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001 A000000 OPPENHEIMER GROWTH FUND
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<PAGE> PAGE 2
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SIGNATURE GEORGE C. BOWEN
TITLE TREASURER
Independent Auditors' Report
The Board of Trustees and Shareholders of Oppenheimer Growth Fund:
<TABLE>
<S> <C>
We have audited the accompanying statements of investments and assets and
liabilities of Oppenheimer Growth 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 Growth 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>
KMPG 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-01-1994
<PERIOD-END> JUN-30-1995
<INVESTMENTS-AT-COST> 638544390
<INVESTMENTS-AT-VALUE> 906554297
<RECEIVABLES> 4568337
<ASSETS-OTHER> 199106
<OTHER-ITEMS-ASSETS> 92838
<TOTAL-ASSETS> 911414578
<PAYABLE-FOR-SECURITIES> 2185275
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2031962
<TOTAL-LIABILITIES> 4217237
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 564284726
<SHARES-COMMON-STOCK> 27946407
<SHARES-COMMON-PRIOR> 24653871
<ACCUMULATED-NII-CURRENT> 6036689
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 68866019
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 268009907
<NET-ASSETS> 860741305
<DIVIDEND-INCOME> 9802962
<INTEREST-INCOME> 7822939
<OTHER-INCOME> 0
<EXPENSES-NET> 8005925
<NET-INVESTMENT-INCOME> 9619976
<REALIZED-GAINS-CURRENT> 85671017
<APPREC-INCREASE-CURRENT> 104043105
<NET-CHANGE-FROM-OPS> 199334098
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 5772443
<DISTRIBUTIONS-OF-GAINS> 67428961
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5288654
<NUMBER-OF-SHARES-REDEEMED> 4799772
<SHARES-REINVESTED> 2803654
<NET-CHANGE-IN-ASSETS> 241507234
<ACCUMULATED-NII-PRIOR> 2259799
<ACCUMULATED-GAINS-PRIOR> 52208162
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 5274276
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 8005925
<AVERAGE-NET-ASSETS> 727102000
<PER-SHARE-NAV-BEGIN> 26.65
<PER-SHARE-NII> .36
<PER-SHARE-GAIN-APPREC> 6.83
<PER-SHARE-DIVIDEND> .24
<PER-SHARE-DISTRIBUTIONS> 2.80
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 30.80
<EXPENSE-RATIO> 1.05
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
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-01-1994
<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> 1425337
<SHARES-COMMON-PRIOR> 330820
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 43266648
<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> 71931
<DISTRIBUTIONS-OF-GAINS> 1571030
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1407470
<NUMBER-OF-SHARES-REDEEMED> 377530
<SHARES-REINVESTED> 64577
<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> 18722000
<PER-SHARE-NAV-BEGIN> 26.44
<PER-SHARE-NII> .20
<PER-SHARE-GAIN-APPREC> 6.65
<PER-SHARE-DIVIDEND> .13
<PER-SHARE-DISTRIBUTIONS> 2.80
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 30.36
<EXPENSE-RATIO> 2.02
<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> 103550
<SHARES-COMMON-PRIOR> 356
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 3189388
<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> 1224
<DISTRIBUTIONS-OF-GAINS> 13169
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 113317
<NUMBER-OF-SHARES-REDEEMED> 10692
<SHARES-REINVESTED> 569
<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> 536000
<PER-SHARE-NAV-BEGIN> 26.64
<PER-SHARE-NII> .30
<PER-SHARE-GAIN-APPREC> 6.92
<PER-SHARE-DIVIDEND> .26
<PER-SHARE-DISTRIBUTIONS> 2.80
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 30.80
<EXPENSE-RATIO> 1.04
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
Oppenheimer Growth 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 excise taxes. 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, amounts have been reclassified to reflect a decrease in paid-in capital of
$2,512 and an increase in undistributed net investment income of $2,512.
</TABLE>
