<PAGE> PAGE 1
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002 A000000 TWO WORLD TRADE CENTER
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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 6
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<PAGE> PAGE 7
SIGNATURE GEORGE C. BOWEN
TITLE TREASURER
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000795640
<NAME> OPPENHEIMER MORTGAGE INCOME FUND - CLASS A
<S> <C>
<PERIOD-TYPE> 10-MOS
<FISCAL-YEAR-END> SEP-30-1995
<PERIOD-START> OCT-01-1994
<PERIOD-END> JUL-27-1995
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 0
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 0
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 5998960
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 0
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 6545386
<OTHER-INCOME> 0
<EXPENSES-NET> 900213
<NET-INVESTMENT-INCOME> 5645173
<REALIZED-GAINS-CURRENT> (1090754)
<APPREC-INCREASE-CURRENT> 4221284
<NET-CHANGE-FROM-OPS> 8775703
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 5779710
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2674297
<NUMBER-OF-SHARES-REDEEMED> 3229404
<SHARES-REINVESTED> 299500
<NET-CHANGE-IN-ASSETS> 0
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (1779021)
<OVERDISTRIB-NII-PRIOR> 390141
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 446504
<INTEREST-EXPENSE> 28145
<GROSS-EXPENSE> 900213
<AVERAGE-NET-ASSETS> 0
<PER-SHARE-NAV-BEGIN> 13.10
<PER-SHARE-NII> .90
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> .90
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<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 0
<EXPENSE-RATIO> 0
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000795640
<NAME> OPPENHEIMER MORTGAGE INCOME FUND - CLASS B
<S> <C>
<PERIOD-TYPE> 10-MOS
<FISCAL-YEAR-END> SEP-30-1995
<PERIOD-START> OCT-01-1994
<PERIOD-END> JUL-27-1995
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 0
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 0
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 207809
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 0
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 6545386
<OTHER-INCOME> 0
<EXPENSES-NET> 900213
<NET-INVESTMENT-INCOME> 5645173
<REALIZED-GAINS-CURRENT> (1090754)
<APPREC-INCREASE-CURRENT> 4221284
<NET-CHANGE-FROM-OPS> 8775703
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 5779710
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 398356
<NUMBER-OF-SHARES-REDEEMED> 144764
<SHARES-REINVESTED> 13191
<NET-CHANGE-IN-ASSETS> 0
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (1779021)
<OVERDISTRIB-NII-PRIOR> 390141
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 446504
<INTEREST-EXPENSE> 28145
<GROSS-EXPENSE> 900213
<AVERAGE-NET-ASSETS> 0
<PER-SHARE-NAV-BEGIN> 13.10
<PER-SHARE-NII> .82
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> .82
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 0
<EXPENSE-RATIO> 0
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<PAGE>
6. ACQUISITION OF OPPENHEIMER MORTGAGE INCOME FUND
On July 27, 1995, the Fund acquired all of the net assets of
Oppenheimer Mortgage Income Fund, pursuant to an Agreement and Plan of
Reorganization approved by the Oppenheimer Mortgage Income Fund shareholders on
July 12, 1995. The Fund issued 8,262,838 and 683,099 shares of beneficial
interest for Class A and Class B, respectively, valued at $77,918,563 and
$6,434,794 in exchange for the net assets, resulting in combined Class A net
assets of $385,440,401 and Class B net assets of $6,806,465 on July 27, 1995.
The exchange qualifies as a tax-free reorganization for federal income tax
purposes.
