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<PAGE> PAGE 2
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SIGNATURE GEORGE C. BOWEN
TITLE TREASURER
Return of Capital
The Fund adjusts the classification of distributions to shareholders to reflect
the differences between financial statement amounts and distributions determined
in accordance with income tax regulations. Accordingly, during the year ended
September 30, 1998, amounts have been reclassified to reflect an increase in
paid-in capital of $591,836, a decrease in undistributed net investment income
of $159,958, and a decrease in accumulated net realized gain on investments of
$431,878.
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>
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<FISCAL-YEAR-END> SEP-30-1998
<PERIOD-START> OCT-01-1997
<PERIOD-END> SEP-30-1998
<INVESTMENTS-AT-COST> 660,588,958
<INVESTMENTS-AT-VALUE> 740,882,655
<RECEIVABLES> 8,324,406
<ASSETS-OTHER> 34,011
<OTHER-ITEMS-ASSETS> 623,080
<TOTAL-ASSETS> 749,864,152
<PAYABLE-FOR-SECURITIES> 603,382
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,912,986
<TOTAL-LIABILITIES> 3,516,368
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 610,489,813
<SHARES-COMMON-STOCK> 45,631,441
<SHARES-COMMON-PRIOR> 44,059,355
<ACCUMULATED-NII-CURRENT> 2,205,024
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<OVERDISTRIBUTION-GAINS> 0
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<NET-ASSETS> 624,894,508
<DIVIDEND-INCOME> 6,381,938
<INTEREST-INCOME> 30,123,773
<OTHER-INCOME> 0
<EXPENSES-NET> 9,967,459
<NET-INVESTMENT-INCOME> 26,538,252
<REALIZED-GAINS-CURRENT> 65,263,388
<APPREC-INCREASE-CURRENT> (128,593,549)
<NET-CHANGE-FROM-OPS> (36,791,909)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 22,551,335
<DISTRIBUTIONS-OF-GAINS> 55,838,257
<DISTRIBUTIONS-OTHER> 0
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<NUMBER-OF-SHARES-REDEEMED> 6,121,146
<SHARES-REINVESTED> 4,959,787
<NET-CHANGE-IN-ASSETS> (83,577,591)
<ACCUMULATED-NII-PRIOR> 1,488,298
<ACCUMULATED-GAINS-PRIOR> 53,451,616
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
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</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> 12-MOS
<FISCAL-YEAR-END> SEP-30-1998
<PERIOD-START> OCT-01-1997
<PERIOD-END> SEP-30-1998
<INVESTMENTS-AT-COST> 660,588,958
<INVESTMENTS-AT-VALUE> 740,882,655
<RECEIVABLES> 8,324,406
<ASSETS-OTHER> 34,011
<OTHER-ITEMS-ASSETS> 623,080
<TOTAL-ASSETS> 749,864,152
<PAYABLE-FOR-SECURITIES> 603,382
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,912,986
<TOTAL-LIABILITIES> 3,516,368
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 610,489,813
<SHARES-COMMON-STOCK> 5,380,966
<SHARES-COMMON-PRIOR> 4,234,638
<ACCUMULATED-NII-CURRENT> 2,205,024
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 52,757,152
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 80,895,795
<NET-ASSETS> 73,036,251
<DIVIDEND-INCOME> 6,381,938
<INTEREST-INCOME> 30,123,773
<OTHER-INCOME> 0
<EXPENSES-NET> 9,967,459
<NET-INVESTMENT-INCOME> 26,538,252
<REALIZED-GAINS-CURRENT> 65,263,388
<APPREC-INCREASE-CURRENT> (128,593,549)
<NET-CHANGE-FROM-OPS> (36,791,909)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,840,926
<DISTRIBUTIONS-OF-GAINS> 5,628,562
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,763,004
<NUMBER-OF-SHARES-REDEEMED> 1,076,399
<SHARES-REINVESTED> 459,723
<NET-CHANGE-IN-ASSETS> (83,577,591)
<ACCUMULATED-NII-PRIOR> 1,488,298
<ACCUMULATED-GAINS-PRIOR> 53,451,616
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 5,796,545
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 9,967,459
<AVERAGE-NET-ASSETS> 74,442,000
<PER-SHARE-NAV-BEGIN> 16.04
<PER-SHARE-NII> 0.38
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<PER-SHARE-NAV-END> 13.57
<EXPENSE-RATIO> 1.91
<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>
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<FISCAL-YEAR-END> SEP-30-1998
<PERIOD-START> OCT-01-1997
<PERIOD-END> SEP-30-1998
<INVESTMENTS-AT-COST> 660,588,958
<INVESTMENTS-AT-VALUE> 740,882,655
<RECEIVABLES> 8,324,406
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<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,912,986
<TOTAL-LIABILITIES> 3,516,368
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 610,489,813
<SHARES-COMMON-STOCK> 3,558,635
<SHARES-COMMON-PRIOR> 3,082,083
<ACCUMULATED-NII-CURRENT> 2,205,024
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 52,757,152
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 80,895,795
<NET-ASSETS> 48,417,025
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<NET-CHANGE-FROM-OPS> (36,791,909)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,269,307
<DISTRIBUTIONS-OF-GAINS> 4,059,155
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 981,223
<NUMBER-OF-SHARES-REDEEMED> 849,738
<SHARES-REINVESTED> 345,067
<NET-CHANGE-IN-ASSETS> (83,577,591)
<ACCUMULATED-NII-PRIOR> 1,488,298
<ACCUMULATED-GAINS-PRIOR> 53,451,616
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 5,796,545
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 9,967,459
<AVERAGE-NET-ASSETS> 52,325,000
<PER-SHARE-NAV-BEGIN> 16.07
<PER-SHARE-NII> 0.38
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<PER-SHARE-DIVIDEND> 0.36
<PER-SHARE-DISTRIBUTIONS> 1.28
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 13.61
<EXPENSE-RATIO> 1.91
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
Independant Auditors' Reports
The Board of Trustees and Shareholders of
Oppenheimer Multiple Strategies Fund:
In planning and performing our audit of the financial statements of Oppenheimer
Multiple Strategies Fund for the year ended September 30, 1998 we considered its
internal controls, including procedures for safeguarding securities, in order to
determine our auditing procedures for the purpose of expressing our opinion on
the financial statements and to comply with the requirements of Form N-SAR, not
to provide assurance on the internal controls.
The management of Oppenheimer Multiple Strategies Fund is responsible for
establishing and maintaining internal controls. In fulfilling this
responsibility, estimates and judgments by management are required to assess the
expected benefits and related costs of internal control policies and procedures.
Two of the objectives of internal controls are to provide management with
reasonable, but not absolute, assurance that assets are safeguarded against loss
from unauthorized use or disposition and that transactions are executed in
accordance with management's authorization and recorded properly to permit
preparation of financial statements in conformity with generally accepted
accounting principles.
Because of inherent limitations in any internal control structure, errors or
irregularities may occur and not be detected. Also, projection of any evaluation
of the structure to future periods is subject to the risk that they may become
inadequate because of changes in conditions or that the effectiveness of the
design and operation may deteriorate.
Our consideration of internal controls would not necessarily disclose all
matters in internal controls that might be material weaknesses under standards
established by the American Institute of Certified Public Accountants. A
material weakness is a condition in which the design or operation of specific
internal control elements does not reduce to a relatively low level the risk
that errors or irregularities in amounts that would be material in relation to
the financial statements being audited may occur and not be detected within a
timely period by employees in the normal course of performing their assigned
functions. However, we noted no matters involving the internal controls,
including procedures for safeguarding securities, that we considered to be a
material as defined above as of September 30, 1998.
This report is intended solely for the information and use of management and the
Securities and Exchange Commission and should not be used for any other purpose.
KPMG Peat Marwick LLP
Denver, Colorado
October 21, 1998
