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SIGNATURE GEORGE C. BOWEN
TITLE TREASURER
Oppenheimer Fund
Independent Auditors' Report
The Board of Trustees and Shareholders of
Oppenheimer Fund:
<TABLE>
<S> <C>
We have audited the accompanying statements of investments and assets and
liabilities of Oppenheimer 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 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
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUN-30-1995
<PERIOD-START> JUL-01-1995
<PERIOD-END> JUN-30-1995
<INVESTMENTS-AT-COST> 212056329
<INVESTMENTS-AT-VALUE> 275055614
<RECEIVABLES> 3008306
<ASSETS-OTHER> 28704
<OTHER-ITEMS-ASSETS> 48820
<TOTAL-ASSETS> 278141444
<PAYABLE-FOR-SECURITIES> 1363348
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4242621
<TOTAL-LIABILITIES> 5605969
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 193111156
<SHARES-COMMON-STOCK> 23837013
<SHARES-COMMON-PRIOR> 22485115
<ACCUMULATED-NII-CURRENT> 3477408
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 14735357
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 61211554
<NET-ASSETS> 270381085
<DIVIDEND-INCOME> 4230903
<INTEREST-INCOME> 1884046
<OTHER-INCOME> 0
<EXPENSES-NET> 3308096
<NET-INVESTMENT-INCOME> 2806853
<REALIZED-GAINS-CURRENT> 19743628
<APPREC-INCREASE-CURRENT> 23440270
<NET-CHANGE-FROM-OPS> 45990751
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 498859
<DISTRIBUTIONS-OF-GAINS> 24601920
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 6673759
<NUMBER-OF-SHARES-REDEEMED> 7685964
<SHARES-REINVESTED> 2364103
<NET-CHANGE-IN-ASSETS> 34960358
<ACCUMULATED-NII-PRIOR> 1028422
<ACCUMULATED-GAINS-PRIOR> 19835261
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1896121
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3308096
<AVERAGE-NET-ASSETS> 254011000
<PER-SHARE-NAV-BEGIN> 10.55
<PER-SHARE-NII> .31
<PER-SHARE-GAIN-APPREC> 1.78
<PER-SHARE-DIVIDEND> .22
<PER-SHARE-DISTRIBUTIONS> 1.08
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.34
<EXPENSE-RATIO> 1.29
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<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> 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> 192527
<SHARES-COMMON-PRIOR> 28050
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 2154390
<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> 0
<DISTRIBUTIONS-OF-GAINS> 100620
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 183982
<NUMBER-OF-SHARES-REDEEMED> 28381
<SHARES-REINVESTED> 8876
<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> 1100000
<PER-SHARE-NAV-BEGIN> 10.49
<PER-SHARE-NII> .03
<PER-SHARE-GAIN-APPREC> 1.75
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 1.08
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.19
<EXPENSE-RATIO> 2.20
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
Oppenheimer 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 paydown gains and losses and 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 an increase in undistributed
net investment income of $140,992, and a decrease in undistributed net realized
gain on investments of $140,992.
</TABLE>
<PAGE>
