<PAGE> PAGE 1
000 A000000 12/31/94
000 C000000 0000729968
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 U
001 A000000 OPPENHEIMER ASSET ALLOCATION FUND
001 B000000 811-3864
001 C000000 3036713200
002 A000000 3410 SOUTH GALENA STREET
002 B000000 DENVER
002 C000000 CO
002 D010000 80231
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 N
007 B000000 0
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
071 A000000 80945
071 B000000 94868
071 C000000 257001
071 D000000 32
072 A000000 12
074 N000000 250703
074 T000000 246953
075 A000000 0
075 B000000 266369
077 A000000 Y
<PAGE> PAGE 2
SIGNATURE GEORGE C. BOWEN
TITLE TRESURER
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000729968
<NAME> OPPENHEIMER ASSET ALLOCATION FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-START> JAN-01-1994
<PERIOD-END> DEC-31-1994
<INVESTMENTS-AT-COST> 232590945
<INVESTMENTS-AT-VALUE> 246141343
<RECEIVABLES> 4478023
<ASSETS-OTHER> 83508
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 250702874
<PAYABLE-FOR-SECURITIES> 264058
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3485944
<TOTAL-LIABILITIES> 3750002
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 234046423
<SHARES-COMMON-STOCK> 20632622
<SHARES-COMMON-PRIOR> 21302040
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 610110
<ACCUMULATED-NET-GAINS> (189381)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 13705940
<NET-ASSETS> 237771276
<DIVIDEND-INCOME> 2533954
<INTEREST-INCOME> 11314536
<OTHER-INCOME> 0
<EXPENSES-NET> 2960574
<NET-INVESTMENT-INCOME> 10887916
<REALIZED-GAINS-CURRENT> 16983602
<APPREC-INCREASE-CURRENT> (32351338)
<NET-CHANGE-FROM-OPS> (4479820)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 10574115
<DISTRIBUTIONS-OF-GAINS> 15027395
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1464805
<NUMBER-OF-SHARES-REDEEMED> 4030121
<SHARES-REINVESTED> 1895898
<NET-CHANGE-IN-ASSETS> (31356806)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 947609
<OVERDISTRIB-NII-PRIOR> 340955
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1869498
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2960574
<AVERAGE-NET-ASSETS> 260767000
<PER-SHARE-NAV-BEGIN> 13.05
<PER-SHARE-NII> .54
<PER-SHARE-GAIN-APPREC> (.75)
<PER-SHARE-DIVIDEND> .53
<PER-SHARE-DISTRIBUTIONS> .79
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.52
<EXPENSE-RATIO> 1.09
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000729968
<NAME> OPPENHEIMER ASSET ALLOCATION FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-START> JAN-01-1994
<PERIOD-END> DEC-31-1994
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 0
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 0
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 798980
<SHARES-COMMON-PRIOR> 30319
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 9181596
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> 0
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 0
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 258031
<DISTRIBUTIONS-OF-GAINS> 578336
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 757806
<NUMBER-OF-SHARES-REDEEMED> 51824
<SHARES-REINVESTED> 62679
<NET-CHANGE-IN-ASSETS> 0
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 5601000
<PER-SHARE-NAV-BEGIN> 13.05
<PER-SHARE-NII> .44
<PER-SHARE-GAIN-APPREC> (.77)
<PER-SHARE-DIVIDEND> .44
<PER-SHARE-DISTRIBUTIONS> .79
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.49
<EXPENSE-RATIO> 2.00
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>