<PAGE> PAGE 1
000 A000000 03/31/97
000 C000000 0000729968
000 D000000 N
000 E000000 NF
000 F000000 Y
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001 A000000 OPPENHEIMER MULTIPLE STRATEGIES
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001 C000000 3037683200
002 A000000 6803 SOUTH TUCSUN WAY
002 B000000 ENGLEWOOD
002 C000000 CO
002 D010000 80112
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020 A000001 FIRST BOSTON CORP. (THE)
020 B000001 13-5659485
020 C000001 16
020 A000002 CANTOR FITZGERALD & CO., INC.
020 B000002 95-1786286
020 C000002 11
020 A000003 SALOMON BROTHERS, INC.
020 B000003 13-3082694
020 C000003 7
020 A000004 GOLDMAN, SACHS & CO.
020 B000004 13-5108880
020 C000004 6
020 A000005 PAINEWEBBER, INC.
020 B000005 13-2638166
020 C000005 5
020 A000006 SCHRODER WERTHEIM & CO., INC.
020 B000006 13-2697272
020 C000006 5
020 A000007 WARBURG, S.G. & CO., INC.
020 B000007 13-2994695
020 C000007 5
020 A000008 MERRILL LYNCH, PIERCE, FENNER & SMITH, INC.
020 B000008 13-5674085
020 C000008 5
020 A000009 NESBITT BURNS
020 B000009 13-2620737
020 C000009 4
020 A000010 NATWEST SECURITIES CORP.
020 B000010 13-3341706
<PAGE> PAGE 2
020 C000010 4
021 000000 121
022 A000001 ZION FIRST NATIONAL BANK
022 B000001 87-0189025
022 C000001 1683600
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022 A000002 PAINEWEBBER, INC.
022 B000002 13-2638166
022 C000002 563693
022 D000002 1526
022 A000003 GOLDMAN, SACHS & CO.
022 B000003 13-5108880
022 C000003 484745
022 D000003 3548
022 A000004 MORGAN GUARANTY TRUST CO.
022 B000004 13-5123346
022 C000004 247300
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022 A000005 FIRST BOSTON CORP. (THE)
022 B000005 13-5659485
022 C000005 2789
022 D000005 7753
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022 B000006 95-1786286
022 C000006 702
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022 B000007 13-5674085
022 C000007 5617
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022 B000008 13-3082694
022 C000008 5714
022 D000008 1210
022 A000009 DONALDSON, LUFKIN & JENRETTE SECURITIES CORP.
022 B000009 13-2741729
022 C000009 3964
022 D000009 1926
022 A000010 BEAR STEARNS SECURITIES CORP.
022 B000010 13-3299429
022 C000010 1799
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<PAGE> PAGE 4
SIGNATURE GEORGE C. BOWEN
TITLE TREASURER
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 729968
<NAME> OPPENHEIMER MULTIPLE STRATEGIES FUND- A
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> OCT-01-1996
<PERIOD-END> MAR-31-1997
<INVESTMENTS-AT-COST> 269,612,873
<INVESTMENTS-AT-VALUE> 317,212,491
<RECEIVABLES> 4,077,688
<ASSETS-OTHER> 14,811
<OTHER-ITEMS-ASSETS> 369,285
<TOTAL-ASSETS> 321,674,275
<PAYABLE-FOR-SECURITIES> 4,104,446
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,894,940
<TOTAL-LIABILITIES> 5,999,386
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 254,197,900
<SHARES-COMMON-STOCK> 19,686,583
<SHARES-COMMON-PRIOR> 18,756,434
<ACCUMULATED-NII-CURRENT> 907,746
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 12,823,980
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 47,745,263
<NET-ASSETS> 273,785,508
<DIVIDEND-INCOME> 1,148,856
<INTEREST-INCOME> 6,551,201
<OTHER-INCOME> 0
<EXPENSES-NET> 1,946,799
<NET-INVESTMENT-INCOME> 5,753,258
<REALIZED-GAINS-CURRENT> 13,568,278
<APPREC-INCREASE-CURRENT> (1,701,942)
<NET-CHANGE-FROM-OPS> 17,619,594
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 4,929,024
<DISTRIBUTIONS-OF-GAINS> 14,621,587
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 880,645
<NUMBER-OF-SHARES-REDEEMED> 1,209,658
<SHARES-REINVESTED> 1,259,162
<NET-CHANGE-IN-ASSETS> 24,233,142
<ACCUMULATED-NII-PRIOR> 615,057
<ACCUMULATED-GAINS-PRIOR> 15,672,173
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,145,109
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,946,799
<AVERAGE-NET-ASSETS> 276,351,000
<PER-SHARE-NAV-BEGIN> 14.09
<PER-SHARE-NII> 0.27
<PER-SHARE-GAIN-APPREC> 0.59
<PER-SHARE-DIVIDEND> 0.25
<PER-SHARE-DISTRIBUTIONS> 0.79
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 13.91
<EXPENSE-RATIO> 1.16
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 729968
<NAME> OPPENHEIMER MULTIPLE STRATEGIES FUND- B
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> OCT-01-1996
<PERIOD-END> MAR-31-1997
<INVESTMENTS-AT-COST> 269,612,873
<INVESTMENTS-AT-VALUE> 317,212,491
<RECEIVABLES> 4,077,688
<ASSETS-OTHER> 14,811
<OTHER-ITEMS-ASSETS> 369,285
<TOTAL-ASSETS> 321,674,275
<PAYABLE-FOR-SECURITIES> 4,104,446
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,894,940
<TOTAL-LIABILITIES> 5,999,386
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 254,197,900
<SHARES-COMMON-STOCK> 812,445
<SHARES-COMMON-PRIOR> 428,130
<ACCUMULATED-NII-CURRENT> 907,746
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 12,823,980
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 47,745,263
<NET-ASSETS> 11,216,777
<DIVIDEND-INCOME> 1,148,856
<INTEREST-INCOME> 6,551,201
<OTHER-INCOME> 0
<EXPENSES-NET> 1,946,799
<NET-INVESTMENT-INCOME> 5,753,258
<REALIZED-GAINS-CURRENT> 13,568,278
<APPREC-INCREASE-CURRENT> (1,701,942)
<NET-CHANGE-FROM-OPS> 17,619,594
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 136,475
<DISTRIBUTIONS-OF-GAINS> 435,849
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 393,736
<NUMBER-OF-SHARES-REDEEMED> 45,123
<SHARES-REINVESTED> 35,702
<NET-CHANGE-IN-ASSETS> 24,233,142
<ACCUMULATED-NII-PRIOR> 615,057
<ACCUMULATED-GAINS-PRIOR> 15,672,173
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,145,109
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,946,799
<AVERAGE-NET-ASSETS> 8,457,000
<PER-SHARE-NAV-BEGIN> 14.01
<PER-SHARE-NII> 0.21
<PER-SHARE-GAIN-APPREC> 0.57
<PER-SHARE-DIVIDEND> 0.20
<PER-SHARE-DISTRIBUTIONS> 0.79
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 13.81
<EXPENSE-RATIO> 1.99
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 729968
<NAME> OPPENHEIMER MULTIPLE STRATEGIES FUND- C
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> OCT-01-1996
<PERIOD-END> MAR-31-1997
<INVESTMENTS-AT-COST> 269,612,873
<INVESTMENTS-AT-VALUE> 317,212,491
<RECEIVABLES> 4,077,688
<ASSETS-OTHER> 14,811
<OTHER-ITEMS-ASSETS> 369,285
<TOTAL-ASSETS> 321,674,275
<PAYABLE-FOR-SECURITIES> 4,104,446
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,894,940
<TOTAL-LIABILITIES> 5,999,386
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 254,197,900
<SHARES-COMMON-STOCK> 2,217,474
<SHARES-COMMON-PRIOR> 1,503,813
<ACCUMULATED-NII-CURRENT> 907,746
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 12,823,980
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 47,745,263
<NET-ASSETS> 30,672,604
<DIVIDEND-INCOME> 1,148,856
<INTEREST-INCOME> 6,551,201
<OTHER-INCOME> 0
<EXPENSES-NET> 1,946,799
<NET-INVESTMENT-INCOME> 5,753,258
<REALIZED-GAINS-CURRENT> 13,568,278
<APPREC-INCREASE-CURRENT> (1,701,942)
<NET-CHANGE-FROM-OPS> 17,619,594
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 395,070
<DISTRIBUTIONS-OF-GAINS> 1,359,035
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 705,042
<NUMBER-OF-SHARES-REDEEMED> 110,858
<SHARES-REINVESTED> 119,477
<NET-CHANGE-IN-ASSETS> 24,233,142
<ACCUMULATED-NII-PRIOR> 615,057
<ACCUMULATED-GAINS-PRIOR> 15,672,173
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,145,109
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,946,799
<AVERAGE-NET-ASSETS> 26,389,000
<PER-SHARE-NAV-BEGIN> 14.02
<PER-SHARE-NII> 0.22
<PER-SHARE-GAIN-APPREC> 0.58
<PER-SHARE-DIVIDEND> 0.20
<PER-SHARE-DISTRIBUTIONS> 0.79
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 13.83
<EXPENSE-RATIO> 1.98
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<PAGE>
SHAREHOLDER MEETING
On March 6, 1997, a special shareholder meeting was held at which
the eleven Trustees identified below were elected, the selection of
KPMG Peat Marwick LLP as the independent certified public accountants
and auditors of the Fund for the fiscal year beginning October 1, 1996
was ratified (Proposal No. 1), the proposed changes to certain of the
Fund's fundamental investment policies was approved (Proposal No. 2),
the proposed change in the Investment Advisory Agreement between the
Fund and OppenheimerFunds, Inc. was approved (Proposal No. 3), the
Fund's Class B 12b-1 Distribution and Service Plan was approved by
Class B shareholders (Proposal No. 4), and the Fund's Class C 12b-1
Distribution and Service Plan was approved by Class C shareholders
(Proposal No. 5) as described in the Fund's proxy statement for that
meeting. The following is a report of the votes cast:
<TABLE>
<CAPTION>
Broker
Nominee/Proposal For Against Withheld/Abstain Non-Votes Total
---------------- --- ------- ---------------- --------- -----
TRUSTEES
<S> <C> <C> <C> <C> <C>
Robert G. Galli 11,253,871.448 246,747.379 558,388 11,500,618.827
Leon Levy 11,203,229.913 297,388.914 558,388 11,500,618.827
Benjamin Lipstein 11,197,133.782 303,485.045 558,388 11,500,618.827
Bridget A. Macaskill 11,256,812.337 243,806.490 558,388 11,500,618.827
Elizabeth Moynihan 11,241,337.324 259,281.503 558,388 11,500,618.827
Kenneth A. Randall 11,273,072.084 227,546.743 558,388 11,500,618.827
Edward V. Regan 11,273,698.840 226,919.987 558,388 11,500,618.827
Russell S. Reynolds, Jr. 11,255,535.799 245,083.028 558,388 11,500,618.827
Donald W. Spiro 11,224,018.248 276,600.579 558,388 11,500,618.827
Pauline Trigere 11,177,490.513 323,128.314 558,388 11,500,618.827
Clayton K. Yeutter 11,240,495.627 260,123.200 558,388 11,500,618.827
Proposal No. 1 10,852,678.097 111,936.414 545,000.862 558,388 11,509,615.373
Proposal No. 2 9,183,461.857 412,290.120 863,922.725 1,779,281 10,459,674.702
Proposal No. 3 10,308,932.225 295,359.382 904,804.998 558,388 11,509,096.605
Proposal No. 4 324,274.123 6,197.510 12,654.165 15,827 343,125.798
Proposal No. 5 883,841.782 30,674.191 62,486.495 61,410 927,002.468
</TABLE>