Oppenheimer World Bond Fund – ‘DEF 14A’ for 10/31/94

As of:  Tuesday, 3/28/95   ·   For:  10/31/94   ·   Accession #:  841057-95-6   ·   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                    15±    60K 

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                                               

/ X /  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):                              

/ X /  $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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OPPENHEIMER MULTI-GOVERNMENT TRUST                                              

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

Notice Of Annual Meeting Of Shareholders                                        
To Be Held May 3, 1995                                                          

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           
Wednesday, May 3, 1995, or any adjournments thereof (the "Meeting"), for        
the following purposes:                                                         

  (1)         To elect five Trustees in Class B to hold office until the
           term of such class shall expire in 1998, or until their
successors are elected and shall qualify;   

(2)         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, 1994
(Proposal No. 1); and                       

(3)         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 10, 1995,  
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
March 31, 1995                                                                  

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.           

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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 3, 1995                                                          

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 May 3, 1995, 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, 1994,          
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 the             
Proposal to ratify the selection of independent auditors unless a choice        
is indicated to vote against or to abstain from voting on the 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.  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 the 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 by officers or employees of the Fund's           
transfer agent, personally or by telephone; any expenses so incurred will       
also be borne by the Fund.  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 10, 1995, the record      
date, there were 6,615,505 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 Proposal 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 Declaration of Trust of the Fund 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, five Trustees in Class B are to be elected at the Meeting       
for a three year term, as described below, or until the respective              
successors of each shall be duly elected and shall have qualified.  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 B nominees, Robert Galli, Benjamin Lipstein, Kenneth          
Randall, Edward Regan and Russell Reynolds, is presently a Trustee and has      
been previously elected by shareholders of the Fund.  Each nominee has          
agreed to be nominated and to serve as a Trustee.  Class B 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 second class of the Board.  The first and         
third classes of the Board and the expiration dates of their terms of           
office are shown below.                                                         

Each of the nominees and other Trustees 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 Time 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 Mortgage Income Fund, Oppenheimer Discovery Fund, Oppenheimer       
Money Market Fund, Inc., Oppenheimer Multi-Sector Income Trust and              
Oppenheimer U.S. Government Trust (together with the Fund, the "New York        
OppenheimerFunds").  Mr. Spiro is President of the Fund and of each of the      
other New York OppenheimerFunds.                                                

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, Oppenheimer Management Corporation (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 OppenheimerFunds without a break in          
service.  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 1, 1995, 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 as of March 1,        
1995 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 1, 1995.                                                       

                                                                [Download Table]

                                                                     Term   
    Name and                 Business Experience                   Currently
Other Information        During the Past Five Years                 Expires 
                                                                            
Class A                                                                     

Leon Levy                General Partner of Odyssey                   1997  
first became a           Partners, L.P. (investment                         
Trustee or Director      partnership) and Chairman of                       
in 1959                  Avatar Holdings, Inc.                              
Age: 69                  (real estate development).                         

Leo Cherne               Chairman Emeritus of the                     1997  
first became a           International Rescue Committee                     
Trustee or Director      (philanthropic organization);                      
in 1982                  formerly Executive Director of                     
Age: 82                  The Research Institute of                          
                         America.                                           

Clayton K. Yeutter       Of Counsel, Hogan & Hartson (a               1997  
first became a           law firm); a director of B.A.T.                    
Trustee or Director      Industries, Ltd. (tobacco and                      
in 1992                  financial services), Caterpillar,                  
Age: 64                  Inc. (machinery), ConAgra, Inc.                    
                         (food and agricultural products),                  
                         Farmers Insurance Company                          
                         (insurance), FMC Corp. (chemicals                  
                         and machinery), Lindsay                            
                         Manufacturing Co. (irrigation                      
                         equipment), Texas Instruments,                     
                         Inc. (electronics) and The                         
                         Vigoro Corporation (fertilizer                     
                         manufacturer); 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;                1995  
first became a           Vice President and Counsel of                      
Trustee or Director      Oppenheimer Acquisition Corp.                      
in 1993                  ("OAC"), the Adviser's parent                      
Age: 61                  holding company; formerly held                     
                         the following positions: a                         
                         director of the Adviser and                        
                         Oppenheimer Funds Distributor,                     
                         Inc. (the "Distributor"), 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                       
                         OppenheimerFunds; and Executive                    
                         Vice President and General                         
                         Counsel of the Adviser and                         
                         the Distributor.                                   

Benjamin Lipstein        Professor Emeritus of Marketing,             1995  
first became a           Stern Graduate School of                           
Trustee or Director      Business Administration, New                       
in 1974                  York University; Director of                       
Age: 71                  Sussex Publishers, Inc.                            
                         (Publishers of Psychology                          
                         Today and Mother Earth News)                       
                         and Director of Spy Magazine, L.P.                 

Kenneth A. Randall       A director of Dominion Resources,            1995  
first became a           Inc. (electric utility holding                     
Trustee or Director      company), Dominion Energy, Inc.                    
in 1980                  (electric power and oil & gas                      
Age: 67                  producer), Enron-Dominion Cogen                    
                         Corp. (cogeneration company),                      
                         Kemper Corporation (insurance                      
                         and financial services company),                   
                         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          President of Jerome Levy Economics           1995  
first became a           Institute; a member of the U.S.                    
Trustee or Director      Competitiveness Policy Council; a                  
in 1993                  director of GranCare, Inc. (health                 
Age: 64                  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              1995  
first became a           Reynolds Associates, Inc.                          
Trustee or Director      (executive recruiting); Chairman                   
in 1989                  of Directors Publication, Inc.                     
Age: 63                  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                  
Trustee or Director      Art (Smithsonian Institution), the                 
in 1992                  Institute of Fine Arts (New York                   
Age: 65                  University), National Building                     
                         Museum; a member of the Trustees                   
                         Council, Preservation League of                    
                         New York State; a member 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: 83                  Finance, University of Hawaii; a                   
                         director of The Korea Fund, Inc.                   
                         and The Malaysia Fund, Inc.                        
                         (closed-end investment companies);                 
                         a member of the Board of Advisors,                 
                         Olympus Private Placement Fund,                    
                         L.P.; Professor Emeritus of                        
                         Finance, Adelphi University.                       

Donald W. Spiro*         Chairman Emeritus and a director             1996  
first became a           of the Manager; formerly Chairman                  
Trustee or Director      of the Manager and Oppenheimer Funds               
in 1985                  Distributor, Inc. (the "Distributor").             
Age: 69                                                                     

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: 82                                                                     

[FN]                                                                            
--------------                                                                  
*     A Trustee who is an "interested person" of the Adviser 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, 1994 and         
all of the Trustees except for Mr. Cherne 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 Cherne, 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, 1994 and all            
members except for Mr. Cherne 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 (Messrs. Galli and Spiro; Mr. Spiro is also an officer) receive         
no salary or fee from the Fund.  The Trustees of the Fund (including Mr.        
Delaney, a former Trustee, but excluding Messrs. Galli and Spiro) received      
the total amounts shown below (i) from the Fund, during its fiscal year         
ended October 31, 1994, and (ii) from all 19 of the New York-based              
OppenheimerFunds (including the Fund) listed in the third paragraph of          
this section (and from Oppenheimer Global Environment Fund, a former New        
York-based OppenheimerFund), for services in the positions shown:               

                                                                [Download Table]

                                                            Total Compensation
                                          Aggregate               From All    
                                          Compensation      New York-based    
Name                    Position          from Fund         OppenheimerFunds1 
                                                                              
Leon Levy               Chairman and        1,789           $141,000.00       
                        Trustee                                               
Leo Cherne              Audit Committee    873              $ 68,800.00       
                        Member and                                            
                        Trustee                                               
Edmund T. Delaney       Study Committee  1,094              $ 86,200.00       
                        Member and Trustee2                                   
Benjamin Lipstein       Study Committee   1,094             $ 86,200.00       
                        Member and Trustee                                    
Elizabeth B. Moynihan Study Committee   769                 $ 60,625.00       
                        Member3 and Trustee                                   
Kenneth A. Randall      Audit Committee     994             $ 78,400.00       
                        Member and Trustee                                    
Edward V. Regan         Audit Committee     714             $ 56,275.00       
                        Member3 and Trustee                                   
Russell S. Reynolds, Jr.      Trustee           661         $ 52,100.00       
Sidney M. Robbins       Study Committee   1,549             $122,100.00       
                        Chairman, Audit                                       
                        Committee Vice-Chairman                               
                        and Trustee                                           
Pauline Trigere         Trustee               661           $ 52,100.00       
Clayton K. Yuetter      Trustee               661           $ 52,100.00       
<FN>                                                                          
______________________                                                        
1     For the 1994 calendar year.                                             
2     Board and committee positions held during a portion of the period       
shown.                                                                        
3     Committee position held during a portion of the period shown.           

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 OppenheimerFunds for at least 15 years to be eligible for the             
maximum payment.  Because retirement benefits are determined by future          
compensation, such benefits are not presently estimable.  No provision was      
made during the fiscal year ended October 31, 1994 for the Fund's               
projected retirement benefit obligations.  No payments have been made by        
the Fund under the plan as of October 31, 1994.                                 

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: 33.                 
Vice President of the Adviser; an officer of other        
      OppenheimerFunds; formerly a Securities Analyst for the Adviser.

Ashwin Vasan, Vice President and Portfolio Manager; Age: 32.                    
Vice President of the Adviser; an officer of other        
      OppenheimerFunds; formerly a Securities Analyst for the Adviser,
   prior to which he was a Securities Analyst for Citibank, N.A.

Andrew J. Donohue, Secretary; Age: 44.                                          
     Executive Vice President and General Counsel of the Adviser and
      the Distributor; an officer of other OppenheimerFunds; formerly:
Senior Vice President and Associate General Counsel of the
      Adviser and the Distributor; 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: 58.                                            
Senior Vice President and Treasurer of the Adviser; Vice  
 President and Treasurer of the Distributor 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 OppenheimerFunds.    

Robert G. Zack, Assistant Secretary; Age:  46.                                  
Senior Vice President and Associate General Counsel of the
 Adviser; Assistant Secretary of SSI and SFSI; an officer of
other OppenheimerFunds.                                   

Robert Bishop, Assistant Treasurer; Age:  36.                                   
     Assistant Vice President of the Adviser/Mutual Fund Accounting;
an officer of other OppenheimerFunds; 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:  29.                                    
     Assistant Vice President of the Adviser/Mutual Fund Accounting;
an officer of other OppenheimerFunds; 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 October 17, 1994, selected KPMG          
Peat Marwick LLP ("Peat Marwick") as auditors of the Fund for the fiscal        
year beginning November 1, 1994.  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.                                                                    

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      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 $29 billion as       
of December 31, 1994, and with more than 2.4 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").  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 twelfth          
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,         
1994, MassMutual held (i) all of the 2,160,000 shares of Class A voting         
stock, (ii) 422,023 shares of Class B voting stock, and (iii) 937,403           
shares of Class C non-voting stock.  This collectively represented 80.2%        
of the outstanding common stock and 86.5% of the voting power of OAC as         
of that date.  Certain officers and/or directors of the Adviser held (i)        
706,286 shares of the Class B voting stock, representing 16.1% of the           
outstanding common stock and 10.9% of the voting power, and (ii) options        
acquired without cash payment which, when they become exercisable, allow        
the holders to purchase up to 744,282 shares of Class C non-voting stock.       
That group includes persons who serve as officers of the Fund and two of        
whom (Messrs. Donald W. Spiro and Robert G. Galli) 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 Adviser).  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, according to         
a schedule that will commence on September 30, 1995.  Since November 1,         
1993, the only transaction by persons who serve as Trustees of the Fund         
in excess of 1% of the outstanding shares of Common stock or options of         
OAC were by Mr. Galli, who surrendered to OAC 45,445 stock appreciation         
rights issued in tandem with the Class C OAC options for $2,821,736, and        
by Mr. Spiro, who sold 50,000 shares of Class B OAC common stock to Mass        
Mutual for $3,740,000 in each instance for cash payments by OAC or              
MassMutual 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 Adviser are as follows: Jon S. Fossel, Chairman, Chief         
Executive Officer and a director; Bridget A. Macaskill, President and a         
director; Donald W. Spiro, Chairman Emeritus and a director; Robert G.          
Galli and James C. Swain, Vice Chairmen of the Board of Directors; Robert       
C. Doll, Jr. and O. Leonard Darling, Executive Vice Presidents; Tilghman        
G. Pitts III, Executive Vice President and a director; Andrew J. Donohue,       
Executive Vice President and General Counsel; Kenneth C. Eich, Executive        
Vice President and Chief Financial Officer; George C. Bowen, Senior Vice        
President and Treasurer; Victor Babin, Loretta McCarthy, Robert Patterson,      
Nancy Sperte, Arthur Steinmetz, Ralph Stellmacher and Robert G. Zack,           
Senior Vice Presidents.  The address of Messrs. Bowen, Eich, and Swain is       
3410 South Galena Street, Denver, Colorado 80231.  The address of all           
other officers and directors is Two World Trade Center, New York, New York      
10048-0203, which is also the address of the Adviser and OAC.                   

The Administrator.  Mitchell Hutchins Asset Management Inc., an affiliate       
of Paine Webber 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, an affiliate of           
Paine Webber Incorporated, 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, 1995 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

March 31, 1995                                                                  

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OPPENHEIMER MULTI-GOVERNMENT TRUST                                              
PROXY FOR ANNUAL SHAREHOLDERS MEETING TO BE HELD MAY 3, 1995                    

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 3, 1995                    

The undersigned shareholder of Oppenheimer Multi-Government Trust (the          
"Fund") does hereby appoint Robert Bishop, George C. Bowen, Andrew J.           
Donohue and Scott Farrar, 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 3, 1995, 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.                 

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Oppenheimer Multi-Government Trust/Proxy for Annual Shareholders Meeting        
to be held May 3, 1995.                                                         

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) R. Galli                               D) E. Regan     
   B) B. Lipstein                            E) R. Reynolds, Jr.
C) K. Randall                                             

____       FOR all nominees listed                             ____   WITHHOLD  
AUTHORITY                                                                       
except as marked to the contrary at                  to vote for all nominees   
listed left.  Instruction: To withhold               at left.                   
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____

                                Dated:
___________________________, 1995                                               
                                        (Month)  (Day)

___________________________________                                             
                                      Signature(s)

___________________________________                                             
                                      Signature(s)

Please read both sides of this ballot.        

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.                                               

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                                                 (Logo) OppenheimerFunds

Jon S.Fossel                                         Oppenheimer Management     
Corporation                                                                     
Chairman and                                         Two World Trade Center     
Chief Executive Officer                              New York, NY 10048-0203    
                                      800 647-7374

                                    April 1995

Your vote counts...                                                             

Dear Oppenheimer Multi-Government Trust Shareholder:                            

We have scheduled a shareholder meeting for May 3, 1995 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, simply mark, 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.

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

                                    Sincerely,

                                       Jon S. Fossel

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

Dates Referenced Herein   and   Documents Incorporated by Reference

				Referenced-On Page
This ‘DEF 14A’ Filing		Date		First		Last			Other Filings
		12/1/95		4
		9/30/95		4
		5/3/95		2		7
		3/31/95		2		4
Filed on:		3/28/95
		3/10/95		2		3
		3/1/95		3
		12/31/94		4
		11/1/94		2		3
For Period End:		10/31/94		3					N-30D,  NSAR-B
		10/17/94		3
		11/1/93		4
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