<PAGE> PAGE 1
000 B000000 06/30/98
000 C000000 0000716836
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 GOLD & SPECIAL MINERALS FUND
001 B000000 811-3694
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
011 A000001 OPPENHEIMERFUNDS DISTRIBUTOR, INC.
011 B000001 8-22992
011 C010001 NEW YORK
011 C020001 NY
011 C030001 10048
011 C040001 0203
012 A000001 OPPENHEIMERFUNDS SERVICES
012 B000001 84-1562
012 C010001 ENGLEWOOD
012 C020001 CO
012 C030001 80112
013 A000001 KPMG PEAT MARWICK LLP
<PAGE> PAGE 2
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 50
019 C000000 OPPENHEIMR
020 A000001 NESBITT BURNS, INC.
020 B000001 13-2620737
020 C000001 107
020 A000002 WOOD GUNDY CORP.
020 B000002 13-5492430
020 C000002 66
020 A000003 RBC DOMINION SECURITIES, INC.
020 B000003 13-5033225
020 C000003 52
020 A000004 WERE (J.B.) & SON., INC.
020 B000004 13-3077027
020 C000004 41
020 A000005 ABN AMRO CAPITAL MARKETS
020 B000005 13-3227945
020 C000005 29
020 A000006 WARBURG, S.G. & CO., INC.
020 B000006 13-2994695
020 C000006 28
020 A000007 MERRILL LYNCH, PIERCE, FENNER, & SMITH, INC.
020 B000007 13-5674085
020 C000007 20
020 A000008 FLEMING MARTIN & CO.
020 B000008 13-3724403
020 C000008 19
020 A000009 CAPEL (JAMES), INC. (HSBC/NEW YORK)
020 B000009 13-2650272
020 C000009 18
020 A000010 TORONTO DOMINION SECURITIES, INC.
020 B000010 22-2203727
020 C000010 13
021 000000 571
022 A000001 ZION FIRST NATIONAL BANK
022 B000001 87-0189025
022 C000001 685250
022 D000001 0
022 A000002 MORGAN GUARANTY TRUST CO.
022 B000002 13-5123346
022 C000002 349800
<PAGE> PAGE 3
022 D000002 0
022 A000003 GOLDMAN, SACHS & CO.
022 B000003 13-5108880
022 C000003 241221
022 D000003 1181
022 A000004 PAINEWEBBER, INC.
022 B000004 13-2638166
022 C000004 154400
022 D000004 0
022 A000005 SALOMON SMITH BARNEY
022 B000005 13-3371860
022 C000005 137100
022 D000005 0
022 A000006 FIRST CHICAGO CAPITAL MARKET
022 B000006 36-3595942
022 C000006 93500
022 D000006 0
022 A000007 SMITH BARNEY, HARRIS UPHAM & CO., INC.
022 B000007 13-3371860
022 C000007 28306
022 D000007 0
022 A000008 WARBURG, S.G. & CO., INC.
022 B000008 13-2994695
022 C000008 7354
022 D000008 7808
022 A000009 WOOD GUNDY CORP.
022 B000009 13-5492430
022 C000009 7792
022 D000009 7227
022 A000010 MERRILL LYNCH, PIERCE, FENNER, & SMITH, INC.
022 B000010 13-5674085
022 C000010 8525
022 D000010 5769
023 C000000 1772639
023 D000000 71167
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
<PAGE> PAGE 4
026 G020000 N
026 H000000 N
027 000000 Y
028 A010000 23614
028 A020000 0
028 A030000 0
028 A040000 22624
028 B010000 11748
028 B020000 0
028 B030000 0
028 B040000 12693
028 C010000 11475
028 C020000 0
028 C030000 0
028 C040000 14452
028 D010000 15380
028 D020000 0
028 D030000 0
028 D040000 17497
028 E010000 7846
028 E020000 0
028 E030000 0
028 E040000 7770
028 F010000 9279
028 F020000 0
028 F030000 0
028 F040000 7502
028 G010000 79342
028 G020000 0
028 G030000 0
028 G040000 82538
028 H000000 10739
029 000000 Y
030 A000000 326
030 B000000 5.75
030 C000000 0.00
031 A000000 77
031 B000000 0
032 000000 249
033 000000 0
034 000000 Y
035 000000 63
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
<PAGE> PAGE 5
042 C000000 0
042 D000000 100
042 E000000 0
042 F000000 0
042 G000000 0
042 H000000 0
043 000000 356
044 000000 0
045 000000 Y
046 000000 N
047 000000 Y
048 000000 0.000
048 A010000 200000
048 A020000 0.750
048 B010000 200000
048 B020000 0.720
048 C010000 200000
048 C020000 0.690
048 D010000 200000
048 D020000 0.660
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 0.600
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
<PAGE> PAGE 6
054 M000000 Y
054 N000000 N
054 O000000 Y
055 A000000 Y
055 B000000 N
056 000000 N
057 000000 N
058 A000000 N
059 000000 Y
060 A000000 Y
060 B000000 Y
061 000000 25
062 A000000 N
062 B000000 0.0
062 C000000 0.0
062 D000000 0.0
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 0.0
062 M000000 0.0
062 N000000 0.0
062 O000000 0.0
062 P000000 0.0
062 Q000000 0.0
062 R000000 0.0
063 A000000 0
063 B000000 0.0
066 A000000 Y
066 B000000 N
066 C000000 Y
066 D000000 N
066 E000000 N
066 F000000 N
066 G000000 N
067 000000 N
068 A000000 Y
068 B000000 Y
069 000000 N
070 A010000 Y
070 A020000 Y
070 B010000 Y
070 B020000 N
070 C010000 N
070 C020000 N
070 D010000 Y
070 D020000 N
<PAGE> PAGE 7
070 E010000 N
070 E020000 N
070 F010000 Y
070 F020000 N
070 G010000 Y
070 G020000 N
070 H010000 Y
070 H020000 N
070 I010000 N
070 I020000 N
070 J010000 Y
070 J020000 Y
070 K010000 Y
070 K020000 Y
070 L010000 Y
070 L020000 Y
070 M010000 Y
070 M020000 Y
070 N010000 Y
070 N020000 N
070 O010000 Y
070 O020000 N
070 P010000 Y
070 P020000 Y
070 Q010000 N
070 Q020000 N
070 R010000 N
070 R020000 N
071 A000000 73642
071 B000000 72306
071 C000000 111338
071 D000000 65
072 A000000 12
072 B000000 509
072 C000000 1544
072 D000000 0
072 E000000 0
072 F000000 878
072 G000000 0
072 H000000 0
072 I000000 350
072 J000000 46
072 K000000 39
072 L000000 37
072 M000000 46
072 N000000 0
072 O000000 0
072 P000000 0
072 Q000000 0
072 R000000 14
072 S000000 10
<PAGE> PAGE 8
072 T000000 356
072 U000000 0
072 V000000 0
072 W000000 10
072 X000000 1786
072 Y000000 0
072 Z000000 267
072AA000000 6932
072BB000000 22465
072CC010000 0
072CC020000 27091
072DD010000 360
072DD020000 0
072EE000000 0
073 A010000 0.0374
073 A020000 0.0000
073 B000000 0.0000
073 C000000 0.0000
074 A000000 103
074 B000000 1300
074 C000000 0
074 D000000 1536
074 E000000 1718
074 F000000 89015
074 G000000 0
074 H000000 0
074 I000000 2
074 J000000 1124
074 K000000 0
074 L000000 83
074 M000000 9
074 N000000 94890
074 O000000 69
074 P000000 82
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 329
074 S000000 0
074 T000000 94410
074 U010000 8906
074 U020000 1228
074 V010000 8.81
074 V020000 8.70
074 W000000 0.0000
074 X000000 17515
074 Y000000 5961
075 A000000 0
075 B000000 116866
076 000000 0.00
<PAGE> PAGE 9
077 A000000 Y
077 B000000 Y
077 C000000 N
077 D000000 N
077 E000000 N
077 F000000 N
077 G000000 N
077 H000000 N
077 I000000 N
077 J000000 Y
077 K000000 N
077 L000000 N
077 M000000 N
077 N000000 N
077 O000000 N
077 P000000 N
077 Q010000 Y
077 Q020000 N
077 Q030000 N
078 000000 N
080 A000000 ICI MUTUAL INSURANCE CO.
080 C000000 78000
081 A000000 Y
081 B000000 93
082 A000000 N
082 B000000 0
083 A000000 N
083 B000000 0
084 A000000 N
084 B000000 0
085 A000000 Y
085 B000000 N
SIGNATURE GEORGE C. BOWEN
TITLE TREASURER
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 716836
<NAME> OPPENHEIMER GOLD & SPECIAL MINERALS - A
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUN-30-1998
<PERIOD-START> JUL-01-1997
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 102,429,165
<INVESTMENTS-AT-VALUE> 93,571,319
<RECEIVABLES> 1,207,196
<ASSETS-OTHER> 8,593
<OTHER-ITEMS-ASSETS> 103,393
<TOTAL-ASSETS> 94,890,501
<PAYABLE-FOR-SECURITIES> 69,231
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 411,111
<TOTAL-LIABILITIES> 480,342
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 128,195,864
<SHARES-COMMON-STOCK> 8,905,765
<SHARES-COMMON-PRIOR> 9,945,213
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 97,629
<ACCUMULATED-NET-GAINS> (24,830,325)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (8,857,751)
<NET-ASSETS> 78,458,152
<DIVIDEND-INCOME> 1,544,078
<INTEREST-INCOME> 508,826
<OTHER-INCOME> 0
<EXPENSES-NET> 1,786,133
<NET-INVESTMENT-INCOME> 266,771
<REALIZED-GAINS-CURRENT> (15,533,246)
<APPREC-INCREASE-CURRENT> (27,090,596)
<NET-CHANGE-FROM-OPS> (42,357,071)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 360,008
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 12,853,959
<NUMBER-OF-SHARES-REDEEMED> (13,929,468)
<SHARES-REINVESTED> 36,061
<NET-CHANGE-IN-ASSETS> (44,327,221)
<ACCUMULATED-NII-PRIOR> 263,701
<ACCUMULATED-GAINS-PRIOR> (10,191,852)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 877,463
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,786,133
<AVERAGE-NET-ASSETS> 102,500,817
<PER-SHARE-NAV-BEGIN> 12.68
<PER-SHARE-NII> 0.04
<PER-SHARE-GAIN-APPREC> (3.87)
<PER-SHARE-DIVIDEND> 0.04
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 8.81
<EXPENSE-RATIO> 1.43
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
Independent Auditors' Report
The Board of Trustees and Shareholders of
Oppenheimer Gold & Special Minerals Fund:
We have audited the accompanying statements of investments and assets and
liabilities of Oppenheimer Gold & Special Minerals Fund as of June 30, 1998, 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 five-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, 1998, 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, 1998, 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 five-year period then ended, in conformity with
generally accepted accounting principles.
KPMG Peat Marwick LLP
Denver, Colorado
July 22, 1998
Return of Capital
During the year ended June 30, 1998, 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, 1998,
amounts have been reclassified to reflect a decrease in undistributed net
investment income of $268,093, a decrease in accumulated net realized loss
of $894,773, and a decrease in paid-in capital of $626,680.
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 716836
<NAME> OPPENHEIMER GOLD & SPECIAL MINERALS - B
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUN-30-1998
<PERIOD-START> JUL-01-1997
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 102,429,165
<INVESTMENTS-AT-VALUE> 93,571,319
<RECEIVABLES> 1,207,196
<ASSETS-OTHER> 8,593
<OTHER-ITEMS-ASSETS> 103,393
<TOTAL-ASSETS> 94,890,501
<PAYABLE-FOR-SECURITIES> 69,231
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 411,111
<TOTAL-LIABILITIES> 480,342
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 128,195,864
<SHARES-COMMON-STOCK> 1,227,753
<SHARES-COMMON-PRIOR> 693,768
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 97,629
<ACCUMULATED-NET-GAINS> (24,830,325)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (8,857,751)
<NET-ASSETS> 10,680,957
<DIVIDEND-INCOME> 1,544,078
<INTEREST-INCOME> 508,826
<OTHER-INCOME> 0
<EXPENSES-NET> 1,786,133
<NET-INVESTMENT-INCOME> 266,771
<REALIZED-GAINS-CURRENT> (15,533,246)
<APPREC-INCREASE-CURRENT> (27,090,596)
<NET-CHANGE-FROM-OPS> (42,357,071)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,457,504
<NUMBER-OF-SHARES-REDEEMED> (923,519)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (44,327,221)
<ACCUMULATED-NII-PRIOR> 263,701
<ACCUMULATED-GAINS-PRIOR> (10,191,852)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 877,463
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,786,133
<AVERAGE-NET-ASSETS> 10,150,042
<PER-SHARE-NAV-BEGIN> 12.56
<PER-SHARE-NII> (0.01)
<PER-SHARE-GAIN-APPREC> (3.85)
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 8.70
<EXPENSE-RATIO> 2.21
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 716836
<NAME> OPPENHEIMER GOLD & SPECIAL MINERALS - C
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUN-30-1998
<PERIOD-START> JUL-01-1997
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 102,429,165
<INVESTMENTS-AT-VALUE> 93,571,319
<RECEIVABLES> 1,207,196
<ASSETS-OTHER> 8,593
<OTHER-ITEMS-ASSETS> 103,393
<TOTAL-ASSETS> 94,890,501
<PAYABLE-FOR-SECURITIES> 69,231
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 411,111
<TOTAL-LIABILITIES> 480,342
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 128,195,864
<SHARES-COMMON-STOCK> 604,682
<SHARES-COMMON-PRIOR> 312,660
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 97,629
<ACCUMULATED-NET-GAINS> (24,830,325)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (8,857,751)
<NET-ASSETS> 5,271,050
<DIVIDEND-INCOME> 1,544,078
<INTEREST-INCOME> 508,826
<OTHER-INCOME> 0
<EXPENSES-NET> 1,786,133
<NET-INVESTMENT-INCOME> 266,771
<REALIZED-GAINS-CURRENT> (15,533,246)
<APPREC-INCREASE-CURRENT> (27,090,596)
<NET-CHANGE-FROM-OPS> (42,357,071)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,406,210
<NUMBER-OF-SHARES-REDEEMED> (2,114,188)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (44,327,221)
<ACCUMULATED-NII-PRIOR> 263,701
<ACCUMULATED-GAINS-PRIOR> (10,191,852)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 877,463
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,786,133
<AVERAGE-NET-ASSETS> 4,215,330
<PER-SHARE-NAV-BEGIN> 12.59
<PER-SHARE-NII> (0.01)
<PER-SHARE-GAIN-APPREC> (3.86)
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 8.72
<EXPENSE-RATIO> 2.20
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
