<PAGE>
Oppenheimer Asset Allocation Fund
Annual Report December 31, 1993
[LOGO] [PHOTO]
"I want growth from my investments. But right now I can't assume too much risk.
"This Fund offers the potential for growth with less volatility than more
aggressive stock funds."
<PAGE>
FUND FACTS
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Six Facts Every Shareholder Should
Know About Oppenheimer Asset
Allocation Fund
---------------------------------------------
In this report: 1 The Fund's objective is to seek high
total investment return from current
Answers to three timely income and capital appreciation
questions you should ask
your Fund's managers.
---------------------------------------------
/ /How did the Fund's 2 The Fund's total return at net asset
diversification strategy value for Class A shares was 16.30%
contribute to its performance for the year ended December 31, 1993.(1)
over the past year?
---------------------------------------------
/ /Where did the Fund find 3 Dividends and capital gains
its most attractive buying distributions paid per Class A share
opportunities? over the last 6 and 12 months totaled
$0.228 and $0.45, respectively.
---------------------------------------------
4 The Fund ranked in the top 20% of all
flexible portfolio funds tracked by
Lipper for six-month and one-year
periods ended December 31, 1993.(2)
---------------------------------------------
5 For the one-year period ended
December 31, 1993 the Fund
outperformed the S&P 500 Index.(3)
---------------------------------------------
6 "Our goal is to give investors the
best of both worlds: investment
appreciation and income, with lower
risk than the average stock portfolio."
PORTFOLIO MANAGER,
RICHARD RUBINSTEIN,
DECEMBER 31, 1993
(1)Based on the change in net asset value per
Class A share from 12/31/92 and 6/30/93 to
12/31/93. The Fund's average annual total
returns, after deducting the current maximum
sales charge of 5.75%, for the 1- and 5-year
periods ended 12/31/93 and since commencement
of reorganized operations on 4/24/87 were
9.61%, 10.03%, and 8.33%, respectively.
Certain Class C share performance data is
not yet available, as Class C shares were
first offered 12/1/93. All figures assume
reinvestment of dividends and capital gains
distributions. The Fund's maximum sales
charge rate was higher during a portion of
the periods shown, and actual investment
results will be different as a result of
that change.
(2)Source of data: Lipper Analytical
Services, an independent monitor of mutual
funds, 12/31/93. The Lipper total return
averages for the 6-month and 1-year periods
ended 12/31/93 were for 72 and 92 flexible
portfolio funds, respectively, including
reinvestment of dividends and capital gains
distributions. This is shown for comparative
purposes only. Oppenheimer Asset Allocation
Fund is characterized by Lipper as a
flexible portfolio fund. Lipper performance
does not take sales charges into
consideration.
(3)The Standard & Poor's 500 Index is an
unmanaged index of common stocks that is
widely recognized as an indicator of overall
market performance. During the 1-year period
ended 12/31/93, the S&P 500 Index increased
10.06%. The S&P 500 Index includes a factor
for the reinvestment of dividends, but does
not take sales charges or taxes into
consideration. Past performance is not
indicative of future results. An investment
in the Fund will fluctuate in value so that
an investor's shares, when redeemed, may be
worth more or less than the original cost.
2 Oppenheimer Asset Allocation Fund
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REPORT TO SHAREHOLDERS
- -------------------------------------------------------------------------------
Oppenheimer Asset Allocation Fund met its
objective well during the year ended
December 31, 1993, delivering a total return
at net asset value for Class A shares of
16.30%.(4) This return was well above the
average return of all flexible portfolio
funds tracked by Lipper Analytical
Services.(5)
As in the past, the key to
PERFORMANCE the Fund's performance was the ability to
IN PERSPECTIVE allocate assets among domestic and foreign
investments, including stocks, government
Total return for one-year securities, and corporate bonds. This
period ended December 31, 1993 diversification was particularly important
in 1993's fourth quarter, as a strengthening
[GRAPHIC] economy gave rise to short-lived concerns
about possible increases in inflation and
/ / Oppenheimer Asset interest rates. While those concerns have
Allocation Fund A (at since subsided with the realization that
net asset value)(4) inflation remains well under control, they
did lead to a modest increase in interest
/ / Lipper flexible portfolio rate levels in November.
funds average(5) The fixed income portfolio,
which accounted for 40.6% of the Fund's net
assets at December 31, generated attractive
returns throughout the period. These returns
were the result of our investments in both
high-yield corporate issues and foreign
bonds, notably from Canadian, Australian,
and Latin American issuers.(6) These two
sectors benefited from the improving global
economy, and both were less sensitive to
changes in U.S. interest rates than other
types of bonds.
On the equity side, we
realigned the Fund's healthcare holdings
significantly, focusing on issues that can
contribute to the Fund's performance, such
as companies with innovative delivery
systems (notably HMOs), important new
products, or attractive dividend yields.
We also increased our
holdings of technology stocks, where
innovative companies are leading the way to
major gains in business productivity. In
addition to traditional technology
investments, we also found attractive
opportunities in interactive technologies,
taking positions in NEXTEL and AT&T,
companies in the process of creating
powerful interactive communications groups.
Finally, we continued to
build the Fund's international position, in
an effort both to control risk through
diversification and to capitalize on the
prospects for strong economic growth
offshore. While most of our holdings are in
Europe, where we believe economies are
poised for recovery, we recently took
advantage of opportunities in the Pacific
Rim.
Looking ahead, the outlook for
the Fund appears bright. Both the U.S. and
foreign economies are strengthening,
inflation remains under control, and there
are no signs pointing to significant
increases in interest rates on the horizon.
We appreciate your confidence
in Oppenheimer Asset Allocation Fund. We
look forward to continuing to help you meet
your investment goals in the future.
/s/ Donald W. Spiro
Donald W. Spiro
President, Oppenheimer Asset Allocation Fund
January 21, 1994
(4) See footnote 1, page 2.
(5) See footnote 2, page 2.
(6) The Fund's portfolio is subject to
change.
"THE KEY TO FUND
PERFORMANCE WAS
ASSET ALLOCATION."
3 Oppenheimer Asset Allocation Fund
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HIGH TOTAL RETURN FROM INVESTMENT
DIVERSIFICATION
For long-term investors, Oppenheimer Asset
Allocation Fund has consistently provided
attractive total returns. The chart shows
how a $10,000 investment on December 31, 1988
in Oppenheimer Asset Allocation Fund Class A
shares grew to $16,125 on December 31,
1993.(7)
ABOVE-AVERAGE
RETURNS OVER TIME
[GRAPHICS]
The growth of a $10,000
investment over the last
five years.
(7)This example is based upon a hypothetical
investment in Oppenheimer Asset Allocation
Fund on 12/31/88 after deducting the current
maximum offering sales charge of 5.75%, held
until 12/31/93, and with all dividends and
capital gains distributions reinvested.
Past performance is not indicative of future
results. An investment in the Fund will
fluctuate in value so that an investor's
shares, when redeemed, may be worth more or
less than the original cost.
Left to right standing:
Portfolio Manager,
Dick Rubinstein, talks with [PHOTO]
Oppenheimer Management
Corporation CEO, Jon Fossel.
4 Oppenheimer Asset Allocation Fund
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--------------------------------------------
Along with disciplined security selection,
Oppenheimer Asset Allocation Fund's ability
to allocate assets among domestic and
foreign stock and fixed income securities
can reduce the risks associated with growth-
oriented investments and enhance return
potential.
THE PORTFOLIO IN PERSPECTIVE
The Fund's portfolio allocation
on December 31, 1993(8) COMMON STOCKS 54.5%
U.S. TREASURY NOTES AND BONDS 18.2%
BONDS AND PREFERRED STOCKS 14.1% [GRAPHICS]
FOREIGN BONDS 9.0%
CASH EQUIVALENTS 3.6%
U.S. GOVERNMENT SECURITIES 0.6%
(8)The Fund's portfolio is subject to change.
5 Oppenheimer Asset Allocation Fund
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STATEMENT OF INVESTMENTS December 31, 1993
FACE MARKET VALUE
AMOUNT SEE NOTE 1
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<C> <S> <C> <C>
REPURCHASE AGREEMENTS--3.6%
- -----------------------------------------------------------------------------------------------------------------------------------
Repurchase agreement with First Boston Corp.
(The), 3.125%, dated 12/31/93 and maturing
1/3/94, collateralized by U.S. Treasury Nts., 8.75%,
10/15/97, with a value of $10,209,880 (Cost $10,000,000) $ 10,000,000 $10,000,000
- -----------------------------------------------------------------------------------------------------------------------------------
GOVERNMENT OBLIGATIONS--27.8%
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Argentina (Republic of) Bonds, Bonos de Consolidacion de
Deudas, Series I, 3.1875%, 4/1/01(5)(6) 3,357,900 2,917,955
------------------------------------------------------------------------------------------------
Australia (Government of) Bonds, 12%, 5/15/06 1,600,000(1) 1,483,925
------------------------------------------------------------------------------------------------
Canada (Government of) Bonds:
9.75%, 12/1/01 6,000,000(1) 5,447,289
8.50%, 4/1/02 3,000,000(1) 2,554,834
------------------------------------------------------------------------------------------------
Federal Home Loan Mortgage Corp., 12.25%, 9/1/13 13,846 15,966
------------------------------------------------------------------------------------------------
Federal National Mortgage Assn.:
11.50%, 7/1/11 338,563 387,224
11%, 11/1/14 30,613 34,618
11.75%, 1/1/16 285,560 328,674
------------------------------------------------------------------------------------------------
Government National Mortgage Assn.:
9%, 11/15/08 336,842 362,657
9%, 2/15/09 406,213 437,199
9%, 5/15/09 103,892 111,817
------------------------------------------------------------------------------------------------
Queensland (Government of) Development Authority Global
Transferable Registered Nts., 10.50%, 5/15/03 5,000,000(1) 4,261,791
------------------------------------------------------------------------------------------------
Spain (Kingdom of) Bonds:
13.45%, 4/15/96 435,000,000(1) 3,388,997
11.45%, 8/30/98 125,000,000(1) 997,288
------------------------------------------------------------------------------------------------
United Mexican States Gtd. Cv. Bonds, Series B, 6.25%,
12/31/19 4,000,000 3,342,500
------------------------------------------------------------------------------------------------
U.S. Treasury Bonds, STRIPS, 0%, 8/15/02 6,100,000 3,689,853
------------------------------------------------------------------------------------------------
U.S. Treasury Nts.:
9.25%, 1/15/96 825,000 904,662
7.875%, 2/15/96 800,000 857,248
7.875%, 6/30/96 8,500,000 9,241,029
8%, 1/15/97 500,000 547,495
6.75%, 5/31/97 3,000,000 3,188,430
8.75%, 10/15/97 350,000 396,046
7.875%, 1/15/98 1,600,000 1,766,992
8.25%, 7/15/98 16,000,000 18,009,918
9.25%, 8/15/98 9,450,000 11,038,734
8.875%, 11/15/98 950,000 1,099,919
------------------------------------------------------------------------------------------------
Venezuela (Republic of) Collateralized Par Bonds,
Series W-B, 6.75%, 3/31/20 1,000,000 744,375
-----------
Total Government Obligations (Cost $72,124,687) 77,557,435
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CORPORATE BONDS AND NOTES--12.8%
- -----------------------------------------------------------------------------------------------------------------------------------
Adelphia Communications Corp., 9.875% Sr. Debs., 3/1/05 1,000,000 1,105,000
------------------------------------------------------------------------------------------------
American Medical International, Inc., 13.50% Sr. Sub.
Nts., 8/15/01 500,000 585,625
------------------------------------------------------------------------------------------------
Amstar Corp., 11.375% Sr. Sub. Nts., 2/15/97 900,000 922,500
------------------------------------------------------------------------------------------------
Auburn Hills Trust, 12.375% Gtd. Exch. Ctfs., 5/1/20(5) 800,000 1,230,000
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6 Oppenheimer Asset Allocation Fund
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FACE MARKET VALUE
AMOUNT SEE NOTE 1
- -----------------------------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C>
CORPORATE BONDS AND NOTES
(CONTINUED)
Aztar Corp., 11% Sr. Sub. Nts., 10/1/02 $ 475,000 $ 484,500
------------------------------------------------------------------------------------------------
Cablevision Industries Corp., 9.25% Sr. Debs.,
Series B, 4/1/08 1,000,000 1,040,000
------------------------------------------------------------------------------------------------
Cablevision Systems Corp., 10.75% Sr. Sub. Debs., 4/1/04 1,000,000 1,122,500
------------------------------------------------------------------------------------------------
Centennial Cellular Corp., 8.875% Sr. Nts., 11/1/01 500,000 497,500
------------------------------------------------------------------------------------------------
Conseco, Inc., 8.125% Sr. Nts., 2/15/03 1,000,000 1,047,295
------------------------------------------------------------------------------------------------
Di Giorgio Corp., 12% Sr. Nts., 2/15/03 750,000 815,625
------------------------------------------------------------------------------------------------
Epic Holdings, Inc., 0%/12% Sr. Def. Cpn. Nts., 3/15/02(4) 1,100,000 803,000
------------------------------------------------------------------------------------------------
Flagstar Corp., 10.875% Sr. Nts., 12/1/02 400,000 415,000
------------------------------------------------------------------------------------------------
Foodmaker, Inc., 14.25% Sr. Sub. Nts., 5/15/98 1,000,000 1,073,750
------------------------------------------------------------------------------------------------
Gaylord Container Corp., 12.75% Sr. Sub. Disc. Debs., 5/15/05 600,000 496,500
------------------------------------------------------------------------------------------------
Gillett Holdings, Inc., 12.25% Sr. Sub. Nts., 6/30/02 400,000 438,000
------------------------------------------------------------------------------------------------
Global Marine, Inc., 12.75% Sr. Sec. Nts., 12/15/99 400,000 446,000
------------------------------------------------------------------------------------------------
Grand Union Co., 11.25% Sr. Nts., 7/15/00 800,000 844,000
------------------------------------------------------------------------------------------------
Greyhound Lines, Inc., 10% Sr. Nts., 7/31/01 500,000 518,750
------------------------------------------------------------------------------------------------
Horsehead Industries, Inc., 14% Sub. Nts., 6/1/99 400,000 366,000
------------------------------------------------------------------------------------------------
Host Marriott Hospitality, Inc., 9.125% Sr. Nts.,
Series C, 12/1/00 950,000 976,125
------------------------------------------------------------------------------------------------
Infinity Broadcasting Corp., 10.375% Sr. Sub. Nts., 3/15/02 700,000 754,250
------------------------------------------------------------------------------------------------
Inland Steel Industries, Inc., 12.75% Nts., 12/15/02 400,000 461,000
------------------------------------------------------------------------------------------------
Interco, Inc., 9% Secd. Nts., Series B, 6/1/04 1,000,000 1,002,500
------------------------------------------------------------------------------------------------
K. Hovnanian Enterprises, Inc., 11.25% Gtd. Sub. Nts., 4/15/02 725,000 792,969
------------------------------------------------------------------------------------------------
MacAndrews & Forbes Group, Inc., 12.25% Sub. Debs., 7/1/96 500,000 515,625
------------------------------------------------------------------------------------------------
Maxus Energy Corp., 11.50% Debs., 11/15/15 1,000,000 1,055,000
------------------------------------------------------------------------------------------------
Mediq, Inc., 7.50% Exch. Sub. Debs., 7/15/03 900,000 865,125
------------------------------------------------------------------------------------------------
Multicare Cos., Inc. (The), 12.50% Sr. Sub. Nts., 7/1/02 345,000 388,125
------------------------------------------------------------------------------------------------
News America Holdings, Inc., 8.50% Sr. Nts., 2/15/05 1,000,000 1,090,117
------------------------------------------------------------------------------------------------
Owens-Illinois, Inc., 10% Sr. Sub. Nts., 8/1/02 500,000 533,125
------------------------------------------------------------------------------------------------
Panamsat L.P./Panamsat Capital Corp., 11.375% Sr. Sub.
Disc. Nts., 8/1/03 1,000,000 670,000
------------------------------------------------------------------------------------------------
Quantum Chemical Corp., 10.375% Fst. Mort. Nts., 6/1/03 500,000 609,605
------------------------------------------------------------------------------------------------
Ralph's Grocery Co., 10.25% Sr. Sub. Nts., 7/15/02 500,000 526,250
------------------------------------------------------------------------------------------------
Revco D.S., Inc., 9.125% Sr. Nts., 1/15/00 500,000 532,500
------------------------------------------------------------------------------------------------
Revlon Consumer Products Corp.:
9.375% Sr. Nts., Series B, 4/1/01 250,000 245,625
10.50% Sr. Sub. Nts., Series B, 2/15/03 1,000,000 970,000
------------------------------------------------------------------------------------------------
Riverwood International Corp., 10.75% Sr. Nts., 6/15/00 500,000 546,250
------------------------------------------------------------------------------------------------
RJR Nabisco, Inc., 10.50% Sr. Nts., 4/15/98 400,000 442,000
------------------------------------------------------------------------------------------------
Rowan Cos., Inc., 11.875% Sr. Nts., 12/1/01 1,000,000 1,117,500
------------------------------------------------------------------------------------------------
SCI Television, Inc., 11% Sr. Sec. Nts., 6/30/05 1,000,000 1,040,000
------------------------------------------------------------------------------------------------
Southland Corp., 4.50% 2nd Priority Sr. Sub. Debs.,
Series A, 6/15/04 1,700,000 1,166,625
------------------------------------------------------------------------------------------------
Synthetic Industries, Inc., 12.75% Sr. Sub. Debs., 12/1/02 900,000 990,000
------------------------------------------------------------------------------------------------
Time Warner, Inc., 7.95% Nts., 2/1/00 1,000,000 1,070,000
------------------------------------------------------------------------------------------------
TKR Cable I, Inc., 10.50% Sr. Debs., 10/30/07 1,100,000 1,342,000
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7 Oppenheimer Asset Allocation Fund
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STATEMENT OF INVESTMENTS (Continued)
FACE MARKET VALUE
AMOUNT SEE NOTE 1
- -----------------------------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C>
CORPORATE BONDS AND NOTES Unisys Corp.:
(continued) 15% Credit Sensitive Nts., 7/1/97 $400,000 $ 456,000
10.625% Nts., 10/1/99 600,000 645,000
------------------------------------------------------------------------------------------------
USG Corp., 10.25% Sr. Sec. Nts., 12/15/02 500,000 515,000
----------
Total Corporate Bonds and Notes (Cost $33,530,593) 35,569,861
SHARES
- -----------------------------------------------------------------------------------------------------------------------------------
PREFERRED STOCKS--1.3%
- -----------------------------------------------------------------------------------------------------------------------------------
Alumax, Inc., $4.00 Cv., Series A 7,333 722,301
------------------------------------------------------------------------------------------------
Chiquita Brands International, Inc., $1.28 Depositary Shares(2) 50,000 681,250
------------------------------------------------------------------------------------------------
Cyprus Amax Minerals Co., $4.00 Cv., Series A 14,666 953,290
------------------------------------------------------------------------------------------------
Dairy Farm International Holdings Ltd., $65.00 Cv.(3) 40 61,600
------------------------------------------------------------------------------------------------
Delta Airlines, Inc., $3.50 Cv. Depositary Shares, Series C(2) 22,000 1,177,000
----------
Total Preferred Stocks (Cost $3,063,620) 3,595,441
- -----------------------------------------------------------------------------------------------------------------------------------
COMMON STOCKS--54.6%
- -----------------------------------------------------------------------------------------------------------------------------------
BASIC MATERIALS--2.7%
- -----------------------------------------------------------------------------------------------------------------------------------
CHEMICALS--1.0% biosys(2) 40,000 230,000
------------------------------------------------------------------------------------------------
Hauser Chemical Research, Inc.(2) 56,000 448,000
------------------------------------------------------------------------------------------------
Praxair, Inc. 55,500 922,687
------------------------------------------------------------------------------------------------
Sybron Chemical Industries, Inc.(2) 48,000 1,158,000
----------
2,758,687
- -----------------------------------------------------------------------------------------------------------------------------------
CHEMICALS: DIVERSIFED--0.5% Bayer AG, ADR 6,700 1,413,700
- -----------------------------------------------------------------------------------------------------------------------------------
CHEMICALS: SPECIALTY--0.1% Goldschmidt (T.H.) AG 750 300,167
- -----------------------------------------------------------------------------------------------------------------------------------
GOLD--0.1% Arimetco International, Inc.(2) 180,000 251,518
- -----------------------------------------------------------------------------------------------------------------------------------
METALS: MISCELLANEOUS--0.5% Brush Wellman, Inc. 90,500 1,289,625
- -----------------------------------------------------------------------------------------------------------------------------------
STEEL--0.5% Inland Steel Industries, Inc.(2) 38,800 1,285,250
- -----------------------------------------------------------------------------------------------------------------------------------
CONSUMER CYCLICALS--10.9%
- -----------------------------------------------------------------------------------------------------------------------------------
AUTO PARTS: AFTER MARKET--0.3% Hi-Lo Automotive, Inc.(2) 77,700 767,287
- -----------------------------------------------------------------------------------------------------------------------------------
BROADCAST MEDIA--1.8% Comcast Corp., Cl. A Special 84,500 3,042,000
------------------------------------------------------------------------------------------------
Grupo Televisa SA, ADS(2) 28,800 2,016,000
---------
5,058,000
- -----------------------------------------------------------------------------------------------------------------------------------
ENTERTAINMENT--2.1% Disney (Walt) Co.(7) 31,500 1,342,687
------------------------------------------------------------------------------------------------
King World Productions, Inc.(2)(7) 37,300 1,431,387
------------------------------------------------------------------------------------------------
Paramount Communications, Inc.(7) 23,100 1,787,362
------------------------------------------------------------------------------------------------
WMS Industries, Inc.(2)(7) 40,000 1,150,000
----------
5,711,436
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LEISURE TIME--0.6% Eastman Kodak Co.(2) 15,000 840,000
------------------------------------------------------------------------------------------------
International Game Technology 24,000 708,000
----------
1,548,000
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8 Oppenheimer Asset Allocation Fund
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MARKET VALUE
SHARES SEE NOTE 1
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<C> <S> <C> <C>
PUBLISHING--1.2% Time Warner, Inc. 60,000 $2,655,000
-----------------------------------------------------------------------------------------------------
Wolters Kluwer NV 10,167 642,282
----------
3,297,282
- -----------------------------------------------------------------------------------------------------------------------------------
RESTAURANTS--0.3% Quantum Restaurant Group, Inc. 74,000 906,500
- -----------------------------------------------------------------------------------------------------------------------------------
RETAIL: SPECIALTY--1.7% Blockbuster Entertainment Corp.(7) 58,500 1,791,562
-----------------------------------------------------------------------------------------------------
CML Group, Inc. 29,000 685,125
-----------------------------------------------------------------------------------------------------
Inacom Corp.(2) 65,000 877,500
-----------------------------------------------------------------------------------------------------
Venture Stores, Inc. 55,600 1,299,650
----------
4,653,837
- -----------------------------------------------------------------------------------------------------------------------------------
RETAIL STORES: GENERAL Centros Comerciales Pryca 20,000 264,474
MERCHANDISE CHAINS--0.1%
- -----------------------------------------------------------------------------------------------------------------------------------
SHOES--0.7% Baker (J.), Inc. 108,500 1,898,750
- -----------------------------------------------------------------------------------------------------------------------------------
TEXTILES: APPAREL Authentic Fitness Corp.(2) 39,000 1,096,875
MANUFACTURERS--0.8% -----------------------------------------------------------------------------------------------------
Warnaco Group, Inc. (The), Cl. A(2) 33,500 1,017,562
----------
2,114,437
- -----------------------------------------------------------------------------------------------------------------------------------
TOYS--1.3% Mattel, Inc. 107,712 2,975,544
-----------------------------------------------------------------------------------------------------
Nintendo Co. 12,000 772,008
----------
3,747,552
- -----------------------------------------------------------------------------------------------------------------------------------
CONSUMER NON-CYCLICALS--11.3%
- -----------------------------------------------------------------------------------------------------------------------------------
BEVERAGES: ALCOHOLIC--0.4% Guinness PLC 160,000 1,130,338
- -----------------------------------------------------------------------------------------------------------------------------------
BEVERAGES: SOFT DRINKS--0.5% Whitman Corp. 83,900 1,363,375
- -----------------------------------------------------------------------------------------------------------------------------------
COSMETICS--0.6% Avon Products, Inc.(7) 35,400 1,721,325
- -----------------------------------------------------------------------------------------------------------------------------------
DRUGS--1.9% Agouron Pharmaceuticals, Inc.(2) 24,000 282,000
-----------------------------------------------------------------------------------------------------
Astra AB Free, Series A 37,250 849,105
-----------------------------------------------------------------------------------------------------
Ciba-Geigy AG 1,825 1,106,039
-----------------------------------------------------------------------------------------------------
Lilly (Eli) & Co. 18,000 1,068,750
-----------------------------------------------------------------------------------------------------
Sandoz AG 700 1,949,120
----------
5,255,014
- -----------------------------------------------------------------------------------------------------------------------------------
FOOD PROCESSING--1.2% Chiquita Brands International, Inc. 2,965 34,098
-----------------------------------------------------------------------------------------------------
CP Pokphand Co. 1,935,000 851,378
-----------------------------------------------------------------------------------------------------
Nestle SA, Sponsored ADR 56,600 2,447,950
----------
3,333,426
- -----------------------------------------------------------------------------------------------------------------------------------
HEALTHCARE: DIVERSIFIED--1.3% Abbott Laboratories 20,200 595,900
-----------------------------------------------------------------------------------------------------
Bristol-Myers Squibb Co. 30,000 1,743,750
-----------------------------------------------------------------------------------------------------
Schering AG 1,825 1,192,822
----------
3,532,472
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STATEMENT OF INVESTMENTS (Continued)
MARKET VALUE
SHARES SEE NOTE 1
- -----------------------------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C>
HEALTHCARE: MISCELLANEOUS--3.5% Amgen, Inc.(2)(7) 17,000 $ 841,500
------------------------------------------------------------------------------------------------
Biogen, Inc.(2) 21,000 837,375
------------------------------------------------------------------------------------------------
Chiron Corp.(2) 7,700 646,800
------------------------------------------------------------------------------------------------
FHP International Corp.(2)(7) 90,000 2,430,000
------------------------------------------------------------------------------------------------
Genzyme Corp.(2) 19,700 541,750
------------------------------------------------------------------------------------------------
Manor Care, Inc. 52,678 1,284,026
------------------------------------------------------------------------------------------------
Protein Design Labs, Inc.(2) 28,000 679,000
------------------------------------------------------------------------------------------------
U.S. Healthcare, Inc.(7) 43,400 2,500,925
----------
9,761,376
- -----------------------------------------------------------------------------------------------------------------------------------
HOSPITAL MANAGEMENT--0.4% Medical Care America, Inc.(2)(7) 46,300 1,059,112
- -----------------------------------------------------------------------------------------------------------------------------------
MEDICAL PRODUCTS--0.9% Bard (C.R.), Inc.(7) 23,000 580,750
------------------------------------------------------------------------------------------------
Medtronic, Inc.(7) 12,000 985,500
------------------------------------------------------------------------------------------------
Nellcor, Inc.(2) 32,000 792,000
----------
2,358,250
- -----------------------------------------------------------------------------------------------------------------------------------
RETAIL STORES:
FOOD CHAINS--0.2% Dairy Farm International Holdings Ltd. 328,052 653,771
- -----------------------------------------------------------------------------------------------------------------------------------
TOBACCO--0.4% Philip Morris Cos., Inc. 21,000 1,170,750
- -----------------------------------------------------------------------------------------------------------------------------------
ENERGY--3.2%
- -----------------------------------------------------------------------------------------------------------------------------------
COAL--0.4% Ashland Coal, Inc. 38,500 1,164,625
- -----------------------------------------------------------------------------------------------------------------------------------
OIL: EXPLORATION AND Burlington Resources, Inc.(7) 28,700 1,216,163
PRODUCTION--0.8% ------------------------------------------------------------------------------------------------
Oryx Energy Co. 63,300 1,091,925
----------
2,308,088
- -----------------------------------------------------------------------------------------------------------------------------------
OIL AND GAS DRILLING--0.3% Santa Fe Energy Resources, Inc. 90,000 810,000
- -----------------------------------------------------------------------------------------------------------------------------------
OIL: INTEGRATED DOMESTIC--0.6% Unocal Corp.(7) 62,000 1,728,250
- -----------------------------------------------------------------------------------------------------------------------------------
OIL: INTEGRATED Amoco Corp. 17,600 930,600
INTERNATIONAL--0.8% ------------------------------------------------------------------------------------------------
Royal Dutch Petroleum Co. 7,000 730,625
------------------------------------------------------------------------------------------------
Saga Petroleum AS, Cl. B 70,000 679,444
----------
2,340,669
- -----------------------------------------------------------------------------------------------------------------------------------
OIL WELL SERVICES AND McDermott International, Inc.(7) 30,100 797,650
EQUIPMENT--0.3%
- -----------------------------------------------------------------------------------------------------------------------------------
FINANCIAL--6.6%
- -----------------------------------------------------------------------------------------------------------------------------------
FINANCIAL SERVICES: Bear Stearns Cos., Inc. (The) 33,600 735,000
MISCELLANEOUS--2.5% ------------------------------------------------------------------------------------------------
Catellus Development Corp.(2) 121,000 937,750
------------------------------------------------------------------------------------------------
Dean Witter, Discover & Co.(7) 20,000 692,500
------------------------------------------------------------------------------------------------
Merrill Lynch & Co., Inc. 35,200 1,478,400
------------------------------------------------------------------------------------------------
Peregrine Investment Holdings Ltd. 266,000 654,030
------------------------------------------------------------------------------------------------
Salomon, Inc.(7) 52,500 2,500,313
----------
6,997,993
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10 Oppenheimer Asset Allocation Fund
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MARKET VALUE
SHARES SEE NOTE 1
- -----------------------------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C>
INSURANCE: LIFE--0.2% Bankers Life Holding Corp. 30,000 $ 645,000
- -----------------------------------------------------------------------------------------------------------------------------------
INSURANCE: MULTI-LINE--0.3% American Re Corp.(2) 32,900 933,538
- -----------------------------------------------------------------------------------------------------------------------------------
INSURANCE: PROPERTY AND Loews Corp.(2) 8,500 790,500
CASUALTY--0.3%
- -----------------------------------------------------------------------------------------------------------------------------------
MAJOR BANKS: OTHER--0.8% BankAmerica Corp. 21,600 1,001,700
------------------------------------------------------------------------------------------------
Deutsche Bank AG, ADR 2,250 1,153,125
-----------
2,154,825
- -----------------------------------------------------------------------------------------------------------------------------------
MAJOR BANKS: REGIONAL--0.6% NationsBank Corp. 36,300 1,778,700
- -----------------------------------------------------------------------------------------------------------------------------------
MONEY CENTER BANKS--1.6% Bank of New York Co., (The)(7) 25,000 1,425,000
- -----------------------------------------------------------------------------------------------------------------------------------
Bankers Trust New York Corp. 21,400 1,693,275
- -----------------------------------------------------------------------------------------------------------------------------------
Chemical Banking Corp. 33,900 1,360,238
------------
4,478,513
- -----------------------------------------------------------------------------------------------------------------------------------
SAVINGS AND LOANS/HOLDING Golden West Financial Corp. 25,000 975,000
COS.--0.3%
- -----------------------------------------------------------------------------------------------------------------------------------
INDUSTRIAL--6.6%
- -----------------------------------------------------------------------------------------------------------------------------------
BUILDING MATERIALS GROUP--0.8% Owens-Corning Fiberglas Corp.(2) (7) 53,000 2,351,875
- -----------------------------------------------------------------------------------------------------------------------------------
CONGLOMERATES--0.5% Tenneco, Inc. 28,000 1,473,500
- -----------------------------------------------------------------------------------------------------------------------------------
ELECTRICAL EQUIPMENT--1.3% Amphenol Corp., Cl. A(2) 135,000 2,227,500
- -----------------------------------------------------------------------------------------------------------------------------------
General Electric Co. 13,200 1,384,350
------------
3,611,850
- -----------------------------------------------------------------------------------------------------------------------------------
ENGINEERING AND Huarte SA 80,350 961,333
CONSTRUCTION--0.3%
- -----------------------------------------------------------------------------------------------------------------------------------
HEAVY DUTY TRUCKS AND Spartan Motors, Inc.(7) 50,700 861,900
PARTS--0.3%
- -----------------------------------------------------------------------------------------------------------------------------------
MACHINE TOOLS--0.3% FANUC Ltd. 22,500 741,902
- -----------------------------------------------------------------------------------------------------------------------------------
MANUFACTURING: DIVERSIFIED Mannesmann AG 7,412 1,792,675
INDUSTRIALS--1.1% ------------------------------------------------------------------------------------------------
Siemens AG, ADR 14,200 1,297,525
------------
3,090,200
- -----------------------------------------------------------------------------------------------------------------------------------
POLLUTION CONTROL--0.7% WMX Technologies, Inc. 73,500 1,938,563
- -----------------------------------------------------------------------------------------------------------------------------------
RAILROADS--0.6% Burlington Northern, Inc.(7) 30,800 1,782,550
- -----------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION: OMI Corp. 124,300 854,563
MISCELLANEOUS--0.7% ------------------------------------------------------------------------------------------------
Stolt-Nielsen SA 65,000 1,088,750
------------
1,943,313
- -----------------------------------------------------------------------------------------------------------------------------------
TECHNOLOGY--10.9%
- -----------------------------------------------------------------------------------------------------------------------------------
AEROSPACE/DEFENSE--1.0% General Dynamics Corp.(7) 16,000 1,476,000
------------------------------------------------------------------------------------------------
McDonnell Douglas Corp. 11,000 1,177,000
------------
2,653,000
- -----------------------------------------------------------------------------------------------------------------------------------
COMMUNICATION: EQUIPMENT/ QUALCOMM, Inc.(2) (7) 7,700 408,100
MANUFACTURERS--0.2%
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
11 Oppenheimer Asset Allocation Fund
<PAGE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------
STATEMENT OF INVESTMENTS (Continued)
MARKET VALUE
SHARES SEE NOTE 1
- -----------------------------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C>
COMPUTER SOFTWARE AND BMC Software, Inc. 16,500 $ 792,000
SERVICES--2.8% ------------------------------------------------------------------------------------------------
Lotus Development Corp.(2) (7) 45,300 2,491,500
------------------------------------------------------------------------------------------------
Marcam Corp.(2) 66,000 643,500
------------------------------------------------------------------------------------------------
Microsoft Corp. 11,500 927,188
------------------------------------------------------------------------------------------------
Network General Corp.(2) (7) 69,000 1,233,375
------------------------------------------------------------------------------------------------
Novell, Inc. 32,800 680,600
------------------------------------------------------------------------------------------------
Sap AG Preference 1,000 930,014
------------
7,698,177
- -----------------------------------------------------------------------------------------------------------------------------------
COMPUTER SYSTEMS--1.6% International Business Machines Corp.(2) 23,000 1,299,500
------------------------------------------------------------------------------------------------
Micropolis Corp.(2) 150,000 1,050,000
------------------------------------------------------------------------------------------------
Synoptics Communications, Inc. 45,600 1,271,100
------------------------------------------------------------------------------------------------
Tandem Computers, Inc. 79,800 867,825
------------------------------------------------------------------------------------------------
4,488,425
- -----------------------------------------------------------------------------------------------------------------------------------
ELECTRONICS: Hewlett-Packard Co.(7) 19,800 1,564,200
INSTRUMENTATION--0.6%
- -----------------------------------------------------------------------------------------------------------------------------------
ELECTRONICS: Cirrus Logic, Inc.(2) (7) 27,500 1,017,500
SEMICONDUCTORS--1.8% ------------------------------------------------------------------------------------------------
Intel Corp.(7) 42,800 2,653,600
------------------------------------------------------------------------------------------------
Xilinx, Inc.(2) (7) 28,700 1,370,425
------------
5,041,525
- -----------------------------------------------------------------------------------------------------------------------------------
OFFICE EQUIPMENT AND Xerox Corp.(7) 14,100 1,260,188
SUPPLIES--0.5%
- -----------------------------------------------------------------------------------------------------------------------------------
TELECOMMUNICATIONS--2.4% American Telephone & Telegraph Co.(2) 20,600 1,081,500
------------------------------------------------------------------------------------------------
MCI Communications Corp. 106,000 2,994,500
------------------------------------------------------------------------------------------------
NEXTEL Communications, Inc., Cl. A 20,500 763,625
------------------------------------------------------------------------------------------------
Rogers Cantel Mobile Communications, Inc., Cl. B, Sub. Vtg.(2) 69,500 1,876,500
------------
6,716,125
- -----------------------------------------------------------------------------------------------------------------------------------
UTILITIES--2.4%
- -----------------------------------------------------------------------------------------------------------------------------------
ELECTRIC COS.--0.7% Korea Electric Power Corp. 25,000 678,313
------------------------------------------------------------------------------------------------
Verbund Oest Electriz 19,000 1,156,285
------------
1,834,598
- -----------------------------------------------------------------------------------------------------------------------------------
NATURAL GAS--0.5% Hong Kong & China Gas 516,000 1,495,754
- -----------------------------------------------------------------------------------------------------------------------------------
TELEPHONE (NEW)--1.2% BCE, Inc. 34,000 1,185,750
------------------------------------------------------------------------------------------------
U S West Communications, Inc. 47,300 2,169,888
------------
3,355,638
------------
Total Common Stocks (Cost $113,750,090) 151,781,778
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS, AT VALUE (COST $232,468,990) 100.1% 278,504,515
- -----------------------------------------------------------------------------------------------------------------------------------
LIABILITIES IN EXCESS OF OTHER ASSETS (.1) (194,837)
--------- ------------
NET ASSETS 100.0% $278,309,678
--------- ------------
--------- ------------
</TABLE>
12 Oppenheimer Asset Allocation Fund
<PAGE>
--------------------------------------------
- -------------------------------------------------------------------------------
1. Face amount is reported in foreign
currency.
2. Non-income producing security.
3. Restricted security--See Note 6 of Notes
to Financial Statements.
4. Represents a zero coupon bond that
converts to a fixed rate of interest at
a designated future date.
5. Represents the current interest rate for
a variable rate security.
6. Interest or dividend is paid in kind.
7. Securities with an aggregate market value
of $18,264,288 are held in escrow to
cover outstanding call options, as
follows:
<TABLE>
<CAPTION>
SHARES SUBJECT EXPIRATION EXERCISE PREMIUM MARKET VALUE
TO CALL DATE PRICE RECEIVED SEE NOTE 1
------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Amgen, Inc. 3,000 1/94 $50.00 $4,410 $4,125
Avon Products, Inc. 7,000 4/94 55.00 7,700 6,125
Bank of New York Co., (The) 5,000 1/94 60.00 12,974 1,875
Bard (C.R.), Inc. 11,500 1/94 25.00 19,779 9,344
Bard (C.R.), Inc. 11,500 4/94 30.00 16,186 5,750
Blockbuster Entertainment Corp. 22,500 1/94 25.00 23,343 123,750
Blockbuster Entertainment Corp. 22,500 3/94 30.00 24,637 50,625
Blockbuster Entertainment Corp. 13,500 6/94 30.00 43,468 43,875
Burlington Northern, Inc. 2,800 1/94 55.00 13,215 8,400
Burlington Northern, Inc. 2,800 1/94 60.00 6,740 1,750
Burlington Resources, Inc. 9,000 5/94 55.00 13,229 3,937
Cirrus Logic, Inc. 13,500 3/94 35.00 68,780 59,062
Cirrus Logic, Inc. 14,000 3/94 30.00 60,828 110,250
Dean Witter, Discover & Co. 10,000 1/94 40.00 27,199 625
Dean Witter, Discover & Co. 10,000 1/94 45.00 13,450 625
Disney (Walt) Co. 6,300 4/94 40.00 16,348 27,562
FHP International Corp. 9,000 3/94 25.00 36,809 28,125
General Dynamics Corp. 4,000 2/94 95.00 16,859 9,500
Hewlett-Packard Co. 4,000 2/94 85.00 8,470 5,000
Intel Corp. 6,000 1/94 65.00 12,570 6,375
Intel Corp. 4,000 4/94 70.00 16,379 10,000
King World Productions, Inc 7,500 2/94 45.00 15,048 6,563
Lotus Development Corp. 7,800 1/94 40.00 35,840 120,900
Lotus Development Corp. 7,000 4/94 60.00 33,039 21,000
Lotus Development Corp. 7,800 4/94 50.00 52,414 66,300
McDermott International, Inc. 15,100 2/94 30.00 26,915 3,775
McDermott International, Inc. 15,000 5/94 35.00 14,624 3,750
Medical Care America, Inc. 23,000 4/94 25.00 62,558 40,250
Medtronic, Inc. 2,400 1/94 85.00 5,328 2,400
Network General Corp. 21,600 1/94 15.00 37,151 62,100
Network General Corp. 10,800 7/94 20.00 25,325 25,650
Owens-Corning Fiberglas Corp. 10,600 3/94 50.00 21,544 7,950
Paramount Communications, Inc. 6,900 1/94 80.00 19,630 8,194
Paramount Communications, Inc. 9,400 3/94 80.00 54,325 23,500
Paramount Communications, Inc. 6,700 3/94 85.00 12,780 6,700
QUALCOMM, Inc. 7,700 1/94 50.00 50,780 38,500
Salomon, Inc. 13,100 1/94 45.00 43,818 39,300
Salomon, Inc. 13,100 1/94 50.00 24,169 5,731
Salomon, Inc. 13,100 4/94 55.00 13,781 9,825
Spartan Motors, Inc. 8,200 3/94 22.50 18,716 3,075
U.S. Healthcare, Inc. 11,700 1/94 55.00 49,685 48,263
Unocal Corp. 6,000 1/94 30.00 20,069 750
Unocal Corp. 6,000 1/94 35.00 8,070 1,125
WMS Industries, Inc. 9,000 5/94 35.00 32,354 13,500
Xerox Corp. 3,000 3/94 85.00 8,535 21,000
Xilinx, Inc. 7,700 3/94 45.00 27,681 43,313
Xilinx, Inc. 7,700 3/94 50.00 26,718 25,025
Xilinx, Inc. 6,600 3/94 55.00 17,951 13,200
---------- ----------
$1,222,221 $1,178,319
---------- ----------
---------- ----------
</TABLE>
See accompanying Notes to Financial
Statements.
13 Oppenheimer Asset Allocation Fund
<PAGE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES December 31, 1993
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
ASSET Investments, at value (cost $232,468,990)--see accompanying statement $278,504,515
------------------------------------------------------------------------------------------------
Cash 388,512
Receivables:
Dividends and interest 2,619,901
Investments sold and options written 1,478,742
Shares of beneficial interest sold 348,501
------------------------------------------------------------------------------------------------
Other 94,565
Total assets 283,434,736
- -----------------------------------------------------------------------------------------------------------------------------------
LIABILITIES Options written, at value (premiums received $1,222,221)--see
accompanying statement--Note 4 1,178,319
------------------------------------------------------------------------------------------------
Payables and other liabilities:
Investments purchased 1,799,948
Shares of beneficial interest redeemed 1,205,840
Dividends and distributions 546,232
Distribution assistance--Note 5 83,600
Other 311,119
Total liabilities 5,125,058
- -----------------------------------------------------------------------------------------------------------------------------------
NET ASSETS $278,309,678
------------
------------
- -----------------------------------------------------------------------------------------------------------------------------------
COMPOSITION OF NET ASSETS Paid-in capital $231,645,746
------------------------------------------------------------------------------------------------
Overdistributed net investment income (340,955)
------------------------------------------------------------------------------------------------
Accumulated net realized gain from investment, written option and foreign
currency transactions 947,609
------------------------------------------------------------------------------------------------
Net unrealized appreciation on investments, options written and translation
of assets and liabilities denominated in foreign currencies--Note 3 46,057,278
------------
Net assets $278,309,678
------------
------------
- -----------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE PER SHARE Class A Shares:
Net asset value and redemption price per share (based on net assets
of $277,914,116 and 21,302,040 shares of beneficial interest outstanding) $13.05
Maximum offering price per share (net asset value plus sales charge
of 5.75% of offering price) $13.85
------------------------------------------------------------------------------------------------
Class C Shares:
Net asset value, redemption price and offering price per share (based on
net assets of $395,562 and 30,319 shares of beneficial interest outstanding) $13.05
</TABLE>
See accompanying Notes to Financial
Statements.
14 Oppenheimer Asset Allocation Fund
<PAGE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------
STATEMENT OF OPERATIONS For The Year Ended December 31, 1993
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
INVESTMENT INCOME Interest $10,492,271
------------------------------------------------------------------------------------------------
Dividends (net of withholding taxes of $53,569) 2,360,414
-----------
Total income 12,852,685
- -----------------------------------------------------------------------------------------------------------------------------------
EXPENSES Management fees--Note 5 2,130,917
------------------------------------------------------------------------------------------------
Distribution assistance:
Class A--Note 5 313,174
Class C--Note 5 155
------------------------------------------------------------------------------------------------
Transfer and shareholder servicing agent fees--Note 5 266,298
------------------------------------------------------------------------------------------------
Shareholder reports 105,776
------------------------------------------------------------------------------------------------
Trustees' fees and expenses 101,437
------------------------------------------------------------------------------------------------
Custodian fees and expenses 87,880
------------------------------------------------------------------------------------------------
Legal and auditing fees 41,492
------------------------------------------------------------------------------------------------
Registration and filing fees:
Class A 125
Class C 80
------------------------------------------------------------------------------------------------
Other 49,883
-----------
Total expenses 3,097,217
- -----------------------------------------------------------------------------------------------------------------------------------
NET INVESTMENT INCOME 9,755,468
- -----------------------------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED Net realized gain (loss) from:
GAIN ON INVESTMENTS, Investments and options written (including premiums on options exercised) 8,493,206
OPTIONS WRITTEN AND Closing and expiration of option contracts written--Note 4 419,639
FOREIGN CURRENCY Foreign currency transactions (295,852)
TRANSACTIONS ------------------------------------------------------------------------------------------------
Net change in unrealized appreciation or depreciation on:
Investments and options written 25,714,525
Translation of assets and liabilities denominated in foreign currencies (3,097,192)
-----------
Net realized and unrealized gain on investments, options written and foreign
currency transactions 31,234,326
-----------
- -----------------------------------------------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $40,989,794
-----------
-----------
</TABLE>
See accompanying Notes to Financial
Statements.
15 Oppenheimer Asset Allocation Fund
<PAGE>
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS
YEAR ENDED DECEMBER 31,
-------------------------------
1993 1992
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
OPERATIONS Net investment income $ 9,755,468 $ 9,173,269
----------------------------------------------------------------------------------------------------------
Net realized gain on investments, options written and foreign
currency transactions 8,616,993 6,549,881
----------------------------------------------------------------------------------------------------------
Net change in unrealized appreciation or depreciation on investments,
options written and translation of assets and liabilities denominated in
foreign currencies 22,617,333 3,684,652
------------ ------------
Net increase in net assets resulting from operations 40,989,794 19,407,802
- -----------------------------------------------------------------------------------------------------------------------------------
DIVIDENDS AND Dividends from net investment income:
DISTRIBUTIONS TO Class A ($.438 and $.419 per share, respectively) (9,529,080) (9,801,510)
SHAREHOLDERS Class C ($.12 per share) (2,987) --
----------------------------------------------------------------------------------------------------------
Distributions from net realized gain on investments, options written and
foreign currency transactions:
Class A ($.012 per share) (254,071) --
Class C ($.012 per share) (298) --
- -----------------------------------------------------------------------------------------------------------------------------------
BENEFICIAL INTEREST Net decrease in net assets resulting from Class A beneficial interest
TRANSACTIONS transactions--Note 2 (20,002,391) (19,693,466)
----------------------------------------------------------------------------------------------------------
Net increase in net assets resulting from Class C beneficial interest
transactions--Note 2 395,601 --
- -----------------------------------------------------------------------------------------------------------------------------------
NET ASSETS Total increase (decrease) 11,596,568 (10,087,174)
----------------------------------------------------------------------------------------------------------
Beginning of year 266,713,110 276,800,284
------------ ------------
End of year (including overdistributed net investment income of $340,955
and $564,356, respectively) $278,309,678 $266,713,110
------------ ------------
------------ ------------
</TABLE>
See accompanying Notes to Financial Statements.
16 Oppenheimer Asset Allocation Fund
<PAGE>
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
CLASS A CLASS C
----------------------------------------------------------------------------------------
YEAR ENDED PERIOD ENDING
DECEMBER 31, DECEMBER 31,
1993 1992 1991(3) 1990 1989 1988 1987(2) 1993(1)
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
PER SHARE OPERATING DATA:
Net asset value, beginning of period $11.63 $11.22 $10.19 $10.67 $9.78 $8.89 $10.00 $12.86
- -------------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment
operations:
Net investment income (loss) .44 .39 .40 .53 .49 .39 .27 (.97)
Net realized and unrealized gain (loss)
on investments, options written and
foreign currency transactions 1.43 .44 1.06 (.43) 1.17 1.09 (1.11) 1.29
-------- -------- -------- ------- ------- ------- ------- ------
Total income (loss) from investment
operations 1.87 .83 1.46 .10 1.66 1.48 (.84) .32
- -------------------------------------------------------------------------------------------------------------------------------
Dividends and distributions to shareholders:
Dividends from net investment income (.44) (.42) (.43) (.52) (.48) (.40) (.26) (.12)
Distributions from net realized gain
on investments, options written, and
foreign currency transactions (.01) -- -- (.06) (.29) (.19) (.01) (.01)
-------- -------- -------- ------- ------- ------- ------- ------
Total dividends and distributions
to shareholders (.45) (.42) (.43) (.58) (.77) (.59) (.27) (.13)
- -------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $13.05 $11.63 $11.22 $10.19 $10.67 $9.78 $ 8.89 $13.05
-------- -------- -------- ------- ------- ------- ------- ------
-------- -------- -------- ------- ------- ------- ------- ------
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE(4) 16.30% 7.54% 14.67% .93% 18.21% 15.88% (8.60)% 2.51%
- -------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period
(in thousands) $277,914 $266,713 $276,800 $83,292 $81,194 $51,602 $32,718 $396
- -------------------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $272,303 $269,096 $192,870 $82,490 $68,134 $40,662 $31,407 $194
- -------------------------------------------------------------------------------------------------------------------------------
Number of shares outstanding at end
of period (in thousands) 21,302 22,938 24,666 8,171 7,611 5,275 3,679 30
- -------------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets:
Net investment income 3.58% 3.41% 3.78% 5.14% 4.71% 4.30% 3.84%(5) 2.19%(5)
Expenses 1.14% 1.17% 1.27% 1.36% 1.47% 1.50% 1.60%(5) 2.50%(5)
- -------------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate(6) 32.7% 60.3% 102.0% 71.3% 60.2% 185.5% 83.7% 32.7%
<FN>
(1) For the period from December 1, 1993 (inception of offering) to
December 31, 1993.
(2) For the period from April 24, 1987 (commencement of operations) to
December 31, 1987.
(3) Per share amounts calculated based on the weighted average number of shares
outstanding during the year.
(4) Assumes a hypothetical initial investment on the business day before the
first day of the fiscal period, with all dividends and distributions
reinvested in additional shares on the reinvestment date, and redemption at
the net asset value calculated on the last business day of the fiscal
period. Sales charges are not reflected in the total returns.
(5) Annualized.
(6) The lesser of purchases or sales of portfolio securities for a period,
divided by the monthly average of the market value of portfolio securities
owned during the period. Securities with a maturity or expiration date at
the time of acquisition of one year or less are excluded from the
calculation. Purchases and sales of investment securities (excluding short-
term securities) for the year ended December 31, 1993 were $87,719,113 and
$122,411,907, respectively.
</TABLE>
See accompanying Notes to Financial
Statements.
17 Oppenheimer Asset Allocation Fund
<PAGE>
------------------------------------------------
NOTES TO FINANCIAL STATEMENTS
- -------------------------------------------------------------------------------
1. SIGNIFICANT Oppenheimer Asset Allocation Fund (the Fund) is
ACCOUNTING POLICIES registered under the Investment Company Act of
1940, as amended, as a diversified, open-end
management investment company. The Fund's
investment advisor is Oppenheimer Management
Corporation (the Manager). The Fund offers both
Class A and Class C shares. Class A shares are
sold with a front-end sales charge. Class C
shares may be subject to a contingent deferred
sales charge. Both classes of shares have
identical rights to earnings, assets and voting
privileges, except that each class has its own
distribution plan, expenses directly attributable
to a particular class and exclusive voting rights
with respect to matters affecting a single class.
The following is a summary of significant
accounting policies consistently followed by the
Fund.
------------------------------------------------
INVESTMENT VALUATION. Portfolio securities are
valued at 4:00 p.m. (New York time) on each
trading day. Listed and unlisted securities for
which such information is regularly reported are
valued at the last sale price of the day or, in
the absence of sales, at values based on the
closing bid or asked price or the last sale price
on the prior trading day. Long-term debt
securities are valued by a portfolio pricing
service approved by the Board of Trustees.
Long-term debt securities which cannot be valued
by the approved portfolio pricing service are
valued by averaging the mean between the bid and
asked prices obtained from two active market
makers in such securities. Short-term debt
securities having a remaining maturity of 60 days
or less are valued at cost (or last determined
market value) adjusted for amortization to
maturity of any premium or discount. Securities
for which market quotes are not readily available
are valued under procedures established by the
Board of Trustees to determine fair value in good
faith. A call option is valued based upon the
last sales price on the principal exchange on
which the option is traded or, in the absence of
any transactions that day, the value is based
upon the last sale on the prior trading date if
it is within the spread between the closing bid
and asked prices. If the last sale price is
outside the spread, the closing bid or asked
price closest to the last reported sale price is
used.
------------------------------------------------
FOREIGN CURRENCY TRANSLATION. The accounting
records of the Fund are maintained in U.S.
dollars. Prices of securities denominated in
foreign currencies are translated into U.S.
dollars at the closing rates of exchange. Amounts
related to the purchase and sale of securities
and investment income are translated at the rate
of exchange prevailing on the respective dates of
such transactions.
The Fund generally enters into
forward currency exchange contracts as a hedge,
upon the purchase or sale of a security
denominated in a foreign currency. Risks may
arise from the potential inability of the
counterparty to meet the terms of the contract
and from unanticipated movements in the value of
a foreign currency relative to the U.S. dollar.
The effect of changes in foreign
currency exchange rates on investments is
separately identified from the fluctuations
arising from changes in market values of
securities held and reported with all other
foreign currency gains and losses in the Fund's
results of operations.
------------------------------------------------
REPURCHASE AGREEMENTS. The Fund requires the
custodian to take possession, to have legally
segregated in the Federal Reserve Book Entry
System or to have segregated within the
custodian's vault, all securities held as
collateral for repurchase agreements. If the
seller of the agreement defaults and the value of
the collateral declines, or if the seller enters
an insolvency proceeding, realization of the
value of the collateral by the Fund may be
delayed or limited.
------------------------------------------------
CALL OPTIONS WRITTEN. The Fund may write covered
call options. When an option is written, the Fund
receives a premium and becomes obligated to sell
the underlying security at a fixed price, upon
exercise of the option. In writing an option, the
Fund bears the market risk of an unfavorable
change in the price of the security underlying
the written option. Exercise of an option written
by the Fund could result in the Fund selling a
security at a price different from the current
market value. All securities covering call
options written are held in escrow by the
custodian bank.
------------------------------------------------
ALLOCATION OF INCOME, EXPENSES AND GAINS AND
LOSSES. Income, expenses (other than those
attributable to a specific class) and gains and
losses are allocated daily to each class of
shares based upon the relative proportion of net
assets represented by such class. Operating
expenses directly attributable to a specific
class are charged against the operations of that
class.
18 Oppenheimer Asset Allocation Fund
<PAGE>
------------------------------------------------
- -------------------------------------------------------------------------------
1. SIGNIFICANT FEDERAL INCOME TAXES. The Fund intends to
ACCOUNTING POLICIES continue to comply with provisions of the
(CONTINUED) Internal Revenue Code applicable to regulated
investment companies and to distribute all of its
taxable income, including any net realized gain
on investments not offset by loss carryovers, to
shareholders. Therefore, no federal income tax
provision is required. At December 31, 1993, the
Fund had available for federal income tax
purposes an unused capital loss carryover of
approximately $3,138,000, $1,336,000 of which
will expire in 1996, $445,000 in 1997, $445,000
in 1998 and $912,000 in 1999, the usage of which
is subject to certain limitations.
------------------------------------------------
TRUSTEES' FEES AND EXPENSES. The Fund has adopted
a nonfunded retirement plan for the Fund's
independent trustees. Benefits are based on years
of service and fees paid to each trustee during
the years of service. During the year ended
December 31, 1993, a provision of $50,137 was
made for the Fund's projected benefit
obligations, resulting in an accumulated
liability of $149,499 at December 31, 1993. No
payments have been made under the plan.
------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS. Dividends and
distributions to shareholders are recorded on the
ex-dividend date.
------------------------------------------------
OTHER. Investment transactions are accounted for
on the date the investments are purchased or sold
(trade date) and dividend income is recorded on
the ex-dividend date. Discount on securities
purchased is amortized over the life of the
respective securities, in accordance with federal
income tax requirements. Realized gains and
losses on investments and options written and
unrealized appreciation and depreciation are
determined on an identified cost basis, which is
the same basis used for federal income tax
purposes.
- -------------------------------------------------------------------------------
2. SHARES OF The Fund has authorized an unlimited number of no
BENEFICIAL INTEREST par value shares of beneficial interest of each
class. Transactions in shares of beneficial
interest were as follows:
<TABLE>
<CAPTION>
YEAR ENDED DECEMBER 31, 1993(1) YEAR ENDED DECEMBER 31, 1992
------------------------------- ------------------------------
SHARES AMOUNT SHARES AMOUNT
----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Class A:
Sold 1,309,237 $ 16,208,603 2,398,948 $ 27,227,497
Dividends and distributions
reinvested 593,184 7,426,650 635,868 7,205,095
Redeemed (3,538,545) (43,637,644) (4,762,925) (54,126,058)
---------- ------------ ---------- ------------
Net decrease (1,636,124) $(20,002,391) (1,728,109) $(19,693,466)
---------- ------------ ---------- ------------
---------- ------------ ---------- ------------
-----------------------------------------------------------------------------------------------------
Class C:
Sold 30,068 $392,326 -- $ --
Dividends and distributions
reinvested 251 3,275 -- --
---------- ------------ ---------- ------------
Net increase 30,319 $395,601 -- $ --
---------- ------------ ---------- ------------
---------- ------------ ---------- ------------
<FN>
(1) For the year ended December 31, 1993 for
Class A shares and for the period from
December 1, 1993 (inception of offering) to
December 31, 1993 for Class C shares.
</TABLE>
- --------------------------------------------------------------------------------
3. UNREALIZED GAINS AND At December 31, 1993, net unrealized appreciation
LOSSES ON on investments and options written of $49,154,470
INVESTMENTS AND was composed of gross appreciation of
OPTIONS WRITTEN $52,371,957, and gross depreciation of
$3,217,487.
19 Oppenheimer Asset Allocation Fund
<PAGE>
------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (Continued)
4. Call Option Activity Call option activity for the year ended
December 31, 1993 was as follows:
<TABLE>
<CAPTION>
NUMBER AMOUNT
OF OPTIONS OF PREMIUMS
----------------------------------------------------------------------------------------------------
<S> <C> <C>
Options outstanding at December 31, 1992 2,754 $ 518,448
------------------------------------------------------------------------------------------------
Options written 12,170 3,081,158
------------------------------------------------------------------------------------------------
Options cancelled in closing purchase transactions (3,666) (960,987)
------------------------------------------------------------------------------------------------
Options exercised (4,074) (855,136)
------------------------------------------------------------------------------------------------
Options expired prior to exercise (2,620) (561,262)
------- ----------
Options outstanding at December 31, 1993 4,564 $1,222,221
------- ----------
------- ----------
</TABLE>
The cost of cancelling options in closing
purchase transactions was $1,102,610, result in
a net short-term capital loss of $141,623.
Premiums received on expired options resulted
in a short-term capital gain of $561,262.
5. MANAGEMENT FEES AND Management fees paid to the Manager were in
OTHER TRANSACTIONS accordance with the investment advisory agreement
WITH AFFILIATES with the Fund which provides for an annual fee of
1% on the first $50 million of net assets, .75%
on the next $150 million with a reduction of .05%
on each $200 million thereafter, to .60% on net
assets in excess of $600 million. The Manager has
voluntarily agreed to reduce its fee to .75% on
the first $200 million of net assets with a
reduction of .03% on each $200 million thereafter
to $800 million, and .60% on net assets in excess
of $800 million. The Manager has agreed to
reimburse the Fund if aggregate expenses (with
specified exceptions) exceed the most stringent
applicable regulatory limit on Fund expenses.
For the year ended December 31,
1993, commissions (sales charges paid by
investors) on sales of Class A shares totaled
$413,077, of which $165,368 was retained by
Oppenheimer Funds Distributor, Inc. (OFDI), a
subsidiary of the Manager, as general
distributor, and by an affiliated broker/dealer.
Oppenheimer Shareholder Services
(OSS), a division of the Manager, is the
transfer and shareholder servicing agent for
the Fund, and for other registered investment
companies. OSS's total costs of providing such
services are allocated ratably to these
companies.
Under separate approved plans of
distribution, each class may expend up to .25% of
its net assets annually to reimburse OFDI for
costs incurred in distributing shares of the Fund
(sold subsequent to March 31, 1988 for Class A),
including amounts paid to brokers, dealers, banks
and other institutions. In addition, Class C
shares are subject to an asset-based sales charge
of .75% of net assets annually, to reimburse OFDI
for sales commissions paid from its own resources
at the time of sale and associated financing
costs. In the event of termination or
discontinuance of the Class C plan of
distribution, the Fund would be contractually
obligated to pay OFDI for any expenses not
previously reimbursed or recovered through
contingent deferred sales charges. During the
year ended December 31, 1993, OFDI paid $124,537
to an affiliated broker/dealer as reimbursement
for Class A distribution-related expenses and
retained $155 as reimbursement for Class C
distribution-related expenses and sales
commissions.
- -------------------------------------------------------------------------------
6. RESTRICTED SECURITIES The Fund owns securities purchased in private
placement transactions, without registration
under the Securities Act of 1933 (the Act). The
securities are valued under methods approved by
the Board of Trustees as reflecting fair value.
The Fund intends to invest no more than 10% of
its net assets (determined at the time of
purchase) in restricted and illiquid securities,
excluding securities eligible for resale pursuant
to Rule 144A of the Act that are determined to be
liquid by the Board of Trustees or by the Manager
under Board-approved guidelines.
<TABLE>
<CAPTION>
VALUATION PER UNIT
ACQUISITION COST AS OF
SECURITY DATE PER UNIT DECEMBER 31, 1993
----------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Dairy Farm International
Holdings Ltd.,$65.00 Cv.(1) 4/30/93 $1,000 $1,540
----------------------------------------------------------------------------------------------------
Grupo Televisa SA, ADS(1) 8/20/92-8/26/92 $28 $70
<FN>
(1) Transferable under Rule 144A of the Act.
</TABLE>
20 Oppenheimer Asset Allocation Fund
<PAGE>
------------------------------------------------
INDEPENDENT AUDITORS' REPORT
- -------------------------------------------------------------------------------
The Board of Trustees and Shareholders of
Oppenheimer Asset Allocation Fund:
We have audited the accompanying statements of
investments and assets and liabilities of
Oppenheimer Asset Allocation Fund as of
December 31, 1993, 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 six-year period then ended and the period
from April 24, 1987 (commencement of operations)
to December 31, 1987. 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
December 31, 1993, 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 Asset
Allocation Fund as of December 31, 1993, 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 six-year period then ended and the period
from April 24, 1987 (commencement of operations)
to December 31, 1987, in conformity with
generally accepted accounting principles.
KPMG PEAT MARWICK
Denver, Colorado
January 21, 1994
21 Oppenheimer Asset Allocation Fund
<PAGE>
------------------------------------------------
FEDERAL INCOME TAX INFORMATION (Unaudited)
- -------------------------------------------------------------------------------
In early 1994, shareholders will receive
information regarding all dividends and
distributions paid to them by the Fund during
calendar year 1993. Regulations of the U.S.
Treasury Department require the Fund to report
this information to the Internal Revenue Service.
Dividends paid by the Fund during
the fiscal year ended December 31, 1993 which
are not designated as capital gain distributions
should be multiplied by 20.9% to arrive at the
net amount eligible for the corporate dividend-
received deduction.
The foregoing information is
presented to assist shareholders in reporting
distributions received from the Fund to the
Internal Revenue Service. Because of the
complexity of the federal regulations which
may affect your individual tax return and the
many variations in state and local tax
regulations, we recommend that you consult
your tax advisor for specific guidance.
22 Oppenheimer Asset Allocation Fund
<PAGE>
<TABLE>
<CAPTION>
OPPENHEIMER ASSET ALLOCATION FUND
----------------------------------------------------------------------------------------------------
<S> <C>
OFFICERS AND TRUSTEES Leon Levy, Chairman of the Board of Trustees
Leo Cherne, Trustee
Edmund T. Delaney, Trustee
Robert G. Galli, Trustee
Benjamin Lipstein, Trustee
Elizabeth B. Moynihan, Trustee
Kenneth A. Randall, Trustee
Edward V. Regan, Trustee
Russell S. Reynolds, Jr., Trustee
Sidney M. Robbins, Trustee
Donald W. Spiro, Trustee and President
Pauline Trigere, Trustee
Clayton K. Yeutter, Trustee
David P. Negri, Vice President
Richard H. Rubinstein, Vice President
Eva A. Zeff, Vice President
George C. Bowen, Treasurer
Lynn M. Coluccy, Assistant Treasurer
Andrew J. Donohue, Secretary
Robert G. Zack, Assistant Secretary
----------------------------------------------------------------------------------------------------
INVESTMENT ADVISOR Oppenheimer Management Corporation
----------------------------------------------------------------------------------------------------
DISTRIBUTOR Oppenheimer Funds Distributor, Inc.
----------------------------------------------------------------------------------------------------
TRANSFER AND SHAREHOLDER Oppenheimer Shareholder Services
SERVICING AGENT
----------------------------------------------------------------------------------------------------
CUSTODIAN OF The Bank of New York
PORTFOLIO SECURITIES
----------------------------------------------------------------------------------------------------
INDEPENDENT AUDITORS KPMG Peat Marwick
----------------------------------------------------------------------------------------------------
LEGAL COUNSEL Gordon Altman Butowsky Weitzen Shalov & Wein
----------------------------------------------------------------------------------------------------
</TABLE>
This is a copy of a report to shareholders of
Oppenheimer Asset Allocation Fund. This report
must be preceded or accompanied by a Prospectus
of Oppenheimer Asset Allocation Fund. For
material information concerning the Fund, see
the Prospectus.
23 Oppenheimer Asset Allocation Fund
<PAGE>
------------------------------------------------
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