OPPENHEIMER ASSET ALLOCATION FUND
NSAR-A, 1996-08-27
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<PAGE>      PAGE  1
000 A000000 06/30/96
000 C000000 0000729968
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001 C000000 3036713200
002 A000000 3410 SOUTH GALENA STREET
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019 C000000 OPPENHEIMR
020 A000001 ZION FIRST NATIONAL BANK
020 B000001 87-0189025
020 C000001    378
020 A000002 PAINEWEBBER, INC.
020 B000002 13-2638166
020 C000002    177
020 A000003 FIRST CHICAGO CAPITAL MARKET
020 B000003 36-3595942
020 C000003    157
020 A000004 MORGAN GUARANTY TRUST CO.
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020 C000004    150
020 A000005 BEAR SECURITIES CORP.
020 B000005 13-3299429
020 C000005     37
020 A000006 CANADIAN IMPERIAL BANK OF COMMERCE
020 B000006 FOREIGN
020 C000006     26
020 A000007 CANTOR, FITZGERALD & CO., INC.
020 B000007 95-1786286
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020 A000008 MERRILL LYNCH, PIERCE, FENNER & SMITH, INC.
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020 C000008     13
020 A000009 O'NEIL (WILLIAM) & CO., INC.
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020 C000009     12
020 A000010 DONALDSON, LUFKIN & JENRETTE SECURITIES CORP.
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020 C000010     10
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022 A000004 WESTPAC POLLOCK GOVERNMENT SECURITIES, INC.
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022 A000005 MORGAN STANLEY & CO., INC.
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022 A000006 DONALDSON, LUFKIN & JENRETTE SECURITIES CORP.
022 B000006 13-2741729
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022 A000007 HANCOCK INSTITUTIONAL EQUITIES
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SIGNATURE   GEORGE C. BOWEN                              
TITLE       TREASURER           
 

WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

<ARTICLE> 6                                             
<CIK>                                                                729968
<NAME>        Oppenheimer Asset Allocation -  A
       
<S>                                                     <C>
<PERIOD-TYPE>                                                             6-MOS
<FISCAL-YEAR-END>                                       DEC-31-1996
<PERIOD-START>                                          JAN-01-1996
<PERIOD-END>                                            JUN-30-1996
<INVESTMENTS-AT-COST>                                           227,348,894
<INVESTMENTS-AT-VALUE>                                          274,020,382
<RECEIVABLES>                                                    12,489,362
<ASSETS-OTHER>                                                       17,169
<OTHER-ITEMS-ASSETS>                                                355,374
<TOTAL-ASSETS>                                                  286,882,287
<PAYABLE-FOR-SECURITIES>                                          3,199,937
<SENIOR-LONG-TERM-DEBT>                                                   0
<OTHER-ITEMS-LIABILITIES>                                         1,850,305
<TOTAL-LIABILITIES>                                               5,050,242
<SENIOR-EQUITY>                                                           0
<PAID-IN-CAPITAL-COMMON>                                        223,531,766
<SHARES-COMMON-STOCK>                                            18,854,117
<SHARES-COMMON-PRIOR>                                            19,233,516
<ACCUMULATED-NII-CURRENT>                                           488,823
<OVERDISTRIBUTION-NII>                                                    0
<ACCUMULATED-NET-GAINS>                                          11,083,102
<OVERDISTRIBUTION-GAINS>                                                  0
<ACCUM-APPREC-OR-DEPREC>                                         46,728,354
<NET-ASSETS>                                                    258,503,177
<DIVIDEND-INCOME>                                                 2,151,010
<INTEREST-INCOME>                                                 6,307,516
<OTHER-INCOME>                                                            0
<EXPENSES-NET>                                                    1,750,041
<NET-INVESTMENT-INCOME>                                           6,708,485
<REALIZED-GAINS-CURRENT>                                         10,346,938
<APPREC-INCREASE-CURRENT>                                         1,674,432
<NET-CHANGE-FROM-OPS>                                            18,729,855
<EQUALIZATION>                                                            0
<DISTRIBUTIONS-OF-INCOME>                                         5,237,277
<DISTRIBUTIONS-OF-GAINS>                                                  0
<DISTRIBUTIONS-OTHER>                                                     0
<NUMBER-OF-SHARES-SOLD>                                             608,513
<NUMBER-OF-SHARES-REDEEMED>                                       1,333,234
<SHARES-REINVESTED>                                                 345,323
<NET-CHANGE-IN-ASSETS>                                           13,808,232
<ACCUMULATED-NII-PRIOR>                                                   0
<ACCUMULATED-GAINS-PRIOR>                                           736,164
<OVERDISTRIB-NII-PRIOR>                                             621,120
<OVERDIST-NET-GAINS-PRIOR>                                                0
<GROSS-ADVISORY-FEES>                                             1,018,518
<INTEREST-EXPENSE>                                                        0
<GROSS-EXPENSE>                                                   1,750,041
<AVERAGE-NET-ASSETS>                                            256,364,000
<PER-SHARE-NAV-BEGIN>                                                    13.07
<PER-SHARE-NII>                                                           0.33
<PER-SHARE-GAIN-APPREC>                                                   0.59
<PER-SHARE-DIVIDEND>                                                      0.28
<PER-SHARE-DISTRIBUTIONS>                                                 0.00
<RETURNS-OF-CAPITAL>                                                      0.00
<PER-SHARE-NAV-END>                                                      13.71
<EXPENSE-RATIO>                                                           1.21
<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>                                                                729968
<NAME>        Oppenheimer Asset Allocation -  B
       
<S>                                                     <C>
<PERIOD-TYPE>                                                             6-MOS
<FISCAL-YEAR-END>                                       DEC-31-1996
<PERIOD-START>                                          JAN-01-1996
<PERIOD-END>                                            JUN-30-1996
<INVESTMENTS-AT-COST>                                           227,348,894
<INVESTMENTS-AT-VALUE>                                          274,020,382
<RECEIVABLES>                                                    12,489,362
<ASSETS-OTHER>                                                       17,169
<OTHER-ITEMS-ASSETS>                                                355,374
<TOTAL-ASSETS>                                                  286,882,287
<PAYABLE-FOR-SECURITIES>                                          3,199,937
<SENIOR-LONG-TERM-DEBT>                                                   0
<OTHER-ITEMS-LIABILITIES>                                         1,850,305
<TOTAL-LIABILITIES>                                               5,050,242
<SENIOR-EQUITY>                                                           0
<PAID-IN-CAPITAL-COMMON>                                        223,531,766
<SHARES-COMMON-STOCK>                                               322,935
<SHARES-COMMON-PRIOR>                                                97,156
<ACCUMULATED-NII-CURRENT>                                           488,823
<OVERDISTRIBUTION-NII>                                                    0
<ACCUMULATED-NET-GAINS>                                          11,083,102
<OVERDISTRIBUTION-GAINS>                                                  0
<ACCUM-APPREC-OR-DEPREC>                                         46,728,354
<NET-ASSETS>                                                      4,402,301
<DIVIDEND-INCOME>                                                 2,151,010
<INTEREST-INCOME>                                                 6,307,516
<OTHER-INCOME>                                                            0
<EXPENSES-NET>                                                    1,750,041
<NET-INVESTMENT-INCOME>                                           6,708,485
<REALIZED-GAINS-CURRENT>                                         10,346,938
<APPREC-INCREASE-CURRENT>                                         1,674,432
<NET-CHANGE-FROM-OPS>                                            18,729,855
<EQUALIZATION>                                                            0
<DISTRIBUTIONS-OF-INCOME>                                            61,463
<DISTRIBUTIONS-OF-GAINS>                                                  0
<DISTRIBUTIONS-OTHER>                                                     0
<NUMBER-OF-SHARES-SOLD>                                             237,343
<NUMBER-OF-SHARES-REDEEMED>                                          15,251
<SHARES-REINVESTED>                                                   3,687
<NET-CHANGE-IN-ASSETS>                                           13,808,232
<ACCUMULATED-NII-PRIOR>                                                   0
<ACCUMULATED-GAINS-PRIOR>                                           736,164
<OVERDISTRIB-NII-PRIOR>                                             621,120
<OVERDIST-NET-GAINS-PRIOR>                                                0
<GROSS-ADVISORY-FEES>                                             1,018,518
<INTEREST-EXPENSE>                                                        0
<GROSS-EXPENSE>                                                   1,750,041
<AVERAGE-NET-ASSETS>                                              2,762,000
<PER-SHARE-NAV-BEGIN>                                                    13.03
<PER-SHARE-NII>                                                           0.29
<PER-SHARE-GAIN-APPREC>                                                   0.54
<PER-SHARE-DIVIDEND>                                                      0.23
<PER-SHARE-DISTRIBUTIONS>                                                 0.00
<RETURNS-OF-CAPITAL>                                                      0.00
<PER-SHARE-NAV-END>                                                      13.63
<EXPENSE-RATIO>                                                           2.18
<AVG-DEBT-OUTSTANDING>                                                    0
<AVG-DEBT-PER-SHARE>                                                      0.00
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6                                             
<CIK>                                                                729968
<NAME>        Oppenheimer Asset Allocation -  C
       
<S>                                                     <C>
<PERIOD-TYPE>                                                             6-MOS
<FISCAL-YEAR-END>                                       DEC-31-1996
<PERIOD-START>                                          JAN-01-1996
<PERIOD-END>                                            JUN-30-1996
<INVESTMENTS-AT-COST>                                           227,348,894
<INVESTMENTS-AT-VALUE>                                          274,020,382
<RECEIVABLES>                                                    12,489,362
<ASSETS-OTHER>                                                       17,169
<OTHER-ITEMS-ASSETS>                                                355,374
<TOTAL-ASSETS>                                                  286,882,287
<PAYABLE-FOR-SECURITIES>                                          3,199,937
<SENIOR-LONG-TERM-DEBT>                                                   0
<OTHER-ITEMS-LIABILITIES>                                         1,850,305
<TOTAL-LIABILITIES>                                               5,050,242
<SENIOR-EQUITY>                                                           0
<PAID-IN-CAPITAL-COMMON>                                        223,531,766
<SHARES-COMMON-STOCK>                                             1,387,251
<SHARES-COMMON-PRIOR>                                             1,184,070
<ACCUMULATED-NII-CURRENT>                                           488,823
<OVERDISTRIBUTION-NII>                                                    0
<ACCUMULATED-NET-GAINS>                                          11,083,102
<OVERDISTRIBUTION-GAINS>                                                  0
<ACCUM-APPREC-OR-DEPREC>                                         46,728,354
<NET-ASSETS>                                                     18,926,567
<DIVIDEND-INCOME>                                                 2,151,010
<INTEREST-INCOME>                                                 6,307,516
<OTHER-INCOME>                                                            0
<EXPENSES-NET>                                                    1,750,041
<NET-INVESTMENT-INCOME>                                           6,708,485
<REALIZED-GAINS-CURRENT>                                         10,346,938
<APPREC-INCREASE-CURRENT>                                         1,674,432
<NET-CHANGE-FROM-OPS>                                            18,729,855
<EQUALIZATION>                                                            0
<DISTRIBUTIONS-OF-INCOME>                                           299,802
<DISTRIBUTIONS-OF-GAINS>                                                  0
<DISTRIBUTIONS-OTHER>                                                     0
<NUMBER-OF-SHARES-SOLD>                                             299,414
<NUMBER-OF-SHARES-REDEEMED>                                         117,327
<SHARES-REINVESTED>                                                  21,094
<NET-CHANGE-IN-ASSETS>                                           13,808,232
<ACCUMULATED-NII-PRIOR>                                                   0
<ACCUMULATED-GAINS-PRIOR>                                           736,164
<OVERDISTRIB-NII-PRIOR>                                             621,120
<OVERDIST-NET-GAINS-PRIOR>                                                0
<GROSS-ADVISORY-FEES>                                             1,018,518
<INTEREST-EXPENSE>                                                        0
<GROSS-EXPENSE>                                                   1,750,041
<AVERAGE-NET-ASSETS>                                             17,101,000
<PER-SHARE-NAV-BEGIN>                                                    13.01
<PER-SHARE-NII>                                                           0.28
<PER-SHARE-GAIN-APPREC>                                                   0.58
<PER-SHARE-DIVIDEND>                                                      0.23
<PER-SHARE-DISTRIBUTIONS>                                                 0.00
<RETURNS-OF-CAPITAL>                                                      0.00
<PER-SHARE-NAV-END>                                                      13.64
<EXPENSE-RATIO>                                                           2.08
<AVG-DEBT-OUTSTANDING>                                                    0
<AVG-DEBT-PER-SHARE>                                                      0.00
        

</TABLE>


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