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Semiannual Report March 31, 2001

Oppenheimer
Multiple Strategies Fund

[LOGO OF OPPENHEIMER FUNDS]

REPORT HIGHLIGHTS

Fund Objective
Oppenheimer Multiple Strategies Fund seeks high total investment return consistent with preservation of principal.

	CONTENTS
1	President’s Letter
3	An Interview with Your Fund’s Managers
10	Financial Statements
43	Officers and Trustees

Cumulative Total Returns*
	For the Six-Month Period Ended 3/31/01 Without Sales Chg.	With Sales Chg.
Class A	–1.65%	–7.31%
Class B	–2.00	–6.60
Class C	–1.99	–2.91
Average Annual Total Returns*
	For the 1-Year Period Ended 3/31/01 Without Sales Chg.	With Sales Chg.
Class A	–0.26%	–5.99%
Class B	–1.06	–5.64
Class C	–1.05	–1.97

*See Notes on page 8 for further details.

PRESIDENT’S LETTER

Dear Shareholder,

[PHOTO]

Bridget A. Macaskill
President
Oppenheimer
Multiple Strategies Fund

As we approach the midpoint of 2001, the best policy in this investment landscape appears to be “proceed with care.” While perhaps less trying for some than 2000, this year is proving to be a time when patience and prudence will best serve investors.

     The lessons provided by a volatile and difficult market have reinforced many of the basic investment principles we have discussed in this letter from time to time. Over the past year, market volatility has been a powerful reminder of the importance of investment diversification—the time-honored strategy of spreading risk among various asset classes, industry groups and investment styles. In addition, the markets have confirmed that rather than chasing investment fads, relying on sound business fundamentals is a better way to try to achieve investment success over the long term.

     As we look forward, we are optimistic, with some reservations. Our reserve arises from the fact that the U.S. economy has been growing only moderately during 2001. Yet our optimism stems from reassuring signs, such as the Federal Reserve Board’s cuts of key short-term interest rates. These rate cuts, combined with the possibility of a federal income tax cut, may help stimulate the economy.

     Our current situation has mixed implications for stocks and bonds. While slowed growth may mean decelerated corporate earnings growth, lower interest rates could bolster stock valuations. Similarly, slower economic growth has helped interest-rate-sensitive securities, such as those issued by the U.S. Government, but may have a negative effect on credit-sensitive corporate bonds.

     In overseas markets, we believe potential investment opportunities may reside in Europe, which appears to be experiencing slow, steady growth bolstered by the strengthening euro and falling oil prices. Signs are less encouraging in Japan, where the economy generally remains weak. Lower interest rates are buoying

1 OPPENHEIMER MULTIPLE STRATEGIES FUND

PRESIDENT’S LETTER

the economies of the emerging markets—but slowing growth, plus Mideast tensions, could cast a shadow over these regions.

     In this environment, we intend to adhere to the same proven investment principles that have driven our funds’ past success: broad diversification to help reduce risks, an unwavering focus on business fundamentals to seek likely winners and a long-term perspective that preserves the integrity of each fund’s investment approach. Regardless of the short-term movements in the financial markets, these principles—fundamental parts of The Right Way to Invest—should serve investors well in 2001 and beyond.

Sincerely,

/s/ Bridget A. Macaskill

Bridget A. Macaskill
April 23, 2001

These general market views represent opinions of OppenheimerFunds, Inc. and are not intended to predict performance of the securities markets or any particular fund. Specific information that applies to your Fund is contained in the pages that follow. Stocks and bonds have different types of investment risks; for example, stocks are subject to price changes from market volatility and other factors and bonds are subject to credit and interest rate risks.

2 OPPENHEIMER MULTIPLE STRATEGIES FUND

AN INTERVIEW WITH YOUR FUND’S MANAGERS

[PHOTO]

Portfolio Management Team (l to r)
George Evans
Michael Levine
David Negri
Richard Rubinstein

Q How did Oppenheimer Multiple Strategies Fund perform over the six-month period that ended March 31, 2001?

A. We are quite pleased with the Fund’s performance in a relatively challenging market environment. We attribute the Fund’s strong performance to its broadly diversified, multiple strategies approach. Our investment style enabled the Fund to participate in the strongest areas of the stock market when market leadership shifted from a narrow list of growth stocks to a more broadly based group of stocks, including many that we regard as value oriented. The value stocks in which the Fund invested were either underpriced relative to their future prospects, or were out of favor because of setbacks that we believed were temporary. The Fund benefited as these stocks began to appreciate toward what we believe to be their true intrinsic values.

How were the Fund’s assets allocated among the various asset classes and investment styles?

Currently our allocations are about 56% in equities, 40% in bonds and 4% in cash. The increase in cash and decrease in stocks reflected the Fund’s more defensive posture after several months of weak market conditions.

     Within the stock segment, approximately 35% of assets were devoted to value stocks, more than 10% to contrarian stocks, and less than 20% to international stocks. In effect, the Fund represents a “portfolio for all seasons” because of its broad participation in many different market sectors and investment styles. Over the past six months, our value and contrarian stocks provided particularly strong returns compared to most large stock market indices.

3 OPPENHEIMER MULTIPLE STRATEGIES FUND

AN INTERVIEW WITH YOUR FUND’S MANAGERS

“The Fund is a ‘portfolio for all seasons’ because of its broad participation in a variety of asset classes, market sectors and investment styles.”

How was the Fund’s bond portfolio managed during the period?

The Fund benefited from participation in high quality fixed income securities during a time when most lower quality bonds did relatively poorly. This disparity was particularly apparent in our high quality corporate bond holdings, which held up relatively well when economic conditions continued to deteriorate during the fourth quarter of 2000. In contrast, lower quality, high yield corporate bonds were punished by investors who became concerned about higher default rates in a slowing economy.

     We also received good performance from our investments in Treasury, mortgage-backed securities and, in the foreign bond sector, emerging market bonds. In the latter category, we focused on highly rated securities such as Brady Bonds, which are foreign government debt securities backed by U.S. Treasury bills on deposit with the Federal Reserve Bank. Bonds from such nations as Australia, New Zealand and Canada held back performance because of their currencies’ weakness relative to the U.S. dollar.

What areas of the stock market contributed most to the Fund’s performance?

We received the best returns from the stocks of companies in traditional, “old economy” market sectors such as basic industries. That’s primarily because these types of stocks had been out of favor in 1999 and early 2000, when technology stocks were all the rage. Chemical companies, metals producers and the like saw their stocks rally when disillusioned investors turned away from technology and “rediscovered” certain long-neglected areas of the market.

4 OPPENHEIMER MULTIPLE STRATEGIES FUND

     The energy industry group was one of the brightest spots in the market during the period. With oil prices remaining at relatively high levels, oil companies have increased their pace of exploration and production. This has directly benefited companies that provide support services to the major integrated oil companies. Real estate investment trusts also continued to produce attractive returns.

What was your approach to technology stocks?

We generally maintained a cautious posture when it came to technology stocks. Last summer, when technology stock prices rose to very high valuations, we began to reduce our exposure to this volatile sector. By doing so, we avoided some of the subsequent correction. Nonetheless, we did own some high quality technology companies—including stocks such as IBM, Intel Corp. and Analog Devices, Inc.—which ranked among our most disappointing performers for the period.

     Subsequently, when technology stock prices had declined to levels at which they appeared to be more reasonably priced, we bought some high quality, high growth technology names which we sold as they reached high valuations. We employed this relatively aggressive and opportunistic trading strategy for only a small portion of the Fund’s holdings.

What is your outlook for the near future?

Because we consider the Fund “a portfolio for all seasons,” we are optimistic, regardless of which areas of the market perform best over the next several months. With that said, we believe that the investment environment remains uncertain. On one hand, declining corporate earnings, low consumer confidence and rising inventories bode poorly for the immediate future.

5 OPPENHEIMER MULTIPLE STRATEGIES FUND

AN INTERVIEW WITH YOUR FUND’S MANAGERS

Average Annual
Total Returns with
Sales Charge

For the Periods Ended 3/31/01¹

Class A
1-Year	5-Year	10-Year
–5.99%	9.31%	10.43%
Class B		Since
1-Year	5-Year	Inception
–5.64%	9.43%	10.07%
Class C		Since
1-Year	5-Year	Inception
–1.97%	9.72%	9.93%

On the other hand, low interest rates, low inflation and significant declines in stock prices augur well for the longer term. As a result, in our view, market valuations should begin to recover at some point in the future. In the meantime, we are searching the marketplace for opportunities to acquire stocks of good franchises at attractive prices.

     We continued to maintain above-average exposure to energy companies, financials, and other attractively valued market sectors. We have also been adding opportunistically to our technology holdings. While we do not expect technology stock prices to return to their peaks anytime soon, we believe that many have fallen below their true long-term worth. Similarly, we have begun to buy stocks in California’s electric utilities, which we believe were also excessively punished during the state’s recent energy crisis.

     Our use of a multifaceted investment approach to stocks and bonds is the essence of what makes Oppenheimer Multiple Strategies Fund an important part of The Right Way to Invest.

1. See Notes on page 8 for further details.

6 OPPENHEIMER MULTIPLE STRATEGIES FUND

Portfolio Allocation2
[CHART]
Stocks	55.9	%
Bonds	40.5
Cash Equivalents	3.6

Top Ten Common Stock Holdings3
International Business Machines Corp.	2.1	%
J.P. Morgan Chase & Co.	1.7
Bank of America Corp.	1.5
Viacom, Inc., Cl. B	1.4
Intel Corp.	0.9
Philip Morris Cos., Inc.	0.9
CIT Group, Inc., Cl. A	0.8
Callaway Golf Co.	0.7
Engelhard Corp.	0.6
Talisman Energy, Inc.	0.6
Top Five Common Stock Industries3
Electronics	4.7	%
Banks	4.7
Healthcare/Drugs	4.6
Chemicals	2.9
Computer Hardware	2.7

2. Portfolio is subject to change. Percentages are as of March 31, 2001, and are based on total market value of investments.
3. Portfolio is subject to change. Percentages are as of March 31, 2001, and are based on net assets.

7 OPPENHEIMER MULTIPLE STRATEGIES FUND

NOTES

In reviewing performance and rankings, please remember that past performance does not guarantee future results. Investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. Because of ongoing market volatility, the Fund’s performance may be subject to fluctuations and current performance may be less than the results shown. For updates on the Fund’s performance, please contact your financial advisor, call us at 1.800.525.7048 or visit our website at www.oppenheimerfunds.com.

Total returns include changes in share price and reinvestment of dividends and capital gains distributions in a hypothetical investment for the periods shown. Cumulative total returns are not annualized. The Fund’s total returns shown do not show the effects of income taxes on an individual’s investment. Taxes may reduce your actual investment returns on income or gains paid by the Fund or any gains you may realize if you sell your shares.

Class A shares were first publicly offered on 4/24/87. Unless otherwise noted, Class A returns include the current maximum initial sales charge of 5.75%. The Fund’s maximum sales charge for Class A shares was lower prior to 4/1/91, so actual performance may have been higher.

Class B shares of the Fund were first publicly offered on 8/29/95. Unless otherwise noted, Class B returns include the applicable contingent deferred sales charge of 5% (1-year), 2% (5-year) and 1% (since inception). Class B shares are subject to an annual 0.75% asset-based sales charge.

Class C shares of the Fund were first publicly offered on 12/1/93. Unless otherwise noted, Class C returns include the contingent deferred sales charge of 1% for the one-year period. Class C shares are subject to an annual 0.75% asset-based sales charge.

Class N shares of the Fund were first publicly offered on 3/1/01. For this reason, no performance information on class N shares is included in this report. Class N shares are offered only through retirement plans. Class N shares are subject to an annual 0.25% asset-based sales charge.

An explanation of the different calculations of performance is in the Fund’s Statement of Additional Information.

8 OPPENHEIMER MULTIPLE STRATEGIES FUND

Financials

9 OPPENHEIMER MULTIPLE STRATEGIES FUND

STATEMENT OF INVESTMENTS March 31, 2001 / Unaudited

	Shares	Market Value See Note 1
Common Stocks—54.2%
Basic Materials—4.2%
Chemicals—2.9%
Bayer AG, Sponsored ADR	36,000	$	1,524,427
Dow Chemical Co.	80,000		2,525,600
Engelhard Corp.1	173,000		4,473,780
Goodrich (B.F.) Co.1	75,000		2,877,750
Hercules, Inc.1	126,000		1,636,740
IMC Global, Inc.	152,000		1,869,600
International Flavors & Fragrances, Inc.	85,000		1,875,100
Lyondell Chemical Co.	115,000		1,652,550
Praxair, Inc.	37,000		1,652,050
Rohm & Haas Co.	15,300		471,393
Syngenta AG2	250		12,891
Syngenta AG2	1,523		76,006
			20,647,887
Metals—0.3%
Alcoa, Inc.1	47,000		1,689,650
Inco Ltd.2	45,000		667,350
			2,357,000
Paper—1.0%
Georgia Pacific Corp.	93,000		2,734,200
Sonoco Products Co.	135,000		2,902,500
UPM-Kymmene Oyj	45,000		1,272,960
			6,909,660
Capital Goods—3.7%
Electrical Equipment—0.3%
Kemet Corp.2	125,000		2,117,500
Industrial Services—1.1%
Canon, Inc.	77,000		2,795,643
Pittston Brink’s Group	174,000		3,775,800
Service Corp. International2	345,000		1,638,750
			8,210,193
Manufacturing—2.3%
Coherent, Inc.1,2	66,000		2,343,000
Equitable Bag, Inc.2,3	1,861		1,861
Komatsu Ltd.	189,000		868,688
Millipore Corp.	40,000		1,850,400
Morgan Crucible Co. plc	364,200		1,465,326

10 OPPENHEIMER MULTIPLE STRATEGIES FUND

	Shares	Market Value See Note 1
Manufacturing Continued
Pall Corp.1	165,000	$	3,616,800
Titan Corp. (The)2	172,000		3,090,840
Trinity Industries, Inc.	58,000		1,131,000
Tyco International Ltd.1	53,000		2,291,190
			16,659,105
Communication Services—3.1%
Telecommunications: Long Distance—1.2%
Allegiance Telecom, Inc.2	109,000		1,607,750
Brocade Communications Systems, Inc.1,2	5,500		114,895
ECI Telecommunications Ltd.	245,000		1,868,125
Intermedia Communications, Inc.	393		6,828
McLeodUSA, Inc., Cl. A2	70,000		608,125
NTL, Inc.2	86,600		2,177,990
WorldCom, Inc.1,2	119,000		2,223,812
			8,607,525
Telephone Utilities—0.7%
SBC Communications, Inc.1	90,000		4,016,700
Tele Norte Leste Participacoes SA (Telemar)	26,283,402		370,054
Tele Norte Leste Participacoes SA (Telemar), Preference	3,077,585		49,991
Telefonica SA, BDR	15,632		241,730
			4,678,475
Telecommunications: Wireless—1.2%
AT&T Wireless Group1,2	175,000		3,356,500
Gilat Satellite Networks Ltd.2	151,000		1,755,375
Millicom International Cellular SA2	172,600		3,408,850
Telesp Celular Participacoes SA	49,153,261		249,509
			8,770,234
Consumer Cyclicals—5.2%
Autos & Housing—0.7%
Borg-Warner Automotive, Inc.	56,000		2,243,920
Dana Corp.	91,000		1,563,380
IRSA Inversiones y Representaciones SA	663,068		975,100
			4,782,400
Leisure & Entertainment—2.3%
Brunswick Corp.	100,000		1,963,000
Callaway Golf Co.1	225,000		4,997,250
Carnival Corp.1	20,000		553,400
Host Marriott Corp.	112,500		1,314,000

11 OPPENHEIMER MULTIPLE STRATEGIES FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

	Shares	Market Value See Note 1
Leisure & Entertainment Continued
International Game Technology1,2	18,000	$	906,300
Mattel, Inc.	225,000		3,991,500
Shimano, Inc.	165,000		2,529,245
			16,254,695
Media—0.9%
Donnelley (R.R.) & Sons Co.	107,400		2,816,028
Reed International plc	225,000		2,088,833
South China Morning Post Holdings Ltd.	2,356,000		1,691,639
			6,596,500
Retail: Specialty—0.8%
Borders Group, Inc.2	245,000		4,123,350
Gap, Inc.1	52,200		1,238,184
			5,361,534
Textile/Apparel & Home Furnishings—0.5%
Jones Apparel Group, Inc.1,2	100,000		3,780,000
Consumer Staples—6.1%
Broadcasting—1.9%
AT&T Corp./Liberty Media Corp., Cl. A2	80,000		1,120,000
Clear Channel Communications, Inc.2	60,000		3,267,000
Cox Radio, Inc., Cl. A2	75,700		1,590,457
EchoStar Communications Corp., Cl. A1,2	62,000		1,716,625
Emmis Communications Corp., Cl. A2	99,200		2,511,000
General Motors Corp., Cl. H1,2	100,000		1,950,000
Societe Europeenne des Satellites	8,600		1,216,384
			13,371,466
Entertainment—2.1%
News Corp. Ltd. (The), Sponsored ADR, Preference	91,800		2,451,060
Nintendo Co. Ltd.	16,000		2,618,576
Outback Steakhouse, Inc.2	15,000		381,900
Viacom, Inc., Cl. B2	221,000		9,717,370
			15,168,906
Food—0.5%
Aurora Foods, Inc.2,3	7,084		24,440
ConAgra Foods, Inc.	89,000		1,623,360
IBP, Inc.	70,000		1,148,000
Unilever NV, NY Shares	16,000		842,240
			3,638,040

12 OPPENHEIMER MULTIPLE STRATEGIES FUND

	Shares	Market Value See Note 1
Household Goods—0.7%
Clorox Co. (The)	35,000	$	1,100,750
Wella AG	93,210		3,221,748
Wella AG, Preference, Non-Vtg.	9,100		352,345
			4,674,843
Tobacco—0.9%
Philip Morris Cos., Inc.1	133,000		6,310,850
Energy—5.1%
Energy Services—1.9%
Coflexip SA, Sponsored ADR	17,600		1,148,400
Cooper Cameron Corp.2	66,000		3,564,000
Core Laboratories NV2	117,800		2,211,106
Petroleum Geo-Services ASA, Sponsored ADR2	151,400		1,355,030
Santa Fe International Corp.1	98,000		3,185,000
Transocean Sedco Forex, Inc.1	52,300		2,267,205
			13,730,741
Oil: Domestic—1.9%
Devon Energy Corp.1	59,422		3,458,360
Exxon Mobil Corp.1	34,501		2,794,581
Murphy Oil Corp.	24,800		1,651,184
Unocal Corp.	120,000		4,148,400
Westport Resources Corp.2	74,900		1,572,900
			13,625,425
Oil: International—1.3%
Anderson Exploration Ltd.2	93,600		2,122,139
Petroleo Brasileiro SA, Preference	33,300		722,243
Talisman Energy, Inc.2	116,090		4,209,792
TotalFinaElf SA, Sponsored ADR	33,000		2,242,350
			9,296,524
Financial—9.4%
Banks—4.7%
ABN Amro Holding NV	77,000		1,411,050
Banco Frances del Rio de la Plata SA	150,000		1,305,522
Bank of America Corp.1	190,000		10,402,500
FleetBoston Financial Corp.	84,000		3,171,000
J.P. Morgan Chase & Co.1	265,000		11,898,500
UBS AG	11,200		1,619,003
UniCredito Italiano SpA	620,000		2,685,592
Zions Bancorp	20,000		1,041,800
			33,534,967

13 OPPENHEIMER MULTIPLE STRATEGIES FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

	Shares	Market Value See Note 1
Diversified Financial—1.2%
The CIT Group, Inc., Cl. A	200,000	$	5,776,000
Franklin Resources, Inc.	35,000		1,368,850
Morgan Stanley Dean Witter & Co.1	28,000		1,498,000
			8,642,850
Insurance—1.6%
ACE Ltd.	50,000		1,838,000
Aetna, Inc.2	53,000		1,903,760
MBIA, Inc.	34,700		2,799,596
Skandia Forsakrings AB	100,000		896,361
XL Capital Ltd., Cl. A	37,700		2,867,839
Zurich Financial Services AG	3,300		1,089,803
			11,395,359
Real Estate Investment Trusts—1.4%
Brandywine Realty Trust	105,000		2,089,500
Camden Property Trust	65,000		2,161,250
CarrAmerica Realty Corp.	75,000		2,139,750
Developers Diversified Realty Corp.	150,000		2,205,000
Equity Office Properties Trust	43,441		1,216,348
			9,811,848
Savings & Loans—0.5%
Washington Mutual, Inc.1	70,000		3,832,500
Healthcare—5.3%
Healthcare/Drugs—4.6%
Abbott Laboratories	42,000		1,981,980
Alkermes, Inc.1,2	59,000		1,294,312
American Home Products Corp.	60,000		3,525,000
AstraZeneca Group plc	61,300		2,916,643
GlaxoSmithKline plc, ADR	42,106		2,202,144
Human Genome Sciences, Inc.1,2	16,600		763,600
Johnson & Johnson	44,730		3,912,533
Merck & Co., Inc.	40,000		3,036,000
Millennium Pharmaceuticals, Inc.2	40,000		1,218,400
Monsanto Co.	36,200		1,283,652
Mylan Laboratories, Inc.1	90,000		2,326,500
Novartis AG	2,500		3,923,812
Pliva d.d., GDR4	20,000		217,000
Schering-Plough Corp.	27,000		986,310
Watson Pharmaceuticals, Inc.2	62,000		3,261,200
			32,849,086

14 OPPENHEIMER MULTIPLE STRATEGIES FUND

	Shares	Market Value See Note 1
Healthcare/Supplies & Services—0.7%
Affymetrix, Inc.2	26,800	$	745,375
Covance, Inc.2	186,300		2,393,955
Quintiles Transnational Corp.2	90,000		1,698,750
			4,838,080
Technology—10.2%
Computer Hardware—2.7%
3Com Corp.2	270,000		1,544,063
Cabletron Systems, Inc.2	133,000		1,715,700
International Business Machines Corp.1	154,000		14,811,720
Three-Five Systems, Inc.2	91,500		1,116,300
			19,187,783
Computer Services—0.1%
Palm, Inc.1,2	56,000		470,750
Computer Software—1.4%
AOL Time Warner, Inc.2	45,000		1,806,750
Computer Associates International, Inc.1	68,000		1,849,600
Intuit, Inc.2	45,000		1,248,750
Peoplesoft, Inc.1,2	105,000		2,460,938
Synopsys, Inc.1,2	45,000		2,112,188
Yahoo!, Inc.1,2	22,200		349,650
			9,827,876
Communications Equipment—1.0%
Cisco Systems, Inc.2	37,000		585,063
Extreme Networks, Inc.2	18,000		273,780
L.M. Ericsson Telephone Co., ADR, Cl. B	151,000		844,656
Lucent Technologies, Inc.1	116,000		1,156,520
Methode Electronics, Inc., Cl. A1	180,000		3,228,750
Newport Corp.1	9,000		263,340
Nortel Networks Corp.	55,000		772,750
			7,124,859
Electronics—4.7%
Analog Devices, Inc.1,2	105,000		3,805,200
ASM Lithography Holding NV2	59,500		1,290,406
Cognex Corp.2	110,400		2,732,400
Cypress Semiconductor Corp.2	90,000		1,595,700
Intel Corp.1	257,000		6,762,313
JDS Uniphase Corp.2	11,800		217,563
Keyence Corp.	13,530		2,504,756

15 OPPENHEIMER MULTIPLE STRATEGIES FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

	Shares	Market Value See Note 1
Electronics Continued
KLA-Tencor Corp.2	73,800	$	2,905,875
Lam Research Corp.2	132,200		3,139,750
National Semiconductor Corp.2	72,000		1,926,000
QLogic Corp.2	15,000		337,500
RF Micro Devices, Inc.1,2	6,500		75,969
STMicroelectronics NV, NY Registered Shares1	80,000		2,733,600
Teradyne, Inc.1,2	113,000		3,729,000
			33,756,032
Photography—0.3%
Eastman Kodak Co.1	20,000		797,800
Xerox Corp.	180,000		1,078,200
			1,876,000
Transportation—1.0%
Air Transportation—0.1%
Delta Air Lines, Inc.	25,500		1,007,250
Railroads & Truckers—0.8%
Burlington Northern Santa Fe Corp.1	73,000		2,217,740
Swift Transportation Co., Inc.2	120,000		2,220,000
Werner Enterprises, Inc.	69,700		1,193,613
			5,631,353
Shipping—0.1%
United Parcel Service, Inc., Cl. B	14,000		796,600
Utilities—0.9%
Electric Utilities—0.6%
Edison International1	192,800		2,436,992
Northeast Utilities Co.	100,000		1,738,000
			4,174,992
Gas Utilities—0.3%
Dynegy, Inc.1	46,000		2,346,460
Total Common Stocks (Cost $293,015,595)			386,654,148

16 OPPENHEIMER MULTIPLE STRATEGIES FUND

		Shares		Market Value See Note 1
Preferred Stocks—0.9%
MediaOne Group, Inc., 7% Cv. Premium Income Exchangeable Securities
(exchangeable for Airtouch plc common stock)		17,500	$	533,925
Qwest Trends Trust, 5.75% Cv.4		90,000		5,591,250
Sovereign Capital Trust II, 7.50% Cv. Preferred Income Equity
Redeemable Stock, Units (each unit consists of one preferred
plus one warrant to purchase 5.3355 shares of Sovereign Bancorp
common stock)5		12,500		654,687
Total Preferred Stocks (Cost $6,107,113)				6,779,862
		Units
Rights, Warrants and Certificates—0.0%
Adelphia Business Solutions, Inc. Wts., Exp. 4/15/01		550		14,712
Comunicacion Celular SA Wts., Exp. 11/15/033		300		6
Covergent Communications, Inc. Wts., Exp. 4/1/083		1,000		1,500
In-Flight Phone Corp. Wts., Exp. 8/31/02		300		—
Total Rights, Warrants and Certificates (Cost $0)				16,218
		Principal
		Amount
Mortgage-Backed Obligations—4.6%
Federal Home Loan Mortgage Corp., Collateralized Mtg.
Obligations, Gtd. Multiclass Mtg. Participation Certificates,
Series 151, Cl. F, 9%, 5/15/21	$	400,525		425,306
Federal Home Loan Mortgage Corp., Gtd. Multiclass Mtg.
Participation Certificates, 7%, 5/1/29		5,923,728		6,006,542
Federal Home Loan Mortgage Corp., Interest-Only Stripped
Mtg.-Backed Security:
Series 199, Cl. IO, 20.285%, 8/1/286		1,267,087		307,467
Series 204, Cl. IO, 12.31%, 5/15/296		12,250,305		3,008,981
Federal National Mortgage Assn., 6.50%, 12/1/27–2/1/28		7,499,229		7,488,781
Government National Mortgage Assn.:
7%, 4/15/26		2,521,184		2,565,557
7.375%, 3/20/26		262,092		265,206
7.50%, 5/15/27		10,659,883		10,938,853
Mortgage Capital Funding, Inc., Multifamily Mtg.
Pass-Through Certificates, Series 1996-MC1, Cl. G,
7.15%, 6/15/064		400,000		358,875
Resolution Trust Corp., Commercial Mtg. Pass-Through Certificates:
Series 1994-C2, Cl. E, 8%, 4/25/25		631,911		627,863
Series 1994-C2, Cl. G, 8%, 4/25/25		156,142		153,093
Salomon Brothers Mortgage Securities VII, Commercial
Mtg. Pass-Through Certificates:
Series 1996-B, Cl. 1, 7.136%, 4/25/263		275,153		195,703
Series 1996-C1, Cl. F, 8.896%, 1/20/287		250,000		201,719
Total Mortgage-Backed Obligations (Cost $31,768,339)				32,543,946

17 OPPENHEIMER MULTIPLE STRATEGIES FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

		Principal Amount	Market Value See Note 1
U.S. Government Obligations—12.1%
U.S. Treasury Bonds:
6%, 2/15/26	$	500,000	$	524,405
6.50%, 11/15/26		360,000		402,158
8.875%, 8/15/17		3,650,000		4,955,908
10.75%, 5/15/03		1,190,000		1,343,724
U.S. Treasury Bonds, STRIPS:
6.30%, 8/15/258		15,300,000		3,788,510
6.53%, 8/15/158		8,500,000		3,773,736
7.10%, 11/15/188		9,350,000		3,391,151
7.31%, 8/15/198		10,200,000		3,536,014
U.S. Treasury Nts.:
5.875%, 9/30/02–2/15/04		30,000,000		30,969,060
6.125%, 12/31/01		15,000,000		15,210,675
6.25%, 2/15/03–2/15/07		12,130,000		12,803,073
6.50%, 10/15/06		4,640,000		5,040,386
7.50%, 5/15/02		327,000		338,969
Total U.S. Government Obligations (Cost $81,208,736)				86,077,769
Foreign Government Obligations—14.8%
Argentina—2.8%
Argentina (Republic of) Bonds, Bonos de Consolidacion de Deudas:
Series PRE2, 5.374%, 4/1/017		11,840		11,690
Series FRB, 5.563%, 3/31/057		2,790,400		2,356,490
Argentina (Republic of) Nts.:
11.75%, 2/12/074 [ARP]		150,000		114,421
14.25%, 11/30/023,7		13,125,000		12,796,875
Argentina (Republic of) Par Bonds, 6%, 3/31/237		7,000,000		4,576,250
				19,855,726
Australia—0.4%
New South Wales Treasury Corp. Gtd. Bonds, 7%, 4/1/04 [AUD]		1,570,000		807,440
Queensland Treasury Corp. Global Exchangeable Gtd. Nts.:
8%, 8/14/01 [AUD]		615,000		303,639
10.50%, 5/15/03 [AUD]		2,590,000		1,406,250
				2,517,329
Brazil—3.6%
Brazil (Federal Republic of) Debt Capitalization Bonds,
Series 20 yr., 8%, 4/15/14		21,180,252		16,282,319
Brazil (Federal Republic of) Eligible Interest Bonds, 7.625%, 4/15/067		9,988,000		9,076,595
				25,358,914
Canada—2.8%
Canada (Government of) Bonds:
6.50%, 6/1/04 [CAD]		13,320,000		8,858,570
8.75%, 12/1/05 [CAD]		495,000		361,690

18 OPPENHEIMER MULTIPLE STRATEGIES FUND

	Principal	Market Value
	Amount	See Note 1
Canada Continued
9.75%, 6/1/01 [CAD]	9,630,000	$	6,179,138
11.75%, 2/1/03 [CAD]	290,000		206,906
Series WL43, 5.75%, 6/1/29 [CAD]	7,130,000		4,507,757
			20,114,061
Denmark—0.4%
Denmark (Kingdom of) Bonds, 8%, 3/15/06 [DKK]	21,900,000		2,958,878
Finland—0.1%
Finland (Republic of) Bonds, Series RG, 9.50%, 3/15/04 [EUR]	672,751		677,339
Germany—0.2%
Germany (Republic of) Bonds, Series 94, 6.25%, 1/4/24 [EUR]	1,362,592		1,340,644
Great Britain—1.1%
United Kingdom Treasury Bonds:
7%, 6/7/02 [GBP]	2,415,000		3,508,940
7.25%, 12/7/07 [GBP]	2,400,000		3,864,181
10%, 9/8/03 [GBP]	325,000		513,802
			7,886,923
Mexico—0.0%
United Mexican States Bonds, Series RG, 16.50%, 9/1/083 [GBP]	35,000		67,922
New Zealand—2.5%
New Zealand (Government of) Bonds, 10%, 3/15/02 [NZD]	42,705,000		17,944,274
Philippines—0.1%
Philippines (Republic of) Bonds, 8.60%, 6/15/27	1,500,000		1,068,750
Poland—0.6%
Poland (Republic of) Bonds, 12%, 6/12/01 [PLZ]	18,000,000		4,344,809
South Africa—0.2%
Eskom Depositary Receipts, Series E168, 11%, 6/1/08 [ZAR]	6,430,000		744,792
Eskom Sec. Bonds, Series E168, 11%, 6/1/08 [ZAR]	3,000,000		347,492
			1,092,284
Spain—0.0%
Spain (Kingdom of) Gtd. Bonds, Bonos y Obligacion
del Estado, 10.30%, 6/15/02 [EUR]	235,296		222,370
Total Foreign Government Obligations (Cost $112,937,641)			105,450,223
Loan Participations—0.1%
Morocco (Kingdom of) Loan Participation Agreement,
Tranche A, 7.562%, 1/1/093,7 (Cost $468,946)	506,666		447,767

19 OPPENHEIMER MULTIPLE STRATEGIES FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

		Principal	Market Value
		Amount	See Note 1
Non-Convertible Corporate Bonds and Notes—6.7%
ABN AMRO Bank NV (NY Branch), 7.125% Sub. Nts., Series B, 10/15/93	$	500,000	$	480,126
Adelphia Communications Corp.:
9.375% Sr. Nts., 11/15/09		750,000		748,125
10.50% Sr. Unsec. Nts., Series B, 7/15/04		500,000		518,750
AK Steel Corp., 9.125% Sr. Nts., 12/15/06		795,000		795,000
Allied Waste North America, Inc., 10% Sr. Unsec. Sub. Nts.,
Series B, 8/1/09		1,000,000	1,025,000
AMC Entertainment, Inc., 9.50% Sr. Unsec. Sub. Nts., 2/1/11		600,000		471,000
American International Group, Inc., 11.70%
Unsec. Unsub. Bonds, 12/4/01 [ITL]		95,000,000		45,345
Amgen, Inc., 8.125% Unsec. Debs., 4/1/97		110,000		112,585
Amkor Technology, Inc., 9.25% Sr. Unsec. Nts., 5/1/06		500,000		477,500
AMRESCO, Inc., 10% Sr. Sub. Nts., Series 97-A, 3/15/04		200,000		109,500
Amtran, Inc., 10.50% Sr. Nts., 8/1/04		500,000		435,000
Aracruz Celulose SA, 10.375% Debs., 1/31/023		320,000		326,000
Aurora Foods, Inc., 8.75% Sr. Sub. Nts., Series B, 7/1/08		400,000		315,000
Bank of America Corp., 7.80% Jr. Unsec. Sub. Nts., 2/15/10		500,000		537,496
Blount, Inc., 13% Sr. Sub. Nts., 8/1/09		350,000		208,250
Calpine Corp., 8.75% Sr. Nts., 7/15/07		150,000		154,265
Canandaigua Brands, Inc., 8.625% Sr. Unsec. Nts., 8/1/063		750,000		781,875
Caterpillar, Inc., 7.375% Unsec. Debs., 3/1/97		500,000		501,850
Celcaribe SA, 14.50% Sr. Sec. Nts., 3/15/04		350,000		257,250
Charter Communications Holdings LLC/Charter Communications
Holdings Capital Corp., 0%/9.92% Sr. Unsec. Disc. Nts., 4/1/119		1,250,000		878,125
Chesapeake Energy Corp., 9.625% Sr. Unsec. Nts., Series B, 5/1/05		500,000		547,500
Citigroup Inc., 6.875% Unsec. Nts., 2/15/98		550,000		492,961
Coca-Cola Co. (The), 7.375% Debs., 7/29/93		440,000		417,580
Comcast UK Cable Partner Ltd., 11.20% Sr. Unsec. Disc. Debs., 11/15/07		850,000		769,250
Communications & Power Industries, Inc., 12% Sr. Sub. Nts.,
Series B, 8/1/05		1,300,000		812,500
Conoco, Inc., 6.95% Sr. Unsec. Nts., 4/15/29		500,000		500,130
Crown Castle International Corp.:
9% Sr. Nts., 5/15/11		500,000		490,000
10.75% Sr. Nts., 8/1/11		500,000		518,750
CSC Holdings, Inc., 9.875% Sr. Sub. Debs., 2/15/133		250,000		268,125
Cumulus Media, Inc., 10.375% Sr. Unsec. Sub. Nts., 7/1/08		400,000		376,000
D.R. Horton, Inc., 9.75% Sr. Sub. Nts., 9/15/10		600,000		609,000
Diamond Cable Communications plc, 11.75% Sr. Disc. Nts., 12/15/05		300,000		279,000
Doman Industries Ltd., 8.75% Sr. Nts., 3/15/04		700,000		395,500
Dyncorp, Inc., 9.50% Sr. Sub. Nts., 3/1/07		100,000		90,625
EchoStar Broadband Corp., 10.375% Sr. Unsec. Nts., 10/1/07		600,000		615,000

20 OPPENHEIMER MULTIPLE STRATEGIES FUND

		Principal	Market Value
		Amount	See Note 1
Non-Convertible Corporate Bonds and Notes Continued
EchoStar DBS Corp., 9.375% Sr. Unsec. Nts., 2/1/09	$	700,000	$	705,250
El Paso Electric Co., 9.40% First Mtg. Sec. Nts., Series E, 5/1/11		250,000		277,290
Empresas ICA Sociedad Controladora SA de CV, 11.875% Nts., 5/30/013		30,000		29,925
Exodus Communications, Inc.:
11.25% Sr. Nts., 7/1/08		500,000		402,500
11.625% Sr. Nts., 7/15/10		400,000		324,000
Federal National Mortgage Assn. Nts., 7.125%, 1/15/30		500,000		556,853
Fleming Cos., Inc., 10.625% Sr. Sub. Nts., Series B, 7/31/07		600,000		609,000
Fletcher Challenge Ltd.:
8.05% Cv. Nts., 6/15/03 [NZD]		35,000		14,307
10% Cv. Unsec. Sub. Nts., 4/30/05 [NZD]		35,000		15,227
Ford Motor Co., 7.70% Unsec. Debs., 5/15/97		500,000		478,205
Frontier Oil Corp., 11.75% Sr. Nts., 11/15/09		250,000		261,875
Global Crossing Holdings Ltd., 9.625% Sr. Unsec. Nts., 5/15/08		750,000		710,625
Goldman Sachs Group, Inc. (The), 7.80% Sr. Unsec. Unsub. Nts.,
Series B, 1/28/10		500,000		537,526
Gothic Production Corp., 11.125% Sr. Sec. Nts., Series B, 5/1/05		950,000	1,035,500
Grupo Posadas SA de CV, 10.375% Unsec. Unsub. Bonds, 2/13/02		25,000		23,018
Huntsman Corp./ICI Chemical Co. plc, Zero Coupon Sr. Unsec. Disc.
Nts., 13.08%, 12/31/098	1,000,000			335,000
IBM, 7.125% Sr. Unsec. Unsub. Debs., 12/1/96		500,000		470,023
International Wire Group, Inc., 11.75% Sr. Sub. Nts., Series B, 6/1/05		500,000		502,500
Kaiser Aluminum & Chemical Corp., 12.75% Sr. Sub. Nts., 2/1/03		500,000		415,000
KB Home, 7.75% Sr. Nts., 10/15/04		400,000		394,000
Lamar Media Corp., 9.625% Sr. Unsec. Sub. Nts., 12/1/06		100,000		104,750
Lear Corp., 9.50% Sub. Nts., 7/15/06		900,000		931,500
Level 3 Communications, Inc., 11% Sr. Unsec. Nts., 3/15/08		300,000		236,250
Loral Space & Communications Ltd., 9.50% Sr. Nts., 1/15/06		300,000		189,000
Lyondell Chemical Co.:
9.625% Sr. Sec. Nts., Series A, 5/1/07		300,000		309,000
9.875% Sec. Nts., Series B, 5/1/07		300,000		309,000
Meristar Hospitality Corp.:
8.75% Sr. Unsec. Sub. Nts., 8/15/07		500,000		477,500
9.125% Sr. Nts., 1/15/114		250,000		256,250
Metromedia Fiber Network, Inc.:
10% Sr. Nts., 12/15/09		250,000		208,750
10% Sr. Unsec. Nts., Series B, 11/15/08		750,000		626,250
Millicom International Cellular SA, 0%/13.50% Sr. Disc. Nts., 6/1/063,9		750,000		671,250
Motorola, Inc., 5.22% Unsec. Debs., 10/1/97		170,000		100,949
News America Holdings, Inc., 8.50% Sr. Nts., 2/15/05	1,000,000		1,068,319
Nextel Communications, Inc.:
0%/9.95% Sr. Disc. Nts., 2/15/089		300,000		204,750
9.375% Sr. Unsec. Nts., 11/15/09		250,000		213,125

21 OPPENHEIMER MULTIPLE STRATEGIES FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

		Principal	Market Value
		Amount	See Note 1
Non-Convertible Corporate Bonds and Notes Continued
NL Industries, Inc., 11.75% Sr. Sec. Nts., 10/15/03	$	152,000	$	155,040
Norfolk Southern Corp., 7.90% Sr. Bonds, 5/15/97		500,000		504,665
NTL, Inc., 0%/9.75% Sr. Deferred Coupon Nts., Series B, 4/1/089		500,000		288,750
Ocwen Financial Corp., 11.875% Nts., 10/1/03		325,000		308,750
Omnipoint Corp., 11.50% Sr. Nts., 9/15/094		250,000		278,750
ORBCOMM Global LP/ORBCOMM Capital Corp., 14% Sr. Nts., 8/15/042,3,10		155,000		3,294
Oxford Automotive, Inc., 10.125% Sr. Unsec. Sub. Nts., Series D, 6/15/073		900,000		544,500
Polymer Group, Inc., 9% Sr. Unsec. Sub. Nts., Series B, 7/1/07	1,000,000			485,000
PSINet, Inc., 10% Sr. Unsec. Nts., Series B, 2/15/05		500,000		42,500
R&B Falcon Corp., 9.50% Sr. Unsec. Nts., 12/15/08		750,000		871,214
Repap New Brunswick, Inc.:
10.625% Second Priority Sr. Sec. Nts., 4/15/05		300,000		309,480
11.50% Sr. Sec. Nts., 6/1/04		300,000		339,000
Revlon Consumer Products Corp., 9% Sr. Nts., 11/1/06		200,000		145,000
Riverwood International Corp.:
10.625% Sr. Unsec. Nts., 8/1/07		500,000		515,000
10.875% Sr. Sub. Nts., 4/1/08		250,000		238,750
Rogers Cablesystems Ltd., 10% Second Priority Sr. Sec. Debs., 12/1/07	1,300,000		1,400,750
Rohm & Haas Co., 7.85% Unsec. Debs., 7/15/29		500,000		529,126
Rural Cellular Corp., 9.625% Sr. Sub. Nts., Series B, 5/15/08		750,000		690,000
Sinclair Broadcast Group, Inc.:
8.75% Sr. Sub. Nts., 12/15/07		500,000		452,500
9% Sr. Unsec. Sub. Nts., 7/15/07		375,000		344,063
Spectrasite Holdings, Inc., 10.75% Sr. Unsec. Nts., Series B, 3/15/10		500,000		415,000
Sterling Chemicals, Inc.:
11.75% Sr. Unsec. Sub. Nts., 8/15/06		570,000		266,475
12.375% Sr. Sec. Nts., Series B, 7/15/06		400,000		374,000
Subic Power Corp.:
9.50% Sr. Sec. Nts., 12/28/08		275,862		241,379
9.50% Sr. Sec. Nts., 12/28/084		55,172		48,276
Sun Healthcare Group, Inc., 9.375% Sr. Sub. Nts., 5/1/082,3,10		400,000		9,500
Telewest Communications plc, 11% Sr. Disc. Debs., 10/1/07	1,000,000			985,000
Tenet Healthcare Corp.:
8.125% Sr. Unsec. Sub. Nts., Series B, 12/1/08		300,000		309,750
9.25% Sr. Nts., 9/1/10		300,000		333,375
Tenneco, Inc., 11.625% Sr. Unsec. Sub. Nts., Series B, 10/15/09		275,000		97,625
Trans World Airlines, Inc., 11.50% Sr. Sec. Nts., 12/15/0410		950,000		940,500
TV Azteca SA de CV, 10.50% Sr. Nts., Series B, 2/15/07		200,000		196,500
Unifrax Investment Corp., 10.50% Sr. Nts., 11/1/03		500,000		452,500
United Pan-Europe Communications NV, 10.875% Sr. Unsec. Nts.,
Series B, 8/1/09		400,000		270,000
United Rentals, Inc., 9% Sr. Unsec. Sub. Nts., Series B, 4/1/09		500,000		447,500

22 OPPENHEIMER MULTIPLE STRATEGIES FUND

		Principal			Market Value
		Amount			See Note 1
Non-Convertible Corporate Bonds and Notes Continued
Vodafone Group plc, 7.75% Unsec. Unsub. Nts., 2/15/10	$	500,000		$	539,726
VoiceStream Wireless Corp., 10.375% Sr. Unsec. Nts., 11/15/09		1,082,000			1,190,200
Wal-Mart Stores, Inc., 7.55% Sr. Unsec. Nts., 2/15/30		500,000			557,937
WorldCom, Inc., 6.95% Sr. Unsec. Nts., 8/15/28		500,000			430,244
XO Communications, Inc., 10.75% Sr. Unsec. Nts., 6/1/09		500,000			297,500
Young Broadcasting, Inc., 8.75% Sr. Sub. Debs., 6/15/07		700,000			647,500
Total Non-Convertible Corporate Bonds and Notes (Cost $51,154,849)					47,860,849
Convertible Corporate Bonds and Notes—1.8%
Alkermes, Inc., 3.75% Cv. Sub. Nts., 2/15/07		1,000,000			593,750
CNET Networks, Inc., 5% Cv. Unsec. Nts., 3/1/06		3,000,000			1,991,250
Gilat Satellite Networks Ltd., 4.25% Cv. Unsec. Sub. Nts., 3/15/05		1,500,000			870,000
Human Genome Sciences, Inc., 3.75% Cv. Unsec. Nts., 3/15/07		750,000			543,750
Incyte Genomics, Inc., 5.50% Cv. Unsec. Nts., 2/1/07		2,500,000			1,712,500
Juniper Networks, Inc., 4.75% Cv. Unsec. Sub. Nts., 3/15/07		2,500,000			1,818,750
Quanex Corp., 6.88% Cv. Unsec. Sub. Nts., 6/30/07		1,200,000			1,029,000
RF Micro Devices, Inc., 3.75% Cv. Nts., 8/15/05		2,250,000			1,448,438
Sepracor, Inc., 5% Cv. Sub. Nts., 2/15/07		2,000,000			1,230,000
Sunrise Assisted Living, Inc., 5.50% Cv. Nts., 6/15/02		1,000,000			933,750
Vitesse Semiconductor Corp., 4% Cv. Sub. Nts., 3/15/05		1,000,000			737,500
Total Convertible Corporate Bonds and Notes (Cost $13,910,763)					12,908,688
Structured Instruments—0.0%
Credit Suisse First Boston Corp. (New York Branch),
Carnival Corp. Equity Linked Nts., 7%, 7/17/023 (Cost $251,021)		255,000			309,825
Repurchase Agreements—3.6%
Repurchase agreement with Banc One Capital Markets, Inc.,
5.22%, dated 3/30/01, to be repurchased at $25,614,137 on 4/2/01,
collateralized by U.S. Treasury Bonds, 5.25%–11.25%, 2/15/15–5/15/30,
with a value of $19,525,321 and U.S. Treasury Nts., 5.50%–7%,
12/31/01–8/15/09, with a value of $6,614,400 (Cost $25,603,000)		25,603,000			25,603,000
Total Investments, at Value (Cost $616,426,003)		98.8	%		704,652,295
Other Assets Net of Liabilities		1.2			8,442,539
Net Assets		100.0	%	$	713,094,834

23 OPPENHEIMER MULTIPLE STRATEGIES FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

Footnotes to Statement of Investments

Principal amount is reported in U.S. dollars, except for those denoted in the following currencies:

ARP	Argentine Peso	GBP	British Pound Sterling
AUD	Australian Dollar	ITL	Italian Lira
CAD	Canadian Dollar	NZD	New Zealand Dollar
DKK	Danish Krone	PLZ	Polish Zloty
EUR	Euro	ZAR	South African Rand

1. A sufficient amount of liquid assets or cash, as noted in the Statement of Assets and Liabilities, has been designated to cover outstanding written call and put options, respectively, as follows:

	Contracts Subject to Call	Expiration Date	Exercise Price		Premium Received		Market Value See Note 1
AT&T Wireless Group	550	7/23/01	$	35.00	$	67,100	$	—
Alcoa, Inc.	90	10/22/01		45.00		15,479		13,950
Alkermes, Inc.	100	5/21/01		50.00		59,698		—
Analog Devices, Inc.	140	6/18/01		85.00		69,580		—
Analog Devices, Inc.	140	6/18/01		90.00		29,330		—
Bank of America Corp.	400	5/21/01		65.00		66,300		14,000
Bank of America Corp.	200	8/20/01		60.00		58,148		62,000
Brocade Communications Systems, Inc.	54	7/23/01		125.00		90,960		—
Burlington Northern Santa Fe Corp.	160	4/23/01		30.00		19,520		19,200
Callaway Golf Co.	300	8/20/01		25.00		84,597		39,000
Carnival Corp.	200	4/23/01		35.00		41,900		3,000
Coherent, Inc.	120	5/21/01		60.00		36,322		4,500
Coherent, Inc.	300	5/21/01		75.00		96,600		—
Computer Associates International, Inc.	100	5/21/01		35.00		52,698		8,500
Computer Associates International, Inc.	480	8/20/01		50.00		46,558		24,000
Devon Energy Corp.	60	7/23/01		65.00		31,619		16,200
Dynegy, Inc.	150	6/18/01		55.00		121,425		67,500
Dynegy, Inc.	210	9/24/01		50.00		163,165		205,800
Dynegy, Inc.	100	9/24/01		55.00		61,198		66,000
Eastman Kodak Co.	200	4/23/01		55.00		33,150		—
EchoStar Communications Corp., Cl. A	160	6/18/01		50.00		29,520		3,000
Edison International	400	7/23/01		17.50		86,797		28,000
Engelhard Corp.	250	10/22/01		25.00		61,748		80,000
Exxon Mobil Corp.	60	4/23/01		105.00		9,570		—
Gap, Inc.	240	6/18/01		35.00		57,030		1,200
General Motors Corp., Cl. H	250	6/18/01		40.00		61,750		—
Goodrich (B.F.) Co.	150	8/20/01		40.00		45,223		43,500
Goodrich (B.F.) Co.	150	8/20/01		45.00		42,434		19,500
Hercules, Inc.	15	6/18/01		25.00		1,830		—
Human Genome Sciences, Inc.	60	4/23/01		105.00		99,282		—
Human Genome Sciences, Inc.	30	4/23/01		95.00		14,910		—
Intel Corp.	500	4/23/01		65.00		98,500		—
International Business Machines Corp.	400	4/23/01		150.00		46,300		—
International Game Technology	180	4/23/01		40.00		55,710		185,400
J.P. Morgan Chase & Co.	430	6/18/01		65.00		47,083		—
Jones Apparel Group, Inc.	200	8/20/01		45.00		46,398		36,000
Lucent Technologies, Inc.	200	4/23/01		25.00		29,399		—
Lucent Technologies, Inc.	150	4/23/01		27.50		14,549		—
Methode Electronics, Inc., Cl. A	900	4/23/01		65.00	233,540			—
Morgan Stanley Dean Witter & Co.	50	4/23/01		110.00		14,850		—
Morgan Stanley Dean Witter & Co.	40	4/23/01		100.00		15,380		—
Mylan Laboratories, Inc.	300	4/23/01		35.00		55,348		—
Newport Corp.	60	5/21/01		150.00		47,818		—
Newport Corp.	30	5/21/01		170.00		28,410		—
Pall Corp.	250	9/24/01		25.00		41,749		21,250

24 OPPENHEIMER MULTIPLE STRATEGIES FUND

Footnotes to Statement of Investments Continued

	Contracts	Expiration	Exercise			Premium	Market Value
	Subject to Call	Date	Price			Received	See Note 1
Palm, Inc.	170	8/20/01	$	80.00	$	18,615	$	—
Peoplesoft, Inc.	150	4/23/01		55.00		106,421		—
Peoplesoft, Inc.	150	7/23/01		55.00		113,921		4,688
Philip Morris Cos., Inc.	350	6/18/01		45.00		134,570		192,500
Philip Morris Cos., Inc.	300	6/18/01		50.00		34,724		85,500
RF Micro Devices, Inc.	65	5/21/01		50.00		13,617		—
SBC Communications, Inc.	200	4/23/01		65.00		52,046		—
STMicroelectronics NV, NY Registered Shares	140	4/23/01		60.00		74,897		—
Santa Fe International Corp.	200	7/23/01		45.00		31,386		10,000
Synopsys, Inc.	450	9/24/01		60.00		291,150		196,875
Teradyne, Inc.	400	4/23/01		70.00		48,798		—
Transocean Sedco Forex, Inc.	150	5/21/01		70.00		42,675		—
Transocean Sedco Forex, Inc.	150	8/20/01		60.00		44,549		17,250
Tyco International Ltd.	140	4/23/01		60.00		64,328		—
Washington Mutual, Inc.	140	4/23/01		50.00		32,830		72,800
WorldCom, Inc.	200	6/18/01		25.00		46,900		12,500
WorldCom, Inc.	100	6/18/01		27.50		20,950		3,750
Yahoo!, Inc.	28	4/23/01		100.00		18,816		—
						3,721,668		1,557,363
	Contracts
	Subject to Put
Analog Devices, Inc.	200	9/24/01		25.00		41,399		42,000
Applied Micro Circuits Corp.	200	8/20/01		15.00		39,399		70,000
Applied Micro Circuits Corp.	200	8/20/01		22.50		84,397		162,500
Brocade Communications Systems, Inc.	150	7/23/01		40.00		100,797		300,000
Brocade Communications Systems, Inc.	100	10/22/01		17.50		26,699		34,000
Brocade Communications Systems, Inc.	150	10/22/01		35.00		137,363		222,000
Cisco Systems, Inc.	100	7/23/01		30.00		40,949		148,750
Cisco Systems, Inc.	100	10/22/01		15.00		19,699		29,375
Cisco Systems, Inc.	150	10/22/01		20.00		45,486		86,250
EchoStar Communications Corp., Cl.A	100	6/18/01		17.50		9,175		5,000
i2 Technologies, Inc.	100	8/20/01		12.50		18,449		26,250
i2 Technologies, Inc.	150	8/20/01		22.50		95,172		136,875
i2 Technologies, Inc.	150	8/20/01		30.00		112,050		238,125
International Rectifier Corp.	150	9/24/01		30.00		74,548		49,500
JDS Uniphase Corp.	70	9/24/01		15.00		12,915		19,688
JDS Uniphase Corp.	30	9/24/01		45.00		32,534		81,750
JDS Uniphase Corp.	122	9/24/01		50.00		164,179		390,400
Microsoft Corp.	130	4/23/01		50.00		94,733		20,312
Nortel Networks Corp.	300	5/21/01		12.50		36,599		57,000
Oracle Corp.	400	9/24/01		12.50		53,798		72,000
Palm, Inc.	140	8/20/01		15.00		41,579		98,000
Palm, Inc.	140	11/19/01		7.50		14,595		27,125
Peoplesoft, Inc.	200	10/22/01		15.00		49,398		36,250
Sun Microsystems, Inc.	175	10/22/01		15.00		45,411		54,250
Sun Microsystems, Inc.	275	10/22/01		17.50		85,110		123,750
Veritas Software Corp.	100	8/20/01		50.00		84,697		130,000
Yahoo!, Inc.	200	10/22/01		10.00		31,899		23,750
Yahoo!, Inc.	300	10/22/01		125.00		70,348		63,750
						1,663,377		2,748,650
					$	5,385,045	$	4,306,013

25 OPPENHEIMER MULTIPLE STRATEGIES FUND

STATEMENT OF INVESTMENTS Unaudited / Continued
Footnotes to Statement of Investments Continued
2.	Non-income-producing security.
3.	Identifies issues considered to be illiquid or restricted—See Note 7 of Notes to Financial Statements.
4.	Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended.These securities have been determined to be liquid under guidelines established by the Board of Trustees. These securities amount to $6,864,822 or 0.96% of the Fund’s net assets as of March 31, 2001.
5.	Units may be comprised of several components, such as debt and equity and/or warrants to purchase equity at some point in the future. For units which represent debt securities, principal amount disclosed represents total underlying principal.
6.	Interest-Only Strips represent the right to receive the monthly interest payments on an underlying pool of mortgage loans.These securities typically decline in price as interest rates decline. Most other fixed income securities increase in price when interest rates decline.The principal amount of the underlying pool represents the notional amount on which current interest is calculated.The price of these securities is typically more sensitive to changes in prepayment rates than traditional mortgage-backed securities (for example, GNMA pass-throughs). Interest rates disclosed represent current yields based upon the current cost basis and estimated timing and amount of future cash flows.
7.	Represents the current interest rate for a variable or increasing rate security.
8.	Zero coupon bond reflects the effective yield on the date of purchase.
9.	Denotes a step bond: a zero coupon bond that converts to a fixed or variable interest rate at a designated future date.
10.	Issuer is in default.

See accompanying Notes to Financial Statements.

26 OPPENHEIMER MULTIPLE STRATEGIES FUND

STATEMENT OF ASSETS AND LIABILITIES Unaudited

March 31, 2001
Assets
Investments, at value (cost $616,426,003)—see accompanying statement	$	704,652,295
Cash		478,882
Cash used for collateral on written puts		7,767,650
Receivables and other assets:
Interest, dividends and principal paydowns		6,762,606
Investments sold		1,452,712
Shares of beneficial interest sold		375,863
Other		32,078
Total assets		721,522,086
Liabilities
Options written, at value (premiums received $5,385,045)—
see accompanying statement		4,306,013
Payables and other liabilities:
Investments purchased		2,856,933
Distribution and service plan fees		373,429
Shares of beneficial interest redeemed		370,714
Trustees’ compensation		232,234
Transfer and shareholder servicing agent fees		87,372
Other		200,557
Total liabilities		8,427,252
Net Assets	$	713,094,834
Composition of Net Assets
Paid-in capital	$	604,878,526
Undistributed net investment income		5,792,516
Accumulated net realized gain on investments and
foreign currency transactions		13,132,989
Net unrealized appreciation on investments and translation of
assets and liabilities denominated in foreign currencies		89,290,803
Net Assets	$	713,094,834

27 OPPENHEIMER MULTIPLE STRATEGIES FUND

STATEMENT OF ASSETS AND LIABILITIES Unaudited / Continued

March 31, 2001
Net Asset Value Per Share
Class A Shares:
Net asset value and redemption price per share (based on net assets of
$608,790,667 and 46,493,389 shares of beneficial interest outstanding)	$ 13.09
Maximum offering price per share (net asset value plus sales charge
of 5.75% of offering price)	$13.89
Class B Shares:
Net asset value, redemption price (excludes applicable contingent deferred
sales charge) and offering price per share (based on net assets of $66,285,617
and 5,116,638 shares of beneficial interest outstanding)	$12.95
Class C Shares:
Net asset value, redemption price (excludes applicable contingent deferred
sales charge) and offering price per share (based on net assets of $38,017,593
and 2,924,038 shares of beneficial interest outstanding)	$13.00
Class N Shares:
Net asset value, redemption price and offering price per share (based on
net assets of $957 and 73.10 shares of beneficial interest outstanding)	$13.09

See accompanying Notes to Financial Statements.

28 OPPENHEIMER MULTIPLE STRATEGIES FUND

STATEMENT OF OPERATIONS Unaudited

For the Six Months Ended March 31, 2001
Investment Income
Interest (net of foreign withholding taxes of $42)	$	11,896,785
Dividends (net of foreign withholding taxes of $35,896)		2,697,047
Total income		14,593,832
Expenses
Management fees		2,590,594
Distribution and service plan fees:
Class A		607,543
Class B		330,819
Class C		190,673
Transfer and shareholder servicing agent fees		134,222
Custodian fees and expenses		37,141
Trustees’ compensation		11,297
Other		12,245
Total expenses		3,914,534
Less expenses paid indirectly		(4,122	)
Net expenses		3,910,412
Net Investment Income		10,683,420
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments (including premiums on options exercised)		22,126,939
Closing and expiration of option contracts written		1,882,311
Foreign currency transactions		(845,830	)
Net realized gain		23,163,420
Net change in unrealized depreciation on:
Investments		(44,026,841	)
Translation of assets and liabilities denominated in foreign currencies		(1,875,875	)
Net change		(45,902,716	)
Net realized and unrealized loss		(22,739,296	)
Net Decrease in Net Assets Resulting from Operations	$	(12,055,876	)

See accompanying Notes to Financial Statements.

29 OPPENHEIMER MULTIPLE STRATEGIES FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended
	March 31, 2001			Year Ended
		(Unaudited)		Sept. 30, 2000
Operations
Net investment income	$	10,683,420		$	26,991,484
Net realized gain (loss)		23,163,420			35,120,241
Net change in unrealized appreciation (depreciation)		(45,902,716	)		29,912,821
Net increase (decrease) in net assets resulting from operations		(12,055,876	)		92,024,546
Dividends and/or Distributions to Shareholders
Dividends from net investment income:
Class A		(7,573,579	)		(21,779,999	)
Class B		(548,463	)		(1,694,849	)
Class C		(313,825	)		(978,026	)
Class N		(7	)		—
Distributions from net realized gain:
Class A		(33,019,475	)		(48,515,731	)
Class B		(3,502,868	)		(5,165,726	)
Class C		(2,017,780	)		(2,993,063	)
Class N		—			—
Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from
beneficial interest transactions:
Class A		19,644,694			(5,424,882	)
Class B		4,920,201			(3,023,844	)
Class C		2,613,084			(956,723	)
Class N		1,000			—
Net Assets
Total increase (decrease)		(31,852,894	)		1,491,703
Beginning of period		744,947,728			743,456,025
End of period (including undistributed net investment
income of $5,792,516 and $3,544,970, respectively)	$	713,094,834		$	744,947,728

See accompanying Notes to Financial Statements.

30 OPPENHEIMER MULTIPLE STRATEGIES FUND

FINANCIAL HIGHLIGHTS

Class A	Six Months Ended March 31, 2001 (Unaudited)						2000				1999				1998				1997				Year Ended Sept. 30, 19961
Per Share Operating Data
Net asset value, beginning of period		$	14.23			$	14.06			$	13.69			$	16.17			$	14.09			$	13.07
Income (loss) from investment operations:
Net investment income			.21				.53				.54				.51				.50				.49
Net realized and unrealized gain (loss)			(.44	)			1.21				1.59				(1.22	)			2.88				.96
Total income (loss) from investment
operations			(.23	)			1.74				2.13				(.71	)			3.38				1.45
Dividends and/or distributions to shareholders:
Dividends from net investment income			(.17	)			(.48	)			(.54	)			(.49	)			(.51	)			(.43	)
Distributions from net realized gain			(.74	)			(1.09	)			(1.22	)			(1.28	)			(.79	)			—
Total dividends and/or distributions
to shareholders			(.91	)			(1.57	)			(1.76	)			(1.77	)			(1.30	)			(.43	)
Net asset value, end of period		$	13.09			$	14.23			$	14.06			$	13.69			$	16.17			$	14.09
Total Return, at Net Asset Value2			(1.65	)%			13.31	%			16.29	%			(4.71	)%			25.46	%			11.22	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$	608,791		$	639,648			$	635,603			$	624,895			$	712,470			$	264,359
Average net assets (in thousands)		$	628,815		$	644,356			$	660,113			$	699,665			$	395,436			$	256,765
Ratios to average net assets:3
Net investment income			3.04	%			3.71	%			3.70	%			3.34	%			3.30	%			4.73	%
Expenses			0.95	%			1.13	%			1.09	%			1.08	%4			1.16	%4			1.21	%4
Portfolio turnover rate			22	%			33	%			15	%			59	%			51	%			32	%

1.	For the nine months ended September 30, 1996. The Fund changed its fiscal year end from December 31 to September 30.
2.	Assumes a $1,000 hypothetical initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods of less than one full year.
3.	Annualized for periods of less than one full year.
4.	Expense ratio has not been grossed up to reflect the effect of expenses paid indirectly.
See accompanying Notes to Financial Statements.

31 OPPENHEIMER MULTIPLE STRATEGIES FUND

FINANCIAL HIGHLIGHTS Continued

Class B	Six Months Ended March 31, 2001 (Unaudited)					2000			1999			1998			1997		Year Ended Sept. 30, 19961
Per Share Operating Data
Net asset value, beginning of period		$	14.08		$	13.93		$	13.57		$	16.04		$	14.01		$	13.03
Income (loss) from investment operations:
Net investment income			.15			.41			.41			.38			.45			.41
Net realized and unrealized gain (loss)			(.43	)		1.19			1.58			(1.20	)		2.78			.93
Total income (loss) from investment
operations			(.28	)		1.60			1.99			(.82	)		3.23			1.34
Dividends and/or distributions to shareholders:
Dividends from net investment income			(.11	)		(.36	)		(.41	)		(.37	)		(.41	)		(.36	)
Distributions from net realized gain			(.74	)		(1.09	)		(1.22	)		(1.28	)		(.79	)		—
Total dividends and/or distributions
to shareholders			(.85	)		(1.45	)		(1.63	)		(1.65	)		(1.20	)		(.36	)
Net asset value, end of period		$	12.95		$	14.08		$	13.93		$	13.57		$	16.04		$	14.01
Total Return, at Net Asset Value2			(2.00	)%		12.30	%		15.35	%		(5.49	)%		24.34	%		10.37	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$	66,286		$	66,777		$	68,875		$	73,036		$	67,916		$	5,996
Average net assets (in thousands)		$	66,432		$	66,956		$	73,673		$	74,442		$	25,113		$	3,546
Ratios to average net assets:3
Net investment income			2.23	%		2.92	%		2.85	%		2.53	%		2.26	%		3.69	%
Expenses			1.76	%		1.94	%		1.93	%		1.91	%4		1.96	%4		2.12	%4
Portfolio turnover rate			22	%		33	%		15	%		59	%		51	%		32	%

1.	For the nine months ended September 30, 1996. The Fund changed its fiscal year end from December 31 to September 30.
2.	Assumes a $1,000 hypothetical initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods of less than one full year.
3.	Annualized for periods of less than one full year.
4.	Expense ratio has not been grossed up to reflect the effect of expenses paid indirectly.
See accompanying Notes to Financial Statements.

32 OPPENHEIMER MULTIPLE STRATEGIES FUND

Class C	Six Months Ended March 31, 2001 (Unaudited)					2000			1999			1998			1997		Year Ended Sept. 30, 19961
Per Share Operating Data
Net asset value, beginning of period		$	14.13		$	13.97		$	13.61		$	16.07		$	14.02		$	13.01
Income (loss) from investment operations:
Net investment income			.15			.41			.42			.38			.41			.40
Net realized and unrealized gain (loss)			(.43	)		1.20			1.57			(1.20	)		2.83			.96
Total income (loss) from investment
operations			(.28	)		1.61			1.99			(.82	)		3.24			1.36
Dividends and/or distributions to shareholders:
Dividends from net investment income			(.11	)		(.36	)		(.41	)		(.36	)		(.40	)		(.35	)
Distributions from net realized gain			(.74	)		(1.09	)		(1.22	)		(1.28	)		(.79	)		—
Total dividends and/or distributions
to shareholders			(.85	)		(1.45	)		(1.63	)		(1.64	)		(1.19	)		(.35	)
Net asset value, end of period		$	13.00		$	14.13		$	13.97		$	13.61		$	16.07		$	14.02
Total Return, at Net Asset Value2			(1.99	)%		12.35	%		15.28	%		(5.43	)%		24.42	%		10.55	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$	38,018		$	38,522		$	38,978		$	48,417		$	49,539		$	21,087
Average net assets (in thousands)		$	38,288		$	38,597		$	43,701		$	52,325		$	33,813		$	17,898
Ratios to average net assets:3
Net investment income			2.23	%		2.92	%		2.85	%		2.51	%		2.61	%		3.84	%
Expenses			1.76	%		1.94	%		1.93	%		1.91	%4		1.97	%4		2.07	%4
Portfolio turnover rate			22	%		33	%		15	%		59	%		51	%		32	%

1.	For the nine months ended September 30, 1996. The Fund changed its fiscal year end from December 31 to September 30.
2.	Assumes a $1,000 hypothetical initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods of less than one full year.
3.	Annualized for periods of less than one full year.
4.	Expense ratio has not been grossed up to reflect the effect of expenses paid indirectly.
See accompanying Notes to Financial Statements.

33 OPPENHEIMER MULTIPLE STRATEGIES FUND

FINANCIAL HIGHLIGHTS Continued

Class N	Period Ended March 31, 2001 (Unaudited)			1
Per Share Operating Data
Net asset value, beginning of period		$13.67
Income (loss) from investment operations:
Net investment income		.04
Net realized and unrealized loss		(.53		)
Total loss from investment operations		(.49		)
Dividends and/or distributions to shareholders:
Dividends from net investment income		(.09		)
Distributions from net realized gain			—
Total dividends and/or distributions to shareholders		(.09		)
Net asset value, end of period			$13.09
Total Return, at Net Asset Value2		(3.60		)%
Ratios/Supplemental Data
Net assets, end of period (in thousands)			$1
Average net assets (in thousands)			$1
Ratios to average net assets:3
Net investment income		3.36		%
Expenses		0.76		%
Portfolio turnover rate		22		%

1.	For the period from March 1, 2001 (inception of offering) to March 31, 2001.
2.	Assumes a $1,000 hypothetical initial investment on the business day before the first day of the fiscal period (or inception of offering), with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods of less than one full year.
3.	Annualized for periods of less than one full year.

See accompanying Notes to Financial Statements.

34 OPPENHEIMER MULTIPLE STRATEGIES FUND

NOTES TO FINANCIAL STATEMENTS Unaudited

1. Significant Accounting Policies

Oppenheimer Multiple Strategies Fund (the Fund) is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. The Fund’s investment objective is to seek high total investment return consistent with preservation of principal. The Fund’s investment advisor is OppenheimerFunds, Inc. (the Manager).
     The Fund offers Class A, Class B, Class C and Class N shares. Class A shares are sold at their offering price, which is normally net asset value plus a front-end sales charge. Class B, Class C and Class N shares are sold without a front-end sales charge but may be subject to a contingent deferred sales charge (CDSC). Class N shares are sold only through retirement plans. Retirement plans that offer Class N shares may impose charges on those accounts. All classes of shares have identical rights to earnings, assets and voting privileges, except that each class has its own expenses directly attributable to that class and exclusive voting rights with respect to matters affecting that class. Classes A, B, C and N have separate distribution and/or service plans. Class B shares will automatically convert to Class A shares six years after the date of purchase. The following is a summary of significant accounting policies consistently followed by the Fund.

Securities Valuation. Securities listed or traded on National Stock Exchanges or other domestic or foreign exchanges are valued based on the last sale price of the security traded on that exchange prior to the time when the Fund’s assets are valued. In the absence of a sale, the security is valued at the last sale price on the prior trading day, if it is within the spread of the closing bid and asked prices, and if not, at the closing bid price. Securities (including restricted securities) for which quotations are not readily available are valued primarily using dealer-supplied valuations, a portfolio pricing service authorized by the Board of Trustees, or at their fair value. Fair value is determined in good faith under consistently applied procedures under the supervision of the Board of Trustees. Short-term “money market type” debt securities with remaining maturities of sixty days or less are valued at amortized cost (which approximates market value).Structured Notes. The Fund invests in structured notes whose market value and redemption price are linked to a specific security. The structured notes are leveraged, which increases the notes’ volatility relative to the principal of the security. Fluctuations in value of these securities are recorded as unrealized gains and losses in the accompanying financial statements. As of March 31, 2001, the market value of these securities comprised less than 0.1% of the Fund’s net assets and resulted in unrealized gains in the current period of $58,804.Security Credit Risk. The Fund invests in high yield securities, which may be subject to a greater degree of credit risk, greater market fluctuations and risk of loss of income and principal, and may be more sensitive to economic conditions than lower yielding, higher

35 OPPENHEIMER MULTIPLE STRATEGIES FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

1. Significant Accounting Policies Continued
rated fixed income securities. The Fund may acquire securities in default, and is not obligated to dispose of securities whose issuers subsequently default. As of March 31, 2001, securities with an aggregate market value of $953,294, representing 0.13% of the Fund’s net assets, were in default. Foreign Currency Translation. The accounting records of the Fund are maintained in U.S. dollars. Prices of securities denominated in foreign currencies are translated into US dollars at the closing rates of exchange. Amounts related to the purchase and sale of foreign securities and investment income are translated at the rates of exchange prevailing on the respective dates of such transactions.
     The effect of changes in foreign currency exchange rates on investments is separately identified from the fluctuations arising from changes in market values of securities held and reported with all other foreign currency gains and losses in the Fund’s Statement of Operations.Repurchase Agreements. The Fund requires the custodian to take possession, to have legally segregated in the Federal Reserve Book Entry System or to have segregated within the custodian’s vault, all securities held as collateral for repurchase agreements. The market value of the underlying securities is required to be at least 102% of the resale price at the time of purchase. If the seller of the agreement defaults and the value of the collateral declines, or if the seller enters an insolvency proceeding, realization of the value of the collateral by the Fund may be delayed or limited. Allocation of Income, Expenses, Gains and Losses. Income, expenses (other than those attributable to a specific class), gains and losses are allocated daily to each class of shares based upon the relative proportion of net assets represented by such class. Operating expenses directly attributable to a specific class are charged against the operations of that class.Federal Taxes. The Fund intends to continue to comply with provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its taxable income, including any net realized gain on investments not offset by loss carryovers, to shareholders. Therefore, no federal income or excise tax provision is required. Trustees’ Compensation. The Fund has adopted an unfunded retirement plan for the Fund’s independent Board of Trustees. Benefits are based on years of service and fees paid to each trustee during the years of service. During the six months ended March 31, 2001, payments of $9,252 were made to retired trustees, resulting in an accumulated liability of $227,555 as of March 31, 2001.
     The Board of Trustees has adopted a deferred compensation plan for independent trustees that enables trustees to elect to defer receipt of all or a portion of annual compensation they are entitled to receive from the Fund. Under the plan, the compensation deferred is periodically adjusted as though an equivalent amount had been invested for

36 OPPENHEIMER MULTIPLE STRATEGIES FUND

the Board of Trustees in shares of one or more Oppenheimer funds selected by the trustee. The amount paid to the Board of Trustees under the plan will be determined based upon the performance of the selected funds. Deferral of trustees’ fees under the plan will not affect the net assets of the Fund, and will not materially affect the Fund’s assets, liabilities or net investment income per share.

Dividends and Distributions to Shareholders. Dividends and distributions to shareholders, which are determined in accordance with income tax regulations, are recorded on the ex-dividend date. Classification of Dividends and Distributions to Shareholders. Net investment income (loss) and net realized gain (loss) may differ for financial statement and tax purposes. The character of dividends and distributions made during the fiscal year from net investment income or net realized gains may differ from its ultimate characterization for federal income tax purposes. Also, due to timing of dividends and distributions, the fiscal year in which amounts are distributed may differ from the fiscal year in which the income or realized gain was recorded by the Fund. Expense Offset Arrangements. Expenses paid indirectly represent a reduction of custodian fees for earnings on cash balances maintained by the Fund. Other. Investment transactions are accounted for as of trade date and dividend income is recorded on the ex-dividend date. Discount on securities purchased is accreted over the life of the respective securities, in accordance with federal income tax requirements. Realized gains and losses on investments and options written and unrealized appreciation and depreciation are determined on an identified cost basis, which is the same basis used for federal income tax purposes. Dividends-in-kind are recognized as income on the ex-dividend date, at the current market value of the underlying security. Interest on payment-in-kind debt instruments is accrued as income at the coupon rate and a market adjustment is made periodically.
     The Fund adopted the provisions of the AICPA Audit and Accounting Guide for Investment Companies, as revised, effective for fiscal years beginning after December 15, 2000. As required, the Fund began amortizing premiums on debt securities effective January 1, 2001. Prior to this date, the Fund did not amortize premiums on debt securities. The cumulative effect of this accounting change had no impact on the total net assets of the Fund, but resulted in a $2,253,893 decrease to cost of securities and a corresponding $2,253,893 increase in net unrealized appreciation, based on securities held as of December 31, 2000.
     The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

37 OPPENHEIMER MULTIPLE STRATEGIES FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

2. Shares of Beneficial Interest

The Fund has authorized an unlimited number of no par value shares of beneficial interest for each class. Transactions in shares of beneficial interest were as follows:

	Six Months Ended March 31, 20011					Year Ended September 30, 2000
	Shares			Amount		Shares			Amount
Class A
Sold	1,054,623		$	14,413,222		2,399,891		$	33,730,252
Dividends and/or
distributions reinvested	2,773,391			36,651,918		4,751,781			63,935,355
Redeemed	(2,299,709	)		(31,420,446	)	(7,377,559	)		(103,090,489	)
Net increase (decrease)	1,528,305		$	19,644,694		(225,887	)	$	(5,424,882	)
Class B
Sold	539,409		$	7,283,956		887,243		$	12,369,666
Dividends and/or
distributions reinvested	286,415			3,746,285		473,833			6,297,177
Redeemed	(450,898	)		(6,110,040	)	(1,563,882	)		(21,690,687	)
Net increase (decrease)	374,926		$	4,920,201		(202,806	)	$	(3,023,844	)
Class C
Sold	327,708		$	4,429,954		428,935		$	5,997,482
Dividends and/or
distributions reinvested	157,791			2,070,344		272,821			3,635,733
Redeemed	(287,562	)		(3,887,214	)	(765,156	)		(10,589,938	)
Net increase (decrease)	197,937		$	2,613,084		(63,400	)	$	(956,723	)
Class N
Sold	73.10		$	1,000		—		$	—
Dividends and/or
distributions reinvested	—			—		—			—
Redeemed	—			—		—			—
Net increase	73.10		$	1,000		—		$	—

1. For the six months ended March 31, 2001, for Class A, B and C shares and for the period from March 1, 2001 (inception of offering) to March 31, 2001, for Class N shares.

3. Purchases and Sales of Securities

The aggregate cost of purchases and proceeds from sales of securities, other than short-term obligations, for the six months ended March 31, 2001, were $169,432,960 and $147,816,209, respectively.

4. Fees and Other Transactions with Affiliates
Management Fees. Management fees paid to the Manager are in accordance with the investment advisory agreement with the Fund which provides for a fee of 0.75% of the first $200 million of average annual net assets of the Fund, 0.72% of the next $200 million, 0.69% of the next $200 million, 0.66% of the next $200 million, 0.60% of the

38 OPPENHEIMER MULTIPLE STRATEGIES FUND

next $700 million and 0.58% of average annual net assets in excess of $1.5 billion. The Fund’s management fee for the six months ended March 31, 2001, was an annualized rate of 0.71%, before any waiver by the Manager if applicable.

Transfer Agent Fees. OppenheimerFunds Services (OFS), a division of the Manager, acts as the transfer and shareholder servicing agent for the Fund. Prior to January 1, 2001, OFS performed these services on an at-cost basis. Beginning January 2001, OFS is paid at an agreed upon per account fee. Distribution and Service Plan Fees. Under its General Distributor’s Agreement with the Manager, the Distributor acts as the Fund’s principal underwriter in the continuous public offering of the different classes of shares of the Fund.

The compensation paid to (or retained by) the Distributor from the sale of shares or on the redemption of shares is shown in the table below for the period indicated.

Six Months Ended	Aggregate Front-End Sales Charges on Class A Shares	Class A Front-end Sales Charges Retained by Distributor	Commissions on Class A Shares Advanced by Distributor1	Commissions on Class B Shares Advanced by Distributor1	Commissions on Class C Shares Advanced by Distributor1	Commissions on Class N Shares Advanced by Distributor1
March 31, 2001	$211,086	$77,667	$10,692	$216,416	$33,511	$—

1. The Distributor advances commission payments to dealers for certain sales of Class A shares and for sales of Class B, Class C and Class N shares from its own resources at the time of sale.

Six Months Ended	Class A Contingent Deferred Sales Charges Retained by Distributor	Class B Contingent Deferred Sales Charges Retained by Distributor	Class C Contingent Deferred Sales Charges Retained by Distributor	Class N Contingent Deferred Sales Charges Retained by Distributor
March 31, 2001	$—	$51,218	$1,381	$—

The Fund has adopted a Service Plan for Class A shares and Distribution and Service Plans for Class B, Class C and Class N shares under Rule 12b-1 of the Investment Company Act. Under those plans the Fund pays the Distributor for all or a portion of its costs incurred in connection with the distribution and/or servicing of the shares of the particular class.

Class A Service Plan Fees. Under the Class A service plan, the Distributor currently uses the fees it receives from the Fund to pay brokers, dealers and other financial institutions. The Class A service plan permits reimbursements to the Distributor at a rate of up to 0.25% of average annual net assets of Class A shares purchased. The Distributor makes payments to plan recipients quarterly at an annual rate not to exceed 0.25% of the average annual net assets consisting of Class A shares of the Fund. For the six months ended March 31, 2001, payments under the Class A plan totaled $607,543 prior to Manager waiver if applicable, all of which were paid by the Distributor to recipients, and included $36,632 paid to an affiliate of the Manager. Any unreimbursed expenses the Distributor incurs with respect to Class A shares in any fiscal year cannot be recovered in subsequent years.

39 OPPENHEIMER MULTIPLE STRATEGIES FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

4. Fees and Other Transactions with Affiliates Continued

Class B, Class C and Class N Distribution and Service Plan Fees. Under each plan, service fees and distribution fees are computed on the average of the net asset value of shares in the respective class, determined as of the close of each regular business day during the period. The Class B, Class C and Class N plans provide for the Distributor to be compensated at a flat rate, whether the Distributor’s distribution expenses are more or less than the amounts paid by the Fund under the plan during the period for which the fee is paid.

     The Distributor retains the asset-based sales charge on Class B shares. The Distributor retains the asset-based sales charge on Class C shares during the first year the shares are outstanding. The Distributor retains the asset-based sales charge on Class N shares. The asset-based sales charges on Class B, Class C and Class N shares allow investors to buy shares without a front-end sales charge while allowing the Distributor to compensate dealers that sell those shares.

     The Distributor’s actual expenses in selling Class B, Class C and Class N shares may be more than the payments it receives from the contingent deferred sales charges collected on redeemed shares and asset-based sales charges from the Fund under the plans. If any plan is terminated by the Fund, the Board of Trustees may allow the Fund to continue payments of the asset-based sales charge to the Distributor for distributing shares before the plan was terminated. The plans allow for the carryforward of distribution expenses, to be recovered from asset-based sales charges in subsequent fiscal periods.

Distribution fees paid to the Distributor for the six months ended March 31, 2001, were as follows:

							Distributor’s
					Distributor’s		Aggregate
						Aggregate	Unreimbursed
					Unreimbursed		Expenses as %
	Total Payments		Amount Retained			Expenses	of Net Assets
	Under Plan		by Distributor		Under Plan		of Class
Class B Plan		$330,819		$260,118		$2,502,979	3.78	%
Class C Plan		190,673		25,756		731,313	1.92
Class N Plan		—		—		—	—

5. Foreign Currency Contracts

A foreign currency contract is a commitment to purchase or sell a foreign currency at a future date, at a negotiated rate. The Fund may enter into foreign currency contracts for operational purposes and to seek to protect against adverse exchange rate fluctuations. Risks to the Fund include the potential inability of the counterparty to meet the terms of the contract.

     The net U.S. dollar value of foreign currency underlying all contractual commitments held by the Fund and the resulting unrealized appreciation or depreciation are determined using foreign currency exchange rates as provided by a reliable bank, dealer or pricing service. Unrealized appreciation and depreciation on foreign currency contracts are reported in the Statement of Assets and Liabilities.

40 OPPENHEIMER MULTIPLE STRATEGIES FUND

     The Fund may realize a gain or loss upon the closing or settlement of the foreign currency transactions. Realized gains and losses are reported with all other foreign currency gains and losses in the Statement of Operations.

     Securities denominated in foreign currency to cover net exposure on outstanding foreign currency contracts are noted in the Statement of Investments where applicable.

6. Option Activity

The Fund may buy and sell put and call options, or write put and covered call options on portfolio securities in order to produce incremental earnings or protect against changes in the value of portfolio securities.

     The Fund generally purchases put options or writes covered call options to hedge against adverse movements in the value of portfolio holdings. When an option is written, the Fund receives a premium and becomes obligated to sell or purchase the underlying security at a fixed price, upon exercise of the option.

     Options are valued daily based upon the last sale price on the principal exchange on which the option is traded and unrealized appreciation or depreciation is recorded. The Fund will realize a gain or loss upon the expiration or closing of the option transaction. When an option is exercised, the proceeds on sales for a written call option, the purchase cost for a written put option, or the cost of the security for a purchased put or call option is adjusted by the amount of premium received or paid.

     Securities designated to cover outstanding call options are noted in the Statement of Investments where applicable. Shares subject to call, expiration date, exercise price, premium received and market value are detailed in a note to the Statement of Investments. Options written are reported as a liability in the Statement of Assets and Liabilities. Realized gains and losses are reported in the Statement of Operations.

     The risk in writing a call option is that the Fund gives up the opportunity for profit if the market price of the security increases and the option is exercised. The risk in writing a put option is that the Fund may incur a loss if the market price of the security decreases and the option is exercised. The risk in buying an option is that the Fund pays a premium whether or not the option is exercised. The Fund also has the additional risk of not being able to enter into a closing transaction if a liquid secondary market does not exist. Written option activity for the six months ended March 31, 2001, was as follows:

		Call Options			Put Options
	Number of		Amount of	Number of		Amount of
	Contracts		Premiums	Contracts		Premiums
Options outstanding as of
September 30, 2000	8,289		$3,014,224	—		$—
Options written	15,993		4,843,065	4,582		1,663,377
Options closed or expired	(7,216)		(3,135,987)	—		—
Options exercised	(4,074)		(999,634)	—		—
Options outstanding as of
March 31, 2001	12,992		$3,721,668	4,582		$1,663,377

41 OPPENHEIMER MULTIPLE STRATEGIES FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

7. Illiquid or Restricted Securities

As of March 31, 2001, investments in securities included issues that are illiquid. A security may be considered illiquid if it lacks a readily available market or if its valuation has not changed for a certain period of time. The Fund intends to invest no more than 10% of its net assets (determined at the time of purchase and reviewed periodically) in illiquid securities. The aggregate value of illiquid securities subject to this limitation as of March 31, 2001, was $16,480,368, which represents 2.31% of the Fund’s net assets, of which $24,440 is considered restricted. Information concerning restricted securities is as follows:

			Valuation Per
		Cost	Unit as of	Unrealized
Security	Acquisition Date	Per Unit	March 31, 2001	Appreciation
Stocks and Warrants
Aurora Foods, Inc.	9/18/00	$  —	$3.45	$ 24,440

8. Bank Borrowings

The Fund may borrow from a bank for temporary or emergency purposes including, without limitation, funding of shareholder redemptions provided asset coverage for borrowings exceeds 300%. The Fund has entered into an agreement which enables it to participate with other Oppenheimer funds in an unsecured line of credit with a bank, which permits borrowings up to $400 million, collectively. Interest is charged to each fund, based on its borrowings, at a rate equal to the Federal Funds Rate plus 0.45%. Borrowings are payable 30 days after such loan is executed. The Fund also pays a commitment fee equal to its pro rata share of the average unutilized amount of the credit facility at a rate of 0.08% per annum.

The Fund had no borrowings outstanding during the six months ended or at March 31, 2001.

42 OPPENHEIMER MULTIPLE STRATEGIES FUND

OPPENHEIMER MULTIPLE STRATEGIES FUND

Officers and Trustees	Leon Levy, Chairman of the Board of Trustees
	Donald W. Spiro, Vice Chairman of the Board of Trustees
	Bridget A. Macaskill, Trustee and President
	Robert G. Galli, Trustee
	Phillip A. Griffiths, Trustee
	Benjamin Lipstein, Trustee
	Elizabeth B. Moynihan, Trustee
	Kenneth A. Randall, Trustee
	Edward V. Regan, Trustee
	Russell S. Reynolds, Jr., Trustee
	Clayton K. Yeutter, Trustee
	George Evans, Vice President
	Michael S. Levine, Vice President
	David P. Negri, Vice President
	Richard H. Rubinstein, Vice President
	Andrew J. Donohue, Secretary
	Brian W. Wixted, Treasurer
	Robert J. Bishop, Assistant Treasurer
	Scott T. Farrar, Assistant Treasurer
	Robert G. Zack, Assistant Secretary
Investment Advisor	OppenheimerFunds, Inc.
Distributor	OppenheimerFunds Distributor, Inc.
Transfer and Shareholder	OppenheimerFunds Services
Servicing Agent
Custodian of Portfolio	The Bank of New York
Securities
Independent Auditors	KPMG LLP
Legal Counsel	Mayer, Brown & Platt
	The financial statements included herein have been taken from the records of
	the Fund without examination of those records by the independent auditors.
	For more complete information about Oppenheimer Multiple Strategies Fund,
	please refer to the Prospectus. To obtain a copy, call your financial advisor,
	call OppenheimerFunds Distributor, Inc. at 1.800.525.7048 or visit the
	OppenheimerFunds Internet website at www.oppenheimerfunds.com.
	Shares of Oppenheimer funds are not deposits or obligations of any bank,
	are not guaranteed by any bank, are not insured by the FDIC or any other
	agency, and involve investment risks, including the possible loss of the
	principal amount invested.
	Oppenheimer funds are distributed by OppenheimerFunds Distributor, Inc.,
	Two World Trade Center, New York, NY 10048-0203.
	(c)Copyright 2001 OppenheimerFunds, Inc. All rights reserved.

43 OPPENHEIMER MULTIPLE STRATEGIES FUND

OPPENHEIMER FUNDS FA M I LY

Global Equity	Developing Markets Fund	Global Fund
	International Small Company Fund	Quest Global Value Fund
	Europe Fund	Global Growth & Income Fund
	International Growth Fund
Equity	Stock	Stock & Bond
	Emerging Technologies Fund	Main Street® Growth & Income Fund
	Emerging Growth Fund	Quest Opportunity Value Fund
	Enterprise Fund	Total Return Fund
	Discovery Fund	Quest Balanced Value Fund
	Main Street® Small Cap Fund	Capital Income Fund
	Small Cap Value Fund1	Multiple Strategies Fund
	MidCap Fund	Disciplined Allocation Fund
	Main Street® Opportunity Fund	Convertible Securities Fund
	Growth Fund	Specialty
	Capital Appreciation Fund	Real Asset Fund®
	Large Cap Growth Fund	Gold & Special Minerals Fund
	Value Fund2
	Quest Capital Value Fund
	Quest Value Fund
	Trinity Growth Fund
	Trinity Core Fund
	Trinity Value Fund
Income	Taxable	Municipal
	International Bond Fund	California Municipal Fund4
	High Yield Fund	Florida Municipal Fund4
	Champion Income Fund	New Jersey Municipal Fund4
	Strategic Income Fund	New York Municipal Fund4
	Bond Fund	Pennsylvania Municipal Fund4
	Senior Floating Rate Fund	Municipal Bond Fund
	U.S. Government Trust	Intermediate Municipal Fund
	Limited-Term Government Fund
	Capital Preservation Fund3
	Rochester Division
	Rochester Fund Municipals
	Limited Term New York Municipal Fund
Select Managers	Stock	Stock & Bond
	Mercury Advisors Focus Growth Fund	QM Active Balanced Fund3
	Gartmore Millennium Growth Fund
	Jennison Growth Fund
	Salomon Brothers Capital Fund
	Mercury Advisors S&P 500® Index Fund3
Money Market5	Money Market Fund	Cash Reserves

1.	The Fund's name was changed from “Oppenheimer Quest Small Cap FundSM ” on 3/1/01.
2.	The Fund's name was changed from “Oppenheimer Disciplined Value Fund” on 2/28/01.
3.	Available only through qualified retirement plans.
4.	Available to investors only in certain states.
5.	An investment in money market funds is neither insured nor guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although these funds may seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in these funds.

44 OPPENHEIMER MULTIPLE STRATEGIES FUND

INFORMATION AND SERVICES

As an Oppenheimer fund shareholder, you can benefit from special services designed to make investing simple. Whether it’s automatic investment plans, timely market updates, or immediate account access, you can count on us whenever you need assistance.¹ So call us today, or visit our website—we’re here to help.

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RS0240.001.0301   May 30, 2001