<PAGE> PAGE 1
000 A000000 02/29/2000
000 C000000 1018862
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 OPPENHEIMER REAL ASSET FUND
001 B000000 811-7857
001 C000000 3037683200
002 A000000 6803 SOUTH TUCSON WAY
002 B000000 ENGLEWOOD
002 C000000 CO
002 D010000 80112
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 N
007 B000000 0
007 C010100 1
007 C010200 2
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A000001 OPPENHEIMERFUNDS, INC.
008 B000001 A
008 C000001 801-8253
008 D010001 NEW YORK
008 D020001 NY
008 D030001 10048
008 D040001 0203
008 A000002 OPPENHEIMER REAL ASSET MANAGEMENT, INC.
008 B000002 S
008 C000002 801-34455
008 D010002 NEW YORK
008 D020002 NY
008 D030002 10048
008 D040002 0203
011 A000001 OPPENHEIMERFUNDS DISTRIBUTOR, INC.
011 B000001 8-22992
011 C010001 NEW YORK
011 C020001 NY
011 C030001 10048
<PAGE> PAGE 2
011 C040001 0203
012 A000001 OPPENHEIMERFUNDS SERVICES
012 B000001 84-1562
012 C010001 ENGLEWOOD
012 C020001 CO
012 C030001 80112
012 C040001 3924
013 A000001 DELOITTE & TOUCHE LLP
013 B010001 DENVER
013 B020001 CO
013 B030001 80202
015 A000001 THE BANK OF NEW YORK
015 B000001 C
015 C010001 NEW YORK
015 C020001 NY
015 C030001 10015
015 E010001 X
018 000000 Y
019 A000000 Y
019 B000000 51
019 C000000 OPPENHEIMR
020 A000001 MERRILL LYNCH
020 B000001 13-5674085
020 C000001 111
020 A000002 ARCHER DANIELS MIDLAND
020 C000002 22
020 A000003 CARGILL INVESTOR SVC
020 B000003 36-2752706
020 C000003 15
020 A000004 BEAR STEARNS
020 B000004 13-3299429
020 C000004 11
020 A000005 SALOMON SMITH BARNEY/CITIGROUP
020 B000005 13-2771536
020 C000005 11
020 A000006 PRUDENTIAL
020 B000006 22-2347336
020 C000006 6
020 C000007 0
020 C000008 0
020 C000009 0
020 C000010 0
021 000000 176
022 A000001 BANC ONE
022 B000001 86-0064160
022 C000001 694600
022 D000001 0
022 A000002 FIRST CHICAGO CAPITAL MARKET
022 B000002 36-3595942
022 C000002 661400
022 D000002 0
<PAGE> PAGE 3
022 A000003 PAINE WEBBER INC
022 B000003 13-2638166
022 C000003 200689
022 D000003 7792
022 A000004 ZION NATIONAL BANK
022 B000004 87-0189025
022 C000004 180800
022 D000004 0
022 A000005 DEUTSCHE BANK - FOREIGN
022 B000005 FOREIGN
022 C000005 155800
022 D000005 0
022 A000006 SALOMON SMITH BARNEY/CITIGROUP
022 B000006 13-2771536
022 C000006 20358
022 D000006 6640
022 A000007 MERRILL LYNCH
022 B000007 13-5674085
022 C000007 11851
022 D000007 6979
022 A000008 CS FIRST BOSTON
022 B000008 13-5659485
022 C000008 11852
022 D000008 0
022 A000009 LEHMAN BROTHERS
022 B000009 13-2518466
022 C000009 6954
022 D000009 2390
022 A000010 LAMBERSON KNIGHT CAPITAL MARKETS, INC
022 B000010 22-2596731
022 C000010 5503
022 D000010 0
023 C000000 1951807
023 D000000 24540
024 000000 N
025 D000001 0
025 D000002 0
025 D000003 0
025 D000004 0
025 D000005 0
025 D000006 0
025 D000007 0
025 D000008 0
026 A000000 Y
026 B000000 Y
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
<PAGE> PAGE 4
026 H000000 N
027 000000 Y
028 A010000 14823
028 A020000 1037
028 A030000 0
028 A040000 7699
028 B010000 6257
028 B020000 0
028 B030000 0
028 B040000 24299
028 C010000 4518
028 C020000 0
028 C030000 0
028 C040000 4883
028 D010000 10896
028 D020000 1478
028 D030000 0
028 D040000 5701
028 E010000 11054
028 E020000 0
028 E030000 0
028 E040000 6930
028 F010000 12811
028 F020000 0
028 F030000 0
028 F040000 17428
028 G010000 60359
028 G020000 2515
028 G030000 0
028 G040000 66940
028 H000000 45061
029 000000 Y
030 A000000 108
030 B000000 5.75
030 C000000 0.00
031 A000000 28
031 B000000 0
032 000000 80
033 000000 0
034 000000 Y
035 000000 73
036 A000000 N
036 B000000 0
037 000000 N
038 000000 0
039 000000 N
040 000000 Y
041 000000 Y
042 A000000 0
042 B000000 0
042 C000000 0
<PAGE> PAGE 5
042 D000000 100
042 E000000 0
042 F000000 0
042 G000000 0
042 H000000 0
043 000000 301
044 000000 0
045 000000 Y
046 000000 N
047 000000 Y
048 000000 0.000
048 A010000 200000
048 A020000 1.000
048 B010000 200000
048 B020000 0.900
048 C010000 200000
048 C020000 0.850
048 D010000 200000
048 D020000 0.800
048 E010000 0
048 E020000 0.000
048 F010000 0
048 F020000 0.000
048 G010000 0
048 G020000 0.000
048 H010000 0
048 H020000 0.000
048 I010000 0
048 I020000 0.000
048 J010000 0
048 J020000 0.000
048 K010000 800000
048 K020000 0.750
049 000000 N
050 000000 N
051 000000 N
052 000000 N
053 A000000 N
054 A000000 Y
054 B000000 Y
054 C000000 Y
054 D000000 N
054 E000000 N
054 F000000 N
054 G000000 Y
054 H000000 Y
054 I000000 N
054 J000000 Y
054 K000000 N
054 L000000 Y
054 M000000 Y
<PAGE> PAGE 6
054 N000000 N
054 O000000 Y
055 A000000 N
055 B000000 N
056 000000 N
057 000000 N
058 A000000 N
059 000000 Y
060 A000000 N
060 B000000 N
061 000000 25
062 A000000 Y
062 B000000 0.0
062 C000000 0.0
062 D000000 6.0
062 E000000 0.0
062 F000000 0.0
062 G000000 0.0
062 H000000 0.0
062 I000000 0.0
062 J000000 0.0
062 K000000 0.0
062 L000000 6.0
062 M000000 0.0
062 N000000 12.9
062 O000000 0.0
062 P000000 20.0
062 Q000000 53.5
062 R000000 0.0
063 A000000 0
063 B000000 4.3
064 A000000 N
064 B000000 N
066 A000000 N
067 000000 N
068 A000000 N
068 B000000 N
069 000000 N
070 A010000 Y
070 A020000 Y
070 B010000 Y
070 B020000 N
070 C010000 Y
070 C020000 N
070 D010000 Y
070 D020000 N
070 E010000 Y
070 E020000 N
070 F010000 Y
070 F020000 Y
070 G010000 Y
<PAGE> PAGE 7
070 G020000 Y
070 H010000 Y
070 H020000 N
070 I010000 Y
070 I020000 Y
070 J010000 Y
070 J020000 N
070 K010000 Y
070 K020000 N
070 L010000 Y
070 L020000 N
070 M010000 Y
070 M020000 N
070 N010000 Y
070 N020000 N
070 O010000 N
070 O020000 N
070 P010000 Y
070 P020000 Y
070 Q010000 N
070 Q020000 N
070 R010000 N
070 R020000 N
071 A000000 64996
071 B000000 55303
071 C000000 98468
071 D000000 56
072 A000000 6
072 B000000 4467
072 C000000 0
072 D000000 0
072 E000000 0
072 F000000 743
072 G000000 0
072 H000000 0
072 I000000 131
072 J000000 5
072 K000000 13
072 L000000 25
072 M000000 1
072 N000000 0
072 O000000 0
072 P000000 0
072 Q000000 0
072 R000000 14
072 S000000 4
072 T000000 301
072 U000000 0
072 V000000 0
072 W000000 3
072 X000000 1240
<PAGE> PAGE 8
072 Y000000 5
072 Z000000 3231
072AA000000 28883
072BB000000 9346
072CC010000 7058
072CC020000 0
072DD010000 2172
072DD020000 303
072EE000000 0
073 A010000 0.1193
073 A020000 0.0938
073 B000000 0.0000
073 C000000 0.0000
074 A000000 152
074 B000000 10100
074 C000000 9994
074 D000000 144177
074 E000000 0
074 F000000 0
074 G000000 0
074 H000000 46
074 I000000 0
074 J000000 0
074 K000000 0
074 L000000 3456
074 M000000 3
074 N000000 167928
074 O000000 0
074 P000000 42
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 862
074 S000000 0
074 T000000 167024
074 U010000 18532
074 U020000 3194
074 V010000 6.89
074 V020000 6.91
074 W000000 0.0000
074 X000000 11519
074 Y000000 9774
075 A000000 0
075 B000000 149200
076 000000 0.00
077 A000000 N
078 000000 N
080 A000000 ICI MUTUAL INSURANCE CO.
080 C000000 92000
081 A000000 Y
<PAGE> PAGE 9
081 B000000 96
082 A000000 N
082 B000000 0
083 A000000 N
083 B000000 0
084 A000000 N
084 B000000 0
085 A000000 Y
085 B000000 N
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
SIGNATURE BRIAN W. WIXTED
TITLE TREASURER
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 1018862
<NAME> OPPENHEIMER REAL ASSET FUND-A
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> AUG-31-2000
<PERIOD-START> SEP-01-1999
<PERIOD-END> FEB-29-2000
<INVESTMENTS-AT-COST> 145,427,475
<INVESTMENTS-AT-VALUE> 164,317,165
<RECEIVABLES> 3,455,750
<ASSETS-OTHER> 3,619
<OTHER-ITEMS-ASSETS> 151,512
<TOTAL-ASSETS> 167,928,046
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 903,559
<TOTAL-LIABILITIES> 903,559
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 190,413,324
<SHARES-COMMON-STOCK> 18,532,377
<SHARES-COMMON-PRIOR> 19,042,998
<ACCUMULATED-NII-CURRENT> 1,395,505
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (44,372,047)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 19,587,705
<NET-ASSETS> 127,693,822
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 4,466,603
<OTHER-INCOME> 0
<EXPENSES-NET> 1,235,126
<NET-INVESTMENT-INCOME> 3,231,477
<REALIZED-GAINS-CURRENT> 19,537,287
<APPREC-INCREASE-CURRENT> 7,057,643
<NET-CHANGE-FROM-OPS> 29,826,407
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2,172,198
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 8,368,911
<NUMBER-OF-SHARES-REDEEMED> 9,215,768
<SHARES-REINVESTED> 336,236
<NET-CHANGE-IN-ASSETS> 23,040,609
<ACCUMULATED-NII-PRIOR> 883,405
<ACCUMULATED-GAINS-PRIOR> (63,909,334)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 742,596
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,240,303
<AVERAGE-NET-ASSETS> 113,675,000
<PER-SHARE-NAV-BEGIN> 5.74
<PER-SHARE-NII> 0.14
<PER-SHARE-GAIN-APPREC> 1.13
<PER-SHARE-DIVIDEND> 0.12
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 6.89
<EXPENSE-RATIO> 1.49
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0.00
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 1018862
<NAME> OPPENHEIMER REAL ASSET FUND-B
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> AUG-31-2000
<PERIOD-START> SEP-01-1999
<PERIOD-END> FEB-29-2000
<INVESTMENTS-AT-COST> 145,427,475
<INVESTMENTS-AT-VALUE> 164,317,165
<RECEIVABLES> 3,455,750
<ASSETS-OTHER> 3,619
<OTHER-ITEMS-ASSETS> 151,512
<TOTAL-ASSETS> 167,928,046
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 903,559
<TOTAL-LIABILITIES> 903,559
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 190,413,324
<SHARES-COMMON-STOCK> 3,193,513
<SHARES-COMMON-PRIOR> 3,249,613
<ACCUMULATED-NII-CURRENT> 1,395,505
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (44,372,047)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 19,587,705
<NET-ASSETS> 22,055,741
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 4,466,603
<OTHER-INCOME> 0
<EXPENSES-NET> 1,235,126
<NET-INVESTMENT-INCOME> 3,231,477
<REALIZED-GAINS-CURRENT> 19,537,287
<APPREC-INCREASE-CURRENT> 7,057,643
<NET-CHANGE-FROM-OPS> 29,826,407
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 303,008
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 776,169
<NUMBER-OF-SHARES-REDEEMED> 877,567
<SHARES-REINVESTED> 45,298
<NET-CHANGE-IN-ASSETS> 23,040,609
<ACCUMULATED-NII-PRIOR> 883,405
<ACCUMULATED-GAINS-PRIOR> (63,909,334)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 742,596
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,240,303
<AVERAGE-NET-ASSETS> 19,920,000
<PER-SHARE-NAV-BEGIN> 5.75
<PER-SHARE-NII> 0.12
<PER-SHARE-GAIN-APPREC> 1.13
<PER-SHARE-DIVIDEND> 0.09
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 6.91
<EXPENSE-RATIO> 2.27
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0.00
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 1018862
<NAME> OPPENHEIMER REAL ASSET FUND-C
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> AUG-31-2000
<PERIOD-START> SEP-01-1999
<PERIOD-END> FEB-29-2000
<INVESTMENTS-AT-COST> 145,427,475
<INVESTMENTS-AT-VALUE> 164,317,165
<RECEIVABLES> 3,455,750
<ASSETS-OTHER> 3,619
<OTHER-ITEMS-ASSETS> 151,512
<TOTAL-ASSETS> 167,928,046
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 903,559
<TOTAL-LIABILITIES> 903,559
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 190,413,324
<SHARES-COMMON-STOCK> 2,510,886
<SHARES-COMMON-PRIOR> 2,786,261
<ACCUMULATED-NII-CURRENT> 1,395,505
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (44,372,047)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 19,587,705
<NET-ASSETS> 17,274,238
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 4,466,603
<OTHER-INCOME> 0
<EXPENSES-NET> 1,235,126
<NET-INVESTMENT-INCOME> 3,231,477
<REALIZED-GAINS-CURRENT> 19,537,287
<APPREC-INCREASE-CURRENT> 7,057,643
<NET-CHANGE-FROM-OPS> 29,826,407
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 244,158
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 651,932
<NUMBER-OF-SHARES-REDEEMED> 966,104
<SHARES-REINVESTED> 38,797
<NET-CHANGE-IN-ASSETS> 23,040,609
<ACCUMULATED-NII-PRIOR> 883,405
<ACCUMULATED-GAINS-PRIOR> (63,909,334)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 742,596
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,240,303
<AVERAGE-NET-ASSETS> 15,605,000
<PER-SHARE-NAV-BEGIN> 5.73
<PER-SHARE-NII> 0.12
<PER-SHARE-GAIN-APPREC> 1.12
<PER-SHARE-DIVIDEND> 0.09
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 6.88
<EXPENSE-RATIO> 2.27
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0.00
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 1018862
<NAME> OPPENHEIMER REAL ASSET FUND-Y
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> AUG-31-2000
<PERIOD-START> SEP-01-1999
<PERIOD-END> FEB-29-2000
<INVESTMENTS-AT-COST> 145,427,475
<INVESTMENTS-AT-VALUE> 164,317,165
<RECEIVABLES> 3,455,750
<ASSETS-OTHER> 3,619
<OTHER-ITEMS-ASSETS> 151,512
<TOTAL-ASSETS> 167,928,046
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 903,559
<TOTAL-LIABILITIES> 903,559
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 190,413,324
<SHARES-COMMON-STOCK> 100
<SHARES-COMMON-PRIOR> 100
<ACCUMULATED-NII-CURRENT> 1,395,505
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (44,372,047)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 19,587,705
<NET-ASSETS> 686
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 4,466,603
<OTHER-INCOME> 0
<EXPENSES-NET> 1,235,126
<NET-INVESTMENT-INCOME> 3,231,477
<REALIZED-GAINS-CURRENT> 19,537,287
<APPREC-INCREASE-CURRENT> 7,057,643
<NET-CHANGE-FROM-OPS> 29,826,407
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 13
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 23,040,609
<ACCUMULATED-NII-PRIOR> 883,405
<ACCUMULATED-GAINS-PRIOR> (63,909,334)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 742,596
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,240,303
<AVERAGE-NET-ASSETS> 1,000
<PER-SHARE-NAV-BEGIN> 5.72
<PER-SHARE-NII> 0.15
<PER-SHARE-GAIN-APPREC> 1.12
<PER-SHARE-DIVIDEND> 0.13
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 6.86
<EXPENSE-RATIO> 1.20
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0.00
</TABLE>
