TIIE
BNP		Pay		BANXICO		7.380		3/29/23		MXN 80,850		—		(21,931	)		(21,931)
				Three-Month ZAR
CITNA-B		Pay		JIBAR SAFEX		8.590		1/23/28		ZAR 24,790		—		11,410			11,410
CITNA-B		Pay		SORF6M		2.675		4/25/28		SGD 535		—		565			565
				MXN TIIE
CITNA-B		Pay		BANXICO		7.920		9/13/18		MXN 139,475		—		671			671
CITNA-B		Receive		SORF6M		2.000		4/25/20		SGD 2,410		—		(730	)		(730)
DEU		Receive		BZDI		7.980		1/4/21		BRL 6,100		—		(952	)		(952)
				Six-Month PLN
GSCOI		Receive		WIBOR WIBO		2.580		2/6/23		PLN 13,850		—		47,707			47,707
				MXN TIIE
GSCOI		Pay		BANXICO		7.350		3/11/22		MXN 41,358		—		(11,208	)		(11,208)
				Three-Month ZAR
GSCOI		Pay		JIBAR SAFEX		7.600		2/21/28		ZAR 7,325		—		(3,945	)		(3,945)
				MXN TIIE
JPM		Receive		BANXICO		8.040		2/11/28		MXN 24,850		—		(25,110	)		(25,110)
				Three-Month USD
JPM		Receive		BBA LIBOR		2.118		3/20/22		USD 1,965		—		54,819			54,819

35        OPPENHEIMER GLOBAL ALLOCATION FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

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)
JPM		Pay		BZDI		9.480%		7/1/20		BRL 78,400	$	—	$	20,647		$	20,647
				MXN TIIE
JPM		Pay		BANXICO		7.895		2/21/20		MXN 94,100		—		17,657			17,657
JPM		Pay		BZDI		10.500		7/1/20		BRL 58,285		—		76,396			76,396
JPM		Pay		BZDI		8.840		1/4/21		BRL 19,130		—		138,509			138,509
JPM		Receive		BZDI		9.395		1/2/23		BRL 7,075		—		(30,609	)		(30,609)
JPM		Receive		BZDI		7.535		1/2/19		BRL 20,580		—		(60,510	)		(60,510)
JPM		Receive		EUR006M		1.161		2/14/28		EUR 132,135		—		(3,282,184	)		(3,282,184)
				Three-Month ZAR
JPM		Pay		JIBAR SAFEX		7.930		1/9/28		ZAR 10,895		—		14,375			14,375
				MXN TIIE
UBS		Pay		BANXICO		6.860		7/21/22		MXN 32,600		—		(41,274	)		(41,274)
UBS		Receive		BBSW6M		3.063		2/13/28		AUD 159,395		—		(2,002,463	)		(2,002,463)
Total Centrally Cleared Interest Rate Swaps											$	—	$	(580,383	)	$	(580,383)

Over-the-Counter Interest Rate Swaps at April 30, 2018
Counter- party	Pay/Receive Floating Rate		Floating Rate		Fixed Rate			Maturity Date		Notional Amount (000’s)		Premiums Received / (Paid)		Value			Unrealized Appreciation/ (Depreciation)
				Six-Month INR
				FBIL MIBOR OIS
BOA		Pay		Compound		6.250	%		9/29/22		INR 93,800	$	—	$	(27,461	)	$	(27,461)
				Six-Month INR
				FBIL MIBOR OIS
BOA		Pay		Compound		6.290			9/28/22		INR 199,500		—		(53,722	)		(53,722)
				Six-Month INR
				FBIL MIBOR OIS
BOA		Receive		Compound		6.705			3/8/23		INR 93,110		—		11,566			11,566
BOA		Pay		NSERO		6.700			3/8/20		INR 407,275		—		(6,812	)		(6,812)
				Six-Month INR
				FBIL MIBOR OIS
BOA		Pay		Compound		6.350			6/5/22		INR 247,500		—		(48,056	)		(48,056)
				Three-Month
				MYR KLIBOR
BOA		Pay		BNM		3.470			10/27/21		MYR 17,050		—		(61,242	)		(61,242)
				Three-Month
				MYR KLIBOR
BOA		Pay		BNM		3.290			10/27/18		MYR 10,430		—		(5,712	)		(5,712)
				Three-Month
				COP IBR OIS							COP
GSCOI		Pay		Compound		5.175			4/20/20		9,387,500		—		52,475			52,475
JPM		Pay		BZDI		10.130			7/1/19		BRL 35,205		—		136,655			136,655
				Three-Month
				COP IBR OIS							COP
JPM		Pay		Compound		5.700			3/8/19		14,175,000		—		81,235			81,235
Total Over-the-Counter Interest Rate Swaps												$	—	$	78,926		$	78,926

36        OPPENHEIMER GLOBAL ALLOCATION FUND

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 18,280

$

10,054

$

(368)

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
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	Ghana 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

37        OPPENHEIMER GLOBAL ALLOCATION FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

Currency abbreviations indicate amounts reporting in currencies (Continued)
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
BZDI	Brazil Interbank Deposit Rate
EUR006M	EURIBOR 6 Month ACT/360
EURIBOR	Euro Interbak Offered Rate
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
KOSPI200	Korean Stock Exchange Capitalization - weighted Index made up of 200 Korean Stocks.
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
WIBOR WIBO	Poland Warsaw Interbank Offer Bid Rate
See accompanying Notes to Consolidated Financial Statements.

38        OPPENHEIMER GLOBAL ALLOCATION FUND

CONSOLIDATED STATEMENT OF    

ASSETS AND LIABILITIES April 30, 2018 Unaudited

Assets
Investments, at value—see accompanying consolidated statement of investments:
Unaffiliated companies (cost $1,340,515,115)	$	1,435,354,144
Affiliated companies (cost $186,141,457)		179,653,959
		1,615,008,103
Cash		2,176,707
Cash used for collateral on futures		1,555,000
Cash used for collateral on centrally cleared swaps		5,422,417
Unrealized appreciation on forward currency exchange contracts		23,853,865
Swaps, at value		281,931
Centrally cleared swaps, at value		4,900,533
Receivables and other assets:
Interest and dividends		5,914,831
Investments sold		5,593,735
Shares of beneficial interest sold		830,485
Variation margin receivable		398,952
Other		414,812
Total assets		1,666,351,371
Liabilities
Bank overdraft-foreign		1,021,219
Unrealized depreciation on forward currency exchange contracts		20,638,288
Options written, at value (premiums received $37,691)		35,921
Swaps, at value		203,005
Centrally cleared swaps, at value		5,480,916
Swaptions written, at value (premiums received $10,054)		368
Payables and other liabilities:
Investments purchased		10,096,409
Shares of beneficial interest redeemed		968,200
Variation margin payable		948,651
Trustees’ compensation		434,987
Distribution and service plan fees		300,612
Foreign capital gains tax		232,003
Shareholder communications		11,721
Other		169,874
Total liabilities		40,542,174
Net Assets	$	1,625,809,197
Composition of Net Assets
Par value of shares of beneficial interest	$	839,700
Additional paid-in capital		1,496,248,605
Accumulated net investment loss		(1,454,312)
Accumulated net realized gain on investments and foreign currency transactions		45,375,665
Net unrealized appreciation on investments and translation of assets and liabilities denominated in foreign currencies		84,799,539
Net Assets	$	1,625,809,197

39        OPPENHEIMER GLOBAL ALLOCATION 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 $1,169,457,244 and 59,943,637 shares of beneficial interest outstanding)	$	19.51
Maximum offering price per share (net asset value plus sales charge of 5.75% of offering price)	$	20.70
Class B Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $1,425,439 and 76,581 shares of beneficial interest outstanding)	$	18.61
Class C Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $240,327,446 and 12,896,198 shares of beneficial interest outstanding)	$	18.64
Class I Shares:
Net asset value, redemption price and offering price per share (based on net assets of $33,364,117 and 1,710,924 shares of beneficial interest outstanding)	$	19.50
Class R Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $44,300,718 and 2,316,379 shares of beneficial interest outstanding)	$	19.12
Class Y Shares:
Net asset value, redemption price and offering price per share (based on net assets of $136,934,233 and 7,026,261 shares of beneficial interest outstanding)	$	19.49

See accompanying Notes to Consolidated Financial Statements.

40        OPPENHEIMER GLOBAL ALLOCATION FUND

CONSOLIDATED STATEMENT OF    

OPERATIONS For the Six Months Ended April 30, 2018 Unaudited

Allocation of Income and Expenses from Master Funds1
Net investment income allocated from Oppenheimer Master Event-Linked Bond Fund, LLC:
Interest	$	3,056,784
Dividends		45,947
Net expenses		(193,595)
Net investment income allocated from Oppenheimer Master Event-Linked Bond Fund, LLC		2,909,136
Net investment income allocated from Oppenheimer Master Loan Fund, LLC:
Interest		420,670
Dividends		5,669
Net expenses		(18,381)
Net investment income allocated from Oppenheimer Master Loan Fund, LLC		407,958
Total allocation of net investment income from master funds		3,317,094
Investment Income
Interest (net of foreign withholding taxes of $95,461)		4,516,430
Dividends:
Unaffiliated companies (net of foreign withholding taxes of $851,560)		8,370,130
Affiliated companies		1,132,274
Total investment income		14,018,834
Expenses
Management fees		6,555,612
Distribution and service plan fees:
Class A		1,434,060
Class B		20,014
Class C		1,199,297
Class R		107,390
Transfer and shareholder servicing agent fees:
Class A		1,209,147
Class B		4,188
Class C		244,930
Class I		4,664
Class R		44,562
Class Y		137,284
Shareholder communications:
Class A		29,044
Class B		1,556
Class C		4,649
Class I		118
Class R		764
Class Y		1,143
Custodian fees and expenses		130,296
Borrowing fees		29,378
Trustees’ compensation		18,619
Other		159,959
Total expenses		11,336,674

41        OPPENHEIMER GLOBAL ALLOCATION FUND

CONSOLIDATED STATEMENT OF

OPERATIONS Unaudited / Continued

Expenses (Continued)
Less reduction to custodian expenses	$	(705	)
Less waivers and reimbursements of expenses		(487,074	)
Net expenses		10,848,895
Net Investment Income		6,487,033
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions in:
Unaffiliated companies		51,597,628
Affiliated companies		454,668
Option contracts written		121,906
Futures contracts		4,439,544
Foreign currency transactions		352,822
Forward currency exchange contracts		(14,995,315	)
Swap contracts		(2,052,897	)
Swaption contracts written		19,602
Net realized gain (loss) allocated from:
Oppenheimer Master Event-Linked Bond Fund, LLC		(693,643	)
Oppenheimer Master Loan Fund, LLC		(838,598	)
Net realized gain		38,405,717
Net change in unrealized appreciation/depreciation on:
Investment transactions in:
Unaffiliated companies		(41,368,455	)
Affiliated companies		(1,036,373	)
Translation of assets and liabilities denominated in foreign currencies		(90,160	)
Forward currency exchange contracts		3,482,924
Futures contracts		(4,839,631	)
Option contracts written		(1,777	)
Swap contracts		(436,121	)
Swaption contracts written		9,680
Net change in unrealized appreciation/depreciation allocated from:
Oppenheimer Master Event-Linked Bond Fund, LLC		1,232,593
Oppenheimer Master Loan Fund, LLC		85,021
Net change in unrealized appreciation/depreciation		(42,962,299	)
Net Increase in Net Assets Resulting from Operations	$	1,930,451

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

See accompanying Notes to Consolidated Financial Statements.

42        OPPENHEIMER GLOBAL ALLOCATION FUND

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended April 30, 2018 (Unaudited)			Year Ended October 31, 2017
Operations
Net investment income	$	6,487,033		$	21,764,631
Net realized gain		38,405,717			100,694,996
Net change in unrealized appreciation/depreciation		(42,962,299	)		62,492,163
Net increase in net assets resulting from operations		1,930,451			184,951,790
Dividends and/or Distributions to Shareholders
Dividends from net investment income:
Class A		(155,726	)		(31,957,138	)
Class B		—			(409,300	)
Class C		—			(6,145,060	)
Class I		(71,643	)		(744,944	)
Class R		—			(1,026,798	)
Class Y		(214,639	)		(2,079,058	)
		(442,008	)		(42,362,298	)
Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions:
Class A		(25,640,945	)		(53,432,818	)
Class B		(5,904,277	)		(12,049,760	)
Class C		3,834,014			(22,478,232	)
Class I		5,237,852			2,304,081
Class R		1,443,734			1,975,345
Class Y		15,938,227			52,486,258
		(5,091,395	)		(31,195,126	)
Net Assets
Total increase (decrease)		(3,602,952	)		111,394,366
Beginning of period		1,629,412,149			1,518,017,783
End of period (including accumulated net investment loss of $1,454,312 and $7,499,337, respectively)	$	1,625,809,197		$	1,629,412,149

See accompanying Notes to Consolidated Financial Statements.

43        OPPENHEIMER GLOBAL ALLOCATION FUND

CONSOLIDATED FINANCIAL HIGHLIGHTS

Class A	Six Months Ended April 30, 2018 (Unaudited)		Year Ended October 31, 2017		Year Ended October 31, 2016		Year Ended October 30, 20151		Year Ended October 31, 2014		Year Ended October 31, 2013
Per Share Operating Data
Net asset value, beginning of period		$19.48		$17.77		$17.58		$17.43		$17.27		$14.70
Income (loss) from investment operations:
Net investment income2		0.09		0.28		0.23		0.24		0.27		0.34
Net realized and unrealized gain (loss)		(0.06)		1.94		0.23		0.15		0.21		2.41
Total from investment operations		0.03		2.22		0.46		0.39		0.48		2.75
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.00)3		(0.51)		(0.27)		(0.24)		(0.32)		(0.18)
Net asset value, end of period		$19.51		$19.48		$17.77		$17.58		$17.43		$17.27
Total Return, at Net Asset Value4		0.17%		12.84%		2.72%		2.26%		2.85%		18.81%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$1,169,457		$1,193,012		$1,139,315		$1,203,181		$1,279,187		$1,369,331
Average net assets (in thousands)		$1,198,903		$1,157,102		$1,150,095		$1,247,197		$1,336,323		$1,327,442
Ratios to average net assets:5,6
Net investment income		0.88%		1.51%		1.33%		1.39%		1.58%		2.11%
Expenses excluding specific expenses listed below		1.31%		1.34%		1.34%		1.33%		1.37%		1.43%
Interest and fees from borrowings		0.00%7		0.00%7		0.00%7		0.00%7		0.00%		0.00%
Total expenses8		1.31%		1.34%		1.34%		1.33%		1.37%		1.43%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.25%		1.27%		1.28%		1.28%		1.30%		1.35%
Portfolio turnover rate		58%		40%		84%		83%		43%		37%

44        OPPENHEIMER GLOBAL ALLOCATION FUND

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

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

3. Less than $0.005 per share.

4. 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.

5. Annualized for periods less than one full year.

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

7. Less than 0.005%.

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	1.35	%
Year Ended October 30, 2015	1.33	%
Year Ended October 31, 2014	1.38	%
Year Ended October 31, 2013	1.44	%

See accompanying Notes to Consolidated Financial Statements.

45        OPPENHEIMER GLOBAL ALLOCATION FUND

CONSOLIDATED FINANCIAL HIGHLIGHTS Continued

Class B	Six Months Ended April 30, 2018 (Unaudited)		Year Ended October 31, 2017		Year Ended October 31, 2016		Year Ended October 30, 20151		Year Ended October 31, 2014		Year Ended October 31, 2013
Per Share Operating Data
Net asset value, beginning of period		$18.67		$17.12		$16.99		$16.86		$16.76		$14.30
Income (loss) from investment operations:
Net investment income (loss)2		(0.01)		0.13		0.09		0.11		0.13		0.19
Net realized and unrealized gain (loss)		(0.05)		1.86		0.23		0.14		0.21		2.34
Total from investment operations		(0.06)		1.99		0.32		0.25		0.34		2.53
Dividends and/or distributions to shareholders:
Dividends from net investment income		0.00		(0.44)		(0.19)		(0.12)		(0.24)		(0.07)
Net asset value, end of period		$18.61		$18.67		$17.12		$16.99		$16.86		$16.76
Total Return, at Net Asset Value3		(0.32)%		11.95%		1.99%		1.45%		2.05%		17.72%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$1,425		$7,272		$18,396		$33,478		$56,317		$84,161
Average net assets (in thousands)		$4,020		$11,960		$24,510		$42,919		$69,381		$91,497
Ratios to average net assets:4,5
Net investment income (loss)		(0.12)%		0.76%		0.54%		0.63%		0.79%		1.24%
Expenses excluding specific expenses listed below		2.16%		2.12%		2.12%		2.08%		2.21%		2.42%
Interest and fees from borrowings		0.00%6		0.00%6		0.00%6		0.00%6		0.00%		0.00%
Total expenses7		2.16%		2.12%		2.12%		2.08%		2.21%		2.42%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		2.10%		2.05%		2.06%		2.03%		2.09%		2.22%
Portfolio turnover rate		58%		40%		84%		83%		43%		37%

46        OPPENHEIMER GLOBAL ALLOCATION FUND

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

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

3. 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.

4. Annualized for periods less than one full year.

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

6. Less than 0.005%.

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

Six Months Ended April 30, 2018	2.18	%
Year Ended October 31, 2017	2.14	%
Year Ended October 31, 2016	2.13	%
Year Ended October 30, 2015	2.08	%
Year Ended October 31, 2014	2.22	%
Year Ended October 31, 2013	2.43	%

See accompanying Notes to Consolidated Financial Statements.

47        OPPENHEIMER GLOBAL ALLOCATION FUND

CONSOLIDATED FINANCIAL HIGHLIGHTS Continued

Class C	Six Months Ended April 30, 2018 (Unaudited)		Year Ended October 31, 2017		Year Ended October 31, 2016		Year Ended October 30, 20151		Year Ended October 31, 2014		Year Ended October 31, 2013
Per Share Operating Data
Net asset value, beginning of period		$18.67		$17.13		$17.00		$16.88		$16.78		$14.31
Income (loss) from investment operations:
Net investment income2		0.01		0.14		0.10		0.11		0.14		0.22
Net realized and unrealized gain (loss)		(0.04)		1.85		0.23		0.14		0.21		2.33
Total from investment operations		(0.03)		1.99		0.33		0.25		0.35		2.55
Dividends and/or distributions to shareholders:
Dividends from net investment income		0.00		(0.45)		(0.20)		(0.13)		(0.25)		(0.08)
Net asset value, end of period		$18.64		$18.67		$17.13		$17.00		$16.88		$16.78
Total Return, at Net Asset Value3		(0.21)%		11.99%		1.97%		1.50%		2.10%		17.90%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$240,328		$237,072		$238,771		$247,445		$262,594		$281,444
Average net assets (in thousands)		$243,062		$236,259		$240,948		$256,637		$275,145		$273,813
Ratios to average net assets:4,5
Net investment income		0.13%		0.77%		0.58%		0.64%		0.83%		1.39%
Expenses excluding specific expenses listed below		2.07%		2.09%		2.09%		2.08%		2.12%		2.14%
Interest and fees from borrowings		0.00%6		0.00%6		0.00%6		0.00%6		0.00%		0.00%
Total expenses7		2.07%		2.09%		2.09%		2.08%		2.12%		2.14%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		2.01%		2.02%		2.03%		2.03%		2.05%		2.06%
Portfolio turnover rate		58%		40%		84%		83%		43%		37%

48        OPPENHEIMER GLOBAL ALLOCATION FUND

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

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

3. 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.

4. Annualized for periods less than one full year.

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

6. Less than 0.005%.

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

Six Months Ended April 30, 2018	2.09	%
Year Ended October 31, 2017	2.11	%
Year Ended October 31, 2016	2.10	%
Year Ended October 30, 2015	2.08	%
Year Ended October 31, 2014	2.13	%
Year Ended October 31, 2013	2.15	%

See accompanying Notes to Consolidated Financial Statements.

49        OPPENHEIMER GLOBAL ALLOCATION FUND

CONSOLIDATED FINANCIAL HIGHLIGHTS Continued

Class I	Six Months Ended April 30, 2018 (Unaudited)		Year Ended October 31, 2017		Year Ended October 31, 2016		Year Ended October 30, 20151		Year Ended October 31, 2014		Year Ended October 31, 2013
Per Share Operating Data
Net asset value, beginning of period		$19.48		$17.75		$17.56		$17.41		$17.25		$14.69
Income (loss) from investment operations:
Net investment income2		0.13		0.36		0.29		0.31		0.32		0.34
Net realized and unrealized gain (loss)		(0.06)		1.93		0.25		0.16		0.24		2.48
Total from investment operations		0.07		2.29		0.54		0.47		0.56		2.82
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.05)		(0.56)		(0.35)		(0.32)		(0.40)		(0.26)
Net asset value, end of period		$19.50		$19.48		$17.75		$17.56		$17.41		$17.25
Total Return, at Net Asset Value3		0.34%		13.33%		3.18%		2.71%		3.32%		19.35%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$33,364		$28,163		$23,444		$747		$3,031		$775
Average net assets (in thousands)		$31,397		$25,390		$9,808		$877		$1,075		$147
Ratios to average net assets:4,5
Net investment income		1.31%		1.93%		1.66%		1.74%		1.90%		2.01%
Expenses excluding specific expenses listed below		0.89%		0.90%		0.85%		0.88%		0.94%		0.92%
Interest and fees from borrowings		0.00%6		0.00%6		0.00%6		0.00%6		0.00%		0.00%
Total expenses7		0.89%		0.90%		0.85%		0.88%		0.94%		0.92%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.84%		0.84%		0.79%		0.83%		0.87%		0.84%
Portfolio turnover rate		58%		40%		84%		83%		43%		37%

50        OPPENHEIMER GLOBAL ALLOCATION FUND

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

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

3. 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.

4. Annualized for periods less than one full year.

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

6. Less than 0.005%.

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

Six Months Ended April 30, 2018	0.91	%
Year Ended October 31, 2017	0.92	%
Year Ended October 31, 2016	0.86	%
Year Ended October 30, 2015	0.88	%
Year Ended October 31, 2014	0.95	%
Year Ended October 31, 2013	0.93	%

See accompanying Notes to Consolidated Financial Statements.

51        OPPENHEIMER GLOBAL ALLOCATION FUND

CONSOLIDATED FINANCIAL HIGHLIGHTS Continued

Class R	Six Months Ended April 30, 2018 (Unaudited)		Year Ended October 31, 2017		Year Ended October 31, 2016		Year Ended October 30, 20151		Year Ended October 31, 2014		Year Ended October 31, 2013
Per Share Operating Data
Net asset value, beginning of period		$19.12		$17.47		$17.29		$17.15		$17.01		$14.48
Income (loss) from investment operations:
Net investment income2		0.06		0.23		0.18		0.20		0.23		0.29
Net realized and unrealized gain (loss)		(0.06)		1.90		0.24		0.14		0.20		2.38
Total from investment operations		0.00		2.13		0.42		0.34		0.43		2.67
Dividends and/or distributions to shareholders:
Dividends from net investment income		0.00		(0.48)		(0.24)		(0.20)		(0.29)		(0.14)
Net asset value, end of period		$19.12		$19.12		$17.47		$17.29		$17.15		$17.01
Total Return, at Net Asset Value3		0.00%		12.55%		2.51%		1.98%		2.56%		18.52%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$44,301		$42,854		$37,321		$36,537		$39,483		$43,683
Average net assets (in thousands)		$44,235		$39,052		$36,498		$38,398		$42,159		$44,174
Ratios to average net assets:4,5
Net investment income		0.64%		1.26%		1.09%		1.14%		1.33%		1.86%
Expenses excluding specific expenses listed below		1.56%		1.59%		1.59%		1.58%		1.63%		1.68%
Interest and fees from borrowings		0.00%6		0.00%6		0.00%6		0.00%6		0.00%		0.00%
Total expenses7		1.56%		1.59%		1.59%		1.58%		1.63%		1.68%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.50%		1.52%		1.53%		1.53%		1.56%		1.60%
Portfolio turnover rate		58%		40%		84%		83%		43%		37%

52        OPPENHEIMER GLOBAL ALLOCATION FUND

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

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

3. 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.

4. Annualized for periods less than one full year.

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

6. Less than 0.005%.

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

Six Months Ended April 30, 2018	1.58	%
Year Ended October 31, 2017	1.61	%
Year Ended October 31, 2016	1.60	%
Year Ended October 30, 2015	1.58	%
Year Ended October 31, 2014	1.64	%
Year Ended October 31, 2013	1.69	%

See accompanying Notes to Consolidated Financial Statements.

53        OPPENHEIMER GLOBAL ALLOCATION FUND

CONSOLIDATED FINANCIAL HIGHLIGHTS Continued

Class Y	Six Months Ended April 30, 2018 (Unaudited)		Year Ended October 31, 2017		Year Ended October 31, 2016		Year Ended October 30, 20151		Year Ended October 31, 2014		Year Ended October 31, 2013
Per Share Operating Data
Net asset value, beginning of period		$19.47		$17.75		$17.56		$17.42		$17.26		$14.69
Income (loss) from investment operations:
Net investment income2		0.11		0.32		0.28		0.29		0.32		0.40
Net realized and unrealized gain (loss)		(0.06)		1.94		0.23		0.14		0.22		2.41
Total from investment operations		0.05		2.26		0.51		0.43		0.54		2.81
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.03)		(0.54)		(0.32)		(0.29)		(0.38)		(0.24)
Net asset value, end of period		$19.49		$19.47		$17.75		$17.56		$17.42		$17.26
Total Return, at Net Asset Value3		0.26%		13.13%		2.97%		2.47%		3.17%		19.26%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$136,934		$121,039		$60,771		$45,698		$40,652		$37,264
Average net assets (in thousands)		$136,654		$82,959		$52,148		$42,596		$39,075		$33,958
Ratios to average net assets:4,5
Net investment income		1.14%		1.72%		1.63%		1.63%		1.86%		2.47%
Expenses excluding specific expenses listed below		1.07%		1.10%		1.09%		1.08%		1.09%		1.06%
Interest and fees from borrowings		0.00%6		0.00%6		0.00%6		0.00%6		0.00%		0.00%
Total expenses7		1.07%		1.10%		1.09%		1.08%		1.09%		1.06%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.01%		1.03%		1.03%		1.03%		1.02%		0.98%
Portfolio turnover rate		58%		40%		84%		83%		43%		37%

54        OPPENHEIMER GLOBAL ALLOCATION FUND

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

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

3. 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.

4. Annualized for periods less than one full year.

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

6. Less than 0.005%.

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

Six Months Ended April 30, 2018	1.09	%
Year Ended October 31, 2017	1.12	%
Year Ended October 31, 2016	1.10	%
Year Ended October 30, 2015	1.08	%
Year Ended October 31, 2014	1.10	%
Year Ended October 31, 2013	1.07	%

See accompanying Notes to Consolidated Financial Statements.

55        OPPENHEIMER GLOBAL ALLOCATION FUND

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS April 30, 2018 Unaudited

1. Organization

Oppenheimer Global Allocation Fund (the “Fund”), a series of Oppenheimer Quest for Value Funds, is registered under the Investment Company Act of 1940 (“1940 Act”), as amended, as a diversified open-end management investment company. The Fund’s investment objective is to seek total return. 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 Fund offers Class A, Class C, Class I, Class R and Class Y shares, and previously offered Class B shares for new purchase through June 29, 2012. Subsequent to that date, no new purchases of Class B shares are permitted, however reinvestment of dividend and/or capital gain distributions and exchanges of Class B shares into and from other Oppenheimer funds are allowed. Class B shares automatically converted to Class A shares 72 months after the date of purchase. Effective June 1, 2018, all Class B shares converted to Class A 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, and Class B shares were 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, B, 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 Allocation 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 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 Fund applies its investment restrictions and compliance policies and procedures, on a look-through basis, to the Subsidiary.

56        OPPENHEIMER GLOBAL ALLOCATION FUND

2. Significant Accounting Policies (Continued)

The financial statements have been consolidated and include accounts of the Fund and the Subsidiary. Accordingly, all inter-company transactions and balances have been eliminated. At period end, the Fund owned 6,101 shares with net assets of $35,631,928 in the Subsidiary.

Other financial information at period end:

Total market value of investments	$	32,755,573
Net assets	$	35,631,928
Net income (loss)	$	(30,458)
Net realized gain (loss)	$	2,174,595
Net change in unrealized appreciation/depreciation	$	1,198,896

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 distributions, if any, are declared and paid quarterly. Capital gain distributions, if any, are declared and paid annually or at other times as determined necessary by the Manager.

57        OPPENHEIMER GLOBAL ALLOCATION FUND

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS Unaudited / Continued

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.

58        OPPENHEIMER GLOBAL ALLOCATION FUND

2. Significant Accounting Policies (Continued)

Federal Taxes. The Fund intends to comply with provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its investment company taxable income to shareholders. Therefore, no federal income or excise tax provision is required. The Fund files income tax returns in U.S. federal and applicable state jurisdictions. The statute of limitations on the Fund’s tax return filings generally remains open for the three preceding fiscal reporting period ends. The Fund has analyzed its tax positions for the fiscal year ended October 31, 2017, 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 $111,062,368 of capital loss carryforwards to offset capital gains realized in that fiscal year. Capital loss carryforwards with no expiration, if any, must be utilized prior to those with expiration dates. Capital losses with no expiration will be carried forward to future years if not offset by gains.

At period end, it is estimated that the capital loss carryforwards would be 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 not utilize any capital loss carryforward to offset realized capital gains.

Net investment income (loss) and net realized gain (loss) may differ for financial statement 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.

59        OPPENHEIMER GLOBAL ALLOCATION FUND

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS Unaudited / Continued

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	$	1,528,265,371
Federal tax cost of other investments		80,887,270
Total federal tax cost	$	1,609,152,641
Gross unrealized appreciation	$	191,235,491
Gross unrealized depreciation		(108,044,751)
Net unrealized appreciation	$	83,190,740

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

60        OPPENHEIMER GLOBAL ALLOCATION FUND

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

61        OPPENHEIMER GLOBAL ALLOCATION FUND

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS Unaudited / Continued

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.

To assess the continuing appropriateness of security valuations, the Manager regularly compares prior day prices and sale prices to the current day prices and challenges those prices exceeding certain tolerance levels with the third party pricing service or broker source. For those securities valued by fair valuations, whether through a standardized fair valuation methodology or a fair valuation determination, the Valuation Committee reviews and affirms the reasonableness of the valuations based on such methodologies and fair valuation determinations on a regular basis after considering all relevant information that is reasonably available.

Classifications

Each investment asset or liability of the Fund is assigned a level at measurement date based on the significance and source of the inputs to its valuation. Various data inputs may be used in determining the value of each of the Fund’s investments as of the reporting period end.

These data inputs are categorized in the following hierarchy under applicable financial accounting standards:

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

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

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

The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities.

The Fund classifies each of its investments in investment companies which are publicly offered as Level 1. Investment companies that are not publicly offered, if any, are classified as Level 2 in the fair value hierarchy.

The table below categorizes amounts that are included in the Fund’s Consolidated Statement of Assets and Liabilities at period end based on valuation input level:

62        OPPENHEIMER GLOBAL ALLOCATION FUND

3. Securities Valuation (Continued)

	Level 1— Unadjusted Quoted Prices			Level 2— Other Significant Observable Inputs			Level 3— Significant Unobservable Inputs		Value
Assets Table
Investments, at Value:
Common Stocks
Consumer Discretionary	$	78,358,880		$	106,646,715		$	—	$	185,005,595
Consumer Staples		36,759,943			49,342,974			—		86,102,917
Energy		27,221,254			20,025,533			—		47,246,787
Financials		92,587,034			72,211,825			—		164,798,859
Health Care		66,099,772			32,793,316			—		98,893,088
Industrials		41,175,642			71,422,112			—		112,597,754
Information Technology		119,864,359			100,535,701			—		220,400,060
Materials		18,146,895			24,576,186			348		42,723,429
Telecommunication Services		7,408,126			10,905,461			—		18,313,587
Utilities		9,208,789			4,239,659			—		13,448,448
Preferred Stocks		1,507,252			—			—		1,507,252
U.S. Government Obligations		—			100,463,307			—		100,463,307
Foreign Government Obligations		—			307,903,417			—		307,903,417
Non-Convertible Corporate Bond and Note		—			215,240			—		215,240
Over-the-Counter Option Purchased		—			20,316			—		20,316
Over-the-Counter Interest Rate
Swaption Purchased		—			5,245			—		5,245
Short-Term Notes		—			35,708,843			—		35,708,843
Investment Companies		15,583,445			164,070,514			—		179,653,959
Total Investments, at Value		513,921,391			1,101,086,364			348		1,615,008,103
Other Financial Instruments:
Swaps, at value		—			281,931			—		281,931
Centrally cleared swaps, at value		—			4,900,533			—		4,900,533
Futures contracts		1,408,244			—			—		1,408,244
Forward currency exchange contracts		—			23,853,865			—		23,853,865
Total Assets	$	515,329,635		$	1,130,122,693		$	348	$	1,645,452,676
Liabilities Table
Other Financial Instruments:
Swaps, at value	$	—		$	(203,005	)	$	—	$	(203,005	)
Centrally cleared swaps, at value		—			(5,480,916	)		—		(5,480,916	)
Options written, at value		—			(35,921	)		—		(35,921	)
Futures contracts		(8,094,992	)		—			—		(8,094,992	)
Forward currency exchange contracts		—			(20,638,288	)		—		(20,638,288	)
Swaptions written, at value		—			(368	)		—		(368	)
Total Liabilities	$	(8,094,992	)	$	(26,358,498	)	$	—	$	(34,453,490	)

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.

63        OPPENHEIMER GLOBAL ALLOCATION FUND

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS Unaudited / Continued

3. Securities Valuation (Continued)

The table below shows the transfers between Level 1 and Level 2. The Fund’s policy is to recognize transfers in and transfers out as of the beginning of the reporting period.

	Transfers into Level 1*		Transfers out of Level 1**			Transfers into Level 2**		Transfers out of    Level 2*
Assets Table Investments, at Value:
Common Stocks
Consumer
Discretionary	$	–	$	(3,420,264	)	$	3,420,264	$	–
Consumer
Staples		2,069,007		–			–		(2,069,007)
Financials		–		(1,915,088	)		1,915,088		–
Health Care		–		(614,347	)		614,347		–
Materials		–		(912,400	)		912,400		–
Total Assets	$	2,069,007	$	(6,862,099	)	$	6,862,099	$	(2,069,007)

* Transfers from Level 2 to Level 1 are a result of the availability of quoted prices from an active market which were not available and have become available.

** Transfers from Level 1 to Level 2 are a result of a change in pricing methodology to the use of a valuation 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

64        OPPENHEIMER GLOBAL ALLOCATION FUND

4. Investments and Risks (Continued)

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

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

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

Investment in Oppenheimer Master Funds. The Fund is permitted to invest in entities sponsored and/or advised by the Manager or an affiliate. Certain of these entities in which the Fund invests are mutual funds registered under the 1940 Act, as amended, that expect to be treated as partnerships for tax purposes, specifically Oppenheimer Master Loan Fund,

LLC (“Master Loan”) and Oppenheimer Master Event-Linked Bond Fund, LLC (“Master Event-Linked Bond”) (the “Master Funds”). Each Master Fund has its own investment risks, and those risks can affect the value of the Fund’s investments and therefore the value of the Fund’s shares. To the extent that the Fund invests more of its assets in one Master Fund than in another, the Fund will have greater exposure to the risks of that Master Fund.

The investment objective of Master Loan is to seek income. The investment objective of Master Event-Linked Bond is to seek total return. The Fund’s investments in the Master Funds are included in the Consolidated Statement of Investments. The Fund recognizes income and gain/(loss) on its investments in each Master Fund according to its allocated pro-rata share, based on its relative proportion of total outstanding Master Fund shares held, of the total net income earned and the net gain/(loss) realized on investments sold by the Master Funds. As a shareholder, the Fund is subject to its proportional share of the Master Funds’ expenses, including their management fee. The Manager will waive fees and/or reimburse Fund expenses in an amount equal to the indirect management fees incurred through the Fund’s investment in the Master Funds. The Fund owns 43.6% of Master Event-Linked Bond and no longer held Master Loan at period end.

65        OPPENHEIMER GLOBAL ALLOCATION FUND

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS Unaudited / Continued

4. Investments and Risks (Continued)

Master Limited Partnerships (“MLPs”). MLPs issue common units that represent an equity ownership interest in a partnership and provide limited voting rights. MLP common units are registered with the Securities and Exchange Commission (“SEC”), and are freely tradable on securities exchanges such as the NYSE and the NASDAQ Stock Market (“NASDAQ”), or in the over-the-counter (“OTC”) market. An MLP consists of one or more general partners, who conduct the business, and one or more limited partners, who contribute capital. MLP common unit holders have a limited role in the partnership’s operations and management. The Fund, as a limited partner, normally would not be liable for the debts of the MLP beyond the amounts the Fund has contributed, but would not be shielded to the same extent that a shareholder of a corporation would be. In certain circumstances creditors of an MLP would have the right to seek return of capital distributed to a limited partner. This right of an MLP’s creditors would continue after the Fund sold its investment in the MLP.

Equity Security Risk. Stocks and other equity securities fluctuate in price. The value of the

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

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.

5. Market Risk Factors

The Fund’s investments in securities and/or financial derivatives may expose the Fund to various market risk factors:

Commodity Risk. Commodity risk relates to the change in value of commodities or commodity indexes as they relate to increases or decreases in the commodities market. Commodities are physical assets that have tangible properties. Examples of these types of assets are crude oil, heating oil, metals, livestock, and agricultural products.

66        OPPENHEIMER GLOBAL ALLOCATION FUND

5. Market Risk Factors (Continued)

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 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

67        OPPENHEIMER GLOBAL ALLOCATION FUND

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS Unaudited / Continued

6. Use of Derivatives (Continued)

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 $708,953,294 and $1,070,960,135, respectively.

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

Futures Contracts

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

Upon entering into a futures contract, the Fund is required to deposit either cash or securities (initial margin) in an amount equal to a certain percentage of the contract value in an account registered in the futures commission merchant’s name. Subsequent payments (variation margin) are paid to or from the futures commission merchant each day equal to

68        OPPENHEIMER GLOBAL ALLOCATION FUND

6. Use of Derivatives (Continued)

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 $439,706,778 and $54,558,972 on futures contracts purchased and sold, respectively.

Additional associated risks of entering into futures contracts (and related options) include the possibility that there may be an illiquid market where the Fund is unable to liquidate the contract or enter into an offsetting position and, if used for hedging purposes, the risk that the price of the contract will correlate imperfectly with the prices of the Fund’s securities.

Option Activity

The Fund may buy and sell put and call options, or write put and call options. When an option is written, the Fund receives a premium and becomes obligated to sell or purchase the underlying security, currency or other underlying financial instrument at a fixed price, upon exercise of the option.

Options can be traded through an exchange or through a privately negotiated arrangement with a dealer in an OTC transaction. Options traded through an exchange are generally cleared through a clearinghouse (such as The Options Clearing Corporation). The difference between the premium received or paid, and market value of the option, is recorded as unrealized appreciation or depreciation. The net change in unrealized appreciation or depreciation is reported in the Consolidated Statement of Operations. When an option is exercised, the cost of the security purchased or the proceeds of the security sale are adjusted by the amount of premium received or paid. Upon the expiration or closing of the option transaction, a gain or loss is reported in the Consolidated Statement of Operations.

Foreign Currency Options. The Fund may purchase or write call and put options on currencies to increase or decrease exposure to foreign exchange rate risk. A purchased call, or written put option becomes more valuable as the price of the underlying financial instrument appreciates relative to the strike price. A purchased put, or written call option becomes more valuable as the price of the underlying financial instrument depreciates relative to the strike price.

69        OPPENHEIMER GLOBAL ALLOCATION FUND

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS Unaudited / Continued

6. Use of Derivatives (Continued)

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 $103,501 and $23,265 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 $11,672 and $12,109 on written call options and written put options, respectively.

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

Swap Contracts

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

Swap contracts are reported on a schedule following the Consolidated Statement of Investments. The values of centrally cleared swap and OTC swap contracts are aggregated

70        OPPENHEIMER GLOBAL ALLOCATION FUND

6. Use of Derivatives (Continued)

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 $161,904,586 and $181,137,296 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.

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.

71        OPPENHEIMER GLOBAL ALLOCATION FUND

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS Unaudited / Continued

6. Use of Derivatives (Continued)

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

The Fund may purchase swaptions which give it the option to enter into an interest rate swap in which it pays a floating or fixed interest rate and receives a fixed or floating interest rate in order to increase or decrease exposure to interest rate risk. Purchasing the fixed portion of this swaption becomes more valuable as the reference interest rate decreases relative to the preset interest rate. Purchasing the floating portion of this swaption becomes more valuable as the reference interest rate increases relative to the preset interest rate.

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 $6,537 and $12,058 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

72        OPPENHEIMER GLOBAL ALLOCATION FUND

6. Use of Derivatives (Continued)

in collateral accounts to cover their net payment obligations for those derivative contracts subject to ISDA master agreements. If the counterparty fails to perform under these contracts and agreements, the cash and/or securities will be made available to the Fund.

At period end, the Fund has required certain counterparties to post collateral of $4,653,500.

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

For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Consolidated Statement of Assets and Liabilities. Bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.

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

73        OPPENHEIMER GLOBAL ALLOCATION FUND

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS Unaudited / Continued

6. Use of Derivatives (Continued)

and cleared derivatives, including centrally cleared swaps. Brokers, futures commission merchants and clearinghouses can ask for margin in excess of the regulatory minimum, or increase the margin amount, in certain circumstances.

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

For financial reporting purposes, cash collateral that has been pledged to cover obligations of the Fund, if any, is reported separately on the Consolidated Statement of Assets and Liabilities as cash pledged as collateral. Non-cash collateral pledged by the Fund, if any, is noted in the Consolidated Statement of Investments. Generally, the amount of collateral due from or to a party must exceed a minimum transfer amount threshold (e.g. $250,000) before a transfer has to be made. To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance.

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

			Gross Amounts Not Offset in the Consolidated Statement of Assets & Liabilities
Counterparty	Gross Amounts Not Offset in the Consolidated Statement of Assets & Liabilities*		Financial Instruments Available for Offset			Financial Instruments Collateral Received**			Cash Collateral Received**			Net Amount
Bank of America NA	$	1,406,961	$	(1,406,961	)	$	–		$	–		$	–
Barclays Bank plc		3,576,973		(2,695,790	)		(287,500	)		–			593,683
Citibank NA		2,416,569		(2,247,476	)		–			–			169,093
Deutsche Bank AG		337,635		(337,635	)		–			–			–
Goldman Sachs Bank USA		37,465		(37,465	)		–			–			–
Goldman Sachs International		52,475		–			–			–			52,475
HSBC Bank USA NA		8,175,592		(1,891,445	)		–			(4,366,000	)		1,918,147
JPMorgan Chase Bank NA		6,648,993		(6,648,993	)		–			–			–
Toronto Dominion Bank		1,508,694		(1,508,694	)		–			–			–
	$	24,161,357	$	(16,774,459	)	$	(287,500	)	$	(4,366,000	)	$	2,733,398

*OTC derivatives are reported gross on the Consolidated Statement of Assets and Liabilities. Exchange traded options and margin related to centrally cleared swaps and futures, if any, are excluded from these reported amounts.

**Reported collateral posted for the benefit of the Fund within this table is limited to the net outstanding amount due from an individual counterparty. The collateral posted for the benefit of the Fund may exceed these amounts.

74        OPPENHEIMER GLOBAL ALLOCATION FUND

6. Use of Derivatives (Continued)

Consolidated

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

				Gross Amounts Not Offset in the Consolidated Statement of Assets & Liabilities
Counterparty	Gross Amounts Not Offset in the Consolidated Statement of Assets & Liabilities*			Financial Instruments Available for Offset		Financial Instruments Collateral Pledged**		Cash Collateral Pledged**		Net Amount
Bank of America NA	$	(3,549,122	)	$	1,406,961	$	1,837,256	$	–	$	(304,905)
Barclays Bank plc		(2,695,790	)		2,695,790		–		–		–
Citibank NA		(2,247,476	)		2,247,476		–		–		–
Deutsche Bank AG		(1,405,253	)		337,635		927,383		–		(140,235)
Goldman Sachs Bank USA		(124,597	)		37,465		–		–		(87,132)
HSBC Bank USA NA		(1,891,445	)		1,891,445		–		–		–
JPMorgan Chase Bank NA		(7,448,623	)		6,648,993		561,410		–		(238,220)
Toronto Dominion Bank		(1,515,276	)		1,508,694		6,582		–		–
	$	(20,877,582	)	$	16,774,459	$	3,332,631	$	–	$	(770,492)

*OTC derivatives are reported gross on the Consolidated Statement of Assets and Liabilities. Exchange traded options and margin related to centrally cleared swaps and futures, if any, are excluded from these reported amounts.

**Reported collateral pledged within this table is limited to the net outstanding amount due from the Fund. The securities pledged as collateral by the Fund as reported on the Consolidated Statement of Investments may exceed these amounts.

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

	Asset Derivatives				Liability Derivatives
Derivatives Not Accounted for as Hedging Instruments	Consolidated Statement of Assets and Liabilities Location	Value			Consolidated Statement of Assets and Liabilities Location	Value
Interest rate contracts	Swaps, at value	$	281,931		Swaps, at value	$	203,005
Interest rate contracts	Centrally cleared swaps, at value		4,900,533		Centrally cleared swaps, at value		5,480,916
Commodity contracts	Variation margin receivable		231,300	*
Equity contracts	Variation margin receivable		68,340	*	Variation margin payable		948,651	*
Interest rate contracts	Variation margin receivable		99,312	*
	Unrealized appreciation on				Unrealized depreciation on
Forward currency exchange contracts	foreign currency exchange contracts		23,853,865		foreign currency exchange contracts		20,638,288
Forward currency exchange contracts					Options written, at value		35,921
Interest rate contracts					Swaptions written, at value		368

75        OPPENHEIMER GLOBAL ALLOCATION FUND

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS Unaudited / Continued

6. Use of Derivatives (Continued)

	Asset Derivatives				Liability Derivatives
Derivatives Not Accounted for as Hedging Instruments	Consolidated Statement of Assets and Liabilities Location	Value			Consolidated Statement of Assets and Liabilities Location	Value
Forward currency exchange contracts	Investments, at value	$	20,316	**
Interest rate contracts	Investments, at value		5,245	**
Total		$	29,460,842			$	27,307,149

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

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

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

Amount of Realized Gain or (Loss) Recognized on Derivatives
Derivatives Not Accounted for as Hedging Instruments	Investment transactions in unaffiliated companies*			Swaption contracts written		Option contracts written		Futures contracts
Commodity contracts	$	—		$	—	$	—	$	2,174,595
Equity contracts		(23,200	)		—		—		4,523,692
Forward currency exchange contracts		(427,085	)		—		121,906		—
Interest rate contracts		—			19,602		—		(2,258,743	)
Total	$	(450,285	)	$	19,602	$	121,906	$	4,439,544

Amount of Realized Gain or (Loss) Recognized on Derivatives
Derivatives Not Accounted for as Hedging Instruments	Forward currency exchange contracts			Swap contracts			Total
Commodity contracts	$	—		$	—		$	2,174,595
Equity contracts		—			—			4,500,492
Forward currency exchange contracts		(14,995,315	)		—			(15,300,494)
Interest rate contracts		—			(2,052,897	)		(4,292,038)
Total	$	(14,995,315	)	$	(2,052,897	)	$	(12,917,445)

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

76        OPPENHEIMER GLOBAL ALLOCATION FUND

6. Use of Derivatives (Continued)

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	$	—		$	—	$	—		$	1,197,178
Equity contracts		—			—		—			(5,554,283)
Forward currency
exchange contracts		(8,022	)		—		(1,777	)		—
Interest rate contracts		(32,229	)		9,680		—			(482,526)
Total	$	(40,251	)	$	9,680	$	(1,777	)	$	(4,839,631)

Amount of Change in Unrealized Gain or (Loss) Recognized on Derivatives
Derivatives Not Accounted for as Hedging Instruments	Forward currency exchange contracts		Swap contracts			Total
Commodity contracts	$	—	$	—		$	1,197,178
Equity contracts		—		—			(5,554,283)
Forward currency
exchange contracts		3,482,924		—			3,473,125
Interest rate contracts		—		(436,121	)		(941,196)
Total	$	3,482,924	$	(436,121	)	$	(1,825,176)

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

7. Shares of Beneficial Interest

The Fund has authorized an unlimited number of $0.01 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		2,566,633		$	50,857,575			5,154,234		$	95,608,718
Dividends and/or
distributions reinvested		7,323			144,168			1,712,064			29,581,846
Redeemed		(3,872,528	)		(76,642,688	)		(9,731,041	)		(178,623,382)
Net decrease		(1,298,572	)	$	(25,640,945	)		(2,864,743	)	$	(53,432,818)
Class B
Sold		1,477		$	27,922			12,873		$	227,380
Dividends and/or
distributions reinvested		—			—			24,311			403,325
Redeemed		(314,426	)		(5,932,199	)		(722,308	)		(12,680,465)
Net decrease		(312,949	)	$	(5,904,277	)		(685,124	)	$	(12,049,760)

77        OPPENHEIMER GLOBAL ALLOCATION 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 C
Sold		1,314,761		$	24,933,225			1,750,056		$	31,150,274
Dividends and/or distributions reinvested		—			—			333,508			5,532,894
Redeemed		(1,113,256	)		(21,099,211	)		(3,329,805	)		(59,161,400)
Net increase (decrease)		201,505		$	3,834,014			(1,246,241	)	$	(22,478,232)
Class I
Sold		361,147		$	7,134,006			233,115		$	4,345,192
Dividends and/or distributions reinvested		3,642			71,612			42,957			744,567
Redeemed		(99,954	)		(1,967,766	)		(150,802	)		(2,785,678)
Net increase		264,835		$	5,237,852			125,270		$	2,304,081
Class R
Sold		348,601		$	6,772,144			619,381		$	11,315,722
Dividends and/or distributions reinvested		—			—			57,150			968,474
Redeemed		(273,833	)		(5,328,410	)		(571,515	)		(10,308,851)
Net increase		74,768		$	1,443,734			105,016		$	1,975,345
Class Y
Sold		2,319,089		$	45,733,325			4,104,270		$	76,565,697
Dividends and/or distributions reinvested		8,931			175,574			103,417			1,791,705
Redeemed		(1,519,957	)		(29,970,672	)		(1,413,141	)		(25,871,144)
Net increase		808,063		$	15,938,227			2,794,546		$	52,486,258

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	$	921,986,992	$	851,809,307
U.S. government and government agency obligations		49,429,355		—

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:

78        OPPENHEIMER GLOBAL ALLOCATION FUND

9. Fees and Other Transactions with Affiliates (Continued)

Fee Schedule
Up to $1.0 billion	0.80	%
Next $2.0 billion	0.76
Next $1.0 billion	0.71
Next $1.0 billion	0.66
Next $1.0 billion	0.60
Next $1.0 billion	0.55
Next $2.0 billion	0.50
Over $9.0 billion	0.48

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 0.78% 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.

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 has adopted an unfunded retirement plan (the “Plan”) for the Fund’s Independent Trustees. Benefits are based on years of service and fees paid to each Trustee during their period of service. The Plan was frozen with respect to adding new participants effective December 31, 2006 (the “Freeze Date”) and existing Plan Participants as of the Freeze Date will continue to receive accrued benefits under the Plan. Active Independent Trustees as of the Freeze Date have each elected a distribution method with respect to their benefits under the Plan.

79        OPPENHEIMER GLOBAL ALLOCATION FUND

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS Unaudited / Continued

9. Fees and Other Transactions with Affiliates (Continued)

During the reporting period, the Fund’s projected benefit obligations, payments to retired

Trustees and accumulated liability were as follows:

Projected Benefit Obligations Increased	$	1,186
Payments Made to Retired Trustees		93,412
Accumulated Liability as of April 30, 2018		213,758

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 Trustee 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 Trustee. The Fund purchases shares of the funds selected for deferral by the Trustee 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.

Distribution and Service Plan for Class A Shares. The Fund has adopted a Distribution and Service Plan (the “Plan”) for Class A shares pursuant to Rule 12b-1 under the 1940 Act. Under the Plan, the Fund pays a service fee to the Distributor at an annual rate of 0.25% of the daily net assets of Class A shares. The Distributor currently uses all of those fees to pay dealers, brokers, banks and other financial institutions periodically for providing personal services and maintenance of accounts of their customers that hold Class A shares. Under the Plan, the Fund may also pay an asset-based sales charge to the Distributor. However, the Fund’s Board has currently set the rate at zero. Fees incurred by the Fund under the Plan are detailed in the Consolidated Statement of Operations.

Distribution and Service Plans for Class B, Class C and Class R Shares. The Fund has adopted Distribution and Service Plans (the “Plans”) for Class B, 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 B and 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

80        OPPENHEIMER GLOBAL ALLOCATION FUND

9. Fees and Other Transactions with Affiliates (Continued)

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.

			Class A		Class B		Class C		Class R
	Class A		Contingent		Contingent		Contingent		Contingent
	Front-End		Deferred		Deferred		Deferred		Deferred
	Sales Charges		Sales Charges		Sales Charges		Sales Charges		Sales Charges
	Retained by		Retained by		Retained by		Retained by		Retained by
Six Months Ended	Distributor		Distributor		Distributor		Distributor		Distributor
April 30, 2018		$135,103		$—		$1,033		$5,830		$—

Waivers and Reimbursements of Expenses. 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 $108,291. 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	$29,947
Class B	151
Class C	5,984
Class R	1,087
Class Y	3,191

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 $338,423 for these management fees. This fee waiver and/or expense reimbursement may not be amended or withdrawn for one year from the date of the Fund’s prospectus, unless approved by the Board.

10. Borrowings and Other Financing

Joint Credit Facility. A number of mutual funds managed by the Manager participate in a

81        OPPENHEIMER GLOBAL ALLOCATION FUND

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS Unaudited / Continued

10. Borrowings and Other Financing (Continued)

$1.875 billion revolving credit facility (the “Facility”) intended to provide short-term financing, if necessary, subject to certain restrictions in connection with atypical redemption activity. Expenses and fees related to the Facility are paid by the participating funds and are disclosed separately or as other expenses on the Consolidated Statement of Operations. The Fund did not utilize the Facility during the reporting period.

82        OPPENHEIMER GLOBAL ALLOCATION FUND

PORTFOLIO PROXY VOTING POLICIES AND PROCEDURES;

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.

83        OPPENHEIMER GLOBAL ALLOCATION FUND

OPPENHEIMER GLOBAL ALLOCATION 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
	Arthur P. Steinmetz, Trustee, President and Principal Executive Officer
	Benjamin Rockmuller, Vice President
	Alessio de Longis, Vice President
	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	KPMG LLP
Public Accounting Firm
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.

84        OPPENHEIMER GLOBAL ALLOCATION FUND

PRIVACY NOTICE

As an Oppenheimer fund shareholder, you are entitled to know how we protect your personal information and how we limit its disclosure.

Information Sources

We obtain non-public personal information about our shareholders from the following sources:

● Applications or other forms.

● When you create a user ID and password for online account access.

● When you enroll in eDocs Direct,^SM our electronic document delivery service.

● Your transactions with us, our affiliates or others.

● Technologies on our website, including: “cookies” and web beacons, which are used to collect data on the pages you visit and the features you use.

If you visit oppenheimerfunds.com and do not log on to the secure account information areas, we do not obtain any personal information about you. When you do log on to a secure area, we do obtain your user ID and password to identify you. We also use this information to provide you with products and services you have requested, to inform you about products and services that you may be interested in and assist you in other ways.

We do not collect personal information through our website unless you willingly provide it to us, either directly by email or in those areas of the website that request information. In order to update your personal information (including your mailing address, email address and phone number) you must first log on and visit your user profile.

If you have set your browser to warn you before accepting cookies, you will receive the warning message with each cookie. You can refuse cookies by turning them off in your browser. However, doing so may limit your access to certain sections of our website.

We use cookies to help us improve and manage our website. For example, cookies help us recognize new versus repeat visitors to the site, track the pages visited, and enable some special features on the website. This data helps us provide better service for our website visitors.

Protection of Information

We do not disclose any non-public personal information (such as names on a customer list) about current or former customers to anyone, except as permitted by law.

Disclosure of Information

Copies of confirmations, account statements and other documents reporting activity in your fund accounts are made available to your financial advisor (as designated by you). We may also use details about you and your investments to help us, our financial service affiliates, or firms that jointly market their financial products and services with ours, to better serve your investment needs or suggest educational material that may be of interest to you. If this requires us to provide you with an opportunity to “opt in” or “opt out” of such information sharing with a firm not affiliated with us, you will receive notification on how to do so, before any such sharing takes place.

Right of Refusal

We will not disclose your personal information to unaffiliated third parties (except as permitted by law), unless we first offer you a reasonable opportunity to refuse or “opt out” of such disclosure.

85        OPPENHEIMER GLOBAL ALLOCATION FUND

PRIVACY NOTICE Continued

Internet Security and Encryption

In general, the email services provided by our website are encrypted and provide a secure and private means of communication with us. To protect your own privacy, confidential and/ or personal information should only be communicated via email when you are advised that you are using a secure website.

As a security measure, we do not include personal or account information in non-secure emails, and we advise you not to send such information to us in non-secure emails. Instead, you may take advantage of the secure features of our website to encrypt your email correspondence. To do this, you will need to use a browser that supports Secure Sockets Layer (SSL) protocol.

● All transactions conducted via our websites, including redemptions, exchanges and purchases, are secured by the highest encryption standards available. SSL is used to establish a secure connection between your PC and OppenheimerFunds’ server. It transmits information in an encrypted and scrambled format.

● Encryption is achieved through an electronic scrambling technology that uses a “key” to code and then decode the data. Encryption acts like the cable converter box you may have on your television set. It scrambles data with a secret code so that no one can make sense of it while it is being transmitted. When the data reaches its destination, the same software unscrambles the data.

● You can exit the secure area by closing your browser or, for added security, you can use the Log Out button before you close your browser.

Other Security Measures

We maintain physical, electronic and procedural safeguards to protect your personal account information. Our employees and agents have access to that information only so that they may offer you products or provide services, for example, when responding to your account questions.

How You Can Help

You can also do your part to keep your account information private and to prevent unauthorized transactions. If you obtain a user ID and password for your account, safeguard that information. Strengthening your online credentials–your online security profile–typically your user name, password, and security questions and answers, can be one of your most important lines of defense on the Internet. For additional information on how you can help prevent identity theft, visit https://www. oppenheimerfunds.com/security.

Who We Are

This joint notice describes the privacy policies of the Oppenheimer funds, OppenheimerFunds, Inc., each of its investment adviser subsidiaries, OppenheimerFunds Distributor, Inc. and OFI Global Trust Co. It applies to all Oppenheimer fund accounts you presently have, or may open in the future, using your Social Security number—whether or not you remain a shareholder of our funds. This notice was last updated as of November 2017. In the event it is updated or changed, we will post an updated notice on our website at oppenheimerfunds.com. If you have any questions about this privacy policy, email us by clicking on the Contact Us section of our website at oppenheimerfunds.com, write to us at P.O. Box 5270, Denver, CO 80217-5270, or call us at 800 CALL OPP (225 5677).

86        OPPENHEIMER GLOBAL ALLOCATION FUND

THIS PAGE INTENTIONALLY LEFT BLANK.

87        OPPENHEIMER GLOBAL ALLOCATION 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.
Visit Us oppenheimerfunds.com
Call Us 800 225 5677
Follow Us
	Oppenheimer funds are distributed by OppenheimerFunds Distributor, Inc. 225 Liberty Street, New York, NY 10281-1008 © 2018 OppenheimerFunds Distributor, Inc. All rights reserved. RS0257.001.0418 June 22, 2018

Table of Contents

Fund Performance Discussion	3
Portfolio Positioning	13
Fund Expenses	17
Consolidated Statement of Investments	19
Consolidated Statement of Assets and Liabilities	51
Consolidated Statement of Operations	53
Consolidated Statements of Changes in Net Assets	55
Consolidated Financial Highlights	56
Notes to Consolidated Financial Statements	68
Portfolio Proxy Voting Policies and Guidelines; Updates to Statement of Investments	96
Distribution Sources	97
Trustees and Officers	98
Privacy Notice	99

Class A Shares

AVERAGE ANNUAL TOTAL RETURNS AT 4/30/18

	Class A Shares of the Fund		HFRX Global Hedge     Fund Index
	Without Sales Charge	With Sales Charge
6-Month	-0.76%	-6.47%	-0.13%
1-Year	-0.61	-6.33	2.86
5-Year	2.83	1.62	1.18
10-Year	1.31	0.71	-0.34

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 FUNDAMENTAL ALTERNATIVES FUND

Fund Performance Discussion

The Fund’s Class A shares (without sales charge) produced a total return of -0.76% for the 6-month reporting period ended 4/30/18. The Fund underperformed its benchmark, the HFRX Global Hedge Fund Index (“Index”), which returned -0.13% during the same period, by 63 basis points (“bps”). The Fund’s Class A shares (without sales charge) ranked in the 82nd percentile (297 out of 368 funds) of the Morningstar Multialternative Funds peer group for total return during the 1-year period ended 4/30/18 and the 51st percentile (125 out of 285 funds) for the three years ended 4/30/18. For the five-year and ten-year periods ended 4/30/18, the Fund ranked in the 20th percentile (27 out of 148 funds) and 42nd percentile (20 out of 41 funds), respectively, although the 10-year ranking includes time periods before the current portfolio manager began managing the Fund. The Long/Short Credit strategy contributed to performance during the reporting period while the Long/Short Equity and Long/Short Macro strategies were detractors.

The Fund offers the flexibility often associated with alternatives while providing the daily liquidity and transparency benefits of a mutual fund. It seeks to provide investors with strong risk-adjusted returns that have low sensitivity to traditional market factors over the long term. The investment team’s process has an underlying value philosophy that combines bottom-up and top-down fundamental analysis for security selection and portfolio construction. The Fund is able to invest both long and short across distinct alternative investment strategies including Long/Short Equity, Long/Short Credit and Long/Short Macro (including currencies, interest rates, sovereign debt and commodities), making the Fund truly flexible. Although many investors focus on the short-term outlook when considering potential investments, the Fund utilizes a longer-term approach. We look at changing dynamics on

both a macroeconomic and microeconomic basis over a multi-year time horizon to uncover investment opportunities that emerge from change.

The Fund continues to deliver on its value proposition of effective diversification combined with very low volatility on an absolute basis, good downside risk mitigation and high risk-adjusted returns. Two key measures of those risk-adjusted returns are the Sharpe ratio (which penalizes both upside and downside volatility) and the Sortino ratio (which penalizes only downside volatility). For the five-year period ended 4/30/18, the Fund has been ranked in the 7th percentile (14 out of 193 funds) of the Morningstar Multialternative Funds peer group for Sharpe ratio and the 2nd percentile (4 out of 193 funds) for Sortino ratio, right near the top of the class. Moreover, we believe that upside/

3       OPPENHEIMER FUNDAMENTAL ALTERNATIVES FUND

downside capture ratios provide a good measure of the Fund’s downside protection. The upside capture ratio is the cumulative performance of a fund in all up months of positive return divided by the cumulative performance of an index in those months. The downside capture ratio is the cumulative performance of a fund in all down months of negative return divided by the cumulative performance of an index in those months. For the five-year period ended 4/30/18, the Fund’s upside capture has been 70% of the Index and its downside capture has been just 26%. This level of asymmetry means that the Fund has delivered significantly more upside than downside during that period. In contrast, the Morningstar Multialternative peer group average captured 81% of the upside of the Index but also 79% of the downside over the same period. In our view, these risk-adjusted returns and upside/ downside capture ratios are a testament to the Fund’s intelligent blending of multiple strategies across different asset classes.

MARKET OVERVIEW

Risk assets around the world have rallied since Trump’s election victory in November 2016, pushing valuations close to all-time highs for a variety of asset classes. The S&P 500 has generated a total return of 28.35% from November 2016 to 4/30/18 while the Nikkei 225 Index has risen 32.71% and the MSCI Emerging Market Index has risen 33.15% over the same period. Against this backdrop, interest rates have climbed higher, with the yield on the 10-year Treasury note

rising from 1.85% on Election Day to 2.95% by the end of the reporting period. Thus far in 2018, fixed income has come under pressure as rates have backed up, with the Bloomberg Barclays U.S. Aggregate Bond Index falling 2.19% through 4/30/18. Bond proxies such as real estate investment trusts (REITs), telecoms, utilities and even master limited partnerships (MLPs) have come under pressure this year as well. In our view, Treasuries could become less helpful to investors during market selloffs, in part because they offer low yields, making the risk/ reward tradeoff unattractive. This is especially true as the Federal Reserve (Fed) continues on its well-telegraphed path of raising rates while simultaneously shrinking its balance sheet.

We believe geopolitical risks abound both in the U.S. and around the world. The Trump administration has injected a level of policy uncertainty into the markets that investors have not seen in quite a while. At the same time, structural flaws in both Europe and Japan remain unresolved. China and other emerging markets will likely eventually face slower long-term growth because the current growth is overly reliant, in our view, on excessive credit growth. Moreover, we believe that in a number of countries there has been a meaningful change in the relationship between elected representatives and voters, or stated differently, between those who make policies and those who actually pay for those policies. This change was typified by Brexit where voters in the UK surprised the capital markets by electing to leave the European

4       OPPENHEIMER FUNDAMENTAL ALTERNATIVES FUND

Union (EU). Voter dissatisfaction with ruling parties is also apparent elsewhere in Europe including Germany, Austria, Spain and Italy. In the most recent example, Italian voters in March shunned center left parties and instead voted for populist and center right candidates, resulting in a hung parliament. It now appears that the Euro-skeptic/populist Five Star party and the anti-immigrant League party could form a ruling coalition. Markets are reacting to rhetoric about anti-austerity measures, universal minimum income and increased spending on public sector employees as spreads on Italian sovereign debt widen meaningfully. (A similar story is playing out elsewhere, including in Malaysia where after the period ended, voters in May rejected the scandal-plagued party of incumbent Najib Razak and elected 92-year old Mahathir Mohamad as Prime Minister, a position he last held in 2003.) Joining the EU opened the door to new problems, such as immigration and the need to bail out peripheral nations. However, the EU does not seem capable of solving these issues, which has caused significant internal tension. The chasm between politicians who decide social and fiscal policies and the voters who actually pay for those policies is growing. We believe the EU in its current form is unsustainable, although we do not know what specific catalysts might cause changes in its structure or when those changes might occur.

Meanwhile, voter dissatisfaction was on full display in the U.S. in November 2016 as Donald Trump won the presidential election with a campaign to effect radical change

in Washington and the Republicans swept Congress for the first time in 15 years. Each of these elections had the potential to create significant geopolitical change that could increase volatility in the capital markets. Under these circumstances, we believe investors could benefit from a broader toolkit than was needed during the risk-on, quantitative easing (QE)-supported market of the past several years and a different toolkit than has been effective in the past because of what we view as the unfavorable risk/ reward in conservative fixed income. Part of this broader toolkit could include the Fund’s ability to take short positions that can actually profit from market declines. The Fund’s multi-strategy and multi-asset class approach offers the flexibility to navigate what we see as a dynamic, unpredictable and still challenging environment.

FUND REVIEW

Long/Short Equity Strategy. The top contributors were our call option strategy on the S&P 500 Index and our long positions in Cisco Systems and UnitedHealth Group. In contrast, the biggest detractors were our short positions in Koninklijke Ahold and Jones Lang LaSalle and our long position in General Electric.

Top Contributors

Our call option strategy on the S&P 500 Index contributed to performance in the period as the index climbed 3.82% through 4/30/18 on the back of strong quarterly

5       OPPENHEIMER FUNDAMENTAL ALTERNATIVES FUND

results, continued economic growth in the U.S. and the passage of tax cuts. We like the asymmetry of the call option strategy, which has limited downside and considerably more potential upside.

Our holdings in Cisco Systems (CSCO), a manufacturer of networking hardware and telecommunications equipment, also contributed to performance. The company’s shares have benefitted from a variety of factors. First, Cisco is showing tangible evidence of its ability to transition to a higher mix of recurring revenue, which should translate into more predictable top-line performance over time. Second, the company has been a major beneficiary of capital repatriation enabled by recently enacted tax reforms. Management has made clear that it will use these funds to improve its shareholder capital allocation program. Finally, Cisco has benefitted from overall improvement in the enterprise spending environment.

Our long position in UnitedHealth Group (UNH) contributed to performance as well. UNH is the largest health insurer in the U.S. with a diversified business model that serves commercial customers, government programs such as Medicare Advantage and Medicaid, and international customers. UNH also owns a fast-growing services business, Optum, which has increasingly become an earnings driver for the company. UNH outperformed on the back of strong growth in its insurance and healthcare services units, as well as a better than expected outlook for earnings growth in 2018.

Largest Detractors

In contrast, our short position in Koninklijke Ahold, a Netherlands-based international retailer, detracted from performance. The company’s shares rebounded as investor concerns over the entry of LIDL, a German discount supermarket operator, ebbed as a result of LIDL’s uneven start in the U.S. market. We remain convinced that LIDL and the hard discounter entrants in the food retailing market will be disruptive for incumbents such as Ahold. LIDL has not changed its goals in terms of penetrating the domestic market. Furthermore, its entry is likely to continue to impact industry leader Wal-Mart, and any competitive response by Wal-Mart is likely to pose a risk to Ahold. Finally, in the wake of its purchase of Whole Foods, Amazon now has private label products available on its website, which is not only deflationary but also puts additional pressure on Ahold.

Our short position in Jones Lang LaSalle (JLL), a U.S.-based commercial real estate manager, detracted from performance after the company reported better than expected revenue and earnings in its quarterly results. Upside surprises in the company’s two most important businesses (commercial leasing and capital markets) were driven by market share gains, as overall market conditions remain muted. In conjunction with its quarterly results, the management team provided a downbeat market outlook for 2018, as absorption for the leasing industry is expected to be flat to down 5%, while capital markets volumes are expected to decline 5%-10%.

6       OPPENHEIMER FUNDAMENTAL ALTERNATIVES FUND

Our long position in General Electric (GE), an industrial conglomerate focused on aviation, power, energy, and healthcare, underperformed in part due to investors’ concerns about the magnitude of revisions to the earnings outlook for 2018. The concerns stem from a weaker global gas power generation outlook, a longer recovery period for the Oil & Gas business and a slowing wide-body aerospace cycle. The market has also penalized GE’s lower free cash flow conversion rate of 65% versus its historical rate of 80%. The announced 50% dividend cut in mid-November was also a negative that hurt the stock, but gives the company needed flexibility to fund future capital projects. The January announcement of a reinsurance charge and required cash contribution for GE Capital compounded the problem. However, new CEO John Flannery is expected to focus aggressively on cost reduction, leverage the company’s leadership position in additive manufacturing and digital industrial software, and set more realistic earnings expectations that we believe should position the company to beat and raise earnings going forward. In our opinion, these actions should translate into improved free cash flow generation.

Long/Short Credit and Long/Short Macro Strategies. The top performers were our long position in gold, options that benefits from higher U.S. interest rates, and our position in a residential mortgage-backed security (RMBS). The top three detractors

were our long/short position in European credit spreads and our short positions in the Thai baht and Chinese renminbi.

Top Contributors

Our long position in gold (GLD) contributed to performance as the yellow metal climbed by 3.46% to $1,315 per troy ounce. Gold bullion, which began the period at $1,271, oscillated in a $130 range before ending the period with a gain of $44 per ounce. The precious metals complex was mixed on the back of a weaker dollar (the U.S. Dollar Index fell 2.87%), continued economic growth and rising inflation expectations. We believe some investors are increasingly viewing gold as a warrant (i.e., long-dated option) on monetary policy going off the rails or a potential hedge against competitive currency debasement or adverse geopolitical events.

Our option positions that benefit from higher U.S. interest rates contributed to performance. Rates rose in the period on the back of recently enacted tax reforms and increased federal spending, which are supportive of faster economic growth and higher inflation in the near term. Economic data have also been supportive of higher rates, including an acceleration of wage growth and stronger Gross Domestic Product (GDP) and employment numbers.

Our position in a front-pay, non-agency RMBS also contributed to performance. This bond is backed by a pool of mortgages. During the reporting period, voluntary

7       OPPENHEIMER FUNDAMENTAL ALTERNATIVES FUND

repayment rates increased while default rates and loss severities declined. These improvements suggest that the bond could be repaid faster, and thus provide a higher return, which was reflected in the rising price of the bond.

Largest Detractors

Our long/short position in European credit spreads detracted from performance. This position benefits from wider spreads between Germany and less credit worthy European sovereigns (i.e., France, Italy and Spain). Continued strong economic performance in Europe combined with accommodative monetary policy from the European Central Bank (ECB) caused European spreads to tighten, negatively impacting our position. In addition, although the recent Italian elections favored anti-establishment parties, those parties as of period end had not yet gained control of the government, so the prospect of new risk-enhancing policy decisions has not materialized. After the period ended, political developments in May suggest those parties may succeed in forming a coalition government, which helps to explain why Italian credit spreads have widened recently.

Our short positions in the Chinese renminbi and Thai baht also detracted from performance. In the U.S., higher fiscal deficits due to tax reforms and higher fiscal spending have created additional funding requirements. These funding requirements have historically been met though external borrowing, which increases demand for

foreign currencies and tends to lower the value of the U.S. dollar. This dynamic hurt our long dollar / short renminbi position. In addition, credit expansion continues to drive solid economic growth in China. This economic growth combined with stricter capital controls has decreased demand for foreign currencies, which has supported the renminbi and hurt our short position.

Furthermore, Thailand’s economy is tied to the Chinese economy in that Thailand is both an exporter to, and a competitor with, China. Improvements in the Chinese economy have benefitted Thailand and supported the baht. Solid economic growth in China has driven higher demand for Thai-manufactured goods that are consumed in China. Renminbi appreciation makes Thai exports more attractive relative to Chinese exports. This combination of factors has helped support the value of the baht, hurting our short position. We reduced our short position in the baht by half during the reporting period.

STRATEGY AND OUTLOOK

After a nearly two-year hiatus, volatility and drawdowns have returned. In our view, the sudden spike in volatility and 10% drop in the S&P 500 Index in January were overdue. The actual outlier was 2017 with its 50-year lows in equity volatility, 30-year lows in Treasury volatility, and a maximum drawdown of 2.8% on the S&P 500 Index—well below the annual average of more than 10%. In particular, by the end of 2017, it had been more than 380 days since the last 5%

8       OPPENHEIMER FUNDAMENTAL ALTERNATIVES FUND

draw down on the S&P 500 Index, far longer than the 90-day average of the last nine decades. The market was due for a spike in volatility and a meaningful drawdown, both of which occurred in late January as the CBOE Volatility Index jumped more than 200% and the S&P 500 Index fell 10.1%. Prolonged periods of low volatility breed complacency and a lack of mindfulness about downside risk. We believe many investors are starting to pay attention again.

In the wake of the financial crisis, investors enjoyed a decade when asset prices were supported by extraordinarily accommodative monetary policy from central banks around the world. The market has grown comfortable with that environment. However, the case for continuing such highly accommodative policies has been eroding for some time. When the January payroll report showed accelerating wages and the Atlanta Fed’s GDPNow model forecast 5.4% economic growth for the first quarter, interest rates moved sharply higher and sparked an equity selloff. The volatility in both stocks and bonds reflected the market’s discomfort with the regime shift from one where asset prices were supported by central banks globally to one with higher economic growth but less central bank support.

The combination of tax cuts, fiscal stimulus and a tight labor market could lead to higher inflation and higher rates than many investors expect. The Trump administration is pursuing a triple play of tax cuts, higher federal spending and a major

proposed infrastructure plan. Significantly, these efforts are taking place just as the economy is accelerating and during a tight labor market. The fact that the administration is pursuing these policies in the absence of a recession makes them unusual. The fact that it is pursuing them all at the same time and so late in the economic cycle makes them highly unusual. We believe such aggressive fiscal stimulus will refocus a spotlight on the ballooning national debt and annual budget deficit. More significantly, however, we believe this stimulus increases the dual risks of higher inflation and tighter monetary policy.

The recently enacted tax cuts, amounting to approximately 1.5% of GDP, reduce both corporate and personal tax rates. Many large employers that benefit from the rate cuts are reinvesting at least part of the proceeds into hourly wages, bonuses and other employee benefits, which should help support consumer spending. Nominal GDP in the U.S. was 5% quarter over quarter on a seasonally adjusted annual rate in the fourth quarter. Consensus estimates call for accelerating real GDP growth in the next two years. In our view, it is difficult to envision that interest rates will stay this low with economic growth running so high. Moreover, these cuts could boost earnings for certain companies by 10% or more, and could incentivize firms to repatriate capital held offshore and put it to work in the U.S. or pay it out to shareholders through buybacks or dividends. The Fund already had a home bias before the election, which we continued in the aftermath of Trump’s election victory and the subsequent tax cuts.

9       OPPENHEIMER FUNDAMENTAL ALTERNATIVES FUND

The administration’s spending stimulus comes in two forms—a higher annual budget and a major new infrastructure proposal. Regarding the former, President Trump signed a bipartisan $1.3 trillion spending bill on 3/23/18 which will fund the government until October. The bill is the first installment of a budget agreement reached in February that will boost federal spending by $300 billion over two years, and sidesteps the spending curbs passed in 2011. The current bill boosts defense spending by $80 billion and domestic spending by $63 billion this year. Regarding the latter, the administration has also proposed a new infrastructure program that would rank as the third largest in the last 50 years. This proposal is large enough that it could offset a significant portion of the near term effects of the Fed’s tightening of monetary policy.

Significantly, the tax cuts and spending stimulus are taking place nine years into a bull market and during a tight labor market. In this regard, the U.S. labor market has finally healed from the financial crisis a decade ago. The unemployment rate is currently 3.9%, below both the prior cycle average of 5.2% and the prior cycle low of 4.4% (reached in March 2007). The Fed currently expects the unemployment rate to keep falling to 3.8% in 2018 and 3.6% in 2019. This tightness in the labor market amplifies the risk that tax cuts and fiscal stimulus could feed more directly into inflation as opposed to real GDP growth. In light of these factors, we believe that the

era of persistently low growth, low volatility, low inflation and low interest rates may finally be coming to an end.

The trade winds are shifting but by how much remains to be seen. In the wake of the 2016 election, we wrote in our fourth quarter 2017 commentary that international trade was one area of public policy where Trump did not need the approval of Congress to effect meaningful change. Recent events make clear that our concerns about trade friction and trade barriers were well founded. The Trump administration has announced trade tariffs on a variety of intermediate and finished goods coming into the country, and is threatening more. China has responded with a host of proposed tariffs on U.S. goods. Against this backdrop, the U.S. is currently renegotiating the terms of NAFTA with Canada and Mexico while the U.K. is negotiating the terms of its withdrawal from the EU. Regarding tariffs, the most pertinent questions in our view are whether this is some form of posturing or the start of more serious trade disputes, and how our trading partners will respond. At this point, these are unknowns. We do know that the current back and forth around trade creates volatility and uncertainty for businesses in the near term and potentially slows growth in the longer term.

There is a changing of the guard at the Fed. Jerome Powell became the new Chairman of the Federal Reserve when Janet Yellen’s term expired in February. That still left three open seats at the Fed. In

10       OPPENHEIMER FUNDAMENTAL ALTERNATIVES FUND

November, Trump nominated Professor Marvin Goodfriend to the position of Fed Governor. The confirmation hearing took place earlier this year but the Senate has yet to vote on the nominee. In April, Trump nominated Professor Richard Clarida to the position of Vice Chairman and community banker Michelle Bowman to the position of Fed Governor. The confirmation hearings took place in May but the Senate has yet to vote on these nominees. If a newly reconstituted Fed is more hawkish than investors currently expect, then the Trump administration could ultimately shift the tide away from the current “easy money forever” policies of central banks around the world. The Fed has raised the Fed Funds rates by 25 bps six times since December 2015, including on March 21, and indicated that it plans two additional hikes in 2018, three in 2019 and two in 2020. It also started to normalize its $4.5 trillion balance sheet in October, which is effectively additional monetary policy tightening. At the Fed’s stated pace, that balance sheet should shrink below $4.0 trillion by the end of 2018.

Significantly, the Fed is not alone—other G-4 central banks are moving in the same direction. In particular, the Bank of England hiked rates in November for the first time in a decade, the European Central Bank is currently tapering its QE program (which is expected to end later this year), and the Bank of Japan has signaled that it could let the yield on 10-year Japanese government bonds start to rise next year. All of this is a notable regime shift after years of coordinated monetary policy easing on a global basis. We

could possibly see the first reduction of QE on a global basis in the next several years as other central banks follow the U.S. in reducing stimulus. In fact, the rate at which G-4 central bank balance sheets are expanding has already slowed dramatically since the Fed started shrinking its balance sheet in October 2017. The next step is for the collective size of those balance sheets to start contracting. Today, only the Fed’s balance sheet is contracting. This change could be significant because central bank buying of assets globally has impacted interest rates around the world. We have constructed the portfolio with an eye toward delivering low volatility, effective diversification, strong downside risk mitigation and high risk-adjusted returns in a variety of market conditions.

U.S. stocks and bonds are expensive. Valuations for stocks and bonds in the U.S. are in their highest deciles going back 100 years. The fact that both asset classes are so expensive at the same time is unusual. Regarding equities, there is an earnings boost coming from tax reforms but in the long term, buying stocks at high valuations means lower expected future returns for investors. At the same time, U.S. fixed income is expensive relative to historical valuations. Moreover, the Trump administration’s fiscal and economic policies have caused a meaningful change in the outlook for fixed income. Treasury rates had been range bound for some time, with yields oscillating between 1.25% to 3.0%. In the longer run, however, we did not believe rates this low were sustainable. Trump’s election victory sent rates higher as

11       OPPENHEIMER FUNDAMENTAL ALTERNATIVES FUND

the 10-year yield jumped from 1.85% on Election Day to 2.95% by 4/30/18. We have become more bearish on fixed income after the election. In our view, a strong focus on valuations is critical at this point in the economic, equity and credit cycles.

Seeking attractive investment opportunities later in the cycle. We believe the U.S. economy still has attractive growth potential in certain areas, and are waiting to see what additional pro-growth policies the Trump administration can actually implement. We recognize that there are pockets of innovation and disruption in different industries including consumer packaged goods, pharmaceuticals, consumer discretionary, real estate and technology. Nonetheless, we are mindful that U.S. equity valuations are pushing up against the edge of bubble territory after several years when S&P 500 Index performance ran well ahead

of earnings growth, leading to significant multiple expansion. (Since the S&P 500 Index bottomed in March 2009, it has climbed by 300% through 4/30/18 while S&P earnings have grown by less than one third of that figure.) In fact, the only time in the last four decades when the S&P 500 Index has traded at a higher price-earnings multiple on next 12 months’ consensus earnings was during the Tech Bubble in 1997-2000. Accordingly, we continue to pick our spots, selecting securities that we believe offer attractive risk-adjusted returns. We remain focused, as always, on controlling volatility and mitigating downside risk. We expect to be in a cross-current heavy world for a while. We believe that the ability to generate attractive returns efficiently and without taking on undue risk, controlling volatility and limiting drawdowns, will be of greater value to investors in this kind of environment, and that is where our investment team’s efforts are focused.

Michelle Borré, CFA Portfolio Manager

12       OPPENHEIMER FUNDAMENTAL ALTERNATIVES FUND

Portfolio Positioning

LONG/SHORT CREDIT

	Long	Short	Net
Corporate Bonds & Hybrid Securities	8.0%	-%	8.0%
Asset Backed Securities	8.7	-	8.7
Bank Loans	9.5	-	9.5
Relative Value	7.6	-8.7	-1.1
Total	33.8%	-8.7%	25.1%
LONG/SHORT EQUITY
	Long	Short	Net
Common Stocks	57.3%	-34.2%	23.1%
Equity Like (Private Securities, Swaps)	0.0	-1.8	-1.8
Total	57.3%	-36.0%	21.3%
LONG/SHORT MACRO
	Long	Short	Net
Commodities	3.5%	-%	3.5%
Rates	-	-7.0	-7.0
Sovereign Debt	5.3	-8.8	-3.5
Currency	1.4	-4.1	-2.7
Total	10.2%	-19.9%	-9.7%
CASH
	Long	Short	Net
Collateral Cash	31.1%	-%	31.1%
Cash & Cash-Like Net of Collateral Cash	10.1	-	10.1
Total	41.2%	-%	41.2%
HEDGES
	Long	Short	Net
FX Hedges for Equities	-1.6%	-%	-1.6%
Duration Hedges (Bond Futures)	-1.3	-	-1.3
Total	-2.9%	-%	-2.9%

13       OPPENHEIMER FUNDAMENTAL ALTERNATIVES FUND

TOTAL PORTFOLIO

	Long	Short	Net
Long/Short Credit	33.8%	-8.7%	25.1%
Long/Short Equity	57.3	-36.0	21.3
Long/Short Macro	10.2	-19.9	-9.7
Cash	41.2	-	41.2
Hedges	-2.9	-	-2.9

Portfolio holdings are subject to change, and are dollar weighted based on total net assets. Percentages are as of April 30, 2018. Negative weightings may result from the use of leverage. Leverage involves the use of various financial instruments or borrowed capital in an attempt to increase investment return. Leverage risks include potential for higher volatility, greater decline of the Fund’s net asset value and fluctuations of dividends and distributions paid by the Fund.

14       OPPENHEIMER FUNDAMENTAL ALTERNATIVES FUND

Share Class Performance

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

	Inception Date	6-Month	1-Year	5-Year	10-Year
Class A (QVOPX)	1/3/89	-0.76%	-0.61%	2.83%	1.31%
Class B (QOPBX)	9/1/93	-1.17	-1.49	2.01	0.79
Class C (QOPCX)	9/1/93	-1.10	-1.39	2.05	0.55
Class I (QOPIX)	2/28/13	-0.54	-0.22	3.27	3.43*
Class R (QOPNX)	3/1/01	-0.86	-0.90	2.56	1.01
Class Y (QOPYX)	12/16/96	-0.63	-0.41	3.07	1.57

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

	Inception Date	6-Month	1-Year	5-Year	10-Year
Class A (QVOPX)	1/3/89	-6.47%	-6.33%	1.62%	0.71%
Class B (QOPBX)	9/1/93	-6.11	-6.42	1.64	0.79
Class C (QOPCX)	9/1/93	-2.08	-2.36	2.05	0.55
Class I (QOPIX)	2/28/13	-0.54	-0.22	3.27	3.43*
Class R (QOPNX)	3/1/01	-0.86	-0.90	2.56	1.01
Class Y (QOPYX)	12/16/96	-0.63	-0.41	3.07	1.57

* Shows performance since inception.

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%; for Class B shares, the contingent deferred sales charge of 5% (1-year) and 2% (5-year); 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. Because Class B shares automatically converted to Class A shares 72 months after purchase, the 10-year return for Class B shares uses Class A performance for the period after conversion. Effective June 1, 2018, all Class B shares converted to Class A 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 HFRX Global Hedge Fund Index. The HFRX Global Hedge Fund Index is designed to be representative of the overall composition of the hedge fund universe. It is comprised of all eligible hedge fund strategies; including but not limited to convertible arbitrage, distressed securities, equity hedge, equity market neutral, event driven, macro, merger arbitrage, and relative value arbitrage. The strategies are asset weighted based on the distribution of assets in the hedge fund industry. The Index is unmanaged and cannot be purchased directly by investors. While index

15       OPPENHEIMER FUNDAMENTAL ALTERNATIVES FUND

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.

Morningstar ranking is for Class A shares and ranking may include more than one share class of funds in the category, including other share classes of this Fund. Ranking is based on total return as of 4/30/18, without considering sales charges. Different share classes may have different expenses and performance characteristics. Fund rankings are subject to change monthly. The Fund’s total-return percentile rank is relative to all funds that are in the Multialternative Funds category. The highest (or most favorable) percentile rank is 1 and the lowest (or least favorable) percentile rank is 100. The top-performing fund in a category will always receive a rank of 1.

For Oppenheimer Fundamental Alternatives A Shares: For the 3-year period ended 4/30/18, the Fund has been ranked in the 47th percentile (152 out of 323 funds) of the Morningstar Multialternative Funds peer group for Sharpe ratio and the 46th percentile (148 out of 323 funds) for Sortino ratio. For the 10-year period ended 4/30/18, the Fund has been ranked in the 43rd percentile (25 out of 57 funds) of the Morningstar Multialternative Funds peer group for Sharpe ratio and the 45th percentile (26 out of 57 funds) for Sortino ratio. For the 3-year period ended 4/30/18, the Fund’s upside capture has been 43% of the Index and its downside capture has been just 31%.In contrast, the Morningstar Multialternative Funds peer group average captured 77% of the upside of the Index but also 79% of the downside over the same period. For the 10-year period ended 4/30/18, the Fund’s upside capture has been 109% of the Index and its downside capture has been just 84%. In contrast, the Morningstar Multialternative Funds peer group average captured 102% of the upside of the Index but also 90% of the downside over the same period.

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 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.

16       OPPENHEIMER FUNDAMENTAL ALTERNATIVES FUND

Fund Expenses

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

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

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

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

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

17       OPPENHEIMER FUNDAMENTAL ALTERNATIVES FUND

Actual	Beginning Account Value November 1, 2017	Ending Account Value April 30, 2018	Expenses Paid During 6 Months Ended                 April 30, 2018
Class A	$    1,000.00	$    992.40	$       8.98
Class B	1,000.00	988.30	13.25
Class C	1,000.00	989.00	12.81
Class I	1,000.00	994.60	7.00
Class R	1,000.00	991.40	10.32
Class Y	1,000.00	993.70	7.84
Hypothetical (5% return before expenses)
Class A	1,000.00	1,015.82	9.09
Class B	1,000.00	1,011.55	13.40
Class C	1,000.00	1,012.00	12.95
Class I	1,000.00	1,017.80	7.08
Class R	1,000.00	1,014.48	10.44
Class Y	1,000.00	1,016.96	7.93

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	1.81%
Class B	2.67
Class C	2.58
Class I	1.41
Class R	2.08
Class Y	1.58

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.

18       OPPENHEIMER FUNDAMENTAL ALTERNATIVES FUND

CONSOLIDATED STATEMENT OF INVESTMENTS April 30, 2018 Unaudited

	Shares		Value
Common Stocks—57.5%
Consumer Discretionary—1.3%
Hotels, Restaurants & Leisure—0.0%
Caesars Entertainment Corp.1		3,397	$	38,556
Household Durables—0.3%
Everyware Global, Inc.1		8,735		69,880
Mohawk Industries, Inc.1		14,920		3,131,409
				3,201,289
Media—1.0%
DISH Network Corp., Cl. A1		193,705		6,498,803
Live Nation Entertainment, Inc.1		144,060		5,686,048
				12,184,851
Specialty Retail—0.0%
Gymboree Corp. (The)1,14		4,118		75,839
Gymboree Holding Corp.1,14		11,737		216,155
				291,994
Consumer Staples—3.5%
Beverages—1.0%
Coca-Cola Co. (The)		271,590		11,735,404
Tobacco—2.5%
Altria Group, Inc.2		190,461		10,686,767
Philip Morris International, Inc.		245,120		20,099,840
				30,786,607
Energy—5.7%
Energy Equipment & Services—0.8%
Halliburton Co.		70,542		3,738,021
Ocean Rig UDW, Inc., Cl. A1		16,398		397,815
Schlumberger Ltd.		78,570		5,386,759
				9,522,595
Oil, Gas & Consumable Fuels—4.9%
Arch Coal, Inc., Cl. A		436		35,242
Ascent Resources - Marcellus LLC, Cl. A1		30,363		101,048
Canadian Natural Resources Ltd.		112,932		4,074,154
Chevron Corp.		62,301		7,794,478
ConocoPhillips		139,274		9,122,447
EOG Resources, Inc.		50,453		5,962,031
Newfield Exploration Co.1		106,347		3,169,141
Noble Energy, Inc.2		129,461		4,379,666
Occidental Petroleum Corp.		102,432		7,913,896
Sabine Oil1		113		5,537
Templar Energy, Cl. A1,3		9,620		12,025
TOTAL SA, Sponsored ADR		152,440		9,544,268

19       OPPENHEIMER FUNDAMENTAL ALTERNATIVES FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

	Shares		Value
Oil, Gas & Consumable Fuels (Continued)
Valero Energy Corp.		70,096	$	7,775,749
				59,889,682
Financials—10.8%
Capital Markets—2.1%
Aretec Group, Inc.1		3,448		218,948
Goldman Sachs Group, Inc. (The)		54,650		13,024,734
Raymond James Financial, Inc.		54,830		4,920,993
State Street Corp.		77,840		7,766,875
				25,931,550
Commercial Banks—2.8%
M&T Bank Corp.2		158,800		28,944,476
PNC Financial Services Group, Inc. (The)		34,800		5,067,228
				34,011,704
Consumer Finance—0.0%
J.G. Wentworth Co., Cl. A1		22,344		201,800
Insurance—4.3%
Allstate Corp. (The)		203,540		19,910,283
Chubb Ltd.		217,200		29,467,524
Travelers Cos., Inc. (The)		25,920		3,411,072
				52,788,879
Real Estate Investment Trusts (REITs)—1.6%
Blackstone Mortgage Trust, Inc., Cl. A		436,400		13,462,940
Starwood Property Trust, Inc.		289,780		6,073,789
VICI Properties, Inc.		4,922		89,482
				19,626,211
Health Care—10.3%
Biotechnology—0.8%
Shire plc, ADR		60,690		9,675,807
Health Care Equipment & Supplies—1.2%
Abbott Laboratories		83,750		4,868,388
Medtronic plc		127,978		10,254,877
New Millennium Holdco, Inc.1,3		7,733		77
				15,123,342
Health Care Providers & Services—4.2%
Cigna Corp.		77,420		13,302,304
Envision Healthcare Corp.1		89,710		3,334,521
HCA Healthcare, Inc.		74,600		7,142,204
Millennium Corporate Claim Litigation Trust1,3		441		4
Millennium Lender Claim Litigation Trust1,3		882		9
Premier, Inc., Cl. A1		197,590		6,518,494

20       OPPENHEIMER FUNDAMENTAL ALTERNATIVES FUND

	Shares		Value
Health Care Providers & Services (Continued)
UnitedHealth Group, Inc.		92,170	$	21,788,988
				52,086,524
Pharmaceuticals—4.1%
Allergan plc		30,620		4,704,763
Bristol-Myers Squibb Co.		69,370		3,616,258
Merck & Co., Inc.2		238,420		14,035,786
Mylan NV1		194,720		7,547,347
Novartis AG, Sponsored ADR		136,670		10,481,222
Roche Holding AG		42,969		9,533,178
				49,918,554
Industrials—10.0%
Aerospace & Defense—5.5%
L3 Technologies, Inc.		52,100		10,205,348
Lockheed Martin Corp.2		68,760		22,060,959
Northrop Grumman Corp.		55,710		17,940,848
Raytheon Co.		84,330		17,282,590
				67,489,745
Air Freight & Couriers—0.3%
FedEx Corp.		16,050		3,967,560
Commercial Services & Supplies—1.4%
Republic Services, Inc., Cl. A2		264,810		17,127,911
Construction & Engineering—0.4%
Granite Construction, Inc.		80,700		4,227,066
Industrial Conglomerates—2.0%
General Electric Co.2		654,820		9,213,317
Honeywell International, Inc.		105,350		15,242,038
				24,455,355
Machinery—0.4%
Stanley Black & Decker, Inc.		37,720		5,340,775
Information Technology—8.4%
Communications Equipment—2.7%
Cisco Systems, Inc.2		567,770		25,146,533
CommScope Holding Co., Inc.1		222,520		8,504,715
				33,651,248
Internet Software & Services—2.2%
Alphabet, Inc., Cl. A1,2		25,910		26,391,408
Semiconductors & Semiconductor Equipment—1.7%
QUALCOMM, Inc.		80,280		4,095,083

21       OPPENHEIMER FUNDAMENTAL ALTERNATIVES FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

	Shares		Value
Semiconductors & Semiconductor Equipment (Continued)
Xilinx, Inc.2		266,620	$	17,127,669
				21,222,752
Software—0.1%
Avaya Holdings Corp.1		28,460		651,449
Technology Hardware, Storage & Peripherals—1.7%
Apple, Inc.2		129,716		21,436,866
Materials—3.9%
Chemicals—1.3%
Celanese Corp., Cl. A		147,670		16,047,299
Containers & Packaging—2.0%
Packaging Corp. of America		106,790		12,354,535
Sonoco Products Co.		240,990		12,377,246
				24,731,781
Metals & Mining—0.6%
Steel Dynamics, Inc.		149,010		6,677,138
Telecommunication Services—2.3%
Diversified Telecommunication Services—2.3%
AT&T, Inc.		227,640		7,443,828
BCE, Inc.		290,890		12,348,280
Verizon Communications, Inc.		163,610		8,074,154
				27,866,262
Utilities—1.3%
Electric Utilities—0.7%
Edison International		77,890		5,103,353
PG&E Corp.		84,660		3,902,826
				9,006,179
Multi-Utilities—0.6%
CMS Energy Corp.		163,000		7,691,970
Total Common Stocks (Cost $563,664,804)				704,998,113
Preferred Stocks—1.0%
M&T Bank Corp., 6.375% Cum., Series A, Non-Vtg., 6.375%4		5,167		5,192,835
M&T Bank Corp., 6.375% Cum., Series C, Non-Vtg., 6.375%4		7,500		7,537,500
Total Preferred Stocks (Cost $12,684,599)				12,730,335
	Units
Rights, Warrants and Certificates—0.0%
Ascent Resources - Marcellus LLC Wts., Strike Price $1, Exp. 12/31/491		7,861		590
Sabine Oil Tranche 1 Wts., Strike Price $4.49, Exp. 8/11/261		361		2,346
Sabine Oil Tranche 2 Wts., Strike Price $2.72, Exp. 8/11/261		64		352
Total Rights, Warrants and Certificates (Cost $49,071)				3,288

22       OPPENHEIMER FUNDAMENTAL ALTERNATIVES FUND

	Principal Amount		Value
Asset-Backed Securities—4.4%
GSAMP Trust:
Series 2005-HE4, Cl. M3, 2.677% [US0001M+78], 7/25/455	$	3,300,000	$	3,301,998
Series 2005-HE5, Cl. M3, 2.357% [US0001M+46], 11/25/355		8,121,777		7,843,997
Series 2007-HS1, Cl. M4, 4.147% [US0001M+225], 2/25/475		6,600,000		6,710,300
JP Morgan Mortgage Acquisition Corp., Series 2005-OPT2, Cl. M2, 2.347% [US0001M+45], 12/25/355		1,836,000		1,836,848
New Century Home Equity Loan Trust, Series 2005-2, Cl. M3, 2.632% [US0001M+73.5], 6/25/355		5,500,000		5,516,614
Park Place Securities, Inc., Series 2005-WCW3, Cl. M1, 2.377% [US0001M+48], 8/25/355		3,722,917		3,717,931
RASC Series Trust:
Series 2005-KS8, Cl. M5, 2.537% [US0001M+64], 8/25/355		2,993,634		2,940,940
Series 2006-KS2, Cl. M2, 2.287% [US0001M+39], 3/25/365		14,625,000		14,276,555
Raspro Trust, Series 2005-1A, Cl. G, 2.602% [LIBOR03M+40], 3/23/245,6		7,434,028		7,457,245
Total Asset-Backed Securities (Cost $46,456,126)				53,602,428
Mortgage-Backed Obligations—4.3%
Ameriquest Mortgage Securities, Inc., Series 2004-R2, Cl. M1, 2.542% [US0001M+64.5], 4/25/345		3,558,338		3,494,003
Asset-Backed Funding Certificates Trust, Series 2005-HE2, Cl. M3, 2.677% [US0001M+78], 6/25/355		4,000,000		4,028,330
Citigroup Mortgage Loan Trust, Inc., Series 2004-OPT1, Cl. M3, 2.842% [US0001M+94.5], 10/25/345		1,250,000		1,255,624
First NLC Trust, Series 2005-4, Cl. A4, 2.287% [US0001M+39], 2/25/365		9,932,076		9,923,203
Home Equity Asset Trust, Series 2005-5, Cl. M2, 2.662% [US0001M+76.5], 11/25/355		1,258,324		1,264,827
Home Equity Mortgage Loan Asset-Backed Trust, Series 2005-B, Cl. M3, 2.387% [US0001M+49], 8/25/355		1,298,061		1,300,189
MASTR Adjustable Rate Mortgages Trust, Series 2004-13, Cl. 2A2, 3.817%, 4/21/344		247,049		253,235
RAMP Trust:
Series 2005-RS2, Cl. M4, 2.617% [US0001M+72], 2/25/355		4,469,000		4,472,807
Series 2005-RS6, Cl. M2, 2.662% [US0001M+76.5], 6/25/355		194,930		195,465
Series 2006-EFC1, Cl. M2, 2.297% [US0001M+40], 2/25/365		5,490,000		5,447,848
Series 2006-NC3, Cl. A3, 2.167% [US0001M+27], 3/25/365		16,698,000		16,519,270
Structured Asset Securities Corp. Mortgage Loan Trust, Series 2007-GEL2, Cl. A2, 2.217% [US0001M+32], 5/25/375,6		5,159,628		5,135,262
Total Mortgage-Backed Obligations (Cost $40,955,223)				53,290,063
Non-Convertible Corporate Bonds and Notes—8.6%
American Express Co.:
2.20% Sr. Unsec. Nts., 10/30/20		500,000		489,328
2.689% [US0003M+33] Sr. Unsec. Nts., 10/30/205		500,000		500,763
American Honda Finance Corp.:
1.97% [US0003M+15] Sr. Unsec. Nts., 11/13/195		200,000		200,166
2.00% Sr. Unsec. Nts., 11/13/19		200,000		197,354
Apple, Inc., 1.90% Sr. Unsec. Nts., 2/7/20		1,000,000		987,725
AT&T, Inc., 5.875% Sr. Unsec. Nts., 10/1/19		1,200,000		1,249,748

23       OPPENHEIMER FUNDAMENTAL ALTERNATIVES FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

	Principal Amount		Value
Non-Convertible Corporate Bonds and Notes (Continued)
Bank of America Corp., 6.25% [US0003M+370.5] Jr. Sub. Perpetual Bonds5,7	$	12,055,000	$	12,582,406
Bank of Montreal:
2.10% Sr. Unsec. Nts., 12/12/19		1,200,000		1,184,635
2.671% [US0003M+60] Sr. Unsec. Nts., 12/12/195		800,000		805,118
Berry Global, Inc., 4.50% Sec. Nts., 2/15/266		25,000		23,937
BP Capital Markets plc, 1.768% Sr. Unsec. Nts., 9/19/19		500,000		492,492
Citigroup, Inc., 5.875% [US0003M+405.9] Jr. Sub. Perpetual Bonds5,7		17,766,000		18,276,772
Daimler Finance North America LLC, 2.913% Sr. Unsec. Nts., 5/4/216		1,100,000		1,100,000
Duke Energy Corp., 2.10% Sr. Unsec. Nts., 6/15/18		1,203,000		1,202,362
Goldman Sachs Capital II, 4.00% [US0003M+76.75] Jr. Sub. Perpetual Bonds5,7		54,000		46,143
Goldman Sachs Group, Inc. (The):
5.375% [US0003M+392.2] Jr. Sub. Perpetual Bonds5,7		3,802,000		3,896,898
5.70% [US0003M+388.4] Jr. Sub. Perpetual Bonds, Series L5,7		10,554,000		10,804,658
JPMorgan Chase & Co., 6.10% [US0003M+333] Jr. Sub. Perpetual Bonds5,7		12,140,000		12,595,250
Lukoil International Finance BV, 6.125% Sr. Unsec. Nts., 11/9/206		12,005,000		12,519,714
Nordea Bank AB, 1.625% Sr. Unsec. Nts., 9/30/196		1,000,000		981,208
PepsiCo, Inc., 1.35% Sr. Unsec. Nts., 10/4/19		2,000,000		1,965,716
Schlumberger Holdings Corp., 2.35% Sr. Unsec. Nts., 12/21/186		2,000,000		1,993,893
Skandinaviska Enskilda Banken AB, 2.659% [US0003M+57] Sr. Unsec. Nts., 9/13/195,6		1,300,000		1,306,975
Societe Generale SA:
2.625% Sr. Unsec. Nts., 10/1/18		1,000,000		1,000,771
3.388% [US0003M+108] Sr. Unsec. Nts., 10/1/185		1,000,000		1,004,554
Sumitomo Mitsui Banking Corp., 1.966% Sr. Unsec. Nts., 1/11/19		750,000		746,979
Svenska Handelsbanken AB, 1.50% Sr. Unsec. Nts., 9/6/19		1,500,000		1,472,049
Tesla, Inc., 5.30% Sr. Unsec. Nts., 8/15/256		240,000		213,300
Toronto-Dominion Bank (The):
1.90% Sr. Unsec. Nts., 10/24/19		500,000		493,182
2.775% [US0003M+42] Sr. Unsec. Nts., 1/18/195		1,200,000		1,202,280
Valero Energy Corp., 9.375% Sr. Unsec. Nts., 3/15/19		1,300,000		1,372,357
Wells Fargo & Co., 5.90% [US0003M+311] Jr. Sub. Perpetual Bonds, Series S5,7		12,570,000		12,805,688
Total Non-Convertible Corporate Bonds and Notes (Cost $107,019,623)				105,714,421
Corporate Loans—11.5%
Consumer Discretionary—4.3%
Auto Components—0.0%
Tower Automotive Holdings USA LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.688%, [LIBOR12+275], 3/7/245		277,921		279,311
Automobiles—0.1%
Federal-Mogul Holdings LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.65%, [LIBOR12+375], 4/15/215		837,756		847,483
Distributors—0.2%
Albertson’s LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan:
Tranche B4, 4.651%, [LIBOR12+275], 8/25/215		193,922		192,384

24       OPPENHEIMER FUNDAMENTAL ALTERNATIVES FUND

	Principal Amount		Value
Distributors (Continued)
Tranche B6, 4.956%, [LIBOR4+300], 6/22/235	$	124,451	$	123,347
Alphabet Holdings Co., Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.377%, [LIBOR4+350], 9/26/245		184,075		159,991
Ascena Retail Group, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.438%, [LIBOR12+450], 8/21/225		173,903		152,078
Bass Pro Group LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 6.901%, [LIBOR12+500], 9/25/245		308,151		310,847
Harbor Freight Tools USA, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.377%, [LIBOR12+250], 8/18/235,8		70,516		70,913
JC Penney Corp., Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.234%, [LIBOR4+425], 6/23/235		92,464		90,410
Michaels Stores, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.627%-4.647%, [LIBOR12+275], 1/30/235		162,937		164,082
Party City Holding, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.33%-4.75%, [LIBOR4+275], 8/19/225		122,585		123,505
Petco Animal Supplies, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B1, 5.022%, [LIBOR4+300], 1/26/235		214,919		148,145
PetSmart, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.89%, [LIBOR12+300], 3/11/225		438,662		346,214
SUPERVALU, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.401%, [LIBOR12+350], 6/8/245		163,350		163,733
				2,045,649
Diversified Consumer Services—0.0%
4L Technologies, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.377%, [LIBOR4+450], 5/8/205		265,796		214,630
IQOR US, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 7.308%, [LIBOR4+500], 4/1/215		266,912		268,913
IQOR US, Inc., Sr. Sec. Credit Facilities 2nd Lien Term Loan, 11.058%, [LIBOR4+875], 4/1/225		44,964		43,391
				526,934
Hotels, Restaurants & Leisure—1.2%
Alterra Mountain Co., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B1, 4.901%, 7/31/244		19,950		20,118
Boyd Gaming Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.244%, [LIBOR52+250], 9/15/235		155,817		156,844
Caesars Entertainment Operating Co., Inc., Sr. Sec. Credit Facilities 1st Lien Exit Term Loan, Tranche B, 3.877%, [LIBOR4+250], 10/7/245		389,025		390,241
Caesars Growth Properties Holdings LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.651%, [LIBOR4+275], 12/23/245		1,426,425		1,439,698
CEC Entertainment, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.127%, [LIBOR12+300], 2/12/215		112,684		101,778
Churchill Downs, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 3.91%, [LIBOR12+200], 12/27/245		89,775		90,280
CityCenter Holdings LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.401%, [LIBOR12+250], 4/18/245		163,763		164,775
Delta 2 Lux Sarl, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B3, 4.377%, [LIBOR12+250], 2/1/245		382,140		382,081

25       OPPENHEIMER FUNDAMENTAL ALTERNATIVES FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

	Principal Amount		Value
Hotels, Restaurants & Leisure (Continued)
Eldorado Resorts, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 3.813%-4.063%, [LIBOR4+225], 4/17/245	$	285,504	$	287,824
ESH Hospitality, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.127%, [LIBOR12+250], 8/30/235		65,897		66,350
Everi Payments, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.494%, [LIBOR4+350], 5/9/245		208,425		210,282
Fitness & Sports Clubs LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.291%-5.753%, 4/18/254,8		55,000		55,309
Four Seasons Hotels Ltd., Sr. Sec. Credit Facilities 1st Lien Term Loan, 3.901%, 11/30/234		79,000		79,664
Gateway Casinos & Entertainment Ltd., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.473%, [LIBOR4+300], 12/1/235		55,000		55,516
GVC Holdings PLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B2, 4.857%, [LIBOR4+275], 3/29/245,8		160,000		160,483
Hilton Worldwide Finance LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 3.328%, 10/25/234,8		1,305,342		1,317,502
Hilton Worldwide Finance LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 3.647%, 10/25/234		7,057,332		7,125,122
La Quinta Intermediate Holdings LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.348%, [LIBOR4+275], 4/14/215		229,952		230,599
Penn National Gaming, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.377%, [LIBOR12+250], 1/19/245		39,500		39,885
RHP Hotel Properties LP, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.07%, [LIBOR4+225], 5/11/245		54,450		54,893
Scientific Games International, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.651%-4.744%, [LIBOR6+275], 8/14/245		498,875		502,499
Stars Group Holdings BV, Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.325%, 4/6/254		217,246		218,429
Station Casinos LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.41%, [LIBOR12+250], 6/8/235		520,934		523,458
Town Sports International LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.401%, [LIBOR12+350], 11/15/205		139,307		139,090
VICI Properties 1 LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 3.898%, [LIBOR12+350], 12/20/245		85,909		86,327
Weight Watchers International, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 6.64%-7.06%, [LIBOR12+475], 11/29/245		679,125		689,631
Wyndham Hotels & Resorts, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.223%, [LIBOR4+200], 3/28/255,8		145,000		146,306
				14,734,984
Household Durables—0.9%
ABG Intermediate Holdings 2 LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.796%, 9/27/244,8		65,000		65,589
ABG Intermediate Holdings 2 LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.821%, 10/10/184,8		20,000		20,181
American Greetings Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.391%, 4/6/244		115,000		116,006
Axalta Coating Systems US Holdings, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.052%, 6/1/244		9,713,012		9,763,229

26       OPPENHEIMER FUNDAMENTAL ALTERNATIVES FUND

	Principal Amount		Value
Household Durables (Continued)
BRP US, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.40%, [LIBOR4+225], 6/30/235	$	129,344	$	130,314
Coty, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.128%, [LIBOR4+225], 4/7/255,8		210,000		210,206
HLF Financing Sarl, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 7.377%, [LIBOR12+550], 2/15/235		185,000		187,544
International Textile Group, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 6.812%, 4/18/254,8		100,000		100,500
Lifetime Brands, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.387%-5.391%, 3/13/254		50,000		50,281
Prestige Brands, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B4, 3.877%, 1/26/244		107,947		108,723
Revlon Consumer Products Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.377%, [LIBOR12+350], 9/7/235		378,927		293,905
Serta Simmons Bedding LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.897%-5.808%, [LIBOR4+350], 11/8/235		513,775		465,976
				11,512,454
Media—1.4%
Acosta, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.127%, [LIBOR4+325], 9/26/215		231,261		189,790
Advantage Sales & Marketing, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.151%, [LIBOR4+325], 7/23/215		59,845		57,439
Altice Financing SA, Sr. Sec. Credit Facilities 1st Lien Term Loan:
Tranche B, 4.127%, [LIBOR4+275], 7/15/255,8		247,700		245,746
Tranche B, 5.098%, 1/31/264		9,975		9,867
Altice US Finance I Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.151%, [LIBOR12+225], 7/28/255		258,750		258,953
Camelot Finance LP, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.151%, [LIBOR12+325], 10/3/235		112,390		113,293
CBS Radio, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B1, 4.623%, [LIBOR4+275], 11/18/245		219,450		220,707
Checkout Holdings, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.401%, [LIBOR12+350], 4/9/215		505,834		317,917
Clear Channel Communications, Inc., Extended Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche D, 8.443%, [LIBOR4+675], 1/30/195,9		2,846,691		2,274,862
Clear Channel Communications, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche E, 9.193%, [LIBOR4+750], 7/30/195,9		57,055		45,509
Cogeco Communications USA II LP, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.254%, 1/3/254,8		85,000		85,331
CSC Holdings LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan:
Tranche B, 3.249%, 7/17/254,8		10,000		9,986
Tranche B, 4.147%, [LIBOR12+225], 7/17/255		392,510		391,971
Tranche B, 4.277%, [LIBOR4+250], 1/25/265		75,000		75,141
Deluxe Entertainment Services Group, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 7.859%, [LIBOR4+550], 2/28/205		238,476		235,097
Getty Images, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.802%, [LIBOR4+350], 10/18/195		145,181		138,249

27       OPPENHEIMER FUNDAMENTAL ALTERNATIVES FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

	Principal Amount		Value
Media (Continued)
Gray Television, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.137%, [LIBOR12+250], 2/7/245	$	183,918	$	184,972
Harland Clarke Holdings Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B7, 7.052%, [LIBOR4+475], 11/3/235		283,632		286,380
Intelsat Jackson Holdings SA, Sr. Sec. Credit Facilities 1st Lien Term Loan:
Tranche B3, 5.706%, [LIBOR4+375], 11/27/235		230,000		231,762
Tranche B4, 6.456%, [LIBOR4+450], 1/2/245		60,000		62,353
ION Media Networks, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.54%, [LIBOR6+275], 12/18/205		821,165		824,585
Legendary Pictures, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 8.302%, [LIBOR4+600], 4/22/203,5		465,000		460,931
Liberty Cablevision of Puerto Rico LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.848%, [LIBOR4+350], 1/7/225		440,000		427,808
Lions Gate Capital Holdings LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.148%, [LIBOR4+225], 3/24/255		250,000		251,329
MacDonald Dettwiler & Associates Ltd., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.63%, [LIBOR4+250], 10/4/245,8		264,488		265,149
MediArena Acquisition BV, Sr. Sec. Credit Facilities 1st Lien Term Loan, 8.058%, [LIBOR4+575], 8/13/215		323,030		322,510
Meredith Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.877%, [LIBOR6+300], 1/31/255		170,000		171,328
Mission Broadcasting, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.164%, [LIBOR12+250], 1/17/245,8		101,985		102,546
Mission Broadcasting, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.387%, [LIBOR12+250], 1/17/245		3,379		3,397
Monarchy Enterprises Holdings BV, Sr. Sec. Credit Facilities 1st Lien Term Loan, 8.377%, [LIBOR4+650], 10/13/223,5		700,000		696,500
NEP/NCP Holdco, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.552%, [LIBOR12+325], 7/21/225		232,839		233,859
Nexstar Broadcasting, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.387%, [LIBOR12+250], 1/17/245,8		816,257		820,746
Radiate Holdco LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.877%, [LIBOR12+300], 2/1/245		614,822		609,301
Red Ventures LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.877%, [LIBOR4+400], 11/8/245		283,575		287,439
Rovi Solutions Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.38%, [LIBOR12+250], 7/2/215		139,276		140,219
Sable International Finance Ltd., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B4, 5.151%, [LIBOR12+325], 2/2/265		205,000		206,623
SFR Group SA, Sr. Sec. Credit Facilities 1st Lien Term Loan:
Tranche B, 4.522%, [LIBOR4+275], 7/31/255,8		179,173		176,772
Tranche B12, 5.348%, [LIBOR4+300], 1/31/265		410,876		405,933
Sinclair Television Group, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan:
Tranche B, 3.913%, [LIBOR12+225], 12/12/245,8		465,000		467,906
Tranche B2, 4.16%, [LIBOR12+225], 1/3/245		461,369		463,676
Technicolor SA, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.734%, [LIBOR4+275], 12/6/235		158,700		157,708
Telenet Financing USD LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche AL, 4.397%, [LIBOR12+250], 3/1/265		325,000		326,890

28       OPPENHEIMER FUNDAMENTAL ALTERNATIVES FUND

	Principal Amount		Value
Media (Continued)
Telesat LL, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.31%, 11/17/234	$	87,676	$	88,238
Tribune Media Co., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.901%, [LIBOR12+300], 1/26/245		354,132		355,238
Unitymedia Finance LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche D, 4.147%, [LIBOR4+225], 1/15/265		200,000		199,954
Univision Communications, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche C5, 4.651%, [LIBOR12+275], 3/15/245		839,259		829,222
UPC Financing Partnership, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche AR, 4.397%, [LIBOR4+250], 1/15/265		381,000		382,295
Virgin Media Bristol LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche K, 4.397%, [LIBOR12+250], 1/15/265,8		490,000		492,808
WideOpenWest Finance LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.146%, [LIBOR12+325], 8/18/235		377,675		365,873
William Morris Endeavor Entertainment LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.16%, [LIBOR12+325], 5/6/215		236,515		238,525
WMG Acquisition Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.127%, [LIBOR12+225], 11/1/235		264,697		266,260
Ziggo Secured Finance Partnership, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche E, 4.397%, [LIBOR12+250], 4/15/255		545,000		543,071
				17,019,964
Multiline Retail—0.5%
Neiman Marcus Group Ltd. LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.141%, [LIBOR12+325], 10/25/205		6,802,472		5,998,930
Consumer Staples—0.2%
Beverages—0.2%
1011778 BC ULC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 3.25%, 2/16/244,8		45,000		45,182
1011778 BC ULC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 3.583%-4.127%, [LIBOR4+225], 2/16/245		372,191		373,698
Dole Food Co., Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.383%-6.75%, [LIBOR4+275], 4/6/245		189,656		190,794
Dole Food Co., Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.383%, [LIBOR6+275], 4/6/245,8		110,000		110,660
Golden Nugget, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.645%-4.651%, 10/4/234		638,805		644,852
Hearthside Group Holdings LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.901%, [LIBOR12+300], 6/2/215		63,218		63,484
Hostess Brands LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.127%, [LIBOR12+225], 8/3/225		191,435		193,134
IRB Holding Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.128%, [LIBOR12+325], 2/5/255		115,000		116,420
Jacobs Douwe Egberts International BV, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.063%, [LIBOR4+225], 7/4/225		85,000		85,779
KFC Holding Co., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 3.644%, 4/3/254		133,112		134,152
Mastronardi Produce Ltd., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.588%, 4/18/254,8		45,000		45,281

29       OPPENHEIMER FUNDAMENTAL ALTERNATIVES FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

	Principal Amount		Value
Beverages (Continued)
Nomad Foods Europe Midco Ltd., Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.147%, [LIBOR12+225], 5/15/245,8	$	193,000	$	193,724
NPC International, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.377%, [LIBOR12+350], 4/19/245,8		59,588		60,407
Post Holdings, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 3.90%, [LIBOR12+200], 5/24/245		154,611		155,508
Sigma US Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.772%, [LIBOR4+325], 3/6/255,8		285,000		286,176
Sunshine Investments BV, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B3, 5.189%, [LIBOR4+325], 3/28/255		100,000		100,937
Tacala Investment Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.133%, [LIBOR4+325], 1/31/255		75,000		75,778
				2,875,966
Energy—0.3%
Energy Equipment & Services—0.3%
Apergy Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.088%, 4/19/254,8		55,000		55,413
Ascent Resources - Marcellus LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 8.387%, 8/4/204		42,264		42,433
BCP Renaissance Parent LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.359%, [LIBOR4+400], 10/31/245		270,000		271,688
California Resources Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, 12.273%, [LIBOR12+1,037.5], 12/31/215		115,000		129,806
California Resources Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, 6.647%, [LIBOR12+475], 12/31/225,8		145,000		148,625
Chesapeake Energy Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, 9.444%, [LIBOR4+750], 8/23/215		110,000		116,600
Delek US Holdings, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.401%, [LIBOR4+250], 3/31/255,8		140,000		141,182
Drillship Kithira Owners, Inc., Sr. Sec. Credit Facilities 1st Lien Exit Term Loan, 8.00%, 9/20/244,8		258,396		271,316
Eastern Power LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.651%, [LIBOR12+375], 10/2/235		481,237		483,193
Fieldwood Energy LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 7.147%, 4/11/224,8		255,013		256,766
Floatel International Ltd., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 7.302%, [LIBOR4+500], 6/27/205		62,957		55,087
Gulf Finance LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 7.56%, [LIBOR4+525], 8/25/235,8		187,919		171,241
HGIM Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.75%, [LIBOR4+450], 6/18/205,9		198,414		77,878
Limetree Bay Terminals LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.898%, [LIBOR12+400], 2/15/245		10,937		10,954
Limetree Bay Terminals LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.898%, [LIBOR12+400], 2/15/245,8		222,013		222,346
Lucid Energy Group II Borrower LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.897%, [LIBOR12+300], 2/17/255		85,000		85,000
McDermott Technology Americas, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 7.202%, 3/28/254,8		135,000		134,347

30       OPPENHEIMER FUNDAMENTAL ALTERNATIVES FUND

	Principal Amount		Value
Energy Equipment & Services (Continued)
MEG Energy Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.81%, [LIBOR4+350], 12/31/235	$	34,773	$	34,994
Seadrill Operating LP, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 8.302%, [LIBOR4+600], 2/21/215		450,538		387,273
Sheridan Production Partners II-A LP, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.49%, [LIBOR4+350], 12/16/205		19,242		16,837
Sheridan Production Partners II-M LP, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.49%, [LIBOR4+350], 12/16/205		10,277		8,992
Traverse Midstream Partners LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.85%, [LIBOR4+400], 9/27/245		105,000		105,738
Ultra Resources, Inc., Sr. Sec. Credit Facilities 1st Lien Exit Term Loan, 4.897%, [LIBOR4+300], 4/12/245		235,000		220,827
				3,448,536
Oil, Gas & Consumable Fuels—0.0%
Sheridan Investment Partners II LP, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.49%, [LIBOR4+350], 12/16/205		156,981		137,359
Southcross Energy Partners LP, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.552%, [LIBOR4+425], 8/4/215		283,519		280,755
				418,114
Financials—0.3%
Capital Markets—0.1%
Aretec Group, Inc., Sr. Sec. Credit Facilities 1st Lien Exit Term Loan, 6.127%, [LIBOR12+425], 11/23/205		210,924		211,517
Aretec Group, Inc., Sr. Sec. Credit Facilities 2nd Lien Term Loan, 7.377%, [LIBOR12+450], 5/23/215,10		600,489		601,805
				813,322
Commercial Banks—0.2%
Alliant Holdings Intermediate LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan: Tranche B, 5.127%, [LIBOR4+325], 8/12/225		160,328		161,530
Tranche B, 5.359%, 4/27/254,8		20,000		20,150
AmWINS Group, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.644%-4.651%, [LIBOR12+275], 1/25/245		114,133		114,997
Blucora, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.056%, [LIBOR4+300], 5/22/245		102,538		103,307
Capital Automotive LP, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.41%, [LIBOR12+250], 3/25/245		82,536		83,013
Focus Financial Partners LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.052%, [LIBOR4+275], 7/3/245		69,725		70,259
HUB International Ltd., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.25%, 4/16/254,8		240,000		241,750
Hyperion Insurance Group Ltd., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.438%, [LIBOR12+350], 12/20/245		114,713		115,776
iStar, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.891%-4.897%, [LIBOR4+300], 10/1/215		178,444		179,782
Jane Street Group LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.627%, [LIBOR12+375], 8/25/225		30,000		30,413

31       OPPENHEIMER FUNDAMENTAL ALTERNATIVES FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

	Principal Amount		Value
Commercial Banks (Continued)
Mayfield Agency Borrower, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 6.377%, [LIBOR4+450], 2/28/255	$	110,000	$	111,066
NFP Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.877%, [LIBOR12+350], 1/8/245		305,802		307,810
Uniti Group, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.901%, [LIBOR12+300], 10/24/225		598,855		578,895
USI, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.302%, [LIBOR4+300], 5/16/245,8		468,474		470,816
				2,589,564
Consumer Finance—0.0%
PGX Holdings, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 7.13%, [LIBOR12+525], 9/29/205		128,779		125,801
PGX Holdings, Inc., Sr. Sec. Credit Facilities 2nd Lien Term Loan, 10.65%, [LIBOR12+900], 9/29/213,5		62,543		59,572
				185,373
Insurance—0.0%
AssuredPartners, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.802%, 10/22/244,8		190,000		191,174
Sedgwick Claims Management Services, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.651%, [LIBOR4+275], 3/1/215,8		355,000		355,740
				546,914
Health Care—0.7%
Health Care Equipment & Supplies—0.6%
21st Century Oncology, Inc., Sr. Sec. Credit Facilities 1st Lien Exit Term Loan, Tranche B, 8.475%, [LIBOR4+612.5], 1/16/235		64,576		62,251
Acadia Healthcare Co., Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B4, 4.377%, [LIBOR12+250], 2/16/235		195,357		197,515
Air Medical Group Holdings, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan:
Tranche B, 5.128%, [LIBOR12+325], 4/28/225,8		236,790		238,151
Tranche B, 6.147%, [LIBOR12+325], 3/14/255		94,763		95,898
Akorn, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.188%, [LIBOR12+425], 4/16/215		182,206		179,473
Alliance HealthCare Services, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 6.272%-6.377%, [LIBOR4+450], 10/24/235		109,313		110,201
Amneal Pharmaceuticals LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.035%, [LIBOR4+300], 3/21/255,8		230,000		231,366
Ardent Legacy Acquisitions, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 7.377%, [LIBOR4+550], 8/4/215		100,203		100,829
ASP AMC Merger Sub, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.802%, [LIBOR4+350], 4/22/245		299,949		301,308
Carestream Dental Equipment, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.552%, [LIBOR4+325], 9/1/245		44,775		44,840
Carestream Health, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.877%, [LIBOR4+400], 6/7/195		58,967		59,377
Change Healthcare Holdings LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.651%, [LIBOR12+275], 3/1/245		712,800		716,421

32       OPPENHEIMER FUNDAMENTAL ALTERNATIVES FUND

	Principal Amount		Value
Health Care Equipment & Supplies (Continued)
CHS/Community Health Systems, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan:
Tranche G, 3.75%-4.229%, 12/31/194	$	75,864	$	74,792
Tranche H, 5.234%, [LIBOR4+300], 1/27/215		337,637		328,352
Concentra, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.53%, [LIBOR4+275], 6/1/225		75,000		75,750
CVS Holdings I LP, Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.79%, [LIBOR4+300], 2/6/255		205,000		203,848
DJO Finance LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.151%-5.558%, [LIBOR12+325], 6/8/205		382,174		384,442
Endo International plc, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.188%, [LIBOR12+425], 4/29/245		278,597		277,509
Genoa a Qol Healthcare Co. LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.127%, [LIBOR12+325], 10/30/235		83,730		84,397
Grifols Worldwide Operations USA, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 3.994%, [LIBOR52+225], 1/31/255		462,663		465,604
HCA, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B10, 3.877%, [LIBOR12+200], 3/13/255		115,000		116,326
Heartland Dental LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.825%, 4/17/254,8		256,860		258,144
Jaguar Holding Co. II, Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.377%-4.802%, [LIBOR4+250], 8/18/225		225,838		227,339
Kinetic Concepts, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.552%, [LIBOR4+325], 2/2/245		104,213		105,059
LifeCare Holdings LLC, Sr. Sec. Credit Facilities 1st Lien Exit Term Loan, Tranche A, 7.552%, [LIBOR4+525], 11/30/185		141,409		98,986
Mallinckrodt International Finance SA, Sr. Sec. Credit Facilities 1st Lien Term Loan:
Tranche B, 5.203%, [LIBOR4+275], 9/24/245		74,107		73,634
Tranche B, 4.82%, [LIBOR4+300], 2/24/255,8		230,000		230,029
MPH Acquisition Holdings LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.052%, [LIBOR4+300], 6/7/235		402,973		405,520
National Mentor Holdings, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.302%, [LIBOR4+300], 1/31/215		345,904		348,715
New Trident Holdcorp, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 8.052%, [LIBOR4+575], 7/31/195		87,432		66,535
Opal Acquisition, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 6.302%-6.308%, [LIBOR4+400], 11/27/205		257,358		252,961
Ortho-Clinical Diagnostics, Inc., Sr. Sec Credit Facilities 1st Lien Term Loan, 5.627%, [LIBOR4+375], 6/30/215		236,233		238,103
PAREXEL International Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.627%, [LIBOR4+300], 9/27/245,8		44,925		45,129
Select Medical Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.65%-6.75%, 3/1/214		84,150		85,097
Sotera Health Holdings LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.901%, [LIBOR12+300], 5/15/225		14,925		15,023
Surgery Center Holdings, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.16%, [LIBOR4+325], 9/2/245,8		199,125		199,841
Team Health Holdings, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.651%, [LIBOR12+275], 2/6/245		332,123		322,574
US Anesthesia Partners, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.901%, 6/23/244		9,975		10,038

33       OPPENHEIMER FUNDAMENTAL ALTERNATIVES FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

	Principal Amount		Value
Health Care Equipment & Supplies (Continued)
Valeant Pharmaceuticals International, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche F, 5.394%, [LIBOR12+350], 4/1/225	$	51,444	$	52,084
Vizient, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B3, 4.651%, [LIBOR12+275], 2/13/235		15,527		15,650
Wink Holdco, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.901%, [LIBOR4+300], 12/2/245		139,650		139,432
				7,538,543
Health Care Providers & Services—0.1%
Kindred Healthcare, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.875%, [LIBOR4+350], 4/9/215		457,175		458,890
Industrials—2.9%
Aerospace & Defense—0.0%
Doncasters US Finance LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.837%, [LIBOR4+350], 4/9/205		82,784		81,801
Commercial Services & Supplies—0.6%
Access CIG LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.648%-5.651%, 2/27/254		89,092		90,108
Access CIG LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Delayed Draw, 0.50%, [LIBOR4+3.75], 2/27/255		10,908		11,033
AI Aqua Merger Sub, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B1, 5.127%, [LIBOR12+325], 12/13/235		34,912		35,141
AI Aqua ZIP Bidco Pty Ltd., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.127%, 12/13/234		77,805		78,315
Allied Universal Holdco LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 6.052%, [LIBOR4+375], 7/28/225		382,166		375,637
Asurion LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan:
Tranche B4, 4.627%, [LIBOR12+275], 8/4/225		688,644		694,133
Tranche B6, 4.627%, [LIBOR12+275], 11/3/235		204,037		205,728
ATS Consolidated, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.637%, [LIBOR12+375], 2/28/255		225,000		227,718
Belron Finance US LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.294%, [LIBOR4+250], 11/7/245		164,588		165,616
Casmar Australia Pty Ltd., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.833%-6.802%, [LIBOR4+450], 12/8/235		123,438		121,277
Ceridian HCM Holding, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.045%, 4/5/254,8		220,000		221,009
CEVA Group plc, Sr. Sec. Credit Facilities 1st Lien Term Loan, 7.272%, [LIBOR4+550], 3/19/215		53,017		52,803
CEVA Group plc, Sr. Sec. Credit Facilities Letter of Credit 1st Lien Term Loan, 6.50%-7.272%, [LIBOR4+550], 3/19/215		107,086		106,667
Crossmark Holdings, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.802%, [LIBOR4+350], 12/20/195		325,994		174,407
Engility Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan:
Tranche B1, 4.127%, [LIBOR12+275], 8/12/205		49,523		49,691
Tranche B2, 4.627%, [LIBOR12+275], 8/14/235		180,958		181,260
First Advantage, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 7.151%, [LIBOR4+525], 6/30/225		97,904		97,905

34       OPPENHEIMER FUNDAMENTAL ALTERNATIVES FUND

	Principal Amount		Value
Commercial Services & Supplies (Continued)
First American Payment Systems LP, Sr. Sec. Credit Facilities 1st Lien Term Loan, 6.641%, [LIBOR12+475], 1/5/245	$	102,542	$	103,311
Garda World Security Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.506%-7.25%, 5/24/244		372,889		377,551
IG Investments Holdings LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.802%, [LIBOR4+350], 10/31/215		312,812		316,722
Inmar, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.377%, [LIBOR6+350], 5/1/245		312,638		315,375
International Car Wash Group Ltd., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.147%, [LIBOR4+375], 10/3/245,8		273,229		274,709
iPayment, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.618%, [LIBOR4+500], 4/11/235		149,263		150,196
KUEHG Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, 6.052%, [LIBOR4+375], 8/12/225		158,067		159,450
Laureate Education, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.377%, [LIBOR12+350], 4/26/245		224,329		226,152
Learning Care Group US No. 2, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.138%-5.609%, [LIBOR4+325], 3/13/255		35,000		35,262
Legalzoom.com, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.397%, [LIBOR4+450], 11/21/245		159,600		161,395
Livingston International, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 8.052%, [LIBOR4+575], 3/20/205		100,825		100,730
Livingston International, Inc., Sr. Sec. Credit Facilities 2nd Lien Term Loan, 10.552%, [LIBOR4+825], 4/17/205		45,073		42,538
LS Deco LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.802%, [LIBOR4+350], 5/21/225		181,484		183,525
Monitronics International, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B2, 7.802%, [LIBOR4+550], 9/30/225,8		219,457		213,069
Sarbacane Bidco, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.77%, [LIBOR4+300], 1/29/255		35,000		35,387
SMG US Midco 2, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.151%, [LIBOR6+325], 1/23/255		30,000		30,325
Staples, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.787%, [LIBOR4+400], 9/12/245		523,688		518,961
Travelport Finance Luxembourg Sarl, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.785%, [LIBOR4+275], 3/17/255,8		440,000		442,154
Trident LS Merger Sub Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.558%, 4/13/254,8		115,000		116,276
XPO Logistics, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 3.92%, [LIBOR4+200], 2/24/255		659,000		663,484
				7,355,020
Industrial Conglomerates—1.1%
Apex Tool Group LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.627%, [LIBOR12+375], 2/1/225		139,125		139,705
Filtration Group Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.452%, [LIBOR4+325], 3/29/255,8		60,000		60,669

35       OPPENHEIMER FUNDAMENTAL ALTERNATIVES FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

	Principal Amount		Value
Industrial Conglomerates (Continued)
Gardner Denver, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.052%, [LIBOR12+275], 7/30/245	$	153,379	$	154,462
Gates Global LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.052%, [LIBOR4+300], 4/1/245		280,120		282,154
Harsco Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B1, 4.938%, [LIBOR12+300], 12/6/245		99,002		100,363
Hillman Group, Inc. (The), Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.802%, [LIBOR4+350], 6/30/215		181,108		183,259
MACOM Technology Solutions Holdings, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.127%, [LIBOR12+225], 5/17/245		148,875		146,642
Pelican Products, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.825%, 4/19/254,8		30,000		30,281
RBS Global, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.148%, [LIBOR12+225], 8/21/245		108,567		109,484
Robertshaw US Holdings Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.438%, [LIBOR12+350], 2/28/255		40,000		40,394
Titan Acquisition Ltd., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.056%, [LIBOR12+300], 3/28/255		115,000		115,287
TransDigm, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan:
Tranche E, 4.651%, [LIBOR12+275], 5/14/225		54,862		55,155
Tranche F, 4.651%-5.052%, [LIBOR4+275], 6/9/235		11,021,530		11,081,652
Tranche G, 4.802%, [LIBOR4+250], 8/22/245		77,805		78,286
Vectra Co., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.145%, [LIBOR12+325], 3/8/255,8		130,000		130,366
Vertiv Intermediate Holding II Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.887%, [LIBOR12+400], 11/30/235		282,058		282,234
Wencor Group, Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.802%, [LIBOR4+350], 6/19/215		59,681		58,438
WP CPP Holdings LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 6.089%, 4/30/254,8		85,000		85,531
Zodiac Pool Solutions LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.123%, [LIBOR4+225], 3/7/255,8		30,000		30,178
				13,164,540
Professional Services—0.0%
AVSC Holding Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.137%-5.256%, [LIBOR4+375], 3/3/255		259,050		259,819
Road & Rail—1.1%
Arctic LNG Carriers Ltd., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.40%, [LIBOR12+450], 5/18/235		168,725		170,044
Avolon TLB Borrower 1 US LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B2, 4.147%, [LIBOR12+225], 3/21/225		952,800		955,911
CH Hold Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.901%, [LIBOR12+300], 2/1/245		139,267		140,399
Daseke Cos., Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 6.901%, [LIBOR12+500], 2/27/245		78,532		79,318
Delos Finance Sarl, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.052%, 10/6/234		10,015,000		10,093,668

36       OPPENHEIMER FUNDAMENTAL ALTERNATIVES FUND

	Principal Amount		Value
Road & Rail (Continued)
Kenan Advantage Group, Inc. (The), Sr. Sec. Credit Facilities 1st Lien Term Loan:
Tranche B1, 4.901%, [LIBOR12+300], 7/29/225	$	207,053	$	208,346
Tranche B2, 4.877%, [LIBOR12+300], 7/29/225		60,851		61,231
Western Express, Inc., Sr. Sec. Credit Facilities 2nd Lien Term Loan, 10.234%, [LIBOR4+825], 2/23/223,5		982,800		1,016,215
				12,725,132
Transportation Infrastructure—0.1%
American Axle & Manufacturing, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.15%, [LIBOR12+225], 4/6/245		236,400		237,952
Dayco Products LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.984%, [LIBOR4+500], 5/19/235		119,100		119,844
Horizon Global Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.253%, [LIBOR4+450], 2/16/245,8		100,000		101,250
Mavis Tire Express Services Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.147%, 3/20/254		597		598
Mavis Tire Express Services Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.147%-5.234%, [LIBOR4+325], 3/20/255,8		154,662		154,759
Mavis Tire Express Services Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Delayed Draw, 1.00%, 3/20/254		19,373		19,386
Navistar, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.40%, [LIBOR12+350], 11/6/245		174,563		175,954
Superior Industries International, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.401%, [LIBOR12+450], 5/22/245		183,573		185,351
TI Group Automotive Systems LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.401%, [LIBOR12+275], 6/30/225		458,306		461,743
				1,456,837
Information Technology—0.8%
Communications Equipment—0.0%
Birch Communications, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 9.59%, [LIBOR4+725], 7/17/205		400,324		397,822
Internet Software & Services—0.8%
Almonde, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.484%, [LIBOR4+350], 6/13/245		383,150		383,433
Altran Technologies SA, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.273%, [LIBOR4+275], 3/20/255,8		40,000		40,417
Avaya, Inc., Sr. Sec. Credit Facilities 1st Lien Exit Term Loan, Tranche B, 6.647%, [LIBOR12+475], 12/15/245		1,059,345		1,072,306
Blackboard, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B4, 7.355%, [LIBOR4+500], 6/30/215		239,205		226,198
BMC Software Finance, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.151%, [LIBOR12+325], 9/10/225		363,061		365,005
Cavium, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.15%, [LIBOR12+225], 8/16/225		50,613		50,961
Colorado Buyer, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.78%, [LIBOR4+300], 5/1/245,8		237,433		237,284
Compuware Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B3, 5.40%, [LIBOR12+425], 12/15/215		142,761		144,742

37       OPPENHEIMER FUNDAMENTAL ALTERNATIVES FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

	Principal Amount		Value
Internet Software & Services (Continued)
Cypress Semiconductor Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.15%, [LIBOR12+275], 7/5/215	$	135,975	$	137,633
Ensono LP, Sr. Sec. Credit Facilities 1st Lien Term Loan, 7.337%, 4/25/254,8		140,000		140,350
Epicor Software Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.13%, [LIBOR12+375], 6/1/225		127,914		128,773
First Data Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan:
Tranche B, 4.147%, [LIBOR12+225], 7/8/225,8		142,429		143,097
Tranche B, 4.147%, [LIBOR12+225], 4/26/245		369,782		371,497
Go Daddy Operating Co. LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.151%, [LIBOR12+225], 2/15/245		250,249		251,704
Greeneden US Holdings II LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B3, 5.802%, [LIBOR4+350], 12/1/235		103,866		104,645
Infor US, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.627%, [LIBOR4+275], 2/1/225,8		449,666		452,290
Informatica LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.127%, [LIBOR4+325], 8/5/225		209,859		211,581
Internap Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, 7.65%, [LIBOR12+700], 4/6/225		119,300		120,343
Ivanti Software, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.13%, [LIBOR12+425], 1/20/245		108,914		107,634
Kronos, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.88%, [LIBOR12+300], 11/1/235		15,000		15,148
Lighthouse Network LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 6.401%, [LIBOR12+450], 11/29/245		99,750		100,602
MA FinanceCo LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan: Tranche B, 4.627%, [LIBOR12+275], 6/21/245		68,560		68,483
Tranche B2, 4.377%, [LIBOR4+250], 11/19/215		54,863		54,908
MaxLinear, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.397%, [LIBOR12+250], 5/13/245		77,647		78,132
McAfee LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.377%, [LIBOR12+450], 9/30/245		353,300		358,350
Polycom, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 7.127%-7.147%, [LIBOR12+525], 9/27/235		119,653		120,805
Premiere Global Services, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 8.291%, [LIBOR6+650], 12/8/215		66,059		65,481
Project Deep Blue Holdings LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.061%, [LIBOR4+325], 2/12/255		60,000		60,356
Quest Software US Holdings, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 7.272%, [LIBOR4+550], 10/31/225		222,425		224,162
Riverbed Technology, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.13%, [LIBOR12+325], 4/24/225,8		351,166		350,216
Seattle SpinCo, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.651%, [LIBOR12+275], 6/21/245		462,753		462,233
Shutterfly, Inc.,Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B2, 4.66%, [LIBOR12+275], 8/17/245		145,000		146,631
SolarWinds Holdings, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.901%, [LIBOR12+300], 2/5/245		129,675		130,620
Solera LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.651%, [LIBOR12+275], 3/3/235,8		168,421		169,347

38       OPPENHEIMER FUNDAMENTAL ALTERNATIVES FUND

	Principal Amount		Value
Internet Software & Services (Continued)
SS&C Technologies Holdings Europe Sarl, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B4, 4.22%, [LIBOR4+250], 4/16/255,8	$	211,948	$	213,631
SS&C Technologies, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B1, 4.22%, [LIBOR4+250], 4/16/255,8		573,731		578,287
Sybil Software LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.853%, 9/30/234,8		30,000		30,217
Tempo Acquisition LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.877%-4.901%, [LIBOR12+300], 5/1/245		485,682		489,072
TTM Technologies, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.377%, [LIBOR4+250], 9/28/245,8		221,625		223,427
Veritas US, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B1, 6.802%, [LIBOR4+450], 1/27/235		379,817		374,773
Xperi Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.401%, [LIBOR12+250], 12/1/235		247,000		247,926
				9,252,700
Materials—0.6%
Chemicals—0.2%
Alpha 3 BV, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B1, 5.302%, [LIBOR4+300], 1/31/245		94,524		95,292
Cyanco Intermediate Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.672%, [LIBOR4+350], 3/16/255		85,000		85,797
Emerald Performance Materials LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.377%, [LIBOR12+350], 7/30/215		188,693		190,698
Encapsys LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.127%, [LIBOR4+325], 11/7/245		185,000		186,850
Ferro Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan:
Tranche B, 4.377%, [LIBOR12+250], 2/14/245		84,150		84,606
Tranche B2, 4.587%, 2/14/244,8		28,799		28,943
Tranche B3, 4.587%, 2/14/244,8		28,186		28,327
H.B. Fuller Co., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.147%, 10/20/244		145,000		145,634
LUX HOLDCO III, Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.773%, [LIBOR4+300], 3/28/255,8		45,000		45,441
MacDermid, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan:
Tranche B6, 4.877%, [LIBOR12+300], 6/7/235		87,672		88,395
Tranche B7, 4.377%, [LIBOR4+275], 6/7/205		88,054		88,566
New Arclin US Holding Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.802%, [LIBOR4+350], 2/14/245		109,662		110,759
OCI Partners LP, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.552%, [LIBOR4+425], 3/13/255		115,000		116,174
PQ Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.291%, [LIBOR4+250], 2/8/255		59,850		60,235
Road Infrastructure Investment LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.377%, [LIBOR12+350], 6/13/235,8		108,910		109,635
Trinseo Materials Operating SCA, Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.401%, [LIBOR4+250], 9/6/245		34,825		35,130
Tronox Blocked Borrower LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.302%, [LIBOR4+300], 9/23/245		208,463		210,857

39       OPPENHEIMER FUNDAMENTAL ALTERNATIVES FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

	Principal Amount		Value
Chemicals (Continued)
Tronox Finance LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.302%, [LIBOR4+300], 9/23/245	$	481,225	$	486,752
Univar USA, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.401%, [LIBOR12+250], 7/1/245		220,861		223,088
				2,421,179
Construction Materials—0.1%
Continental Building Products Operating Co. LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.151%, [LIBOR12+225], 8/18/235		236,580		239,094
Pisces Midco, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.178%, [LIBOR4+300], 4/12/255,8		130,000		131,422
Quikrete Holdings, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.627%, [LIBOR12+275], 11/15/235		536,779		539,707
Realogy Group LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.145%, [LIBOR12+225], 2/8/255		91,672		92,353
VC GB Holdings, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.151%, [LIBOR12+325], 2/28/245		138,642		139,768
				1,142,344
Containers & Packaging—0.1%
BWAY Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.588%, [LIBOR12+325], 4/3/245		282,987		285,009
Multi-Color Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.127%, [LIBOR12+225], 10/31/245		24,938		25,088
Plastipak Holdings, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.63%, [LIBOR4+275], 10/14/245		109,450		110,015
Pro Mach Group, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.035%, [LIBOR4+300], 3/7/255,8		205,000		205,641
Reynolds Group Holdings, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.627%, [LIBOR12+300], 2/5/235		305,262		307,609
SIG Combibloc US Acquisition, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.627%-4.651%, [LIBOR12+275], 3/11/225		254,390		256,139
				1,189,501
Metals & Mining—0.2%
Murray Energy Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan:
Tranche B2, 9.552%, [LIBOR4+725], 4/16/205		1,618,578		1,436,698
Tranche B3, 10.052%, [LIBOR4+775], 4/17/205		503,614		445,950
Oxbow Carbon LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.627%, [LIBOR12+375], 1/4/235		24,688		25,027
Peabody Energy Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.062%, 3/31/254,8		107,980		108,442
TMS International Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.651%, [LIBOR4+275], 8/14/245,8		94,800		95,245
				2,111,362
Telecommunication Services—0.4%
Diversified Telecommunication Services—0.4%
CenturyLink, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.651%, [LIBOR4+275], 1/31/255		1,246,875		1,230,117

40       OPPENHEIMER FUNDAMENTAL ALTERNATIVES FUND

	Principal Amount		Value
Diversified Telecommunication Services (Continued)
Cincinnati Bell, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.571%, [LIBOR4+375], 10/2/245	$	235,000	$	238,021
Consolidated Communications, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.91%, [LIBOR12+300], 10/5/235		347,179		345,662
Digicel International Finance Ltd, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.61%, [LIBOR4+325], 5/27/245,8		239,012		239,162
Frontier Communications Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.66%, [LIBOR12+375], 6/15/245		277,900		275,078
Global Tel*Link Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, 6.302%, [LIBOR4+400], 5/23/205		255,548		257,337
IPC Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.28%, [LIBOR4+450], 8/6/215		272,953		268,347
IPC Corp., Sr. Sec. Credit Facilities 2nd Lien Term Loan, 11.272%, [LIBOR4+950], 2/4/225		161,028		152,171
Level 3 Financing, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.148%, [LIBOR12+225], 2/22/245		240,000		241,333
SBA Senior Finance II LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 3.90%, 4/11/254		201,890		202,689
Sprint Communications, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.438%, [LIBOR4+250], 2/2/245,8		885,892		889,630
Windstream Services LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B6, 5.90%, [LIBOR12+400], 3/29/215		345,022		330,935
Zayo Group LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B2, 4.151%, [LIBOR12+225], 1/19/245		10,000		10,081
				4,680,563
Utilities—1.0%
Electric Utilities—1.0%
APLP Holdings LP, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.312%, 4/12/234,8		30,000		30,197
Calpine Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan: Tranche B5, 4.81%, [LIBOR4+250], 1/15/245		308,307		310,025
Tranche B7, 4.81%, [LIBOR4+275], 5/31/235		34,474		34,662
Compass Power Generation LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.052%, [LIBOR4+375], 12/20/245		124,688		126,402
Dynegy, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche C, 4.398%, [LIBOR12+275], 2/7/245		363,029		365,813
EFS Cogen Holdings I LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.56%, [LIBOR4+325], 6/28/235		226,887		228,334
Exgen Renewables IV LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.99%, [LIBOR4+300], 11/28/245		29,925		30,224
Frontera Generation Holdings LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.842%, 4/24/254,8		170,000		171,239
Helix Gen Funding LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.651%, [LIBOR4+375], 6/3/245		165,869		167,527
Lightstone Holdco LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan: Tranche B, 5.627%, [LIBOR12+375], 1/30/245		107,824		108,902
Tranche C, 5.627%, [LIBOR12+375], 1/30/245		6,904		6,973
MRP Generation Holdings LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 9.302%, [LIBOR4+700], 10/18/225		73,875		71,289

41       OPPENHEIMER FUNDAMENTAL ALTERNATIVES FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

	Principal Amount		Value
Electric Utilities (Continued)
Sandy Creek Energy Associates LP, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.302%, [LIBOR4+400], 11/9/205	$	439,358	$	371,624
Talen Energy Supply LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan:
Tranche B, 5.901%, [LIBOR12+400], 7/15/235		286,122		284,034
Tranche B2, 6.353%, 4/15/244,8		35,000		34,745
TerraForm Power Operating LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.651%, [LIBOR4+275], 11/8/225		39,900		40,166
Vistra Operations Co. LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan:
Tranche B, 4.401%, [LIBOR12+250], 8/4/235		376,766		379,827
Tranche B2, 4.146%-4.151%, [LIBOR12+275], 12/14/235		7,119,703		7,174,454
Tranche B2, 4.33%, [LIBOR12+275], 12/14/235,8		2,478,725		2,497,786
Tranche C, 4.401%, [LIBOR12+250], 8/4/235		66,979		67,523
				12,501,746
Total Corporate Loans (Cost $141,430,724)				140,581,297
	Shares
Structured Security—0.0%
Africa Telecommunications Media & Technology Fund 1 LLC1,11 (Cost $10,000,000)		9,542,930		—

							Notional
	Counter-		Exercise Expiration				Amount		Contracts
	party		Price		Date		(000’s)		(000’s)
Over-the-Counter Option Purchased—0.0%
CNH Currency Put1 (Cost $245,802)		GSCO-OT		USD6.460		2/21/19		USD 240,000		USD 65,550	149,061

Pay/Receive

Notional

Floating

Floating

Fixed

Expiration

Amount

Rate

Rate

Rate

Date

(000’s)

Over-the-Counter Interest Rate Swaptions Purchased—0.4%

Interest Rate Swap maturing 1/24/29 Call1

GSCOI

Receive

Six-Month JPY BBA LIBOR

0.708%

1/22/19

JPY

795,000

4,499

Interest Rate Swap Maturing 1/27/31 Call1

BAC

Receive

Three- Month USD BBA LIBOR

2.795

1/25/21

USD

2,000

98,608

Interest Rate Swap maturing 1/28/30 Call1

GSCOI

Receive

Three- Month USD BBA LIBOR

2.974

1/24/20

USD

94,000

3,144,233

Interest Rate Swap Maturing 1/28/31 Call1

GSCOI

Receive

Six-Month JPY BBA LIBOR

0.523

1/26/21

JPY

1,744,000

194,084

Interest Rate Swap maturing 11/21/28 Call1

GSCOI

Receive

Six-Month JPY BBA LIBOR

0.850

11/19/18

JPY

749,000

1,646

42       OPPENHEIMER FUNDAMENTAL ALTERNATIVES FUND

Pay/Receive

Notional

Counter-

Floating

Floating

Fixed

Expiration

Amount

party

Rate

Rate

Rate

Date

(000’s)

Value

Over-the-Counter Interest Rate Swaptions Purchased (Continued)

Interest Rate Swap Maturing 3/17/31 Call1

BAC

Receive

Three- Month USD BBA LIBOR

2.990%

3/15/21

USD

4,250

$

176,876

Interest Rate Swap Maturing 30 4/20/31 Call1

GSCOI

Receive

Six-Month JPY BBA LIBOR

0.485

4/27/21

JPY

5,250,000

726,931

Interest Rate Swap maturing 7/25/28 Call1

GSCOI

Receive

Six-Month JPY BBA LIBOR

1.050

7/23/18

JPY

2,000,000

72

Total Over-the-Counter Interest Rate Swaptions Purchased (Cost $5,835,650)

4,346,949

	Principal Amount
Short-Term Notes—7.3%
Ameren Illinois Co., 2.385%, 5/9/1812,13	$	2,900,000	2,898,399
Amphenol Corp., 2.355%, 5/18/1813		2,400,000	2,397,289
BAT International Finance plc, 2.455%, 5/14/1812,13		2,400,000	2,397,910
Bell Canada, 2.637%, 7/10/1812,13		2,600,000	2,587,909
Cabot Corp., 2.325%, 5/31/186,12,13		2,200,000	2,195,609
CBS Corp., Cl. B, 2.421%, 6/29/1812,13		2,200,000	2,190,925
CenterPoint Energy Resources Corp., 2.445%, 5/3/186,12,13		2,900,000	2,899,476
Church & Dwight Co., Inc., 2.355%, 5/10/186,12,13		2,900,000	2,898,216
Clorox Co., (The), 2.406%, 5/15/186,12,13		2,900,000	2,897,287
Commonwealth Edison Co., 2.304%, 5/25/1812,13		2,300,000	2,296,347
Dollar General Corp., 2.17%, 5/1/186,12,13		2,200,000	2,199,868
Eastman Chemical, 2.304%, 5/25/1812,13		2,200,000	2,196,492
Eaton Corp., 2.252%, 5/15/186,12,13		2,200,000	2,197,942
Eni Finance USA, Inc., 1.968%, 10/5/1812,13		2,500,000	2,471,143
Eni Finance USA, Inc., 2.625%, 6/20/1812,13		400,000	398,731
Eversource Energy, 2.252%, 5/14/1812,13		2,200,000	2,198,238
Ford Motor Credit Co., LLC, 1.989%, 8/20/1812,13		2,300,000	2,282,297
Glencore Funding, LLC, 2.374%, 5/21/1812,13		2,300,000	2,297,136
Harley-Davidson, Inc., 2.462%, 6/19/1812,13		2,900,000	2,890,232
Hitachi Capital America Corp., 2.375%, 5/23/1813		2,300,000	2,296,642
International Paper Co., 2.252%, 5/2/186,12,13		2,400,000	2,399,712
Interpublic Group Cos., 2.818%, 6/25/186,12,13		3,000,000	2,988,567
McCormick & Co, Inc., 2.674%, 6/8/186,12,13		2,800,000	2,793,387
Mondelez International, Inc., 2.482%, 6/19/1812,13		2,900,000	2,890,233
Omnicom Capital, Inc., 2.486%, 5/7/1812,13		2,800,000	2,798,805
Puget Sound Energy, Inc., 2.505%, 5/1/1813		3,000,000	2,999,820
Rockwell Collins, 2.303%, 5/1/186,12,13		2,900,000	2,899,826
Ryder System, Inc., 2.385%, 5/7/1813		2,800,000	2,798,805
Schlumberger Holdings Corp., 2.518%, 5/15/186,12,13		800,000	799,312
Sempra Energy, 2.616%, 7/19/1812,13		2,250,000	2,237,225
Toyota Motor Credit Corp., 1.671%, 7/23/1813		2,600,000	2,586,417

43       OPPENHEIMER FUNDAMENTAL ALTERNATIVES FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

	Principal Amount			Value
Short-Term Notes (Continued)
Virginia Electric & Power Co., 2.513%, 7/10/1812,13	$	2,200,000		$	2,189,769
Vodafone Group plc, 1.749%, 9/13/1813		2,600,000			2,573,745
Walgreens Boots Alliance, Inc., 2.084%, 5/4/1813		1,900,000			1,899,541
Waste Management, Inc., 2.354%, 5/7/186,12,13		2,900,000			2,898,762
Whirlpool Corp., 2.161%, 5/21/1813		1,900,000			1,897,481
WPP Corp., LLC, 2.82%, 7/18/186,12,13		2,400,000			2,386,565
Total Short-Term Notes (Cost $89,147,594)					89,126,060
	Shares
Investment Companies—5.2%
Oppenheimer Institutional Government Money Market Fund, Cl. E, 1.67%14,15		20,616,962			20,616,962
SPDR Gold Trust Exchange Traded Fund16		341,190			42,508,862
Total Investment Companies (Cost $61,402,007)					63,125,824
Total Investments, at Value (Cost $1,078,891,223)		100.2%			1,227,667,839
Net Other Assets (Liabilities)		(0.2	)		(2,455,761	)
Net Assets		100.0%		$	1,225,212,078

Footnotes to Consolidated Statement of Investments

1. Non-income producing security.

2. All or portion of the security position is held in segregated accounts and pledged to cover margin requirements with respect to securities sold short. The aggregate market value of such securities is $87,742,254. See Note 4 of accompanying Consolidated Notes.

3. The value of this security was determined using significant unobservable inputs. See Note 3 of the accompanying

Consolidated Notes.

4. This interest rate resets periodically. Interest rate shown reflects the rate in effect at period end. The rate on this variable rate security is not based on a published reference rate and spread but is determined by the issuer or agent based on current market conditions.

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

Basis-point spread].

6. 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 $63,186,063 or 5.16% of the Fund’s net assets at period end.

7. This bond has no contractual maturity date, is not redeemable and contractually pays an indefinite stream of interest.

8. All or a portion of the security position is when-issued or delayed delivery to be delivered and settled after period end. See Note 4 of the accompanying Consolidated Notes.

9. This security is not accruing income because its issuer has missed or is expected to miss interest and/or principal payments. The rate shown is the contractual interest rate. See Note 4 of the accompanying Consolidated Notes.

10. Interest or dividend is paid-in-kind, when applicable.

11. Restricted security. The aggregate value of restricted securities at period end was zero, which represents 0% of the Fund’s net assets. See Note 4 of the accompanying Consolidated Notes. Information concerning restricted securities is as follows:

							Unrealized
	Acquisition						Appreciation/
Security	Dates		Cost		Value		(Depreciation)
Africa Telecommunications Media & Technology Fund 1 LLC		4/20/11	$	10,000,000	$	—	$	(10,000,000)

44       OPPENHEIMER FUNDAMENTAL ALTERNATIVES FUND

Footnotes to Consolidated Statement of Investments (Continued)

12. Security issued in an exempt transaction without registration under the Securities Act of 1933. Such securities amount to $69,676,320 or 5.69% of the Fund’s net assets, and have been determined to be liquid pursuant to guidelines adopted by the Board of Trustees.

13. Current yield as of period end.

14. 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
Gymboree Corp. (The)		4,118		—		—		4,118
Gymboree Holding Corp.		11,737		—		—		11,737
Oppenheimer Institutional Government Money Market Fund, Cl. E		25,711,488		331,749,187		336,843,713		20,616,962
	Value		Income		Realized Gain (Loss)		Change in Unrealized Gain (Loss)
Gymboree Corp. (The)	$	75,839	$	64	$	—	$	(29,685)
Gymboree Holding Corp.		216,154		183		—		(84,607)
Oppenheimer Institutional
Government Money Market Fund,
Cl. E		20,616,962		174,338		—		—
Total	$	20,908,955	$	174,585	$	—	$	(114,292)

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

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

	Shares Sold Short		Value
Securities Sold Short—(34.2)%
Common Stock Securities Sold Short—(34.2)%
AbbVie, Inc.		(83,296)	$	(8,042,229	)
AGCO Corp.		(150,280)		(9,419,550	)
Air Lease Corp., Cl. A		(136,582)		(5,694,104	)
Aircastle Ltd.		(277,440)		(5,437,824	)
Aker Solutions ASA1		(730,008)		(4,919,246	)
Ally Financial, Inc.		(566,540)		(14,786,694	)
Apache Corp.		(177,640)		(7,274,358	)
AvalonBay Communities, Inc.		(37,990)		(6,192,370	)
Boeing Co. (The)		(21,998)		(7,337,653	)
Camden Property Trust		(56,890)		(4,858,406	)
Caterpillar, Inc.		(47,130)		(6,803,687	)
Church & Dwight Co., Inc.		(244,960)		(11,317,152	)
Cie Financiere Richemont SA		(139,192)		(13,218,681	)
CNH Industrial NV		(370,020)		(4,532,745	)
Colgate-Palmolive Co.		(222,820)		(14,534,549	)
Corning, Inc.		(404,071)	��	(10,917,998	)
Darden Restaurants, Inc.		(24,670)		(2,290,856	)
Digital Realty Trust, Inc.		(121,040)		(12,792,718	)

45       OPPENHEIMER FUNDAMENTAL ALTERNATIVES FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

	Shares Sold Short		Value
Common Stock Securities Sold Short (Continued)
Dril-Quip, Inc.1		(80,210)	$	(3,324,704	)
Equity Residential		(104,440)		(6,444,992	)
Fastenal Co.		(114,810)		(5,739,352	)
Federal Realty Investment Trust		(34,950)		(4,048,957	)
Franklin Resources, Inc.		(331,420)		(11,148,969	)
General Mills, Inc.		(276,560)		(12,096,734	)
GlaxoSmithKline plc, Sponsored ADR		(75,120)		(3,013,063	)
HP, Inc.		(349,010)		(7,500,225	)
Intel Corp.		(184,979)		(9,548,616	)
International Business Machines Corp.		(79,520)		(11,527,219	)
Jones Lang LaSalle, Inc.		(104,960)		(17,791,770	)
Kirby Corp.1		(94,340)		(8,047,202	)
Neste OYJ		(82,642)		(6,948,582	)
Novo Nordisk AS, Sponsored ADR		(192,980)		(9,058,481	)
Pennsylvania Real Estate Investment Trust		(995,257)		(9,634,088	)
Procter & Gamble Co. (The)		(175,140)		(12,669,628	)
ResMed, Inc.		(114,960)		(10,879,814	)
Rio Tinto plc, Sponsored ADR		(145,760)		(8,009,512	)
RLJ Lodging Trust		(274,614)		(5,703,733	)
Rowan Cos. plc, Cl. A1		(274,140)		(3,958,582	)
Sanofi, ADR		(119,086)		(4,682,462	)
SAP SE, Sponsored ADR		(144,207)		(15,982,462	)
Southern Copper Corp.		(210,770)		(11,130,764	)
Starbucks Corp.		(71,930)		(4,141,010	)
Subsea 7 SA		(274,369)		(3,837,103	)
Target Corp.		(147,392)		(10,700,659	)
Transocean Ltd.1		(453,575)		(5,610,723	)
W.W. Grainger, Inc.		(21,185)		(5,960,400	)
Wacker Chemie AG		(42,428)		(7,641,736	)
Weingarten Realty Investors		(155,020)		(4,258,399	)
Western Union Co. (The)		(813,060)		(16,057,935	)
William Demant Holding AS1		(299,398)		(11,650,569	)
Total Securities Sold Short (Proceeds $403,740,183)			$	(419,119,265	)

Forward Currency Exchange Contracts as of April 30, 2018
Counter -party	Settlement Month(s)		Currency Purchased (000’s)			Currency Sold (000’s)		Unrealized Appreciation		Unrealized Depreciation
CITNA-B		11/2018		USD	15,251	CNH	103,120	$	—	$	936,616
CITNA-B		06/2018		USD	12,792	THB	398,000		160,864		—
JPM		06/2018		JPY	1,875,000	USD	17,223		—		3,790
JPM		06/2018		USD	18,982	CAD	24,795		—		355,689
JPM		06/2018		USD	17,797	JPY	1,875,000		577,866		—
Total Unrealized Appreciation and Depreciation								$	738,730	$	1,296,095

46       OPPENHEIMER FUNDAMENTAL ALTERNATIVES FUND

Futures Contracts as of April 30, 2018

Description	Buy/Sell		Expiration Date		Number of Contracts		Notional Amount (000’s)		Value		Unrealized Appreciation/ (Depreciation)
Euro-BONO		Sell		6/7/18		95		EUR 16,509	$	16,791,859	$	(282,919)
Euro-BTP		Sell		6/7/18		203		EUR 33,166		34,077,300		(911,372)
Euro-BUND		Buy		6/7/18		340		EUR 64,400		65,176,104		776,572
Euro-OAT		Sell		6/7/18		88		EUR 16,147		16,345,204		(198,149)
United States Treasury Nts., 2 yr.		Sell		6/29/18		74		USD 15,735		15,691,469		43,606
											$	(572,262)

Centrally Cleared Credit Default Swaps at April 30, 2018
								Notional		Premiums						Unrealized
		Buy/Sell		Fixed		Maturity		Amount		Received/						Appreciation/
Reference Asset		Protection		Rate		Date		(000’s)		(Paid)			Value			(Depreciation)
CDX.HY.28			Buy		5.000%		6/20/22	USD	18,968	$	1,324,837		$	(1,574,926	)	$	(250,089	)
CDX.HY.29			Buy		5.000		12/20/22	USD	900		61,065			(70,476	)		(9,411	)
CDX.IG.28			Sell		1.000		6/20/22	USD	740		(13,473	)		15,556			2,083
CDX.IG.28			Sell		1.000		6/20/22	USD	51,615		(935,396	)		1,085,012			149,616
CDX.IG.28			Sell		1.000		6/20/22	USD	3,000		(53,766	)		63,064			9,298
CDX.IG.29			Sell		1.000		12/20/22	USD	2,750		(68,773	)		58,841			(9,932	)
CDX.IG.29			Sell		1.000		12/20/22	USD	2,500		(50,893	)		53,492			2,599
Federation of Malaysia			Buy		1.000		6/20/23	USD	1,600		22,355			(23,001	)		(646	)
iTraxx.Main.27			Buy		1.000		6/20/22	EUR	46,010		979,105			(1,512,371	)		(533,266	)
iTraxx.Main.27			Buy		1.000		6/20/22	EUR	890		21,902			(29,255	)		(7,353	)
iTraxx.Main.28			Buy		1.000		12/20/22	EUR	1,800		52,533			(56,819	)		(4,286	)
Neiman Marcus Group LLC (The)			Buy		5.000		12/20/20	USD	6,190		358,683			556,672			915,355
Penerbangan Malaysia Bhd			Buy		1.000		12/20/22	USD	1,020		20,661			(16,591	)		4,070
Total Centrally Cleared Credit Default Swaps										$	1,718,840		$	(1,450,802	)	$	268,038
Over-the-Counter Credit Default Swaps at April 30, 2018
Reference Asset	Counter- party	Buy/Sell Protection		Fixed Rate		Maturity Date		Notional Amount (000’s)		Premiums Received/ (Paid)			Value			Unrealized Appreciation/ (Depreciation)
CDX.HY.21	CITNA-B		Buy		5.000		12/20/18	USD	1,407	$	74,649		$	(53,232	)	$	21,417
CDX.HY.25	CITNA-B		Buy		5.000		12/20/20	USD	936		(109,330	)		(96,404	)		(205,734	)
CDX.HY.25	CITNA-B		Buy		5.000		12/20/20	USD	471		(48,278	)		(48,511	)		(96,789	)
CDX.HY.25	CITNA-B		Sell		5.000		12/20/20	USD	124		76,899			(27,998	)		48,901
CDX.HY.25	CITNA-B		Sell		5.000		12/20/18	USD	378		143,791			(14,315	)		129,476
CDX.HY.25	CITNA-B		Sell		5.000		12/20/20	USD	246		160,041			(55,640	)		104,401
CDX.NA.HY.21	CITNA-B		Buy		5.000		12/20/18	USD	7,500		(230,208	)		(283,748	)		(513,956	)
CDX.NA.HY.21	CITNA-B		Sell		5.000		12/20/18	USD	1,543		861,248			(58,476	)		802,772
CDX.NA.HY.21	GSCOI		Sell		5.000		12/20/18	USD	469		256,347			(17,777	)		238,570
CDX.NA.HY.25	GSCOI		Buy		5.000		12/20/20	USD	7,500		(1,297,917	)		(772,466	)		(2,070,383	)
CDX.NA.HY.25	GSCOI		Sell		5.000		12/20/20	USD	1,975		1,310,769			(445,829	)		864,940
Federation of Malaysia	BAC		Buy		1.000		12/20/20	USD	2,900		(136,197	)		(50,632	)		(186,829	)

47       OPPENHEIMER FUNDAMENTAL ALTERNATIVES FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

Over-the-Counter Credit Default Swaps (Continued)
Reference Asset	Counter- party		Buy/Sell Protection		Fixed Rate		Maturity Date		Notional Amount (000’s)		Premiums Received/ (Paid)			Value			Unrealized Appreciation/ (Depreciation)
Federation of Malaysia		BAC		Buy		1.000%		12/20/20	USD	854	$	(35,262	)	$	(14,910	)	$	(50,172	)
Federation of Malaysia		BNP		Buy		1.000		12/20/20	USD	761		(26,351	)		(13,286	)		(39,637	)
Federation of Malaysia		BNP		Buy		1.000		6/20/21	USD	3,820		(112,656	)		(71,549	)		(184,205	)
Federation of Malaysia		BNP		Buy		1.000		6/20/21	USD	3,000		(85,450	)		(56,190	)		(141,640	)
Federation of Malaysia		BNP		Buy		1.000		12/20/20	USD	10,000		(651,135	)		(174,592	)		(825,727	)
Federation of Malaysia		BNP		Buy		1.000		12/20/20	USD	1,811		(51,082	)		(31,619	)		(82,701	)
Federation of Malaysia		CITNA-B		Buy		1.000		12/20/20	USD	4,295		(209,624	)		(74,987	)		(284,611	)
Federation of Malaysia		MOS-A		Buy		1.000		12/20/20	USD	10,000		(502,319	)		(174,592	)		(676,911	)
Total Over-the-Counter Credit Default Swaps											$	(612,065	)	$	(2,536,753	)	$	(3,148,818	)

Type of Reference Asset on which the Fund Sold Protection	Total Maximum Potential Payments for Selling Credit Protection (Undiscounted)		Amount Recoverable*		Reference Asset Rating Range**
Investment Grade Corporate Debt Indexes		$60,605,000		$—		BBB+ to BBB-
Non-Investment Grade Corporate Debt Indexes		4,735,179		17,814,000		BB
Total		$65,340,179		$17,814,000

*Amounts recoverable includes potential payments from related purchased protection for instances where the Fund is the seller of protection. In addition, the Fund has no recourse provisions under the credit derivatives and holds no collateral which can offset or reduce potential payments under a triggering event.

** The period end reference asset security ratings, as rated by any rating organization, are included in the equivalent Standard & Poor’s rating category. The reference asset rating represents the likelihood of a potential credit event on the reference asset which would result in a related payment by the Fund.

Over-the-Counter Total Return Swaps at April 30, 2018

Pay/Receive

Notional

Unrealized

Counter-

Total

Maturity

Amount

Appreciation/

Reference Asset

party

Return*

Floating Rate

Date

(000’s)

Value

(Depreciation)

0998.HK-China Citic Bank Corp. Ltd., ORD H

GSCOI

Pay

One-Month HKD HIBOR HKAB minus 50 basis points

5/24/18

HKD

27,332

$

(679,111)

$

(679,111)

0998.HK-China Citic Bank Corp. Ltd., ORD H

GSCO-OT

Pay

One-Month USD BBA LIBOR minus 50 basis points

5/24/18

HKD

1,484

(2,910)

(2,910)

0998.HK-China Citic Bank Corp. Ltd., ORD H

GSCOI

Pay

One-Month HKD HIBOR HKAB minus 50 basis points

5/24/18

HKD

1,994

(47,393)

(47,393)

48       OPPENHEIMER FUNDAMENTAL ALTERNATIVES FUND

Over-the-Counter Total Return Swaps (Continued)
			Pay/Receive						Notional					Unrealized
	Counter-		Total				Maturity		Amount					Appreciation/
Reference Asset	party		Return*		Floating Rate		Date		(000’s)		Value			(Depreciation)
1988.HK China Minsheng Banking Corp. Ltd.		GSCO-OT		Pay		One-Month USD BBA LIBOR minus 50 basis points		5/24/18	HKD	1,243	$	12,156		$	12,156
1988.HK-China Ninsheng Banking Corp. Ltd., ORD H		GSCOI		Pay		One-Month HKD HIBOR HKAB minus 50 basis points		5/24/18	HKD	28,149		33,207			33,207
3328.HK-Bank of Communications Co. Ltd., ORD H		GSCO-OT		Pay		One-Month USD BBA LIBOR minus 50 basis points		5/24/18	HKD	1,547		(5,571	)		(5,571	)
3328.HK-Bank of Communications Co. Ltd., ORD H		GSCOI		Pay		One-Month HKD HIBOR HKAB minus 50 basis points		5/24/18	HKD	33,202		(692,869	)		(692,869	)
3968.HK-China Merchants Bank, ORD H		GSCOI		Pay		One-Month HKD HIBOR HKAB minus 50 basis points		5/24/18	HKD	36,981		(2,574,980	)		(2,574,980	)
3968.HK-China Merchants Bank, ORD H		GSCO-OT		Pay		One-Month USD BBA LIBOR minus 50 basis points		5/24/18	HKD	2,430		(2,221	)		(2,221	)
6818.HK-China Everbright Bank, ORD H		GSCO-OT		Pay		One-Month USD BBA LIBOR minus 50 basis points		5/24/18	HKD	667		(858	)		(858	)
6818.HK-China Everbright Bank, ORD H		GSCOI		Pay		One-Month HKD HIBOR HKAB minus 50 basis points		5/24/18	HKD	14,419		(227,842	)		(227,842	)
Total Over-the-Counter Total Return Swaps											$	(4,188,392	)	$	(4,188,392	)

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

Glossary:
Counterparty Abbreviations
BAC	Barclays Bank plc
BNP	BNP Paribas
CITNA-B	Citibank NA
GSCOI	Goldman Sachs International
GSCO-OT	Goldman Sachs Bank USA
JPM	JPMorgan Chase Bank NA
MOS-A	Morgan Stanley
Currency abbreviations indicate amounts reporting in currencies
CAD	Canadian Dollar
CNH	Offshore Chinese Renminbi
EUR	Euro

49       OPPENHEIMER FUNDAMENTAL ALTERNATIVES FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

Currency abbreviations indicate amounts reporting in currencies (Continued)
HKD	Hong Kong Dollar
JPY	Japanese Yen
THB	Thailand Baht
Definitions
BBA LIBOR	British Bankers’ Association London - Interbank Offered Rate
BONO	Spanish Government Bonds
BTP	Italian Treasury Bonds
BUND	German Federal Obligation
CDX.HY.21	Markit CDX High Yield Index
CDX.HY.25	Markit CDX High Yield Index
CDX.HY.28	Markit CDX High Yield Index
CDX.HY.29	Markit CDX High Yield Index
CDX.IG.28	Markit CDX Investment Grade Index
CDX.IG.29	Markit CDX Investment Grade Index
CDX.NA.HY.21	Markit CDX North American High Yield
CDX.NA.HY.25	Markit CDX North American High Yield
HIBOR	Hong Kong Interbank Offered Rate
HKAB	Hong Kong Association of Banks
iTraxx.Main.27	Credit Default Swap Trading Index for a Specific Basket of Securities
iTraxx.Main.28	Credit Default Swap Trading Index for a Specific Basket of Securities
LIBOR03M	ICE LIBOR USD 3 Month
LIBOR4	London Interbank Offered Rate-Quarterly
LIBOR6	London Interbank Offered Rate-Bi-Monthly
LIBOR12	London Interbank Offered Rate-Monthly
LIBOR52	London Interbank Offered Rate-Weekly
OAT	French Government Bonds
US0001M	ICE LIBOR USD 1 Month
US0003M	ICE LIBOR USD 3 Month

See accompanying Notes to Consolidated Financial Statements.

50       OPPENHEIMER FUNDAMENTAL ALTERNATIVES FUND

CONSOLIDATED STATEMENT OF

ASSETS AND LIABILITIES April 30, 2018 Unaudited

Assets
Investments, at value—see accompanying consolidated statement of investments:
Unaffiliated companies (cost $1,057,933,061)	$	1,206,758,884
Affiliated companies (cost $20,958,162)		20,908,955
		1,227,667,839
Cash		1,297,520
Cash used for collateral on futures		2,164,800
Cash used for collateral on OTC derivatives		5,152,000
Cash used for collateral on centrally cleared swaps		2,581,750
Deposits with broker for securities sold short		383,685,720
Deposits with broker for foreign securities sold short (cost 42,846,926)		43,099,848
Unrealized appreciation on forward currency exchange contracts		738,730
Swaps, at value		45,363
Centrally cleared swaps, at value (net premiums paid $763,618)		1,832,637
Receivables and other assets:
Interest, dividends and principal paydowns		3,081,150
Investments sold (including $273,771 sold on a when-issued or delayed delivery basis)		3,026,417
Shares of beneficial interest sold		1,157,031
Variation margin receivable		195,060
Other		189,817
Total assets		1,675,915,682
Liabilities
Securities sold short, at value (proceeds $403,740,183)—see accompanying consolidated statement of investments		419,119,265
Unrealized depreciation on forward currency exchange contracts		1,296,095
Swaps, at value (net premiums paid $612,065)		6,770,508
Centrally cleared swaps, at value (premiums received $2,482,458)		3,283,439
Payables and other liabilities:
Investments purchased (including $11,931,522 purchased on a when-issued or delayed delivery basis)		17,131,358
Shares of beneficial interest redeemed		1,950,737
Dividends		667,739
Trustees’ compensation		162,025
Distribution and service plan fees		131,202
Shareholder communications		17,857
Variation margin payable		6,376
Other		167,003
Total liabilities		450,703,604
Net Assets	$	1,225,212,078

51       OPPENHEIMER FUNDAMENTAL ALTERNATIVES FUND

CONSOLIDATED STATEMENT OF

ASSETS AND LIABILITIES Unaudited / Continued

Composition of Net Assets
Par value of shares of beneficial interest	$	460,621
Additional paid-in capital		1,187,636,876
Accumulated net investment income		8,503,366
Accumulated net realized loss on investments and foreign currency transactions		(96,880,745)
Net unrealized appreciation on investments and translation of assets and liabilities denominated in foreign currencies		125,491,960
Net Assets	$	1,225,212,078
Net Asset Value Per Share
Class A Shares:
Net asset value and redemption price per share (based on net assets of $508,060,802 and 19,105,074 shares of beneficial interest outstanding)		$26.59
Maximum offering price per share (net asset value plus sales charge of 5.75% of offering price)		$28.21
Class B Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $465,676 and 19,616 shares of beneficial interest outstanding)		$23.74
Class C Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $98,724,427 and 4,195,039 shares of beneficial interest outstanding)		$23.53
Class I Shares:
Net asset value, redemption price and offering price per share (based on net assets of $230,558,905 and 8,444,954 shares of beneficial interest outstanding)		$27.30
Class R Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $20,034,976 and 787,898 shares of beneficial interest outstanding)		$25.43
Class Y Shares:
Net asset value, redemption price and offering price per share (based on net assets of $367,367,292 and 13,509,516 shares of beneficial interest outstanding)		$27.19

See accompanying Notes to Consolidated Financial Statements.

52       OPPENHEIMER FUNDAMENTAL ALTERNATIVES FUND

CONSOLIDATED STATEMENT OF

OPERATIONS For the Six Months Ended April 30, 2018 Unaudited

Investment Income
Interest	$	11,590,207
Dividends:
Unaffiliated companies (net of foreign withholding taxes of $204,578)		9,024,221
Affiliated companies		174,338
Other income affiliated companies		247
Total investment income		20,789,013
Expenses
Management fees		5,318,847
Distribution and service plan fees:
Class A		639,874
Class B		6,770
Class C		519,633
Class R		51,053
Transfer and shareholder servicing agent fees:
Class A		545,507
Class B		1,427
Class C		106,385
Class I		28,001
Class R		21,023
Class Y		382,435
Shareholder communications:
Class A		1,741
Class B		453
Class C		4,947
Class I		1,213
Class R		913
Class Y		11,644
Dividends on short sales		3,012,062
Custodian fees and expenses		108,491
Borrowing fees		23,130
Trustees’ compensation		15,396
Other		143,771
Total expenses		10,944,716
Less reduction to custodian expenses		(954)
Less waivers and reimbursements of expenses		(214,244)
Net expenses		10,729,518
Net Investment Income		10,059,495

53       OPPENHEIMER FUNDAMENTAL ALTERNATIVES FUND

CONSOLIDATED STATEMENT OF

OPERATIONS Unaudited / Continued

Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions in unaffiliated companies	$	27,816,851
Option contracts written		693,680
Futures contracts		(1,680,860)
Foreign currency transactions		2,890,675
Forward currency exchange contracts		(1,686,805)
Short positions		(28,631,696)
Swap contracts		(1,307,266)
Net realized loss		(1,905,421)
Net change in unrealized appreciation/depreciation on:
Investment transactions in:
Unaffiliated companies		(20,798,428)
Affiliated companies		(114,292)
Translation of assets and liabilities denominated in foreign currencies		(1,240,128)
Forward currency exchange contracts		(1,597,253)
Futures contracts		319,295
Option contracts written		(693,680)
Short positions		8,985,946
Swap contracts		(1,984,349)
Net change in unrealized appreciation/depreciation		(17,122,889)
Net Decrease in Net Assets Resulting from Operations	$	(8,968,815)

See accompanying Notes to Consolidated Financial Statements.

54       OPPENHEIMER FUNDAMENTAL ALTERNATIVES FUND

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended April 30, 2018 (Unaudited)		Year Ended October 31, 2017
Operations
Net investment income	$	10,059,495	$	18,601,526
Net realized loss		(1,905,421)		(73,902,086)
Net change in unrealized appreciation/depreciation		(17,122,889)		79,014,846
Net increase (decrease) in net assets resulting from operations		(8,968,815)		23,714,286
Dividends and/or Distributions to Shareholders
Dividends from net investment income:
Class A		(8,619,504)		(1,722,321)
Class B		—		(12,416)
Class C		(1,068,693)		(273,777)
Class I		(3,035,922)		(985,054)
Class R		(295,899)		(44,000)
Class Y		(6,980,245)		(2,169,190)
	(20,000,263)		(5,206,758)
Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions:
Class A		(40,190,557)		(125,165,191)
Class B		(2,107,158)		(4,833,789)
Class C		(9,787,677)		(29,837,699)
Class I		84,168,603		18,932,679
Class R		(558,227)		235,487
Class Y		(28,882,445)		1,358,274
	2,642,539		(139,310,239)
Net Assets
Total decrease		(26,326,539)		(120,802,711)
Beginning of period		1,251,538,617		1,372,341,328
End of period (including accumulated net investment income of $8,503,366 and $18,444,134, respectively)	$	1,225,212,078	$	1,251,538,617

See accompanying Notes to Consolidated Financial Statements.

55       OPPENHEIMER FUNDAMENTAL ALTERNATIVES FUND

CONSOLIDATED FINANCIAL HIGHLIGHTS

Class A	Six Months Ended April 30, 2018 (Unaudited)		Year Ended October 31, 2017		Year Ended October 31, 2016		Year Ended October 30, 20151		Year Ended October 31, 2014		Year Ended October 31, 2013
Per Share Operating Data
Net asset value, beginning of period		$27.21		$26.81		$27.00		$26.64		$24.48		$23.35
Income (loss) from investment operations:
Net investment income2		0.21		0.38		0.27		0.30		0.29		0.30
Net realized and unrealized gain (loss)		(0.40)		0.09		(0.32)		0.53		1.87		0.83
Total from investment operations		(0.19)		0.47		(0.05)		0.83		2.16		1.13
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.43)		(0.07)		(0.14)		(0.47)		0.00		0.00
Net asset value, end of period		$26.59		$27.21		$26.81		$27.00		$26.64		$24.48
Total Return, at Net Asset Value3		(0.76)%		1.79%		(0.18)%		3.18%		8.82%		4.84%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$508,061		$560,359		$675,558		$642,670		$642,789		$668,235
Average net assets (in thousands)		$539,981		$620,775		$679,471		$636,510		$662,351		$721,521
Ratios to average net assets:4
Net investment income		1.58%		1.39%		1.02%5		1.14%5		1.12%5		1.25%5
Expenses excluding specific expenses listed below		1.36%		1.36%		1.35%5		1.39%5		1.42%5		1.44%5
Dividends and/or interest expense on securities sold short		0.49%		0.39%		0.59%		0.60%		0.55%		0.58%
Borrowing expenses on securities sold short		0.00%		0.01%		0.09%		0.18%		0.42%		0.02%
Interest and fees from borrowings		0.00%6		0.00%6		0.00%6		0.00%6		0.00%		0.00%
Total expenses7		1.85%		1.76%		2.03%5		2.17%5		2.39%5		2.04%5
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.81%		1.72%		1.99%5		2.12%5		2.25%5		1.97%5
Portfolio turnover rate		77%		168%		131%		62%		44%		76%

56       OPPENHEIMER FUNDAMENTAL ALTERNATIVES FUND

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

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

3. 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.

4. Annualized for periods less than one full year.

5. Includes the Fund’s share of the allocated expenses and/or net investment income from Oppenheimer Master Loan Fund, LLC.

6. Less than 0.005%.

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

Six Months Ended April 30, 2018	1.85%
Year Ended October 31, 2017	1.76%
Year Ended October 31, 2016	2.05%
Year Ended October 30, 2015	2.18%
Year Ended October 31, 2014	2.40%
Year Ended October 31, 2013	2.06%

See accompanying Notes to Consolidated Financial Statements.

57       OPPENHEIMER FUNDAMENTAL ALTERNATIVES FUND

CONSOLIDATED FINANCIAL HIGHLIGHTS Continued

Class B	Six Months Ended April 30, 2018 (Unaudited)		Year Ended October 31, 2017		Year Ended October 31, 2016		Year Ended October 30, 20151		Year Ended October 31, 2014		Year Ended October 31, 2013
Per Share Operating Data
Net asset value, beginning of period		$24.02		$23.85		$24.15		$23.84		$22.08		$21.25
Income (loss) from investment operations:
Net investment income2		0.09		0.15		0.08		0.15		0.08		0.08
Net realized and unrealized gain (loss)		(0.37)		0.07		(0.30)		0.42		1.68		0.75
Total from investment operations		(0.28)		0.22		(0.22)		0.57		1.76		0.83
Dividends and/or distributions to shareholders:
Dividends from net investment income		0.00		(0.05)		(0.08)		(0.26)		0.00		0.00
Net asset value, end of period		$23.74		$24.02		$23.85		$24.15		$23.84		$22.08
Total Return, at Net Asset Value3		(1.17)%		0.92%		(0.92)%		2.40%		7.97%		3.91%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$466		$2,571		$7,344		$14,201		$25,296		$34,346
Average net assets (in thousands)		$1,367		$4,603		$10,159		$19,249		$30,329		$40,057
Ratios to average net assets:4
Net investment income		0.76%		0.62%		0.34%5		0.61%5		0.34%5		0.35%5
Expenses excluding specific expenses listed below		2.22%		2.17%		2.10%5		2.16%5		2.29%5		2.46%5
Dividends and/or interest expense on securities sold short		0.49%		0.39%		0.59%		0.60%		0.55%		0.58%
Borrowing expenses on securities sold short		0.00%		0.01%		0.09%		0.18%		0.42%		0.02%
Interest and fees from borrowings		0.00%6		0.00%6		0.00%6		0.00%6		0.00%		0.00%
Total expenses7		2.71%		2.57%		2.78%5		2.94%5		3.26%5		3.06%5
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		2.67%		2.53%		2.74%5		2.89%5		3.06%5		2.86%5
Portfolio turnover rate		77%		168%		131%		62%		44%		76%

58       OPPENHEIMER FUNDAMENTAL ALTERNATIVES FUND

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

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

3. 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.

4. Annualized for periods less than one full year.

5. Includes the Fund’s share of the allocated expenses and/or net investment income from Oppenheimer Master Loan Fund, LLC.

6. Less than 0.005%.

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

Six Months Ended April 30, 2018	2.71%
Year Ended October 31, 2017	2.57%
Year Ended October 31, 2016	2.80%
Year Ended October 30, 2015	2.95%
Year Ended October 31, 2014	3.27%
Year Ended October 31, 2013	3.08%

See accompanying Notes to Consolidated Financial Statements.

59       OPPENHEIMER FUNDAMENTAL ALTERNATIVES FUND

CONSOLIDATED FINANCIAL HIGHLIGHTS Continued

Class C	Six Months Ended April 30, 2018 (Unaudited)		Year Ended October 31, 2017		Year Ended October 31, 2016		Year Ended October 30, 20151		Year Ended October 31, 2014		Year Ended October 31, 2013
Per Share Operating Data
Net asset value, beginning of period		$24.03		$23.85		$24.15		$23.89		$22.12		$21.26
Income (loss) from investment operations:
Net investment income2		0.10		0.15		0.06		0.09		0.08		0.10
Net realized and unrealized gain (loss)		(0.36)		0.08		(0.28)		0.47		1.69		0.76
Total from investment operations		(0.26)		0.23		(0.22)		0.56		1.77		0.86
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.24)		(0.05)		(0.08)		(0.30)		0.00		0.00
Net asset value, end of period		$23.53		$24.03		$23.85		$24.15		$23.89		$22.12
Total Return, at Net Asset Value3		(1.10)%		0.96%		(0.91)%		2.39%		8.00%		4.05%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$98,724		$110,630		$139,374		$117,152		$110,383		$112,993
Average net assets (in thousands)		$105,234		$123,884		$136,400		$111,050		$112,984		$122,514
Ratios to average net assets:4
Net investment income		0.81%		0.62%		0.25%5		0.38%5		0.36%5		0.48%5
Expenses excluding specific expenses listed below		2.13%		2.13%		2.11%5		2.14%5		2.19%5		2.21%5
Dividends and/or interest expense on securities sold short		0.49%		0.39%		0.59%		0.60%		0.55%		0.58%
Borrowing expenses on securities sold short		0.00%		0.01%		0.09%		0.18%		0.42%		0.02%
Interest and fees from borrowings		0.00%6		0.00%6		0.00%6		0.00%6		0.00%		0.00%
Total expenses7		2.62%		2.53%		2.79%5		2.92%5		3.16%5		2.81%5
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		2.58%		2.49%		2.75%5		2.87%5		3.02%5		2.74%5
Portfolio turnover rate		77%		168%		131%		62%		44%		76%

60       OPPENHEIMER FUNDAMENTAL ALTERNATIVES FUND

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

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

3. 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.

4. Annualized for periods less than one full year.

5. Includes the Fund’s share of the allocated expenses and/or net investment income from Oppenheimer Master Loan Fund, LLC.

6. Less than 0.005%.

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

Six Months Ended April 30, 2018	2.62%
Year Ended October 31, 2017	2.53%
Year Ended October 31, 2016	2.81%
Year Ended October 30, 2015	2.93%
Year Ended October 31, 2014	3.17%
Year Ended October 31, 2013	2.83%

See accompanying Notes to Consolidated Financial Statements.

61       OPPENHEIMER FUNDAMENTAL ALTERNATIVES FUND

    CONSOLIDATED FINANCIAL HIGHLIGHTS Continued

Class I	Six Months Ended April 30, 2018 (Unaudited)		Year Ended October 31, 2017		Year Ended October 31, 2016		Year Ended October 30, 20151		Year Ended October 31, 2014		Period Ended October 31, 20132
Per Share Operating Data
Net asset value, beginning of period		$28.00		$27.60		$27.79		$27.41		$25.09		$24.32
Income (loss) from investment operations:
Net investment income3		0.28		0.50		0.37		0.28		0.42		0.34
Net realized and unrealized gain (loss)		(0.43)		0.10		(0.29)		0.69		1.90		0.43
Total from investment operations		(0.15)		0.60		0.08		0.97		2.32		0.77
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.55)		(0.20)		(0.27)		(0.59)		0.00		0.00
Net asset value, end of period		$27.30		$28.00		$27.60		$27.79		$27.41		$25.09
Total Return, at Net Asset Value4		(0.54)%		2.18%		0.29%		3.62%		9.25%		3.17%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$230,559		$151,697		$130,790		$59,214		$11		$10
Average net assets (in thousands)		$188,733		$143,209		$96,611		$8,550		$11		$10
Ratios to average net assets:5
Net investment income		2.02%		1.80%		1.35%6		1.06%6		1.57%6		2.07%6
Expenses excluding specific expenses listed below		0.95%		0.92%		0.97%6		0.82%6		0.95%6		1.26%6
Dividends and/or interest expense on securities sold short		0.49%		0.39%		0.59%		0.60%		0.55%		0.58%
Borrowing expenses on securities sold short		0.00%		0.01%		0.09%		0.18%		0.42%		0.02%
Interest and fees from borrowings		0.00%7		0.00%7		0.00%7		0.00%7		0.00%		0.00%
Total expenses8		1.44%		1.32%		1.65%6		1.60%6		1.92%6		1.86%6
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.41%		1.29%		1.61%6		1.55%6		1.79%6		1.79%6
Portfolio turnover rate		77%		168%		131%		62%		44%		76%

62       OPPENHEIMER FUNDAMENTAL ALTERNATIVES FUND

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

2. For the period from February 28, 2013 (inception of offering) to October 31, 2013.

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

4. 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.

5. Annualized for periods less than one full year.

6. Includes the Fund’s share of the allocated expenses and/or net investment income from Oppenheimer Master Loan Fund, LLC.

7. Less than 0.005%.

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

Six Months Ended April 30, 2018	1.44%
Year Ended October 31, 2017	1.32%
Year Ended October 31, 2016	1.67%
Year Ended October 30, 2015	1.61%
Year Ended October 31, 2014	1.93%
Period Ended October 31, 2013	1.88%

See accompanying Notes to Consolidated Financial Statements.

63       OPPENHEIMER FUNDAMENTAL ALTERNATIVES FUND

    CONSOLIDATED FINANCIAL HIGHLIGHTS Continued

Class R	Six Months Ended April 30, 2018 (Unaudited)		Year Ended October 31, 2017		Year Ended October 31, 2016		Year Ended October 30, 20151		Year Ended October 31, 2014		Year Ended October 31, 2013
Per Share Operating Data
Net asset value, beginning of period		$26.02		$25.69		$25.89		$25.55		$23.54		$22.53
Income (loss) from investment operations:
Net investment income2		0.17		0.29		0.19		0.22		0.21		0.21
Net realized and unrealized gain (loss)		(0.39)		0.10		(0.30)		0.52		1.80		0.80
Total from investment operations		(0.22)		0.39		(0.11)		0.74		2.01		1.01
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.37)		(0.06)		(0.09)		(0.40)		0.00		0.00
Net asset value, end of period		$25.43		$26.02		$25.69		$25.89		$25.55		$23.54
Total Return, at Net Asset Value3		(0.86)%		1.51%		(0.44)%		2.92%		8.54%		4.48%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$20,035		$21,058		$20,567		$17,141		$17,302		$20,410
Average net assets (in thousands)		$20,833		$21,118		$18,565		$16,942		$19,224		$23,822
Ratios to average net assets:4
Net investment income		1.31%		1.12%		0.75%5		0.85%5		0.85%5		0.92%5
Expenses excluding specific expenses listed below		1.63%		1.62%		1.62%5		1.64%5		1.72%5		1.76%5
Dividends and/or interest expense on securities sold short		0.49%		0.39%		0.59%		0.60%		0.55%		0.58%
Borrowing expenses on securities sold short		0.00%		0.01%		0.09%		0.18%		0.42%		0.02%
Interest and fees from borrowings		0.00%6		0.00%6		0.00%6		0.00%6		0.00%		0.00%
Total expenses7		2.12%		2.02%		2.30%5		2.42%5		2.69%5		2.36%5
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		2.08%		1.98%		2.26%5		2.37%5		2.54%5		2.29%5
Portfolio turnover rate		77%		168%		131%		62%		44%		76%

64       OPPENHEIMER FUNDAMENTAL ALTERNATIVES FUND

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

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

3. 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.

4. Annualized for periods less than one full year.

5. Includes the Fund’s share of the allocated expenses and/or net investment income from Oppenheimer Master Loan Fund, LLC.

6. Less than 0.005%.

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

Six Months Ended April 30, 2018	2.12%
Year Ended October 31, 2017	2.02%
Year Ended October 31, 2016	2.32%
Year Ended October 30, 2015	2.43%
Year Ended October 31, 2014	2.70%
Year Ended October 31, 2013	2.38%

See accompanying Notes to Consolidated Financial Statements.

65       OPPENHEIMER FUNDAMENTAL ALTERNATIVES FUND

    CONSOLIDATED FINANCIAL HIGHLIGHTS Continued

Class Y	Six Months Ended April 30, 2018 (Unaudited)		Year Ended October 31, 2017		Year Ended October 31, 2016		Year Ended October 30, 20151		Year Ended October 31, 2014		Year Ended October 31, 2013
Per Share Operating Data
Net asset value, beginning of period		$27.86		$27.47		$27.68		$27.32		$25.05		$23.84
Income (loss) from investment operations:
Net investment income2		0.25		0.45		0.32		0.31		0.34		0.38
Net realized and unrealized gain (loss)		(0.42)		0.09		(0.29)		0.60		1.93		0.83
Total from investment operations		(0.17)		0.54		0.03		0.91		2.27		1.21
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.50)		(0.15)		(0.24)		(0.55)		0.00		0.00
Net asset value, end of period		$27.19		$27.86		$27.47		$27.68		$27.32		$25.05
Total Return, at Net Asset Value3		(0.63)%		1.98%		0.08%		3.43%		9.06%		5.08%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$367,367		$405,224		$398,708		$87,249		$19,378		$11,237
Average net assets (in thousands)		$378,361		$397,699		$278,002		$34,589		$14,096		$12,213
Ratios to average net assets:4
Net investment income		1.80%		1.61%		1.16%5		1.13%5		1.27%5		1.52%5
Expenses excluding specific expenses listed below		1.13%		1.13%		1.17%5		1.10%5		1.78%5		1.19%5
Dividends and/or interest expense on securities sold short		0.49%		0.39%		0.59%		0.60%		0.55%		0.58%
Borrowing expenses on securities sold short		0.00%		0.01%		0.09%		0.18%		0.42%		0.02%
Interest and fees from borrowings		0.00%6		0.00%6		0.00%6		0.00%6		0.00%		0.00%
Total expenses7		1.62%		1.53%		1.85%5		1.88%5		2.75%5		1.79%5
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.58%		1.49%		1.81%5		1.83%5		2.04%5		1.72%5
Portfolio turnover rate		77%		168%		131%		62%		44%		76%

66       OPPENHEIMER FUNDAMENTAL ALTERNATIVES FUND

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

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

3. 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.

4. Annualized for periods less than one full year.

5. Includes the Fund’s share of the allocated expenses and/or net investment income from Oppenheimer Master Loan Fund, LLC.

6. Less than 0.005%.

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

Six Months Ended April 30, 2018	1.85%
Six Months Ended April 30, 2018	1.62%
Year Ended October 31, 2017	1.53%
Year Ended October 31, 2016	1.87%
Year Ended October 30, 2015	1.89%
Year Ended October 31, 2014	2.76%
Year Ended October 31, 2013	1.81%

See accompanying Notes to Consolidated Financial Statements.

67       OPPENHEIMER FUNDAMENTAL ALTERNATIVES FUND

NOTES TO

CONSOLIDATED FINANCIAL STATEMENTS April 30, 2018 Unaudited

1. Organization

Oppenheimer Fundamental Alternatives Fund (the “Fund”), a series of Oppenheimer Quest for Value Funds, is registered under the Investment Company Act of 1940 (“1940 Act”), as amended, as a diversified open-end management investment company. The Fund’s investment objective is to seek total return. 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 Fund offers Class A, Class C, Class I, Class R and Class Y shares, and previously offered Class B shares for new purchase through June 29, 2012. Subsequent to that date, no new purchases of Class B shares are permitted, however reinvestment of dividend and/or capital gain distributions and exchanges of Class B shares into and from other Oppenheimer funds are allowed. Class B shares automatically converted to Class A shares 72 months after the date of purchase. Effective June 1, 2018, all Class B shares converted to Class A 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, and Class B shares were 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, B, 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 Fundamental Alternatives 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 certain fixed-income securities and other investments

68       OPPENHEIMER FUNDAMENTAL ALTERNATIVES FUND

2. Significant Accounting Policies (Continued)

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 14,034 shares with net assets of $42,479,747 in the Subsidiary.

Other financial information at period end:

Total market value of investments	$	42,508,862
Net assets	$	42,479,747
Net income (loss)	$	(185,198)
Net realized gain (loss)	$	—
Net change in unrealized appreciation/depreciation	$	1,236,152

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

69       OPPENHEIMER FUNDAMENTAL ALTERNATIVES FUND

NOTES TO

CONSOLIDATED FINANCIAL STATEMENTS Unaudited / Continued

2. Significant Accounting Policies (Continued)

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.

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 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 REIT and other industry sources. These estimates may subsequently be revised based on information received from 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.

70       OPPENHEIMER FUNDAMENTAL ALTERNATIVES FUND

2. Significant Accounting Policies (Continued)

Federal Taxes. The Fund intends to comply with provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its investment company taxable income to shareholders. Therefore, no federal income or excise tax provision is required. The Fund files income tax returns in U.S. federal and applicable state jurisdictions. The statute of limitations on the Fund’s tax return filings generally remains open for the three preceding fiscal reporting period ends. The Fund has analyzed its tax positions for the fiscal year ended October 31, 2017, 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 did not utilize any capital loss carryforwards to offset capital gains realized in that fiscal year. Details of the fiscal year ended October 31, 2017 capital loss carryforwards are included in the table below. Capital losses will be carried forward to future years if not offset by gains.

Expiring
No expiration	$	67,146,270

At period end, it is estimated that the capital loss carryforwards would be $69,051,691, which will not expire. The estimated capital loss carryforward represents the carryforward as of the end of the last fiscal year, increased or decreased by capital losses or gains realized in the first six months of the current fiscal year. During the reporting period, it is estimated that the Fund will not utilize any capital loss carryforward to offset realized capital gains.

Net investment income (loss) and net realized gain (loss) may differ for financial statement 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

71       OPPENHEIMER FUNDAMENTAL ALTERNATIVES FUND

NOTES TO

CONSOLIDATED FINANCIAL STATEMENTS Unaudited / Continued

2. Significant Accounting Policies (Continued)

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

The aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments for federal income tax purposes at period end are noted in the following table. The primary difference between book and tax appreciation or depreciation of securities and other investments, if applicable, is attributable to the tax deferral of losses or tax realization of financial statement unrealized gain or loss.

Federal tax cost of securities	$	1,113,401,845
Federal tax cost of other investments		(379,157,499)
Total federal tax cost	$	734,244,346
Gross unrealized appreciation	$	183,180,614
Gross unrealized depreciation		(92,199,276)
Net unrealized appreciation	$	90,981,338

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:

72       OPPENHEIMER FUNDAMENTAL ALTERNATIVES FUND

3. Securities Valuation (Continued)

Equity securities traded on a securities exchange (including exchange-traded derivatives other than futures and futures options) are valued based on the official closing price on the principal exchange on which the security is traded, as identified by the Manager, prior to the time when the Fund’s assets are valued. If the official closing price is unavailable, the security is valued at the last sale price on the principal exchange on which it is traded, or if no sales occurred, the security is valued at the mean between the quoted bid and asked prices. Over-the-counter equity securities are valued at the last published sale price, or if no sales occurred, at the mean between the quoted bid and asked prices. Events occurring after the close of trading on foreign exchanges may result in adjustments to the valuation of foreign securities to more accurately reflect their fair value as of the time when the Fund’s assets are valued.

Shares of a registered investment company that are not traded on an exchange are valued at that investment company’s net asset value per share.

Corporate and government debt securities (of U.S. or foreign issuers) and municipal debt securities, short-term notes, mortgage-backed securities, collateralized mortgage obligations, and asset-backed securities are valued at the mean between the bid and asked prices utilizing evaluated prices obtained from third party pricing services or broker-dealers who may use matrix pricing methods to determine the evaluated prices. Pricing services generally price debt 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.

Loans are valued at the mean between the bid and asked prices utilizing evaluated prices obtained from third party pricing services or broker-dealers. Standard inputs generally considered by third-party pricing vendors include information obtained from market participants regarding broker-dealer price quotations.

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.

73       OPPENHEIMER FUNDAMENTAL ALTERNATIVES FUND

NOTES TO

CONSOLIDATED FINANCIAL STATEMENTS Unaudited / Continued

3. Securities Valuation (Continued)

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 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.

To assess the continuing appropriateness of security valuations, the Manager regularly compares prior day prices and sale prices to the current day prices and challenges those prices exceeding certain tolerance levels with the third party pricing service or broker source. For those securities valued by fair valuations, whether through a standardized fair valuation methodology or a fair valuation determination, the Valuation Committee reviews and affirms the reasonableness of the valuations based on such methodologies and fair valuation determinations on a regular basis after considering all relevant information that is reasonably available.

Classifications

Each investment asset or liability of the Fund is assigned a level at measurement date based on the significance and source of the inputs to its valuation. Various data inputs 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.

74       OPPENHEIMER FUNDAMENTAL ALTERNATIVES FUND

3. Securities Valuation (Continued)

The Fund classifies each of its investments in investment companies which are publicly offered as Level 1. Investment companies that are not publicly offered, if any, are classified as Level 2 in the fair value hierarchy.

The table below categorizes amounts that are included in the Fund’s Consolidated Statement of Assets and Liabilities at period end based on valuation input level:

	Level 1— Unadjusted Quoted Prices		Level 2— Other Significant Observable Inputs		Level 3— Significant Unobservable Inputs		Value
Assets Table
Investments, at Value:
Common Stocks
Consumer Discretionary	$	15,354,816	$	361,874	$	—	$	15,716,690
Consumer Staples		42,522,011		—		—		42,522,011
Energy		69,293,667		106,585		12,025		69,412,277
Financials		132,139,396		420,748		—		132,560,144
Health Care		117,270,959		9,533,178		90		126,804,227
Industrials		122,608,412		—		—		122,608,412
Information Technology		103,353,723		—		—		103,353,723
Materials		47,456,218		—		—		47,456,218
Telecommunication Services		27,866,262		—		—		27,866,262
Utilities		16,698,149		—		—		16,698,149
Preferred Stocks		—		12,730,335		—		12,730,335
Rights, Warrants and Certificates		—		3,288		—		3,288
Asset-Backed Securities		—		53,602,428		—		53,602,428
Mortgage-Backed Obligations		—		53,290,063		—		53,290,063
Non-Convertible Corporate Bonds and Notes		—		105,714,421		—		105,714,421
Corporate Loans		—		138,348,079		2,233,218		140,581,297
Structured Security		—		—		—		—
Over-the-Counter Option Purchased		—		149,061		—		149,061
Over-the-Counter Interest Rate
Swaptions Purchased		—		4,346,949		—		4,346,949
Short-Term Notes		—		89,126,060		—		89,126,060
Investment Companies		63,125,824		—		—		63,125,824
Total Investments, at Value		757,689,437		467,733,069		2,245,333		1,227,667,839
Other Financial Instruments:
Swaps, at value		—		45,363		—		45,363
Centrally cleared swaps, at value		—		1,832,637		—		1,832,637
Futures contracts		820,178		—		—		820,178
Forward currency exchange contracts		—		738,730		—		738,730
Total Assets	$	758,509,615	$	470,349,799	$	2,245,333	$	1,231,104,747
Liabilities Table
Other Financial Instruments:
Common Stock Securities Sold Short	$	(370,903,348)	$	(48,215,917)	$	—	$	(419,119,265)
Swaps, at value		—		(6,770,508)		—		(6,770,508)
Centrally cleared swaps, at value		—		(3,283,439)		—		(3,283,439)

75       OPPENHEIMER FUNDAMENTAL ALTERNATIVES FUND

NOTES TO

CONSOLIDATED FINANCIAL STATEMENTS Unaudited / Continued

3. Securities Valuation (Continued)

	Level 1— Unadjusted Quoted Prices		Level 2— Other Significant Observable Inputs		Level 3— Significant Unobservable Inputs		Value
Liabilities Table (Continued)
Futures contracts	$	(1,392,440)	$	—	$	—	$	(1,392,440)
Forward currency exchange contracts		—		(1,296,095)		—		(1,296,095)
Total Liabilities	$	(372,295,788)	$	(59,565,959)	$	—	$	(431,861,747)

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 2 and Level 3. The Fund’s policy is to recognize transfers in and transfers out as of the beginning of the reporting period.

	Transfers into Level 2*		Transfers out of Level 2**		Transfers into Level 3**		Transfers out of Level 3*
Assets Table
Investments, at
Value:
Common Stocks
Consumer
Discretionary	$	63,875	$	—	$	—	$	(63,875)
Energy		—		(26,454)		26,454		—
Total Assets	$	63,875	$	(26,454)	$	26,454	$	(63,875)

* Transferred from Level 3 to Level 2 due to the availability of market data for this security.

** Transferred from Level 2 to Level 3 because of the lack of observable market data due to a decrease in market activity for these securities.

4. Investments and Risks

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

76       OPPENHEIMER FUNDAMENTAL ALTERNATIVES FUND

4. Investments and Risks (Continued)

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.

Structured Securities. The Fund invests in structured securities whose market values, interest rates and/or redemption prices are linked to the performance of underlying foreign currencies, interest rate spreads, stock market indices, prices of individual securities, commodities or other financial instruments or the occurrence of other specific events. The structured securities are often leveraged, increasing the volatility of each note’s market value relative to the change in the underlying linked financial element or event. Fluctuations in value of these securities are recorded as unrealized gains and losses in the accompanying Statement of Operations in the annual and semiannual reports. The Fund records a realized gain or loss when a structured security is sold or matures.

Loans. The Fund invests in loans made to U.S. and foreign borrowers that are corporations, partnerships or other business entities. The Fund will do so directly as an original lender or by assignment or indirectly through participation agreements or certain derivative instruments. While many of these loans will be collateralized, the Fund can also invest in uncollateralized loans. Loans are often issued in connection with recapitalizations, acquisitions, leveraged buyouts, and refinancing of borrowers. The loans often pay interest at rates that float above (or are adjusted periodically based on) a benchmark that reflects current interest rates although the Fund can also invest in loans with fixed interest rates.

When investing in loans, the Fund generally will have a contractual relationship only with the lender, not with the relevant borrower. As a result, the Fund generally will have the right to receive payments of principal, interest, and any fees to which it is entitled only from the lender selling the participation and only upon receipt by the lender of the payments from the relevant borrower. The Fund may not directly benefit from the collateral supporting the debt obligation in which it has purchased the participation. As a result, the Fund will assume the credit risk of both the borrower and the institution selling the participation to the Fund.

Securities on a When-Issued or Delayed Delivery Basis. The Fund may purchase securities on a “when-issued” basis, and may purchase or sell securities on a “delayed delivery” basis. “When-issued” or “delayed delivery” refers to securities whose terms and indenture are available and for which a market exists, but which are not available for immediate delivery. Delivery and payment for securities that have been purchased by the Fund on a when-issued basis normally takes place within six months and possibly as long as two

77       OPPENHEIMER FUNDAMENTAL ALTERNATIVES FUND

NOTES TO

CONSOLIDATED FINANCIAL STATEMENTS Unaudited / Continued

4. Investments and Risks (Continued)

years or more after the trade date. During this period, such securities do not earn interest, are subject to market fluctuation and may increase or decrease in value prior to their delivery. The purchase of securities on a when-issued basis may increase the volatility of the Fund’s net asset value to the extent the Fund executes such transactions while remaining substantially fully invested. When the Fund engages in when-issued or delayed delivery transactions, it relies on the buyer or seller, as the case may be, to complete the transaction. Their failure to do so may cause the Fund to lose the opportunity to obtain or dispose of the security at a price and yield it considers advantageous. The Fund may also sell securities that it purchased on a when-issued basis or forward commitment prior to settlement of the original purchase.

At period end, the Fund had purchased securities issued on a when-issued or delayed delivery basis and sold securities issued on a delayed delivery basis as follows:

	When-Issued or Delayed Delivery Basis Transactions
Purchased securities		$11,931,522
Sold securities		273,771

Restricted Securities. At period end, investments in securities included issues that are restricted. A restricted security may have a contractual restriction on its resale and is valued under methods approved by the Board of Trustees as reflecting fair value. Securities that are restricted are marked with an applicable footnote on the Consolidated Statement of Investments. Restricted securities are reported on a schedule following the Consolidated Statement of Investments.

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.

Credit Risk. Loans and debt securities are subject to credit risk. Credit risk relates to the ability of the borrower under a loan or issuer of a debt to meet interest or principal payments or both as they become due. The Fund may acquire securities that have missed an interest payment, and is not obligated to dispose of securities whose issuers subsequently miss an interest and/or principal payment.

78       OPPENHEIMER FUNDAMENTAL ALTERNATIVES FUND

4. Investments and Risks (Continued)

Information concerning securities not accruing income at period end is as follows:

Cost	$2,861,812
Market Value	$2,398,249
Market Value as % of Net Assets	0.20%

5. Market Risk Factors

The Fund’s investments in securities and/or financial derivatives may expose the Fund to various market risk factors:

Commodity Risk. Commodity risk relates to the change in value of commodities or commodity indexes as they relate to increases or decreases in the commodities market. Commodities are physical assets that have tangible properties. Examples of these types of assets are crude oil, heating oil, metals, livestock, and agricultural products.

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

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

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

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

79       OPPENHEIMER FUNDAMENTAL ALTERNATIVES FUND

NOTES TO

CONSOLIDATED FINANCIAL STATEMENTS Unaudited / Continued

6. Use of Derivatives (Continued)

In doing so, the Fund will employ strategies in differing combinations to permit it to increase, decrease, or change the level or types of exposure to market risk factors. These instruments may allow the Fund to pursue its objectives more quickly and efficiently than if it were to make direct purchases or sales of securities capable of effecting a similar response to market factors. Such contracts may be entered into through a bilateral over-the-counter (“OTC”) transaction, or through a securities or futures exchange and cleared through a clearinghouse.

Derivatives may have little or no initial cash investment relative to their market value exposure and therefore can produce significant gains or losses in excess of their cost due to changes in the market risk factors and the overall market. This use of embedded leverage allows the Fund to increase its market value exposure relative to its net assets and can substantially increase the volatility of the Fund’s performance. In instances where the Fund is using derivatives to decrease, or hedge, exposures to market risk factors for securities held by the Fund, there are also risks that those derivatives may not perform as expected resulting in losses for the combined or hedged positions. Some derivatives have the potential for unlimited loss, regardless of the size of the Fund’s initial investment.

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

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

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 $13,903,144 and $82,394,504, 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

80       OPPENHEIMER FUNDAMENTAL ALTERNATIVES FUND

6. Use of Derivatives (Continued)

to perform its obligations to the Fund.

Futures Contracts

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

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

Futures contracts are reported on a schedule following the Consolidated Statement of Investments. Securities held by a futures commission merchant to cover initial margin requirements on open futures contracts are noted in the Consolidated Statement of Investments. Cash held by a futures commission merchant to cover initial margin requirements 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 $63,324,412 and $82,448,546 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

81       OPPENHEIMER FUNDAMENTAL ALTERNATIVES FUND

NOTES TO

CONSOLIDATED FINANCIAL STATEMENTS Unaudited / Continued

6. Use of Derivatives (Continued)

cleared through a clearinghouse (such as The Options Clearing Corporation). The difference between the premium received or paid, and market value of the option, is recorded as unrealized appreciation or depreciation. The net change in unrealized appreciation or depreciation is reported in the Consolidated Statement of Operations. When an option is exercised, the cost of the security purchased or the proceeds of the security sale are adjusted by the amount of premium received or paid. Upon the expiration or closing of the option transaction, a gain or loss is reported in the Consolidated Statement of Operations.

Foreign Currency Options. The Fund may purchase or write call and put options on currencies to increase or decrease exposure to foreign exchange rate risk. A purchased call, or written put option becomes more valuable as the price of the underlying financial instrument appreciates relative to the strike price. A purchased put, or written call option becomes more valuable as the price of the underlying financial instrument depreciates relative to the strike price.

Index/Security Options. The Fund may purchase or write call and put options on individual equity securities and/or equity indexes to increase or decrease exposure to equity risk. A purchased call or written put option becomes more valuable as the price of the underlying financial instrument appreciates relative to the strike price. A purchased put or written call option becomes more valuable as the price of the underlying financial instrument depreciates relative to the strike price.

During the reporting period, the Fund had an ending monthly average market value of $2,040,206 and $234,538 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.

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

At period end, the Fund had no written options outstanding.

82       OPPENHEIMER FUNDAMENTAL ALTERNATIVES FUND

6. Use of Derivatives (Continued)

Swap Contracts

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

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

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

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

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

The ongoing value of the contract will fluctuate throughout the term of the contract based primarily on the credit risk of the reference asset. If the credit quality of the reference asset improves relative to the credit quality at contract initiation, the buyer of protection may have an unrealized loss greater than the anticipated periodic fee owed. This unrealized loss would be the result of current credit protection being cheaper than the cost of credit protection at contract initiation. If the buyer elects to terminate the contract prior to its

83       OPPENHEIMER FUNDAMENTAL ALTERNATIVES FUND

NOTES TO

CONSOLIDATED FINANCIAL STATEMENTS Unaudited / Continued

6. Use of Derivatives (Continued)

maturity, and there has been no credit event, this unrealized loss will become realized. If the contract is held to maturity, and there has been no credit event, the realized loss will be equal to the periodic fee paid over the life of the contract.

If there is a credit event, the buyer of protection can exercise its rights under the contract and receive a payment from the seller of protection equal to the notional amount of the swap less the market value of specified debt securities issued by the reference asset.

Upon exercise of the contract the difference between such value and the notional amount is recorded as realized gain (loss) and is included on the Consolidated Statement of Operations.

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

The Fund has engaged in spread curve trades by simultaneously purchasing and selling protection through credit default swaps referenced to the same reference asset but with different maturities. Spread curve trades attempt to gain exposure to credit risk on a forward basis by realizing gains on the expected differences in spreads.

The Fund has purchased credit protection through credit default swaps to take an outright negative investment perspective on the credit risk of an individual issuer or basket or index of issuers as opposed to decreasing its credit risk exposure related to debt securities of such issuer(s) held by the Fund.

For the reporting period, the Fund had ending monthly average notional amounts of $138,982,954 and $62,717,944 on credit default swaps to buy protection and credit default swaps to sell protection, 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 on various equity securities or indexes to increase or decrease exposure to equity risk. These equity risk related total return swaps require the Fund to pay or receive a floating reference interest rate, and an amount equal to the opposite price movement of securities or an index (expressed as a percentage) multiplied by the notional amount of the contract. Equity leg payments equal to the positive price movement of the same securities or index (expressed as a percentage) multiplied by the notional amount of the contract and, in some cases, dividends paid on the securities. Reference leg payments equal a floating reference interest rate and an amount equal to

84       OPPENHEIMER FUNDAMENTAL ALTERNATIVES FUND

6. Use of Derivatives (Continued)

the negative price movement of the same securities or index (expressed as a percentage) multiplied by the notional amount of the contract.

For the reporting period, the Fund had ending monthly average notional amounts of $18,426,908 on total return swaps which are short the reference asset.

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

Swaption Transactions

The Fund may enter into a swaption contract which grants the purchaser the right, but not the obligation, to enter into a swap transaction at preset terms detailed in the underlying agreement within a specified period of time. The purchaser pays a premium to the swaption writer who bears the risk of unfavorable changes in the preset terms on the underlying swap.

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

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

The Fund may purchase swaptions which give it the option to enter into an interest rate swap in which it pays a floating or fixed interest rate and receives a fixed or floating interest rate in order to increase or decrease exposure to interest rate risk. Purchasing the fixed portion of this swaption becomes more valuable as the reference interest rate decreases relative to the preset interest rate. Purchasing the floating portion of this swaption becomes more valuable as the reference interest rate increases relative to the preset interest rate.

During the reporting period, the Fund had an ending monthly average market value of $2,902,093 on purchased swaptions.

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

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

85       OPPENHEIMER FUNDAMENTAL ALTERNATIVES FUND

NOTES TO

CONSOLIDATED FINANCIAL STATEMENTS Unaudited / Continued

6. Use of Derivatives (Continued)

transaction.

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

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

At period end, the Fund has required certain counterparties to post collateral of $2,122,626.

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

For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Consolidated Statement of Assets and Liabilities. Bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.

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

86       OPPENHEIMER FUNDAMENTAL ALTERNATIVES FUND

6. Use of Derivatives (Continued)

futures commission merchant or clearinghouse for all its customers, U.S. bankruptcy laws will typically allocate that shortfall on a pro-rata basis across all the broker’s, futures commission merchant’s or clearinghouse’s customers, potentially resulting in losses to the Fund.

There is the risk that a broker, futures commission merchant or clearinghouse will decline to clear a transaction on the Fund’s behalf, and the Fund may be required to pay a termination fee to the executing broker with whom the Fund initially enters into the transaction. Clearinghouses may also be permitted to terminate centrally cleared swaps at any time. The Fund is also subject to the risk that the broker or futures commission merchant will improperly use the Fund’s assets deposited/paid as initial or variation margin to satisfy payment obligations of another customer. In the event of a default by another customer of the broker or futures commission merchant, the Fund might not receive its variation margin payments from the clearinghouse, due to the manner in which variation margin payments are aggregated for all customers of the broker/futures commission merchant.

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

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

For financial reporting purposes, cash collateral that has been pledged to cover obligations of the Fund, if any, is reported separately on the Consolidated Statement of Assets and Liabilities as cash pledged as collateral. Non-cash collateral pledged by the Fund, if any, is noted in the Consolidated Statement of Investments. Generally, the amount of collateral due from or to a party must exceed a minimum transfer amount threshold (e.g. $250,000) before a transfer has to be made. To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance.

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

			Gross Amounts Not Offset in the Consolidated Statement of Assets & Liabilities
Counterparty	Gross Amounts Not Offset in the Consolidated Statement of Assets & Liabilities*		Financial Instruments Available for Offset		Financial Instruments Collateral Received**		Cash Collateral Received**		Net Amount
Barclays Bank plc	$	275,484	$	(65,542)	$	–	$	–	$	209,942
Citibank NA		160,864		(160,864)		–		–		–

87       OPPENHEIMER FUNDAMENTAL ALTERNATIVES FUND

NOTES TO

CONSOLIDATED FINANCIAL STATEMENTS Unaudited / Continued

6. Use of Derivatives (Continued)

			Gross Amounts Not Offset in the Consolidated Statement of Assets & Liabilities
Counterparty	Gross Amounts Not Offset in the Consolidated Statement of Assets & Liabilities*		Financial Instruments Available for Offset		Financial Instruments Collateral Received**		Cash Collateral Received**		Net Amount
Goldman Sachs Bank USA		$       161,217		$        (11,560)		$                –		$                –		$    149,657
Goldman Sachs International		4,104,672		(4,104,672)		–		–		–
JPMorgan Chase Bank NA		577,866		(359,479)		(145,626)		–		72,761
		$    5,280,103		$    (4,702,117)		$    (145,626)		$                –		$    432,360

*OTC derivatives are reported gross on the Consolidated Statement of Assets and Liabilities. Exchange traded options and margin related to centrally cleared swaps and futures, if any, are excluded from these reported amounts.

**Reported collateral posted for the benefit of the Fund within this table is limited to the net outstanding amount due from an individual counterparty. The collateral posted for the benefit of the Fund may exceed these amounts.

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

			Gross Amounts Not Offset in the Consolidated Statement of Assets & Liabilities
Counterparty	Gross Amounts Not Offset in the Consolidated Statement of Assets & Liabilities*		Financial Instruments Available for Offset		Financial Instruments Collateral Pledged**		Cash Collateral Pledged**		Net Amount
Barclays Bank plc	$	(65,542)	$	65,542	$	–	$	–	$	–
BNP Paribas		(347,236)		–		–		260,000		(87,236)
Citibank NA		(1,649,927)		160,864				1,489,063		–
Goldman Sachs Bank USA		(11,560)		11,560		–		–		–
Goldman Sachs International		(5,458,267)		4,104,672		–		–		(1,353,595)
JPMorgan Chase Bank NA		(359,479)		359,479		–		–		–
Morgan Stanley		(174,592)		–		–		–		(174,592)
	$	(8,066,603)	$	4,702,117	$	–	$	1,749,063	$	(1,615,423)

*OTC derivatives are reported gross on the Consolidated Statement of Assets and Liabilities. Exchange traded options and margin related to centrally cleared swaps and futures, if any, are excluded from these reported amounts.

**Reported collateral pledged within this table is limited to the net outstanding amount due from the Fund. The securities pledged as collateral by the Fund as reported on the Consolidated Statement of Investments may exceed these amounts.

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:

88       OPPENHEIMER FUNDAMENTAL ALTERNATIVES FUND

6. Use of Derivatives (Continued)

	Asset Derivatives			Liability Derivatives
Derivatives Not Accounted for as Hedging Instruments	Consolidated Statement of Assets and Liabilities Location	Value		Consolidated Statement of Assets and Liabilities Location	Value
Credit contracts				Swaps, at value	$	2,536,753
Equity contracts	Swaps, at value	$	45,363	Swaps, at value		4,233,755
Credit contracts	Centrally cleared swaps, at value		1,832,637	Centrally cleared swaps, at value		3,283,439
Interest rate contracts	Variation margin receivable		195,060*	Variation margin payable		6,376*
Forward currency exchange contracts	Unrealized appreciation on forward currency exchange contracts		738,730	Unrealized depreciation on forward currency exchange contracts		1,296,095
Forward currency exchange contracts	Investments, at value		149,061**
Interest rate contracts Investments, at value			4,346,949**
Total		$	7,307,800		$	11,356,418

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

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

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

Amount of Realized Gain or (Loss) Recognized on Derivatives
Derivatives Not Accounted for as Hedging Instruments	Investment transactions in unaffiliated companies*		Option contracts written			Futures contracts
Credit contracts	$	—	$	—		$	—
Equity contracts		14,000,290		—			—
Forward currency exchange contracts		(2,422,954)		693,680			—
Interest rate contracts		(1,847,330)		—			(1,680,860	)
Total	$	9,730,006	$	693,680		$	(1,680,860	)
Amount of Realized Gain or (Loss) Recognized on Derivatives Continued
Derivatives Not Accounted for as Hedging Instruments	Forward currency exchange contracts		Swap contracts			Total
Credit contracts	$	—	$	(1,306,968	) $		(1,306,968	)
Equity contracts		—		(298)			13,999,992
Forward currency exchange contracts		(1,686,805)		—			(3,416,079	)
Interest rate contracts		—		—			(3,528,190	)
Total	$	(1,686,805)	$	(1,307,266)		$	5,748,755

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

89       OPPENHEIMER FUNDAMENTAL ALTERNATIVES FUND

NOTES TO

CONSOLIDATED FINANCIAL STATEMENTS Unaudited / Continued

6. Use of Derivatives (Continued)

Amount of Change in Unrealized Gain or (Loss) Recognized on Derivatives
Derivatives Not Accounted for as Hedging Instruments	Investment transactions in unaffiliated companies*		Option contracts written		Futures contracts
Credit contracts	$	—	$	—	$	—
Equity contracts		(2,373,938)		—		—
Forward currency exchange contracts		1,788,702		(693,680)		—
Interest rate contracts		2,507,977		—		319,295
Total	$	1,922,741	$	(693,680)	$	319,295
Amount of Change in Unrealized Gain or (Loss) Recognized on Derivatives Continued
Derivatives Not Accounted for as Hedging Instruments	Forward currency exchange contracts		Swap contracts		Total
Credit contracts	$	—	$	(9,181)	$	(9,181)
Equity contracts		—		(1,975,168)		(4,349,106)
Forward currency exchange contracts		(1,597,253)		—		(502,231)
Interest rate contracts		—		—		2,827,272
Total	$	(1,597,253)	$	(1,984,349)	$	(2,033,246)

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

7. Shares of Beneficial Interest

The Fund has authorized an unlimited number of $0.01 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		780,705	$	21,114,223		2,271,267	$	61,514,476
Dividends and/or distributions reinvested		312,964		8,396,831		61,361		1,651,467
Redeemed		(2,578,755)		(69,701,611)		(6,936,544)		(188,331,134)
Net decrease		(1,485,086)	$	(40,190,557)		(4,603,916)	$	(125,165,191)
Class B
Sold		17	$	387		3,176	$	76,279
Dividends and/or distributions reinvested		—		���		536		12,416
Redeemed		(87,432)		(2,107,545)		(204,657)		(4,922,484)
Net decrease		(87,415)	$	(2,107,158)		(200,945)	$	(4,833,789)

90       OPPENHEIMER FUNDAMENTAL ALTERNATIVES FUND

7. Shares of Beneficial Interest (Continued)

	Six Months Ended April 30, 2018				Year Ended October 31, 2017
	Shares		Amount		Shares		Amount
Class C
Sold		176,828	$	4,234,669		415,840	$	9,987,969
Dividends and/or distributions reinvested		43,628		1,038,786		10,755		257,477
Redeemed		(628,362)		(15,061,132)		(1,667,506)		(40,083,145)
Net decrease		(407,906)	$	(9,787,677)		(1,240,911)	$	(29,837,699)
Class I
Sold		4,201,543	$	116,811,962		1,960,703	$	54,741,876
Dividends and/or distributions reinvested		104,718		2,879,730		34,326		943,643
Redeemed		(1,279,572)		(35,523,089)		(1,316,046)		(36,752,840)
Net increase		3,026,689	$	84,168,603		678,983	$	18,932,679
Class R
Sold		84,520	$	2,185,700		251,739	$	6,538,991
Dividends and/or distributions reinvested		10,965		281,569		1,616		41,710
Redeemed		(116,915)		(3,025,496)		(244,512)		(6,345,214)
Net increase (decrease)		(21,430)	$	(558,227)		8,843	$	235,487
Class Y
Sold		2,949,436	$	81,525,705		9,794,238	$	272,149,034
Dividends and/or distributions reinvested		231,242		6,338,341		59,982		1,644,210
Redeemed		(4,216,360)		(116,746,491)		(9,825,658)		(272,434,970)
Net increase (decrease)		(1,035,682)	$	(28,882,445)		28,562	$	1,358,274

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	$	562,852,119	$	619,391,174

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:

91       OPPENHEIMER FUNDAMENTAL ALTERNATIVES FUND

NOTES TO

CONSOLIDATED FINANCIAL STATEMENTS Unaudited / Continued

9. Fees and Other Transactions with Affiliates (Continued)

Fee Schedule
Up to $1.0 billion	0.85%
Next $500 million	0.80
Next $500 million	0.75
Next $500 million	0.70
Next $500 million	0.65
Next $500 million	0.60
Next $500 million	0.55
Over $4.0 billion	0.50

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 0.84% 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.

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 has adopted an unfunded retirement plan (the “Plan”) for the Fund’s Independent Trustees. Benefits are based on years of service and fees paid to each Trustee during their period of service. The Plan was frozen with respect to adding new participants effective December 31, 2006 (the “Freeze Date”) and existing Plan Participants as of the Freeze Date will continue to receive accrued benefits under the Plan. Active Independent Trustees as of the Freeze Date have each elected a distribution method with

92       OPPENHEIMER FUNDAMENTAL ALTERNATIVES FUND

9. Fees and Other Transactions with Affiliates (Continued)

respect to their benefits under the Plan.

During the reporting period, the Fund’s projected benefit obligations, payments to retired Trustees and accumulated liability were as follows:

Projected Benefit Obligations Increased	$	841
Payments Made to Retired Trustees		27,561
Accumulated Liability as of April 30, 2018		63,560

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 Trustee 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 Trustee. The Fund purchases shares of the funds selected for deferral by the Trustee 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.

Distribution and Service Plan for Class A Shares. The Fund has adopted a Distribution and Service Plan (the “Plan”) for Class A shares pursuant to Rule 12b-1 under the 1940 Act. Under the Plan, the Fund pays a service fee to the Distributor at an annual rate of 0.25% of the daily net assets of Class A shares. The Distributor currently uses all of those fees to pay dealers, brokers, banks and other financial institutions periodically for providing personal services and maintenance of accounts of their customers that hold Class A shares. Under the Plan, the Fund may also pay an asset-based sales charge to the Distributor. However, the Fund’s Board has currently set the rate at zero. Fees incurred by the Fund under the Plan are detailed in the Consolidated Statement of Operations.

Distribution and Service Plans for Class B, Class C and Class R Shares. The Fund has adopted Distribution and Service Plans (the “Plans”) for Class B, 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 B and 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

93       OPPENHEIMER FUNDAMENTAL ALTERNATIVES FUND

NOTES TO

CONSOLIDATED FINANCIAL STATEMENTS Unaudited / Continued

9. Fees and Other Transactions with Affiliates (Continued)

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 B 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		$43,450		$3,390		$1,875		$2,915		$—

Waivers and Reimbursements of Expenses. 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 $173,552. 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, I, 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	$	13,881
Class B		53
Class C		2,733
Class R		525
Class Y		9,841

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 IGMMF. During the reporting period, the Manager waived fees and/or reimbursed the Fund $13,659 for IGMMF management fees. This fee waiver and/or expense reimbursement may not be amended or withdrawn for one year from the date of the Fund’s prospectus, unless approved by the Board.

10. Borrowings and Other Financing

Securities Sold Short. The Fund sells securities that it does not own, and it will therefore be obligated to purchase such securities at a future date. Upon entering into a short position, the Fund is required to segregate cash or securities at its custodian which are pledged for the

94       OPPENHEIMER FUNDAMENTAL ALTERNATIVES FUND

10. Borrowings and Other Financing (Continued)

benefit of the lending broker and/or to deposit and pledge cash directly at the lending broker, with a value equal to a certain percentage, exceeding 100%, of the value of the securities that it sold short. Cash that has been segregated and pledged for this purpose will be disclosed on the Consolidated Statement of Assets and Liabilities; securities that have been segregated and pledged for this purpose are disclosed as such in the Consolidated Statement of Investments. The aggregate market value of such cash and securities at period end is $514,527,822. The value of the open short position is recorded as a liability, and the Fund records an unrealized gain or loss to the extent of the difference between the proceeds received and the change in value of the open short position. The Fund records a realized gain or loss when the short position is closed out. By entering into short sales, the Fund bears the risk of an unlimited loss, since the price of the security sold short could theoretically increase without limit. Purchasing securities previously sold short to close out a short position can itself cause the price of the securities to rise further, thereby increasing the loss. Further, there is no assurance that a security the Fund needs to buy to cover a short position will be available for purchase at a reasonable price. Until the security is replaced, the Fund is required to pay the lender any dividend or interest earned. Dividend expense on short sales is treated as an expense in the Consolidated Statement of Operations.

Joint Credit Facility. A number of mutual funds managed by the Manager participate in a $1.875 billion revolving credit facility (the “Facility”) intended to provide short-term financing, if necessary, subject to certain restrictions in connection with atypical redemption activity. Expenses and fees related to the Facility are paid by the participating funds and are disclosed separately or as other expenses on the Consolidated Statement of Operations. The Fund did not utilize the Facility during the reporting period.

Loan Commitments. Pursuant to the terms of certain credit agreements, the Fund has unfunded loan commitments of $30,419 at period end. The Fund generally will maintain with its custodian, liquid investments having an aggregate value at least equal to the par value of unfunded loan commitments. At period end, these investments have a market value of $30,419 and have been included as Corporate Loans in the Statement of Investments.

95       OPPENHEIMER FUNDAMENTAL ALTERNATIVES 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.

96       OPPENHEIMER FUNDAMENTAL ALTERNATIVES 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. 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 Fundamental Alternatives Fund		12/14/17		72.8%		0.0%		27.2%

97       OPPENHEIMER FUNDAMENTAL ALTERNATIVES FUND

OPPENHEIMER FUNDAMENTAL ALTERNATIVES 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
	Michelle Borré, 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.

98       OPPENHEIMER FUNDAMENTAL ALTERNATIVES FUND

PRIVACY NOTICE

As an Oppenheimer fund shareholder, you are entitled to know how we protect your personal information and how we limit its disclosure.

Information Sources

We obtain non-public personal information about our shareholders from the following sources:

● Applications or other forms.

● When you create a user ID and password for online account access.

● When you enroll in eDocs Direct,^SM our electronic document delivery service.

● Your transactions with us, our affiliates or others.

● Technologies on our website, including: “cookies” and web beacons, which are used to collect data on the pages you visit and the features you use.

If you visit oppenheimerfunds.com and do not log on to the secure account information areas, we do not obtain any personal information about you. When you do log on to a secure area, we do obtain your user ID and password to identify you. We also use this information to provide you with products and services you have requested, to inform you about products and services that you may be interested in and assist you in other ways.

We do not collect personal information through our website unless you willingly provide it to us, either directly by email or in those areas of the website that request information. In order to update your personal information (including your mailing address, email address and phone number) you must first log on and visit your user profile.

If you have set your browser to warn you before accepting cookies, you will receive the warning message with each cookie. You can refuse cookies by turning them off in your browser. However, doing so may limit your access to certain sections of our website.

We use cookies to help us improve and manage our website. For example, cookies help us recognize new versus repeat visitors to the site, track the pages visited, and enable some special features on the website. This data helps us provide better service for our website visitors.

Protection of Information

We do not disclose any non-public personal information (such as names on a customer list) about current or former customers to anyone, except as permitted by law.

Disclosure of Information

Copies of confirmations, account statements and other documents reporting activity in your fund accounts are made available to your financial advisor (as designated by you). We may also use details about you and your investments to help us, our financial service affiliates, or firms that jointly market their financial products and services with ours, to better serve your investment needs or suggest educational material that may be of interest to you. If this requires us to provide you with an opportunity to “opt in” or “opt out” of such information sharing with a firm not affiliated with us, you will receive notification on how to do so, before any such sharing takes place.

Right of Refusal

We will not disclose your personal information to unaffiliated third parties (except as permitted by law), unless we first offer you a reasonable opportunity to refuse or “opt out” of such disclosure.

99       OPPENHEIMER FUNDAMENTAL ALTERNATIVES 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).

100       OPPENHEIMER FUNDAMENTAL ALTERNATIVES FUND

THIS PAGE INTENTIONALLY LEFT BLANK.

101       OPPENHEIMER FUNDAMENTAL ALTERNATIVES FUND

THIS PAGE INTENTIONALLY LEFT BLANK.

102       OPPENHEIMER FUNDAMENTAL ALTERNATIVES FUND

THIS PAGE INTENTIONALLY LEFT BLANK.

103       OPPENHEIMER FUNDAMENTAL ALTERNATIVES FUND

Visit us at oppenheimerfunds.com for 24-hr access to

account information and transactions or call us at 800.CALL

OPP (800.225.5677) for 24-hr automated information and

automated transactions. Representatives also available

Mon–Fri 8am-8pm ET.

Visit Us oppenheimerfunds.com
Call Us 800 225 5677
Follow Us	Oppenheimer funds are distributed by OppenheimerFunds Distributor, Inc. 225 Liberty Street, New York, NY 10281-1008 © 2018 OppenheimerFunds Distributor, Inc. All rights reserved. RS0236.001.0418 June 22, 2018

Table of Contents
Fund Performance Discussion	3
Top Holdings and Allocations	6
Fund Expenses	9
Statement of Investments	11
Statement of Assets and Liabilities	14
Statement of Operations	16
Statements of Changes in Net Assets	18
Financial Highlights	19
Notes to Financial Statements	31
Portfolio Proxy Voting Policies and Guidelines; Updates to Statement of Investments	43
Distribution Sources	44
Trustees and Officers	45
Privacy Notice	46

Class A Shares

AVERAGE ANNUAL TOTAL RETURNS AT 4/30/18

	Class A Shares of the Fund
	Without Sales Charge	With Sales Charge	Russell MidCap Value     Index
6-Month	0.74%	-5.05%	2.55%
1-Year	6.51	0.38	6.83
5-Year	10.61	9.31	10.97
10-Year	5.89	5.26	9.22

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 MID CAP VALUE FUND

Fund Performance Discussion

The Fund’s Class A shares (without sales charge) returned 0.74% during the reporting period. On a relative basis, the Fund underperformed the Russell MidCap Value Index (the “Index”), which returned 2.55%. The Fund underperformed the Index primarily in the Consumer Discretionary, Information Technology and Energy sectors due to less favorable stock selection. The Fund outperformed in the Real Estate, Industrials, and Utilities sectors. The Fund outperformed in Real Estate due to stock selection and an underweight position. Stock selection drove performance in Industrials, while an underweight position resulted in outperformance within Utilities.

MARKET OVERVIEW

Equity markets continued to rally to close 2017 and got off to a very strong start to 2018 in January. However, volatility re-emerged and the markets reversed course during February and March, before recovering slightly in April. The most commonly cited measure of volatility is the Chicago Board Options Exchange Volatility Index, more commonly known as the VIX. The VIX uses index options to calculate implied volatility at the index level and during most of 2017 hovered near the 10% level, which is a historically low level of expected volatility. This reversed somewhat in February and March, as a number of factors, most importantly fears of a trade war, caused significant selling of equities in early February. The VIX ended the period around the 15% level.

FUND REVIEW

Top contributors to performance this reporting period on an absolute basis were XPO Logistics, Inc., Hess Corporation and Voya Financial, Inc.

As mentioned earlier, Industrials was a top outperforming sector for the Fund this period. XPO Logistics is an Industrials stock and was the top performing holding of the Fund this reporting period. XPO is a vertically integrated trucking and logistics company focused on “last mile” delivery. The company raised its free cash flow guidance in the midst of a strengthening domestic freight market. We remain optimistic that global growth should continue, and as a result we remain overweight the Industrials sector in general.

Although the Fund underperformed the Index within the Energy sector as a whole, Hess was a top performing holding of the Fund. Energy stocks were weak for much of the reporting period, but started to pick up in 2018 due to an increase in oil prices. Hess benefited from the rally in oil prices and reported strong first quarter earnings towards the end of the reporting period.

3        OPPENHEIMER MID CAP VALUE FUND

Voya Financial, which offers retirement, investment management and insurance services, performed well this period. The company fared well as it announced a deal to sell its variable and fixed annuity businesses and use the proceeds to increase its share repurchase program. This will allow management to focus on its higher return business lines such as investment management, retirement, and employee services.

Detractors from performance included Spectrum Brands Holdings, Inc., Radian Group Inc. and Lennar Corporation.

Spectrum Brands Holdings, Inc. is a Consumer Staples stock that engages in the manufacture, market, and distribution of consumer products. Late in the reporting period, the company reported second quarter earnings that missed analysts’ expectations and announced that CEO Andreas Rouvé would step down. We exited our position.

Radian Group engages in the provision of private mortgage insurance, risk management products, and real estate services to financial institutions. MGIC Investment Corp., a competitor to Radian, announced plans to slash premiums it charges to insure certain borrowers. With MGIC slashing prices, it was assumed Radian and other private mortgage insurance providers would follow suit. As a result, Radian and other private insurance companies experienced declines.

Lennar is a position we established during the reporting period. It is one of the largest homebuilders in the United States following its recent merger with CalAtlantic, and while it experienced declines this period, we believe stands to benefit from strong growth in single-family housing starts and merger-related synergies.

STRATEGY & OUTLOOK

Now is not the time for complacency. The return of volatility has created a new set of challenges for equity investors. In a regime of higher uncertainty, the value of bottom up, fundamental research will become much more important than in recent years. While we remain relatively optimistic that the current positive economic trends should continue, recent macro events have introduced a level of uncertainty that cannot be discounted.

While we believe the increased volatility will likely remain present, we will continue to focus on those areas of the market where we can find value. To that end, early in the year we modestly increased our exposure to the Utilities sector after a weak January, while trimming our sector weights in Energy and Consumer Discretionary. This provided an opportunity for us to take advantage of the more attractive valuations in Utilities and add a bit of defensiveness to the portfolio, which we believe should help dampen higher volatility.

4        OPPENHEIMER MID CAP VALUE FUND

As always, while many investors focus on a short-term view when considering potential investments, the Fund utilizes in-depth fundamental research to identify companies that we believe are poised for an unanticipated acceleration in return on invested capital over a multi-year time horizon. We believe this longer-term approach provides a more comprehensive outlook of

	Laton Spahr, CFA
	Portfolio Manager

potential investments by focusing on all three financial statements – income statement, balance sheet and statement of cash flows – and helps us uncover companies whose generation and use of free cash flow we deem as yet to be fully reflected in the current stock price.

	Eric Hewitt
	Portfolio Manager

5        OPPENHEIMER MID CAP VALUE FUND

Top Holdings and Allocations

TOP TEN COMMON STOCK HOLDINGS
Zions Bancorporation	2.8	%
Reinsurance Group of America, Inc., Cl. A	2.6
SunTrust Banks, Inc.	2.4
Hess Corp.	2.1
Synopsys, Inc.	2.0
Celanese Corp., Cl. A	2.0
Synovus Financial Corp.	2.0
Ross Stores, Inc.	1.9
Huntington Ingalls Industries, Inc.	1.8
Fluor Corp.	1.8

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 COMMON STOCK INDUSTRIES
Commercial Banks	11.3	%
Real Estate Investment Trusts (REITs)	8.3
Oil, Gas & Consumable Fuels	7.7
Machinery	6.0
Electric Utilities	5.8
Insurance	5.2
Capital Markets	4.7
Pharmaceuticals	4.3
Electronic Equipment, Instruments, & Components	3.3
Media	2.7

Portfolio holdings and allocations are subject to change. Percentages are as of April 30, 2018, and are based on net assets.

SECTOR ALLOCATION

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

6        OPPENHEIMER MID CAP VALUE FUND

Share Class Performance

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

	Inception   Date		6-Month	1-Year	5-Year	10-Year
Class A (QVSCX)		1/3/89	0.74%	6.51%	10.61%	5.89%
Class B (QSCBX)		9/1/93	0.35	5.68	9.75	5.38
Class C (QSCCX)		9/1/93	0.37	5.72	9.78	5.08
Class I (QSCIX)		2/28/12	0.95	6.98	11.08	11.28*
Class R (QSCNX)		3/1/01	0.63	6.26	10.33	5.61
Class Y (QSCYX)		10/24/05	0.87	6.79	10.91	6.21
AVERAGE ANNUAL TOTAL RETURNS WITH SALES CHARGE AS OF 4/30/18
	Inception   Date		6-Month	1-Year	5-Year	10-Year
Class A (QVSCX)		1/3/89	-5.05%	0.38%	9.31%	5.26%
Class B (QSCBX)		9/1/93	-4.32	0.77	9.47	5.38
Class C (QSCCX)		9/1/93	-0.57	4.73	9.78	5.08
Class I (QSCIX)		2/28/12	0.95	6.98	11.08	11.28*
Class R (QSCNX)		3/1/01	0.63	6.26	10.33	5.61
Class Y (QSCYX)		10/24/05	0.87	6.79	10.91	6.21

*Shows performance since inception.

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%; for Class B shares, the contingent deferred sales charge of 5% (1-year) and 2% (5-year); 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. Because Class B shares automatically converted to Class A shares 72 months after purchase, the 10-year return for Class B shares uses Class A performance for the period after conversion. Effective June 1, 2018, all Class B shares converted to Class A 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 that of the Russell MidCap Value Index. The Russell MidCap Value Index measures the performance of the mid-cap value segment of the U.S. equity universe. It includes those Russell MidCap Index companies with lower price-to-book ratios and lower forecasted growth values. 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

7        OPPENHEIMER MID CAP VALUE FUND

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 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.

8        OPPENHEIMER MID CAP VALUE FUND

Fund Expenses

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

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

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

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

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

9        OPPENHEIMER MID CAP VALUE FUND

Actual	Beginning Account Value November 1, 2017		Ending Account Value April 30, 2018		Expenses Paid During 6 Months Ended April 30, 2018
Class A	$	1,000.00	$	1,007.40	$	5.79
Class B		1,000.00		1,003.50		9.78
Class C		1,000.00		1,003.70		9.53
Class I		1,000.00		1,009.50		3.74
Class R		1,000.00		1,006.30		7.04
Class Y		1,000.00		1,008.70		4.59
Hypothetical (5% return before expenses)
Class A		1,000.00		1,019.04		5.82
Class B		1,000.00		1,015.08		9.84
Class C		1,000.00		1,015.32		9.59
Class I		1,000.00		1,021.08		3.77
Class R		1,000.00		1,017.80		7.08
Class Y		1,000.00		1,020.23		4.62

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		1.16	%
Class B		1.96
Class C		1.91
Class I		0.75
Class R		1.41
Class Y		0.92

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

10        OPPENHEIMER MID CAP VALUE FUND

STATEMENT OF INVESTMENTS April 30, 2018 Unaudited

	Shares		Value
Common Stocks—97.6%
Consumer Discretionary—10.4%
Auto Components—0.8%
BorgWarner, Inc.		220,270	$	10,780,014
Automobiles—0.7%
Thor Industries, Inc.		78,570		8,339,420
Hotels, Restaurants & Leisure—1.3%
Royal Caribbean Cruises Ltd.		151,420		16,382,130
Household Durables—1.3%
Lennar Corp., Cl. A		316,560		16,742,858
Media—2.7%
CBS Corp., Cl. B		154,050		7,579,260
Gray Television, Inc.1		582,760		6,585,188
Madison Square Garden Co. (The), Cl. A1		40,900		9,939,518
Sinclair Broadcast Group, Inc., Cl. A		369,020		10,461,717
				34,565,683
Specialty Retail—1.9%
Ross Stores, Inc.		305,890		24,731,206
Textiles, Apparel & Luxury Goods—1.7%
Carter’s, Inc.		125,560		12,596,179
Tapestry, Inc.		179,310		9,641,499
				22,237,678
Consumer Staples—1.5%
Beverages—1.5%
Coca-Cola European Partners plc		479,020		18,777,584
Energy—9.4%
Energy Equipment & Services—1.7%
Weatherford International plc1		7,438,250		21,942,838
Oil, Gas & Consumable Fuels—7.7%
Callon Petroleum Co.1		1,187,220		16,514,230
Concho Resources, Inc.1		84,760		13,325,120
Delek US Holdings, Inc.		307,170		14,550,643
Devon Energy Corp.		182,490		6,629,862
Hess Corp.		467,630		26,650,234
Newfield Exploration Co.1		525,420		15,657,516

	Shares		Value
Oil, Gas & Consumable Fuels (Continued)
WPX Energy, Inc.1		383,760	$	6,558,458
				99,886,063
Financials—31.7%
Capital Markets—4.7%
Ameriprise Financial, Inc.		66,160		9,276,294
Ares Management LP2		982,034		21,604,748
Legg Mason, Inc.		270,490		10,738,453
Nasdaq, Inc.		216,010		19,078,003
				60,697,498
Commercial Banks—11.3%
CIT Group, Inc.		265,340		14,049,753
Glacier Bancorp, Inc.		221,800		8,213,254
KeyCorp		1,134,480		22,598,842
SunTrust Banks, Inc.		460,460		30,758,728
Synovus Financial Corp.		493,190		25,779,041
Wintrust Financial Corp.		94,662		8,467,516
Zions Bancorporation		662,860		36,291,585
				146,158,719
Diversified Financial Services—1.7%
Voya Financial, Inc.		422,930		22,140,385
Insurance—5.2%
Arthur J. Gallagher & Co.		184,380		12,904,756
CNO Financial Group, Inc.		606,930		13,012,579
Everest Re Group Ltd.		36,430		8,476,168
Reinsurance Group of America, Inc., Cl. A		221,040		33,023,376
				67,416,879
Real Estate Investment Trusts (REITs)—8.3%
Alexandria Real Estate Equities, Inc.		54,106		6,739,984
CubeSmart		212,006		6,241,457
DCT Industrial Trust, Inc.		356,020		23,344,231
Digital Realty Trust, Inc.		115,320		12,188,171
Equity LifeStyle Properties, Inc.		126,130		11,245,751

11        OPPENHEIMER MID CAP VALUE FUND

STATEMENT OF INVESTMENTS_{Unaudited / Continued}

	Shares		Value
Real Estate Investment Trusts (REITs) (Continued)
Highwoods
Properties, Inc.		197,680	$	8,701,874
Invitation Homes, Inc.		360,600		8,344,284
Park Hotels & Resorts, Inc.		487,930		14,042,625
Uniti Group, Inc.		922,080		16,615,882
				107,464,259
Thrifts & Mortgage Finance—0.5%
Radian Group, Inc.		415,150		5,936,645
Health Care—8.2%
Health Care Equipment & Supplies—1.8%
Boston Scientific Corp.1		445,947		12,807,598
Zimmer Biomet Holdings, Inc.		86,850		10,002,514
				22,810,112
Health Care Providers & Services—1.2%
Encompass Health Corp.		106,010		6,447,528
Molina Healthcare, Inc.1		115,388		9,606,051
				16,053,579
Life Sciences Tools & Services—0.9%
IQVIA Holdings, Inc.1		125,801		12,046,704
Pharmaceuticals—4.3%
Indivior plc, Sponsored ADR1		511,074		15,894,402
Jazz Pharmaceuticals plc1		138,620		21,075,785
Mylan NV1		467,070		18,103,633
				55,073,820
Industrials—13.4%
Aerospace & Defense—1.8%
Huntington Ingalls
Industries, Inc.		96,290		23,418,691
Air Freight & Couriers—1.7%
XPO Logistics, Inc.1		231,860		22,527,518
Construction & Engineering—1.8%
Fluor Corp.		390,100		22,996,395
Machinery—6.0%
Gates Industrial Corp. plc1		800,000		12,528,000
ITT, Inc.		244,010		11,929,649

	Shares		Value
Machinery (Continued)
Kennametal, Inc.		159,490	$	5,813,410
PACCAR, Inc.		70,750		4,504,653
Parker-Hannifin Corp.		121,520		20,004,622
Xylem, Inc.		310,470		22,633,263
				77,413,597
Marine—0.7%
Kirby Corp.1		102,490		8,742,397
Road & Rail—1.4%
Kansas City
Southern		167,250		17,833,867
Information Technology—8.9%
Communications Equipment—1.0%
Motorola Solutions, Inc.		119,320		13,104,916
Electronic Equipment, Instruments, &
Components—3.3%
Flex Ltd.1		111,930		1,455,090
FLIR Systems, Inc.		274,400		14,694,120
Orbotech Ltd.1		204,750		11,961,495
Zebra Technologies Corp., Cl. A1		104,430		14,080,297
				42,191,002
Semiconductors & Semiconductor
Equipment—2.6%
Lam Research Corp.		71,160		13,168,870
Marvell Technology Group Ltd.		776,720		15,581,003
Tower Semiconductor Ltd.1		200,490		5,186,676
				33,936,549
Software—2.0%
Synopsys, Inc.1		306,700		26,225,917
Materials—6.2%
Chemicals—2.0%
Celanese Corp., Cl. A		240,870		26,175,343
Construction Materials—0.5%
Eagle Materials, Inc.		65,270		6,459,119
Containers & Packaging—2.2%
Ball Corp.		183,810		7,368,943
WestRock Co.		363,580		21,509,393
				28,878,336
Metals & Mining—1.5%
Alcoa Corp.1		278,090		14,238,208

12        OPPENHEIMER MID CAP VALUE FUND

	Shares		Value
Metals & Mining (Continued)
Freeport-McMoRan, Inc.		310,640	$	4,724,834
				18,963,042
Utilities—7.9%
Electric Utilities—5.8%
Alliant Energy Corp.		353,880		15,199,146
Avangrid, Inc.		306,740		16,168,265
Entergy Corp.		200,770		16,380,824
Exelon Corp.		335,570		13,315,418
FirstEnergy Corp.		419,260		14,422,544
				75,486,197
Multi-Utilities—1.3%
Ameren Corp.		275,180		16,131,052

	Shares		Value
Water Utilities—0.8%
American Water
Works Co., Inc.		116,880	$	10,119,470
Total Common Stocks (Cost $1,019,068,876)				1,260,787,482
Investment Company—4.2%
Oppenheimer Institutional Government Money Market Fund, Cl. E, 1.67%3,4 (Cost $54,204,572)		54,204,572		54,204,572
Total Investments, at Value (Cost $1,073,273,448)		101.8%		1,314,992,054
Net Other Assets (Liabilities)		(1.8)		(23,129,402)
Net Assets		100.0%	$	1,291,862,652

Footnotes to Statement of Investments

1. Non-income producing security.

2. Security was a Master Limited Partnership during the period.

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

4. 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 Institutional Government Money Market Fund, Cl. E		199,690		200,182,697		146,177,815		54,204,572
	Value		Income		Realized Gain (Loss)		Change in Unrealized Gain (Loss)
Oppenheimer Institutional Government Money Market Fund, Cl. E	$	54,204,572	$	155,322	$	—	$	—

See accompanying Notes to Financial Statements.

13        OPPENHEIMER MID CAP VALUE FUND

STATEMENT OF ASSETS AND LIABILITIES April 30, 2018 Unaudited

Assets
Investments, at value—see accompanying statement of investments:
Unaffiliated companies (cost $1,019,068,876)	$	1,260,787,482
Affiliated companies (cost $54,204,572)		54,204,572
		1,314,992,054
Cash		1,908,123
Receivables and other assets:
Investments sold		18,404,898
Dividends		449,045
Shares of beneficial interest sold		356,959
Other		234,923
Total assets		1,336,346,002
Liabilities
Bank overdraft-foreign		5,899
Payables and other liabilities:
Investments purchased		41,104,582
Shares of beneficial interest redeemed		2,780,119
Trustees’ compensation		298,556
Distribution and service plan fees		246,427
Shareholder communications		13,274
Other		34,493
Total liabilities		44,483,350
Net Assets	$	1,291,862,652
Composition of Net Assets
Par value of shares of beneficial interest	$	238,998
Additional paid-in capital		1,006,290,522
Accumulated net investment income		749,914
Accumulated net realized gain on investments and foreign currency transactions		42,864,612
Net unrealized appreciation on investments and translation of assets and liabilities denominated in foreign currencies		241,718,606
Net Assets	$	1,291,862,652

14        OPPENHEIMER MID CAP VALUE FUND

Net Asset Value Per Share
Class A Shares:
Net asset value and redemption price per share (based on net assets of $911,447,674 and 16,296,360 shares of beneficial interest outstanding)	$55.93
Maximum offering price per share (net asset value plus sales charge of 5.75% of offering price)	$59.34
Class B Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $976,090 and 21,275 shares of beneficial interest outstanding)	$45.88
Class C Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $202,732,058 and 4,412,186 shares of beneficial interest outstanding)	$45.95
Class I Shares:
Net asset value, redemption price and offering price per share (based on net assets of $4,526,982 and 79,527 shares of beneficial interest outstanding)	$56.92
Class R Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $72,262,708 and 1,350,677 shares of beneficial interest outstanding)	$53.50
Class Y Shares:
Net asset value, redemption price and offering price per share (based on net assets of $99,917,140 and 1,739,751 shares of beneficial interest outstanding)	$57.43

See accompanying Notes to Financial Statements.

15        OPPENHEIMER MID CAP VALUE FUND

STATEMENT OF OPERATIONS For the Six Months Ended April 30, 2018 Unaudited

Investment Income
Dividends:
Unaffiliated companies	$	10,941,169
Affiliated companies		155,322
Interest		77,366
Total investment income		11,173,857
Expenses
Management fees		4,744,557
Distribution and service plan fees:
Class A		1,146,533
Class B		12,643
Class C		1,060,798
Class R		194,819
Transfer and shareholder servicing agent fees:
Class A		963,272
Class B		2,637
Class C		216,712
Class I		526
Class R		79,947
Class Y		108,033
Shareholder communications:
Class A		13,432
Class B		468
Class C		3,408
Class I		9
Class R		550
Class Y		805
Borrowing fees		24,854
Trustees’ compensation		10,035
Custodian fees and expenses		3,296
Other		76,185
Total expenses		8,663,519
Less waivers and reimbursements of expenses		(45,294)
Net expenses		8,618,225
Net Investment Income		2,555,632

16        OPPENHEIMER MID CAP VALUE FUND

Realized and Unrealized Gain (Loss)
Net realized gain on:
Investment transactions in unaffiliated companies	$	44,800,653
Foreign currency transactions		36,111
Net realized gain		44,836,764
Net change in unrealized appreciation/depreciation on:
Investment transactions in unaffiliated companies		(36,275,833)
Translation of assets and liabilities denominated in foreign currencies		105
Net change in unrealized appreciation/depreciation		(36,275,728)
Net Increase in Net Assets Resulting from Operations	$	11,116,668

See accompanying Notes to Financial Statements.

17        OPPENHEIMER MID CAP VALUE FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended April 30, 2018 (Unaudited)		Year Ended October 31, 2017
Operations
Net investment income	$	2,555,632	$	2,569,954
Net realized gain		44,836,764		158,004,076
Net change in unrealized appreciation/depreciation		(36,275,728)		91,002,164
Net increase in net assets resulting from operations		11,116,668		251,576,194
Dividends and/or Distributions to Shareholders
Dividends from net investment income:
Class A		(880,422)		(3,971,241)
Class B		—		—
Class C		—		(53,393)
Class I		(8,618)		(10,505)
Class R		(22,652)		(160,512)
Class Y		(207,522)		(566,163)
		(1,119,214)		(4,761,814)
Distributions from net realized gain:
Class A		(56,014,917)		—
Class B		(238,230)		—
Class C		(15,254,824)		—
Class I		(144,787)		—
Class R		(4,914,272)		—
Class Y		(6,210,286)		—
		(82,777,316)		—
Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions:
Class A		(5,736,485)		(129,209,683)
Class B		(3,337,932)		(8,498,380)
Class C		(3,547,677)		(47,007,458)
Class I		2,240,057		1,350,862
Class R		(4,776,383)		(16,559,746)
Class Y		(3,847,324)		33,091,139
		(19,005,744)		(166,833,266)
Net Assets
Total increase (decrease)		(91,785,606)		79,981,114
Beginning of period		1,383,648,258		1,303,667,144
End of period (including accumulated net investment income (loss) of $749,914 and $(686,504), respectively)	$	1,291,862,652	$	1,383,648,258

See accompanying Notes to Financial Statements.

18        OPPENHEIMER MID CAP VALUE FUND

FINANCIAL HIGHLIGHTS

Class A	Six Months Ended April 30, 2018 (Unaudited)		Year Ended October 31, 2017		Year Ended October 31, 2016		Year Ended October 30, 20151		Year Ended October 31, 2014		Year Ended October 31, 2013
Per Share Operating Data
Net asset value, beginning of period		$58.99		$49.28		$46.44		$46.72		$42.63		$31.33
Income (loss) from investment operations:
Net investment income2		0.14		0.17		0.24		0.24		0.36		0.24
Net realized and unrealized gain (loss)		0.31		9.76		2.83		(0.29)		4.25		11.09
Total from investment operations		0.45		9.93		3.07		(0.05)		4.61		11.33
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.05)		(0.22)		(0.23)		(0.23)		(0.52)		(0.03)
Distributions from net realized gain		(3.46)		0.00		0.00		0.00		0.00		0.00
Total dividends and/or distributions to shareholders		(3.51)		(0.22)		(0.23)		(0.23)		(0.52)		(0.03)
Net asset value, end of period		$55.93		$58.99		$49.28		$46.44		$46.72		$42.63
Total Return, at Net Asset Value3		0.74%		20.20%		6.62%		(0.13)%		10.91%		36.16%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$911,448		$965,887		$920,277		$966,842		$1,104,252		$1,162,455
Average net assets (in thousands)		$954,279		$986,140		$916,503		$1,085,463		$1,151,106		$1,013,781
Ratios to average net assets:4
Net investment income		0.49%		0.31%		0.53%		0.49%		0.80%		0.65%
Expenses excluding specific expenses listed below		1.17%		1.18%		1.19%		1.17%		1.18%		1.27%
Interest and fees from borrowings		0.00%5		0.00%5		0.00%5		0.00%5		0.00%		0.00%
Total expenses6		1.17%		1.18%		1.19%		1.17%		1.18%		1.27%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.16%		1.17%		1.19%7		1.17%7		1.18%7		1.27%7
Portfolio turnover rate		38%		63%		34%		47%		51%		128%

19        OPPENHEIMER MID CAP VALUE FUND

FINANCIAL HIGHLIGHTS Continued

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

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

3. 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.

4. Annualized for periods less than one full year.

5. Less than 0.005%.

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

Six Months Ended April 30, 2018	1.17	%
Year Ended October 31, 2017	1.18	%
Year Ended October 31, 2016	1.19	%
Year Ended October 30, 2015	1.17	%
Year Ended October 31, 2014	1.18	%
Year Ended October 31, 2013	1.27	%

7. Waiver was less than 0.005%.

See accompanying Notes to Financial Statements.

20        OPPENHEIMER MID CAP VALUE FUND

Class B	Six Months Ended April 30, 2018 (Unaudited)	Year Ended October 31, 2017	Year Ended October 31, 2016	Year Ended October 30, 20151	Year Ended October 31, 2014	Year Ended October 31, 2013
Per Share Operating Data
Net asset value, beginning of period	$49.14	$41.21	$38.94	$39.29	$35.74	$26.48
Income (loss) from investment operations:
Net investment income (loss)2	0.003	(0.17)	(0.07)	(0.10)	0.01	(0.08)
Net realized and unrealized gain (loss)	0.20	8.10	2.35	(0.25)	3.57	9.34
Total from investment operations	0.20	7.93	2.28	(0.35)	3.58	9.26
Dividends and/or distributions to shareholders:
Dividends from net investment income	0.00	0.00	(0.01)	0.00	(0.03)	0.00
Distributions from net realized gain	(3.46)	0.00	0.00	0.00	0.00	0.00
Total dividends and/or distributions to shareholders	(3.46)	0.00	(0.01)	0.00	(0.03)	0.00
Net asset value, end of period	$45.88	$49.14	$41.21	$38.94	$39.29	$35.74
Total Return, at Net Asset Value4	0.35%	19.27%	5.85%	(0.89)%	10.03%	34.97%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$976	$4,498	$11,360	$20,774	$37,092	$48,927
Average net assets (in thousands)	$2,535	$8,018	$14,935	$29,531	$43,889	$48,518
Ratios to average net assets:5
Net investment income (loss)	0.02%	(0.36)%	(0.18)%	(0.23)%	0.04%	(0.25)%
Expenses excluding specific expenses listed below	1.97%	1.94%	1.95%	1.92%	2.01%	2.35%
Interest and fees from borrowings	0.00%6	0.00%6	0.00%6	0.00%6	0.00%	0.00%
Total expenses7	1.97%	1.94%	1.95%	1.92%	2.01%	2.35%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses	1.96%	1.93%	1.95%8	1.92%8	1.96%	2.15%
Portfolio turnover rate	38%	63%	34%	47%	51%	128%

21        OPPENHEIMER MID CAP VALUE FUND

FINANCIAL HIGHLIGHTS Continued

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

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

3. Less than $0.005 per share.

4 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.

5. Annualized for periods less than one full year.

6. Less than 0.005%.

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

Six Months Ended April 30, 2018	1.97	%
Year Ended October 31, 2017	1.94	%
Year Ended October 31, 2016	1.95	%
Year Ended October 30, 2015	1.92	%
Year Ended October 31, 2014	2.01	%
Year Ended October 31, 2013	2.35	%

8. Waiver was less than 0.005%.

See accompanying Notes to Financial Statements.

22        OPPENHEIMER MID CAP VALUE FUND

Class C	Six Months Ended April 30, 2018 (Unaudited)	Year Ended October 31, 2017	Year Ended October 31, 2016	Year Ended October 30, 20151	Year Ended October 31, 2014	Year Ended October 31, 2013
Per Share Operating Data
Net asset value, beginning of period	$49.20	$41.26	$39.00	$39.35	$35.83	$26.52
Income (loss) from investment operations:
Net investment income (loss)2	(0.06)	(0.20)	(0.09)	(0.11)	0.02	(0.04)
Net realized and unrealized gain (loss)	0.27	8.15	2.37	(0.24)	3.59	9.35
Total from investment operations	0.21	7.95	2.28	(0.35)	3.61	9.31
Dividends and/or distributions to shareholders:
Dividends from net investment income	0.00	(0.01)	(0.02)	0.00	(0.09)	0.00
Distributions from net realized gain	(3.46)	0.00	0.00	0.00	0.00	0.00
Total dividends and/or distributions to shareholders	(3.46)	(0.01)	(0.02)	0.00	(0.09)	0.00
Net asset value, end of period	$45.95	$49.20	$41.26	$39.00	$39.35	$35.83
Total Return, at Net Asset Value3	0.37%	19.30%	5.84%	(0.87)%	10.05%	35.10%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$202,732	$220,394	$226,455	$253,446	$279,925	$276,676
Average net assets (in thousands)	$214,549	$233,758	$233,067	$278,916	$283,792	$252,028
Ratios to average net assets:4
Net investment income (loss)	(0.25)%	(0.44)%	(0.23)%	(0.26)%	0.05%	(0.13)%
Expenses excluding specific expenses listed below	1.92%	1.93%	1.95%	1.92%	1.93%	2.05%
Interest and fees from borrowings	0.00%5	0.00%5	0.00%5	0.00%5	0.00%	0.00%
Total expenses6	1.92%	1.93%	1.95%	1.92%	1.93%	2.05%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses	1.91%	1.92%	1.95%7	1.92%7	1.93%7	2.05%7
Portfolio turnover rate	38%	63%	34%	47%	51%	128%

23        OPPENHEIMER MID CAP VALUE FUND

FINANCIAL HIGHLIGHTS Continued

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

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

3. 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.

4. Annualized for periods less than one full year.

5. Less than 0.005%.

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

Six Months Ended April 30, 2018	1.92	%
Year Ended October 31, 2017	1.93	%
Year Ended October 31, 2016	1.95	%
Year Ended October 30, 2015	1.92	%
Year Ended October 31, 2014	1.93	%
Year Ended October 31, 2013	2.05	%

7. Waiver was less than 0.005%.

See accompanying Notes to Financial Statements.

24        OPPENHEIMER MID CAP VALUE FUND

Class I	Six Months Ended April 30, 2018 (Unaudited)		Year Ended October 31, 2017		Year Ended October 31, 2016		Year Ended October 30, 20151		Year Ended October 31, 2014		Year Ended October 31, 2013
Per Share Operating Data
Net asset value, beginning of period		$59.97		$50.10		$47.20		$47.49		$43.64		$31.88
Income (loss) from investment operations:
Net investment income2		0.23		0.39		0.44		0.43		0.47		0.49
Net realized and unrealized gain (loss)		0.35		9.94		2.89		(0.27)		4.42		11.27
Total from investment operations		0.58		10.33		3.33		0.16		4.89		11.76
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.17)		(0.46)		(0.43)		(0.45)		(1.04)		0.00
Distributions from net realized gain		(3.46)		0.00		0.00		0.00		0.00		0.00
Total dividends and/or distributions to shareholders		(3.63)		(0.46)		(0.43)		(0.45)		(1.04)		0.00
Net asset value, end of period		$56.92		$59.97		$50.10		$47.20		$47.49		$43.64
Total Return, at Net Asset Value3		0.95%		20.69%		7.10%		0.31%		11.36%		36.85%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$4,527		$2,522		$950		$788		$427		$95
Average net assets (in thousands)		$3,550		$1,375		$803		$621		$178		$35
Ratios to average net assets:4
Net investment income		0.81%		0.69%		0.93%		0.88%		1.02%		1.23%
Expenses excluding specific expenses listed below		0.75%		0.75%		0.76%		0.73%		0.76%		0.77%
Interest and fees from borrowings		0.00%5		0.00%5		0.00%5		0.00%5		0.00%		0.00%
Total expenses6		0.75%		0.75%		0.76%		0.73%		0.76%		0.77%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.75%7		0.75%7		0.76%7		0.73%7		0.76%7		0.77%7
Portfolio turnover rate		38%		63%		34%		47%		51%		128%

25        OPPENHEIMER MID CAP VALUE FUND

FINANCIAL HIGHLIGHTS Continued

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

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

3. 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.

4. Annualized for periods less than one full year.

5. Less than 0.005%.

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

Six Months Ended April 30, 2018	0.75	%
Year Ended October 31, 2017	0.75	%
Year Ended October 31, 2016	0.76	%
Year Ended October 30, 2015	0.73	%
Year Ended October 31, 2014	0.76	%
Year Ended October 31, 2013	0.77	%

7. Waiver was less than 0.005%.

See accompanying Notes to Financial Statements.

26        OPPENHEIMER MID CAP VALUE FUND

Class R	Six Months Ended April 30, 2018 (Unaudited)		Year Ended October 31, 2017		Year Ended October 31, 2016		Year Ended October 30, 20151		Year Ended October 31, 2014		Year Ended October 31, 2013
Per Share Operating Data
Net asset value, beginning of period		$56.61		$47.31		$44.59		$44.88		$40.87		$30.09
Income (loss) from investment operations:
Net investment income2		0.07		0.04		0.13		0.12		0.23		0.14
Net realized and unrealized gain (loss)		0.30		9.36		2.71		(0.30)		4.09		10.64
Total from investment operations		0.37		9.40		2.84		(0.18)		4.32		10.78
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.02)		(0.10)		(0.12)		(0.11)		(0.31)		0.00
Distributions from net realized gain		(3.46)		0.00		0.00		0.00		0.00		0.00
Total dividends and/or distributions to shareholders		(3.48)		(0.10)		(0.12)		(0.11)		(0.31)		0.00
Net asset value, end of period		$53.50		$56.61		$47.31		$44.59		$44.88		$40.87
Total Return, at Net Asset Value3		0.63%		19.90%		6.38%		(0.38)%		10.61%		35.79%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$72,263		$81,351		$82,661		$97,983		$125,703		$130,267
Average net assets (in thousands)		$79,112		$84,193		$85,721		$114,811		$129,580		$129,674
Ratios to average net assets:4
Net investment income		0.25%		0.07%		0.28%		0.25%		0.53%		0.39%
Expenses excluding specific expenses listed below		1.42%		1.43%		1.45%		1.42%		1.45%		1.53%
Interest and fees from borrowings		0.00%5		0.00%5		0.00%5		0.00%5		0.00%		0.00%
Total expenses6		1.42%		1.43%		1.45%		1.42%		1.45%		1.53%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.41%		1.42%		1.45%7		1.42%7		1.45%7		1.53%7
Portfolio turnover rate		38%		63%		34%		47%		51%		128%

27        OPPENHEIMER MID CAP VALUE FUND

FINANCIAL HIGHLIGHTS Continued

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

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

3. 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.

4. Annualized for periods less than one full year.

5. Less than 0.005%.

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

Six Months Ended April 30, 2018	1.42	%
Year Ended October 31, 2017	1.43	%
Year Ended October 31, 2016	1.45	%
Year Ended October 30, 2015	1.42	%
Year Ended October 31, 2014	1.45	%
Year Ended October 31, 2013	1.53	%

7. Waiver was less than 0.005%.

See accompanying Notes to Financial Statements.

28        OPPENHEIMER MID CAP VALUE FUND

Class Y	Six Months Ended April 30, 2018 (Unaudited)	Year Ended October 31, 2017	Year Ended October 31, 2016	Year Ended October 30, 20151	Year Ended October 31, 2014	Year Ended October 31, 2013
Per Share Operating Data
Net asset value, beginning of period	$60.47	$50.52	$47.59	$47.88	$43.81	$32.20
Income (loss) from investment operations:
Net investment income2	0.21	0.30	0.36	0.36	0.52	0.34
Net realized and unrealized gain (loss)	0.33	10.01	2.91	(0.30)	4.37	11.40
Total from investment operations	0.54	10.31	3.27	0.06	4.89	11.74
Dividends and/or distributions to shareholders:
Dividends from net investment income	(0.12)	(0.36)	(0.34)	(0.35)	(0.82)	(0.13)
Distributions from net realized gain	(3.46)	0.00	0.00	0.00	0.00	0.00
Total dividends and/or distributions to shareholders	(3.58)	(0.36)	(0.34)	(0.35)	(0.82)	(0.13)
Net asset value, end of period	$57.43	$60.47	$50.52	$47.59	$47.88	$43.81
Total Return, at Net Asset Value3	0.87%	20.47%	6.92%	0.12%	11.30%	36.55%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$99,917	$108,996	$61,964	$49,241	$50,323	$49,589
Average net assets (in thousands)	$106,958	$91,745	$49,957	$51,876	$50,290	$50,572
Ratios to average net assets:4
Net investment income	0.72%	0.53%	0.74%	0.73%	1.13%	0.91%
Expenses excluding specific expenses listed below	0.93%	0.94%	0.95%	0.92%	0.84%	0.98%
Interest and fees from borrowings	0.00%5	0.00%5	0.00%5	0.00%5	0.00%	0.00%
Total expenses6	0.93%	0.94%	0.95%	0.92%	0.84%	0.98%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses	0.92%	0.93%	0.95%7	0.92%7	0.83%	0.98%7
Portfolio turnover rate	38%	63%	34%	47%	51%	128%

29        OPPENHEIMER MID CAP VALUE FUND

FINANCIAL HIGHLIGHTS Continued

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

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

3. 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.

4. Annualized for periods less than one full year.

5. Less than 0.005%.

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

Six Months Ended April 30, 2018	0.93	%
Year Ended October 31, 2017	0.94	%
Year Ended October 31, 2016	0.95	%
Year Ended October 30, 2015	0.92	%
Year Ended October 31, 2014	0.84	%
Year Ended October 31, 2013	0.98	%

7. Waiver was less than 0.005%.

See accompanying Notes to Financial Statements.

30        OPPENHEIMER MID CAP VALUE FUND

NOTES TO FINANCIAL STATEMENTS _{April 30, 2018 Unaudited}

1. Organization

Oppenheimer Mid Cap Value Fund (the “Fund”), a series of Oppenheimer Quest for Value Funds, is registered under the Investment Company Act of 1940 (“1940 Act”), as amended, as a diversified open-end management investment company. 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 Fund offers Class A, Class C, Class I, Class R and Class Y shares, and previously offered Class B shares for new purchase through June 29, 2012. Subsequent to that date, no new purchases of Class B shares are permitted, however reinvestment of dividend and/or capital gain distributions and exchanges of Class B shares into and from other Oppenheimer funds are allowed. Class B shares automatically converted to Class A shares 72 months after the date of purchase. Effective June 1, 2018, all Class B shares converted to Class A 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, and Class B shares were 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, B, C and R shares have separate distribution and/or service plans under which they pay fees. Class I and Class Y shares do not pay such fees.

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

2. Significant Accounting Policies

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

Foreign Currency Translation. The books and records of the Fund are maintained in U.S. dollars. Any foreign currency amounts are translated into U.S. dollars on the following basis: (1) Value of investment securities, other assets and liabilities — at the exchange rates prevailing at market close as described in Note 3.

(2) Purchases and sales of investment securities, income and expenses — at the rates of exchange prevailing on the respective dates of such transactions.

31        OPPENHEIMER MID CAP VALUE FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

2. Significant Accounting Policies (Continued)

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 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 distributions, if any, are declared and paid quarterly. Capital gain distributions, if any, are declared and paid annually or at other times as determined necessary by the Manager.

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

Investment Income. Dividend income is recorded on the ex-dividend date or upon ex-dividend notification in the case of certain foreign dividends where the ex-dividend date may have passed. Non-cash dividends included in dividend income, if any, are recorded at the fair 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 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

32        OPPENHEIMER MID CAP VALUE FUND

2. Significant Accounting Policies (Continued)

of capital based on estimates. Such estimates are based on historical information available from each MLP, REIT and other industry sources. These estimates may subsequently be revised based on information received from MLPs and REITs after their tax reporting periods are concluded.

Custodian Fees. “Custodian fees and expenses” in the Statement of Operations may include interest expense incurred by the Fund on any cash overdrafts of its custodian account during the period. Such cash overdrafts may result from the effects of failed trades in portfolio securities and from cash outflows resulting from unanticipated shareholder redemption activity. The Fund pays interest to its custodian on such cash overdraft at a rate equal to the Prime Rate plus 0.35%. The “Reduction to custodian expenses” line item, if applicable, represents earnings on cash balances maintained by the Fund during the period. Such interest expense and other custodian fees may be paid with these earnings.

Security Transactions. Security transactions are recorded on the trade date. Realized gains and losses on securities sold are determined on the basis of identified cost.

Indemnifications. The Fund’s organizational documents provide current and former Trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund’s maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.

Federal Taxes. The Fund intends to comply with provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its investment company taxable income to shareholders. Therefore, no federal income or excise tax provision is required. The Fund files income tax returns in U.S. federal and applicable state jurisdictions. The statute of limitations on the Fund’s tax return filings generally remains open for the three preceding fiscal reporting period ends. The Fund has analyzed its tax positions for the fiscal year ended October 31, 2017, including open tax years, and does not believe there are any uncertain tax positions requiring recognition in the Fund’s financial statements.    

During the fiscal year ended October 31, 2017, the Fund utilized $64,627,129 of capital loss carryforwards to offset capital gains realized in that fiscal year. Capital loss carryforwards with no expiration, if any, must be utilized prior to those with expiration dates. Capital losses with no expiration will be carried forward to future years if not offset by gains.

At period end, it is estimated that the capital loss carryforwards would be 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 not utilize any capital loss carryforward to offset realized capital gains.

Net investment income (loss) and net realized gain (loss) may differ for financial statement

33        OPPENHEIMER MID CAP VALUE FUND

NOTES TO FINANCIAL STATEMENTS _{Unaudited / Continued}

2. Significant Accounting Policies (Continued)

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

The aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments for federal income tax purposes at period end are noted in the following table. The primary difference between book and tax appreciation or depreciation of securities and other investments, if applicable, is attributable to the tax deferral of losses or tax realization of financial statement unrealized gain or loss.

Federal tax cost of securities	$	1,076,621,373
Gross unrealized appreciation	$	269,327,762
Gross unrealized depreciation		(30,957,081)
Net unrealized appreciation	$	238,370,681

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:

34        OPPENHEIMER MID CAP VALUE FUND

3. Securities Valuation (Continued)

Equity securities traded on a securities exchange (including exchange-traded derivatives other than futures and futures options) are valued based on the official closing price on the principal exchange on which the security is traded, as identified by the Manager, prior to the time when the Fund’s assets are valued. If the official closing price is unavailable, the security is valued at the last sale price on the principal exchange on which it is traded, or if no sales occurred, the security is valued at the mean between the quoted bid and asked prices. Over-the-counter equity securities are valued at the last published sale price, or if no sales occurred, at the mean between the quoted bid and asked prices. Events occurring after the close of trading on foreign exchanges may result in adjustments to the valuation of foreign securities to more accurately reflect their fair value as of the time when the Fund’s assets are valued.    

Shares of a registered investment company that are not traded on an exchange are valued at that investment company’s net asset value per share.

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 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

35        OPPENHEIMER MID CAP VALUE FUND

NOTES TO FINANCIAL STATEMENTS _{Unaudited / Continued}

3. Securities Valuation (Continued)

assumptions that market participants would use in pricing the asset or liability).

The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities.

The Fund classifies each of its investments in investment companies which are publicly offered as Level 1. Investment companies that are not publicly offered, if any, are classified as Level 2 in the fair value hierarchy.

The table below categorizes amounts that are included in the Fund’s Statement of Assets and Liabilities at period end based on valuation input level:

	Level 1— Unadjusted Quoted Prices		Level 2— Other Significant Observable Inputs		Level 3— Significant Unobservable Inputs		Value
Assets Table
Investments, at Value:
Common Stocks
Consumer Discretionary	$	133,778,989	$	—	$	—	$	133,778,989
Consumer Staples		18,777,584		—		—		18,777,584
Energy		121,828,901		—		—		121,828,901
Financials		409,814,385		—		—		409,814,385
Health Care		105,984,215		—		—		105,984,215
Industrials		172,932,465		—		—		172,932,465
Information Technology		115,458,384		—		—		115,458,384
Materials		80,475,840		—		—		80,475,840
Utilities		101,736,719		—		—		101,736,719
Investment Company		54,204,572		—		—		54,204,572
Total Assets	$	1,314,992,054	$	—	$	—	$	1,314,992,054

For the reporting period, there were no transfers between levels

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

4. Investments and Risks

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

36        OPPENHEIMER MID CAP VALUE FUND

4. Investments and Risks (Continued)

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.

Master Limited Partnerships (“MLPs”). MLPs issue common units that represent an equity ownership interest in a partnership and provide limited voting rights. MLP common units are registered with the Securities and Exchange Commission (“SEC”), and are freely tradable on securities exchanges such as the NYSE and the NASDAQ Stock Market (“NASDAQ”), or in the over-the-counter (“OTC”) market. An MLP consists of one or more general partners, who conduct the business, and one or more limited partners, who contribute capital. MLP common unit holders have a limited role in the partnership’s operations and management. The Fund, as a limited partner, normally would not be liable for the debts of the MLP beyond the amounts the Fund has contributed, but would not be shielded to the same extent that a shareholder of a corporation would be. In certain circumstances creditors of an MLP would have the right to seek return of capital distributed to a limited partner. This right of an MLP’s creditors would continue after the Fund sold its investment in the MLP.

Equity Security Risk. Stocks and other equity securities fluctuate in price. The value of the

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

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

5. Market Risk Factors

The Fund’s investments in securities and/or financial derivatives may expose the Fund to

37        OPPENHEIMER MID CAP VALUE FUND

NOTES TO FINANCIAL STATEMENTS _{Unaudited / Continued}

5. Market Risk Factors (Continued)

various market risk factors:

Commodity Risk. Commodity risk relates to the change in value of commodities or commodity indexes as they relate to increases or decreases in the commodities market. Commodities are physical assets that have tangible properties. Examples of these types of assets are crude oil, heating oil, metals, livestock, and agricultural products.

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

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

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

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

The Fund has authorized an unlimited number of $0.01 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		488,269		$	27,988,970			2,085,580		$	114,516,764
Dividends and/or distributions reinvested		971,681			54,491,850			68,093			3,780,709
Redeemed		(1,537,727	)		(88,217,305	)		(4,452,720	)		(247,507,156)
Net decrease		(77,777	)	$	(5,736,485	)		(2,299,047	)	$	(129,209,683)

38        OPPENHEIMER MID CAP VALUE FUND

6. Shares of Beneficial Interest (Continued)

	Six Months Ended April 30, 2018							Year Ended October 31, 2017
	Shares				Amount			Shares			Amount
Class B
Sold		826			$	38,573			14,889		$	672,298
Dividends and/or distributions reinvested		5,148				237,590			—			—
Redeemed		(76,219	)			(3,614,095	)		(199,037	)		(9,170,678	)
Net decrease		(70,245	)		$	(3,337,932	)		(184,148	)	$	(8,498,380	)
Class C
Sold		172,043			$	8,113,792			601,510		$	27,693,457
Dividends and/or distributions reinvested		318,033				14,696,296			1,034			47,577
Redeemed		(557,293	)			(26,357,765	)		(1,611,515	)		(74,748,492	)
Net decrease		(67,217	)		$	(3,547,677	)		(1,008,971	)	$	(47,007,458	)
				��
Class I
Sold		48,838			$	2,894,903			33,192		$	1,907,541
Dividends and/or distributions reinvested		2,670				152,301			183			10,366
Redeemed		(14,040	)			(807,147	)		(10,287	)		(567,045	)
Net increase		37,468			$	2,240,057			23,088		$	1,350,862
Class R
Sold		107,197			$	5,847,055			287,317		$	15,267,863
Dividends and/or distributions reinvested		83,042				4,459,347			2,722			144,816
Redeemed		(276,660	)			(15,082,785	)		(600,102	)		(31,972,425	)
Net decrease		(86,421	)		$	(4,776,383	)		(310,063	)	$	(16,559,746	)
Class Y
Sold		206,331			$	12,162,566			1,436,742		$	82,380,165
Dividends and/or distributions reinvested		101,466				5,839,679			8,647			493,970
Redeemed		(370,511	)			(21,849,569	)		(869,522	)		(49,782,996	)
Net increase (decrease)		(62,714	)		$	(3,847,324	)		575,867		$	33,091,139

7. 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	$	501,703,743	$	587,367,734

8. 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:

39        OPPENHEIMER MID CAP VALUE FUND

NOTES TO FINANCIAL STATEMENTS _{Unaudited / Continued}

8. Fees and Other Transactions with Affiliates (Continued)

Fee Schedule
Up to $400 million	0.80%
Next $400 million	0.75
Next $1.2 billion	0.60
Next $4 billion	0.58
Over $6 billion	0.56

The Fund’s effective management fee for the reporting period was 0.70% of average annual net assets before any applicable waivers.

Sub-Adviser Fees. The Manager has retained the Sub-Adviser to provide the day-to-day portfolio management of the Fund. Under the Sub-Advisory Agreement, the Manager pays the Sub-Adviser an annual fee in monthly installments, equal to a percentage of the investment management fee collected by the Manager from the Fund, which shall be calculated after any investment management fee waivers. The fee paid to the Sub-Adviser is paid by the Manager, not by the Fund.

Transfer Agent Fees. OFI Global (the “Transfer Agent”) serves as the transfer and shareholder servicing agent for the Fund. The Fund pays the Transfer Agent a fee based on annual net assets, which shall be calculated after any applicable fee waivers. Fees incurred and average net assets for each class with respect to these services are detailed in the Statement of Operations and Financial Highlights, respectively.

Sub-Transfer Agent Fees. The Transfer Agent has retained Shareholder Services, Inc., a wholly-owned subsidiary of OFI (the “Sub-Transfer Agent”), to provide the day-to-day transfer agent and shareholder servicing of the Fund. Under the Sub-Transfer Agency Agreement, the Transfer Agent pays the Sub-Transfer Agent an annual fee in monthly installments, equal to a percentage of the transfer agent fee collected by the Transfer Agent from the Fund, which shall be calculated after any applicable fee waivers. The fee paid to the Sub-Transfer Agent is paid by the Transfer Agent, not by the Fund.

Trustees’ Compensation. The Fund has adopted an unfunded retirement plan (the “Plan”) for the Fund’s Independent Trustees. Benefits are based on years of service and fees paid to each Trustee during their period of service. The Plan was frozen with respect to adding new participants effective December 31, 2006 (the “Freeze Date”) and existing Plan Participants as of the Freeze Date will continue to receive accrued benefits under the Plan. Active Independent Trustees as of the Freeze Date have each elected a distribution method with respect to their benefits under the Plan.

During the reporting period, the Fund’s projected benefit obligations, payments to retired Trustees and accumulated liability were as follows:

40        OPPENHEIMER MID CAP VALUE FUND

8. Fees and Other Transactions with Affiliates (Continued)

Projected Benefit Obligations Increased	$	997
Payments Made to Retired Trustees		58,794
Accumulated Liability as of April 30, 2018		134,788

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 Trustee 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 Trustee. The Fund purchases shares of the funds selected for deferral by the Trustee in amounts equal to his or her deemed investment, resulting in a Fund asset equal to the deferred compensation liability. Such assets are included as a component of “Other” within the asset section of the Statement of Assets and Liabilities. Deferral of Trustees’ fees under the plan will not affect the net assets of the Fund and will not materially affect the Fund’s assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance with the compensation deferral plan.

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.

Distribution and Service Plan for Class A Shares. The Fund has adopted a Distribution and Service Plan (the “Plan”) for Class A shares pursuant to Rule 12b-1 under the 1940 Act. Under the Plan, the Fund pays a service fee to the Distributor at an annual rate of 0.25% of the daily net assets of Class A shares. The Distributor currently uses all of those fees to pay dealers, brokers, banks and other financial institutions periodically for providing personal services and maintenance of accounts of their customers that hold Class A shares. Under the Plan, the Fund may also pay an asset-based sales charge to the Distributor. However, the Fund’s Board has currently set the rate at zero. Fees incurred by the Fund under the Plan are detailed in the Statement of Operations.

Distribution and Service Plans for Class B, Class C and Class R Shares. The Fund has adopted Distribution and Service Plans (the “Plans”) for Class B, 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 B and Class C shares’ daily net assets and 0.25% on Class R shares’ daily net assets. The Fund also pays a service fee under the Plans at an annual rate of 0.25% of daily net assets. The Plans continue in effect from year to year only if the Fund’s Board of Trustees votes annually to approve their continuance at an in person meeting called for that purpose. Fees incurred by the Fund under the Plans are detailed in the Statement of Operations.

41        OPPENHEIMER MID CAP VALUE FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

8. Fees and Other Transactions with Affiliates (Continued)

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 B 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		$83,809		$2,548		$675		$3,163		$—

Waivers and Reimbursements of Expenses. 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	$	24,226
Class B		93
Class C		5,499
Class R		2,041
Class Y		2,743

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 IGMMF. During the reporting period, the Manager waived fees and/or reimbursed the Fund $10,692 for IGMMF 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.

9. Borrowings and Other Financing

Joint Credit Facility. A number of mutual funds managed by the Manager participate in a

$1.875 billion revolving credit facility (the “Facility”) intended to provide short-term financing, if necessary, subject to certain restrictions in connection with atypical redemption activity. Expenses and fees related to the Facility are paid by the participating funds and are disclosed separately or as other expenses on the Statement of Operations. The Fund did not utilize the Facility during the reporting period.

42        OPPENHEIMER MID CAP VALUE 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.

43        OPPENHEIMER MID CAP VALUE 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 Investment Trusts (“REITs”), the percentages attributed to each category (net income, net profit from sale and other capital sources) are estimated using historical information because the character of the amounts received from the MLPs and REITs in which the fund invests is unknown until after the end of the calendar year. Because the Fund is actively managed, the relative amount of the Fund’s total distributions derived from various sources over the calendar year may change. Please note that this information should not be used for tax reporting purposes as the tax character of distributable income may differ from the amounts used for this notification. You will receive IRS tax forms in the first quarter of each calendar year detailing the actual amount of the taxable and non-taxable portion of distributions paid to you during the tax year.    

For the most current information, please go to oppenheimerfunds.com. Select your Fund, 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 Mid Cap Value Fund		12/6/17		1.1%		98.7%		0.2%

44        OPPENHEIMER MID CAP VALUE FUND

OPPENHEIMER MID CAP VALUE 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
	Laton Spahr, Vice President
	Eric Hewitt, 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	OFI Global Asset Management, Inc.
Servicing Agent
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.

45        OPPENHEIMER MID CAP VALUE FUND

PRIVACY NOTICE

As an Oppenheimer fund shareholder, you are entitled to know how we protect your personal information and how we limit its disclosure.

Information Sources

We obtain non-public personal information about our shareholders from the following sources:

● Applications or other forms.

● When you create a user ID and password for online account access.

● When you enroll in eDocs Direct,^SM our electronic document delivery service.

● Your transactions with us, our affiliates or others.

● Technologies on our website, including: “cookies” and web beacons, which are used to collect data on the pages you visit and the features you use.

If you visit oppenheimerfunds.com and do not log on to the secure account information areas, we do not obtain any personal information about you. When you do log on to a secure area, we do obtain your user ID and password to identify you. We also use this information to provide you with products and services you have requested, to inform you about products and services that you may be interested in and assist you in other ways.

We do not collect personal information through our website unless you willingly provide it to us, either directly by email or in those areas of the website that request information. In order to update your personal information (including your mailing address, email address and phone number) you must first log on and visit your user profile.

If you have set your browser to warn you before accepting cookies, you will receive the warning message with each cookie. You can refuse cookies by turning them off in your browser. However, doing so may limit your access to certain sections of our website.

We use cookies to help us improve and manage our website. For example, cookies help us recognize new versus repeat visitors to the site, track the pages visited, and enable some special features on the website. This data helps us provide better service for our website visitors.

Protection of Information

We do not disclose any non-public personal information (such as names on a customer list) about current or former customers to anyone, except as permitted by law.

Disclosure of Information

Copies of confirmations, account statements and other documents reporting activity in your fund accounts are made available to your financial advisor (as designated by you). We may also use details about you and your investments to help us, our financial service affiliates, or firms that jointly market their financial products and services with ours, to better serve your investment needs or suggest educational material that may be of interest to you. If this requires us to provide you with an opportunity to “opt in” or “opt out” of such information sharing with a firm not affiliated with us, you will receive notification on how to do so, before any such sharing takes place.

Right of Refusal

We will not disclose your personal information to unaffiliated third parties (except as permitted by law), unless we first offer you a reasonable opportunity to refuse or “opt out” of such disclosure.

46        OPPENHEIMER MID CAP VALUE FUND

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).

47        OPPENHEIMER MID CAP VALUE FUND

Visit us at oppenheimerfunds.com for 24-hr access to account information and transactions or call us at 800.CALL OPP (800.225.5677) for 24-hr automated information and automated transactions. Representatives also available Mon–Fri 8am-8pm ET.

Visit Us oppenheimerfunds.com
Call Us 800 225 5677
Follow Us	Oppenheimer funds are distributed by OppenheimerFunds Distributor, Inc. 225 Liberty Street, New York, NY 10281-1008 © 2018 OppenheimerFunds Distributor, Inc. All rights reserved. RS0251.001.0418 June 21, 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 Quest for Value Funds

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