-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, N4ega5BMA3cEZ+5Q+WQmLTiU4m45+QT6DD40ubOTud0fmKC1wPWd7hkRoio460gO vrbq0CuDRAch96AZVcaxyw== 0000356865-96-000013.txt : 19960910 0000356865-96-000013.hdr.sgml : 19960910 ACCESSION NUMBER: 0000356865-96-000013 CONFORMED SUBMISSION TYPE: N-30D PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19960630 FILED AS OF DATE: 19960906 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: CONNECTICUT MUTUAL INVESTMENT ACCOUNTS INC CENTRAL INDEX KEY: 0000356865 STANDARD INDUSTRIAL CLASSIFICATION: [] IRS NUMBER: 061052841 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-30D SEC ACT: 1940 Act SEC FILE NUMBER: 811-03346 FILM NUMBER: 96626979 BUSINESS ADDRESS: STREET 1: 140 GARDEN ST CITY: HARTFORD STATE: CT ZIP: 06154 BUSINESS PHONE: 2039875002 FORMER COMPANY: FORMER CONFORMED NAME: CONNECTICUT MUTUAL LIQUID ACCOUNT INC DATE OF NAME CHANGE: 19851106 N-30D 1 OPPENHEIMER LIFESPAN FUNDS - S/A/R [COVER PAGE] OPPENHEIMER LIFESPAN FUNDS Semiannual Report June 30, 1996 Oppenheimer LifeSpan Growth Fund Oppenheimer LifeSpan Balanced Fund Oppenheimer LifeSpan Income Fund [LOGO]OppenheimerFunds/r/ LifeSpan Funds offer you THREE portfolios, each of which has a mix of securities to help match your investment GOALS. - ------------------------ HOW YOUR FUND IS MANAGED - ------------------------ Oppenheimer LifeSpan Balanced Fund seeks a blend of capital appreciation and income. The Fund actively allocates assets across two broad asset categories-- stocks and fixed-income securities, with a stronger emphasis on stocks--to meet clearly distinguished risk and return objectives. Oppenheimer LifeSpan Growth Fund seeks long-term capital appreciation. It invests in a strategically allocated portfolio consisting primarily of stocks. Current income is not a primary consideration. Oppenheimer LifeSpan Income Fund seeks high current income, with opportunities for capital appreciation. It invests in a strategically allocated portfolio consisting primarily of bond instruments. - ----------- PERFORMANCE - ----------- Cumulative total returns for the six months ended 6/30/96 for LifeSpan Balanced Fund Class A and Class B shares were 7.56% and 7.06%, respectively; LifeSpan Growth Fund Class A and Class B shares were 11.60% and 11.09%, respectively; and LifeSpan Income Fund Class A and Class B shares were 1.02% and 0.56%, respectively.(1) Oppenheimer LifeSpan Balanced Fund's average total returns for Class A shares for the 1-year period and since inception of the class on 5/1/95 were 19.61% and 20.34%, respectively. For Class B shares, cumulative total return since inception of the class on 10/2/95 was 11.87%. Oppenheimer LifeSpan Growth Fund's average total returns for Class A shares for the 1-year period and since inception of the class on 5/1/95 were 26.38% and 26.70%, respectively. For Class B shares, cumulative total return since inception of the class on 10/2/95 was 17.02%. Oppenheimer LifeSpan Income Fund's average total returns for Class A shares for the 1-year period and since inception of the class on 5/1/95 were 8.80% and 10.53%, respectively. For Class B shares, cumulative total return since inception of the class on 10/2/95 was 4.88%.(2) Total returns include change in share price and reinvestment of dividends and capital gains distributions. Past performance does not guarantee future results. Investment return and principal value of an investment in a Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. All classes of shares have the same investment portfolio but different expenses. For more complete information, please review the prospectus. Prior to March 1, 1996, the Fund's had a different advisor. However, the prior portfolio management team is now employed by OppenheimerFunds, Inc. Additionally, Babson-Stewart Ivory International became the subadvisor for the international component of the Funds' portfolios on 3/1/96. BEA Associates and Pilgrim Baxter & Associates have continued as subadvisors to components of the Funds' portfolios. 1. Based on the change in the net asset value per share for the period shown, without deducting any sales charges. Such performance would have been lower if sales charges were taken into account. 2. Class A returns show results of hypothetical investmentss including the current maximum initial sales charge of 5.75%. Class A shares were first offered 5/1/95. The maximun Class A sales charge rate was lower during a portion of the periods shown, and actual investment results will be different as a result. Class B returns include the applicable contingent deferred sales charge of 5%. Effective 3/18/96, the Funds offered Class C shares for which performance data is not considered meaningful. An explanation of the different performance calculations is in the Fund's prospectus. 2 Oppenheimer LifeSpan Funds BRIDGET A. MACASKILL President Oppenheimer LifeSpan Funds Dear Shareholder: As you know, asset allocation is one of the most important decisions that an investor can make. Historically, choosing the right mixture has gone a long way toward determining one's total return and risk during a period. By investing in a mutual fund that has a mixture of stocks and bonds, an investor has access to professional managers who are continually evaluating the appropriate asset allocation. Although stocks have tended to produce the highest returns, they also typically presented the greatest risk. Bonds, on the other hand, have produced more stable returns, but tend to fluctuate less on the downside than do stocks. The first half of 1996 was an unusual period in which stocks posted double digit returns, and bonds actually declined. It was a period which tested the mettle of even the most experienced professional investor. With the S&P 500 having advanced 37% in 1995 alone, many experts believed that the stock market was due for a correction in 1996. However, because of surprisingly strong corporate profits, the stock market continued to advance. The strength of the stock market was all the more remarkable considering that interest rates have moved up sharply. It is unusual for stocks to go up when interest rates are rising, because investors are increasingly tempted to shift their money out of stocks and invest in bonds that offer higher yields. It has been virtually impossible for high quality bonds to show positive returns in an interest rate environment like the one we experienced in the first half of 1996. However, a good argument can be made that bonds offer better values today than do stocks, which are still at high valuation levels. A newly issued 30-year Treasury bond yields about 7% in income while quality corporate bonds of similar maturities yield even more. In contrast, stocks continued to appear relatively expensive in relation to bonds. The market continued to hit new highs, and stock prices became quite extended in relation to corporate profits. To be sure, the market is dynamic, and the best results are usually obtained by a team dedicated to this analysis. For this reason, we will continue to monitor the relative returns and risks of stocks vs. bonds and invest accordingly. Your portfolio managers discuss the outlook for your Fund in light of these broad issues on the following pages. Thank you for your confidence in OppenheimerFunds. We look forward to helping you reach your investment goals in the future. /s/Bridget A. Macaskill Bridget A. Macaskill July 22, 1996 3 Oppenheimer LifeSpan Funds MARKET SUMMARY As the fear of inflation increased and pushed interest rates higher, market conditions during the fiscal period became much more difficult for both stock and bond investors. Though the impact of higher interest rates has meant increased volatility in both the stock and bond markets, stocks continued to move higher while bonds have sold off sharply during the first six months of 1996. Despite the more volatile environment, each of the LifeSpan portfolios includes a diversity of investments aimed at achieving good performance while limiting overall portfolio risk in a variety of market conditions. Over the past six months, the strategic allocation of assets over a broad range of stocks and bonds has helped position the Funds to capture the strength of the stock market while limiting some of the declines of the bond market. What follows is a brief commentary on each LifeSpan Fund and some of the investments that affected the performance of the components of each of the Funds over the period. OPPENHEIMER LIFESPAN GROWTH FUND The Fund primarily benefited from its focus on equity investments, which offset the declines experienced with its fixed-income investments. With a relatively large weighting in technology stocks, the SMALL CAP EQUITY component increased by over 33%, while the VALUE/GROWTH and GROWTH/INCOME segments were up 6% and 4%, respectively.(1) The 9% increase provided by the INTERNATIONAL EQUITY component of the portfolio, reflects the fact that the performance of foreign stock markets has begun to improve. In contrast to the HIGH YIELD component of the portfolio which gained 6%, the CORPORATE/GOVERNMENT component was down 13%, mainly the result of the sharp rise in interest rates, which made it difficult for high quality, long maturity bonds to show positive returns. OPPENHEIMER LIFESPAN BALANCED FUND Given the relative strength of the stock market and the weakness of the bond market, the Fund benefited from maintaining a larger weighting in equities--approximately 60% of the portfolio is invested in stocks versus 40% in bonds. The bulk of the Fund's return during the period came from the SMALL CAP and INTERNATIONAL EQUITY components, up over 30% and 9%, respectively. However, the VALUE/GROWTH and GROWTH/INCOME components--up 6% and 4%, respectively--also contributed modestly to the Fund's performance. The fixed-income portion of the portfolio, which includes the HIGH YIELD, SHORT-TERM BOND, and GOVERNMENT/CORPORATE BOND components, returned 5%, 0.3%, and -3%, respectively, and reflects the difficult market for most bonds over the period. OPPENHEIMER LIFESPAN INCOME FUND Overall, the Fund's focus on high current income helped it to avoid some of the more significant declines experienced by the bond market over the period. Of the four primary components of LifeSpan Income Fund, the HIGH YIELD BOND segment, up 6%, provided the greatest contribution to performance. As a result of the rising rate environment the CORPORATE/GOVERNMENT BOND component declined 2% and SHORT-TERM BOND showed only a modest increase of 1%. The GROWTH/INCOME component, benefiting from a high weighting in technology stocks, also contributed positively to performance results, with an increase of 5%.// 1. Performance of the components of each Fund's portfolio does not consider the effect of sales charges on a Fund's shares. This data reflects the performance of the individual components of the Fund's portfolio, but does not reflect the Fund's overall total return. 4 Oppenheimer LifeSpan Funds
STATEMENT OF INVESTMENTS June 30, 1996 (Unaudited) Oppenheimer LifeSpan Income Fund FACE MARKET VALUE AMOUNT SEE NOTE 1 =========================================================================================================================== MORTGAGE-BACKED OBLIGATIONS - 6.9% - --------------------------------------------------------------------------------------------------------------------------- Federal Home Loan Mortgage Corp.: Collateralized Mtg. Obligations, Gtd. Multiclass Mtg. Participation Certificats, 5.50%, 5/1/98 $ 116,562 $ 114,921 Gtd. Multiclass Mtg. Participation Certificates, 6%, 3/1/09 370,952 354,025 Series 1843, Cl. VB, 7%, 4/15/03 85,000 84,734 Series 1849, Cl. VA, 6%, 12/15/10 296,875 290,567 ---------------------------------------------------------------------------------------------------------------- Federal National Mortgage Assn.: 6%, 12/1/03 306,844 296,684 6.50%, 4/1/26 199,295 186,403 Series 1994-13, Cl. B, 6.50%, 2/25/09 200,000 185,562 ---------------------------------------------------------------------------------------------------------------- GE Capital Mortgage Securities, Inc., Series-HE2, Cl. A3, 7.30%, 6/25/26 160,000 160,400 ---------------------------------------------------------------------------------------------------------------- Olympic Automobile Receivables Trust, Series 1996-A, Cl. A4, 5.85%, 7/15/01 145,000 142,008 ------------ Total Mortgage-Backed Obligations 1,815,304 =========================================================================================================================== U.S. GOVERNMENT OBLIGATIONS - 15.6% - --------------------------------------------------------------------------------------------------------------------------- U.S. Treasury Bonds, 7.50%, 11/15/16 1,530,000 1,607,449 ---------------------------------------------------------------------------------------------------------------- U.S. Treasury Nts.: 6.75%, 6/30/99 1,735,000 1,755,057 7.25%, 8/15/04 720,000 745,762 ------------ Total U.S. Government Obligations 4,108,268 =========================================================================================================================== CORPORATE BONDS AND NOTES - 48.9% - --------------------------------------------------------------------------------------------------------------------------- BASIC INDUSTRY - 7.2% - --------------------------------------------------------------------------------------------------------------------------- CHEMICALS - 3% ---------------------------------------------------------------------------------------------------------------- Burmah Castrol PLC, 7% Gtd. Medium-Term Nts., 12/15/97 145,000 146,666 ---------------------------------------------------------------------------------------------------------------- G-I Holdings, Inc., 10% Sr. Nts., 2/15/06 (1) 21,000 20,685 ---------------------------------------------------------------------------------------------------------------- Harris Chemical North America, Inc., 10.25% Gtd. Sr. Sec. Disc. Nts., 7/15/01 50,000 50,125 ---------------------------------------------------------------------------------------------------------------- IMC Global, Inc., 6.25% Cv. Sub. Debs., 12/1/01 100,000 122,500 ---------------------------------------------------------------------------------------------------------------- LaRoche Industries, Inc., 13% Sr. Sub. Nts., 8/15/04 75,000 79,500 ---------------------------------------------------------------------------------------------------------------- Lyondell Petrochemical Co., 8.25% Nts., 3/15/97 105,000 106,263 ---------------------------------------------------------------------------------------------------------------- Morton International, Inc., 9.25% Credit Sensitive Nts., 6/1/20 85,000 100,451 ---------------------------------------------------------------------------------------------------------------- PPG Industries, Inc., 9% Debs., 5/1/21 85,000 98,082 ---------------------------------------------------------------------------------------------------------------- Viridian, Inc., 10.50% Debs., 3/31/14 75,000 79,875 ------------ 804,147 - --------------------------------------------------------------------------------------------------------------------------- METALS/MINING - 0.7% ---------------------------------------------------------------------------------------------------------------- Alcan Aluminum Ltd., 9.625% Debs., 7/15/19 165,000 180,640 - --------------------------------------------------------------------------------------------------------------------------- PAPER - 3% ---------------------------------------------------------------------------------------------------------------- Celulosa Arauco y Constitucion SA, 7.25% Debs., 6/11/98 145,000 146,087
5 Oppenheimer LifeSpan Funds
STATEMENT OF INVESTMENTS (Unaudited)(Continued) Oppenheimer LifeSpan Income Fund FACE MARKET VALUE AMOUNT SEE NOTE 1 - --------------------------------------------------------------------------------------------------------------------------- PAPER - 3% ---------------------------------------------------------------------------------------------------------------- Crown Packaging Holdings Ltd., 0%/12.25% Sr. Sub. Disc. Nts., Series B, 11/1/03 (2) $ 100,000 $ 39,500 ---------------------------------------------------------------------------------------------------------------- Doman Industries Ltd., 8.75% Sr. Nts., 3/15/04 50,000 45,000 ---------------------------------------------------------------------------------------------------------------- Gaylord Container Corp., 12.75% Sr. Sub. Disc. Debs., 5/15/05 50,000 52,688 ---------------------------------------------------------------------------------------------------------------- Georgia-Pacific Corp., 9.85% Credit Sensitive Nts., 6/15/97 290,000 298,654 ---------------------------------------------------------------------------------------------------------------- Indah Kiat International Finance Co. BV, 11.875% Sr. Sec. Gtd. Nts., 6/15/02 50,000 52,500 ---------------------------------------------------------------------------------------------------------------- Malette, Inc., 12.25% Sr. Sec. Nts., 7/15/04 50,000 52,500 ---------------------------------------------------------------------------------------------------------------- Stone Container Corp., 9.875% Sr. Nts., 2/1/01 100,000 97,000 ------------ 783,929 - --------------------------------------------------------------------------------------------------------------------------- STEEL - 0.5% ---------------------------------------------------------------------------------------------------------------- Geneva Steel Co., 9.50% Sr. Nts., 1/15/04 25,000 19,500 ---------------------------------------------------------------------------------------------------------------- Republic Engineered Steels, Inc., 9.875% First Mtg. Nts., 12/15/01 25,000 23,250 ---------------------------------------------------------------------------------------------------------------- WCI Steel, Inc., 10.50% Sr. Gtd. Nts., Series B, 3/1/02 50,000 50,750 ---------------------------------------------------------------------------------------------------------------- Weirton Steel Corp., 10.75% Sr. Nts., 6/1/05 50,000 47,375 --------------- 140,875 - --------------------------------------------------------------------------------------------------------------------------- CONSUMER RELATED - 7.9% - --------------------------------------------------------------------------------------------------------------------------- CONSUMER PRODUCTS - 2.3% ---------------------------------------------------------------------------------------------------------------- Black & Decker Corp., 6.625% Nts., 11/15/00 145,000 143,219 ---------------------------------------------------------------------------------------------------------------- Electrolux AB, 7.75% Sr. Unsub. Debs., 6/17/97 290,000 293,262 ---------------------------------------------------------------------------------------------------------------- Kimberly-Clark Corp., 7.875% Debs., 2/1/23 85,000 85,360 ---------------------------------------------------------------------------------------------------------------- Revlon Consumer Products Corp., 9.375% Sr. Nts., 4/1/01 50,000 49,000 ---------------------------------------------------------------------------------------------------------------- Revlon Worldwide Corp., Zero Coupon Sr. Sec. Disc. Nts., 14.04%, 3/15/98 (3) 50,000 41,563 ------------ 612,404 - --------------------------------------------------------------------------------------------------------------------------- FOOD/BEVERAGES/TOBACCO - 1.6% ---------------------------------------------------------------------------------------------------------------- B.A.T. Capital Corp., 6.66% Medium-Term Nts., 3/22/00 (1) 75,000 74,152 ---------------------------------------------------------------------------------------------------------------- Dole Food Co., 6.75% Nts., 7/15/00 150,000 147,970 ---------------------------------------------------------------------------------------------------------------- Great Atlantic & Pacific Tea Co., 9.125% Debs., 1/15/98 145,000 149,531 ---------------------------------------------------------------------------------------------------------------- Philip Morris Cos., Inc., 8.75% Debs., 12/1/96 60,000 60,657 ------------- 432,310 - --------------------------------------------------------------------------------------------------------------------------- HEALTHCARE - 1.7% ---------------------------------------------------------------------------------------------------------------- Genesis Health Ventures, Inc., 9.75% Sr. Sub. Nts., 6/15/05 75,000 76,313 ---------------------------------------------------------------------------------------------------------------- Health o meter Products, Inc., Units (each unit consists of $1,000 principal amount of 13% sr. sub. nts., 8/15/02 and one warrant to purchase 10.96 ordinary shares) (4) 50,000 53,406 ---------------------------------------------------------------------------------------------------------------- Integrated Health Services, Inc., 9.625% Sr. Sub. Nts., Series A, 5/31/02 50,000 49,750 ---------------------------------------------------------------------------------------------------------------- Roche Holdings, Inc., 2.75% Bonds, 4/14/00 300,000 264,563 ------------ 444,032 - --------------------------------------------------------------------------------------------------------------------------- HOTEL/GAMING - 2.1% ---------------------------------------------------------------------------------------------------------------- Bally's Casino Holdings, Inc., Zero Coupon Sr. Disc. Nts., 8.594%, 6/15/98 (3) 75,000 64,781
6 Oppenheimer LifeSpan Funds
STATEMENT OF INVESTMENTS (Unaudited)(Continued) Oppenheimer LifeSpan Income Fund FACE MARKET VALUE AMOUNT SEE NOTE 1 - --------------------------------------------------------------------------------------------------------------------------- HOTEL/GAMING (CONTINUED) ---------------------------------------------------------------------------------------------------------------- Bally's Park Place Funding, Inc., 9.25% Gtd. First Mtg. Nts., 3/15/04 $ 50,000 $ 53,188 ---------------------------------------------------------------------------------------------------------------- GB Property Funding Corp., 10.875% First Mtg. Nts., 1/15/04 25,000 22,500 ---------------------------------------------------------------------------------------------------------------- GNF Corp., 10.625% Gtd. First Mtg. Nts., Series B, 4/1/03 50,000 54,375 ---------------------------------------------------------------------------------------------------------------- Mohegan Tribal Gaming Authority, 13.50% Sr. Sec. Nts., 11/15/02 (1) 25,000 31,375 ---------------------------------------------------------------------------------------------------------------- Rio Hotel & Casino, Inc., 10.625% Sr. Sub. Nts., 7/15/05 100,000 105,250 ---------------------------------------------------------------------------------------------------------------- Santa Fe Hotel, Inc., 11% Gtd. First Mtg. Nts., 12/15/00 45,000 36,000 ---------------------------------------------------------------------------------------------------------------- Station Casinos, Inc., 10.125% Sr. Sub. Nts., 3/15/06 75,000 73,125 ---------------------------------------------------------------------------------------------------------------- Trump Atlantic City Associates/Trump Atlantic City Funding, Inc., 11.25% First Mtg. Nts., 5/1/06 50,000 50,250 ---------------------------------------------------------------------------------------------------------------- Trump's Castle Funding, Inc., 11.75% Mtg. Nts., 11/15/03 50,000 51,125 ------------ 541,969 - --------------------------------------------------------------------------------------------------------------------------- TEXTILE/APPAREL - 0.2% ---------------------------------------------------------------------------------------------------------------- U.S. Leather, Inc., 10.25% Sr. Nts., 7/31/03 50,000 42,500 - --------------------------------------------------------------------------------------------------------------------------- ENERGY - 1.7% - --------------------------------------------------------------------------------------------------------------------------- Coastal Corp.: 8.125% Sr. Nts., 9/15/02 85,000 88,620 8.75% Sr. Nts., 5/15/99 55,000 57,288 ---------------------------------------------------------------------------------------------------------------- Falcon Holdings Group LP, 11% Sr. Sub. Nts., 9/15/03 55,651 53,425 ---------------------------------------------------------------------------------------------------------------- Louisiana Land & Exploration Co., 7.65% Debs., 12/1/23 100,000 96,799 ---------------------------------------------------------------------------------------------------------------- Maxus Energy Corp., 9.875% Nts., 10/15/02 50,000 49,750 ---------------------------------------------------------------------------------------------------------------- Standard Oil/British Petroleum Co. PLC, 9% Debs., 6/1/19 85,000 88,899 ------------ 434,781 - --------------------------------------------------------------------------------------------------------------------------- FINANCIAL SERVICES - 13.4% - --------------------------------------------------------------------------------------------------------------------------- BANKS & THRIFTS - 4.4% ---------------------------------------------------------------------------------------------------------------- BankAmerica Corp., 6% Nts., 7/15/97 300,000 299,778 ---------------------------------------------------------------------------------------------------------------- Barnett Banks, Inc., 8.50% Sub. Exchangeable Nts., 3/1/99 60,000 62,630 ---------------------------------------------------------------------------------------------------------------- Chase Manhattan Corp. (New), 6.625% Sr. Nts., 1/15/98 55,000 55,183 ---------------------------------------------------------------------------------------------------------------- Citicorp, 5.625% Sr. Nts., 2/15/01 90,000 85,795 ---------------------------------------------------------------------------------------------------------------- First Fidelity Bancorporation, 8.50% Sub. Capital Nts., 4/1/98 55,000 56,778 ---------------------------------------------------------------------------------------------------------------- First Union Corp., 6.75% Sr. Nts., 1/15/98 55,000 55,107 ---------------------------------------------------------------------------------------------------------------- First USA Bank, 5.35% Medium-Term Nts., 12/27/96 150,000 149,472 ---------------------------------------------------------------------------------------------------------------- Fleet Mtg./Norstar Group, Inc., 9.90% Sub. Nts., 6/15/01 145,000 162,248 ---------------------------------------------------------------------------------------------------------------- Mellon Financial Bank Corp., 6.50% Gtd. Sr. Nts., 12/1/97 185,000 185,272 ---------------------------------------------------------------------------------------------------------------- Security Pacific Corp., 7.75% Nts., 12/1/96 55,000 55,431 ------------ 1,167,694 - --------------------------------------------------------------------------------------------------------------------------- DIVERSIFIED FINANCIAL - 8.5% ---------------------------------------------------------------------------------------------------------------- American General Finance Corp., 8.50% Sr. Nts., 8/15/98 60,000 62,252 ---------------------------------------------------------------------------------------------------------------- Associates Corp. of North America, 7.40% Medium-Term Nts., 7/7/99 60,000 61,417 ---------------------------------------------------------------------------------------------------------------- Beneficial Corp., 9.125% Debs., 2/15/98 145,000 150,921 ---------------------------------------------------------------------------------------------------------------- Capital One Financial Corp., 6.83% Sr. Nts., 5/17/99 75,000 74,896 ---------------------------------------------------------------------------------------------------------------- Chrysler Financial Corp., 6.65% Medium-Term Nts., 4/28/97 120,000 120,490
7 Oppenheimer LifeSpan Funds
STATEMENT OF INVESTMENTS (Unaudited)(Continued) Oppenheimer LifeSpan Income Fund FACE MARKET VALUE AMOUNT SEE NOTE 1 - --------------------------------------------------------------------------------------------------------------------------- DIVERSIFIED FINANCIAL (CONTINUED) ---------------------------------------------------------------------------------------------------------------- Commercial Credit Co., 5.55% Unsec. Nts., 2/15/01 $ 145,000 $ 138,078 ---------------------------------------------------------------------------------------------------------------- Countrywide Funding Corp.: 6.05% Gtd. Medium-Term Nts., Series D, 3/1/01 90,000 86,354 6.085% Gtd. Medium-Term Nts., Series B, 7/14/99 60,000 58,908 6.57% Gtd. Medium-Term Nts., Series A, 8/4/97 60,000 60,256 ---------------------------------------------------------------------------------------------------------------- Ford Motor Credit Co., 6.25% Unsub. Nts., 2/26/98 145,000 144,717 ---------------------------------------------------------------------------------------------------------------- General Motors Acceptance Corp.: 5.625% Nts., 2/15/01 175,000 166,231 5.65% Medium-Term Nts., 12/15/97 300,000 297,834 ---------------------------------------------------------------------------------------------------------------- Golden West Financial Corp., 8.625% Sub. Nts., 8/30/98 55,000 57,159 ---------------------------------------------------------------------------------------------------------------- GPA Delaware, Inc., 8.75% Gtd. Nts., 12/15/98 50,000 49,875 ---------------------------------------------------------------------------------------------------------------- Grand Metropolitan PLC, 8.125% Gtd. Nts., 8/15/96 55,000 55,124 ---------------------------------------------------------------------------------------------------------------- Integra Financial Corp., 6.50% Sub. Nts., 4/15/00 145,000 142,470 ---------------------------------------------------------------------------------------------------------------- Merrill Lynch & Co., Inc.: 6.50% Nts., 4/1/01 150,000 147,360 8.25% Debs., 11/18/96 85,000 85,680 ---------------------------------------------------------------------------------------------------------------- Norwest Financial, Inc., 6.50% Sr. Nts., 11/15/97 55,000 55,191 ---------------------------------------------------------------------------------------------------------------- Penske Truck Leasing Co. LP, 7.75% Sr. Nts., 5/15/99 55,000 56,614 ---------------------------------------------------------------------------------------------------------------- Salomon, Inc., 8.69% Sr. Medium-Term Nts., Series D, 3/1/99 160,000 166,142 ------------ 2,237,969 - --------------------------------------------------------------------------------------------------------------------------- INSURANCE - 0.5% ---------------------------------------------------------------------------------------------------------------- Travelers/Aetna Property Casualty Corp., 6.75% Nts., 4/15/01 145,000 143,944 - --------------------------------------------------------------------------------------------------------------------------- HOUSING RELATED - 0.3% - --------------------------------------------------------------------------------------------------------------------------- BUILDING MATERIALS - 0.3% ---------------------------------------------------------------------------------------------------------------- Building Materials Corp., 0%/11.75% Sr. Deferred Coupon Nts., Series B, 7/1/04 (2) 100,000 74,500 - --------------------------------------------------------------------------------------------------------------------------- MANUFACTURING - 3.3% - --------------------------------------------------------------------------------------------------------------------------- AEROSPACE/ELECTRONICS/COMPUTERS - 2.3% ---------------------------------------------------------------------------------------------------------------- Alpine Group, Inc., 12.25% Sr. Nts., 7/15/03 75,000 75,375 ---------------------------------------------------------------------------------------------------------------- British Aerospace PLC, 8% Debs., 5/27/97 60,000 60,825 ---------------------------------------------------------------------------------------------------------------- Digital Equipment Corp., 7% Nts., 11/15/97 215,000 215,157 ---------------------------------------------------------------------------------------------------------------- Plantronics, Inc., 10% Sr. Nts., 1/15/01 75,000 74,625 ---------------------------------------------------------------------------------------------------------------- Storage Technology Corp., 7% Sub. Debs., 3/15/08 80,000 132,600 ---------------------------------------------------------------------------------------------------------------- Unisys Corp., 12% Sr. Nts., 4/15/03 (1) 50,000 51,125 ------------ 609,707 - --------------------------------------------------------------------------------------------------------------------------- CAPITAL GOODS - 1.0% ---------------------------------------------------------------------------------------------------------------- Day International Group, Inc., 11.125% Sr. Sub. Nts., Series B, 6/1/05 50,000 50,875 ---------------------------------------------------------------------------------------------------------------- Interlake Corp., 12.125% Sr. Sub. Debs., 3/1/02 50,000 50,000 ---------------------------------------------------------------------------------------------------------------- International Wire Group, Inc., 11.75% Sr. Sub. Nts., 6/1/05 50,000 49,875 ---------------------------------------------------------------------------------------------------------------- Jordan Industries, Inc., 10.375% Sr. Nts., 8/1/03 25,000 23,750 ---------------------------------------------------------------------------------------------------------------- Mark IV Industries, Inc., 8.75% Sub. Nts., 4/1/03 40,000 40,000 ---------------------------------------------------------------------------------------------------------------- Specialty Equipment Co., 11.375% Sr. Sub. Nts., 12/1/03 50,000 51,625 ------------ 266,125
8 Oppenheimer LifeSpan Funds
STATEMENT OF INVESTMENTS (Unaudited)(Continued) Oppenheimer LifeSpan Income Fund FACE MARKET VALUE AMOUNT SEE NOTE 1 - --------------------------------------------------------------------------------------------------------------------------- MEDIA - 5.1% - --------------------------------------------------------------------------------------------------------------------------- BROADCASTING - 0.9% ---------------------------------------------------------------------------------------------------------------- New World Communications Group Holding Corp., Zero Coupon Sr. Disc. Nts., Series B, 6/15/99 (3) $ 75,000 $ 54,938 ---------------------------------------------------------------------------------------------------------------- Park Broadcasting, Inc., 11.75% Sr. Nts., 5/15/04 (1) 50,000 49,875 ---------------------------------------------------------------------------------------------------------------- Sinclair Broadcast Group, Inc., 10% Sr. Sub. Nts., 9/30/05 50,000 47,750 ---------------------------------------------------------------------------------------------------------------- Tele-Communications, Inc., 5.28% Medium-Term Nts., 8/20/96 90,000 89,898 ------------ 242,461 - --------------------------------------------------------------------------------------------------------------------------- CABLE TELEVISION - 1.6% ---------------------------------------------------------------------------------------------------------------- Australis Media Ltd., Units (each unit consists of $1,000 principal amount of 0%/14% sub. disc. nts., 5/15/03 and one warrant to purchase 57.721 ordinary shares) (2)(4) 75,000 44,250 ---------------------------------------------------------------------------------------------------------------- Bell Cablemedia PLC, 0%/11.95% Sr. Disc. Nts., 7/15/04 (2) 75,000 52,688 ---------------------------------------------------------------------------------------------------------------- Comcast Corp., 9.375% Sr. Sub. Debs., 5/15/05 50,000 48,125 ---------------------------------------------------------------------------------------------------------------- Comcast UK Cable Partner Ltd., 0%/11.20% Sr. Disc. Debs., 11/15/07 (2) 75,000 43,313 ---------------------------------------------------------------------------------------------------------------- Helicon Group LP/Helicon Capital Corp., 9% Sr. Sec. Nts., Series B, 11/1/03 (5) 100,000 99,500 ---------------------------------------------------------------------------------------------------------------- International CableTel, Inc., 0%/11.50% Sr. Deferred Coupon Nts., Series A, 2/1/06 (2) 100,000 55,625 ---------------------------------------------------------------------------------------------------------------- United International Holdings, Inc., Zero Coupon Sr. Sec. Disc. Nts., Series B, 14%, 11/15/99 (3) 100,000 65,500 ------------ 409,001 - --------------------------------------------------------------------------------------------------------------------------- DIVERSIFIED MEDIA - 0.6% ---------------------------------------------------------------------------------------------------------------- Time Warner, Inc., 7.45% Nts., 2/1/98 145,000 146,571 - --------------------------------------------------------------------------------------------------------------------------- ENTERTAINMENT/FILM - 1.7% ---------------------------------------------------------------------------------------------------------------- American Skiing Corp., 12% Sr. Sub. Nts., 7/15/06 (1) 75,000 73,500 ---------------------------------------------------------------------------------------------------------------- Blockbuster Entertainment Corp., 6.625% Sr. Nts., 2/15/98 145,000 144,233 ---------------------------------------------------------------------------------------------------------------- Marvel III Holdings, Inc., 9.125% Sr. Sec. Nts., Series B, 2/15/98 25,000 23,625 ---------------------------------------------------------------------------------------------------------------- Walt Disney Co., 6.375% Sr. Unsec. Bonds, Series A, 3/30/01 220,000 216,075 ------------ 457,433 - --------------------------------------------------------------------------------------------------------------------------- PUBLISHING/PRINTING - 0.3% ---------------------------------------------------------------------------------------------------------------- Reed Publishing (USA), Inc., 7.24% Gtd. Medium-Term Nts., 2/10/97 70,000 70,510 - --------------------------------------------------------------------------------------------------------------------------- OTHER - 0.3% - --------------------------------------------------------------------------------------------------------------------------- SERVICES - 0.3% ---------------------------------------------------------------------------------------------------------------- Monarch Marketing Systems, Inc., 12.50% Sr. Nts., 7/1/03 75,000 79,500 - --------------------------------------------------------------------------------------------------------------------------- RETAIL - 3.2% - --------------------------------------------------------------------------------------------------------------------------- DEPARTMENT STORES - 1.6% ---------------------------------------------------------------------------------------------------------------- Federated Department Stores, Inc., 10% Sr. Nts., 2/15/01 60,000 63,151 ---------------------------------------------------------------------------------------------------------------- Parisian, Inc., 9.875% Sr. Sub. Nts., 7/15/03 50,000 47,250 ---------------------------------------------------------------------------------------------------------------- Sears Roebuck & Co., 8.39% Medium-Term Nts., 3/23/99 290,000 302,777 ------------ 413,178
9 Oppenheimer LifeSpan Funds
STATEMENT OF INVESTMENTS (Unaudited)(Continued) Oppenheimer LifeSpan Income Fund FACE MARKET VALUE AMOUNT SEE NOTE 1 - --------------------------------------------------------------------------------------------------------------------------- DRUG STORES - 0.4% ---------------------------------------------------------------------------------------------------------------- Pathmark Stores, Inc., 0%/10.75% Jr. Sub. Deferred Coupon Nts., 11/1/03 (2) $ 100,000 $ 60,500 ---------------------------------------------------------------------------------------------------------------- Duane Reade, 12% Sr. Nts., Series B, 9/15/02 50,000 46,000 ------------ 106,500 - --------------------------------------------------------------------------------------------------------------------------- SPECIALTY RETAILING - 0.5% ---------------------------------------------------------------------------------------------------------------- Hills Stores Co., 12.50% Sr. Nts., 7/1/03 (1) 50,000 49,000 ---------------------------------------------------------------------------------------------------------------- Venture Holdings Trust, 9.75% Sr. Sub. Nts., 4/1/04 50,000 41,250 ---------------------------------------------------------------------------------------------------------------- Waban, Inc., 11% Sr. Sub. Nts., 5/15/04 50,000 52,000 ------------ 142,250 - --------------------------------------------------------------------------------------------------------------------------- SUPERMARKETS - 0.7% ---------------------------------------------------------------------------------------------------------------- Dairy Mart Convenience Stores, Inc., 10.25% Sr. Sub. Nts., 3/15/04 50,000 46,500 ---------------------------------------------------------------------------------------------------------------- Farm Fresh, Inc., 12.25% Sr. Nts., Series A, 10/1/00 50,000 43,000 ---------------------------------------------------------------------------------------------------------------- Jitney-Jungle Stores of America, Inc., 12% Gtd. Sr. Nts., 3/1/06 50,000 51,250 ---------------------------------------------------------------------------------------------------------------- Ralph's Grocery Co., 10.45% Sr. Nts., 6/15/04 50,000 49,000 ------------ 189,750 - --------------------------------------------------------------------------------------------------------------------------- TRANSPORTATION - 1.5% - --------------------------------------------------------------------------------------------------------------------------- RAILROADS - 0.6% ---------------------------------------------------------------------------------------------------------------- Union Pacific Corp., 7% Nts., 6/15/00 150,000 149,672 - --------------------------------------------------------------------------------------------------------------------------- SHIPPING - 0.9% ---------------------------------------------------------------------------------------------------------------- Federal Express Corp., 6.25% Nts., 4/15/98 240,000 238,162 - --------------------------------------------------------------------------------------------------------------------------- UTILITIES - 5.0% - --------------------------------------------------------------------------------------------------------------------------- ELECTRIC UTILITIES - 2.3% ---------------------------------------------------------------------------------------------------------------- Arkla, Inc., 9.875% Nts., 4/15/97 290,000 297,572 ---------------------------------------------------------------------------------------------------------------- Consumers Power Co., 8.75% Mtg. Nts., 2/15/98 145,000 149,092 ---------------------------------------------------------------------------------------------------------------- El Paso Electric Co., 7.25% First Mtg. Nts., Series A, 2/1/99 75,000 73,845 ---------------------------------------------------------------------------------------------------------------- Williams Holdings of Delaware, Inc., 6.25% Sr. Unsec. Debs., 2/1/06 100,000 92,584 ------------ 613,093 - --------------------------------------------------------------------------------------------------------------------------- TELECOMMUNICATIONS - 2.7% ---------------------------------------------------------------------------------------------------------------- Allbritton Communications Co., 9.75% Sr. Sub. Nts., 11/30/07 (1) 50,000 45,875 ---------------------------------------------------------------------------------------------------------------- American Communications Services, Inc., 0%/13% Sr. Disc. Nts., 11/1/05 (2) 75,000 42,000 ---------------------------------------------------------------------------------------------------------------- Arch Communications Group, Inc., 0%/10.875% Sr. Disc. Nts., 3/15/08 (2) 75,000 38,625 ---------------------------------------------------------------------------------------------------------------- Centennial Cellular Corp., 10.125% Sr. Nts., 5/15/05 50,000 48,000 ---------------------------------------------------------------------------------------------------------------- GTE Corp., 8.85% Debs., 3/1/98 60,000 62,206 ---------------------------------------------------------------------------------------------------------------- Intermedia Communications, Inc., 13.50% Sr. Nts., Series B, 6/1/05 50,000 56,000 ---------------------------------------------------------------------------------------------------------------- MCI Communications Corp.: 7.125% Sr. Nts., 1/20/00 145,000 146,387 7.625% Sr. Nts., 11/7/96 60,000 60,346 ---------------------------------------------------------------------------------------------------------------- MFS Communications Co., Inc., 0%/9.375% Sr. Disc. Nts., 1/15/04 (2) 75,000 56,250
10 Oppenheimer LifeSpan Funds
STATEMENT OF INVESTMENTS (Unaudited)(Continued) Oppenheimer LifeSpan Income Fund FACE MARKET VALUE AMOUNT SEE NOTE 1 - --------------------------------------------------------------------------------------------------------------------------- TELECOMMUNICATIONS (CONTINUED) ---------------------------------------------------------------------------------------------------------------- Nextel Communications, Inc., 0%/9.75% Sr. Disc. Nts., 8/15/04 (2) $ 100,000 $ 58,750 ---------------------------------------------------------------------------------------------------------------- Peoples Telephone Co., Inc., 12.25% Sr. Nts., 7/15/02 50,000 48,500 ---------------------------------------------------------------------------------------------------------------- Teleport Communications Group, Inc.: 0%/11.125% Sr. Disc. Nts., 7/1/07 (2)(6) 25,000 14,781 9.875% Sr. Nts., 7/1/06 (6) 25,000 25,258 ------------ 702,978 ------------ Total Corporate Bonds and Notes 12,878,585 SHARES =========================================================================================================================== COMMON STOCKS - 21.8% - --------------------------------------------------------------------------------------------------------------------------- BASIC INDUSTRY - 1.3% - --------------------------------------------------------------------------------------------------------------------------- STEEL - 1.3% ---------------------------------------------------------------------------------------------------------------- Carpenter Technology Corp. 3,200 102,400 ---------------------------------------------------------------------------------------------------------------- UNR Industries, Inc. 25,000 240,625 ------------ 343,025 - --------------------------------------------------------------------------------------------------------------------------- CONSUMER RELATED - 1.7% - --------------------------------------------------------------------------------------------------------------------------- FOOD/BEVERAGES/TOBACCO - 0.4% ---------------------------------------------------------------------------------------------------------------- Anheuser-Busch Cos., Inc. 1,500 112,500 - --------------------------------------------------------------------------------------------------------------------------- HEALTHCARE - 1.0% ---------------------------------------------------------------------------------------------------------------- Bristol-Myers Squibb Co. 1,800 162,000 ---------------------------------------------------------------------------------------------------------------- Glaxo Wellcome PLC, Sponsored ADR 3,800 101,650 ------------ 263,650 - --------------------------------------------------------------------------------------------------------------------------- RESTAURANTS - 0.3% ---------------------------------------------------------------------------------------------------------------- Piccadilly Cafeterias, Inc. 6,900 72,450 - --------------------------------------------------------------------------------------------------------------------------- ENERGY - 3.6% - --------------------------------------------------------------------------------------------------------------------------- Amoco Corp. 1,400 101,325 ---------------------------------------------------------------------------------------------------------------- Atlantic Richfield Co. 1,300 154,050 ---------------------------------------------------------------------------------------------------------------- Chevron Corp. 2,400 141,600 ---------------------------------------------------------------------------------------------------------------- El Paso Natural Gas Co. 4,100 157,850 ---------------------------------------------------------------------------------------------------------------- Exxon Corp. 1,600 139,000 ---------------------------------------------------------------------------------------------------------------- Mobil Corp. 1,200 134,550 ---------------------------------------------------------------------------------------------------------------- Ultramar Corp. 4,300 124,700 ------------ 953,075 - --------------------------------------------------------------------------------------------------------------------------- FINANCIAL SERVICES - 2.5% - --------------------------------------------------------------------------------------------------------------------------- BANKS & THRIFTS - 2.0% ---------------------------------------------------------------------------------------------------------------- Bank of Boston Corp. 2,800 138,600 ---------------------------------------------------------------------------------------------------------------- BankAmerica Corp. 2,000 151,500 ---------------------------------------------------------------------------------------------------------------- Chase Manhattan Corp. (New) 1,456 102,830 ---------------------------------------------------------------------------------------------------------------- PNC Bank Corp. 4,400 130,900 ------------ 523,830 - --------------------------------------------------------------------------------------------------------------------------- INSURANCE - 0.5% ---------------------------------------------------------------------------------------------------------------- Hartford Steam Boiler Inspection & Insurance Co. 2,800 137,550
11 Oppenheimer LifeSpan Funds
STATEMENT OF INVESTMENTS (Unaudited)(Continued) Oppenheimer LifeSpan Income Fund MARKET VALUE SHARES SEE NOTE 1 - --------------------------------------------------------------------------------------------------------------------------- HOUSING RELATED - 1.7% - --------------------------------------------------------------------------------------------------------------------------- HOMEBUILDERS/REAL ESTATE - 1.7% ---------------------------------------------------------------------------------------------------------------- Camden Property Trust 4,800 $ 114,000 ---------------------------------------------------------------------------------------------------------------- Capstone Capital Trust, Inc. 5,900 120,950 ---------------------------------------------------------------------------------------------------------------- Health & Retirement Property Trust 6,800 117,300 ---------------------------------------------------------------------------------------------------------------- Meditrust Corp. 3,100 103,462 ------------ 455,712 - --------------------------------------------------------------------------------------------------------------------------- MANUFACTURING - 3.4% - --------------------------------------------------------------------------------------------------------------------------- AEROSPACE/ELECTRONICS/COMPUTERS - 2.4% ---------------------------------------------------------------------------------------------------------------- General Dynamics Corp. 2,800 173,600 ---------------------------------------------------------------------------------------------------------------- Goodrich (B.F.) Co. 3,400 127,075 ---------------------------------------------------------------------------------------------------------------- Lockheed Martin Corp. 1,200 100,800 ---------------------------------------------------------------------------------------------------------------- Rockwell International Corp. 2,000 114,500 ---------------------------------------------------------------------------------------------------------------- TRW, Inc. 1,200 107,850 ------------ 623,825 - --------------------------------------------------------------------------------------------------------------------------- AUTOMOTIVE - 1.0% ---------------------------------------------------------------------------------------------------------------- Chrysler Corp. 2,100 130,200 ---------------------------------------------------------------------------------------------------------------- Ford Motor Co. 3,800 123,025 ------------ 253,225 - --------------------------------------------------------------------------------------------------------------------------- OTHER - 0.8% - --------------------------------------------------------------------------------------------------------------------------- CONGLOMERATES - 0.4% ---------------------------------------------------------------------------------------------------------------- Hanson PLC, ADR 7,400 105,450 - --------------------------------------------------------------------------------------------------------------------------- SERVICES - 0.4% ---------------------------------------------------------------------------------------------------------------- Helix Technology Corp. 2,700 104,625 - --------------------------------------------------------------------------------------------------------------------------- RETAIL - 0.7% - --------------------------------------------------------------------------------------------------------------------------- DEPARTMENT STORES - 0.3% ---------------------------------------------------------------------------------------------------------------- Sears Roebuck & Co. 1,800 87,525 - --------------------------------------------------------------------------------------------------------------------------- SPECIALTY RETAILING - 0.4% ---------------------------------------------------------------------------------------------------------------- New England Business Service, Inc. 5,000 97,500 - --------------------------------------------------------------------------------------------------------------------------- UTILITIES - 6.1% - --------------------------------------------------------------------------------------------------------------------------- ELECTRIC UTILITIES - 4.2% ---------------------------------------------------------------------------------------------------------------- American Electric Power Co., Inc. 3,000 127,875 ---------------------------------------------------------------------------------------------------------------- Entergy Corp. 4,800 136,200 ---------------------------------------------------------------------------------------------------------------- FPL Group, Inc. 3,400 156,400 ---------------------------------------------------------------------------------------------------------------- Illinova Corp. 4,000 115,000 ---------------------------------------------------------------------------------------------------------------- Kansas City Power & Light Co. 5,000 137,500 ---------------------------------------------------------------------------------------------------------------- PanEnergy Corp. 6,600 216,975 ---------------------------------------------------------------------------------------------------------------- Texas Utilities Co. 2,400 102,600 ---------------------------------------------------------------------------------------------------------------- Western Resources, Inc. 3,900 116,513 ------------ 1,109,063 - --------------------------------------------------------------------------------------------------------------------------- TELECOMMUNICATIONS - 1.9% ---------------------------------------------------------------------------------------------------------------- Ameritech Corp. 2,100 124,688 ---------------------------------------------------------------------------------------------------------------- AT&T Corp. 1,800 111,600 ---------------------------------------------------------------------------------------------------------------- GTE Corp. 3,000 134,250
12 Oppenheimer LifeSpan Funds
STATEMENT OF INVESTMENTS (Unaudited)(Continued) Oppenheimer LifeSpan Income Fund MARKET VALUE SHARES SEE NOTE 1 - --------------------------------------------------------------------------------------------------------------------------- TELECOMMUNICATIONS (CONTINUED) ---------------------------------------------------------------------------------------------------------------- NYNEX Corp. 2,700 $ 128,250 ------------ 498,788 ------------ Total Common Stocks 5,741,793 =========================================================================================================================== PREFERRED STOCKS - 0.5% - --------------------------------------------------------------------------------------------------------------------------- Case Corp., $4.50 Cum. Cv., Series A, Non-Vtg. 1,200 141,900 UNITS =========================================================================================================================== RIGHTS, WARRANTS AND CERTIFICATES - 0.0% - --------------------------------------------------------------------------------------------------------------------------- Intermedia Communications, Inc. Wts., Exp. 6/00 50 2,000 FACE AMOUNT =========================================================================================================================== REPURCHASE AGREEMENT - 3.8% - --------------------------------------------------------------------------------------------------------------------------- Repurchase Agreement with State Street Bank and Trust Company, 4.50%, dated 6/8/96, to be repurchased at $1,000,375 on 7/1/96, collateralized by U.S. Treasury Bills, 12/19/96, with a value of $1,023,559 $1,000,000 1,000,000 ---------------------------------------------------------------------------------------------------------------- TOTAL INVESTMENTS, AT VALUE (COST $25,001,433) 97.5% 25,687,850 ---------------------------------------------------------------------------------------------------------------- OTHER ASSETS NET OF LIABILITIES 2.5 655,024 ------ ------------ NET ASSETS 100.0% $26,342,874 ====== ============
1. Represents a security sold under Rule 144A, which is exempt from registration under the Securities Act of 1933, as amended. This security has been determined to be liquid under the guidelines established by the Board of Directors. These securities amount to $395,587 or 1.50% of the Fund's net assets at June 30, 1996. 2. Denotes a step bond: a zero coupon bond that converts to a fixed rate of interest at a designated future date. 3. For zero coupon bonds, the interest rate shown is the effective yield on the date of purchase. 4. Units may be comprised of several components, such as debt and equity and/or warrants to purchase equity at some point in the future. For units which represent debt securities, face amount disclosed represents total underlying principal. 5. Represents the current interest rate for a variable rate security. 6. When-issued security to be delivered and settled after June 30, 1996. See accompanying Notes to Financial Statements. 13 Oppenheimer LifeSpan Funds
STATEMENT OF INVESTMENTS June 30, 1996 (Unaudited) Oppenheimer LifeSpan Balanced Fund FACE MARKET VALUE AMOUNT SEE NOTE 1 ========================================================================================================================= MORTGAGE-BACKED OBLIGATIONS - 2.5% - ------------------------------------------------------------------------------------------------------------------------- Federal Home Loan Mortgage Corp.: Collateralized Mtg. Obligations, Gtd. Multiclass Mtg. Participation Certifictes, 5.50%, 6/1/98 $ 76,844 $ 74,965 Gtd. Multiclass Mtg. Participation Certificates, 6%, 3/1/09 214,010 204,245 Series 1843, Cl. VB, 7%, 4/15/03 65,000 64,797 Series 1849, Cl. VA, 6%, 12/15/10 217,708 213,082 ----------------------------------------------------------------------------------------------------------------- Federal National Mortgage Assn.: 6%, 12/1/03 217,645 210,438 6.50%, 4/1/26 149,471 139,803 Series 1994-13, Cl. B, 6.50%, 2/25/09 150,000 139,172 ----------------------------------------------------------------------------------------------------------------- GE Capital Mortgage Securities, Inc., Series-HE2, Cl. A3, 7.30%, 6/25/26 125,000 125,313 ----------------------------------------------------------------------------------------------------------------- Olympic Automobile Receivables Trust, Series 1996-A, Cl. A4, 5.85%, 7/15/01 110,000 107,729 ------------ Total Mortgage-Backed Obligations 1,279,544 ========================================================================================================================= U.S. GOVERNMENT OBLIGATIONS - 6.1% - ------------------------------------------------------------------------------------------------------------------------- U.S. Treasury Bonds, 7.50%, 11/15/16 1,150,000 1,209,315 ----------------------------------------------------------------------------------------------------------------- U.S. Treasury Nts.: 6.75%, 6/30/99 1,080,000 1,092,485 7.25%, 8/15/04 780,000 807,908 ------------ Total U.S. Government Obligations 3,109,708 ========================================================================================================================= NON-CONVERTIBLE CORPORATE BONDS AND NOTES - 26.5% - ------------------------------------------------------------------------------------------------------------------------- BASIC MATERIALS - 4.2% - ------------------------------------------------------------------------------------------------------------------------ CHEMICALS - 1.4% ----------------------------------------------------------------------------------------------------------------- Burmah Castrol PLC, 7% Gtd. Medium-Term Nts., 12/15/97 110,000 111,264 ----------------------------------------------------------------------------------------------------------------- G-I Holdings, Inc., 10% Sr. Nts., 2/15/06 (1) 75,000 73,875 ----------------------------------------------------------------------------------------------------------------- Harris Chemical North America, Inc., 10.25% Gtd. Sr. Sec. Disc. Nts., 7/15/01 100,000 100,250 ----------------------------------------------------------------------------------------------------------------- LaRoche Industries, Inc., 13% Sr. Sub. Nts., 8/15/04 100,000 106,000 ----------------------------------------------------------------------------------------------------------------- Lyondell Petrochemical Co., 8.25% Nts., 3/15/97 75,000 75,902 ----------------------------------------------------------------------------------------------------------------- Morton International, Inc., 9.25% Credit Sensitive Nts., 6/1/20 65,000 76,816 ----------------------------------------------------------------------------------------------------------------- NL Industries, Inc., 0%/13% Sr. Sec. Disc. Nts., 10/15/05 (2) 100,000 77,625 ----------------------------------------------------------------------------------------------------------------- PPG Industries, Inc., 9% Debs., 5/1/21 65,000 75,004 ------------ 696,736 - ------------------------------------------------------------------------------------------------------------------------- METALS - 0.8% ----------------------------------------------------------------------------------------------------------------- Alcan Aluminum Ltd., 9.625% Debs., 7/15/19 125,000 136,849 ----------------------------------------------------------------------------------------------------------------- Geneva Steel Co., 9.50% Sr. Nts., 1/15/04 50,000 39,000 ----------------------------------------------------------------------------------------------------------------- Republic Engineered Steels, Inc., 9.875% First Mtg. Nts., 12/15/01 50,000 46,500 ----------------------------------------------------------------------------------------------------------------- WCI Steel, Inc., 10.50% Sr. Gtd. Nts., Series B, 3/1/02 100,000 101,500
14 Oppenheimer LifeSpan Funds
STATEMENT OF INVESTMENTS (Unaudited)(Continued) Oppenheimer LifeSpan Balanced Fund FACE MARKET VALUE AMOUNT SEE NOTE 1 - ------------------------------------------------------------------------------------------------------------------------- METALS (CONTINUED) ----------------------------------------------------------------------------------------------------------------- Weirton Steel Corp., 10.75% Sr. Nts., 6/1/05 $ 100,000 $ 94,750 ------------ 418,599 - ------------------------------------------------------------------------------------------------------------------------- PAPER - 2.0% ----------------------------------------------------------------------------------------------------------------- Celulosa Arauco y Constitucion SA, 7.25% Debs., 6/11/98 110,000 110,826 ----------------------------------------------------------------------------------------------------------------- Crown Packaging Holdings Ltd., 0%/12.25% Sr. Sub. Disc. Nts., Series B, 11/1/03 (2) 200,000 79,000 ----------------------------------------------------------------------------------------------------------------- Doman Industries Ltd., 8.75% Sr. Nts., 3/15/04 100,000 90,000 ----------------------------------------------------------------------------------------------------------------- Fort Howard Corp., 9% Sr. Sub. Nts., 2/1/06 75,000 72,000 ----------------------------------------------------------------------------------------------------------------- Gaylord Container Corp., 12.75% Sr. Sub. Disc. Debs., 5/15/05 100,000 105,375 ----------------------------------------------------------------------------------------------------------------- Georgia-Pacific Corp., 9.85% Credit Sensitive Nts., 6/15/97 220,000 226,565 ----------------------------------------------------------------------------------------------------------------- Indah Kiat International Finance Co. BV, 11.875% Sr. Sec. Gtd. Nts., 6/15/02 100,000 105,000 ----------------------------------------------------------------------------------------------------------------- Kimberly-Clark Corp., 7.875% Debs., 2/1/23 65,000 65,276 ----------------------------------------------------------------------------------------------------------------- Malette, Inc., 12.25% Sr. Sec. Nts., 7/15/04 100,000 105,000 ----------------------------------------------------------------------------------------------------------------- Stone Container Corp., 9.875% Sr. Nts., 2/1/01 50,000 48,500 ------------ 1,007,542 - ------------------------------------------------------------------------------------------------------------------------- CONSUMER CYCLICALS - 7.0% - ------------------------------------------------------------------------------------------------------------------------- LEISURE & ENTERTAINMENT - 2.8% ----------------------------------------------------------------------------------------------------------------- American Skiing Corp., 12% Sr. Sub. Nts., 7/15/06 (1) 125,000 122,500 ----------------------------------------------------------------------------------------------------------------- Bally's Casino Holdings, Inc., Zero Coupon Sr. Disc. Nts., 8.594%, 6/15/98 (3) 125,000 107,969 ----------------------------------------------------------------------------------------------------------------- Bally's Park Place Funding, Inc., 9.25% Gtd. First Mtg. Nts., 3/15/04 100,000 106,375 ----------------------------------------------------------------------------------------------------------------- Blockbuster Entertainment Corp., 6.625% Sr. Nts., 2/15/98 110,000 109,418 ----------------------------------------------------------------------------------------------------------------- Casino America, Inc., 11.50% First Mtg. Nts., 11/15/01 75,000 79,500 ----------------------------------------------------------------------------------------------------------------- GB Property Funding Corp., 10.875% First Mtg. Nts., 1/15/04 50,000 45,000 ----------------------------------------------------------------------------------------------------------------- GNF Corp., 10.625% Gtd. First Mtg. Nts., Series B, 4/1/03 100,000 108,750 ----------------------------------------------------------------------------------------------------------------- Marvel III Holdings, Inc., 9.125% Sr. Sec. Nts., Series B, 2/15/98 50,000 47,250 ----------------------------------------------------------------------------------------------------------------- Mohegan Tribal Gaming Authority, 13.50% Sr. Sec. Nts., 11/15/02 (1) 50,000 62,750 ----------------------------------------------------------------------------------------------------------------- Rio Hotel & Casino, Inc., 10.625% Sr. Sub. Nts., 7/15/05 100,000 105,250 ----------------------------------------------------------------------------------------------------------------- Santa Fe Hotel, Inc., 11% Gtd. First Mtg. Nts., 12/15/00 91,000 72,800 ----------------------------------------------------------------------------------------------------------------- Station Casinos, Inc., 10.125% Sr. Sub. Nts., 3/15/06 125,000 121,875 ----------------------------------------------------------------------------------------------------------------- Trump Atlantic City Associates/Trump Atlantic City Funding, Inc., 11.25% First Mtg. Nts., 5/1/06 75,000 75,375 ----------------------------------------------------------------------------------------------------------------- Trump's Castle Funding, Inc., 11.75% Mtg. Nts., 11/15/03 100,000 102,250 ----------------------------------------------------------------------------------------------------------------- Walt Disney Co., 6.375% Sr. Unsec. Bonds, Series A, 3/30/01 160,000 157,146 ------------ 1,424,208 - ------------------------------------------------------------------------------------------------------------------------- MEDIA - 2.4% ----------------------------------------------------------------------------------------------------------------- Australis Media Ltd., Units (each unit consists of $1,000 principal amount of 0%/14% sr. sub. disc. nts., 5/15/03 and one warrant to purchase 57.721 ordinary shares) (2)(4) 150,000 88,500
15 Oppenheimer LifeSpan Funds
STATEMENT OF INVESTMENTS (Unaudited)(Continued) Oppenheimer LifeSpan Balanced Fund FACE MARKET VALUE AMOUNT SEE NOTE 1 - ------------------------------------------------------------------------------------------------------------------------- MEDIA (CONTINUED) ----------------------------------------------------------------------------------------------------------------- Bell Cablemedia PLC, 0%/11.95% Sr. Disc. Nts., 7/15/04 (2) $ 150,000 $ 105,375 ----------------------------------------------------------------------------------------------------------------- Comcast Corp., 9.375% Sr. Sub. Debs., 5/15/05 100,000 96,250 ----------------------------------------------------------------------------------------------------------------- Comcast UK Cable Partner Ltd., 0%/11.20% Sr. Disc. Debs., 11/15/07 (2) 125,000 72,188 ----------------------------------------------------------------------------------------------------------------- Helicon Group LP/Helicon Capital Corp., 9% Sr. Sec. Nts., Series B, 11/1/03 (5) 50,000 49,750 ----------------------------------------------------------------------------------------------------------------- International CableTel, Inc., 0%/11.50% Sr. Deferred Coupon Nts., Series A, 2/1/06 (2) 250,000 139,063 ----------------------------------------------------------------------------------------------------------------- New World Communications Group Holding Corp., Zero Coupon Sr. Disc. Nts., Series B, 10.995%, 6/15/99 (3) 200,000 146,250 ----------------------------------------------------------------------------------------------------------------- Park Broadcasting, Inc., 11.75% Sr. Nts., 5/15/04 (1) 75,000 74,813 ----------------------------------------------------------------------------------------------------------------- Reed Publishing (USA), Inc., 7.24% Gtd. Medium-Term Nts., 2/10/97 70,000 70,510 ----------------------------------------------------------------------------------------------------------------- Sinclair Broadcast Group, Inc., 10% Sr. Sub. Nts., 9/30/05 100,000 95,500 ----------------------------------------------------------------------------------------------------------------- Tele-Communications, Inc., 5.28% Medium-Term Nts., 8/20/96 70,000 69,921 ----------------------------------------------------------------------------------------------------------------- Time Warner, Inc., 7.45% Nts., 2/1/98 110,000 111,191 ----------------------------------------------------------------------------------------------------------------- United International Holdings, Inc.: Zero Coupon Sr. Sec. Disc. Nts., Series B, 14%, 11/15/99 (3) 100,000 65,500 Zero Coupon Sr. Sec. Disc. Nts., 12.376%, 11/15/99 (3) 50,000 33,000 ------------ 1,217,811 - ------------------------------------------------------------------------------------------------------------------------- RETAIL: GENERAL - 1.1% ----------------------------------------------------------------------------------------------------------------- Duane Reade, 12% Sr. Nts., Series B, 9/15/02 100,000 92,000 ----------------------------------------------------------------------------------------------------------------- Federated Department Stores, Inc., 10% Sr. Nts., 2/15/01 40,000 42,101 ----------------------------------------------------------------------------------------------------------------- Pathmark Stores, Inc., 0%/10.75% Jr. Sub. Deferred Coupon Nts., 11/1/03 (2) 200,000 121,000 ----------------------------------------------------------------------------------------------------------------- Parisian, Inc., 9.875% Sr. Sub. Nts., 7/15/03 100,000 94,500 ----------------------------------------------------------------------------------------------------------------- Sears Roebuck & Co., 8.39% Medium-Term Nts., 3/23/99 220,000 229,693 ------------ 579,294 - ------------------------------------------------------------------------------------------------------------------------- RETAIL: SPECIALTY - 0.7% ----------------------------------------------------------------------------------------------------------------- Hills Stores Co., 12.50% Sr. Nts., 7/1/03 (1) 100,000 98,000 ----------------------------------------------------------------------------------------------------------------- U.S. Leather, Inc., 10.25% Sr. Nts., 7/31/03 100,000 85,000 ----------------------------------------------------------------------------------------------------------------- Venture Holdings Trust, 9.75% Sr. Sub. Nts., 4/1/04 100,000 82,500 ----------------------------------------------------------------------------------------------------------------- Waban, Inc., 11% Sr. Sub. Nts., 5/15/04 100,000 104,000 ------------ 369,500 - ------------------------------------------------------------------------------------------------------------------------- CONSUMER NON-CYCLICALS - 3.4% - ------------------------------------------------------------------------------------------------------------------------- FOOD - 1.3% ----------------------------------------------------------------------------------------------------------------- Dairy Mart Convenience Stores, Inc., 10.25% Sr. Sub. Nts., 3/15/04 100,000 93,000 ----------------------------------------------------------------------------------------------------------------- Dole Food Co., 6.75% Nts., 7/15/00 120,000 118,377 ----------------------------------------------------------------------------------------------------------------- Farm Fresh, Inc., 12.25% Sr. Nts., Series A, 10/1/00 100,000 86,000 ----------------------------------------------------------------------------------------------------------------- Great Atlantic & Pacific Tea Co., 9.125% Debs., 1/15/98 115,000 118,594 ----------------------------------------------------------------------------------------------------------------- Jitney-Jungle Stores of America, Inc., 12% Gtd. Sr. Nts., 3/1/06 150,000 152,625 ----------------------------------------------------------------------------------------------------------------- Ralph's Grocery Co., 10.45% Sr. Nts., 6/15/04 100,000 98,000 ------------ 666,596
16 Oppenheimer LifeSpan Funds
STATEMENT OF INVESTMENTS (Unaudited)(Continued) Oppenheimer LifeSpan Balanced Fund FACE MARKET VALUE AMOUNT SEE NOTE 1 - ------------------------------------------------------------------------------------------------------------------------- HEALTHCARE/DRUGS - 0.3% ----------------------------------------------------------------------------------------------------------------- Roche Holdings, Inc., 2.75% Bonds, 4/14/00 $ 200,000 $ 176,375 - ------------------------------------------------------------------------------------------------------------------------- HEALTHCARE/SUPPLIES & SERVICES - 0.7% ----------------------------------------------------------------------------------------------------------------- Dade International, Inc., 11.125% Sr. Sub. Nts., 5/1/06 (1) 125,000 129,799 ----------------------------------------------------------------------------------------------------------------- Health o meter Products, Inc., Units (each unit consists of $1,000 principal amount of 13% sr. sub. nts., 8/15/02 and one warrant to purchase 10.96 ordinary shares) (4) 100,000 106,812 ----------------------------------------------------------------------------------------------------------------- Integrated Health Services, Inc., 9.625% Sr. Sub. Nts., Series A, 5/31/02 100,000 99,500 ------------ 336,111 - ------------------------------------------------------------------------------------------------------------------------- HOUSEHOLD GOODS - 0.9% ----------------------------------------------------------------------------------------------------------------- Black & Decker Corp., 6.625% Nts., 11/15/00 110,000 108,649 ----------------------------------------------------------------------------------------------------------------- Electrolux AB, 7.75% Sr. Unsub. Debs., 6/17/97 220,000 222,476 ----------------------------------------------------------------------------------------------------------------- Revlon Consumer Products Corp., 9.375% Sr. Nts., 4/1/01 100,000 98,000 ----------------------------------------------------------------------------------------------------------------- Revlon Worldwide Corp., Zero Coupon Sr. Sec. Disc. Nts., 14.04%, 3/15/98 (3) 50,000 41,563 ------------ 470,688 - ------------------------------------------------------------------------------------------------------------------------- TOBACCO - 0.2% ----------------------------------------------------------------------------------------------------------------- B.A.T. Capital Corp., 6.66% Medium-Term Nts., 3/22/00 (1) 55,000 54,379 ----------------------------------------------------------------------------------------------------------------- Philip Morris Cos., Inc., 8.75% Debs., 12/1/96 45,000 45,493 ------------ 99,872 - ------------------------------------------------------------------------------------------------------------------------- ENERGY - 0.7% - ------------------------------------------------------------------------------------------------------------------------- ENERGY SERVICES & PRODUCERS - 0.4% ----------------------------------------------------------------------------------------------------------------- Coastal Corp.: 8.125% Sr. Nts., 9/15/02 65,000 67,768 8.75% Sr. Nts., 5/15/99 35,000 36,456 ----------------------------------------------------------------------------------------------------------------- Maxus Energy Corp., 9.875% Nts., 10/15/02 100,000 99,500 ------------ 203,724 - ------------------------------------------------------------------------------------------------------------------------- OIL-INTEGRATED - 0.3% ----------------------------------------------------------------------------------------------------------------- Louisiana Land & Exploration Co., 7.65% Debs., 12/1/23 75,000 72,599 ----------------------------------------------------------------------------------------------------------------- Standard Oil/British Petroleum Co. PLC, 9% Debs., 6/1/19 65,000 67,982 ------------ 140,581 - ------------------------------------------------------------------------------------------------------------------------- FINANCIAL - 5.1% - ------------------------------------------------------------------------------------------------------------------------- BANKS - 1.5% ----------------------------------------------------------------------------------------------------------------- BankAmerica Corp., 6% Nts., 7/15/97 200,000 199,852 ----------------------------------------------------------------------------------------------------------------- Chase Manhattan Corp. (New), 6.625% Sr. Nts., 1/15/98 35,000 35,116 ----------------------------------------------------------------------------------------------------------------- Citicorp, 5.625% Sr. Nts., 2/15/01 65,000 61,963 ----------------------------------------------------------------------------------------------------------------- First Fidelity Bancorporation, 8.50% Sub. Capital Nts., 4/1/98 35,000 36,132 ----------------------------------------------------------------------------------------------------------------- First Union Corp., 6.75% Sr. Nts., 1/15/98 35,000 35,068 ----------------------------------------------------------------------------------------------------------------- First USA Bank, 5.35% Medium-Term Nts., 12/27/96 100,000 99,648 ----------------------------------------------------------------------------------------------------------------- Fleet Mtg./Norstar Group, Inc., 9.90% Sub. Nts., 6/15/01 110,000 123,085 ----------------------------------------------------------------------------------------------------------------- Mellon Financial Bank Corp., 6.50% Gtd. Sr. Nts., 12/1/97 145,000 145,213 ----------------------------------------------------------------------------------------------------------------- Security Pacific Corp., 7.75% Nts., 12/1/96 35,000 35,274 ------------ 771,351 - ------------------------------------------------------------------------------------------------------------------------- DIVERSIFIED FINANCIAL - 3.4% ----------------------------------------------------------------------------------------------------------------- American General Finance Corp., 8.50% Sr. Nts., 8/15/98 45,000 46,689
17 Oppenheimer LifeSpan Funds
STATEMENT OF INVESTMENTS (Unaudited)(Continued) Oppenheimer LifeSpan Balanced Fund FACE MARKET VALUE AMOUNT SEE NOTE 1 - ------------------------------------------------------------------------------------------------------------------------- DIVERSIFIED FINANCIAL (CONTINUED) ----------------------------------------------------------------------------------------------------------------- Associates Corp. of North America, 7.40% Medium-Term Nts., 7/7/99 $ 45,000 $ 46,063 ----------------------------------------------------------------------------------------------------------------- Beneficial Corp., 9.125% Debs., 2/15/98 110,000 114,491 ----------------------------------------------------------------------------------------------------------------- Capital One Financial Corp., 6.83% Sr. Nts., 5/17/99 50,000 49,930 ----------------------------------------------------------------------------------------------------------------- Chrysler Financial Corp., 6.65% Medium-Term Nts., 4/28/97 80,000 80,326 ----------------------------------------------------------------------------------------------------------------- Commercial Credit Co., 5.55% Unsec. Nts., 2/15/01 110,000 104,749 ----------------------------------------------------------------------------------------------------------------- Countrywide Funding Corp.: 6.05% Gtd. Medium-Term Nts., Series D, 3/1/01 65,000 62,367 6.085% Gtd. Medium-Term Nts., Series B, 7/14/99 45,000 44,181 6.57% Gtd. Medium-Term Nts., Series A, 8/4/97 45,000 45,192 ----------------------------------------------------------------------------------------------------------------- Ford Motor Credit Co., 6.25% Unsub. Nts., 2/26/98 110,000 109,785 ----------------------------------------------------------------------------------------------------------------- General Motors Acceptance Corp.: 5.625% Nts., 2/15/01 125,000 118,737 5.65% Medium-Term Nts., 12/15/97 200,000 198,556 ----------------------------------------------------------------------------------------------------------------- Golden West Financial Corp., 8.625% Sub. Nts., 8/30/98 35,000 36,374 ----------------------------------------------------------------------------------------------------------------- GPA Delaware, Inc., 8.75% Gtd. Nts., 12/15/98 125,000 124,688 ----------------------------------------------------------------------------------------------------------------- Grand Metropolitan PLC, 8.125% Gtd. Nts., 8/15/96 35,000 35,079 ----------------------------------------------------------------------------------------------------------------- Integra Financial Corp., 6.50% Sub. Nts., 4/15/00 110,000 108,081 ----------------------------------------------------------------------------------------------------------------- Merrill Lynch & Co., Inc.: 6.50% Nts., 4/1/01 100,000 98,240 8.25% Debs., 11/18/96 80,000 80,640 ----------------------------------------------------------------------------------------------------------------- Norwest Financial, Inc., 6.50% Sr. Nts., 11/15/97 35,000 35,121 ----------------------------------------------------------------------------------------------------------------- Penske Truck Leasing Co. LP, 7.75% Sr. Nts., 5/15/99 35,000 36,027 ----------------------------------------------------------------------------------------------------------------- Salomon, Inc., 8.69% Sr. Medium-Term Nts., Series D, 3/1/99 125,000 129,375 ------------ 1,704,691 - ------------------------------------------------------------------------------------------------------------------------- INSURANCE - 0.2% ----------------------------------------------------------------------------------------------------------------- Travelers/Aetna Property Casualty Corp., 6.75% Nts., 4/15/01 110,000 109,199 - ------------------------------------------------------------------------------------------------------------------------- INDUSTRIAL - 1.6% - ------------------------------------------------------------------------------------------------------------------------- INDUSTRIAL SERVICES - 0.1% ----------------------------------------------------------------------------------------------------------------- Monarch Marketing Systems, Inc., 12.50% Sr. Nts., 7/1/03 50,000 53,000 - ------------------------------------------------------------------------------------------------------------------------- MANUFACTURING - 1.0% ----------------------------------------------------------------------------------------------------------------- Day International Group, Inc., 11.125% Sr. Sub. Nts., Series B, 6/1/05 100,000 102,500 ----------------------------------------------------------------------------------------------------------------- Interlake Corp., 12.125% Sr. Sub. Debs., 3/1/02 100,000 100,000 ----------------------------------------------------------------------------------------------------------------- International Wire Group, Inc., 11.75% Sr. Sub. Nts., 6/1/05 100,000 99,750 ----------------------------------------------------------------------------------------------------------------- Jordan Industries, Inc., 10.375% Sr. Nts., 8/1/03 50,000 47,500 ----------------------------------------------------------------------------------------------------------------- Mark IV Industries, Inc., 8.75% Sub. Nts., 4/1/03 30,000 30,000 ----------------------------------------------------------------------------------------------------------------- Specialty Equipment Co., 11.375% Sr. Sub. Nts., 12/1/03 100,000 103,250 ------------ 483,000 - ------------------------------------------------------------------------------------------------------------------------- TRANSPORTATION - 0.5% ----------------------------------------------------------------------------------------------------------------- Federal Express Corp., 6.25% Nts., 4/15/98 165,000 163,736 ----------------------------------------------------------------------------------------------------------------- Union Pacific Corp., 7% Nts., 6/15/00 105,000 104,770 ------------ 268,506
18 Oppenheimer LifeSpan Funds
STATEMENT OF INVESTMENTS (Unaudited)(Continued) Oppenheimer LifeSpan Balanced Fund FACE MARKET VALUE AMOUNT SEE NOTE 1 - ------------------------------------------------------------------------------------------------------------------------- TECHNOLOGY - 3.3% - ------------------------------------------------------------------------------------------------------------------------- AEROSPACE/DEFENSE - 0.3% ----------------------------------------------------------------------------------------------------------------- British Aerospace PLC, 8% Debs., 5/27/97 $ 45,000 $ 45,619 ----------------------------------------------------------------------------------------------------------------- Unisys Corp., 12% Sr. Nts., 4/15/03 (1) 100,000 102,250 ------------ 147,869 - ------------------------------------------------------------------------------------------------------------------------- COMPUTER HARDWARE - 0.6% ----------------------------------------------------------------------------------------------------------------- Digital Equipment Corp., 7% Nts., 11/15/97 159,000 159,116 ----------------------------------------------------------------------------------------------------------------- Storage Technology Corp., 7% Sub. Debs., 3/15/08 75,000 124,313 ------------ 283,429 - ------------------------------------------------------------------------------------------------------------------------- ELECTRONICS - 0.1% ----------------------------------------------------------------------------------------------------------------- Alpine Group, Inc., 12.25% Sr. Nts., 7/15/03 75,000 75,375 - ------------------------------------------------------------------------------------------------------------------------- TELECOMMUNICATIONS-TECHNOLOGY - 2.3% ----------------------------------------------------------------------------------------------------------------- Allbritton Communications Co., 9.75% Sr. Sub. Nts., 11/30/07 (1) 100,000 91,750 ----------------------------------------------------------------------------------------------------------------- American Communications Services, Inc., 0%/13% Sr. Disc. Nts., 11/1/05 (2) 125,000 70,000 ----------------------------------------------------------------------------------------------------------------- Arch Communications Group, Inc., 0%/10.875% Sr. Disc. Nts., 3/15/08 (2) 150,000 77,250 ----------------------------------------------------------------------------------------------------------------- CAI Wireless Systems, Inc., 12.25% Sr. Nts., 9/15/02 100,000 104,500 ----------------------------------------------------------------------------------------------------------------- Centennial Cellular Corp., 10.125% Sr. Nts., 5/15/05 100,000 96,000 ----------------------------------------------------------------------------------------------------------------- Hyperion Telecommunications, Inc., Units (each unit consists of $1,000 principal amount of 0%/13% sr. disc. nts., 4/15/03 and one warrant to purchase 1.8645 common stock) (1)(2)(4) 250,000 137,500 ----------------------------------------------------------------------------------------------------------------- MCI Communications Corp.: 7.125% Sr. Nts., 1/20/00 110,000 111,051 7.625% Sr. Nts., 11/7/96 45,000 45,260 ----------------------------------------------------------------------------------------------------------------- MFS Communications Co., Inc., 0%/9.375% Sr. Disc. Nts., 1/15/04 (2) 150,000 112,500 ----------------------------------------------------------------------------------------------------------------- Nextel Communications, Inc., 0%/9.75% Sr. Disc. Nts., 8/15/04 (2) 200,000 117,500 ----------------------------------------------------------------------------------------------------------------- Paging Network, Inc., 10.125% Sr. Sub. Nts., 8/1/07 100,000 98,250 ----------------------------------------------------------------------------------------------------------------- Teleport Communications Group, Inc.: 0%/11.125% Sr. Disc. Nts., 7/1/07 (2)(6) 50,000 29,563 9.875% Sr. Nts., 7/1/06 (6) 50,000 50,516 ------------ 1,141,640 - ------------------------------------------------------------------------------------------------------------------------- UTILITIES - 1.2% - ------------------------------------------------------------------------------------------------------------------------- ELECTRIC UTILITIES - 0.3% ----------------------------------------------------------------------------------------------------------------- Consumers Power Co., 8.75% Mtg. Nts., 2/15/98 110,000 113,104 ----------------------------------------------------------------------------------------------------------------- El Paso Electric Co., 7.25% First Mtg. Nts., Series A, 2/1/99 50,000 49,230 ------------ 162,334 - ------------------------------------------------------------------------------------------------------------------------- GAS UTILITIES - 0.6% ----------------------------------------------------------------------------------------------------------------- Arkla, Inc., 9.875% Nts., 4/15/97 220,000 225,944 ----------------------------------------------------------------------------------------------------------------- Williams Holdings of Delaware, Inc., 6.25% Sr. Unsec. Debs., 2/1/06 75,000 69,438 ------------ 295,382
19 Oppenheimer LifeSpan Funds
STATEMENT OF INVESTMENTS (Unaudited)(Continued) Oppenheimer LifeSpan Balanced Fund FACE MARKET VALUE AMOUNT SEE NOTE 1 - ------------------------------------------------------------------------------------------------------------------------- TELEPHONE UTILITIES - 0.3% ----------------------------------------------------------------------------------------------------------------- GTE Corp., 8.85% Debs., 3/1/98 $ 45,000 $ 46,655 ----------------------------------------------------------------------------------------------------------------- Intermedia Communications, Inc., 13.50% Sr. Nts., Series B, 6/1/05 100,000 112,000 ------------ 158,655 ------------ Total Non-Convertible Corporate Bonds and Notes 13,462,068 ========================================================================================================================= CONVERTIBLE CORPORATE BONDS AND NOTES - 0.3% - ------------------------------------------------------------------------------------------------------------------------- Barnett Banks, Inc., 8.50% Sub. Exchangeable Nts., 3/1/99 40,000 41,753 ----------------------------------------------------------------------------------------------------------------- IMC Global, Inc., 6.25% Cv. Sub. Debs., 12/1/01 90,000 110,250 ------------ Total Convertible Corporate Bonds and Notes 152,003 SHARES ========================================================================================================================= COMMON STOCKS - 56.5% - ------------------------------------------------------------------------------------------------------------------------- BASIC MATERIALS - 2.2% - ------------------------------------------------------------------------------------------------------------------------- CHEMICALS - 0.8% ----------------------------------------------------------------------------------------------------------------- Cabot Corp. 2,400 58,800 ----------------------------------------------------------------------------------------------------------------- Daicel Chemical Industries Ltd. 10,000 61,720 ----------------------------------------------------------------------------------------------------------------- Hoechst AG 1,500 50,904 ----------------------------------------------------------------------------------------------------------------- Potash Corp. of Saskatchewan, Inc. 1,500 99,375 ----------------------------------------------------------------------------------------------------------------- Union Carbide Corp. 3,200 127,200 ----------------------------------------------------------------------------------------------------------------- W.R. Grace & Co. 200 14,175 ------------ 412,174 - ------------------------------------------------------------------------------------------------------------------------- METALS - 1.4% ----------------------------------------------------------------------------------------------------------------- Acerinox SA 400 41,693 ----------------------------------------------------------------------------------------------------------------- Carpenter Technology Corp. 3,200 102,400 ----------------------------------------------------------------------------------------------------------------- Hitachi Metals Ltd. 6,000 69,126 ----------------------------------------------------------------------------------------------------------------- Nisshin Steel Co. Ltd. 12,000 46,633 ----------------------------------------------------------------------------------------------------------------- Posgold Ltd. (7) 7,400 18,202 ----------------------------------------------------------------------------------------------------------------- RTZ Corp. PLC 4,000 59,293 ----------------------------------------------------------------------------------------------------------------- UCAR International, Inc. (7) 2,000 83,250 ----------------------------------------------------------------------------------------------------------------- UNR Industries, Inc. 25,000 240,625 ----------------------------------------------------------------------------------------------------------------- Western Mining Corp. Holdings Ltd. 8,000 57,210 ------------ 718,432 - ------------------------------------------------------------------------------------------------------------------------- CONSUMER CYCLICALS - 10.5% - ------------------------------------------------------------------------------------------------------------------------- AUTOS & HOUSING - 2.8% ----------------------------------------------------------------------------------------------------------------- Autoliv AB 2,000 61,026 ----------------------------------------------------------------------------------------------------------------- Autopistas Concesionaria Espanola SA 4,000 46,561 ----------------------------------------------------------------------------------------------------------------- Black & Decker Corp. 1,700 65,662 ----------------------------------------------------------------------------------------------------------------- Bridgestone Corp. 3,000 57,331 ----------------------------------------------------------------------------------------------------------------- Camden Property Trust 4,800 114,000 ----------------------------------------------------------------------------------------------------------------- Capstone Capital Trust, Inc. 5,900 120,950 ----------------------------------------------------------------------------------------------------------------- Chrysler Corp. 3,800 235,600 ----------------------------------------------------------------------------------------------------------------- Ford Motor Co. 7,000 226,625 ----------------------------------------------------------------------------------------------------------------- Groupe SEB SA 200 34,839
20 Oppenheimer LifeSpan Funds
STATEMENT OF INVESTMENTS (Unaudited)(Continued) Oppenheimer LifeSpan Balanced Fund MARKET VALUE SHARES SEE NOTE 1 - ------------------------------------------------------------------------------------------------------------------------- AUTOS & HOUSING (CONTINUED) ----------------------------------------------------------------------------------------------------------------- Health & Retirement Property Trust 6,800 $ 117,300 ----------------------------------------------------------------------------------------------------------------- Honda Motor Co. 3,000 77,904 ----------------------------------------------------------------------------------------------------------------- Meditrust Corp. 3,400 113,475 ----------------------------------------------------------------------------------------------------------------- Michelin (CGDE), B Shares (7) 1,000 48,993 ----------------------------------------------------------------------------------------------------------------- Rinnai Corp. (7) 3,000 71,321 ----------------------------------------------------------------------------------------------------------------- Valeo SA 706 37,815 ------------ 1,429,402 - ------------------------------------------------------------------------------------------------------------------------- LEISURE & ENTERTAINMENT - 2.5% ----------------------------------------------------------------------------------------------------------------- AMR Corp. 1,300 118,300 ----------------------------------------------------------------------------------------------------------------- Atlas Air, Inc. (7) 3,100 178,250 ----------------------------------------------------------------------------------------------------------------- Boston Chicken, Inc. (7) 2,400 78,000 ----------------------------------------------------------------------------------------------------------------- CDL Hotels International Ltd. 180,000 98,827 ----------------------------------------------------------------------------------------------------------------- Granada Group PLC 5,000 66,897 ----------------------------------------------------------------------------------------------------------------- Grand Casinos, Inc. (7) 2,400 61,800 ----------------------------------------------------------------------------------------------------------------- Landry's Seafood Restaurants, Inc. (7) 1,600 39,600 ----------------------------------------------------------------------------------------------------------------- Northwest Airlines Corp., Cl. A (7) 1,700 67,150 ----------------------------------------------------------------------------------------------------------------- Papa John's International, Inc. (7) 1,750 85,312 ----------------------------------------------------------------------------------------------------------------- Piccadilly Cafeterias, Inc. 6,900 72,450 ----------------------------------------------------------------------------------------------------------------- Regal Cinemas, Inc. (7) 3,400 155,550 ----------------------------------------------------------------------------------------------------------------- THORN EMI PLC 3,000 83,486 ----------------------------------------------------------------------------------------------------------------- VideoServer, Inc. (7) 2,400 93,600 ----------------------------------------------------------------------------------------------------------------- Wyndham Hotel Corp. (7) 2,700 56,362 ------------ 1,255,584 - ------------------------------------------------------------------------------------------------------------------------- MEDIA - 0.9% ----------------------------------------------------------------------------------------------------------------- Elsevier NV 4,000 60,745 ----------------------------------------------------------------------------------------------------------------- Emmis Broadcasting Corp., Cl. A (7) 1,900 95,000 ----------------------------------------------------------------------------------------------------------------- HA-LO Industries, Inc. (7) 1,600 41,600 ----------------------------------------------------------------------------------------------------------------- Reed International PLC (7) 4,500 75,233 ----------------------------------------------------------------------------------------------------------------- Reuters Holdings PLC (7) 8,000 96,833 ----------------------------------------------------------------------------------------------------------------- Television Broadcasts Ltd. 17,000 63,798 ----------------------------------------------------------------------------------------------------------------- Wolters Kluwer NV 400 45,476 ------------ 478,685 - ------------------------------------------------------------------------------------------------------------------------- RETAIL: GENERAL - 2.5% ----------------------------------------------------------------------------------------------------------------- Eckerd Corp. (7) 2,500 56,562 ----------------------------------------------------------------------------------------------------------------- Express Scripts, Inc., Cl. A (7) 1,400 64,400 ----------------------------------------------------------------------------------------------------------------- Federated Department Stores, Inc. (7) 1,700 58,012 ----------------------------------------------------------------------------------------------------------------- Marks & Spencer PLC 13,000 95,038 ----------------------------------------------------------------------------------------------------------------- Nautica Enterprises, Inc. (7) 5,400 155,250 ----------------------------------------------------------------------------------------------------------------- Price/Costco, Inc. (7) 3,600 77,850 ----------------------------------------------------------------------------------------------------------------- Sears Roebuck & Co. 3,900 189,638 ----------------------------------------------------------------------------------------------------------------- St. John Knits, Inc. 3,100 138,337 ----------------------------------------------------------------------------------------------------------------- Tommy Hilfiger Corp. (7) 2,400 128,700 ----------------------------------------------------------------------------------------------------------------- U.S. Industries, Inc. (7) 4,300 103,737 ----------------------------------------------------------------------------------------------------------------- Waban, Inc. (7) 2,500 59,687 ----------------------------------------------------------------------------------------------------------------- Wolverine World Wide, Inc. 2,200 71,500 ----------------------------------------------------------------------------------------------------------------- Zeneca Group PLC 4,000 88,505 ------------ 1,287,216
21 Oppenheimer LifeSpan Funds
STATEMENT OF INVESTMENTS (Unaudited)(Continued) Oppenheimer LifeSpan Balanced Fund MARKET VALUE SHARES SEE NOTE 1 - ------------------------------------------------------------------------------------------------------------------------- RETAIL: SPECIALTY - 1.8% ----------------------------------------------------------------------------------------------------------------- adidas AG 140 $ 11,776 ----------------------------------------------------------------------------------------------------------------- CDW Computer Centers, Inc. (7) 2,000 139,000 ----------------------------------------------------------------------------------------------------------------- Jusco Co. 2,000 65,652 ----------------------------------------------------------------------------------------------------------------- MSC Industrial Direct Co., Inc., Cl. A (7) 1,900 61,275 ----------------------------------------------------------------------------------------------------------------- New England Business Service, Inc. 5,100 99,450 ----------------------------------------------------------------------------------------------------------------- Next PLC 10,700 93,603 ----------------------------------------------------------------------------------------------------------------- Regis Corp. of Minnesota 1,400 43,750 ----------------------------------------------------------------------------------------------------------------- Shimamura Co. Ltd. (7) 2,000 88,145 ----------------------------------------------------------------------------------------------------------------- Sunglass Hut International, Inc. (7) 2,300 56,062 ----------------------------------------------------------------------------------------------------------------- Tandy Corp. 1,700 80,537 ----------------------------------------------------------------------------------------------------------------- U.S. Office Products Co. (7) 3,700 155,400 ------------ 894,650 - ------------------------------------------------------------------------------------------------------------------------- CONSUMER NON-CYCLICALS - 7.9% - ------------------------------------------------------------------------------------------------------------------------- BEVERAGES - 0.9% ----------------------------------------------------------------------------------------------------------------- Anheuser-Busch Cos., Inc. 3,300 247,500 ----------------------------------------------------------------------------------------------------------------- Guinness PLC 7,000 50,903 ----------------------------------------------------------------------------------------------------------------- Heineken Holding NV, Cl. A 550 111,193 ----------------------------------------------------------------------------------------------------------------- LVMH Moet Hennessy Louis Vuitton 270 64,041 ------------ 473,637 - ------------------------------------------------------------------------------------------------------------------------- FOOD - 1.0% ----------------------------------------------------------------------------------------------------------------- American Stores Co. 3,400 140,250 ----------------------------------------------------------------------------------------------------------------- Archer-Daniels-Midland Co. 5,200 99,450 ----------------------------------------------------------------------------------------------------------------- Carrefour Supermarche SA 90 50,463 ----------------------------------------------------------------------------------------------------------------- Dole Food Co. 1,600 68,800 ----------------------------------------------------------------------------------------------------------------- Kroger Co. (7) 2,800 110,600 ----------------------------------------------------------------------------------------------------------------- Nestle SA 50 57,151 ------------ 526,714 - ------------------------------------------------------------------------------------------------------------------------- HEALTHCARE/DRUGS - 2.0% ----------------------------------------------------------------------------------------------------------------- Astra AB Free, Series A 1,500 66,389 ----------------------------------------------------------------------------------------------------------------- Bristol-Myers Squibb Co. 3,200 288,000 ----------------------------------------------------------------------------------------------------------------- Ciba-Geigy AG 100 121,980 ----------------------------------------------------------------------------------------------------------------- Dura Pharmaceuticals, Inc. (7) 1,200 67,200 ----------------------------------------------------------------------------------------------------------------- Glaxo Wellcome PLC, Sponsored ADR 3,800 101,650 ----------------------------------------------------------------------------------------------------------------- Idexx Laboratories, Inc. (7) 1,600 62,800 ----------------------------------------------------------------------------------------------------------------- Jones Medical Industries, Inc. 1,550 51,537 ----------------------------------------------------------------------------------------------------------------- Sandoz AG 100 114,462 ----------------------------------------------------------------------------------------------------------------- Schering AG 1,000 72,805 ----------------------------------------------------------------------------------------------------------------- Takeda Chemical Industries Ltd. 5,000 88,694 ------------ 1,035,517 - ------------------------------------------------------------------------------------------------------------------------- HEALTHCARE/SUPPLIES & SERVICES - 3.3% ----------------------------------------------------------------------------------------------------------------- CNS, Inc. (7) 3,000 72,750 ----------------------------------------------------------------------------------------------------------------- Columbia/HCA Healthcare Corp. 1,200 64,050 ----------------------------------------------------------------------------------------------------------------- Compdent Corp. (7) 2,100 97,650 ----------------------------------------------------------------------------------------------------------------- CONMED Corp. (7) 2,300 61,237 ----------------------------------------------------------------------------------------------------------------- Gulf South Medical Supply, Inc. (7) 2,900 113,100 ----------------------------------------------------------------------------------------------------------------- Omnicare, Inc. 4,000 106,000
22 Oppenheimer LifeSpan Funds
STATEMENT OF INVESTMENTS (Unaudited)(Continued) Oppenheimer LifeSpan Balanced Fund MARKET VALUE SHARES SEE NOTE 1 - ------------------------------------------------------------------------------------------------------------------------- HEALTHCARE/SUPPLIES & SERVICES (CONTINUED) ----------------------------------------------------------------------------------------------------------------- OrNda Healthcorp (7) 3,100 $ 74,400 ----------------------------------------------------------------------------------------------------------------- Orthodontic Centers of America, Inc. (7) 1,300 34,450 ----------------------------------------------------------------------------------------------------------------- OrthoLogic Corp. (7) 3,200 40,800 ----------------------------------------------------------------------------------------------------------------- Pediatrix Medical Group, Inc. (7) 2,000 97,000 ----------------------------------------------------------------------------------------------------------------- Physician Reliance Network, Inc. (7) 4,300 95,675 ----------------------------------------------------------------------------------------------------------------- Physician Sales & Service, Inc. (7) 5,600 135,800 ----------------------------------------------------------------------------------------------------------------- Physicians Resource Group, Inc. (7) 1,700 56,737 ----------------------------------------------------------------------------------------------------------------- Quintiles Transnational Corp. (7) 1,700 111,775 ----------------------------------------------------------------------------------------------------------------- Renal Treatment Centers, Inc. (7) 3,500 100,625 ----------------------------------------------------------------------------------------------------------------- Rural/Metro Corp. (7) 2,500 85,625 ----------------------------------------------------------------------------------------------------------------- SmithKline Beecham PLC 13,358 142,903 ----------------------------------------------------------------------------------------------------------------- Techne Corp. (7) 1,700 49,725 ----------------------------------------------------------------------------------------------------------------- Total Renal Care Holdings, Inc. (7) 1,800 76,050 ----------------------------------------------------------------------------------------------------------------- Veterinary Centers of America, Inc. (7) 2,600 58,175 ------------ 1,674,527 - ------------------------------------------------------------------------------------------------------------------------- HOUSEHOLD GOODS - 0.6% ----------------------------------------------------------------------------------------------------------------- Blyth Industries, Inc. (7) 3,600 163,350 ----------------------------------------------------------------------------------------------------------------- Premark International, Inc. 2,100 38,850 ----------------------------------------------------------------------------------------------------------------- Tupperware Corp. (7) 2,100 88,725 ------------ 290,925 - ------------------------------------------------------------------------------------------------------------------------- TOBACCO - 0.1% ----------------------------------------------------------------------------------------------------------------- PT Gudang Garam (7) 9,000 38,573 - ------------------------------------------------------------------------------------------------------------------------- ENERGY - 2.9% - ------------------------------------------------------------------------------------------------------------------------- OIL-INTEGRATED - 2.9% ----------------------------------------------------------------------------------------------------------------- Amoco Corp. 2,700 195,412 ----------------------------------------------------------------------------------------------------------------- Atlantic Richfield Co. 1,300 154,050 ----------------------------------------------------------------------------------------------------------------- Chevron Corp. 4,600 271,400 ----------------------------------------------------------------------------------------------------------------- El Paso Natural Gas Co. 4,100 157,850 ----------------------------------------------------------------------------------------------------------------- Elf Acquitaine SA 554 40,778 ----------------------------------------------------------------------------------------------------------------- Exxon Corp. 1,600 139,000 ----------------------------------------------------------------------------------------------------------------- Mobil Corp. 2,500 280,313 ----------------------------------------------------------------------------------------------------------------- Total SA, B Shares 1,641 121,808 ----------------------------------------------------------------------------------------------------------------- Ultramar Corp. 4,300 124,700 ------------ 1,485,311 - ------------------------------------------------------------------------------------------------------------------------- FINANCIAL - 6.3% - ------------------------------------------------------------------------------------------------------------------------- BANKS - 2.8% ----------------------------------------------------------------------------------------------------------------- Banco Bradesco SA, Preference 9,210,438 75,210 ----------------------------------------------------------------------------------------------------------------- Banco Popular Espanol SA 400 71,372 ----------------------------------------------------------------------------------------------------------------- Bangkok Bank Public Co. Ltd. 4,000 54,205 ----------------------------------------------------------------------------------------------------------------- Bank of Boston Corp. 5,600 277,200 ----------------------------------------------------------------------------------------------------------------- BankAmerica Corp. 3,900 295,425 ----------------------------------------------------------------------------------------------------------------- Chase Manhattan Corp. (New) 2,812 198,597 ----------------------------------------------------------------------------------------------------------------- HSBC Holdings PLC 2,000 30,229 ----------------------------------------------------------------------------------------------------------------- Malayan Banking Berhad (7) 8,000 76,969 ----------------------------------------------------------------------------------------------------------------- PNC Bank Corp. 7,300 217,175 ----------------------------------------------------------------------------------------------------------------- Thai Farmers Bank Public Co. Ltd. 4,500 49,281
23 Oppenheimer LifeSpan Funds
STATEMENT OF INVESTMENTS (Unaudited)(Continued) Oppenheimer LifeSpan Balanced Fund MARKET VALUE SHARES SEE NOTE 1 - ------------------------------------------------------------------------------------------------------------------------- DIVERSIFIED FINANCIAL (CONTINUED) ----------------------------------------------------------------------------------------------------------------- Wells Fargo & Co. 300 $ 71,662 ------------ 1,417,325 - ------------------------------------------------------------------------------------------------------------------------- DIVERSIFIED FINANCIAL - 2.3% ----------------------------------------------------------------------------------------------------------------- Amresco, Inc. 5,500 94,187 ----------------------------------------------------------------------------------------------------------------- Federal Home Loan Mortgage Corp. 700 59,850 ----------------------------------------------------------------------------------------------------------------- First Pacific Co. Ltd. 46,000 70,716 ----------------------------------------------------------------------------------------------------------------- Haw Par Brothers International Ltd. 30,000 68,462 ----------------------------------------------------------------------------------------------------------------- Hays PLC 9,000 63,457 ----------------------------------------------------------------------------------------------------------------- ING Groep NV 2,042 76,163 ----------------------------------------------------------------------------------------------------------------- Lend Lease Corp. Ltd. (7) 4,500 68,959 ----------------------------------------------------------------------------------------------------------------- Nichiei Co. Ltd. 1,000 66,749 ----------------------------------------------------------------------------------------------------------------- Oxford Resources Corp., Cl. A (7) 2,800 65,100 ----------------------------------------------------------------------------------------------------------------- Perlis Plantations Berhad 16,000 61,575 ----------------------------------------------------------------------------------------------------------------- Salomon, Inc. 4,300 189,200 ----------------------------------------------------------------------------------------------------------------- Sirrom Capital Corp. 2,400 65,400 ----------------------------------------------------------------------------------------------------------------- Southcorp Holdings Ltd. (7) 29,000 71,788 ----------------------------------------------------------------------------------------------------------------- Swire Pacific Ltd., Cl. B 54,500 74,983 ----------------------------------------------------------------------------------------------------------------- United Industrial Corp. Ltd. 70,000 71,439 ------------ 1,168,028 - ------------------------------------------------------------------------------------------------------------------------- INSURANCE - 1.2% ----------------------------------------------------------------------------------------------------------------- AXA SA 1,714 93,461 ----------------------------------------------------------------------------------------------------------------- CRA Managed Care, Inc. (7) 1,400 62,650 ----------------------------------------------------------------------------------------------------------------- General Re Corp. 100 15,225 ----------------------------------------------------------------------------------------------------------------- Hartford Steam Boiler Inspection & Insurance Co. 2,700 132,638 ----------------------------------------------------------------------------------------------------------------- HCC Insurance Holdings, Inc. 1,750 39,375 ----------------------------------------------------------------------------------------------------------------- Sumitomo Marine & Fire Insurance Co. 8,000 69,858 ----------------------------------------------------------------------------------------------------------------- TIG Holdings, Inc. 2,100 60,900 ----------------------------------------------------------------------------------------------------------------- Travelers/Aetna Property Casualty Corp., Cl. A (7) 3,300 93,638 ----------------------------------------------------------------------------------------------------------------- Union des Assurances Federales 252 31,111 ------------ 598,856 - ------------------------------------------------------------------------------------------------------------------------- INDUSTRIAL - 7.2% - ------------------------------------------------------------------------------------------------------------------------- ELECTRICAL EQUIPMENT - 0.3% ----------------------------------------------------------------------------------------------------------------- ABB AG (7) 65 80,483 ----------------------------------------------------------------------------------------------------------------- Mabuchi Motor Co. 800 51,058 ------------ 131,541 - ------------------------------------------------------------------------------------------------------------------------- INDUSTRIAL MATERIALS - 0.2% ----------------------------------------------------------------------------------------------------------------- Compagnie de Saint Gobain 250 33,488 ----------------------------------------------------------------------------------------------------------------- THK Co. Ltd. 2,000 48,462 ------------ 81,950 - ------------------------------------------------------------------------------------------------------------------------- INDUSTRIAL SERVICES - 3.9% ----------------------------------------------------------------------------------------------------------------- AccuStaff, Inc. (7) 5,100 138,975 ----------------------------------------------------------------------------------------------------------------- Alternative Resources Corp. (7) 1,500 55,125 ----------------------------------------------------------------------------------------------------------------- Career Horizons, Inc. (7) 3,400 119,000 ----------------------------------------------------------------------------------------------------------------- Computer Horizons Corp. (7) 2,200 86,900 ----------------------------------------------------------------------------------------------------------------- Corestaff, Inc. (7) 2,200 98,450 ----------------------------------------------------------------------------------------------------------------- Corrections Corp. of America (7) 2,700 189,000
24 Oppenheimer LifeSpan Funds
STATEMENT OF INVESTMENTS (Unaudited)(Continued) Oppenheimer LifeSpan Balanced Fund MARKET VALUE SHARES SEE NOTE 1 - ------------------------------------------------------------------------------------------------------------------------- INDUSTRIAL SERVICES (CONTINUED) ----------------------------------------------------------------------------------------------------------------- Fritz Cos., Inc. (7) 2,200 $ 70,950 ----------------------------------------------------------------------------------------------------------------- Helix Technology Corp. 4,500 174,375 ----------------------------------------------------------------------------------------------------------------- Komori Corp. (7) 3,000 76,807 ----------------------------------------------------------------------------------------------------------------- Kurita Water Industries Ltd. (7) 3,000 73,241 ----------------------------------------------------------------------------------------------------------------- NOVA Corp. (7) 2,200 74,250 ----------------------------------------------------------------------------------------------------------------- PMT Services, Inc. (7) 2,700 77,288 ----------------------------------------------------------------------------------------------------------------- Sanifill, Inc. (7) 1,500 73,875 ----------------------------------------------------------------------------------------------------------------- SGS Societe Generale de Surveillance Holding SA, Series B 30 71,869 ----------------------------------------------------------------------------------------------------------------- SITEL Corp. (7) 3,200 134,400 ----------------------------------------------------------------------------------------------------------------- Tetra Tech, Inc. (7) 5,000 100,000 ----------------------------------------------------------------------------------------------------------------- Transaction Systems Architects, Inc., Cl. A (7) 2,000 134,000 ----------------------------------------------------------------------------------------------------------------- United Waste Systems, Inc. (7) 6,800 219,300 ------------ 1,967,805 - ------------------------------------------------------------------------------------------------------------------------- MANUFACTURING - 2.4% ----------------------------------------------------------------------------------------------------------------- Canadian Pacific Ltd. 8 178 ----------------------------------------------------------------------------------------------------------------- Canon Sales Co. Inc. 2,000 55,777 ----------------------------------------------------------------------------------------------------------------- Case Corp. 2,600 124,800 ----------------------------------------------------------------------------------------------------------------- Chicago Miniature Lamp, Inc. (7) 1,600 60,800 ----------------------------------------------------------------------------------------------------------------- Hanson PLC, ADR 7,400 105,450 ----------------------------------------------------------------------------------------------------------------- Harnischfeger Industries, Inc. 1,600 53,200 ----------------------------------------------------------------------------------------------------------------- Hutchison Whampoa Ltd. 10,000 62,913 ----------------------------------------------------------------------------------------------------------------- Komatsu Ltd. (7) 7,000 69,126 ----------------------------------------------------------------------------------------------------------------- Mannesmann AG 195 67,458 ----------------------------------------------------------------------------------------------------------------- Mark IV Industries, Inc. 2,310 52,264 ----------------------------------------------------------------------------------------------------------------- Mitsubishi Heavy Industries Ltd. 7,000 60,998 ----------------------------------------------------------------------------------------------------------------- Nippon Electric Glass Co. Ltd. 1,000 17,099 ----------------------------------------------------------------------------------------------------------------- NSK Ltd. 7,000 53,061 ----------------------------------------------------------------------------------------------------------------- Shinmaywa Industries Ltd. (7) 6,000 61,446 ----------------------------------------------------------------------------------------------------------------- Sidel SA 130 33,084 ----------------------------------------------------------------------------------------------------------------- SMC Corp. (7) 500 38,769 ----------------------------------------------------------------------------------------------------------------- Textron, Inc. 2,100 167,738 ----------------------------------------------------------------------------------------------------------------- Tyco International Ltd. 2,800 114,100 ----------------------------------------------------------------------------------------------------------------- U.S. Filter Corp. (7) 1,700 59,075 ------------ 1,257,336 - ------------------------------------------------------------------------------------------------------------------------- TRANSPORTATION - 0.4% ----------------------------------------------------------------------------------------------------------------- Brambles Industries Ltd. 5,000 69,470 ----------------------------------------------------------------------------------------------------------------- Wisconsin Central Transportation Corp. (7) 3,600 117,000 ------------ 186,470 - ------------------------------------------------------------------------------------------------------------------------- TECHNOLOGY - 13.6% - ------------------------------------------------------------------------------------------------------------------------- AEROSPACE/DEFENSE - 2.7% ----------------------------------------------------------------------------------------------------------------- AGCO Corp. 4,200 116,550 ----------------------------------------------------------------------------------------------------------------- General Dynamics Corp. 4,300 266,600 ----------------------------------------------------------------------------------------------------------------- Goodrich (B.F.) Co. 5,800 216,775 ----------------------------------------------------------------------------------------------------------------- Lockheed Martin Corp. 2,900 243,600 ----------------------------------------------------------------------------------------------------------------- McDonnell Douglas Corp. 2,600 126,100 ----------------------------------------------------------------------------------------------------------------- Rockwell International Corp. 3,900 223,275
25 Oppenheimer LifeSpan Funds
STATEMENT OF INVESTMENTS (Unaudited)(Continued) Oppenheimer LifeSpan Balanced Fund MARKET VALUE SHARES SEE NOTE 1 - ------------------------------------------------------------------------------------------------------------------------- AEROSPACE/DEFENSE (CONTINUED) ----------------------------------------------------------------------------------------------------------------- TRW, Inc. 2,400 $ 215,700 ------------ 1,408,600 - ------------------------------------------------------------------------------------------------------------------------- COMPUTER HARDWARE - 1.4% ----------------------------------------------------------------------------------------------------------------- Canon, Inc. 5,000 104,238 ----------------------------------------------------------------------------------------------------------------- Dell Computer Corp. (7) 1,400 71,225 ----------------------------------------------------------------------------------------------------------------- Gateway 2000, Inc. (7) 1,200 40,800 ----------------------------------------------------------------------------------------------------------------- HCIA, Inc. (7) 1,400 88,200 ----------------------------------------------------------------------------------------------------------------- Microcom, Inc. (7) 3,300 41,663 ----------------------------------------------------------------------------------------------------------------- Storage Technology Corp. (New) (7) 3,600 137,700 ----------------------------------------------------------------------------------------------------------------- Xerox Corp. 4,200 224,700 ------------ 708,526 - ------------------------------------------------------------------------------------------------------------------------- COMPUTER SOFTWARE - 3.9% ----------------------------------------------------------------------------------------------------------------- Applix, Inc. (7) 1,900 54,625 ----------------------------------------------------------------------------------------------------------------- Aspen Technologies, Inc. (7) 500 27,500 ----------------------------------------------------------------------------------------------------------------- Cambridge Technology Partners, Inc. (7) 6,300 192,150 ----------------------------------------------------------------------------------------------------------------- Cooper & Chyan Technology, Inc. (7) 700 15,313 ----------------------------------------------------------------------------------------------------------------- Dendrite International, Inc. (7) 1,100 37,950 ----------------------------------------------------------------------------------------------------------------- Electronics for Imaging, Inc. (7) 3,100 215,063 ----------------------------------------------------------------------------------------------------------------- EPIC Design Technology, Inc. (7) 3,100 78,275 ----------------------------------------------------------------------------------------------------------------- Inso Corp. (7) 1,600 83,800 ----------------------------------------------------------------------------------------------------------------- McAfee Associates, Inc. (7) 3,675 180,075 ----------------------------------------------------------------------------------------------------------------- MDL Information Systems, Inc. (7) 1,700 50,575 ----------------------------------------------------------------------------------------------------------------- Medic Computer Systems, Inc. (7) 700 56,788 ----------------------------------------------------------------------------------------------------------------- Project Software & Development, Inc. (7) 3,500 164,063 ----------------------------------------------------------------------------------------------------------------- Rational Software Corp. (7) 3,500 188,125 ----------------------------------------------------------------------------------------------------------------- Remedy Corp. (7) 1,400 102,200 ----------------------------------------------------------------------------------------------------------------- Sap AG, Preference 400 59,375 ----------------------------------------------------------------------------------------------------------------- Sapient Corp. (7) 1,900 80,275 ----------------------------------------------------------------------------------------------------------------- Scopus Technology, Inc. (7) 2,300 35,650 ----------------------------------------------------------------------------------------------------------------- Security Dynamics Technologies, Inc. (7) 1,300 106,925 ----------------------------------------------------------------------------------------------------------------- Shiva Corp. (7) 700 56,000 ----------------------------------------------------------------------------------------------------------------- Veritas Software Corp. (7) 1,800 77,400 ----------------------------------------------------------------------------------------------------------------- Visio Corp. (7) 1,600 57,600 ----------------------------------------------------------------------------------------------------------------- Zebra Technologies Corp., Cl. A (7) 2,900 51,475 ------------ 1,971,202 - ------------------------------------------------------------------------------------------------------------------------- ELECTRONICS - 2.4% ----------------------------------------------------------------------------------------------------------------- Bowthorpe PLC 11,000 77,046 ----------------------------------------------------------------------------------------------------------------- Electrocomponents PLC 10,000 59,248 ----------------------------------------------------------------------------------------------------------------- Getronics NV 2,400 53,193 ----------------------------------------------------------------------------------------------------------------- Input/Output, Inc. (7) 3,100 100,363 ----------------------------------------------------------------------------------------------------------------- Intel Corp. 1,000 73,438 ----------------------------------------------------------------------------------------------------------------- Keyence Corp. 600 81,745 ----------------------------------------------------------------------------------------------------------------- Kyocera Corp. 1,000 70,864 ----------------------------------------------------------------------------------------------------------------- Matsushita Electric Industrial Co. 4,000 74,613 ----------------------------------------------------------------------------------------------------------------- Matsushita Electric Works Ltd. 5,000 54,405 ----------------------------------------------------------------------------------------------------------------- Nitto Denko Corp. 5,000 88,237
26 Oppenheimer LifeSpan Funds
STATEMENT OF INVESTMENTS (Unaudited)(Continued) Oppenheimer LifeSpan Balanced Fund MARKET VALUE SHARES SEE NOTE 1 - ------------------------------------------------------------------------------------------------------------------------- ELECTRONICS (CONTINUED) ----------------------------------------------------------------------------------------------------------------- Rohm Co. 1,000 $ 66,200 ----------------------------------------------------------------------------------------------------------------- Samsung Electronics Co., Sponsored GDR (1)(7) 1,600 38,608 ----------------------------------------------------------------------------------------------------------------- SDL, Inc. (7) 1,800 49,950 ----------------------------------------------------------------------------------------------------------------- Sony Corp. (7) 1,000 65,926 ----------------------------------------------------------------------------------------------------------------- TDK Corp. 1,000 59,800 ----------------------------------------------------------------------------------------------------------------- Varian Associates, Inc. 1,700 87,975 ----------------------------------------------------------------------------------------------------------------- Vitesse Semiconductor Corp. (7) 2,900 69,600 ----------------------------------------------------------------------------------------------------------------- Waters Corp. (7) 1,700 56,100 ------------ 1,227,311 - ------------------------------------------------------------------------------------------------------------------------- TELECOMMUNICATIONS-TECHNOLOGY - 3.2% ----------------------------------------------------------------------------------------------------------------- APAC Teleservices, Inc. (7) 2,200 79,200 ----------------------------------------------------------------------------------------------------------------- Aspect Telecommunications Corp. (7) 3,000 148,500 ----------------------------------------------------------------------------------------------------------------- AT&T Corp. 3,600 223,200 ----------------------------------------------------------------------------------------------------------------- Cable Design Technologies Corp. (7) 2,350 76,963 ----------------------------------------------------------------------------------------------------------------- Cidco, Inc. (7) 2,700 95,175 ----------------------------------------------------------------------------------------------------------------- Coherent Communications Systems Corp. (7) 3,400 72,250 ----------------------------------------------------------------------------------------------------------------- Comverse Technology, Inc. (7) 4,000 122,000 ----------------------------------------------------------------------------------------------------------------- DSP Communications, Inc. (7) 4,700 241,463 ----------------------------------------------------------------------------------------------------------------- Inter-Tel, Inc. (7) 1,900 49,756 ----------------------------------------------------------------------------------------------------------------- L.M. Ericsson Telephone Co., Cl. B, ADR 3,520 75,680 ----------------------------------------------------------------------------------------------------------------- Nokia AB, Series A 1,200 44,304 ----------------------------------------------------------------------------------------------------------------- Octel Communications Corp. (7) 3,000 59,250 ----------------------------------------------------------------------------------------------------------------- Premisys Communications, Inc. (7) 1,600 97,600 ----------------------------------------------------------------------------------------------------------------- PT Indosat, ADR 900 30,150 ----------------------------------------------------------------------------------------------------------------- Telecom Corp. of New Zealand Ltd. 30,000 126,316 ----------------------------------------------------------------------------------------------------------------- Vodafone Group PLC 19,000 70,671 ------------ 1,612,478 - ------------------------------------------------------------------------------------------------------------------------- UTILITIES - 5.9% - ------------------------------------------------------------------------------------------------------------------------- ELECTRIC UTILITIES - 3.0% ----------------------------------------------------------------------------------------------------------------- American Electric Power Co., Inc. 4,600 196,075 ----------------------------------------------------------------------------------------------------------------- Calenergy, Inc. (7) 3,300 84,150 ----------------------------------------------------------------------------------------------------------------- Cia Energetica de Minas Gerais, Preference 3,125,000 83,089 ----------------------------------------------------------------------------------------------------------------- Entergy Corp. 8,400 238,350 ----------------------------------------------------------------------------------------------------------------- FPL Group, Inc. 5,300 243,800 ----------------------------------------------------------------------------------------------------------------- Illinova Corp. 4,000 115,000 ----------------------------------------------------------------------------------------------------------------- Kansas City Power & Light Co. 5,000 137,500 ----------------------------------------------------------------------------------------------------------------- Texas Utilities Co. 5,100 218,025 ----------------------------------------------------------------------------------------------------------------- Veba AG 2,000 106,373 ----------------------------------------------------------------------------------------------------------------- Western Resources, Inc. 4,100 122,488 ------------ 1,544,850 - ------------------------------------------------------------------------------------------------------------------------- GAS UTILITIES - 1.3% ----------------------------------------------------------------------------------------------------------------- Columbia Gas System, Inc. (The) 3,200 166,800 ----------------------------------------------------------------------------------------------------------------- Hong Kong & China Gas 39,600 63,180 ----------------------------------------------------------------------------------------------------------------- PanEnergy Corp. 10,900 358,338 ----------------------------------------------------------------------------------------------------------------- RWE AG, Preference (7) 1,850 56,942 ------------ 645,260
27 Oppenheimer LifeSpan Funds
STATEMENT OF INVESTMENTS (Unaudited)(Continued) Oppenheimer LifeSpan Balanced Fund MARKET VALUE SHARES SEE NOTE 1 - ------------------------------------------------------------------------------------------------------------------------- TELEPHONE UTILITIES - 1.6% ----------------------------------------------------------------------------------------------------------------- Ameritech Corp. 3,800 $ 225,625 ----------------------------------------------------------------------------------------------------------------- DDI Corp. 8 69,931 ----------------------------------------------------------------------------------------------------------------- GTE Corp. 5,600 250,600 ----------------------------------------------------------------------------------------------------------------- NYNEX Corp. 2,800 133,000 ----------------------------------------------------------------------------------------------------------------- Telecom Italia Mobile SpA 19,000 42,498 ----------------------------------------------------------------------------------------------------------------- Telecomunicacoes de Sao Paulo SA, Preference 350,000 74,935 ----------------------------------------------------------------------------------------------------------------- Telefonica de Espana, ADS 2,000 36,874 ------------ 833,463 ------------ Total Common Stocks 28,762,348 ========================================================================================================================= PREFERRED STOCKS - 0.3% - ------------------------------------------------------------------------------------------------------------------------- Case Corp., $4.50 Cum. Cv., Series A, Non-Vtg. 1,200 141,900 ----------------------------------------------------------------------------------------------------------------- Renong Berhad, 4% Irredeemable Cv. Unsec. Loan Stocks 4,400 1,658 ------------ Total Preferred Stocks 143,558 UNITS ========================================================================================================================= RIGHTS, WARRANTS AND CERTIFICATES - 0.1% - ------------------------------------------------------------------------------------------------------------------------- Carrefour Supermarche SA Rts., Exp. 7/96 90 24,881 ----------------------------------------------------------------------------------------------------------------- Haw Par Brothers International Wts., Exp. 3/01 3,000 1,807 ----------------------------------------------------------------------------------------------------------------- Hong Kong & China Gas Wts., Exp. 9/97 3,300 863 ----------------------------------------------------------------------------------------------------------------- Intermedia Communications, Inc. Wts., Exp. 6/00 100 4,000 ----------------------------------------------------------------------------------------------------------------- Renong Berhad Wts., Exp. 2/97 2,750 728 ----------------------------------------------------------------------------------------------------------------- Telecomunicacoes de Sao Paulo SA, Non-Vtg. Rts., Exp. 7/96 15,000 2,644 ------------ Total Rights, Warrants and Certificates 34,923 FACE AMOUNT ========================================================================================================================= REPURCHASE AGREEMENT - 6.5% - ------------------------------------------------------------------------------------------------------------------------- Repurchase agreement with State Street Bank and Trust Company, 4.50%, dated 6/28/96, to be repurchased at $3,301,238 on 7/1/96, collateralized by U.S. Treasury Bills, 12/19/96, with a value of $3,377,744 $3,300,000 3,300,000 ----------------------------------------------------------------------------------------------------------------- TOTAL INVESTMENTS, AT VALUE (COST $45,024,216) 98.8% 50,244,152 ----------------------------------------------------------------------------------------------------------------- OTHER ASSETS NET OF LIABILITIES 1.2 611,816 ------ ------------ NET ASSETS 100.0% $50,855,968 ====== ============
1. Represents a security sold under Rule 144A, which is exempt from registration under the Securities Act of 1933, as amended. This security has been determined to be liquid under guidelines established by the Board of Directors. These securities amount to $986,224 or 1.94% of the Fund's net assets, at June 30, 1996. 28 Oppenheimer LifeSpan Funds STATEMENT OF INVESTMENTS (Unaudited)(Continued) Oppenheimer LifeSpan Balanced Fund - -------------------------------------------------------------------------------- 2. Denotes a step bond: a zero coupon bond that converts to a fixed rate of interest at a designated future date. 3. For zero coupon bonds, the interest rate shown is the effective yield on the date of purchase. 4. Units may be comprised of several components, such as debt and equity and/or warrants to purchase equity at some point in the future. For units which represent debt securities, face amount disclosed represents total underlying principal. 5. Represents the current interest rate for a variable rate security. 6. When-issued security to be delivered and settled after June 30, 1996. 7. Non-income producing security. See accompanying Notes to Financial Statements. 29 Oppenheimer LifeSpan Funds
STATEMENT OF INVESTMENTS June 30, 1996 (Unaudited) Oppenheimer LifeSpan Growth Fund FACE MARKET VALUE AMOUNT SEE NOTE 1 =========================================================================================================================== MORTGAGE-BACKED OBLIGATIONS - 0.8% - --------------------------------------------------------------------------------------------------------------------------- Federal Home Loan Mortgage Corp.: Gtd. Multiclass Mtg. Participation Certificates, 6%, 3/1/09 $ 29,485 $ 28,140 Series 1843, Cl. VB, 7%, 4/15/03 20,000 19,938 Series 1849, Cl. VA, 6%, 12/15/10 29,687 29,057 ------------------------------------------------------------------------------------------------------------------- Federal National Mortgage Assn.: 6%, 12/1/03 60,655 58,647 6.50%, 4/1/26 49,823 46,601 Series 1994-13, Cl. B, 6.50%, 2/25/09 100,000 92,781 ------------------------------------------------------------------------------------------------------------------- GE Capital Mortgage Securities, Inc., Series-HE2, Cl. A3, 7.30%, 6/25/26 50,000 50,125 ------------------------------------------------------------------------------------------------------------------- Olympic Automobile Receivables Trust, Series 1996-A, Cl. A4, 5.85%, 7/15/01 15,000 14,690 ------------ Total Mortgage-Backed Obligations 339,979 =========================================================================================================================== U.S. GOVERNMENT OBLIGATIONS - 5.7% - --------------------------------------------------------------------------------------------------------------------------- U.S. Treasury Bonds, 7.50%, 11/15/16 725,000 763,389 ------------------------------------------------------------------------------------------------------------------- U.S. Treasury Nts.: 6.75%, 6/30/99 825,000 834,537 7.25%, 8/15/04 360,000 372,881 7.50%, 11/15/01 475,000 495,857 ------------ Total U.S. Government Obligations 2,466,664 =========================================================================================================================== NON-CONVERTIBLE CORPORATE BONDS AND NOTES - 11.4% - --------------------------------------------------------------------------------------------------------------------------- BASIC MATERIALS - 2.0% - --------------------------------------------------------------------------------------------------------------------------- CHEMICALS - 0.6% ------------------------------------------------------------------------------------------------------------------- Burmah Castrol PLC, 7% Gtd. Medium-Term Nts., 12/15/97 20,000 20,230 ------------------------------------------------------------------------------------------------------------------- G-I Holdings, Inc., 10% Sr. Nts., 2/15/06 (1) 42,000 41,370 ------------------------------------------------------------------------------------------------------------------- Harris Chemical North America, Inc., 10.25% Gtd. Sr. Sec. Disc. Nts., 7/15/01 50,000 50,125 ------------------------------------------------------------------------------------------------------------------- LaRoche Industries, Inc., 13% Sr. Sub. Nts., 8/15/04 25,000 26,500 ------------------------------------------------------------------------------------------------------------------- Morton International, Inc., 9.25% Credit Sensitive Nts., 6/1/20 20,000 23,636 ------------------------------------------------------------------------------------------------------------------- NL Industries, Inc., 0%/13% Sr. Sec. Disc. Nts., 10/15/05 (2) 100,000 77,625 ------------------------------------------------------------------------------------------------------------------- PPG Industries, Inc., 9% Debs., 5/1/21 20,000 23,078 ------------ 262,564 - --------------------------------------------------------------------------------------------------------------------------- METALS - 0.4% ------------------------------------------------------------------------------------------------------------------- Alcan Aluminum Ltd., 9.625% Debs., 7/15/19 50,000 54,740 ------------------------------------------------------------------------------------------------------------------- Geneva Steel Co., 9.50% Sr. Nts., 1/15/04 25,000 19,500 ------------------------------------------------------------------------------------------------------------------- Republic Engineered Steels, Inc., 9.875% First Mtg. Nts., 12/15/01 25,000 23,250 ------------------------------------------------------------------------------------------------------------------- WCI Steel, Inc., 10.50% Sr. Gtd. Nts., Series B, 3/1/02 50,000 50,750 ------------------------------------------------------------------------------------------------------------------- Weirton Steel Corp., 10.75% Sr. Nts., 6/1/05 50,000 47,375 ------------ 195,615
30 Oppenheimer LifeSpan Funds
STATEMENT OF INVESTMENTS (Unaudited)(Continued) Oppenheimer LifeSpan Growth Fund FACE MARKET VALUE AMOUNT SEE NOTE 1 - --------------------------------------------------------------------------------------------------------------------------- PAPER - 1.0% ------------------------------------------------------------------------------------------------------------------- Celulosa Arauco y Constitucion SA, 7.25% Debs., 6/11/98 $ 20,000 $ 20,150 ------------------------------------------------------------------------------------------------------------------- Crown Packaging Holdings Ltd., 0%/12.25% Sr. Sub. Disc. Nts., Series B, 11/1/03 (2) 100,000 39,500 ------------------------------------------------------------------------------------------------------------------- Doman Industries Ltd., 8.75% Sr. Nts., 3/15/04 50,000 45,000 ------------------------------------------------------------------------------------------------------------------- Gaylord Container Corp., 12.75% Sr. Sub. Disc. Debs., 5/15/05 50,000 52,688 ------------------------------------------------------------------------------------------------------------------- Georgia-Pacific Corp., 9.85% Credit Sensitive Nts., 6/15/97 40,000 41,194 ------------------------------------------------------------------------------------------------------------------- Indah Kiat International Finance Co. BV, 11.875% Sr. Sec. Gtd. Nts., 6/15/02 50,000 52,500 ------------------------------------------------------------------------------------------------------------------- Kimberly-Clark Corp., 7.875% Debs., 2/1/23 20,000 20,085 ------------------------------------------------------------------------------------------------------------------- Malette, Inc., 12.25% Sr. Sec. Nts., 7/15/04 50,000 52,500 ------------------------------------------------------------------------------------------------------------------- Stone Consolidated Corp., 10.25% Sr. Sec. Nts., 12/15/00 50,000 51,563 ------------------------------------------------------------------------------------------------------------------- Stone Container Corp., 9.875% Sr. Nts., 2/1/01 50,000 48,500 ------------ 423,680 - --------------------------------------------------------------------------------------------------------------------------- CONSUMER CYCLICALS - 3.8% - --------------------------------------------------------------------------------------------------------------------------- AUTOS & HOUSING - 0.1% - --------------------------------------------------------------------------------------------------------------------------- Black & Decker Corp., 6.625% Nts., 11/15/00 20,000 19,754 - --------------------------------------------------------------------------------------------------------------------------- LEISURE & ENTERTAINMENT - 1.6% ------------------------------------------------------------------------------------------------------------------- American Skiing Corp., 12% Sr. Sub. Nts., 7/15/06 (1) 75,000 73,500 ------------------------------------------------------------------------------------------------------------------- Bally's Casino Holdings, Inc., Zero Coupon Sr. Disc. Nts., 8.594%, 6/15/98 (3) 75,000 64,781 ------------------------------------------------------------------------------------------------------------------- Bally's Park Place Funding, Inc., 9.25% Gtd. First Mtg. Nts., 3/15/04 100,000 106,375 ------------------------------------------------------------------------------------------------------------------- Blockbuster Entertainment Corp., 6.625% Sr. Nts., 2/15/98 20,000 19,894 ------------------------------------------------------------------------------------------------------------------- Casino America, Inc., 11.50% First Mtg. Nts., 11/15/01 75,000 79,500 ------------------------------------------------------------------------------------------------------------------- GB Property Funding Corp., 10.875% First Mtg. Nts., 1/15/04 25,000 22,500 ------------------------------------------------------------------------------------------------------------------- GNF Corp., 10.625% Gtd. First Mtg. Nts., Series B, 4/1/03 50,000 54,375 ------------------------------------------------------------------------------------------------------------------- Marvel III Holdings, Inc., 9.125% Sr. Sec. Nts., Series B, 2/15/98 25,000 23,625 ------------------------------------------------------------------------------------------------------------------- Mohegan Tribal Gaming Authority, 13.50% Sr. Sec. Nts., 11/15/02 (1) 25,000 31,375 ------------------------------------------------------------------------------------------------------------------- Santa Fe Hotel, Inc., 11% Gtd. First Mtg. Nts., 12/15/00 45,000 36,000 ------------------------------------------------------------------------------------------------------------------- Station Casinos, Inc., 10.125% Sr. Sub. Nts., 3/15/06 50,000 48,750 ------------------------------------------------------------------------------------------------------------------- Trump Atlantic City Associates/Trump Atlantic City Funding, Inc., 11.25% First Mtg. Nts., 5/1/06 50,000 50,250 ------------------------------------------------------------------------------------------------------------------- Trump's Castle Funding, Inc., 11.75% Mtg. Nts., 11/15/03 50,000 51,125 ------------------------------------------------------------------------------------------------------------------- Walt Disney Co., 6.375% Sr. Unsec. Bonds, Series A, 3/30/01 25,000 24,554 ------------ 686,604 - --------------------------------------------------------------------------------------------------------------------------- MEDIA - 1.2% ------------------------------------------------------------------------------------------------------------------- Bell Cablemedia PLC, 0%/11.95% Sr. Disc. Nts., 7/15/04 (2) 75,000 52,688 ------------------------------------------------------------------------------------------------------------------- Comcast Corp., 9.375% Sr. Sub. Debs., 5/15/05 50,000 48,125 ------------------------------------------------------------------------------------------------------------------- Comcast UK Cable Partner Ltd., 0%/11.20% Sr. Disc. Debs., 11/15/07 (2) 50,000 28,875
31 Oppenheimer LifeSpan Funds
STATEMENT OF INVESTMENTS (Unaudited)(Continued) Oppenheimer LifeSpan Growth Fund FACE MARKET VALUE AMOUNT SEE NOTE 1 - --------------------------------------------------------------------------------------------------------------------------- MEDIA (CONTINUED) ------------------------------------------------------------------------------------------------------------------- Helicon Group LP/Helicon Capital Corp., 9% Sr. Sec. Nts., Series B, 11/1/03 (4) $ 50,000 $ 49,750 ------------------------------------------------------------------------------------------------------------------- International CableTel, Inc., 0%/11.50% Sr. Deferred Coupon Nts., Series A, 2/1/06 (2) 150,000 83,438 ------------------------------------------------------------------------------------------------------------------- New World Communications Group Holding Corp., Zero Coupon Sr. Disc. Nts., Series B, 11%, 6/15/99 (3) 125,000 91,563 ------------------------------------------------------------------------------------------------------------------- Park Broadcasting, Inc., 11.75% Sr. Nts., 5/15/04 (1) 50,000 49,875 ------------------------------------------------------------------------------------------------------------------- Sinclair Broadcast Group, Inc., 10% Sr. Sub. Nts., 9/30/05 50,000 47,750 ------------------------------------------------------------------------------------------------------------------- Time Warner, Inc., 7.45% Nts., 2/1/98 20,000 20,217 ------------------------------------------------------------------------------------------------------------------- United International Holdings, Inc., Zero Coupon Sr. Sec. Disc. Nts., Series B, 14%, 11/15/99 (3) 100,000 65,500 ------------ 537,781 - --------------------------------------------------------------------------------------------------------------------------- RETAIL: GENERAL - 0.6% ------------------------------------------------------------------------------------------------------------------- Duane Reade, 12% Sr. Nts., Series B, 9/15/02 50,000 46,000 ------------------------------------------------------------------------------------------------------------------- Federated Department Stores, Inc., 10% Sr. Nts., 2/15/01 10,000 10,525 ------------------------------------------------------------------------------------------------------------------- Pathmark Stores, Inc., 0%/10.75% Jr. Sub. Deferred Coupon Nts., 11/1/03 (2) 100,000 60,500 ------------------------------------------------------------------------------------------------------------------- Parisian, Inc., 9.875% Sr. Sub. Nts., 7/15/03 50,000 47,250 ------------------------------------------------------------------------------------------------------------------- Sears Roebuck & Co., 8.39% Medium-Term Nts., 3/23/99 40,000 41,762 ------------------------------------------------------------------------------------------------------------------- U.S. Leather, Inc., 10.25% Sr. Nts., 7/31/03 50,000 42,500 ------------ 248,537 - --------------------------------------------------------------------------------------------------------------------------- RETAIL: SPECIALTY - 0.3% ------------------------------------------------------------------------------------------------------------------- Hills Stores Co., 12.50% Sr. Nts., 7/1/03 (1) 50,000 49,000 ------------------------------------------------------------------------------------------------------------------- Venture Holdings Trust, 9.75% Sr. Sub. Nts., 4/1/04 50,000 41,250 ------------------------------------------------------------------------------------------------------------------- Waban, Inc., 11% Sr. Sub. Nts., 5/15/04 50,000 52,000 ------------ 142,250 - --------------------------------------------------------------------------------------------------------------------------- CONSUMER NON-CYCLICALS - 1.4% - --------------------------------------------------------------------------------------------------------------------------- FOOD - 0.7% ------------------------------------------------------------------------------------------------------------------- Dairy Mart Convenience Stores, Inc., 10.25% Sr. Sub. Nts., 3/15/04 50,000 46,500 ------------------------------------------------------------------------------------------------------------------- Dole Food Co., 6.75% Nts., 7/15/00 40,000 39,459 ------------------------------------------------------------------------------------------------------------------- Farm Fresh, Inc., 12.25% Sr. Nts., Series A, 10/1/00 50,000 43,000 ------------------------------------------------------------------------------------------------------------------- Fresh Del Monte Produce NV, 10% Sr. Nts., Series B, 5/1/03 75,000 69,750 ------------------------------------------------------------------------------------------------------------------- Great Atlantic & Pacific Tea Co., 9.125% Debs., 1/15/98 15,000 15,469 ------------------------------------------------------------------------------------------------------------------- Jitney-Jungle Stores of America, Inc., 12% Gtd. Sr. Nts., 3/1/06 50,000 50,875 ------------------------------------------------------------------------------------------------------------------- Ralph's Grocery Co., 10.45% Sr. Nts., 6/15/04 50,000 49,000 ------------ 314,053 - --------------------------------------------------------------------------------------------------------------------------- HEALTHCARE/SUPPLIES & SERVICES - 0.4% ------------------------------------------------------------------------------------------------------------------- Dade International, Inc., 11.125% Sr. Sub. Nts., 5/1/06 (1) 75,000 77,625 ------------------------------------------------------------------------------------------------------------------- Health o meter Products, Inc., Units (each unit consists of $1,000 principal amount of 13% sr. sub. nts., 8/15/02 and one warrant to purchase 10.96 ordinary shares) (5) 50,000 53,406 ------------------------------------------------------------------------------------------------------------------- Integrated Health Services, Inc., 9.625% Sr. Sub. Nts., Series A, 5/31/02 50,000 49,750 ------------ 180,781
32 Oppenheimer LifeSpan Funds
STATEMENT OF INVESTMENTS (Unaudited)(Continued) Oppenheimer LifeSpan Growth Fund FACE MARKET VALUE AMOUNT SEE NOTE 1 - --------------------------------------------------------------------------------------------------------------------------- HOUSEHOLD GOODS - 0.3% ------------------------------------------------------------------------------------------------------------------- Electrolux AB, 7.75% Sr. Unsub. Debs., 6/17/97 $ 40,000 $ 40,450 ------------------------------------------------------------------------------------------------------------------- Revlon Consumer Products Corp., 9.375% Sr. Nts., 4/1/01 50,000 49,000 ------------------------------------------------------------------------------------------------------------------- Revlon Worldwide Corp., Zero Coupon Sr. Sec. Disc. Nts., 14.04%, 3/15/98 (3) 50,000 41,563 ------------ 131,013 - --------------------------------------------------------------------------------------------------------------------------- ENERGY - 0.4% - --------------------------------------------------------------------------------------------------------------------------- ENERGY SERVICES & PRODUCERS - 0.2% ------------------------------------------------------------------------------------------------------------------- Coastal Corp., 8.125% Sr. Nts., 9/15/02 20,000 20,852 ------------------------------------------------------------------------------------------------------------------- Maxus Energy Corp., 9.875% Nts., 10/15/02 50,000 49,750 ------------ 70,602 - --------------------------------------------------------------------------------------------------------------------------- OIL-INTEGRATED - 0.2% ------------------------------------------------------------------------------------------------------------------- Falcon Holdings Group LP, 11% Sr. Sub. Nts., 9/15/03 52,750 50,640 ------------------------------------------------------------------------------------------------------------------- Louisiana Land & Exploration Co., 7.65% Debs., 12/1/23 20,000 19,360 ------------------------------------------------------------------------------------------------------------------- Standard Oil/British Petroleum Co. PLC, 9% Debs., 6/1/19 20,000 20,917 ------------ 90,917 - --------------------------------------------------------------------------------------------------------------------------- FINANCIAL - 1.0% - --------------------------------------------------------------------------------------------------------------------------- BANKS - 0.2% ------------------------------------------------------------------------------------------------------------------- Citicorp, 5.625% Sr. Nts., 2/15/01 20,000 19,066 ------------------------------------------------------------------------------------------------------------------- Fleet Mtg./Norstar Group, Inc., 9.90% Sub. Nts., 6/15/01 20,000 22,379 ------------------------------------------------------------------------------------------------------------------- Mellon Financial Bank Corp., 6.50% Gtd. Sr. Nts., 12/1/97 30,000 30,044 ------------ 71,489 - --------------------------------------------------------------------------------------------------------------------------- DIVERSIFIED FINANCIAL - 0.7% ------------------------------------------------------------------------------------------------------------------- Beneficial Corp., 9.125% Debs., 2/15/98 20,000 20,817 ------------------------------------------------------------------------------------------------------------------- Capital One Financial Corp., 6.83% Sr. Nts., 5/17/99 10,000 9,986 ------------------------------------------------------------------------------------------------------------------- Commercial Credit Co., 5.55% Unsec. Nts., 2/15/01 20,000 19,045 ------------------------------------------------------------------------------------------------------------------- Countrywide Funding Corp., 6.05% Gtd. Medium-Term Nts., Series D, 3/1/01 20,000 19,190 ------------------------------------------------------------------------------------------------------------------- Ford Motor Credit Co., 6.25% Unsub. Nts., 2/26/98 20,000 19,961 ------------------------------------------------------------------------------------------------------------------- General Motors Acceptance Corp., 5.625% Nts., 2/15/01 50,000 47,495 ------------------------------------------------------------------------------------------------------------------- GPA Delaware, Inc., 8.75% Gtd. Nts., 12/15/98 75,000 74,813 ------------------------------------------------------------------------------------------------------------------- Integra Financial Corp., 6.50% Sub. Nts., 4/15/00 20,000 19,651 ------------------------------------------------------------------------------------------------------------------- Merrill Lynch & Co., Inc., 6.50% Nts., 4/1/01 20,000 19,648 ------------------------------------------------------------------------------------------------------------------- Salomon, Inc., 8.69% Sr. Medium-Term Nts., Series D, 3/1/99 50,000 51,920 ------------ 302,526 - --------------------------------------------------------------------------------------------------------------------------- INSURANCE - 0.1% ------------------------------------------------------------------------------------------------------------------- Travelers/Aetna Property Casualty Corp., 6.75% Nts., 4/15/01 20,000 19,854 - --------------------------------------------------------------------------------------------------------------------------- INDUSTRIAL - 0.6% - --------------------------------------------------------------------------------------------------------------------------- MANUFACTURING - 0.5% ------------------------------------------------------------------------------------------------------------------- Day International Group, Inc., 11.125% Sr. Sub. Nts., Series B, 6/1/05 50,000 51,250 ------------------------------------------------------------------------------------------------------------------- Interlake Corp., 12.125% Sr. Sub. Debs., 3/1/02 50,000 50,000 ------------------------------------------------------------------------------------------------------------------- International Wire Group, Inc., 11.75% Sr. Sub. Nts., 6/1/05 50,000 49,875 ------------------------------------------------------------------------------------------------------------------- Jordan Industries, Inc., 10.375% Sr. Nts., 8/1/03 25,000 23,750 ------------------------------------------------------------------------------------------------------------------- Mark IV Industries, Inc., 8.75% Sub. Nts., 4/1/03 10,000 10,000
33 Oppenheimer LifeSpan Funds
STATEMENT OF INVESTMENTS (Unaudited)(Continued) Oppenheimer LifeSpan Growth Fund FACE MARKET VALUE AMOUNT SEE NOTE 1 - --------------------------------------------------------------------------------------------------------------------------- MANUFACTURING (CONTINUED) ------------------------------------------------------------------------------------------------------------------- Specialty Equipment Co., 11.375% Sr. Sub. Nts., 12/1/03 $ 50,000 $ 51,625 ------------ 236,500 - --------------------------------------------------------------------------------------------------------------------------- TRANSPORTATION - 0.1% ------------------------------------------------------------------------------------------------------------------- Federal Express Corp., 6.25% Nts., 4/15/98 20,000 19,847 ------------------------------------------------------------------------------------------------------------------- Union Pacific Corp., 7% Nts., 6/15/00 20,000 19,956 ------------ 39,803 - --------------------------------------------------------------------------------------------------------------------------- TECHNOLOGY - 1.8% - --------------------------------------------------------------------------------------------------------------------------- AEROSPACE/DEFENSE - 0.1% ------------------------------------------------------------------------------------------------------------------- Unisys Corp., 12% Sr. Nts., 4/15/03 (1) 50,000 51,125 - --------------------------------------------------------------------------------------------------------------------------- COMPUTER HARDWARE - 0.4% ------------------------------------------------------------------------------------------------------------------- Digital Equipment Corp., 7% Nts., 11/15/97 45,000 45,033 ------------------------------------------------------------------------------------------------------------------- Storage Technology Corp., 7% Sub. Debs., 3/15/08 85,000 140,888 ------------ 185,921 - --------------------------------------------------------------------------------------------------------------------------- ELECTRONICS - 0.1% ------------------------------------------------------------------------------------------------------------------- Alpine Group, Inc., 12.25% Sr. Nts., 7/15/03 50,000 50,250 - --------------------------------------------------------------------------------------------------------------------------- TELECOMMUNICATIONS-TECHNOLOGY - 1.2% ------------------------------------------------------------------------------------------------------------------- Allbritton Communications Co., 9.75% Sr. Sub. Nts., 11/30/07 (1) 50,000 45,750 ------------------------------------------------------------------------------------------------------------------- American Communications Services, Inc., 0%/13% Sr. Disc. Nts., 11/2/05 (2) 100,000 56,000 ------------------------------------------------------------------------------------------------------------------- Arch Communications Group, Inc., 0%/10.875% Sr. Disc. Nts., 3/15/08 (2) 100,000 51,500 ------------------------------------------------------------------------------------------------------------------- CAI Wireless Systems, Inc., 12.25% Sr. Nts., 9/15/02 50,000 52,250 ------------------------------------------------------------------------------------------------------------------- Centennial Cellular Corp., 10.125% Sr. Nts., 5/15/05 50,000 48,000 ------------------------------------------------------------------------------------------------------------------- MCI Communications Corp., 7.125% Sr. Nts., 1/20/00 20,000 20,191 ------------------------------------------------------------------------------------------------------------------- MFS Communications Co., Inc., 0%/9.375% Sr. Disc. Nts., 1/15/04 (2) 75,000 56,250 ------------------------------------------------------------------------------------------------------------------- Nextel Communications, Inc., 0%/9.75% Sr. Disc. Nts., 8/15/04 (2) 100,000 58,750 ------------------------------------------------------------------------------------------------------------------- Paging Network, Inc., 10.125% Sr. Sub. Nts., 8/1/07 50,000 49,125 ------------------------------------------------------------------------------------------------------------------- Teleport Communications Group, Inc.: 0%/11.125% Sr. Disc. Nts., 7/1/07 (2)(6) 50,000 29,563 9.875% Sr. Nts., 7/1/06 (6) 50,000 50,516 ------------ 517,895 - --------------------------------------------------------------------------------------------------------------------------- UTILITIES - 0.4% - --------------------------------------------------------------------------------------------------------------------------- ELECTRIC UTILITIES - 0.1% ------------------------------------------------------------------------------------------------------------------- Consumers Power Co., 8.75% Mtg. Nts., 2/15/98 20,000 20,564 ------------------------------------------------------------------------------------------------------------------- El Paso Electric Co., 7.25% First Mtg. Nts., Series A, 2/1/99 10,000 9,846 ------------ 30,410 - --------------------------------------------------------------------------------------------------------------------------- GAS UTILITIES - 0.2% ------------------------------------------------------------------------------------------------------------------- Arkla, Inc., 9.875% Nts., 4/15/97 40,000 41,044 ------------------------------------------------------------------------------------------------------------------- Williams Holdings of Delaware, Inc., 6.25% Sr. Unsec. Debs., 2/1/06 25,000 23,146 ------------ 64,190
34 Oppenheimer LifeSpan Funds
STATEMENT OF INVESTMENTS (Unaudited)(Continued) Oppenheimer LifeSpan Growth Fund FACE MARKET VALUE AMOUNT SEE NOTE 1 - --------------------------------------------------------------------------------------------------------------------------- TELEPHONE UTILITIES - 0.1% ------------------------------------------------------------------------------------------------------------------- Intermedia Communications, Inc., 13.50% Sr. Nts., Series B, 6/1/05 $ 50,000 $ 56,000 ------------ Total Non-Convertible Corporate Bonds and Notes 4,930,114 =========================================================================================================================== CONVERTIBLE CORPORATE BONDS AND NOTES - 0.3% - --------------------------------------------------------------------------------------------------------------------------- IMC Global, Inc., 6.25% Cv. Sub. Debs., 12/1/01 100,000 122,500 SHARES =========================================================================================================================== COMMON STOCKS - 73.4% - --------------------------------------------------------------------------------------------------------------------------- BASIC MATERIALS - 2.8% - --------------------------------------------------------------------------------------------------------------------------- CHEMICALS - 1.0% ------------------------------------------------------------------------------------------------------------------- Cabot Corp. 2,800 68,600 ------------------------------------------------------------------------------------------------------------------- Daicel Chemical Industries Ltd. 10,000 61,720 ------------------------------------------------------------------------------------------------------------------- Hoechst AG 1,500 50,904 ------------------------------------------------------------------------------------------------------------------- Potash Corp. of Saskatchewan, Inc. 1,600 106,000 ------------------------------------------------------------------------------------------------------------------- Union Carbide Corp. 3,400 135,150 ------------------------------------------------------------------------------------------------------------------- W.R. Grace & Co. 200 14,175 ------------ 436,549 - --------------------------------------------------------------------------------------------------------------------------- METALS - 1.8% ------------------------------------------------------------------------------------------------------------------- Acerinox SA 450 46,911 ------------------------------------------------------------------------------------------------------------------- Carpenter Technology Corp. 3,400 108,800 ------------------------------------------------------------------------------------------------------------------- Hitachi Metals Ltd. 7,000 80,647 ------------------------------------------------------------------------------------------------------------------- Nisshin Steel Co. Ltd. 13,000 50,519 ------------------------------------------------------------------------------------------------------------------- Posgold Ltd. (7) 7,400 18,202 ------------------------------------------------------------------------------------------------------------------- RTZ Corp. PLC 4,350 64,382 ------------------------------------------------------------------------------------------------------------------- UCAR International, Inc. (7) 2,100 87,413 ------------------------------------------------------------------------------------------------------------------- UNR Industries, Inc. 27,300 262,763 ------------------------------------------------------------------------------------------------------------------- Western Mining Corp. Holdings Ltd. 6,600 47,198 ------------ 766,835 - --------------------------------------------------------------------------------------------------------------------------- CONSUMER CYCLICALS - 13.8% - --------------------------------------------------------------------------------------------------------------------------- AUTOS & HOUSING - 3.6% ------------------------------------------------------------------------------------------------------------------- Autoliv AB 2,200 67,129 ------------------------------------------------------------------------------------------------------------------- Autopistas Concesionaria Espanola SA 4,000 46,561 ------------------------------------------------------------------------------------------------------------------- Black & Decker Corp. 1,900 73,388 ------------------------------------------------------------------------------------------------------------------- Bridgestone Corp. 4,000 76,441 ------------------------------------------------------------------------------------------------------------------- Camden Property Trust 5,100 121,125 ------------------------------------------------------------------------------------------------------------------- Capstone Capital Trust, Inc. 6,300 129,150 ------------------------------------------------------------------------------------------------------------------- Chrysler Corp. 4,100 254,200 ------------------------------------------------------------------------------------------------------------------- Ford Motor Co. 7,600 246,051 ------------------------------------------------------------------------------------------------------------------- Groupe SEB SA 450 78,389 ------------------------------------------------------------------------------------------------------------------- Health & Retirement Property Trust 6,800 117,300 ------------------------------------------------------------------------------------------------------------------- Honda Motor Co. 3,000 77,904 ------------------------------------------------------------------------------------------------------------------- Meditrust Corp. 3,400 113,475 ------------------------------------------------------------------------------------------------------------------- Michelin (CGDE), B Shares (7) 1,120 54,872 ------------------------------------------------------------------------------------------------------------------- Rinnai Corp. (7) 3,000 71,321
35 Oppenheimer LifeSpan Funds
STATEMENT OF INVESTMENTS (Unaudited)(Continued) Oppenheimer LifeSpan Growth Fund MARKET VALUE SHARES SEE NOTE 1 - --------------------------------------------------------------------------------------------------------------------------- AUTOS & HOUSING (CONTINUED) ------------------------------------------------------------------------------------------------------------------- Valeo SA 806 $ 43,171 ------------ 1,570,477 - --------------------------------------------------------------------------------------------------------------------------- LEISURE & ENTERTAINMENT - 3.2% ------------------------------------------------------------------------------------------------------------------- AMR Corp. 1,500 136,500 ------------------------------------------------------------------------------------------------------------------- Atlas Air, Inc. (7) 3,600 207,000 ------------------------------------------------------------------------------------------------------------------- CDL Hotels International Ltd. 200,000 109,808 ------------------------------------------------------------------------------------------------------------------- Granada Group PLC 5,000 66,897 ------------------------------------------------------------------------------------------------------------------- Grand Casinos, Inc. (7) 2,400 61,800 ------------------------------------------------------------------------------------------------------------------- Landry's Seafood Restaurants, Inc. (7) 2,300 56,925 ------------------------------------------------------------------------------------------------------------------- Northwest Airlines Corp., Cl. A (7) 1,700 67,150 ------------------------------------------------------------------------------------------------------------------- Papa John's International, Inc. (7) 2,350 114,563 ------------------------------------------------------------------------------------------------------------------- Piccadilly Cafeterias, Inc. 7,300 76,650 ------------------------------------------------------------------------------------------------------------------- Regal Cinemas, Inc. (7) 4,150 189,863 ------------------------------------------------------------------------------------------------------------------- THORN EMI PLC 4,000 111,446 ------------------------------------------------------------------------------------------------------------------- VideoServer, Inc. (7) 2,600 101,400 ------------------------------------------------------------------------------------------------------------------- Wyndham Hotel Corp. (7) 3,000 62,625 ------------ 1,362,627 - --------------------------------------------------------------------------------------------------------------------------- MEDIA - 1.3% ------------------------------------------------------------------------------------------------------------------- Elsevier NV 5,000 75,931 ------------------------------------------------------------------------------------------------------------------- Emmis Broadcasting Corp., Cl. A (7) 2,400 120,000 ------------------------------------------------------------------------------------------------------------------- HA-LO Industries, Inc. (7) 2,100 54,600 ------------------------------------------------------------------------------------------------------------------- Reed International PLC (7) 5,000 83,420 ------------------------------------------------------------------------------------------------------------------- Reuters Holdings PLC (7) 9,000 108,883 ------------------------------------------------------------------------------------------------------------------- Television Broadcasts Ltd. 19,000 71,304 ------------------------------------------------------------------------------------------------------------------- Wolters Kluwer NV 450 51,161 ------------ 565,299 - --------------------------------------------------------------------------------------------------------------------------- RETAIL: GENERAL - 3.2% ------------------------------------------------------------------------------------------------------------------- Eckerd Corp. (7) 3,100 70,138 ------------------------------------------------------------------------------------------------------------------- Express Scripts, Inc., Cl. A (7) 1,800 82,800 ------------------------------------------------------------------------------------------------------------------- Federated Department Stores, Inc. (7) 1,800 61,425 ------------------------------------------------------------------------------------------------------------------- Marks & Spencer PLC 15,000 109,606 ------------------------------------------------------------------------------------------------------------------- Nautica Enterprises, Inc. (7) 6,700 192,625 ------------------------------------------------------------------------------------------------------------------- Price/Costco, Inc. (7) 3,800 82,175 ------------------------------------------------------------------------------------------------------------------- Sears Roebuck & Co. 4,600 223,675 ------------------------------------------------------------------------------------------------------------------- St. John Knits, Inc. 4,000 178,500 ------------------------------------------------------------------------------------------------------------------- U.S. Industries, Inc. (7) 4,800 115,800 ------------------------------------------------------------------------------------------------------------------- Waban, Inc. (7) 2,500 59,688 ------------------------------------------------------------------------------------------------------------------- Wolverine World Wide, Inc. 2,800 91,000 ------------------------------------------------------------------------------------------------------------------- Zeneca Group PLC 4,250 93,990 ------------ 1,361,422 - --------------------------------------------------------------------------------------------------------------------------- RETAIL: SPECIALTY - 2.5% ------------------------------------------------------------------------------------------------------------------- adidas AG 140 11,776 ------------------------------------------------------------------------------------------------------------------- CDW Computer Centers, Inc. (7) 2,300 159,850 ------------------------------------------------------------------------------------------------------------------- Jusco Co. 2,000 65,652 ------------------------------------------------------------------------------------------------------------------- MSC Industrial Direct Co., Inc., Cl. A (7) 2,600 83,850 ------------------------------------------------------------------------------------------------------------------- New England Business Service, Inc. 5,500 107,250
36 Oppenheimer LifeSpan Funds
STATEMENT OF INVESTMENTS (Unaudited)(Continued) Oppenheimer LifeSpan Growth Fund MARKET VALUE SHARES SEE NOTE 1 - --------------------------------------------------------------------------------------------------------------------------- RETAIL: SPECIALTY (CONTINUED) ------------------------------------------------------------------------------------------------------------------- Next PLC 14,700 $ 128,531 ------------------------------------------------------------------------------------------------------------------- Regis Corp. of Minnesota 1,600 50,000 ------------------------------------------------------------------------------------------------------------------- Shimamura Co. Ltd. (7) 2,000 88,145 ------------------------------------------------------------------------------------------------------------------- Sunglass Hut International, Inc. (7) 3,100 75,563 ------------------------------------------------------------------------------------------------------------------- Tandy Corp. 1,700 80,538 ------------------------------------------------------------------------------------------------------------------- U.S. Office Products Co. (7) 5,000 210,000 ------------ 1,061,155 - --------------------------------------------------------------------------------------------------------------------------- CONSUMER NON-CYCLICALS - 9.9% - --------------------------------------------------------------------------------------------------------------------------- BEVERAGES - 1.0% ------------------------------------------------------------------------------------------------------------------- Anheuser-Busch Cos., Inc. 3,300 247,500 ------------------------------------------------------------------------------------------------------------------- Heineken Holding NV, Cl. A 550 111,193 ------------------------------------------------------------------------------------------------------------------- Heineken NV 30 6,709 ------------------------------------------------------------------------------------------------------------------- LVMH Moet Hennessy Louis Vuitton 295 69,970 ------------ 435,372 - --------------------------------------------------------------------------------------------------------------------------- FOOD - 1.3% ------------------------------------------------------------------------------------------------------------------- American Stores Co. 3,700 152,625 ------------------------------------------------------------------------------------------------------------------- Archer-Daniels-Midland Co. 5,500 105,188 ------------------------------------------------------------------------------------------------------------------- Carrefour Supermarche SA 100 56,070 ------------------------------------------------------------------------------------------------------------------- Dole Food Co. 1,600 68,800 ------------------------------------------------------------------------------------------------------------------- Kroger Co. (7) 2,700 106,650 ------------------------------------------------------------------------------------------------------------------- Nestle SA 55 62,866 ------------ 552,199 - --------------------------------------------------------------------------------------------------------------------------- HEALTHCARE/DRUGS - 2.4% ------------------------------------------------------------------------------------------------------------------- Astra AB Free, Series A 1,600 70,815 ------------------------------------------------------------------------------------------------------------------- Bristol-Myers Squibb Co. 3,500 315,000 ------------------------------------------------------------------------------------------------------------------- Ciba-Geigy AG 105 128,080 ------------------------------------------------------------------------------------------------------------------- Dura Pharmaceuticals, Inc. (7) 1,600 89,600 ------------------------------------------------------------------------------------------------------------------- Glaxo Wellcome PLC, Sponsored ADR 4,100 109,675 ------------------------------------------------------------------------------------------------------------------- Jones Medical Industries, Inc. 1,700 56,525 ------------------------------------------------------------------------------------------------------------------- Sandoz AG 105 120,185 ------------------------------------------------------------------------------------------------------------------- Schering AG 1,075 78,265 ------------------------------------------------------------------------------------------------------------------- Takeda Chemical Industries Ltd. 5,000 88,694 ------------ 1,056,839 - --------------------------------------------------------------------------------------------------------------------------- HEALTHCARE/SUPPLIES & SERVICES - 4.3% ------------------------------------------------------------------------------------------------------------------- CNS, Inc. (7) 3,400 82,450 ------------------------------------------------------------------------------------------------------------------- Columbia/HCA Healthcare Corp. 1,500 80,063 ------------------------------------------------------------------------------------------------------------------- Compdent Corp. (7) 2,500 116,250 ------------------------------------------------------------------------------------------------------------------- CONMED Corp. (7) 2,700 71,888 ------------------------------------------------------------------------------------------------------------------- Gulf South Medical Supply, Inc. (7) 3,400 132,600 ------------------------------------------------------------------------------------------------------------------- Omnicare, Inc. 1,000 26,500 ------------------------------------------------------------------------------------------------------------------- OrNda Healthcorp (7) 3,700 88,800 ------------------------------------------------------------------------------------------------------------------- OrthoLogic Corp. (7) 3,600 45,900 ------------------------------------------------------------------------------------------------------------------- Pediatrix Medical Group, Inc. (7) 2,200 106,700 ------------------------------------------------------------------------------------------------------------------- Physician Reliance Network, Inc. (7) 4,800 106,800 ------------------------------------------------------------------------------------------------------------------- Physician Sales & Service, Inc. (7) 6,400 155,200 ------------------------------------------------------------------------------------------------------------------- Physicians Resource Group, Inc. (7) 2,300 76,763
37 Oppenheimer LifeSpan Funds
STATEMENT OF INVESTMENTS (Unaudited)(Continued) Oppenheimer LifeSpan Growth Fund MARKET VALUE SHARES SEE NOTE 1 - ------------------------------------------------------------------------------------ -------------------------------------- HEALTHCARE/SUPPLIES & SERVICES (CONTINUED) ------------------------------------------------------------------------------------------------------------------- Quintiles Transnational Corp. (7) 1,900 $ 124,925 ------------------------------------------------------------------------------------------------------------------- Renal Treatment Centers, Inc. (7) 4,800 138,000 ------------------------------------------------------------------------------------------------------------------- Rural/Metro Corp. (7) 3,100 106,175 ------------------------------------------------------------------------------------------------------------------- SmithKline Beecham PLC 14,367 153,621 ------------------------------------------------------------------------------------------------------------------- Techne Corp. (7) 1,900 55,575 ------------------------------------------------------------------------------------------------------------------- Total Renal Care Holdings, Inc. (7) 2,500 105,625 ------------------------------------------------------------------------------------------------------------------- Veterinary Centers of America, Inc. (7) 3,500 78,313 ------------ 1,852,148 - --------------------------------------------------------------------------------------------------------------------------- HOUSEHOLD GOODS - 0.8% ------------------------------------------------------------------------------------------------------------------- Blyth Industries, Inc. (7) 4,200 190,575 ------------------------------------------------------------------------------------------------------------------- Premark International, Inc. 2,300 42,550 ------------------------------------------------------------------------------------------------------------------- Tupperware Corp. (7) 2,300 97,175 ------------ 330,300 - --------------------------------------------------------------------------------------------------------------------------- TOBACCO - 0.1% ------------------------------------------------------------------------------------------------------------------- PT Gudang Garam (7) 9,000 38,571 - --------------------------------------------------------------------------------------------------------------------------- ENERGY - 3.7% - --------------------------------------------------------------------------------------------------------------------------- OIL-INTEGRATED - 3.7% ------------------------------------------------------------------------------------------------------------------- Amoco Corp. 3,100 224,363 ------------------------------------------------------------------------------------------------------------------- Atlantic Richfield Co. 1,400 165,900 ------------------------------------------------------------------------------------------------------------------- Chevron Corp. 4,800 283,200 ------------------------------------------------------------------------------------------------------------------- El Paso Natural Gas Co. 4,500 173,250 ------------------------------------------------------------------------------------------------------------------- Elf Acquitaine SA 624 45,930 ------------------------------------------------------------------------------------------------------------------- Exxon Corp. 1,800 156,375 ------------------------------------------------------------------------------------------------------------------- Mobil Corp. 2,500 280,313 ------------------------------------------------------------------------------------------------------------------- Total SA, B Shares 1,641 121,808 ------------------------------------------------------------------------------------------------------------------- Ultramar Corp. 4,300 124,700 ------------ 1,575,839 - --------------------------------------------------------------------------------------------------------------------------- FINANCIAL - 8.2% - --------------------------------------------------------------------------------------------------------------------------- BANKS - 3.6% ------------------------------------------------------------------------------------------------------------------- Banco Bradesco SA, Preference 9,977,974 81,477 ------------------------------------------------------------------------------------------------------------------- Banco Popular Espanol SA 430 76,725 ------------------------------------------------------------------------------------------------------------------- Bangkok Bank Public Co. Ltd. 4,500 60,981 ------------------------------------------------------------------------------------------------------------------- Bank of Boston Corp. 5,900 292,050 ------------------------------------------------------------------------------------------------------------------- BankAmerica Corp. 4,500 340,875 ------------------------------------------------------------------------------------------------------------------- Chase Manhattan Corp. (New) 3,124 220,633 ------------------------------------------------------------------------------------------------------------------- HSBC Holdings PLC 2,400 36,275 ------------------------------------------------------------------------------------------------------------------- Malayan Banking Berhad (7) 8,000 76,969 ------------------------------------------------------------------------------------------------------------------- PNC Bank Corp. 7,700 229,075 ------------------------------------------------------------------------------------------------------------------- Thai Farmers Bank Public Co. Ltd. 5,000 54,757 ------------------------------------------------------------------------------------------------------------------- Wells Fargo & Co. 400 95,550 ------------ 1,565,367 - --------------------------------------------------------------------------------------------------------------------------- DIVERSIFIED FINANCIAL - 3.0% ------------------------------------------------------------------------------------------------------------------- Amresco, Inc. 6,200 106,175 ------------------------------------------------------------------------------------------------------------------- Federal Home Loan Mortgage Corp. 700 59,850 ------------------------------------------------------------------------------------------------------------------- First Pacific Co. Ltd. 50,000 76,865 ------------------------------------------------------------------------------------------------------------------- Haw Par Brothers International Ltd. 33,000 75,308
38 Oppenheimer LifeSpan Funds
STATEMENT OF INVESTMENTS (Unaudited)(Continued) Oppenheimer LifeSpan Growth Fund MARKET VALUE SHARES SEE NOTE 1 - --------------------------------------------------------------------------------------------------------------------------- DIVERSIFIED FINANCIAL (CONTINUED) ------------------------------------------------------------------------------------------------------------------- Hays PLC 10,000 $ 70,508 ------------------------------------------------------------------------------------------------------------------- ING Groep NV 2,752 82,132 ------------------------------------------------------------------------------------------------------------------- Lend Lease Corp. Ltd. (7) 5,000 76,621 ------------------------------------------------------------------------------------------------------------------- Nichiei Co. Ltd. 1,000 66,749 ------------------------------------------------------------------------------------------------------------------- Oxford Resources Corp., Cl. A (7) 3,100 72,075 ------------------------------------------------------------------------------------------------------------------- Perlis Plantations Berhad 18,000 69,272 ------------------------------------------------------------------------------------------------------------------- Salomon, Inc. 4,800 211,200 ------------------------------------------------------------------------------------------------------------------- Sirrom Capital Corp. 2,600 70,850 ------------------------------------------------------------------------------------------------------------------- Southcorp Holdings Ltd. (7) 33,000 81,690 ------------------------------------------------------------------------------------------------------------------- Swire Pacific Ltd., Cl. B 60,000 82,550 ------------------------------------------------------------------------------------------------------------------- United Industrial Corp. Ltd. 80,000 81,644 ------------ 1,283,489 - --------------------------------------------------------------------------------------------------------------------------- INSURANCE - 1.6% ------------------------------------------------------------------------------------------------------------------- AXA SA 1,800 98,161 ------------------------------------------------------------------------------------------------------------------- CRA Managed Care, Inc. (7) 1,800 80,550 ------------------------------------------------------------------------------------------------------------------- General Re Corp. 100 15,225 ------------------------------------------------------------------------------------------------------------------- Hartford Steam Boiler Inspection & Insurance Co. 3,000 147,375 ------------------------------------------------------------------------------------------------------------------- HCC Insurance Holdings, Inc. 2,500 56,250 ------------------------------------------------------------------------------------------------------------------- Sumitomo Marine & Fire Insurance Co. 9,000 78,590 ------------------------------------------------------------------------------------------------------------------- TIG Holdings, Inc. 1,900 55,100 ------------------------------------------------------------------------------------------------------------------- Travelers/Aetna Property Casualty Corp., Cl. A (7) 3,600 102,150 ------------------------------------------------------------------------------------------------------------------- Union des Assurances Federales 287 35,431 ------------ 668,832 - --------------------------------------------------------------------------------------------------------------------------- INDUSTRIAL - 9.9% - --------------------------------------------------------------------------------------------------------------------------- ELECTRICAL EQUIPMENT - 0.3% ------------------------------------------------------------------------------------------------------------------- ABB AG (7) 70 86,674 ------------------------------------------------------------------------------------------------------------------- Mabuchi Motor Co. 900 57,441 ------------ 144,115 - --------------------------------------------------------------------------------------------------------------------------- INDUSTRIAL MATERIALS - 0.3% ------------------------------------------------------------------------------------------------------------------- Compagnie de Saint Gobain 290 38,846 ------------------------------------------------------------------------------------------------------------------- THK Co. Ltd. 3,000 72,692 ------------ 111,538 - --------------------------------------------------------------------------------------------------------------------------- INDUSTRIAL SERVICES - 5.2% ------------------------------------------------------------------------------------------------------------------- AccuStaff, Inc. (7) 3,000 81,750 ------------------------------------------------------------------------------------------------------------------- Alternative Resources Corp. (7) 1,900 69,825 ------------------------------------------------------------------------------------------------------------------- Career Horizons, Inc. (7) 3,800 133,000 ------------------------------------------------------------------------------------------------------------------- Computer Horizons Corp. (7) 2,600 102,700 ------------------------------------------------------------------------------------------------------------------- Corestaff, Inc. (7) 2,600 116,350 ------------------------------------------------------------------------------------------------------------------- Corrections Corp. of America (7) 3,100 217,000 ------------------------------------------------------------------------------------------------------------------- Fritz Cos., Inc. (7) 2,500 80,625 ------------------------------------------------------------------------------------------------------------------- Helix Technology Corp. 5,400 209,250 ------------------------------------------------------------------------------------------------------------------- Komori Corp. (7) 3,000 76,807 ------------------------------------------------------------------------------------------------------------------- Kurita Water Industries Ltd. (7) 3,000 73,241 ------------------------------------------------------------------------------------------------------------------- NOVA Corp. (7) 2,300 77,625 ------------------------------------------------------------------------------------------------------------------- PMT Services, Inc. (7) 3,450 98,756 ------------------------------------------------------------------------------------------------------------------- Sanifill, Inc. (7) 2,000 98,500
39 Oppenheimer LifeSpan Funds
STATEMENT OF INVESTMENTS (Unaudited)(Continued) Oppenheimer LifeSpan Growth Fund MARKET VALUE SHARES SEE NOTE 1 - --------------------------------------------------------------------------------------------------------------------------- INDUSTRIAL SERVICES (CONTINUED) ------------------------------------------------------------------------------------------------------------------- SGS Societe Generale de Surveillance Holding SA, Series B 33 $ 79,055 ------------------------------------------------------------------------------------------------------------------- SITEL Corp. (7) 4,200 176,400 ------------------------------------------------------------------------------------------------------------------- Tetra Tech, Inc. (7) 6,125 122,500 ------------------------------------------------------------------------------------------------------------------- Transaction Systems Architects, Inc., Cl. A (7) 2,500 167,500 ------------------------------------------------------------------------------------------------------------------- United Waste Systems, Inc. (7) 8,500 274,125 ------------ 2,255,009 - --------------------------------------------------------------------------------------------------------------------------- MANUFACTURING - 3.6% ------------------------------------------------------------------------------------------------------------------- AGCO Corp. 4,200 116,550 ------------------------------------------------------------------------------------------------------------------- Canadian Pacific Ltd. 9 208 ------------------------------------------------------------------------------------------------------------------- Canon Sales Co. Inc. 2,000 55,777 ------------------------------------------------------------------------------------------------------------------- Case Corp. 2,800 134,400 ------------------------------------------------------------------------------------------------------------------- Chicago Miniature Lamp, Inc. (7) 2,000 76,000 ------------------------------------------------------------------------------------------------------------------- Hanson PLC, ADR 8,200 116,850 ------------------------------------------------------------------------------------------------------------------- Harnischfeger Industries, Inc. 1,600 53,200 ------------------------------------------------------------------------------------------------------------------- Hutchison Whampoa Ltd. 11,000 69,205 ------------------------------------------------------------------------------------------------------------------- Komatsu Ltd. (7) 8,000 79,002 ------------------------------------------------------------------------------------------------------------------- Mannesmann AG 210 72,647 ------------------------------------------------------------------------------------------------------------------- Mark IV Industries, Inc. 2,310 52,264 ------------------------------------------------------------------------------------------------------------------- Mitsubishi Heavy Industries Ltd. 7,000 60,998 ------------------------------------------------------------------------------------------------------------------- Nippon Electric Glass Co. Ltd. 3,000 51,296 ------------------------------------------------------------------------------------------------------------------- NSK Ltd. 8,000 60,641 ------------------------------------------------------------------------------------------------------------------- Shinmaywa Industries Ltd. (7) 6,000 61,446 ------------------------------------------------------------------------------------------------------------------- Sidel SA 325 82,710 ------------------------------------------------------------------------------------------------------------------- SMC Corp. (7) 500 38,769 ------------------------------------------------------------------------------------------------------------------- Textron, Inc. 2,200 175,725 ------------------------------------------------------------------------------------------------------------------- Tyco International Ltd. 3,200 130,400 ------------------------------------------------------------------------------------------------------------------- U.S. Filter Corp. (7) 1,900 66,025 ------------ 1,554,113 - --------------------------------------------------------------------------------------------------------------------------- TRANSPORTATION - 0.5% ------------------------------------------------------------------------------------------------------------------- Brambles Industries Ltd. 6,000 83,363 ------------------------------------------------------------------------------------------------------------------- Wisconsin Central Transportation Corp. (7) 3,600 117,000 ------------ 200,363 - --------------------------------------------------------------------------------------------------------------------------- TECHNOLOGY - 17.6% - -------------------------------------------------------------------------------------------------------------------------- AEROSPACE/DEFENSE - 3.2% ------------------------------------------------------------------------------------------------------------------- General Dynamics Corp. 4,300 266,600 ------------------------------------------------------------------------------------------------------------------- Goodrich (B.F.) Co. 6,400 239,200 ------------------------------------------------------------------------------------------------------------------- Lockheed Martin Corp. 2,900 243,600 ------------------------------------------------------------------------------------------------------------------- McDonnell Douglas Corp. 2,800 135,800 ------------------------------------------------------------------------------------------------------------------- Rockwell International Corp. 4,200 240,450 ------------------------------------------------------------------------------------------------------------------- TRW, Inc. 2,600 233,675 ------------ 1,359,325 - --------------------------------------------------------------------------------------------------------------------------- COMPUTER HARDWARE - 1.8% ------------------------------------------------------------------------------------------------------------------- Canon, Inc. 6,000 125,086 ------------------------------------------------------------------------------------------------------------------- Dell Computer Corp. (7) 1,300 66,138 ------------------------------------------------------------------------------------------------------------------- Gateway 2000, Inc. (7) 1,300 44,200 ------------------------------------------------------------------------------------------------------------------- HCIA, Inc. (7) 1,800 113,400
40 Oppenheimer LifeSpan Funds
STATEMENT OF INVESTMENTS (Unaudited)(Continued) Oppenheimer LifeSpan Growth Fund MARKET VALUE SHARES SEE NOTE 1 - --------------------------------------------------------------------------------------------------------------------------- COMPUTER HARDWARE (CONTINUED) ------------------------------------------------------------------------------------------------------------------- Microcom, Inc. (7) 4,000 $ 50,500 ------------------------------------------------------------------------------------------------------------------- Storage Technology Corp. (New) (7) 3,800 145,350 ------------------------------------------------------------------------------------------------------------------- Xerox Corp. 4,200 224,700 ------------ 769,374 - --------------------------------------------------------------------------------------------------------------------------- COMPUTER SOFTWARE - 5.4% ------------------------------------------------------------------------------------------------------------------- Applix, Inc. (7) 2,200 63,250 ------------------------------------------------------------------------------------------------------------------- Aspen Technologies, Inc. (7) 600 33,000 ------------------------------------------------------------------------------------------------------------------- Cambridge Technology Partners, Inc. (7) 7,500 228,750 ------------------------------------------------------------------------------------------------------------------- Cooper & Chyan Technology, Inc. (7) 1,100 24,063 ------------------------------------------------------------------------------------------------------------------- Dendrite International, Inc. (7) 1,200 41,400 ------------------------------------------------------------------------------------------------------------------- Electronics for Imaging, Inc. (7) 3,500 242,813 ------------------------------------------------------------------------------------------------------------------- EPIC Design Technology, Inc. (7) 3,700 93,425 ------------------------------------------------------------------------------------------------------------------- Inso Corp. (7) 2,100 109,988 ------------------------------------------------------------------------------------------------------------------- McAfee Associates, Inc. (7) 4,175 204,575 ------------------------------------------------------------------------------------------------------------------- MDL Information Systems, Inc. (7) 2,300 68,425 ------------------------------------------------------------------------------------------------------------------- Medic Computer Systems, Inc. (7) 700 56,788 ------------------------------------------------------------------------------------------------------------------- Project Software & Development, Inc. (7) 4,200 196,875 ------------------------------------------------------------------------------------------------------------------- Rational Software Corp. (7) 4,200 225,750 ------------------------------------------------------------------------------------------------------------------- Remedy Corp. (7) 1,550 113,150 ------------------------------------------------------------------------------------------------------------------- Sap AG, Preference 430 63,828 ------------------------------------------------------------------------------------------------------------------- Sapient Corp. (7) 2,500 105,625 ------------------------------------------------------------------------------------------------------------------- Scopus Technology, Inc. (7) 2,800 43,400 ------------------------------------------------------------------------------------------------------------------- Security Dynamics Technologies, Inc. (7) 1,400 115,150 ------------------------------------------------------------------------------------------------------------------- Shiva Corp. (7) 800 64,000 ------------------------------------------------------------------------------------------------------------------- Veritas Software Corp. (7) 2,500 107,500 ------------------------------------------------------------------------------------------------------------------- Visio Corp. (7) 2,200 79,200 ------------------------------------------------------------------------------------------------------------------- Zebra Technologies Corp., Cl. A (7) 3,600 63,900 ------------ 2,344,855 - --------------------------------------------------------------------------------------------------------------------------- ELECTRONICS - 3.0% ------------------------------------------------------------------------------------------------------------------- Bowthorpe PLC 12,000 84,050 ------------------------------------------------------------------------------------------------------------------- Electrocomponents PLC 10,000 59,248 ------------------------------------------------------------------------------------------------------------------- Getronics NV 2,800 62,058 ------------------------------------------------------------------------------------------------------------------- Input/Output, Inc. (7) 3,100 100,363 ------------------------------------------------------------------------------------------------------------------- Intel Corp. 1,000 73,438 ------------------------------------------------------------------------------------------------------------------- Keyence Corp. 600 81,745 ------------------------------------------------------------------------------------------------------------------- Kyocera Corp. 1,000 70,864 ------------------------------------------------------------------------------------------------------------------- Matsushita Electric Industrial Co. 5,000 93,266 ------------------------------------------------------------------------------------------------------------------- Matsushita Electric Works Ltd. 6,000 65,286 ------------------------------------------------------------------------------------------------------------------- Nitto Denko Corp. 5,000 88,237 ------------------------------------------------------------------------------------------------------------------- Rohm Co. 1,000 66,200 ------------------------------------------------------------------------------------------------------------------- Samsung Electronics Co., Sponsored GDR (1)(7) 1,800 43,434 ------------------------------------------------------------------------------------------------------------------- SDL, Inc. (7) 2,000 55,500 ------------------------------------------------------------------------------------------------------------------- Sony Corp. (7) 1,000 65,926 ------------------------------------------------------------------------------------------------------------------- TDK Corp. 1,000 59,800 ------------------------------------------------------------------------------------------------------------------- Varian Associates, Inc. 1,700 87,975 ------------------------------------------------------------------------------------------------------------------- Vitesse Semiconductor Corp. (7) 3,200 76,800
41 Oppenheimer LifeSpan Funds
STATEMENT OF INVESTMENTS (Unaudited)(Continued) Oppenheimer LifeSpan Growth Fund MARKET VALUE SHARES SEE NOTE 1 - --------------------------------------------------------------------------------------------------------------------------- ELECTRONICS (CONTINUED) ------------------------------------------------------------------------------------------------------------------- Waters Corp. (7) 1,800 $ 59,400 ------------ 1,293,590 - --------------------------------------------------------------------------------------------------------------------------- TELECOMMUNICATIONS-TECHNOLOGY - 4.2% ------------------------------------------------------------------------------------------------------------------- APAC Teleservices, Inc. (7) 3,000 108,000 ------------------------------------------------------------------------------------------------------------------- Aspect Telecommunications Corp. (7) 3,300 163,350 ------------------------------------------------------------------------------------------------------------------- AT&T Corp. 3,800 235,600 ------------------------------------------------------------------------------------------------------------------- Cable Design Technologies Corp. (7) 2,950 96,613 ------------------------------------------------------------------------------------------------------------------- Cidco, Inc. (7) 3,400 119,850 ------------------------------------------------------------------------------------------------------------------- Coherent Communications Systems Corp. (7) 3,800 80,750 ------------------------------------------------------------------------------------------------------------------- Comverse Technology, Inc. (7) 5,100 155,550 ------------------------------------------------------------------------------------------------------------------- DSP Communications, Inc. (7) 5,500 282,563 ------------------------------------------------------------------------------------------------------------------- Inter-Tel, Inc. (7) 2,200 57,613 ------------------------------------------------------------------------------------------------------------------- L.M. Ericsson Telephone Co., Cl. B, ADR 3,720 79,980 ------------------------------------------------------------------------------------------------------------------- Nokia AB, Series A 1,300 47,996 ------------------------------------------------------------------------------------------------------------------- Octel Communications Corp. (7) 3,600 71,100 ------------------------------------------------------------------------------------------------------------------- Premisys Communications, Inc. (7) 1,700 103,700 ------------------------------------------------------------------------------------------------------------------- PT Indosat, ADR 1,000 33,500 ------------------------------------------------------------------------------------------------------------------- Telecom Corp. of New Zealand Ltd. 20,000 84,211 ------------------------------------------------------------------------------------------------------------------- Vodafone Group PLC 21,000 78,110 ------------ 1,798,486 - --------------------------------------------------------------------------------------------------------------------------- UTILITIES - 7.5% - --------------------------------------------------------------------------------------------------------------------------- ELECTRIC UTILITIES - 3.8% ------------------------------------------------------------------------------------------------------------------- American Electric Power Co., Inc. 4,800 204,600 ------------------------------------------------------------------------------------------------------------------- Calenergy, Inc. (7) 3,600 91,800 ------------------------------------------------------------------------------------------------------------------- Cia Energetica de Minas Gerais, Preference 3,325,000 88,406 ------------------------------------------------------------------------------------------------------------------- Entergy Corp. 9,000 255,375 ------------------------------------------------------------------------------------------------------------------- FPL Group, Inc. 5,600 257,600 ------------------------------------------------------------------------------------------------------------------- Illinova Corp. 4,400 126,500 ------------------------------------------------------------------------------------------------------------------- Kansas City Power & Light Co. 5,600 154,000 ------------------------------------------------------------------------------------------------------------------- Texas Utilities Co. 5,200 222,300 ------------------------------------------------------------------------------------------------------------------- Veba AG 2,130 113,287 ------------------------------------------------------------------------------------------------------------------- Western Resources, Inc. 4,200 125,475 ------------ 1,639,343 - --------------------------------------------------------------------------------------------------------------------------- GAS UTILITIES - 1.6% ------------------------------------------------------------------------------------------------------------------- Columbia Gas System, Inc. (The) 3,400 177,225 ------------------------------------------------------------------------------------------------------------------- Hong Kong & China Gas 45,600 72,752 ------------------------------------------------------------------------------------------------------------------- PanEnergy Corp. 11,800 387,925 ------------------------------------------------------------------------------------------------------------------- RWE AG, Preference (7) 2,000 61,559 ------------ 699,461 - --------------------------------------------------------------------------------------------------------------------------- TELEPHONE UTILITIES - 2.1% ------------------------------------------------------------------------------------------------------------------- Ameritech Corp. 4,300 255,313 ------------------------------------------------------------------------------------------------------------------- DDI Corp. 8 69,931 ------------------------------------------------------------------------------------------------------------------- GTE Corp. 6,100 272,975 ------------------------------------------------------------------------------------------------------------------- NYNEX Corp. 3,100 147,250 ------------------------------------------------------------------------------------------------------------------- Telecom Italia Mobile SpA 22,000 49,208 ------------------------------------------------------------------------------------------------------------------- Telecomunicacoes de Sao Paulo SA 16,499 2,908
42 Oppenheimer LifeSpan Funds
STATEMENT OF INVESTMENTS (Unaudited)(Continued) Oppenheimer LifeSpan Growth Fund MARKET VALUE SHARES SEE NOTE 1 - --------------------------------------------------------------------------------------------------------------------------- TELEPHONE UTILITIES (CONTINUED) ------------------------------------------------------------------------------------------------------------------- Telecomunicacoes de Sao Paulo SA, Preference 385,000 $ 82,429 ------------------------------------------------------------------------------------------------------------------- Telefonica de Espana, ADS 2,300 42,405 ------------ 922,419 ------------ Total Common Stocks 31,575,311 =========================================================================================================================== PREFERRED STOCKS - 0.3% - --------------------------------------------------------------------------------------------------------------------------- Case Corp., $4.50 Cum. Cv., Series A, Non-Vtg. 1,200 141,900 ------------------------------------------------------------------------------------------------------------------- Renong Berhad, 4% Irredeemable Cv. Unsec. Loan Stocks 5,200 1,960 ------------ Total Preferred Stocks 143,860 UNITS =========================================================================================================================== RIGHTS, WARRANTS AND CERTIFICATES - 0.1% - --------------------------------------------------------------------------------------------------------------------------- Carrefour Supermarche SA Rts., Exp. 7/96 100 27,646 ------------------------------------------------------------------------------------------------------------------- Haw Par Brothers International Wts., Exp. 3/01 3,300 1,988 ------------------------------------------------------------------------------------------------------------------- Hong Kong & China Gas Wts., Exp. 9/97 3,800 994 ------------------------------------------------------------------------------------------------------------------- Intermedia Communications, Inc. Wts., Exp. 6/00 50 2,000 ------------------------------------------------------------------------------------------------------------------- Renong Berhad Wts., Exp. 2/97 3,250 860 ------------------------------------------------------------------------------------------------------------------- Telecomunicacoes de Sao Paulo SA, Non-Vtg. Rts., Exp. 7/96 16,499 -- ------------ Total Rights, Warrants and Certificates 33,488 FACE AMOUNT =========================================================================================================================== REPURCHASE AGREEMENT - 6.9% - --------------------------------------------------------------------------------------------------------------------------- Repurchase Agreement with State Street Bank and Trust Company, 4.50%, dated 6/28/96, to be repurchased at $2,951,106 on 7/1/96, collateralized by U.S. Treasury Bills, 12/19/96, with a value of $3,021,936 $2,950,000 $ 2,950,000 ------------------------------------------------------------------------------------------------------------------- TOTAL INVESTMENTS, AT VALUE (COST $36,852,282) 98.9% 42,561,916 ------------------------------------------------------------------------------------------------------------------- OTHER ASSETS NET OF LIABILITIES 1.1 472,959 ------ ------------ NET ASSETS 100.0% $43,034,875 ====== ============
1. Represents a security sold under Rule 144A, which is exempt from registration under the Securities Act of 1933, as amended. This security has been determined to be liquid under guidelines established by the Board of Directors. These securities amount to $463,054 or 1.08% of the Fund's net assets, at June 30, 1996. 2. Denotes a step bond: a zero coupon bond that converts to a fixed rate of interest at a designated future date. 3. For zero coupon bonds, the interest rate shown is the effective yield on the date of purchase. 4. Represents the current interest rate for a variable rate security. 5. Units may be comprised of several components, such as debt and equity and/or warrants to purchase equity at some point in the future. For units which represent debt securities, face amount disclosed represents total underlying principal. 6. When-issued security to be delivered and settled after June 30, 1996. 7. Non-income producing security. See accompanying Notes to Financial Statements. 43 Oppenheimer LifeSpan Funds
STATEMENTS OF ASSETS AND LIABILITIES June 30, 1996 (Unaudited) OPPENHEIMER OPPENHEIMER OPPENHEIMER LIFESPAN LIFESPAN LIFESPAN INCOME BALANCED GROWTH FUND FUND FUND -------------------------------------- ASSETS: Investments, at value (cost * ) - see accompanying statements $25,687,850 $50,244,152 $42,561,916 Cash 296,074 433,993 293,680 Receivables: Dividends, interest and principal paydowns 375,570 403,112 202,137 Shares of beneficial interest sold -- -- 59,118 Investments sold 54,156 299,837 351,868 ----------------------------------------- Total assets 26,413,650 51,381,094 43,468,719 ----------------------------------------- LIABILITIES: Payables and other liabilities: Dividends 5,218 -- -- Investments purchased 39,563 478,320 371,871 Shares of beneficial interest redeemed -- -- 19,820 Transfer and shareholder servicing agent fees 585 1,641 2,567 Custodian fees 23,830 39,734 34,373 Other 1,580 5,431 5,213 ----------------------------------------- Total liabilities 70,776 525,126 433,844 ----------------------------------------- NET ASSETS $26,342,874 $50,855,968 $43,034,875 ========================================= COMPOSITION OF NET ASSETS: Par value of shares of capital stock $2,505 $4,346 $3,421 Additional paid-in capital 25,293,133 44,648,826 35,535,593 Undistributed (distributions in excess of) net investment income 17,981 (4,196) (45,124) Accumulated net realized gain from investments and foreign currency transactions 342,838 987,056 1,831,352 Net unrealized appreciation on investments and translation of assets and liabilities denominated in foreign currencies 686,417 5,219,936 5,709,633 ----------------------------------------- NET ASSETS $26,342,874 $50,855,968 $43,034,875 ========================================= NET ASSET VALUE PER SHARE: CLASS A SHARES: Net asset value and redemption price per share (based on net assets and shares of capital stock outstanding: Net assets $25,964,650 $48,922,835 $41,409,858 Shares of capital stock 2,468,895 4,181,109 3,292,338 Price per share $10.52 $11.70 $12.58 Maximum offering price per share (net asset value plus sales charge of 5.75% of offering price for each fund) $11.16 $12.41 $13.35 ----------------------------------------- CLASS B SHARES: Net asset value, redemption price and offering price per share (based on net assets and shares of capital stock outstanding: Net assets $377,224 $1,332,621 $1,604,221 Shares of capital stock 35,737 113,059 126,932 Price per share $10.56 $11.79 $12.64 ----------------------------------------- CLASS C SHARES: Netasset value, redemption price and offering price per share (based on net assets and shares of capital stock outstanding: Net assets $1,000 $600,512 $20,796 Shares of capital stock 95 51,374 1,655 Price per share $10.53 $11.69 $12.57 ----------------------------------------- *Cost $25,001,433 $45,024,216 $36,852,282
See accompanying Notes to Financial Statements. 44 Oppenheimer LifeSpan Funds
STATEMENTS OF OPERATIONS For the Six Months Ended June 30, 1996 (Unaudited) OPPENHEIMER OPPENHEIMER OPPENHEIMER LIFESPAN LIFESPAN LIFESPAN INCOME BALANCED GROWTH FUND FUND FUND ------------------------------------------ INVESTMENT INCOME: Interest $736,207 $784,535 $341,436 Dividends 113,480 260,991 272,809 ----------------------------------------- Total income 849,687 1,045,526 614,245 ----------------------------------------- EXPENSES: Management fees - Note 4 95,477 195,929 165,313 Distribution and service plan fees - Note 4: Class A 33,018 56,254 47,179 Class B -- 5,101 5,757 Class C -- 387 15 Transfer and shareholder servicing agent fees - Note 4 1,919 4,616 7,064 Accounting services fees 30,000 52,500 45,000 Custodian fees and expenses 48,127 59,279 49,579 Legal and auditing fees 1,742 6,780 6,553 Registration and filing fees: Class A 679 1,560 1,138 Class B 99 289 307 Class C -- 210 7 Other 693 3,312 3,796 ----------------------------------------- Total expenses 211,754 386,217 331,708 ----------------------------------------- NET INVESTMENT INCOME 637,933 659,309 282,537 ----------------------------------------- REALIZED AND UNREALIZED GAIN (LOSS): Net realized gain (loss) from: Investments 348,161 1,094,196 1,949,492 Foreign currency transactions -- (51,480) (61,851) Net change in unrealized appreciation or depreciation on: Investments (725,693) 1,710,423 2,166,450 Translation of assets and liabilities denominated in foreign currencies -- (46,995) (47,178) ----------------------------------------- Net realized and unrealized gain (loss) (377,532) 2,706,144 4,006,913 ----------------------------------------- NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $260,401 $3,365,453 $4,289,450 ========================================= *Interest $560 $8,784 $6,613 **Dividends -- $2,793 $5,058
See accompanying Notes to Financial Statements. 45 Oppenheimer LifeSpan Funds
STATEMENTS OF CHANGES IN NET ASSETS For the Six Months Ended June 30, 1996 (Unaudited) and the Year Ended December 31, 1995 OPPENHEIMER OPPENHEIMER OPPENHEIMER LIFESPAN LIFESPAN LIFESPAN INCOME BALANCED GROWTH FUND FUND FUND --------------------------------------------------------------------------------------- 1996 1995(1) 1996 1995(1) 1996 1995(1) --------------------------------------------------------------------------------------- OPERATIONS: Net investment income $637,933 $793,232 $659,309 $868,937 $282,537 $450,654 Net realized gain 348,161 159,534 1,042,716 923,770 1,887,641 770,151 Net change in unrealized appreciation or depreciation (725,693) 1,412,110 1,663,428 3,556,508 2,119,272 3,590,361 --------------------------------------------------------------------------------------- Net increase (decrease) in net assets resulting from operations 260,401 2,364,876 3,365,453 5,349,215 4,289,450 4,811,166 DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS: Dividends from net investment income: Class A (625,702) (779,588) (617,003) (890,951) (289,191) (478,706) Class B (6,586) (1,302) (14,835) (2,117) (9,325) (951) Class C (6) -- (7,536) -- (142) -- Distributions from net realized gain: Class A (63,862) (99,296) (140,249) (824,982) (129,617) (680,837) Class B (925) (772) (3,812) (8,662) (4,802) (11,119) Class C (2) -- (1,725) -- (65) -- CAPITAL STOCK TRANSACTIONS: Net increase in net assets resulting from capital stock - Note 2: Class A 1,775,434 23,138,358 4,526,454 38,241,838 3,296,272 30,735,209 Class B 191,587 189,259 837,284 437,351 932,572 553,763 Class C 1,000 -- 610,245 -- 21,198 -- NET ASSETS: Total increase 1,531,339 24,811,535 8,554,276 42,301,692 8,106,350 34,928,525 Beginning of period 24,811,535 -- 42,301,692 -- 34,928,525 -- --------------------------------------------------------------------------------------- End of period $26,342,874 $24,811,535 $50,855,968 $42,301,692 $43,034,875 $34,928,525 =======================================================================================
1. For the period from May 1, 1995 (commencement of operations) to December 31, 1995. See accompanying Notes to Financial Statements. 46 Oppenheimer LifeSpan Funds
FINANCIAL HIGHLIGHTS (Unaudited) Oppenheimer LifeSpan Income Fund CLASS A CLASS B CLASS C ------------------------------ ------------------------------ ------------------- SIX MONTHS PERIOD ENDED SIX MONTHS PERIOD ENDED PERIOD ENDED ENDED JUNE 30, DECEMBER 31, ENDED JUNE 30, DECEMBER 31, JUNE 30, 1996 (UNAUDITED) 1995(3) 1996 (UNAUDITED) 1995(2) 1996 (UNAUDITED)(1) ==================================================================================================================================== PER SHARE OPERATING DATA: Net asset value, beginning of period $10.70 $10.00 $10.74 $10.45 $10.53 - ------------------------------------------------------------------------------------------------------------------------------------ Income (loss) from investment operations: Net investment income .26 .37 .22 .12 .07 Net realized and unrealized gain (loss) (.15) .73 (.16) .32 .02 - ------------------------------------------------------------------------------------------------------------------------------------ Total income (loss) from investment operations .11 1.10 .06 .44 .09 - ------------------------------------------------------------------------------------------------------------------------------------ Dividends and distributions to shareholders: Dividends from net investment income (.26) (.36) (.21) (.11) (.06) Distributions from net realized gain (.03) (.04) (.03) (.04) (.03) - ------------------------------------------------------------------------------------------------------------------------------------ Total dividends and distributions to shareholders (.29) (.40) (.24) (.15) (.09) - ------------------------------------------------------------------------------------------------------------------------------------ Net asset value, end of period $10.52 $10.70 $10.56 $10.74 $10.53 =================================================================================== ==================================================================================================================================== TOTAL RETURN, AT NET ASSET VALUE(4) 1.02% 11.22% 0.56% 4.30% 0.84% ==================================================================================================================================== RATIOS/SUPPLEMENTAL DATA: Net assets, end of period (in thousands) $25,965 $24,619 $377 $192 $1 - ------------------------------------------------------------------------------------------------------------------------------------ Average net assets (in thousands) $25,337 $22,128 $328 $107 $1 - ------------------------------------------------------------------------------------------------------------------------------------ Ratios to average net assets (annualized): Net investment income 5.01% 5.35% 4.17% 5.23% 3.99% Expenses 1.65% 1.50% 2.37% 2.25% 2.67% - ------------------------------------------------------------------------------------------------------------------------------------ Portfolio turnover rate(6) 59.1% 45.8% 59.1% 45.8% 59.1% Average brokerage commission rate(7) $0.0700 -- $0.0700 -- $0.0700
1. For the period from May 1, 1996 (inception of offering) to June 30, 1996. 2. For the period from October 1, 1995 (inception of offering) to December 31, 1995. 3. For the period from May 1, 1995 (commencement of offering) to December 31, 1995. 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. Inclusion of these charges would reduce the total return figures for all periods shown. 5. 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 period ended June 30, 1996 were $15,738,776 and $13,967,498, respectively. 6. Total brokerage commissions paid on applicable purchases and sales of portfolio securities for the period divided by the total number of related shares purchased and sold. See accompanying Notes to Financial Statements. 47 Oppenheimer LifeSpan Funds
FINANCIAL HIGHLIGHTS (Unaudited) Oppenheimer LifeSpan Balanced Fund CLASS A CLASS B CLASS C ------------------------------ ------------------------------ ------------------- SIX MONTHS PERIOD ENDED SIX MONTHS PERIOD ENDED PERIOD ENDED ENDED JUNE 30, DECEMBER 31, ENDED JUNE 30, DECEMBER 31, JUNE 30, 1996 (UNAUDITED) 1995(3) 1996 (UNAUDITED) 1995(2) 1996 (UNAUDITED)(1) ==================================================================================================================================== PER SHARE OPERATING DATA: Net asset value, beginning of period $11.05 $10.00 $11.16 $10.95 $11.74 - ------------------------------------------------------------------------------------------------------------------------------------ Income from investment operations: Net investment income .16 .24 .09 .05 .01 Net realized and unrealized gain .62 1.29 .70 .45 .12 - ------------------------------------------------------------------------------------------------------------------------------------ Total income from investment operations .78 1.53 .79 .50 .13 - ------------------------------------------------------------------------------------------------------------------------------------ Dividends and distributions to shareholders: Dividends from net investment income (.15) (.25) (.13) (.06) (.15) Distributions from net realized gain (.03) (.23) (.03) (.23) (.03) - ------------------------------------------------------------------------------------------------------------------------------------ Total dividends and distributions to shareholders (.18) (.48) (.16) (.29) (.18) - ------------------------------------------------------------------------------------------------------------------------------------ Net asset value, end of period $11.65 $11.05 $11.79 $11.16 $11.69 =================================================================================== ==================================================================================================================================== TOTAL RETURN, AT NET ASSET VALUE(4) 7.56% 15.33% 7.06% 4.49% 1.15% ==================================================================================================================================== RATIOS/SUPPLEMENTAL DATA: Net assets, end of period (in thousands) $48,923 $41,861 $1,333 $441 $601 - ------------------------------------------------------------------------------------------------------------------------------------ Average net assets (in thousands) $46,075 $37,417 $1,051 $247 $269 - ------------------------------------------------------------------------------------------------------------------------------------ Ratios to average net assets (annualized): Net investment income 2.83% 3.47% 2.06% 3.01% 1.20% Expenses 1.63% 1.55% 2.38% 2.30% 2.35% - ------------------------------------------------------------------------------------------------------------------------------------ Portfolio turnover rate(5) 42.3% 76.3% 42.3% 76.3% 42.3% Average brokerage commission rate(6) $0.0276 -- $0.0276 -- $0.0276
1. For the period from May 1, 1996 (inception of offering) to June 30, 1996. 2. For the period from October 1, 1995 (inception of offering) to December 31, 1995. 3. For the period from May 1, 1995 (commencement of offering) to December 31, 1995. 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. Inclusion of these charges would reduce the total return figures for all periods shown. 5. 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 period ended June 30, 1996 were $23,866,018 and $18,071,825, respectively. 6. Total brokerage commissions paid on applicable purchases and sales of portfolio securities for the period divided by the total number of related shares purchased and sold. See accompanying Notes to Financial Statements. 48 Oppenheimer LifeSpan Funds
FINANCIAL HIGHLIGHTS (Unaudited) Oppenheimer LifeSpan Growth Fund CLASS A CLASS B CLASS C ------------------------------ ------------------------------ ------------------- SIX MONTHS PERIOD ENDED SIX MONTHS PERIOD ENDED PERIOD ENDED ENDED JUNE 30, DECEMBER 31, ENDED JUNE 30, DECEMBER 31, JUNE 30, 1996 (UNAUDITED) 1995(3) 1996 (UNAUDITED) 1995(2) 1996 (UNAUDITED)(1) ==================================================================================================================================== PER SHARE OPERATING DATA: Net asset value, beginning of period $11.39 $10.00 $11.47 $11.14 $12.49 - ------------------------------------------------------------------------------------------------------------------------------------ Income from investment operations: Net investment income .11 .16 .10 .03 .17 Net realized and unrealized gain 1.21 1.63 1.17 .56 .04 - ------------------------------------------------------------------------------------------------------------------------------------ Total income from investment operations 1.32 1.79 1.27 .59 .21 - ------------------------------------------------------------------------------------------------------------------------------------ Dividends and distributions to shareholders: Dividends from net investment income (.09) (.17) (.06) (.03) (.09) Distributions from net realized gain (.04) (.23) (.04) (.23) (.04) - ------------------------------------------------------------------------------------------------------------------------------------ Total dividends and distributions to shareholders (.13) (.40) (.10) (.26) (.13) - ------------------------------------------------------------------------------------------------------------------------------------ Net asset value, end of period $12.58 $11.39 $12.64 $11.47 $12.57 =================================================================================== ==================================================================================================================================== TOTAL RETURN, AT NET ASSET VALUE(4) 11.60% 18.02% 11.09% 5.34% 1.67% ==================================================================================================================================== RATIOS/SUPPLEMENTAL DATA: Net assets, end of period (in thousands) $41,410 $34,368 $1,604 $561 $21 - ------------------------------------------------------------------------------------------------------------------------------------ Average net assets (in thousands) $38,767 $29,046 $1,246 $230 $11 - ------------------------------------------------------------------------------------------------------------------------------------ Ratios to average net assets (annualized): Net investment income 1.44% 2.32% 0.67% 1.70% 0.11% Expenses 1.65% 1.55% 2.29% 2.30% 2.29% - ------------------------------------------------------------------------------------------------------------------------------------ Portfolio turnover rate(5) 45.5% 71.8% 45.5% 71.8% 45.5% Average brokerage commission rate(6) $0.0452 -- $0.0452 -- $0.0452
1. For the period from May 1, 1996 (inception of offering) to June 30, 1996. 2. For the period from October 1, 1995 (inception of offering) to December 31, 1995. 3. For the period from May 1, 1995 (commencement of offering) to December 31, 1995. 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. Inclusion of these charges would reduce the total return figures for all periods shown. 5. 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 period ended June 30, 1996 were $20,403,069 and $16,200,647, respectively. 6. Total brokerage commissions paid on applicable purchases and sales of portfolio securities for the period divided by the total number of related shares purchased and sold. See accompanying Notes to Financial Statements. 49 Oppenheimer LifeSpan Funds NOTES TO FINANCIAL STATEMENTS (Unaudited) 1. SIGNIFICANT ACCOUNTING POLICIES Oppenheimer LifeSpan Income Fund (the Fund), a series of Oppenheimer Series Fund, Inc. (the Company), is registered under the Investment Company Act of 1940, as amended, as a diversified, open-end management investment company. The Fund's investment objective is to seek a high level of current income, with opportunities for capital appreciation. It invests in a strategically allocated portfolio of stocks and bonds with a slightly stronger emphasis on stocks. Until March 18, 1996, the Fund and the Company were named CMIA LifeSpan Income Account and Connecticut Mutual Investment Accounts, Inc., respectively. On January 27, 1996, the policyholders of Connecticut Mutual Life Insurance Company (CML) approved a merger of CML with Massachusetts Mutual Life Insurance Company (MML). In line with this change, effective March 1, 1996, OppenheimerFunds, Inc. (the Manager) became the advisor of Oppenheimer Series Fund, Inc. The Fund offers Class A, Class B and Class C shares. Class A shares are sold with a front-end sales charge. Class B and Class C shares may be subject to a contingent deferred sales charge. All three classes of shares have identical rights to earnings, assets and voting privileges, except that each class has its own distribution and/or service plan, expenses directly attributable to a particular class and exclusive voting rights with respect to matters affecting a single class. Class B shares will automatically convert to Class A shares six years after the date of purchase. The following is a summary of significant accounting policies consistently followed by the Fund. INVESTMENT VALUATION. Portfolio securities are valued at the close of the New York Stock Exchange 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 and short-term "non-money market" debt securities are valued by a portfolio pricing service approved by the Board of Directors. Such securities which cannot be valued by the approved portfolio pricing service are valued using dealer-supplied valuations provided the Manager is satisfied that the firm rendering the quotes is reliable and that the quotes reflect current market value, or are valued under consistently applied procedures established by the Board of Directors to determine fair value in good faith. Short-term "money market type" 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. 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 rates of exchange prevailing on the respective dates of such transactions. 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 Statement 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. The market value of the underlying securities is required to be at least 102% of the resale price at the time of purchase. 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. 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. FEDERAL TAXES. The Fund intends to continue to comply with provisions of the 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 or excise tax provision is required. 50 Oppenheimer LifeSpan Funds NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued) 1. SIGNIFICANT ACCOUNTING POLICIES (continued) DIRECTORS' FEES AND EXPENSES. The Fund has adopted a nonfunded retirement plan for the Fund's independent directors. Benefits are based on years of service and fees paid to each director during the years of service. DISTRIBUTIONS TO SHAREHOLDERS. Dividends and distributions to shareholders are recorded on the ex-dividend date. 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. OTHER. Investment transactions are accounted for on the date the investments are purchased or sold (trade 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 unrealized appreciation and depreciation are determined on an identified cost basis, which is the same basis used for federal income tax purposes. The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. 2. SHARES OF CAPITAL STOCK The Fund has authorized 450 million shares of $0.001 par value capital stock. Transactions in shares of capital stock were as follows:
SIX MONTHS ENDED JUNE 30, 1996(2) YEAR ENDED DECEMBER 31, 1995(1) --------------------------------- ------------------------------- SHARES AMOUNT SHARES AMOUNT Class A: Sold 129,664 $1,369,377 2,218,682 $22,279,583 Dividends reinvested 62,745 663,035 82,386 860,578 Redeemed (24,412) (256,978) (170) (1,803) -------- ----------- ---------- ------------ Net increase 167,997 $1,775,434 2,300,898 $23,138,358 ======== =========== ========== ============ Class B: Sold 17,317 $ 185,934 17,728 $ 187,546 Dividends reinvested 646 6,875 194 2,074 Redeemed (114) (1,222) (34) (361) -------- ----------- ---------- ------------ Net increase 17,849 $ 191,587 17,888 $ 189,259 ======== =========== ========== ============ Class C: Sold 95 $ 1,000 -- $ -- Dividends reinvested -- -- -- -- Redeemed -- -- -- -- -------- ----------- ---------- ----------- Net increase 95 $ 1,000 -- $ -- ======== =========== ========== =========== 1. For the period from May 1, 1995 (commencement of operations) to December 31, 1995 for Class A shares and for the period from October 1, 1995 (inception of offering) to December 31, 1995 for Class B shares. 2. For the six months ended June 30, 1996 for Class A and Class B shares and for the period from May 1, 1996 (inception of offering) to June 30, 1996 for Class C shares.
51 Oppenheimer LifeSpan Funds NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued) 3. UNREALIZED GAINS AND LOSSES ON INVESTMENTS At June 30, 1996, net unrealized appreciation on investments of $686,417 was composed of gross appreciation of $977,606, and gross depreciation of $291,189. 4. MANAGEMENT FEES AND OTHER TRANSACTIONS WITH AFFILIATES Management fees paid to the Manager were in accordance with the investment advisory agreement with the Fund which provides for a fee of 0.75% on the first $250 million of the Fund's average annual net assets and 0.65% on net assets over $250 million. Prior to March 1, 1996, management fees were paid to G.R. Phelps & Co., Inc. (the former Manager). The Manager has agreed to reimburse the Fund if aggregate expenses (with specified exceptions) exceed the most stringent applicable regulatory limit on Fund expenses. Effective July 1, 1996, the Manager acts as the accounting agent for the Fund at an annual fee of $15,000, plus out-of-pocket costs and expenses reasonably incurred. Prior to July 1, accounting services fees were paid to State Street Bank and Trust Co. The Manager has entered into a sub-advisory agreement with BEA Associates (the Sub-Advisor) to assist in the selection of portfolio investments for the components of the Fund. The Manager pays BEA Associates based on the fee schedule set forth in the Prospectus. For the six months ended June 30, 1996, commissions (sales charges paid by investors) on sales of Class A shares totaled $25,218, of which $16,599 was retained by OppenheimerFunds Distributor, Inc. (OFDI), a subsidiary of the Manager, as general distributor, and by an affiliated broker/dealer. Sales charges advanced to broker/dealers by OFDI on sales of the Fund's Class B shares totaled $1,608, all of which was paid to an affiliated broker/dealer. OppenheimerFunds Services (OFS), a division of the Manager, is the transfer and shareholder servicing agent for the Fund, and for other registered investment companies. OFS's total costs of providing such services are allocated ratably to these companies. The Fund has adopted a Service Plan for Class A shares to reimburse OFDI for a portion of its costs incurred in connection with the personal service and maintenance of accounts that hold Class A shares. Reimbursement is made quarterly at an annual rate that may not exceed 0.25% of the average annual net assets of Class A shares of the Fund. OFDI uses the service fee to reimburse brokers, dealers, banks and other financial institutions quarterly for providing personal service and maintenance of accounts of their customers that hold Class A shares. During the six months ended June 30, 1996, OFDI paid $18,409 to an affiliated broker/dealer as reimbursement for Class A personal service and maintenance expenses. The Fund has adopted compensation type Distribution and Service Plans for Class B and Class C shares to compensate OFDI for its services and costs in distributing Class B and Class C shares and servicing accounts. Under the Plans, the Fund pays OFDI an annual asset-based sales charge of 0.75% per year on Class B shares that are outstanding for 6 years or less and on Class C shares, as compensation for sales commissions paid from its own resources at the time of sale and associated financing costs. If the Plans are terminated by the Fund, the Board of Directors may allow the Fund to continue payments of the asset-based sales charge to OFDI for certain expenses it incurred before the Plans were terminated. OFDI also receives a service fee of 0.25% per year as compensation for costs incurred in connection with the personal service and maintenance of accounts that hold shares of the Fund, including amounts paid to brokers, dealers, banks and other financial institutions. Both fees are computed on the average annual net assets of Class B and Class C shares, determined as of the close of each regular business day. At June 30, 1996, OFDI had incurred unreimbursed expenses of $1,223 for Class B. 52 Oppenheimer LifeSpan Funds NOTES TO FINANCIAL STATEMENTS (Unaudited) 1. SIGNIFICANT ACCOUNTING POLICIES Oppenheimer LifeSpan Balanced Fund (the Fund), a series of Oppenheimer Series Fund, Inc. (the Company) is registered under the Investment Company Act of 1940, as amended, as a diversified, open-end management investment company. The Fund's investment objective is to seek as much current income as is compatible with prudent investment. Until March 18, 1996, the Fund and the Company were named CMIA LifeSpan Balanced Account and Connecticut Mutual Investment Accounts, Inc., respectively. On January 27, 1996, the policyholders of Connecticut Mutual Life Insurance Company (CML) approved a merger of CML with Massachusetts Mutual Life Insurance Company (MML). In line with this change, effective March 1, 1996, OppenheimerFunds, Inc. (the Manager) became the advisor of Oppenheimer Series Fund, Inc. The Fund offers Class A, Class B and Class C shares. Class A shares are sold with a front-end sales charge. Class B and Class C shares may be subject to a contingent deferred sales charge. All three classes of shares have identical rights to earnings, assets and voting privileges, except that each class has its own distribution and/or service plan, expenses directly attributable to a particular class and exclusive voting rights with respect to matters affecting a single class. Class B shares will automatically convert to Class A shares six years after the date of purchase. The following is a summary of significant accounting policies consistently followed by the Fund. INVESTMENT VALUATION. Portfolio securities are valued at the close of the New York Stock Exchange 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 and short-term "non-money market" debt securities are valued by a portfolio pricing service approved by the Board of Directors. Such securities which cannot be valued by the approved portfolio pricing service are valued using dealer-supplied valuations provided the Manager is satisfied that the firm rendering the quotes is reliable and that the quotes reflect current market value, or are valued under consistently applied procedures established by the Board of Directors to determine fair value in good faith. Short-term "money market type" 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. 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 rates of exchange prevailing on the respective dates of such transactions. 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 Statement 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. The market value of the underlying securities is required to be at least 102% of the resale price at the time of purchase. 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. 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. FEDERAL TAXES. The Fund intends to continue to comply with provisions of the 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 or excise tax provision is required. 53 Oppenheimer LifeSpan Funds NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued) 1. SIGNIFICANT ACCOUNTING POLICIES (continued) DIRECTORS' FEES AND EXPENSES. The Fund has adopted a nonfunded retirement plan for the Fund's independent directors. Benefits are based on years of service and fees paid to each director during the years of service. DISTRIBUTIONS TO SHAREHOLDERS. Dividends and distributions to shareholders are recorded on the ex-dividend date. 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. 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 unrealized appreciation and depreciation are determined on an identified cost basis, which is the same basis used for federal income tax purposes. The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. 2. SHARES OF CAPITAL STOCK The Fund has authorized 450 million shares of $0.001 par value capital stock. Transactions in shares of capital stock were as follows:
SIX MONTHS ENDED JUNE 30, 1996(2) YEAR ENDED DECEMBER 31, 1995(1) ---------------------------------- ------------------------------- SHARES AMOUNT SHARES AMOUNT Class A: Sold 368,663 $4,220,035 3,635,283 $36,581,861 Dividends and distributions reinvested 65,071 754,818 156,931 1,714,405 Redeemed (39,896) (448,399) (4,943) (54,428) -------- ----------- ---------- ------------ Net increase 393,838 $4,526,454 3,787,271 $38,241,838 ======== =========== ========== ============ Class B: Sold 72,637 $ 826,224 38,550 $ 427,035 Dividends and distributions reinvested 1,580 18,404 939 10,442 Redeemed (636) (7,344) (11) (126) -------- ----------- ---------- ------------ Net increase 73,581 $ 837,284 39,478 $ 437,351 ======== =========== ========== ============ Class C: Sold 50,576 $ 601,000 -- $ -- Dividends and distributions reinvested 798 9,245 -- -- Redeemed -- -- -- -- -------- ----------- ---------- ------------ Net increase 51,374 $ 610,245 -- $ -- ======== =========== ========== ============ 1. For the period from May 1, 1995 (commencement of operations) to December 31, 1995 for Class A shares and for the period from October 1, 1995 (inception of offering) to December 31, 1995 for Class B shares. 2. For the six months ended June 30, 1996 for Class A and Class B shares and for the period from May 1, 1996 (inception of offering) to June 30, 1996 for Class C shares.
3. UNREALIZED GAINS AND LOSSES ON INVESTMENTS At June 30, 1996, net unrealized appreciation on investments of $5,218,383 was composed of gross appreciation of $5,854,777, and gross depreciation of $636,394. 54 Oppenheimer LifeSpan Funds NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued) 4. MANAGEMENT FEES AND OTHER TRANSACTIONS WITH AFFILIATES Management fees paid to the Manager were in accordance with the investment advisory agreement with the Fund which provides for a fee of 0.85% on the first $250 million of average annual net assets and 0.75% on net assets in excess of $250 million. Prior to March 1, 1996, management fees were paid to G.R. Phelps & Co., Inc. (the former Manager). The Manager has agreed to reimburse the Fund if aggregate expenses (with specified exceptions) exceed the most stringent applicable regulatory limit on Fund expenses. Effective July 1, 1996, the Manager acts as the accounting agent for the Fund at an annual fee of $15,000, plus out-of-pocket costs and expenses reasonably incurred. Prior to July 1, accounting services fees were paid to State Street Bank and Trust Co. The Manager has entered into sub-advisory agreements with three Sub-Advisors to assist in the selection of portfolio investments for the components of the Fund. The Manager pays Babson-Stewart Ivory International, BEA Associates and Pilgrim Baxter & Associates (the Sub-Advisors) based on the fee schedule set forth in the Prospectus. For the six months ended June 30, 1996, commissions (sales charges paid by investors) on sales of Class A shares totaled $59,953 of which $42,014 was retained by OppenheimerFunds Distributor, Inc. (OFDI), a subsidiary of the Manager, as general distributor, and by an affiliated broker/dealer. Sales charges advanced to broker/dealers by OFDI on sales of the Fund's Class B and Class C shares totaled $8,917 and $6,000, of which $8,911 and $6,000, respectively, was paid to an affiliated broker/dealer. OppenheimerFunds Services (OFS), a division of the Manager, is the transfer and shareholder servicing agent for the Fund, and for other registered investment companies. OFS's total costs of providing such services are allocated ratably to these companies. The Fund has adopted a Service Plan for Class A shares to reimburse OFDI for a portion of its costs incurred in connection with the personal service and maintenance of accounts that hold Class A shares. Reimbursement is made quarterly at an annual rate that may not exceed 0.25% of the average annual net assets of Class A shares of the Fund. OFDI uses the service fee to reimburse brokers, dealers, banks and other financial institutions quarterly for providing personal service and maintenance of accounts of their customers that hold Class A shares. During the six months ended June 30, 1996, OFDI paid $33,972 to an affiliated broker/dealer as reimbursement for Class A personal service and maintenance expenses. The Fund has adopted compensation type Distribution and Service Plans for Class B and Class C shares to compensate OFDI for its services and costs in distributing Class B and Class C shares and servicing accounts. Under the Plans, the Fund pays OFDI an annual asset-based sales charge of 0.75% per year on Class B shares that are outstanding for 6 years or less and on Class C shares, as compensation for sales commissions paid from its own resources at the time of sale and associated financing costs. If the Plans are terminated by the Fund, the Board of Directors may allow the Fund to continue payments of the asset-based sales charge to OFDI for certain expenses it incurred before the Plans were terminated. OFDI also receives a service fee of 0.25% per year as compensation for costs incurred in connection with the personal service and maintenance of accounts that hold shares of the Fund, including amounts paid to brokers, dealers, banks and other financial institutions. Both fees are computed on the average annual net assets of Class B and Class C shares, determined as of the close of each regular business day. During the six months ended June 30, 1996, OFDI retained $2,771 as compensation for Class B sales commissions and service fee advances, as well as financing costs. 55 Oppenheimer LifeSpan Funds NOTES TO FINANCIAL STATEMENTS (Unaudited) 1. SIGNIFICANT ACCOUNTING POLICIES Oppenheimer LifeSpan Growth Fund (the Fund), a series of Oppenheimer Series Fund, Inc. (the Company) is registered under the Investment Company Act of 1940, as amended, as a diversified, open-end management investment company. The Fund's investment objective is to seek long-term capital appreciation. The Fund invests in a strategically allocated portfolio consisting primarily of stocks. Current income is not a primary consideration. Until March 18, 1996, the Fund and the Company were named CMIA LifeSpan Capital Appreciation Account and Connecticut Mutual Investment Accounts, Inc., respectively. On January 27, 1996, the policyholders of Connecticut Mutual Life Insurance Company (CML) approved a merger of CML with Massachusetts Mutual Life Insurance Company (MML). In line with this change, effective March 1, 1996, OppenheimerFunds, Inc. (the Manager) became the advisor of Oppenheimer Series Fund, Inc. The Fund offers Class A, Class B and Class C shares. Class A shares are sold with a front-end sales charge. Class B and Class C shares may be subject to a contingent deferred sales charge. All three classes of shares have identical rights to earnings, assets and voting privileges, except that each class has its own distribution and/or service plan, expenses directly attributable to a particular class and exclusive voting rights with respect to matters affecting a single class. Class B shares will automatically convert to Class A shares six years after the date of purchase. The following is a summary of significant accounting policies consistently followed by the Fund. INVESTMENT VALUATION. Portfolio securities are valued at the close of the New York Stock Exchange 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 and short-term "non-money market" debt securities are valued by a portfolio pricing service approved by the Board of Directors. Such securities which cannot be valued by the approved portfolio pricing service are valued using dealer-supplied valuations provided the Manager is satisfied that the firm rendering the quotes is reliable and that the quotes reflect current market value, or are valued under consistently applied procedures established by the Board of Directors to determine fair value in good faith. Short-term "money market type" 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. 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 rates of exchange prevailing on the respective dates of such transactions. 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 Statement 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. The market value of the underlying securities is required to be at least 102% of the resale price at the time of purchase. 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. 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. FEDERAL TAXES. The Fund intends to continue to comply with provisions of the 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 or excise tax provision is required. 56 Oppenheimer LifeSpan Funds NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued) 1. SIGNIFICANT ACCOUNTING POLICIES (continued) DIRECTORS' FEES AND EXPENSES. The Fund has adopted a nonfunded retirement plan for the Fund's independent directors. Benefits are based on years of service and fees paid to each director during the years of service. DISTRIBUTIONS TO SHAREHOLDERS. Dividends and distributions to shareholders are recorded on the ex-dividend date. CLASSIFICATION OF DISTRIBUTIONS TO SHAREHOLDERS. Net investment income (loss) and net realized gain (loss) may differ for financial statement and 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. 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. Realized gains and losses on investments and unrealized appreciation and depreciation are determined on an identified cost basis, which is the same basis used for federal income tax purposes. The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. 2. SHARES OF CAPITAL STOCK The Fund has authorized 450 million shares of $0.001 par value capital stock. Transactions in shares of capital stock were as follows:
SIX MONTHS ENDED JUNE 30, 1996(2) YEAR ENDED DECEMBER 31, 1995(1) --------------------------------- ------------------------------- SHARES AMOUNT SHARES AMOUNT Class A: Sold 265,486 $3,180,151 2,945,839 $29,923,958 Dividends and distributions reinvested 33,589 418,495 103,358 1,158,876 Redeemed (25,418) (302,374) (30,516) (347,625) -------- ----------- ---------- ------------ Net increase 273,657 $3,296,272 3,018,681 $30,735,209 ======== =========== ========== ============ Class B: Sold 92,638 $1,103,412 47,790 $ 541,170 Dividends and distributions reinvested 1,098 13,603 1,104 12,593 Redeemed (15,698) (184,443) -- -- -------- ----------- ---------- ------------ Net increase 78,038 $ 932,572 48,894 $ 553,763 ======== =========== ========== ============ Class C: Sold 1,639 $ 21,000 -- $ -- Dividends and distributions reinvested 16 198 -- -- Redeemed -- -- -- -- -------- ----------- ---------- ------------ Net increase 1,655 $ 21,198 -- $ -- ======== =========== ========== ============ 1. For the period from May 1, 1995 (commencement of operations) to December 31, 1995 for Class A shares and for the period from October 1, 1995 (inception of offering) to December 31, 1995 for Class B shares. 2. For the six months ended June 30, 1996 for Class A and Class B shares and for the period from May 1, 1996 (inception of offering) to June 30, 1996 for Class C shares.
3. UNREALIZED GAINS AND LOSSES ON INVESTMENTS At June 30, 1996, net unrealized appreciation on investments of $5,709,633 was composed of gross appreciation of $6,199,549, and gross depreciation of $489,916. 57 Oppenheimer LifeSpan Funds NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued) 4. MANAGEMENT FEES AND OTHER TRANSACTIONS WITH AFFILIATES Management fees paid to the Manager were in accordance with the investment advisory agreement with the Fund which provides for a fee of 0.85% on the first $250 million of average annual net assets and 0.75% on net assets in excess of $250 million. Prior to March 1, 1996, management fees were paid to G.R. Phelps & Co., Inc. (the former Manager). The Manager has agreed to reimburse the Fund if aggregate expenses (with specified exceptions) exceed the most stringent applicable regulatory limit on Fund expenses. Effective July 1, 1996, the Manager acts as the accounting agent for the Fund at an annual fee of $15,000, plus out-of-pocket costs and expenses reasonably incurred. Prior to July 1, accounting services fees were paid to State Street Bank and Trust Co. The Manager has entered into sub-advisory agreements with three Sub-Advisors to assist in the selection of portfolio investments for the components of the Fund. The Manager pays Babson-Stewart Ivory International, BEA Associates and Pilgrim Baxter & Associates (the Sub-Advisors) based on the fee schedule set forth in the Prospectus. For the six months ended June 30, 1996, commissions (sales charges paid by investors) on sales of Class A shares totaled $70,836, of which $36,987 was retained by OppenheimerFunds Distributor, Inc. (OFDI), a subsidiary of the Manager, as general distributor, and by an affiliated broker/dealer. Sales charges advanced to broker/dealers by OFDI on sales of the Fund's Class B shares totaled $19,463, of which $19,415 was paid to an affiliated broker/dealer. OppenheimerFunds Services (OFS), a division of the Manager, is the transfer and shareholder servicing agent for the Fund, and for other registered investment companies. OFS's total costs of providing such services are allocated ratably to these companies. The Fund has adopted a Service Plan for Class A shares to reimburse OFDI for a portion of its costs incurred in connection with the personal service and maintenance of accounts that hold Class A shares. Reimbursement is made quarterly at an annual rate that may not exceed 0.25% of the average annual net assets of Class A shares of the Fund. OFDI uses the service fee to reimburse brokers, dealers, banks and other financial institutions quarterly for providing personal service and maintenance of accounts of their customers that hold Class A shares. During the six months ended June 30, 1996, OFDI paid $28,364 to an affiliated broker/dealer as reimbursement for Class A personal service and maintenance expenses. The Fund has adopted compensation type Distribution and Service Plans for Class B and Class C shares to compensate OFDI for its services and costs in distributing Class B and Class C shares and servicing accounts. Under the Plans, the Fund pays OFDI an annual asset-based sales charge of 0.75% per year on Class B shares that are outstanding for 6 years or less and on Class C shares, as compensation for sales commissions paid from its own resources at the time of sale and associated financing costs. If the Plans are terminated by the Fund, the Board of Directors may allow the Fund to continue payments of the asset-based sales charge to OFDI for certain expenses it incurred before the Plans were terminated. OFDI also receives a service fee of 0.25% per year as compensation for costs incurred in connection with the personal service and maintenance of accounts that hold shares of the Fund, including amounts paid to brokers, dealers, banks and other financial institutions. Both fees are computed on the average annual net assets of Class B and Class C shares, determined as of the close of each regular business day. During the six months ended June 30, 1996, OFDI retained $2,979 as compensation for Class B sales commissions and service fee advances, as well as financing costs. 58 Oppenheimer LifeSpan Funds OPPENHEIMERLIFESPAN FUNDS A Series of Oppenheimer Series Fund, Inc. OFFICERS AND DIRECTORS Leon Levy, Chairman of the Board of Directors Donald W. Spiro, Vice Chairman of the Board of Directors Bridget A. Macaskill, Director and President Robert G. Galli, Director Benjamin Lipstein, Director Elizabeth B. Moynihan, Director Kenneth A. Randall, Director Edward V. Regan, Director Russell S. Reynolds, Jr., Director Sidney M. Robbins, Director Pauline Trigere, Director Clayton K. Yeutter, Director Peter M. Antos, Vice President Robert C. Doll, Jr., Vice President Stephen F. Libera, Vice President Michael C. Strathearn, Vice President Kenneth B. White, Vice President Arthur J. Zimmer, Vice President George C. Bowen, Treasurer Robert J. Bishop, Assistant Treasurer Scott T. Farrar, Assistant Treasurer Andrew J. Donohue, Secretary Robert G. Zack, Assistant Secretary INVESTMENT ADVISOR OppenheimerFunds, Inc. SUB-ADVISORS Babson-Stewart Ivory International BEA Associates Pilgrim Baxter & Associates DISTRIBUTOR OppenheimerFunds Distributor, Inc. TRANSFER AND SHAREHOLDER OppenheimerFunds Services SERVICING AGENT CUSTODIAN OF State Street Bank and Trust Company PORTFOLIO SECURITIES INDEPENDENT AUDITORS KPMG Peat Marwick LLP LEGAL COUNSEL Gordon Altman Butowsky Weitzen Shalov & Wein The financial statements included herein have been taken from the records of the Fund without examination by the independent auditors. This is a copy of a report to shareholders of Oppenheimer LifeSpan Funds. This report must be preceded or accompanied by a Prospectus of Oppenheimer LifeSpan Funds. For material information concerning the Fund, see the Prospectus. Shares of Oppenheimer funds are not deposits or obligations of any bank, are not guaranteed by any bank, and are not insured by the FDIC or any other agency, and involve investment risks, including possible loss of the principal amount invested. 59 Oppenheimer LifeSpan Funds -----END PRIVACY-ENHANCED MESSAGE-----