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SIGNATURE GEORGE C. BOWEN
TITLE TREASURER
Oppenheimer Gold & Special Minerals Fund
Independent Auditors' Report
The Board of Trustees and Shareholders of
Oppenheimer Gold & Special Minerals Fund:
<TABLE>
<S> <C>
We have audited the accompanying statements of investments and assets and
liabilities of Oppenheimer Gold & Special Minerals Fund as of June 30, 1995, and
the related statement of operations for the year then ended, the statements of
changes in net assets for each of the years in the two-year period then ended and
the financial highlights for each of the years in the ten-year period then ended.
These financial statements and financial highlights are the responsibility of the
Fund's management. Our responsibility is to express an opinion on these
financial statements and financial highlights based on our audits.
We conducted our audits in accordance with generally accepted auditing standards.
Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements and financial highlights are
free of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements and
financial highlights. Our procedures included confirmation of securities owned
as of June 30, 1995, by correspondence with the custodian and brokers; and where
confirmations were not received from brokers, we performed other auditing
procedures. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of
Oppenheimer Gold & Special Minerals Fund as of June 30, 1995, the results of its
operations for the year then ended, the changes in its net assets for each of the
years in the two-year period then ended, and the financial highlights for each
of the years in the ten-year period then ended, in conformity with generally
accepted accounting principles.
</TABLE>
KPMG Peat Marwick LLP
Denver, Colorado
July 24, 1995
<TABLE> <S> <C>
<ARTICLE> 6
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUN-30-1995
<PERIOD-START> JUL-01-1994
<PERIOD-END> JUN-30-1995
<INVESTMENTS-AT-COST> 147165138
<INVESTMENTS-AT-VALUE> 173276594
<RECEIVABLES> 1045309
<ASSETS-OTHER> 16159
<OTHER-ITEMS-ASSETS> 136558
<TOTAL-ASSETS> 174474620
<PAYABLE-FOR-SECURITIES> 1285000
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1468754
<TOTAL-LIABILITIES> 2753754
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 154878258
<SHARES-COMMON-STOCK> 12743261
<SHARES-COMMON-PRIOR> 13478386
<ACCUMULATED-NII-CURRENT> 636579
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (9905759)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 26111788
<NET-ASSETS> 171720866
<DIVIDEND-INCOME> 2403593
<INTEREST-INCOME> 827729
<OTHER-INCOME> 0
<EXPENSES-NET> 2436569
<NET-INVESTMENT-INCOME> 794753
<REALIZED-GAINS-CURRENT> 4149068
<APPREC-INCREASE-CURRENT> (2322499)
<NET-CHANGE-FROM-OPS> 2621322
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (878199)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 17062570
<NUMBER-OF-SHARES-REDEEMED> 17857834
<SHARES-REINVESTED> 60139
<NET-CHANGE-IN-ASSETS> (7293992)
<ACCUMULATED-NII-PRIOR> 793753
<ACCUMULATED-GAINS-PRIOR> (14128555)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1339091
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2436569
<AVERAGE-NET-ASSETS> 178579000
<PER-SHARE-NAV-BEGIN> 13.28
<PER-SHARE-NII> .06
<PER-SHARE-GAIN-APPREC> .21
<PER-SHARE-DIVIDEND> .07
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.48
<EXPENSE-RATIO> 1.36
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
Oppenheimer Gold & Special Minerals Fund
<TABLE>
<S> <C>
Classification of Distributions to Shareholders. Net investment income (loss)
and net realized gain (loss) may differ for financial statement and tax purposes
primarily because of the recognition of certain foreign currency gains (losses)
as ordinary income (loss) for tax purposes. The character of the distributions
made during the year from net investment income or net realized gains may differ
from their ultimate characterization for federal income tax purposes. Also, due
to timing of dividend distributions, the fiscal year in which amounts are
distributed may differ from the year that the income or realized gain (loss) was
recorded by the Fund. Effective July 1, 1993, the Fund adopted Statement of
Position 93-2: Determination, Disclosure, and Financial Statement Presentation
of Income, Capital Gain, and Return of Capital Distributions by Investment
Companies. As a result, the Fund changed the classification of distributions to
shareholders to better disclose the differences between financial statement
amounts and distributions determined in accordance with income tax regulations.
Accordingly, during the year ended June 30, 1995, amounts have been reclassified
to reflect a decrease in undistributed net investment income of $73,728, and a
decrease in accumulated net realized loss on investments of $73,728.
</TABLE>
