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Oppenheimer Transition 2020 Fund – ‘N-Q’ for 5/31/11

On: Monday, 7/25/11, at 4:52pm ET · Effective: 7/25/11 · For: 5/31/11 · Accession #: 950134-11-8 · File #: 811-21923

  As Of                Filer                Filing    For·On·As Docs:Size              Issuer               Agent

 7/25/11  Oppenheimer Transition 2020 Fund  N-Q         5/31/11    2:27K                                    RR Donnelley
          → Oppenheimer Transition 2020 Fund ⇒ A — B — C — N — Y

Quarterly Schedule of Portfolio Holdings of a Management Investment Company — Form N-Q
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: N-Q         Quarterly Schedule of Portfolio Holdings of a          7     35K 
                          Management Investment Company                          
 2: EX-99.CERT  Miscellaneous Exhibit                                  4     13K

N-Q — Quarterly Schedule of Portfolio Holdings of a Management Investment Company
Document Table of Contents

Page	(sequential)	\|	(alphabetic)	Top
			Alternative Formats (Word, et al.) Controls and Procedures Exhibits Schedule of Investments
1	1st Page - Filing Submission
2	Item 1. Schedule of Investments
6	Item 2. Controls and Procedures
"	Item 3. Exhibits

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================================================================================

UNITED STATES 
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549  

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY 

Investment Company Act file number 811-21923

Oppenheimer Transition 2020 Fund
--------------------------------------------------
(Exact name of registrant as specified in charter)

6803 South Tucson Way, Centennial, Colorado 80112-3924
------------------------------------------------------
(Address of principal executive offices)  (Zip code)

Robert G. Zack, Esq.
OppenheimerFunds, Inc.
Two World Financial Center, 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: February 28

Date of reporting period: 05/31/2011

================================================================================

N-Q 2nd Page of 7 TOC 1st Previous Next ↓Bottom Just 2nd
ITEM 1. SCHEDULE OF INVESTMENTS.                                                

Oppenheimer Transition 2020 Fund                                                

STATEMENT OF INVESTMENTS May 31, 2011 (Unaudited)                               

                                                        [Enlarge/Download Table]


                                                                             Shares          Value
--------------------------------------------------------------------------------------------------
                                                                                                  
INVESTMENT COMPANIES-100.0%(1)                                                                    
FIXED INCOME FUNDS-25.2%                                                                          
Oppenheimer Champion Income Fund, Cl. Y                                     963,783   $  1,927,567
--------------------------------------------------------------------------------------------------
Oppenheimer Core Bond Fund, Cl. Y                                         1,881,932     12,420,750
--------------------------------------------------------------------------------------------------
Oppenheimer International Bond Fund, Cl. Y                                  924,519      6,212,766
--------------------------------------------------------------------------------------------------
Oppenheimer Limited-Term Government Fund, Cl. Y                             887,158      8,348,159
--------------------------------------------------------------------------------------------------
Oppenheimer Master Inflation Protected Securities Fund, LLC                 165,793      1,770,706
                                                                                      ------------
                                                                                        30,679,948
--------------------------------------------------------------------------------------------------
GLOBAL EQUITY FUNDS-24.6%                                                                         
Oppenheimer Developing Markets Fund, Cl. Y                                  122,007      4,400,791
--------------------------------------------------------------------------------------------------
Oppenheimer International Growth Fund, Cl. Y                                541,716     16,484,408
--------------------------------------------------------------------------------------------------
Oppenheimer International Small Company Fund, Cl. Y                          67,170      1,597,970
--------------------------------------------------------------------------------------------------
Oppenheimer Quest International Value Fund, Cl. Y                           433,972      7,542,438
                                                                                      ------------
                                                                                        30,025,607
--------------------------------------------------------------------------------------------------
MONEY MARKET FUND-1.6%                                                                            
Oppenheimer Institutional Money Market Fund, Cl. E, 0.16%(2)              1,928,650      1,928,650
--------------------------------------------------------------------------------------------------
SPECIALTY FUNDS-3.5%                                                                              
Oppenheimer Commodity Strategy Total Return Fund, Cl. Y                     622,747      2,466,079
--------------------------------------------------------------------------------------------------
Oppenheimer Gold & Special Minerals Fund, Cl. Y                              12,435        588,296
--------------------------------------------------------------------------------------------------
Oppenheimer Real Estate Fund, Cl. Y                                          56,285      1,221,381
                                                                                      ------------
                                                                                         4,275,756
--------------------------------------------------------------------------------------------------
U.S. EQUITY FUNDS-45.1%                                                                           
Oppenheimer Capital Appreciation Fund, Cl. Y(3)                             402,621     19,539,212
--------------------------------------------------------------------------------------------------
Oppenheimer Main Street Small- & Mid-Cap Fund, Cl. Y                        333,231      7,810,927
--------------------------------------------------------------------------------------------------

Oppenheimer Value Fund, Cl. Y                                             1,136,094     27,561,635
                                                                                      ------------
                                                                                        54,911,774
--------------------------------------------------------------------------------------------------
Total Investments, at Value (Cost $101,132,348)                               100.0%   121,821,735
--------------------------------------------------------------------------------------------------
Other Assets Net of Liabilities                                                 0.0         33,241
                                                                         -------------------------
Net Assets                                                                    100.0%  $121,854,976
                                                                         =========================

FOOTNOTES TO STATEMENT OF INVESTMENT                                            

1 | OPPENHEIMER TRANSITION 2020 FUND

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Oppenheimer Transition 2020 Fund                                                

STATEMENT OF INVESTMENTS May 31, 2011 (Unaudited)                               

1. Is or was an affiliate, as defined in the Investment Company Act of 1940, at 
or during the period ended May 31, 2011, 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 period in   
which the issuer was an affiliate are as follows:                               

                                                        [Enlarge/Download Table]


                                                                        SHARES      GROSS       GROSS        SHARES
                                                             FEBRUARY 28, 2011  ADDITIONS  REDUCTIONS  MAY 31, 2011
-------------------------------------------------------------------------------------------------------------------
                                                                                                                   
Oppenheimer Capital Appreciation Fund, Cl. Y                           383,292     25,487       6,158       402,621
Oppenheimer Champion Income Fund, Cl. Y                                897,533     81,186      14,936       963,783
Oppenheimer Commodity Strategy Total Return Fund, Cl. Y                615,962     37,451      30,666       622,747
Oppenheimer Core Bond Fund, Cl. Y                                    1,761,014    149,467      28,549     1,881,932
Oppenheimer Developing Markets Fund, Cl. Y                             116,265      7,594       1,852       122,007
Oppenheimer Gold & Special Minerals Fund, Cl. Y                         11,839        788         192        12,435
Oppenheimer Institutional Money Market Fund, Cl. E                   1,833,561    124,877      29,788     1,928,650
Oppenheimer International Bond Fund, Cl. Y                             863,819     74,812      14,112       924,519
Oppenheimer International Growth Fund, Cl. Y                           516,466     33,329       8,079       541,716
Oppenheimer International Small Company Fund, Cl. Y                     64,192      3,920         942        67,170
Oppenheimer Limited-Term Government Fund, Cl. Y                        836,978     63,684      13,504       887,158
Oppenheimer Main Street Small- & Mid-Cap Fund, Cl. Y                   317,657     20,570       4,996       333,231
Oppenheimer Master Inflation Protected Securities Fund, LLC            156,391     15,398       5,996       165,793
Oppenheimer Quest International Value Fund, Cl. Y                      413,204     27,409       6,641       433,972
Oppenheimer Real Estate Fund, Cl. Y                                     54,025      2,917         657        56,285
Oppenheimer Value Fund, Cl. Y                                        1,082,462     70,767      17,135     1,136,094

                                                        [Enlarge/Download Table]


                                                                                                               REALIZED  
                                                                                        VALUE     INCOME    GAIN (LOSS)  
-------------------------------------------------------------------------------------------------------------------------
                                                                                                                         
Oppenheimer Capital Appreciation Fund, Cl. Y                                     $ 19,539,212   $      -   $    (6,163)  
Oppenheimer Champion Income Fund, Cl. Y                                             1,927,567     37,612          (191)  
Oppenheimer Commodity Strategy Total Return Fund, Cl. Y                             2,466,079          -         6,934   
Oppenheimer Core Bond Fund, Cl. Y                                                  12,420,750    152,125       (73,614)  
Oppenheimer Developing Markets Fund, Cl. Y                                          4,400,791          -        (2,072)  
Oppenheimer Gold & Special Minerals Fund, Cl. Y                                       588,296          -        (1,223)  
Oppenheimer Institutional Money Market Fund, Cl. E                                  1,928,650        890             -   
Oppenheimer International Bond Fund, Cl. Y                                          6,212,766     59,922        (2,692)  
Oppenheimer International Growth Fund, Cl. Y                                       16,484,408          -        (5,046)  
Oppenheimer International Small Company Fund, Cl. Y                                 1,597,970          -        (2,090)  
Oppenheimer Limited-Term Government Fund, Cl. Y                                     8,348,159     66,437          (743)  
Oppenheimer Main Street Small- & Mid-Cap Fund, Cl. Y                                7,810,927          -        (2,377)  
Oppenheimer Master Inflation Protected Securities Fund, LLC                         1,770,706     29,199(a)      3,175(a)
Oppenheimer Quest International Value Fund, Cl. Y                                   7,542,438          -        (3,501)  
Oppenheimer Real Estate Fund, Cl. Y                                                 1,221,381      2,247          (161)  
Oppenheimer Value Fund, Cl. Y                                                      27,561,635          -        (6,781)  
                                                                                 ----------------------------------------
                                                                                 $121,821,735  $ 348,432  $    (96,545)  
                                                                                 ========================================

----------                                                                      
a. Represents the amount allocated to the Fund from Oppenheimer Master Inflation
Protected Securities Fund, LLC.                                           

2. Rate shown is the 7-day yield as of May 31, 2011.                            

3. Non-income producing security.                                               

2 | OPPENHEIMER TRANSITION 2020 FUND

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Oppenheimer Transition 2020 Fund                                                

STATEMENT OF INVESTMENTS May 31, 2011 (Unaudited)                               

VALUATION INPUTS                                                                

Various data inputs are used in determining the value of each of the Fund's     
investments as of the reporting period end.  These data inputs are categorized  
in the following hierarchy under applicable financial accounting standards:     

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

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

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

The table below categorizes amounts as of May 31, 2011 based on valuation input 
level:                                                                          

                                                        [Enlarge/Download Table]

                            LEVEL 1-                                 LEVEL 3-                  
                          UNADJUSTED            LEVEL 2-          SIGNIFICANT                  
                              QUOTED   OTHER SIGNIFICANT         UNOBSERVABLE                  
                              PRICES   OBSERVABLE INPUTS               INPUTS             VALUE
-----------------------------------------------------------------------------------------------
                                                                                               
ASSETS TABLE                                                                                   
INVESTMENTS, AT VALUE:                                                                         
Investment Companies    $120,051,029  $        1,770,706       $            -     $ 121,821,735
                        -----------------------------------------------------------------------
Total Assets            $120,051,029  $        1,770,706       $            -     $ 121,821,735
                        -----------------------------------------------------------------------

Currency contracts and forwards, if any, are reported at their unrealized       
appreciation/depreciation at measurement date, which represents the change in   
the contract's value from trade date. Futures, if any, are reported at their    
variation margin at measurement date, which represents the amount due to/from   
the Fund at that date.  All additional assets and liabilities included in the   
above table are reported at their market value at measurement date.             

See the accompanying Notes for further discussion of the methods used in        
determining value of the Fund's investments, and a summary of changes to the    
valuation methodologies, if any, during the reporting period.                   

NOTES TO STATEMENT OF INVESTMENTS                                               

SECURITIES VALUATION. The Fund calculates the net asset value of its shares     
based upon the net asset value of the applicable Underlying Fund.  For each     
Underlying Fund, the net asset value per share for a class of shares is         
determined as of the close of the New York Stock Exchange (the "Exchange"),     
normally 4:00 P.M. Eastern time, on each day the Exchange is open for trading by
dividing the value of the Underlying Fund's net assets attributable to that     
class by the number of outstanding shares of that class on that day.            

To determine their net asset values, the Underlying Funds' assets are valued    
primarily on the basis of current market quotations as generally supplied by    
portfolio pricing services or by dealers.  Such market quotations are typically 
based on unadjusted quoted prices in active markets for identical securities or 
other observable market inputs.  In the absence of a current market quotation,  
including for assets whose values have been materially affected by what the     
Manager identifies as a significant event occurring before the Underlying Fund's
assets are valued but after the close of their respective exchanges, the        
Manager, acting through its internal valuation committee, in good faith         
determines the fair valuation of that Underlying Fund's assets using            
consistently applied procedures under the supervision of the Board of Trustees. 
The methodologies used for valuing assets are not necessarily an indication of  
the risks associated with investing in those Underlying Funds.                  

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.  Unadjusted quoted prices in active markets for identical assets or  
liabilities are classified as "Level 1," observable market inputs other than    
unadjusted quoted prices are classified as "Level 2" and significant            
unobservable inputs, including the Manager's judgment about the assumptions that
a market participant would use in pricing an asset or liability, are classified 
as "Level 3."  The inputs used for valuing assets and liabilities are not       
necessarily an indication of the risks associated with investing in those assets
or liabilities.  A table summarizing the Fund's investments under these levels  
of classification is included following the Statement of Investments.           

3 | OPPENHEIMER TRANSITION 2020 FUND

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Oppenheimer Transition 2020 Fund                                                

STATEMENT OF INVESTMENTS May 31, 2011 (Unaudited)                               

The Fund classifies each of its investments in those Underlying Funds which are 
publicly offered and reported on an exchange as                                 
Level 1, and those Underlying Funds which are not publicly offered as Level 2,  
without consideration as to the classification level of the specific investments
held by the Underlying Funds.                                                   

There have been no significant changes to the fair valuation methodologies of   
the Fund during the period.                                                     

RISKS OF INVESTING IN THE UNDERLYING FUNDS. Each of the Underlying 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 Underlying
Fund than in another, the Fund will have greater exposure to the risks of that  
Underlying Fund.                                                                

INVESTMENT IN OPPENHEIMER INSTITUTIONAL MONEY MARKET FUND.  The Fund is         
permitted to invest daily available cash balances in an affiliated money market 
fund.  The Fund may invest the available cash in Class E shares of Oppenheimer  
Institutional Money Market Fund ("IMMF") to seek current income while preserving
liquidity. IMMF is a registered open-end management investment company,         
regulated as a money market fund under the Investment Company Act of 1940, as   
amended. The Manager is also the investment adviser of IMMF. When applicable,   
the Fund's investment in IMMF is included in the Statement of Investments.  As a
shareholder, the Fund is subject to its proportional share of IMMF's Class E    
expenses, including its management fee.                                         

INVESTMENT IN OPPENHEIMER MASTER FUND. The Fund is permitted to invest in       
entities sponsored and/or advised by the Manager or an affiliate. Certain of    
these entities in which the Fund invests are mutual funds registered under the  
Investment Company Act of 1940 that expect to be treated as partnerships for tax
purposes, specifically Oppenheimer Master Inflation Protected Securities Fund,  
LLC (the "Master Fund"). The Master Fund has its own investment risks, and those
risks can affect the value of the Fund's investments and therefore the value of 
the Fund's shares. To the extent that the Fund invests more of its assets in the
Master Fund, the Fund will have greater exposure to the risks of the Master     
Fund.                                                                           

The investment objective of the Master Fund is to seek total return. The Fund's 
investment in the Master Fund is included in the Statement of Investments. The  
Fund recognizes income and gain/(loss) on its investment in the Master Fund     
according to its allocated pro-rata share, based on its relative proportion of  
total outstanding Master Fund shares held, of the total net income earned and   
the net gain/(loss) realized on investments sold by the Master Fund. As a       
shareholder, the Fund is subject to its proportional share of the Master Fund's 
expenses, including its management fee.                                         

FEDERAL TAXES. The approximate 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 as of May 31,  
2011 are noted below.  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.                                     

                                                                [Download Table]
                                            
Federal tax cost of securities  $105,718,228
                                ============

Gross unrealized appreciation   $ 16,103,507
Gross unrealized depreciation              -
                                ------------
Net unrealized appreciation     $ 16,103,507
                                ============

4 | OPPENHEIMER TRANSITION 2020 FUND

N-Q 6th Page of 7 TOC 1st Previous Next ↓Bottom Just 6th
ITEM 2. CONTROLS AND PROCEDURES.                                                

    (a)  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 05/31/2011, 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 the 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.                         

  (b)  There have been no significant changes in the registrant's internal
controls over financial reporting that occurred during the  
        registrant's last fiscal quarter that has materially affected, or is
     reasonably likely to materially affect, the registrant's internal
control over financial reporting.                           

ITEM 3. EXHIBITS.                                                               

Exhibits attached hereto.                                                       

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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 Transition 2020 Fund                                                

By: /s/ William F. Glavin, Jr.                                                  
-----------------------------------------                               
William F. Glavin, Jr.                                                  
Principal Executive Officer                                             

Date: 07/12/2011                                                                

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/ William F. Glavin, Jr.                                                 
-----------------------------------------                             
William F. Glavin, Jr.                                                
Principal Executive Officer                                           

Date: 07/12/2011                                                                

By:  /s/ Brian W. Wixted                                                        
-----------------------------------------                             
Brian W. Wixted                                                       
Principal Financial Officer                                           

Date: 07/12/2011

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Dates Referenced Herein and Documents Incorporated by Reference

		Referenced-On Page
This ‘N-Q’ Filing	Date	First	Last	Other Filings

Filed on / Effective on:	7/25/11
For Period End:	5/31/11	2	5
	2/28/11	3		24F-2NT, N-CSR, NSAR-B
				List all Filings

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Filing Submission 0000950134-11-000008 – Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

Oppenheimer Transition 2020 Fund – ‘N-Q’ for 5/31/11

On: Monday, 7/25/11, at 4:52pm ET · Effective: 7/25/11 · For: 5/31/11 · Accession #: 950134-11-8 · File #: 811-21923

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Quarterly Schedule of Portfolio Holdings of a Management Investment Company — Form N-QFiling Table of Contents

N-Q — Quarterly Schedule of Portfolio Holdings of a Management Investment CompanyDocument Table of Contents

Dates Referenced Herein and Documents Incorporated by Reference

Quarterly Schedule of Portfolio Holdings of a Management Investment Company — Form N-Q
Filing Table of Contents

N-Q — Quarterly Schedule of Portfolio Holdings of a Management Investment Company
Document Table of Contents