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 811-21918

Oppenheimer Global Multi Strategies Fund

(Exact name of registrant as specified in charter)

6803 South Tucson Way, Centennial, Colorado 80112-3924

(Address of principal executive offices) (Zip code)

Cynthia Lo Bessette

OFI Global Asset Management, Inc.

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

(Name and address of agent for service)

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

Date of fiscal year end: May 31

Date of reporting period: 11/30/2017

Item 1. Reports to Stockholders.

Table of Contents

Fund Update	3
Top Holdings and Allocations	4
Fund Expenses	7
Consolidated Statement of Investments	9
Consolidated Statement of Assets and Liabilities	71
Consolidated Statement of Operations	73
Consolidated Statements of Changes in Net Assets	75
Consolidated Financial Highlights	76
Notes to Consolidated Financial Statements	84
Board Approval of the Fund’s Investment Advisory and Sub-Advisory Agreements	111
Portfolio Proxy Voting Policies and Guidelines; Updates to Statements of Investments	114
Trustees and Officers	115
Privacy Notice	116

Class A Shares

AVERAGE ANNUAL TOTAL RETURNS AT 11/30/17

	Class A Shares of the Fund
	Without Sales Charge		With Sales Charge		BoA Merrill Lynch       3-Month U.S. Treasury   Bill Index
6-Month		1.33%		-4.50%		0.52%
1-Year		3.09		-2.84		0.79
5-Year		1.90		0.70		0.25
10-Year		1.24		0.64		0.41

Performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Fund returns include changes in share price, reinvested distributions, and a 5.75% maximum applicable sales charge except where “without sales charge” is indicated. Current performance may be lower or higher than the performance quoted. Returns do not consider capital gains or income taxes on an individual’s investment. Returns for periods of less than one year are cumulative and not annualized. For performance data current to the most recent month-end, visit oppenheimerfunds.com or call 1.800.CALL OPP (225.5677). See Fund prospectuses and summary prospectuses for more information on share classes and sales charges.

2      OPPENHEIMER GLOBAL MULTI STRATEGIES FUND

Fund Update

The Board of Trustees of Oppenheimer Global Multi Strategies Fund (the “Fund”) has approved the decision to liquidate the Fund, effective on or about March 16, 2018.

The Fund closed to new accounts and additional purchases on January 12, 2018, with certain exceptions. Shares redeemed on or after January 12, 2018, will not be subject to a contingent deferred sales charge (though shares held in omnibus accounts may be subject to protocols of the financial intermediary). Effective February 9, 2018, no further purchases will be accepted as we prepare the portfolio for liquidation.

For further information, please see the prospectus, as supplemented on December 1, 2017.

3      OPPENHEIMER GLOBAL MULTI STRATEGIES FUND

Top Holdings and Allocations

PORTFOLIO ALLOCATION

Common Stocks	46.6%
Non-Convertible Corporate Bonds and Notes	19.8
Event-Linked Bonds
Multiple Event	6.7
Earthquake	5.0
Other	2.4
Windstorm	1.0
Longevity	0.3
Pandemic	0.1
Investment Companies
Oppenheimer Institutional Government Money Market Fund	11.7
Scottish Mortgage Investment Trust plc	0.1
Short-Term Notes	5.6
Preferred Stocks	0.3
Mortgage-Backed Obligations Government Agency	0.3
Convertible Corporate Bonds and Notes	0.1
Rights, Warrants and Certificates	—*

* Less than 0.05%

Portfolio holdings and allocations are subject to change. Percentages are as of November 30, 2017, and are based on the total market value of investments.

TOP TEN HOLDINGS

Oppenheimer Institutional Government Money Market Fund, Cl. E	11.2%
United States Treasury Bills, 1.082%, 3/1/18	5.4
Hain Celestial Group, Inc. (The)	0.6
Benu Capital Ltd. Catastrophe Linked Nts., 3.35% [EUR003M+335], 1/8/20	0.6
Gigamon, Inc.	0.6
Bob Evans Farms, Inc.	0.5
Buffalo Wild Wings, Inc.	0.5
BroadSoft, Inc.	0.5
Calgon Carbon Corp.	0.5
PharMerica Corp.	0.5

Portfolio holdings and allocations are subject to change. Percentages are as of November 30, 2017, and are based on net assets. For more current Top 10 Fund holdings, please visit oppenheimerfunds.com.

4      OPPENHEIMER GLOBAL MULTI STRATEGIES FUND

Share Class Performance

AVERAGE ANNUAL TOTAL RETURNS WITHOUT SALES CHARGE AS OF 11/30/17

	Inception Date		6-Month		1-Year		5-Year		10-Year
Class A (OARAX)		3/5/07		1.33%		3.09%		1.90%		1.24%
Class C (OARCX)		1/27/12		0.88		2.20		1.08		1.69*
Class I (OAIIX)		1/27/12		1.45		3.31		2.17		2.80*
Class Y (OARYX)		1/27/12		1.38		3.18		1.95		2.58*
AVERAGE ANNUAL TOTAL RETURNS WITH SALES CHARGE AS OF 11/30/17
	Inception Date		6-Month		1-Year		5-Year		10-Year
Class A (OARAX)		3/5/07		-4.50%		-2.84%		0.70%		0.64%
Class C (OARCX)		1/27/12		-0.12		1.25		1.08		1.69*
Class I (OAIIX)		1/27/12		1.45		3.31		2.17		2.80*
Class Y (OARYX)		1/27/12		1.38		3.18		1.95		2.58*

*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%; and for Class C shares, the contingent deferred sales charge of 1%. There is no sales charge for Class I and Class Y shares. Returns for periods of less than one year are cumulative and not annualized. See Fund prospectuses and summary prospectuses for more information on share classes and sales charges.

The Fund’s performance is compared to the performance of the Bank of America (BoA) Merrill Lynch 3-Month U.S. Treasury Bill Index. The BoA Merrill Lynch 3-month U.S. Treasury Bill Index is an index of short-term U.S. Government securities with a remaining term to final maturity of less than three months. The Index is unmanaged and cannot be purchased directly by investors. While index comparisons may be useful to provide a benchmark for the Fund’s performance, it must be noted that the Fund’s investments are not limited to the investments comprising the Index. Index performance includes reinvestment of income, but does not reflect transaction costs, fees, expenses or taxes. Index performance is shown for illustrative purposes only as a benchmark for the Fund’s performance, and does not predict or depict performance of the Fund. The Fund’s performance reflects the effects of the Fund’s business and operating expenses.

The Fund’s investment strategy and focus can change over time. The mention of specific fund holdings does not constitute a recommendation by OppenheimerFunds, Inc. or its affiliates.

5      OPPENHEIMER GLOBAL MULTI STRATEGIES FUND

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.

6      OPPENHEIMER GLOBAL MULTI STRATEGIES 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 November 30, 2017.

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 November 30, 2017” 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.

7      OPPENHEIMER GLOBAL MULTI STRATEGIES FUND

Actual	Beginning Account Value June 1, 2017		Ending Account Value November 30, 2017		Expenses Paid During 6 Months Ended November 30, 2017
Class A		$    1,000.00		$    1,013.30		$        6.53
Class C		1,000.00		1,008.80		10.73
Class I		1,000.00		1,014.50		5.27
Class Y		1,000.00		1,013.80		6.03
Hypothetical (5% return before expenses)
Class A		1,000.00		1,018.60		6.55
Class C		1,000.00		1,014.44		10.76
Class I		1,000.00		1,019.85		5.28
Class Y		1,000.00		1,019.10		6.04

Expenses are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period). Those annualized expense ratios, excluding indirect expenses from affiliated funds, based on the 6-month period ended November 30, 2017 are as follows:

Class	Expense Ratios
Class A		1.29%
Class C		2.12
Class I		1.04
Class Y		1.19

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.

8      OPPENHEIMER GLOBAL MULTI STRATEGIES FUND

CONSOLIDATED

STATEMENT OF INVESTMENTS November 30, 2017 Unaudited

	Shares		Value
Common Stocks—44.5%
Consumer Discretionary—6.0%
Auto Components—0.4%
American Axle & Manufacturing Holdings, Inc.1		863	$	15,491
Cooper Tire & Rubber Co.		461		16,942
Cooper-Standard Holdings, Inc.1		145		18,280
Dana, Inc.		1,385		45,761
Dorman Products, Inc.1		278		18,990
Fox Factory Holding Corp.1		298		11,622
Gentherm, Inc.1		319		11,484
GKN plc		10,610		44,562
Horizon Global Corp.1		213		3,003
LCI Industries		183		23,955
Modine Manufacturing Co.1		478		10,946
Motorcar Parts of America, Inc.1		149		3,883
Shiloh Industries, Inc.1		271		2,314
Standard Motor Products, Inc.		198		8,952
Stoneridge, Inc.1		256		5,842
Superior Industries International, Inc.		209		3,490
Tenneco, Inc.		437		25,962
Tower International, Inc.		192		6,182
Valeo SA		1,193		86,613
VOXX International Corp., Cl. A1		242		1,634
				365,908
Automobiles—0.1%
Ford Motor Co.		3,541		44,333
General Motors Co.		981		42,271
Winnebago Industries, Inc.		226		12,374
				98,978
Distributors—0.0%
Core-Mark Holding Co., Inc.		343		11,374
Weyco Group, Inc.		84		2,370
				13,744
Diversified Consumer Services—0.2%
Adtalem Global Education, Inc.1		475		19,689
American Public Education, Inc.1		134		3,598
Ascent Capital Group, Inc., Cl. A1		112		1,348
Bridgepoint Education, Inc., Cl. A1		227		2,072
Cambium Learning Group, Inc.1		524		3,102
Capella Education Co.		79		6,739
Career Education Corp.1		527		6,993
Carriage Services, Inc., Cl. A		125		3,202
Chegg, Inc.1		812		12,350
Collectors Universe, Inc.		68		1,965
Grand Canyon Education, Inc.1		383		36,370
Houghton Mifflin Harcourt Co.1		1,177		11,476
K12, Inc.1		474		7,840

9      OPPENHEIMER GLOBAL MULTI STRATEGIES FUND

CONSOLIDATED

STATEMENT OF INVESTMENTS Unaudited / Continued

	Shares		Value
Diversified Consumer Services (Continued)
Laureate Education, Inc., Cl. A1		1,440	$	19,627
Liberty Tax, Inc.		148		1,769
Regis Corp.1		349		5,567
Rentokil Initial plc		11,801		50,777
Sotheby’s1		368		18,963
Strayer Education, Inc.		82		8,137
Weight Watchers International, Inc.1		490		21,594
				243,178
Hotels, Restaurants & Leisure—2.2%
Accor SA		3,098		155,448
Belmond Ltd., Cl. A1		833		10,329
Biglari Holdings, Inc.1		15		5,145
BJ’s Restaurants, Inc.		162		5,791
Bloomin’ Brands, Inc.		18,945		406,749
Bojangles’, Inc.1		319		4,291
Boyd Gaming Corp.		790		25,193
Brinker International, Inc.		394		14,472
Buffalo Wild Wings, Inc.1		3,598		561,108
Caesars Entertainment Corp.1		1,207		15,993
Carnival plc		611		39,574
Carrols Restaurant Group, Inc.1		269		3,564
Century Casinos, Inc.1		254		2,299
Cheesecake Factory, Inc. (The)		352		17,262
Churchill Downs, Inc.		119		27,965
Chuy’s Holdings, Inc.1		124		3,088
Compass Group plc		1,781		36,141
Dave & Buster’s Entertainment, Inc.1		351		18,613
Del Frisco’s Restaurant Group, Inc.1		174		2,532
Del Taco Restaurants, Inc.1		367		4,507
Denny’s Corp.1		510		6,910
DineEquity, Inc.		127		5,825
Drive Shack, Inc.		519		3,207
El Pollo Loco Holdings, Inc.1		320		3,376
Eldorado Resorts, Inc.1		600		18,360
Fiesta Restaurant Group, Inc.1		242		4,574
Golden Entertainment, Inc.1		160		5,491
Habit Restaurants, Inc. (The), Cl. A1		169		1,580
ILG, Inc.		883		24,803
InterContinental Hotels Group plc		696		40,833
International Speedway Corp., Cl. A		319		13,159
J Alexander’s Holdings, Inc.1		169		1,715
Jack in the Box, Inc.		227		23,497
La Quinta Holdings, Inc.1		1,217		21,675
Lindblad Expeditions Holdings, Inc.1		353		3,622
Marcus Corp. (The)		287		8,065
Marriott Vacations Worldwide Corp.		202		27,118
McDonald’s Corp.		539		92,692
Merlin Entertainments plc2		7,242		34,496

10      OPPENHEIMER GLOBAL MULTI STRATEGIES FUND

	Shares		Value
Hotels, Restaurants & Leisure (Continued)
Monarch Casino & Resort, Inc.1		163	$	7,650
Nathan’s Famous, Inc.1		30		2,844
Paddy Power Betfair plc		497		55,961
Papa John’s International, Inc.		307		17,947
Penn National Gaming, Inc.1		643		18,493
Pinnacle Entertainment, Inc.1		373		11,444
Planet Fitness, Inc., Cl. A1		681		22,044
Potbelly Corp.1		10,129		130,158
RCI Hospitality Holdings, Inc.		69		2,272
Red Lion Hotels Corp.1		182		1,647
Red Robin Gourmet Burgers, Inc.1		99		5,188
Red Rock Resorts, Inc., Cl. A		503		15,518
Ruby Tuesday, Inc.1		432		1,032
Ruth’s Hospitality Group, Inc.		236		5,062
Scientific Games Corp., Cl. A1		676		35,591
Sodexo SA		1,186		155,064
Sonic Corp.		316		8,064
Speedway Motorsports, Inc.		456		8,801
Starbucks Corp.		830		47,991
Texas Roadhouse, Inc., Cl. A		548		27,986
TUI AG		2,138		39,485
Whitbread plc		793		38,299
Wingstop, Inc.		224		8,779
Zoe’s Kitchen, Inc.1		158		2,525
				2,370,907
Household Durables—0.3%
AV Homes, Inc.1		182		3,340
Bassett Furniture Industries, Inc.		82		3,149
Beazer Homes USA, Inc.1		235		4,973
Berkeley Group Holdings plc		1,045		53,953
Cavco Industries, Inc.1		67		10,261
Century Communities, Inc.1		154		4,828
CSS Industries, Inc.		69		1,880
Ethan Allen Interiors, Inc.		235		6,909
Flexsteel Industries, Inc.		83		4,316
Green Brick Partners, Inc.1		352		4,242
Hamilton Beach Brands Holding Co., Cl. A		42		1,200
Hamilton Beach Brands Holding Co., Cl. B		50		1,429
Helen of Troy Ltd.1		223		19,936
Hooker Furniture Corp.		122		6,100
Hovnanian Enterprises, Inc., Cl. A1		924		2,633
Installed Building Products, Inc.1		232		17,876
iRobot Corp.1		249		17,086
KB Home		597		18,722
La-Z-Boy, Inc.		378		12,436
LGI Homes, Inc.1		137		9,619
Libbey, Inc.		234		1,589
Lifetime Brands, Inc.		151		2,733

11      OPPENHEIMER GLOBAL MULTI STRATEGIES FUND

CONSOLIDATED

STATEMENT OF INVESTMENTS Unaudited / Continued

	Shares		Value
Household Durables (Continued)
M/I Homes, Inc.1		173	$	6,264
MDC Holdings, Inc.		365		13,074
Meritage Homes Corp.1		289		15,881
New Home Co., Inc. (The)1		209		2,410
PICO Holdings, Inc.		213		2,790
Taylor Morrison Home Corp., Cl. A1		519		12,539
Taylor Wimpey plc		15,715		41,566
TopBuild Corp.1		287		19,513
TRI Pointe Group, Inc.1		922		16,707
Universal Electronics, Inc.1		119		6,319
William Lyon Homes, Cl. A1		207		6,177
ZAGG, Inc.1		221		4,520
				356,970
Internet & Catalog Retail—0.2%
1-800-Flowers.com, Inc., Cl. A1		536		5,494
Amazon.com, Inc.1		36		42,363
FTD Cos., Inc.1		261		1,759
Gaia, Inc., Cl. A1		117		1,492
Groupon, Inc., Cl. A1		4,768		26,892
HSN, Inc.		426		17,317
Liberty TripAdvisor Holdings, Inc., Cl. A1		895		8,368
Nutrisystem, Inc.		264		13,398
PetMed Express, Inc.		152		5,981
Priceline Group, Inc. (The)1		20		34,794
Shutterfly, Inc.1		292		12,901
				170,759
Leisure Products—0.1%
Acushnet Holdings Corp.		562		11,167
American Outdoor Brands Corp.1		451		6,328
Callaway Golf Co.		741		10,752
Clarus Corp.1		242		1,863
Escalade, Inc.		124		1,686
Johnson Outdoors, Inc., Cl. A		76		5,559
Malibu Boats, Inc., Cl. A1		143		4,470
Marine Products Corp.		306		4,602
MCBC Holdings, Inc.1		173		4,083
Nautilus, Inc.1		314		4,113
Vista Outdoor, Inc.1		431		6,211
				60,834
Media—1.2%
Beasley Broadcast Group, Inc., Cl. A		280		3,178
Central European Media Enterprises Ltd., Cl. A1		1,001		4,955
Charter Communications, Inc., Cl. A1		156		50,889
Clear Channel Outdoor Holdings, Inc., Cl. A		3,481		16,361
Comcast Corp., Cl. A		1,225		45,986
Daily Journal Corp.1		10		2,356

12      OPPENHEIMER GLOBAL MULTI STRATEGIES FUND

	Shares		Value
Media (Continued)
Emerald Expositions Events, Inc.		565	$	12,628
Entravision Communications Corp., Cl. A		1,034		7,290
Eros International plc1		556		7,006
EW Scripps Co. (The), Cl. A1		711		10,715
Gannett Co., Inc.		923		10,578
Global Eagle Entertainment, Inc.1		942		2,572
Gray Television, Inc.1		574		8,266
Hemisphere Media Group, Inc., Cl. A1		325		3,640
IMAX Corp.1		475		12,065
Informa plc		6,010		60,793
ITV plc		21,131		45,725
Liberty Media Corp.-Liberty Braves, Cl. A1		419		9,478
Liberty Media Corp.-Liberty Braves, Cl. C1		415		9,396
Loral Space & Communications, Inc.1		255		11,908
MDC Partners, Inc., Cl. A1		422		4,895
Media General, Inc.1,3,4		958		57
Meredith Corp.		367		25,011
MSG Networks, Inc., Cl. A1		720		12,852
National CineMedia, Inc.		493		3,081
New Media Investment Group, Inc.		387		6,718
New York Times Co. (The), Cl. A		1,304		24,515
Nexstar Media Group, Inc., Cl. A		354		24,037
Publicis Groupe SA		2,588		171,894
Reading International, Inc., Cl. A1		242		3,865
RELX plc		2,198		51,101
Saga Communications, Inc., Cl. A		48		2,165
Salem Media Group, Inc., Cl. A		281		1,349
Scholastic Corp.		277		11,390
Sinclair Broadcast Group, Inc., Cl. A		815		27,751
Sky plc1		21,044		266,069
Time Warner, Inc.		1,109		101,485
Time, Inc.		909		16,907
Townsquare Media, Inc., Cl. A1		185		1,469
tronc, Inc.1		253		4,481
Twenty-First Century Fox, Inc., Cl. A		1,229		39,254
Twenty-First Century Fox, Inc., Cl. B		1,267		39,467
Walt Disney Co. (The)		599		62,787
WideOpenWest, Inc.1		822		8,220
World Wrestling Entertainment, Inc., Cl. A		537		15,299
WPP plc		2,529		44,601
				1,306,505
Multiline Retail—0.2%
Big Lots, Inc.		346		20,448
Marks & Spencer Group plc		14,656		62,095
Next plc		1,628		98,558
Ollie’s Bargain Outlet Holdings, Inc.1		500		23,725

13      OPPENHEIMER GLOBAL MULTI STRATEGIES FUND

CONSOLIDATED

STATEMENT OF INVESTMENTS Unaudited / Continued

	Shares		Value
Multiline Retail (Continued)
Target Corp.		734	$	43,967
				248,793
Specialty Retail—0.6%
Aaron’s, Inc.		658		24,820
Abercrombie & Fitch Co., Cl. A		575		9,982
American Eagle Outfitters, Inc.		1,525		24,522
America’s Car-Mart, Inc.1		57		2,648
Asbury Automotive Group, Inc.1		163		10,725
Ascena Retail Group, Inc.1		1,934		4,526
At Home Group, Inc.1		528		14,589
Barnes & Noble Education, Inc.1		436		2,633
Barnes & Noble, Inc.		618		4,264
Boot Barn Holdings, Inc.1		226		3,347
Build-A-Bear Workshop, Inc.1		148		1,214
Caleres, Inc.		377		12,305
Camping World Holdings, Inc., Cl. A		221		10,246
Cato Corp. (The), Cl. A		205		3,235
Chico’s FAS, Inc.		1,128		9,949
Children’s Place, Inc. (The)		151		20,068
Citi Trends, Inc.		131		3,378
Container Store Group, Inc. (The)1		440		2,508
DSW, Inc., Cl. A		707		15,080
Express, Inc.1		617		6,010
Finish Line, Inc. (The), Cl. A		410		4,424
Five Below, Inc.1		430		26,574
Francesca’s Holdings Corp.1		328		2,434
Genesco, Inc.1		170		5,287
Group 1 Automotive, Inc.		151		12,236
Guess?, Inc.		687		11,335
Haverty Furniture Cos., Inc.		182		4,395
Hibbett Sports, Inc.1		181		3,611
Home Depot, Inc. (The)		399		71,748
J. Jill, Inc.1		732		4,656
Kingfisher plc		10,235		46,011
Kirkland’s, Inc.1		123		1,600
Lithia Motors, Inc., Cl. A		209		24,514
Lowe’s Cos., Inc.		479		39,934
Lumber Liquidators Holdings, Inc.1		283		8,023
MarineMax, Inc.1		170		3,629
Monro, Inc.		292		14,731
Office Depot, Inc.		5,958		19,483
Party City Holdco, Inc.1		1,140		15,846
Pier 1 Imports, Inc.		662		3,237
Shoe Carnival, Inc.		159		4,258
Sleep Number Corp.1		299		10,522
Sonic Automotive, Inc., Cl. A		348		7,395
Sportsman’s Warehouse Holdings, Inc.1		368		1,855
Tailored Brands, Inc.		361		6,086

14      OPPENHEIMER GLOBAL MULTI STRATEGIES FUND

	Shares		Value
Specialty Retail (Continued)
Tesco plc		20,094	$	52,465
Tile Shop Holdings, Inc.		607		5,038
Tilly’s, Inc., Cl. A		228		3,762
Vitamin Shoppe, Inc.1		217		814
Winmark Corp.		40		5,316
Zumiez, Inc.1		203		4,425
				611,693
Textiles, Apparel & Luxury Goods—0.5%
Burberry Group plc		1,530		35,538
Columbia Sportswear Co.		540		37,967
Crocs, Inc.1		545		5,957
Culp, Inc.		134		4,301
Deckers Outdoor Corp.1		252		18,832
Delta Apparel, Inc.1		60		1,215
Fossil Group, Inc.1		451		3,193
G-III Apparel Group Ltd.1		438		13,490
Iconix Brand Group, Inc.1		1,557		2,927
Kering		308		136,723
LVMH Moet Hennessy Louis Vuitton SE		429		124,953
Movado Group, Inc.		182		5,342
NIKE, Inc., Cl. B		775		46,826
Oxford Industries, Inc.		130		8,970
Perry Ellis International, Inc.1		125		3,059
Sequential Brands Group, Inc.1		570		1,009
Steven Madden Ltd.1		515		22,016
Superior Uniform Group, Inc.		114		2,899
Unifi, Inc.1		178		6,504
Vera Bradley, Inc.1		346		3,062
Wolverine World Wide, Inc.		801		23,205
				507,988
Consumer Staples—4.7%
Beverages—0.6%
Boston Beer Co., Inc. (The), Cl. A1		81		14,568
Coca-Cola Bottling Co. Consolidated		70		15,100
Coca-Cola Co. (The)		2,252		103,074
Coca-Cola HBC AG1		1,859		59,379
Craft Brew Alliance, Inc.1		146		2,840
Diageo plc		1,369		47,298
MGP Ingredients, Inc.		117		8,699
National Beverage Corp.		463		50,522
PepsiCo, Inc.		743		86,574
Pernod Ricard SA		1,314		205,032
Primo Water Corp.1		252		3,304
				596,390
Food & Staples Retailing—0.6%
Andersons, Inc. (The)		203		6,557

15      OPPENHEIMER GLOBAL MULTI STRATEGIES FUND

CONSOLIDATED

STATEMENT OF INVESTMENTS Unaudited / Continued

	Shares		Value
Food & Staples Retailing (Continued)
Carrefour SA		9,856	$	207,127
Chefs’ Warehouse, Inc. (The)1		200		4,050
Costco Wholesale Corp.		313		57,727
CVS Health Corp.		608		46,573
Ingles Markets, Inc., Cl. A		170		4,717
J Sainsbury plc		17,174		54,007
Natural Grocers by Vitamin Cottage, Inc.1		200		1,572
Performance Food Group Co.1		1,049		31,103
PriceSmart, Inc.		254		21,717
Smart & Final Stores, Inc.1		759		6,945
SpartanNash Co.		316		8,011
SUPERVALU, Inc.1		398		7,275
United Natural Foods, Inc.1		426		20,456
Village Super Market, Inc., Cl. A		104		2,668
Walgreens Boots Alliance, Inc.		721		52,460
Wal-Mart Stores, Inc.		925		89,938
Weis Markets, Inc.		236		9,716
Wm Morrison Supermarkets plc		13,809		40,406
				673,025
Food Products—2.3%
Admiral Group plc		2,532		65,742
Alico, Inc.		67		2,147
Associated British Foods plc		1,572		62,417
B&G Foods, Inc.		523		20,240
Bob Evans Farms, Inc.		7,198		561,732
Calavo Growers, Inc.		137		10,467
Danone SA		1,758		148,414
Darling Ingredients, Inc.1		1,240		22,258
Dean Foods Co.		796		8,883
Farmer Brothers Co.1		128		4,378
Fresh Del Monte Produce, Inc.		402		19,577
Freshpet, Inc.1		273		5,187
Hain Celestial Group, Inc. (The)1		15,832		650,695
Hostess Brands, Inc., Cl. A1		930		13,076
J&J Snack Foods Corp.		145		21,911
John B Sanfilippo & Son, Inc.		101		6,102
Kraft Heinz Co. (The)		700		56,959
Lancaster Colony Corp.		275		36,652
Landec Corp.1		211		2,638
Limoneira Co.		112		2,840
Mondelez International, Inc., Cl. A		1,109		47,621
Omega Protein Corp.		25,021		549,211
Sanderson Farms, Inc.		193		32,750
Seneca Foods Corp., Cl. A1		73		2,508
Snyder’s-Lance, Inc.		769		29,745
Tootsie Roll Industries, Inc.		530		19,822

16      OPPENHEIMER GLOBAL MULTI STRATEGIES FUND

	Shares		Value
Food Products (Continued)
Unilever plc		986	$	55,678
				2,459,650
Household Products—0.3%
Central Garden & Pet Co.1		413		16,367
Central Garden & Pet Co., Cl. A1		544		20,982
Colgate-Palmolive Co.		1,223		88,606
HRG Group, Inc.1		1,515		26,285
Oil-Dri Corp. of America		82		3,698
Procter & Gamble Co. (The)		898		80,811
Reckitt Benckiser Group plc		447		39,243
WD-40 Co.		111		13,254
				289,246
Personal Products—0.7%
Inter Parfums, Inc.		218		9,658
L’Oreal SA		715		158,138
Medifast, Inc.		89		6,099
Nature’s Sunshine Products, Inc.		152		1,953
Peugeot SA		4,311		89,166
Revlon, Inc., Cl. A1		19,726		431,999
USANA Health Sciences, Inc.1		170		12,189
				709,202
Tobacco—0.2%
Altria Group, Inc.		814		55,213
British American Tobacco plc		635		40,395
Imperial Brands plc		1,419		58,834
Philip Morris International, Inc.		513		52,711
Turning Point Brands, Inc.		145		2,529
Universal Corp.		264		14,084
Vector Group Ltd.		1,047		23,547
				247,313
Energy—3.2%
Energy Equipment & Services—0.8%
Archrock, Inc.		582		5,529
Basic Energy Services, Inc.1		9,589		214,506
Bristow Group, Inc.		274		3,989
C&J Energy Services, Inc.1		522		16,318
Dril-Quip, Inc.1		312		14,960
Ensco plc, Cl. A		2,641		14,182
Era Group, Inc.1		174		1,921
Exterran Corp.1		275		8,426
Forum Energy Technologies, Inc.1		836		11,871
Frank’s International NV		2,044		12,734
Geospace Technologies Corp.1		125		1,830
Gulf Island Fabrication, Inc.		113		1,435
Halliburton Co.		916		38,271

17      OPPENHEIMER GLOBAL MULTI STRATEGIES FUND

CONSOLIDATED

STATEMENT OF INVESTMENTS Unaudited / Continued

	Shares		Value
Energy Equipment & Services (Continued)
Helix Energy Solutions Group, Inc.1		1,256	$	8,352
Independence Contract Drilling, Inc.1		350		1,243
Keane Group, Inc.1		874		13,075
Mammoth Energy Services, Inc.1		298		5,617
Matrix Service Co.1		225		3,848
McDermott International, Inc.1		2,447		17,765
Natural Gas Services Group, Inc.1		137		3,494
Newpark Resources, Inc.1		770		6,815
Noble Corp. plc1		2,125		8,883
Oil States International, Inc.1		441		10,496
Parker Drilling Co.1		1,137		1,114
Pearson plc		5,882		56,339
PHI, Inc.1		166		2,136
Pioneer Energy Services Corp.1		819		1,720
ProPetro Holding Corp.1		614		11,525
Ranger Energy Services, Inc., Cl. A1		152		1,433
RigNet, Inc.1		141		2,270
Rowan Cos. plc, Cl. A1		888		12,849
Schlumberger Ltd.		808		50,783
SEACOR Holdings, Inc.1		135		6,460
SEACOR Marine Holdings, Inc.1		153		1,874
Select Energy Services, Inc., Cl. A1		528		8,701
Smart Sand, Inc.1		299		2,383
Superior Energy Services, Inc.1		1,455		14,041
TechnipFMC plc		6,147		175,395
Tesco Corp.1		519		2,102
TETRA Technologies, Inc.1		916		3,682
Unit Corp.1		456		9,754
US Silica Holdings, Inc.		649		21,527
Vantage Drilling International1		447		88,283
Willbros Group, Inc.1		695		917
				900,848
Oil, Gas & Consumable Fuels—2.4%
Abraxas Petroleum Corp.1		1,135		2,349
Adams Resources & Energy, Inc.		43		2,039
Arch Coal, Inc., Cl. A		295		24,355
Ardmore Shipping Corp.1		262		2,083
Bill Barrett Corp.1		521		3,048
Bonanza Creek Energy, Inc.1		156		4,332
BP plc		8,392		55,554
Callon Petroleum Co.1		1,605		17,719
Carrizo Oil & Gas, Inc.1		500		9,665
Chevron Corp.		582		69,252
Clean Energy Fuels Corp.1		1,249		2,810
Cloud Peak Energy, Inc.1		508		2,103
ConocoPhillips		870		44,266
Contango Oil & Gas Co.1		337		822
Delek US Holdings, Inc.		500		16,610

18      OPPENHEIMER GLOBAL MULTI STRATEGIES FUND

	Shares		Value
Oil, Gas & Consumable Fuels (Continued)
Denbury Resources, Inc.1		3,410	$	5,967
DHT Holdings, Inc.		1,128		4,365
Dorian LPG Ltd.1		412		2,975
Earthstone Energy, Inc., Cl. A1		632		5,897
Eclipse Resources Corp.1		2,313		5,736
Energen Corp.1		4,758		268,637
Energy XXI Gulf Coast, Inc.1		315		1,581
EQT Corp.		6,886		410,406
Evolution Petroleum Corp.		336		2,352
Exxon Mobil Corp.		702		58,470
GasLog Ltd.		637		11,466
Genco Shipping & Trading Ltd.1		261		2,968
Gener8 Maritime, Inc.1		637		2,898
Golar LNG Ltd.		844		20,855
Green Plains, Inc.		357		6,015
Halcon Resources Corp.1		6,578		46,638
Hallador Energy Co.		258		1,692
International Seaways, Inc.1		225		3,823
Jagged Peak Energy, Inc.1		1,643		24,941
Jones Energy, Inc., Cl. A1		116,410		116,247
Kinder Morgan, Inc.		1,952		33,633
Matador Resources Co.1		805		23,023
Midstates Petroleum Co., Inc.1		200		3,322
NACCO Industries, Inc., Cl. A		111		4,862
Navios Maritime Acquisition Corp.		1,152		1,544
Oasis Petroleum, Inc.1		1,798		18,394
Obsidian Energy Ltd.1		109,941		139,625
Occidental Petroleum Corp.		941		66,340
Overseas Shipholding Group, Inc., Cl. A1		653		1,907
Pacific Ethanol, Inc.1		398		1,791
Panhandle Oil & Gas, Inc., Cl. A		129		2,864
Par Pacific Holdings, Inc.1		356		7,391
PDC Energy, Inc.1		498		22,883
Peabody Energy Corp.1		738		24,583
Penn Virginia Corp.1		10,312		353,805
Renault SA		1,382		140,459
Renewable Energy Group, Inc.1		305		3,462
Resolute Energy Corp.1		174		5,206
REX American Resources Corp.1		55		5,035
Ring Energy, Inc.1		436		6,182
Royal Dutch Shell plc, Cl. A		2,106		67,203
Royal Dutch Shell plc, Cl. B		2,015		65,337
Safe Bulkers, Inc.1		615		1,950
SandRidge Energy, Inc.1		1,429		26,594
Scorpio Bulkers, Inc.		522		3,758
Scorpio Tankers, Inc.		2,119		6,569
SemGroup Corp., Cl. A		574		13,776
SRC Energy, Inc.1		1,598		13,998
Stone Energy Corp.1		155		3,928

19      OPPENHEIMER GLOBAL MULTI STRATEGIES FUND

CONSOLIDATED

STATEMENT OF INVESTMENTS Unaudited / Continued

	Shares		Value
Oil, Gas & Consumable Fuels (Continued)
Teekay Tankers Ltd., Cl. A		1,421	$	2,259
TOTAL SA		3,293		185,923
Ultra Petroleum Corp.1		1,682		16,130
W&T Offshore, Inc.1		1,054		3,310
Westmoreland Coal Co.1		216		248
WildHorse Resource Development Corp.1		813		13,414
				2,551,644
Financials—7.5%
Capital Markets—0.7%
3i Group plc		4,332		52,821
Arlington Asset Investment Corp., Cl. A		245		2,893
Artisan Partners Asset Management, Inc., Cl. A		370		14,615
Associated Capital Group, Inc., Cl. A		180		6,273
AXA SA		4,335		130,902
B. Riley Financial, Inc.		196		3,528
Bank of New York Mellon Corp. (The)		649		35,526
BlackRock, Inc., Cl. A		70		35,083
Cohen & Steers, Inc.		330		15,371
Cowen, Inc., Cl. A1		289		4,306
Diamond Hill Investment Group, Inc.		36		7,598
Donnelley Financial Solutions, Inc.1		265		5,406
Evercore, Inc., Cl. A		309		26,837
Fifth Street Asset Management, Inc., Cl. A		117		474
Financial Engines, Inc.		477		13,308
GAIN Capital Holdings, Inc.		322		2,431
GAMCO Investors, Inc., Cl. A		236		6,903
Goldman Sachs Group, Inc. (The)		126		31,203
Greenhill & Co., Inc.		211		4,283
Hamilton Lane, Inc., Cl. A		148		5,102
Houlihan Lokey, Inc., Cl. A		492		21,963
INTL. FCStone, Inc.1		180		7,898
Investment Technology Group, Inc.		326		5,865
KKR & Co. LP5		6,157		122,647
Ladenburg Thalmann Financial Services, Inc.		1,452		5,009
Medley Management, Inc., Cl. A		46		327
Moelis & Co., Cl. A		217		10,394
Morgan Stanley		612		31,585
OM Asset Management plc		1,117		18,319
Oppenheimer Holdings, Inc., Cl. A		82		2,210
Piper Jaffray Cos.		82		6,441
PJT Partners, Inc., Cl. A		144		6,124
Pzena Investment Management, Inc., Cl. A		166		1,856
Safeguard Scientifics, Inc.1		152		1,885
Schroders plc		1,013		47,321
Silvercrest Asset Management Group, Inc., Cl. A		75		1,140
Stifel Financial Corp.		540		30,370
Value Line, Inc.		75		1,327
Virtus Investment Partners, Inc.		56		6,723

20      OPPENHEIMER GLOBAL MULTI STRATEGIES FUND

	Shares		Value
Capital Markets (Continued)
Waddell & Reed Financial, Inc., Cl. A		703	$	14,271
Westwood Holdings Group, Inc.		96		6,562
WisdomTree Investments, Inc.		986		11,339
				766,439
Commercial Banks—2.7%
1st Source Corp.		202		10,393
ACNB Corp.		63		1,827
Allegiance Bancshares, Inc.1		97		3,865
American National Bankshares, Inc.		95		3,909
Ameris Bancorp		293		14,533
Ames National Corp.		73		2,194
Arrow Financial Corp.		106		3,901
Atlantic Capital Bancshares, Inc.1		223		3,836
Banc of California, Inc.		391		8,817
BancFirst Corp.		260		14,768
Banco Latinoamericano de Comercio Exterior SA, Cl. E		324		9,513
Bancorp, Inc. (The)1		430		4,158
BancorpSouth Bank		719		23,907
Bank of America Corp.		1,123		31,635
Bank of Commerce Holdings		122		1,476
Bank of Marin Bancorp		49		3,452
Bank of NT Butterfield & Son Ltd. (The)		550		21,879
Bankwell Financial Group, Inc.		81		2,858
Banner Corp.		279		16,068
Bar Harbor Bankshares		126		3,591
Barclays plc		20,464		53,353
BCB Bancorp, Inc.		156		2,278
Berkshire Hills Bancorp, Inc.		427		16,461
Blue Hills Bancorp, Inc.		187		3,992
BNP Paribas SA		1,255		95,067
Boston Private Financial Holdings, Inc.		687		11,232
Bridge Bancorp, Inc.		148		5,321
Brookline Bancorp, Inc.		609		9,805
Bryn Mawr Bank Corp.		134		5,916
Byline Bancorp, Inc.1		244		5,209
C&F Financial Corp.		26		1,560
Cadence BanCorp, Cl. A1		617		15,055
California First National Bancorp1		95		1,472
Camden National Corp.		123		5,620
Capital Bank Financial Corp., Cl. A		413		17,243
Capital City Bank Group, Inc.		130		3,286
Capstar Financial Holdings, Inc.1		86		1,887
Carolina Financial Corp.		123		4,754
Cathay General Bancorp		610		26,468
CenterState Bank Corp.		474		12,860
Central Pacific Financial Corp.		326		10,497
Central Valley Community Bancorp		141		2,888
Century Bancorp, Inc., Cl. A		45		3,861

21      OPPENHEIMER GLOBAL MULTI STRATEGIES FUND

CONSOLIDATED

STATEMENT OF INVESTMENTS Unaudited / Continued

	Shares		Value
Commercial Banks (Continued)
Chemical Financial Corp.		554	$	31,240
Chemung Financial Corp.		38		1,852
Citigroup, Inc.		525		39,637
Citizens & Northern Corp.		96		2,461
City Holding Co.		125		8,902
Civista Bancshares, Inc.		79		1,790
CNB Financial Corp.		114		3,247
CoBiz Financial, Inc.		315		6,672
Codorus Valley Bancorp, Inc.		86		2,594
Columbia Banking System, Inc.		589		27,153
Community Bank System, Inc.		397		21,986
Community Bankers Trust Corp.1		184		1,601
Community Financial Corp. (The)		36		1,291
Community Trust Bancorp, Inc.		134		6,666
ConnectOne Bancorp, Inc.		230		6,244
County Bancorp, Inc.		48		1,529
Credit Agricole SA		6,406		108,031
Customers Bancorp, Inc.1		288		7,805
CVB Financial Corp.		876		21,541
DNB Financial Corp.		35		1,223
Eagle Bancorp, Inc.1		359		23,748
Enterprise Bancorp, Inc.		92		3,437
Enterprise Financial Services Corp.		176		7,964
Equity Bancshares, Inc., Cl. A1		100		3,457
Evans Bancorp, Inc.		37		1,648
Farmers Capital Bank Corp.		79		3,255
Farmers National Banc Corp.		298		4,515
FB Financial Corp.1		221		9,381
FCB Financial Holdings, Inc., Cl. A1		351		18,550
Fidelity Southern Corp.		226		4,983
Financial Institutions, Inc.		143		4,726
First BanCorp (Puerto Rico)1		2,239		11,150
First Bancorp (Southern Pines NC)		182		6,898
First Bancorp, Inc. (Maine)		82		2,540
First Busey Corp.		478		15,215
First Business Financial Services, Inc.		70		1,636
First Citizens BancShares, Inc., Cl. A		116		49,473
First Commonwealth Financial Corp.		742		11,204
First Community Bancshares, Inc.		173		5,190
First Connecticut Bancorp, Inc. (Farmington CT)		169		4,487
First Financial Bancorp		467		13,239
First Financial Bankshares, Inc.		511		24,247
First Financial Corp.		96		4,627
First Financial Northwest, Inc.		115		1,949
First Foundation, Inc.1		267		5,092
First Internet Bancorp		57		2,271
First Interstate BancSystem, Inc., Cl. A		573		22,748
First Merchants Corp.		521		22,820
First Mid-Illinois Bancshares, Inc.		99		3,987

22      OPPENHEIMER GLOBAL MULTI STRATEGIES FUND

	Shares		Value
Commercial Banks (Continued)
First Midwest Bancorp, Inc.		818	$	20,425
First Northwest Bancorp1		125		2,238
First of Long Island Corp. (The)		185		5,578
Flushing Financial Corp.		224		6,335
FNB Bancorp		57		2,073
Franklin Financial Network, Inc.1		108		3,775
Fulton Financial Corp.		1,415		26,885
German American Bancorp, Inc.		190		7,146
Glacier Bancorp, Inc.		609		24,390
Great Southern Bancorp, Inc.		114		6,162
Great Western Bancorp, Inc.		470		19,420
Green Bancorp, Inc.1		311		6,966
Guaranty Bancorp		218		6,333
Hancock Holding Co.		879		45,137
Hanmi Financial Corp.		256		8,128
HarborOne Bancorp, Inc.1		247		4,787
Heartland Financial USA, Inc.		236		11,918
Heritage Commerce Corp.		369		5,989
Heritage Financial Corp.		227		7,389
Hilltop Holdings, Inc.		831		20,667
Home BancShares, Inc.		1,529		36,390
HomeTrust Bancshares, Inc.1		193		5,211
Hope Bancorp, Inc.		1,020		19,094
Horizon Bancorp		194		5,335
Howard Bancorp, Inc.1		74		1,628
HSBC Holdings plc		5,341		53,099
IBERIABANK Corp.		626		48,672
Independent Bank Corp.		224		5,018
Independent Bank Corp. (Rockland MA)		223		16,212
Independent Bank Group, Inc.		209		14,400
International Bancshares Corp.		680		28,050
Investors Bancorp, Inc.		2,383		34,005
JPMorgan Chase & Co.		444		46,407
Lakeland Bancorp, Inc.		369		7,712
Lakeland Financial Corp.		198		10,035
LCNB Corp.		107		2,247
LegacyTexas Financial Group, Inc.		377		15,785
Live Oak Bancshares, Inc.		269		6,927
Lloyds Banking Group plc		86,605		77,146
Macatawa Bank Corp.		272		2,769
MainSource Financial Group, Inc.		254		10,046
MB Financial, Inc.		645		30,025
MBT Financial Corp.		248		2,703
Mercantile Bank Corp.		166		6,160
Midland States Bancorp, Inc.		146		4,855
MidSouth Bancorp, Inc.		119		1,630
MidWestOne Financial Group, Inc.		122		4,437
MutualFirst Financial, Inc.		77		2,922
National Bank Holdings Corp., Cl. A		229		7,770

23      OPPENHEIMER GLOBAL MULTI STRATEGIES FUND

CONSOLIDATED

STATEMENT OF INVESTMENTS Unaudited / Continued

	Shares		Value
Commercial Banks (Continued)
National Bankshares, Inc.		55	$	2,547
National Commerce Corp.1		122		5,057
NBT Bancorp, Inc.		329		12,778
Nicolet Bankshares, Inc.1		78		4,520
Northeast Bancorp		71		1,750
Northrim BanCorp, Inc.		58		2,172
OFG Bancorp		355		3,479
Old Line Bancshares, Inc.		91		2,750
Old National Bancorp		1,069		19,509
Old Second Bancorp, Inc.		228		3,067
Opus Bank1		262		7,310
Orrstown Financial Services, Inc.		85		2,151
Pacific Mercantile Bancorp1		178		1,709
Pacific Premier Bancorp, Inc.1		294		11,642
Park National Corp.		118		13,258
Parke Bancorp, Inc.		61		1,275
Peapack Gladstone Financial Corp.		136		4,791
Penns Woods Bancorp, Inc.		35		1,741
Peoples Bancorp, Inc.		193		6,535
People’s Utah Bancorp		196		6,174
Preferred Bank (Los Angeles CA)		112		7,011
Premier Financial Bancorp, Inc.		117		2,336
QCR Holdings, Inc.		131		5,947
RBB Bancorp		113		2,846
Renasant Corp.		401		17,259
Republic Bancorp, Inc., Cl. A		213		9,065
Republic First Bancorp, Inc.1		447		4,224
Royal Bank of Scotland Group plc1		23,317		87,285
S&T Bancorp, Inc.		266		11,108
Sandy Spring Bancorp, Inc.		193		7,602
Seacoast Banking Corp. of Florida1		437		11,375
ServisFirst Bancshares, Inc.		394		16,544
Shore Bancshares, Inc.		134		2,334
Sierra Bancorp		148		4,138
Simmons First National Corp., Cl. A		254		14,707
SmartFinancial, Inc.1		66		1,467
Societe Generale SA		1,554		78,329
South State Corp.		287		26,418
Southern First Bancshares, Inc.1		54		2,317
Southern National Bancorp of Virginia, Inc.		195		3,329
Southside Bancshares, Inc.		237		8,579
Standard Chartered plc1		5,086		50,840
State Bank Financial Corp.		403		12,267
Sterling Bancorp		1,049		26,592
Stock Yards Bancorp, Inc.		179		7,124
Summit Financial Group, Inc.		91		2,445
Sun Bancorp, Inc.		147		3,756
Sunshine Bancorp, Inc.1		63		1,511
Texas Capital Bancshares, Inc.1		388		35,056

24      OPPENHEIMER GLOBAL MULTI STRATEGIES FUND

	Shares		Value
Commercial Banks (Continued)
Tompkins Financial Corp.		117	$	10,362
Towne Bank (Portsmouth VA)		491		16,449
TriCo Bancshares		177		7,439
TriState Capital Holdings, Inc.1		227		5,493
Triumph Bancorp, Inc.1		170		5,653
Trustmark Corp.		535		18,158
Two River Bancorp		68		1,244
UMB Financial Corp.		398		29,914
Umpqua Holdings Corp.		1,648		36,437
Union Bankshares Corp.		351		13,229
United Bankshares, Inc.		851		31,955
United Community Banks, Inc.		797		22,906
United Security Bancshares (Fresno CA)		134		1,313
Unity Bancorp, Inc.		83		1,722
Univest Corp. of Pennsylvania		229		6,435
US Bancorp		770		42,466
Valley National Bancorp		2,172		25,847
Veritex Holdings, Inc.1		182		5,063
Washington Trust Bancorp, Inc.		139		7,902
WashingtonFirst Bankshares, Inc.		139		4,747
Wells Fargo & Co.		733		41,393
WesBanco, Inc.		351		14,767
West Bancorporation, Inc.		169		4,521
Westamerica Bancorporation		211		13,046
Wintrust Financial Corp.		561		47,040
Xenith Bankshares, Inc.1		185		6,503
				2,849,028
Consumer Finance—0.2%
American Express Co.		510		49,832
Capital One Financial Corp.		398		36,616
Elevate Credit, Inc.1		255		1,913
Encore Capital Group, Inc.1		193		8,839
Enova International, Inc.1		239		3,549
EZCORP, Inc., Cl. A1		395		4,760
FirstCash, Inc.		373		25,140
Green Dot Corp., Cl. A1		346		21,383
LendingClub Corp.1		3,450		15,077
Nelnet, Inc., Cl. A		283		15,160
PRA Group, Inc.1		364		12,667
Regional Management Corp.1		90		2,220
World Acceptance Corp.1		66		5,477
				202,633
Diversified Financial Services—0.1%
Berkshire Hathaway, Inc., Cl. B1		234		45,164
Cannae Holdings, Inc.1		2,637		48,020
Marlin Business Services Corp.		172		4,102
NewStar Financial, Inc.		313		3,693

25      OPPENHEIMER GLOBAL MULTI STRATEGIES FUND

CONSOLIDATED

STATEMENT OF INVESTMENTS Unaudited / Continued

	Shares		Value
Diversified Financial Services (Continued)
On Deck Capital, Inc.1		543	$	2,873
Tiptree, Inc.		214		1,434
				105,286
Insurance—1.0%
Allstate Corp. (The)		474		48,661
Ambac Financial Group, Inc.1		377		5,678
American Equity Investment Life Holding Co.		686		21,767
American International Group, Inc.		764		45,809
AMERISAFE, Inc.		136		8,928
AmTrust Financial Services, Inc.		1,647		15,877
Argo Group International Holdings Ltd.		318		19,478
Atlas Financial Holdings, Inc.1		120		2,400
Aviva plc		8,740		60,438
Baldwin & Lyons, Inc., Cl. B		155		3,782
Blue Capital Reinsurance Holdings Ltd.		85		1,037
CNO Financial Group, Inc.		1,282		32,319
Crawford & Co., Cl. B		445		4,459
Direct Line Insurance Group plc		9,318		46,099
Donegal Group, Inc., Cl. A		262		4,640
eHealth, Inc.1		137		3,143
EMC Insurance Group, Inc.		213		6,607
Employers Holdings, Inc.		322		15,778
Enstar Group Ltd.1		149		33,026
FBL Financial Group, Inc., Cl. A		188		14,175
Federated National Holding Co.		139		1,879
Fidelity & Guaranty Life		462		14,368
Genworth Financial, Inc., Cl. A1		6,053		20,520
Global Indemnity Ltd.1		139		6,023
Greenlight Capital Re Ltd., Cl. A1		288		6,379
Hallmark Financial Services, Inc.1		143		1,597
HCI Group, Inc.		74		2,225
Health Insurance Innovations, Inc., Cl. A1		3,081		71,941
Horace Mann Educators Corp.		381		17,793
Independence Holding Co.		109		3,237
Infinity Property & Casualty Corp.		115		12,397
Investors Title Co.		14		2,814
James River Group Holdings Ltd.		227		9,189
Kemper Corp.		334		23,046
Kingstone Cos., Inc.		84		1,634
Kinsale Capital Group, Inc.		164		7,313
Legal & General Group plc		16,118		58,265
Maiden Holdings Ltd.		655		4,258
MetLife, Inc.		686		36,824
National General Holdings Corp.		792		16,735
National Western Life Group, Inc., Cl. A		27		9,544
Navigators Group, Inc. (The)		309		15,913
NI Holdings, Inc.1		175		3,073
Old Mutual plc		11,791		31,501

26      OPPENHEIMER GLOBAL MULTI STRATEGIES FUND

	Shares		Value
Insurance (Continued)
Primerica, Inc.		326	$	33,904
Prudential plc		1,490		37,487
RLI Corp.		336		20,069
RSA Insurance Group plc		6,302		51,872
Safety Insurance Group, Inc.		111		9,141
Selective Insurance Group, Inc.		414		25,337
St James’s Place plc		2,926		48,064
Standard Life Aberdeen plc		5,428		31,610
State Auto Financial Corp.		338		9,434
Stewart Information Services Corp.		246		9,921
Third Point Reinsurance Ltd.1		758		12,848
United Fire Group, Inc.		195		9,372
United Insurance Holdings Corp.		347		5,791
Universal Insurance Holdings, Inc.		264		6,970
WMIH Corp.1		1,857		1,557
				1,085,946
Real Estate Investment Trusts (REITs)—2.1%
Acadia Realty Trust		667		18,696
AG Mortgage Investment Trust, Inc.		223		4,221
Agree Realty Corp.		238		11,767
Alexander & Baldwin, Inc.		395		11,479
Alexander’s, Inc.		41		17,342
Altisource Residential Corp.		436		4,774
American Assets Trust, Inc.		379		14,917
Anworth Mortgage Asset Corp.		1,093		6,143
Apollo Commercial Real Estate Finance, Inc.		829		15,461
Ares Commercial Real Estate Corp.		306		4,125
Armada Hoffler Properties, Inc.		341		5,268
ARMOUR Residential REIT, Inc.		350		8,851
Ashford Hospitality Prime, Inc.		326		3,002
Ashford Hospitality Trust, Inc.		964		6,276
Ashtead Group plc		1,815		46,654
Bluerock Residential Growth REIT, Inc., Cl. A		186		2,098
British Land Co. plc (The)		6,470		55,083
Capstead Mortgage Corp.		825		7,483
CareTrust REIT, Inc.		597		10,877
CatchMark Timber Trust, Inc., Cl. A		399		5,263
CBL & Associates Properties, Inc.		1,437		8,090
Cedar Realty Trust, Inc.		666		3,976
Chatham Lodging Trust		306		6,943
Cherry Hill Mortgage Investment Corp.		99		1,804
Chesapeake Lodging Trust		456		13,151
City Office REIT, Inc.		333		4,409
Clipper Realty, Inc.		138		1,391
Community Healthcare Trust, Inc.		101		2,753
CorEnergy Infrastructure Trust, Inc.		92		3,280
Cousins Properties, Inc.		3,413		30,615
CYS Investments, Inc.		1,314		10,630

27      OPPENHEIMER GLOBAL MULTI STRATEGIES FUND

CONSOLIDATED

STATEMENT OF INVESTMENTS Unaudited / Continued

	Shares		Value
Real Estate Investment Trusts (REITs) (Continued)
DiamondRock Hospitality Co.		1,585	$	17,736
Dynex Capital, Inc.		401		2,871
Easterly Government Properties, Inc.		309		6,548
EastGroup Properties, Inc.		263		24,743
Education Realty Trust, Inc.		612		22,381
Ellington Residential Mortgage REIT		105		1,349
Farmland Partners, Inc.		279		2,497
First Industrial Realty Trust, Inc.		1,218		39,646
Four Corners Property Trust, Inc.		644		16,808
Franklin Street Properties Corp.		894		9,736
GEO Group, Inc. (The)		1,009		26,779
Getty Realty Corp.		312		8,880
Gladstone Commercial Corp.		215		4,911
Global Medical REIT, Inc.		176		1,679
Global Net Lease, Inc.		535		11,572
Government Properties Income Trust		804		14,995
Gramercy Property Trust		1,214		34,623
Great Ajax Corp.		142		2,032
Hammerson plc		8,739		61,418
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		411		9,769
Healthcare Realty Trust, Inc.		917		30,050
Hersha Hospitality Trust, Cl. A		345		6,055
Independence Realty Trust, Inc.		657		6,787
InfraREIT, Inc.		456		9,631
Invesco Mortgage Capital, Inc.		1,158		20,450
Investors Real Estate Trust		988		5,987
Invitation Homes, Inc.		1,628		38,339
iStar, Inc.1		571		6,566
Jernigan Capital, Inc.		112		2,313
Kite Realty Group Trust		711		13,673
KKR Real Estate Finance Trust, Inc.		439		9,000
Ladder Capital Corp., Cl. A		920		12,558
Land Securities Group plc		4,718		59,337
LaSalle Hotel Properties		914		25,994
Lexington Realty Trust		1,907		19,947
LTC Properties, Inc.		314		14,394
Mack-Cali Realty Corp.		735		16,266
MedEquities Realty Trust, Inc.		335		3,755
Monmouth Real Estate Investment Corp.		731		13,056
MTGE Investment Corp.		512		9,498
National Health Investors, Inc.		326		25,428
National Storage Affiliates Trust		340		9,058
New Senior Investment Group, Inc.		660		5,412
New York Mortgage Trust, Inc.		896		5,734
NexPoint Residential Trust, Inc.		165		4,643
NorthStar Realty Europe Corp.		548		7,951
One Liberty Properties, Inc.		187		4,997
Owens Realty Mortgage, Inc.		108		1,750
Pebblebrook Hotel Trust		547		21,043

28      OPPENHEIMER GLOBAL MULTI STRATEGIES FUND

	Shares		Value
Real Estate Investment Trusts (REITs) (Continued)
Pennsylvania Real Estate Investment Trust		591	$	6,554
PennyMac Mortgage Investment Trust		755		11,823
Physicians Realty Trust		1,262		22,552
Potlatch Corp.		314		16,202
Preferred Apartment Communities, Inc., Cl. A		266		5,655
PS Business Parks, Inc.		287		38,045
QTS Realty Trust, Inc., Cl. A		358		19,926
Quality Care Properties, Inc.1		721		10,591
RAIT Financial Trust		997		339
Ramco-Gershenson Properties Trust		641		9,237
Redwood Trust, Inc.		628		9,433
Resource Capital Corp.		259		2,585
Retail Opportunity Investments Corp.		910		17,809
Rexford Industrial Realty, Inc.		715		22,430
RLJ Lodging Trust		1,320		28,618
Ryman Hospitality Properties, Inc.		376		26,124
Sabra Health Care REIT, Inc.		565		10,871
Saul Centers, Inc.		231		14,909
Segro plc		6,576		48,761
Select Income REIT		681		17,086
Simon Property Group, Inc.		352		56,936
STAG Industrial, Inc.		722		20,433
Summit Hotel Properties, Inc.		828		12,511
Sunstone Hotel Investors, Inc.		1,741		29,092
Sutherland Asset Management Corp.		252		3,982
Terreno Realty Corp.		538		20,229
Tier REIT, Inc.		368		7,371
TPG RE Finance Trust, Inc.		320		6,141
UMH Properties, Inc.		273		4,201
Unibail-Rodamco SE		737		188,652
Universal Health Realty Income Trust		111		8,309
Urban Edge Properties		868		22,177
Urstadt Biddle Properties, Inc., Cl. A		399		9,464
Washington Prime Group, Inc.		1,551		11,028
Washington Real Estate Investment Trust		627		20,265
Western Asset Mortgage Capital Corp.		342		3,430
Wheeler Real Estate Investment Trust, Inc.		24,092		247,907
Whitestone REIT, Cl. B		295		4,357
Worldpay Group plc2		15,021		85,695
Xenia Hotels & Resorts, Inc.		810		17,812
				2,197,009
Real Estate Management & Development—0.2%
Barratt Developments plc		4,563		37,202
Consolidated-Tomoka Land Co.		45		2,760
Forestar Group, Inc.1		291		6,475
FRP Holdings, Inc.1		80		3,652
Griffin Industrial Realty, Inc.		38		1,387
HFF, Inc., Cl. A		273		12,323

29      OPPENHEIMER GLOBAL MULTI STRATEGIES FUND

CONSOLIDATED

STATEMENT OF INVESTMENTS Unaudited / Continued

	Shares		Value
Real Estate Management & Development (Continued)
Kennedy-Wilson Holdings, Inc.		855	$	16,373
Marcus & Millichap, Inc.1		284		9,077
Maui Land & Pineapple Co., Inc.1		131		2,122
Persimmon plc		981		33,705
RE/MAX Holdings, Inc., Cl. A		133		7,095
RMR Group, Inc. (The), Cl. A		124		7,471
St Joe Co. (The)1		598		11,242
Stratus Properties, Inc.		65		2,028
Tejon Ranch Co.1		183		4,108
Trinity Place Holdings, Inc.1		241		1,697
				158,717
Thrifts & Mortgage Finance—0.5%
Bank Mutual Corp.		460		4,922
BankFinancial Corp.		189		3,117
Bear State Financial, Inc.		296		3,031
Beneficial Bancorp, Inc.		598		10,136
BSB Bancorp, Inc.1		76		2,413
Capitol Federal Financial, Inc.		1,156		16,253
Charter Financial Corp.		152		2,809
Clifton Bancorp, Inc.		172		2,977
Dime Community Bancshares, Inc.		286		6,306
Entegra Financial Corp.1		46		1,334
ESSA Bancorp, Inc.		117		1,865
Essent Group Ltd.1		697		30,842
Federal Agricultural Mortgage Corp., Cl. C		82		6,088
First Defiance Financial Corp.		103		5,596
Flagstar Bancorp, Inc.1		426		16,192
Hingham Institution for Savings		16		3,651
Home Bancorp, Inc.		75		3,210
HomeStreet, Inc.1		5,402		164,761
Kearny Financial Corp.		653		9,664
LendingTree, Inc.1		86		25,968
Meridian Bancorp, Inc.		382		7,697
Meta Financial Group, Inc.		68		6,389
MGIC Investment Corp.1		2,548		37,252
Nationstar Mortgage Holdings, Inc.1		731		13,209
NMI Holdings, Inc., Cl. A1		400		6,820
Northfield Bancorp, Inc.		390		6,919
Northwest Bancshares, Inc.		824		13,950
OceanFirst Financial Corp.		253		7,021
Ocwen Financial Corp.1		965		3,078
Oritani Financial Corp.		359		6,193
PCSB Financial Corp.1		144		2,841
PennyMac Financial Services, Inc., Cl. A1		173		3,659
PHH Corp.1		430		4,885
Provident Bancorp, Inc.1		74		1,758
Provident Financial Holdings, Inc.		80		1,541
Provident Financial Services, Inc.		511		13,971

30      OPPENHEIMER GLOBAL MULTI STRATEGIES FUND

	Shares		Value
Thrifts & Mortgage Finance (Continued)
Prudential Bancorp, Inc.		72	$	1,333
Radian Group, Inc.		1,507		30,878
Riverview Bancorp, Inc.		222		2,047
SI Financial Group, Inc.		96		1,450
Southern Missouri Bancorp, Inc.		89		3,581
Territorial Bancorp, Inc.		103		3,291
Timberland Bancorp, Inc.		60		1,723
TrustCo Bank Corp. (New York)		732		6,844
United Community Financial Corp.		540		5,287
United Financial Bancorp, Inc.		529		9,861
Walker & Dunlop, Inc.1		226		11,137
Washington Federal, Inc.		662		23,038
Waterstone Financial, Inc.		312		5,897
Western New England Bancorp, Inc.		250		2,675
WSFS Financial Corp.		242		12,245
				579,605
Health Care—5.0%
Biotechnology—1.1%
AbbVie, Inc.		470		45,552
Abeona Therapeutics, Inc.1		300		5,190
Acceleron Pharma, Inc.1		290		10,582
Achaogen, Inc.1		416		4,975
Achillion Pharmaceuticals, Inc.1		1,199		3,741
Acorda Therapeutics, Inc.1		326		6,618
Aduro Biotech, Inc.1		775		7,362
Agenus, Inc.1		942		3,702
Aimmune Therapeutics, Inc.1		337		12,873
Akebia Therapeutics, Inc.1		361		5,617
Alder Biopharmaceuticals, Inc.1		431		4,741
AMAG Pharmaceuticals, Inc.1		325		4,534
Amgen, Inc.		155		27,227
Amicus Therapeutics, Inc.1		1,191		16,579
Anavex Life Sciences Corp.1		325		1,235
Ardelyx, Inc.1		390		2,593
Arena Pharmaceuticals, Inc.1		280		8,677
Array BioPharma, Inc.1		1,812		20,385
Atara Biotherapeutics, Inc.1		274		3,959
Athenex, Inc.1		468		8,007
Audentes Therapeutics, Inc.1		230		6,638
Avexis, Inc.1		232		21,996
Axovant Sciences Ltd.1		1,107		6,111
Bellicum Pharmaceuticals, Inc.1		319		3,200
BioCryst Pharmaceuticals, Inc.1		735		3,734
Biogen, Inc.1		85		27,384
Biohaven Pharmaceutical Holding Co. Ltd.1		351		8,119
BioSpecifics Technologies Corp.1		76		3,412
BioTime, Inc.1		1,030		2,760
Bluebird Bio, Inc.1		353		60,998

31      OPPENHEIMER GLOBAL MULTI STRATEGIES FUND

CONSOLIDATED

STATEMENT OF INVESTMENTS Unaudited / Continued

	Shares		Value
Biotechnology (Continued)
Blueprint Medicines Corp.1		322	$	24,169
Calithera Biosciences, Inc.1		272		2,856
Cascadian Therapeutics, Inc.1		345		1,470
Catalyst Pharmaceuticals, Inc.1		585		2,515
Celgene Corp.1		189		19,057
Celldex Therapeutics, Inc.1		1,172		3,516
Chelsea Therapeutics, Inc.1,3,4		40,295		—
ChemoCentryx, Inc.1		431		2,801
Chimerix, Inc.1		394		1,761
Clovis Oncology, Inc.1		419		26,343
Coherus Biosciences, Inc.1		478		4,278
Concert Pharmaceuticals, Inc.1		154		3,474
Corvus Pharmaceuticals, Inc.1		193		2,164
Curis, Inc.1		1,065		847
Cytokinetics, Inc.1		446		3,836
CytomX Therapeutics, Inc.1		263		5,444
Dyax Corp.1,3,4		10,393		104
Dynavax Technologies Corp.1		420		8,400
Eagle Pharmaceuticals, Inc.1		132		7,796
Edge Therapeutics, Inc.1		239		2,414
Emergent BioSolutions, Inc.1		318		13,970
Enanta Pharmaceuticals, Inc.1		141		7,002
Epizyme, Inc.1		523		6,276
Esperion Therapeutics, Inc.1		194		11,933
Exact Sciences Corp.1		804		47,822
Fate Therapeutics, Inc.1		270		1,188
FibroGen, Inc.1		536		25,460
Five Prime Therapeutics, Inc.1		200		5,270
Foundation Medicine, Inc.1		252		13,406
G1 Therapeutics, Inc.1		234		4,809
Genomic Health, Inc.1		266		8,057
Gilead Sciences, Inc.		571		42,699
Global Blood Therapeutics, Inc.1		264		10,415
Halozyme Therapeutics, Inc.1		1,091		20,369
Heron Therapeutics, Inc.1		447		7,867
Idera Pharmaceuticals, Inc.1		1,678		3,708
Ignyta, Inc.1		354		5,806
Immune Design Corp.1		420		1,722
ImmunoGen, Inc.1		927		5,886
Immunomedics, Inc.1		1,129		12,261
Inovio Pharmaceuticals, Inc.1		663		3,043
Insmed, Inc.1		566		17,654
Intellia Therapeutics, Inc.1		226		5,090
Invitae Corp.1		379		3,312
Iovance Biotherapeutics, Inc.1		490		4,435
Ironwood Pharmaceuticals, Inc., Cl. A1		1,203		20,776
Jounce Therapeutics, Inc.1		281		4,429
Karyopharm Therapeutics, Inc.1		398		4,454
Keryx Biopharmaceuticals, Inc.1		1,019		4,881

32      OPPENHEIMER GLOBAL MULTI STRATEGIES FUND

	Shares		Value
Biotechnology (Continued)
Kindred Biosciences, Inc.1		205	$	1,568
La Jolla Pharmaceutical Co.1		176		5,870
Lexicon Pharmaceuticals, Inc.1		999		10,210
Ligand Pharmaceuticals, Inc.1		155		20,437
Loxo Oncology, Inc.1		250		19,188
MacroGenics, Inc.1		269		5,197
Madrigal Pharmaceuticals, Inc.1		88		4,430
Melinta Therapeutics, Inc.1		116		1,972
Mersana Therapeutics, Inc.1		12		228
Minerva Neurosciences, Inc.1		348		2,001
Momenta Pharmaceuticals, Inc.1		785		10,833
Myriad Genetics, Inc.1		567		19,635
Natera, Inc.1		490		4,768
Novavax, Inc.1		2,379		3,235
Otonomy, Inc.1		260		1,391
PDL BioPharma, Inc.1		1,385		4,030
Pieris Pharmaceuticals, Inc.1		392		2,423
Portola Pharmaceuticals, Inc.1		494		25,071
Progenics Pharmaceuticals, Inc.1		656		3,792
Prothena Corp. plc1		334		15,528
PTC Therapeutics, Inc.1		346		5,519
Puma Biotechnology, Inc.1		274		29,017
Ra Pharmaceuticals, Inc.1		197		2,809
REGENXBIO, Inc.1		266		7,475
Repligen Corp.1		276		9,784
Retrophin, Inc.1		301		6,785
Rigel Pharmaceuticals, Inc.1		661		2,750
Sage Therapeutics, Inc.1		289		26,706
Sangamo Therapeutics, Inc.1		792		12,830
Sarepta Therapeutics, Inc.1		399		22,212
Selecta Biosciences, Inc.1		149		1,588
Seres Therapeutics, Inc.1		507		5,324
Spark Therapeutics, Inc.1		270		19,772
Spectrum Pharmaceuticals, Inc.1		458		8,977
Stemline Therapeutics, Inc.1		161		2,479
Syndax Pharmaceuticals, Inc.1		182		1,594
Syros Pharmaceuticals, Inc.1		176		2,614
TG Therapeutics, Inc.1		777		6,682
Trevena, Inc.1		793		1,316
Ultragenyx Pharmaceutical, Inc.1		385		19,439
Vanda Pharmaceuticals, Inc.1		533		7,489
VBI Vaccines, Inc.1		355		1,786
Veracyte, Inc.1		363		2,461
Versartis, Inc.1		379		739
Voyager Therapeutics, Inc.1		200		2,926
vTv Therapeutics, Inc., Cl. A1		72		302
Xencor, Inc.1		426		9,248
				1,178,176

33      OPPENHEIMER GLOBAL MULTI STRATEGIES FUND

CONSOLIDATED

STATEMENT OF INVESTMENTS Unaudited / Continued

	Shares		Value
Health Care Equipment & Supplies—1.4%
Abaxis, Inc.		164	$	7,993
Abbott Laboratories		828		46,674
Accuray, Inc.1		553		2,848
Analogic Corp.		102		8,446
AngioDynamics, Inc.1		293		5,034
Anika Therapeutics, Inc.1		122		6,725
Antares Pharma, Inc.1		2,184		4,040
AtriCure, Inc.1		281		5,198
Atrion Corp.		15		10,119
AxoGen, Inc.1		245		6,541
Cantel Medical Corp.		314		33,435
Cardiovascular Systems, Inc.1		301		7,543
Cerus Corp.1		815		3,219
ConforMIS, Inc.1		350		1,116
CONMED Corp.		220		11,770
CryoLife, Inc.1		306		6,227
Cutera, Inc.1		116		4,762
Danaher Corp.		655		61,806
Endologix, Inc.1		551		3,025
Entellus Medical, Inc.1		188		3,202
Essilor International Cie Generale d’Optique SA		1,157		148,862
Exactech, Inc.1		119		4,992
FONAR Corp.1		48		1,193
GenMark Diagnostics, Inc.1		555		2,470
Glaukos Corp.1		253		6,773
Globus Medical, Inc., Cl. A1		705		26,797
Haemonetics Corp.1		517		29,883
Halyard Health, Inc.1		392		19,028
Heska Corp.1		51		4,377
ICU Medical, Inc.1		151		32,223
Inogen, Inc.1		156		20,083
Insulet Corp.1		427		30,629
Integer Holdings Corp.1		262		12,694
Integra LifeSciences Holdings Corp.1		664		32,284
Invacare Corp.		262		4,598
iRhythm Technologies, Inc.1		180		9,990
K2M Group Holdings, Inc.1		366		7,196
Lantheus Holdings, Inc.1		262		5,869
LeMaitre Vascular, Inc.		173		5,697
Masimo Corp.1		402		35,714
Medtronic plc		1,097		90,097
Meridian Bioscience, Inc.		317		4,771
Merit Medical Systems, Inc.1		581		25,244
Natus Medical, Inc.1		230		9,212
Neogen Corp.1		290		24,331
Nevro Corp.1		240		17,957
NuVasive, Inc.1		391		22,557
NxStage Medical, Inc.1		18,958		487,031
OraSure Technologies, Inc.1		530		8,772

34      OPPENHEIMER GLOBAL MULTI STRATEGIES FUND

	Shares		Value
Health Care Equipment & Supplies (Continued)
Orthofix International NV1		126	$	6,832
Oxford Immunotec Global plc1		255		3,797
Penumbra, Inc.1		238		25,061
Quidel Corp.1		281		10,675
Quotient Ltd.1		285		1,382
RTI Surgical, Inc.1		468		2,246
Smith & Nephew plc		2,393		42,324
STAAR Surgical Co.1		303		5,257
Surmodics, Inc.1		142		4,700
Tactile Systems Technology, Inc.1		148		4,415
Utah Medical Products, Inc.		38		3,103
Varex Imaging Corp.1		291		10,787
Viveve Medical, Inc.1		146		731
Wright Medical Group NV1		811		19,715
				1,512,072
Health Care Providers & Services—1.3%
AAC Holdings, Inc.1		237		2,164
Aceto Corp.		263		2,790
Addus HomeCare Corp.1		89		2,964
Almost Family, Inc.1		133		7,900
Amedisys, Inc.1		309		16,686
American Renal Associates Holdings, Inc.1		303		4,387
AMN Healthcare Services, Inc.1		392		19,678
BioScrip, Inc.1		1,087		2,848
BioTelemetry, Inc.1		256		7,424
Capital Senior Living Corp.1		225		3,658
Chemed Corp.		113		27,791
Civitas Solutions, Inc.1		290		5,640
Community Health Systems, Inc.1		1,172		5,333
ConvaTec Group plc2		13,777		36,212
CorVel Corp.1		177		9,779
Cross Country Healthcare, Inc.1		292		3,992
Diplomat Pharmacy, Inc.1		525		9,398
Ensign Group, Inc. (The)		390		9,465
Genesis Healthcare, Inc., Cl. A1		881		608
HealthEquity, Inc.1		477		24,742
HealthSouth Corp.		778		38,861
Kindred Healthcare, Inc.		768		5,645
LHC Group, Inc.1		148		9,734
Magellan Health, Inc.1		188		15,886
Mediclinic International plc		4,779		36,374
MEDNAX, Inc.1		3,957		197,019
Molina Healthcare, Inc.1		453		35,443
National HealthCare Corp.		155		10,284
National Research Corp., Cl. A		332		11,271
NMC Health plc		1,394		53,782
Novocure Ltd.1		644		12,397
Owens & Minor, Inc.		571		10,929

35      OPPENHEIMER GLOBAL MULTI STRATEGIES FUND

CONSOLIDATED

STATEMENT OF INVESTMENTS Unaudited / Continued

	Shares		Value
Health Care Providers & Services (Continued)
PetIQ, Inc., Cl. A1		117	$	2,595
PharMerica Corp.1		19,049		557,183
Providence Service Corp. (The)1		103		6,236
R1 RCM, Inc.1		804		3,120
RadNet, Inc.1		391		4,106
Select Medical Holdings Corp.1		1,046		18,462
Surgery Partners, Inc.1		429		4,033
Teladoc, Inc.1		431		15,990
Tivity Health, Inc.1		274		10,083
Triple-S Management Corp., Cl. B1		189		5,371
UnitedHealth Group, Inc.		370		84,423
US Physical Therapy, Inc.		89		6,501
				1,359,187
Health Care Technology—0.1%
Allscripts Healthcare Solutions, Inc.1		1,496		21,393
Castlight Health, Inc., Cl. B1		1,168		4,555
Cotiviti Holdings, Inc.1		740		24,183
Evolent Health, Inc., Cl. A1		565		7,260
HealthStream, Inc.1		239		5,684
HMS Holdings Corp.1		681		11,257
Inovalon Holdings, Inc., Cl. A1		1,170		18,603
Medidata Solutions, Inc.1		476		31,721
Omnicell, Inc.1		301		15,772
Quality Systems, Inc.1		559		8,066
Simulations Plus, Inc.		129		2,006
Tabula Rasa HealthCare, Inc.1		125		4,336
Vocera Communications, Inc.1		252		7,384
				162,220
Life Sciences Tools & Services—0.1%
Cambrex Corp.1		327		15,974
CHC Group LLC1		1,744		13,952
Enzo Biochem, Inc.1		388		3,806
Fluidigm Corp.1		201		1,196
INC Research Holdings, Inc., Cl. A1		517		19,801
Luminex Corp.		324		6,921
Medpace Holdings, Inc.1		250		8,327
NanoString Technologies, Inc.1		320		2,448
NeoGenomics, Inc.1		799		7,383
Pacific Biosciences of California, Inc.1		1,126		3,592
PRA Health Sciences, Inc.1		618		50,905
				134,305
Pharmaceuticals—1.0%
Aclaris Therapeutics, Inc.1		215		5,098
Aerie Pharmaceuticals, Inc.1		224		14,392
Allergan plc		236		41,024
Ambit Biosciences Corp.1,3,4		23,568		14,141

36      OPPENHEIMER GLOBAL MULTI STRATEGIES FUND

	Shares		Value
Pharmaceuticals (Continued)
Amphastar Pharmaceuticals, Inc.1		359	$	7,033
ANI Pharmaceuticals, Inc.1		83		5,902
Aratana Therapeutics, Inc.1		356		2,083
Assembly Biosciences, Inc.1		161		8,036
AstraZeneca plc		817		52,840
Bristol-Myers Squibb Co.		808		51,058
Catalent, Inc.1		1,222		48,623
Corcept Therapeutics, Inc.1		872		15,644
Corium International, Inc.1		308		3,625
Depomed, Inc.1		591		4,054
Dermira, Inc.1		329		8,422
Durata Therapeutics1,3,4		14,998		—
Durect Corp.1		3,403		3,573
Eli Lilly & Co.		642		54,339
GlaxoSmithKline plc		2,673		46,250
Horizon Pharma plc1		1,198		17,227
Impax Laboratories, Inc.1		653		10,872
Innoviva, Inc.1		990		12,989
Intersect ENT, Inc.1		240		7,332
Intra-Cellular Therapies, Inc., Cl. A1		345		5,347
Johnson & Johnson		458		63,813
Kala Pharmaceuticals, Inc.1		13		249
Medicines Co. (The)1		734		21,286
Merck & Co., Inc.		849		46,924
MyoKardia, Inc.1		275		10,106
Nektar Therapeutics, Cl. A1		1,219		65,814
Neos Therapeutics, Inc.1		189		1,947
Pacira Pharmaceuticals, Inc.1		371		17,140
Paratek Pharmaceuticals, Inc.1		254		4,788
Pfizer, Inc.		1,806		65,486
Phibro Animal Health Corp., Cl. A		409		14,192
Prestige Brands Holdings, Inc.1		444		20,069
Revance Therapeutics, Inc.1		253		7,021
Sanofi		1,894		172,912
Shire plc		907		44,992
Sienna Biopharmaceuticals, Inc.1		107		2,157
Sucampo Pharmaceuticals, Inc., Cl. A1		429		5,448
Supernus Pharmaceuticals, Inc.1		383		14,477
Teligent, Inc.1		495		1,990
Tetraphase Pharmaceuticals, Inc.1		357		2,292
Teva Pharmaceutical Industries Ltd.1,4		940		—
Zogenix, Inc.1		182		7,071
				1,030,078
Industrials—5.7%
Aerospace & Defense—1.9%
AAR Corp.		351		14,595
Aerojet Rocketdyne Holdings, Inc.1		638		20,091
Aerovironment, Inc.1		198		9,025

37      OPPENHEIMER GLOBAL MULTI STRATEGIES FUND

CONSOLIDATED

STATEMENT OF INVESTMENTS Unaudited / Continued

	Shares		Value
Aerospace & Defense (Continued)
Airbus SE		1,150	$	119,499
Astronics Corp.1		195		8,090
Axon Enterprise, Inc.1		409		10,176
BAE Systems plc		6,764		50,523
Boeing Co. (The)		221		61,173
Cubic Corp.		199		12,328
Curtiss-Wright Corp.		306		38,005
Ducommun, Inc.1		86		2,405
Engility Holdings, Inc.1		298		8,699
Esterline Technologies Corp.1		297		21,042
General Dynamics Corp.		269		55,726
KeyW Holding Corp. (The)1		393		2,158
KLX, Inc.1		389		21,827
Kratos Defense & Security Solutions, Inc.1		739		7,708
Lockheed Martin Corp.		233		74,355
Mercury Systems, Inc.1		374		19,519
Moog, Inc., Cl. A1		355		29,859
National Presto Industries, Inc.		53		5,496
Orbital ATK, Inc.		4,041		533,169
Raytheon Co.		453		86,591
Rolls-Royce Holdings plc1		3,256		37,752
Safran SA		1,089		116,096
Sparton Corp.1		23,410		543,112
Triumph Group, Inc.		373		11,526
United Technologies Corp.		461		55,988
Vectrus, Inc.1		117		3,771
Wesco Aircraft Holdings, Inc.1		812		6,009
				1,986,313
Air Freight & Couriers—0.1%
Air Transport Services Group, Inc.1		467		11,325
Atlas Air Worldwide Holdings, Inc.1		213		12,301
Echo Global Logistics, Inc.1		167		4,509
FedEx Corp.		152		35,182
Forward Air Corp.		307		17,468
Hub Group, Inc., Cl. A1		353		16,874
Radiant Logistics, Inc.1		419		2,015
United Parcel Service, Inc., Cl. B		389		47,244
				146,918
Airlines—0.1%
Allegiant Travel Co., Cl. A		122		18,544
Hawaiian Holdings, Inc.		462		19,935
International Consolidated Airlines Group SA		4,927		40,889
SkyWest, Inc.		379		19,727
				99,095
Building Products—0.3%
AAON, Inc.		407		14,835

38      OPPENHEIMER GLOBAL MULTI STRATEGIES FUND

	Shares		Value
Building Products (Continued)
Advanced Drainage Systems, Inc.		449	$	10,641
American Woodmark Corp.1		127		12,649
Apogee Enterprises, Inc.		227		11,357
Armstrong Flooring, Inc.1		229		4,012
Builders FirstSource, Inc.1		882		17,993
Continental Building Products, Inc.1		295		8,230
CSW Industrials, Inc.1		149		7,167
Gibraltar Industries, Inc.1		232		7,633
Griffon Corp.		365		8,523
Insteel Industries, Inc.		153		4,215
JELD-WEN Holding, Inc.1		1,054		41,222
Masonite International Corp.1		239		17,602
NCI Building Systems, Inc.1		544		9,085
Patrick Industries, Inc.1		119		12,043
PGT Innovations, Inc.1		548		8,960
Ply Gem Holdings, Inc.1		720		12,816
Quanex Building Products Corp.		285		6,242
Simpson Manufacturing Co., Inc.		326		19,550
Trex Co., Inc.1		190		22,374
Universal Forest Products, Inc.		555		21,734
				278,883
Commercial Services & Supplies—0.5%
ABM Industries, Inc.		435		18,618
ACCO Brands Corp.1		781		10,270
Advanced Disposal Services, Inc., Cl. A1		701		16,354
ARC Document Solutions, Inc.1		448		1,236
Brady Corp., Cl. A		534		20,879
Brink’s Co. (The)		583		47,136
Casella Waste Systems, Inc., Cl. A1		336		7,164
CECO Environmental Corp.		261		1,412
CompX International, Inc.		100		1,340
Covanta Holding Corp.		948		14,410
Deluxe Corp.		396		28,156
Ennis, Inc.		193		4,082
Essendant, Inc.		402		3,783
G4S plc		11,699		40,360
Healthcare Services Group, Inc.		587		30,483
Heritage-Crystal Clean, Inc.1		265		5,075
Herman Miller, Inc.		501		17,911
HNI Corp.		413		14,455
Hudson Technologies, Inc.1		431		2,474
InnerWorkings, Inc.1		434		4,709
Interface, Inc., Cl. A		617		15,394
Kimball International, Inc., Cl. B		401		7,435
Knoll, Inc.		365		7,946
LSC Communications, Inc.		268		4,384
Matthews International Corp., Cl. A		250		14,162
McGrath RentCorp		245		11,711

39      OPPENHEIMER GLOBAL MULTI STRATEGIES FUND

CONSOLIDATED

STATEMENT OF INVESTMENTS Unaudited / Continued

	Shares		Value
Commercial Services & Supplies (Continued)
Mobile Mini, Inc.		362	$	12,996
MSA Safety, Inc.		397		34,142
Multi-Color Corp.		132		10,098
NL Industries, Inc.1		269		4,129
Quad/Graphics, Inc.		406		9,139
RR Donnelley & Sons Co.		615		5,775
SP Plus Corp.1		239		9,369
Steelcase, Inc., Cl. A		964		14,653
Team, Inc.1		254		3,492
Tetra Tech, Inc.		421		21,050
UniFirst Corp.		146		23,871
US Ecology, Inc.		194		9,981
Viad Corp.		168		9,677
VSE Corp.		98		4,681
				524,392
Construction & Engineering—0.4%
Aegion Corp., Cl. A1		260		7,184
Ameresco, Inc., Cl. A1		362		3,077
Argan, Inc.		119		7,021
Cie de Saint-Gobain		1,721		98,060
Comfort Systems USA, Inc.		312		13,400
Dycom Industries, Inc.1		239		25,661
EMCOR Group, Inc.		529		42,727
Granite Construction, Inc.		285		18,916
Great Lakes Dredge & Dock Corp.1		458		2,290
HC2 Holdings, Inc.1		328		1,791
IES Holdings, Inc.1		156		2,769
KBR, Inc.		1,001		18,769
Layne Christensen Co.1		148		1,920
MasTec, Inc.1		692		31,036
MYR Group, Inc.1		118		4,196
Northwest Pipe Co.1		79		1,440
NV5 Global, Inc.1		79		4,381
Orion Group Holdings, Inc.1		202		1,570
Primoris Services Corp.		558		15,618
Sterling Construction Co., Inc.1		181		3,104
Tutor Perini Corp.1		393		9,904
Vinci SA		1,266		129,363
				444,197
Electrical Equipment—0.5%
Allied Motion Technologies, Inc.		66		2,106
Atkore International Group, Inc.1		675		14,364
AZZ, Inc.		208		10,005
Babcock & Wilcox Enterprises, Inc.1		11,593		54,487
Emerson Electric Co.		553		35,845
Encore Wire Corp.		215		10,019
EnerSys		340		23,491

40      OPPENHEIMER GLOBAL MULTI STRATEGIES FUND

	Shares		Value
Electrical Equipment (Continued)
Generac Holdings, Inc.1		430	$	21,143
General Cable Corp.		351		7,547
Legrand SA		1,719		128,881
LSI Industries, Inc.		252		1,761
Powell Industries, Inc.		123		3,453
Preformed Line Products Co.		38		3,173
Schneider Electric SE		1,125		96,705
Severn Trent plc		2,132		60,537
Sunrun, Inc.1		804		4,502
Thermon Group Holdings, Inc.1		213		4,954
TPI Composites, Inc.1		314		5,947
Vicor Corp.1		337		7,599
				496,519
Industrial Conglomerates—0.2%
3M Co.		246		59,812
DCC plc		468		45,327
General Electric Co.		1,971		36,050
Honeywell International, Inc.		366		57,081
Raven Industries, Inc.		273		10,429
Smiths Group plc		2,590		52,020
				260,719
Machinery—0.7%
Actuant Corp., Cl. A		471		12,435
Alamo Group, Inc.		122		14,390
Albany International Corp., Cl. A		240		15,528
Altra Industrial Motion Corp.		229		11,129
American Railcar Industries, Inc.		145		5,875
Astec Industries, Inc.		195		10,797
Barnes Group, Inc.		455		30,153
Blue Bird Corp.1		186		3,627
Briggs & Stratton Corp.		313		7,794
Caterpillar, Inc.		365		51,520
Chart Industries, Inc.1		218		10,612
CIRCOR International, Inc.		160		7,750
Columbus McKinnon Corp.		226		9,027
Commercial Vehicle Group, Inc.1		205		2,284
DMC Global, Inc.		90		1,814
Douglas Dynamics, Inc.		167		6,805
Eastern Co. (The)		49		1,411
Energy Recovery, Inc.1		431		4,840
EnPro Industries, Inc.		214		18,483
ESCO Technologies, Inc.		210		13,724
Federal Signal Corp.		623		13,395
Franklin Electric Co., Inc.		360		16,668
FreightCar America, Inc.		135		2,264
Gencor Industries, Inc.1		146		2,628
Global Brass & Copper Holdings, Inc.		221		7,647

41      OPPENHEIMER GLOBAL MULTI STRATEGIES FUND

CONSOLIDATED

STATEMENT OF INVESTMENTS Unaudited / Continued

	Shares		Value
Machinery (Continued)
Gorman-Rupp Co. (The)		209	$	6,882
Graham Corp.		110		2,182
Greenbrier Cos., Inc. (The)		206		10,300
Hardinge, Inc.		125		2,133
Harsco Corp.1		825		14,891
Hillenbrand, Inc.		486		22,137
Hurco Cos., Inc.		64		2,854
Hyster-Yale Materials Handling, Inc.		126		10,689
John Bean Technologies Corp.		234		28,022
Kadant, Inc.		100		10,230
Kennametal, Inc.		585		27,273
LB Foster Co., Cl. A1		74		1,709
Lindsay Corp.		84		7,882
Lydall, Inc.1		178		9,799
Manitowoc Co., Inc. (The)1		260		10,447
Meritor, Inc.1		695		17,361
Milacron Holdings Corp.1		678		11,953
Miller Industries, Inc.		117		3,264
Mueller Industries, Inc.		456		16,598
Mueller Water Products, Inc., Cl. A		1,334		16,662
Navistar International Corp.1		803		32,690
NN, Inc.		212		5,925
Omega Flex, Inc.		88		5,683
Park-Ohio Holdings Corp.		126		5,859
Proto Labs, Inc.1		192		18,470
RBC Bearings, Inc.1		193		25,756
REV Group, Inc.		558		15,239
Rexnord Corp.1		811		20,210
Spartan Motors, Inc.		188		2,999
SPX Corp.1		334		10,651
SPX FLOW, Inc.1		311		13,924
Standex International Corp.		135		14,445
Sun Hydraulics Corp.		199		12,071
Tennant Co.		134		8,817
Titan International, Inc.		488		5,841
TriMas Corp.1		485		12,562
Twin Discount, Inc.1		79		2,220
Wabash National Corp.		471		9,491
Watts Water Technologies, Inc., Cl. A		276		20,534
Woodward, Inc.		481		37,205
				796,460
Marine—0.0%
Costamare, Inc.		828		4,761
Matson, Inc.		350		10,209
				14,970
Professional Services—0.3%
Barrett Business Services, Inc.		53		3,517

42      OPPENHEIMER GLOBAL MULTI STRATEGIES FUND

	Shares		Value
Professional Services (Continued)
BG Staffing, Inc.		67	$	1,050
CBIZ, Inc.1		550		8,112
CRA International, Inc.		83		3,752
Experian plc		2,142		44,308
Exponent, Inc.		269		20,310
Forrester Research, Inc.		176		8,175
Franklin Covey Co.1		113		2,271
FTI Consulting, Inc.1		247		10,623
GP Strategies Corp.1		185		4,255
Heidrick & Struggles International, Inc.		167		4,175
Hill International, Inc.1		365		2,081
Huron Consulting Group, Inc.1		162		6,626
ICF International, Inc.1		196		10,594
Insperity, Inc.		202		23,816
Intertek Group plc		507		35,880
Kelly Services, Inc., Cl. A		381		11,106
Kforce, Inc.		269		6,994
Korn/Ferry International		563		24,682
Mistras Group, Inc.1		217		4,980
Navigant Consulting, Inc.1		471		9,038
On Assignment, Inc.1		364		23,281
Pendrell Corp.1		204		1,404
Resources Connection, Inc.		207		3,322
RPX Corp.		396		5,223
TriNet Group, Inc.1		528		23,633
TrueBlue, Inc.1		269		7,653
WageWorks, Inc.1		297		19,053
Willdan Group, Inc.1		73		1,850
				331,764
Road & Rail—0.2%
ArcBest Corp.		207		7,835
Avis Budget Group, Inc.1		601		22,898
Covenant Transportation Group, Inc., Cl. A1		140		4,195
Daseke, Inc.1		282		3,579
Heartland Express, Inc.		769		17,564
Hertz Global Holdings, Inc.1		593		11,237
Knight-Swift Transportation Holdings, Inc., Cl. A		634		27,059
Marten Transport Ltd.		447		9,007
Roadrunner Transportation Systems, Inc.1		326		2,791
Saia, Inc.1		193		12,699
Schneider National, Inc., Cl. B		1,341		35,175
Union Pacific Corp.		318		40,227
Universal Logistics Holdings, Inc.		281		6,561
Werner Enterprises, Inc.		582		22,232
YRC Worldwide, Inc.1		263		3,240
				226,299

43      OPPENHEIMER GLOBAL MULTI STRATEGIES FUND

CONSOLIDATED

STATEMENT OF INVESTMENTS Unaudited / Continued

	Shares		Value
Trading Companies & Distributors—0.4%
Aircastle Ltd.		592	$	14,504
Applied Industrial Technologies, Inc.		315		20,144
Beacon Roofing Supply, Inc.1		438		28,067
BMC Stock Holdings, Inc.1		523		12,081
Bunzl plc		1,686		48,252
CAI International, Inc.1		165		5,651
DXP Enterprises, Inc.1		134		3,725
Ferguson plc		570		41,153
Foundation Building Materials, Inc.1		354		5,384
GATX Corp.		312		19,703
GMS, Inc.1		444		16,566
H&E Equipment Services, Inc.		248		9,223
Herc Holdings, Inc.1		225		13,316
Huttig Building Products, Inc.1		213		1,453
Kaman Corp.		218		13,006
Lawson Products, Inc.1		70		1,803
MRC Global, Inc.1		1,005		15,789
NOW, Inc.1		932		9,618
Rush Enterprises, Inc., Cl. A1		378		18,412
Rush Enterprises, Inc., Cl. B1		380		17,476
SiteOne Landscape Supply, Inc.1		285		21,312
Textainer Group Holdings Ltd.1		391		8,974
Titan Machinery, Inc.1		180		3,420
Triton International Ltd.1		648		25,641
Veritiv Corp.1		125		3,406
Willis Lease Finance Corp.1		50		1,312
				379,391
Transportation Infrastructure—0.1%
easyJet plc		3,592		68,389
Information Technology—6.1%
Communications Equipment—0.3%
ADTRAN, Inc.		426		9,841
Aerohive Networks, Inc.1		432		2,333
CalAmp Corp.1		286		6,535
Calix, Inc.1		362		2,389
Ciena Corp.1		1,156		25,143
Cisco Systems, Inc.		747		27,863
Clearfield, Inc.1		109		1,591
Comtech Telecommunications Corp.		177		3,836
Digi International, Inc.1		282		2,890
EMCORE Corp.1		210		1,638
Extreme Networks, Inc.1		1,146		14,726
Finisar Corp.1		841		16,828
Harmonic, Inc.1		528		2,218
Infinera Corp.1		1,232		8,920
InterDigital, Inc.		274		20,851
KVH Industries, Inc.1		139		1,501

44      OPPENHEIMER GLOBAL MULTI STRATEGIES FUND

	Shares		Value
Communications Equipment (Continued)
Lumentum Holdings, Inc.1		415	$	22,431
NETGEAR, Inc.1		253		13,030
NetScout Systems, Inc.1		800		24,840
Oclaro, Inc.1		1,373		9,776
Plantronics, Inc.		257		13,446
Quantenna Communications, Inc.1		293		3,583
Ribbon Communications, Inc.1		384		2,984
ViaSat, Inc.1		450		33,408
Viavi Solutions, Inc.1		1,824		17,091
				289,692
Electronic Equipment, Instruments, & Components—0.6%
Anixter International, Inc.1		434		31,031
AVX Corp.		1,277		23,165
Badger Meter, Inc.		256		11,878
Bel Fuse, Inc., Cl. B		89		2,390
Belden, Inc.		335		28,371
Benchmark Electronics, Inc.1		432		13,176
Control4 Corp.1		195		6,482
CTS Corp.		229		6,240
Daktronics, Inc.		357		3,420
Electro Scientific Industries, Inc.1		273		6,533
ePlus, Inc.1		108		8,770
Fabrinet1		292		9,318
FARO Technologies, Inc.1		97		5,073
Fitbit, Inc., Cl. A1		2,066		14,173
II-VI, Inc.1		451		21,377
Insight Enterprises, Inc.1		380		14,820
Iteris, Inc.1		246		1,577
Itron, Inc.1		400		25,780
KEMET Corp.1		307		4,734
Kimball Electronics, Inc.1		275		5,734
Knowles Corp.1		647		10,216
Littelfuse, Inc.		167		33,884
LivaNova plc1		358		31,210
Maxwell Technologies, Inc.1		308		1,713
Mesa Laboratories, Inc.		28		3,768
Methode Electronics, Inc.		261		12,293
MTS Systems Corp.		136		7,602
Napco Security Technologies, Inc.1		141		1,410
Novanta, Inc.1		332		15,969
OSI Systems, Inc.1		154		13,346
Park Electrochemical Corp.		156		2,980
PC Connection, Inc.		220		6,030
PCM, Inc.1		98		965
Plexus Corp.1		240		15,002
Radisys Corp.1		318		237
Rogers Corp.1		166		26,743
Sanmina Corp.1		892		30,328

45      OPPENHEIMER GLOBAL MULTI STRATEGIES FUND

CONSOLIDATED

STATEMENT OF INVESTMENTS Unaudited / Continued

	Shares		Value
Electronic Equipment, Instruments, & Components (Continued)
ScanSource, Inc.1		270	$	9,720
SYNNEX Corp.		387		52,709
Systemax, Inc.		269		8,205
Tech Data Corp.1		287		27,753
TTM Technologies, Inc.1		778		12,705
VeriFone Systems, Inc.1		936		16,230
Vishay Intertechnology, Inc.		955		20,915
Vishay Precision Group, Inc.1		104		2,881
				608,856
Internet Software & Services—0.7%
2U, Inc.1		331		21,217
Actua Corp.1		342		5,301
Alarm.com Holdings, Inc.1		355		14,551
Alphabet, Inc., Cl. A1		45		46,628
Alphabet, Inc., Cl. C1		47		48,006
Amber Road, Inc.1		219		1,607
Appfolio, Inc., Cl. A1		278		11,996
Apptio, Inc., Cl. A1		238		5,310
Bazaarvoice, Inc.1		916		4,992
Benefitfocus, Inc.1		300		8,130
Blucora, Inc.1		422		8,672
Box, Inc., Cl. A1		923		19,411
Brightcove, Inc.1		245		1,813
Carbonite, Inc.1		211		5,075
Care.com, Inc.1		241		4,572
Cars.com, Inc.1		628		15,223
ChannelAdvisor Corp.1		282		2,425
Cimpress NV1		221		26,918
CommerceHub, Inc., Cl. A1		343		7,841
CommerceHub, Inc., Cl. C1		451		9,678
Cornerstone OnDemand, Inc.1		475		17,561
Coupa Software, Inc.1		376		13,322
DHI Group, Inc.1		621		1,149
Endurance International Group Holdings, Inc.1		1,084		10,135
Envestnet, Inc.1		330		16,219
Etsy, Inc.1		935		15,390
Facebook, Inc., Cl. A1		214		37,917
Five9, Inc.1		410		10,049
GrubHub, Inc.1		584		39,455
GTT Communications, Inc.1		281		11,366
Hortonworks, Inc.1		533		10,132
Instructure, Inc.1		220		7,645
Internap Corp.1		150		2,671
j2 Global, Inc.		372		28,071
Leaf Group Ltd.1		211		1,741
Limelight Networks, Inc.1		917		4,457
Liquidity Services, Inc.1		256		1,472
LivePerson, Inc.1		589		6,538

46      OPPENHEIMER GLOBAL MULTI STRATEGIES FUND

	Shares		Value
Internet Software & Services (Continued)
London Stock Exchange Group plc		961	$	49,173
Meet Group, Inc. (The)1		605		1,537
MINDBODY, Inc., Cl. A1		293		9,552
MuleSoft, Inc., Cl. A1		871		19,989
New Relic, Inc.1		414		23,300
NIC, Inc.		525		8,715
Nutanix, Inc., Cl. A1		953		31,258
Okta, Inc., Cl. A1		731		21,352
Q2 Holdings, Inc.1		317		13,266
QuinStreet, Inc.1		391		4,180
Quotient Technology, Inc.1		723		8,604
Reis, Inc.		89		1,931
Shutterstock, Inc.1		232		9,858
SPS Commerce, Inc.1		156		7,872
Stamps.com, Inc.1		120		20,208
TechTarget, Inc.1		206		2,882
Trade Desk, Inc. (The), Cl. A1		297		14,595
TrueCar, Inc.1		747		9,106
Twilio, Inc., Cl. A1		673		17,942
Web.com Group, Inc.1		419		9,637
XO Group, Inc.1		264		5,103
Yelp, Inc., Cl. A1		595		26,507
				821,223
IT Services—0.8%
Accenture plc, Cl. A		287		42,479
Acxiom Corp.1		609		16,595
Atos SE		798		118,027
Blackhawk Network Holdings, Inc., Cl. A1		575		21,131
CACI International, Inc., Cl. A1		247		32,592
Capgemini SE		954		110,020
Cardtronics plc, Cl. A1		360		6,743
Cass Information Systems, Inc.		86		5,857
Convergys Corp.		737		18,189
CSG Systems International, Inc.		333		15,281
EPAM Systems, Inc.1		397		40,272
Everi Holdings, Inc.1		479		3,904
EVERTEC, Inc.		798		11,092
ExlService Holdings, Inc.1		329		20,194
Hackett Group, Inc. (The)		295		4,817
Information Services Group, Inc.1		444		2,007
International Business Machines Corp.		481		74,060
ManTech International Corp., Cl. A		386		19,678
Mastercard, Inc., Cl. A		256		38,520
MAXIMUS, Inc.		494		34,126
MoneyGram International, Inc.1		513		7,305
PayPal Holdings, Inc.1		458		34,684
Perficient, Inc.1		267		5,169
Planet Payment, Inc.1		376		1,692

47      OPPENHEIMER GLOBAL MULTI STRATEGIES FUND

CONSOLIDATED

STATEMENT OF INVESTMENTS Unaudited / Continued

	Shares		Value
IT Services (Continued)
Presidio, Inc.1		683	$	10,546
Science Applications International Corp.		315		23,373
ServiceSource International, Inc.1		695		1,995
StarTek, Inc.1		123		1,205
Sykes Enterprises, Inc.1		339		10,787
Syntel, Inc.1		547		14,009
TeleTech Holdings, Inc.		359		14,540
Travelport Worldwide Ltd.		1,298		17,380
Unisys Corp.1		385		2,984
Virtusa Corp.1		227		10,521
Visa, Inc., Cl. A		477		53,705
				845,479
Semiconductors & Semiconductor Equipment—0.9%
Advanced Energy Industries, Inc.1		296		22,191
Alpha & Omega Semiconductor Ltd.1		224		3,945
Ambarella, Inc.1		226		12,265
Amkor Technology, Inc.1		1,711		18,085
Axcelis Technologies, Inc.1		203		6,496
AXT, Inc.1		298		2,876
Brooks Automation, Inc.		642		15,979
Cabot Microelectronics Corp.		218		20,998
CEVA, Inc.1		152		7,220
Cirrus Logic, Inc.1		477		26,349
Cohu, Inc.		269		6,122
Cree, Inc.1		608		21,608
CyberOptics Corp.1		62		986
Diodes, Inc.1		443		12,980
DSP Group, Inc.1		224		2,923
Entegris, Inc.		1,300		39,390
FormFactor, Inc.1		699		11,464
GSI Technology, Inc.1		173		1,379
Hanergy Thin Film Power Group Ltd.1		150,879		2
Ichor Holdings Ltd.1		169		4,801
Inphi Corp.1		321		13,183
Integrated Device Technology, Inc.1		897		26,991
Intel Corp.		1,033		46,320
IXYS Corp.1		326		7,922
Kopin Corp.1		673		2,167
Lattice Semiconductor Corp.1		1,140		6,692
MACOM Technology Solutions Holdings, Inc.1		550		17,924
MaxLinear, Inc., Cl. A1		507		13,390
Mellanox Technologies Ltd.1		3,827		226,176
MKS Instruments, Inc.		370		34,891
Monolithic Power Systems, Inc.		285		33,730
Nanometrics, Inc.1		271		6,818
NVE Corp.		35		2,927
PDF Solutions, Inc.1		267		4,830
Photronics, Inc.1		491		4,738

48      OPPENHEIMER GLOBAL MULTI STRATEGIES FUND

	Shares		Value
Semiconductors & Semiconductor Equipment (Continued)
Pixelworks, Inc.1		224	$	1,288
Power Integrations, Inc.		212		16,642
QUALCOMM, Inc.		610		40,467
Rambus, Inc.1		782		11,574
Rudolph Technologies, Inc.1		235		5,710
Semtech Corp.1		473		16,106
Sigma Designs, Inc.1		315		1,843
Silicon Laboratories, Inc.1		281		25,599
STMicroelectronics NV		4,357		98,923
Synaptics, Inc.1		287		10,831
Texas Instruments, Inc.		369		35,900
Ultra Clean Holdings, Inc.1		310		6,504
Veeco Instruments, Inc.1		450		7,268
Xcerra Corp.1		566		5,609
Xperi Corp.		427		8,241
				979,263
Software—2.6%
8x8, Inc.1		968		13,649
A10 Networks, Inc.1		761		6,103
ACI Worldwide, Inc.1		877		20,066
Agilysys, Inc.1		237		2,901
American Software, Inc., Cl. A		284		3,666
Aspen Technology, Inc.1		555		37,141
Barracuda Networks, Inc.1		434		12,000
Blackbaud, Inc.		327		32,193
Blackline, Inc.1		396		14,521
Bottomline Technologies de, Inc.1		287		9,566
BroadSoft, Inc.1		10,181		559,955
Callidus Software, Inc.1		498		14,579
CommVault Systems, Inc.1		419		22,584
Ebix, Inc.		237		18,320
Ellie Mae, Inc.1		247		21,832
Everbridge, Inc.1		218		5,777
Fair Isaac Corp.		310		48,689
Gigamon, Inc.1		14,544		565,034
Glu Mobile, Inc.1		996		3,894
HubSpot, Inc.1		282		22,828
Imperva, Inc.1		270		11,138
Majesco1		240		1,279
Micro Focus International plc		2,064		69,486
Microsoft Corp.		529		44,526
MicroStrategy, Inc., Cl. A1		115		15,727
Mitek Systems, Inc.1		281		2,529
MobileIron, Inc.1		710		2,769
Model N, Inc.1		235		3,819
Monotype Imaging Holdings, Inc.		275		6,930
Oracle Corp.		1,051		51,562
Paycom Software, Inc.1		415		34,030

49      OPPENHEIMER GLOBAL MULTI STRATEGIES FUND

CONSOLIDATED

STATEMENT OF INVESTMENTS Unaudited / Continued

	Shares		Value
Software (Continued)
Paylocity Holding Corp.1		371	$	17,118
Pegasystems, Inc.		602		30,371
Progress Software Corp.		4,773		197,316
Proofpoint, Inc.1		331		29,807
PROS Holdings, Inc.1		267		6,699
QAD, Inc., Cl. A		218		8,022
Qualys, Inc.1		288		16,963
Rapid7, Inc.1		333		6,297
RealNetworks, Inc.1		296		1,237
RealPage, Inc.1		600		27,210
RingCentral, Inc., Cl. A1		596		28,101
Rosetta Stone, Inc.1		239		2,913
Rubicon Project, Inc. (The)1		567		1,021
Sage Group plc (The)		4,995		52,350
Silver Spring Networks, Inc.1		34,151		548,807
Synchronoss Technologies, Inc.1		306		3,072
Telenav, Inc.1		451		2,481
TiVo Corp.		1,040		18,512
Varonis Systems, Inc.1		275		13,833
VASCO Data Security International, Inc.1		371		4,971
Verint Systems, Inc.1		659		28,831
Workiva, Inc., Cl. A1		306		6,656
Zendesk, Inc.1		738		24,804
Zix Corp.1		581		2,556
				2,759,041
Technology Hardware, Storage & Peripherals—0.2%
Apple, Inc.		215		36,948
Avid Technology, Inc.1		330		2,221
Cray, Inc.1		298		6,780
Diebold Nixdorf, Inc.		702		13,479
Eastman Kodak Co.1		458		1,511
Electronics for Imaging, Inc.1		503		15,472
Immersion Corp.1		232		1,766
Intevac, Inc.1		172		1,281
Pure Storage, Inc., Cl. A1		1,611		29,771
Quantum Corp.1		20,266		105,181
Stratasys Ltd.1		426		9,278
Super Micro Computer, Inc.1		424		9,349
USA Technologies, Inc.1		312		2,714
				235,751
Materials—2.8%
Chemicals—1.5%
A. Schulman, Inc.		4,502		170,851
AdvanSix, Inc.1		206		8,868
AgroFresh Solutions, Inc.1		471		2,864
Air Liquide SA		892		111,716
American Vanguard Corp.		238		4,736

50      OPPENHEIMER GLOBAL MULTI STRATEGIES FUND

	Shares		Value
Chemicals (Continued)
Balchem Corp.	241	$	21,032
Calgon Carbon Corp.	25,817		557,647
Chase Corp.	92		11,620
Codexis, Inc.1	410		2,829
Core Molding Technologies, Inc.	57		1,227
Croda International plc	1,148		66,398
DowDuPont, Inc.	412		29,648
Ferro Corp.1	817		20,711
Flotek Industries, Inc.1	425		2,006
FutureFuel Corp.	356		5,344
GCP Applied Technologies, Inc.1	590		19,322
H.B. Fuller Co.	403		22,798
Hawkins, Inc.	89		3,413
Ingevity Corp.1	386		30,722
Innophos Holdings, Inc.	205		9,498
Innospec, Inc.	251		17,921
Intrepid Potash, Inc.1	1,082		4,133
Johnson Matthey plc	1,661		67,885
KMG Chemicals, Inc.	93		5,058
Koppers Holdings, Inc.1	206		10,279
Kraton Corp.1	202		9,504
Kronos Worldwide, Inc.	789		22,021
LSB Industries, Inc.1	234		2,108
Minerals Technologies, Inc.	360		26,082
Monsanto Co.	964		114,080
OMNOVA Solutions, Inc.1	464		4,965
PolyOne Corp.	551		25,462
Quaker Chemical Corp.	132		21,751
Rayonier Advanced Materials, Inc.	324		6,088
Sensient Technologies Corp.	463		35,896
Solvay SA	824		115,705
Stepan Co.	246		20,445
Trecora Resources1	209		2,623
Tredegar Corp.	241		4,748
Trinseo SA	431		31,808
Valhi, Inc.	1,487		10,037
			1,661,849
Construction Materials—0.2%
Caesarstone Ltd.1	284		7,071
CRH plc	831		28,866
LafargeHolcim Ltd.1	2,508		137,320
Summit Materials, Inc., Cl. A1	868		26,700
United States Lime & Minerals, Inc.	54		4,609
US Concrete, Inc.1	122		9,864
			214,430
Containers & Packaging—0.1%
Greif, Inc., Cl. A	487		26,576

51      OPPENHEIMER GLOBAL MULTI STRATEGIES FUND

CONSOLIDATED

STATEMENT OF INVESTMENTS Unaudited / Continued

	Shares		Value
Containers & Packaging (Continued)
Greif, Inc., Cl. B	472	$	29,429
Myers Industries, Inc.	230		4,910
UFP Technologies, Inc.1	69		1,901
			62,816
Metals & Mining—0.8%
AK Steel Holding Corp.1	3,009		14,654
Allegheny Technologies, Inc.1	811		18,466
Ampco-Pittsburgh Corp.	102		1,459
Anglo American plc	1,875		34,496
Antofagasta plc	2,096		25,804
ArcelorMittal1	3,388		102,573
BHP Billiton plc	2,099		38,168
Carpenter Technology Corp.	354		17,498
Century Aluminum Co.1	812		10,759
Cie Generale des Etablissements Michelin	1,039		150,779
Cleveland-Cliffs, Inc.1	2,791		18,588
Coeur Mining, Inc.1	1,724		13,137
Commercial Metals Co.	888		17,618
Compass Minerals International, Inc.	263		18,344
Fresnillo plc	2,201		38,400
Glencore plc1	6,579		30,244
Gold Resource Corp.	461		1,835
Hargreaves Lansdown plc	2,577		55,853
Haynes International, Inc.	99		3,172
Hecla Mining Co.	3,326		12,439
Kaiser Aluminum Corp.	138		13,367
Klondex Mines Ltd.1	1,754		4,262
Materion Corp.	176		8,606
Olympic Steel, Inc.	133		2,649
Randgold Resources Ltd.	1,302		119,749
Rio Tinto plc	648		30,715
Ryerson Holding Corp.1	360		3,330
Schnitzer Steel Industries, Inc., Cl. A	203		5,928
SunCoke Energy, Inc.1	416		4,738
TimkenSteel Corp.1	411		6,206
Warrior Met Coal, Inc.	380		8,444
Worthington Industries, Inc.	493		20,509
			852,789
Paper & Forest Products—0.2%
Boise Cascade Co.	298		11,473
Clearwater Paper Corp.1	138		6,548
Deltic Timber Corp.	96		8,860
KapStone Paper & Packaging Corp.	728		16,184
Louisiana-Pacific Corp.1	1,132		31,255
Mondi plc	1,761		42,052
Neenah Paper, Inc.	173		15,466
PH Glatfelter Co.	317		6,590

52      OPPENHEIMER GLOBAL MULTI STRATEGIES FUND

	Shares		Value
Paper & Forest Products (Continued)
Schweitzer-Mauduit International, Inc.	314	$	14,215
Smurfit Kappa Group plc	1,346		42,861
Verso Corp., Cl. A1	196		2,240
			197,744
Telecommunication Services—0.6%
Diversified Telecommunication Services—0.5%
AT&T, Inc.	1,051		38,235
ATN International, Inc.	164		9,801
Babcock International Group plc	5,896		55,592
BT Group plc, Cl. A	14,886		52,516
Cincinnati Bell, Inc.1	344		7,465
Cogent Communications Holdings, Inc.	327		15,320
Consolidated Communications Holdings, Inc.	396		5,599
General Communication, Inc., Cl. A1	376		15,006
Hawaiian Telcom Holdco, Inc.1	90		2,840
IDT Corp., Cl. B	208		3,251
Iridium Communications, Inc.1	660		8,151
Ooma, Inc.1	146		1,613
Orange SA	10,576		182,290
ORBCOMM, Inc.1	534		5,746
Straight Path Communications, Inc., Cl. B1	99		18,002
Verizon Communications, Inc.	892		45,394
Vivendi SA	3,744		99,677
Vonage Holdings Corp.1	1,786		18,181
Windstream Holdings, Inc.	1,410		3,708
			588,387
Wireless Telecommunication Services—0.1%
Boingo Wireless, Inc.1	285		7,039
NII Holdings, Inc.1	3,028		757
Shenandoah Telecommunications Co.	377		14,458
Spok Holdings, Inc.	142		2,485
Vodafone Group plc	13,850		42,004
			66,743
Utilities—2.9%
Electric Utilities—0.9%
ALLETE, Inc.	394		31,717
Bouygues SA	2,224		115,061
Duke Energy Corp.	2,288		204,044
El Paso Electric Co.	405		24,664
Exelon Corp.	3,187		132,930
Genie Energy Ltd., Cl. B	222		961
IDACORP, Inc.	502		49,603
MGE Energy, Inc.	354		23,364
NextEra Energy, Inc.	791		125,010
Otter Tail Corp.	389		18,789
PNM Resources, Inc.	580		26,390

53      OPPENHEIMER GLOBAL MULTI STRATEGIES FUND

CONSOLIDATED

STATEMENT OF INVESTMENTS Unaudited / Continued

	Shares		Value
Electric Utilities (Continued)
Portland General Electric Co.		888	$	44,080
Southern Co. (The)		1,915		98,048
SSE plc		4,835		89,560
				984,221
Gas Utilities—0.2%
Chesapeake Utilities Corp.		125		10,694
New Jersey Resources Corp.		643		28,678
Northwest Natural Gas Co.		218		15,075
ONE Gas, Inc.		392		31,066
South Jersey Industries, Inc.		635		21,501
Southwest Gas Holdings, Inc.		468		40,220
Spire, Inc.		358		29,445
WGL Holdings, Inc.		395		33,393
				210,072
Independent Power and Renewable Electricity Producers—0.6%
Atlantic Power Corp.1		1,205		3,073
Calpine Corp.1		35,931		539,684
Dynegy, Inc.1		811		9,837
NRG Energy, Inc.		856		23,673
NRG Yield, Inc., Cl. A		798		15,010
NRG Yield, Inc., Cl. C		801		15,259
Ormat Technologies, Inc.		368		24,122
Pattern Energy Group, Inc., Cl. A		718		16,184
TerraForm Global, Inc., Cl. A1		1,137		5,344
TerraForm Power, Inc., Cl. A		713		8,613
				660,799
Multi-Utilities—1.1%
Avista Corp.		10,623		551,759
Black Hills Corp.		443		25,920
Centrica plc		23,560		45,915
Engie SA		8,381		146,703
National Grid plc		5,798		69,114
NorthWestern Corp.		486		31,230
Unitil Corp.		140		7,314
Veolia Environnement SA		10,643		269,265
				1,147,220
Water Utilities—0.1%
American States Water Co.		263		15,172
AquaVenture Holdings Ltd.1		230		3,526
Artesian Resources Corp., Cl. A		67		2,837
California Water Service Group		342		15,595
Connecticut Water Service, Inc.		87		5,508
Consolidated Water Co. Ltd.		122		1,604
Middlesex Water Co.		116		5,350
Pure Cycle Corp.1		184		1,279

54      OPPENHEIMER GLOBAL MULTI STRATEGIES FUND

	Shares		Value
Water Utilities (Continued)
SJW Group		204	$	13,898
United Utilities Group plc		5,552		61,628
York Water Co. (The)		97		3,604
				130,001
Total Common Stocks (Cost $44,911,786)				47,474,961
Preferred Stock—0.3%
Kinesis 2017 Sidecar, Preferred1,4 (Cost $448,930)		49,261		333,620
	Units
Rights, Warrants and Certificates—0.0%
Halcon Resources Corp. Wts., Strike Price $14.04, Exp. 9/9/201		1,456		830
Kaisa Group Holdings Ltd. Rts., Strike Price 1SGD, Exp. 12/31/491		231		1
SandRidge Energy, Inc. Wts., Strike Price $41.34, Exp. 10/4/221		977		2,762
SandRidge Energy, Inc. Wts., Strike Price $42.03, Exp. 10/4/221		411		1,135
Total Rights, Warrants and Certificates (Cost $90,101)				4,728
	Principal Amount
Mortgage-Backed Obligations—0.3%
Federal Home Loan Mortgage Corp., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates, Interest-Only Stripped Mtg.-Backed Security:
Series 177, Cl. IO, 51.032%, 7/1/268	$	133,425		25,676
Series 2815, Cl. PT, 99.999%, 11/15/328		9,790		73
Series 2922, Cl. SE, 3.898%, 2/15/358		14,718		2,480
Series 3005, Cl. WI, 0.00%, 7/15/358,9		30,084		7,190
Series 3031, Cl. BI, 54.284%, 8/15/358		239,503		48,101
Federal National Mortgage Assn., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates, Interest-Only Stripped Mtg.-Backed Security:
Series 2003-33, Cl. IA, 12.648%, 5/25/338		32,836		6,895
Series 2003-52, Cl. NS, 21.14%, 6/25/238		37,019		3,026
Series 2004-56, Cl. SE, 5.134%, 10/25/338		59,215		11,821
Series 2005-12, Cl. SC, 19.083%, 3/25/358		6,958		1,002
Series 2005-14, Cl. SE, 24.982%, 3/25/358		115,851		16,403
Series 2005-6, Cl. SE, 49.007%, 2/25/358		151,461		26,185
Series 2005-87, Cl. SE, 0.00%, 10/25/358,9		80,734		11,733
Series 2006-53, Cl. US, 6.473%, 6/25/368		63,431		9,938
Series 2007-88, Cl. XI, 0.00%, 6/25/378,9		102,308		16,680
Series 2010-116, Cl. BI, 0.00%, 8/25/208,9		65,722		1,991
Series 2011-96, Cl. SA, 0.00%, 10/25/418,9		344,281		53,219
Government National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security, Series 2002-76, Cl. SG, 15.589%, 10/16/298		138,294		25,958
Total Mortgage-Backed Obligations (Cost $206,909)				268,371
Non-Convertible Corporate Bonds and Notes—18.9%
Consumer Discretionary—4.8%
Automobiles—0.3%
ZF North America Capital, Inc., 4.75% Sr. Unsec. Nts., 4/29/252		300,000		320,739
Hotels, Restaurants & Leisure—0.8%
MGM Resorts International, 7.75% Sr. Unsec. Nts., 3/15/22		400,000		465,000

55      OPPENHEIMER GLOBAL MULTI STRATEGIES FUND

CONSOLIDATED

STATEMENT OF INVESTMENTS Unaudited / Continued

	Principal Amount		Value
Hotels, Restaurants & Leisure (Continued)
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.50% Sr. Unsec. Nts., 3/1/252	$	400,000	$	414,120
				879,120
Household Durables—0.3%
Ardagh Packaging Finance plc/Ardagh Holdings USA, Inc., 7.25% Sr. Unsec. Nts., 5/15/242		300,000		329,625
Media—3.0%
CCO Holdings LLC/CCO Holdings Capital Corp., 5.125% Sr. Unsec. Nts., 5/1/232		400,000		415,000
Cequel Communications Holdings I LLC/Cequel Capital Corp., 6.375% Sr. Unsec. Nts., 9/15/202		280,000		284,550
Charter Communications Operating LLC/Charter Communications Operating Capital, 4.908% Sr. Sec. Nts., 7/23/25		400,000		423,167
CSC Holdings LLC, 10.875% Sr. Unsec. Nts., 10/15/252		251,000		297,676
SFR Group SA, 7.375% Sr. Sec. Nts., 5/1/262		300,000		303,375
Sirius XM Radio, Inc., 6.00% Sr. Unsec. Nts., 7/15/242		400,000		425,500
Univision Communications, Inc., 5.125% Sr. Sec. Nts., 2/15/252		400,000		390,000
VTR Finance BV, 6.875% Sr. Sec. Nts., 1/15/242		350,000		371,000
Ziggo Secured Finance BV, 5.50% Sr. Sec. Nts., 1/15/272		300,000		302,250
				3,212,518
Multiline Retail—0.4%
Dollar Tree, Inc., 5.75% Sr. Sec. Nts., 3/1/23		400,000		420,500
Consumer Staples—0.4%
Food Products—0.4%
Post Holdings, Inc., 5.00% Sr. Unsec. Nts., 8/15/262		400,000		397,500
Energy—3.2%
Energy Equipment & Services—0.4%
Offshore Group Investment Ltd., 7.50% 1st Lien Nts., 11/1/193,4,7		250,000		—
Vantage Drilling International, 10.00% Sec. Nts., 12/31/20		357,000		351,645
				351,645
Oil, Gas & Consumable Fuels—2.8%
Cenovus Energy, Inc., 6.75% Sr. Unsec. Nts., 11/15/39		400,000		472,443
Cheniere Corpus Christi Holdings LLC, 5.875% Sr. Sec. Nts., 3/31/25		300,000		326,250
CNX Resources Corp., 5.875% Sr. Unsec. Nts., 4/15/22		400,000		411,000
Continental Resources, Inc., 5.00% Sr. Unsec. Nts., 9/15/22		400,000		409,000
Gazprom OAO Via Gaz Capital SA, 9.25% Sr. Unsec. Nts., 4/23/192		300,000		325,210
Lukoil International Finance BV, 4.563% Sr. Unsec. Unsub. Nts., 4/24/232		450,000		469,165
Rio Oil Finance Trust, 9.25% Sr. Sec. Nts., 7/6/242		212,523		231,119
Sabine Pass Liquefaction LLC, 5.625% Sr. Sec. Nts., 2/1/21		350,000		376,301
SandRidge Energy, Inc., 7.50% Sr. Unsec. Nts., 3/15/213,4,7		500,000		50
				3,020,538

56      OPPENHEIMER GLOBAL MULTI STRATEGIES FUND

	Principal Amount		Value
Financials—2.1%
Commercial Banks—0.9%
Bancolombia SA, 5.125% Unsec. Sub. Nts., 9/11/22	$	174,000	$	182,265
HBOS plc, 6.75% Sub. Nts., 5/21/182		400,000		408,622
Itau Unibanco Holding SA (Cayman Islands), 5.125% Sub. Nts., 5/13/232		300,000		310,950
				901,837
Consumer Finance—0.4%
Springleaf Finance Corp., 6.90% Sr. Unsec. Nts., 12/15/17		450,000		450,292
Diversified Financial Services—0.0%
Samson Investment Co., 9.75% Sr. Unsec. Nts., 2/15/203,7		350,000		17,500
Insurance—0.4%
HUB International Ltd., 7.875% Sr. Unsec. Nts., 10/1/212		400,000		416,500
Real Estate Investment Trusts (REITs)—0.4%
Crown Castle International Corp., 5.25% Sr. Unsec. Nts., 1/15/23		400,000		439,655
Health Care—1.5%
Health Care Equipment & Supplies—0.4%
Ortho-Clinical Diagnostics, Inc./Ortho-Clinical Diagnostics SA, 6.625% Sr. Unsec. Nts., 5/15/222		400,000		398,000
Health Care Providers & Services—1.1%
Centene Corp., 5.625% Sr. Unsec. Nts., 2/15/21		400,000		414,000
DaVita, Inc.:
5.125% Sr. Unsec. Nts., 7/15/24		250,000		254,844
5.75% Sr. Unsec. Nts., 8/15/22		100,000		103,187
HCA, Inc., 6.50% Sr. Sec. Nts., 2/15/20		400,000		430,500
				1,202,531
Industrials—1.8%
Aerospace & Defense—0.7%
Arconic, Inc., 5.40% Sr. Unsec. Nts., 4/15/21		400,000		426,292
TransDigm, Inc., 6.50% Sr. Sub. Nts., 7/15/24		400,000		410,000
				836,292
Industrial Conglomerates—0.7%
Citgo Holding, Inc., 10.75% Sr. Sec. Nts., 2/15/202		300,000		318,750
Icahn Enterprises LP/Icahn Enterprises Finance Corp., 6.00% Sr. Unsec. Nts., 8/1/20		400,000		412,250
				731,000
Professional Services—0.4%
Nielsen Finance LLC/Nielsen Finance Co., 5.00% Sr. Unsec. Nts., 4/15/222		400,000		412,740

57      OPPENHEIMER GLOBAL MULTI STRATEGIES FUND

CONSOLIDATED

STATEMENT OF INVESTMENTS Unaudited / Continued

	Principal Amount		Value
Information Technology—1.6%
Communications Equipment—0.4%
CommScope Technologies LLC, 6.00% Sr. Unsec. Nts., 6/15/252	$	400,000	$	430,000
Software—0.8%
BMC Software Finance, Inc., 8.125% Sr. Unsec. Nts., 7/15/212		400,000		406,876
Solera LLC/Solera Finance, Inc., 10.50% Sr. Unsec. Nts., 3/1/242		400,000		452,000
				858,876
Technology Hardware, Storage & Peripherals—0.4%
Western Digital Corp., 10.50% Sr. Unsec. Nts., 4/1/24		400,000		465,250
Materials—1.5%
Chemicals—0.4%
Momentive Performance Materials, Inc., 3.88% Sr. Sec. Nts., 10/24/21		400,000		416,000
Construction Materials—0.4%
Cemex Finance LLC, 6.00% Sr. Sec. Nts., 4/1/242		350,000		371,455
Containers & Packaging—0.3%
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds
Group Issuer Luxembourg SA, 5.75% Sr. Sec. Nts., 10/15/20		350,000		356,344
Metals & Mining—0.4%
FMG Resources August 2006 Pty Ltd., 9.75% Sr. Sec. Nts., 3/1/222		400,000		446,000
Telecommunication Services—1.4%
Diversified Telecommunication Services—1.0%
Embarq Corp., 7.995% Sr. Unsec. Nts., 6/1/36		300,000		286,500
T-Mobile USA, Inc., 6.625% Sr. Unsec. Nts., 4/1/23		400,000		419,360
Zayo Group LLC/Zayo Capital, Inc., 6.00% Sr. Unsec. Nts., 4/1/23		400,000		419,000
				1,124,860
Wireless Telecommunication Services—0.4%
Digicel Group Ltd., 8.25% Sr. Unsec. Nts., 9/30/202		400,000		386,404
Utilities—0.6%
Electric Utilities—0.5%
FirstEnergy Corp., 7.375% Sr. Unsec. Nts., 11/15/31		400,000		534,378
MMC Energy, Inc., 8.875% Sr. Unsec. Nts., 10/15/203,4,7		250,000		—
				534,378
Independent Power and Renewable Electricity Producers—0.1%
Talen Energy Supply LLC, 4.625% Sr. Unsec. Nts., 7/15/192		71,000		73,308
Total Non-Convertible Corporate Bonds and Notes (Cost $19,461,116)				20,201,407
Convertible Corporate Bond and Note—0.1%
CHC Group LLC/CHC Finance Ltd., 10.779% Cv. Sec. Nts., 10/1/2010 (Cost $67,515)		89,718		120,671

58      OPPENHEIMER GLOBAL MULTI STRATEGIES FUND

	Principal Amount		Value
Event-Linked Bonds—14.8%
Earthquake—4.8%
Acorn Re Ltd. Catastrophe Linked Nts., 4.546% [US0006M+329], 7/17/182,11	$	250,000	$	251,862
Azzurro Re I Ltd. Catastrophe Linked Nts., 2.15% [EUR003M+215], 1/16/192,11 EUR		450,000		537,621
Bosphorus Ltd. Catastrophe Linked Nts., 4.468% [US0006M+325], 8/17/1811,12		250,000		253,412
Buffalo Re Ltd. Catastrophe Linked Nts., 4.348% [US0006M+325], 4/7/202,11		250,000		249,537
Golden State Re II Ltd. Catastrophe Linked Nts., 3.482% [T-BILL 3MO+220], 1/8/192,11		500,000		502,625
Kizuna Re II Ltd. Catastrophe Linked Nts.:
3.532% [T-BILL 3MO+225], 4/6/182,11		440,000		441,826
3.782% [T-BILL 3MO+250], 4/6/182,11		250,000		251,037
Merna Re Ltd. Catastrophe Linked Nts.:
3.282% [T-BILL 3MO+200], 4/9/182,11		250,000		250,387
3.282% [T-BILL 3MO+200], 4/8/2011,12		250,000		250,713
Nakama Re Ltd. Catastrophe Linked Nts.:
3.329% [US0006M+220], 10/13/212,11		250,000		255,188
3.407% [T-BILL 3MO+212.5], 1/16/192,11		250,000		251,413
3.782% [T-BILL 3MO+250], 4/13/182,11		250,000		250,487
4.157% [T-BILL 3MO+287.5], 1/16/2011,12		250,000		253,263
Panda Re Ltd. Catastrophe Linked Nts., 4.05% [T-BILL 3MO+405], 7/9/182,11		250,000		253,613
Torrey Pines Re Ltd. Catastrophe Linked Nts., 4.198% [US0006M+300], 6/9/202,11		375,000		375,544
Ursa Re Ltd. Catastrophe Linked Nts., 3.50% [MM+350], 12/7/172,11		500,000		501,375
				5,129,903
Longevity—0.3%
Vita Capital VI Ltd. Catastrophe Linked Nts., 3.647% [US0006M+290], 1/8/212,11		250,000		257,088
Multiple Event—6.4%
Atlas IX Capital DAC Catastrophe Linked Nts., 4.525% [US0003M+325], 1/17/192,11		500,000		508,025
Caelus Re IV Ltd. Catastrophe Linked Nts., 6.772% [T-BILL 3MO+549], 3/6/202,11		250,000		261,137
Caelus Re V Ltd. Catastrophe Linked Nts., 4.532% [T-BILL 3MO+325], 6/5/202,11		250,000		248,412
Cranberry Re Ltd. Catastrophe Linked Nts., 5.182% [T-BILL 3MO+390], 7/6/182,11		250,000		253,712
East Lane Re VI Ltd. Catastrophe Linked Nts., 3.932% [T-BILL 3MO+265], 3/14/182,11		250,000		251,487
Eden Re II Ltd. Catastrophe Linked Nts., 0.00%, 3/22/2110,12		500,000		450,000
Fortius Re II Ltd. Catastrophe Linked Nts., 4.803% [(US000 6M-40)+375], 7/7/212,11		250,000		251,938
Galilei Re Ltd. Catastrophe Linked Nts., 5.645% [US0006M+450], 1/8/212,11		250,000		254,087

59      OPPENHEIMER GLOBAL MULTI STRATEGIES FUND

CONSOLIDATED

STATEMENT OF INVESTMENTS Unaudited / Continued

		Principal Amount		Value
Multiple Event (Continued)
Kilimanjaro Re Ltd. Catastrophe Linked Nts.:
5.782% [T-BILL 3MO+450], 4/30/182,11		$	250,000	$	245,625
6.032% [T-BILL 3MO+475], 4/30/182,11			250,000		253,762
PennUnion Re Ltd. Catastrophe Linked Nts., 5.782% [T-BILL 3MO+450], 12/7/182,11			250,000		253,262
Residential Reinsurance 2013 Ltd. Catastrophe Linked Nts., 6.532% [T-BILL 3MO+525], 12/6/172,11			250,000		249,387
Residential Reinsurance 2014 Ltd. Catastrophe Linked Nts., 4.842% [T-BILL 3MO+356], 6/6/182,11			500,000		502,325
Residential Reinsurance 2016 Ltd. Catastrophe Linked Nts.:
4.532% [T-BILL 3MO+325], 6/6/202,11			500,000		501,675
5.212% [T-BILL 3MO+393], 12/6/202,11			250,000		251,987
Residential Reinsurance 2017 Ltd. Catastrophe Linked Nts., 4.282% [T-BILL 3MO+300], 6/6/212,11			375,000		375,919
Riverfront Re Ltd. Catastrophe Linked Nts., 5.782% [T-BILL 3MO+450], 1/15/212,11			250,000		249,188
Sanders Re Ltd. Catastrophe Linked Nts.:
4.126% [US0006M+300], 12/6/212,11			250,000		250,938
4.242% [T-BILL 3MO+296], 5/25/182,11			250,000		251,688
4.367% [US0006M+325], 6/5/202,11			250,000		250,688
4.532% [T-BILL 3MO+325], 5/25/182,11			250,000		252,138
Spectrum Capital Ltd. Catastrophe Linked Nts., 4.861% [US0006M+350], 6/8/212,11			250,000		251,538
Tradewynd Re Ltd. Catastrophe Linked Nts., 5.40% [MM+540], 1/8/182,11			250,000		251,363
					6,870,281
Other—2.3%
Benu Capital Ltd. Catastrophe Linked Nts.:
2.55% [(EUR003M-43.5)+255], 1/8/202,11	EUR		250,000		300,657
3.35% [(EUR003M-44.5)+335], 1/8/2011,12	EUR		500,000		605,183
Horse Capital I DAC Catastrophe Linked Nts., 12.00% [(EUR003M-42)+1200], 6/15/202,11	EUR		250,000		299,675
Vitality Re V Ltd. Catastrophe Linked Nts., 3.032% [T-BILL 3MO+175], 1/7/192,11			500,000		501,725
Vitality Re VI Ltd. Catastrophe Linked Nts., 3.382% [T-BILL 3MO+210], 1/8/182,11			250,000		250,912
Vitality Re VII Ltd. Catastrophe Linked Nts., 3.932% [T-BILL 3MO+265], 1/7/202,11			250,000		254,813
Vitality Re VIII Ltd. Catastrophe Linked Nts., 3.282% [T-BILL 3MO+200], 1/8/212,11			250,000		251,937
					2,464,902
Pandemic—0.1%
International Bank for Reconstruction and Development Catastrophe Linked Nts., 12.557% [(US0006M-40)+1150], 7/15/202,11			125,000		125,563

60      OPPENHEIMER GLOBAL MULTI STRATEGIES FUND

	Principal Amount		Value
Windstorm—0.9%
Alamo Re Ltd. Catastrophe Linked Nts., 5.682% [T-BILL 3MO+440], 6/7/192,11	$	250,000	$	258,037
Citrus Re Ltd. Catastrophe Linked Nts., 7.74% [T-BILL 3MO+774], 2/25/192,11		250,000		241,875
Manatee Re Ltd. Catastrophe Linked Nts., 6.582% [T-BILL 3MO+530], 12/22/172,11		250,000		250,262
Pelican IV Re Ltd. Catastrophe Linked Nts., 3.449% [US0006M+225], 5/5/202,11		250,000		252,413
				1,002,587
Total Event-Linked Bonds (Cost $15,658,128)				15,850,324
			Value
Short-Term Note—5.4%
United States Treasury Bills, 1.082%, 3/1/1810 (Cost $5,724,646)		5,740,000		5,722,152
	Shares
Investment Companies—11.2%
Oppenheimer Institutional Government Money Market Fund, Cl. E, 1.03%6,13		11,940,175		11,940,175
Scottish Mortgage Investment Trust plc		6,227		37,981
Total Investment Companies (Cost $11,968,885)				11,978,156
Total Investments, at Value (Cost $98,538,016)		95.5%		101,954,390
Net Other Assets (Liabilities)		4.5		4,856,599
Net Assets		100.0%	$	106,810,989

Footnotes to Consolidated Statement of Investments

1. Non-income producing security.

2. Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended. These securities have been determined to be liquid under guidelines established by the Board of Trustees. These securities amount to $24,302,590 or 22.75% of the Fund’s net assets at period end.

3. Security received as the result of issuer reorganization.

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

5. Security is a Master Limited Partnership.

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

	Shares May 31, 2017		Gross Additions		Gross Reductions		Shares November 30, 2017
Oppenheimer Institutional
Government Money Market Fund, Cl. E		8,980,724		33,321,805		30,362,354		11,940,175

61      OPPENHEIMER GLOBAL MULTI STRATEGIES FUND

CONSOLIDATED

STATEMENT OF INVESTMENTS Unaudited / Continued

	Value		Income		Realized Gain (Loss)		Change in Unrealized Gain (Loss)
Oppenheimer Institutional
Government Money Market Fund, Cl. E	$	11,940,175	$	22,406	$	—	$	—

7. 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.

8. Interest-Only Strips represent the right to receive the monthly interest payments on an underlying pool of mortgage loans. These securities typically decline in price as interest rates decline. Most other fixed income securities increase in price when interest rates decline. The principal amount of the underlying pool represents the notional amount on which current interest is calculated. The price of these securities is typically more sensitive to changes in prepayment rates than traditional mortgage-backed securities (for example, GNMA pass-throughs). Interest rates disclosed represent current yields based upon the current cost basis and estimated timing and amount of future cash flows.

These securities amount to $268,371 or 0.25% of the Fund’s net assets at period end.

9. Interest rate is less than 0.0005%.

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

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

12. Restricted security. The aggregate value of restricted securities at period end was $1,812,571, which represents 1.70% of the Fund’s net assets. See Note 4 of the accompanying Consolidated Notes. Information concerning restricted securities is as follows:

Security	Acquisition Dates		Cost		Value		Unrealized Appreciation/ (Depreciation)
Benu Capital Ltd. Catastrophe Linked
Nts., 3.35% [EUR003M+335], 1/8/20		4/21/15	$	537,075	$	605,183	$	68,108
Bosphorus Ltd. Catastrophe Linked
Nts., 4.468% [US0006M+325], 8/17/18		8/11/15		250,000		253,412		3,412
Eden Re II Ltd. Catastrophe Linked
Nts., 0.00%, 3/22/21		12/13/16		500,000		450,000		(50,000)
Merna Re Ltd. Catastrophe Linked Nts., 3.282% [T-BILL 3MO+200], 4/8/20		3/22/17		250,000		250,713		713
Nakama Re Ltd. Catastrophe Linked
Nts., 4.157% [T-BILL 3MO+287.5], 1/16/20		10/9/15		250,514		253,263		2,749
			$	1,787,589	$	1,812,571	$	24,982

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	$	73,557,034		72.1%
France		6,089,065		6.0
United Kingdom		5,190,691		5.1
Bermuda		4,719,735		4.6
Cayman Islands		2,629,103		2.6
Japan		1,452,726		1.4

62      OPPENHEIMER GLOBAL MULTI STRATEGIES FUND

Geographic Holdings (Continued)	Value		Percent
Supranational	$	1,014,400		1.0%
Ireland		864,918		0.8
Russia		794,375		0.8
Canada		641,016		0.6
Brazil		542,069		0.5
Eurozone		537,621		0.5
Australia		484,168		0.5
Netherlands		403,203		0.4
Chile		396,804		0.4
Jamaica		386,404		0.4
Mexico		371,455		0.4
Germany		360,224		0.4
Switzerland		325,866		0.3
Turkey		253,412		0.3
Israel		233,247		0.2
Colombia		182,265		0.2
Jersey, Channel Islands		119,749		0.1
Belgium		115,705		0.1
Luxembourg		102,573		0.1
South Africa		78,426		0.1
United Arab Emirates		53,782		0.1
Puerto Rico		22,242		0.0
Panama		9,513		0.0
Thailand		9,318		0.0
Monaco		8,518		0.0
Greece		4,761		0.0
China		2		0.0
Total	$	101,954,390		100.0%

Forward Currency Exchange Contracts as of November 30, 2017
Counter -party	Settlement Month(s)		Currency Purchased (000’s)		Currency Sold (000’s)		Unrealized Appreciation		Unrealized Depreciation
BOA		12/2017	CAD	725	USD	596	$	—	$	34,202
BOA		12/2017	CHF	1,045	USD	1,082		—		18,782
BOA		12/2017	HUF	280,000	USD	1,077		—		12,373
BOA		12/2017	USD	550	KRW	620,000		—		20,111
BOA		12/2017	USD	1,111	NOK	8,870		45,018		—
BOA		12/2017	USD	1,038	TRY	3,740		85,730		—
BOA		12/2017	ZAR	14,410	USD	1,050		—		614
CITNA-B		12/2017 - 01/2018	BRL	5,110	USD	1,572		—		12,632
CITNA-B		12/2017	EUR	915	USD	1,083		6,499		—
CITNA-B		12/2017	JPY	59,000	USD	548		—		23,224
CITNA-B		12/2017	KRW	2,450,000	USD	2,172		80,714		—
CITNA-B		12/2017	MXN	19,400	USD	1,018		21,083		—
CITNA-B		12/2017	USD	1,061	BRL	3,390		25,461		—
CITNA-B		12/2017	USD	1,143	EUR	970		—		12,275
CITNA-B		12/2017	USD	1,078	KRW	1,221,000		—		44,444
CITNA-B		12/2017	ZAR	7,020	USD	539		—		28,139
DEU		12/2017	CHF	520	USD	549		—		20,156
DEU		12/2017	EUR	510	USD	616		—		8,674

63      OPPENHEIMER GLOBAL MULTI STRATEGIES 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
DEU		12/2017	GBP	195	USD		259	$	4,749	$	—
DEU		12/2017	HUF	148,000	USD		585		—		22,252
DEU		12/2017	NOK	4,580	USD		592		—		41,724
DEU		12/2017	TRY	1,900	USD		542		—		57,746
DEU		12/2017	USD	7,416	EUR		6,140		104,427		—
DEU		12/2017	USD	1,064	JPY		119,000		6,379		—
GSCO-OT		12/2017	BRL	1,690	USD		525		—		8,896
GSCO-OT		12/2017	JPY	120,000	USD		1,083		—		15,990
GSCO-OT		12/2017	USD	1,108	AUD		1,395		52,668		—
GSCO-OT		12/2017	USD	518	BRL		1,690		1,876		—
HSBC		12/2017	SEK	13,730	USD		1,710		—		68,987
HSBC		12/2017	USD	2,172	CHF		2,070		66,399		—
HSBC		12/2017	USD	1,071	EUR		910		—		12,703
HSBC		12/2017	USD	7,215	GBP		5,495		—		218,430
HSBC		12/2017	USD	1,116	HUF		288,000		21,164		—
HSBC		12/2017	USD	1,049	MXN		18,900		36,443		—
HSBC		12/2017	USD	1,067	NOK		8,530		41,735		—
HSBC		12/2017	USD	538	NZD		745		29,237		—
HSBC		12/2017	USD	2,219	SEK		18,120		53,208		—
JPM		12/2017	CHF	1,030	USD		1,090		—		41,820
JPM		12/2017	EUR	1,005	USD		1,201		1,076		4,814
JPM		12/2017	GBP	840	USD		1,094		42,818		—
JPM		12/2017	MXN	9,500	USD		529		—		20,445
JPM		12/2017	NOK	8,540	USD		1,084		—		57,138
JPM		12/2017	USD	1,108	CAD		1,400		22,280		—
JPM		12/2017	USD	1,082	CHF		1,055		8,608		—
JPM		12/2017	USD	1,043	ZAR		14,040		21,195		—
TDB		12/2017	AUD	720	USD		578		—		33,376
TDB		12/2017	BRL	1,700	USD		529		—		9,277
TDB		12/2017	USD	521	BRL		1,700		1,887		—
Total Unrealized Appreciation and Depreciation								$	780,654	$	849,224

Futures Contracts as of November 30, 2017

Description

Buy/Sell

Expiration Date

Number of Contracts

Notional Amount (000’s)

Value

Unrealized Appreciation/ (Depreciation)

CAC 40 10 Index

Sell

12/15/17

85

EUR 5,369

$

5,430,367

$

(61,329)

CBOE Volatility

Index*

Sell

1/17/18

82

USD 1,044

1,068,050

(24,163)

Coffee*

Sell

3/19/18

11

USD 516

530,063

(14,058)

Copper*

Buy

3/27/18

7

USD 553

536,200

(16,554)

FTSE 100 Index

Sell

12/15/17

55

GBP 5,463

5,451,457

11,746

Gas Oil*

Buy

12/29/17

7

USD 512

508,620

(3,069)

Gold (100 oz.)*

Buy

2/26/18

6

USD 781

766,020

(14,950)

Lead*

Sell

12/18/17

9

USD 553

556,538

(3,966)

Lean Hogs*

Buy

12/14/17

20

USD 491

514,200

22,741

Live Cattle*

Buy

12/29/17

11

USD 508

527,560

19,303

64      OPPENHEIMER GLOBAL MULTI STRATEGIES FUND

Futures Contracts (Continued)

Description

Buy/Sell

Expiration Date

Number of Contracts

Notional Amount (000’s)

Value

Unrealized Appreciation/ (Depreciation)

Low Sulfur GasOil*

Buy

12/12/17

10

USD 553

$

557,000

$

4,233

Natural Gas*

Sell

12/27/17

18

USD 544

544,500

(943)

Russell 2000 Mini

Index

Sell

12/15/17

248

USD 17,312

19,162,960

(1,851,204)

S&P 500 E-Mini

Index

Buy

12/15/17

53

USD 6,182

7,017,200

834,936

Sugar #11 World*

Sell

2/28/18

33

USD 544

557,357

(13,478)

United States

Treasury Long

Bonds

Sell

3/20/18

35

USD 5,307

5,310,156

(3,320)

United States

Treasury Nts., 10 yr.

Sell

3/20/18

4

USD 499

496,188

2,557

United States

Treasury Nts., 2 yr

Sell

3/29/18

5

USD 1,072

1,072,031

387

United States

Treasury Nts., 5 yr.

Sell

3/29/18

78

USD 9,110

9,074,813

35,368

WTI Crude Oil*

Buy

12/19/17

15

USD 838

861,000

22,608

Zinc*

Sell

12/18/17

7

USD 562

554,269

7,809

$

(1,045,346)

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

Centrally Cleared Credit Default Swaps at November 30, 2017
Reference Asset	Buy/Sell Protection		Fixed Rate		Maturity Date		Notional Amount (000’s)		Premiums Received/ (Paid)		Value			Unrealized Appreciation/ (Depreciation)
CDX.HY.27		Buy		5.000%		12/20/21		USD 15,215	$	1,045,151	$	(1,405,378	)	$	(360,227)
CDX.HY.27		Buy		5.000		12/20/21		USD 425		12,311		(39,287	)		(26,976)
CDX.HY.27		Buy		5.000		12/20/21		USD 3,391		95,903		(313,211	)		(217,308)
Total Centrally Cleared Credit Default Swaps									$	1,153,365	$	(1,757,876)		$	(604,511)

Centrally Cleared Interest Rate Swaps at November 30, 2017
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		Three-Month SEK STIBOR SIDE		1.501%		12/9/25		SEK 750	$	—	$	5,895	$	5,895
BAC		Pay		Three-Month SEK STIBOR SIDE		1.418		11/12/25		SEK 800		—		4,305		4,305
BAC		Pay		Three-Month SEK STIBOR SIDE		1.278		10/5/27		SEK 4,355		—		10,353		10,353
BAC		Receive		Six-Month GBP BBA LIBOR		1.196		3/1/27		GBP 6,165		—		104,702		104,702
BAC		Pay		Three-Month SEK STIBOR SIDE		0.597		8/3/26		SEK 2,565		10		(8,508)		(8,498)
BAC		Pay		Three-Month SEK STIBOR SIDE		1.365		8/10/25		SEK 1,225		—		6,748		6,748

65      OPPENHEIMER GLOBAL MULTI STRATEGIES 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)
BAC		Pay		Three-Month SEK STIBOR SIDE		1.630%		7/3/25		SEK 50,085	$	14,526	$	415,445	$	429,971
BAC		Pay		Three-Month SEK STIBOR SIDE		1.165		11/3/27		SEK 1,775		—		1,456		1,456
BAC		Pay		Three-Month SEK STIBOR SIDE		1.415		9/18/25		SEK 625		—		3,615		3,615
BOA		Pay		Three-Month NZD BBR FRA		3.458		1/6/27		NZD 665		—		20,852		20,852
BOA		Pay		Three-Month NZD BBR FRA		3.390		5/4/27		NZD 540		—		10,769		10,769
BOA		Pay		Three-Month NZD BBR FRA		3.273		10/5/27		NZD 310		—		3,991		3,991
BOA		Pay		Three-Month NZD BBR FRA		3.178		11/6/27		NZD 490		—		2,864		2,864
BOA		Receive		Six-Month JPY BBA LIBOR		0.208		12/8/26		JPY 52,000		—		1,655		1,655
BOA		Pay		Three-Month NZD BBR FRA		3.353		12/8/26		NZD 9,695		—		257,863		257,863
CITNA-B		Receive		Six-Month JPY BBA LIBOR		0.251		1/6/27		JPY 64,000		—		(9)		(9)
GSCOI		Pay		Three-Month SEK STIBOR SIDE		1.118		1/9/27		SEK 650		—		1,566		1,566
JPM		Receive		Six-Month JPY BBA LIBOR		0.295		11/6/27		JPY 112,000		—		(142)		(142)
JPM		Receive		Six-Month JPY BBA LIBOR		0.550		9/18/25		JPY 26,000		—		(6,431)		(6,431)
JPM		Receive		Six-Month JPY BBA LIBOR		0.593		7/10/25		JPY 656,000		—		(187,396)		(187,396)
JPM		Pay		Three-Month SEK STIBOR SIDE		1.136		3/3/27		SEK 2,710		—		6,326		6,326
JPM		Pay		Three-Month SEK STIBOR SIDE		1.070		6/7/26		SEK 2,125		—		4,504		4,504
JPM		Receive		Six-Month JPY BBA LIBOR		0.461		12/9/25		JPY 11,000		—		(2,128)		(2,128)
Total Centrally Cleared Interest Rate Swaps											$	14,536	$	658,295	$	672,831

Over-the-Counter Total Return Swaps at November 30, 2017

Reference Asset

Counter- party

Pay/Receive Total Return*

Floating Rate

Maturity Date

Notional Amount (000’s)

Value

Unrealized Appreciation/ (Depreciation)

JPCMOLNG Custom Basketa

JPM

Receive

One-Month USD BBA LIBOR plus 30 basis points

12/4/18

USD    4,045

$

135,035

$

135,035

JPCMOSHR Custom Basketb

JPM

Pay

One-Month USD BBA LIBOR minus 85 basis points

12/4/18

USD    3,994

(205,254

)

(205,254)

66      OPPENHEIMER GLOBAL MULTI STRATEGIES FUND

Over-the-Counter Total Return Swaps (Continued)

Reference Asset

Counter- party

Pay/Receive Total Return*

Floating Rate

Maturity Date

Notional Amount (000’s)

Value

Unrealized Appreciation/ (Depreciation)

OEX Index

GSCOI

Pay

One-Month USD BBA LIBOR minus 35 basis points

4/9/18

USD 5,528

$

(129,565

)

$

(129,565)

Total Over-the-Counter Total Return Swaps

$

(199,784

)

$

(199,784)

* 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.

Custom baskets of securities: The following are the components and weights of the underlying basket of securities
Description	Shares		Value		% of Basket
JPCMOLNGa:
Abbvie, Inc.		2,681	$	117,189		2.80%
Altria Group, Inc.		3,767		115,237		2.76
Ameriprise Financial, Inc.		1,545		113,738		2.72
Anthem, Inc.		1,156		122,498		2.93
At&T, Inc.		7,189		117,953		2.82
Best Buy Co., Inc.		4,321		116,166		2.78
Boeing Co. (The)		938		117,097		2.80
CarMax, Inc.		3,221		100,103		2.40
Centene Corp.		2,583		118,928		2.85
Centerpoint Energy, Inc.		8,178		110,685		2.65
Cognizant Technology
Solutions Corp., Cl. A		3,198		104,249		2.49
Corning, Inc.		7,726		112,860		2.70
CSX Corp.		4,798		120,637		2.89
Cummins, Inc.		1,367		103,205		2.47
CVS Health Corp.		3,531		121,984		2.92
Eaton Corp. plc		3,023		106,043		2.54
eBay, Inc.		6,427		100,494		2.41
Electronic Arts, Inc.		2,022		96,983		2.32
Estee Lauder Cos., Inc., Cl. A		2,164		121,829		2.91
FMC Corp.		2,605		110,906		2.65
General Motors Co.		5,629		109,392		2.62
Lincoln National Corp.		3,192		110,215		2.64
LyondellBasell Industries NV,
Cl. A		2,337		110,352		2.64
Marathon Petroleum Corp.		4,050		114,397		2.74
McKesson Corp.		1,755		116,937		2.80
Micron Technology, Inc.		5,460		104,384		2.50
Molson Coors Brewing Co.,
Cl. B		2,992		105,387		2.52
Navient Corp.		19,415		110,415		2.64
NRG Energy, Inc.		9,677		120,674		2.89

67      OPPENHEIMER GLOBAL MULTI STRATEGIES FUND

CONSOLIDATED

STATEMENT OF INVESTMENTS Unaudited / Continued

Custom baskets of securities: The following are the components and weights of the underlying basket of securities (Continued)
Description	Shares		Value		% of Basket
JPCMOLNGa: (Continued)
PulteGroup, Inc.		8,003		$123,187		2.95%
Robert Half International, Inc.		4,673		120,213		2.88
Royal Caribbean Cruises Ltd.		1,955		109,226		2.61
Scripps Networks Interactive,
Inc., Cl. A		2,905		107,223		2.57
United Rentals, Inc.		1,709		122,921		2.94
Unum Group		4,649		118,715		2.84
Valero Energy Corp.		3,067		118,431		2.83
Vertex Pharmaceuticals, Inc.		1,654		107,634		2.58
		155,562		$4,178,487		100.00%
JPCMOSHRb:
Acuity Brands, Inc.		1,447		$111,869		2.67%
Advance Auto Parts, Inc.		2,960		134,832		3.22
Akamai Technologies		4,630		116,477		2.78
Allergan plc		1,365		107,013		2.55
American International Group,
Inc.		3,744		101,246		2.42
Arconic, Inc.		9,630		106,886		2.55
CenturyLink, Inc.		12,739		83,825		2.00
CF Industries Holdings, Inc.		6,370		107,648		2.57
CH Robinson Worldwide, Inc.		3,081		120,404		2.87
Chesapeake Energy Corp.		62,031		113,863		2.72
Chipotle Mexican Grill, Inc.		890		122,180		2.91
Citrix Systems, Inc.		2,929		115,759		2.76
Conagra Brands, Inc.		7,082		119,233		2.84
Coty, Inc., Cl. A		15,709		122,072		2.91
Dentsply Sirona, Inc.		3,961		119,709		2.86
Envision Healthcare Corp.		5,679		81,781		1.95
FirstEnergy Corp.		7,342		113,047		2.70
Fluor Corp.		5,615		122,593		2.92
Ford Motor Co.		19,717		111,334		2.66
Hess Corp.		5,478		113,351		2.70
Hewlett Packard Enterprise Co.		17,380		109,346		2.61
Johnson Controls International plc		5,845		99,224		2.37
Kellogg Co.		3,869		115,445		2.75
Mattel, Inc.		17,133		141,019		3.36
MetLife, Inc.		4,515		109,308		2.61
Moody’s Corp.		1,698		116,265		2.77
Nasdaq, Inc.		3,330		118,886		2.84
Newmont Mining Corp.		6,691		111,624		2.66
News Corp., Cl. A		17,710		129,075		3.08
Patterson Cos., Inc.		6,538		107,774		2.57
Perrigo Co. plc		2,987		117,485		2.80
Qualcomm, Inc.		4,743		141,909		3.40
Scana Corp.		5,608		109,187		2.60

68      OPPENHEIMER GLOBAL MULTI STRATEGIES FUND

Custom baskets of securities: The following are the components and weights of the underlying basket of securities (Continued)
Description	Shares		Value		% of Basket
JPCMOSHRb: (Continued)
Stericycle, Inc.		3,415		$102,129		2.44%
Symantec Corp.		7,444		97,260		2.32
TripAdvisor, Inc.		6,451		100,724		2.40
Walgreens Boots Alliance, Inc.		3,651		119,808		2.86
		301,407		$4,191,590		100.00%

Over-the-Counter Volatility Swaps at November 30, 2017

Reference Asset

Counter-party

Pay/Receive Volatility*

Strike Price

Maturity Date

Notional Amount

Value

Unrealized Appreciation/ (Depreciation)

CHF/JPY spot exchange rate

BOA

Pay

$

5.900

12/14/17

CHF (5,500)

$

1,230

$

1,230

CHF/JPY spot exchange rate

BOA

Pay

5.950

12/27/17

CHF (5,400)

(110)

(110)

CHF/JPY spot exchange rate

CITNA-B

Pay

6.000

12/13/17

CHF (5,500)

2,460

2,460

EUR/NOK spot exchange rate

CITNA-B

Receive

7.200

12/20/17

EUR 4,700

7,944

7,944

GBP/AUD spot exchange rate

JPM

Receive

7.750

12/8/17

GBP 4,200

1,420

1,420

GBP/CAD spot exchange rate

CITNA-B

Receive

7.600

12/7/17

GBP 4,200

1,931

1,931

GBP/CAD spot exchange rate

BOA

Receive

7.800

12/11/17

GBP 4,200

2,613

2,613

GBP/NZD spot exchange rate

BOA

Receive

9.850

1/4/18

GBP 4,100

(4,491)

(4,491)

GBP/USD spot exchange rate

BOA

Receive

7.550

1/2/18

USD 5,500

2,860

2,860

USD/JPY spot exchange rate

GSCO-OT

Pay

8.175

12/18/17

USD (5,500)

330

330

USD/JPY spot exchange rate

JPM

Pay

7.800

12/18/17

USD (5,500)

(1,705)

(1,705)

USD/JPY spot exchange rate

CITNA-B

Pay

7.700

12/22/17

USD (5,500)

(1,320)

(1,320)

USD/JPY spot exchange rate

JPM

Pay

7.600

12/22/17

USD (5,500)

(2,640)

(2,640)

Total Over-the-Counter Volatility Swaps

$

10,522

$

10,522

* Fund will pay or receive the volatility of the reference asset depending on whether the realized volatility of the reference asset exceeds or is less than the strike price. For contracts where the Fund has elected to receive the volatility of the reference asset, it will receive a net payment of the difference between the realized volatility and the strike price multiplied by the notional amount if the realized volatility exceeds the strike price; the Fund will make a net payment of the absolute value of the difference of the realized volatility and the strike price multiplied by the notional amount if the realized volatility is less than the strike price. For contracts where the Fund has elected to pay the volatility of the reference asset, it will make a net payment of the difference between the realized volatility and the strike price multiplied by the notional amount if the realized volatility exceeds the strike price; the Fund will receive a net payment of the absolute value of the difference of the realized and the strike price multiplied by the notional amount if the realized volatility is less than the strike price.

69      OPPENHEIMER GLOBAL MULTI STRATEGIES FUND

CONSOLIDATED

STATEMENT OF INVESTMENTS Unaudited / Continued

Glossary:
Counterparty Abbreviations
BAC	Barclays Bank plc
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
Currency abbreviations indicate amounts reporting in currencies
AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
CHF	Swiss Franc
EUR	Euro
GBP	British Pound Sterling
HUF	Hungarian Forint
JPY	Japanese Yen
KRW	South Korean Won
MXN	Mexican Nuevo Peso
NOK	Norwegian Krone
NZD	New Zealand Dollar
SEK	Swedish Krona
SGD	Singapore Dollar
TRY	New Turkish Lira
ZAR	South African Rand
Definitions
BBA LIBOR	British Bankers’ Association London - Interbank Offered Rate
BBR FRA	Bank Bill Forward Rate Agreement
CAC	French Options Market
CDX.HY.27	Markit CDX High Yield Index
EUR003M	EURIBOR 3 Month ACT/360
FTSE 100	United Kingdom 100 most highly capitalized companies on the London Stock Exchange
ICE LIBOR	Intercontinental Exchange London Interbank Offered Rate
MM	Money Market Reference Rate
OEX	S&P 100 Index
S&P	Standard & Poor’s
STIBOR SIDE	Stockholm Interbank Offered Rate
T-BILL 3MO	US Treasury Bill 3 Month
US0003M	ICE LIBOR USD 3 Month
US0006M	ICE LIBOR USD 6 Month

See accompanying Notes to Consolidated Financial Statements.

70      OPPENHEIMER GLOBAL MULTI STRATEGIES FUND

CONSOLIDATED STATEMENT OF

ASSETS AND LIABILITIES November 30, 2017 Unaudited

Assets
Investments, at value—see accompanying consolidated statement of investments:
Unaffiliated companies (cost $86,597,841)	$	90,014,215
Affiliated companies (cost $11,940,175)		11,940,175
		101,954,390
Cash		1,080,789
Cash—foreign currencies (cost $3)		3
Cash used for collateral on futures		3,000,150
Cash used for collateral on centrally cleared swaps		2,126,228
Unrealized appreciation on forward currency exchange contracts		780,654
Swaps, at value		155,823
Centrally cleared swaps, at value (premiums received $14,526)		862,909
Receivables and other assets:
Expense waivers/reimbursements due from manager		507,453
Interest and dividends		477,137
Variation margin receivable		230,052
Shares of beneficial interest sold		45,505
Investments sold		20,700
Other		9,920
Total assets		111,251,713
Liabilities
Unrealized depreciation on forward currency exchange contracts		849,224
Swaps, at value		345,085
Centrally cleared swaps, at value (premiums received $1,153,375)		1,962,490
Payables and other liabilities:
Investments purchased		543,425
Tax interest expense		507,453
Variation margin payable		108,448
Shareholder communications		12,343
Shares of beneficial interest redeemed		11,553
Trustees’ compensation		2,879
Distribution and service plan fees		1,509
Other		96,315
Total liabilities		4,440,724
Net Assets	$	106,810,989
Composition of Net Assets
Par value of shares of beneficial interest	$	4,506
Additional paid-in capital		114,205,833
Accumulated net investment income		5,951,222
Accumulated net realized loss on investments and foreign currency transactions		(15,336,170)
Net unrealized appreciation on investments and translation of assets and liabilities denominated in foreign currencies		1,985,598
Net Assets	$	106,810,989

71      OPPENHEIMER GLOBAL MULTI STRATEGIES 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 $5,024,633 and 213,073 shares of beneficial interest outstanding)	$	23.58
Maximum offering price per share (net asset value plus sales charge of 5.75% of offering price)	$	25.02
Class C Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $2,320,285 and 100,712 shares of beneficial interest outstanding)	$	23.04
Class I Shares:
Net asset value, redemption price and offering price per share (based on net assets of
$98,627,749 and 4,156,592 shares of beneficial interest outstanding)	$	23.73
Class Y Shares:
Net asset value, redemption price and offering price per share (based on net assets of $838,322 and 35,669 shares of beneficial interest outstanding)	$	23.50

See accompanying Notes to Consolidated Financial Statements.

72      OPPENHEIMER GLOBAL MULTI STRATEGIES FUND

CONSOLIDATED STATEMENT OF

OPERATIONS For the Six Months Ended November 30, 2017 Unaudited

Investment Income
Interest	$	1,015,466
Dividends:
Unaffiliated companies (net of foreign withholding taxes of $10,220)		441,934
Affiliated companies		22,406
Total investment income		1,479,806
Expenses
Management fees		467,454
Distribution and service plan fees:
Class A		5,753
Class C		12,236
Transfer and shareholder servicing agent fees:
Class A		5,351
Class C		2,720
Class I		14,970
Class Y		1,483
Shareholder communications:
Class A		7,896
Class C		3,858
Class I		61
Class Y		1,159
Custodian fees and expenses		48,687
Legal, auditing and other professional fees		42,728
Trustees’ compensation		6,916
Tax interest expense		2,015
Borrowing fees		1,773
Other		3,492
Total expenses		628,552
Less reduction to custodian expenses		(200)
Less waivers and reimbursements of expenses		(45,324)
Net expenses		583,028
Net Investment Income		896,778

73      OPPENHEIMER GLOBAL MULTI STRATEGIES FUND

CONSOLIDATED STATEMENT OF

OPERATIONS Unaudited / Continued

Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions in unaffiliated companies	$	1,581,347
Option contracts written		179,164
Futures contracts		(144,285)
Foreign currency transactions		12,835
Forward currency exchange contracts		(1,343,872)
Swap contracts		(991,851)
Net realized loss		(706,662)
Net change in unrealized appreciation/depreciation on:
Investment transactions in unaffiliated companies		1,943,975
Translation of assets and liabilities denominated in foreign currencies		(3,526)
Forward currency exchange contracts		810,378
Futures contracts		(1,398,704)
Swap contracts		(30,418)
Net change in unrealized appreciation/depreciation		1,321,705
Net Increase in Net Assets Resulting from Operations	$	1,511,821

See accompanying Notes to Consolidated Financial Statements.

74      OPPENHEIMER GLOBAL MULTI STRATEGIES FUND

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended November 30, 2017 (Unaudited)		Year Ended May 31, 2017
Operations
Net investment income	$	896,778	$	2,087,718
Net realized loss		(706,662)		(8,742,877)
Net change in unrealized appreciation/depreciation		1,321,705		7,329,044
Net increase in net assets resulting from operations		1,511,821		673,885
Dividends and/or Distributions to Shareholders
Dividends from net investment income:
Class A		—		(449,945)
Class C		—		(201,374)
Class I		—		(8,298,650)
Class Y		—		(50,042)
		—		(9,000,011)
Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions:
Class A		193,780		(3,175,139)
Class C		(348,369)		(999,836)
Class I		(4,102,721)		4,804,978
Class Y		(211,881)		(2,833,076)
		(4,469,191)		(2,203,073)
Net Assets
Total decrease		(2,957,370)		(10,529,199)
Beginning of period		109,768,359		120,297,558
End of period (including accumulated net investment income of
$5,951,222 and $5,054,444, respectively)	$	106,810,989	$	109,768,359

See accompanying Notes to Consolidated Financial Statements.

75      OPPENHEIMER GLOBAL MULTI STRATEGIES FUND

CONSOLIDATED FINANCIAL HIGHLIGHTS

Class A	Six Months Ended      November 30, 2017 (Unaudited)		Year Ended May 31, 2017		Year Ended May 31, 2016		Year Ended May 29, 20151		Year Ended May 30, 20141		Year Ended May 31, 2013
Per Share Operating Data
Net asset value, beginning of period		$23.28		$25.24		$26.68		$26.93		$25.74		$24.84
Income (loss) from investment operations:
Net investment income2		0.17		0.40		0.45		0.46		0.55		1.12
Net realized and unrealized gain (loss)		0.13		(0.32)		(1.37)		0.61		0.77		0.72
Total from investment operations		0.30		0.08		(0.92)		1.07		1.32		1.84
Dividends and/or distributions to shareholders:
Dividends from net investment income		0.00		(2.04)		(0.19)		(1.32)		(0.13)		(0.94)
Distributions from net realized gain		0.00		0.00		(0.33)		0.00		0.00		0.00
Total dividends and/or distributions to shareholders		0.00		(2.04)		(0.52)		(1.32)		(0.13)		(0.94)
Net asset value, end of period		$23.58		$23.28		$25.24		$26.68		$26.93		$25.74
Total Return, at Net Asset
Value3		1.33%		0.44%		(3.44)%		4.10%		5.16%		7.52%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$5,025		$4,767		$8,369		$15,016		$21,494		$19,034
Average net assets (in thousands)		$4,853		$6,108		$10,276		$17,929		$19,776		$17,966
Ratios to average net assets:4
Net investment income		1.44%		1.64%5		1.78%5		1.72%5		2.11%5		4.34%5
Expenses excluding specific expenses listed below		1.84%		2.38%5		1.65%5		1.43%5		1.66%5		1.68%5
Interest and fees from borrowings		0.00%6		0.00%6		0.00%6		0.00%		0.00%		0.00%
Total expenses7		1.84%		2.38%5		1.65%5		1.43%5		1.66%5		1.68%5
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.29%		1.33%5		1.35%5		1.34%5		1.32%5		1.32%5
Portfolio turnover rate		39%		111%		72%		48%		59%8		58%8

76      OPPENHEIMER GLOBAL MULTI STRATEGIES 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 fund.

6. Less than 0.005%.

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

Six Months Ended November 30, 2017	1.84	%
Year Ended May 31, 2017	2.38	%
Year Ended May 31, 2016	1.65	%
Year Ended May 29, 2015	1.43	%
Year Ended May 30, 2014	1.68	%
Year Ended May 31, 2013	1.71	%

8. The portfolio turnover rate excludes purchase and sale transactions of To Be Announced (TBA) mortgage-related securities as follows:

	Purchase Transactions		Sale Transactions
Year Ended May 30, 2014		$—		$1,631,535
Year Ended May 31, 2013		$5,841,421		$4,110,486

See accompanying Notes to Consolidated Financial Statements.

77      OPPENHEIMER GLOBAL MULTI STRATEGIES FUND

CONSOLIDATED FINANCIAL HIGHLIGHTS Continued

Class C	Six Months Ended November 30, 2017 (Unaudited)		Year Ended May 31, 2017		Year Ended May 31, 2016		Year Ended May 29, 20151		Year Ended May 30, 20141		Year Ended May 31, 2013
Per Share Operating Data
Net asset value, beginning of period		$22.84		$24.76		$26.26		$26.54		$25.56		$24.77
Income (loss) from investment operations:
Net investment income2		0.07		0.19		0.23		0.24		0.34		0.75
Net realized and unrealized gain (loss)		0.13		(0.31)		(1.34)		0.60		0.77		0.86
Total from investment operations		0.20		(0.12)		(1.11)		0.84		1.11		1.61
Dividends and/or distributions to shareholders:
Dividends from net investment income		0.00		(1.80)		(0.06)		(1.12)		(0.13)		(0.82)
Distributions from net realized gain		0.00		0.00		(0.33)		0.00		0.00		0.00
Total dividends and/or distributions to shareholders		0.00		(1.80)		(0.39)		(1.12)		(0.13)		(0.82)
Net asset value, end of period		$23.04		$22.84		$24.76		$26.26		$26.54		$25.56
Total Return, at Net Asset Value3		0.88%		(0.37)%		(4.22)%		3.24%		4.38%		6.59%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$2,320		$2,648		$3,875		$2,617		$1,893		$637
Average net assets (in thousands)		$2,464		$3,167		$2,847		$2,211		$1,460		$252
Ratios to average net assets:4
Net investment income		0.64%		0.81%5		0.94%5		0.91%5		1.34%5		2.95%5
Expenses excluding specific expenses listed below		2.58%		3.23%5		2.62%5		2.63%5		3.51%5		6.58%5
Interest and fees from borrowings		0.00%6		0.00%6		0.00%6		0.00%		0.00%		0.00%
Total expenses7		2.58%		3.23%5		2.62%5		2.63%5		3.51%5		6.58%5
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		2.12%		2.16%5		2.18%5		2.16%5		2.21%5		2.22%5
Portfolio turnover rate		39%		111%		72%		48%		59%8		58%8

78    OPPENHEIMER GLOBAL MULTI STRATEGIES 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 fund.

6. Less than 0.005%.

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

Six Months Ended November 30, 2017	2.58	%
Year Ended May 31, 2017	3.23	%
Year Ended May 31, 2016	2.62	%
Year Ended May 29, 2015	2.63	%
Year Ended May 30, 2014	3.53	%
Year Ended May 31, 2013	6.61	%

8. The portfolio turnover rate excludes purchase and sale transactions of To Be Announced (TBA) mortgage-related securities as follows:

	Purchase Transactions		Sale Transactions
Year Ended May 30, 2014		$—		$1,631,535
Year Ended May 31, 2013		$5,841,421		$4,110,486

See accompanying Notes to Consolidated Financial Statements.

79      OPPENHEIMER GLOBAL MULTI STRATEGIES FUND

CONSOLIDATED FINANCIAL HIGHLIGHTS Continued

Class I	Six Months Ended November 30, 2017 (Unaudited)		Year Ended May 31, 2017		Year Ended May 31, 2016		Year Ended May 29, 20151		Year Ended May 30, 20141		Year Ended May 31, 2013
Per Share Operating Data
Net asset value, beginning of period		$23.39		$25.37		$26.89		$27.12		$25.86		$24.86
Income (loss) from investment operations:
Net investment income2		0.20		0.46		0.50		0.53		0.62		0.71
Net realized and unrealized gain (loss)		0.14		(0.32)		(1.37)		0.64		0.77		1.19
Total from investment operations		0.34		0.14		(0.87)		1.17		1.39		1.90
Dividends and/or distributions to shareholders:
Dividends from net investment income		0.00		(2.12)		(0.32)		(1.40)		(0.13)		(0.90)
Distributions from net realized gain		0.00		0.00		(0.33)		0.00		0.00		0.00
Total dividends and/or distributions to shareholders		0.00		(2.12)		(0.65)		(1.40)		(0.13)		(0.90)
Net asset value, end of period		$23.73		$23.39		$25.37		$26.89		$27.12		$25.86
Total Return, at Net Asset Value3		1.45%		0.67%		(3.15)%		4.38%		5.45%		7.81%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$98,628		$101,320		$104,162		$104,947		$64,914		$45,183
Average net assets (in thousands)		$99,509		$101,993		$104,374		$98,039		$48,915		$1,638
Ratios to average net assets:4
Net investment income		1.69%		1.90%5		1.95%5		1.98%5		2.38%5		3.34%5
Expenses excluding specific expenses listed below		1.09%		1.63%5		1.17%5		1.10%5		1.45%5		1.18%5
Interest and fees from borrowings		0.00%6		0.00%6		0.00%6		0.00%		0.00%		0.00%
Total expenses7		1.09%		1.63%5		1.17%5		1.10%5		1.45%5		1.18%5
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.04%		1.08%5		1.10%5		1.03%5		1.11%5		1.13%5
Portfolio turnover rate		39%		111%		72%		48%		59%8		58%8

80         OPPENHEIMER GLOBAL MULTI STRATEGIES 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 fund.

6. Less than 0.005%.

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

Six Months Ended November 30, 2017	1.09	%
Year Ended May 31, 2017	1.63	%
Year Ended May 31, 2016	1.17	%
Year Ended May 29, 2015	1.10	%
Year Ended May 30, 2014	1.47	%
Year Ended May 31, 2013	1.21	%

8. The portfolio turnover rate excludes purchase and sale transactions of To Be Announced (TBA) mortgage-related securities as follows:

	Purchase Transactions		Sale Transactions
Year Ended May 30, 2014		$—		$1,631,535
Year Ended May 31, 2013		$5,841,421		$4,110,486

See accompanying Notes to Consolidated Financial Statements.

81      OPPENHEIMER GLOBAL MULTI STRATEGIES FUND

CONSOLIDATED FINANCIAL HIGHLIGHTS Continued

Class Y	Six Months Ended November 30, 2017 (Unaudited)		Year Ended May 31, 2017		Year Ended May 31, 2016		Year Ended May 29, 20151		Year Ended May 30, 20141		Year Ended May 31, 2013
Per Share Operating Data
Net asset value, beginning of period		$23.19		$25.06		$26.55		$26.82		$25.61		$24.85
Income (loss) from investment operations:
Net investment income2		0.20		0.43		0.48		0.49		0.58		0.93
Net realized and unrealized gain (loss)		0.11		(0.33)		(1.38)		0.61		0.76		0.85
Total from investment operations		0.31		0.10		(0.90)		1.10		1.34		1.78
Dividends and/or distributions to shareholders:
Dividends from net investment income		0.00		(1.97)		(0.26)		(1.37)		(0.13)		(1.02)
Distributions from net realized gain		0.00		0.00		(0.33)		0.00		0.00		0.00
Total dividends and/or distributions to shareholders		0.00		(1.97)		(0.59)		(1.37)		(0.13)		(1.02)
Net asset value, end of period		$23.50		$23.19		$25.06		$26.55		$26.82		$25.61
Total Return, at Net Asset Value3		1.38%		0.52%		(3.34)%		4.21%		5.27%		7.33%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$838		$1,033		$3,892		$5,855		$453		$337
Average net assets (in thousands)		$1,345		$1,260		$4,491		$3,235		$418		$16,385
Ratios to average net assets:4
Net investment income		1.67%		1.73%5		1.89%5		1.85%5		2.23%5		3.56%5
Expenses excluding specific expenses listed below		1.45%		1.98%5		1.42%5		1.37%5		1.96%5		1.31%5
Interest and fees from borrowings		0.00%6		0.00%6		0.00%6		0.00%		0.00%		0.00%
Total expenses7		1.45%		1.98%5		1.42%5		1.37%5		1.96%5		1.31%5
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.19%		1.23%5		1.25%5		1.23%5		1.24%5		1.21%5
Portfolio turnover rate		39%		111%		72%		48%		59%8		58%8

82      OPPENHEIMER GLOBAL MULTI STRATEGIES 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 fund.

6. Less than 0.005%.

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

Six Months Ended November 30, 2017	1.45	%
Year Ended May 31, 2017	1.98	%
Year Ended May 31, 2016	1.42	%
Year Ended May 29, 2015	1.37	%
Year Ended May 30, 2014	1.98	%
Year Ended May 31, 2013	1.34	%

8. The portfolio turnover rate excludes purchase and sale transactions of To Be Announced (TBA) mortgage-related securities as follows:

	Purchase Transactions		Sale Transactions
Year Ended May 30, 2014		$—		$1,631,535
Year Ended May 31, 2013		$5,841,421		$4,110,486

See accompanying Notes to Consolidated Financial Statements.

83      OPPENHEIMER GLOBAL MULTI STRATEGIES FUND

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS November 30, 2017 Unaudited

1. Organization

Oppenheimer Global Multi Strategies Fund (the “Fund”) is a diversified open-end management investment company registered under the Investment Company Act of 1940 (“1940 Act”), as amended. The Fund’s investment objective is to seek 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. Effective as of the close of the New York Stock Exchange (“NYSE”) on January 12, 2018 (the “Closing Date”), the Fund will no longer accept purchase orders from new investors and shareholders of other Oppenheimer funds will no longer be able to exchange shares of other funds into the Fund. Effective February 9, 2018, no further purchases in the Fund will be accepted. Please see the Fund’s prospectus for exceptions and additional information.

The Fund offers Class A, Class C, Class I and Class Y shares. Class A shares are sold at their offering price, which is normally net asset value plus a front-end sales charge. Class C shares are sold without a front-end sales charge but may be subject to a contingent deferred sales charge (“CDSC”). 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 and C shares have separate distribution and/or service plans under which they pay fees. Class I and Class Y shares do not pay such fees.

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

2. Significant Accounting Policies

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

Basis for Consolidation. The Fund has established a Cayman Islands exempted company, Oppenheimer Global Multi Strategies 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 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

84      OPPENHEIMER GLOBAL MULTI STRATEGIES FUND

2. Significant Accounting Policies (Continued)

Subsidiary. Accordingly, all inter-company transactions and balances have been eliminated. At period end, the Fund owned 2,250 shares with net assets of $1,518,205 in the Subsidiary.

Other financial information at period end:

Total market value of investments	$	—*
Net assets	$	1,518,205
Net income (loss)	$	(18,400)
Net realized gain (loss)	$	488,786
Net change in unrealized appreciation/depreciation	$	(128,490)

*At period end, all investments held in the subsidiary are derivatives, which are valued at net unrealized appreciation/ depreciation.

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 gains or losses on such securities are recorded net of foreign withholding tax.

Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, the difference between the amounts of dividends, interest, and foreign withholding tax reclaims recorded on the Fund’s books, and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities other than investments in securities, resulting from changes in the exchange rate.

Allocation of Income, Expenses, Gains and Losses. Income, expenses (other than those attributable to a specific class), gains and losses are allocated on a daily basis to each class of shares based upon the relative proportion of net assets represented by such class. Operating expenses directly attributable to a specific class are charged against the operations of that class.

Dividends and Distributions to Shareholders. Dividends and distributions to shareholders, which are determined in accordance with income tax regulations and may differ from U.S. GAAP, are recorded on the ex-dividend date. Income and capital gain distributions,

85      OPPENHEIMER GLOBAL MULTI STRATEGIES FUND

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS Unaudited / Continued

2. Significant Accounting Policies (Continued)

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 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.

86      OPPENHEIMER GLOBAL MULTI STRATEGIES 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 May 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 May 31, 2017, the Fund did not utilize any capital loss carryforward to offset capital gains realized in that fiscal year. Details of the fiscal year ended May 31, 2017 capital loss carryforwards are included in the table below. 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.

Expiring
2018	$	1,188,645
No expiration		14,610,068
Total	$	15,798,713

At period end, it is estimated that the capital loss carryforwards would be $1,188,645 expiring by 2018 and $15,316,730, 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.

87      OPPENHEIMER GLOBAL MULTI STRATEGIES FUND

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS Unaudited / Continued

2. Significant Accounting Policies (Continued)

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.

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	$	98,538,016
Federal tax cost of other investments		(38,643,501)
Total federal tax cost	$	59,894,515
Gross unrealized appreciation	$	9,403,786
Gross unrealized depreciation		(7,418,188)
Net unrealized appreciation	$	1,985,598

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

88      OPPENHEIMER GLOBAL MULTI STRATEGIES FUND

3. Securities Valuation (Continued)

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 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.

Event-linked bonds, 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 reported trade data and 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

89      OPPENHEIMER GLOBAL MULTI STRATEGIES FUND

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS Unaudited / Continued

3. Securities Valuation (Continued)

be valued at the final settlement price or official closing price on the principal exchange as reported by such principal exchange at its trading session ending at, or most recently prior to, the time when the Fund’s assets are valued.

Securities for which market quotations are not readily available or a significant event has occurred that would materially affect the value of the security, the security is fair valued either (i) by a standardized fair valuation methodology applicable to the security type or the significant event as previously approved by the Valuation Committee and the Fund’s Board or (ii) as determined in good faith by the Manager’s Valuation Committee. The Valuation Committee considers all relevant facts that are reasonably available, through either public information or information available to the Manager, when determining the fair value of a security. 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).

90      OPPENHEIMER GLOBAL MULTI STRATEGIES FUND

3. Securities Valuation (Continued)

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

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

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

	Level 1— Unadjusted Quoted Prices		Level 2— Other Significant Observable Inputs		Level 3— Significant Unobservable Inputs		Value
Assets Table
Investments, at Value:
Common Stocks
Consumer Discretionary	$	4,285,473	$	2,070,727	$	57	$	6,356,257
Consumer Staples		3,643,550		1,331,276		—		4,974,826
Energy		2,617,999		834,493		—		3,452,492
Financials		6,128,626		1,816,037		—		7,944,663
Health Care		4,713,293		648,500		14,245		5,376,038
Industrials		4,800,315		1,253,994		—		6,054,309
Information Technology		6,041,324		497,981		—		6,539,305
Materials		1,745,782		1,243,846		—		2,989,628
Telecommunication Services		223,051		432,079		—		655,130
Utilities		2,335,067		797,246		—		3,132,313
Preferred Stock		—		—		333,620		333,620
Rights, Warrants and Certificates		831		3,897		—		4,728
Mortgage-Backed Obligations		—		268,371		—		268,371
Non-Convertible Corporate Bonds and Notes		—		20,201,357		50		20,201,407
Convertible Corporate Bond and Note		—		120,671		—		120,671
Event-Linked Bonds		—		15,850,324		—		15,850,324
Short-Term Note		—		5,722,152		—		5,722,152
Investment Companies		11,940,175		37,981		—		11,978,156
Total Investments, at Value		48,475,486		53,130,932		347,972		101,954,390
Other Financial Instruments:
Swaps, at value		—		155,823		—		155,823
Centrally cleared swaps, at value		—		862,909		—		862,909
Futures contracts		961,688		—		—		961,688
Forward currency exchange contracts		—		780,654		—		780,654
Total Assets	$	49,437,174	$	54,930,318	$	347,972	$	104,715,464
Liabilities Table
Other Financial Instruments:
Swaps, at value	$	—	$	(345,085)	$	—	$	(345,085)
Centrally cleared swaps, at value		—		(1,962,490)		—		(1,962,490)
Futures contracts		(2,007,034)		—		—		(2,007,034)

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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
Other Financial Instruments: (Continued)
Forward currency exchange contracts	$	—	$	(849,224)	$	—	$	(849,224)
Total Liabilities	$	(2,007,034)	$	(3,156,799)	$	—	$	(5,163,833)

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

4. Investments and Risks

Risks of Foreign Investing. The Fund may invest in foreign securities which are subject to special risks. Securities traded in foreign markets may be less liquid and more volatile than those traded in U.S. markets. Foreign issuers are usually not subject to the same accounting and disclosure requirements that U.S. companies are subject to, which may make it difficult for the Fund to evaluate a foreign company’s operations or financial condition. A change in the value of a foreign currency against the U.S. dollar will result in a change in the U.S. dollar value of investments denominated in that foreign currency and in the value of any income or distributions the Fund may receive on those investments. The value of foreign investments may be affected by exchange control regulations, foreign taxes, higher transaction and other costs, delays in the settlement of transactions, changes in economic or monetary policy in the United States or abroad, expropriation or nationalization of a company’s assets, or other political and economic factors. In addition, due to the inter-relationship of global economies and financial markets, changes in political and economic factors in one country or region could adversely affect conditions in another country or region. Investments in foreign securities may also expose the Fund to time-zone arbitrage risk. Foreign securities may trade on weekends or other days when the Fund does not price its shares. At times, the Fund may emphasize investments in a particular country or region and may be subject to greater risks from adverse events that occur in that country or region. Foreign securities and foreign currencies held in foreign banks and securities depositories may be subject to limited or no regulatory oversight.

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

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4. Investments and Risks (Continued)

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.

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.

Event-Linked Bonds. The Fund may invest in “event-linked” bonds. Event-linked bonds, which are sometimes referred to as “catastrophe” bonds, are fixed income securities for which the return of principal and payment of interest is contingent on the non-occurrence of a specific trigger event, such as a hurricane, earthquake, or other occurrence that leads to physical or economic loss. If the trigger event occurs prior to maturity, the Fund may lose all or a portion of its principal in addition to interest otherwise due from the security. Event-linked bonds may expose the Fund to certain other risks, including issuer default, adverse regulatory or jurisdictional interpretations, liquidity risk and adverse tax consequences. The Fund records the net change in market value of event-linked bonds on the Consolidated Statement of Operations as a change in unrealized appreciation or depreciation on investments. The Fund records a realized gain or loss on the Consolidated Statement of Operations upon the sale or maturity of such securities.

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

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FINANCIAL STATEMENTS Unaudited / Continued

4. Investments and Risks (Continued)

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. The Fund invests in high-yield, non-investment-grade bonds, which may be subject to a greater degree of credit risk. Credit risk relates to the ability of the issuer 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 or underlying obligors subsequently miss an interest and/or principal payment.

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

Cost	$	6,721
Market Value	$	17,550
Market Value as % of Net Assets		0.02%

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

The shareholders are related parties of the Fund. Related parties may include, but are not limited to, the investment manager and its affiliates, affiliated broker dealers, fund of funds, and directors or employees. Related parties owned 83% of the Fund’s total outstanding shares at period end.

5. Market Risk Factors

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

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

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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

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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 $20,573,116 and $32,535,120, 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

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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 $25,897,305 and $59,113,476 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

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NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS Unaudited / Continued

6. Use of Derivatives (Continued)

price.

During the reporting period, the Fund had no purchased options.

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 contact. 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 $2,333 and $855 on written call options and written put options, respectively.

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

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

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

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6. Use of Derivatives (Continued)

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 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 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

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NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS Unaudited / Continued

6. Use of Derivatives (Continued)

$21,173,313 on credit default swaps to buy protection.

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

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

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 $16,289,335 and $16,317,766 on interest rate swaps which pay a fixed rate and interest rate swaps which receive a fixed rate, respectively.

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

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

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

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

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

For the reporting period, the Fund had ending monthly average notional amounts of $12,843,055 and $10,980,289 on total return swaps which are long the reference asset and total return swaps which are short the reference asset, respectively.

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

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6. Use of Derivatives (Continued)

Volatility Swap Contracts. A volatility swap is an agreement between counterparties to exchange periodic payments based on the measured volatility of a reference security, index, currency or other reference investment over a specified time frame. One cash flow is typically based on the realized volatility of the reference investment as measured by changes in its price or level over the specified time period while the other cash flow is based on a specified rate representing expected volatility for the reference investment at the time the swap is executed, or the measured volatility of a different reference investment over the specified time period. The appreciation or depreciation on a volatility swap will typically depend on the magnitude of the reference investment’s volatility, or size of the movements in its price, over the specified time period, rather than general directional increases or decreases in its price.

Volatility swaps are less standard in structure than other types of swaps and provide pure, or isolated, exposure to volatility risk of the specific underlying reference investment. Volatility swaps are typically used to speculate on future volatility levels, to trade the spread between realized and expected volatility, or to decrease the volatility exposure of investments held by the Fund.

The Fund may enter into volatility/variance swaps to increase or decrease exposure to the volatility risk of various reference investments. These types of volatility swaps require the Fund to either pay the measured volatility, or price variance or the fixed rate payment then receive a fixed rate payment or the measured volatility or price variance. If the measured volatility of the related reference investment increases over the period, the measured volatility payment will depreciate in value. Conversely, if the measured volatility of the related reference investment decreases over the period, the fixed rate swap payment will appreciate in value.

For the reporting period, the Fund had ending monthly average notional amounts of $63,831 and $32,649 on volatility swaps which pay measured volatility/variance and volatility swaps which receive measured volatility/variance, respectively.

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

Counterparty Credit Risk. Derivative positions are subject to the risk that the counterparty 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

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FINANCIAL STATEMENTS Unaudited / Continued

6. Use of Derivatives (Continued)

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

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

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

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

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6. Use of Derivatives (Continued)

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
Bank of America NA	$	137,451	$	(90,683)	$	–	$	–	$	46,768
Citibank NA		146,092		(122,034)		–		–		24,058
Deutsche Bank AG		115,555		(115,555)		–		–		–
Goldman Sachs Bank
USA		54,874		(24,886)		–		–		29,988
HSBC Bank USA NA		248,186		(248,186)		–		–		–
JPMorgan Chase Bank
NA		232,432		(232,432)		–		–		–

103      OPPENHEIMER GLOBAL MULTI STRATEGIES 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
Toronto Dominion
Bank	$	1,887	$	(1,887)	$	–	$	–	$	–
	$	936,477	$	(835,663)	$	–	$	–	$	100,814

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

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

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

			Gross Amounts Not Offset in the Consolidated Statement of Assets & Liabilities
Counterparty	Gross Amounts Not Offset in the Consolidated Statement of Assets & Liabilities*		Financial Instruments Available for Offset		Financial Instruments Collateral Pledged**		Cash Collateral Pledged**		Net Amount
Bank of America NA	$	(90,683)	$	90,683	$	–	$	–	$	–
Citibank NA		(122,034)		122,034		–		–		–
Deutsche Bank AG		(150,552)		115,555		–		–		(34,997)
Goldman Sachs Bank
USA		(24,886)		24,886		–		–		–
Goldman Sachs
International		(129,565)		–		–		–		(129,565)
HSBC Bank USA NA		(300,120)		248,186		–		–		(51,934)
JPMorgan Chase Bank
NA		(333,816)		232,432		–		–		(101,384)
Toronto Dominion
Bank		(42,653)		1,887		–		–		(40,766)
	$	(1,194,309)	$	835,663	$	–	$	–	$	(358,646)

*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:

104      OPPENHEIMER GLOBAL MULTI STRATEGIES 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
Equity contracts	Swaps, at value	$	135,035		Swaps, at value	$	334,819
Volatility contracts	Swaps, at value		20,788		Swaps, at value		10,266
Credit contracts					Centrally cleared swaps, at value		1,757,876
Interest rate contracts	Centrally cleared swaps, at value		862,909		Centrally cleared swaps, at value		204,614
Commodity contracts	Variation margin receivable		52,314	*	Variation margin payable		25,122	*
Equity contracts	Variation margin receivable		153,552	*	Variation margin payable		52,080	*
Interest rate contracts	Variation margin receivable		24,186	*	Variation margin payable		23,046	*
Volatility contracts					Variation margin payable		8,200	*
	Unrealized appreciation on				Unrealized depreciation on
Forward currency	forward currency exchange				forward currency exchange
exchange contracts	contracts		780,654		contracts		849,224
Total		$	2,029,438			$	3,265,247

*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.

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	Option contracts written		Futures contracts		Forward currency exchange contracts		Swap contracts		Total
Commodity contracts	$	—	$	515,450	$	—	$	—	$	515,450
Credit contracts		—		—		—		(426,687)		(426,687)
Equity contracts		—		17,598		—		(804,184)		(786,586)
Forward currency exchange contracts		179,164		—		(1,343,872)		—		(1,164,708)
Interest rate contracts		—		(734,025)		—		192,162		(541,863)
Volatility contracts		—		56,692		—		46,858		103,550
Total	$	179,164	$	(144,285)	$	(1,343,872)	$	(991,851)	$	(2,300,844)

105      OPPENHEIMER GLOBAL MULTI STRATEGIES 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	Futures contracts		Forward currency exchange contracts		Swap contracts		Total
Commodity contracts	$	(104,328)	$	—	$	—	$	(104,328)
Credit contracts		—		—		(79,875)		(79,875)
Equity contracts		(1,213,673)		—		(212,728)		(1,426,401)
Forward currency exchange contracts		—		810,378		—		810,378
Interest rate contracts		(31,881)		—		144,142		112,261
Volatility contracts		(48,822)		—		118,043		69,221
Total	$	(1,398,704)	$	810,378	$	(30,418)	$	(618,744)

7. Shares of Beneficial Interest

The Fund has authorized an unlimited number of $0.001 par value shares of beneficial interest of each class. Transactions in shares of beneficial interest were as follows:

	Six Months Ended November 30, 2017				Year Ended May 31, 2017
	Shares		Amount		Shares		Amount
Class A
Sold		31,324	$	732,608		68,445	$	1,666,858
Dividends and/or distributions reinvested		—		—		19,225		442,368
Redeemed		(23,038)		(538,828)		(214,473)		(5,284,365)
Net increase (decrease)		8,286	$	193,780		(126,803)	$	(3,175,139)
Class C
Sold		6,384	$	146,201		23,854	$	568,486
Dividends and/or distributions reinvested		—		—		8,795		199,221
Redeemed		(21,622)		(494,570)		(73,187)		(1,767,543)
Net decrease		(15,238)	$	(348,369)		(40,538)	$	(999,836)
Class I
Sold		219,977	$	5,160,848		518,623	$	12,391,913
Dividends and/or distributions reinvested		—		—		329,977		7,619,166
Redeemed		(394,657)		(9,263,569)		(622,456)		(15,206,101)
Net increase (decrease)		(174,680)	$	(4,102,721)		226,144	$	4,804,978
Class Y
Sold		28,771	$	667,856		36,126	$	850,822
Dividends and/or distributions reinvested		—		—		2,149		49,249
Redeemed		(37,674)		(879,737)		(149,029)		(3,733,147)
Net decrease		(8,903)	$	(211,881)		(110,754)	$	(2,833,076)

106      OPPENHEIMER GLOBAL MULTI STRATEGIES FUND

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	$	36,254,171	$	48,325,963

9. Fees and Other Transactions with Affiliates

Management Fees. Under the investment advisory agreement, the Fund pays the Manager a management fee based on the daily net assets of the Fund at an annual rate as shown in the following table:

Fee Schedule
Up to $500 million	0.85%
Next $500 million	0.82
Next $4 billion	0.80
Over $5 billion	0.75

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 0.85% 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.

107      OPPENHEIMER GLOBAL MULTI STRATEGIES FUND

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS Unaudited / Continued

9. Fees and Other Transactions with Affiliates (Continued)

Trustees’ Compensation. The Fund’s Board of Trustees (“Board”) has adopted a compensation deferral plan for Independent Trustees that enables Trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. For purposes of determining the amount owed to the Trustees under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of the Fund or in other Oppenheimer funds selected by the Trustees. The Fund purchases shares of the funds selected for deferral by the Trustees in amounts equal to his or her deemed investment, resulting in a Fund asset equal to the deferred compensation liability. Such assets are included as a component of “Other” within the asset section of the Consolidated Statement of Assets and Liabilities. Deferral of Trustees’ fees under the plan will not affect the net assets of the Fund and will not materially affect the Fund’s assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance with the compensation deferral plan.

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

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

Distribution and Service Plan for Class C Shares. The Fund has adopted a Distribution and Service Plan (the “Plan”) for Class C 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 Plan, the Fund pays the Distributor an annual asset-based sales charge of 0.75% on Class C shares’ daily net assets. The Fund also pays a service fee under the Plan at an annual rate of 0.25% of daily net assets. The Plan continues 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 Plan 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

108      OPPENHEIMER GLOBAL MULTI STRATEGIES FUND

9. Fees and Other Transactions with Affiliates (Continued)

by the Distributor from the sale of shares and the CDSC retained by the Distributor on the redemption of shares is shown in the following table for the period indicated.

Six Months Ended	Class A Front-End Sales Charges Retained by Distributor		Class A Contingent Deferred Sales Charges Retained by Distributor		Class C Contingent Deferred Sales Charges Retained by Distributor
November 30, 2017		$2,443		$—		$269

Waivers and Reimbursements of Expenses. The Manager has voluntarily agreed to waive fees and/or reimburse expenses to limit the Fund’s “Expenses after payments, waivers and/ or reimbursements and reduction to custodian expenses” (excluding any applicable dividend expense, taxes, interest and fees from borrowing, any subsidiary expenses, Acquired Fund Fees and Expenses, brokerage commissions, unusual and infrequent expenses and certain other Fund expenses) so that, as percentages of average daily net assets, those expenses will not exceed the annual rate of 1.25% for Class A shares, 2.08% for Class C shares, 1.00% for Class I shares and 1.15% for Class Y shares as calculated on the daily net assets of the Fund.

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

Class A	$	12,547
Class C		5,255
Class I		14,598
Class Y		1,517

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

The Manager has contractually agreed to waive the management fee it receives from the Fund in an amount equal to the management fee it receives from the Subsidiary. During the reporting period, the Manager waived $6,383. 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 January 1, 2017, the Transfer Agent has voluntarily agreed to waive fees and/or reimburse Fund expenses in an amount equal to 0.015% of average annual net assets for Classes A, C 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	$	365
Class C		185
Class Y		101

This fee waiver and/or reimbursement may be terminated at any time.

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

109      OPPENHEIMER GLOBAL MULTI STRATEGIES FUND

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS Unaudited / Continued

9. Fees and Other Transactions with Affiliates (Continued)

reporting period, the Manager waived fees and/or reimbursed the Fund $2,358 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.

During the reporting period, the Manager also voluntarily reimbursed $2,015 of additional Fund expenses.

10. Borrowing 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 Consolidated Statement of Operations. The Fund did not utilize the Facility during the reporting period.

11. Subsequent Event

On November 29, 2017, the Board of Trustees of the Fund, upon the recommendation of the Fund’s investment adviser, approved a plan to liquidate the fund effective on or around March 16, 2018.

110      OPPENHEIMER GLOBAL MULTI STRATEGIES FUND

BOARD APPROVAL OF THE FUND’S INVESTMENT ADVISORY

AND SUB-ADVISORY AGREEMENTS Unaudited

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

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

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

Nature, Quality and Extent of Services. The Board considered information about the nature, quality and extent of the services provided to the Fund and information regarding the Managers’ key personnel who provide such services. The Managers’ duties include providing the Fund with the services of the portfolio manager and the Sub-Adviser’s investment team, who provide research, analysis and other advisory services in regard to the Fund’s investments; and securities trading services. OFI Global is responsible for oversight of third-party service providers; monitoring compliance with applicable Fund policies and procedures and adherence to the Fund’s investment restrictions; risk management; and oversight of the Sub-Adviser. OFI Global is also responsible for providing certain administrative services to the Fund. Those services include providing and supervising all administrative and clerical personnel who are necessary in order to provide effective corporate administration for the Fund; compiling and maintaining records with respect to the Fund’s operations; preparing and filing reports required by the U.S. Securities and Exchange Commission; preparing periodic reports regarding the operations of the Fund for its shareholders; preparing proxy materials for shareholder meetings; and preparing the registration statements required by federal and state securities laws for the sale of the Fund’s shares. OFI Global also provides the Fund with office space, facilities and equipment.

111      OPPENHEIMER GLOBAL MULTI STRATEGIES FUND

BOARD APPROVAL OF THE FUND’S INVESTMENT ADVISORY AND

SUB-ADVISORY AGREEMENTS Unaudited / Continued

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

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

Fees and Expenses of the Fund. The Board reviewed the fees paid to the Adviser and the other expenses borne by the Fund. The independent consultant provided comparative data in regard to the fees and expenses of the Fund and other retail front-end load multialternative funds with comparable asset levels and distribution features. After discussions with the Board, the Adviser has contractually agreed to waive fees and/ or reimburse the Fund so that the total annual fund operating expenses, excluding certain expenses, as a percentage of average daily net assets will not exceed the following annual rates: 1.25% for Class A shares, 2.08% for Class C shares, 1.15% for Class Y shares and 1.00% for Class I shares, as calculated on the daily net assets of the Fund. This contractual fee waiver and/or expense reimbursement may not be amended or withdrawn for one year from the date of the Fund’s prospectus, unless approved by the Board. The Board noted that the Fund’s contractual management fee and total expenses, net of waivers, were lower than its peer group median and category median.

Economies of Scale and Profits Realized by the Managers. The Board considered information regarding the Managers’ costs in serving as the Fund’s investment adviser and sub-adviser, including the costs associated with the personnel and systems necessary to manage the Fund, and information regarding the Managers’ profitability from their relationship with the Fund. The Board also considered that the Managers must be able to pay and retain experienced professional personnel at competitive rates to provide quality

112      OPPENHEIMER GLOBAL MULTI STRATEGIES FUND

services to the Fund. The Board reviewed whether the Managers may realize economies of scale in managing and supporting the Fund. The Board noted that the Fund currently has management fee breakpoints, which are intended to share with Fund shareholders economies of scale that may exist as the Fund’s assets grow.

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

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

Based on its review of the information it received and its evaluations described above, the Board, including a majority of the independent Trustees, decided to continue the Agreements through September 30, 2018. In arriving at its decision, the Board did not identify any factor or factors as being more important than others, but considered all of the above information, and considered the terms and conditions of the Agreements, including the management fees, in light of all the surrounding circumstances.

113      OPPENHEIMER GLOBAL MULTI STRATEGIES FUND

PORTFOLIO PROXY VOTING POLICIES AND GUIDELINES;

UPDATES TO STATEMENTS OF INVESTMENTS Unaudited

The Fund has adopted Portfolio Proxy Voting Policies and Guidelines under which the Fund votes proxies relating to securities (“portfolio proxies”) held by the Fund. A description of the Fund’s Portfolio Proxy Voting Policies and Guidelines is available (i) without charge, upon request, by calling the Fund toll-free at 1.800.CALL OPP (225.5677), (ii) on the Fund’s website at www.oppenheimerfunds.com, and (iii) on the SEC’s website at www.sec.gov. In addition, the Fund is required to file Form N-PX, with its complete proxy voting record for the 12 months ended June 30th, no later than August 31st of each year. The Fund’s voting record is available (i) without charge, upon request, by calling the Fund toll-free at 1.800.CALL OPP (225.5677), and (ii) in the Form N-PX filing on the SEC’s website at www.sec.gov.

The Fund files its complete schedule of portfolio holdings with the SEC for the first quarter and the third quarter of each fiscal year on Form N-Q. The Fund’s Form N-Q filings are available on the SEC’s website at www.sec.gov. Those forms may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

Householding—Delivery of Shareholder Documents

This is to inform you about OppenheimerFunds’ “householding” policy. If more than one member of your household maintains an account in a particular fund, OppenheimerFunds will mail only one copy of the fund’s prospectus (or, if available, the fund’s summary prospectus), annual and semiannual report and privacy policy. The consolidation of these mailings, called householding, benefits your fund through reduced mailing expense, and benefits you by reducing the volume of mail you receive from OppenheimerFunds. Householding does not affect the delivery of your account statements.

Please note that we will continue to household these mailings for as long as you remain an OppenheimerFunds shareholder, unless you request otherwise. If you prefer to receive multiple copies of these materials, please call us at 1.800.CALL-OPP (225-5677). You may also notify us in writing or via email. We will begin sending you individual copies of the prospectus (or, if available, the summary prospectus), reports and privacy policy within 30 days of receiving your request to stop householding.

114      OPPENHEIMER GLOBAL MULTI STRATEGIES FUND

OPPENHEIMER GLOBAL MULTI STRATEGIES 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
	Caleb Wong, 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	OFI Global Asset Management, Inc.
Servicing Agent
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.

115      OPPENHEIMER GLOBAL MULTI STRATEGIES 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.

116      OPPENHEIMER GLOBAL MULTI STRATEGIES 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).

117      OPPENHEIMER GLOBAL MULTI STRATEGIES FUND

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118      OPPENHEIMER GLOBAL MULTI STRATEGIES FUND

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119      OPPENHEIMER GLOBAL MULTI STRATEGIES 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
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	Oppenheimer funds are distributed by OppenheimerFunds Distributor, Inc. 225 Liberty Street, New York, NY 10281-1008 © 2018 OppenheimerFunds Distributor, Inc. All rights reserved.
	RS0853.001.1117 January 23, 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 11/30/2017, the registrant’s principal executive officer and principal financial officer found the registrant’s disclosure controls and procedures to provide reasonable assurances that information required to be disclosed by the registrant in the reports that it files under the Securities Exchange Act of 1934 (a) is accumulated and communicated to registrant’s management, including its principal executive officer and principal financial officer, to allow timely decisions regarding required disclosure, and (b) is recorded, processed, summarized and reported, within the time

periods specified in the rules and forms adopted by the U.S. Securities and Exchange Commission.

There have been no changes in the registrant’s internal controls over financial reporting that occurred during the registrant’s second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.

(a)	(1) Exhibit attached hereto.
	(2) Exhibits attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Oppenheimer Global Multi Strategies Fund

By:	/s/ Arthur P. Steinmetz
	Arthur P. Steinmetz
	Principal Executive Officer
Date:	1/10/2018

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:	1/10/2018
By:	/s/ Brian S. Petersen
	Brian S. Petersen
	Principal Financial Officer
Date:	1/10/2018