<PAGE> PAGE 1
000 B000000 10/31/95
000 C000000 829801
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 OPPENHEIMER MULTI-SECTOR INCOME TRUST
001 B000000 811-5473
001 C000000 2123230200
002 A000000 TWO WORLD TRADE CENTER
002 B000000 NEW YORK
002 C000000 NY
002 D010000 10048
002 D020000 0203
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 N
007 B000000 0
007 C010100 1
007 C010200 2
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A000001 OPPENHEIMER MANAGEMENT CORPORATION
008 B000001 A
008 C000001 801-8253
008 D010001 NEW YORK
008 D020001 NY
008 D030001 10048
008 D040001 0203
010 A000001 MITCHELL HUTCHINS ASSET MANAGEMENT INC.
010 B000001 801-13219
010 C010001 NEW YORK
010 C020001 NY
010 C030001 10019
012 A000001 SHAREHOLDER FINANCIAL SERVICES, INC.
012 B000001 84-181700
012 C010001 DENVER
012 C020001 CO
012 C030001 80217
012 C040001 3673
<PAGE> PAGE 2
013 A000001 KPMG PEAT MARWICK LLP
013 B010001 DENVER
013 B020001 CO
013 B030001 80202
015 A000001 THE BANK OF NEW YORK
015 B000001 C
015 C010001 NEW YORK
015 C020001 NY
015 C030001 10286
015 E010001 X
018 000000 Y
019 A000000 N
019 B000000 0
020 A000001 FIRST BOSTON CORP.
020 B000001 13-5659485
020 C000001 355
020 A000002 SALOMON BROTHERS, INC.
020 B000002 13-3082694
020 C000002 339
020 A000003 MORGAN STANLEY & CO., INC.
020 B000003 13-2655998
020 C000003 285
020 A000004 FIRST CHICAGO CAPITAL MARKET
020 B000004 36-3595942
020 C000004 219
020 A000005 MERRILL LYNCH, PIERCE, FENNER & SMITH, INC.
020 B000005 13-5674085
020 C000005 158
020 A000006 DONALDSON, LUFKIN & JENRETTE SECURITIES CORP.
020 B000006 13-2741729
020 C000006 153
020 A000007 MORGAN (J.P) SECURITIES, INC.
020 B000007 13-3224016
020 C000007 142
020 A000008 ZION FIRST NATIONAL BANK
020 B000008 87-0189025
020 C000008 103
020 A000009 LEHMAN BROTHERS, INC.
020 B000009 13-2518466
020 C000009 96
020 A000010 CHASE MANHATTAN BANK, NA (THE)
020 B000010 13-2633612
020 C000010 87
021 000000 2556
022 A000001 SALOMON BROTHERS, INC.
022 B000001 13-3082694
022 C000001 138840
022 D000001 120433
022 A000002 MERRILL LYNCH, PIERCE, FENNER, & SMITH, INC.
022 B000002 13-5674085
022 C000002 80215
<PAGE> PAGE 3
022 D000002 72764
022 A000003 MENDHAM CAPITAL GROUP, INC.
022 B000003 22-3165996
022 C000003 337
022 D000003 1111
022 A000004 LEHMAN BROTHERS, INC.
022 B000004 13-2518466
022 C000004 72009
022 D000004 79507
022 A000005 FIRST BOSTON CORP. (THE)
022 B000005 13-5659485
022 C000005 73142
022 D000005 54471
022 A000006 MORGAN (J.P.) SECURITIES, INC.
022 B000006 13-3224016
022 C000006 39739
022 D000006 40860
022 A000007 MORGAN KEEGAN & CO., INC.
022 B000007 64-0474907
022 C000007 20077
022 D000007 38448
022 A000008 DONALDSON, LUFKIN & JENRETTE SECURITIES CORP.
022 B000008 13-2741729
022 C000008 31554
022 D000008 26559
022 A000009 SWIFT (HENRY F.) & CO.
022 B000009 UNKNOWN
022 C000009 24897
022 D000009 27126
022 A000010 SWISS BANK CORP. INVESTMENT BANKING, INC.
022 B000010 13-2639550
022 C000010 21008
022 D000010 28902
023 C000000 753158
023 D000000 680329
024 000000 N
025 A000001 DELETE
025 D000001 0
025 D000002 0
025 D000003 0
025 D000004 0
025 D000005 0
025 D000006 0
025 D000007 0
025 D000008 0
026 A000000 N
026 B000000 Y
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
<PAGE> PAGE 4
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 N
028 A010000 0
028 A020000 0
028 A030000 0
028 A040000 0
028 B010000 0
028 B020000 0
028 B030000 0
028 B040000 0
028 C010000 0
028 C020000 0
028 C030000 0
028 C040000 0
028 D010000 0
028 D020000 0
028 D030000 0
028 D040000 0
028 E010000 0
028 E020000 0
028 E030000 0
028 E040000 0
028 F010000 0
028 F020000 0
028 F030000 0
028 F040000 0
028 G010000 0
028 G020000 0
028 G030000 0
028 G040000 0
028 H000000 0
030 A000000 0
030 B000000 0.00
030 C000000 0.00
031 A000000 0
031 B000000 0
032 000000 0
033 000000 0
035 000000 0
036 B000000 0
038 000000 0
042 A000000 0
042 B000000 0
042 C000000 0
042 D000000 0
042 E000000 0
042 F000000 0
042 G000000 0
042 H000000 0
<PAGE> PAGE 5
043 000000 0
044 000000 0
045 000000 Y
046 000000 N
047 000000 Y
048 000000 0.650
048 A010000 0
048 A020000 0.000
048 B010000 0
048 B020000 0.000
048 C010000 0
048 C020000 0.000
048 D010000 0
048 D020000 0.000
048 E010000 0
048 E020000 0.000
048 F010000 0
048 F020000 0.000
048 G010000 0
048 G020000 0.000
048 H010000 0
048 H020000 0.000
048 I010000 0
048 I020000 0.000
048 J010000 0
048 J020000 0.000
048 K010000 0
048 K020000 0.000
049 000000 N
050 000000 N
051 000000 N
052 000000 N
053 A000000 N
054 A000000 Y
054 B000000 Y
054 C000000 N
054 D000000 N
054 E000000 N
054 F000000 N
054 G000000 Y
054 H000000 Y
054 I000000 N
054 J000000 Y
054 K000000 N
054 L000000 Y
054 M000000 Y
054 N000000 N
054 O000000 Y
055 A000000 Y
055 B000000 N
056 000000 N
<PAGE> PAGE 6
057 000000 N
058 A000000 N
059 000000 Y
060 A000000 Y
060 B000000 Y
061 000000 1200
062 A000000 Y
062 B000000 0.0
062 C000000 0.0
062 D000000 2.2
062 E000000 0.0
062 F000000 0.0
062 G000000 5.4
062 H000000 0.0
062 I000000 0.0
062 J000000 0.0
062 K000000 0.0
062 L000000 1.3
062 M000000 11.2
062 N000000 21.8
062 O000000 0.0
062 P000000 37.6
062 Q000000 20.2
062 R000000 1.6
063 A000000 0
063 B000000 12.3
064 A000000 Y
064 B000000 Y
065 000000 N
066 A000000 N
067 000000 N
068 A000000 N
068 B000000 N
069 000000 N
070 A010000 Y
070 A020000 Y
070 B010000 N
070 B020000 N
070 C010000 Y
070 C020000 Y
070 D010000 Y
070 D020000 Y
070 E010000 Y
070 E020000 Y
070 F010000 N
070 F020000 N
070 G010000 N
070 G020000 N
070 H010000 N
070 H020000 N
070 I010000 N
<PAGE> PAGE 7
070 I020000 N
070 J010000 Y
070 J020000 Y
070 K010000 N
070 K020000 N
070 L010000 Y
070 L020000 Y
070 M010000 Y
070 M020000 Y
070 N010000 N
070 N020000 N
070 O010000 N
070 O020000 N
070 P010000 Y
070 P020000 Y
070 Q010000 N
070 Q020000 N
070 R010000 N
070 R020000 N
071 A000000 637019
071 B000000 644254
071 C000000 265317
071 D000000 240
072 A000000 12
072 B000000 30316
072 C000000 161
072 D000000 0
072 E000000 0
072 F000000 1878
072 G000000 578
072 H000000 0
072 I000000 67
072 J000000 142
072 K000000 75
072 L000000 76
072 M000000 45
072 N000000 34
072 O000000 0
072 P000000 0
072 Q000000 0
072 R000000 25
072 S000000 22
072 T000000 0
072 U000000 0
072 V000000 0
072 W000000 77
072 X000000 3019
072 Y000000 0
072 Z000000 27458
072AA000000 18047
072BB000000 27895
<PAGE> PAGE 8
072CC010000 8598
072CC020000 0
072DD010000 26609
072DD020000 0
072EE000000 0
073 A010000 0.9100
073 A020000 0.0000
073 B000000 0.0000
073 C000000 0.0200
074 A000000 0
074 B000000 6600
074 C000000 16013
074 D000000 264233
074 E000000 2544
074 F000000 1218
074 G000000 0
074 H000000 0
074 I000000 8419
074 J000000 5452
074 K000000 0
074 L000000 6687
074 M000000 494
074 N000000 311660
074 O000000 15357
074 P000000 61
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 81
074 R040000 1033
074 S000000 0
074 T000000 295128
074 U010000 29116
074 U020000 0
074 V010000 10.14
074 V020000 0.00
074 W000000 0.0000
074 X000000 5349
074 Y000000 10751
075 A000000 0
075 B000000 288884
076 000000 10.00
077 A000000 Y
077 B000000 Y
077 C000000 Y
077 D000000 N
077 E000000 N
077 F000000 N
077 G000000 N
077 H000000 N
077 I000000 N
<PAGE> PAGE 9
077 J000000 Y
077 K000000 N
077 L000000 N
077 M000000 N
077 N000000 N
077 O000000 N
077 P000000 N
077 Q010000 Y
077 Q020000 N
077 Q030000 N
078 000000 N
080 A000000 ICI MUTUAL INSURANCE CO.
080 C000000 47500
081 A000000 Y
081 B000000 70
082 A000000 N
082 B000000 0
083 A000000 N
083 B000000 0
084 A000000 N
084 B000000 0
085 A000000 Y
085 B000000 N
086 A010000 51
086 A020000 496
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
087 A010000 BENEFICIAL INTEREST
087 A020000 683933105
087 A030000 OMS
088 A000000 N
088 B000000 N
088 C000000 N
088 D000000 N
SIGNATURE BILL MAHER
TITLE VICE-PRESIDENT
<TABLE> <S> <C>
<ARTICLE> 6
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> OCT-31-1995
<PERIOD-END> OCT-31-1995
<INVESTMENTS-AT-COST> 295001871
<INVESTMENTS-AT-VALUE> 299026525
<RECEIVABLES> 12139527
<ASSETS-OTHER> 143783
<OTHER-ITEMS-ASSETS> 350436
<TOTAL-ASSETS> 311660271
<PAYABLE-FOR-SECURITIES> 15357437
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1174511
<TOTAL-LIABILITIES> 16531948
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 315731928
<SHARES-COMMON-STOCK> 29116068
<SHARES-COMMON-PRIOR> 29064849
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 113075
<ACCUMULATED-NET-GAINS> (24865208)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 4374678
<NET-ASSETS> 295128323
<DIVIDEND-INCOME> 160706
<INTEREST-INCOME> 30316133
<OTHER-INCOME> 0
<EXPENSES-NET> 3018542
<NET-INVESTMENT-INCOME> 27458297
<REALIZED-GAINS-CURRENT> (9847515)
<APPREC-INCREASE-CURRENT> 8597737
<NET-CHANGE-FROM-OPS> 26208519
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 26608817
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 625807
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 51219
<NET-CHANGE-IN-ASSETS> (529806)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (15862506)
<OVERDISTRIB-NII-PRIOR> 3324611
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1877737
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3018542
<AVERAGE-NET-ASSETS> 288884000
<PER-SHARE-NAV-BEGIN> 10.17
<PER-SHARE-NII> .94
<PER-SHARE-GAIN-APPREC> (.04)
<PER-SHARE-DIVIDEND> .91
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> .02
<PER-SHARE-NAV-END> 10.14
<EXPENSE-RATIO> 1.05
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<PAGE>
SHAREHOLDER MEETING (Unaudited)
On May 3, 1995, an annual shareholder meeting was held at which the five
Trustees identified below were elected and the selection of KPMG Peat Marwick
LLP as the independent certified public accountants and auditors of the Trust
for the fiscal year beginning November 1, 1994 was ratified (Proposal No. 1).
In addition, the terms of office of the following Trustees continued after the
meeting: Messrs. Leon Levy, Leo Cherne, Clayton K. Yeutter, Sidney M. Robbins,
and Donald W. Spiro and Ms. Elizabeth B. Moynihan and Pauline Trigere. The
following is a report of the votes cast:
<TABLE>
<CAPTION>
Nominee/Proposal For Against Withheld/Abstain Total
- ---------------- --- ------- ---------------- -----
TRUSTEE
<S> <C> <C> <C> <C>
Robert G. Galli ....... 16,644,292.1176 68,119.7701 194,646.8293 16,907,058.7170
Benjamin Lipstein ..... 16,647,553.0115 68,119.7701 191,385.9354 16,907,058.7170
Kenneth A. Randall .... 16,656,682.0531 68,119.7701 182,256.8938 16,907,058.7170
Edward V. Regan ....... 16,658,674.9350 68,119.7701 180,264.0119 16,907,058.7170
Russell S. Reynolds, Jr. 16,657,323.4538 68,119.7701 181,615.4931 16,907,058.7170
Proposal No. 1 ........ 16,532,571.8546 112,308.0326 262,178.8298 16,907,058.7170
</TABLE>
<PAGE>
The Board of Trustees and Shareholders of
Multi-Sector Income Trust:
In planning and performing our audit of the financial statements of Oppenheimer
Multi-Sector Income Trust for the year ended October 31, 1995, we considered
its internal control structure, 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 control
structure.
The management of Oppenheimer Multi-Sector Income Trust is responsible for
establishing and maintaining an internal control structure. In fulfilling this
responsibility, estimates and judgments by management are required to assess the
expected benefits and related costs of internal control structure policies and
procedures. Two of the objectives of an internal control structure 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 may not be detected. Also, projection of any
evaluation of the structure to future periods is subject to the risk that it
may become inadequate because of changes in conditions or that the effectiveness
of the design and operation may deteriorate.
Our consideration of the internal control structure would not necessarily
disclose all matters in the internal control structure 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 the specific internal control structure 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 control structure, including procedures for safeguarding
securities, that we considered to be material weaknesses as defined above as of
October 31, 1995.
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
November 21, 1995
<PAGE>
During the year ended October 31, 1995, the Trust changed the classification
of distributions to shareholders to better disclose the differences between
financial statement amounts and distributions determined in accordance with
income tax regulations. Accordingly, during the year ended October 31, 1995,
amounts have been reclassified to reflect a decrease in paid-in capital of
$3,832,676, a decrease in overdistributed net investment income of $2,987,863
and a decrease in accumulated net realized loss on investments of $844,813.
