Oppenheimer World Bond Fund – ‘DEF 14A’ for 10/31/95

As of:  Wednesday, 4/17/96   ·   For:  10/31/95   ·   Accession #:  841057-96-4   ·   File #:  811-05670

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Definitive Proxy Solicitation Material   —   Schedule 14A
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: DEF 14A     Oppenheimer Multi-Government Trust                    18±    70K 

DEF 14A
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SCHEDULE 14A      
(Rule 14a-101)      
INFORMATION REQUIRED IN PROXY STATEMENT     
SCHEDULE 14A INFORMATION      
Proxy Statement Pursuant to Section 14(a) of the Securities     
Exchange Act of 1934 (Amendment No.      )      

Filed by the registrant                         / x /                           
Filed by a party other than the registrant      /   /                           

Check the appropriate box:                                                      
/   / Preliminary proxy statement                                               
/ X / Definitive proxy statement                                                
/   / Definitive additional materials                                           
/   / Soliciting material pursuant to Rule 14a-11(c) or Rule                    
14a-12                                                              

Oppenheimer Multi-Government Trust      
------------------------------------------------------------------              
(Name of Registrant as Specified in Its Charter)      

Oppenheimer Multi-Government Trust      
------------------------------------------------------------------              
(Name of Person(s) Filing Proxy Statement)      

Payment of filing fee (Check the appropriate box):                              
/   / $125 per Exchange Act Rule 0-11(c)(1)(ii), 14a-6(i)(1) or                 
14a-6(j)(2).                                                        

/   / $500 per each party to the controversy pursuant to Exchange               
Act Rule 14a-6(i)(3).                                               

/   / Fee Computed on table below per Exchange Act Rules 14a-                   
6(i)(4) and 0-11.                                                   

(1) Title of each class of securities to which transaction applies:             
------------------------------------------------------------------              
(2) Aggregate number of securities to which transaction applies:                
------------------------------------------------------------------              
(3) Per unit price or other underlying value of transaction                     
computed pursuant to Exchange Act Rule 0-11:(1)                         
------------------------------------------------------------------              
(4) Proposed maximum aggregate value of transaction:                            
------------------------------------------------------------------              
/   / Check box if any part of the fee is offset as provided by                 
Exchange Act Rule 0-11(a)(2) and identify the filing for            
which the offsetting fee was paid previously.  Identify the         
previous filing by registration statement number, or the            
form or schedule and the date of its filing.                        

(1) Amount previously paid:                                                     
------------------------------------------------------------------              
(2) Form, schedule or registration statement no.:                               
------------------------------------------------------------------              
(3) Filing Party:                                                               
------------------------------------------------------------------              
(4) Date Filed:                                                                 
-----------------------                                                         
(1) Set forth the amount on which the filing fee is calculated and              
state how it was determined.                                                    

DEF 14A
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BAM Letterhead                                                                  

March 1996

Your vote counts. . .                                                           

Dear Oppenheimer Multi-Government Trust Shareholder:                            

We have scheduled a shareholder meeting for May 21, 1996 to           
consider and vote on some important items concerning your Fund.  A              
notice of the meeting and a proxy statement detailing these matters             
are enclosed.  Your Board of Trustees, which represents you in                  
matters regarding your Fund, recommends approval of the items now               
being submitted to shareholders for a vote.                                     

How do you vote?                                                                

No matter how large or small your investment, your vote is            
important, so please review the proxy statement carefully.  To cast             
your vote, sign and date the enclosed proxy ballot and return it in             
the postage-paid envelope today.                                                

What are the items?                                                             

-    Election of Trustees.  There are 5 nominees for Trustees up                
for election.  A brief statement of the Trustees' names and           
backgrounds is included for your information.                         

-    Ratification of Auditors.  Your approval is requested on the               
appointment of the independent auditing firm that reviews the         
financial statements of your Fund.                                    

-    Change in Certain Fundamental Investment Policies.  The                    
fundamental investment policies described in the prospectus           
determine the types of securities that may be purchased by the        
Fund.  Currently, the Fund has a fundamental investment policy        
that it will invest at least 65% of its total assets in U.S.          
or foreign government securities.  In addition, the Fund has          
a non-fundamental investment policy that it must invest at            
least 30% of its total assets in U.S. government securities.          

The Fund's investment advisor requests your approval to amend         
some of these investment limitations to allow the portfolio                     
managers greater flexibility to seek high income potential                      
worldwide by allocating investments among both U.S. and foreign                 
government and corporate securities.  Specifically,                             
OppenheimerFunds, Inc., the investment advisor, recommends that the             
Fund adopt a non-fundamental policy to invest at least 65% of its               
total assets in bonds, with at least 50% of its total net assets in             
foreign securities.  To reflect this change, the Fund's proposed                
new name would be Oppenheimer World Bond Fund.                                  

The investment advisor believes the greater ability to                
diversify the Fund's assets in different types of foreign                       
securities as well as in U.S. government and corporate securities               
may help protect your investment against volatility, as well as                 
potentially add to your investment return over time.                            

If you have any questions regarding these items, please               
contact your financial advisor or call us at 1-800-647-7374.                    

Sincerely,

          Bridget A. Macaskill

P.S. Casting your vote is quick and easy, so please take a moment               
to complete the proxy ballot.                                                   

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OPPENHEIMER MULTI-GOVERNMENT TRUST      

Two World Trade Center, New York, New York 10048-0203       

Notice Of Annual Meeting Of Shareholders        
To Be Held May 21, 1996       

To The Shareholders of Oppenheimer Multi-Government Trust:                      

Notice is hereby given that an Annual Meeting of the Shareholders               
of Oppenheimer Multi-Government Trust (the "Fund") will be held at              
3410 South Galena Street, Denver, Colorado 80231, at 11:00 A.M.,                
Denver time, on Tuesday, May 21, 1996, or any adjournments thereof              
(the "Meeting"), for the following purposes:                                    

(1)  To elect one Trustee in Class A to hold office until the term              
of such class shall expire in 1997, or until his/her successor is               
elected and shall qualify;                                                      

(2)  To elect four Trustees in Class C to hold office until the                 
term of such class shall expire in 1999, or until their successors              
are elected and shall qualify;                                                  

(3)  To ratify the selection of KPMG Peat Marwick LLP as the                    
independent certified public accountants and auditors of the Fund               
for the fiscal year commencing November 1, 1995 (Proposal No. 1);               

(4)  To approve an investment policy change (Proposal No. 2); and               

(5)  To transact such other business as may properly come before                
the Meeting or any adjournments thereof.                                        

Shareholders of record at the close of business on March 22, 1996,              
are entitled to vote at the Meeting.  The election of Trustees and              
the Proposal are more fully discussed in the Proxy Statement.                   
Please read it carefully before telling us, through your proxy or               
in person, how you wish your shares to be voted.  The Board of                  
Trustees of the Fund recommends a vote to elect each of its                     
nominees as Trustee and in favor of the Proposal.  WE URGE YOU TO               
SIGN, DATE AND MAIL THE ENCLOSED PROXY PROMPTLY.                                

By Order of the Board of Trustees,                                              

Andrew J. Donohue, Secretary                                                    
April 8, 1996                                                                   
-----------------------------------------------------------------               
Shareholders who do not expect to attend the Meeting are requested              
to indicate voting instructions on the enclosed proxy and to date,              
sign and return it in the accompanying postage-paid envelope.  To               
avoid unnecessary expense and duplicate mailings, we ask your                   
cooperation in promptly mailing your proxy no matter how large or               
small your holdings may be.                                                     

675                                                                             

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OPPENHEIMER MULTI-GOVERNMENT TRUST      

Two World Trade Center, New York, New York 10048-0203       

PROXY STATEMENT       

Annual Meeting Of Shareholders        
To Be Held May 21, 1996       

This Proxy Statement is furnished to the shareholders of                        
Oppenheimer Multi-Government Trust (the "Fund") in connection with              
the solicitation by the Fund's Board of Trustees of proxies to be               
used at an Annual Meeting of Shareholders to be held at 3410 South              
Galena Street, Denver, Colorado 80231, at 11:00 A.M., Denver time,              
on Tuesday, May 21, 1996, or any adjournments thereof (the                      
"Meeting").  For a free copy of the annual report covering the                  
operations of the Fund for the fiscal year ended October 31, 1995,              
call Shareholder Financial Services, Inc., the Fund's transfer                  
agent, at 1-800-647-7374.                                                       

The enclosed proxy, if properly executed and returned, will be                  
voted (or counted as an abstention or withheld from voting) in                  
accordance with the choices specified thereon, and will be included             
in determining whether there is a quorum to conduct the Meeting.                
The proxy will be voted in favor of the nominees for Trustee named              
in this Proxy Statement unless a choice is indicated to withhold                
authority to vote for all listed nominees or any individual                     
nominee.  The proxy will be voted in favor of Proposal No. 1 to                 
ratify the selection of independent auditors, and in favor of                   
Proposal No. 2 to approve certain investment policy changes, unless             
a choice is indicated to vote against or to abstain from voting on              
a Proposal.                                                                     

Shares owned of record by broker-dealers for the benefit of their               
customers ("street account shares") will be voted by the broker-                
dealer based on instructions received from its customers.  If no                
instructions are received, the broker-dealer may (if permitted                  
under applicable stock exchange rules), as record holder, vote such             
shares in the same proportion as that broker-dealer votes street                
account shares for which voting instructions were timely received               
("broker non-votes").  Abstentions and broker non-votes will be                 
counted for purposes of determining a quorum and will have the same             
effect as a vote against a proposal.  If a shareholder executes and             
returns a proxy but fails to indicate how the votes should be cast,             
the proxy will be voted in favor of the election of each of the                 
nominees named herein for Trustee and in favor of each Proposal.                

The proxy may be revoked at any time prior to the voting by: (1)                
writing to the Secretary of the Fund at Two World Trade Center, New             
York, New York 10048-0203; (2) attending the Meeting and voting in              
person; or (3) signing and returning a new proxy (if returned and               
received in time to be voted).                                                  

The cost of the preparation and distribution of these proxy                     
materials is an expense of the Fund.  In addition to the                        
solicitation of proxies by mail, proxies may be solicited                       
personally or by telephone by officers or employees of the Fund's               
transfer agent, Shareholder Financial Services, Inc. (a subsidiary              
of OppenheimerFunds, Inc., the Fund's investment adviser), or by                
officers or employees of the Fund's investment adviser; any                     
expenses so incurred will also be borne by the Fund.  Proxies may               
also be solicited by a proxy solicitation firm hired at the Fund's              
expense for such purpose.  Brokers, banks and other fiduciaries may             
be required to forward soliciting material to their principals and              
to obtain authorization for the execution of proxies.  For those                
services they will be reimbursed by the Fund for their out-of-                  
pocket expenses.                                                                

Shares Outstanding and Entitled to Vote.  As of March 22, 1996, the             
record date, there were 6,615,505.00 shares of the Fund issued and              
outstanding.  All shares of the Fund have equal voting rights as to             
the election of Trustees and as to the proposals described herein,              
and the holders of shares are entitled to one vote for each share               
(and a fractional vote for a fractional share) held of record at                
the close of business on the record date.  As of the record date,               
no person owned of record or was known by the management of the                 
Fund to be the beneficial owner of 5% or more of the outstanding                
shares of the Fund.                                                             

ELECTION OF TRUSTEES      

The Fund's Declaration of Trust provides that the Board of Trustees             
shall consist of three classes of Trustees with overlapping three               
year terms.  One class of Trustees is to be elected each year with              
terms extending to the third succeeding annual meeting after such               
election, or until their successors shall be duly elected and shall             
have qualified.  At the Meeting, four Trustees in Class C are to be             
elected at the Meeting for a three year term, as described below.               
In addition, one Class A Trustee is to be elected for a one year                
term, as described below.  The persons named as attorneys-in-fact               
in the enclosed proxy have advised the Fund that unless the proxy               
instructs them to withhold authority to vote for all listed                     
nominees or any individual nominee, all validly executed proxies                
will be voted by them for the election of the nominees named below              
as Trustees of the Fund.  The proxies being solicited cannot be                 
voted for more than five nominees.                                              

Each of the Class C nominees, Elizabeth Moynihan, Sidney M.                     
Robbins, Donald W. Spiro and Pauline Trigere, is presently a                    
Trustee and has been previously elected by shareholders of the                  
Fund.  All present Trustees of the Fund have been previously                    
elected by the Fund's shareholders except for Ms. Bridget A.                    
Macaskill, the Class A nominee who was appointed a Trustee in 1995              
by the Fund's Board of Trustees.  Each nominee has agreed to be                 
nominated and to serve as a Trustee.  The Class A Trustee to be                 
elected at the Meeting is part of the first class of the Board, and             
shall serve as such for a one year term, or until her successor                 
shall be duly elected and shall have qualified.  Class C Trustees               
to be elected at the Meeting shall serve as such for a three year               
term, or until their respective successors shall be duly elected                
and shall have qualified, and constitute the third class of the                 
Board.  The first and second classes of the Board and the                       
expiration dates of their terms of office are shown below.                      

Each of the nominees and other Trustees of the Fund is also a                   
trustee or director of Oppenheimer Fund, Oppenheimer Global Fund,               
Oppenheimer Global Emerging Growth Fund, Oppenheimer Global Growth              
& Income Fund, Oppenheimer Growth Fund, Oppenheimer Target Fund,                
Oppenheimer Tax-Free Bond Fund, Oppenheimer Gold & Special Minerals             
Fund, Oppenheimer New York Tax-Exempt Fund, Oppenheimer California              
Tax-Exempt Fund, Oppenheimer Multi-State Tax-Exempt Trust,                      
Oppenheimer Asset Allocation Fund, Oppenheimer Discovery Fund,                  
Oppenheimer Money Market Fund, Inc., Oppenheimer Multi-Sector                   
Income Trust, Oppenheimer Enterprise Fund and Oppenheimer U.S.                  
Government Trust (together with the Fund, the "New York Oppenheimer             
funds").  Ms. Macaskill is President, Mr. Levy is Chairman and Mr.              
Spiro is Vice Chairman of the Fund and each of the other New York               
Oppenheimer funds.                                                              

The nominees and other Trustees indicated below by an asterisk are              
"interested persons" (as that term is defined in the Investment                 
Company Act of 1940, as amended, hereinafter referred to as the                 
"Investment Company Act") of the Fund due to the positions                      
indicated with the Fund's investment adviser, OppenheimerFunds,                 
Inc. (the "Adviser") or its affiliates or other positions                       
described.  The year given below indicates when the nominees and                
the other Trustees first became a trustee or director of any of the             
New York Oppenheimer funds without a break in service.  The year                
given below also indicates when the nominees and other Trustees                 
first became a Trustee of the Fund, with the exception of Ms.                   
Trigere and Messrs. Levy, Lipstein, Randall, Robbins and Spiro,                 
each of whom became a Trustee of the Fund concurrently with the                 
commencement of its operations in November, 1988.  If a nominee                 
should be unable to accept election, the Board of Trustees may, in              
its discretion, select another person to fill the vacant position.              
As of March 22, 1996, certain Trustees owned shares of the Fund, as             
follows.  Sidney M. Robbins, a Trustee, beneficially owned 500                  
shares of the Fund.  Benjamin Lipstein, a Trustee, disclaims                    
beneficial ownership of the 1,069 shares of the Fund held by his                
wife, Roslyn Lipstein.  Except for the foregoing, no other Trustee              
and no officers of the Fund beneficially owned any shares of the                
Fund as of March 22, 1996.                                                      

                                                                [Download Table]

                                                                  Term     
Name and                  Business Experience                     Currently
Other Information         During the Past Five Years              Expires  
                                                                           
Class A                                                                    
Leon Levy                 General Partner of Odyssey Partners,    1997     
first became a            L.P. (investment partnership);                   
Trustee or Director       Chairman of Avatar Holdings, Inc.                
in 1959                   (real estate development).                       
Age: 70                                                                    
Bridget A. Macaskill*     President, Chief Executive Officer      1997     
first became a            and a Director of OppenheimerFunds,              
Trustee or Director       Inc., the Fund's investment adviser              
in 1995                   (the "Adviser"); Chairman and a                  
Age: 47                   Director of Shareholder Services, Inc.           
                          ("SSI"), a transfer agent subsidiary             
                          of the Adviser; President and a Director         
                          of Oppenheimer Acquisition Corp. ("OAC"),        
                          the Adviser's parent holding company; and        
                          a Director of Oppenheimer Partnership            
                          Holdings, Inc., a holding company                
                          subsidiary of the Adviser; formerly an           
                          Executive Vice President of the Adviser.         
Clayton K. Yeutter        Of Counsel to Hogan & Hartson a law     1997     
first became a            firm); a director of B.A.T.                      
Trustee or Director       Industries, Ltd. (tobacco and                    
in 1992                   financial services), Caterpillar,                
Age: 65                   Inc. (machinery), ConAgra, Inc. (food            
                          and agricultural products), Farmers              
                          Insurance Company (insurance), FMC Corp.         
                          (chemicals and machinery), and                   
                          Texas Instruments, Inc. (electronics);           
                          formerly (in descending chronological            
                          order); Counsellor to the President              
                          (Bush) for Domestic Policy; Chairman             
                          of the Republican National Committee;            
                          Secretary of the U.S. Department of              
                          Agriculture; and U.S. Trade                      
                          Representative.                                  
Class B                                                                    
Robert G. Galli*          Vice Chairman of the Adviser; Vice      1998     
first became a            President and Counsel of OAC;                    
Trustee or Director       formerly held the following positions:           
in 1993                   a director of the Adviser and                    
Age: 62                   OppenheimerFunds Distributor Inc.                
                          ("OFDI"), a subsidiary of the Adviser            
                          that is the general distributor of the           
                          open-end Oppenheimer funds; Vice                 
                          President and a director of                      
                          HarbourView Asset Management                     
                          Corporation ("HarbourView") and                  
                          Centennial Asset Management                      
                          Corporation ("Centennial"), investment           
                          adviser subsidiaries of the Adviser; a           
                          director of Shareholder Financial                
                          Services, Inc. ("SFSI") and Shareholder          
                          Services, Inc. ("SSI"), transfer agent           
                          subsidiaries of the Adviser; an officer          
                          of other Oppenheimer funds; and                  
                          Executive Vice President and General             
                          Counsel of the Adviser and OFDI.                 
Benjamin Lipstein         Professor Emeritus of Marketing,        1998     
first became a            Stern Graduate School of Business                
Trustee or Director       Administration, New York University;             
in 1974                   Director of Sussex Publishers, Inc.              
Age: 72                   (Publishers of Psychology Today and              
                          Mother Earth News) and Director of               
                          Spy Magazine, L.P.                               

Kenneth A. Randall        A director of Dominion Resources,       1998     
first became a            Inc. (electric utility holding                   
Trustee or Director       company), Dominion Energy, Inc.                  
in 1980                   (electric power and oil & gas                    
Age: 68                   producer), Enron-Dominion Cogen Corp.            
                          (cogeneration company), Kemper                   
                          Corporation (insurance and                       
                          financial services company) and                  
                          Fidelity Life Association (mutual                
                          life insurance company); formerly                
                          Chairman of the Board of ICL Inc.                
                          (information systems), and President             
                          and Chief Executive Officer of the               
                          Conference Board, Inc. (international            
                          economic and business research).                 
Edward V. Regan           Chairman of Municipal Assistance        1998     
first became a            Corporation for the City of New York;            
Trustee or Director       Senior Fellow of the Jerome Levy                 
in 1993                   Economics Institute; a member of the             
Age: 63                   U.S. Competitiveness Policy Council; a           
                          director of GranCare, Inc. (health               
                          care provider); formerly New York                
                          State Comptroller and a trustee, New             
                          York State and Local Retirement Fund.            
Russell S. Reynolds, Jr.  Founder and Chairman of Russell         1998     
first became a            Reynolds Associates, Inc. (executive             
Trustee or Director       recruiting); Chairman of Directors               
in 1989                   Publication, Inc. (consulting and                
Age: 64                   publishing); a trustee of Mystic                 
                          Seaport Museum, International House,             
                          Greenwich Historical Society and                 
                          Greenwich Hospital.                              
Class C                                                                    
Elizabeth Moynihan        Author and architectural historian;     1996     
first became a            a trustee of the Freer Gallery of Art            
Trustee or Director       (Smithsonian Institution), the                   
in 1992                   Institute of Fine Arts (New York                 
Age: 66                   University), National Building Museum;           
                          a member of the Trustees Council,                
                          Preservation League of New York State            
                          and of the Indo-U.S. Sub-Commission              
                          on Education and Culture.                        
Sidney M. Robbins         Chase Manhattan Professor Emeritus      1996     
first became a            of Financial Institutions, Graduate              
Trustee or Director       School of Business, Columbia                     
in 1963                   University; Visiting Professor of                
Age: 84                   Finance, University of Hawaii; a                 
                          director of The Korea Fund, Inc.                 
                          (closed-end investment companies); a             
                          member of the Board of Advisors of               
                          Olympus Private Placement Fund,                  
                          L.P.; Professor Emeritus of                      
                          Finance, Adelphi University.                     
Donald W. Spiro*          Chairman Emeritus and a director of     1996     
first became a            the Adviser; formerly Chairman of the            
Trustee or Director       Adviser and of OFDI.                             
in 1985                                                                    
Age: 70                                                                    
Pauline Trigere           Chairman and Chief Executive Officer    1996     
first became a            of Trigere, Inc. (design and sale of             
Trustee or Director       women's fashions).                               
in 1977                                                                    
Age: 83                                                                    

--------------------                                                            
*A Trustee who is an "interested person" of the Fund under the                  
Investment Company Act.                                                         

Vote Required.  The affirmative vote of the holders of a majority               
of the shares of the Fund represented in person or by proxy and                 
entitled to vote at the Meeting is required for the election of a               
nominee as Trustee.  The Board of Trustees recommends a vote for                
the election of each nominee.                                                   

Functions of the Board of Trustees.  The primary responsibility for             
the management of the Fund rests with the Board of Trustees.  The               
Trustees meet regularly to review the activities of the Fund and                
the Adviser, which is responsible for the Fund's day-to-day                     
operations.  Six regular meetings of the Trustees were held in the              
fiscal year ended October 31, 1995 and all of the Trustees now in               
office were present for at least 75% of those meetings.                         

The Trustees of the Fund have appointed an Audit Committee,                     
comprised of Messrs. Randall (Chairman), Robbins (Vice Chairman)                
and Regan, none of whom is an "interested person" (as that term is              
defined in the Investment Company Act) of the Adviser or the Fund.              
The functions of the Audit Committee include (i) making                         
recommendations to the Board concerning the selection of                        
independent auditors for the Fund (subject to shareholder                       
ratification); (ii) reviewing the methods, scope and results of                 
audits and the fees charged; (iii) reviewing the adequacy of the                
Fund's internal accounting procedures and controls; and (iv)                    
establishing a separate line of communication between the Fund's                
independent auditors and its independent Trustees.  The Audit                   
Committee met four times during the fiscal year ended October 31,               
1995 and all members now in office attended at least 75% of those               
meetings. The Board of Trustees does not have a standing nominating             
or compensation committee.                                                      

Remuneration of Trustees.  The officers of the Fund are affiliated              
with the Manager; they and the Trustees of the Fund who are                     
affiliated with the Manager (Ms. Macaskill and Messrs. Galli and                
Spiro; Ms. Macaskill and Mr. Spiro are also officers of the Fund)               
receive no salary or fee from the Fund.  The Trustees of the Fund               
(excluding Ms. Macaskill and Messrs. Galli and Spiro) received the              
total amounts shown below (i) from the Fund, during its fiscal year             
ended October 31, 1995, and (ii) from all 18 of the New York-based              
Oppenheimer funds (including the Fund) listed in the third                      
paragraph of this section (and from Oppenheimer Mortgage Income                 
Fund and Oppenheimer Time Fund, which ceased operation following                
the acquisition of their assets by certain other Oppenheimer                    
funds), for services in the positions shown:                                    

                                                                [Download Table]

                                         Retirement        Total             
                                         Benefits          Compensation      
                         Aggregate       Accrues as        From All          
                         Compensation    Part of           New York-based    
Name and Position        from Fund       Fund Expenses     Oppenheimer funds1
                                                                             
Leon Levy                $2,417          $4,482            $141,000          
  Chairman and Trustee                                                       

Benjamin Lipstein        $1,478          $2,740            $ 86,200          
  Study Committee                                                            
  Member and Trustee                                                         

Elizabeth B. Moynihan    $1,478          $2,740            $ 86,200          
  Study Committee                                                            
  Member and Trustee                                                         

Kenneth A. Randall       $1,344          $2,492            $ 78,400          
  Audit Committee                                                            
  Chairman and Trustee                                                       

Edward V. Regan          $1,179          $2,187            $ 68,800          
  Audit Committee                                                            
  Member and Trustee                                                         

Russell S. Reynolds, Jr. $  893          $1,656            $ 52,100          
  Trustee                                                                    

Sidney M. Robbins        $2,093          $3,881            $122,100          
  Study Committee                                                            
  Chairman, Audit                                                            
  Committee Vice-Chairman                                                    
  and Trustee                                                                

Pauline Trigere          $  893          $1,656            $ 52,100          
  Trustee                                                                    

Clayton K. Yeutter       $  893          $1,656            $ 52,100          
  Trustee                                                                    
-------------------                                                          
1For the 1995 calendar year.                                                 

The Fund has adopted a retirement plan that provides for              
payment to a retired Trustee of up to 80% of the average                        
compensation paid during that Trustee's five years of service in                
which the highest compensation was received.  A Trustee must serve              
in that capacity for any of the New York-based Oppenheimer funds                
for at least 15 years to be eligible for the maximum payment.                   
Because each Trustee's retirement benefits will depend on the                   
amount of the Trustee's future compensation and length of service,              
the amount of those benefits cannot be determined at this time, nor             
can the Fund estimate the number of years of credited service that              
will be used to determine those benefits.                                       

Officers of the Fund.  Each officer of the Fund is elected by the               
Trustees to serve an annual term.  Information is given below about             
the Fund's executive officers who are not Trustees of the Fund,                 
including their business experience during the past five years.                 
Messrs. Bishop, Bowen, Donohue, Farrar and Zack serve in a similar              
capacity with the other New York OppenheimerFunds.                              

Thomas P. Reedy, Vice President and Portfolio Manager; Age: 34.                 
Vice President of the Adviser; an officer of other Oppenheimer        
funds; formerly a Securities Analyst for the Adviser.                 

Ashwin Vasan, Vice President and Portfolio Manager; Age: 33.                    
Vice President of the Adviser; an officer of other Oppenheimer        
funds; formerly a Securities Analyst for the Adviser, prior to        
which he was a Securities Analyst for Citibank, N.A.                  

Andrew J. Donohue, Secretary; Age: 45.                                          
Executive Vice President and General Counsel of the Adviser           
and of OppenheimerFunds Distributor, Inc. ("OFDI"), the               
general distributor of the open-end Oppenheimer funds; an             
officer of other Oppenheimer funds; formerly: Senior Vice             
President and Associate General Counsel of the Adviser and            
OFDI; Partner in Kraft & McManimon (a law firm);  an officer          
of First Investors Corporation (a broker-dealer) and First            
Investors Management Company, Inc. (broker-dealer and                 
investment adviser); and director and an officer of First             
Investors Family of Funds and First Investors Life Insurance          
Company.                                                              

George C. Bowen, Treasurer; Age: 59.                                            
Senior Vice President and Treasurer of the Adviser; Vice              
President and Treasurer of OFDI and HarbourView; Senior Vice          
President, Treasurer, Assistant Secretary and a director of           
Centennial; Vice President, Treasurer and Secretary of SSI and        
SFSI; an officer of other Oppenheimer funds.                          

Robert G. Zack, Assistant Secretary; Age: 47.                                   
Senior Vice President and Associate General Counsel of the            
Adviser; Assistant Secretary of SSI and SFSI; an officer of           
other Oppenheimer funds.                                              

Robert Bishop, Assistant Treasurer; Age: 37.                                    
Assistant Vice President of the Adviser/Mutual Fund                   
Accounting; an officer of other Oppenheimer funds; previously         
a Fund Controller for the Adviser, prior to which he was an           
Accountant for Yale & Seffinger, P.C., an accounting firm, and        
previously an  Accountant and Commissions Supervisor for              
Stuart James Company Inc., a broker-dealer.                           

Scott Farrar, Assistant Treasurer; Age: 30.                                     
Assistant Vice President of the Adviser/Mutual Fund                   
Accounting; an officer of other Oppenheimer funds; previously         
a Fund Controller for the Adviser, prior to which he was an           
International Mutual Fund Supervisor for Brown Brothers               
Harriman & Co., a bank, and previously a Senior Fund                  
Accountant for State Street Bank & Trust Company.                     

RATIFICATION OF SELECTION OF INDEPENDENT AUDITORS       
(Proposal No. 1)        

The Investment Company Act requires that independent certified                  
public accountants and auditors ("auditors") be selected annually               
by the Board of Trustees and that such selection be ratified by the             
shareholders at the next-convened annual meeting of the Fund, if                
one is held.  The Board of Trustees of the Fund, including a                    
majority of the Trustees who are not "interested persons" (as                   
defined in the Investment Company Act) of the Fund or the Adviser,              
at a meeting held December 14, 1995, selected KPMG Peat Marwick LLP             
("Peat Marwick") as auditors of the Fund for the fiscal year                    
beginning November 1, 1995.  Peat Marwick also serves as auditors               
for certain other funds for which the Adviser acts as investment                
adviser.  At the Meeting, a resolution will be presented for the                
shareholders' vote to ratify the selection of Peat Marwick as                   
auditors.  Representatives of Peat Marwick are not expected to be               
present at the Meeting but will be available should any matter                  
arise requiring their presence.  The Board of Trustees recommends               
approval of the selection of Peat Marwick as auditors of the Fund.              

APPROVAL OF INVESTMENT POLICY CHANGE      
(Proposal No. 2)      

Currently, the Fund has a fundamental investment policy that it                 
will invest at least 65% of its total assets in U.S. or foreign                 
government securities.  Fundamental policies may be changed only                
with shareholder approval.                                                      

At a meeting held February 22, 1996, the Board of Trustees approved             
and recommended, subject to shareholder approval, replacing this                
fundamental policy with certain non-fundamental policies.  If                   
shareholders approve this Proposal, this fundamental policy would               
be removed, and the Fund would make the following  investment                   
policy changes:  (1) adopt  a non-fundamental policy that the Fund              
shall invest at least 65% of its total assets in bonds (defined,                
for purposes of this non-fundamental investment policy, to be debt              
securities), (2) remove the non-fundamental investment policy that              
the Fund  shall invest at least 30% of its total assets in U.S.                 
government securities, and (3) adopt a non-fundamental policy that              
the Fund shall invest at least 50% of its net assets in foreign                 
securities.                                                                     

Non-fundamental policies may be changed by the Adviser in                       
consultation with and approval by the Trustees without having to                
seek the approval of a "majority" (as defined in the Investment                 
Company Act) of the Fund's outstanding shares, thereby avoiding                 
certain expenses and delays to the Fund.                                        

Non-fundamental policies may be changed by the Adviser with                     
approval by the Trustees without having to seek the approval of the             
Fund's outstanding shares, thereby avoiding certain expenses and                
delays to the Fund.                                                             

Approval of this Proposal is currently not expected to change the               
investment quality standards applicable to the Fund's portfolio                 
securities.  Currently, the Fund may not invest more than 50% of                
its total assets in securities rated lower than investment-grade                
("Baa" by Moody's Investors Service, Inc. ("Moody's") or "BBB" by               
Standard and Poor's Corporation ("S & P"), with no more than 30% of             
the Fund's total assets being invested in non-investment grade                  
foreign government securities, securities issued by foreign                     
corporations of securities denominated in non-U.S. currencies.                  
Notwithstanding the foregoing, the Fund may not invest more than 5%             
of its total assets, determined at the time of purchase, in                     
securities rated "C" or "C" by either Moody's or S & P.                         

Approval of this Proposal would allow the Fund's portfolio managers             
more flexibility to seek high income potential worldwide by                     
allocating investments among both U.S. and foreign government and               
corporate securities.  The Adviser believes the greater ability to              
diversify the Fund's assets in different types of foreign                       
securities as well as in U.S. government and corporate securities               
may help protect shareholders' investments against volatility, as               
well as potentially add to investment return over time.  To reflect             
these investment policy changes, the Fund  would  change its name.              
A proposed new name for the Fund is "Oppenheimer World Bond Fund."              

Vote Required.  An affirmative vote of the holders of a "majority"              
(as defined in the Investment Company Act) of the outstanding                   
voting securities of the Fund is required for approval of this                  
Proposal.  The requirements for such "majority" vote is defined in              
the Investment Company Act as the vote of the holders of the lesser             
of: (i) 67% or more of the voting securities present or represented             
by proxy at the shareholder meeting, if the holders of more than                
50% of the outstanding voting securities are present or represented             
by proxy, or (ii) more than 50% of the outstanding voting                       
securities.  The Board of Trustees recommends a vote in favor of                
approving this Proposal.                                                        

ADDITIONAL INFORMATION      

The Adviser.  Subject to the authority of the Board of Trustees,                
the Adviser is responsible for the day-to-day management of the                 
Fund's business pursuant to its investment advisory agreement with              
the Fund.  The Manager (including a subsidiary) currently manages               
investment companies, including other OppenheimerFunds, with assets             
of more than $50 billion as of March 1, 1996, and with more than                
2.9 million shareholder accounts.  The Adviser is a wholly-owned                
subsidiary of Oppenheimer Acquisition Corporation ("OAC"), a                    
holding company controlled by Massachusetts Mutual Life Insurance               
Company ("MassMutual").  The Adviser and OAC are located at Two                 
World Trade Center, New York, New York 10048-0203.  MassMutual is               
located at 1295 State Street, Springfield, Massachusetts 01111.                 
OAC acquired the Adviser on October 22, 1990.  As indicated below,              
the common stock of OAC is owned by (i) certain officers and/or                 
directors of the Adviser, (ii) MassMutual and (iii) another                     
investor.  No institution or person holds 5% or more of OAC's                   
outstanding common stock except MassMutual.  MassMutual has engaged             
in the life insurance business since 1851.  It is the nation's                  
fifth largest life insurance company by assets and has an A.M. Best             
Co. rating of "A++".                                                            

The common stock of OAC is divided into three classes.  At December             
31, 1995, MassMutual held (i) all of the 2,160,000 shares of Class              
A voting stock, (ii) 482,637 shares of Class B voting stock, and                
(iii) 943,135 shares of Class C non-voting stock. This collectively             
represented 81.6% of the outstanding common stock and 87.4% of the              
voting power of OAC as of that date.  Certain officers and/or                   
directors of the Manager held (i) 642,172 shares of the Class B                 
voting stock, representing 14.6% of the outstanding common stock                
and 10.0% of the voting power, and (ii) options acquired without                
cash payment which, when they become exercisable, allow the holders             
to purchase up to 719,310 shares of Class C non-voting stock.  That             
group includes persons who serve as officers of the Fund and Ms.                
Macaskill and Messrs. Galli and Spiro, who serve as Trustees of the             
Fund.  Holders of OAC Class B and Class C common stock may put                  
(sell) their shares and vested options to OAC or MassMutual at a                
formula price (based on earnings of the Manager).  MassMutual may               
exercise call (purchase) options on all outstanding shares of both              
such classes of common stock and vested options at the same formula             
price.  From the period July 1, 1994 to December 31, 1995, the only             
transactions by persons who serve as Trustees of the Fund were by               
Ms. Macaskill, who surrendered to OAC 20,000 stock appreciation                 
rights issued in tandem with the Class B OAC options, for cash                  
payments aggregating $1,421,800, Mr. Galli, who sold 10,000 shares              
of Class C OAC common stock to MassMutual for an aggregate of                   
$787,900, for cash payments by OAC or MassMutual (subject to                    
adjustment of the formula price) to be made as follows: one-third               
of the amount due (i) within 30 days of the transaction, (ii) by                
the first anniversary following the transaction (with interest),                
and (iii) by the second anniversary following the transaction (with             
interest).                                                                      

The names and principal occupations of the executive officers and               
directors of the Manager are as follows: Bridget A. Macaskill,                  
President, Chief Executive Officer and a director; Jon S. Fossel,               
Chairman and a director; Donald W. Spiro, Vice Chairman and a                   
director; Robert G. Galli and James C. Swain, Vice Chairmen; Robert             
C. Doll, O. Leonard Darling, Barbara Hennigar, James Ruff, Loretta              
McCarthy and Nancy Sperte, Executive Vice Presidents; Tilghman G.               
Pitts III, Executive Vice President and a director; Andrew J.                   
Donohue, Executive Vice President and General Counsel; George C.                
Bowen, Senior Vice President and Treasurer; Victor Babin, Robert A.             
Densen, Ronald H. Fielding, Robert E. Patterson, Richard                        
Rubinstein, Arthur Steinmetz, Ralph Stellmacher, Jerry A. Webman,               
William L. Wilby and Robert G. Zack, Senior Vice Presidents.                    

The Administrator.  Mitchell Hutchins Asset Management Inc., an                 
affiliate of PaineWebber Incorporated (the "Administrator"), serves             
as the Fund's Administrator pursuant to an Administration Agreement             
between the Fund and the Administrator.  The address of the                     
Administrator is 1285 Avenue of the Americas, New York, New York                
10019.                                                                          

RECEIPT OF SHAREHOLDER PROPOSALS      

Any shareholder who wishes to present a proposal for action at the              
next annual meeting of shareholders and who wishes to have it set               
forth in a proxy statement and identified in the form of proxy                  
prepared by the Fund must notify the Fund in such a manner so that              
such notice is received by the Fund by December 1, 1996 and in such             
form as is required under the rules and regulations promulgated by              
the Securities and Exchange Commission.                                         

OTHER BUSINESS        

Management of the Fund knows of no business other than the matters              
specified above that will be presented at the Meeting.  Since                   
matters not known at the time of the solicitation may come before               
the Meeting, the proxy as solicited confers discretionary authority             
with respect to such matters as may properly come before the                    
Meeting, including any adjournment or adjournments thereof, and it              
is the intention of the persons named as attorneys-in-fact in the               
proxy to vote the proxy in accordance with their judgment on such               
matters.                                                                        

    By Order of the Board of Trustees,

Andrew J. Donohue, Secretary  
April 8, 1996                                                                   

proxy\675#6                                                                     

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OPPENHEIMER MULTI-GOVERNMENT TRUST      
PROXY FOR ANNUAL SHAREHOLDERS MEETING TO BE HELD MAY 21, 1996     

Your shareholder vote is important!                                             

Your prompt response can save your Fund the expense of another                  
mailing.                                                                        

Please mark your proxy on the reverse side, date and sign it, and               
return it promptly in the accompanying envelope, which requires no              
postage if mailed in the United States.                                         

Please detach at perforation before mailing.      
-------------------------------------------------------------------             
Oppenheimer Multi-Government Trust                                              
Proxy for Annual Shareholders Meeting to be held May 21, 1996                   

The undersigned shareholder of Oppenheimer Multi-Government Trust               
(the "Fund") does hereby appoint George C. Bowen, James C. Swain                
and Rendle Myer, and each of them, as attorneys-in-fact and proxies             
of the undersigned, with full power of substitution, to attend the              
Annual Meeting of Shareholders of the Fund to be held May 21, 1996,             
at 3410 South Galena Street, Denver, Colorado, 80231 at 11:00 A.M.,             
Denver time, and at all adjournments thereof, and to vote the                   
shares held in the name of the undersigned on the record date for               
said meeting for the election of Trustees and on the Proposals                  
specified on the reverse side.  Said attorneys-in-fact shall vote               
in accordance with their best judgment as to any other matter.                  

PROXY SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES, WHICH                       
RECOMMENDS A VOTE FOR THE ELECTION OF ALL NOMINEES FOR TRUSTEE AND              
FOR EACH PROPOSAL ON THE REVERSE SIDE.  THE SHARES REPRESENTED                  
HEREBY WILL BE VOTED AS INDICATED ON THE REVERSE SIDE OR FOR IF NO              
CHOICE IS INDICATED.                                                            
                                                                  OVER

                                                                   675

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Oppenheimer Multi-Government Trust/Proxy for Annual Shareholders                
Meeting to be held May 21, 1996.                                                

Your shareholder vote is important!                                             
Your prompt response can save your Fund money.                                  
Please vote, sign and mail your proxy ballot (this card) in the                 
enclosed postage-paid envelope today, no matter how many shares you             
own.  A majority of the Fund's shares must be represented in person             
or by proxy.  Please vote your proxy so your Fund can avoid the                 
expense of another mailing.                                                     

Please detach at perforation before mailing.      
-------------------------------------------------------------------             
1.   Election of Trustees                                                       

A) B. Macaskill                                                                 
B) E. Moynihan                                                                  
C) S. Robbins                                                                   
D) D. Spiro                                                                     
E) P. Trigere                                                                   

____ FOR all nominees listed       ____ Withhold authority            
except as marked to the            to vote for all nominees           
contrary at left.  Instruction:    nominees listed at left.           
To withhold authority to vote                                         
for any individual nominee, line                                      
out that nominee's name at left.                                      

2.   Ratification of selection of KPMG Peat Marwick LLP as                      
independent auditors (Proposal No. 1)                                 

FOR____        ____ AGAINST        ABSTAIN____              

3.   Approval of change in investment policy that currently                     
requires the Fund to invest at least 65% of its total assets in                 
U.S. or foreign government securities (Proposal No. 2)                          

NOTE:  PLEASE SIGN EXACTLY AS YOUR NAME(S) APPEAR HEREON.  When                 
signing as custodian, attorney, executor, administrator, trustee,               
etc., please give your full title as such.  All joint owners should             
sign this proxy.  If the account is registered in the name of a                 
corporation, partnership or other entity, a duly authorized                     
individual must sign on behalf of such entity and give his or her               
title.                                                                 OVER     

FOR____        ____ AGAINST        ABSTAIN____              

Dated:___________________________, 1996           
(Month)         (Day)           
___________________________________     
Signature(s)                  
___________________________________     
Signature(s)                  
               Please read both sides of this ballot.              675

Dates Referenced Herein   and   Documents Incorporated by Reference

				Referenced-On Page
This ‘DEF 14A’ Filing		Date		First		Last			Other Filings
		12/1/96		4
		5/21/96		2		6
Filed on:		4/17/96
		4/8/96		3		4
		3/22/96		3		4			PRER14A
		3/1/96		4
		2/22/96		4
		12/31/95		4
		12/14/95		4
		11/1/95		3		4
For Period End:		10/31/95		4					N-30D,  NSAR-B,  PRE 14A
		7/1/94		4
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