-----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, Invt0g4HH2NdwOxwxJlC96vvLKq4T3Gu0Bb00cY0iDxplBq4LY0dS5ivR1Eze5aS GFnGiswhNHwiuMTsyBLHYw== 0000912057-97-023607.txt : 19970709 0000912057-97-023607.hdr.sgml : 19970709 ACCESSION NUMBER: 0000912057-97-023607 CONFORMED SUBMISSION TYPE: N-30D PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19970430 FILED AS OF DATE: 19970708 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: OPPENHEIMER SERIES FUND 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: 97637258 BUSINESS ADDRESS: STREET 1: 140 GARDEN ST CITY: HARTFORD STATE: CT ZIP: 06154 BUSINESS PHONE: 2039875002 FORMER COMPANY: FORMER CONFORMED NAME: CONNECTICUT MUTUAL INVESTMENT ACCOUNTS INC DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: CONNECTICUT MUTUAL LIQUID ACCOUNT INC DATE OF NAME CHANGE: 19851106 N-30D 1 N-30D Oppenheimer LifeSpan Funds Semiannual Report April 30, 1997 Oppenheimer LifeSpan Growth Fund Oppenheimer LifeSpan Balanced Fund Oppenheimer LifeSpan Income Fund [LOGO]OppenheimerFunds(SM) THE RIGHT WAY TO INVEST Oppenheimer LifeSpan Funds offer you THREE portfolios, each of which has a mix of securities to help meet 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. MARKET UPDATE For most of the six-month period ended April 30, 1997, the economy was marked by steady growth and low inflation. However, continued fears that the economy was growing too quickly led to an interest rate increase by the Federal Reserve in late March. The impact of higher interest rates created increased volatility in both the stock and bond markets, which ultimately triggered a sell off that depleted much of the gains incurred during the first quarter of 1997. To deal with this ever changing volatile environment, each of the LifeSpan portfolios includes a diversified spectrum 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 large-cap stock market while limiting the effects of some of the declines of the small-cap equity and bond markets. 2 Oppenheimer LifeSpan Funds BRIDGET A. MACASKILL President Oppenheimer LifeSpan Funds Dear Shareholder, As we review the six-month period ending April 30th, we see that the state of the U.S. economy is virtually unchanged from the condition it was in for most of 1996. Steady growth and low inflation has continued to maintain a healthy U.S. economy, keeping interest rates low, corporate earnings strong and inflation at its lowest level since 1973. Despite the good economic news, economists and investors alike remain uncertain about how long the economy can sustain its present course. Reflecting this uncertainty, the financial markets were volatile during the period. But even with this volatility, the stock market continued to break new records. The bond market also experienced a significant amount of volatility, with yields fluctuating between 6.46% and 7.18%. In mid March, when the Federal Reserve increased short-term interest rates by 0.25% to stem modest inflationary pressure, investors began selling off their investments in both the equity and fixed-income markets. But as concerns about inflation subsided, the equity markets more than regained the ground lost during the sell off, breaking more records in the process. In addition, the yield on long-term bonds dropped back below 7%. The bottom line appears to be that most investors can look forward to more ups and downs in the U.S. market -- making investing in both stocks and bonds a wise option. These scenarios clearly illustrate the potential benefits of diversifying investments across market sectors, as well as countries. Although stocks have tended to produce the highest long-term returns, they also typically present greater risk. Bonds, on the other hand, have tended to produce more stable returns and generally have fluctuated less on the downside than stocks. For example, while interest rates in 1996 hindered the performance of many fixed income investments, a broadly allocated portfolio, including large-cap stocks, could have offset many of those lackluster returns. In turn, the income from bonds could help lower a portfolio's overall risk. (1) When you look at the opportunities available in both the U.S. fixed income and equity markets, as well as foreign markets, diversified investing is often a good strategy. And by investing in a mutual fund using these diversified investments, you may also benefit from the expertise of professional managers who are continually evaluating the appropriate combination of investments for the fund. 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 Oppenheimer Funds, THE RIGHT WAY TO INVEST. We look forward to helping you reach your investment goals in the future. /S/Bridget A. Macaskill Bridget A. Macaskill May 21, 1997 - ------------------------------- (1) Past performance is not guarantee of future results. 3 Oppenheimer LifeSpan Funds PERFORMANCE Total Returns for the Periods Ended 4/30/97: A SHARES B SHARES C SHARES LifeSpan Growth Fund Cumulative Total Returns for the 6-Month Period Ended 4/30/97 (without deducting sales charges) (2) (0.43)% (0.85)% (0.87)% Average Annual Total Return (after sales charges)3 at 3/31/97 1-Year (0.02)% 0.49% N/A Life of Class 11.93% 8.07% 0.00% LifeSpan Balanced Fund Cumulative Total Returns for the 6-month period ended 4/30/97 (without deducting sales charges) (1) 0.40% 0.00% (0.04)% Average Annual Total Return (after sales charges) (3) at 3/31/97 1-Year (0.56)% (0.16)% N/A Life of Class 9.32% 5.82% 1.03% LifeSpan Income Fund Cumulative Total Returns for the 6-Month Period Ended 4/30/97 (without deducting sales charges) (1) 3.62% 3.22% 3.69% Average Annual Total Return (after sales charges) (2) at 3/31/97 1-Year 0.67% 0.98% N/A Life of Class 6.13% 4.19% 5.58% FUND OVERVIEW Following is a brief commentary on each LifeSpan Fund, including discussions about some of the investments that affected the performance within each of the Funds' components over the six-month period. OPPENHEIMER LIFESPAN GROWTH FUND Large-cap equity investments lead the performance of the Fund during the period, which helped to offset the declines experienced within the small-cap market. As a result, the HIGH YIELD and VALUE/GROWTH segments were up 3.51% and 9.90%, respectively.1 The INTERNATIONAL EQUITY component of the portfolio increased 4.87%, an indication of the difficulties experienced in the foreign stock markets. In contrast to the GROWTH/INCOME and GOVERNMENT/CORPORATE BOND components of the portfolio, which gained 7.72% and 1.06%, respectively, the SMALL CAP EQUITY component was down (21.45)%. The less-than-stellar result in small caps can be attributed in large part to the overall industry decline in small cap stocks over the period. OPPENHEIMER LIFESPAN BALANCED FUND Given the large weighting in equities -- approximately 60% of the portfolio's holdings versus 40% in bonds-- the Fund was able to benefit from the resilience of the stock market during the period. In addition, while the bond market experienced volatility due to rising interest rates, the overall performance showed improvement from the previous six-month period. The largest gains for the Fund were derived from the VALUE/GROWTH component, up over 10.08%. The GROWTH/INCOME and INTERNATIONAL components -- up 7.85% and 5.19%, respectively -- also made modest contributions 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 3.09%, 1.87% and 0.99%, respectively, reflecting a difficult, but improving market for most bonds over the period. OPPENHEIMER LIFESPAN INCOME FUND By focusing on achieving high current income, the Fund was able 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, once again the GROWTH/INCOME segment, up 8.26%, provided the greatest contribution to performance. As a result of the rising interest rate environment, the GOVERNMENT/CORPORATE BOND and SHORT-TERM BOND segments reported only modest increases of 0.93% and 1.70%, respectively. The HIGH YIELD BOND component also contributed positively to the Fund's performance, with an increase of 3.89%.4 Total returns include change in share price and reinvestment of dividends and capital gains distributions in a hypothetical investment for the periods shown. IN REVIEWING THE PERFORMANCE AND RANKINGS, PLEASE REMEMBER THAT 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. For more complete information, please review the prospectus. Prior to March 1, 1996, the Funds had a different investment adviser. However, the prior portfolio management team is now employed by Oppenheimer Funds, Inc. Additionally, Babson-Stewart Ivory International became the Sub-adviser for the international component of the Funds' portfolios on 3/1/96. BEA Associates and Pilgrim Baxter & Associates have continued as Sub-advisers to certain components of the Funds' portfolios. 1. Performance of the components of each Fund's portfolio does not reflect the Fund's overall total return, but only the performance of the respective component, and does not consider the effect of Fund expenses or sales charges. Past performance does not guarantee future results. 2. Includes change in net asset value per share without deducting any sales charges. Such performance is not annualized and would have been lower if sales charges were taken into account. 3. Class A returns include the current maximum initial sales charge of 5.75% unless otherwise stated. Class A shares were first offered on 5/1/95. The maximum 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 average annual total returns include the applicable contingent deferred sales charge of 5% (1-year) and 4% (since inception on 10/1/95) unless otherwise stated. Class C returns are cumulative (not annualized) and include the applicable contingent deferred sales charge of 1% for the period since inception (5/1/96). An explanation of the different performance calculations is in the Funds' prospectus. Class B and C shares are subject to an annual asset based sales charge of 0.75%. 4. The Fund's portfolio is subject to change. 4 Oppenheimer LifeSpan Funds ------------------------------------------------------------------------ STATEMENT OF INVESTMENTS APRIL 30, 1997 (UNAUDITED) Oppenheimer LifeSpan Income Fund
FACE MARKET VALUE AMOUNT SEE NOTE 1 - ----------------------------------------------------------------------------------------------------------------------------- ASSET-BACKED SECURITIES - 0.5% - ----------------------------------------------------------------------------------------------------------------------------- Olympic Automobile Receivables Trust, Receivables- Backed Nts., Series 1997-A, Cl. A5, 6.80%, 2/15/05 (Cost $149,721) $ 150,000 $ 149,227 - ----------------------------------------------------------------------------------------------------------------------------- MORTGAGE-BACKED OBLIGATIONS - 10.9% - ----------------------------------------------------------------------------------------------------------------------------- GOVERNMENT AGENCY - 8.0% - ----------------------------------------------------------------------------------------------------------------------------- Federal Home Loan Mortgage Corp.: Collateralized Mtg. Obligations, Gtd. Multiclass Mtg. Participation Certificates, 5.50%, 5/1/98 39,821 39,464 Gtd. Multiclass Mtg. Participation Certificates, 6%, 3/1/09 333,879 321,886 Gtd. Multiclass Mtg. Participation Certificates, Series 1574, Cl. PD, 5.55%, 3/15/13 75,000 74,390 Interest-Only Stripped Mtg.-Backed Security, Series 1583, Cl. IC, 9.046%, 1/15/20 (1) 500,000 94,746 Series 1843, Cl. VB, 7%, 4/15/03 85,000 84,708 Series 1849, Cl. VA, 6%, 12/15/10 264,758 257,393 ---------------------------------------------------------------------------------------------------------------------- Federal National Mortgage Assn.: 6%, 12/1/03 260,540 254,358 6.50%, 4/1/26 193,722 183,006 7%, 4/1/00 128,217 128,769 Collateralized Mtg. Obligations, Gtd. Real Estate Mtg. Investment Conduit Pass-Through Certificates, Series 1993- 181, Cl. C, 5.40%, 10/25/02 320,000 316,599 Collateralized Mtg. Obligations, Gtd. Real Estate Mtg. Investment Conduit Pass-Through Certificates, Series 1993- 190, Cl. Z, 5.85%, 7/25/08 183,991 179,787 Medium-Term Nts., 6.56%, 11/13/01 125,000 123,105 Series 1994-13, Cl. B, 6.50%, 2/25/09 200,00 189,562 ----------- 2,247,773 - ----------------------------------------------------------------------------------------------------------------------------- PRIVATE - 2.9% - ----------------------------------------------------------------------------------------------------------------------------- Countrywide Funding Corp., Mtg. Pass-Through Certificates, Series 1994-10, Cl. A3, 6%, 5/25/09 250,000 239,170 ---------------------------------------------------------------------------------------------------------------------- GE Capital Mortgage Services, Inc.: Gtd. Real Estate Mtg. Investment Conduit Pass-Through Certificates, Series 1994-7, Cl. A18, 6%, 2/25/09 198,885 173,776 Series-HE2, Cl. A3, 7.30%, 3/25/12 160,000 160,925 ---------------------------------------------------------------------------------------------------------------------- Olympic Automobile Receivables Trust, Series 1996-A, Cl. A4, 5.85%, 7/15/01 145,000 143,527 ---------------------------------------------------------------------------------------------------------------------- PNC Mortgage Securities Corp., Commercial Mtg. Pass- Through Certificates, Series 1995-2, Cl. A3, 6.50%, 2/25/12 74,000 73,283 ----------- 790,681 ----------- Total Mortgage-Backed Obligations (Cost $3,061,771) 3,038,454
5 Oppenheimer LifeSpan Funds ------------------------------------------------------------------------ STATEMENT OF INVESTMENTS APRIL 30, 1997 (UNAUDITED)(CONTINUED) Oppenheimer LifeSpan Income Fund
FACE MARKET VALUE AMOUNT SEE NOTE 1 - ----------------------------------------------------------------------------------------------------------------------------- U.S. GOVERNMENT OBLIGATIONS - 9.0% - ----------------------------------------------------------------------------------------------------------------------------- U.S. Treasury Bonds, 7.50%, 11/15/16 $ 1,295,000 $ 1,356,108 ---------------------------------------------------------------------------------------------------------------------- U.S. Treasury Nts.: 6.50%, 8/15/05 525,000 517,126 6.75%, 6/30/99 380,000 383,325 7.50%, 11/15/01 250,000 258,985 ----------- Total U.S. Government Obligations (Cost $2,532,899) 2,515,544 - ----------------------------------------------------------------------------------------------------------------------------- CORPORATE BONDS AND NOTES - 48.1% - ----------------------------------------------------------------------------------------------------------------------------- BASIC INDUSTRY - 5.7% - ----------------------------------------------------------------------------------------------------------------------------- CHEMICALS - 2.5% ---------------------------------------------------------------------------------------------------------------------- Burmah Castrol plc, 7% Gtd. Medium-Term Nts., 12/15/97 145,000 145,684 ---------------------------------------------------------------------------------------------------------------------- Du Pont (E.I.) De Nemours & Co., 8.50% Debs., 2/15/03 150,000 157,601 ---------------------------------------------------------------------------------------------------------------------- Harris Chemical North America, Inc., 10.25% Gtd. Sr. Sec. Disc. Nts., 7/15/01 50,000 50,500 ---------------------------------------------------------------------------------------------------------------------- ISP Holdings, Inc., 9.75% Sr. Nts., 2/15/02 21,000 21,919 ---------------------------------------------------------------------------------------------------------------------- LaRoche Industries, Inc., 13% Sr. Sub. Nts., 8/15/04 75,000 82,312 ---------------------------------------------------------------------------------------------------------------------- Morton International, Inc., 9.25% Credit Sensitive Nts., 6/1/20 85,000 100,290 ---------------------------------------------------------------------------------------------------------------------- PPG Industries, Inc., 9% Debs., 5/1/21 85,000 95,567 ---------------------------------------------------------------------------------------------------------------------- Texas Petrochemical Corp., 11.125% Sr. Sub. Nts., 7/1/06 (2) 50,000 52,625 ----------- 706,498 - ----------------------------------------------------------------------------------------------------------------------------- METALS/MINING - 0.8% ---------------------------------------------------------------------------------------------------------------------- Alcan Aluminum Ltd., 9.625% Debs., 7/15/19 165,000 176,778 ---------------------------------------------------------------------------------------------------------------------- Kaiser Aluminum & Chemical Corp., 12.75% Sr. Sub. Nts., 2/1/03 50,000 54,750 ----------- 231,528 - ----------------------------------------------------------------------------------------------------------------------------- PAPER - 1.6% ---------------------------------------------------------------------------------------------------------------------- Celulosa Arauco y Constitucion SA, 7.25% Debs., 6/11/98 145,000 145,544 ---------------------------------------------------------------------------------------------------------------------- Fort Howard Corp., 9.25% Sr. Nts., 3/15/01 80,000 82,800 ---------------------------------------------------------------------------------------------------------------------- Gaylord Container Corp., 12.75% Sr. Sub. Disc. Debs., 5/15/05 50,000 53,750 ---------------------------------------------------------------------------------------------------------------------- Malette, Inc., 12.25% Sr. Sec. Nts., 7/15/04 (3) 50,000 55,250 ---------------------------------------------------------------------------------------------------------------------- Stone Container Corp., 9.875% Sr. Nts., 2/1/01 100,000 95,750 ----------- 433,094 - ----------------------------------------------------------------------------------------------------------------------------- STEEL - 0.8% ---------------------------------------------------------------------------------------------------------------------- Gulf States Steel, Inc. (Alabama), 13.50% First Mtg. Nts., Series B, 4/15/03 50,000 47,250 ---------------------------------------------------------------------------------------------------------------------- NS Group, Inc., 13.50% Gtd. Sr. Sec. Nts., 7/15/03 50,000 55,750 ---------------------------------------------------------------------------------------------------------------------- Republic Engineered Steels, Inc., 9.875% First Mtg. Nts., 12/15/01 25,000 22,750 ---------------------------------------------------------------------------------------------------------------------- WCI Steel, Inc., 10% Sr. Nts., 12/1/04 50,000 50,625 ---------------------------------------------------------------------------------------------------------------------- Weirton Steel Corp., 10.75% Sr. Nts., 6/1/05 50,000 50,125 ----------- 226,500
6 Oppenheimer LifeSpan Funds ------------------------------------------------------------------------ STATEMENT OF INVESTMENTS APRIL 30, 1997 (UNAUDITED)(CONTINUED) Oppenheimer LifeSpan Income Fund
FACE MARKET VALUE AMOUNT SEE NOTE 1 - ----------------------------------------------------------------------------------------------------------------------------- CONSUMER RELATED - 5.6% - ----------------------------------------------------------------------------------------------------------------------------- CONSUMER PRODUCTS - 2.0% ---------------------------------------------------------------------------------------------------------------------- Black & Decker Corp., 6.625% Nts., 11/15/00 $ 145,000 $ 143,907 ---------------------------------------------------------------------------------------------------------------------- Electrolux AB, 7.75% Sr. Unsub. Debs., 6/17/97 290,000 290,362 ---------------------------------------------------------------------------------------------------------------------- Kimberly-Clark Corp., 7.875% Debs., 2/1/23 85,000 85,217 ---------------------------------------------------------------------------------------------------------------------- Revlon Consumer Products Corp., 9.375% Sr. Nts., 4/1/01 50,000 51,125 ----------- 570,611 - ----------------------------------------------------------------------------------------------------------------------------- FOOD/BEVERAGES/TOBACCO - 0.5% ---------------------------------------------------------------------------------------------------------------------- Dole Food Co., 6.75% Nts., 7/15/00 150,000 149,326 - ----------------------------------------------------------------------------------------------------------------------------- HEALTHCARE - 1.3% ---------------------------------------------------------------------------------------------------------------------- Columbia/HCA Healthcare Corp., 6.875% Nts., 7/15/01 160,000 59,387 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 54,250 ---------------------------------------------------------------------------------------------------------------------- Integrated Health Services, Inc., 9.625% Sr. Sub. Nts., Series A, 5/31/02 50,000 51,250 ---------------------------------------------------------------------------------------------------------------------- Mariner Health Group, Inc., 9.50% Sr. Sub. Nts., Series B, 4/1/06 50,000 49,250 ---------------------------------------------------------------------------------------------------------------------- Paracelsus Healthcare Corp., 10% Sr. Sub. Unsec. Nts., 8/15/06 50,000 47,250 ----------- 361,387 - ----------------------------------------------------------------------------------------------------------------------------- HOTEL/GAMING - 1.8% ---------------------------------------------------------------------------------------------------------------------- Casino America, Inc., 12.50% Sr. Nts., 8/1/03 50,000 50,375 ---------------------------------------------------------------------------------------------------------------------- Casino Magic of Louisiana Corp., 13% First Mtg. Nts., 8/15/03 (2) 100,000 85,500 GB Property Funding Corp., 10.875% First Mtg. Nts., 1/15/04 50,000 39,250 ---------------------------------------------------------------------------------------------------------------------- Mohegan Tribal Gaming Authority, 13.50% Sr. Sec. Nts., Series B, 11/15/02 25,000 32,875 ---------------------------------------------------------------------------------------------------------------------- Players International, Inc., 10.875% Sr. Nts., 4/15/05 50,000 52,125 ---------------------------------------------------------------------------------------------------------------------- Prime Hospitality Corp., 9.25% First Mtg. Bonds, 1/15/06 50,000 51,000 ---------------------------------------------------------------------------------------------------------------------- Rio Hotel & Casino, Inc., 10.625% Sr. Sub. Nts., 7/15/05 100,000 104,875 ---------------------------------------------------------------------------------------------------------------------- Santa Fe Hotel, Inc., 11% Gtd. First Mtg. Nts., 12/15/00 45,000 32,625 Trump Atlantic City Associates/Trump Atlantic City Funding, Inc., 11.25% First Mtg. Nts., 5/1/06 25,000 24,375 ---------------------------------------------------------------------------------------------------------------------- Trump's Castle Funding, Inc., 11.75% Mtg. Nts., 11/15/03 50,000 43,000 ----------- 516,000 - ----------------------------------------------------------------------------------------------------------------------------- ENERGY - 3.0% - ----------------------------------------------------------------------------------------------------------------------------- Coastal Corp.: 8.125% Sr. Nts., 9/15/02 85,000 88,741 8.75% Sr. Nts., 5/15/99 55,000 57,132 Falcon Drilling Co., Inc., 9.75% Sr. Nts., Series B, 1/15/01 70,000 72,100 ---------------------------------------------------------------------------------------------------------------------- Forcenergy, Inc., 8.50% Sr. Sub. Nts., 2/15/07 (2) 50,000 47,875 ---------------------------------------------------------------------------------------------------------------------- Gulf Canada Resources Ltd., 8.25% Sr. Nts., 3/15/17 75,000 73,916 ---------------------------------------------------------------------------------------------------------------------- HS Resources, Inc., 9.25% Sr. Sub. Nts., 11/15/06 50,000 48,750 ---------------------------------------------------------------------------------------------------------------------- Louisiana Land & Exploration Co., 7.65% Debs., 12/1/23 100,000 97,892
7 Oppenheimer LifeSpan Funds ------------------------------------------------------------------------ STATEMENT OF INVESTMENTS APRIL 30, 1997 (UNAUDITED)(CONTINUED) Oppenheimer LifeSpan Income Fund
FACE MARKET VALUE AMOUNT SEE NOTE 1 - ----------------------------------------------------------------------------------------------------------------------------- ENERGY (CONTINUED) - ----------------------------------------------------------------------------------------------------------------------------- Maxus Energy Corp., 9.875% Nts., 10/15/02 $ 50,000 $ 52,125 ---------------------------------------------------------------------------------------------------------------------- Mesa Operating Co., 0%/11.625% Gtd. Sr. Sub. Disc. Nts., 7/1/06 (5) 75,000 54,656 ---------------------------------------------------------------------------------------------------------------------- Petroleum Geo-Services ASA, 7.50% Nts., 3/31/07 75,000 74,734 ---------------------------------------------------------------------------------------------------------------------- Standard Oil/British Petroleum Co. plc, 9% Debs., 6/1/19 85,000 88,506 ---------------------------------------------------------------------------------------------------------------------- Williams Holdings of Delaware, Inc., 6.25% Sr. Unsec. Debs., 2/1/06 100,000 93,268 ----------- 849,695 - ----------------------------------------------------------------------------------------------------------------------------- FINANCIAL SERVICES - 13.6% - ----------------------------------------------------------------------------------------------------------------------------- BANKS & THRIFTS - 4.6% ---------------------------------------------------------------------------------------------------------------------- BankAmerica Corp., 6% Nts., 7/15/97 300,000 299,979 ---------------------------------------------------------------------------------------------------------------------- Barnett Banks, Inc., 8.50% Sub. Exchangeable Nts., 3/1/99 60,000 61,943 ---------------------------------------------------------------------------------------------------------------------- Chase Manhattan Corp. (New), 6.625% Sr. Nts., 1/15/98 55,000 55,176 ---------------------------------------------------------------------------------------------------------------------- Citicorp Capital II, 8.015% Bonds, 2/15/27 75,000 74,023 ---------------------------------------------------------------------------------------------------------------------- Citicorp, 5.625% Sr. Nts., 2/15/01 90,000 86,513 ---------------------------------------------------------------------------------------------------------------------- First Fidelity Bancorporation, 8.50% Sub. Capital Nts., 4/1/98 55,000 56,024 ---------------------------------------------------------------------------------------------------------------------- First Union Corp., 6.75% Sr. Nts., 1/15/98 55,000 55,214 ---------------------------------------------------------------------------------------------------------------------- Fleet Mtg./Norstar Group, Inc., 9.90% Sub. Nts., 6/15/01 145,000 159,726 ---------------------------------------------------------------------------------------------------------------------- Integra Financial Corp., 6.50% Sub. Nts., 4/15/00 145,000 143,873 ---------------------------------------------------------------------------------------------------------------------- Mellon Capital I, 7.72% Bonds, 12/1/26 100,000 94,892 ---------------------------------------------------------------------------------------------------------------------- Mellon Financial Bank Corp., 6.50% Gtd. Sr. Nts., 12/1/97 185,000 185,392 ----------- 1,272,755 - ----------------------------------------------------------------------------------------------------------------------------- DIVERSIFIED FINANCIAL - 7.1% ---------------------------------------------------------------------------------------------------------------------- American General Finance Corp., 8.50% Sr. Nts., 8/15/98 60,000 61,595 ---------------------------------------------------------------------------------------------------------------------- Associates Corp. of North America, 7.40% Medium-Term Nts., 7/7/99 60,000 60,931 ---------------------------------------------------------------------------------------------------------------------- Beneficial Corp., 9.125% Debs., 2/15/98 145,000 148,089 ---------------------------------------------------------------------------------------------------------------------- Consorcio G. Grupo Dina SA de CV/MCII Holdings (USA), ---------------------------------------------------------------------------------------------------------------------- Inc., 0%/12% Sr. Sec. Disc. Nts., 11/15/02 (5) 50,000 42,625 ---------------------------------------------------------------------------------------------------------------------- Capital One Financial Corp., 6.83% Sr. Nts., 5/17/99 75,000 75,064 ---------------------------------------------------------------------------------------------------------------------- Capital One Funding Corp., 7.25% Nts., 12/1/03 50,000 48,417 Chelsea GCA Realty Partner, Inc., 7.75% Gtd. Unsec. Unsub. Nts., 1/26/01 60,000 60,392 ---------------------------------------------------------------------------------------------------------------------- Commercial Credit Co., 5.55% Unsec. Nts., 2/15/01 145,000 138,609 ---------------------------------------------------------------------------------------------------------------------- Countrywide Funding Corp.: 6.05% Gtd. Medium-Term Nts., Series D, 3/1/01 90,000 87,315 6.085% Gtd. Medium-Term Nts., Series B, 7/14/99 60,000 59,208 6.57% Gtd. Medium-Term Nts., Series A, 8/4/97 60,000 60,149 ---------------------------------------------------------------------------------------------------------------------- Ford Motor Credit Co., 6.25% Unsub. Nts., 2/26/98 145,000 145,615 ---------------------------------------------------------------------------------------------------------------------- General Motors Acceptance Corp.: 5.625% Nts., 2/15/01 175,000 167,660 5.65% Medium-Term Nts., 12/15/97 300,000 299,403 ---------------------------------------------------------------------------------------------------------------------- Golden West Financial Corp., 8.625% Sub. Nts., 8/30/98 55,000 56,518 ---------------------------------------------------------------------------------------------------------------------- Merrill Lynch & Co., Inc., 6.50% Nts., 4/1/01 150,000 148,273
8 Oppenheimer LifeSpan Funds ------------------------------------------------------------------------ STATEMENT OF INVESTMENTS APRIL 30, 1997 (UNAUDITED)(CONTINUED) Oppenheimer LifeSpan Income Fund
FACE MARKET VALUE AMOUNT SEE NOTE 1 - ----------------------------------------------------------------------------------------------------------------------------- DIVERSIFIED FINANCIAL (CONTINUED) ---------------------------------------------------------------------------------------------------------------------- Norwest Financial, Inc., 6.50% Sr. Nts., 11/15/97 $ 55,000 $ 55,136 ---------------------------------------------------------------------------------------------------------------------- Olympic Financial Ltd., Units (each unit consists of $1,000 principal amount of 11.50% sr. nts., 3/15/07 and one warrant to purchase 6.84 shares of common stock) (4) 50,000 47,250 ---------------------------------------------------------------------------------------------------------------------- Penske Truck Leasing Co. LP, 7.75% Sr. Nts., 5/15/99 55,000 56,290 ---------------------------------------------------------------------------------------------------------------------- Salomon, Inc., 8.69% Sr. Medium-Term Nts., Series D, 3/1/99 160,000 165,691 ----------- 1,984,230 - ----------------------------------------------------------------------------------------------------------------------------- INSURANCE - 1.9% ---------------------------------------------------------------------------------------------------------------------- Cigna Corp., 7.90% Nts., 12/14/98 150,000 152,895 ---------------------------------------------------------------------------------------------------------------------- Conseco Financing Trust III, 8.796% Bonds, 4/1/27 100,000 99,317 ---------------------------------------------------------------------------------------------------------------------- SunAmerica, Inc., 9% Sr. Nts., 1/15/99 120,000 124,103 ---------------------------------------------------------------------------------------------------------------------- Travelers/Aetna Property Casualty Corp., 6.75% Nts., 4/15/01 145,000 143,888 ----------- 520,203 - ----------------------------------------------------------------------------------------------------------------------------- HOUSING RELATED - 0.3% - ----------------------------------------------------------------------------------------------------------------------------- BUILDING MATERIALS - 0.3% ---------------------------------------------------------------------------------------------------------------------- American Standard, Inc., 10.875% Sr. Nts., 5/15/99 (3) 70,000 73,850 - ----------------------------------------------------------------------------------------------------------------------------- MANUFACTURING - 2.4% - ----------------------------------------------------------------------------------------------------------------------------- AEROSPACE - 1.4% ---------------------------------------------------------------------------------------------------------------------- British Aerospace plc, 8% Debs., 5/27/97 60,000 60,075 ---------------------------------------------------------------------------------------------------------------------- Digital Equipment Corp., 7% Nts., 11/15/97 215,000 215,815 ---------------------------------------------------------------------------------------------------------------------- GPA Delaware, Inc., 8.75% Gtd. Nts., 12/15/98 50,000 50,750 ---------------------------------------------------------------------------------------------------------------------- Plantronics, Inc., 10% Sr. Nts., 1/15/01 75,000 78,375 ----------- 405,015 - ----------------------------------------------------------------------------------------------------------------------------- CAPITAL GOODS - 1.0% ---------------------------------------------------------------------------------------------------------------------- Day International Group, Inc., 11.125% Sr. Sub. Nts., Series B, 6/1/05 50,000 51,500 ---------------------------------------------------------------------------------------------------------------------- Interlake Corp., 12.125% Sr. Sub. Debs., 3/1/02 50,000 52,250 ---------------------------------------------------------------------------------------------------------------------- International Wire Group, Inc., 11.75% Sr. Sub. Nts., 6/1/05 50,000 52,625 ---------------------------------------------------------------------------------------------------------------------- Jordan Industries, Inc., 10.375% Sr. Nts., 8/1/03 25,000 24,375 ---------------------------------------------------------------------------------------------------------------------- Mark IV Industries, Inc., 8.75% Sub. Nts., 4/1/03 (3) 40,000 40,200 ---------------------------------------------------------------------------------------------------------------------- Specialty Equipment Co., 11.375% Sr. Sub. Nts., 12/1/03 50,000 54,500 ----------- 275,450 - ----------------------------------------------------------------------------------------------------------------------------- MEDIA - 4.5% - ----------------------------------------------------------------------------------------------------------------------------- BROADCASTING - 0.4% ---------------------------------------------------------------------------------------------------------------------- Allbritton Communications Co., 9.75% Sr. Sub. Debs., Series B, 11/30/07 50,000 48,000 ---------------------------------------------------------------------------------------------------------------------- Sinclair Broadcast Group, Inc., 10% Sr. Sub. Nts., 9/30/05 50,000 50,687 98,687 - ----------------------------------------------------------------------------------------------------------------------------- CABLE TELEVISION - 2.0% ---------------------------------------------------------------------------------------------------------------------- Australis Media Ltd., 1.75%/15.75% Gtd. Sr. Sec. Disc. Nts., 5/15/03 (6) 75,000 43,875 ---------------------------------------------------------------------------------------------------------------------- Comcast Corp., 9.375% Sr. Sub. Debs., 5/15/05 50,000 51,000 ---------------------------------------------------------------------------------------------------------------------- EchoStar Communications Corp., 0%/12.875% Sr. Disc. Nts., 6/1/04 (5) 50,000 41,750
9 Oppenheimer LifeSpan Funds ------------------------------------------------------------------------ STATEMENT OF INVESTMENTS (UNAUDITED)(CONTINUED) Oppenheimer LifeSpan Income Fund
FACE MARKET VALUE AMOUNT SEE NOTE 1 - ----------------------------------------------------------------------------------------------------------------------------- CABLE TELEVISION (CONTINUED) ---------------------------------------------------------------------------------------------------------------------- Falcon Holdings Group LP, 11% Sr. Sub. Nts., 9/15/03 (7) $ 61,940 $ 53,239 ---------------------------------------------------------------------------------------------------------------------- Helicon Group LP/Helicon Capital Corp., 11% Sr. Sec. Nts., Series B, 11/1/03 (8) 100,000 102,000 ---------------------------------------------------------------------------------------------------------------------- TCI Satellite Entertainment, Inc., 10.875% Sr. Sub. Nts., 2/15/07 (2) 50,000 47,750 ---------------------------------------------------------------------------------------------------------------------- TKR Cable I, Inc., 10.50% Sr. Debs., 10/30/07 125,000 135,452 ---------------------------------------------------------------------------------------------------------------------- United International Holdings, Inc., Zero Coupon Sr. Sec. ---------------------------------------------------------------------------------------------------------------------- Disc. Nts., Series B, 14%, 11/15/99 (9) 100,000 73,250 ----------- 548,316 - ----------------------------------------------------------------------------------------------------------------------------- DIVERSIFIED MEDIA - 0.5% ---------------------------------------------------------------------------------------------------------------------- Time Warner, Inc., 7.45% Nts., 2/1/98 145,000 146,108 - ----------------------------------------------------------------------------------------------------------------------------- ENTERTAINMENT/FILM - 1.6% ---------------------------------------------------------------------------------------------------------------------- American Skiing Corp., 12% Sr. Sub. Nts., 7/15/06 75,000 76,125 ---------------------------------------------------------------------------------------------------------------------- Blockbuster Entertainment Corp., 6.625% Sr. Nts., 2/15/98 145,000 145,112 ---------------------------------------------------------------------------------------------------------------------- Marvel III Holdings, Inc., 9.125% Sr. Sec. Nts., Series B, 2/15/98 (3)(10) 25,000 3,312 ---------------------------------------------------------------------------------------------------------------------- Walt Disney Co., 6.375% Sr. Unsec. Bonds, Series A, 3/30/01 220,000 217,037 ----------- 441,586 - ----------------------------------------------------------------------------------------------------------------------------- OTHER - 0.8% - ----------------------------------------------------------------------------------------------------------------------------- SERVICES - 0.8% ---------------------------------------------------------------------------------------------------------------------- Shop Vac Corp., 10.625% Sr. Nts., 9/1/03 75,000 79,125 ---------------------------------------------------------------------------------------------------------------------- Sun Co., Inc., 7.95% Debs., 12/15/01 75,000 77,581 ---------------------------------------------------------------------------------------------------------------------- USI American Holdings, Inc., 7.25% Gtd. Sr. Nts., 12/1/06 (3) 80,000 76,432 ----------- 233,138 - ----------------------------------------------------------------------------------------------------------------------------- RETAIL - 4.6% - ----------------------------------------------------------------------------------------------------------------------------- DEPARTMENT STORES - 2.5% ---------------------------------------------------------------------------------------------------------------------- Dayton Hudson Co., 9.40% Debs., 2/15/01 150,000 161,430 ---------------------------------------------------------------------------------------------------------------------- Federated Department Stores, Inc., 10% Sr. Nts., 2/15/01 60,000 65,015 ---------------------------------------------------------------------------------------------------------------------- Parisian, Inc., 9.875% Sr. Sub. Nts., 7/15/03 50,000 51,875 ---------------------------------------------------------------------------------------------------------------------- Price/Costco, Inc., 7.125% Sr. Nts., 6/15/05 120,000 116,971 ---------------------------------------------------------------------------------------------------------------------- Sears Roebuck & Co., 8.39% Medium-Term Nts., 3/23/99 290,000 299,279 ----------- 694,570 - ----------------------------------------------------------------------------------------------------------------------------- DRUG STORES - 0.2% ---------------------------------------------------------------------------------------------------------------------- Duane Reade, 12% Sr. Nts., 9/15/02 50,000 52,250 - ----------------------------------------------------------------------------------------------------------------------------- SPECIALTY RETAILING - 0.6% ---------------------------------------------------------------------------------------------------------------------- Hills Stores Co., 12.50% Sr. Nts., Series B, 7/1/03 50,000 44,250 ---------------------------------------------------------------------------------------------------------------------- K Mart Corp., 7.75% Debs., 10/1/12 50,000 43,625 ---------------------------------------------------------------------------------------------------------------------- Venture Holdings Trust, 9.75% Sr. Sub. Nts., 4/1/04 39,000 36,952 ---------------------------------------------------------------------------------------------------------------------- Waban, Inc., 11% Sr. Sub. Nts., 5/15/04 50,000 55,438 ----------- 180,265 - ----------------------------------------------------------------------------------------------------------------------------- SUPERMARKETS - 1.3% ---------------------------------------------------------------------------------------------------------------------- Dairy Mart Convenience Stores, Inc., 10.25% Sr. Sub. Nts., 3/15/04 50,000 48,750 ---------------------------------------------------------------------------------------------------------------------- Farm Fresh, Inc., 12.25% Sr. Nts., Series A, 10/1/00 50,000 43,500
10 Oppenheimer LifeSpan Funds ------------------------------------------------------------------------ STATEMENT OF INVESTMENTS APRIL 30, 1997 (UNAUDITED)(CONTINUED) Oppenheimer LifeSpan Income Fund
FACE MARKET VALUE AMOUNT SEE NOTE 1 - ----------------------------------------------------------------------------------------------------------------------------- SUPERMARKETS (CONTINUED) ---------------------------------------------------------------------------------------------------------------------- Great Atlantic & Pacific Tea Co., 9.125% Debs., 1/15/98 $ 145,000 $ 147,619 ---------------------------------------------------------------------------------------------------------------------- Jitney-Jungle Stores of America, Inc., 12% Gtd. Sr. Nts., 3/1/06 50,000 54,375 ---------------------------------------------------------------------------------------------------------------------- Pathmark Stores, Inc., 0%/10.75% Jr. Sub. Deferred Coupon Nts., 11/1/03 (5) 100,000 61,500 ----------- 355,744 - ----------------------------------------------------------------------------------------------------------------------------- TECHNOLOGY - 4.3% - ----------------------------------------------------------------------------------------------------------------------------- INFORMATION TECHNOLOGY - 0.8% Nextel Communications, Inc., 0%/9.75% Sr. Disc. Nts., 8/15/04 (5) 100,000 73,000 ---------------------------------------------------------------------------------------------------------------------- Sprint Spectrum LP/Sprint Spectrum Finance Corp., 11% Sr. Nts., 8/15/06 50,000 54,750 ---------------------------------------------------------------------------------------------------------------------- Unisys Corp., 12% Sr. Nts., Series B, 4/15/03 50,000 52,875 ---------------------------------------------------------------------------------------------------------------------- Western Wireless Corp., 10.50% Sr. Sub. Nts., 2/1/07 50,000 49,438 ----------- 230,063 - ----------------------------------------------------------------------------------------------------------------------------- TELECOMMUNICATIONS/TECHNOLOGY - 3.5% ---------------------------------------------------------------------------------------------------------------------- American Communications Services, Inc., 0%/13% Sr. Disc. Nts., 11/1/05 (5) 75,000 39,375 ---------------------------------------------------------------------------------------------------------------------- Bell Cablemedia plc, 0%/11.95% Sr. Disc. Nts., 7/15/04 (5) 75,000 66,563 ---------------------------------------------------------------------------------------------------------------------- Brooks Fiber Properties, Inc., 0%/11.875% Sr. Disc. Nts., 11/1/06 (5) 75,000 46,875 ---------------------------------------------------------------------------------------------------------------------- Centennial Cellular Corp., 10.125% Sr. Nts., 5/15/05 25,000 25,250 ---------------------------------------------------------------------------------------------------------------------- Comcast UK Cable Partner Ltd., 0%/11.20% Sr. Disc. Debs., 11/15/07 (5) 75,000 52,125 ---------------------------------------------------------------------------------------------------------------------- Continental Cablevision, Inc., 10.625% Sr. Sub. Nts., 6/15/02 150,000 158,509 ---------------------------------------------------------------------------------------------------------------------- Diamond Cable Communications plc, 0%/10.75% Sr. Disc. Nts., 2/15/07 (2) (5) 50,000 30,125 ---------------------------------------------------------------------------------------------------------------------- GTE Corp., 8.85% Debs., 3/1/98 60,000 61,195 ---------------------------------------------------------------------------------------------------------------------- Intermedia Communications, Inc., 13.50% Sr. Nts., Series B, 6/1/05 50,000 55,250 ---------------------------------------------------------------------------------------------------------------------- International CableTel, Inc., 0%/11.50% Sr. Deferred Coupon Nts., Series B, 2/1/06 (5) 100,000 65,500 ---------------------------------------------------------------------------------------------------------------------- IXC Communications, Inc., 12.50% Nts., Series B, 10/1/05 50,000 54,938 ---------------------------------------------------------------------------------------------------------------------- MCI Communications Corp., 7.125% Sr. Nts., 1/20/00 145,000 146,670 ---------------------------------------------------------------------------------------------------------------------- MFS Communications Co., Inc., 0%/9.375% Sr. Disc. Nts., 1/15/04 (5) 75,000 68,156 ---------------------------------------------------------------------------------------------------------------------- Peoples Telephone Co., Inc., 12.25% Sr. Nts., 7/15/02 50,000 52,125 ---------------------------------------------------------------------------------------------------------------------- Teleport Communications Group, Inc.: 0%/11.125% Sr. Disc. Nts., 7/1/07 (5) 25,000 17,313 9.875% Sr. Nts., 7/1/06 25,000 26,250 ----------- 966,219 - ----------------------------------------------------------------------------------------------------------------------------- TRANSPORTATION - 1.4% - ----------------------------------------------------------------------------------------------------------------------------- RAILROADS - 0.5% ---------------------------------------------------------------------------------------------------------------------- Union Pacific Corp., 7% Nts., 6/15/00 150,000 150,859 - ----------------------------------------------------------------------------------------------------------------------------- SHIPPING - 0.9% ---------------------------------------------------------------------------------------------------------------------- Federal Express Corp., 6.25% Nts., 4/15/98 240,000 239,602
11 Oppenheimer LifeSpan Funds ------------------------------------------------------------------------ STATEMENT OF INVESTMENTS APRIL 30, 1997 (UNAUDITED)(CONTINUED) Oppenheimer LifeSpan Income Fund
FACE MARKET VALUE AMOUNT SEE NOTE 1 - ----------------------------------------------------------------------------------------------------------------------------- UTILITIES - 1.9% - ----------------------------------------------------------------------------------------------------------------------------- ELECTRIC UTILITIES - 0.8% ---------------------------------------------------------------------------------------------------------------------- Consumers Power Co., 8.75% Mtg. Nts., 2/15/98 $ 145,000 $ 147,178 ---------------------------------------------------------------------------------------------------------------------- El Paso Electric Co., 7.25% First Mtg. Nts., Series A, 2/1/99 (3) 75,000 75,188 ---------- 222,366 - ----------------------------------------------------------------------------------------------------------------------------- ELECTRIC UTILITIES - 1.1% - ----------------------------------------------------------------------------------------------------------------------------- Northern Illinois Gas Co., 6.45% First Mtg. Bonds, 8/1/01 220,000 217,054 ---------------------------------------------------------------------------------------------------------------------- Tennessee Gas Pipeline Co., 7.50% Bonds, 4/1/17 100,000 98,106 ---------- 315,160 ---------- Total Corporate Bonds and Notes (Cost $13,550,514) 13,451,075 SHARES - ----------------------------------------------------------------------------------------------------------------------------- COMMON STOCKS - 22.9% - ----------------------------------------------------------------------------------------------------------------------------- BASIC INDUSTRY - 2.1% - ----------------------------------------------------------------------------------------------------------------------------- CHEMICALS - 0.9% ---------------------------------------------------------------------------------------------------------------------- Dexter Corp. 4,300 128,462 ---------------------------------------------------------------------------------------------------------------------- IMC Global, Inc. 3,149 116,119 ---------- 244,581 - ----------------------------------------------------------------------------------------------------------------------------- STEEL - 1.2% ---------------------------------------------------------------------------------------------------------------------- Carpenter Technology Corp. 3,200 130,000 ---------------------------------------------------------------------------------------------------------------------- Oregon Steel Mills, Inc. 4,500 74,250 ---------------------------------------------------------------------------------------------------------------------- UNR Industries, Inc. 23,000 140,875 ---------- 345,125 - ----------------------------------------------------------------------------------------------------------------------------- CONSUMER RELATED - 1.6% - ----------------------------------------------------------------------------------------------------------------------------- FOOD/BEVERAGES/TOBACCO - 0.9% ---------------------------------------------------------------------------------------------------------------------- Anheuser-Busch Cos., Inc. 3,000 128,625 RJR Nabisco Holdings Corp. 4,100 121,975 ---------- 250,600 - ----------------------------------------------------------------------------------------------------------------------------- HEALTHCARE - 0.5% ---------------------------------------------------------------------------------------------------------------------- Glaxo Wellcome plc, Sponsored ADR 3,800 149,625 - ----------------------------------------------------------------------------------------------------------------------------- RESTAURANTS - 0.2% ---------------------------------------------------------------------------------------------------------------------- Piccadilly Cafeterias, Inc. 6,900 62,100 - ----------------------------------------------------------------------------------------------------------------------------- ENERGY - 2.7% - ----------------------------------------------------------------------------------------------------------------------------- Amoco Corp. 1,400 117,075 ---------------------------------------------------------------------------------------------------------------------- Atlantic Richfield Co. 1,200 163,350 ---------------------------------------------------------------------------------------------------------------------- Chevron Corp. 2,300 157,550 ---------------------------------------------------------------------------------------------------------------------- Exxon Corp. 3,000 169,875 ---------------------------------------------------------------------------------------------------------------------- Mobil Corp. 1,200 156,000 ---------- 763,850 - ----------------------------------------------------------------------------------------------------------------------------- FINANCIAL SERVICES - 2.8% - ----------------------------------------------------------------------------------------------------------------------------- BANKS & THRIFTS - 2.4% ---------------------------------------------------------------------------------------------------------------------- BankAmerica Corp. 1,500 175,312 ---------------------------------------------------------------------------------------------------------------------- BankBoston Corp. 2,000 145,500 ---------------------------------------------------------------------------------------------------------------------- Chase Manhattan Corp. (New) 800 74,100 ---------------------------------------------------------------------------------------------------------------------- NationsBank Corp. 2,300 138,862 ---------------------------------------------------------------------------------------------------------------------- PNC Bank Corp. 3,100 127,487 ---------- 661,261
12 Oppenheimer LifeSpan Funds ------------------------------------------------------------------------ STATEMENT OF INVESTMENTS (UNAUDITED)(CONTINUED) Oppenheimer LifeSpan Income Fund
MARKET VALUE SHARES SEE NOTE 1 - ----------------------------------------------------------------------------------------------------------------------------- INSURANCE - 0.4% ---------------------------------------------------------------------------------------------------------------------- Hartford Steam Boiler Inspection & Insurance Co. 2,500 $ 120,312 - ----------------------------------------------------------------------------------------------------------------------------- HOUSING RELATED - 2.6% - ----------------------------------------------------------------------------------------------------------------------------- HOMEBUILDERS/REAL ESTATE - 2.6% ---------------------------------------------------------------------------------------------------------------------- Camden Property Trust 4,800 130,800 ---------------------------------------------------------------------------------------------------------------------- Capstone Capital Corp. 5,900 132,750 ---------------------------------------------------------------------------------------------------------------------- Cornerstone Properties, Inc. (11) 8,300 121,387 ---------------------------------------------------------------------------------------------------------------------- Crescent Real Estate Equities, Inc. 4,200 110,250 ---------------------------------------------------------------------------------------------------------------------- Health & Retirement Properties Trust 6,800 128,350 ---------------------------------------------------------------------------------------------------------------------- Meditrust Corp. 3,100 113,150 ---------- 736,687 - ----------------------------------------------------------------------------------------------------------------------------- MANUFACTURING - 2.5% - ----------------------------------------------------------------------------------------------------------------------------- AEROSPACE - 1.4% ---------------------------------------------------------------------------------------------------------------------- General Dynamics Corp. 2,300 163,875 ---------------------------------------------------------------------------------------------------------------------- Lockheed Martin Corp. 1,200 107,400 ---------------------------------------------------------------------------------------------------------------------- TRW, Inc. 2,400 125,100 ---------- 396,375 CAPITAL GOODS - 1.1% - ----------------------------------------------------------------------------------------------------------------------------- PACCAR, Inc. 2,500 174,688 ---------------------------------------------------------------------------------------------------------------------- Rockwell International Corp. 2,000 133,000 ---------- 307,688 - ----------------------------------------------------------------------------------------------------------------------------- RETAIL - 0.9% - ----------------------------------------------------------------------------------------------------------------------------- SPECIALTY RETAILING - 0.9% ---------------------------------------------------------------------------------------------------------------------- Brown Group, Inc. 6,500 108,063 ---------------------------------------------------------------------------------------------------------------------- New England Business Service, Inc. 5,000 131,875 ---------- 239,938 - ----------------------------------------------------------------------------------------------------------------------------- TECHNOLOGY - 1.9% - ----------------------------------------------------------------------------------------------------------------------------- TELECOMMUNICATIONS/TECHNOLOGY - 1.9% - ----------------------------------------------------------------------------------------------------------------------------- Ameritech Corp. 2,100 128,363 ---------------------------------------------------------------------------------------------------------------------- GTE Corp. 2,600 119,275 ---------------------------------------------------------------------------------------------------------------------- NYNEX Corp. 2,700 139,725 ---------------------------------------------------------------------------------------------------------------------- U S West Communications Group 4,200 147,525 ---------- 534,888 - ----------------------------------------------------------------------------------------------------------------------------- TRANSPORTATION - 0.6% - ----------------------------------------------------------------------------------------------------------------------------- RAILROADS - 0.6% ---------------------------------------------------------------------------------------------------------------------- GATX Corp. 3,100 169,725 - ----------------------------------------------------------------------------------------------------------------------------- UTILITIES - 5.2% - ----------------------------------------------------------------------------------------------------------------------------- ELECTRIC UTILITIES - 2.6% ---------------------------------------------------------------------------------------------------------------------- American Electric Power Co., Inc. 3,000 121,500 ---------------------------------------------------------------------------------------------------------------------- Entergy Corp. 4,300 100,513 ---------------------------------------------------------------------------------------------------------------------- FPL Group, Inc. 3,000 133,875 ---------------------------------------------------------------------------------------------------------------------- Illinova Corp. 4,000 90,000 ---------------------------------------------------------------------------------------------------------------------- Kansas City Power & Light Co. 5,000 141,250 ---------------------------------------------------------------------------------------------------------------------- Western Resources, Inc. 3,900 117,488 ---------- 704,626
13 Oppenheimer LifeSpan Funds ------------------------------------------------------------------------ STATEMENT OF INVESTMENTS (UNAUDITED)(CONTINUED) Oppenheimer LifeSpan Income Fund
MARKET VALUE SHARES SEE NOTE 1 - ----------------------------------------------------------------------------------------------------------------------------- GAS UTILITIES - 2.6% ---------------------------------------------------------------------------------------------------------------------- El Paso Natural Gas Co. 3,800 $ 220,875 ---------------------------------------------------------------------------------------------------------------------- National Fuel Gas Co. 3,700 154,013 ---------------------------------------------------------------------------------------------------------------------- PanEnergy Corp. 4,600 203,550 ---------------------------------------------------------------------------------------------------------------------- Questar Corp. 4,100 155,800 ---------- 734,238 Total Common Stocks (Cost $5,299,842) 6,421,619 - ----------------------------------------------------------------------------------------------------------------------------- PREFERRED STOCKS - 0.7% - ----------------------------------------------------------------------------------------------------------------------------- California Federal Preferred Capital Corp., 9.125% Non- Cum. Exchangeable Preferred, Series A, Non-Vtg. 2,000 50,250 ---------------------------------------------------------------------------------------------------------------------- Case Corp., $4.50 Cum. Cv., Series A, Non-Vtg. 1,200 159,300 ---------- Total Preferred Stocks (Cost $165,000) 209,550 UNITS - ----------------------------------------------------------------------------------------------------------------------------- RIGHTS, WARRANTS AND CERTIFICATES - 0.0% - ----------------------------------------------------------------------------------------------------------------------------- Australis Media Ltd. Wts., Exp. 5/00 (3) 75 1 ---------------------------------------------------------------------------------------------------------------------- Dairy Mart Convenience Stores, Inc. Wts., Exp. 12/01 (3) 333 666 ---------------------------------------------------------------------------------------------------------------------- Intermedia Communications, Inc. Wts., Exp. 6/00 (3) 50 1,000 ---------- Total Rights, Warrants and Certificates (Cost $471) 1,667 FACE AMOUNT - ----------------------------------------------------------------------------------------------------------------------------- REPURCHASE AGREEMENT - 6.3% - ----------------------------------------------------------------------------------------------------------------------------- Repurchase agreement with State Street Bank and Trust Co., 4.75%, dated 4/30/97, to be repurchased at $1,753,231 on 5/1/97, collateralized by U.S. Treasury Nts., 4.75%, 10/31/98, with a value of $357,187 and U.S. Treasury Bonds, 9.25%, 2/15/16, with a value of $1,455,167 (Cost $1,753,000) $ 1,753,000 1,753,000 ---------------------------------------------------------------------------------------------------------------------- TOTAL INVESTMENTS, AT VALUE (COST $26,513,217) 98.4% 27,540,136 ---------------------------------------------------------------------------------------------------------------------- OTHER ASSETS NET OF LIABILITIES 1.6 443,789 -------- ---------- NET ASSETS 100.0% $ 27,983,925 -------- ---------- -------- ----------
1. Interest-Only Strips represent the right to receive the monthly interest payments on an underlying pool of mortgage loans. These securities typically decline in price as interest rates decline. Most other fixed income securities increase in price when interest rates decline.The principal amount of the underlying pool represents the notional amount on which current interest is calculated. The price of these securities is typically more sensitive to changes in prepayment rates than traditional mortgage-backed securities (for example, GNMA pass-throughs). Interest rates disclosed represent current yields based upon the current cost basis and estimated timing and amount of future cash flows. 14 Oppenheimer LifeSpan Funds ------------------------------------------------------------------------ STATEMENT OF INVESTMENTS (UNAUDITED)(CONTINUED) Oppenheimer LifeSpan Income Fund ------------------------------------------------------------------------ 2. Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended. These securities have been determined to be liquid under guidelines established by the Board of Directors. These securities amount to $263,875 or 0.94% of the Fund's net assets, at April 30, 1997. 3. Identifies issues considered to be illiquid or restricted - See Note 5 of Notes to Financial Statements. 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. Denotes a step bond: a zero coupon bond that converts to a fixed or variable interest rate at a designated future date. 6. Represents the current interest rate for an increasing rate security. 7. Interest or dividend is paid in kind. 8. Represents the current interest rate for a variable rate security. 9. For zero coupon bonds, the interest rate shown is the effective yield on the date of purchase. 10. Non-income producing--issuer is in default of interest payment. 11. Non-income producing security. See accompanying Notes to Financial Statements. 15 Oppenheimer LifeSpan Funds ------------------------------------------------------------------------- STATEMENT OF INVESTMENTS APRIL 30, 1997 (UNAUDITED) Oppenheimer LifeSpan Balanced Fund
FACE MARKET VALUE AMOUNT SEE NOTE 1 - ------------------------------------------------------------------------------------------------------------------------------ ASSET-BACKED SECURITIES - 0.3% - ------------------------------------------------------------------------------------------------------------------------------ Olympic Automobile Receivables Trust, Receivables- Backed Nts., Series 1997-A, Cl. A5, 6.80%, 2/15/05 (Cost $149,721) $ 150,000 $ 149,227 - ------------------------------------------------------------------------------------------------------------------------------ MORTGAGE-BACKED OBLIGATIONS - 4.3% - ------------------------------------------------------------------------------------------------------------------------------ GOVERNMENT AGENCY - 3.1% - ------------------------------------------------------------------------------------------------------------------------------ Federal Home Loan Mortgage Corp.: Collateralized Mtg. Obligations, Gtd. Multiclass Mtg. Participation Certificates, 5.50%, 6/1/98 26,987 26,745 Gtd. Multiclass Mtg. Participation Certificates, 6%, 3/1/09 192,622 185,703 Gtd. Multiclass Mtg. Participation Certificates, Series 1574, Cl. PD, 5.55%, 3/15/13 100,000 99,187 Interest-Only Stripped Mtg.-Backed Security, Series 1542, Cl. QC, 9.046%, 10/15/20 (1) 400,000 97,500 Interest-Only Stripped Mtg.-Backed Security, Series 1583, CL. IC, 9.046%, 1/15/20 (1) 375,000 71,060 Interest-Only Stripped Mtg.-Backed Security, Series 1583, Cl. IC, 9.365%, 1/15/20 (1) 375,000 71,060 Series 1843, Cl. VB, 7%, 4/15/03 65,000 64,776 Series 1849, Cl. VA, 6%, 12/15/10 194,156 188,755 ----------------------------------------------------------------------------------------------------------------------- Federal National Mortgage Assn.: 6%, 12/1/03 184,802 180,417 6.50%, 4/1/26 145,292 137,255 7%, 4/1/00 85,478 85,846 Collateralized Mtg. Obligations, Gtd. Real Estate Mtg. Investment Conduit Pass-Through Certificates, Series 1993-181, Cl. C, 5.40%, 10/25/02 250,000 247,342 Collateralized Mtg. Obligations, Gtd. Real Estate Mtg. Investment Conduit Pass-Through Certificates, Series 1993-190, Cl. Z, 5.85%, 7/25/08 147,192 143,829 Medium-Term Nts., 6.56%, 11/13/01 100,000 98,484 Series 1994-13, Cl. B, 6.50%, 2/25/09 150,000 142,171 ---------------- 1,840,130 - ------------------------------------------------------------------------------------------------------------------------------ PRIVATE - 1.2% - ------------------------------------------------------------------------------------------------------------------------------ Countrywide Funding Corp., Mtg. Pass-Through Certificates, Series 1994-10, Cl. A3, 6%, 5/25/09 250,000 239,170 ----------------------------------------------------------------------------------------------------------------------- GE Capital Mortgage Services, Inc.: Gtd. Real Estate Mtg. Investment Conduit Pass-Through Certificates, Series 1994-7, Cl. A18, 6%, 2/25/09 149,164 130,332 Series-HE2, Cl. A3, 7.30%, 3/25/12 125,000 125,723 ----------------------------------------------------------------------------------------------------------------------- Olympic Automobile Receivables Trust, Series 1996-A, Cl. A4, 5.85%, 7/15/01 110,000 108,883 ----------------------------------------------------------------------------------------------------------------------- PNC Mortgage Securities Corp., Commercial Mtg. Pass-Through Certificates, Series 1995-2, Cl. A3, 6.50%, 2/25/12 125,000 123,789 ---------------- 727,897 ---------------- Total Mortgage-Backed Obligations (Cost $2,586,539) 2,568,027
16 Oppenheimer LifeSpan Funds ------------------------------------------------------------------------- STATEMENT OF INVESTMENTS (UNAUDITED)(CONTINUED) Oppenheimer LifeSpan Balanced Fund
FACE MARKET VALUE AMOUNT SEE NOTE 1 - ------------------------------------------------------------------------------------------------------------------------------ U.S. GOVERNMENT OBLIGATIONS - 5.0% - ------------------------------------------------------------------------------------------------------------------------------ U.S. Treasury Bonds, 7.50%, 11/15/16 $ 1,025,000 $ 1,073,368 - ------------------------------------------------------------------------------------------------------------------------------ U.S. Treasury Nts.: 6.50%, 8/15/05 890,000 876,651 6.75%, 6/30/99 720,000 726,301 7.50%, 11/15/01 250,000 258,984 ---------------- Total U.S. Government Obligations (Cost $2,953,867) 2,935,304 NON-CONVERTIBLE CORPORATE BONDS AND NOTES - 27.2% - ------------------------------------------------------------------------------------------------------------------------------ BASIC MATERIALS - 3.8% - ------------------------------------------------------------------------------------------------------------------------------ CHEMICALS - 1.7% ----------------------------------------------------------------------------------------------------------------------- Burmah Castrol plc, 7% Gtd. Medium-Term Nts., 12/15/97 110,000 110,519 ----------------------------------------------------------------------------------------------------------------------- Du Pont (E.I.) De Nemours & Co., 8.50% Debs., 2/15/03 120,000 126,081 ----------------------------------------------------------------------------------------------------------------------- Harris Chemical North America, Inc., 10.25% Gtd. Sr. Sec. Disc. Nts., 7/15/01 100,000 101,000 ----------------------------------------------------------------------------------------------------------------------- ISP Holdings, Inc., 9.75% Sr. Nts., 2/15/02 75,000 78,281 ----------------------------------------------------------------------------------------------------------------------- LaRoche Industries, Inc., 13% Sr. Sub. Nts., 8/15/04 100,000 109,750 ----------------------------------------------------------------------------------------------------------------------- Morton International, Inc., 9.25% Credit Sensitive Nts., 6/1/20 65,000 76,692 ----------------------------------------------------------------------------------------------------------------------- NL Industries, Inc., 0%/13% Sr. Sec. Disc. Nts., 10/15/05 (2) 100,000 93,250 ----------------------------------------------------------------------------------------------------------------------- PPG Industries, Inc., 9% Debs., 5/1/21 65,000 73,080 ----------------------------------------------------------------------------------------------------------------------- Sterling Chemical Holdings, Inc., 0%/13.50% Sr. Disc. Nts., 8/15/08 (2) 150,000 95,250 ----------------------------------------------------------------------------------------------------------------------- Texas Petrochemical Corp., 11.125% Sr. Sub. Nts., 7/1/06 (3) 125,000 131,562 ---------------- 995,465 - ------------------------------------------------------------------------------------------------------------------------------ METALS - 1.2% ----------------------------------------------------------------------------------------------------------------------- Alcan Aluminum Ltd., 9.625% Debs., 7/15/19 125,000 133,923 ----------------------------------------------------------------------------------------------------------------------- Gul States Steel, Inc. (Alabama), 13.50% First Mtg. Nts., Series B, 4/15/03 100,000 94,500 ----------------------------------------------------------------------------------------------------------------------- Kaiser Aluminum & Chemical Corp., 12.75% Sr. Sub. Nts., 2/1/03 100,000 109,500 ----------------------------------------------------------------------------------------------------------------------- NS Group, Inc., 13.50% Gtd. Sr. Sec. Nts., 7/15/03 100,000 111,500 ----------------------------------------------------------------------------------------------------------------------- Republic Engineered Steels, Inc., 9.875% First Mtg. Nts., 12/15/01 50,000 45,500 ----------------------------------------------------------------------------------------------------------------------- WCI Steel, Inc., 10% Sr. Nts., 12/1/04 100,000 101,250 ----------------------------------------------------------------------------------------------------------------------- Weirton Steel Corp., 10.75% Sr. Nts., 6/1/05 100,000 100,250 ---------------- 696,423 - ------------------------------------------------------------------------------------------------------------------------------ PAPER - 0.9% ----------------------------------------------------------------------------------------------------------------------- Celulosa Arauco y Constitucion SA, 7.25% Debs., 6/11/98 110,000 110,413 ----------------------------------------------------------------------------------------------------------------------- Fort Howard Corp.: 9% Sr. Sub. Nts., 2/1/06 75,000 76,313 9.25% Sr. Nts., 3/15/01 65,000 67,275 ----------------------------------------------------------------------------------------------------------------------- Gaylord Container Corp., 12.75% Sr. Sub. Disc. Debs., 5/15/05 100,000 107,500 ----------------------------------------------------------------------------------------------------------------------- Malette, Inc., 12.25% Sr. Sec. Nts., 7/15/04 (4) 100,000 110,500 ----------------------------------------------------------------------------------------------------------------------- Stone Container Corp., 9.875% Sr. Nts., 2/1/01 50,000 47,875 ---------------- 519,876
17 Oppenheimer LifeSpan Funds ------------------------------------------------------------------------- STATEMENT OF INVESTMENTS (UNAUDITED)(CONTINUED) Oppenheimer LifeSpan Balanced Fund
FACE MARKET VALUE AMOUNT SEE NOTE 1 - ------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------ CONSUMER CYCLICALS - 6.1% - ------------------------------------------------------------------------------------------------------------------------------ AUTOS & HOUSING - 0.2% ----------------------------------------------------------------------------------------------------------------------- Black & Decker Corp., 6.625% Nts., 11/15/00 $ 110,000 $ 109,171 - ------------------------------------------------------------------------------------------------------------------------------ LEISURE & ENTERTAINMENT - 2.4% ----------------------------------------------------------------------------------------------------------------------- American Skiing Corp., 12% Sr. Sub. Nts., 7/15/06 125,000 126,875 ----------------------------------------------------------------------------------------------------------------------- Blockbuster Entertainment Corp., 6.625% Sr. Nts., 2/15/98 110,000 110,085 ----------------------------------------------------------------------------------------------------------------------- Casino America, Inc., 12.50% Sr. Nts., 8/1/03 75,000 75,563 ----------------------------------------------------------------------------------------------------------------------- Casino Magic of Louisiana Corp., 13% First Mtg. Nts., 8/15/03 (3) 250,000 213,750 ----------------------------------------------------------------------------------------------------------------------- GB Property Funding Corp., 10.875% First Mtg. Nts., 1/15/04 100,000 78,500 ----------------------------------------------------------------------------------------------------------------------- Marvel III Holdings, Inc., 9.125% Sr. Sec. Nts., Series B, 2/15/98 (4)(5) 50,000 6,625 ----------------------------------------------------------------------------------------------------------------------- Mohegan Tribal Gaming Authority, 13.50% Sr. Sec. Nts., Series B, 11/15/02 50,000 65,750 ----------------------------------------------------------------------------------------------------------------------- Players International, Inc., 10.875% Sr. Nts., 4/15/05 125,000 130,313 ----------------------------------------------------------------------------------------------------------------------- Prime Hospitality Corp., 9.25% First Mtg. Bonds, 1/15/06 125,000 127,500 ----------------------------------------------------------------------------------------------------------------------- Rio Hotel & Casino, Inc., 10.625% Sr. Sub. Nts., 7/15/05 100,000 104,875 ----------------------------------------------------------------------------------------------------------------------- Santa Fe Hotel, Inc., 11% Gtd. First Mtg. Nts., 12/15/00 91,000 65,975 ----------------------------------------------------------------------------------------------------------------------- Trump Atlantic City Associates/ Trump Atlantic City Funding, Inc., 11.25% First Mtg. Nts., 5/1/06 75,000 73,125 ----------------------------------------------------------------------------------------------------------------------- Trump's Castle Funding, Inc., 11.75% Mtg. Nts., 11/15/03 100,000 86,000 ----------------------------------------------------------------------------------------------------------------------- Walt Disney Co., 6.375% Sr. Unsec. Bonds, Series A, 3/30/01 160,000 157,845 ---------------- 1,422,781 - ------------------------------------------------------------------------------------------------------------------------------ MEDIA - 1.7% ----------------------------------------------------------------------------------------------------------------------- Allbritton Communications Co., 9.75% Sr. Sub. Debs., ----------------------------------------------------------------------------------------------------------------------- Series B, 11/30/07 100,000 96,000 ----------------------------------------------------------------------------------------------------------------------- Australis Media Ltd., 1.75%/15.75% Gtd. Sr. Sec. Disc. Nts., 5/15/03 (6) 150,000 87,750 ----------------------------------------------------------------------------------------------------------------------- Cablevision Systems Corp., 9.875% Sr. Sub. Debs., 2/15/13 75,000 72,188 ----------------------------------------------------------------------------------------------------------------------- Comcast Corp., 9.375% Sr. Sub. Debs., 5/15/05 100,000 102,000 ----------------------------------------------------------------------------------------------------------------------- EchoStar Satellite Broadcasting Corp., 0%/13.125% Sr. Sec. Disc. Nts., 3/15/04 (2) 100,000 74,250 ----------------------------------------------------------------------------------------------------------------------- Helicon Group LP/Helicon Capital Corp., 11% Sr. Sec. Nts., Series B, 11/1/03 (7) 50,000 51,000 ----------------------------------------------------------------------------------------------------------------------- Sinclair Broadcast Group, Inc., 10% Sr. Sub. Nts., 9/30/05 100,000 101,375 ----------------------------------------------------------------------------------------------------------------------- TCI Satellite Entertainment, Inc., 10.875% Sr. Sub. Nts., 2/15/07 (3) 75,000 71,625 ----------------------------------------------------------------------------------------------------------------------- Time Warner, Inc., 7.45% Nts., 2/1/98 110,000 110,841 ----------------------------------------------------------------------------------------------------------------------- TKR Cable I, Inc., 10.50% Sr. Debs., 10/30/07 125,000 135,452 ----------------------------------------------------------------------------------------------------------------------- United International Holdings, Inc., Zero Coupon Sr. Sec. Disc. Nts.: Series B, 14%, 11/15/99 (8) 100,000 73,250 12.376%, 11/15/99 (8) 50,000 36,625 ---------------- 1,012,356
18 Oppenheimer LifeSpan Funds ------------------------------------------------------------------------- STATEMENT OF INVESTMENTS (UNAUDITED)(CONTINUED) Oppenheimer LifeSpan Balanced Fund
FACE MARKET VALUE AMOUNT SEE NOTE 1 - ------------------------------------------------------------------------------------------------------------------------------ RETAIL: GENERAL - 1.2% ----------------------------------------------------------------------------------------------------------------------- Dayton Hudson Co., 9.40% Debs., 2/15/01 $ 120,000 $ 129,144 ----------------------------------------------------------------------------------------------------------------------- Duane Reade, 12% Sr. Nts., 9/15/02 100,000 104,500 ----------------------------------------------------------------------------------------------------------------------- Federated Department Stores, Inc., 10% Sr. Nts., 2/15/01 40,000 43,343 ----------------------------------------------------------------------------------------------------------------------- Parisian, Inc., 9.875% Sr. Sub. Nts., 7/15/03 100,000 103,750 ----------------------------------------------------------------------------------------------------------------------- Price/Costco, Inc., 7.125% Sr. Nts., 6/15/05 90,000 87,728 ----------------------------------------------------------------------------------------------------------------------- Sears Roebuck & Co., 8.39% Medium-Term Nts., 3/23/99 220,000 227,039 ---------------- 695,504 - ------------------------------------------------------------------------------------------------------------------------------ RETAIL: SPECIALTY - 0.6% ----------------------------------------------------------------------------------------------------------------------- Hills Stores Co., 12.50% Sr. Nts., Series B, 7/1/03 100,000 88,500 ----------------------------------------------------------------------------------------------------------------------- K Mart Corp., 7.75% Debs., 10/1/12 100,000 87,250 ----------------------------------------------------------------------------------------------------------------------- Venture Holdings Trust, 9.75% Sr. Sub. Nts., 4/1/04 78,000 73,905 ----------------------------------------------------------------------------------------------------------------------- Waban, Inc., 11% Sr. Sub. Nts., 5/15/04 100,000 110,875 ---------------- 360,530 - ------------------------------------------------------------------------------------------------------------------------------ CONSUMER NON-CYCLICALS - 3.1% - ------------------------------------------------------------------------------------------------------------------------------ FOOD - 1.2% ----------------------------------------------------------------------------------------------------------------------- Dairy Mart Convenience Stores, Inc., 10.25% Sr. Sub. Nts., 3/15/04 100,000 97,500 ----------------------------------------------------------------------------------------------------------------------- Dole Food Co., 6.75% Nts., 7/15/00 120,000 119,460 ----------------------------------------------------------------------------------------------------------------------- Farm Fresh, Inc., 12.25% Sr. Nts., Series A, 10/1/00 100,000 87,000 ----------------------------------------------------------------------------------------------------------------------- Great Atlantic & Pacific Tea Co., 9.125% Debs., 1/15/98 115,000 117,077 ----------------------------------------------------------------------------------------------------------------------- Jitney-Jungle Stores of America, Inc., 12% Gtd. Sr. Nts., 3/1/06 150,000 163,125 ----------------------------------------------------------------------------------------------------------------------- Pathmark Stores, Inc., 0%/10.75% Jr. Sub. Deferred Coupon Nts., 11/1/03 (2) 200,000 123,000 ---------------- 707,162 - ------------------------------------------------------------------------------------------------------------------------------ HEALTHCARE/DRUGS - 0.2% ----------------------------------------------------------------------------------------------------------------------- Integrated Health Services, Inc., 9.625% Sr. Sub. Nts., Series A, 5/31/02 100,000 102,500 - ------------------------------------------------------------------------------------------------------------------------------ HEALTHCARE/SUPPLIES & SERVICES - 1.1% ----------------------------------------------------------------------------------------------------------------------- Columbia/HCA Healthcare Corp., 6.875% Nts., 7/15/01 120,000 119,540 ----------------------------------------------------------------------------------------------------------------------- Dade International, Inc., 11.125% Sr. Sub. Nts., 5/1/06 125,000 137,500 ----------------------------------------------------------------------------------------------------------------------- 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) (9) 100,000 108,500 ----------------------------------------------------------------------------------------------------------------------- Mariner Health Group, Inc., 9.50% Sr. Sub. Nts., Series B, 4/1/06 125,000 123,125 ----------------------------------------------------------------------------------------------------------------------- Paracelsus Healthcare Corp., 10% Sr. Sub. Unsec. Nts., 8/15/06 100,000 94,500 ----------------------------------------------------------------------------------------------------------------------- Tenet Healthcare Corp., 8% Sr. Nts., 1/15/05 75,000 73,594 ---------------- 656,759 - ------------------------------------------------------------------------------------------------------------------------------ HOUSEHOLD GOODS - 0.6% ----------------------------------------------------------------------------------------------------------------------- Electrolux AB, 7.75% Sr. Unsub. Debs., 6/17/97 220,000 220,275 ----------------------------------------------------------------------------------------------------------------------- Kimberly-Clark Corp., 7.875% Debs., 2/1/23 65,000 65,166 ----------------------------------------------------------------------------------------------------------------------- Revlon Consumer Products Corp., 9.375% Sr. Nts., 4/1/01 100,000 102,250 ---------------- 387,691
19 Oppenheimer LifeSpan Funds ------------------------------------------------------------------------- STATEMENT OF INVESTMENTS APRIL 30, 1997 (UNAUDITED) Oppenheimer LifeSpan Balanced Fund
FACE MARKET VALUE AMOUNT SEE NOTE 1 - ------------------------------------------------------------------------------------------------------------------------------ ENERGY - 1.7% - ------------------------------------------------------------------------------------------------------------------------------ ENERGY SERVICES & PRODUCERS - 1.1% ----------------------------------------------------------------------------------------------------------------------- Coastal Corp.: 8.125% Sr. Nts., 9/15/02 $ 65,000 $ 67,860 8.75% Sr. Nts., 5/15/99 35,000 36,356 ----------------------------------------------------------------------------------------------------------------------- Falcon Drilling Co., Inc., 9.75% Sr. Nts., Series B, 1/15/01 55,000 56,650 ----------------------------------------------------------------------------------------------------------------------- Forcenergy, Inc., 8.50% Sr. Sub. Nts., 2/15/07 (3) 125,000 119,688 ----------------------------------------------------------------------------------------------------------------------- Louisiana Land & Exploration Co., 7.65% Debs., 12/1/23 75,000 73,419 ----------------------------------------------------------------------------------------------------------------------- Maxus Energy Corp., 9.875% Nts., 10/15/02 100,000 104,250 ----------------------------------------------------------------------------------------------------------------------- Mesa Operating Co., 0%/11.625% Gtd. Sr. Sub. Disc. Nts., 7/1/06 (2) 150,000 109,313 ----------------------------------------------------------------------------------------------------------------------- Williams Holdings of Delaware, Inc., 6.25% Sr. Unsec. Debs., 2/1/06 75,000 69,951 ---------------- 637,487 - ------------------------------------------------------------------------------------------------------------------------------ OIL-INTEGRATED - 0.6% Gulf Canada Resources Ltd., 8.25% Sr. Nts., 3/15/17 75,000 73,916 ----------------------------------------------------------------------------------------------------------------------- HS Resources, Inc., 9.25% Sr. Sub. Nts., 11/15/06 125,000 121,875 ----------------------------------------------------------------------------------------------------------------------- Petroleum Geo-Services ASA, 7.50% Nts., 3/31/07 75,000 74,734 ----------------------------------------------------------------------------------------------------------------------- Standard Oil/British Petroleum Co. plc, 9% Debs., 6/1/19 65,000 67,681 ---------------- 338,206 - ------------------------------------------------------------------------------------------------------------------------------ FINANCIAL - 5.0% - ------------------------------------------------------------------------------------------------------------------------------ BANKS - 1.5% BankAmerica Corp., 6% Nts., 7/15/97 200,000 199,986 ----------------------------------------------------------------------------------------------------------------------- Chase Manhattan Corp. (New), 6.625% Sr. Nts., 1/15/98 35,000 35,112 ----------------------------------------------------------------------------------------------------------------------- Citicorp Capital II, 8.015% Bonds, 2/15/27 75,000 74,023 ----------------------------------------------------------------------------------------------------------------------- Citicorp, 5.625% Sr. Nts., 2/15/01 65,000 62,482 ----------------------------------------------------------------------------------------------------------------------- First Fidelity Bancorporation, 8.50% Sub. Capital Nts., 4/1/98 35,000 35,652 ----------------------------------------------------------------------------------------------------------------------- First Union Corp., 6.75% Sr. Nts., 1/15/98 35,000 35,136 ----------------------------------------------------------------------------------------------------------------------- Fleet Mtg./Norstar Group, Inc., 9.90% Sub. Nts., 6/15/01 110,000 121,172 ----------------------------------------------------------------------------------------------------------------------- Integra Financial Corp., 6.50% Sub. Nts., 4/15/00 110,000 109,145 ----------------------------------------------------------------------------------------------------------------------- Mellon Capital I, 7.72% Bonds, 12/1/26 75,000 71,169 ----------------------------------------------------------------------------------------------------------------------- Mellon Financial Bank Corp., 6.50% Gtd. Sr. Nts., 12/1/97 145,000 145,308 ---------------- 889,185 - ------------------------------------------------------------------------------------------------------------------------------ DIVERSIFIED FINANCIAL - 2.7% ----------------------------------------------------------------------------------------------------------------------- American General Finance Corp., 8.50% Sr. Nts., 8/15/98 45,000 46,196 ----------------------------------------------------------------------------------------------------------------------- Associates Corp. of North America, 7.40% Medium-Term Nts., 7/7/99 45,000 45,699 ----------------------------------------------------------------------------------------------------------------------- Beneficial Corp., 9.125% Debs., 2/15/98 110,000 112,343 ----------------------------------------------------------------------------------------------------------------------- Consorcio G. Grupo Dina SA de CV/MCII Holdings (USA), Inc., 0%/12% Sr. Sec. Disc. Nts., 11/15/02 (2) 125,000 106,563 ----------------------------------------------------------------------------------------------------------------------- Capital One Financial Corp., 6.83% Sr. Nts., 5/17/99 50,000 50,043 ----------------------------------------------------------------------------------------------------------------------- Capital One Funding Corp., 7.25% Nts., 12/1/03 40,000 38,733 ----------------------------------------------------------------------------------------------------------------------- Chelsea GCA Realty Partner, Inc., 7.75% Gtd. Unsec. Unsub. Nts., 1/26/01 50,000 50,327 ----------------------------------------------------------------------------------------------------------------------- Commercial Credit Co., 5.55% Unsec. Nts., 2/15/01 110,000 105,151
20 Oppenheimer LifeSpan Funds ------------------------------------------------------------------------- STATEMENT OF INVESTMENTS (UNAUDITED)(CONTINUED) Oppenheimer LifeSpan Balanced Fund
FACE MARKET VALUE AMOUNT SEE NOTE 1 - ------------------------------------------------------------------------------------------------------------------------------ DIVERSIFIED FINANCIAL (CONTINUED) ----------------------------------------------------------------------------------------------------------------------- Countrywide Funding Corp.: 6.05% Gtd. Medium-Term Nts., Series D, 3/1/01 $ 65,000 $ 63,061 6.085% Gtd. Medium-Term Nts., Series B, 7/14/99 45,000 44,406 6.57% Gtd. Medium-Term Nts., Series A, 8/4/97 45,000 45,112 ----------------------------------------------------------------------------------------------------------------------- Ford Motor Credit Co., 6.25% Unsub. Nts., 2/26/98 110,000 110,466 ----------------------------------------------------------------------------------------------------------------------- General Motors Acceptance Corp.: 5.625% Nts., 2/15/01 125,000 119,757 5.65% Medium-Term Nts., 12/15/97 200,000 199,602 ----------------------------------------------------------------------------------------------------------------------- Golden West Financial Corp., 8.625% Sub. Nts., 8/30/98 35,000 35,966 ----------------------------------------------------------------------------------------------------------------------- Merrill Lynch & Co., Inc., 6.50% Nts., 4/1/01 100,000 98,848 ----------------------------------------------------------------------------------------------------------------------- Norwest Financial, Inc., 6.50% Sr. Nts., 11/15/97 35,000 35,086 ----------------------------------------------------------------------------------------------------------------------- Olympic Financial Ltd., Units (each unit consists of $1,000 principal amount of 11.50% sr. nts., 3/15/07 and one warrant to purchase 6.84 shares of common stock) (9) 125,000 118,125 ----------------------------------------------------------------------------------------------------------------------- Penske Truck Leasing Co. LP, 7.75% Sr. Nts., 5/15/99 35,000 35,821 ----------------------------------------------------------------------------------------------------------------------- Salomon, Inc., 8.69% Sr. Medium-Term Nts., Series D, 3/1/99 125,000 129,446 ---------------- 1,590,751 - ------------------------------------------------------------------------------------------------------------------------------ INSURANCE - 0.8% ----------------------------------------------------------------------------------------------------------------------- Cigna Corp., 7.90% Nts., 12/14/98 120,000 122,316 ----------------------------------------------------------------------------------------------------------------------- Conseco Financing Trust III, 8.796% Bonds, 4/1/27 100,000 99,317 ----------------------------------------------------------------------------------------------------------------------- SunAmerica, Inc., 9% Sr. Nts., 1/15/99 125,000 129,274 ----------------------------------------------------------------------------------------------------------------------- Travelers/Aetna Property Casualty Corp., 6.75% Nts., 4/15/01 110,000 109,157 ---------------- 460,064 - ------------------------------------------------------------------------------------------------------------------------------ INDUSTRIAL - 2.3% - ------------------------------------------------------------------------------------------------------------------------------ INDUSTRIAL MATERIALS - 0.2% ----------------------------------------------------------------------------------------------------------------------- American Standard, Inc., 10.875% Sr. Nts., 5/15/99 (4) 100,000 105,500 - ------------------------------------------------------------------------------------------------------------------------------ INDUSTRIAL SERVICES - 0.7% ----------------------------------------------------------------------------------------------------------------------- Beverly Enterprises, Inc., 9% Gtd. Sr. Nts., 2/15/06 100,000 101,125 ----------------------------------------------------------------------------------------------------------------------- Shop Vac Corp., 10.625% Sr. Nts., 9/1/03 125,000 131,875 ----------------------------------------------------------------------------------------------------------------------- Sun Co., Inc., 7.95% Debs., 12/15/01 125,000 129,301 ----------------------------------------------------------------------------------------------------------------------- USI American Holdings, Inc., 7.25% Gtd. Sr. Nts., 12/1/06 (4) 80,000 76,432 ---------------- 438,733 - ------------------------------------------------------------------------------------------------------------------------------ MANUFACTURING - 1.0% ----------------------------------------------------------------------------------------------------------------------- Day International Group, Inc., 11.125% Sr. Sub. Nts., Series B, 6/1/05 100,000 103,000 ----------------------------------------------------------------------------------------------------------------------- Interlake Corp., 12.125% Sr. Sub. Debs., 3/1/02 100,000 104,500 ----------------------------------------------------------------------------------------------------------------------- International Wire Group, Inc., 11.75% Sr. Sub. Nts., 6/1/05 100,000 105,250 ----------------------------------------------------------------------------------------------------------------------- Jordan Industries, Inc., 10.375% Sr. Nts., 8/1/03 50,000 48,750 ----------------------------------------------------------------------------------------------------------------------- Mark IV Industries, Inc., 8.75% Sub. Nts., 4/1/03 (4) 30,000 30,150 ----------------------------------------------------------------------------------------------------------------------- Specialty Equipment Co., 11.375% Sr. Sub. Nts., 12/1/03 100,000 109,000 ----------------------------------------------------------------------------------------------------------------------- Titan Wheel International, Inc., 8.75% Sr. Sub. Nts., 4/1/07 100,000 99,657 ---------------- 600,307
21 Oppenheimer LifeSpan Funds ------------------------------------------------------------------------- STATEMENT OF INVESTMENTS (UNAUDITED)(CONTINUED) Oppenheimer LifeSpan Balanced Fund
FACE MARKET VALUE AMOUNT SEE NOTE 1 - ------------------------------------------------------------------------------------------------------------------------------ TRANSPORTATION - 0.4% ----------------------------------------------------------------------------------------------------------------------- Federal Express Corp., 6.25% Nts., 4/15/98 $ 165,000 $ 164,726 ----------------------------------------------------------------------------------------------------------------------- Union Pacific Corp., 7% Nts., 6/15/00 105,000 105,601 ---------------- 270,327 - ------------------------------------------------------------------------------------------------------------------------------ TECHNOLOGY - 4.2% - ------------------------------------------------------------------------------------------------------------------------------ AEROSPACE/DEFENSE - 0.3% ----------------------------------------------------------------------------------------------------------------------- British Aerospace plc, 8% Debs., 5/27/97 45,000 45,056 ----------------------------------------------------------------------------------------------------------------------- GPA Delaware, Inc., 8.75% Gtd. Nts., 12/15/98 125,000 126,875 ---------------- 171,931 - ------------------------------------------------------------------------------------------------------------------------------ COMPUTER HARDWARE - 0.3% ----------------------------------------------------------------------------------------------------------------------- Digital Equipment Corp., 7% Nts., 11/15/97 159,000 159,602 - ------------------------------------------------------------------------------------------------------------------------------ COMPUTER SOFTWARE/SERVICES - 0.9% ----------------------------------------------------------------------------------------------------------------------- McCaw International Ltd., Units (each unit consists of $1,000 principal amount of 0%/13% sr. disc. nts., 4/15/07 and one warrant to purchase 0.10616 share of common stock) (2)(3)(9) 200,000 99,500 ----------------------------------------------------------------------------------------------------------------------- Nextel Communications, Inc., 0%/9.75% Sr. Disc. Nts., 8/15/04 (2) 200,000 146,000 ----------------------------------------------------------------------------------------------------------------------- Sprint Spectrum LP/Sprint Spectrum Finance Corp., 11% Sr. Nts., 8/15/06 100,000 109,500 ----------------------------------------------------------------------------------------------------------------------- Unisys Corp., 12% Sr. Nts., Series B, 4/15/03 100,000 105,750 ----------------------------------------------------------------------------------------------------------------------- Western Wireless Corp., 10.50% Sr. Sub. Nts., 2/1/07 100,000 98,875 ---------------- 559,625 - ------------------------------------------------------------------------------------------------------------------------------ TELECOMMUNICATIONS-TECHNOLOGY - 2.7% ----------------------------------------------------------------------------------------------------------------------- American Communications Services, Inc., 0%/13% Sr. Disc. Nts., 11/1/05 (2) 125,000 65,625 ----------------------------------------------------------------------------------------------------------------------- Bell Cablemedia plc, 0%/11.95% Sr. Disc. Nts., 7/15/04 (2) 150,000 133,125 ----------------------------------------------------------------------------------------------------------------------- Brooks Fiber Properties, Inc., 0%/11.875% Sr. Disc. Nts., 11/1/06 (2) 125,000 78,125 ----------------------------------------------------------------------------------------------------------------------- Centennial Cellular Corp., 10.125% Sr. Nts., 5/15/05 75,000 75,750 ----------------------------------------------------------------------------------------------------------------------- Comcast UK Cable Partner Ltd., 0%/11.20% Sr. Disc. Debs., 11/15/07 (2) 125,000 86,875 ----------------------------------------------------------------------------------------------------------------------- Continental Cablevision, Inc., 10.625% Sr. Sub. Nts., 6/15/02 125,000 132,091 ----------------------------------------------------------------------------------------------------------------------- Diamond Cable Communications plc, 0%/10.75% Sr. Disc. Nts., 2/15/07 (2) (3) 125,000 75,313 ----------------------------------------------------------------------------------------------------------------------- Hyperion Telecommunications, Inc., 0%/13% Sr. Disc. Nts., Series B, 4/15/03 (2) 250,000 129,375 ----------------------------------------------------------------------------------------------------------------------- International CableTel, Inc., 0%/11.50% Sr. Deferred Coupon Nts., Series B, 2/1/06 (2) 250,000 163,750 ----------------------------------------------------------------------------------------------------------------------- IXC Communications, Inc., 12.50% Nts., Series B, 10/1/05 125,000 137,344 ----------------------------------------------------------------------------------------------------------------------- MCI Communications Corp., 7.125% Sr. Nts., 1/20/00 110,000 111,267 ----------------------------------------------------------------------------------------------------------------------- MFS Communications Co., Inc., 0%/9.375% Sr. Disc. Nts., 1/15/04 (2) 150,000 136,313 ----------------------------------------------------------------------------------------------------------------------- Teleport Communications Group, Inc.: 0%/11.125% Sr. Disc. Nts., 7/1/07 (2) 50,000 34,625 9.875% Sr. Nts., 7/1/06 50,000 52,500
22 Oppenheimer LifeSpan Funds ------------------------------------------------------------------------- STATEMENT OF INVESTMENTS (UNAUDITED)(CONTINUED) Oppenheimer LifeSpan Balanced Fund
FACE MARKET VALUE AMOUNT SEE NOTE 1 - ------------------------------------------------------------------------------------------------------------------------------ TELECOMMUNICATIONS-TECHNOLOGY (CONTINUED) ----------------------------------------------------------------------------------------------------------------------- U.S. West Capital Funding, Inc., 6.85% Gtd. Nts., 1/15/02 $ 175,000 $ 173,376 ---------------- 1,585,454 - ------------------------------------------------------------------------------------------------------------------------------ UTILITIES - 1.0% - ------------------------------------------------------------------------------------------------------------------------------ ELECTRIC UTILITIES - 0.3% ----------------------------------------------------------------------------------------------------------------------- Consumers Power Co., 8.75% Mtg. Nts., 2/15/98 110,000 111,653 ----------------------------------------------------------------------------------------------------------------------- El Paso Electric Co., 7.25% First Mtg. Nts., Series A, 2/1/99 (4) 50,000 50,125 --------------- 161,778 - ------------------------------------------------------------------------------------------------------------------------------ GAS UTILITIES - 0.4% ----------------------------------------------------------------------------------------------------------------------- Northern Illinois Gas Co., 6.45% First Mtg. Bonds, 8/1/01 180,000 177,589 ----------------------------------------------------------------------------------------------------------------------- Tennessee Gas Pipeline Co., 7.50% Bonds, 4/1/17 75,000 73,580 ---------------- 251,169 - ------------------------------------------------------------------------------------------------------------------------------ TELEPHONE UTILITIES - 0.3% ----------------------------------------------------------------------------------------------------------------------- GTE Corp., 8.85% Debs., 3/1/98 45,000 45,896 ----------------------------------------------------------------------------------------------------------------------- Intermedia Communications, Inc., 13.50% Sr. Nts., Series B, 6/1/05 100,000 110,500 ---------------- 156,396 ---------------- Total Non-Convertible Corporate Bonds and Notes (Cost $16,114,004) 16,042,733 - ------------------------------------------------------------------------------------------------------------------------------ CONVERTIBLE CORPORATE BONDS AND NOTES - 0.1% - ------------------------------------------------------------------------------------------------------------------------------ Barnett Banks, Inc., 8.50% Sub. Exchangeable Nts., 3/1/99 (Cost $42,572) 40,000 41,295 SHARES - ------------------------------------------------------------------------------------------------------------------------------ COMMON STOCKS - 56.5% - ------------------------------------------------------------------------------------------------------------------------------ BASIC MATERIALS - 2.6% - ------------------------------------------------------------------------------------------------------------------------------ CHEMICALS - 0.9% ----------------------------------------------------------------------------------------------------------------------- Ciba Specialty Chemicals AG (10) 1,000 86,193 ----------------------------------------------------------------------------------------------------------------------- Dexter Corp. 5,000 149,375 ----------------------------------------------------------------------------------------------------------------------- Du Pont (E.I.) De Nemours & Co. 2,000 212,250 ----------------------------------------------------------------------------------------------------------------------- IMC Global, Inc. 2,834 104,504 ---------------- 552,322 - ------------------------------------------------------------------------------------------------------------------------------ METALS - 1.4% ----------------------------------------------------------------------------------------------------------------------- Allegheny Teledyne, Inc. 3,500 93,187 ----------------------------------------------------------------------------------------------------------------------- Aluminum Co. of America 2,500 174,687 ----------------------------------------------------------------------------------------------------------------------- Carpenter Technology Corp. 3,700 150,312 ----------------------------------------------------------------------------------------------------------------------- Oregon Steel Mills, Inc. 7,400 122,100 ----------------------------------------------------------------------------------------------------------------------- RMI Titanium Co. (10) 4,000 85,500 ----------------------------------------------------------------------------------------------------------------------- UNR Industries, Inc. 25,000 153,125 ----------------------------------------------------------------------------------------------------------------------- Western Mining Corp. Holdings Ltd. 10,000 59,404 ---------------- 838,315 - ------------------------------------------------------------------------------------------------------------------------------ PAPER - 0.3% ----------------------------------------------------------------------------------------------------------------------- Fort Howard Corp. (10) 4,700 161,856 - ------------------------------------------------------------------------------------------------------------------------------ CONSUMER CYCLICALS - 10.0% - ------------------------------------------------------------------------------------------------------------------------------ AUTOS & HOUSING - 2.5% ----------------------------------------------------------------------------------------------------------------------- Bridgestone Corp. 3,000 63,825 ----------------------------------------------------------------------------------------------------------------------- Camden Property Trust 5,400 147,150
23 Oppenheimer LifeSpan Funds ------------------------------------------------------------------------- STATEMENT OF INVESTMENTS (UNAUDITED)(CONTINUED) Oppenheimer LifeSpan Balanced Fund
MARKET VALUE SHARES SEE NOTE 1 - ------------------------------------------------------------------------------------------------------------------------------ AUTOS & HOUSING (CONTINUED) ----------------------------------------------------------------------------------------------------------------------- Capstone Capital Corp. 6,700 $ 150,750 ----------------------------------------------------------------------------------------------------------------------- Cheung Kong (Holdings) Ltd. (10) 9,000 79,003 ----------------------------------------------------------------------------------------------------------------------- Cornerstone Properties, Inc. (10) 9,900 144,787 ----------------------------------------------------------------------------------------------------------------------- Crescent Real Estate Equities, Inc. 9,200 241,500 ----------------------------------------------------------------------------------------------------------------------- Groupe SEB SA 700 123,416 ----------------------------------------------------------------------------------------------------------------------- Health & Retirement Properties Trust 7,800 147,225 ----------------------------------------------------------------------------------------------------------------------- Honda Motor Co. 3,000 93,137 ----------------------------------------------------------------------------------------------------------------------- Meditrust Corp. 3,900 142,350 ----------------------------------------------------------------------------------------------------------------------- Miller Industries, Inc. (10) 7,200 85,500 ----------------------------------------------------------------------------------------------------------------------- Rinnai Corp. 3,000 54,369 ---------------- 1,473,012 - ------------------------------------------------------------------------------------------------------------------------------ LEISURE & ENTERTAINMENT - 2.2% ----------------------------------------------------------------------------------------------------------------------- AMR Corp. (10) 1,700 158,312 ----------------------------------------------------------------------------------------------------------------------- CapStar Hotel Co. (10) 2,400 68,100 ----------------------------------------------------------------------------------------------------------------------- CDL Hotels International Ltd. 198,000 86,265 ----------------------------------------------------------------------------------------------------------------------- Delta Air Lines, Inc. 1,600 147,400 ----------------------------------------------------------------------------------------------------------------------- Dover Downs Entertainment, Inc. 4,500 73,687 ----------------------------------------------------------------------------------------------------------------------- Einstein/Noah Bagel Corp. (10) 4,500 82,969 ----------------------------------------------------------------------------------------------------------------------- Galoob Toys, Inc. (10) 600 10,125 ----------------------------------------------------------------------------------------------------------------------- Granada Group plc 6,000 86,744 ----------------------------------------------------------------------------------------------------------------------- Landry's Seafood Restaurants, Inc. (10) 5,500 77,258 ----------------------------------------------------------------------------------------------------------------------- Papa John's International, Inc. (10) 3,625 93,344 ----------------------------------------------------------------------------------------------------------------------- Piccadilly Cafeterias, Inc. 7,900 71,100 ----------------------------------------------------------------------------------------------------------------------- Regal Cinemas, Inc. (10) 5,800 158,050 ----------------------------------------------------------------------------------------------------------------------- Vistana, Inc. (10) 6,500 62,156 ----------------------------------------------------------------------------------------------------------------------- Wyndham Hotel Corp. (10) 5,400 149,175 ---------------- 1,324,685 - ------------------------------------------------------------------------------------------------------------------------------ MEDIA - 1.0% ----------------------------------------------------------------------------------------------------------------------- Applied Graphics Technologies, Inc. (10) 2,100 63,525 ----------------------------------------------------------------------------------------------------------------------- Benpres Holdings Corp., Sponsored GDR (10) 5,000 36,029 ----------------------------------------------------------------------------------------------------------------------- Heftel Broadcasting Corp., A Shares (10) 3,200 160,000 ----------------------------------------------------------------------------------------------------------------------- Reed International plc 4,500 83,020 ----------------------------------------------------------------------------------------------------------------------- Reuters Holdings plc 8,000 82,363 ----------------------------------------------------------------------------------------------------------------------- Television Broadcasts Ltd. 24,000 98,522 ----------------------------------------------------------------------------------------------------------------------- Wolters Kluwer NV 700 82,968 ---------------- 606,427 - ------------------------------------------------------------------------------------------------------------------------------ RETAIL: GENERAL - 1.7% ----------------------------------------------------------------------------------------------------------------------- adidas AG 600 62,194 ----------------------------------------------------------------------------------------------------------------------- Dollar Tree Stores, Inc. (10) 3,100 122,450 ----------------------------------------------------------------------------------------------------------------------- Federated Department Stores, Inc. (10) 2,300 78,200 ----------------------------------------------------------------------------------------------------------------------- Fila Holding SpA, Sponsored ADR 1,500 64,875 ----------------------------------------------------------------------------------------------------------------------- Marks & Spencer plc 13,000 103,149 ----------------------------------------------------------------------------------------------------------------------- Nautica Enterprises, Inc. (10) 3,600 79,650 ----------------------------------------------------------------------------------------------------------------------- North Face, Inc. (The) (10) 4,900 69,212 ----------------------------------------------------------------------------------------------------------------------- Sears Roebuck & Co. 2,900 139,200
24 Oppenheimer LifeSpan Funds ------------------------------------------------------------------------- STATEMENT OF INVESTMENTS (UNAUDITED)(CONTINUED) Oppenheimer LifeSpan Balanced Fund
SHARES MARKET VALUE SEE NOTE 1 - ------------------------------------------------------------------------------------------------------------------------------ RETAIL: GENERAL (CONTINUED) ----------------------------------------------------------------------------------------------------------------------- St. John Knits, Inc. 2,600 $ 99,775 ----------------------------------------------------------------------------------------------------------------------- Wolverine World Wide, Inc. 4,050 163,012 ------------ 981,717 - ------------------------------------------------------------------------------------------------------------------------------ RETAIL: SPECIALTY - 2.6% ----------------------------------------------------------------------------------------------------------------------- Argos plc 10,000 104,658 ----------------------------------------------------------------------------------------------------------------------- Brown Group, Inc. 8,300 137,987 ----------------------------------------------------------------------------------------------------------------------- CDW Computer Centers, Inc. (10) 2,900 139,200 ----------------------------------------------------------------------------------------------------------------------- Cifra SA de CV, Unsponsored ADR, B Shares 45,000 68,580 ----------------------------------------------------------------------------------------------------------------------- CompUSA, Inc. 1,000 19,250 ----------------------------------------------------------------------------------------------------------------------- Costco Cos., Inc. (10) 5,100 147,262 ----------------------------------------------------------------------------------------------------------------------- Dickson Concepts International Ltd. 27,000 99,684 ----------------------------------------------------------------------------------------------------------------------- Eagle Hardware and Garden, Inc. (10) 2,700 50,625 ----------------------------------------------------------------------------------------------------------------------- Finish Line, Inc., Cl. A (10) 7,600 78,375 ----------------------------------------------------------------------------------------------------------------------- Guitar Center, Inc. (10) 3,200 45,200 ----------------------------------------------------------------------------------------------------------------------- Hennes & Mauritz AB, B Shares 850 122,969 ----------------------------------------------------------------------------------------------------------------------- Insight Enterprises, Inc. (10) 2,900 68,875 ----------------------------------------------------------------------------------------------------------------------- Jusco Co. 3,000 92,191 ----------------------------------------------------------------------------------------------------------------------- Koninklijke Ahold NV 1,733 118,314 ----------------------------------------------------------------------------------------------------------------------- New England Business Service, Inc. 5,800 152,975 ----------------------------------------------------------------------------------------------------------------------- Shimamura Co. Ltd. 2,000 58,782 ------------ 1,504,927 - ----------------------------------------------------------------------------------------------------------------------------- CONSUMER NON-CYCLICALS - 8.7% - ----------------------------------------------------------------------------------------------------------------------------- BEVERAGES - 1.0% ----------------------------------------------------------------------------------------------------------------------- Anheuser-Busch Cos., Inc. 7,100 304,412 ----------------------------------------------------------------------------------------------------------------------- Embotelladora Andina SA, ADR, A Shares 6,400 128,000 ----------------------------------------------------------------------------------------------------------------------- Fomento Economico Mexicano SA de CV, Cl. B, Sponsored ADR 20,000 94,056 ----------------------------------------------------------------------------------------------------------------------- Quilmes Industrial Quinsa SA, Sponsored ADR 7,500 83,437 ------------ 609,905 - ------------------------------------------------------------------------------------------------------------------------------ EDUCATION - 0.3% ----------------------------------------------------------------------------------------------------------------------- ITT Educational Services, Inc. (10) 4,200 95,550 ----------------------------------------------------------------------------------------------------------------------- Learning Tree International, Inc. (10) 3,400 107,100 ------------ 202,650 - ------------------------------------------------------------------------------------------------------------------------------ FOOD - 1.7% ----------------------------------------------------------------------------------------------------------------------- American Stores Co. 4,200 191,100 ----------------------------------------------------------------------------------------------------------------------- Carrefour Supermarche SA 190 118,628 ----------------------------------------------------------------------------------------------------------------------- Colruyt SA (10) 250 103,583 ----------------------------------------------------------------------------------------------------------------------- Danisco AS 1,700 98,525 ----------------------------------------------------------------------------------------------------------------------- JP Foodservice, Inc. (10) 2,700 75,262 ----------------------------------------------------------------------------------------------------------------------- Kroger Co. (10) 8,000 220,000 ----------------------------------------------------------------------------------------------------------------------- PT Indofood Sukses Makmur 55,000 113,735 ----------------------------------------------------------------------------------------------------------------------- William Morrison Supermarkets plc 40,000 104,496 ------------ 1,025,329 - ------------------------------------------------------------------------------------------------------------------------------ HEALTHCARE/DRUGS - 2.1% ----------------------------------------------------------------------------------------------------------------------- Dura Pharmaceuticals, Inc. (10) 4,700 136,300 ----------------------------------------------------------------------------------------------------------------------- Glaxo Wellcome plc, Sponsored ADR 4,300 169,312 ----------------------------------------------------------------------------------------------------------------------- Jones Medical Industries, Inc. 5,450 192,112
25 Oppenheimer LifeSpan Funds
------------------------------------------------------------------------- STATEMENT OF INVESTMENTS (UNAUDITED)(CONTINUED) Oppenheimer LifeSpan Balanced Fund MARKET VALUE SHARES SEE NOTE 1 - ------------------------------------------------------------------------------------------------------------------------------ HEALTHCARE/DRUGS (CONTINUED) ----------------------------------------------------------------------------------------------------------------------- Medicis Pharmaceutical Corp., Cl. A (10) 4,250 $ 104,125 ----------------------------------------------------------------------------------------------------------------------- Novartis AG 100 131,801 ----------------------------------------------------------------------------------------------------------------------- Novo-Nordisk AS, B Shares 1,000 98,920 ----------------------------------------------------------------------------------------------------------------------- Roche Holding AG 12 101,396 ----------------------------------------------------------------------------------------------------------------------- Schering AG 1,000 95,861 ----------------------------------------------------------------------------------------------------------------------- Takeda Chemical Industries Ltd. 5,000 115,436 ----------------------------------------------------------------------------------------------------------------------- Zeneca Group plc 4,000 120,981 ------------ 1,266,244 - ------------------------------------------------------------------------------------------------------------------------------ HEALTHCARE/SUPPLIES & SERVICES - 2.3% ----------------------------------------------------------------------------------------------------------------------- Acuson Corp. (10) 3,500 84,875 ----------------------------------------------------------------------------------------------------------------------- Luxottica Group SpA, Sponsored ADR 1,500 90,562 ----------------------------------------------------------------------------------------------------------------------- National Surgery Centers, Inc. (10) 4,200 126,000 ----------------------------------------------------------------------------------------------------------------------- Orthodontic Centers of America, Inc. (10) 4,200 50,400 ----------------------------------------------------------------------------------------------------------------------- Pediatrix Medical Group, Inc. (10) 4,100 135,300 ----------------------------------------------------------------------------------------------------------------------- Physician Sales & Service, Inc. (10) 6,300 91,350 ----------------------------------------------------------------------------------------------------------------------- Renal Treatment Centers, Inc. (10) 5,100 110,287 ----------------------------------------------------------------------------------------------------------------------- Rural/Metro Corp. (10) 4,400 126,500 ----------------------------------------------------------------------------------------------------------------------- SmithKline Beecham plc 8,447 135,896 ----------------------------------------------------------------------------------------------------------------------- Tenet Healthcare Corp. (10) 5,535 143,910 ----------------------------------------------------------------------------------------------------------------------- Theragenics Corp. (10) 2,800 47,600 ----------------------------------------------------------------------------------------------------------------------- Total Renal Care Holdings, Inc. (10) 3,500 112,437 ----------------------------------------------------------------------------------------------------------------------- WellPoint Health Networks, Inc. (10) 2,400 101,400 ----------------------------------------------------------------------------------------------------------------------- 1,356,517 - ------------------------------------------------------------------------------------------------------------------------------ HOUSEHOLD GOODS - 0.9% ----------------------------------------------------------------------------------------------------------------------- Blyth Industries, Inc. (10) 4,100 161,950 ----------------------------------------------------------------------------------------------------------------------- L'OREAL 350 124,195 ----------------------------------------------------------------------------------------------------------------------- Premark International, Inc. 5,600 137,200 ----------------------------------------------------------------------------------------------------------------------- Reckitt & Colman plc 9,000 122,669 ------------ 546,014 - ------------------------------------------------------------------------------------------------------------------------------ TOBACCO - 0.4% ----------------------------------------------------------------------------------------------------------------------- RJR Nabisco Holdings Corp. 7,900 235,025 - ------------------------------------------------------------------------------------------------------------------------------ ENERGY - 3.7% - ------------------------------------------------------------------------------------------------------------------------------ ENERGY SERVICES & PRODUCERS - 0.6% ----------------------------------------------------------------------------------------------------------------------- Diamond Offshore Drilling, Inc. (10) 1,200 77,250 ----------------------------------------------------------------------------------------------------------------------- Global Marine, Inc. (10) 3,400 68,425 ----------------------------------------------------------------------------------------------------------------------- Oryx Energy Co. 3,400 68,000 ----------------------------------------------------------------------------------------------------------------------- Tidewater, Inc. 1,400 56,175 ----------------------------------------------------------------------------------------------------------------------- Varco International, Inc. (10) 2,800 64,400 ------------ 334,250 - ------------------------------------------------------------------------------------------------------------------------------ OIL-INTEGRATED - 3.1% ----------------------------------------------------------------------------------------------------------------------- Amoco Corp. 3,100 259,237 ----------------------------------------------------------------------------------------------------------------------- Atlantic Richfield Co. 1,500 204,188 ----------------------------------------------------------------------------------------------------------------------- Chevron Corp. 5,900 404,150 ----------------------------------------------------------------------------------------------------------------------- Exxon Corp. 6,400 362,400 ----------------------------------------------------------------------------------------------------------------------- Global Industries Ltd. (10) 3,600 75,600 ----------------------------------------------------------------------------------------------------------------------- Mobil Corp. 2,500 325,000
26 Oppenheimer LifeSpan Funds ------------------------------------------------------------------------- STATEMENT OF INVESTMENTS (UNAUDITED)(CONTINUED) Oppenheimer LifeSpan Balanced Fund
MARKET VALUE SHARES SEE NOTE 1 - ------------------------------------------------------------------------------------------------------------------------------ OIL-INTEGRATED (CONTINUED) ----------------------------------------------------------------------------------------------------------------------- Swift Energy Co. (10) 2,900 $ 61,263 ----------------------------------------------------------------------------------------------------------------------- Total SA, B Shares 1,641 136,085 ------------- 1,827,923 - ----------------------------------------------------------------------------------------------------------------------------- FINANCIAL - 7.1% - ----------------------------------------------------------------------------------------------------------------------------- BANKS - 3.1% ----------------------------------------------------------------------------------------------------------------------- Banco Popular Espanol SA 400 84,888 ----------------------------------------------------------------------------------------------------------------------- BankAmerica Corp. 3,800 444,125 ----------------------------------------------------------------------------------------------------------------------- BankBoston Corp. 4,800 349,200 ----------------------------------------------------------------------------------------------------------------------- Chase Manhattan Corp. (New) 1,800 166,725 ----------------------------------------------------------------------------------------------------------------------- HSBC Holdings plc 4,000 101,207 ----------------------------------------------------------------------------------------------------------------------- Lloyds TSB Group plc 11,000 100,488 ----------------------------------------------------------------------------------------------------------------------- NationsBank Corp. 5,400 326,025 ----------------------------------------------------------------------------------------------------------------------- PNC Bank Corp. 6,500 267,313 ------------- 1,839,971 - ----------------------------------------------------------------------------------------------------------------------------- DIVERSIFIED FINANCIAL - 2.7% ----------------------------------------------------------------------------------------------------------------------- Amresco, Inc. (10) 7,300 106,306 ----------------------------------------------------------------------------------------------------------------------- Dean Witter, Discover & Co. 5,100 195,075 ----------------------------------------------------------------------------------------------------------------------- First Pacific Co. Ltd. 46,000 54,928 ----------------------------------------------------------------------------------------------------------------------- Haw Par Brothers International Ltd. 41,000 90,146 ----------------------------------------------------------------------------------------------------------------------- ING Groep NV 2,552 100,214 ----------------------------------------------------------------------------------------------------------------------- Lend Lease Corp. Ltd. 4,500 86,316 ----------------------------------------------------------------------------------------------------------------------- Nichiei Co. Ltd. 1,300 104,483 ----------------------------------------------------------------------------------------------------------------------- Perlis Plantations Berhad 28,000 83,666 ----------------------------------------------------------------------------------------------------------------------- Salomon, Inc. 2,500 125,000 ----------------------------------------------------------------------------------------------------------------------- Sirrom Capital Corp. 3,600 112,050 ----------------------------------------------------------------------------------------------------------------------- Southcorp Holdings Ltd. 29,000 101,505 ----------------------------------------------------------------------------------------------------------------------- Swire Pacific Ltd., Cl. B 87,000 115,678 ----------------------------------------------------------------------------------------------------------------------- Travelers Group, Inc. 4,000 221,500 ----------------------------------------------------------------------------------------------------------------------- United Industrial Corp. Ltd. 100,000 75,364 ------------- 1,572,231 - ----------------------------------------------------------------------------------------------------------------------------- INSURANCE - 1.3% ----------------------------------------------------------------------------------------------------------------------- AFLAC, Inc. 1,500 64,500 ----------------------------------------------------------------------------------------------------------------------- Chubb Corp. 2,500 144,375 ----------------------------------------------------------------------------------------------------------------------- Conseco, Inc. 5,300 219,288 ----------------------------------------------------------------------------------------------------------------------- Equitable Cos., Inc. 3,700 108,225 ----------------------------------------------------------------------------------------------------------------------- Hartford Steam Boiler Inspection & Insurance Co. 2,700 129,938 ----------------------------------------------------------------------------------------------------------------------- Travelers Property Casualty Corp., Cl. A 3,600 121,500 ------------- 787,826 - ----------------------------------------------------------------------------------------------------------------------------- INDUSTRIAL - 8.0% - ----------------------------------------------------------------------------------------------------------------------------- ELECTRICAL EQUIPMENT - 0.9% ----------------------------------------------------------------------------------------------------------------------- ABB AG 65 78,744 ----------------------------------------------------------------------------------------------------------------------- Johnson Electric Holdings Ltd. 35,000 94,881 ----------------------------------------------------------------------------------------------------------------------- Mabuchi Motor Co. 800 40,533 ----------------------------------------------------------------------------------------------------------------------- Rockwell International Corp. 4,700 312,550 ------------- 526,708
27 Oppenheimer LifeSpan Funds ------------------------------------------------------------------------- STATEMENT OF INVESTMENTS (UNAUDITED)(CONTINUED) Oppenheimer LifeSpan Balanced Fund
MARKET VALUE SHARES SEE NOTE 1 - ------------------------------------------------------------------------------------------------------------------------------ INDUSTRIAL SERVICES - 2.7% ----------------------------------------------------------------------------------------------------------------------- Computer Horizons Corp. (10) 4,200 $ 182,700 ----------------------------------------------------------------------------------------------------------------------- Computer Task Group, Inc. 2,500 107,813 ----------------------------------------------------------------------------------------------------------------------- Corestaff, Inc. (10) 6,300 109,463 ----------------------------------------------------------------------------------------------------------------------- Corrections Corp. of America (10) 6,200 202,275 ----------------------------------------------------------------------------------------------------------------------- DT Industries, Inc. 2,300 59,800 ----------------------------------------------------------------------------------------------------------------------- Hays plc 13,000 114,961 ----------------------------------------------------------------------------------------------------------------------- Kurita Water Industries Ltd. 5,000 105,587 ----------------------------------------------------------------------------------------------------------------------- NGK Spark Plug Co. 6,000 60,043 ----------------------------------------------------------------------------------------------------------------------- Precision Response Corp. (10) 3,800 62,225 ----------------------------------------------------------------------------------------------------------------------- SGS Societe Generale de Surveillance Holding SA, Series B 45 93,150 ----------------------------------------------------------------------------------------------------------------------- SITEL Corp. (10) 8,400 82,950 ----------------------------------------------------------------------------------------------------------------------- Sykes Enterprises, Inc. (10) 3,600 102,600 ----------------------------------------------------------------------------------------------------------------------- Tetra Tech, Inc. (10) 5,400 76,950 ----------------------------------------------------------------------------------------------------------------------- Transaction Systems Architects, Inc., Cl. A (10) 4,200 126,000 ----------------------------------------------------------------------------------------------------------------------- United Waste Systems, Inc. (10) 3,000 101,250 ------------- 1,587,767 - ------------------------------------------------------------------------------------------------------------------------------ MANUFACTURING - 3.7% ----------------------------------------------------------------------------------------------------------------------- AGCO Corp. 6,500 168,188 ----------------------------------------------------------------------------------------------------------------------- Bic Corp. 700 110,942 ----------------------------------------------------------------------------------------------------------------------- Canon Sales Co., Inc. 3,300 68,387 ----------------------------------------------------------------------------------------------------------------------- Case Corp. 3,200 177,200 ----------------------------------------------------------------------------------------------------------------------- Deere & Co. 3,100 142,600 ----------------------------------------------------------------------------------------------------------------------- Ingersoll-Rand Co. 3,100 152,288 ----------------------------------------------------------------------------------------------------------------------- Mannesmann AG 250 98,345 ----------------------------------------------------------------------------------------------------------------------- Mark IV Industries, Inc. 2,425 56,381 ----------------------------------------------------------------------------------------------------------------------- Mitsubishi Heavy Industries Ltd. 7,000 46,222 ----------------------------------------------------------------------------------------------------------------------- NSK Ltd. 7,000 42,250 ----------------------------------------------------------------------------------------------------------------------- PACCAR, Inc. 4,500 314,438 ----------------------------------------------------------------------------------------------------------------------- Ricoh Co. Ltd. 11,000 130,880 ----------------------------------------------------------------------------------------------------------------------- Shinmaywa Industries Ltd. 6,000 37,869 ----------------------------------------------------------------------------------------------------------------------- Sidel SA 1,100 79,008 ----------------------------------------------------------------------------------------------------------------------- SMC Corp. 500 36,640 ----------------------------------------------------------------------------------------------------------------------- Textron, Inc. 2,600 289,575 ----------------------------------------------------------------------------------------------------------------------- U.S. Industries, Inc. (10) 5,700 205,913 ------------- 2,157,126 - ----------------------------------------------------------------------------------------------------------------------------- TRANSPORTATION - 0.7% ----------------------------------------------------------------------------------------------------------------------- Brambles Industries Ltd. 5,000 90,670 ----------------------------------------------------------------------------------------------------------------------- GATX Corp. 3,600 197,100 ----------------------------------------------------------------------------------------------------------------------- Union Pacific Corp. 2,300 146,625 ----------------------------------------------------------------------------------------------------------------------- 434,395 - ----------------------------------------------------------------------------------------------------------------------------- TECHNOLOGY - 9.8% - ----------------------------------------------------------------------------------------------------------------------------- AEROSPACE/DEFENSE - 1.5% ----------------------------------------------------------------------------------------------------------------------- General Dynamics Corp. 3,900 277,875 ----------------------------------------------------------------------------------------------------------------------- Lockheed Martin Corp. 3,100 277,450 ----------------------------------------------------------------------------------------------------------------------- Thiokol Corp. 200 13,050 ----------------------------------------------------------------------------------------------------------------------- TRW, Inc. 5,700 297,113 ------------- 865,488
28 Oppenheimer LifeSpan Funds ------------------------------------------------------------------------- STATEMENT OF INVESTMENTS (UNAUDITED)(CONTINUED) Oppenheimer LifeSpan Balanced Fund
MARKET VALUE SHARES SEE NOTE 1 - ----------------------------------------------------------------------------------------------------------------------------- COMPUTER HARDWARE - 1.4% ----------------------------------------------------------------------------------------------------------------------- Compaq Computer Corp. (10) 1,000 $ 85,375 ----------------------------------------------------------------------------------------------------------------------- Dell Computer Corp. (10) 1,200 100,425 ----------------------------------------------------------------------------------------------------------------------- Gateway 2000, Inc. (10) 1,800 98,775 ----------------------------------------------------------------------------------------------------------------------- Henry (Jack) & Associates, Inc. 5,550 105,450 ----------------------------------------------------------------------------------------------------------------------- Network Appliance, Inc. (10) 2,500 72,813 ----------------------------------------------------------------------------------------------------------------------- Seagate Technology (10) 4,600 211,025 ----------------------------------------------------------------------------------------------------------------------- Storage Technology Corp. (New) (10) 5,100 179,138 ------------- 853,001 - ----------------------------------------------------------------------------------------------------------------------------- COMPUTER SOFTWARE/SERVICES - 1.9% ----------------------------------------------------------------------------------------------------------------------- Cambridge Technology Partners, Inc. (10) 3,900 103,838 ----------------------------------------------------------------------------------------------------------------------- Inso Corp. (10) 2,000 42,000 ----------------------------------------------------------------------------------------------------------------------- JDA Software Group, Inc. (10) 2,000 50,500 ----------------------------------------------------------------------------------------------------------------------- Pegasystems, Inc. (10) 2,400 47,100 ----------------------------------------------------------------------------------------------------------------------- Rational Software Corp. (10) 3,800 52,488 ----------------------------------------------------------------------------------------------------------------------- Remedy Corp. (10) 3,000 97,125 ----------------------------------------------------------------------------------------------------------------------- SAP AG, Preference 400 73,663 ----------------------------------------------------------------------------------------------------------------------- Sapient Corp. (10) 2,000 71,750 ----------------------------------------------------------------------------------------------------------------------- Scopus Technology, Inc. (10) 3,800 101,650 ----------------------------------------------------------------------------------------------------------------------- Security Dynamics Technologies, Inc. (10) 3,800 95,950 ----------------------------------------------------------------------------------------------------------------------- Technology Solutions Co. (10) 3,800 100,225 ----------------------------------------------------------------------------------------------------------------------- Veritas Software Corp. (10) 900 30,263 ----------------------------------------------------------------------------------------------------------------------- Viasoft, Inc. (10) 1,600 68,000 ----------------------------------------------------------------------------------------------------------------------- Visio Corp. (10) 1,600 81,200 ----------------------------------------------------------------------------------------------------------------------- Wind River Systems (10) 3,200 73,600 ------------- 1,089,352 - ----------------------------------------------------------------------------------------------------------------------------- ELECTRONICS - 2.7% ----------------------------------------------------------------------------------------------------------------------- Bowthorpe plc 11,000 63,006 ----------------------------------------------------------------------------------------------------------------------- Electrocomponents plc 15,000 96,139 ----------------------------------------------------------------------------------------------------------------------- Getronics NV 2,400 72,686 ----------------------------------------------------------------------------------------------------------------------- Hirose Electric Co. 2,000 109,369 ----------------------------------------------------------------------------------------------------------------------- Intel Corp. 500 76,563 ----------------------------------------------------------------------------------------------------------------------- Keyence Corp. 660 80,608 ----------------------------------------------------------------------------------------------------------------------- Kyocera Corp. 1,000 59,885 ----------------------------------------------------------------------------------------------------------------------- Matsushita Electric Industrial Co. 4,000 63,982 ----------------------------------------------------------------------------------------------------------------------- Matsushita Electric Works Ltd. 5,000 50,823 ----------------------------------------------------------------------------------------------------------------------- Micron Electronics, Inc. (10) 1,400 28,525 ----------------------------------------------------------------------------------------------------------------------- Omron Corp. 4,000 75,644 ----------------------------------------------------------------------------------------------------------------------- Samsung Electronics Co., Sponsored GDR (3)(10) 2,400 56,400 ----------------------------------------------------------------------------------------------------------------------- SCI Systems, Inc. (10) 1,200 74,100 ----------------------------------------------------------------------------------------------------------------------- Sony Corp. 1,900 138,334 ----------------------------------------------------------------------------------------------------------------------- TDK Corp. 1,000 72,098 ----------------------------------------------------------------------------------------------------------------------- Veeco Instruments, Inc. (10) 2,400 75,000 ----------------------------------------------------------------------------------------------------------------------- Vitesse Semiconductor Corp. (10) 4,850 152,775 ----------------------------------------------------------------------------------------------------------------------- Waters Corp. (10) 4,800 142,200 ----------------------------------------------------------------------------------------------------------------------- Zygo Corp. (10) 3,400 75,650 ------------- 1,563,787
29 Oppenheimer LifeSpan Funds ------------------------------------------------------------------------- STATEMENT OF INVESTMENTS (UNAUDITED)(CONTINUED) Oppenheimer LifeSpan Balanced Fund
MARKET VALUE SHARES SEE NOTE 1 - ------------------------------------------------------------------------------------------------------------------------------ TELECOMMUNICATIONS-TECHNOLOGY - 2.3% ----------------------------------------------------------------------------------------------------------------------- Advanced Fibre Communications, Inc. (10) 2,600 $ 103,675 ----------------------------------------------------------------------------------------------------------------------- Allen Telecom, Inc. (10) 3,600 62,100 ----------------------------------------------------------------------------------------------------------------------- Aspect Telecommunications Corp. (10) 2,600 46,150 ----------------------------------------------------------------------------------------------------------------------- British Sky Broadcasting Group plc 9,500 87,864 ----------------------------------------------------------------------------------------------------------------------- Cable Design Technologies Corp. (10) 2,650 50,019 ----------------------------------------------------------------------------------------------------------------------- Comverse Technology, Inc. (10) 5,100 200,175 ----------------------------------------------------------------------------------------------------------------------- DSP Communications, Inc. (10) 8,600 68,263 ----------------------------------------------------------------------------------------------------------------------- Hong Kong Telecommunications Ltd. (10) 50,000 85,845 ----------------------------------------------------------------------------------------------------------------------- Korea Mobile Telecommunications Corp., Sponsored ADR 9,000 85,500 ----------------------------------------------------------------------------------------------------------------------- L.M. Ericsson Telephone Co., Cl. B, ADR 3,520 118,360 ----------------------------------------------------------------------------------------------------------------------- P-COM, Inc. (10) 1,600 45,800 ----------------------------------------------------------------------------------------------------------------------- Telecom Italia Mobile SpA 40,000 125,827 ----------------------------------------------------------------------------------------------------------------------- Uniphase Corp. (10) 2,400 95,400 ----------------------------------------------------------------------------------------------------------------------- VideoServer, Inc. (10) 3,300 55,688 ----------------------------------------------------------------------------------------------------------------------- Vodafone Group plc 28,000 125,168 ------------- 1,355,834 - ------------------------------------------------------------------------------------------------------------------------------ UTILITIES - 6.6% - ------------------------------------------------------------------------------------------------------------------------------ ELECTRIC UTILITIES - 2.2% ----------------------------------------------------------------------------------------------------------------------- American Electric Power Co., Inc. 5,100 206,550 ----------------------------------------------------------------------------------------------------------------------- CalEnergy, Inc. (10) 2,400 93,900 ----------------------------------------------------------------------------------------------------------------------- Entergy Corp. 9,000 210,375 ----------------------------------------------------------------------------------------------------------------------- FPL Group, Inc. 5,800 258,825 ----------------------------------------------------------------------------------------------------------------------- Illinova Corp. 4,500 101,250 ----------------------------------------------------------------------------------------------------------------------- Kansas City Power & Light Co. 5,700 161,025 ----------------------------------------------------------------------------------------------------------------------- Veba AG 2,000 103,773 ----------------------------------------------------------------------------------------------------------------------- Western Resources, Inc. 4,600 138,575 ------------- 1,274,273 - ------------------------------------------------------------------------------------------------------------------------------ GAS UTILITIES - 2.2% ----------------------------------------------------------------------------------------------------------------------- Columbia Gas System, Inc. 2,600 160,875 ----------------------------------------------------------------------------------------------------------------------- El Paso Natural Gas Co. 4,600 267,375 ----------------------------------------------------------------------------------------------------------------------- Hong Kong & China Gas Co. Ltd. 35,520 56,399 ----------------------------------------------------------------------------------------------------------------------- National Fuel Gas Co. 4,600 191,475 ----------------------------------------------------------------------------------------------------------------------- PanEnergy Corp. 7,100 314,175 ----------------------------------------------------------------------------------------------------------------------- Questar Corp. 7,100 269,800 ----------------------------------------------------------------------------------------------------------------------- RWE AG, Preference 1,850 61,963 ------------- 1,322,062 - ----------------------------------------------------------------------------------------------------------------------------- TELEPHONE UTILITIES - 2.2% ----------------------------------------------------------------------------------------------------------------------- Ameritech Corp. 2,500 152,813 ----------------------------------------------------------------------------------------------------------------------- DDI Corp. 13 86,353 ----------------------------------------------------------------------------------------------------------------------- GTE Corp. 6,800 311,950 ----------------------------------------------------------------------------------------------------------------------- NYNEX Corp. 3,100 160,425 ----------------------------------------------------------------------------------------------------------------------- Telecomunicacoes Brasileiras SA, Sponsored ADR 900 103,275 ----------------------------------------------------------------------------------------------------------------------- Telefonica de Espana, ADS 3,000 76,913 ----------------------------------------------------------------------------------------------------------------------- U S West Communications Group 11,200 393,400 ------------- 1,285,129 ------------- Total Common Stocks (Cost $29,706,664) 33,362,068
30 Oppenheimer LifeSpan Funds ------------------------------------------------------------------------- STATEMENT OF INVESTMENTS (UNAUDITED)(CONTINUED) Oppenheimer LifeSpan Balanced Fund
MARKET VALUE SHARES SEE NOTE 1 - ------------------------------------------------------------------------------------------------------------------------------ PREFERRED STOCKS - 0.5% - ----------------------------------------------------------------------------------------------------------------------------- California Federal Preferred Capital Corp., 9.125% Non-Cum. Exchangeable Preferred, Series A, Non-Vtg. 5,000 $ 125,625 ----------------------------------------------------------------------------------------------------------------------- Case Corp., $4.50 Cum. Cv., Series A, Non-Vtg. 1,200 159,300 ------------- Total Preferred Stocks (Cost $239,800) 284,925 UNITS - ----------------------------------------------------------------------------------------------------------------------------- RIGHTS, WARRANTS AND CERTIFICATES - 0.0% - ----------------------------------------------------------------------------------------------------------------------------- Australis Media Ltd. Wts., Exp. 5/00 (4) 150 1 ----------------------------------------------------------------------------------------------------------------------- Dairy Mart Convenience Stores, Inc. Wts., Exp. 12/01 (4) 666 1,332 ----------------------------------------------------------------------------------------------------------------------- Haw Par Brothers International Ltd. Wts., Exp. 7/01 3,000 2,572 ----------------------------------------------------------------------------------------------------------------------- Hyperion Telecommunications, Inc. Wts., Exp. 4/01 (4) 250 7,500 ----------------------------------------------------------------------------------------------------------------------- Intermedia Communications, Inc. Wts., Exp. 6/00 (4) 100 2,000 ----------------------------------------------------------------------------------------------------------------------- PT Indofood Sukses Makmur Rts., Exp. 5/97 11,000 6,790 ------------- Total Rights, Warrants and Certificates (Cost $2,749) 20,195 FACE AMOUNT - ----------------------------------------------------------------------------------------------------------------------------- REPURCHASE AGREEMENT - 6.1% - ----------------------------------------------------------------------------------------------------------------------------- Repurchase agreement with State Street Bank and Trust Co., 4.75%, dated 4/30/97, to be repurchased at $3,572,471 on 5/1/97, collateralized by U.S. Treasury Nts., 5%-6.375%, 4/30/98-1/31/01, with a value of $1,920,047 and U.S. Treasury Bonds, 9.25%, 2/15/16, with a value of $1,777,161 (Cost $3,572,000) $ 3,572,000 3,572,000 ----------------------------------------------------------------------------------------------------------------------- TOTAL INVESTMENTS, AT VALUE (COST $55,367,915) 100.0% 58,975,774 ----------------------------------------------------------------------------------------------------------------------- OTHER ASSETS NET OF LIABILITIES 0.0 21,282 ---------------- ------------- NET ASSETS 100.0% $ 58,997,056 ---------------- ------------- ---------------- -------------
1. Interest-Only Strips represent the right to receive the monthly interest payments on an underlying pool of mortgage loans. These securities typically decline in price as interest rates decline. Most other fixed income securities increase in price when interest rates decline. The principal amount of the underlying pool represents the notional amount on which current interest is calculated. The price of these securities is typically more sensitive to changes in prepayment rates than traditional mortgage-backed securities (for example, GNMA pass-throughs). Interest rates disclosed represent current yields based upon the current cost basis and estimated timing and amount of future cash flows. 2. Denotes a step bond: a zero coupon bond that converts to a fixed or variable interest rate at a designated future date. 3. Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended. These securities have been determined to be liquid under guidelines established by the Board of Directors. These securities amount to $767,838 or 1.30% of the Fund's net assets, at April 30, 1997. 4. Identifies issues considered to be illiquid or restricted - See Note 5 of Notes to Financial Statements. 31 Oppenheimer LifeSpan Funds - --------------------------------------------------------------------------- STATEMENT OF INVESTMENTS (UNAUDITED)(CONTINUED) Oppenheimer LifeSpan Balanced Fund - --------------------------------------------------------------------------- 5. Non-income producing--issuer is in default of interest payment. 6. Represents the current interest rate for an increasing rate security. 7. Represents the current interest rate for a variable rate security. 8. For zero coupon bonds, the interest rate shown is the effective yield on the date of purchase. 9. 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. 10. Non-income producing security. See accompanying Notes to Financial Statements. 32 Oppenheimer LifeSpan Funds
---------------------------------------------------------------------------------------------------------------------- STATEMENT OF INVESTMENTS APRIL 30, 1997 (UNAUDITED) Oppenheimer LifeSpan Growth Fund FACE MARKET VALUE AMOUNT SEE NOTE 1 - ----------------------------------------------------------------------------------------------------------------------------- ASSET-BACKED SECURITIES - 0.1% - ----------------------------------------------------------------------------------------------------------------------------- Olympic Automobile Receivables Trust, Receivables- Backed Nts., Series 1997-A, Cl. A5, 6.80%, 2/15/05 (Cost $49,907) $ 50,000 $ 49,742 - ----------------------------------------------------------------------------------------------------------------------------- MORTGAGE-BACKED OBLIGATIONS - 2.2% - ----------------------------------------------------------------------------------------------------------------------------- GOVERNMENT AGENCY - 1.6% - ----------------------------------------------------------------------------------------------------------------------------- Federal Home Loan Mortgage Corp.: Gtd. Multiclass Mtg. Participation Certificates, 6%, 3/1/09 26,539 25,586 Gtd. Multiclass Mtg. Participation Certificates, Series 1574, Cl. PD, 5.55%, 3/15/13 100,000 99,187 Interest-Only Stripped Mtg.-Backed Security, Series 1542, Cl. QC, 9.046%, 10/15/20 (1) 400,000 97,500 Interest-Only Stripped Mtg.-Backed Security, Series 1583, Cl. IC, 9.365%, 1/15/20 (1) 250,000 47,373 Series 1843, Cl. VB, 7%, 4/15/03 20,000 19,931 Series 1849, Cl. VA, 6%, 12/15/10 26,475 25,739 ---------------------------------------------------------------------------------------------------------------------- Federal National Mortgage Assn.: 6%, 12/1/03 51,502 50,280 6.50%, 4/1/26 48,430 45,751 7%, 4/1/00 85,478 85,846 Collateralized Mtg. Obligations, Gtd. Real Estate Mtg. Investment Conduit Pass-Through Certificates, Series 1993- 181, Cl. C, 5.40%, 10/25/02 100,000 98,937 Collateralized Mtg. Obligations, Gtd. Real Estate Mtg. Investment Conduit Pass-Through Certificates, Series 1993- 190, Cl. Z, 5.85%, 7/25/08 49,007 47,888 Medium-Term Nts., 6.56%, 11/13/01 100,000 98,484 Series 1994-13, Cl. B, 6.50%, 2/25/09 100,000 94,781 --------------- 837,283 - ----------------------------------------------------------------------------------------------------------------------------- PRIVATE - 0.6% - ----------------------------------------------------------------------------------------------------------------------------- PNC Mortgage Securities Corp., Commercial Mtg. Pass- Through Certificates, Series 1995-2, Cl. A3, 6.50%, 2/25/12 50,000 49,516 ---------------------------------------------------------------------------------------------------------------------- Countrywide Funding Corp., Mtg. Pass-Through Certificates, Series 1994-10, Cl. A3, 6%, 5/25/09 100,000 95,668 ---------------------------------------------------------------------------------------------------------------------- Olympic Automobile Receivables Trust, Series 1996-A, Cl. A4, 5.85%, 7/15/01 15,000 14,848 ---------------------------------------------------------------------------------------------------------------------- GE Capital Mortgage Services, Inc., Gtd. Real Estate Mtg. Investment Conduit Pass-Through Certificates, Series 1994-7, Cl. A18, 6%, 2/25/09 99,442 86,888 ---------------------------------------------------------------------------------------------------------------------- GE Capital Mortgage Services, Inc., Series-HE2, Cl. A3, 7.30%, 3/25/12 50,000 50,289 --------------- 297,209 --------------- Total Mortgage-Backed Obligations (Cost $1,143,023) 1,134,492 33 Oppenheimer LifeSpan Funds ---------------------------------------------------------------------------------------------------------------------- STATEMENT OF INVESTMENTS (UNAUDITED)(CONTINUED) Oppenheimer LifeSpan Growth Fund FACE MARKET VALUE AMOUNT SEE NOTE 1 - ----------------------------------------------------------------------------------------------------------------------------- U.S. GOVERNMENT OBLIGATIONS - 3.0% - ----------------------------------------------------------------------------------------------------------------------------- U.S. Treasury Bonds, 7.50%, 11/15/16 $ 870,000 $ 911,054 ---------------------------------------------------------------------------------------------------------------------- U.S. Treasury Nts.: 6.50%, 8/15/05 250,000 246,250 7.50%, 11/15/01 375,000 388,477 --------------- Total U.S. Government Obligations (Cost $1,546,666) 1,545,781 - ----------------------------------------------------------------------------------------------------------------------------- NON-CONVERTIBLE CORPORATE BONDS AND NOTES - 13.6% - ----------------------------------------------------------------------------------------------------------------------------- BASIC MATERIALS - 2.1% - ----------------------------------------------------------------------------------------------------------------------------- CHEMICALS - 0.9% ---------------------------------------------------------------------------------------------------------------------- Burmah Castrol plc, 7% Gtd. Medium-Term Nts., 12/15/97 20,000 20,094 ---------------------------------------------------------------------------------------------------------------------- Du Pont (E.I.) De Nemours & Co., 8.50% Debs., 2/15/03 40,000 42,027 ---------------------------------------------------------------------------------------------------------------------- Harris Chemical North America, Inc., 10.25% Gtd. Sr. Sec. Disc. Nts., 7/15/01 50,000 50,500 ---------------------------------------------------------------------------------------------------------------------- ISP Holdings, Inc., 9.75% Sr. Nts., 2/15/02 42,000 43,837 ---------------------------------------------------------------------------------------------------------------------- LaRoche Industries, Inc., 13% Sr. Sub. Nts., 8/15/04 25,000 27,437 ---------------------------------------------------------------------------------------------------------------------- Morton International, Inc., 9.25% Credit Sensitive Nts., 6/1/20 20,000 23,598 ---------------------------------------------------------------------------------------------------------------------- NL Industries, Inc., 0%/13% Sr. Sec. Disc. Nts., 10/15/05 (2) 100,000 93,250 ---------------------------------------------------------------------------------------------------------------------- PPG Industries, Inc., 9% Debs., 5/1/21 20,000 22,486 ---------------------------------------------------------------------------------------------------------------------- Sterling Chemical Holdings, Inc., 0%/13.50% Sr. Disc. Nts., 8/15/08 (2) 100,000 63,500 ---------------------------------------------------------------------------------------------------------------------- Texas Petrochemical Corp., 11.125% Sr. Sub. Nts., 7/1/06 (3) 75,000 78,937 --------------- 465,666 - ----------------------------------------------------------------------------------------------------------------------------- METALS - 0.7% ---------------------------------------------------------------------------------------------------------------------- Alcan Aluminum Ltd., 9.625% Debs., 7/15/19 50,000 53,569 ---------------------------------------------------------------------------------------------------------------------- Gulf States Steel, Inc. (Alabama), 13.50% First Mtg. Nts., Series B, 4/15/03 50,000 47,250 ---------------------------------------------------------------------------------------------------------------------- Kaiser Aluminum & Chemical Corp., 10.875% Sr. Nts., 10/15/06 50,000 52,375 ---------------------------------------------------------------------------------------------------------------------- NS Group, Inc., 13.50% Gtd. Sr. Sec. Nts., 7/15/03 50,000 55,750 ---------------------------------------------------------------------------------------------------------------------- Republic Engineered Steels, Inc., 9.875% First Mtg. Nts., 12/15/01 25,000 22,750 ---------------------------------------------------------------------------------------------------------------------- WCI Steel, Inc., 10% Sr. Nts., 12/1/04 50,000 50,625 ---------------------------------------------------------------------------------------------------------------------- Weirton Steel Corp., 10.75% Sr. Nts., 6/1/05 50,000 50,125 --------------- 332,444 - ----------------------------------------------------------------------------------------------------------------------------- PAPER - 0.5% ---------------------------------------------------------------------------------------------------------------------- Celulosa Arauco y Constitucion SA, 7.25% Debs., 6/11/98 20,000 20,075 ---------------------------------------------------------------------------------------------------------------------- Fort Howard Corp., 9.25% Sr. Nts., 3/15/01 25,000 25,875 ---------------------------------------------------------------------------------------------------------------------- Gaylord Container Corp., 12.75% Sr. Sub. Disc. Debs., 5/15/05 50,000 53,750 ---------------------------------------------------------------------------------------------------------------------- Malette, Inc., 12.25% Sr. Sec. Nts., 7/15/04 (4) 50,000 55,250 ---------------------------------------------------------------------------------------------------------------------- Stone Consolidated Corp., 10.25% Sr. Sec. Nts., 12/15/00 50,000 53,625 ---------------------------------------------------------------------------------------------------------------------- Stone Container Corp., 9.875% Sr. Nts., 2/1/01 50,000 47,875 --------------- 256,450 34 Oppenheimer LifeSpan Funds ---------------------------------------------------------------------------------------------------------------------- STATEMENT OF INVESTMENTS (UNAUDITED)(CONTINUED) Oppenheimer LifeSpan Growth Fund FACE MARKET VALUE AMOUNT SEE NOTE 1 - ----------------------------------------------------------------------------------------------------------------------------- CONSUMER CYCLICALS - 3.5% - ----------------------------------------------------------------------------------------------------------------------------- AUTOS & HOUSING - 0.0% ---------------------------------------------------------------------------------------------------------------------- Black & Decker Corp., 6.625% Nts., 11/15/00 $ 20,000 $ 19,849 - ----------------------------------------------------------------------------------------------------------------------------- LEISURE & ENTERTAINMENT - 1.3% American Skiing Corp., 12% Sr. Sub. Nts., 7/15/06 75,000 76,125 ---------------------------------------------------------------------------------------------------------------------- Blockbuster Entertainment Corp., 6.625% Sr. Nts., 2/15/98 20,000 20,015 ---------------------------------------------------------------------------------------------------------------------- Casino America, Inc., 12.50% Sr. Nts., 8/1/03 75,000 75,562 ---------------------------------------------------------------------------------------------------------------------- Casino Magic of Louisiana Corp., 13% First Mtg. Nts., 8/15/03 (3) 75,000 64,125 ---------------------------------------------------------------------------------------------------------------------- GB Property Funding Corp., 10.875% First Mtg. Nts., 1/15/04 50,000 39,250 ---------------------------------------------------------------------------------------------------------------------- Marvel III Holdings, Inc., 9.125% Sr. Sec. Nts., Series B, 2/15/98 (4)(5) 25,000 3,312 ---------------------------------------------------------------------------------------------------------------------- Mohegan Tribal Gaming Authority, 13.50% Sr. Sec. Nts., Series B, 11/15/02 25,000 32,875 ---------------------------------------------------------------------------------------------------------------------- Players International, Inc., 10.875% Sr. Nts., 4/15/05 75,000 78,187 ---------------------------------------------------------------------------------------------------------------------- Prime Hospitality Corp., 9.25% First Mtg. Bonds, 1/15/06 75,000 76,500 ---------------------------------------------------------------------------------------------------------------------- Santa Fe Hotel, Inc., 11% Gtd. First Mtg. Nts., 12/15/00 45,000 32,625 ---------------------------------------------------------------------------------------------------------------------- Showboat, Inc., 9.25% First Mtg. Bonds, 5/1/08 50,000 50,625 ---------------------------------------------------------------------------------------------------------------------- Trump Atlantic City Associates/Trump Atlantic City Funding, Inc., 11.25% First Mtg. Nts., 5/1/06 50,000 48,750 ---------------------------------------------------------------------------------------------------------------------- Trump's Castle Funding, Inc., 11.75% Mtg. Nts., 11/15/03 50,000 43,000 ---------------------------------------------------------------------------------------------------------------------- Walt Disney Co., 6.375% Sr. Unsec. Bonds, Series A, 3/30/01 25,000 24,663 --------------- 665,614 - ----------------------------------------------------------------------------------------------------------------------------- MEDIA - 1.3% Allbritton Communications Co., 9.75% Sr. Sub. Debs., Series B, 11/30/07 50,000 48,000 ---------------------------------------------------------------------------------------------------------------------- Australis Holdings PTY Ltd., 0%/15% Sr. Sec. Disc. Nts., 11/1/02 (2)(4) 100,000 60,000 ---------------------------------------------------------------------------------------------------------------------- Cablevision Systems Corp., 9.875% Sr. Sub. Debs., 2/15/13 50,000 48,125 ---------------------------------------------------------------------------------------------------------------------- Comcast Corp., 9.375% Sr. Sub. Debs., 5/15/05 50,000 51,000 ---------------------------------------------------------------------------------------------------------------------- EchoStar Satellite Broadcasting Corp., 0%/13.125% Sr. Sec. Disc. Nts., 3/15/04 (2) 50,000 37,125 ---------------------------------------------------------------------------------------------------------------------- Falcon Holdings Group LP, 11% Sr. Sub. Nts., 9/15/03 (6) 58,711 50,464 ---------------------------------------------------------------------------------------------------------------------- Helicon Group LP/Helicon Capital Corp., 11% Sr. Sec. Nts., Series B, 11/1/03 (7) 50,000 51,000 ---------------------------------------------------------------------------------------------------------------------- Sinclair Broadcast Group, Inc., 10% Sr. Sub. Nts., 9/30/05 50,000 50,687 ---------------------------------------------------------------------------------------------------------------------- TCI Satellite Entertainment, Inc., 10.875% Sr. Sub. Nts., 2/15/07 (3) 100,000 95,500 ---------------------------------------------------------------------------------------------------------------------- Time Warner, Inc., 7.45% Nts., 2/1/98 20,000 20,153 ---------------------------------------------------------------------------------------------------------------------- TKR Cable I, Inc., 10.50% Sr. Debs., 10/30/07 50,000 54,181 ---------------------------------------------------------------------------------------------------------------------- United International Holdings, Inc., Zero Coupon Sr. Sec. Disc. Nts., Series B, 14%, 11/15/99 (7) 100,000 73,250 --------------- 639,485 - ----------------------------------------------------------------------------------------------------------------------------- RETAIL: GENERAL - 0.5% ---------------------------------------------------------------------------------------------------------------------- Dayton Hudson Co., 9.40% Debs., 2/15/01 40,000 43,048 ---------------------------------------------------------------------------------------------------------------------- Duane Reade, 12% Sr. Nts., 9/15/02 50,000 52,250 35 Oppenheimer LifeSpan Funds ---------------------------------------------------------------------------------------------------------------------- STATEMENT OF INVESTMENTS (UNAUDITED)(CONTINUED) Oppenheimer LifeSpan Growth Fund FACE MARKET VALUE AMOUNT SEE NOTE 1 - ----------------------------------------------------------------------------------------------------------------------------- RETAIL: GENERAL (CONTINUED) ---------------------------------------------------------------------------------------------------------------------- Federated Department Stores, Inc., 10% Sr. Nts., 2/15/01 $ 10,000 $ 10,836 ---------------------------------------------------------------------------------------------------------------------- Parisian, Inc., 9.875% Sr. Sub. Nts., 7/15/03 50,000 51,875 ---------------------------------------------------------------------------------------------------------------------- Price/Costco, Inc., 7.125% Sr. Nts., 6/15/05 60,000 58,486 ---------------------------------------------------------------------------------------------------------------------- Sears Roebuck & Co., 8.39% Medium-Term Nts., 3/23/99 40,000 41,280 --------------- 257,775 - ----------------------------------------------------------------------------------------------------------------------------- RETAIL: SPECIALTY - 0.4% ---------------------------------------------------------------------------------------------------------------------- Hills Stores Co., 12.50% Sr. Nts., Series B, 7/1/03 50,000 44,250 ---------------------------------------------------------------------------------------------------------------------- K Mart Corp., 7.75% Debs., 10/1/12 50,000 43,625 ---------------------------------------------------------------------------------------------------------------------- Venture Holdings Trust, 9.75% Sr. Sub. Nts., 4/1/04 39,000 36,953 ---------------------------------------------------------------------------------------------------------------------- Waban, Inc., 11% Sr. Sub. Nts., 5/15/04 50,000 55,438 --------------- 180,266 - ----------------------------------------------------------------------------------------------------------------------------- CONSUMER NON-CYCLICALS - 1.7% - ----------------------------------------------------------------------------------------------------------------------------- FOOD - 0.7% ---------------------------------------------------------------------------------------------------------------------- Dairy Mart Convenience Stores, Inc., 10.25% Sr. Sub. Nts., 3/15/04 50,000 48,750 ---------------------------------------------------------------------------------------------------------------------- Dole Food Co., 6.75% Nts., 7/15/00 40,000 39,820 ---------------------------------------------------------------------------------------------------------------------- Farm Fresh, Inc., 12.25% Sr. Nts., Series A, 10/1/00 50,000 43,500 ---------------------------------------------------------------------------------------------------------------------- Fresh Del Monte Produce NV, 10% Sr. Nts., Series B, 5/1/03 75,000 73,125 ---------------------------------------------------------------------------------------------------------------------- Great Atlantic & Pacific Tea Co., 9.125% Debs., 1/15/98 15,000 15,271 ---------------------------------------------------------------------------------------------------------------------- Jitney-Jungle Stores of America, Inc., 12% Gtd. Sr. Nts., 3/1/06 50,000 54,375 ---------------------------------------------------------------------------------------------------------------------- Pathmark Stores, Inc., 0%/10.75% Jr. Sub. Deferred Coupon Nts., 11/1/03 (2) 100,000 61,500 --------------- 336,341 - ----------------------------------------------------------------------------------------------------------------------------- HEALTHCARE/DRUGS - 0.1% ---------------------------------------------------------------------------------------------------------------------- Integrated Health Services, Inc., 9.625% Sr. Sub. Nts., Series A, 5/31/02 50,000 51,250 - ----------------------------------------------------------------------------------------------------------------------------- HEALTHCARE/SUPPLIES & SERVICES - 0.7% ---------------------------------------------------------------------------------------------------------------------- Columbia/HCA Healthcare Corp., 6.875% Nts., 7/15/01 45,000 44,828 ---------------------------------------------------------------------------------------------------------------------- Dade International, Inc., 11.125% Sr. Sub. Nts., 5/1/06 75,000 82,500 ---------------------------------------------------------------------------------------------------------------------- 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) (9) 50,000 54,250 ---------------------------------------------------------------------------------------------------------------------- Mariner Health Group, Inc., 9.50% Sr. Sub. Nts., Series B, 4/1/06 75,000 73,875 ---------------------------------------------------------------------------------------------------------------------- Paracelsus Healthcare Corp., 10% Sr. Sub. Unsec. Nts., 8/15/06 50,000 47,250 ---------------------------------------------------------------------------------------------------------------------- Tenet Healthcare Corp., 8% Sr. Nts., 1/15/05 50,000 49,063 --------------- 351,766 - ----------------------------------------------------------------------------------------------------------------------------- HOUSEHOLD GOODS - 0.2% ---------------------------------------------------------------------------------------------------------------------- Electrolux AB, 7.75% Sr. Unsub. Debs., 6/17/97 40,000 40,050 ---------------------------------------------------------------------------------------------------------------------- Kimberly-Clark Corp., 7.875% Debs., 2/1/23 20,000 20,051 ---------------------------------------------------------------------------------------------------------------------- Revlon Consumer Products Corp., 9.375% Sr. Nts., 4/1/01 50,000 51,125 --------------- 111,226 36 Oppenheimer LifeSpan Funds - ----------------------------------------------------------------------------------------------------------------------------- STATEMENT OF INVESTMENTS (UNAUDITED)(CONTINUED) Oppenheimer LifeSpan Growth Fund FACE MARKET VALUE AMOUNT SEE NOTE 1 - ----------------------------------------------------------------------------------------------------------------------------- ENERGY - 0.9% - ----------------------------------------------------------------------------------------------------------------------------- ENERGY SERVICES & PRODUCERS - 0.5% ---------------------------------------------------------------------------------------------------------------------- Coastal Corp., 8.125% Sr. Nts., 9/15/02 $ 20,000 $ 20,880 ---------------------------------------------------------------------------------------------------------------------- Falcon Drilling Co., Inc., 9.75% Sr. Nts., Series B, 1/15/01 25,000 25,750 ---------------------------------------------------------------------------------------------------------------------- Forcenergy, Inc., 8.50% Sr. Sub. Nts., 2/15/07 (3) 75,000 71,813 ---------------------------------------------------------------------------------------------------------------------- Louisiana Land & Exploration Co., 7.65% Debs., 12/1/23 20,000 19,578 ---------------------------------------------------------------------------------------------------------------------- Maxus Energy Corp., 9.875% Nts., 10/15/02 50,000 52,125 ---------------------------------------------------------------------------------------------------------------------- Mesa Operating Co., 0%/11.625% Gtd. Sr. Sub. Disc. Nts., 7/1/06 (2) 75,000 54,656 ---------------------------------------------------------------------------------------------------------------------- Williams Holdings of Delaware, Inc., 6.25% Sr. Unsec. Debs., 2/1/06 25,000 23,317 --------------- 268,119 - ----------------------------------------------------------------------------------------------------------------------------- OIL-INTEGRATED - 0.4% ---------------------------------------------------------------------------------------------------------------------- Gulf Canada Resources Ltd., 8.25% Sr. Nts., 3/15/17 50,000 49,278 ---------------------------------------------------------------------------------------------------------------------- HS Resources, Inc., 9.25% Sr. Sub. Nts., 11/15/06 75,000 73,125 ---------------------------------------------------------------------------------------------------------------------- Petroleum Geo-Services ASA, 7.50% Nts., 3/31/07 50,000 49,822 ---------------------------------------------------------------------------------------------------------------------- Standard Oil/British Petroleum Co. plc, 9% Debs., 6/1/19 20,000 20,825 --------------- 193,050 - ----------------------------------------------------------------------------------------------------------------------------- FINANCIAL - 1.5% - ----------------------------------------------------------------------------------------------------------------------------- BANKS - 0.4% ---------------------------------------------------------------------------------------------------------------------- Citicorp Capital II, 8.015% Bonds, 2/15/27 50,000 49,349 ---------------------------------------------------------------------------------------------------------------------- Citicorp, 5.625% Sr. Nts., 2/15/01 20,000 19,225 ---------------------------------------------------------------------------------------------------------------------- Fleet Mtg./Norstar Group, Inc., 9.90% Sub. Nts., 6/15/01 20,000 22,031 ---------------------------------------------------------------------------------------------------------------------- Integra Financial Corp., 6.50% Sub. Nts., 4/15/00 20,000 19,845 ---------------------------------------------------------------------------------------------------------------------- Mellon Capital I, 7.72% Bonds, 12/1/26 50,000 47,446 ---------------------------------------------------------------------------------------------------------------------- Mellon Financial Bank Corp., 6.50% Gtd. Sr. Nts., 12/1/97 30,000 30,064 187,960 - ----------------------------------------------------------------------------------------------------------------------------- DIVERSIFIED FINANCIAL - 0.8% Beneficial Corp., 9.125% Debs., 2/15/98 20,000 20,426 ---------------------------------------------------------------------------------------------------------------------- Consorcio G. Grupo Dina SA de CV/MCII Holdings (USA), Inc., 0%/12% Sr. Sec. Disc. Nts., 11/15/02 (2) 75,000 63,938 ---------------------------------------------------------------------------------------------------------------------- Capital One Financial Corp., 6.83% Sr. Nts., 5/17/99 10,000 10,009 ---------------------------------------------------------------------------------------------------------------------- Capital One Funding Corp., 7.25% Nts., 12/1/03 40,000 38,733 ---------------------------------------------------------------------------------------------------------------------- Chelsea GCA Realty Partner, Inc., 7.75% Gtd. Unsec. Unsub. Nts., 1/26/01 40,000 40,261 ---------------------------------------------------------------------------------------------------------------------- Commercial Credit Co., 5.55% Unsec. Nts., 2/15/01 20,000 19,118 ---------------------------------------------------------------------------------------------------------------------- Countrywide Funding Corp., 6.05% Gtd. Medium-Term Nts., Series D, 3/1/01 20,000 19,403 ---------------------------------------------------------------------------------------------------------------------- Ford Motor Credit Co., 6.25% Unsub. Nts., 2/26/98 20,000 20,085 ---------------------------------------------------------------------------------------------------------------------- General Motors Acceptance Corp., 5.625% Nts., 2/15/01 50,000 47,903 ---------------------------------------------------------------------------------------------------------------------- Merrill Lynch & Co., Inc., 6.50% Nts., 4/1/01 20,000 19,770 ---------------------------------------------------------------------------------------------------------------------- Olympic Financial Ltd., Units (each unit consists of $1,000 principal amount of 11.50% sr. nts., 3/15/07 and one warrant to purchase 6.84 shares of common stock) (9) 75,000 70,875 ---------------------------------------------------------------------------------------------------------------------- Salomon, Inc., 8.69% Sr. Medium-Term Nts., Series D, 3/1/99 50,000 51,779 --------------- 422,300 37 Oppenheimer LifeSpan Funds ---------------------------------------------------------------------------------------------------------------------- STATEMENT OF INVESTMENTS (UNAUDITED)(CONTINUED) Oppenheimer LifeSpan Growth Fund FACE MARKET VALUE AMOUNT SEE NOTE 1 - ----------------------------------------------------------------------------------------------------------------------------- INSURANCE - 0.3% ---------------------------------------------------------------------------------------------------------------------- Cigna Corp., 7.90% Nts., 12/14/98 $ 40,000 $ 40,772 ---------------------------------------------------------------------------------------------------------------------- Conseco Financing Trust III, 8.796% Bonds, 4/1/27 50,000 49,659 ---------------------------------------------------------------------------------------------------------------------- SunAmerica, Inc., 9% Sr. Nts., 1/15/99 50,000 51,710 ---------------------------------------------------------------------------------------------------------------------- Travelers/Aetna Property Casualty Corp., 6.75% Nts., 4/15/01 20,000 19,847 --------------- 161,988 - ----------------------------------------------------------------------------------------------------------------------------- INDUSTRIAL - 1.1% - ----------------------------------------------------------------------------------------------------------------------------- INDUSTRIAL MATERIALS - 0.1% ---------------------------------------------------------------------------------------------------------------------- American Standard, Inc., 10.875% Sr. Nts., 5/15/99 (4) 60,000 63,300 - ----------------------------------------------------------------------------------------------------------------------------- INDUSTRIAL SERVICES - 0.3% ---------------------------------------------------------------------------------------------------------------------- Shop Vac Corp., 10.625% Sr. Nts., 9/1/03 75,000 79,125 ---------------------------------------------------------------------------------------------------------------------- Sun Co., Inc., 7.95% Debs., 12/15/01 50,000 51,720 ---------------------------------------------------------------------------------------------------------------------- USI American Holdings, Inc., 7.25% Gtd. Sr. Nts., 12/1/06 (4) 50,000 47,770 --------------- 178,615 - ----------------------------------------------------------------------------------------------------------------------------- MANUFACTURING - 0.6% Day International Group, Inc., 11.125% Sr. Sub. Nts., Series B, 6/1/05 50,000 51,500 ---------------------------------------------------------------------------------------------------------------------- Interlake Corp., 12.125% Sr. Sub. Debs., 3/1/02 50,000 52,250 ---------------------------------------------------------------------------------------------------------------------- International Wire Group, Inc., 11.75% Sr. Sub. Nts., 6/1/05 50,000 52,625 ---------------------------------------------------------------------------------------------------------------------- Jordan Industries, Inc., 10.375% Sr. Nts., 8/1/03 25,000 24,375 ---------------------------------------------------------------------------------------------------------------------- Mark IV Industries, Inc., 8.75% Sub. Nts., 4/1/03 (4) 10,000 10,050 ---------------------------------------------------------------------------------------------------------------------- Specialty Equipment Co., 11.375% Sr. Sub. Nts., 12/1/03 50,000 54,500 ---------------------------------------------------------------------------------------------------------------------- Titan Wheel International, Inc., 8.75% Sr. Sub. Nts., 4/1/07 50,000 49,829 --------------- 295,129 - ----------------------------------------------------------------------------------------------------------------------------- TRANSPORTATION - 0.1% ---------------------------------------------------------------------------------------------------------------------- Federal Express Corp., 6.25% Nts., 4/15/98 20,000 19,967 ---------------------------------------------------------------------------------------------------------------------- Union Pacific Corp., 7% Nts., 6/15/00 20,000 20,115 --------------- 40,082 - ----------------------------------------------------------------------------------------------------------------------------- TECHNOLOGY - 2.4% - ----------------------------------------------------------------------------------------------------------------------------- AEROSPACE/DEFENSE - 0.1% ---------------------------------------------------------------------------------------------------------------------- GPA Delaware, Inc., 8.75% Gtd. Nts., 12/15/98 75,000 76,125 - ----------------------------------------------------------------------------------------------------------------------------- COMPUTER HARDWARE - 0.1% ---------------------------------------------------------------------------------------------------------------------- Digital Equipment Corp., 7% Nts., 11/15/97 45,000 45,171 - ----------------------------------------------------------------------------------------------------------------------------- COMPUTER SOFTWARE/SERVICES - 0.7% Celestica International, Inc., 10.50% Gtd. Sr. Sub. Nts., 12/31/06 75,000 79,500 ---------------------------------------------------------------------------------------------------------------------- Nextel Communications, Inc., 0%/9.75% Sr. Disc. Nts., 8/15/04 (2) 100,000 73,000 ---------------------------------------------------------------------------------------------------------------------- Sprint Spectrum LP/Sprint Spectrum Finance Corp., 11% Sr. Nts., 8/15/06 75,000 82,125 ---------------------------------------------------------------------------------------------------------------------- Unisys Corp., 12% Sr. Nts., Series B, 4/15/03 50,000 52,875 ---------------------------------------------------------------------------------------------------------------------- Western Wireless Corp., 10.50% Sr. Sub. Nts., 2/1/07 50,000 49,438 --------------- 336,938 - ----------------------------------------------------------------------------------------------------------------------------- TELECOMMUNICATIONS-TECHNOLOGY - 1.5% ---------------------------------------------------------------------------------------------------------------------- American Communications Services, Inc., 0%/13% Sr. Disc. Nts., 11/1/05 (2) 100,000 52,500 ---------------------------------------------------------------------------------------------------------------------- Bell Cablemedia plc, 0%/11.95% Sr. Disc. Nts., 7/15/04 (2) 75,000 66,563 38 Oppenheimer LifeSpan Funds ---------------------------------------------------------------------------------------------------------------------- STATEMENT OF INVESTMENTS (UNAUDITED)(CONTINUED) Oppenheimer LifeSpan Growth Fund FACE MARKET VALUE AMOUNT SEE NOTE 1 - ----------------------------------------------------------------------------------------------------------------------------- TELECOMMUNICATIONS-TECHNOLOGY (CONTINUED) Brooks Fiber Properties, Inc., 0%/11.875% Sr. Disc. Nts., 11/1/06 (2) $ 50,000 $ 31,250 ---------------------------------------------------------------------------------------------------------------------- Centennial Cellular Corp., 10.125% Sr. Nts., 5/15/05 50,000 50,500 ---------------------------------------------------------------------------------------------------------------------- Comcast UK Cable Partner Ltd., 0%/11.20% Sr. Disc. Debs., 11/15/07 (1) 50,000 34,750 ---------------------------------------------------------------------------------------------------------------------- Continental Cablevision, Inc., 10.625% Sr. Sub. Nts., 6/15/02 50,000 52,836 ---------------------------------------------------------------------------------------------------------------------- Diamond Cable Communications plc, 0%/10.75% Sr. Disc. Nts., 2/15/07 (2)(3) 75,000 45,188 ---------------------------------------------------------------------------------------------------------------------- International CableTel, Inc., 0%/11.50% Sr. Deferred Coupon Nts., Series B, 2/1/06 (2) 150,000 98,250 ---------------------------------------------------------------------------------------------------------------------- IXC Communications, Inc., 12.50% Nts., Series B, 10/1/05 75,000 82,406 ---------------------------------------------------------------------------------------------------------------------- MCI Communications Corp., 7.125% Sr. Nts., 1/20/00 20,000 20,230 ---------------------------------------------------------------------------------------------------------------------- MFS Communications Co., Inc., 0%/9.375% Sr. Disc. Nts., 1/15/04 (2) 75,000 68,156 ---------------------------------------------------------------------------------------------------------------------- Teleport Communications Group, Inc.: 0%/11.125% Sr. Disc. Nts., 7/1/07 (2) 50,000 34,625 9.875% Sr. Nts., 7/1/06 50,000 52,500 ---------------------------------------------------------------------------------------------------------------------- U.S. West Capital Funding, Inc., 6.85% Gtd. Nts., 1/15/02 75,000 74,304 --------------- 764,058 - ----------------------------------------------------------------------------------------------------------------------------- UTILITIES - 0.4% - ----------------------------------------------------------------------------------------------------------------------------- ELECTRIC UTILITIES - 0.1% ---------------------------------------------------------------------------------------------------------------------- Consumers Power Co., 8.75% Mtg. Nts., 2/15/98 20,000 20,300 ---------------------------------------------------------------------------------------------------------------------- El Paso Electric Co., 7.25% First Mtg. Nts., Series A, 2/1/99 (4) 10,000 10,025 --------------- 30,325 - ----------------------------------------------------------------------------------------------------------------------------- GAS UTILITIES - 0.2% ---------------------------------------------------------------------------------------------------------------------- Northern Illinois Gas Co., 6.45% First Mtg. Bonds, 8/1/01 70,000 69,062 ---------------------------------------------------------------------------------------------------------------------- Tennessee Gas Pipeline Co., 7.50% Bonds, 4/1/17 50,000 49,053 --------------- 118,115 - ----------------------------------------------------------------------------------------------------------------------------- TELEPHONE UTILITIES - 0.1% ---------------------------------------------------------------------------------------------------------------------- Intermedia Communications, Inc., 13.50% Sr. Nts., Series B, 6/1/05 50,000 55,250 --------------- Total Non-Convertible Corporate Bonds and Notes (Cost $6,904,499) 6,904,657 SHARES - ----------------------------------------------------------------------------------------------------------------------------- COMMON STOCKS - 71.3% - ----------------------------------------------------------------------------------------------------------------------------- BASIC MATERIALS - 3.3% - ----------------------------------------------------------------------------------------------------------------------------- CHEMICALS - 1.1% Ciba Specialty Chemicals AG (10) 1,000 86,193 ---------------------------------------------------------------------------------------------------------------------- Dexter Corp. 5,200 155,350 ---------------------------------------------------------------------------------------------------------------------- Du Pont (E.I.) De Nemours & Co. 2,100 222,862 ---------------------------------------------------------------------------------------------------------------------- IMC Global, Inc. 3,149 116,119 --------------- 580,524 - ----------------------------------------------------------------------------------------------------------------------------- METALS - 1.8% ---------------------------------------------------------------------------------------------------------------------- Allegheny Teledyne, Inc. 3,500 93,187 ---------------------------------------------------------------------------------------------------------------------- Aluminum Co. of America 2,700 188,662 39 Oppenheimer LifeSpan Funds ---------------------------------------------------------------------------------------------------------------------- STATEMENT OF INVESTMENTS (UNAUDITED)(CONTINUED) Oppenheimer LifeSpan Growth Fund MARKET VALUE SHARES SEE NOTE 1 - ----------------------------------------------------------------------------------------------------------------------------- METALS (CONTINUED) ---------------------------------------------------------------------------------------------------------------------- Carpenter Technology Corp. 3,900 $ 158,437 ---------------------------------------------------------------------------------------------------------------------- Oregon Steel Mills, Inc. 8,400 138,600 ---------------------------------------------------------------------------------------------------------------------- RMI Titanium Co. (10) 4,600 98,325 ---------------------------------------------------------------------------------------------------------------------- UNR Industries, Inc. 27,300 167,212 ---------------------------------------------------------------------------------------------------------------------- Western Mining Corp. Holdings Ltd. 9,600 57,028 --------------- 901,451 - ----------------------------------------------------------------------------------------------------------------------------- PAPER - 0.4% ---------------------------------------------------------------------------------------------------------------------- Fort Howard Corp. (10) 5,200 179,075 - ----------------------------------------------------------------------------------------------------------------------------- CONSUMER CYCLICALS - 12.8% - ----------------------------------------------------------------------------------------------------------------------------- AUTOS & HOUSING - 3.2% ---------------------------------------------------------------------------------------------------------------------- Bridgestone Corp. 4,000 85,100 ---------------------------------------------------------------------------------------------------------------------- Camden Property Trust 5,800 158,050 ---------------------------------------------------------------------------------------------------------------------- Capstone Capital Corp. 7,100 159,750 ---------------------------------------------------------------------------------------------------------------------- Cheung Kong (Holdings) Ltd. (10) 10,000 87,781 ---------------------------------------------------------------------------------------------------------------------- Cornerstone Properties, Inc. (10) 10,800 157,950 ---------------------------------------------------------------------------------------------------------------------- Crescent Real Estate Equities, Inc. 9,800 257,250 ---------------------------------------------------------------------------------------------------------------------- Groupe SEB SA 750 132,231 ---------------------------------------------------------------------------------------------------------------------- Health & Retirement Properties Trust 7,800 147,225 ---------------------------------------------------------------------------------------------------------------------- Honda Motor Co. 3,000 93,137 ---------------------------------------------------------------------------------------------------------------------- Meditrust Corp. 3,900 142,350 ---------------------------------------------------------------------------------------------------------------------- Miller Industries, Inc. (10) 8,150 96,781 ---------------------------------------------------------------------------------------------------------------------- Rinnai Corp. 5,000 90,615 --------------- 1,608,220 - ----------------------------------------------------------------------------------------------------------------------------- LEISURE & ENTERTAINMENT - 2.9% ---------------------------------------------------------------------------------------------------------------------- AMR Corp. (10) 1,900 176,937 ---------------------------------------------------------------------------------------------------------------------- CapStar Hotel Co. (10) 2,800 79,450 ---------------------------------------------------------------------------------------------------------------------- CDL Hotels International Ltd. 220,000 95,850 ---------------------------------------------------------------------------------------------------------------------- Delta Air Lines, Inc. 1,600 147,400 ---------------------------------------------------------------------------------------------------------------------- Dover Downs Entertainment, Inc. 5,200 85,150 ---------------------------------------------------------------------------------------------------------------------- Einstein/Noah Bagel Corp. (10) 5,100 94,031 ---------------------------------------------------------------------------------------------------------------------- Galoob Toys, Inc. (10) 600 10,125 ---------------------------------------------------------------------------------------------------------------------- Granada Group plc 6,500 93,973 ---------------------------------------------------------------------------------------------------------------------- Landry's Seafood Restaurants, Inc. (10) 6,300 88,495 ---------------------------------------------------------------------------------------------------------------------- Papa John's International, Inc. (10) 4,225 108,794 ---------------------------------------------------------------------------------------------------------------------- Piccadilly Cafeterias, Inc. 8,300 74,700 ---------------------------------------------------------------------------------------------------------------------- Regal Cinemas, Inc. (10) 6,675 181,894 ---------------------------------------------------------------------------------------------------------------------- Vistana, Inc. (10) 7,500 71,719 ---------------------------------------------------------------------------------------------------------------------- Wyndham Hotel Corp. (10) 6,100 168,512 --------------- 1,477,030 - ----------------------------------------------------------------------------------------------------------------------------- MEDIA - 1.3% ---------------------------------------------------------------------------------------------------------------------- Applied Graphics Technologies, Inc. (10) 2,400 72,600 ---------------------------------------------------------------------------------------------------------------------- Benpres Holdings Corp., Sponsored GDR (10) 5,000 36,029 ---------------------------------------------------------------------------------------------------------------------- Heftel Broadcasting Corp., A Shares (10) 3,700 185,000 ---------------------------------------------------------------------------------------------------------------------- Reed International plc 5,000 92,245 ---------------------------------------------------------------------------------------------------------------------- Reuters Holdings plc 9,000 92,659 ---------------------------------------------------------------------------------------------------------------------- Television Broadcasts Ltd. 26,000 106,732 40 Oppenheimer LifeSpan Funds ---------------------------------------------------------------------------------------------------------------------- STATEMENT OF INVESTMENTS (UNAUDITED)(CONTINUED) Oppenheimer LifeSpan Growth Fund MARKET VALUE SHARES SEE NOTE 1 - ----------------------------------------------------------------------------------------------------------------------------- MEDIA (CONTINUED) ---------------------------------------------------------------------------------------------------------------------- Wolters Kluwer NV 800 $ 94,820 --------------- 680,085 - ----------------------------------------------------------------------------------------------------------------------------- RETAIL: GENERAL - 2.2% ---------------------------------------------------------------------------------------------------------------------- adidas AG 900 93,292 ---------------------------------------------------------------------------------------------------------------------- Dollar Tree Stores, Inc. (10) 3,500 138,250 ---------------------------------------------------------------------------------------------------------------------- Federated Department Stores, Inc. (10) 2,300 78,200 ---------------------------------------------------------------------------------------------------------------------- Fila Holding SpA, Sponsored ADR 2,250 97,312 ---------------------------------------------------------------------------------------------------------------------- Marks & Spencer plc 15,000 119,018 ---------------------------------------------------------------------------------------------------------------------- Nautica Enterprises, Inc. (10) 4,100 90,712 ---------------------------------------------------------------------------------------------------------------------- North Face, Inc. (The) (10) 5,600 79,100 ---------------------------------------------------------------------------------------------------------------------- Sears Roebuck & Co. 3,200 153,600 ---------------------------------------------------------------------------------------------------------------------- St. John Knits, Inc. 2,900 111,287 ---------------------------------------------------------------------------------------------------------------------- Wolverine World Wide, Inc. 4,600 185,150 --------------- 1,145,921 - ----------------------------------------------------------------------------------------------------------------------------- RETAIL: SPECIALTY - 3.2% ---------------------------------------------------------------------------------------------------------------------- Argos plc 11,400 119,310 ---------------------------------------------------------------------------------------------------------------------- Brown Group, Inc. 8,800 146,300 ---------------------------------------------------------------------------------------------------------------------- CDW Computer Centers, Inc. (10) 3,350 160,800 ---------------------------------------------------------------------------------------------------------------------- Cifra SA de CV, Unsponsored ADR, B Shares 49,000 74,676 ---------------------------------------------------------------------------------------------------------------------- CompUSA, Inc. 1,000 19,250 ---------------------------------------------------------------------------------------------------------------------- Costco Cos., Inc. (10) 5,400 155,925 ---------------------------------------------------------------------------------------------------------------------- Dickson Concepts International Ltd. 30,000 110,759 ---------------------------------------------------------------------------------------------------------------------- Eagle Hardware and Garden, Inc. (10) 3,100 58,125 ---------------------------------------------------------------------------------------------------------------------- Finish Line, Inc., Cl. A (10) 8,700 89,719 ---------------------------------------------------------------------------------------------------------------------- Guitar Center, Inc. (10) 3,600 50,850 ---------------------------------------------------------------------------------------------------------------------- Hennes & Mauritz AB, B Shares 800 115,735 ---------------------------------------------------------------------------------------------------------------------- Insight Enterprises, Inc. (10) 3,300 78,375 ---------------------------------------------------------------------------------------------------------------------- Jusco Co. 3,000 92,191 ---------------------------------------------------------------------------------------------------------------------- Koninklijke Ahold NV 1,733 118,314 ---------------------------------------------------------------------------------------------------------------------- New England Business Service, Inc. 6,300 166,162 ---------------------------------------------------------------------------------------------------------------------- Shimamura Co. Ltd. 2,000 58,782 --------------- 1,615,273 - ----------------------------------------------------------------------------------------------------------------------------- CONSUMER NON-CYCLICALS - 11.0% - ----------------------------------------------------------------------------------------------------------------------------- BEVERAGES - 1.2% ---------------------------------------------------------------------------------------------------------------------- Anheuser-Busch Cos., Inc. 7,100 304,412 ---------------------------------------------------------------------------------------------------------------------- Embotelladora Andina SA, ADR, A Shares 6,800 136,000 ---------------------------------------------------------------------------------------------------------------------- Fomento Economico Mexicano SA de CV, Cl. B, Sponsored ADR 22,000 103,462 ---------------------------------------------------------------------------------------------------------------------- Quilmes Industrial Quinsa SA, Sponsored ADR 8,000 89,000 --------------- 632,874 - ----------------------------------------------------------------------------------------------------------------------------- EDUCATION - 0.4% ---------------------------------------------------------------------------------------------------------------------- ITT Educational Services, Inc. (10) 4,550 103,512 ---------------------------------------------------------------------------------------------------------------------- Learning Tree International, Inc. (10) 3,850 121,275 --------------- 224,787 - ----------------------------------------------------------------------------------------------------------------------------- FOOD - 2.0% ---------------------------------------------------------------------------------------------------------------------- American Stores Co. 4,500 204,750 ---------------------------------------------------------------------------------------------------------------------- Carrefour Supermarche SA 200 124,872 41 Oppenheimer LifeSpan Funds ---------------------------------------------------------------------------------------------------------------------- STATEMENT OF INVESTMENTS (UNAUDITED)(CONTINUED) Oppenheimer LifeSpan Growth Fund MARKET VALUE SHARES SEE NOTE 1 - ----------------------------------------------------------------------------------------------------------------------------- FOOD (CONTINUED) ---------------------------------------------------------------------------------------------------------------------- Colruyt SA (10) 250 $ 103,583 ---------------------------------------------------------------------------------------------------------------------- Danisco AS 1,700 98,525 ---------------------------------------------------------------------------------------------------------------------- JP Foodservice, Inc. (10) 3,100 86,412 ---------------------------------------------------------------------------------------------------------------------- Kroger Co. (10) 8,000 220,000 ---------------------------------------------------------------------------------------------------------------------- PT Indofood Sukses Makmur 57,000 117,870 ---------------------------------------------------------------------------------------------------------------------- William Morrison Supermarkets plc 31,000 80,984 --------------- 1,036,996 - ----------------------------------------------------------------------------------------------------------------------------- HEALTHCARE/DRUGS - 2.8% ---------------------------------------------------------------------------------------------------------------------- Dura Pharmaceuticals, Inc. (10) 5,400 156,600 ---------------------------------------------------------------------------------------------------------------------- Glaxo Wellcome plc, Sponsored ADR 4,600 181,125 ---------------------------------------------------------------------------------------------------------------------- Jones Medical Industries, Inc. 6,300 222,075 ---------------------------------------------------------------------------------------------------------------------- Medicis Pharmaceutical Corp., Cl. A (10) 4,900 120,050 ---------------------------------------------------------------------------------------------------------------------- Novartis AG 105 138,391 ---------------------------------------------------------------------------------------------------------------------- Novo-Nordisk AS, B Shares 1,200 118,704 ---------------------------------------------------------------------------------------------------------------------- Roche Holding AG 15 126,744 ---------------------------------------------------------------------------------------------------------------------- Schering AG 1,075 103,051 ---------------------------------------------------------------------------------------------------------------------- Takeda Chemical Industries Ltd. 5,000 115,436 ---------------------------------------------------------------------------------------------------------------------- Zeneca Group plc 4,250 128,543 --------------- 1,410,719 - ----------------------------------------------------------------------------------------------------------------------------- HEALTHCARE/SUPPLIES & SERVICES - 2.9% ---------------------------------------------------------------------------------------------------------------------- Acuson Corp. (10) 4,000 97,000 ---------------------------------------------------------------------------------------------------------------------- Luxottica Group SpA, Sponsored ADR 2,000 120,750 ---------------------------------------------------------------------------------------------------------------------- National Surgery Centers, Inc. (10) 4,900 147,000 ---------------------------------------------------------------------------------------------------------------------- Pediatrix Medical Group, Inc. (10) 4,700 155,100 ---------------------------------------------------------------------------------------------------------------------- Physician Sales & Service, Inc. (10) 7,100 102,950 ---------------------------------------------------------------------------------------------------------------------- Renal Treatment Centers, Inc. (10) 5,600 121,100 ---------------------------------------------------------------------------------------------------------------------- Rural/Metro Corp. (10) 5,100 146,625 ---------------------------------------------------------------------------------------------------------------------- SmithKline Beecham plc 8,862 142,573 ---------------------------------------------------------------------------------------------------------------------- Tenet Healthcare Corp. (10) 6,210 161,460 ---------------------------------------------------------------------------------------------------------------------- Theragenics Corp. (10) 3,200 54,400 ---------------------------------------------------------------------------------------------------------------------- Total Renal Care Holdings, Inc. (10) 4,000 128,500 ---------------------------------------------------------------------------------------------------------------------- WellPoint Health Networks, Inc. (10) 2,700 114,075 --------------- 1,491,533 - ----------------------------------------------------------------------------------------------------------------------------- HOUSEHOLD GOODS - 1.2% ---------------------------------------------------------------------------------------------------------------------- Blyth Industries, Inc. (10) 4,800 189,600 ---------------------------------------------------------------------------------------------------------------------- L'OREAL 375 133,066 ---------------------------------------------------------------------------------------------------------------------- Premark International, Inc. 5,800 142,100 ---------------------------------------------------------------------------------------------------------------------- Reckitt & Colman plc 10,000 136,299 --------------- 601,065 - ----------------------------------------------------------------------------------------------------------------------------- TOBACCO - 0.5% ---------------------------------------------------------------------------------------------------------------------- RJR Nabisco Holdings Corp. 8,800 261,800 - ----------------------------------------------------------------------------------------------------------------------------- ENERGY - 4.5% - ----------------------------------------------------------------------------------------------------------------------------- ENERGY SERVICES & PRODUCERS - 0.7% ---------------------------------------------------------------------------------------------------------------------- Diamond Offshore Drilling, Inc. (10) 1,200 77,250 ---------------------------------------------------------------------------------------------------------------------- Global Marine, Inc. (10) 3,800 76,475 ---------------------------------------------------------------------------------------------------------------------- Oryx Energy Co. 3,500 70,000 ---------------------------------------------------------------------------------------------------------------------- Tidewater, Inc. 1,500 60,187 42 Oppenheimer LifeSpan Funds ---------------------------------------------------------------------------------------------------------------------- STATEMENT OF INVESTMENTS (UNAUDITED)(CONTINUED) Oppenheimer LifeSpan Growth Fund MARKET VALUE SHARES SEE NOTE 1 - ----------------------------------------------------------------------------------------------------------------------------- ENERGY SERVICES & PRODUCERS (CONTINUED) ---------------------------------------------------------------------------------------------------------------------- Varco International, Inc. (10) 3,200 $ 73,600 --------------- 357,512 - ----------------------------------------------------------------------------------------------------------------------------- OIL-INTEGRATED - 3.8% ---------------------------------------------------------------------------------------------------------------------- Amoco Corp. 3,500 292,687 ---------------------------------------------------------------------------------------------------------------------- Atlantic Richfield Co. 1,600 217,800 ---------------------------------------------------------------------------------------------------------------------- Chevron Corp. 6,100 417,850 ---------------------------------------------------------------------------------------------------------------------- Exxon Corp. 6,800 385,050 ---------------------------------------------------------------------------------------------------------------------- Global Industries Ltd. (10) 4,100 86,100 ---------------------------------------------------------------------------------------------------------------------- Mobil Corp. 2,500 325,000 ---------------------------------------------------------------------------------------------------------------------- Swift Energy Co. (10) 3,300 69,712 ---------------------------------------------------------------------------------------------------------------------- Total SA, B Shares 1,641 136,085 --------------- 1,930,284 - ----------------------------------------------------------------------------------------------------------------------------- FINANCIAL - 9.0% - ----------------------------------------------------------------------------------------------------------------------------- BANKS - 4.0% Banco Popular Espanol SA 430 91,254 ---------------------------------------------------------------------------------------------------------------------- BankAmerica Corp. 4,400 514,250 ---------------------------------------------------------------------------------------------------------------------- BankBoston Corp. 5,400 392,850 ---------------------------------------------------------------------------------------------------------------------- Chase Manhattan Corp. (New) 1,900 175,987 ---------------------------------------------------------------------------------------------------------------------- HSBC Holdings plc 4,400 111,327 ---------------------------------------------------------------------------------------------------------------------- Lloyds TSB Group plc 14,000 127,894 ---------------------------------------------------------------------------------------------------------------------- NationsBank Corp. 5,800 350,175 ---------------------------------------------------------------------------------------------------------------------- PNC Bank Corp. 6,700 275,538 --------------- 2,039,275 - ----------------------------------------------------------------------------------------------------------------------------- DIVERSIFIED FINANCIAL - 3.4% ---------------------------------------------------------------------------------------------------------------------- Amresco, Inc. (10) 8,400 122,325 ---------------------------------------------------------------------------------------------------------------------- Dean Witter, Discover & Co. 5,500 210,375 ---------------------------------------------------------------------------------------------------------------------- First Pacific Co. Ltd. 50,000 59,704 ---------------------------------------------------------------------------------------------------------------------- Haw Par Brothers International Ltd. 46,000 101,139 ---------------------------------------------------------------------------------------------------------------------- ING Groep NV 2,752 108,068 ---------------------------------------------------------------------------------------------------------------------- Lend Lease Corp. Ltd. 5,000 95,907 ---------------------------------------------------------------------------------------------------------------------- Nichiei Co. Ltd. 1,000 80,372 ---------------------------------------------------------------------------------------------------------------------- Perlis Plantations Berhad 32,500 97,112 ---------------------------------------------------------------------------------------------------------------------- Salomon, Inc. 3,100 155,000 ---------------------------------------------------------------------------------------------------------------------- Sirrom Capital Corp. 4,100 127,613 ---------------------------------------------------------------------------------------------------------------------- Southcorp Holdings Ltd. 33,000 115,506 ---------------------------------------------------------------------------------------------------------------------- Swire Pacific Ltd., Cl. B 100,000 132,963 ---------------------------------------------------------------------------------------------------------------------- Travelers Group, Inc. 4,100 227,038 ---------------------------------------------------------------------------------------------------------------------- United Industrial Corp. Ltd. 110,000 82,900 --------------- 1,716,022 - ----------------------------------------------------------------------------------------------------------------------------- INSURANCE - 1.6% ---------------------------------------------------------------------------------------------------------------------- AFLAC, Inc. 1,400 60,200 ---------------------------------------------------------------------------------------------------------------------- Chubb Corp. 2,700 155,925 ---------------------------------------------------------------------------------------------------------------------- Conseco, Inc. 5,700 235,838 ---------------------------------------------------------------------------------------------------------------------- Equitable Cos., Inc. 3,900 114,075 ---------------------------------------------------------------------------------------------------------------------- Hartford Steam Boiler Inspection & Insurance Co. 3,000 144,375 ---------------------------------------------------------------------------------------------------------------------- Travelers Property Casualty Corp., Cl. A 3,900 131,625 --------------- 842,038 43 Oppenheimer LifeSpan Funds ---------------------------------------------------------------------------------------------------------------------- STATEMENT OF INVESTMENTS (UNAUDITED)(CONTINUED) Oppenheimer LifeSpan Growth Fund MARKET VALUE SHARES SEE NOTE 1 - ----------------------------------------------------------------------------------------------------------------------------- INDUSTRIAL - 10.1% - ----------------------------------------------------------------------------------------------------------------------------- ELECTRICAL EQUIPMENT - 1.1% ---------------------------------------------------------------------------------------------------------------------- ABB AG 70 $ 84,802 ---------------------------------------------------------------------------------------------------------------------- Johnson Electric Holdings Ltd. 35,000 94,881 ---------------------------------------------------------------------------------------------------------------------- Mabuchi Motor Co. 900 45,599 ---------------------------------------------------------------------------------------------------------------------- Rockwell International Corp. 5,000 332,500 --------------- 557,782 - ----------------------------------------------------------------------------------------------------------------------------- INDUSTRIAL SERVICES - 3.5% ---------------------------------------------------------------------------------------------------------------------- Computer Horizons Corp. (10) 4,900 213,150 ---------------------------------------------------------------------------------------------------------------------- Computer Task Group, Inc. 2,900 125,063 ---------------------------------------------------------------------------------------------------------------------- Corestaff, Inc. (10) 7,100 123,363 ---------------------------------------------------------------------------------------------------------------------- Corrections Corp. of America (10) 7,000 228,375 ---------------------------------------------------------------------------------------------------------------------- DT Industries, Inc. 2,500 65,000 ---------------------------------------------------------------------------------------------------------------------- Hays plc 14,000 123,805 ---------------------------------------------------------------------------------------------------------------------- Kurita Water Industries Ltd. 4,000 84,469 ---------------------------------------------------------------------------------------------------------------------- NGK Spark Plug Co. 10,000 100,071 ---------------------------------------------------------------------------------------------------------------------- Precision Response Corp. (10) 4,400 72,050 ---------------------------------------------------------------------------------------------------------------------- SGS Societe Generale de Surveillance Holding SA, Series B 50 103,500 ---------------------------------------------------------------------------------------------------------------------- SITEL Corp. (10) 9,600 94,800 ---------------------------------------------------------------------------------------------------------------------- Sykes Enterprises, Inc. (10) 4,100 116,850 ---------------------------------------------------------------------------------------------------------------------- Tetra Tech, Inc. (10) 6,125 87,281 ---------------------------------------------------------------------------------------------------------------------- Transaction Systems Architects, Inc., Cl. A (10) 4,800 144,000 ---------------------------------------------------------------------------------------------------------------------- United Waste Systems, Inc. (10) 3,400 114,750 --------------- 1,796,527 - ----------------------------------------------------------------------------------------------------------------------------- MANUFACTURING - 4.5% ---------------------------------------------------------------------------------------------------------------------- AGCO Corp. 6,600 170,775 ---------------------------------------------------------------------------------------------------------------------- Bic Corp. 800 126,791 ---------------------------------------------------------------------------------------------------------------------- Canon Sales Co., Inc. 3,300 68,387 ---------------------------------------------------------------------------------------------------------------------- Case Corp. 3,400 188,275 ---------------------------------------------------------------------------------------------------------------------- Deere & Co. 3,100 142,600 ---------------------------------------------------------------------------------------------------------------------- Ingersoll-Rand Co. 3,000 147,375 ---------------------------------------------------------------------------------------------------------------------- Mannesmann AG 350 137,683 ---------------------------------------------------------------------------------------------------------------------- Mark IV Industries, Inc. 2,425 56,381 ---------------------------------------------------------------------------------------------------------------------- Mitsubishi Heavy Industries Ltd. 7,000 46,222 ---------------------------------------------------------------------------------------------------------------------- NSK Ltd. 8,000 48,286 ---------------------------------------------------------------------------------------------------------------------- PACCAR, Inc. 5,200 363,350 ---------------------------------------------------------------------------------------------------------------------- Ricoh Co. Ltd. 10,000 118,982 ---------------------------------------------------------------------------------------------------------------------- Shinmaywa Industries Ltd. 6,000 37,869 ---------------------------------------------------------------------------------------------------------------------- Sidel SA 1,300 93,373 ---------------------------------------------------------------------------------------------------------------------- SMC Corp. 500 36,640 ---------------------------------------------------------------------------------------------------------------------- Textron, Inc. 2,800 311,850 ---------------------------------------------------------------------------------------------------------------------- U.S. Industries, Inc. (10) 6,200 223,975 --------------- 2,318,814 - ----------------------------------------------------------------------------------------------------------------------------- TRANSPORTATION - 1.0% ---------------------------------------------------------------------------------------------------------------------- Brambles Industries Ltd. 6,000 108,804 ---------------------------------------------------------------------------------------------------------------------- GATX Corp. 3,900 213,525 ---------------------------------------------------------------------------------------------------------------------- Union Pacific Corp. 2,600 165,750 --------------- 488,079 44 Oppenheimer LifeSpan Funds ---------------------------------------------------------------------------------------------------------------------- STATEMENT OF INVESTMENTS (UNAUDITED)(CONTINUED) Oppenheimer LifeSpan Growth Fund MARKET VALUE SHARES SEE NOTE 1 - ----------------------------------------------------------------------------------------------------------------------------- TECHNOLOGY - 12.4% - ----------------------------------------------------------------------------------------------------------------------------- AEROSPACE/DEFENSE - 1.8% ---------------------------------------------------------------------------------------------------------------------- General Dynamics Corp. 4,000 $ 285,000 ---------------------------------------------------------------------------------------------------------------------- Lockheed Martin Corp. 3,100 277,450 ---------------------------------------------------------------------------------------------------------------------- Thiokol Corp. 200 13,050 ---------------------------------------------------------------------------------------------------------------------- TRW, Inc. 6,100 317,963 --------------- 893,463 - ----------------------------------------------------------------------------------------------------------------------------- COMPUTER HARDWARE - 1.7% ---------------------------------------------------------------------------------------------------------------------- Compaq Computer Corp. (10) 1,200 102,450 ---------------------------------------------------------------------------------------------------------------------- Dell Computer Corp. (10) 700 58,581 ---------------------------------------------------------------------------------------------------------------------- Gateway 2000, Inc. (10) 1,900 104,263 ---------------------------------------------------------------------------------------------------------------------- Henry (Jack) & Associates, Inc. 6,400 121,600 ---------------------------------------------------------------------------------------------------------------------- Network Appliance, Inc. (10) 2,900 84,463 ---------------------------------------------------------------------------------------------------------------------- Seagate Technology (10) 4,800 220,200 ---------------------------------------------------------------------------------------------------------------------- Storage Technology Corp. (New) (10) 5,400 189,675 --------------- 881,232 - ----------------------------------------------------------------------------------------------------------------------------- COMPUTER SOFTWARE/SERVICES - 2.5% ---------------------------------------------------------------------------------------------------------------------- Cambridge Technology Partners, Inc. (10) 4,300 114,488 ---------------------------------------------------------------------------------------------------------------------- Inso Corp. (10) 2,300 48,300 ---------------------------------------------------------------------------------------------------------------------- JDA Software Group, Inc. (10) 2,200 55,550 ---------------------------------------------------------------------------------------------------------------------- Pegasystems, Inc. (10) 2,700 52,988 ---------------------------------------------------------------------------------------------------------------------- Rational Software Corp. (10) 4,400 60,775 ---------------------------------------------------------------------------------------------------------------------- Remedy Corp. (10) 3,400 110,075 ---------------------------------------------------------------------------------------------------------------------- SAP AG, Preference 550 101,287 ---------------------------------------------------------------------------------------------------------------------- Sapient Corp. (10) 2,300 82,513 ---------------------------------------------------------------------------------------------------------------------- Scopus Technology, Inc. (10) 4,250 113,688 ---------------------------------------------------------------------------------------------------------------------- Security Dynamics Technologies, Inc. (10) 4,200 106,050 ---------------------------------------------------------------------------------------------------------------------- Technology Solutions Co. (10) 4,400 116,050 ---------------------------------------------------------------------------------------------------------------------- Veritas Software Corp. (10) 1,000 33,625 ---------------------------------------------------------------------------------------------------------------------- Viasoft, Inc. (10) 1,800 76,500 ---------------------------------------------------------------------------------------------------------------------- Visio Corp. (10) 1,900 96,425 ---------------------------------------------------------------------------------------------------------------------- Wind River Systems (10) 3,600 82,800 --------------- 1,251,114 - ----------------------------------------------------------------------------------------------------------------------------- ELECTRONICS - 3.4% ---------------------------------------------------------------------------------------------------------------------- Bowthorpe plc 12,000 68,733 ---------------------------------------------------------------------------------------------------------------------- Electrocomponents plc 15,000 96,139 ---------------------------------------------------------------------------------------------------------------------- Getronics NV 4,000 121,143 ---------------------------------------------------------------------------------------------------------------------- Hirose Electric Co. 2,000 109,369 ---------------------------------------------------------------------------------------------------------------------- Intel Corp. 400 61,250 ---------------------------------------------------------------------------------------------------------------------- Keyence Corp. 660 80,608 ---------------------------------------------------------------------------------------------------------------------- Kyocera Corp. 1,000 59,885 ---------------------------------------------------------------------------------------------------------------------- Matsushita Electric Industrial Co. 5,000 79,978 ---------------------------------------------------------------------------------------------------------------------- Matsushita Electric Works Ltd. 6,000 60,988 ---------------------------------------------------------------------------------------------------------------------- Micron Electronics, Inc. (10) 1,500 30,563 ---------------------------------------------------------------------------------------------------------------------- Omron Corp. 4,000 75,644 ---------------------------------------------------------------------------------------------------------------------- Samsung Electronics Co., Sponsored GDR (3)(10) 2,700 63,450 ---------------------------------------------------------------------------------------------------------------------- SCI Systems, Inc. (10) 1,500 92,625 ---------------------------------------------------------------------------------------------------------------------- Sony Corp. 2,100 152,896 45 Oppenheimer LifeSpan Funds ---------------------------------------------------------------------------------------------------------------------- STATEMENT OF INVESTMENTS (UNAUDITED)(CONTINUED) Oppenheimer LifeSpan Growth Fund MARKET VALUE SHARES SEE NOTE 1 - ----------------------------------------------------------------------------------------------------------------------------- ELECTRONICS (CONTINUED) ---------------------------------------------------------------------------------------------------------------------- TDK Corp. 1,000 $ 72,098 ---------------------------------------------------------------------------------------------------------------------- Veeco Instruments, Inc. (10) 2,700 84,375 ---------------------------------------------------------------------------------------------------------------------- Vitesse Semiconductor Corp. (10) 5,550 174,825 ---------------------------------------------------------------------------------------------------------------------- Waters Corp. (10) 5,500 162,938 ---------------------------------------------------------------------------------------------------------------------- Zygo Corp. (10) 3,900 86,775 --------------- 1,734,282 - ----------------------------------------------------------------------------------------------------------------------------- TELECOMMUNICATIONS-TECHNOLOGY - 3.0% ---------------------------------------------------------------------------------------------------------------------- Advanced Fibre Communications, Inc. (10) 3,000 119,625 ---------------------------------------------------------------------------------------------------------------------- Allen Telecom, Inc. (10) 4,100 70,725 ---------------------------------------------------------------------------------------------------------------------- Aspect Telecommunications Corp. (10) 2,900 51,475 ---------------------------------------------------------------------------------------------------------------------- British Sky Broadcasting Group plc 11,500 106,362 ---------------------------------------------------------------------------------------------------------------------- Cable Design Technologies Corp. (10) 3,050 57,569 ---------------------------------------------------------------------------------------------------------------------- Comverse Technology, Inc. (10) 5,800 227,650 ---------------------------------------------------------------------------------------------------------------------- DSP Communications, Inc. (10) 9,700 76,994 ---------------------------------------------------------------------------------------------------------------------- Hong Kong Telecommunications Ltd. (10) 50,000 85,845 ---------------------------------------------------------------------------------------------------------------------- Korea Mobile Telecommunications Corp., Sponsored ADR 10,000 95,000 ---------------------------------------------------------------------------------------------------------------------- L.M. Ericsson Telephone Co., Cl. B, ADR 3,720 125,085 ---------------------------------------------------------------------------------------------------------------------- P-COM, Inc. (10) 1,800 51,525 ---------------------------------------------------------------------------------------------------------------------- Telecom Italia Mobile SpA 45,000 141,555 ---------------------------------------------------------------------------------------------------------------------- Uniphase Corp. (10) 2,800 111,300 ---------------------------------------------------------------------------------------------------------------------- VideoServer, Inc. (10) 3,800 64,125 ---------------------------------------------------------------------------------------------------------------------- Vodafone Group plc 29,000 129,638 --------------- 1,514,473 - ----------------------------------------------------------------------------------------------------------------------------- UTILITIES - 8.2% - ----------------------------------------------------------------------------------------------------------------------------- ELECTRIC UTILITIES - 2.7% ---------------------------------------------------------------------------------------------------------------------- American Electric Power Co., Inc. 5,300 214,650 ---------------------------------------------------------------------------------------------------------------------- CalEnergy, Inc. (10) 2,500 97,813 ---------------------------------------------------------------------------------------------------------------------- Entergy Corp. 9,700 226,738 ---------------------------------------------------------------------------------------------------------------------- FPL Group, Inc. 6,100 272,213 ---------------------------------------------------------------------------------------------------------------------- Illinova Corp. 5,000 112,500 ---------------------------------------------------------------------------------------------------------------------- Kansas City Power & Light Co. 6,400 180,800 ---------------------------------------------------------------------------------------------------------------------- Veba AG 2,500 129,716 ---------------------------------------------------------------------------------------------------------------------- Western Resources, Inc. 4,700 141,588 --------------- 1,376,018 - ----------------------------------------------------------------------------------------------------------------------------- GAS UTILITIES - 2.7% ---------------------------------------------------------------------------------------------------------------------- Columbia Gas System, Inc. 2,700 167,063 ---------------------------------------------------------------------------------------------------------------------- El Paso Natural Gas Co. 5,100 296,438 ---------------------------------------------------------------------------------------------------------------------- Hong Kong & China Gas Co. Ltd. 36,720 58,304 ---------------------------------------------------------------------------------------------------------------------- National Fuel Gas Co. 4,600 191,475 ---------------------------------------------------------------------------------------------------------------------- PanEnergy Corp. 7,800 345,150 ---------------------------------------------------------------------------------------------------------------------- Questar Corp. 7,200 273,600 ---------------------------------------------------------------------------------------------------------------------- RWE AG, Preference 2,000 66,988 --------------- 1,399,018 - ----------------------------------------------------------------------------------------------------------------------------- TELEPHONE UTILITIES - 2.8% ---------------------------------------------------------------------------------------------------------------------- Ameritech Corp. 2,800 171,150 ---------------------------------------------------------------------------------------------------------------------- DDI Corp. 19 126,208 ---------------------------------------------------------------------------------------------------------------------- GTE Corp. 7,300 334,888 46 Oppenheimer LifeSpan Funds ---------------------------------------------------------------------------------------------------------------------- STATEMENT OF INVESTMENTS (Unaudited)(Continued) Oppenheimer LifeSpan Growth Fund MARKET VALUE SHARES SEE NOTE 1 - ----------------------------------------------------------------------------------------------------------------------------- TELEPHONE UTILITIES (CONTINUED) ---------------------------------------------------------------------------------------------------------------------- NYNEX Corp. 3,600 $ 186,300 ---------------------------------------------------------------------------------------------------------------------- Telecomunicacoes Brasileiras SA, Sponsored ADR 1,000 114,750 ---------------------------------------------------------------------------------------------------------------------- Telefonica de Espana, ADS 3,000 76,913 ---------------------------------------------------------------------------------------------------------------------- U S West Communications Group 12,000 421,500 --------------- 1,431,709 --------------- Total Common Stocks (Cost $32,495,309) 36,374,995 - ----------------------------------------------------------------------------------------------------------------------------- PREFERRED STOCKS - 0.5% - ----------------------------------------------------------------------------------------------------------------------------- California Federal Preferred Capital Corp., 9.125% Non- Cum. Exchangeable Preferred, Series A, Non-Vtg. 3,000 75,375 ---------------------------------------------------------------------------------------------------------------------- Case Corp., $4.50 Cum. Cv., Series A, Non-Vtg. 1,200 159,300 --------------- Total Preferred Stocks (Cost $189,800) 234,675 UNITS - ----------------------------------------------------------------------------------------------------------------------------- RIGHTS, WARRANTS AND CERTIFICATES - 0.0% - ----------------------------------------------------------------------------------------------------------------------------- Dairy Mart Convenience Stores, Inc. Wts., Exp. 12/01 (4) 333 666 ---------------------------------------------------------------------------------------------------------------------- Haw Par Brothers International Ltd. Wts., Exp. 7/01 3,300 2,829 ---------------------------------------------------------------------------------------------------------------------- Intermedia Communications, Inc. Wts., Exp. 6/00 (4) 50 1,000 ---------------------------------------------------------------------------------------------------------------------- PT Indofood Sukses Makmur Rts., Exp. 5/97 11,400 7,037 --------------- Total Rights, Warrants and Certificates (Cost $2,459) 11,532 FACE AMOUNT - ----------------------------------------------------------------------------------------------------------------------------- REPURCHASE AGREEMENT - 9.1% - ----------------------------------------------------------------------------------------------------------------------------- Repurchase agreement with State Street Bank and Trust Co., 4.75%, dated 4/30/97, to be repurchased at $4,630,611 on 5/1/97, collateralized by U.S. Treasury Nts., 4.75%-6.25%, 7/31/98-11/30/98, with a value of $1,088,142 and U.S. Treasury Bonds, 9.25%, 2/15/96, with a value of $3,696,743 (Cost $4,630,000) $ 4,630,000 4,630,000 ---------------------------------------------------------------------------------------------------------------------- TOTAL INVESTMENTS, AT VALUE (COST $46,961,664) 99.8% 50,885,874 ---------------------------------------------------------------------------------------------------------------------- OTHER ASSETS NET OF LIABILITIES 0.2 121,505 --------------- --------------- NET ASSETS 100.0% $ 51,007,379 --------------- --------------- --------------- ---------------
1. Interest-Only Strips represent the right to receive the monthly interest payments on an underlying pool of mortgage loans. These securities typically decline in price as interest rates decline. Most other fixed income securities increase in price when interest rates decline. The principal amount of the underlying pool represents the notional amount on which current interest is calculated. The price of these securities is typically more sensitive to changes in prepayment rates than traditional mortgage-backed securities (for example, GNMA pass-throughs). Interest rates disclosed represent current yields based upon the current cost basis and estimated timing and amount of future cash flows. 47 Oppenheimer LifeSpan Funds STATEMENT OF INVESTMENTS (UNAUDITED)(CONTINUED) Oppenheimer LifeSpan Growth Fund ------------------------------------------------------------------------------ 2. Denotes a step bond: a zero coupon bond that converts to a fixed or variable interest rate at a designated future date. 3. Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended. These securities have been determined to be liquid under guidelines established by the Board of Directors. These securities amount to $419,013 or 0.82% of the Fund's net assets, at April 30, 1997. 4. Identifies issues considered to be illiquid or restricted - See Note 5 of Notes to Financial Statements. 5. Non-income producing--issuer is in default of interest payment. 6. Interest or dividend is paid in kind. 7. Represents the current interest rate for a variable rate security. 8. For zero coupon bonds, the interest rate shown is the effective yield on the date of purchase. 9. 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. 10. Non-income producing security. See accompanying Notes to Financial Statements. 48 Oppenheimer LifeSpan Funds
STATEMENTS OF ASSETS AND LIABILITIES APRIL 30, 1997 (UNAUDITED) OPPENHEIMER OPPENHEIMER OPPENHEIMER LIFESPAN LIFESPAN LIFESPAN INCOME BALANCED GROWTH FUND FUND FUND ----------------------------------------- ASSETS: Investments, at value (cost * ) - see accompanying statements $27,540,136 $58,975,774 $50,885,874 Cash 199,523 -- 182,152 Receivables: Dividends, interest and principal paydowns 408,831 509,668 279,542 Shares of capital stock sold 25,896 -- 36,503 Investments sold -- 296,956 383,495 Other 3,668 4,130 3,903 ----------------------------------------- Total assets 28,178,054 59,786,528 51,771,469 ----------------------------------------- LIABILITIES: Bank overdraft -- 124,254 -- Payables and other liabilities: Dividends 5,684 -- -- Investments purchased 108,140 529,841 709,975 Shareholder reports 21,540 9,805 12,267 Shares of capital stock redeemed 23,705 77,339 242 Distribution and service plan fees 5,552 11,954 10,206 Director's fees 17,806 17,444 16,303 Transfer and shareholder servicing agent fees -- 680 2,330 Custodian fees 4,635 17,420 11,368 Other 7,067 735 1,399 ----------------------------------------- Total liabilities 194,129 789,472 764,090 ----------------------------------------- NET ASSETS $27,983,925 $58,997,056 $51,007,379 ----------------------------------------- ----------------------------------------- COMPOSITION OF NET ASSETS: Par value of shares of capital stock $2,644 $5,147 $4,232 Additional paid-in capital 26,778,442 54,102,547 45,629,702 Undistributed net investment income -- 269,020 354,907 Accumulated net realized gain from investments and foreign currency transactions 175,920 1,012,733 1,094,313 Net unrealized appreciation on investments and translation of assets and liabilities denominated in foreign currencies 1,026,919 3,607,609 3,924,225 ----------------------------------------- NET ASSETS $27,983,925 $58,997,056 $51,007,379 ----------------------------------------- ----------------------------------------- *Cost $26,513,217 $55,367,915 $46,961,664 ----------------------------------------- ----------------------------------------- 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 $27,279,118 $54,839,308 $46,487,490 Shares of capital stock 2,577,422 4,785,875 3,856,956 Price per share $10.58 $11.46 $12.05 Maximum offering price per share (net asset value plus sales charge of 5.75% of offering price for each fund) $11.23 $12.16 $12.79 ----------------------------------------- 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 $677,469 $3,271,915 $3,761,495 Shares of capital stock 63,790 283,846 312,031 Price per share $10.62 $11.53 $12.05 ----------------------------------------- CLASS C SHARES: Net asset value, redemption price and offering price per share (based on net assets and shares of capital stock outstanding): Net assets $27,338 $885,833 $758,394 Shares of capital stock 2,576 77,480 63,343 Price per share $10.61 $11.43 $11.97 See accompanying Notes to Financial Statements.
49 Oppenheimer LifeSpan Funds STATEMENTS OF OPERATIONS FOR THE SIX MONTHS ENDED APRIL 30, 1997 (UNAUDITED) OPPENHEIMER OPPENHEIMER OPPENHEIMER LIFESPAN LIFESPAN LIFESPAN INCOME BALANCED GROWTH FUND FUND FUND ---------------------------------------- INVESTMENT INCOME: Interest $841,530 $1,049,815 $561,473 Dividends (net of foreign withholding taxes of $543, $6,963 and $7,556, respectively) 121,021 263,257 280,943 ---------------------------------------- Total income 962,551 1,313,072 842,416 ---------------------------------------- EXPENSES: Management fees - Note 4 102,237 243,673 207,567 Distribution and service plan fees - Note 4: Class A 33,439 67,657 57,471 Class B 2,913 13,857 14,636 Class C 48 4,658 1,732 Transfer and shareholder servicing agent fees - Note 4 1,426 7,140 15,539 Accounting service fees 7,500 7,500 7,500 Custodian fees and expenses -- 4,996 -- Legal and auditing fees 11,320 9,955 10,359 Shareholder reports 14,541 23,723 25,563 Directors' fees and expenses - Note 1 16,952 14,889 17,616 Insurance expenses 1,348 1,534 1,439 Registration and filing fees: Class A 370 1,764 1,703 Class B 74 503 477 Class C 9 39 196 Other 4,832 7,363 4,517 ---------------------------------------- Total expenses 197,009 409,251 366,315 ---------------------------------------- NET INVESTMENT INCOME 765,542 903,821 476,101 ---------------------------------------- REALIZED AND UNREALIZED GAIN (LOSS): Net realized gain (loss) from: Investments 194,614 1,154,604 1,254,191 Foreign currency transactions -- (115,868) (117,952) ---------------------------------------- Net realized gain 194,614 1,038,736 1,136,239 Net change in unrealized appreciation or depreciation on: Investments 9,184 (1,535,142) (1,543,855) Translation of assets and liabilities denominated in foreign currencies -- (324,424) (360,501) ---------------------------------------- Net change 9,184 (1,859,566) (1,904,356) ---------------------------------------- Net realized and unrealized gain (loss) 203,798 (820,830) (768,117) ---------------------------------------- NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $969,340 $82,991 ($292,016) ---------------------------------------- ----------------------------------------
See accompanying Notes to Financial Statements. 50 Oppenheimer LifeSpan Funds
STATEMENTS OF CHANGES IN NET ASSETS FOR THE SIX MONTHS ENDED APRIL 30, 1997 (UNAUDITED) AND THE PERIOD ENDED OCTOBER 31, 1996 OPPENHEIMER OPPENHEIMER OPPENHEIMER LIFESPAN LIFESPAN LIFESPAN INCOME BALANCED GROWTH FUND FUND FUND ------------------------------------------------------------------------ 1997 1996(1) 1997 1996(1) 1997 1996(1) ------------------------------------------------------------------------ OPERATIONS: Net investment income $765,542 $1,166,091 $903,821 $1,269,662 $476,101 $610,399 Net realized gain 194,614 375,456 1,038,736 1,455,276 1,136,239 2,207,221 Net change in unrealized appreciation or depreciation 9,184 (394,375) (1,859,566) 1,910,667 (1,904,356) 2,238,220 ------------------------------------------------------------------------ Net increase (decrease) in net assets resulting from operations 969,340 1,147,172 82,991 4,635,605 (292,016) 5,055,840 DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS: Dividends from net investment income: Class A (751,100) (1,164,346) (785,338) (919,554) (279,876) (289,194) Class B (14,240) (14,052) (33,711) (21,226) (11,776) (9,326) Class C (214) (24) (10,326) (10,575) (1,248) (143) Distributions from net realized gain: Class A (381,291) (63,862) (1,432,693) (140,249) (2,163,640) (129,620) Class B (7,459) (925) (69,269) (3,811) (128,434) (4,802) Class C (77) (2) (23,260) (1,725) (11,808) (65) CAPITAL STOCK TRANSACTIONS: Net increase in net assets resulting from capital stock - Note 2: Class A 1,131,095 1,803,488 4,829,942 6,793,292 5,198,363 5,139,745 Class B 226,924 264,631 1,514,609 1,370,222 1,534,382 1,697,392 Class C 26,332 1,000 98,770 821,670 637,220 137,860 ------------------------------------------------------------------------ NET ASSETS: Total increase 1,199,310 1,973,080 4,171,715 12,523,649 4,481,167 11,597,687 Beginning of period 26,784,615 24,811,535 54,825,341 42,301,692 46,526,212 34,928,525 ------------------------------------------------------------------------ End of period $27,983,925 $26,784,615 $58,997,056 $54,825,341 $51,007,379 $46,526,212 ------------------------------------------------------------------------ ------------------------------------------------------------------------ Undistributed net investment income -- $11 $269,020 $194,574 $354,907 $171,706
1. The Funds changed their fiscal year end from December 31 to October 31. See accompanying Notes to Financial Statements. 51 Oppenheimer LifeSpan Funds
FINANCIAL HIGHLIGHTS Oppenheimer LifeSpan Income Fund CLASS A ------------------------------------------- SIX MONTHS TEN MONTHS EIGHT MONTHS ENDED ENDED ENDED APRIL 30, OCTOBER 31, DECEMBER 31, 1997(UNAUDITED) 1996(2) 1995(4) - ------------------------------------------------------------------------------------------ PER SHARE OPERATING DATA: Net asset value, beginning of period $10.65 $10.70 $10.00 - ------------------------------------------------------------------------------------------ Income (loss) from investment operations: Net investment income .30 .48 .37 Net realized and unrealized gain (loss) .08 (.02) .73 - ------------------------------------------------------------------------------------------ Total income from investment operations .38 .46 1.10 - ------------------------------------------------------------------------------------------ Dividends and distributions to shareholders: Dividends from net investment income (.30) (.48) (.36) Distributions from net realized gain (.15) (.03) (.04) - ------------------------------------------------------------------------------------------ Total dividends and distributions to shareholders (.45) (.51) (.40) - ------------------------------------------------------------------------------------------ Net asset value, end of period $10.58 $10.65 $10.70 ------------------------------------------- ------------------------------------------- - ------------------------------------------------------------------------------------------ TOTAL RETURN, AT NET ASSET VALUE(5) 3.62% 4.45% 11.22% - ------------------------------------------------------------------------------------------ RATIOS/SUPPLEMENTAL DATA: Net assets, end of period (in thousands) $27,279 $26,328 $24,619 - ------------------------------------------------------------------------------------------ Average net assets (in thousands) $26,923 $25,463 $22,128 - ------------------------------------------------------------------------------------------ Ratios to average net assets (annualized): Net investment income 5.63% 5.43% 5.35% Expenses 1.43% 1.56% 1.50% - ------------------------------------------------------------------------------------------ Portfolio turnover rate(6) 19.0% 75.3% 45.8% Average brokerage commission rate(7) $0.0687 $0.0694 -- CLASS B CLASS C - ------------------------------------------- ------------------------------- SIX MONTHS TEN MONTHS THREE MONTHS SIX MONTHS SIX MONTHS ENDED ENDED ENDED ENDED ENDED APRIL 30, OCTOBER 31, DECEMBER 31, APRIL 30, OCTOBER 31, 1997(UNAUDITED) 1996(2) 1995(3) 1997(UNAUDITED) 1996(1)(2) - ----------------------------------------------------------------------------- $10.69 $10.74 $10.45 $10.66 $10.53 - ----------------------------------------------------------------------------- .25 .41 .12 .29 .25 .09 (.02) .32 .10 .16 - ----------------------------------------------------------------------------- .34 .39 .44 .39 .41 - ----------------------------------------------------------------------------- (.26) (.41) (.11) (.29) (.25) (.15) (.03) (.04) (.15) (.03) - ----------------------------------------------------------------------------- (.41) (.44) (.15) (.44) (.28) - ----------------------------------------------------------------------------- $10.62 $10.69 $10.74 $10.61 $10.66 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- - ----------------------------------------------------------------------------- 3.22% 3.69% 4.30% 3.69% 3.96% - ----------------------------------------------------------------------------- $677 $456 $192 $27 $1 - ----------------------------------------------------------------------------- $589 $350 $107 $10 $1 - ----------------------------------------------------------------------------- 4.89% 4.93% 5.23% 4.75% 4.68% 2.15% 2.31% 2.25% 2.21% 2.25% - ----------------------------------------------------------------------------- 19.0% 75.3% 45.8% 19.0% 75.3% $0.0687 $0.0694 -- $0.0687 $0.0694
1. For the period from May 1, 1996 (inception of offering) to October 31, 1996. 2. The Fund changed its fiscal year end from December 31 to October 31. On March 18, 1996, OppenheimerFunds, Inc. became the investment adviser to the Fund. 3. For the period from October 1, 1995 (inception of offering) to December 31, 1995. 4. For the period from May 1, 1995 (commencement of operations) to December 31, 1995. 5. Assumes a hypothetical initial investment on the business day before the first day of the fiscal period (or inception of offering), with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods of less than one full year. 6. The lesser of purchases or sales of portfolio securities for a period, divided by the monthly average of the market value of portfolio securities owned during the period. Securities with a maturity or expiration date at the time of acquisition of one year or less are excluded from the calculation. Purchases and sales of investment securities (excluding short-term securities) for the period ended April 30, 1997 were $5,665,698 and $4,823,308, respectively. 7. 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. 52 Oppenheimer LifeSpan Funds
FINANCIAL HIGHLIGHTS Oppenheimer LifeSpan Balanced Fund CLASS A ------------------------------------------- SIX MONTHS TEN MONTHS EIGHT MONTHS ENDED ENDED ENDED APRIL 30, OCTOBER 31, DECEMBER 31, 1997(UNAUDITED) 1996(2) 1995(4) - ------------------------------------------------------------------------------------------ PER SHARE OPERATING DATA: Net asset value, beginning of period $11.90 $11.05 $10.00 - ------------------------------------------------------------------------------------------ Income (loss) from investment operations: Net investment income .16 .29 .24 Net realized and unrealized gain (loss) (.11) .81 1.29 - ------------------------------------------------------------------------------------------ Total income from investment operations .05 1.10 1.53 - ------------------------------------------------------------------------------------------ Dividends and distributions to shareholders: Dividends from net investment income (.17) (.22) (.25) Distributions from net realized gain (.32) (.03) (.23) - ------------------------------------------------------------------------------------------ Total dividends and distributions to shareholders (.49) (.25) (.48) - ------------------------------------------------------------------------------------------ Net asset value, end of period $11.46 $11.90 $11.05 ------------------------------------------- ------------------------------------------- - ------------------------------------------------------------------------------------------ TOTAL RETURN, AT NET ASSET VALUE(5) 0.40% 10.04% 15.33% - ------------------------------------------------------------------------------------------ RATIOS/SUPPLEMENTAL DATA: Net assets, end of period (in thousands) $54,839 $52,104 $41,861 - ------------------------------------------------------------------------------------------ Average net assets (in thousands) $54,141 $47,116 $37,417 - ------------------------------------------------------------------------------------------ Ratios to average net assets (annualized): Net investment income 3.20% 3.15% 3.47% Expenses 1.38% 1.56% 1.55% - ------------------------------------------------------------------------------------------ Portfolio turnover rate(6) 27.0% 61.0% 76.3% Average brokerage commission rate(7) $0.0037 $0.0078 -- CLASS B CLASS C - ------------------------------------------- ------------------------------- SIX MONTHS TEN MONTHS THREE MONTHS SIX MONTHS SIX MONTHS ENDED ENDED ENDED ENDED ENDED APRIL 30, OCTOBER 31, DECEMBER 31, APRIL 30, OCTOBER 31, 1997(UNAUDITED) 1996(2) 1995(3) 1997(UNAUDITED) 1996(1)(2) - ----------------------------------------------------------------------------- $11.98 $11.16 $10.95 $11.88 $11.74 - ----------------------------------------------------------------------------- .12 .20 .05 .14 .13 (.11) .82 .45 (.14) .24 - ----------------------------------------------------------------------------- .01 1.02 .50 .00 .37 - ----------------------------------------------------------------------------- (.14) (.17) (.06) (.13) (.20) (.32) (.03) (.23) (.32) (.03) - ----------------------------------------------------------------------------- (.46) (.20) (.29) (.45) (.23) - ----------------------------------------------------------------------------- $11.53 $11.98 $11.16 $11.43 $11.88 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- - ----------------------------------------------------------------------------- 0.00% 9.22% 4.49% (0.04%) 3.21% - ----------------------------------------------------------------------------- $3,272 $1,893 $441 $886 $828 - ----------------------------------------------------------------------------- $2,804 $1,225 $247 $940 $551 - ----------------------------------------------------------------------------- 2.45% 2.41% 3.01% 2.46% 2.53% 2.12% 2.32% 2.30% 2.12% 2.27% - ----------------------------------------------------------------------------- 27.0% 61.0% 76.3% 27.0% 61.0% $0.0037 $0.0078 -- $0.0037 $0.0078
1. For the period from May 1, 1996 (inception of offering) to October 31, 1996. 2. The Fund changed its fiscal year end from December 31 to October 31. On March 18, 1996, OppenheimerFunds, Inc. became the investment adviser to the Fund. 3. For the period from October 1, 1995 (inception of offering) to December 31, 1995. 4. For the period from May 1, 1995 (commencement of operations) to December 31, 1995. 5. Assumes a hypothetical initial investment on the business day before the first day of the fiscal period (or inception of offering), with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods of less than one full year. 6. The lesser of purchases or sales of portfolio securities for a period, divided by the monthly average of the market value of portfolio securities owned during the period. Securities with a maturity or expiration date at the time of acquisition of one year or less are excluded from the calculation. Purchases and sales of investment securities (excluding short-term securities) for the period ended April 30, 1997 were $20,483,308 and $14,441,189, respectively. 7. 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. 53 Oppenheimer LifeSpan Funds
FINANCIAL HIGHLIGHTS Oppenheimer LifeSpan Growth Fund CLASS A ------------------------------------------- SIX MONTHS TEN MONTHS EIGHT MONTHS ENDED ENDED ENDED APRIL 30, OCTOBER 31, DECEMBER 31, 1997(UNAUDITED) 1996(2) 1995(4) - ------------------------------------------------------------------------------------------ PER SHARE OPERATING DATA: Net asset value, beginning of period $12.78 $11.39 $10.00 - ------------------------------------------------------------------------------------------ Income (loss) from investment operations: Net investment income .09 .18 .16 Net realized and unrealized gain (loss) (.12) 1.34 1.63 - ------------------------------------------------------------------------------------------ Total income from investment operations (.03) 1.52 1.79 - ------------------------------------------------------------------------------------------ Dividends and distributions to shareholders: Dividends from net investment income (.08) (.09) (.17) Distributions from net realized gain (.62) (.04) (.23) - ---------------------------------------------------------------------------------------- Total dividends and distributions to shareholders (.70) (.13) (.40) - ------------------------------------------------------------------------------------------ Net asset value, end of period $12.05 $12.78 $11.39 ------------------------------------------- ------------------------------------------- - ------------------------------------------------------------------------------------------ TOTAL RETURN, AT NET ASSET VALUE(5) (0.43%) 13.37% 18.02% - ------------------------------------------------------------------------------------------ RATIOS/SUPPLEMENTAL DATA: Net assets, end of period (in thousands) $46,487 $43,980 $34,368 - ------------------------------------------------------------------------------------------ Average net assets (in thousands) $46,178 $39,576 $29,046 - ------------------------------------------------------------------------------------------ Ratios to average net assets (annualized): Net investment income 1.99% 1.81% 2.32% Expenses 1.44% 1.61% 1.55% - ------------------------------------------------------------------------------------------ Portfolio turnover rate(6) 30.2% 64.2% 71.8% Average brokerage commission rate(7) $0.0038 $0.0059 -- CLASS B CLASS C - ------------------------------------------- ------------------------------- SIX MONTHS TEN MONTHS THREE MONTHS SIX MONTHS SIX MONTHS ENDED ENDED ENDED ENDED ENDED APRIL 30, OCTOBER 31, DECEMBER 31, APRIL 30, OCTOBER 31, 1997(UNAUDITED) 1996(2) 1995(3) 1997(UNAUDITED) 1996(1)(2) - ----------------------------------------------------------------------------- $12.81 $11.47 $11.14 $12.74 $12.49 - ----------------------------------------------------------------------------- .05 .08 .03 .06 .11 (.13) 1.36 .56 (.15) .27 - ----------------------------------------------------------------------------- (.08) 1.44 .59 (.09) .38 - ----------------------------------------------------------------------------- (.06) (.06) (.03) (.06) (.09) (.62) (.04) (.23) (.62) (.04) - ----------------------------------------------------------------------------- (.68) (.10) (.26) (.68) (.13) - ----------------------------------------------------------------------------- $12.05 $12.81 $11.47 $11.97 $12.74 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- - ----------------------------------------------------------------------------- (0.85%) 12.58% 5.34% (0.87%) 3.04% - ----------------------------------------------------------------------------- $3,761 $2,405 $561 $758 $141 - ----------------------------------------------------------------------------- $2,971 $1,475 $230 $354 $54 - ----------------------------------------------------------------------------- 1.25% 1.11% 1.70% 1.25% 1.32% 2.19% 2.37% 2.30% 2.21% 2.43% - ----------------------------------------------------------------------------- 30.2% 64.2% 71.8% 30.2% 64.2% $0.0038 $0.0059 -- $0.0038 $0.0059
1. For the period from May 1, 1996 (inception of offering) to October 31, 1996. 2. The Fund changed its fiscal year end from December 31 to October 31. On March 18, 1996, OppenheimerFunds, Inc. became the investment adviser to the Fund. 3. For the period from October 1, 1995 (inception of offering) to December 31, 1995. 4. For the period from May 1, 1995 (commencement of operations) to December 31, 1995. 5. Assumes a hypothetical initial investment on the business day before the first day of the fiscal period (or inception of offering), with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods of less than one full year. 6. The lesser of purchases or sales of portfolio securities for a period, divided by the monthly average of the market value of portfolio securities owned during the period. Securities with a maturity or expiration date at the time of acquisition of one year or less are excluded from the calculation. Purchases and sales of investment securities (excluding short-term securities) for the period ended April 30, 1997 were $18,801,089 and $13,330,503, respectively. 7. 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. 54 Oppenheimer LifeSpan Funds NOTES TO FINANCIAL STATEMENTS (Unaudited) 1. SIGNIFICANT ACCOUNTING POLICIES Oppenheimer LifeSpan Income Fund, Oppenheimer LifeSpan Balanced Fund and Oppenheimer LifeSpan Growth Fund (the Funds), are separate series of Oppenheimer Series Fund, Inc. (the Company), a diversified, open-end management investment company registered under the Investment Company Act of 1940, as amended. The Fund's investment adviser is OppenheimerFunds, Inc. (the Manager). The Funds' investment objectives are as follows: OPPENHEIMER LIFESPAN INCOME FUND seeks a high level of current income, with opportunities for capital appreciation. It invests in a strategically allocated portfolio consisting primarily of bond instruments. OPPENHEIMER LIFESPAN BALANCED FUND seeks a blend of capital appreciation and income. It invests in a strategically allocated portfolio of stocks and bonds with a slightly stronger emphasis on stocks. OPPENHEIMER LIFESPAN GROWTH FUND seeks long-term capital appreciation. It invests in a strategically allocated portfolio consisting primarily of stocks. The Funds offer 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 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 Funds. 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 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 Funds 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 Funds' Statements of Operations. REPURCHASE AGREEMENTS. The Funds require 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 Funds 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. 55 Oppenheimer LifeSpan Funds NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued) 1. SIGNIFICANT ACCOUNTING POLICIES (continued) DIRECTORS' FEES AND EXPENSES. The Funds have adopted a nonfunded retirement plan for the Funds' independent directors. Benefits are based on years of service and fees paid to each director during the years of service. During the six months ended April 30, 1997, the provision for projected benefit obligations, payments to retired directors and the accumulated liability for each of the Funds is as follows: LifeSpan Income Fund LifeSpan Balanced Fund LifeSpan Growth Fund Provision $16,392 $17,742 $17,808 for pro- jected benefit obliga- tions Payments 1,509 1,509 1,509 to retired directors Accumu- 17,389 16,703 16,132 lated liability as of April 30, 1997 FEDERAL TAXES. Each 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. 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 was recorded by the Funds. 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. Interest on payment-in-kind debt instruments is accrued as income at the coupon rate and a market adjustment is made periodically. 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 Each Fund has authorized 450 million shares of $0.001 par value capital stock. Transactions in shares of capital stock were as follows: OPPENHEIMER LIFESPAN INCOME FUND
SIX MONTHS ENDED APRIL 30, 1997 PERIOD ENDED OCTOBER 31, 1996(1) ------------------------------- -------------------------------- SHARES AMOUNT SHARES AMOUNT Class A: Sold 29,800 $ 317,418 146,543 $1,546,169 Dividends and distributions reinvested 102,334 1,088,448 112,062 1,180,611 Redeemed (25,858) (274,771) (88,357) (923,292) ------------ ------------ ------------- ---------------- Net increase 106,276 $ 1,131,095 170,248 $ 1,803,488 ------------ ------------ ------------- ---------------- ------------ ------------ ------------- ----------------
56 Oppenheimer LifeSpan Funds NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued) 2. SHARES OF CAPITAL STOCK (continued) OPPENHEIMER LIFESPAN INCOME FUND (continued)
SIX MONTHS ENDED APRIL 30, 1997 PERIOD ENDED OCTOBER 31, 1996(1) ------------------------------- -------------------------------- SHARES AMOUNT SHARES AMOUNT Class B: Sold 20,852 $ 223,705 23,725 $ 253,904 Dividends and distributions reinvested 1,908 20,349 1,286 13,606 Redeemed (1,598) (17,130) (271) (2,879) ------------ ------------ ------------- ---------------- Net increase 21,162 $ 226,924 24,740 $ 264,631 ------------ ------------ ------------- ---------------- ------------ ------------ ------------- ---------------- Class C: Sold 2,457 $ 26,082 95 $ 1,000 Dividends and distributions reinvested 24 250 -- -- Redeemed -- -- -- -- ------------ ------------ ------------- ---------------- Net increase 2,481 $ 26,332 95 $ 1,000 ------------ ------------ ------------- ---------------- ------------ ------------ ------------- ---------------- OPPENHEIMER LIFESPAN BALANCED FUND SIX MONTHS ENDED APRIL 30, 1997 PERIOD ENDED OCTOBER 31, 1996(1) ------------------------------- -------------------------------- SHARES AMOUNT SHARES AMOUNT Class A: Sold 477,839 $ 5,655,156 591,611 $ 6,806,310 Dividends and distributions reinvested 187,883 2,206,516 90,394 1,056,157 Redeemed (256,485) (3,031,730) (92,638) (1,069,175) ------------ ------------ ------------- ---------------- Net increase 409,237 $ 4,829,942 589,367 $ 6,793,292 ------------ ------------ ------------- ---------------- ------------ ------------ ------------- ---------------- Class B: Sold 155,998 $ 1,860,704 118,679 $ 1,371,576 Dividends and distributions reinvested 8,618 101,895 2,108 24,736 Redeemed (38,791) (447,990) (2,244) (26,090) ------------ ------------ ------------- ---------------- Net increase 125,825 $ 1,514,609 118,543 $ 1,370,222 ------------ ------------ ------------- ---------------- ------------ ------------ ------------- ---------------- Class C: Sold 32,082 $ 371,449 68,739 $ 810,364 Dividends and distributions reinvested 2,863 33,581 1,054 12,284 Redeemed (27,173) (306,260) (85) (978) ------------ ------------ ------------- ---------------- Net increase 7,772 $ 98,770 69,708 $ 821,670 ------------ ------------ ------------- ---------------- ------------ ------------ ------------- ---------------- OPPENHEIMER LIFESPAN GROWTH FUND SIX MONTHS ENDED APRIL 30, 1997 PERIOD ENDED OCTOBER 31, 1996(1) ------------------------------- -------------------------------- SHARES AMOUNT SHARES AMOUNT Class A: Sold 332,117 $ 4,146,250 424,020 $ 5,146,023 Dividends and distributions reinvested 195,674 2,440,053 33,590 418,507 Redeemed (111,699) (1,387,940) (35,427) (424,785) ------------ ------------ ------------- ---------------- Net increase 416,092 $ 5,198,363 422,183 $ 5,139,745 ------------ ------------ ------------- ---------------- ------------ ------------ ------------- ---------------- Class B: Sold 136,218 $ 1,688,107 154,309 $ 1,879,045 Dividends and distributions reinvested 11,173 139,662 1,098 13,603 Redeemed (23,110) (293,387) (16,551) (195,256) ------------ ------------ ------------- ---------------- Net increase 124,281 $ 1,534,382 138,856 $ 1,697,392 ------------ ------------ ------------- ---------------- ------------ ------------ ------------- ---------------- Class C: Sold 56,305 $ 689,233 11,124 $ 138,640 Dividends and distributions reinvested 846 10,506 16 198 Redeemed (4,868) (62,519) (80) (978) ------------ ------------ ------------- ---------------- Net increase 52,283 $ 637,220 11,060 $ 137,860 ------------ ------------ ------------- ---------------- ------------ ------------ ------------- ----------------
1. For the ten months ended October 31, 1996 for Class A and Class B shares and for the period from May 1, 1996 (inception of offering) to October 31, 1996 for Class C shares. The Funds changed their fiscal year end from December 31 to October 31. 57 Oppenheimer LifeSpan Funds NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued) 3. UNREALIZED GAINS AND LOSSES ON INVESTMENTS At April 30, 1997, net unrealized appreciation on investments consisted of the following:
LifeSpan Income Fund LifeSpan Balanced Fund LifeSpan Growth Fund Gross appreciation $1,417,367 $ 5,473,624 $ 5,714,593 Gross depreciation (390,448) (1,865,765) (1,790,383) Net unrealized appreciation 1,026,919 3,607,859 3,924,210
4. MANAGEMENT FEES AND OTHER TRANSACTIONS WITH AFFILIATES Management fees paid to the Manager were in accordance with the investment advisory agreements with the Funds. For Oppenheimer LifeSpan Income Fund, the agreement 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. For Oppenheimer LifeSpan Balanced Fund and Oppenheimer LifeSpan Growth Fund, the fees are 0.85% on the first $250 million of average annual net assets and 0.75% on net assets in excess of $250 million. The Manager acts as the accounting agent for each Fund at an annual fee of $15,000, plus out-of-pocket costs and expenses reasonably incurred. For Oppenheimer LifeSpan Income Fund, the Manager has entered into a sub-advisory agreement with BEA Associates (the Sub-Adviser) to assist in the selection of portfolio investments for the components of the Fund. For these services, the Manager pays BEA Associates negotiated fees. For Oppenheimer LifeSpan Balanced Fund and Oppenheimer LifeSpan Growth Fund, the Manager has entered into sub-advisory agreements with three sub-advisers to assist in the selection of portfolio investments for the components of the Funds. For these services, the Manager pays Babson-Stewart Ivory International, BEA Associates and Pilgrim Baxter & Associates (the Sub-Advisers) negotiated fees. OppenheimerFunds Services (OFS), a division of the Manager, is the transfer and shareholder servicing agent for the Funds, and for other registered investment companies. OFS's total costs of providing such services are allocated ratably to these companies. For the six months ended April 30, 1997, (1) commissions (sales charges paid by investors) on sales of Class A shares, (2) commission amounts retained by OppenheimerFunds Distributor, Inc. (OFDI), a subsidiary of the Manager, as general distributor, and by affiliated broker/dealers, (3) sales charges advanced to broker/dealers by OFDI on sales of the Funds' Class B and Class C shares, (4) sales charges advanced to affiliated broker/dealers and (5) contingent deferred sales charges retained by OFDI were as follows:
(1) Commissions (2) Commissions (3) Sales Charges (4) Paid to Affiliates (5) Contingent Retained Advanced Deferred Sales Charges LifeSpan Income Fund, Class A $7,079 $6,898 Class B $8,942 $8,202 -- LifeSpan Balanced Fund, Class A $60,676 $57,051 Class B $68,509 $47,816 -- Class C $3,712 -- -- LifeSpan Growth Fund, Class A $74,960 $74,555 Class B $57,111 $34,315 $1,656 Class C $6,054 -- --
58 Oppenheimer LifeSpan Funds NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued) 4. MANAGEMENT FEES AND OTHER TRANSACTIONS WITH AFFILIATES (continued) The Funds have adopted Service Plans 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 Funds. 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 April 30, 1997, OFDI made payments to an affiliated broker/dealer as reimbursement for Class A personal service and maintenance expenses as follows: LifeSpan Income Fund. . . . . . . . . . . . . . . . . $33,390 LifeSpan Balanced Fund. . . . . . . . . . . . . . . . $67,065 LifeSpan Growth Fund. . . . . . . . . . . . . . . . . $55,986 The Funds have 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 Funds pay OFDI an annual asset-based sales charge of 0.75% per year on Class B and Class C shares, as compensation for sales commissions paid from their own resources at the time of sale and associated financing costs. 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 Funds, 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. If the Plans are terminated by the Funds, the Board of Directors may allow the Funds to continue payments of the asset-based sales charge to OFDI for certain expenses they incurred before the Plans were terminated. During the six months ended April 30, 1997, OFDI retained certain amounts as compensation for Class B and Class C personal service and maintenance expenses. These amounts, as well as unreimbursed expenses incurred by OFDI at April 30, 1997 are as follows: Amount Retained by OFDI Unreimbursed Expenses LifeSpan Income Fund, Class B $ 2,626 $ 12,562 LifeSpan Balanced Fund, Class B 5,491 105,266 LifeSpan Balanced Fund, Class C 1,866 13,225 LifeSpan Growth Fund, Class B 13,532 93,918 LifeSpan Growth Fund, Class C 1,463 9,455 59 Oppenheimer LifeSpan Funds NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued) 5. ILLIQUID AND RESTRICTED SECURITIES At April 30, 1997, investments in securities included issues that are illiquid or restricted. Restricted securities are often purchased in private placement transactions, are not registered under the Securities Act of 1933, may have contractual restrictions on resale, and are valued under methods approved by the Board of Directors as reflecting fair value. A security may be considered illiquid if it lacks a readily-available market or if its valuation has not changed for a certain period of time. The Funds intend to invest no more than 10% of its net assets (determined at the time of purchase and reviewed from time to time) in illiquid or restricted securities. Certain restricted securities, eligible for resale to qualified institutional investors, are not subject to that limit. The aggregate value of illiquid or restricted securities subject to this 10% limitation at April 30, 1997 are as follows: Amount Percentage to Net Assets LifeSpan Income Fund $325,899 1.16% LifeSpan Balanced Fund 390,165 0.66 LifeSpan Growth Fund 251,373 0.49 6.SUBSEQUENT EVENT Effective June 11, 1997, the Custodian of Portfolio Securities will change from State Street Bank and Trust Company to The Bank of New York. 60 Oppenheimer LifeSpan Funds OPPENHEIMER LIFESPAN 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 Pauline Trigere, Director Clayton K. Yeutter, Director Robert C. Doll, Jr., Vice President Peter M. Antos, 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 ADVISER OppenheimerFunds, Inc. SUB-ADVISERS Babson-Stewart Ivory International BEA Associates Pilgrim Baxter & Associates DISTRIBUTOR OppenheimerFunds Distributor, Inc. TRANSFER AND OppenheimerFunds Services SHAREHOLDER 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 by a Prospectus of Oppenheimer LifeSpan Funds. For material information concerning the Funds, 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. 61 Oppenheimer LifeSpan Funds OppenheimerFunds Family - -------------------------------------------------------------------------------- OppenheimerFunds offers over 50 funds designed to fit virtually every investment goal. Whether you're investing for retirement, your children's education or tax-free income, we have the funds to help you seek your objective. When you invest with OppenheimerFunds, you can feel comfortable knowing that you are investing with a respected financial institution with over 35 years of experience in helping people just like you reach their financial goals. And you're investing with a leader in global, growth stock and flexible fixed-income investments--with over 3 million shareholder accounts and more than $60 billion under OppenheimerFunds' management and that of our affiliates. At OppenheimerFunds we don't charge a fee to exchange shares. And you can exchange shares easily by mail or by telephone(1). For more information on Oppenheimer funds, please contact your financial adviser or call us at 1-800-525-7048 for a prospectus. As always, please read the prospectus carefully before you invest. - -------------------------------------------------------------------------------- REAL ASSET Real Asset Fund Gold & Special Minerals Fund FUNDS - -------------------------------------------------------------------------------- STOCK FUNDS Developing Markets Fund Growth Fund Global Emerging Growth Fund Global Fund Enterprise Fund Quest Global Value Fund International Growth Fund Disciplined Value Fund Discovery Fund Oppenheimer Fund Quest Small Cap Value Fund Value Stock Fund Capital Appreciation Fund2 Quest Value Fund Quest Capital Value Fund - -------------------------------------------------------------------------------- STOCK & BOND Main Street Income & Growth Fund Equity Income Fund FUNDS Quest Opportunity Value Fund Disciplined Allocation Fund Total Return Fund Multiple Strategies Fund(3) Quest Growth & Income Value Fund Strategic Income & Growth Fund Global Growth & Income Bond Fund For Growth - -------------------------------------------------------------------------------- BOND FUNDS International Bond Fund Bond Fund High Yield Fund U.S. Government Trust Champion Income Fund Limited-Term Government Fund Strategic Income Fund - -------------------------------------------------------------------------------- MUNICIPAL California Municipal Fund(4) Insured Municipal Fund FUNDS Florida Municipal Fund(4) Intermediate Municipal Fund New Jersey Municipal Fund(4) New York Municipal Fund(4) ROCHESTER DIVISION Pennsylvania Municipal Fund(4) Rochester Fund Municipals Municipal Bond Fund Limited Term New York Municipal Fund - -------------------------------------------------------------------------------- MONEY Money Market Fund Cash Reserves MARKET FUNDS(5) - -------------------------------------------------------------------------------- LIFESPAN Growth Fund Income Fund Balanced Fund 1. Exchange privileges are subject to change or termination. Shares may be changed only for shares of the same class of eligible funds. 2. On 12/18/96, the Fund's name was changed from "Target Fund." 3. On 3/6/97, the Fund's name was changed from "Asset Allocation Fund." 4. Available only to investors in certain states. 5. An investment in money market funds is neither insured nor guaranteed by the U.S. government and there can be no assurance that a money market fund will be able to maintain a stable net asset value of $1.00 per share. Oppenheimer funds are distributed by OppenheimerFunds Distributor, Inc., Two World Trade Center, New York, NY 10048-0203. -C- Copyright 1997 OppenheimerFunds, Inc. All rights reserved. 62 Oppenheimer LifeSpan Funds [This page intentionally left blank.] -----END PRIVACY-ENHANCED MESSAGE-----