-----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, TGlpxUB0b+r1WKQz1b/xcwawvEFOIJF4pIeTpO8lZNSHdWJ/H9N2ydi5mNz/eF7+ 0Kv2xbJ5vSpKx0B0z7NVeA== 0000950123-97-000140.txt : 19970110 0000950123-97-000140.hdr.sgml : 19970110 ACCESSION NUMBER: 0000950123-97-000140 CONFORMED SUBMISSION TYPE: N-30D PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19961031 FILED AS OF DATE: 19970109 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: 97503152 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 ANNUAL REPORTS 1 OPPENHEIMER LIFESPAN FUNDS Annual Report October 31, 1996 Oppenheimer LifeSpan Growth Fund Oppenheimer LifeSpan Balanced Fund Oppenheimer LifeSpan Income Fund [OPPENHEIMER LOGO] OppenheimerFunds 2 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 strate-gically allocated portfolio consisting primarily of bond instruments. MARKET UPDATE While 1996 has been a great year for domestic equities, it has not necessarily been so easy for the faint of heart. During the first five months of the year, the stock market reported tremendous gains, thanks to strong corporate earnings, low inflation and stabilized interest rates. However, on the trail of a six-year bull market and with indexes reporting all-time highs, many experts felt some sort of a correction was inevitable. The stock market volatility we experienced in June and July certainly didn't come as a complete surprise, yet remarkably enough, by the end of September the stock market had rebounded and resumed its record-setting pace. By autumn, the Dow passed 6000, both the S&P 500 and the technology-laden NASDAQ posted all-time highs and the Russell 2000 came very close to hitting record levels as well. The LifeSpan portfolios are designed for any market environment because they include a diversity of investments that, when combined, aim at achieving good performance while limiting overall portfolio risk in different market environments. During the last year, the Funds benefited from having their assets strategically allocated over a broad range of investments. 2 Oppenheimer LifeSpan FUNDS 3 BRIDGET A. MACASKILL President Oppenheimer LifeSpan Funds Dear Shareholder, This past year has been a good year for investors seeking diversification across market sectors. It has also been a tough year full of anticipation. The U.S. markets have been waiting nervously for a correction or downturn, believed by many to be imminent after six years of a bullish stock market. And with emotions running high, the market has reacted to announcements of each new economic indicator with enthusiasm. Aside from the decline in late July, the stock market has continued to outperform. Also, we have seen economic indicators that show an economy growing at a pace just steady enough to keep inflation in check and prevent the Federal Reserve from raising interest rates. We have seen volatile but continued growth from the U.S. equity markets through the first three quarters of 1996, bringing the Dow Jones Industrial Average to new highs. Perhaps due to concerns of a correction, the market has edged away from technology and small-cap growth stocks and leaned more heavily toward larger blue-chip growth companies. We remain optimistic on the domestic equities markets, but are keeping in mind that the U.S. is in the late stages of its economic cycle and high returns such as we saw last year cannot continue unabated forever. More realistically, we anticipate a return to the high single-digit returns of the "normal nineties." In the bond market, fears of rising interest rates led to volatility during the first nine months of the year. This interest rate uncertainty fueled a decline in bond prices and forced yields to rise. Although it has been a tough period for fixed income investors, we consider this period's devaluation in bonds as an opportunity to find good value at cheaper prices. More recent indicators have shown that the economy should continue on its course of steady growth and low inflation. As a result, we could see a decline in interest rates in the coming twelve months, which could lead to a rebound in the bond market. When you look at the opportunities available in both the U.S. fixed income and equity markets, the outlook for diversified investing is very positive. Using a mutual fund that invests in both stocks and bonds gives you access to professional managers who are continually evaluating the appropriate mixture of stocks and bonds. Although stocks tend to produce the highest returns, they also typically present the greatest risk. Bonds, on the other hand, will produce more stable returns, and tend to fluctuate less on the downside than do stocks. Your portfolio managers discuss the outlook for your Fund in light of these broad issues on the following pages. Thank you for your confidence in OppenheimerFunds. We look forward to helping you reach your investment goals in the future. /s/ BRIDGET A. MACASKILL Bridget A. Macaskill November 21, 1996 3 Oppenheimer LifeSpan Funds 4 PERFORMANCE Total Returns for the Periods Ended 9/30/96: A SHARES B SHARES C SHARES LIFESPAN GROWTH FUND At net asset value(1) 12 Since Since Months Inception Inception 19.20% 19.34% 3.38% At maximum offering price(2) Since Inception 18.29% 14.34% 3.61% 12 Months 12.35% n/a n/a LIFESPAN BALANCED FUND At net asset value(1) 12 Since Since Months Inception Inception 14.89% 14.31% 3.38% At maximum offering price(2) Since Inception 13.64% 9.31% 2.38% 12 Months 8.28% n/a n/a LIFESPAN INCOME FUND At net asset value(1) 12 Since Since Months Inception Inception 6.87% 6.20% 2.10% At maximum offering price(2) Since Inception 5.21% 1.20% 1.10% 12 Months 0.72% n/a n/a 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 past year. OPPENHEIMER LIFESPAN GROWTH FUND The Fund benefited primarily from its focus on equities. The strongest performing component within the Fund was the Small Cap Equity component, whose returns were fueled by a relatively large weighting in technology stocks. The High Yield and International components followed with above-average returns. Specifically, the International component performed well because of its holdings in the United Kingdom, one of the strongest markets throughout the year, and by avoiding the weaker markets of Asia. In addition, the Value/Growth component of the portfolio provided a moderate increase, primarily from our investments in U.S. companies which are undergoing corporate restructuring. While the Growth/Income component had positive gains, the Corporate/Government component returns were down, mainly the result of rising interest rates, which made it difficult for higher-rated, long maturity bonds to show positive returns.(3) OPPENHEIMER LIFESPAN BALANCED FUND By maintaining a larger weighting in equities--approximately 60% of the portfolio is invested in stocks versus 40% in bonds--we were able to take advantage of the strength of the stock market and avoid some of the declines experienced by segments of the bond market. The majority of the Fund's return during the past year came from the Small Cap and International components, with the Value/Growth and Growth/Income components reporting more modest contributions to the Fund's performance. In the fixed income portion of the portfolio, the High Yield component was the strongest performer, while the Short-Term Bond and Government/Corporate Bond components underperformed, which was reflective of the strains within the bond market this year. OPPENHEIMER LIFESPAN INCOME FUND Over the period, the Fund focused on earning high current income. Of the four primary components of LifeSpan Income Fund, the High Yield Bond segment, while having greater credit risks, provided the greatest contribution to performance. The Fund's Growth/Income component was the other primary contributor to positive performance. By maintaining a heavy weighting in technology stocks, a sector that performed well over the period, this component was able to report an increase. However, due to a rising interest rate environment, the Government/Corporate Bond component declined and the Short-Term Bond component showed only a modest increase. FUND OVERVIEW 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 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 OppenheimerFunds, 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. Includes change in net asset value per share without deducting any sales charges. Such performance would have been lower if sales charges were taken into account. 2. Class A returns include the current maximum initial sales charge of 5.75%. 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 returns since inception on 10/1/95 include the applicable contingent deferred sales charge of 5%. Class C returns since inception on 5/1/96 include the applicable contingent deferred sales charge of 1%. 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 .75%. 3. The Fund's portfolio is subject to change. 4 Oppenheimer LifeSpan Funds 5 STATEMENT OF INVESTMENTS October 31, 1996 Oppenheimer LifeSpan Income Fund
FACE MARKET VALUE AMOUNT SEE NOTE 1 =================================================================================================================================== MORTGAGE-BACKED OBLIGATIONS - 9.3% - ----------------------------------------------------------------------------------------------------------------------------------- GOVERNMENT AGENCY - 8.1% - ----------------------------------------------------------------------------------------------------------------------------------- Federal Home Loan Mortgage Corp.: Collateralized Mtg. Obligations, Gtd. Multiclass Mtg. Participation Certificates, 5.50%, 5/1/98 $ 81,238 $ 80,540 Gtd. Multiclass Mtg. Participation Certificates, 6%, 3/1/09 356,421 346,756 Gtd. Multiclass Mtg. Participation Certificates, Series 1574, Cl. PD, 5.50%, 3/15/13 75,000 74,625 Series 1843, Cl. VB, 7%, 4/15/03 85,000 85,824 Series 1849, Cl. VA, 6%, 12/15/10 284,220 279,690 ----------------------------------------------------------------------------------------------------------------------------- Federal National Mortgage Assn.: 6%, 12/1/03 288,001 282,996 6.50%, 4/1/26 197,498 188,976 7%, 4/1/00 147,351 148,529 Collateralized Mtg. Obligations, Gtd. Real Estate Mtg. Investment Conduit Pass-Through Certificates, Series 1993- 181, Cl. C, 5.40%, 10/25/02 320,000 317,600 Collateralized Mtg. Obligations, Gtd. Real Estate Mtg. Investment Conduit Pass-Through Certificates, Series 1993- 190, Cl. Z, 5.85%, 7/25/08 178,700 176,159 Series 1994-13, Cl. B, 6.50%, 2/25/09 200,000 192,562 ---------------- 2,174,257 - ----------------------------------------------------------------------------------------------------------------------------------- PRIVATE - 1.2% - ----------------------------------------------------------------------------------------------------------------------------------- GE Capital Mortgage Securities, Inc., Series-HE2, Cl. A3, 7.30%, 3/25/12 160,000 162,175 ----------------------------------------------------------------------------------------------------------------------------- Olympic Automobile Receivables Trust, Series 1996-A, Cl. A4, 5.85%, 7/15/01 145,000 144,048 ---------------- 306,223 ---------------- Total Mortgage-Backed Obligations (Cost $2,463,995) 2,480,480 =================================================================================================================================== U.S. GOVERNMENT OBLIGATIONS - 9.9% - ----------------------------------------------------------------------------------------------------------------------------------- U.S. Treasury Bonds, 7.50%, 11/15/16 1,645,000 1,779,685 ----------------------------------------------------------------------------------------------------------------------------- U.S. Treasury Nts.: 6.50%, 8/15/05 450,000 454,781 6.75%, 6/30/99 130,000 132,722 7.25%, 8/15/04 280,000 295,662 ---------------- Total U.S. Government Obligations (Cost $2,589,817) 2,662,850 =================================================================================================================================== CORPORATE BONDS AND NOTES - 52.1% - ----------------------------------------------------------------------------------------------------------------------------------- BASIC INDUSTRY - 7.8% - ----------------------------------------------------------------------------------------------------------------------------------- CHEMICALS - 3.7% ----------------------------------------------------------------------------------------------------------------------------- Burmah Castrol plc, 7% Gtd. Medium-Term Nts., 12/15/97 145,000 146,910 ----------------------------------------------------------------------------------------------------------------------------- DuPont E.I. De Nemours & Co., 8.50% Debs., 2/15/03 150,000 162,934 ----------------------------------------------------------------------------------------------------------------------------- Harris Chemical North America, Inc., 10.25% Gtd. Sr. Sec. Disc. Nts., 7/15/01 50,000 51,750 ----------------------------------------------------------------------------------------------------------------------------- IMC Global, Inc., 6.25% Cv. Sub. Debs., 12/1/01 100,000 117,250 ----------------------------------------------------------------------------------------------------------------------------- ISP Holdings, Inc., 9.75% Sr. Nts., 2/15/02 (1) 21,000 21,682 ----------------------------------------------------------------------------------------------------------------------------- LaRoche Industries, Inc., 13% Sr. Sub. Nts., 8/15/04 75,000 81,281
5 Oppenheimer LifeSpan Funds 6 STATEMENT OF INVESTMENTS (Continued) Oppenheimer LifeSpan Income Fund
FACE MARKET VALUE AMOUNT SEE NOTE 1 - ----------------------------------------------------------------------------------------------------------------------------------- CHEMICALS (CONTINUED) ----------------------------------------------------------------------------------------------------------------------------- Lyondell Petrochemical Co., 8.25% Nts., 3/15/97 $ 105,000 $ 105,931 ----------------------------------------------------------------------------------------------------------------------------- Morton International, Inc., 9.25% Credit Sensitive Nts., 6/1/20 (6) 85,000 104,153 ----------------------------------------------------------------------------------------------------------------------------- PPG Industries, Inc., 9% Debs., 5/1/21 85,000 102,366 ----------------------------------------------------------------------------------------------------------------------------- Viridian, Inc., 10.50% Debs., 3/31/14 75,000 89,437 ---------------- 983,694 - ----------------------------------------------------------------------------------------------------------------------------------- METALS/MINING - 0.9% ----------------------------------------------------------------------------------------------------------------------------- Alcan Aluminum Ltd., 9.625% Debs., 7/15/19 165,000 178,919 ----------------------------------------------------------------------------------------------------------------------------- Kaiser Aluminum & Chemical Corp., 12.75% Sr. Sub. Nts., 2/1/03 50,000 51,875 ---------------- 230,794 - ----------------------------------------------------------------------------------------------------------------------------------- PAPER - 2.6% ----------------------------------------------------------------------------------------------------------------------------- Celulosa Arauco y Constitucion SA, 7.25% Debs., 6/11/98 145,000 145,544 ----------------------------------------------------------------------------------------------------------------------------- Crown Packaging Holdings Ltd., 0%/12.25% Sr. Sub. Disc. Nts., Series B, 11/1/03 (2) 100,000 39,500 ----------------------------------------------------------------------------------------------------------------------------- Gaylord Container Corp., 12.75% Sr. Sub. Disc. Debs., 5/15/05 50,000 54,875 ----------------------------------------------------------------------------------------------------------------------------- Georgia-Pacific Corp., 9.85% Credit Sensitive Nts., 6/15/97 (6) 290,000 296,982 ----------------------------------------------------------------------------------------------------------------------------- Malette, Inc., 12.25% Sr. Sec. Nts., 7/15/04 50,000 54,375 ----------------------------------------------------------------------------------------------------------------------------- Stone Container Corp., 9.875% Sr. Nts., 2/1/01 100,000 100,000 ---------------- 691,276 - ----------------------------------------------------------------------------------------------------------------------------------- STEEL - 0.6% ----------------------------------------------------------------------------------------------------------------------------- Gulf States Steel, Inc., Alabama, 13.50% First Mtg. Nts., Series B, 4/15/03 50,000 47,312 ----------------------------------------------------------------------------------------------------------------------------- Republic Engineered Steels, Inc., 9.875% First Mtg. Nts., 12/15/01 25,000 23,375 ----------------------------------------------------------------------------------------------------------------------------- WCI Steel, Inc., 10.50% Sr. Gtd. Nts., Series B, 3/1/02 50,000 56,062 ----------------------------------------------------------------------------------------------------------------------------- Weirton Steel Corp., 10.75% Sr. Nts., 6/1/05 50,000 47,750 ---------------- 174,499 - ----------------------------------------------------------------------------------------------------------------------------------- CONSUMER RELATED - 7.8% - ----------------------------------------------------------------------------------------------------------------------------------- CONSUMER PRODUCTS - 2.3% ----------------------------------------------------------------------------------------------------------------------------- Black & Decker Corp., 6.625% Nts., 11/15/00 145,000 145,665 ----------------------------------------------------------------------------------------------------------------------------- Electrolux AB, 7.75% Sr. Unsub. Debs., 6/17/97 290,000 292,900 ----------------------------------------------------------------------------------------------------------------------------- Kimberly-Clark Corp., 7.875% Debs., 2/1/23 85,000 89,409 ----------------------------------------------------------------------------------------------------------------------------- Revlon Consumer Products Corp., 9.375% Sr. Nts., 4/1/01 50,000 51,250 ----------------------------------------------------------------------------------------------------------------------------- Revlon Worldwide Corp., Zero Coupon Sr. Sec. Disc. Nts., Series B, 14.04%, 3/15/98 (3) 50,000 44,312 ---------------- 623,536 - ----------------------------------------------------------------------------------------------------------------------------------- FOOD/BEVERAGES/TOBACCO - 1.3% ----------------------------------------------------------------------------------------------------------------------------- Dole Food Co., 6.75% Nts., 7/15/00 150,000 150,927 ----------------------------------------------------------------------------------------------------------------------------- Great Atlantic & Pacific Tea Co., 9.125% Debs., 1/15/98 145,000 149,202 ----------------------------------------------------------------------------------------------------------------------------- Philip Morris Cos., Inc., 8.75% Debs., 12/1/96 60,000 60,124 ---------------- 360,253 - ----------------------------------------------------------------------------------------------------------------------------------- HEALTHCARE - 2.2% ----------------------------------------------------------------------------------------------------------------------------- Columbia/HCA Healthcare Corp., 6.875% Nts., 7/15/01 160,000 162,006 ----------------------------------------------------------------------------------------------------------------------------- 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 55,250
6 Oppenheimer LifeSpan Funds 7 STATEMENT OF INVESTMENTS (Continued) Oppenheimer LifeSpan Income Fund
FACE MARKET VALUE AMOUNT SEE NOTE 1 - ----------------------------------------------------------------------------------------------------------------------------------- HEALTHCARE (CONTINUED) ----------------------------------------------------------------------------------------------------------------------------- Integrated Health Services, Inc., 9.625% Sr. Sub. Nts., Series A, 5/31/02 $ 50,000 $ 51,000 ----------------------------------------------------------------------------------------------------------------------------- Paracelsus Healthcare Corp., 10% Sr. Sub. Unsec. Nts., 8/15/06 50,000 46,938 ----------------------------------------------------------------------------------------------------------------------------- Roche Holdings, Inc., 2.75% Bonds, 4/14/00 300,000 271,313 ---------------- 586,507 - ----------------------------------------------------------------------------------------------------------------------------------- HOTEL/GAMING - 2.0% ----------------------------------------------------------------------------------------------------------------------------- Argosy Gaming Co., 13.25% First Mtg. Nts., 6/1/04 50,000 48,500 ----------------------------------------------------------------------------------------------------------------------------- Bally's Casino Holdings, Inc., Zero Coupon Sr. Disc. Nts., 8.594%, 6/15/98 (3) 75,000 66,000 ----------------------------------------------------------------------------------------------------------------------------- Bally's Park Place Funding, Inc., 9.25% Gtd. First Mtg. Nts., 3/15/04 50,000 54,875 ----------------------------------------------------------------------------------------------------------------------------- Casino Magic of Louisiana Corp., 13% First Mtg. Nts., 8/15/03 (1) 50,000 51,000 ----------------------------------------------------------------------------------------------------------------------------- GB Property Funding Corp., 10.875% First Mtg. Nts., 1/15/04 25,000 22,750 ----------------------------------------------------------------------------------------------------------------------------- GNF Corp., 10.625% Gtd. First Mtg. Nts., Series B, 4/1/03 50,000 55,438 ----------------------------------------------------------------------------------------------------------------------------- Mohegan Tribal Gaming Authority, 13.50% Sr. Sec. Nts., Series B, 11/15/02 25,000 32,000 ----------------------------------------------------------------------------------------------------------------------------- Rio Hotel & Casino, Inc., 10.625% Sr. Sub. Nts., 7/15/05 100,000 104,500 ----------------------------------------------------------------------------------------------------------------------------- Santa Fe Hotel, Inc., 11% Gtd. First Mtg. Nts., 12/15/00 45,000 31,275 ----------------------------------------------------------------------------------------------------------------------------- Trump Atlantic City Associates/Trump Atlantic City Funding, Inc., 11.25% First Mtg. Nts., 5/1/06 25,000 23,750 ----------------------------------------------------------------------------------------------------------------------------- Trump's Castle Funding, Inc., 11.75% Mtg. Nts., 11/15/03 50,000 47,500 ---------------- 537,588 - ----------------------------------------------------------------------------------------------------------------------------------- ENERGY - 1.7% - ----------------------------------------------------------------------------------------------------------------------------------- Coastal Corp.: 8.125% Sr. Nts., 9/15/02 85,000 90,625 8.75% Sr. Nts., 5/15/99 55,000 58,087 ----------------------------------------------------------------------------------------------------------------------------- Falcon Holdings Group LP, 11% Sr. Sub. Nts., 9/15/03 (5) 58,711 52,465 ----------------------------------------------------------------------------------------------------------------------------- Louisiana Land & Exploration Co., 7.65% Debs., 12/1/23 100,000 100,333 ----------------------------------------------------------------------------------------------------------------------------- Maxus Energy Corp., 9.875% Nts., 10/15/02 50,000 51,375 ----------------------------------------------------------------------------------------------------------------------------- Standard Oil/British Petroleum Co. plc, 9% Debs., 6/1/19 85,000 89,819 ---------------- 442,704 - ----------------------------------------------------------------------------------------------------------------------------------- FINANCIAL SERVICES - 14.2% - ----------------------------------------------------------------------------------------------------------------------------------- BANKS & THRIFTS - 4.9% ----------------------------------------------------------------------------------------------------------------------------- BankAmerica Corp., 6% Nts., 7/15/97 300,000 300,486 ----------------------------------------------------------------------------------------------------------------------------- Barnett Banks, Inc., 8.50% Sub. Exchangeable Nts., 3/1/99 60,000 62,979 ----------------------------------------------------------------------------------------------------------------------------- Chase Manhattan Corp. (New), 6.625% Sr. Nts., 1/15/98 55,000 55,411 ----------------------------------------------------------------------------------------------------------------------------- Citicorp, 5.625% Sr. Nts., 2/15/01 90,000 87,284 ----------------------------------------------------------------------------------------------------------------------------- First Fidelity Bancorporation, 8.50% Sub. Capital Nts., 4/1/98 55,000 56,635 ----------------------------------------------------------------------------------------------------------------------------- First Union Corp., 6.75% Sr. Nts., 1/15/98 55,000 55,533 ----------------------------------------------------------------------------------------------------------------------------- First USA Bank, 5.35% Medium-Term Nts., 12/27/96 150,000 149,876 ----------------------------------------------------------------------------------------------------------------------------- Fleet Mtg./Norstar Group, Inc., 9.90% Sub. Nts., 6/15/01 145,000 163,678 ----------------------------------------------------------------------------------------------------------------------------- Integra Financial Corp., 6.50% Sub. Nts., 4/15/00 145,000 145,611 ----------------------------------------------------------------------------------------------------------------------------- Mellon Financial Bank Corp., 6.50% Gtd. Sr. Nts., 12/1/97 185,000 186,165 ----------------------------------------------------------------------------------------------------------------------------- Security Pacific Corp., 7.75% Nts., 12/1/96 55,000 55,082 ---------------- 1,318,740
7 Oppenheimer LifeSpan Funds 8 STATEMENT OF INVESTMENTS (Continued) Oppenheimer LifeSpan Income Fund
FACE MARKET VALUE AMOUNT SEE NOTE 1 - ----------------------------------------------------------------------------------------------------------------------------------- DIVERSIFIED FINANCIAL - 7.7% ----------------------------------------------------------------------------------------------------------------------------- American General Finance Corp., 8.50% Sr. Nts., 8/15/98 $ 60,000 $ 62,517 ----------------------------------------------------------------------------------------------------------------------------- Associates Corp. of North America, 7.40% Medium-Term Nts., 7/7/99 60,000 61,837 ----------------------------------------------------------------------------------------------------------------------------- Beneficial Corp., 9.125% Debs., 2/15/98 145,000 150,535 ----------------------------------------------------------------------------------------------------------------------------- Capital One Financial Corp., 6.83% Sr. Nts., 5/17/99 75,000 75,525 ----------------------------------------------------------------------------------------------------------------------------- Chrysler Financial Corp., 6.65% Medium-Term Nts., 04/28/97 120,000 120,604 ----------------------------------------------------------------------------------------------------------------------------- Commercial Credit Co., 5.55% Unsec. Nts., 2/15/01 145,000 140,113 ----------------------------------------------------------------------------------------------------------------------------- Countrywide Funding Corp.: 6.05% Gtd. Medium-Term Nts., Series D, 3/1/01 90,000 88,232 6.085% Gtd. Medium-Term Nts., Series B, 7/14/99 60,000 59,664 6.57% Gtd. Medium-Term Nts., Series A, 8/4/97 60,000 60,353 ----------------------------------------------------------------------------------------------------------------------------- Ford Motor Credit Co., 6.25% Unsub. Nts., 2/26/98 145,000 145,940 ----------------------------------------------------------------------------------------------------------------------------- General Motors Acceptance Corp.: 5.625% Nts., 2/15/01 175,000 169,080 5.65% Medium-Term Nts., 12/15/97 300,000 299,231 ----------------------------------------------------------------------------------------------------------------------------- Golden West Financial Corp., 8.625% Sub. Nts., 8/30/98 55,000 57,321 ----------------------------------------------------------------------------------------------------------------------------- GPA Delaware, Inc., 8.75% Gtd. Nts., 12/15/98 50,000 50,813 ----------------------------------------------------------------------------------------------------------------------------- Merrill Lynch & Co., Inc.: 6.50% Nts., 4/1/01 150,000 149,832 8.25% Debs., 11/18/96 85,000 85,068 ----------------------------------------------------------------------------------------------------------------------------- Norwest Financial, Inc., 6.50% Sr. Nts., 11/15/97 55,000 55,378 ----------------------------------------------------------------------------------------------------------------------------- Penske Truck Leasing Co. LP, 7.75% Sr. Nts., 5/15/99 55,000 57,195 ----------------------------------------------------------------------------------------------------------------------------- Salomon, Inc., 8.69% Sr. Medium-Term Nts., Series D, 3/1/99 160,000 167,495 ---------------- 2,056,733 - ----------------------------------------------------------------------------------------------------------------------------------- INSURANCE - 1.6% ----------------------------------------------------------------------------------------------------------------------------- Cigna Corp., 7.90% Nts., 12/14/98 150,000 154,800 ----------------------------------------------------------------------------------------------------------------------------- SunAmerica, Inc., 9% Sr. Nts., 1/15/99 120,000 126,266 ----------------------------------------------------------------------------------------------------------------------------- Travelers/Aetna Property Casualty Corp., 6.75% Nts., 4/15/01 145,000 146,428 ---------------- 427,494 - ----------------------------------------------------------------------------------------------------------------------------------- HOUSING RELATED - 0.5% - ----------------------------------------------------------------------------------------------------------------------------------- BUILDING MATERIALS - 0.3% ----------------------------------------------------------------------------------------------------------------------------- American Standard, Inc., 10.875% Sr. Nts., 5/15/99 70,000 74,725 - ----------------------------------------------------------------------------------------------------------------------------------- HOMEBUILDERS/REAL ESTATE - 0.2% ----------------------------------------------------------------------------------------------------------------------------- Chelsea GCA Realty Partner, Inc., 7.75% Gtd. Unsec. Unsub. Nts., 1/26/01 60,000 59,586 - ----------------------------------------------------------------------------------------------------------------------------------- MANUFACTURING - 2.3% - ----------------------------------------------------------------------------------------------------------------------------------- AEROSPACE/ELECTRONICS/COMPUTERS - 1.2% ----------------------------------------------------------------------------------------------------------------------------- British Aerospace plc, 8% Debs., 5/27/97 60,000 60,713 ----------------------------------------------------------------------------------------------------------------------------- Digital Equipment Corp., 7% Nts., 11/15/97 215,000 215,983 ----------------------------------------------------------------------------------------------------------------------------- Unisys Corp., 12% Sr. Nts., Series B, 4/15/03 50,000 51,500 ---------------- 328,196 - ----------------------------------------------------------------------------------------------------------------------------------- AUTOMOTIVE - 0.1% ----------------------------------------------------------------------------------------------------------------------------- Venture Holdings Trust, 9.75% Sr. Sub. Nts., 4/1/04 39,000 35,100 - ----------------------------------------------------------------------------------------------------------------------------------- CAPITAL GOODS - 1.0% ----------------------------------------------------------------------------------------------------------------------------- Day International Group, Inc., 11.125% Sr. Sub. Nts., Series B, 6/1/05 50,000 52,500
8 Oppenheimer LifeSpan Funds 9 STATEMENT OF INVESTMENTS (Continued) Oppenheimer LifeSpan Income Fund
FACE MARKET VALUE AMOUNT SEE NOTE 1 - ----------------------------------------------------------------------------------------------------------------------------------- CAPITAL GOODS (CONTINUED) ----------------------------------------------------------------------------------------------------------------------------- Interlake Corp., 12.125% Sr. Sub. Debs., 3/1/02 $ 50,000 $ 52,000 ----------------------------------------------------------------------------------------------------------------------------- International Wire Group, Inc., 11.75% Sr. Sub. Nts., 6/1/05 50,000 53,125 ----------------------------------------------------------------------------------------------------------------------------- Jordan Industries, Inc., 10.375% Sr. Nts., 8/1/03 25,000 24,750 ----------------------------------------------------------------------------------------------------------------------------- Mark IV Industries, Inc., 8.75% Sub. Nts., 4/1/03 40,000 40,900 ----------------------------------------------------------------------------------------------------------------------------- Specialty Equipment Co., 11.375% Sr. Sub. Nts., 12/1/03 50,000 54,000 ---------------- 277,275 - ----------------------------------------------------------------------------------------------------------------------------------- MEDIA - 4.9% - ----------------------------------------------------------------------------------------------------------------------------------- BROADCASTING - 0.6% ----------------------------------------------------------------------------------------------------------------------------- New World Communications Group Holding Corp., Zero Coupon Sr. Disc. Nts., Series B, 10.985%, 6/15/99 (3) 75,000 61,500 ----------------------------------------------------------------------------------------------------------------------------- Park Broadcasting, Inc., 11.75% Sr. Nts., 5/15/04 (1) 50,000 57,750 ----------------------------------------------------------------------------------------------------------------------------- Sinclair Broadcast Group, Inc., 10% Sr. Sub. Nts., 9/30/05 50,000 48,750 ---------------- 168,000 - ----------------------------------------------------------------------------------------------------------------------------------- CABLE TELEVISION - 1.7% ----------------------------------------------------------------------------------------------------------------------------- Australis Media Ltd., Units (each unit consists of $1,000 principal amount of 0%/14% sr. sub. disc. nts., 5/15/03 and one warrant to purchase 57.721 ordinary shares) (2)(4) 75,000 44,250 ----------------------------------------------------------------------------------------------------------------------------- Bell Cablemedia plc, 0%/11.95% Sr. Disc. Nts., 7/15/04 (2) 75,000 62,063 ----------------------------------------------------------------------------------------------------------------------------- Comcast Corp., 9.375% Sr. Sub. Debs., 5/15/05 50,000 50,313 ----------------------------------------------------------------------------------------------------------------------------- Comcast UK Cable Partner Ltd., 0%/11.20% Sr. Disc. Debs., 11/15/07 (2) 75,000 48,750 ----------------------------------------------------------------------------------------------------------------------------- Helicon Group LP/Helicon Capital Corp., 9% Sr. Sec. Nts., Series B, 11/1/03 (6) 100,000 102,500 ----------------------------------------------------------------------------------------------------------------------------- International CableTel, Inc., 0%/11.50% Sr. Deferred Coupon Nts., Series B, 2/1/06 (2) 100,000 61,000 ----------------------------------------------------------------------------------------------------------------------------- United International Holdings, Inc., Zero Coupon Sr. Sec. Disc. Nts., Series B, 14%, 11/15/99 (3) 100,000 70,000 ----------------------------------------------------------------------------------------------------------------------------- Wireless One, Inc., Units (each unit consists of $1,000 principal amount of 0%/13.50% sr. disc. nts., 8/1/01 and one warrant to purchase 2.274 ordinary shares) (2)(4) 50,000 26,750 ---------------- 465,626 - ----------------------------------------------------------------------------------------------------------------------------------- DIVERSIFIED MEDIA - 0.6% ----------------------------------------------------------------------------------------------------------------------------- Time Warner, Inc., 7.45% Nts., 2/1/98 145,000 147,196 - ----------------------------------------------------------------------------------------------------------------------------------- ENTERTAINMENT/FILM - 1.7% ----------------------------------------------------------------------------------------------------------------------------- American Skiing Corp., 12% Sr. Sub. Nts., 7/15/06 (7) 75,000 76,125 ----------------------------------------------------------------------------------------------------------------------------- Blockbuster Entertainment Corp., 6.625% Sr. Nts., 2/15/98 145,000 145,728 ----------------------------------------------------------------------------------------------------------------------------- Marvel III Holdings, Inc., 9.125% Sr. Sec. Nts., Series B, 2/15/98 25,000 11,375 ----------------------------------------------------------------------------------------------------------------------------- Walt Disney Co., 6.375% Sr. Unsec. Bonds, Series A, 3/30/01 220,000 219,736 ---------------- 452,964 - ----------------------------------------------------------------------------------------------------------------------------------- PUBLISHING/PRINTING - 0.3% ----------------------------------------------------------------------------------------------------------------------------- Reed Publishing (USA), Inc., 7.24% Gtd. Medium-Term Nts., 2/10/97 70,000 70,281 - ----------------------------------------------------------------------------------------------------------------------------------- OTHER - 0.8% - ----------------------------------------------------------------------------------------------------------------------------------- CONGLOMERATES - 0.2% - ----------------------------------------------------------------------------------------------------------------------------------- Alpine Group, Inc., 12.25% Sr. Nts., 7/15/03 38,000 40,185
9 Oppenheimer LifeSpan Funds 10 STATEMENT OF INVESTMENTS (Continued) Oppenheimer LifeSpan Income Fund
FACE MARKET VALUE AMOUNT SEE NOTE 1 - ----------------------------------------------------------------------------------------------------------------------------------- SERVICES - 0.6% ----------------------------------------------------------------------------------------------------------------------------- Monarch Marketing Systems, Inc., 12.50% Sr. Nts., 7/1/03 $ 75,000 $ 82,875 ----------------------------------------------------------------------------------------------------------------------------- Shop Vac Corp., 10.625% Sr. Nts., 9/1/03 (1) 75,000 77,156 ---------------- 160,031 - ----------------------------------------------------------------------------------------------------------------------------------- RETAIL - 4.0% - ----------------------------------------------------------------------------------------------------------------------------------- DEPARTMENT STORES - 2.7% ----------------------------------------------------------------------------------------------------------------------------- Dayton Hudson Co., 9.40% Debs., 12/15/01 150,000 165,520 ----------------------------------------------------------------------------------------------------------------------------- Federated Department Stores, Inc., 10% Sr. Nts., 2/15/01 60,000 65,664 ----------------------------------------------------------------------------------------------------------------------------- Parisian, Inc., 9.875% Sr. Sub. Nts., 7/15/03 50,000 50,625 ----------------------------------------------------------------------------------------------------------------------------- Price/Costco, Inc., 7.125% Sr. Nts., 6/15/05 120,000 119,675 ----------------------------------------------------------------------------------------------------------------------------- Sears Roebuck & Co., 8.39% Medium-Term Nts., 3/23/99 290,000 304,383 ---------------- 705,867 - ----------------------------------------------------------------------------------------------------------------------------------- DRUG STORES - 0.4% ----------------------------------------------------------------------------------------------------------------------------- Duane Reade, 12% Sr. Nts., Series B, 9/15/02 50,000 48,750 ----------------------------------------------------------------------------------------------------------------------------- Pathmark Stores, Inc., 0%/10.75% Jr. Sub. Deferred Coupon Nts., 11/1/03 (2) 100,000 69,000 ---------------- 117,750 - ----------------------------------------------------------------------------------------------------------------------------------- SPECIALTY RETAILING - 0.4% ----------------------------------------------------------------------------------------------------------------------------- Hills Stores Co., 12.50% Sr. Nts., Series B, 7/1/03 50,000 45,500 ----------------------------------------------------------------------------------------------------------------------------- Waban, Inc., 11% Sr. Sub. Nts., 5/15/04 50,000 56,375 ---------------- 101,875 - ----------------------------------------------------------------------------------------------------------------------------------- SUPERMARKETS - 0.5% ----------------------------------------------------------------------------------------------------------------------------- Dairy Mart Convenience Stores, Inc., 10.25% Sr. Sub. Nts., 3/15/04 50,000 48,125 ----------------------------------------------------------------------------------------------------------------------------- Farm Fresh, Inc., 12.25% Sr. Nts., Series A, 10/1/00 50,000 40,000 ----------------------------------------------------------------------------------------------------------------------------- Jitney-Jungle Stores of America, Inc., 12% Gtd. Sr. Nts., 3/1/06 50,000 53,500 ---------------- 141,625 - ----------------------------------------------------------------------------------------------------------------------------------- TRANSPORTATION - 1.5% - ----------------------------------------------------------------------------------------------------------------------------------- RAILROADS - 0.6% ----------------------------------------------------------------------------------------------------------------------------- Union Pacific Corp., 7% Nts., 6/15/00 150,000 152,932 - ----------------------------------------------------------------------------------------------------------------------------------- SHIPPING - 0.9% ----------------------------------------------------------------------------------------------------------------------------- Federal Express Corp., 6.25% Nts., 4/15/98 240,000 240,578 - ----------------------------------------------------------------------------------------------------------------------------------- UTILITIES - 6.6% - ----------------------------------------------------------------------------------------------------------------------------------- ELECTRIC UTILITIES - 3.1% ----------------------------------------------------------------------------------------------------------------------------- Consumers Power Co., 8.75% Mtg. Nts., 2/15/98 145,000 148,932 ----------------------------------------------------------------------------------------------------------------------------- El Paso Electric Co., 7.25% First Mtg. Nts., Series A, 2/1/99 75,000 75,188 ----------------------------------------------------------------------------------------------------------------------------- NorAm Energy Corp., 9.875% Nts., 4/15/97 290,000 295,184 ----------------------------------------------------------------------------------------------------------------------------- Northern Illinois Gas Co., 6.45% First Mtg. Bonds, 8/1/01 220,000 220,945 ----------------------------------------------------------------------------------------------------------------------------- Williams Holdings of Delaware, Inc., 6.25% Sr. Unsec. Debs., 2/1/06 100,000 94,951 ---------------- 835,200 - ----------------------------------------------------------------------------------------------------------------------------------- TELECOMMUNICATIONS - 3.5% ----------------------------------------------------------------------------------------------------------------------------- Allbritton Communications Co., 9.75% Sr. Sub. Debs., Series B, 11/30/07 50,000 46,875 ----------------------------------------------------------------------------------------------------------------------------- American Communications Services, Inc., 0%/13% Sr. Disc. Nts., 11/1/05 (2) 75,000 42,750 ----------------------------------------------------------------------------------------------------------------------------- Arch Communications Group, Inc., 0%/10.875% Sr. Disc. Nts., 3/15/08 (2) 75,000 41,625
10 Oppenheimer LifeSpan Funds 11 STATEMENT OF INVESTMENTS (Continued) Oppenheimer LifeSpan Income Fund
FACE MARKET VALUE AMOUNT SEE NOTE 1 - ---------------------------------------------------------------------------------------------------------------------------------- TELECOMMUNICATIONS (CONTINUED) ----------------------------------------------------------------------------------------------------------------------------- Centennial Cellular Corp., 10.125% Sr. Nts., 5/15/05 $ 50,000 $ 49,375 ----------------------------------------------------------------------------------------------------------------------------- GTE Corp., 8.85% Debs., 3/1/98 60,000 62,151 ----------------------------------------------------------------------------------------------------------------------------- Intermedia Communications, Inc., 13.50% Sr. Nts., Series B, 6/1/05 50,000 57,125 ----------------------------------------------------------------------------------------------------------------------------- MCI Communications Corp.: 7.125% Sr. Nts., 1/20/00 145,000 148,671 7.625% Sr. Nts., 11/7/96 60,000 60,007 ----------------------------------------------------------------------------------------------------------------------------- Metrocall, Inc., 10.375% Sr. Sub. Nts., 10/1/07 25,000 20,875 ----------------------------------------------------------------------------------------------------------------------------- MFS Communications Co., Inc., 0%/9.375% Sr. Disc. Nts., 1/15/04 (2) 75,000 64,031 ----------------------------------------------------------------------------------------------------------------------------- Nextel Communications, Inc., 0%/9.75% Sr. Disc. Nts., 8/15/04 (2) 100,000 63,875 ----------------------------------------------------------------------------------------------------------------------------- Peoples Telephone Co., Inc., 12.25% Sr. Nts., 7/15/02 50,000 52,500 ----------------------------------------------------------------------------------------------------------------------------- Plantronics, Inc., 10% Sr. Nts., 1/15/01 75,000 78,188 ----------------------------------------------------------------------------------------------------------------------------- Sprint Spectrum LP/Sprint Spectrum Finance Corp., 11% Sr. Nts., 8/15/06 50,000 50,875 ----------------------------------------------------------------------------------------------------------------------------- Teleport Communications Group, Inc.: 0%/11.125% Sr. Disc. Nts., 7/1/07 (2) 25,000 16,188 9.875% Sr. Nts., 7/1/06 25,000 25,656 ----------------------------------------------------------------------------------------------------------------------------- Western Wireless Corp., 10.50% Sr. Sub. Nts., 2/1/07 (7) 50,000 50,188 ---------------- 930,955 ---------------- Total Corporate Bonds and Notes (Cost $13,845,812) 13,939,765 SHARES =================================================================================================================================== COMMON STOCKS - 21.1% - ----------------------------------------------------------------------------------------------------------------------------------- BASIC INDUSTRY - 1.5% - ----------------------------------------------------------------------------------------------------------------------------------- CHEMICALS - 0.5% ----------------------------------------------------------------------------------------------------------------------------- Dexter Corp. 4,300 133,300 ----------------------------------------------------------------------------------------------------------------------------- Millenium Chemicals, Inc. (8) 528 10,692 ---------------- 143,992 - ----------------------------------------------------------------------------------------------------------------------------------- STEEL - 1.0% ----------------------------------------------------------------------------------------------------------------------------- Carpenter Technology Corp. 3,200 104,400 ----------------------------------------------------------------------------------------------------------------------------- UNR Industries, Inc. 23,000 155,250 ---------------- 259,650 - ----------------------------------------------------------------------------------------------------------------------------------- CONSUMER RELATED - 1.7% - ----------------------------------------------------------------------------------------------------------------------------------- FOOD/BEVERAGES/TOBACCO - 0.5% ----------------------------------------------------------------------------------------------------------------------------- Anheuser-Busch Cos., Inc. 3,000 115,500 ----------------------------------------------------------------------------------------------------------------------------- Imperial Tobacco Group plc, ADR (8) 1,850 21,600 ---------------- 137,100 - ----------------------------------------------------------------------------------------------------------------------------------- HEALTHCARE - 1.0% ----------------------------------------------------------------------------------------------------------------------------- Bristol-Myers Squibb Co. 1,500 158,625 ----------------------------------------------------------------------------------------------------------------------------- Glaxo Wellcome plc, Sponsored ADR 3,800 119,700 ---------------- 278,325 - ----------------------------------------------------------------------------------------------------------------------------------- Restaurants - 0.2% ----------------------------------------------------------------------------------------------------------------------------- Piccadilly Cafeterias, Inc. 6,900 60,375 - ----------------------------------------------------------------------------------------------------------------------------------- ENERGY - 3.3% - ----------------------------------------------------------------------------------------------------------------------------------- Amoco Corp. 1,400 106,050 ----------------------------------------------------------------------------------------------------------------------------- Atlantic Richfield Co. 1,200 159,000
11 Oppenheimer LifeSpan Funds 12 STATEMENT OF INVESTMENTS (Continued) Oppenheimer LifeSpan Income Fund
MARKET VALUE SHARES SEE NOTE 1 - ----------------------------------------------------------------------------------------------------------------------------------- ENERGY (CONTINUED) - ----------------------------------------------------------------------------------------------------------------------------------- Chevron Corp. 2,300 $ 151,225 ----------------------------------------------------------------------------------------------------------------------------- El Paso Natural Gas Co. 3,800 184,300 ----------------------------------------------------------------------------------------------------------------------------- Exxon Corp. 1,500 132,937 ----------------------------------------------------------------------------------------------------------------------------- Mobil Corp. 1,200 140,100 ---------------- 873,612 - ----------------------------------------------------------------------------------------------------------------------------------- FINANCIAL SERVICES - 2.6% - ----------------------------------------------------------------------------------------------------------------------------------- BANKS & THRIFTS - 2.2% ----------------------------------------------------------------------------------------------------------------------------- Bank of Boston Corp. 2,600 166,400 ----------------------------------------------------------------------------------------------------------------------------- BankAmerica Corp. 1,800 164,700 ----------------------------------------------------------------------------------------------------------------------------- Chase Manhattan Corp. (New) 500 42,875 ----------------------------------------------------------------------------------------------------------------------------- NationsBank Corp. 800 75,400 ----------------------------------------------------------------------------------------------------------------------------- PNC Bank Corp. 4,000 145,000 ---------------- 594,375 - ----------------------------------------------------------------------------------------------------------------------------------- INSURANCE - 0.4% ----------------------------------------------------------------------------------------------------------------------------- Hartford Steam Boiler Inspection & Insurance Co. 2,500 107,812 - ----------------------------------------------------------------------------------------------------------------------------------- HOUSING RELATED - 2.2% - ----------------------------------------------------------------------------------------------------------------------------------- Camden Property Trust 4,800 130,800 ----------------------------------------------------------------------------------------------------------------------------- Capstone Capital Corp. 5,900 127,588 ----------------------------------------------------------------------------------------------------------------------------- Crescent Real Estate Equities, Inc. 1,800 75,150 ----------------------------------------------------------------------------------------------------------------------------- Health & Retirement Property Trust 6,800 123,250 ----------------------------------------------------------------------------------------------------------------------------- Meditrust Corp. 3,100 111,600 ---------------- 568,388 - ----------------------------------------------------------------------------------------------------------------------------------- Manufacturing - 2.4% - ----------------------------------------------------------------------------------------------------------------------------------- General Dynamics Corp. 2,600 178,425 ----------------------------------------------------------------------------------------------------------------------------- Goodrich (B.F.) Co. 3,200 135,600 ----------------------------------------------------------------------------------------------------------------------------- Lockheed Martin Corp. 1,200 107,550 ----------------------------------------------------------------------------------------------------------------------------- Rockwell International Corp. 2,000 110,000 ----------------------------------------------------------------------------------------------------------------------------- TRW, Inc. 1,200 108,600 ---------------- 640,175 - ----------------------------------------------------------------------------------------------------------------------------------- OTHER - 0.2% - ----------------------------------------------------------------------------------------------------------------------------------- Hanson plc, ADR 7,400 47,175 - ----------------------------------------------------------------------------------------------------------------------------------- RETAIL - 0.8% - ----------------------------------------------------------------------------------------------------------------------------------- Brown Group, Inc. 6,500 134,063 ----------------------------------------------------------------------------------------------------------------------------- New England Business Service, Inc. 5,000 90,000 ---------------- 224,063 - ----------------------------------------------------------------------------------------------------------------------------------- UTILITIES - 6.4% - ----------------------------------------------------------------------------------------------------------------------------------- ELECTRIC UTILITIES - 5.1% ----------------------------------------------------------------------------------------------------------------------------- American Electric Power Co., Inc. 3,000 124,500 ----------------------------------------------------------------------------------------------------------------------------- Entergy Corp. 4,300 120,400 ----------------------------------------------------------------------------------------------------------------------------- FPL Group, Inc. 3,000 138,000 ----------------------------------------------------------------------------------------------------------------------------- Illinova Corp. 4,000 109,000 ----------------------------------------------------------------------------------------------------------------------------- Kansas City Power & Light Co. 5,000 137,500 ----------------------------------------------------------------------------------------------------------------------------- National Fuel Gas Co. 3,700 137,825 ----------------------------------------------------------------------------------------------------------------------------- PanEnergy Corp. 6,100 234,850 ----------------------------------------------------------------------------------------------------------------------------- Questar Corp. 4,100 147,600 ----------------------------------------------------------------------------------------------------------------------------- Texas Utilities Co. 2,400 97,200 ----------------------------------------------------------------------------------------------------------------------------- Western Resources, Inc. 3,900 117,000 ---------------- 1,363,875
12 Oppenheimer LifeSpan Funds 13 STATEMENT OF INVESTMENTS (Continued) Oppenheimer LifeSpan Income Fund
MARKET VALUE SHARES SEE NOTE 1 - ----------------------------------------------------------------------------------------------------------------------------------- TELECOMMUNICATIONS - 1.3% ----------------------------------------------------------------------------------------------------------------------------- Ameritech Corp. 2,100 $ 114,975 ----------------------------------------------------------------------------------------------------------------------------- GTE Corp. 2,600 109,525 ----------------------------------------------------------------------------------------------------------------------------- NYNEX Corp. 2,700 120,150 ---------------- 344,650 ---------------- Total Common Stocks (Cost $4,834,333) 5,643,567 =================================================================================================================================== PREFERRED STOCKS - 0.5% - ----------------------------------------------------------------------------------------------------------------------------------- Case Corp., $4.50 Cum. Cv., Series A, Non-Vtg. (Cost $115,000) 1,200 138,000
UNITS =================================================================================================================================== RIGHTS, WARRANTS AND CERTIFICATES - 0.0% - ----------------------------------------------------------------------------------------------------------------------------------- Intermedia Communications, Inc. Wts., Exp. 6/00 (Cost $470) 50 2,500
FACE AMOUNT =================================================================================================================================== REPURCHASE AGREEMENT - 5.2% - ----------------------------------------------------------------------------------------------------------------------------------- Repurchase agreement with State Street Bank and Trust Co., 4.50%, dated 10/31/96, to be repurchased at $1,404,176 on 11/1/96, collateralized by U.S. Treasury Nts., 7.75%, 2/15/01, with a value of $1,451,083 (Cost $1,404,000) $ 1,404,000 1,404,000 ----------------------------------------------------------------------------------------------------------------------------- TOTAL INVESTMENTS, AT VALUE (COST $25,253,427) 98.1% 26,271,162 ----------------------------------------------------------------------------------------------------------------------------- OTHER ASSETS NET OF LIABILITIES 1.9 513,453 ------------ ---------------- NET ASSETS 100.0% $ 26,784,615 ============ ================
1. 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 $207,588 or 0.78% of the Fund's net assets, at October 31, 1996. 2. Denotes a step bond: a zero coupon bond that converts to a fixed rate of interest at a designated future date. 3. For zero coupon bonds, the interest rate shown is the effective yield on the date of purchase. 4. Units may be comprised of several components, such as debt and equity and/or warrants to purchase equity at some point in the future. For units which represent debt securities, face amount disclosed represents total underlying principal. 5. Interest or dividend is paid in kind. 6. Represents the current interest rate for a variable rate security. For credit sensitive notes, the interest rate is dependent on the credit rating of the issuer. 7. Identifies issues considered to be illiquid. These securities amount to $126,313 or 0.47% of the Fund's net assets, at October 31, 1996. 8. Non-income producing security. See accompanying Notes to Financial Statements. 13 Oppenheimer LifeSpan Funds 14 STATEMENT OF INVESTMENTS OCTOBER 31, 1996 Oppenheimer LifeSpan Balanced Fund
FACE MARKET VALUE AMOUNT SEE NOTE 1 ============================================================================================================================== MORTGAGE-BACKED OBLIGATIONS - 3.4% - ------------------------------------------------------------------------------------------------------------------------------ GOVERNMENT AGENCY - 2.9% - ------------------------------------------------------------------------------------------------------------------------------ Federal Home Loan Mortgage Corp.: Collateralized Mtg. Obligations, Gtd. Multiclass Mtg. Participation Certificates, 5.50%, 6/1/98 $ 60,440 $ 59,902 Gtd. Multiclass Mtg. Participation Certificates, 6%, 3/1/09 205,627 200,051 Gtd. Multiclass Mtg. Participation Certificates, Series 1574, Cl. PD, 5.50%, 3/15/13 100,000 99,500 Series 1843, Cl. VB, 7%, 4/15/03 65,000 65,630 Series 1849, Cl. VA, 6%, 12/15/10 208,428 205,106 ------------------------------------------------------------------------------------------------------------------------ Federal National Mortgage Assn.: 6%, 12/1/03 204,280 200,730 6.50%, 4/1/26 148,123 141,732 7%, 4/1/00 98,234 99,019 Collateralized Mtg. Obligations, Gtd. Real Estate Mtg. Investment Conduit Pass-Through Certificates, Series 1993-181, Cl. C, 5.40%, 10/25/02 250,000 248,125 Collateralized Mtg. Obligations, Gtd. Real Estate Mtg. Investment Conduit Pass-Through Certificates, Series 1993-190, Cl. Z, 5.85%, 7/25/08 142,960 140,928 Series 1994-13, Cl. B, 6.50%, 2/25/09 150,000 144,422 ------------------ 1,605,145 - ------------------------------------------------------------------------------------------------------------------------------ PRIVATE - 0.5% - ------------------------------------------------------------------------------------------------------------------------------ GE Capital Mortgage Securities, Inc., Series-HE2, Cl. A3, 7.30%, 3/25/12 125,000 126,699 ------------------------------------------------------------------------------------------------------------------------ Olympic Automobile Receivables Trust, Series 1996-A, Cl. A4, 5.85%, 7/15/01 110,000 109,278 ------------------ 235,977 ------------------ Total Mortgage-Backed Obligations (Cost $1,829,067) 1,841,122 ============================================================================================================================== U.S. GOVERNMENT OBLIGATIONS - 5.1% - ------------------------------------------------------------------------------------------------------------------------------ U.S. Treasury Bonds, 7.50%, 11/15/16 1,295,000 1,401,028 ------------------------------------------------------------------------------------------------------------------------ U.S. Treasury Nts.: 6.50%, 8/15/05 650,000 656,906 6.75%, 6/30/99 370,000 377,747 7.25%, 8/15/04 360,000 380,137 ------------------ Total U.S. Government Obligations (Cost $2,741,607) 2,815,818 ============================================================================================================================== NON-CONVERTIBLE CORPORATE BONDS AND NOTES - 27.6% - ------------------------------------------------------------------------------------------------------------------------------ BASIC MATERIALS - 4.0% - ------------------------------------------------------------------------------------------------------------------------------ CHEMICALS - 1.5% ------------------------------------------------------------------------------------------------------------------------ Burmah Castrol plc, 7% Gtd. Medium-Term Nts., 12/15/97 110,000 111,449 ------------------------------------------------------------------------------------------------------------------------ Du Pont (E.I.) De Nemours & Co., 8.50% Debs., 2/15/03 120,000 130,348 ------------------------------------------------------------------------------------------------------------------------ Harris Chemical North America, Inc., 10.25% Gtd. Sr. Sec. Disc. Nts., 7/15/01 100,000 103,500 ------------------------------------------------------------------------------------------------------------------------ ISP Holdings, Inc., 9.75% Sr. Nts., 2/15/02 (1) 75,000 77,437 ------------------------------------------------------------------------------------------------------------------------ LaRoche Industries, Inc., 13% Sr. Sub. Nts., 8/15/04 100,000 108,375 ------------------------------------------------------------------------------------------------------------------------ Lyondell Petrochemical Co., 8.25% Nts., 3/15/97 75,000 75,665
14 Oppenheimer LifeSpan Funds 15 STATEMENT OF INVESTMENTS (CONTINUED) Oppenheimer LifeSpan Balanced Fund
FACE MARKET VALUE AMOUNT SEE NOTE 1 - ------------------------------------------------------------------------------------------------------------------------------ CHEMICALS (CONTINUED) ------------------------------------------------------------------------------------------------------------------------ Morton International, Inc., 9.25% Credit Sensitive Nts., 6/1/20 (6) $ 65,000 $ 79,647 ------------------------------------------------------------------------------------------------------------------------ NL Industries, Inc., 0%/13% Sr. Sec. Disc. Nts., 10/15/05 (2) 100,000 82,750 ------------------------------------------------------------------------------------------------------------------------ PPG Industries, Inc., 9% Debs., 5/1/21 65,000 78,280 ------------------ 847,451 - ------------------------------------------------------------------------------------------------------------------------------ METALS - 1.1% ------------------------------------------------------------------------------------------------------------------------ Alcan Aluminum Ltd., 9.625% Debs., 7/15/19 125,000 135,545 ------------------------------------------------------------------------------------------------------------------------ Gulf States Steel, Inc., Alabama, 13.50% First Mtg. Nts., Series B, 4/15/03 100,000 94,625 ------------------------------------------------------------------------------------------------------------------------ Kaiser Aluminum & Chemical Corp., 12.75% Sr. Sub. Nts., 2/1/03 100,000 103,750 ------------------------------------------------------------------------------------------------------------------------ Republic Engineered Steels, Inc., 9.875% First Mtg. Nts., 12/15/01 50,000 46,750 ------------------------------------------------------------------------------------------------------------------------ WCI Steel, Inc., 10.50% Sr. Gtd. Nts., Series B, 3/1/02 100,000 112,125 ------------------------------------------------------------------------------------------------------------------------ Weirton Steel Corp., 10.75% Sr. Nts., 6/1/05 100,000 95,500 ------------------ 588,295 - ------------------------------------------------------------------------------------------------------------------------------ PAPER - 1.4% ------------------------------------------------------------------------------------------------------------------------ Celulosa Arauco y Constitucion SA, 7.25% Debs., 6/11/98 110,000 110,412 ------------------------------------------------------------------------------------------------------------------------ Crown Packaging Holdings Ltd., 0%/12.25% Sr. Sub. Disc. Nts., Series B, 11/1/03 (2) 200,000 79,000 ------------------------------------------------------------------------------------------------------------------------ Fort Howard Corp., 9% Sr. Sub. Nts., 2/1/06 75,000 75,000 ------------------------------------------------------------------------------------------------------------------------ Gaylord Container Corp., 12.75% Sr. Sub. Disc. Debs., 5/15/05 100,000 109,750 ------------------------------------------------------------------------------------------------------------------------ Georgia-Pacific Corp., 9.85% Credit Sensitive Nts., 6/15/97 (6) 220,000 225,297 ------------------------------------------------------------------------------------------------------------------------ Malette, Inc., 12.25% Sr. Sec. Nts., 7/15/04 100,000 108,750 ------------------------------------------------------------------------------------------------------------------------ Stone Container Corp., 9.875% Sr. Nts., 2/1/01 50,000 50,000 ------------------ 758,209 - ------------------------------------------------------------------------------------------------------------------------------ CONSUMER CYCLICALS - 8.0% - ------------------------------------------------------------------------------------------------------------------------------ AUTOS & HOUSING - 0.8% ------------------------------------------------------------------------------------------------------------------------ Black & Decker Corp., 6.625% Nts., 11/15/00 110,000 110,505 ------------------------------------------------------------------------------------------------------------------------ Chelsea GCA Realty Partner, Inc., 7.75% Gtd. Unsec. Unsub. Nts., 1/26/01 50,000 49,655 ------------------------------------------------------------------------------------------------------------------------ Electrolux AB, 7.75% Sr. Unsub. Debs., 6/17/97 220,000 222,200 ------------------------------------------------------------------------------------------------------------------------ Venture Holdings Trust, 9.75% Sr. Sub. Nts., 4/1/04 78,000 70,200 ------------------ 452,560 - ------------------------------------------------------------------------------------------------------------------------------ LEISURE & ENTERTAINMENT - 2.8% ------------------------------------------------------------------------------------------------------------------------ American Skiing Corp., 12% Sr. Sub. Nts., 7/15/06 (3) 125,000 126,875 ------------------------------------------------------------------------------------------------------------------------ Argosy Gaming Co., 13.25% First Mtg. Nts., 6/1/04 100,000 97,000 ------------------------------------------------------------------------------------------------------------------------ Bally's Casino Holdings, Inc., Zero Coupon Sr. Disc. Nts., 8.594%, 6/15/98 (4) 125,000 110,000 ------------------------------------------------------------------------------------------------------------------------ Bally's Park Place Funding, Inc., 9.25% Gtd. First Mtg. Nts., 3/15/04 100,000 109,750 ------------------------------------------------------------------------------------------------------------------------ Blockbuster Entertainment Corp., 6.625% Sr. Nts., 2/15/98 110,000 110,552 ------------------------------------------------------------------------------------------------------------------------ Casino America, Inc., 12.50% Sr. Nts., 8/1/03 75,000 77,062 ------------------------------------------------------------------------------------------------------------------------ Casino Magic of Louisiana Corp., 13% First Mtg. Nts., 8/15/03 (1) 150,000 153,000 ------------------------------------------------------------------------------------------------------------------------ GB Property Funding Corp., 10.875% First Mtg. Nts., 1/15/04 50,000 45,500 ------------------------------------------------------------------------------------------------------------------------ GNF Corp., 10.625% Gtd. First Mtg. Nts., Series B, 4/1/03 100,000 110,875
15 Oppenheimer LifeSpan Funds 16 STATEMENT OF INVESTMENTS (CONTINUED) Oppenheimer LifeSpan Balanced Fund
FACE MARKET VALUE AMOUNT SEE NOTE 1 - ------------------------------------------------------------------------------------------------------------------------------ LEISURE & ENTERTAINMENT (CONTINUED) ------------------------------------------------------------------------------------------------------------------------ Marvel III Holdings, Inc., 9.125% Sr. Sec. Nts., Series B, 2/15/98 $ 50,000 $ 22,750 ------------------------------------------------------------------------------------------------------------------------ Mohegan Tribal Gaming Authority, 13.50% Sr. Sec. Nts., Series B, 11/15/02 50,000 64,000 ------------------------------------------------------------------------------------------------------------------------ Rio Hotel & Casino, Inc., 10.625% Sr. Sub. Nts., 7/15/05 100,000 104,500 ------------------------------------------------------------------------------------------------------------------------ Santa Fe Hotel, Inc., 11% Gtd. First Mtg. Nts., 12/15/00 91,000 63,245 ------------------------------------------------------------------------------------------------------------------------ Trump Atlantic City Associates/Trump Atlantic City Funding, Inc., 11.25% First Mtg. Nts., 5/1/06 75,000 71,250 ------------------------------------------------------------------------------------------------------------------------ Trump's Castle Funding, Inc., 11.75% Mtg. Nts., 11/15/03 100,000 95,000 ------------------------------------------------------------------------------------------------------------------------ Walt Disney Co., 6.375% Sr. Unsec. Bonds, Series A, 3/30/01 160,000 159,808 ------------------ 1,521,167 - ------------------------------------------------------------------------------------------------------------------------------ MEDIA - 2.5% ------------------------------------------------------------------------------------------------------------------------ Australis Media Ltd., Units (each unit consists of $1,000 principal amount of 0%/14% sr. sub. disc. nts., 5/15/03 and one warrant to purchase 57.721 ordinary shares) (2)(5) 150,000 88,500 ------------------------------------------------------------------------------------------------------------------------ Bell Cablemedia plc, 0%/11.95% Sr. Disc. Nts., 7/15/04 (2) 150,000 124,125 ------------------------------------------------------------------------------------------------------------------------ Comcast Corp., 9.375% Sr. Sub. Debs., 5/15/05 100,000 100,625 ------------------------------------------------------------------------------------------------------------------------ Comcast UK Cable Partner Ltd., 0%/11.20% Sr. Disc. Debs., 11/15/07 (2) 125,000 81,250 ------------------------------------------------------------------------------------------------------------------------ EchoStar Satellite Broadcasting Corp., 0%/13.125% Sr. Sec. Disc. Nts., 3/15/04 (2) 100,000 70,625 ------------------------------------------------------------------------------------------------------------------------ Helicon Group LP/Helicon Capital Corp., 9% Sr. Sec. Nts., Series B, 11/1/03 (6) 50,000 51,250 ------------------------------------------------------------------------------------------------------------------------ International CableTel, Inc., 0%/11.50% Sr. Deferred Coupon Nts., Series B, 2/1/06 (2) 250,000 152,500 ------------------------------------------------------------------------------------------------------------------------ New World Communications Group Holding Corp., Zero Coupon Sr. Disc. Nts., Series B, 10.995%, 6/15/99 (4) 200,000 164,000 ------------------------------------------------------------------------------------------------------------------------ Park Broadcasting, Inc., 11.75% Sr. Nts., 5/15/04 (1) 75,000 86,625 ------------------------------------------------------------------------------------------------------------------------ Reed Publishing (USA), Inc., 7.24% Gtd. Medium-Term Nts., 2/10/97 70,000 70,281 ------------------------------------------------------------------------------------------------------------------------ Sinclair Broadcast Group, Inc., 10% Sr. Sub. Nts., 9/30/05 100,000 97,500 ------------------------------------------------------------------------------------------------------------------------ Time Warner, Inc., 7.45% Nts., 2/1/98 110,000 111,666 ------------------------------------------------------------------------------------------------------------------------ United International Holdings, Inc., Zero Coupon Sr. Sec. Disc. Nts.: (4) 100,000 70,000 Series B, 14%, 11/15/99 12.376%, 11/15/99 (4) 50,000 35,000 ------------------------------------------------------------------------------------------------------------------------ Wireless One, Inc., Units (each unit consists of $1,000 principal amount of 0%/13.50% sr. disc. nts., 8/1/06 and one warrant to purchase 2.274 ordinary shares) (2)(5) 100,000 53,500 ------------------ 1,357,447 - ------------------------------------------------------------------------------------------------------------------------------ RETAIL: GENERAL - 1.5% ------------------------------------------------------------------------------------------------------------------------ Dayton Hudson Co., 9.40% Debs., 2/15/01 120,000 132,416 ------------------------------------------------------------------------------------------------------------------------ Duane Reade, 12% Sr. Nts., 9/15/02 100,000 97,500 ------------------------------------------------------------------------------------------------------------------------ Federated Department Stores, Inc., 10% Sr. Nts., 2/15/01 40,000 43,776 ------------------------------------------------------------------------------------------------------------------------ Parisian, Inc., 9.875% Sr. Sub. Nts., 7/15/03 100,000 101,250 ------------------------------------------------------------------------------------------------------------------------ Pathmark Stores, Inc., 0%/10.75% Jr. Sub. Deferred Coupon Nts., 11/1/03 (2) 200,000 138,000
16 Oppenheimer LifeSpan Funds 17 STATEMENT OF INVESTMENTS (CONTINUED) Oppenheimer LifeSpan Balanced Fund
FACE MARKET VALUE AMOUNT SEE NOTE 1 - ------------------------------------------------------------------------------------------------------------------------------ RETAIL: GENERAL (CONTINUED) ------------------------------------------------------------------------------------------------------------------------ Price/Costco, Inc., 7.125% Sr. Nts., 6/15/05 $ 90,000 $ 89,756 ------------------------------------------------------------------------------------------------------------------------ Sears Roebuck & Co., 8.39% Medium-Term Nts., 3/23/99 220,000 230,912 ------------------ 833,610 - ------------------------------------------------------------------------------------------------------------------------------ RETAIL: SPECIALTY - 0.4% ------------------------------------------------------------------------------------------------------------------------ Hills Stores Co., 12.50% Sr. Nts., Series B, 7/1/03 100,000 91,000 ------------------------------------------------------------------------------------------------------------------------ Waban, Inc., 11% Sr. Sub. Nts., 5/15/04 100,000 112,750 ------------------ 203,750 - ------------------------------------------------------------------------------------------------------------------------------ CONSUMER NON-CYCLICALS - 2.9% - ------------------------------------------------------------------------------------------------------------------------------ FOOD - 1.0% ------------------------------------------------------------------------------------------------------------------------ Dairy Mart Convenience Stores, Inc., 10.25% Sr. Sub. Nts., 3/15/04 100,000 96,250 ------------------------------------------------------------------------------------------------------------------------ Dole Food Co., 6.75% Nts., 7/15/00 120,000 120,741 ------------------------------------------------------------------------------------------------------------------------ Farm Fresh, Inc., 12.25% Sr. Nts., Series A, 10/1/00 100,000 80,000 ------------------------------------------------------------------------------------------------------------------------ Great Atlantic & Pacific Tea Co., 9.125% Debs., 1/15/98 115,000 118,333 ------------------------------------------------------------------------------------------------------------------------ Jitney-Jungle Stores of America, Inc., 12% Gtd. Sr. Nts., 3/1/06 150,000 160,500 ------------------ 575,824 - ------------------------------------------------------------------------------------------------------------------------------ HEALTHCARE/DRUGS - 0.3% ------------------------------------------------------------------------------------------------------------------------ Roche Holdings, Inc., 2.75% Bonds, 4/14/00 200,000 180,875 - ------------------------------------------------------------------------------------------------------------------------------ HEALTHCARE/SUPPLIES & SERVICES - 1.0% ------------------------------------------------------------------------------------------------------------------------ Columbia/HCA Healthcare Corp., 6.875% Nts., 7/15/01 120,000 121,504 ------------------------------------------------------------------------------------------------------------------------ Dade International, Inc., 11.125% Sr. Sub. Nts., 5/1/06 (1) 125,000 134,375 ------------------------------------------------------------------------------------------------------------------------ Health o meter Products, Inc., Units (each unit consists of $1,000 principal amount of 13% sr. sub. nts., 8/15/02 and one warrant to purchase 10.96 ordinary shares) (5) 100,000 110,500 ------------------------------------------------------------------------------------------------------------------------ Integrated Health Services, Inc., 9.625% Sr. Sub. Nts., Series A, 5/31/02 100,000 102,000 ------------------------------------------------------------------------------------------------------------------------ Paracelsus Healthcare Corp., 10% Sr. Sub. Unsec. Nts., 8/15/06 100,000 93,875 ------------------ 562,254 - ------------------------------------------------------------------------------------------------------------------------------ HOUSEHOLD GOODS - 0.5% ------------------------------------------------------------------------------------------------------------------------ Kimberly-Clark Corp., 7.875% Debs., 2/1/23 65,000 68,372 ------------------------------------------------------------------------------------------------------------------------ Revlon Consumer Products Corp., 9.375% Sr. Nts., 4/1/01 100,000 102,500 ------------------------------------------------------------------------------------------------------------------------ Revlon Worldwide Corp., Zero Coupon Sr. Sec. Disc. Nts., Series B, 12.674%, 3/15/98 (4) 100,000 88,625 ------------------ 259,497 - ------------------------------------------------------------------------------------------------------------------------------ TOBACCO - 0.1% ------------------------------------------------------------------------------------------------------------------------ Philip Morris Cos., Inc., 8.75% Debs., 12/1/96 45,000 45,093 - ------------------------------------------------------------------------------------------------------------------------------ ENERGY - 0.6% - ------------------------------------------------------------------------------------------------------------------------------ ENERGY SERVICES & PRODUCERS - 0.4% ------------------------------------------------------------------------------------------------------------------------ Coastal Corp.: 8.125% Sr. Nts., 9/15/02 65,000 69,301 ------------------------------------------------------------------------------------------------------------------------ 8.75% Sr. Nts., 5/15/99 35,000 36,964 ------------------------------------------------------------------------------------------------------------------------ Maxus Energy Corp., 9.875% Nts., 10/15/02 100,000 102,750 ------------------ 209,015 - ------------------------------------------------------------------------------------------------------------------------------ OIL-INTEGRATED - 0.2% ------------------------------------------------------------------------------------------------------------------------ Louisiana Land & Exploration Co., 7.65% Debs., 12/1/23 75,000 75,250 ------------------------------------------------------------------------------------------------------------------------ Standard Oil/British Petroleum Co. plc, 9% Debs., 6/1/19 65,000 68,685 ------------------ 143,935
17 Oppenheimer LifeSpan Funds 18 STATEMENT OF INVESTMENTS (CONTINUED) Oppenheimer LifeSpan Balanced Fund
FACE MARKET VALUE AMOUNT SEE NOTE 1 - ------------------------------------------------------------------------------------------------------------------------------ FINANCIAL - 5.1% - ------------------------------------------------------------------------------------------------------------------------------ BANKS - 1.6% ------------------------------------------------------------------------------------------------------------------------ BankAmerica Corp., 6% Nts., 7/15/97 $ 200,000 $ 200,324 ------------------------------------------------------------------------------------------------------------------------ Chase Manhattan Corp. (New), 6.625% Sr. Nts., 1/15/98 35,000 35,261 ------------------------------------------------------------------------------------------------------------------------ Citicorp, 5.625% Sr. Nts., 2/15/01 65,000 63,038 ------------------------------------------------------------------------------------------------------------------------ First Fidelity Bancorporation, 8.50% Sub. Capital Nts., 4/1/98 35,000 36,041 ------------------------------------------------------------------------------------------------------------------------ First Union Corp., 6.75% Sr. Nts., 1/15/98 35,000 35,339 ------------------------------------------------------------------------------------------------------------------------ First USA Bank, 5.35% Medium-Term Nts., 12/27/96 100,000 99,917 ------------------------------------------------------------------------------------------------------------------------ Fleet Mtg./Norstar Group, Inc., 9.90% Sub. Nts., 6/15/01 110,000 124,170 ------------------------------------------------------------------------------------------------------------------------ Integra Financial Corp., 6.50% Sub. Nts., 4/15/00 110,000 110,464 ------------------------------------------------------------------------------------------------------------------------ Mellon Financial Bank Corp., 6.50% Gtd. Sr. Nts., 12/1/97 145,000 145,913 ------------------------------------------------------------------------------------------------------------------------ Security Pacific Corp., 7.75% Nts., 12/1/96 35,000 35,052 ------------------ 885,519 - ------------------------------------------------------------------------------------------------------------------------------ DIVERSIFIED FINANCIAL - 2.8% ------------------------------------------------------------------------------------------------------------------------ American General Finance Corp., 8.50% Sr. Nts., 8/15/98 45,000 46,888 ------------------------------------------------------------------------------------------------------------------------ Associates Corp. of North America, 7.40% Medium-Term Nts., 7/7/99 45,000 46,378 ------------------------------------------------------------------------------------------------------------------------ Beneficial Corp., 9.125% Debs., 2/15/98 110,000 114,199 ------------------------------------------------------------------------------------------------------------------------ Capital One Financial Corp., 6.83% Sr. Nts., 5/17/99 50,000 50,350 ------------------------------------------------------------------------------------------------------------------------ Chrysler Financial Corp., 6.65% Medium-Term Nts., 04/28/97 80,000 80,403 ------------------------------------------------------------------------------------------------------------------------ Commercial Credit Co., 5.55% Unsec. Nts., 2/15/01 110,000 106,293 ------------------------------------------------------------------------------------------------------------------------ Countrywide Funding Corp.: 6.05% Gtd. Medium-Term Nts., Series D, 3/1/01 65,000 63,723 6.085% Gtd. Medium-Term Nts., Series B, 7/14/99 45,000 44,748 6.57% Gtd. Medium-Term Nts., Series A, 8/4/97 45,000 45,265 ------------------------------------------------------------------------------------------------------------------------ Ford Motor Credit Co., 6.25% Unsub. Nts., 2/26/98 110,000 110,713 ------------------------------------------------------------------------------------------------------------------------ General Motors Acceptance Corp.: 5.625% Nts., 2/15/01 125,000 120,771 5.65% Medium-Term Nts., 12/15/97 200,000 199,487 ------------------------------------------------------------------------------------------------------------------------ Golden West Financial Corp., 8.625% Sub. Nts., 8/30/98 35,000 36,477 ------------------------------------------------------------------------------------------------------------------------ GPA Delaware, Inc., 8.75% Gtd. Nts., 12/15/98 125,000 127,031 ------------------------------------------------------------------------------------------------------------------------ Merrill Lynch & Co., Inc.: 6.50% Nts., 4/1/01 100,000 99,888 8.25% Debs., 11/18/96 80,000 80,064 ------------------------------------------------------------------------------------------------------------------------ Norwest Financial, Inc., 6.50% Sr. Nts., 11/15/97 35,000 35,240 ------------------------------------------------------------------------------------------------------------------------ Penske Truck Leasing Co. LP, 7.75% Sr. Nts., 5/15/99 35,000 36,397 ------------------------------------------------------------------------------------------------------------------------ Salomon, Inc., 8.69% Sr. Medium-Term Nts., Series D, 3/1/99 125,000 130,856 ------------------ 1,575,171 - ------------------------------------------------------------------------------------------------------------------------------ INSURANCE - 0.7% ------------------------------------------------------------------------------------------------------------------------ Cigna Corp., 7.90% Nts., 12/14/98 120,000 123,840 ------------------------------------------------------------------------------------------------------------------------ SunAmerica, Inc., 9% Sr. Nts., 1/15/99 125,000 131,527 ------------------------------------------------------------------------------------------------------------------------ Travelers/Aetna Property Casualty Corp., 6.75% Nts., 4/15/01 110,000 111,084 ------------------ 366,451 - ------------------------------------------------------------------------------------------------------------------------------ INDUSTRIAL - 2.2% - ------------------------------------------------------------------------------------------------------------------------------ INDUSTRIAL MATERIALS - 0.2% ------------------------------------------------------------------------------------------------------------------------ American Standard, Inc., 10.875% Sr. Nts., 5/15/99 100,000 106,750
18 Oppenheimer LifeSpan Funds 19 STATEMENT OF INVESTMENTS (CONTINUED) Oppenheimer LifeSpan Balanced Fund
FACE MARKET VALUE AMOUNT SEE NOTE 1 - ------------------------------------------------------------------------------------------------------------------------------ INDUSTRIAL SERVICES - 0.5% ------------------------------------------------------------------------------------------------------------------------ Beverly Enterprises, Inc., 9% Gtd. Unsec. Bonds, 2/15/06 $ 100,000 $ 99,000 ------------------------------------------------------------------------------------------------------------------------ Monarch Marketing Systems, Inc., 12.50% Sr. Nts., 7/1/03 50,000 55,250 ------------------------------------------------------------------------------------------------------------------------ Shop Vac Corp., 10.625% Sr. Nts., 9/1/03 (1) 125,000 128,594 ------------------ 282,844 - ------------------------------------------------------------------------------------------------------------------------------ MANUFACTURING - 1.0% ------------------------------------------------------------------------------------------------------------------------ Alpine Group, Inc., 12.25% Sr. Nts., 7/15/03 37,000 39,127 ------------------------------------------------------------------------------------------------------------------------ Day International Group, Inc., 11.125% Sr. Sub. Nts., Series B, 6/1/05 100,000 105,000 ------------------------------------------------------------------------------------------------------------------------ Interlake Corp., 12.125% Sr. Sub. Debs., 3/1/02 100,000 104,000 ------------------------------------------------------------------------------------------------------------------------ International Wire Group, Inc., 11.75% Sr. Sub. Nts., 6/1/05 100,000 106,250 ------------------------------------------------------------------------------------------------------------------------ Jordan Industries, Inc., 10.375% Sr. Nts., 8/1/03 50,000 49,500 ------------------------------------------------------------------------------------------------------------------------ Mark IV Industries, Inc., 8.75% Sub. Nts., 4/1/03 30,000 30,675 ------------------------------------------------------------------------------------------------------------------------ Specialty Equipment Co., 11.375% Sr. Sub. Nts., 12/1/03 100,000 108,000 ------------------ 542,552 - ------------------------------------------------------------------------------------------------------------------------------ TRANSPORTATION - 0.5% ------------------------------------------------------------------------------------------------------------------------ Federal Express Corp., 6.25% Nts., 4/15/98 165,000 165,398 ------------------------------------------------------------------------------------------------------------------------ Union Pacific Corp., 7% Nts., 6/15/00 105,000 107,052 ------------------ 272,450 - ------------------------------------------------------------------------------------------------------------------------------ TECHNOLOGY - 3.1% - ------------------------------------------------------------------------------------------------------------------------------ AEROSPACE/DEFENSE - 0.3% ------------------------------------------------------------------------------------------------------------------------ British Aerospace plc, 8% Debs., 5/27/97 45,000 45,534 ------------------------------------------------------------------------------------------------------------------------ Unisys Corp., 12% Sr. Nts., Series B, 4/15/03 100,000 103,000 ------------------ 148,534 - ------------------------------------------------------------------------------------------------------------------------------ COMPUTER HARDWARE - 0.3% ------------------------------------------------------------------------------------------------------------------------ Digital Equipment Corp., 7% Nts., 11/15/97 159,000 159,727 - ------------------------------------------------------------------------------------------------------------------------------ TELECOMMUNICATIONS-TECHNOLOGY - 2.5% ------------------------------------------------------------------------------------------------------------------------ Allbritton Communications Co., 9.75% Sr. Sub. Debs., Series B, 11/30/07 100,000 93,750 ------------------------------------------------------------------------------------------------------------------------ American Communications Services, Inc., 0%/13% Sr. Disc. Nts., 11/1/05 (2) 125,000 71,250 ------------------------------------------------------------------------------------------------------------------------ Arch Communications Group, Inc., 0%/10.875% Sr. Disc. Nts., 3/15/08 (2) 150,000 83,250 ------------------------------------------------------------------------------------------------------------------------ CAI Wireless Systems, Inc., 12.25% Sr. Nts., 9/15/02 100,000 98,500 ------------------------------------------------------------------------------------------------------------------------ Centennial Cellular Corp., 10.125% Sr. Nts., 5/15/05 100,000 98,750 ------------------------------------------------------------------------------------------------------------------------ Hyperion Telecommunications, Inc., 0%/13% Sr. Disc. Nts., Series B, 4/15/03 (2) 250,000 142,500 ------------------------------------------------------------------------------------------------------------------------ MCI Communications Corp.: 7.125% Sr. Nts., 1/20/00 110,000 112,785 7.625% Sr. Nts., 11/7/96 45,000 45,005 ------------------------------------------------------------------------------------------------------------------------ Metrocall, Inc., 10.375% Sr. Sub. Nts., 10/1/07 100,000 83,500 ------------------------------------------------------------------------------------------------------------------------ MFS Communications Co., Inc., 0%/9.375% Sr. Disc. Nts., 1/15/04 (2) 150,000 128,063 ------------------------------------------------------------------------------------------------------------------------ Nextel Communications, Inc., 0%/9.75% Sr. Disc. Nts., 8/15/04 (2) 200,000 127,750 ------------------------------------------------------------------------------------------------------------------------ Paging Network, Inc., 10.125% Sr. Sub. Nts., 8/1/07 100,000 100,875 ------------------------------------------------------------------------------------------------------------------------ Sprint Spectrum LP/Sprint Spectrum Finance Corp., 11% Sr. Nts., 8/15/06 100,000 101,750
19 Oppenheimer LifeSpan Funds 20 STATEMENT OF INVESTMENTS (CONTINUED) Oppenheimer LifeSpan Balanced Fund
FACE MARKET VALUE AMOUNT SEE NOTE 1 - ------------------------------------------------------------------------------------------------------------------------------ TELECOMMUNICATIONS-TECHNOLOGY (CONTINUED) ------------------------------------------------------------------------------------------------------------------------ Teleport Communications Group, Inc.: 0%/11.125% Sr. Disc. Nts., 7/1/07 (2) $ 50,000 $ 32,375 9.875% Sr. Nts., 7/1/06 50,000 51,313 ------------------ 1,371,416 - ------------------------------------------------------------------------------------------------------------------------------ UTILITIES - 1.7% - ------------------------------------------------------------------------------------------------------------------------------ ELECTRIC UTILITIES - 0.2% ------------------------------------------------------------------------------------------------------------------------ Consumers Power Co., 8.75% Mtg. Nts., 2/15/98 110,000 112,983 - ------------------------------------------------------------------------------------------------------------------------------ GAS UTILITIES - 1.0% ------------------------------------------------------------------------------------------------------------------------ El Paso Electric Co., 7.25% First Mtg. Nts., Series A, 2/1/99 50,000 50,125 ------------------------------------------------------------------------------------------------------------------------ NorAm Energy Corp., 9.875% Nts., 4/15/97 220,000 223,933 ------------------------------------------------------------------------------------------------------------------------ Northern Illinois Gas Co., 6.45% First Mtg. Bonds, 8/1/01 180,000 180,773 ------------------------------------------------------------------------------------------------------------------------ Williams Holdings of Delaware, Inc., 6.25% Sr. Unsec. Debs., 2/1/06 75,000 71,213 ------------------ 526,044 - ------------------------------------------------------------------------------------------------------------------------------ TELEPHONE UTILITIES - 0.5% ------------------------------------------------------------------------------------------------------------------------ GTE Corp., 8.85% Debs., 3/1/98 45,000 46,614 ------------------------------------------------------------------------------------------------------------------------ Intermedia Communications, Inc., 13.50% Sr. Nts., Series B, 6/1/05 100,000 114,250 ------------------------------------------------------------------------------------------------------------------------ Western Wireless Corp., 10.50% Sr. Sub. Nts., 2/1/07 (3) 100,000 100,375 ------------------ 261,239 ------------------ Total Non-Convertible Corporate Bonds and Notes (Cost $15,033,486) 15,150,662 ============================================================================================================================== CONVERTIBLE CORPORATE BONDS AND NOTES - 0.3% ------------------------------------------------------------------------------------------------------------------------ Barnett Banks, Inc., 8.50% Sub. Exchangeable Nts., 3/1/99 40,000 41,986 ------------------------------------------------------------------------------------------------------------------------ IMC Global, Inc., 6.25% Cv. Sub. Debs., 12/1/01 90,000 105,525 ------------------ Total Convertible Corporate Bonds and Notes (Cost $140,597) 147,511 SHARES ============================================================================================================================== COMMON STOCKS - 54.9% - ------------------------------------------------------------------------------------------------------------------------------ BASIC MATERIALS - 2.1% - ------------------------------------------------------------------------------------------------------------------------------ CHEMICALS - 1.0% ------------------------------------------------------------------------------------------------------------------------ Cabot Corp. 200 4,825 ------------------------------------------------------------------------------------------------------------------------ Daicel Chemical Industries Ltd. 15,000 75,963 ------------------------------------------------------------------------------------------------------------------------ Dexter Corp. 4,400 136,400 ------------------------------------------------------------------------------------------------------------------------ Hoechst AG 1,500 56,328 ------------------------------------------------------------------------------------------------------------------------ Millenium Chemicals, Inc. (7) 528 10,692 ------------------------------------------------------------------------------------------------------------------------ Potash Corp. of Saskatchewan, Inc. 1,600 113,400 ------------------------------------------------------------------------------------------------------------------------ Union Carbide Corp. 3,700 157,712 ------------------ 555,320 - ------------------------------------------------------------------------------------------------------------------------------ GOLD - 0.0% ------------------------------------------------------------------------------------------------------------------------ Normandy Mining Ltd. 11,618 15,847 - ------------------------------------------------------------------------------------------------------------------------------ METALS - 0.9% ------------------------------------------------------------------------------------------------------------------------ Carpenter Technology Corp. 3,200 104,400 ------------------------------------------------------------------------------------------------------------------------ RTZ Corp. plc 4,000 64,029 ------------------------------------------------------------------------------------------------------------------------ UCAR International, Inc. (7) 2,000 78,250 ------------------------------------------------------------------------------------------------------------------------ UNR Industries, Inc. 25,000 168,750
20 Oppenheimer LifeSpan Funds 21 STATEMENT OF INVESTMENTS (CONTINUED) Oppenheimer LifeSpan Balanced Fund
MARKET VALUE SHARES SEE NOTE 1 - ------------------------------------------------------------------------------------------------------------------------------ METALS (CONTINUED) ------------------------------------------------------------------------------------------------------------------------ Western Mining Corp. Holdings Ltd. 10,000 $ 62,887 ------------------ 478,316 - ------------------------------------------------------------------------------------------------------------------------------ PAPER - 0.2% ------------------------------------------------------------------------------------------------------------------------ Fort Howard Corp. (7) 4,100 105,062 - ------------------------------------------------------------------------------------------------------------------------------ CONSUMER CYCLICALS - 10.1% - ------------------------------------------------------------------------------------------------------------------------------ AUTOS & HOUSING - 2.0% ------------------------------------------------------------------------------------------------------------------------ Autoliv AB 2,000 84,879 ------------------------------------------------------------------------------------------------------------------------ Autopistas Concesionaria Espanola SA 4,200 48,268 ------------------------------------------------------------------------------------------------------------------------ Black & Decker Corp. 1,700 63,537 ------------------------------------------------------------------------------------------------------------------------ Bridgestone Corp. 3,000 50,642 ------------------------------------------------------------------------------------------------------------------------ Camden Property Trust 4,800 130,800 ------------------------------------------------------------------------------------------------------------------------ Capstone Capital Corp. 5,900 127,587 ------------------------------------------------------------------------------------------------------------------------ Groupe SEB SA 500 101,308 ------------------------------------------------------------------------------------------------------------------------ Health & Retirement Property Trust 6,800 123,250 ------------------------------------------------------------------------------------------------------------------------ Honda Motor Co. 3,000 71,743 ------------------------------------------------------------------------------------------------------------------------ Lend Lease Corp. Ltd. 4,500 76,333 ------------------------------------------------------------------------------------------------------------------------ Meditrust Corp. 3,400 122,400 ------------------------------------------------------------------------------------------------------------------------ Rinnai Corp. 3,000 64,094 ------------------------------------------------------------------------------------------------------------------------ United Industrial Corp. Ltd. 70,000 58,127 ------------------ 1,122,968 - ------------------------------------------------------------------------------------------------------------------------------ LEISURE & ENTERTAINMENT - 2.5% ------------------------------------------------------------------------------------------------------------------------ AMR Corp. (7) 1,300 109,200 ------------------------------------------------------------------------------------------------------------------------ Atlas Air, Inc. (7) 5,000 184,375 ------------------------------------------------------------------------------------------------------------------------ CDL Hotels International Ltd. 180,000 93,116 ------------------------------------------------------------------------------------------------------------------------ Dover Downs Entertainment, Inc. (7) 3,600 72,450 ------------------------------------------------------------------------------------------------------------------------ Einstein/Noah Bagel Corp. (7) 2,000 67,250 ------------------------------------------------------------------------------------------------------------------------ EMI Group plc 3,000 58,964 ------------------------------------------------------------------------------------------------------------------------ Granada Group plc 5,000 72,057 ------------------------------------------------------------------------------------------------------------------------ Landry's Seafood Restaurants, Inc. (7) 3,200 65,600 ------------------------------------------------------------------------------------------------------------------------ Northwest Airlines Corp., Cl. A (7) 1,700 56,312 ------------------------------------------------------------------------------------------------------------------------ Papa John's International, Inc. (7) 1,750 87,062 ------------------------------------------------------------------------------------------------------------------------ Piccadilly Cafeterias, Inc. 6,900 60,375 ------------------------------------------------------------------------------------------------------------------------ Regal Cinemas, Inc. (7) 5,100 132,600 ------------------------------------------------------------------------------------------------------------------------ Swire Pacific Ltd., Cl. B 54,500 76,475 ------------------------------------------------------------------------------------------------------------------------ VideoServer, Inc. (7) 3,200 151,600 ------------------------------------------------------------------------------------------------------------------------ Wyndham Hotel Corp. (7) 4,400 83,600 ------------------ 1,371,036 - ------------------------------------------------------------------------------------------------------------------------------ MEDIA - 1.0% ------------------------------------------------------------------------------------------------------------------------ Elsevier NV 4,000 66,513 ------------------------------------------------------------------------------------------------------------------------ Emmis Broadcasting Corp., Cl. A (7) 2,100 76,125 ------------------------------------------------------------------------------------------------------------------------ Heftel Broadcasting Corp., A Shares (7) 1,900 68,875 ------------------------------------------------------------------------------------------------------------------------ Reed International plc 4,500 83,830 ------------------------------------------------------------------------------------------------------------------------ Reuters Holdings plc 8,000 99,593 ------------------------------------------------------------------------------------------------------------------------ Television Broadcasts Ltd. 17,000 59,581 ------------------------------------------------------------------------------------------------------------------------ Wolters Kluwer NV 600 77,163 ------------------ 531,680 - ------------------------------------------------------------------------------------------------------------------------------ RETAIL: GENERAL - 2.2% ------------------------------------------------------------------------------------------------------------------------ Dollar Tree Stores, Inc. (7) 2,000 75,500
21 Oppenheimer LifeSpan Funds 22 STATEMENT OF INVESTMENTS (CONTINUED) Oppenheimer LifeSpan Balanced Fund
MARKET VALUE SHARES SEE NOTE 1 - ------------------------------------------------------------------------------------------------------------------------------ RETAIL: GENERAL (CONTINUED) ------------------------------------------------------------------------------------------------------------------------ Eckerd Corp. (7) 3,000 $ 83,250 ------------------------------------------------------------------------------------------------------------------------ Federated Department Stores, Inc. (7) 3,400 112,200 ------------------------------------------------------------------------------------------------------------------------ Marks & Spencer plc 13,000 109,233 ------------------------------------------------------------------------------------------------------------------------ Nautica Enterprises, Inc. (7) 5,600 172,200 ------------------------------------------------------------------------------------------------------------------------ North Face, Inc. (The) (7) 3,100 62,775 ------------------------------------------------------------------------------------------------------------------------ Price/Costco, Inc. (7) 4,900 97,387 ------------------------------------------------------------------------------------------------------------------------ St. John Knits, Inc. 2,900 132,675 ------------------------------------------------------------------------------------------------------------------------ U.S. Industries, Inc. (7) 4,300 116,100 ------------------------------------------------------------------------------------------------------------------------ Wolverine World Wide, Inc. 4,350 107,662 ------------------------------------------------------------------------------------------------------------------------ Zeneca Group plc 4,000 109,038 ------------------ 1,178,020 - ------------------------------------------------------------------------------------------------------------------------------ RETAIL: SPECIALTY - 2.4% ------------------------------------------------------------------------------------------------------------------------ adidas AG 480 40,319 ------------------------------------------------------------------------------------------------------------------------ Brown Group, Inc. 7,300 150,562 ------------------------------------------------------------------------------------------------------------------------ CDW Computer Centers, Inc. (7) 2,900 182,519 ------------------------------------------------------------------------------------------------------------------------ Cifra SA de CV, Unsponsored ADR, B Shares (7) 45,000 57,393 ------------------------------------------------------------------------------------------------------------------------ Finish Line, Inc., Cl. A (7) 3,000 127,500 ------------------------------------------------------------------------------------------------------------------------ Jusco Co. 2,000 59,434 ------------------------------------------------------------------------------------------------------------------------ Koninklijke Ahold NV 1,733 101,166 ------------------------------------------------------------------------------------------------------------------------ New England Business Service, Inc. 5,100 91,800 ------------------------------------------------------------------------------------------------------------------------ Next plc 10,700 97,225 ------------------------------------------------------------------------------------------------------------------------ Regis Corp. of Minnesota 4,000 97,000 ------------------------------------------------------------------------------------------------------------------------ Shimamura Co. Ltd. 2,000 73,501 ------------------------------------------------------------------------------------------------------------------------ Toys 'R' Us, Inc. (7) 4,000 135,500 ------------------------------------------------------------------------------------------------------------------------ U.S. Office Products Co. (7) 4,300 124,700 ------------------ 1,338,619 - ------------------------------------------------------------------------------------------------------------------------------ CONSUMER NON-CYCLICALS - 7.9% - ------------------------------------------------------------------------------------------------------------------------------ BEVERAGES - 0.6% ------------------------------------------------------------------------------------------------------------------------ Anheuser-Busch Cos., Inc. 6,600 254,100 ------------------------------------------------------------------------------------------------------------------------ Embotelladora Andina SA, Sponsored ADR 2,200 75,900 330,000 - ------------------------------------------------------------------------------------------------------------------------------ EDUCATION - 0.3% ------------------------------------------------------------------------------------------------------------------------ ITT Educational Services, Inc. (7) 2,000 72,750 ------------------------------------------------------------------------------------------------------------------------ Learning Tree International, Inc. (7) 2,400 101,400 ------------------ 174,150 - ------------------------------------------------------------------------------------------------------------------------------ FOOD - 1.4% ------------------------------------------------------------------------------------------------------------------------ American Stores Co. 3,400 140,675 ------------------------------------------------------------------------------------------------------------------------ Archer-Daniels-Midland Co. 5,460 118,755 ------------------------------------------------------------------------------------------------------------------------ Carrefour Supermarche SA 160 88,861 ------------------------------------------------------------------------------------------------------------------------ Danisco AS 1,250 71,623 ------------------------------------------------------------------------------------------------------------------------ Dole Food Co. 2,300 89,700 ------------------------------------------------------------------------------------------------------------------------ Kroger Co. (7) 2,800 124,950 ------------------------------------------------------------------------------------------------------------------------ William Morrison Supermarkets plc 40,000 104,218 ------------------ 738,782 - ------------------------------------------------------------------------------------------------------------------------------ HEALTHCARE/DRUGS - 2.3% ------------------------------------------------------------------------------------------------------------------------ Astra AB Free, Series A 1,500 68,907 ------------------------------------------------------------------------------------------------------------------------ Bristol-Myers Squibb Co. 2,800 296,100 ------------------------------------------------------------------------------------------------------------------------ Ciba-Geigy AG 100 122,743 ------------------------------------------------------------------------------------------------------------------------ Clintrials Research, Inc. (7) 2,600 96,525
22 Oppenheimer LifeSpan Funds 23 STATEMENT OF INVESTMENTS (CONTINUED) Oppenheimer LifeSpan Balanced Fund
MARKET VALUE SHARES SEE NOTE 1 - ------------------------------------------------------------------------------------------------------------------------------ HEALTHCARE/DRUGS (CONTINUED) ------------------------------------------------------------------------------------------------------------------------ Dura Pharmaceuticals, Inc. (7) 2,800 $ 96,600 ------------------------------------------------------------------------------------------------------------------------ Glaxo Wellcome plc, Sponsored ADR 3,800 119,700 ------------------------------------------------------------------------------------------------------------------------ Jones Medical Industries, Inc. 2,450 106,575 ------------------------------------------------------------------------------------------------------------------------ Medicis Pharmaceutical Corp., Cl. A (7) 1,800 90,450 ------------------------------------------------------------------------------------------------------------------------ Sandoz AG 100 115,175 ------------------------------------------------------------------------------------------------------------------------ Schering AG 1,000 80,111 ------------------------------------------------------------------------------------------------------------------------ Takeda Chemical Industries Ltd. 5,000 85,722 ------------------ 1,278,608 - ------------------------------------------------------------------------------------------------------------------------------ HEALTHCARE/SUPPLIES & SERVICES - 2.4% ------------------------------------------------------------------------------------------------------------------------ CNS, Inc. (7) 3,800 64,600 ------------------------------------------------------------------------------------------------------------------------ Columbia/HCA Healthcare Corp. 2,550 91,162 ------------------------------------------------------------------------------------------------------------------------ Compdent Corp. (7) 2,200 75,625 ------------------------------------------------------------------------------------------------------------------------ Luxottica Group SpA, Sponsored ADR 1,000 63,500 ------------------------------------------------------------------------------------------------------------------------ National Surgery Centers, Inc. (7) 2,400 64,800 ------------------------------------------------------------------------------------------------------------------------ OrNda Healthcorp (7) 4,100 111,725 ------------------------------------------------------------------------------------------------------------------------ Orthodontic Centers of America, Inc. (7) 4,200 60,375 ------------------------------------------------------------------------------------------------------------------------ Pediatrix Medical Group, Inc. (7) 3,300 129,937 ------------------------------------------------------------------------------------------------------------------------ Physician Sales & Service, Inc. (7) 5,300 112,625 ------------------------------------------------------------------------------------------------------------------------ Renal Treatment Centers, Inc. (7) 3,800 101,650 ------------------------------------------------------------------------------------------------------------------------ Rural/Metro Corp. (7) 3,000 109,500 ------------------------------------------------------------------------------------------------------------------------ SmithKline Beecham plc 13,447 166,089 ------------------------------------------------------------------------------------------------------------------------ Total Renal Care Holdings, Inc. (7) 3,000 117,000 ------------------------------------------------------------------------------------------------------------------------ Veterinary Centers of America, Inc. (7) 2,300 42,262 ------------------ 1,310,850 - ------------------------------------------------------------------------------------------------------------------------------ HOUSEHOLD GOODS - 0.8% ------------------------------------------------------------------------------------------------------------------------ Blyth Industries, Inc. (7) 3,600 139,950 ------------------------------------------------------------------------------------------------------------------------ L'OREAL 250 84,717 ------------------------------------------------------------------------------------------------------------------------ Premark International, Inc. 5,600 116,900 ------------------------------------------------------------------------------------------------------------------------ Tupperware Corp. 2,100 107,887 ------------------ 449,454 - ------------------------------------------------------------------------------------------------------------------------------ TOBACCO - 0.1% ------------------------------------------------------------------------------------------------------------------------ Imperial Tobacco Group plc, ADR (7) 1,850 21,600 ------------------------------------------------------------------------------------------------------------------------ PT Gudang Garam 9,000 35,946 ------------------ 57,546 - ------------------------------------------------------------------------------------------------------------------------------ ENERGY - 2.6% - ------------------------------------------------------------------------------------------------------------------------------ ENERGY SERVICES & PRODUCERS - 0.2% ------------------------------------------------------------------------------------------------------------------------ Input/Output, Inc. (7) 3,300 98,175 - ------------------------------------------------------------------------------------------------------------------------------ OIL-INTEGRATED - 2.4% ------------------------------------------------------------------------------------------------------------------------ Amoco Corp. 2,700 204,525 ------------------------------------------------------------------------------------------------------------------------ Atlantic Richfield Co. 1,300 172,250 ------------------------------------------------------------------------------------------------------------------------ Chevron Corp. 5,600 368,200 ------------------------------------------------------------------------------------------------------------------------ Exxon Corp. 1,600 141,800 ------------------------------------------------------------------------------------------------------------------------ Mobil Corp. 2,500 291,875 ------------------------------------------------------------------------------------------------------------------------ Total SA, B Shares 1,641 128,467 ------------------ 1,307,117 - ------------------------------------------------------------------------------------------------------------------------------ FINANCIAL - 5.8% - ------------------------------------------------------------------------------------------------------------------------------ BANKS - 2.9% ------------------------------------------------------------------------------------------------------------------------ Banco Bradesco SA, Preference 9,210,438 79,339 ------------------------------------------------------------------------------------------------------------------------ Banco Popular Espanol SA 400 76,533
23 Oppenheimer LifeSpan Funds 24 STATEMENT OF INVESTMENTS (CONTINUED) Oppenheimer LifeSpan Balanced Fund
MARKET VALUE SHARES SEE NOTE 1 - ------------------------------------------------------------------------------------------------------------------------------ BANKS (CONTINUED) ------------------------------------------------------------------------------------------------------------------------ Bangkok Bank Public Co. Ltd. 4,000 $ 42,658 ------------------------------------------------------------------------------------------------------------------------ Bank of Boston Corp. 5,600 358,400 ------------------------------------------------------------------------------------------------------------------------ BankAmerica Corp. 4,100 375,150 ------------------------------------------------------------------------------------------------------------------------ Chase Manhattan Corp. (New) 700 60,025 ------------------------------------------------------------------------------------------------------------------------ HSBC Holdings plc 2,000 40,738 ------------------------------------------------------------------------------------------------------------------------ Malayan Banking Berhad 8,000 79,156 ------------------------------------------------------------------------------------------------------------------------ NationsBank Corp. 2,100 197,925 ------------------------------------------------------------------------------------------------------------------------ PNC Bank Corp. 7,300 264,625 ------------------------------------------------------------------------------------------------------------------------ Thai Farmers Bank Public Co. Ltd. 4,500 34,405 ------------------ 1,608,954 - ------------------------------------------------------------------------------------------------------------------------------ DIVERSIFIED FINANCIAL - 1.6% ------------------------------------------------------------------------------------------------------------------------ Amresco, Inc. (7) 4,900 103,512 ------------------------------------------------------------------------------------------------------------------------ Crescent Real Estate Equities, Inc. 3,100 129,425 ------------------------------------------------------------------------------------------------------------------------ First Pacific Co. Ltd. 46,000 63,357 ------------------------------------------------------------------------------------------------------------------------ Haw Par Brothers International Ltd. 30,000 60,895 ------------------------------------------------------------------------------------------------------------------------ ING Groep NV 2,552 79,604 ------------------------------------------------------------------------------------------------------------------------ Nichiei Co. Ltd. 1,300 86,636 ------------------------------------------------------------------------------------------------------------------------ Oxford Resources Corp., Cl. A (7) 2,800 71,400 ------------------------------------------------------------------------------------------------------------------------ Perlis Plantations Berhad 20,000 57,388 ------------------------------------------------------------------------------------------------------------------------ Salomon, Inc. 2,900 130,862 ------------------------------------------------------------------------------------------------------------------------ Sirrom Capital Corp. 2,800 102,200 ------------------ 885,279 - ------------------------------------------------------------------------------------------------------------------------------ INSURANCE - 1.3% ------------------------------------------------------------------------------------------------------------------------ AFLAC, Inc. 3,100 124,387 ------------------------------------------------------------------------------------------------------------------------ AXA SA 1,714 107,137 ------------------------------------------------------------------------------------------------------------------------ General Re Corp. 500 73,625 ------------------------------------------------------------------------------------------------------------------------ Hartford Steam Boiler Inspection & Insurance Co. 2,700 116,437 ------------------------------------------------------------------------------------------------------------------------ HCC Insurance Holdings, Inc. 2,550 65,025 ------------------------------------------------------------------------------------------------------------------------ Sumitomo Marine & Fire Insurance Co. 14,000 100,440 ------------------------------------------------------------------------------------------------------------------------ Travelers/Aetna Property Casualty Corp., Cl. A 4,100 123,000 ------------------ 710,051 - ------------------------------------------------------------------------------------------------------------------------------ INDUSTRIAL - 7.7% - ------------------------------------------------------------------------------------------------------------------------------ ELECTRICAL EQUIPMENT - 0.4% ------------------------------------------------------------------------------------------------------------------------ ABB AG 65 80,039 ------------------------------------------------------------------------------------------------------------------------ Johnson Electric Holdings Ltd. 35,000 76,497 ------------------------------------------------------------------------------------------------------------------------ Mabuchi Motor Co. 800 40,795 ------------------ 197,331 - ------------------------------------------------------------------------------------------------------------------------------ INDUSTRIAL MATERIALS - 0.1% ------------------------------------------------------------------------------------------------------------------------ Cie de Saint Gobain 250 33,769 ------------------------------------------------------------------------------------------------------------------------ THK Co. Ltd. 2,000 31,124 ------------------ 64,893 - ------------------------------------------------------------------------------------------------------------------------------ INDUSTRIAL SERVICES - 2.8% ------------------------------------------------------------------------------------------------------------------------ Alternative Resources Corp. (7) 2,900 58,362 ------------------------------------------------------------------------------------------------------------------------ CIBER, Inc. (7) 3,600 127,800 ------------------------------------------------------------------------------------------------------------------------ Corestaff, Inc. (7) 5,600 142,800 ------------------------------------------------------------------------------------------------------------------------ Corrections Corp. of America (7) 5,400 140,400 ------------------------------------------------------------------------------------------------------------------------ HA-LO Industries, Inc. (7) 400 12,400 ------------------------------------------------------------------------------------------------------------------------ Kurita Water Industries Ltd. 5,000 100,668 ------------------------------------------------------------------------------------------------------------------------ NGK Spark Plug Co. 6,000 61,720
24 Oppenheimer LifeSpan Funds 25 STATEMENT OF INVESTMENTS (CONTINUED) Oppenheimer LifeSpan Balanced Fund
MARKET VALUE SHARES SEE NOTE 1 - ------------------------------------------------------------------------------------------------------------------------------ INDUSTRIAL SERVICES (CONTINUED) ------------------------------------------------------------------------------------------------------------------------ Precision Response Corp. (7) 1,600 $ 57,200 ------------------------------------------------------------------------------------------------------------------------ SGS Societe Generale de Surveillance Holding SA, Series B 30 67,875 ------------------------------------------------------------------------------------------------------------------------ SITEL Corp. (7) 7,000 138,250 ------------------------------------------------------------------------------------------------------------------------ Southcorp Holdings Ltd. 29,000 88,311 ------------------------------------------------------------------------------------------------------------------------ Tetra Tech, Inc. (7) 5,000 111,250 ------------------------------------------------------------------------------------------------------------------------ Transaction Systems Architects, Inc., Cl. A (7) 4,000 166,000 ------------------------------------------------------------------------------------------------------------------------ United Waste Systems, Inc. (7) 6,800 233,750 ------------------ 1,506,786 - ------------------------------------------------------------------------------------------------------------------------------ MANUFACTURING - 3.6% ------------------------------------------------------------------------------------------------------------------------ AGCO Corp. 4,200 106,575 ------------------------------------------------------------------------------------------------------------------------ Bic Corp. 700 105,105 ------------------------------------------------------------------------------------------------------------------------ Canon Sales Co., Inc. 3,000 76,226 ------------------------------------------------------------------------------------------------------------------------ Case Corp. 2,600 120,900 ------------------------------------------------------------------------------------------------------------------------ Chicago Miniature Lamp, Inc. (7) 3,200 95,200 ------------------------------------------------------------------------------------------------------------------------ Deere & Co. 2,600 108,550 ------------------------------------------------------------------------------------------------------------------------ General Signal Corp. 2,800 114,100 ------------------------------------------------------------------------------------------------------------------------ Hanson plc, ADR 7,400 47,175 ------------------------------------------------------------------------------------------------------------------------ Hutchison Whampoa Ltd. 10,000 69,837 ------------------------------------------------------------------------------------------------------------------------ Ingersoll-Rand Co. 2,900 120,713 ------------------------------------------------------------------------------------------------------------------------ Komatsu Ltd. 7,000 57,359 ------------------------------------------------------------------------------------------------------------------------ Mannesmann AG 195 75,796 ------------------------------------------------------------------------------------------------------------------------ Mark IV Industries, Inc. 2,310 49,954 ------------------------------------------------------------------------------------------------------------------------ Mitsubishi Heavy Industries Ltd. 7,000 53,851 ------------------------------------------------------------------------------------------------------------------------ Nippon Electric Glass Co. Ltd. 1,000 15,298 ------------------------------------------------------------------------------------------------------------------------ NSK Ltd. 7,000 46,404 ------------------------------------------------------------------------------------------------------------------------ Shinmaywa Industries Ltd. 6,000 51,961 ------------------------------------------------------------------------------------------------------------------------ Sidel SA 1,200 80,130 ------------------------------------------------------------------------------------------------------------------------ SMC Corp. 500 32,442 ------------------------------------------------------------------------------------------------------------------------ Sophus Berendsen AS, Series B 605 74,745 ------------------------------------------------------------------------------------------------------------------------ Textron, Inc. 2,100 186,375 ------------------------------------------------------------------------------------------------------------------------ Tyco International Ltd. 2,800 138,950 ------------------------------------------------------------------------------------------------------------------------ U.S. Filter Corp. (7) 4,750 163,875 ------------------ 1,991,521 - ------------------------------------------------------------------------------------------------------------------------------ TRANSPORTATION - 0.8% ------------------------------------------------------------------------------------------------------------------------ Brambles Industries Ltd. 5,000 82,871 ------------------------------------------------------------------------------------------------------------------------ Hays plc 13,000 109,021 ------------------------------------------------------------------------------------------------------------------------ PACCAR, Inc. 600 33,450 ------------------------------------------------------------------------------------------------------------------------ Union Pacific Corp. 1,500 84,188 ------------------------------------------------------------------------------------------------------------------------ Wisconsin Central Transportation Corp. (7) 3,600 129,600 ------------------ 439,130 - ------------------------------------------------------------------------------------------------------------------------------ TECHNOLOGY - 12.5% - ------------------------------------------------------------------------------------------------------------------------------ AEROSPACE/DEFENSE - 2.5% ------------------------------------------------------------------------------------------------------------------------ General Dynamics Corp. 4,600 315,675 ------------------------------------------------------------------------------------------------------------------------ Goodrich (B.F.) Co. 5,800 245,775 ------------------------------------------------------------------------------------------------------------------------ Lockheed Martin Corp. 2,900 259,913 ------------------------------------------------------------------------------------------------------------------------ McDonnell Douglas Corp. 2,600 141,700 ------------------------------------------------------------------------------------------------------------------------ Rockwell International Corp. 3,900 214,500 ------------------------------------------------------------------------------------------------------------------------ TRW, Inc. 2,400 217,200 ------------------ 1,394,763
25 Oppenheimer LifeSpan Funds 26 STATEMENT OF INVESTMENTS (CONTINUED) Oppenheimer LifeSpan Balanced Fund
MARKET VALUE SHARES SEE NOTE 1 - ------------------------------------------------------------------------------------------------------------------------------ COMPUTER HARDWARE - 1.2% ------------------------------------------------------------------------------------------------------------------------ Canon, Inc. 5,000 $ 95,833 ------------------------------------------------------------------------------------------------------------------------ Citrix Systems, Inc. (7) 2,200 121,550 ------------------------------------------------------------------------------------------------------------------------ Dell Computer Corp. (7) 1,200 97,650 ------------------------------------------------------------------------------------------------------------------------ Gateway 2000, Inc. (7) 1,000 47,063 ------------------------------------------------------------------------------------------------------------------------ Henry (Jack) & Associates, Inc. 1,400 56,525 ------------------------------------------------------------------------------------------------------------------------ Network Appliance, Inc. (7) 2,100 73,500 ------------------------------------------------------------------------------------------------------------------------ Storage Technology Corp. (New) (7) 3,600 153,450 ------------------ 645,571 - ------------------------------------------------------------------------------------------------------------------------------ COMPUTER SOFTWARE - 4.7% ------------------------------------------------------------------------------------------------------------------------ Applix, Inc. (7) 2,900 70,325 ------------------------------------------------------------------------------------------------------------------------ Cambridge Technology Partners, Inc. (7) 5,400 178,200 ------------------------------------------------------------------------------------------------------------------------ Computer Horizons Corp. (7) 3,900 120,900 ------------------------------------------------------------------------------------------------------------------------ Cooper & Chyan Technology, Inc. (7) 900 27,563 ------------------------------------------------------------------------------------------------------------------------ Dendrite International, Inc. (7) 3,100 82,538 ------------------------------------------------------------------------------------------------------------------------ Electronics for Imaging, Inc. (7) 2,100 151,200 ------------------------------------------------------------------------------------------------------------------------ EPIC Design Technology, Inc. (7) 3,100 75,950 ------------------------------------------------------------------------------------------------------------------------ Inso Corp. (7) 1,900 93,575 ------------------------------------------------------------------------------------------------------------------------ JDA Software Group, Inc. (7) 2,300 79,063 ------------------------------------------------------------------------------------------------------------------------ McAfee Associates, Inc. (7) 1,612 73,346 ------------------------------------------------------------------------------------------------------------------------ Medic Computer Systems, Inc. (7) 1,800 50,850 ------------------------------------------------------------------------------------------------------------------------ MetaTools, Inc. (7) 2,900 55,825 ------------------------------------------------------------------------------------------------------------------------ National Data Corp. 1,400 57,575 ------------------------------------------------------------------------------------------------------------------------ NOVA Corp. (7) 2,100 45,675 ------------------------------------------------------------------------------------------------------------------------ Pegasystems, Inc. (7) 3,000 90,375 ------------------------------------------------------------------------------------------------------------------------ Project Software & Development, Inc. (7) 4,000 136,000 ------------------------------------------------------------------------------------------------------------------------ Rational Software Corp. (7) 6,400 245,600 ------------------------------------------------------------------------------------------------------------------------ Remedy Corp. (7) 2,800 136,500 ------------------------------------------------------------------------------------------------------------------------ SAP AG, Preference 400 53,706 ------------------------------------------------------------------------------------------------------------------------ Sapient Corp. (7) 1,900 87,875 ------------------------------------------------------------------------------------------------------------------------ Scopus Technology, Inc. (7) 2,500 96,250 ------------------------------------------------------------------------------------------------------------------------ Security Dynamics Technologies, Inc. (7) 1,300 105,625 ------------------------------------------------------------------------------------------------------------------------ Technology Solutions Co. (7) 1,200 46,650 ------------------------------------------------------------------------------------------------------------------------ Verilink Corp. (7) 2,900 104,400 ------------------------------------------------------------------------------------------------------------------------ Veritas Software Corp. (7) 2,700 136,350 ------------------------------------------------------------------------------------------------------------------------ Viasoft, Inc. (7) 300 14,775 ------------------------------------------------------------------------------------------------------------------------ Visio Corp. (7) 2,100 96,863 ------------------------------------------------------------------------------------------------------------------------ Wind River Systems (7) 1,900 80,750 ------------------ 2,594,304 - ------------------------------------------------------------------------------------------------------------------------------ ELECTRONICS - 2.0% ------------------------------------------------------------------------------------------------------------------------ Atmel Corp. (7) 300 7,613 ------------------------------------------------------------------------------------------------------------------------ Bowthorpe plc 11,000 84,367 ------------------------------------------------------------------------------------------------------------------------ Electrocomponents plc 15,000 101,246 ------------------------------------------------------------------------------------------------------------------------ Getronics NV 2,400 59,013 ------------------------------------------------------------------------------------------------------------------------ Intel Corp. 1,000 109,875 ------------------------------------------------------------------------------------------------------------------------ Keyence Corp. 600 69,632 ------------------------------------------------------------------------------------------------------------------------ Kyocera Corp. 1,000 66,028 ------------------------------------------------------------------------------------------------------------------------ Matsushita Electric Industrial Co. 4,000 64,006 ------------------------------------------------------------------------------------------------------------------------ Matsushita Electric Works Ltd. 5,000 48,356 ------------------------------------------------------------------------------------------------------------------------ Nitto Denko Corp. 5,000 74,292
26 Oppenheimer LifeSpan Funds 27 STATEMENT OF INVESTMENTS (CONTINUED) Oppenheimer LifeSpan Balanced Fund
MARKET VALUE SHARES SEE NOTE 1 - ------------------------------------------------------------------------------------------------------------------------------ ELECTRONICS (CONTINUED) ------------------------------------------------------------------------------------------------------------------------ Samsung Electronics Co., Sponsored GDR (1) 2,400 $ 51,600 ------------------------------------------------------------------------------------------------------------------------ Sony Corp. 1,500 90,074 ------------------------------------------------------------------------------------------------------------------------ Supertex, Inc. (7) 2,600 58,500 ------------------------------------------------------------------------------------------------------------------------ TDK Corp. 1,000 58,730 ------------------------------------------------------------------------------------------------------------------------ Waters Corp. (7) 4,000 124,000 ------------------ 1,067,332 - ------------------------------------------------------------------------------------------------------------------------------ TELECOMMUNICATIONS-TECHNOLOGY - 2.1% ------------------------------------------------------------------------------------------------------------------------ Allen Group, Inc. (7) 2,000 31,750 ------------------------------------------------------------------------------------------------------------------------ Aspect Telecommunications Corp. (7) 3,200 190,400 ------------------------------------------------------------------------------------------------------------------------ Cable Design Technologies Corp. (7) 2,950 76,700 ------------------------------------------------------------------------------------------------------------------------ Comverse Technology, Inc. (7) 4,300 150,500 ------------------------------------------------------------------------------------------------------------------------ DSP Communications, Inc. (7) 4,400 167,200 ------------------------------------------------------------------------------------------------------------------------ L.M. Ericsson Telephone Co., Cl. B, ADR 3,520 97,240 ------------------------------------------------------------------------------------------------------------------------ Premisys Communications, Inc. (7) 1,600 80,000 ------------------------------------------------------------------------------------------------------------------------ Telecom Corp. of New Zealand Ltd. 25,000 129,976 ------------------------------------------------------------------------------------------------------------------------ Telecom Italia Mobile SpA 19,000 39,282 ------------------------------------------------------------------------------------------------------------------------ Vitesse Semiconductor Corp. (7) 2,900 92,438 ------------------------------------------------------------------------------------------------------------------------ Vodafone Group plc 28,000 108,289 ------------------ 1,163,775 - ------------------------------------------------------------------------------------------------------------------------------ UTILITIES - 6.2% - ------------------------------------------------------------------------------------------------------------------------------ ELECTRIC UTILITIES - 2.6% ------------------------------------------------------------------------------------------------------------------------ American Electric Power Co., Inc. 4,600 190,900 ------------------------------------------------------------------------------------------------------------------------ CalEnergy, Inc. (7) 2,400 69,600 ------------------------------------------------------------------------------------------------------------------------ Entergy Corp. 8,400 235,200 ------------------------------------------------------------------------------------------------------------------------ FPL Group, Inc. 5,300 243,800 ------------------------------------------------------------------------------------------------------------------------ Illinova Corp. 4,000 109,000 ------------------------------------------------------------------------------------------------------------------------ Kansas City Power & Light Co. 5,000 137,500 ------------------------------------------------------------------------------------------------------------------------ Texas Utilities Co. 5,100 206,550 ------------------------------------------------------------------------------------------------------------------------ Veba AG 2,000 106,502 ------------------------------------------------------------------------------------------------------------------------ Western Resources, Inc. 4,100 123,000 ------------------ 1,422,052 - ------------------------------------------------------------------------------------------------------------------------------ GAS UTILITIES - 2.5% ------------------------------------------------------------------------------------------------------------------------ Columbia Gas System, Inc. (The) 3,800 230,850 ------------------------------------------------------------------------------------------------------------------------ El Paso Natural Gas Co. 4,100 198,850 ------------------------------------------------------------------------------------------------------------------------ Hong Kong & China Gas Co. Ltd. 39,600 69,651 ------------------------------------------------------------------------------------------------------------------------ National Fuel Gas Co. 4,100 152,725 ------------------------------------------------------------------------------------------------------------------------ PanEnergy Corp. 10,900 419,650 ------------------------------------------------------------------------------------------------------------------------ Questar Corp. 5,700 205,200 ------------------------------------------------------------------------------------------------------------------------ RWE AG, Preference 1,850 62,341 ------------------ 1,339,267 - ------------------------------------------------------------------------------------------------------------------------------ TELEPHONE UTILITIES - 1.1% ------------------------------------------------------------------------------------------------------------------------ Ameritech Corp. 2,200 120,450 ------------------------------------------------------------------------------------------------------------------------ DDI Corp. 13 97,723 ------------------------------------------------------------------------------------------------------------------------ GTE Corp. 5,600 235,900 ------------------------------------------------------------------------------------------------------------------------ NYNEX Corp. 2,800 124,600 ------------------------------------------------------------------------------------------------------------------------ Telefonica de Espana, ADS 2,000 40,165 ------------------ 618,838 ------------------ Total Common Stocks (Cost $24,873,763) 30,091,397
27 Oppenheimer LifeSpan Funds 28 STATEMENT OF INVESTMENTS (CONTINUED) Oppenheimer LifeSpan Balanced Fund
MARKET VALUE SHARES SEE NOTE 1 ============================================================================================================================== PREFERRED STOCKS - 0.3% - ------------------------------------------------------------------------------------------------------------------------------ Case Corp., $4.50 Cum. Cv., Series A, Non-Vtg. 1,200 $ 138,000 ------------------------------------------------------------------------------------------------------------------------ Renong Berhad, 4% Irredeemable Cv. Unsec. Loan Stocks (7) 4,400 1,611 ------------------ Total Preferred Stocks (Cost $116,561) 139,611 UNITS ============================================================================================================================== RIGHTS, WARRANTS AND CERTIFICATES - 0.0% - ------------------------------------------------------------------------------------------------------------------------------ Haw Par Brothers International Ltd. Wts., Exp. 3/01 3,000 2,512 ------------------------------------------------------------------------------------------------------------------------ Hong Kong & China Gas Co. Ltd. Wts., Exp. 9/97 3,300 1,216 ------------------------------------------------------------------------------------------------------------------------ Hyperion Telecommunications, Inc. Wts., Exp. 4/01 (3) 250 11,250 ------------------------------------------------------------------------------------------------------------------------ Intermedia Communications, Inc. Wts., Exp. 6/00 (3) 100 5,000 ------------------------------------------------------------------------------------------------------------------------ Renong Berhad Wts., Exp. 2/97 2,750 229 ------------------------------------------------------------------------------------------------------------------------ Thai Farmers Bank Public Co. Ltd. Wts., Exp. 9/02 (3) 562 -- ------------------ Total Rights, Warrants and Certificates (Cost $4,043) 20,207 FACE AMOUNT ============================================================================================================================== REPURCHASE AGREEMENT - 7.4% - ------------------------------------------------------------------------------------------------------------------------------ Repurchase agreement with State Street Bank and Trust Co., 4.50%, dated 10/31/96, to be repurchased at $4,048,506 on 11/1/96, collateralized by U.S. Treasury Nts., 6.25%-7.75%, 6/30/98-2/15/01, with a value of $4,180,608 (Cost $4,048,000) $ 4,048,000 4,048,000 ------------------------------------------------------------------------------------------------------------------------ TOTAL INVESTMENTS, AT VALUE (COST $48,787,124) 99.0% 54,254,328 ------------------------------------------------------------------------------------------------------------------------ OTHER ASSETS NET OF LIABILITIES 1.0 571,013 --------------- ----------------- NET ASSETS 100.0% $ 54,825,341 =============== =================
1. 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 $631,631 or 1.15% of the Fund's net assets, at October 31, 1996. 2. Denotes a step bond: a zero coupon bond that converts to a fixed rate of interest at a designated future date. 3. Identifies issues considered to be illiquid. These securities amount to $243,500 or 0.44% of the Fund's net assets, at October 31, 1996. 4. For zero coupon bonds, the interest rate shown is the effective yield on the date of purchase. 5. Units may be comprised of several components, such as debt and equity and/or warrants to purchase equity at some point in the future. For units which represent debt securities, face amount disclosed represents total underlying principal. 6. Represents the current interest rate for a variable rate security. For credit sensitive notes, the interest rate is dependent on the credit rating of the issuer. 7. Non-income producing security. See accompanying Notes to Financial Statements. 28 Oppenheimer LifeSpan Funds 29 STATEMENT OF INVESTMENTS October 31, 1996 Oppenheimer LifeSpan Growth Fund
FACE MARKET VALUE AMOUNT SEE NOTE 1 ======================================================================================================================= MORTGAGE-BACKED OBLIGATIONS - 1.5% - ----------------------------------------------------------------------------------------------------------------------- GOVERNMENT AGENCY - 1.4% - ----------------------------------------------------------------------------------------------------------------------- Federal Home Loan Mortgage Corp.: Gtd. Multiclass Mtg. Participation Certificates, 6%, 3/1/09 $ 28,330 $ 27,563 Gtd. Multiclass Mtg. Participation Certificates, Series 1574, Cl. PD, 5.50%, 3/15/13 100,000 99,500 Series 1843, Cl. VB, 7%, 4/15/03 20,000 20,194 Series 1849, Cl. VA, 6%, 12/15/10 28,422 27,969 ----------------------------------------------------------------------------------------------------------------- Federal National Mortgage Assn.: 6%, 12/1/03 56,930 55,941 6.50%, 4/1/26 49,374 47,244 7%, 4/1/00 98,234 99,019 Collateralized Mtg. Obligations, Gtd. Real Estate Mtg. Investment Conduit Pass-Through Certificates, Series 1993- 181, Cl, C, 5.40%, 10/25/02 100,000 99,250 Collateralized Mtg. Obligations, Gtd. Real Estate Mtg. Investment Conduit Pass-Through Certificates, Series 1993- 190, Cl, Z, 5.85%, 7/25/08 47,598 46,922 Series 1994-13, Cl. B, 6.50%, 2/25/09 100,000 96,281 ----------------- 619,883 - ----------------------------------------------------------------------------------------------------------------------- PRIVATE - 0.1% - ----------------------------------------------------------------------------------------------------------------------- GE Capital Mortgage Securities, Inc., Series-HE2, Cl. A3, 7.30%, 3/25/12 50,000 50,680 ----------------------------------------------------------------------------------------------------------------- Olympic Automobile Receivables Trust, Series 1996-A, Cl. A4, 5.85%, 7/15/01 15,000 14,901 ----------------- 65,581 ----------------- Total Mortgage-Backed Obligations (Cost $679,852) 685,464 ======================================================================================================================= U.S. GOVERNMENT OBLIGATIONS - 4.7% - ----------------------------------------------------------------------------------------------------------------------- U.S. Treasury Bonds, 7.50%, 11/15/16 890,000 962,869 ----------------------------------------------------------------------------------------------------------------- U.S. Treasury Nts.: 6.75%, 6/30/99 310,000 316,490 7.25%, 8/15/04 390,000 411,815 7.50%, 11/15/01 475,000 502,999 ----------------- Total U.S. Government Obligations (Cost $2,144,044) 2,194,173 ======================================================================================================================= NON-CONVERTIBLE CORPORATE BONDS AND NOTES - 12.4% - ----------------------------------------------------------------------------------------------------------------------- BASIC MATERIALS - 1.9% - ----------------------------------------------------------------------------------------------------------------------- CHEMICALS - 0.7% ----------------------------------------------------------------------------------------------------------------- Burmah Castrol plc, 7% Gtd. Medium-Term Nts., 12/15/97 20,000 20,263 ----------------------------------------------------------------------------------------------------------------- Du Pont (E.I.) De Nemours & Co., 8.50% Debs., 2/15/03 40,000 43,449 ----------------------------------------------------------------------------------------------------------------- Harris Chemical North America, Inc., 10.25% Gtd. Sr. Sec. Disc. Nts., 7/15/01 50,000 51,750 ----------------------------------------------------------------------------------------------------------------- ISP Holdings, Inc., 9.75% Sr. Nts., 2/15/02 (1) 42,000 43,365 ----------------------------------------------------------------------------------------------------------------- LaRoche Industries, Inc., 13% Sr. Sub. Nts., 8/15/04 25,000 27,094 ----------------------------------------------------------------------------------------------------------------- Morton International, Inc., 9.25% Credit Sensitive Nts., 6/1/20 (5) 20,000 24,507 ----------------------------------------------------------------------------------------------------------------- NL Industries, Inc., 0%/13% Sr. Sec. Disc. Nts., 10/15/05 (2) 100,000 82,750
29 Oppenheimer LifeSpan Funds 30 STATEMENT OF INVESTMENTS (Continued) Oppenheimer LifeSpan Growth Fund
FACE MARKET VALUE AMOUNT SEE NOTE 1 - --------------------------------------------------------------------------------------------------------------------- CHEMICALS (CONTINUED) --------------------------------------------------------------------------------------------------------------- PPG Industries, Inc., 9% Debs., 5/1/21 $ 20,000 $ 24,086 ----------------- 317,264 - --------------------------------------------------------------------------------------------------------------------- METALS - 0.5% --------------------------------------------------------------------------------------------------------------- Alcan Aluminum Ltd., 9.625% Debs., 7/15/19 50,000 54,218 --------------------------------------------------------------------------------------------------------------- Gulf States Steel, Inc., Alabama, 13.50% First Mtg. Nts., Series B, 4/15/03 50,000 47,312 --------------------------------------------------------------------------------------------------------------- Republic Engineered Steels, Inc., 9.875% First Mtg. Nts., 12/15/01 25,000 23,375 --------------------------------------------------------------------------------------------------------------- WCI Steel, Inc., 10.50% Sr. Gtd. Nts., Series B, 3/1/02 50,000 56,062 --------------------------------------------------------------------------------------------------------------- Weirton Steel Corp., 10.75% Sr. Nts., 6/1/05 50,000 47,750 ----------------- 228,717 - --------------------------------------------------------------------------------------------------------------------- PAPER - 0.7% --------------------------------------------------------------------------------------------------------------- Celulosa Arauco y Constitucion SA, 7.25% Debs., 6/11/98 20,000 20,075 --------------------------------------------------------------------------------------------------------------- Crown Packaging Holdings Ltd., 0%/12.25% Sr. Sub. Disc. Nts., Series B, 11/1/03 (2) 100,000 39,500 --------------------------------------------------------------------------------------------------------------- Gaylord Container Corp., 12.75% Sr. Sub. Disc. Debs., 5/15/05 50,000 54,875 --------------------------------------------------------------------------------------------------------------- Georgia-Pacific Corp., 9.85% Credit Sensitive Nts., 6/15/97 (5) 40,000 40,963 --------------------------------------------------------------------------------------------------------------- Malette, Inc., 12.25% Sr. Sec. Nts., 7/15/04 50,000 54,375 --------------------------------------------------------------------------------------------------------------- Stone Consolidated Corp., 10.25% Sr. Sec. Nts., 12/15/00 50,000 53,125 --------------------------------------------------------------------------------------------------------------- Stone Container Corp., 9.875% Sr. Nts., 2/1/01 50,000 50,000 ----------------- 312,913 - --------------------------------------------------------------------------------------------------------------------- CONSUMER CYCLICALS - 4.5% - --------------------------------------------------------------------------------------------------------------------- AUTOS & HOUSING - 0.3% --------------------------------------------------------------------------------------------------------------- Black & Decker Corp., 6.625% Nts., 11/15/00 20,000 20,092 --------------------------------------------------------------------------------------------------------------- Chelsea GCA Realty Partner, Inc., 7.75% Gtd. Unsec. Unsub. Nts., 1/26/01 40,000 39,724 --------------------------------------------------------------------------------------------------------------- Electrolux AB, 7.75% Sr. Unsub. Debs., 6/17/97 40,000 40,400 --------------------------------------------------------------------------------------------------------------- Venture Holdings Trust, 9.75% Sr. Sub. Nts., 4/1/04 39,000 35,100 ----------------- 135,316 - --------------------------------------------------------------------------------------------------------------------- LEISURE & ENTERTAINMENT - 1.8% --------------------------------------------------------------------------------------------------------------- American Skiing Corp., 12% Sr. Sub. Nts., 7/15/06 (3) 75,000 76,125 --------------------------------------------------------------------------------------------------------------- Argosy Gaming Co., 13.25% First Mtg. Nts., 6/1/04 75,000 72,750 --------------------------------------------------------------------------------------------------------------- Bally's Casino Holdings, Inc., Zero Coupon Sr. Disc. Nts., 8.594%, 6/15/98 (4) 75,000 66,000 --------------------------------------------------------------------------------------------------------------- Bally's Park Place Funding, Inc., 9.25% Gtd. First Mtg. Nts., 3/15/04 100,000 109,750 --------------------------------------------------------------------------------------------------------------- Blockbuster Entertainment Corp., 6.625% Sr. Nts., 2/15/98 20,000 20,100 --------------------------------------------------------------------------------------------------------------- Casino America, Inc., 12.50% Sr. Nts., 8/1/03 75,000 77,062 --------------------------------------------------------------------------------------------------------------- Casino Magic of Louisiana Corp., 13% First Mtg. Nts., 8/15/03 (1) 75,000 76,500 --------------------------------------------------------------------------------------------------------------- GB Property Funding Corp., 10.875% First Mtg. Nts., 1/15/04 25,000 22,750 --------------------------------------------------------------------------------------------------------------- GNF Corp., 10.625% Gtd. First Mtg. Nts., Series B, 4/1/03 50,000 55,437 --------------------------------------------------------------------------------------------------------------- Marvel III Holdings, Inc., 9.125% Sr. Sec. Nts., Series B, 2/15/98 25,000 11,375 --------------------------------------------------------------------------------------------------------------- Mohegan Tribal Gaming Authority, 13.50% Sr. Sec. Nts., Series B, 11/15/02 25,000 32,000 --------------------------------------------------------------------------------------------------------------- Santa Fe Hotel, Inc., 11% Gtd. First Mtg. Nts., 12/15/00 45,000 31,275
30 Oppenheimer LifeSpan Funds 31 STATEMENT OF INVESTMENTS (Continued) Oppenheimer LifeSpan Growth Fund
FACE MARKET VALUE AMOUNT SEE NOTE 1 - ----------------------------------------------------------------------------------------------------------------------- LEISURE & ENTERTAINMENT (CONTINUED) ----------------------------------------------------------------------------------------------------------------- Showboat, Inc., 9.25% First Mtg. Bonds, 5/1/08 $ 50,000 $ 49,000 ----------------------------------------------------------------------------------------------------------------- Trump Atlantic City Associates/Trump Atlantic City Funding, Inc., 11.25% First Mtg. Nts., 5/1/06 50,000 47,500 ----------------------------------------------------------------------------------------------------------------- Trump's Castle Funding, Inc., 11.75% Mtg. Nts., 11/15/03 50,000 47,500 ----------------------------------------------------------------------------------------------------------------- Walt Disney Co., 6.375% Sr. Unsec. Bonds, Series A, 3/30/01 25,000 24,970 ----------------- 820,094 - ----------------------------------------------------------------------------------------------------------------------- MEDIA - 1.5% ----------------------------------------------------------------------------------------------------------------- Australis Holdings PTY Ltd., 0%/15% Sr. Sec. Disc. Nts., 11/1/02 (2)(3) 100,000 56,000 ----------------------------------------------------------------------------------------------------------------- Bell Cablemedia plc, 0%/11.95% Sr. Disc. Nts., 7/15/04 (2) 75,000 62,062 ----------------------------------------------------------------------------------------------------------------- Comcast Corp., 9.375% Sr. Sub. Debs., 5/15/05 50,000 50,313 ----------------------------------------------------------------------------------------------------------------- Comcast UK Cable Partner Ltd., 0%/11.20% Sr. Disc. Debs., 11/15/07 (2) 50,000 32,500 ----------------------------------------------------------------------------------------------------------------- EchoStar Satellite Broadcasting Corp., 0%/13.125% Sr. Sec. Disc. Nts., 3/15/04 (2) 50,000 35,313 ----------------------------------------------------------------------------------------------------------------- Helicon Group LP/Helicon Capital Corp., 9% Sr. Sec. Nts., Series B, 11/1/03 (5) 50,000 51,250 ----------------------------------------------------------------------------------------------------------------- International CableTel, Inc., 0%/11.50% Sr. Deferred Coupon Nts., Series B, 2/1/06 (2) 150,000 91,500 ----------------------------------------------------------------------------------------------------------------- New World Communications Group Holding Corp., Zero Coupon Sr. Disc. Nts., Series B, 11%, 6/15/99 (4) 125,000 102,500 ----------------------------------------------------------------------------------------------------------------- Park Broadcasting, Inc., 11.75% Sr. Nts., 5/15/04 (1) 50,000 57,750 ----------------------------------------------------------------------------------------------------------------- Sinclair Broadcast Group, Inc., 10% Sr. Sub. Nts., 9/30/05 50,000 48,750 ----------------------------------------------------------------------------------------------------------------- Time Warner, Inc., 7.45% Nts., 2/1/98 20,000 20,303 ----------------------------------------------------------------------------------------------------------------- United International Holdings, Inc., Zero Coupon Sr. Sec. Disc. Nts., Series B, 14%, 11/15/99 (4) 100,000 70,000 ----------------------------------------------------------------------------------------------------------------- Wireless One, Inc., Units (each unit consists of $1,000 principal amount of 0%/13.50% sr. disc. nts., 8/1/06 and one warrant to purchase 2.274 ordinary shares) (2)(6) 50,000 26,750 ----------------- 704,991 - ----------------------------------------------------------------------------------------------------------------------- RETAIL: GENERAL - 0.7% ----------------------------------------------------------------------------------------------------------------- Dayton Hudson Co., 9.40% Debs., 2/15/01 40,000 44,139 ----------------------------------------------------------------------------------------------------------------- Duane Reade, 12% Sr. Nts., 9/15/02 50,000 48,750 ----------------------------------------------------------------------------------------------------------------- Federated Department Stores, Inc., 10% Sr. Nts., 2/15/01 10,000 10,944 ----------------------------------------------------------------------------------------------------------------- Parisian, Inc., 9.875% Sr. Sub. Nts., 7/15/03 50,000 50,625 ----------------------------------------------------------------------------------------------------------------- Pathmark Stores, Inc., 0%/10.75% Jr. Sub. Deferred Coupon Nts., 11/1/03 (2) 100,000 69,000 ----------------------------------------------------------------------------------------------------------------- Price/Costco, Inc., 7.125% Sr. Nts., 6/15/05 60,000 59,838 ----------------------------------------------------------------------------------------------------------------- Sears Roebuck & Co., 8.39% Medium-Term Nts., 3/23/99 40,000 41,984 ----------------- 325,280 - ----------------------------------------------------------------------------------------------------------------------- RETAIL: SPECIALTY - 0.2% ----------------------------------------------------------------------------------------------------------------- Hills Stores Co., 12.50% Sr. Nts., Series B, 7/1/03 50,000 45,500 ----------------------------------------------------------------------------------------------------------------- Waban, Inc., 11% Sr. Sub. Nts., 5/15/04 50,000 56,375 ----------------- 101,875 - ----------------------------------------------------------------------------------------------------------------------- CONSUMER NON-CYCLICALS - 1.4% - ----------------------------------------------------------------------------------------------------------------------- FOOD - 0.6% ----------------------------------------------------------------------------------------------------------------- Dairy Mart Convenience Stores, Inc., 10.25% Sr. Sub. Nts., 3/15/04 50,000 48,125
31 Oppenheimer LifeSpan Funds 32 STATEMENT OF INVESTMENTS (Continued) Oppenheimer LifeSpan Growth Fund
FACE MARKET VALUE AMOUNT SEE NOTE 1 - --------------------------------------------------------------------------------------------------------------------- FOOD (CONTINUED) --------------------------------------------------------------------------------------------------------------- Dole Food Co., 6.75% Nts., 7/15/00 $ 40,000 $ 40,247 --------------------------------------------------------------------------------------------------------------- Farm Fresh, Inc., 12.25% Sr. Nts., Series A, 10/1/00 50,000 40,000 --------------------------------------------------------------------------------------------------------------- Fresh Del Monte Produce NV, 10% Sr. Nts., Series B, 5/1/03 75,000 69,375 --------------------------------------------------------------------------------------------------------------- Great Atlantic & Pacific Tea Co., 9.125% Debs., 1/15/98 15,000 15,435 --------------------------------------------------------------------------------------------------------------- Jitney-Jungle Stores of America, Inc., 12% Gtd. Sr. Nts., 3/1/06 50,000 53,500 ----------------- 266,682 - --------------------------------------------------------------------------------------------------------------------- HEALTHCARE/SUPPLIES & SERVICES - 0.6% --------------------------------------------------------------------------------------------------------------- Columbia/HCA Healthcare Corp., 6.875% Nts., 7/15/01 45,000 45,564 --------------------------------------------------------------------------------------------------------------- Dade International, Inc., 11.125% Sr. Sub. Nts., 5/1/06 (1) 75,000 80,625 --------------------------------------------------------------------------------------------------------------- Health o meter Products, Inc., Units (each unit consists of $1,000 principal amount of 13% sr. sub. nts., 8/15/02 and one warrant to purchase 10.96 ordinary shares) (6) 50,000 55,250 --------------------------------------------------------------------------------------------------------------- Integrated Health Services, Inc., 9.625% Sr. Sub. Nts., Series A, 5/31/02 50,000 51,000 --------------------------------------------------------------------------------------------------------------- Paracelsus Healthcare Corp., 10% Sr. Sub. Unsec. Nts., 8/15/06 50,000 46,938 ----------------- 279,377 - --------------------------------------------------------------------------------------------------------------------- HOUSEHOLD GOODS - 0.2% --------------------------------------------------------------------------------------------------------------- Kimberly-Clark Corp., 7.875% Debs., 2/1/23 20,000 21,037 --------------------------------------------------------------------------------------------------------------- Revlon Consumer Products Corp., 9.375% Sr. Nts., 4/1/01 50,000 51,250 --------------------------------------------------------------------------------------------------------------- Revlon Worldwide Corp., Zero Coupon Sr. Sec. Disc. Nts., Series B, 14.04%, 3/15/98 (4) 50,000 44,313 ----------------- 116,600 - --------------------------------------------------------------------------------------------------------------------- ENERGY - 0.4% - --------------------------------------------------------------------------------------------------------------------- ENERGY SERVICES & PRODUCERS - 0.2% --------------------------------------------------------------------------------------------------------------- Coastal Corp., 8.125% Sr. Nts., 9/15/02 20,000 21,323 --------------------------------------------------------------------------------------------------------------- Maxus Energy Corp., 9.875% Nts., 10/15/02 50,000 51,375 ----------------- 72,698 - --------------------------------------------------------------------------------------------------------------------- OIL-INTEGRATED - 0.2% --------------------------------------------------------------------------------------------------------------- Falcon Holdings Group LP, 11% Sr. Sub. Nts., 9/15/03 (7) 55,651 49,730 --------------------------------------------------------------------------------------------------------------- Louisiana Land & Exploration Co., 7.65% Debs., 12/1/23 20,000 20,067 --------------------------------------------------------------------------------------------------------------- Standard Oil/British Petroleum Co. plc, 9% Debs., 6/1/19 20,000 21,134 ----------------- 90,931 - --------------------------------------------------------------------------------------------------------------------- FINANCIAL - 1.0% - --------------------------------------------------------------------------------------------------------------------- BANKS - 0.2% --------------------------------------------------------------------------------------------------------------- Citicorp, 5.625% Sr. Nts., 2/15/01 20,000 19,396 --------------------------------------------------------------------------------------------------------------- Fleet Mtg./Norstar Group, Inc., 9.90% Sub. Nts., 6/15/01 20,000 22,576 --------------------------------------------------------------------------------------------------------------- Integra Financial Corp., 6.50% Sub. Nts., 4/15/00 20,000 20,084 --------------------------------------------------------------------------------------------------------------- Mellon Financial Bank Corp., 6.50% Gtd. Sr. Nts., 12/1/97 30,000 30,189 ----------------- 92,245 - --------------------------------------------------------------------------------------------------------------------- DIVERSIFIED FINANCIAL - 0.6% --------------------------------------------------------------------------------------------------------------- Beneficial Corp., 9.125% Debs., 2/15/98 20,000 20,763 --------------------------------------------------------------------------------------------------------------- Capital One Financial Corp., 6.83% Sr. Nts., 5/17/99 10,000 10,070 --------------------------------------------------------------------------------------------------------------- Commercial Credit Co., 5.55% Unsec. Nts., 2/15/01 20,000 19,326 --------------------------------------------------------------------------------------------------------------- Countrywide Funding Corp., 6.05% Gtd. Medium-Term Nts., Series D, 3/1/01 20,000 19,607
32 Oppenheimer LifeSpan Funds 33 STATEMENT OF INVESTMENTS (Continued) Oppenheimer LifeSpan Growth Fund
FACE MARKET VALUE AMOUNT SEE NOTE 1 - --------------------------------------------------------------------------------------------------------------------------- DIVERSIFIED FINANCIAL (CONTINUED) --------------------------------------------------------------------------------------------------------------------- Ford Motor Credit Co., 6.25% Unsub. Nts., 2/26/98 $ 20,000 $ 20,130 --------------------------------------------------------------------------------------------------------------------- General Motors Acceptance Corp., 5.625% Nts., 2/15/01 50,000 48,308 --------------------------------------------------------------------------------------------------------------------- GPA Delaware, Inc., 8.75% Gtd. Nts., 12/15/98 75,000 76,219 --------------------------------------------------------------------------------------------------------------------- Merrill Lynch & Co., Inc., 6.50% Nts., 4/1/01 20,000 19,978 --------------------------------------------------------------------------------------------------------------------- Salomon, Inc., 8.69% Sr. Medium-Term Nts., Series D, 3/1/99 50,000 52,342 ----------------- 286,743 - --------------------------------------------------------------------------------------------------------------------------- INSURANCE - 0.2% --------------------------------------------------------------------------------------------------------------------- Cigna Corp., 7.90% Nts., 12/14/98 40,000 41,280 --------------------------------------------------------------------------------------------------------------------- SunAmerica, Inc., 9% Sr. Nts., 1/15/99 50,000 52,611 --------------------------------------------------------------------------------------------------------------------- Travelers/Aetna Property Casualty Corp., 6.75% Nts., 4/15/01 20,000 20,197 ----------------- 114,088 - --------------------------------------------------------------------------------------------------------------------------- INDUSTRIAL - 0.9% - --------------------------------------------------------------------------------------------------------------------------- INDUSTRIAL MATERIALS - 0.1% --------------------------------------------------------------------------------------------------------------------- American Standard, Inc., 10.875% Sr. Nts., 5/15/99 60,000 64,050 - --------------------------------------------------------------------------------------------------------------------------- INDUSTRIAL SERVICES - 0.2% --------------------------------------------------------------------------------------------------------------------- Shop Vac Corp., 10.625% Sr. Nts., 9/1/03 (1) 75,000 77,156 - --------------------------------------------------------------------------------------------------------------------------- MANUFACTURING - 0.6% --------------------------------------------------------------------------------------------------------------------- Alpine Group, Inc., 12.25% Sr. Nts., 7/15/03 25,000 26,438 --------------------------------------------------------------------------------------------------------------------- Day International Group, Inc., 11.125% Sr. Sub. Nts., Series B, 6/1/05 50,000 52,500 --------------------------------------------------------------------------------------------------------------------- Interlake Corp., 12.125% Sr. Sub. Debs., 3/1/02 50,000 52,000 --------------------------------------------------------------------------------------------------------------------- International Wire Group, Inc., 11.75% Sr. Sub. Nts., 6/1/05 50,000 53,125 --------------------------------------------------------------------------------------------------------------------- Jordan Industries, Inc., 10.375% Sr. Nts., 8/1/03 25,000 24,750 --------------------------------------------------------------------------------------------------------------------- Mark IV Industries, Inc., 8.75% Sub. Nts., 4/1/03 10,000 10,225 --------------------------------------------------------------------------------------------------------------------- Specialty Equipment Co., 11.375% Sr. Sub. Nts., 12/1/03 50,000 54,000 ----------------- 273,038 - --------------------------------------------------------------------------------------------------------------------------- TRANSPORTATION - 0.0% --------------------------------------------------------------------------------------------------------------------- Federal Express Corp., 6.25% Nts., 4/15/98 20,000 20,048 --------------------------------------------------------------------------------------------------------------------- Union Pacific Corp., 7% Nts., 6/15/00 20,000 20,391 ----------------- 40,439 - --------------------------------------------------------------------------------------------------------------------------- TECHNOLOGY - 1.7% - --------------------------------------------------------------------------------------------------------------------------- AEROSPACE/DEFENSE - 0.1% --------------------------------------------------------------------------------------------------------------------- Unisys Corp., 12% Sr. Nts., Series B, 4/15/03 50,000 51,500 - --------------------------------------------------------------------------------------------------------------------------- COMPUTER HARDWARE - 0.1% --------------------------------------------------------------------------------------------------------------------- Digital Equipment Corp., 7% Nts., 11/15/97 45,000 45,206 - --------------------------------------------------------------------------------------------------------------------------- TELECOMMUNICATIONS-TECHNOLOGY - 1.5% --------------------------------------------------------------------------------------------------------------------- Allbritton Communications Co., 9.75% Sr. Sub. Debs., Series B, 11/30/07 50,000 46,875 --------------------------------------------------------------------------------------------------------------------- American Communications Services, Inc., 0%/13% Sr. Disc. Nts., 11/1/05 (2) 100,000 57,000 --------------------------------------------------------------------------------------------------------------------- Arch Communications Group, Inc., 0%/10.875% Sr. Disc. Nts., 3/15/08 (2) 100,000 55,500 --------------------------------------------------------------------------------------------------------------------- CAI Wireless Systems, Inc., 12.25% Sr. Nts., 9/15/02 50,000 49,250 --------------------------------------------------------------------------------------------------------------------- Centennial Cellular Corp., 10.125% Sr. Nts., 5/15/05 50,000 49,375 --------------------------------------------------------------------------------------------------------------------- MCI Communications Corp., 7.125% Sr. Nts., 1/20/00 20,000 20,506
33 Oppenheimer LifeSpan Funds 34 STATEMENT OF INVESTMENTS (Continued) Oppenheimer LifeSpan Growth Fund
FACE MARKET VALUE AMOUNT SEE NOTE 1 - ---------------------------------------------------------------------------------------------------------------------------------- TELECOMMUNICATIONS-TECHNOLOGY (CONTINUED) ---------------------------------------------------------------------------------------------------------------------------- Metrocall, Inc., 10.375% Sr. Sub. Nts., 10/1/07 $ 75,000 $ 62,625 ---------------------------------------------------------------------------------------------------------------------------- MFS Communications Co., Inc., 0%/9.375% Sr. Disc. Nts., 1/15/04 (2) 75,000 64,031 ---------------------------------------------------------------------------------------------------------------------------- Nextel Communications, Inc., 0%/9.75% Sr. Disc. Nts., 8/15/04 (2) 100,000 63,875 ---------------------------------------------------------------------------------------------------------------------------- Paging Network, Inc., 10.125% Sr. Sub. Nts., 8/1/07 50,000 50,438 ---------------------------------------------------------------------------------------------------------------------------- Sprint Spectrum LP/Sprint Spectrum Finance Corp., 11% Sr. Nts., 8/15/06 75,000 76,313 ---------------------------------------------------------------------------------------------------------------------------- Teleport Communications Group, Inc.: 0%/11.125% Sr. Disc. Nts., 7/1/07 (2) 50,000 32,375 9.875% Sr. Nts., 7/1/06 50,000 51,313 ----------------- 679,476 - ---------------------------------------------------------------------------------------------------------------------------------- UTILITIES - 0.6% - ---------------------------------------------------------------------------------------------------------------------------------- ELECTRIC UTILITIES - 0.1% ---------------------------------------------------------------------------------------------------------------------------- Consumers Power Co., 8.75% Mtg. Nts., 2/15/98 20,000 20,542 ---------------------------------------------------------------------------------------------------------------------------- El Paso Electric Co., 7.25% First Mtg. Nts., Series A, 2/1/99 10,000 10,025 ----------------- 30,567 - ---------------------------------------------------------------------------------------------------------------------------------- GAS UTILITIES - 0.3% ---------------------------------------------------------------------------------------------------------------------------- NorAm Energy Corp., 9.875% Nts., 4/15/97 40,000 40,715 ---------------------------------------------------------------------------------------------------------------------------- Northern Illinois Gas Co., 6.45% First Mtg. Bonds, 8/1/01 70,000 70,301 ---------------------------------------------------------------------------------------------------------------------------- Williams Holdings of Delaware, Inc., 6.25% Sr. Unsec. Debs., 2/1/06 25,000 23,738 ----------------- 134,754 - ---------------------------------------------------------------------------------------------------------------------------------- TELEPHONE UTILITIES - 0.2% ---------------------------------------------------------------------------------------------------------------------------- Intermedia Communications, Inc., 13.50% Sr. Nts., Series B, 6/1/05 50,000 57,125 ---------------------------------------------------------------------------------------------------------------------------- Western Wireless Corp., 10.50% Sr. Sub. Nts., 2/1/07 (3) 50,000 50,188 ----------------- 107,313 ----------------- Total Non-Convertible Corporate Bonds and Notes (Cost $5,702,402) 5,769,313 ================================================================================================================================== CONVERTIBLE CORPORATE BONDS AND NOTES - 0.3% - ---------------------------------------------------------------------------------------------------------------------------------- IMC Global, Inc., 6.25% Cv. Sub. Debs., 12/1/01 (Cost $108,917) 100,000 117,250 SHARES ================================================================================================================================== COMMON STOCKS - 70.1% - ---------------------------------------------------------------------------------------------------------------------------------- BASIC MATERIALS - 2.7% - ---------------------------------------------------------------------------------------------------------------------------------- CHEMICALS - 1.3% ---------------------------------------------------------------------------------------------------------------------------- Cabot Corp. 500 12,062 ---------------------------------------------------------------------------------------------------------------------------- Daicel Chemical Industries Ltd. 14,000 70,899 ---------------------------------------------------------------------------------------------------------------------------- Dexter Corp. 4,600 142,600 ---------------------------------------------------------------------------------------------------------------------------- Hoechst AG 1,500 56,328 ---------------------------------------------------------------------------------------------------------------------------- Millenium Chemicals, Inc. (8) 585 11,846 ---------------------------------------------------------------------------------------------------------------------------- Potash Corp. of Saskatchewan, Inc. 1,700 120,487 ---------------------------------------------------------------------------------------------------------------------------- Union Carbide Corp. 3,900 166,237 ----------------- 580,459 - ---------------------------------------------------------------------------------------------------------------------------------- GOLD - 0.0% ---------------------------------------------------------------------------------------------------------------------------- Normandy Mining Ltd. 11,618 15,847
34 Oppenheimer LifeSpan Funds 35 STATEMENT OF INVESTMENTS (Continued) Oppenheimer LifeSpan Growth Fund
MARKET VALUE SHARES SEE NOTE 1 - ---------------------------------------------------------------------------------------------------------------------------------- METALS - 1.1% ---------------------------------------------------------------------------------------------------------------------------- Carpenter Technology Corp. 3,400 $ 110,925 ---------------------------------------------------------------------------------------------------------------------------- RTZ Corp. plc 4,350 69,631 ---------------------------------------------------------------------------------------------------------------------------- UCAR International, Inc. (8) 2,100 82,162 ---------------------------------------------------------------------------------------------------------------------------- UNR Industries, Inc. 27,300 184,275 ---------------------------------------------------------------------------------------------------------------------------- Western Mining Corp. Holdings Ltd. 9,600 60,372 ----------------- 507,365 - ---------------------------------------------------------------------------------------------------------------------------------- PAPER - 0.3% ---------------------------------------------------------------------------------------------------------------------------- Fort Howard Corp. (8) 4,600 117,875 - ---------------------------------------------------------------------------------------------------------------------------------- CONSUMER CYCLICALS - 13.4% - ---------------------------------------------------------------------------------------------------------------------------------- AUTOS & HOUSING - 2.6% ---------------------------------------------------------------------------------------------------------------------------- Autoliv AB 2,200 93,366 ---------------------------------------------------------------------------------------------------------------------------- Autopistas Concesionaria Espanola SA 4,200 48,268 ---------------------------------------------------------------------------------------------------------------------------- Black & Decker Corp. 1,900 71,012 ---------------------------------------------------------------------------------------------------------------------------- Bridgestone Corp. 4,000 67,522 ---------------------------------------------------------------------------------------------------------------------------- Camden Property Trust 5,100 138,975 ---------------------------------------------------------------------------------------------------------------------------- Capstone Capital Corp. 6,300 136,237 ---------------------------------------------------------------------------------------------------------------------------- Groupe SEB SA 500 101,308 ---------------------------------------------------------------------------------------------------------------------------- Health & Retirement Property Trust 6,800 123,250 ---------------------------------------------------------------------------------------------------------------------------- Honda Motor Co. 3,000 71,743 ---------------------------------------------------------------------------------------------------------------------------- Lend Lease Corp. Ltd. 5,000 84,814 ---------------------------------------------------------------------------------------------------------------------------- Meditrust Corp. 3,400 122,400 ---------------------------------------------------------------------------------------------------------------------------- Rinnai Corp. 5,000 106,823 ---------------------------------------------------------------------------------------------------------------------------- United Industrial Corp. Ltd. 80,000 66,431 ----------------- 1,232,149 - ---------------------------------------------------------------------------------------------------------------------------------- LEISURE & ENTERTAINMENT - 3.4% ---------------------------------------------------------------------------------------------------------------------------- AMR Corp. (8) 1,500 126,000 ---------------------------------------------------------------------------------------------------------------------------- Atlas Air, Inc. (8) 5,700 210,187 ---------------------------------------------------------------------------------------------------------------------------- CDL Hotels International Ltd. 200,000 103,462 ---------------------------------------------------------------------------------------------------------------------------- Dover Downs Entertainment, Inc. (8) 4,000 80,500 ---------------------------------------------------------------------------------------------------------------------------- Einstein/Noah Bagel Corp. (8) 2,500 84,062 ---------------------------------------------------------------------------------------------------------------------------- EMI Group plc 4,000 78,619 ---------------------------------------------------------------------------------------------------------------------------- Granada Group plc 5,000 72,057 ---------------------------------------------------------------------------------------------------------------------------- Landry's Seafood Restaurants, Inc. (8) 3,600 73,800 ---------------------------------------------------------------------------------------------------------------------------- Northwest Airlines Corp., Cl. A (8) 1,700 56,312 ---------------------------------------------------------------------------------------------------------------------------- Papa John's International, Inc. (8) 2,350 116,912 ---------------------------------------------------------------------------------------------------------------------------- Piccadilly Cafeterias, Inc. 7,300 63,875 ---------------------------------------------------------------------------------------------------------------------------- Regal Cinemas, Inc. (8) 5,775 150,150 ---------------------------------------------------------------------------------------------------------------------------- Swire Pacific Ltd., Cl. B 60,000 84,192 ---------------------------------------------------------------------------------------------------------------------------- VideoServer, Inc. (8) 3,600 170,550 ---------------------------------------------------------------------------------------------------------------------------- Wyndham Hotel Corp. (8) 5,000 95,000 ----------------- 1,565,678 - ---------------------------------------------------------------------------------------------------------------------------------- MEDIA - 1.4% ---------------------------------------------------------------------------------------------------------------------------- Elsevier NV 5,000 83,142 ---------------------------------------------------------------------------------------------------------------------------- Emmis Broadcasting Corp., Cl. A (8) 2,400 87,000 ---------------------------------------------------------------------------------------------------------------------------- Heftel Broadcasting Corp., A Shares (8) 2,200 79,750 ---------------------------------------------------------------------------------------------------------------------------- Reed International plc 5,000 93,144 ---------------------------------------------------------------------------------------------------------------------------- Reuters Holdings plc 9,000 112,042 ---------------------------------------------------------------------------------------------------------------------------- Television Broadcasts Ltd. 19,000 66,591
35 Oppenheimer LifeSpan Funds 36 STATEMENT OF INVESTMENTS (Continued) Oppenheimer LifeSpan Growth Fund
MARKET VALUE SHARES SEE NOTE 1 - ---------------------------------------------------------------------------------------------------------------------------------- MEDIA (CONTINUED) ---------------------------------------------------------------------------------------------------------------------------- Wolters Kluwer NV 800 $ 102,884 ----------------- 624,553 - ---------------------------------------------------------------------------------------------------------------------------------- RETAIL: GENERAL - 2.8% ---------------------------------------------------------------------------------------------------------------------------- Dollar Tree Stores, Inc. (8) 2,200 83,050 ---------------------------------------------------------------------------------------------------------------------------- Eckerd Corp. (8) 3,700 102,675 ---------------------------------------------------------------------------------------------------------------------------- Federated Department Stores, Inc. (8) 3,500 115,500 ---------------------------------------------------------------------------------------------------------------------------- Marks & Spencer plc 15,000 126,038 ---------------------------------------------------------------------------------------------------------------------------- Nautica Enterprises, Inc. (8) 6,300 193,725 ---------------------------------------------------------------------------------------------------------------------------- North Face, Inc. (The) (8) 3,400 68,850 ---------------------------------------------------------------------------------------------------------------------------- Price/Costco, Inc. (8) 5,100 101,362 ---------------------------------------------------------------------------------------------------------------------------- St. John Knits, Inc. 3,200 146,400 ---------------------------------------------------------------------------------------------------------------------------- U.S. Industries, Inc. (8) 4,800 129,600 ---------------------------------------------------------------------------------------------------------------------------- Wolverine World Wide, Inc. 4,900 121,275 ---------------------------------------------------------------------------------------------------------------------------- Zeneca Group plc 4,250 115,852 ----------------- 1,304,327 - ---------------------------------------------------------------------------------------------------------------------------------- RETAIL: SPECIALTY - 3.2% ---------------------------------------------------------------------------------------------------------------------------- adidas AG 480 40,319 ---------------------------------------------------------------------------------------------------------------------------- Brown Group, Inc. 7,800 160,875 ---------------------------------------------------------------------------------------------------------------------------- CDW Computer Centers, Inc. (8) 3,350 210,841 ---------------------------------------------------------------------------------------------------------------------------- Cifra SA de CV, Unsponsored ADR, B Shares (8) 49,000 62,495 ---------------------------------------------------------------------------------------------------------------------------- Finish Line, Inc., Cl. A (8) 3,300 140,250 ---------------------------------------------------------------------------------------------------------------------------- Jusco Co. 2,000 59,434 ---------------------------------------------------------------------------------------------------------------------------- Koninklijke Ahold NV 1,733 101,166 ---------------------------------------------------------------------------------------------------------------------------- New England Business Service, Inc. 5,500 99,000 ---------------------------------------------------------------------------------------------------------------------------- Next plc 14,700 133,571 ---------------------------------------------------------------------------------------------------------------------------- Regis Corp. of Minnesota 4,500 109,125 ---------------------------------------------------------------------------------------------------------------------------- Shimamura Co. Ltd. 2,000 73,501 ---------------------------------------------------------------------------------------------------------------------------- Toys 'R' Us, Inc. (8) 4,000 135,500 ---------------------------------------------------------------------------------------------------------------------------- U.S. Office Products Co. (8) 5,000 145,000 ----------------- 1,471,077 - ---------------------------------------------------------------------------------------------------------------------------------- CONSUMER NON-CYCLICALS - 9.8% - ---------------------------------------------------------------------------------------------------------------------------------- BEVERAGES - 0.7% ---------------------------------------------------------------------------------------------------------------------------- Anheuser-Busch Cos., Inc. 6,600 254,100 ---------------------------------------------------------------------------------------------------------------------------- Embotelladora Andina SA, Sponsored ADR 2,200 75,900 ----------------- 330,000 - ---------------------------------------------------------------------------------------------------------------------------------- EDUCATION - 0.4% ---------------------------------------------------------------------------------------------------------------------------- ITT Educational Services, Inc. (8) 2,300 83,662 ---------------------------------------------------------------------------------------------------------------------------- Learning Tree International, Inc. (8) 2,700 114,075 ----------------- 197,737 - ---------------------------------------------------------------------------------------------------------------------------------- FOOD - 1.6% ---------------------------------------------------------------------------------------------------------------------------- American Stores Co. 3,700 153,087 ---------------------------------------------------------------------------------------------------------------------------- Archer-Daniels-Midland Co. 5,775 125,606 ---------------------------------------------------------------------------------------------------------------------------- Carrefour Supermarche SA 150 83,307 ---------------------------------------------------------------------------------------------------------------------------- Danisco AS 1,250 71,623 ---------------------------------------------------------------------------------------------------------------------------- Dole Food Co. 2,400 93,600 ---------------------------------------------------------------------------------------------------------------------------- Kroger Co. (8) 2,700 120,487 ---------------------------------------------------------------------------------------------------------------------------- William Morrison Supermarkets plc 31,000 80,769 ----------------- 728,479
36 Oppenheimer LifeSpan Funds 37 STATEMENT OF INVESTMENTS (Continued) Oppenheimer LifeSpan Growth Fund
MARKET VALUE SHARES SEE NOTE 1 - ---------------------------------------------------------------------------------------------------------------------------------- HEALTHCARE/DRUGS - 3.0% ---------------------------------------------------------------------------------------------------------------------------- Astra AB Free, Series A 1,800 $ 82,688 ---------------------------------------------------------------------------------------------------------------------------- Bristol-Myers Squibb Co. 3,000 317,250 ---------------------------------------------------------------------------------------------------------------------------- Ciba-Geigy AG 105 128,881 ---------------------------------------------------------------------------------------------------------------------------- Clintrials Research, Inc. (8) 2,900 107,662 ---------------------------------------------------------------------------------------------------------------------------- Dura Pharmaceuticals, Inc. (8) 3,300 113,850 ---------------------------------------------------------------------------------------------------------------------------- Glaxo Wellcome plc, Sponsored ADR 4,100 129,150 ---------------------------------------------------------------------------------------------------------------------------- Jones Medical Industries, Inc. 2,800 121,800 ---------------------------------------------------------------------------------------------------------------------------- Medicis Pharmaceutical Corp., Cl. A (8) 2,100 105,525 ---------------------------------------------------------------------------------------------------------------------------- Sandoz AG 105 120,934 ---------------------------------------------------------------------------------------------------------------------------- Schering AG 1,075 86,119 ---------------------------------------------------------------------------------------------------------------------------- Takeda Chemical Industries Ltd. 5,000 85,722 ----------------- 1,399,581 - ---------------------------------------------------------------------------------------------------------------------------------- HEALTHCARE/SUPPLIES & SERVICES - 3.0% ---------------------------------------------------------------------------------------------------------------------------- CNS, Inc. (8) 4,300 73,100 ---------------------------------------------------------------------------------------------------------------------------- Columbia/HCA Healthcare Corp. 3,000 107,250 ---------------------------------------------------------------------------------------------------------------------------- Compdent Corp. (8) 2,500 85,937 ---------------------------------------------------------------------------------------------------------------------------- Luxottica Group SpA, Sponsored ADR 1,000 63,500 ---------------------------------------------------------------------------------------------------------------------------- National Surgery Centers, Inc. (8) 2,700 72,900 ---------------------------------------------------------------------------------------------------------------------------- OrNda Healthcorp (8) 4,600 125,350 ---------------------------------------------------------------------------------------------------------------------------- Pediatrix Medical Group, Inc. (8) 3,900 153,562 ---------------------------------------------------------------------------------------------------------------------------- Physician Sales & Service, Inc. (8) 6,000 127,500 ---------------------------------------------------------------------------------------------------------------------------- Renal Treatment Centers, Inc. (8) 4,800 128,400 ---------------------------------------------------------------------------------------------------------------------------- Rural/Metro Corp. (8) 3,400 124,100 ---------------------------------------------------------------------------------------------------------------------------- SmithKline Beecham plc 14,462 178,626 ---------------------------------------------------------------------------------------------------------------------------- Total Renal Care Holdings, Inc. (8) 3,300 128,700 ---------------------------------------------------------------------------------------------------------------------------- Veterinary Centers of America, Inc. (8) 2,500 45,937 ----------------- 1,414,862 - ---------------------------------------------------------------------------------------------------------------------------------- HOUSEHOLD GOODS - 1.0% ---------------------------------------------------------------------------------------------------------------------------- Blyth Industries, Inc. (8) 4,200 163,275 ---------------------------------------------------------------------------------------------------------------------------- L'OREAL 250 84,717 ---------------------------------------------------------------------------------------------------------------------------- Premark International, Inc. 5,800 121,075 ---------------------------------------------------------------------------------------------------------------------------- Tupperware Corp. 2,300 118,162 ----------------- 487,229 - ---------------------------------------------------------------------------------------------------------------------------------- TOBACCO - 0.1% ---------------------------------------------------------------------------------------------------------------------------- Imperial Tobacco Group plc, ADR (8) 2,050 23,935 ---------------------------------------------------------------------------------------------------------------------------- PT Gudang Garam 9,000 35,946 ----------------- 59,881 - ---------------------------------------------------------------------------------------------------------------------------------- ENERGY - 3.2% - ---------------------------------------------------------------------------------------------------------------------------------- ENERGY SERVICES AND PRODUCERS - 0.2% ---------------------------------------------------------------------------------------------------------------------------- Input/Output, Inc. (8) 3,600 107,100 - ---------------------------------------------------------------------------------------------------------------------------------- OIL-INTEGRATED - 3.0% ---------------------------------------------------------------------------------------------------------------------------- Amoco Corp. 3,100 234,825 ---------------------------------------------------------------------------------------------------------------------------- Atlantic Richfield Co. 1,400 185,500 ---------------------------------------------------------------------------------------------------------------------------- Chevron Corp. 5,800 381,350 ---------------------------------------------------------------------------------------------------------------------------- Exxon Corp. 1,800 159,525 ---------------------------------------------------------------------------------------------------------------------------- Mobil Corp. 2,500 291,875 ---------------------------------------------------------------------------------------------------------------------------- Total SA, B Shares 1,641 128,467 ----------------- 1,381,542
37 Oppenheimer LifeSpan Funds 38 STATEMENT OF INVESTMENTS (Continued) Oppenheimer LifeSpan Growth Fund
MARKET VALUE SHARES SEE NOTE 1 - ---------------------------------------------------------------------------------------------------------------------------------- FINANCIAL - 7.3% - ---------------------------------------------------------------------------------------------------------------------------------- BANKS - 3.7% ---------------------------------------------------------------------------------------------------------------------------- Banco Bradesco SA, Preference 9,977,974 $ 85,951 ---------------------------------------------------------------------------------------------------------------------------- Banco Popular Espanol SA 430 82,273 ---------------------------------------------------------------------------------------------------------------------------- Bangkok Bank Public Co. Ltd. 4,500 47,991 ---------------------------------------------------------------------------------------------------------------------------- Bank of Boston Corp. 5,900 377,600 ---------------------------------------------------------------------------------------------------------------------------- BankAmerica Corp. 4,700 430,050 ---------------------------------------------------------------------------------------------------------------------------- Chase Manhattan Corp. (New) 800 68,600 ---------------------------------------------------------------------------------------------------------------------------- HSBC Holdings plc 2,400 48,886 ---------------------------------------------------------------------------------------------------------------------------- Malayan Banking Berhad 8,000 79,156 ---------------------------------------------------------------------------------------------------------------------------- NationsBank Corp. 2,100 197,925 ---------------------------------------------------------------------------------------------------------------------------- PNC Bank Corp. 7,700 279,125 ---------------------------------------------------------------------------------------------------------------------------- Thai Farmers Bank Public Co. Ltd. 5,000 38,228 ----------------- 1,735,785 - ---------------------------------------------------------------------------------------------------------------------------------- DIVERSIFIED FINANCIAL - 2.0% ---------------------------------------------------------------------------------------------------------------------------- Amresco, Inc. (8) 5,500 116,188 ---------------------------------------------------------------------------------------------------------------------------- Crescent Real Estate Equities, Inc. 3,300 137,775 ---------------------------------------------------------------------------------------------------------------------------- First Pacific Co. Ltd. 50,000 68,867 ---------------------------------------------------------------------------------------------------------------------------- Haw Par Brothers International Ltd. 33,000 66,984 ---------------------------------------------------------------------------------------------------------------------------- ING Groep NV 2,752 85,843 ---------------------------------------------------------------------------------------------------------------------------- Nichiei Co. Ltd. 1,000 66,643 ---------------------------------------------------------------------------------------------------------------------------- Oxford Resources Corp., Cl. A (8) 3,100 79,050 ---------------------------------------------------------------------------------------------------------------------------- Perlis Plantations Berhad 22,500 64,562 ---------------------------------------------------------------------------------------------------------------------------- Salomon, Inc. 3,200 144,400 ---------------------------------------------------------------------------------------------------------------------------- Sirrom Capital Corp. 3,200 116,800 ----------------- 947,112 - ---------------------------------------------------------------------------------------------------------------------------------- INSURANCE - 1.6% ---------------------------------------------------------------------------------------------------------------------------- AFLAC, Inc. 3,100 124,388 ---------------------------------------------------------------------------------------------------------------------------- AXA SA 1,800 112,513 ---------------------------------------------------------------------------------------------------------------------------- General Re Corp. 500 73,625 ---------------------------------------------------------------------------------------------------------------------------- Hartford Steam Boiler Inspection & Insurance Co. 3,000 129,375 ---------------------------------------------------------------------------------------------------------------------------- HCC Insurance Holdings, Inc. 3,000 76,500 ---------------------------------------------------------------------------------------------------------------------------- Sumitomo Marine & Fire Insurance Co. 15,000 107,614 ---------------------------------------------------------------------------------------------------------------------------- Travelers/Aetna Property Casualty Corp., Cl. A 4,400 132,000 ----------------- 756,015 - ---------------------------------------------------------------------------------------------------------------------------------- INDUSTRIAL - 10.0% - ---------------------------------------------------------------------------------------------------------------------------------- ELECTRICAL EQUIPMENT - 0.5% ---------------------------------------------------------------------------------------------------------------------------- ABB AG 70 86,196 ---------------------------------------------------------------------------------------------------------------------------- Johnson Electric Holdings Ltd. 35,000 76,497 ---------------------------------------------------------------------------------------------------------------------------- Mabuchi Motor Co. 900 45,894 ----------------- 208,587 - ---------------------------------------------------------------------------------------------------------------------------------- INDUSTRIAL MATERIALS - 0.2% ---------------------------------------------------------------------------------------------------------------------------- Cie de Saint Gobain 290 39,172 ---------------------------------------------------------------------------------------------------------------------------- THK Co. Ltd. 3,000 46,685 ----------------- 85,857 - ---------------------------------------------------------------------------------------------------------------------------------- INDUSTRIAL SERVICES - 3.7% ---------------------------------------------------------------------------------------------------------------------------- Alternative Resources Corp. (8) 3,300 66,413 ---------------------------------------------------------------------------------------------------------------------------- CIBER, Inc. (8) 4,100 145,550 ---------------------------------------------------------------------------------------------------------------------------- Corestaff, Inc. (8) 6,200 158,100 ---------------------------------------------------------------------------------------------------------------------------- Corrections Corp. of America (8) 6,200 161,200
38 Oppenheimer LifeSpan Funds 39 Statement of Investments (Continued) Oppenheimer LifeSpan Growth Fund
MARKET VALUE SHARES SEE NOTE 1 - ---------------------------------------------------------------------------------------------------------------------------------- INDUSTRIAL SERVICES (CONTINUED) ---------------------------------------------------------------------------------------------------------------------------- HA-LO Industries, Inc. (8) 500 $ 15,500 ---------------------------------------------------------------------------------------------------------------------------- Kurita Water Industries Ltd. 4,000 80,535 ---------------------------------------------------------------------------------------------------------------------------- NGK Spark Plug Co. 6,000 61,720 ---------------------------------------------------------------------------------------------------------------------------- Precision Response Corp. (8) 1,900 67,925 ---------------------------------------------------------------------------------------------------------------------------- SGS Societe Generale de Surveillance Holding SA, Series B 33 74,663 ---------------------------------------------------------------------------------------------------------------------------- SITEL Corp. (8) 8,400 165,900 ---------------------------------------------------------------------------------------------------------------------------- Southcorp Holdings Ltd. 33,000 100,492 ---------------------------------------------------------------------------------------------------------------------------- Tetra Tech, Inc. (8) 6,125 136,281 ---------------------------------------------------------------------------------------------------------------------------- Transaction Systems Architects, Inc., Cl. A (8) 4,600 190,900 ---------------------------------------------------------------------------------------------------------------------------- United Waste Systems, Inc. (8) 8,500 292,188 ----------------- 1,717,367 - ---------------------------------------------------------------------------------------------------------------------------------- MANUFACTURING - 4.6% ---------------------------------------------------------------------------------------------------------------------------- AGCO Corp. 4,200 106,575 ---------------------------------------------------------------------------------------------------------------------------- Bic Corp. 800 120,121 ---------------------------------------------------------------------------------------------------------------------------- Canon Sales Co., Inc. 3,000 76,226 ---------------------------------------------------------------------------------------------------------------------------- Case Corp. 2,800 130,200 ---------------------------------------------------------------------------------------------------------------------------- Chicago Miniature Lamp, Inc. (8) 3,600 107,100 ---------------------------------------------------------------------------------------------------------------------------- Deere & Co. 2,600 108,550 ---------------------------------------------------------------------------------------------------------------------------- General Signal Corp. 2,600 105,950 ---------------------------------------------------------------------------------------------------------------------------- Hanson plc, ADR 8,200 52,275 ---------------------------------------------------------------------------------------------------------------------------- Hutchison Whampoa Ltd. 11,000 76,820 ---------------------------------------------------------------------------------------------------------------------------- Ingersoll-Rand Co. 2,700 112,388 ---------------------------------------------------------------------------------------------------------------------------- Komatsu Ltd. 8,000 65,553 ---------------------------------------------------------------------------------------------------------------------------- Mannesmann AG 210 81,626 ---------------------------------------------------------------------------------------------------------------------------- Mark IV Industries, Inc. 2,310 49,954 ---------------------------------------------------------------------------------------------------------------------------- Mitsubishi Heavy Industries Ltd. 7,000 53,851 ---------------------------------------------------------------------------------------------------------------------------- Nippon Electric Glass Co. Ltd. 3,000 45,894 ---------------------------------------------------------------------------------------------------------------------------- NSK Ltd. 8,000 53,033 ---------------------------------------------------------------------------------------------------------------------------- Shinmaywa Industries Ltd. 6,000 51,961 ---------------------------------------------------------------------------------------------------------------------------- Sidel SA 1,300 86,807 ---------------------------------------------------------------------------------------------------------------------------- SMC Corp. 500 32,442 ---------------------------------------------------------------------------------------------------------------------------- Sophus Berendsen AS, Series B 687 84,875 ---------------------------------------------------------------------------------------------------------------------------- Textron, Inc. 2,200 195,250 ---------------------------------------------------------------------------------------------------------------------------- Tyco International Ltd. 3,200 158,800 ---------------------------------------------------------------------------------------------------------------------------- U.S. Filter Corp. (8) 5,350 184,575 ----------------- 2,140,826 - ---------------------------------------------------------------------------------------------------------------------------------- TRANSPORTATION - 1.0% ---------------------------------------------------------------------------------------------------------------------------- Brambles Industries Ltd. 6,000 99,446 ---------------------------------------------------------------------------------------------------------------------------- Hays plc 14,000 117,408 ---------------------------------------------------------------------------------------------------------------------------- PACCAR, Inc. 800 44,600 ---------------------------------------------------------------------------------------------------------------------------- Union Pacific Corp. 1,600 89,800 ---------------------------------------------------------------------------------------------------------------------------- Wisconsin Central Transportation Corp. (8) 3,600 129,600 ----------------- 480,854 - ---------------------------------------------------------------------------------------------------------------------------------- TECHNOLOGY - 15.9% - ---------------------------------------------------------------------------------------------------------------------------------- AEROSPACE/DEFENSE - 3.2% ---------------------------------------------------------------------------------------------------------------------------- General Dynamics Corp. 4,700 322,538 ---------------------------------------------------------------------------------------------------------------------------- Goodrich (B.F.) Co. 6,400 271,200 ---------------------------------------------------------------------------------------------------------------------------- Lockheed Martin Corp. 2,900 259,913 ---------------------------------------------------------------------------------------------------------------------------- McDonnell Douglas Corp. 2,800 152,600
39 Oppenheimer LifeSpan Funds 40 STATEMENT OF INVESTMENTS (Continued) Oppenheimer LifeSpan Growth Fund
MARKET VALUE SHARES SEE NOTE 1 - ---------------------------------------------------------------------------------------------------------------------------------- AEROSPACE/DEFENSE (CONTINUED) ---------------------------------------------------------------------------------------------------------------------------- Rockwell International Corp. 4,200 $ 231,000 ---------------------------------------------------------------------------------------------------------------------------- TRW, Inc. 2,600 235,300 ----------------- 1,472,551 - ---------------------------------------------------------------------------------------------------------------------------------- COMPUTER HARDWARE - 1.5% ---------------------------------------------------------------------------------------------------------------------------- Canon, Inc. 6,000 114,999 ---------------------------------------------------------------------------------------------------------------------------- Citrix Systems, Inc. (8) 2,400 132,600 ---------------------------------------------------------------------------------------------------------------------------- Dell Computer Corp. (8) 1,000 81,375 ---------------------------------------------------------------------------------------------------------------------------- Gateway 2000, Inc. (8) 1,000 47,063 ---------------------------------------------------------------------------------------------------------------------------- Henry (Jack) & Associates, Inc. 1,600 64,600 ---------------------------------------------------------------------------------------------------------------------------- Network Appliance, Inc. (8) 2,400 84,000 ---------------------------------------------------------------------------------------------------------------------------- Storage Technology Corp. (New) (8) 3,800 161,975 ----------------- 686,612 - ---------------------------------------------------------------------------------------------------------------------------------- COMPUTER SOFTWARE - 6.1% ---------------------------------------------------------------------------------------------------------------------------- Applix, Inc. (8) 3,300 80,025 ---------------------------------------------------------------------------------------------------------------------------- Cambridge Technology Partners, Inc. (8) 4,400 145,200 ---------------------------------------------------------------------------------------------------------------------------- Computer Horizons Corp. (8) 4,400 136,400 ---------------------------------------------------------------------------------------------------------------------------- Cooper & Chyan Technology, Inc. (8) 1,000 30,625 ---------------------------------------------------------------------------------------------------------------------------- Dendrite International, Inc. (8) 3,500 93,188 ---------------------------------------------------------------------------------------------------------------------------- Electronics for Imaging, Inc. (8) 2,400 172,800 ---------------------------------------------------------------------------------------------------------------------------- EPIC Design Technology, Inc. (8) 3,700 90,650 ---------------------------------------------------------------------------------------------------------------------------- Inso Corp. (8) 2,200 108,350 ---------------------------------------------------------------------------------------------------------------------------- JDA Software Group, Inc. (8) 2,400 82,500 ---------------------------------------------------------------------------------------------------------------------------- McAfee Associates, Inc. (8) 1,762 80,171 ---------------------------------------------------------------------------------------------------------------------------- Medic Computer Systems, Inc. (8) 2,000 56,500 ---------------------------------------------------------------------------------------------------------------------------- MetaTools, Inc. (8) 3,300 63,525 ---------------------------------------------------------------------------------------------------------------------------- NOVA Corp. (8) 2,400 52,200 ---------------------------------------------------------------------------------------------------------------------------- National Data Corp. 1,600 65,800 ---------------------------------------------------------------------------------------------------------------------------- Pegasystems, Inc. (8) 3,300 99,413 ---------------------------------------------------------------------------------------------------------------------------- Project Software & Development, Inc. (8) 4,500 153,000 ---------------------------------------------------------------------------------------------------------------------------- Rational Software Corp. (8) 7,300 280,138 ---------------------------------------------------------------------------------------------------------------------------- Remedy Corp. (8) 3,100 151,125 ---------------------------------------------------------------------------------------------------------------------------- SAP AG, Preference 430 57,734 ---------------------------------------------------------------------------------------------------------------------------- Sapient Corp. (8) 2,100 97,125 ---------------------------------------------------------------------------------------------------------------------------- Scopus Technology, Inc. (8) 2,800 107,800 ---------------------------------------------------------------------------------------------------------------------------- Security Dynamics Technologies, Inc. (8) 1,500 121,875 ---------------------------------------------------------------------------------------------------------------------------- Technology Solutions Co. (8) 1,400 54,425 ---------------------------------------------------------------------------------------------------------------------------- Verilink Corp. (8) 3,200 115,200 ---------------------------------------------------------------------------------------------------------------------------- Veritas Software Corp. (8) 3,000 151,500 ---------------------------------------------------------------------------------------------------------------------------- Viasoft, Inc. (8) 300 14,775 ---------------------------------------------------------------------------------------------------------------------------- Visio Corp. (8) 2,400 110,700 ---------------------------------------------------------------------------------------------------------------------------- Wind River Systems (8) 2,100 89,250 ----------------- 2,861,994 - ---------------------------------------------------------------------------------------------------------------------------------- ELECTRONICS - 2.4% ---------------------------------------------------------------------------------------------------------------------------- Atmel Corp. (8) 200 5,075 ---------------------------------------------------------------------------------------------------------------------------- Bowthorpe plc 12,000 92,037 ---------------------------------------------------------------------------------------------------------------------------- Electrocomponents plc 15,000 101,246 ---------------------------------------------------------------------------------------------------------------------------- Getronics NV 2,800 68,848 ---------------------------------------------------------------------------------------------------------------------------- Intel Corp. 1,000 109,875 ---------------------------------------------------------------------------------------------------------------------------- Keyence Corp. 600 69,632
40 Oppenheimer LifeSpan Funds 41 STATEMENT OF INVESTMENTS (Continued) Oppenheimer LifeSpan Growth Fund
MARKET VALUE SHARES SEE NOTE 1 - ---------------------------------------------------------------------------------------------------------------------------------- ELECTRONICS (CONTINUED) ---------------------------------------------------------------------------------------------------------------------------- Kyocera Corp. 1,000 $ 66,028 ---------------------------------------------------------------------------------------------------------------------------- Matsushita Electric Industrial Co. 5,000 80,007 ---------------------------------------------------------------------------------------------------------------------------- Matsushita Electric Works Ltd. 6,000 58,027 ---------------------------------------------------------------------------------------------------------------------------- Nitto Denko Corp. 5,000 74,292 ---------------------------------------------------------------------------------------------------------------------------- Samsung Electronics Co., Sponsored GDR (1) 2,700 58,050 ---------------------------------------------------------------------------------------------------------------------------- Sony Corp. 1,500 90,074 ---------------------------------------------------------------------------------------------------------------------------- Supertex, Inc. (8) 2,900 65,250 ---------------------------------------------------------------------------------------------------------------------------- TDK Corp. 1,000 58,730 ---------------------------------------------------------------------------------------------------------------------------- Waters Corp. (8) 4,500 139,500 ----------------- 1,136,671 - ---------------------------------------------------------------------------------------------------------------------------------- TELECOMMUNICATIONS-TECHNOLOGY - 2.7% ---------------------------------------------------------------------------------------------------------------------------- Allen Group, Inc. (8) 2,200 34,925 ---------------------------------------------------------------------------------------------------------------------------- Aspect Telecommunications Corp. (8) 3,500 208,250 ---------------------------------------------------------------------------------------------------------------------------- Cable Design Technologies Corp. (8) 3,350 87,100 ---------------------------------------------------------------------------------------------------------------------------- Comverse Technology, Inc. (8) 5,100 178,500 ---------------------------------------------------------------------------------------------------------------------------- DSP Communications, Inc. (8) 5,100 193,800 ---------------------------------------------------------------------------------------------------------------------------- L.M. Ericsson Telephone Co., Cl. B, ADR 3,720 102,765 ---------------------------------------------------------------------------------------------------------------------------- Premisys Communications, Inc. (8) 1,800 90,000 ---------------------------------------------------------------------------------------------------------------------------- Telecom Corp. of New Zealand Ltd. 15,000 77,986 ---------------------------------------------------------------------------------------------------------------------------- Telecom Italia Mobile SpA 22,000 45,484 ---------------------------------------------------------------------------------------------------------------------------- Vitesse Semiconductor Corp. (8) 3,300 105,188 ---------------------------------------------------------------------------------------------------------------------------- Vodafone Group plc 29,000 112,156 ----------------- 1,236,154 - ---------------------------------------------------------------------------------------------------------------------------------- UTILITIES - 7.8% - ---------------------------------------------------------------------------------------------------------------------------------- ELECTRIC UTILITIES - 3.2% ---------------------------------------------------------------------------------------------------------------------------- American Electric Power Co., Inc. 4,800 199,200 ---------------------------------------------------------------------------------------------------------------------------- CalEnergy, Inc. (8) 2,500 72,500 ---------------------------------------------------------------------------------------------------------------------------- Entergy Corp. 9,000 252,000 ---------------------------------------------------------------------------------------------------------------------------- FPL Group, Inc. 5,600 257,600 ---------------------------------------------------------------------------------------------------------------------------- Illinova Corp. 4,400 119,900 ---------------------------------------------------------------------------------------------------------------------------- Kansas City Power & Light Co. 5,600 154,000 ---------------------------------------------------------------------------------------------------------------------------- Texas Utilities Co. 5,200 210,600 ---------------------------------------------------------------------------------------------------------------------------- Veba AG 2,130 113,425 ---------------------------------------------------------------------------------------------------------------------------- Western Resources, Inc. 4,200 126,000 ----------------- 1,505,225 - ---------------------------------------------------------------------------------------------------------------------------------- GAS UTILITIES - 3.1% ---------------------------------------------------------------------------------------------------------------------------- Columbia Gas System, Inc. (The) 4,000 243,000 ---------------------------------------------------------------------------------------------------------------------------- El Paso Natural Gas Co. 4,500 218,250 ---------------------------------------------------------------------------------------------------------------------------- Hong Kong & China Gas Co. Ltd. 45,600 80,204 ---------------------------------------------------------------------------------------------------------------------------- National Fuel Gas Co. 4,100 152,725 ---------------------------------------------------------------------------------------------------------------------------- PanEnergy Corp. 11,800 454,300 ---------------------------------------------------------------------------------------------------------------------------- Questar Corp. 5,800 208,800 ---------------------------------------------------------------------------------------------------------------------------- RWE AG, Preference 2,000 67,396 ----------------- 1,424,675 - ---------------------------------------------------------------------------------------------------------------------------------- TELEPHONE UTILITIES - 1.5% ---------------------------------------------------------------------------------------------------------------------------- Ameritech Corp. 2,500 136,875 ---------------------------------------------------------------------------------------------------------------------------- DDI Corp. 13 97,723 ---------------------------------------------------------------------------------------------------------------------------- GTE Corp. 6,100 256,963 ---------------------------------------------------------------------------------------------------------------------------- NYNEX Corp. 3,100 137,950
41 Oppenheimer LifeSpan Funds 42 STATEMENT OF INVESTMENTS (Continued) Oppenheimer LifeSpan Growth Fund
MARKET VALUE SHARES SEE NOTE 1 - ---------------------------------------------------------------------------------------------------------------------------------- TELEPHONE UTILITIES (CONTINUED) ---------------------------------------------------------------------------------------------------------------------------- Telefonica de Espana, ADS 2,300 $ 46,189 ----------------- 675,700 ----------------- Total Common Stocks (Cost $26,926,124) 32,597,726 ================================================================================================================================== PREFERRED STOCKS - 0.3% - ---------------------------------------------------------------------------------------------------------------------------------- Renong Berhad, 4% Irredeemable Cv. Unsec. Loan Stocks (8) 5,200 1,904 ---------------------------------------------------------------------------------------------------------------------------- Case Corp., $4.50 Cum. Cv., Series A, Non-Vtg. 1,200 138,000 ----------------- Total Preferred Stocks (Cost $116,882) 139,904 UNITS ================================================================================================================================== RIGHTS, WARRANTS AND CERTIFICATES - 0.0% - ---------------------------------------------------------------------------------------------------------------------------------- Haw Par Brothers International Ltd. Wts., Exp. 3/01 3,300 2,764 ---------------------------------------------------------------------------------------------------------------------------- Hong Kong & China Gas Co. Ltd. Wts., Exp. 9/97 3,800 1,400 ---------------------------------------------------------------------------------------------------------------------------- Intermedia Communications, Inc. Wts., Exp. 6/00 (3) 50 2,500 ---------------------------------------------------------------------------------------------------------------------------- Renong Berhad Wts., Exp. 2/97 3,250 270 ---------------------------------------------------------------------------------------------------------------------------- Thai Farmers Bank Public Co. Ltd. Wts., Exp. 9/02 (3) 625 -- ----------------- Total Rights, Warrants and Certificates (Cost $3,949) 6,934 FACE AMOUNT ================================================================================================================================== REPURCHASE AGREEMENT - 10.4% - ---------------------------------------------------------------------------------------------------------------------------------- Repurchase agreement with State Street Bank and Trust Co., 4.50%, dated 10/31/96, to be repurchased at $4,857,607 on 11/1/96, collateralized by U.S. Treasury Nts., 6.125%-8.875%, 2/15/99-2/15/01, with a value of $5,016,067 (Cost $4,857,000) $ 4,857,000 4,857,000 ---------------------------------------------------------------------------------------------------------------------------- TOTAL INVESTMENTS, AT VALUE (COST $40,539,170) 99.7% 46,367,764 ---------------------------------------------------------------------------------------------------------------------------- OTHER ASSETS NET OF LIABILITIES 0.3 158,448 ------------ ----------------- NET ASSETS 100.0% $ 46,526,212 ============ =================
1. 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 $393,446 or 0.85% of the Fund's net assets, at October 31, 1996. 2. Denotes a step bond: a zero coupon bond that converts to a fixed rate of interest at a designated future date. 3. Identifies issues considered to be illiquid. These securities amount to $184,813 or 0.40% of the Fund's net assets, at October 31, 1996. 4. For zero coupon bonds, the interest rate shown is the effective yield on the date of purchase. 5. Represents the current interest rate for a variable rate security. For credit sensitive notes, the interest rate is dependent on the credit rating of the issuer. 6. 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. 7. Interest or dividend is paid in kind. 8. Non-income producing security. See accompanying Notes to Financial Statements. 42 Oppenheimer LifeSpan Funds 43 STATEMENTS OF ASSETS AND LIABILITIES October 31, 1996
OPPENHEIMER OPPENHEIMER OPPENHEIMER LIFESPAN LIFESPAN LIFESPAN INCOME BALANCED GROWTH FUND FUND FUND ------------------------------------------------ ASSETS: Investments, at value (cost * ) (including repurchase agreements**) - see accompanying statements $26,271,162 $54,254,328 $46,367,764 Cash 159,343 320,078 98,146 Receivables: Dividends, interest and principal paydowns 394,275 445,844 243,458 Shares of capital stock sold 29,862 127,173 24,049 Investments sold 7,174 105,792 155,778 ------------------------------------------------ Total assets 26,861,816 55,253,215 46,889,195 ------------------------------------------------ LIABILITIES: Payables and other liabilities: Dividends 5,197 - - Investments purchased - 314,057 304,182 Shares of capital stock redeemed 27,172 50,000 375 Distribution and service plan fees 5,566 11,348 9,910 Transfer and shareholder servicing agent fees 1,765 - 1,427 Custodian fees 18,768 30,896 29,906 Legal and auditing fees 12,745 13,008 13,196 Other 5,988 8,565 3,987 ------------------------------------------------ Total liabilities 77,201 427,874 362,983 ------------------------------------------------ NET ASSETS $26,784,615 $54,825,341 $46,526,212 ================================================ COMPOSITION OF NET ASSETS: Par value of shares of capital stock $2,514 $4,604 $3,640 Additional paid-in capital 25,394,222 47,659,769 38,260,329 Undistributed net investment income 11 194,574 171,706 Accumulated net realized gain from investments and foreign currency transactions 370,133 1,499,219 2,261,956 Net unrealized appreciation on investments and translation of assets and liabilities denominated in foreign currencies 1,017,735 5,467,175 5,828,581 ------------------------------------------------ NET ASSETS $26,784,615 $54,825,341 $46,526,212 ================================================ *Cost $25,253,427 $48,787,124 $40,539,170 ================================================ **Repurchase agreements $1,404,000 $4,048,000 $4,857,000 ================================================ 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 $26,327,935 $52,103,832 $43,980,330 Shares of capital stock 2,471,146 4,376,638 3,440,864 Price per share $10.65 $11.90 $12.78 Maximum offering price per share (net asset value plus sales charge of 5.75% of offering price for each fund) $11.30 $12.63 $13.56 ------------------------------------------------ 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 $455,667 $1,893,260 $2,405,006 Shares of capital stock 42,628 158,021 187,750 Price per share $10.69 $11.98 $12.81 ------------------------------------------------ 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 $1,013 $828,249 $140,876 Shares of capital stock 95 69,708 11,060 Price per share $10.66 $11.88 $12.74
See accompanying Notes to Financial Statements. 43 Oppenheimer LifeSpan Funds 44 STATEMENTS OF OPERATIONS For the Ten Months Ended October 31, 1996(1)
OPPENHEIMER OPPENHEIMER OPPENHEIMER LIFESPAN LIFESPAN LIFESPAN INCOME BALANCED GROWTH FUND FUND FUND ------------------------------------------------ INVESTMENT INCOME: Interest (net of foreign withholding taxes of $560, $8,785 and $6,613, respectively) $1,273,168 $1,467,536 $694,534 Dividends (net of foreign withholding taxes of $760, $9,950 and $8,112, respectively) 230,383 444,888 474,870 ------------------------------------------------ Total income 1,503,551 1,912,424 1,169,404 ------------------------------------------------ EXPENSES: Management fees - Note 4 161,101 344,756 290,999 Distribution and service plan fees - Note 4: Class A 52,975 98,043 82,572 Class B 2,911 10,171 12,255 Class C 4 2,745 268 Transfer and shareholder servicing agent fees - Note 4 20,248 9,652 14,280 Accounting services fees 35,000 57,500 50,000 Custodian fees and expenses 32,648 67,073 26,768 Legal and auditing fees 20,143 25,443 69,845 Shareholder reports 4,199 5,755 5,398 Directors' fees and expenses - Note 1 2,506 2,606 1,968 Registration and filing fees: Class A 547 2,059 1,557 Class B 80 415 514 Class C - 249 42 Other 5,098 16,295 2,539 ------------------------------------------------ Total expenses 337,460 642,762 559,005 ------------------------------------------------ NET INVESTMENT INCOME 1,166,091 1,269,662 610,399 ------------------------------------------------ REALIZED AND UNREALIZED GAIN (LOSS): Net realized gain (loss) from: Investments 375,456 1,564,495 2,329,401 Foreign currency transactions - (109,219) (122,180) ------------------------------------------------ Net realized gain 375,456 1,455,276 2,207,221 Net change in unrealized appreciation or depreciation on: Investments (394,375) 2,176,127 2,508,017 Translation of assets and liabilities denominated in foreign currencies - (265,460) (269,797) ------------------------------------------------ Net change (394,375) 1,910,667 2,238,220 ------------------------------------------------ Net realized and unrealized gain (loss) (18,919) 3,365,943 4,445,441 ------------------------------------------------ NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $1,147,172 $4,635,605 $5,055,840 ================================================
1. The Funds changed their fiscal year end from December 31 to October 31. See accompanying Notes to Financial Statements. 44 Oppenheimer LifeSpan Funds 45 STATEMENTS OF CHANGES IN NET ASSETS For the Ten Months Ended October 31, 1996 and the Eight Months Ended December 31, 1995
OPPENHEIMER OPPENHEIMER LIFESPAN LIFESPAN INCOME BALANCED FUND FUND ------------------------------------------------------------- 1996(2) 1995(1) 1996(2) 1995(1) ------------------------------------------------------------- OPERATIONS: Net investment income $1,166,091 $793,232 $1,269,662 $868,937 Net realized gain 375,456 159,534 1,455,276 923,770 Net change in unrealized appreciation or depreciation (394,375) 1,412,110 1,910,667 3,556,508 ------------------------------------------------------------- Net increase in net assets resulting from operations 1,147,172 2,364,876 4,635,605 5,349,215 DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS: Dividends from net investment income: Class A (1,164,346) (779,588) (919,554) (890,951) Class B (14,052) (1,302) (21,226) (2,117) Class C (24) -- (10,575) -- Distributions from net realized gain: Class A (63,862) (99,296) (140,249) (824,982) Class B (925) (772) (3,811) (8,662) Class C (2) -- (1,725) -- CAPITAL STOCK TRANSACTIONS: Net increase in net assets resulting from capital stock - Note 2: Class A 1,803,488 23,138,358 6,793,292 38,241,838 Class B 264,631 189,259 1,370,222 437,351 Class C 1,000 -- 821,670 ------------------------------------------------------------- NET ASSETS: Total increase 1,973,080 24,811,535 12,523,649 42,301,692 Beginning of period 24,811,535 -- 42,301,692 -- ------------------------------------------------------------- End of period $26,784,615 $24,811,535 $54,825,341 $42,301,692 ============================================================= Undistributed (overdistributed) net investment income $11 $12,342 $194,574 ($24,131) OPPENHEIMER LIFESPAN GROWTH FUND ----------------------------- 1996(2) 1995(1) ----------------------------- OPERATIONS: Net investment income $610,399 $450,654 Net realized gain 2,207,221 770,151 Net change in unrealized appreciation or depreciation 2,238,220 3,590,361 ----------------------------- Net increase in net assets resulting from operations 5,055,840 4,811,166 DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS: Dividends from net investment income: Class A (289,194) (478,706) Class B (9,326) (951) Class C (143) -- Distributions from net realized gain: Class A (129,620) (680,837) Class B (4,802) (11,119) Class C (65) -- CAPITAL STOCK TRANSACTIONS: Net increase in net assets resulting from capital stock - Note 2: Class A 5,139,745 30,735,209 Class B 1,697,392 553,763 Class C 137,860 -- NET ASSETS: ----------------------------- Total increase 11,597,687 34,928,525 Beginning of period 34,928,525 -- ----------------------------- End of period $46,526,212 $34,928,525 ============================= Undistributed (overdistributed) net investment income $171,706 ($29,003)
1. For the period from May 1, 1995 (commencement of operations) to December 31, 1995. 2. The Funds changed their fiscal year end from December 31 to October 31. See accompanying Notes to Financial Statements. 45 Oppenheimer LifeSpan Funds 46 FINANCIAL HIGHLIGHTS Oppenheimer LifeSpan Income Fund
CLASS A CLASS B CLASS C ----------------------------- ----------------------------- ------------- TEN MONTHS EIGHT MONTHS TEN MONTHS THREE MONTHS SIX MONTHS ENDED ENDED ENDED ENDED ENDED OCTOBER 31, DECEMBER 31, OCTOBER 31, DECEMBER 31, OCTOBER 31, 1996(2) 1995(4) 1996(2) 1995(3) 1996(1)(2) ==================================================================================================================================== PER SHARE OPERATING DATA: Net asset value, beginning of period $10.70 $10.00 $10.74 $10.45 $10.53 - ------------------------------------------------------------------------------------------------------------------------------------ Income (loss) from investment operations: Net investment income .48 .37 .41 .12 .25 Net realized and unrealized gain (loss) (.02) .73 (.02) .32 .16 - ------------------------------------------------------------------------------------------------------------------------------------ Total income from investment operations .46 1.10 .39 .44 .41 - ------------------------------------------------------------------------------------------------------------------------------------ Dividends and distributions to shareholders: Dividends from net investment income (.48) (.36) (.41) (.11) (.25) Distributions from net realized gain (.03) (.04) (.03) (.04) (.03) - ------------------------------------------------------------------------------------------------------------------------------------ Total dividends and distributions to shareholders (.51) (.40) (.44) (.15) (.28) - ------------------------------------------------------------------------------------------------------------------------------------ Net asset value, end of period $10.65 $10.70 $10.69 $10.74 $10.66 =============================================================================== ==================================================================================================================================== TOTAL RETURN, AT NET ASSET VALUE(5) 4.45% 11.22% 3.69% 4.30% 3.96% ==================================================================================================================================== RATIOS/SUPPLEMENTAL DATA: Net assets, end of period (in thousands) $26,328 $24,619 $456 $192 $1 - ------------------------------------------------------------------------------------------------------------------------------------ Average net assets (in thousands) $25,463 $22,128 $350 $107 $1 - ------------------------------------------------------------------------------------------------------------------------------------ Ratios to average net assets (annualized): Net investment income 5.43% 5.35% 4.93% 5.23% 4.68% Expenses 1.56% 1.50% 2.31% 2.25% 2.25% - ------------------------------------------------------------------------------------------------------------------------------------ Portfolio turnover rate(6) 75.3% 45.8% 75.3% 45.8% 75.3% Average brokerage commission rate(7) $0.0694 -- $0.0694 -- $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 October 31, 1996 were $19,773,295 and $17,995,443, 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. 46 Oppenheimer LifeSpan Funds 47 FINANCIAL HIGHLIGHTS Oppenheimer LifeSpan Balanced Fund
CLASS A CLASS B CLASS C ----------------------------- ----------------------------- ------------- TEN MONTHS EIGHT MONTHS TEN MONTHS THREE MONTHS SIX MONTHS ENDED ENDED ENDED ENDED ENDED OCTOBER 31, DECEMBER 31, OCTOBER 31, DECEMBER 31, OCTOBER 31, 1996(2) 1995(4) 1996(2) 1995(3) 1996(1)(2) ==================================================================================================================================== PER SHARE OPERATING DATA: Net asset value, beginning of period $11.05 $10.00 $11.16 $10.95 $11.74 - ------------------------------------------------------------------------------------------------------------------------------------ Income from investment operations: Net investment income .29 .24 .20 .05 .13 Net realized and unrealized gain .81 1.29 .82 .45 .24 - ------------------------------------------------------------------------------------------------------------------------------------ Total income from investment operations 1.10 1.53 1.02 .50 .37 - ------------------------------------------------------------------------------------------------------------------------------------ Dividends and distributions to shareholders: Dividends from net investment income (.22) (.25) (.17) (.06) (.20) Distributions from net realized gain (.03) (.23) (.03) (.23) (.03) - ------------------------------------------------------------------------------------------------------------------------------------ Total dividends and distributions to shareholders (.25) (.48) (.20) (.29) (.23) - ------------------------------------------------------------------------------------------------------------------------------------ Net asset value, end of period $11.90 $11.05 $11.98 $11.16 $11.88 =============================================================================== ==================================================================================================================================== TOTAL RETURN, AT NET ASSET VALUE(5) 10.04% 15.33% 9.22% 4.49% 3.21% ==================================================================================================================================== RATIOS/SUPPLEMENTAL DATA: Net assets, end of period (in thousands) $52,104 $41,861 $1,893 $441 $828 - ------------------------------------------------------------------------------------------------------------------------------------ Average net assets (in thousands) $47,116 $37,417 $1,225 $247 $551 - ------------------------------------------------------------------------------------------------------------------------------------ Ratios to average net assets (annualized): Net investment income 3.15% 3.47% 2.41% 3.01% 2.53% Expenses 1.56% 1.55% 2.32% 2.30% 2.27% - ------------------------------------------------------------------------------------------------------------------------------------ Portfolio turnover rate(6) 61.0% 76.3% 61.0% 76.3% 61.0% Average brokerage commission rate(7) $0.0078 -- $0.0078 -- $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 October 31, 1996 were $35,034,336 and $27,288,614, 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. 47 Oppenheimer LifeSpan Funds 48 FINANCIAL HIGHLIGHTS Oppenheimer LifeSpan Growth Fund
CLASS A CLASS B CLASS C ----------------------------- ----------------------------- ------------- TEN MONTHS EIGHT MONTHS TEN MONTHS THREE MONTHS SIX MONTHS ENDED ENDED ENDED ENDED ENDED OCTOBER 31, DECEMBER 31, OCTOBER 31, DECEMBER 31, OCTOBER 31, 1996(2) 1995(4) 1996(2) 1995(3) 1996(1)(2) - ------------------------------------------------------------------------------------------------------------------------------------ PER SHARE OPERATING DATA: Net asset value, beginning of period $11.39 $10.00 $11.47 $11.14 $12.49 - ------------------------------------------------------------------------------------------------------------------------------------ Income from investment operations: Net investment income .18 .16 .08 .03 .11 Net realized and unrealized gain 1.34 1.63 1.36 .56 .27 - ------------------------------------------------------------------------------------------------------------------------------------ Total income from investment operations 1.52 1.79 1.44 .59 .38 - ------------------------------------------------------------------------------------------------------------------------------------ Dividends and distributions to shareholders: Dividends from net investment income (.09) (.17) (.06) (.03) (.09) Distributions from net realized gain (.04) (.23) (.04) (.23) (.04) - ------------------------------------------------------------------------------------------------------------------------------------ Total dividends and distributions to shareholders (.13) (.40) (.10) (.26) (.13) - ------------------------------------------------------------------------------------------------------------------------------------ Net asset value, end of period $12.78 $11.39 $12.81 $11.47 $12.74 =============================================================================== ==================================================================================================================================== TOTAL RETURN, AT NET ASSET VALUE(5) 13.37% 18.02% 12.58% 5.34% 3.04% ==================================================================================================================================== RATIOS/SUPPLEMENTAL DATA: Net assets, end of period (in thousands) $43,980 $34,368 $2,405 $561 $141 - ------------------------------------------------------------------------------------------------------------------------------------ Average net assets (in thousands) $39,576 $29,046 $1,475 $230 $54 - ------------------------------------------------------------------------------------------------------------------------------------ Ratios to average net assets (annualized): Net investment income 1.81% 2.32% 1.11% 1.70% 1.32% Expenses 1.61% 1.55% 2.37% 2.30% 2.43% - ------------------------------------------------------------------------------------------------------------------------------------ Portfolio turnover rate(6) 64.2% 71.8% 64.2% 71.8% 64.2% Average brokerage commission rate(7) $0.0059 -- $0.0059 -- $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 October 31, 1996 were $29,483,842 and $23,866,392, 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. 48 Oppenheimer LifeSpan Funds 49 NOTES TO FINANCIAL STATEMENTS 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. On August 15, 1996, the Board of Directors elected to change the fiscal year end of the Funds from December 31 to October 31. Accordingly, these financial statements include information for the ten month period from January 1, 1996 to October 31, 1996. Until March 18, 1996, the Funds were named CMIA LifeSpan Diversified Income Account, CMIA LifeSpan Balanced Account and CMIA LifeSpan Capital Appreciation Account, and the Company was named Connecticut Mutual Investment Accounts, Inc. On January 27, 1996, the policyholders of Connecticut Mutual Life Insurance Company (CML) approved a merger of CML with Massachusetts Mutual Life Insurance Company (MML). In line with this change, effective March 1, 1996, OppenheimerFunds, Inc. (the Manager) became the adviser of the Company. 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 three classes of shares have identical rights to earnings, assets and voting privileges, except that each class has its own distribution and/or service plan, expenses directly attributable to a particular class and exclusive voting rights with respect to matters affecting a single class. Class B shares will automatically convert to Class A shares six years after the date of purchase. The following is a summary of significant accounting policies consistently followed by the 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. 49 Oppenheimer LifeSpan Funds 50 NOTES TO FINANCIAL STATEMENTS (Continued) 1. SIGNIFICANT ACCOUNTING POLICIES (continued) 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. 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. 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 (loss) was recorded by the Funds. In addition, to properly reflect foreign currency loss in the components of capital, foreign exchange loss determined according to U.S. federal income tax rules has been reclassified from accumulated net realized gain to undistributed net investment income as follows: LifeSpan Balanced Fund . . . . . . . $50,483 LifeSpan Growth Fund . . . . . . . . $60,004
During the period ended October 31, 1996, the Funds also adjusted the classification of net investment income and capital gain (loss) to reflect other differences between financial statement amounts and distributions determined in accordance with income tax regulations. Changes in classification during the period ended October 31, 1996 are shown below:
---------------------------------------------------------------------------------------- Adjustments for the Period Ended October 31, 1996 ---------------------------------------------------------------------------------------- Undistributed Net Investment Income Accumulated Net Realized Gain on Investments - ---------------------------------------------------------------------------------------------------------------------- LifeSpan Balanced Fund $(49,119) $49,119 - ---------------------------------------------------------------------------------------------------------------------- LifeSpan Growth Fund $(51,023) $51,023 - ----------------------------------------------------------------------------------------------------------------------
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: 50 Oppenheimer LifeSpan Funds 51 NOTES TO FINANCIAL STATEMENTS (Continued) 2. SHARES OF CAPITAL STOCK (continued)
OPPENHEIMER LIFESPAN INCOME FUND TEN MONTHS ENDED OCTOBER 31, 1996(2) PERIOD ENDED DECEMBER 31, 1995(1) ------------------------------------ --------------------------------- SHARES AMOUNT SHARES AMOUNT Class A: Sold 146,543 $1,546,169 2,218,682 $22,279,583 Dividends and distributions reinvested 112,062 1,180,611 82,386 860,578 Redeemed (88,357) (923,292) (170) (1,803) --------- ----------- ------------- ------------ Net increase 170,248 $1,803,488 2,300,898 $23,138,358 ========= =========== ============= ============ Class B: Sold 23,725 $ 253,904 17,728 $ 187,546 Dividends and distributions reinvested 1,286 13,606 194 2,074 Redeemed (271) (2,879) (34) (361) --------- ----------- ------------- ------------ Net increase 24,740 $ 264,631 17,888 $ 189,259 ========= =========== ============= ============ Class C: Sold 95 $ 1,000 -- $ -- Dividends and distributions reinvested -- -- -- -- Redeemed -- -- -- -- --------- ----------- ------------- ------------ Net increase 95 $ 1,000 -- $ -- ========= =========== ============= ============
OPPENHEIMER LIFESPAN BALANCED FUND TEN MONTHS ENDED OCTOBER 31, 1996(2) PERIOD ENDED DECEMBER 31, 1995(1) ------------------------------------ --------------------------------- SHARES AMOUNT SHARES AMOUNT Class A: Sold 591,611 $ 6,806,310 3,635,283 $36,581,861 Dividends and distributions reinvested 90,394 1,056,157 156,931 1,714,405 Redeemed (92,638) (1,069,175) (4,943) (54,428) ------------ ------------ ------------ ------------ Net increase 589,367 $ 6,793,292 3,787,271 $38,241,838 ============ ============ ============ ============ Class B: Sold 118,679 $ 1,371,576 38,550 $ 427,035 Dividends and distributions reinvested 2,108 24,736 939 10,442 Redeemed (2,244) (26,090) (11) (126) ----------- ------------ ------------ ------------ Net increase 118,543 $ 1,370,222 39,478 $ 437,351 =========== ============ ============ ============ Class C: Sold 68,739 $ 810,364 -- $ -- Dividends and distributions reinvested 1,054 12,284 -- -- Redeemed (85) (978) -- -- ----------- ------------ ------------ ------------ Net increase 69,708 $ 821,670 -- $ -- =========== ============ ============ ============
OPPENHEIMER LIFESPAN GROWTH FUND TEN MONTHS ENDED OCTOBER 31, 1996(2) PERIOD ENDED DECEMBER 31, 1995(1) ------------------------------------ --------------------------------- SHARES AMOUNT SHARES AMOUNT Class A: Sold 424,020 $5,146,023 2,945,839 $29,923,957 Dividends and distributions reinvested 33,590 418,507 103,358 1,158,877 Redeemed (35,427) (424,785) (30,516) (347,625) ---------- ----------- ----------- ------------ Net increase 422,183 $5,139,745 3,018,681 $30,735,209 ========== =========== =========== ============ Class B: Sold 154,309 $1,879,045 47,790 $ 541,170 Dividends and distributions reinvested 1,098 13,603 1,104 12,593 Redeemed (16,551) (195,256) -- -- ---------- ----------- ----------- ------------ Net increase 138,856 $1,697,392 48,894 $ 553,763 ========== =========== =========== ============ Class C: Sold 11,124 $ 138,640 -- $ -- Dividends and distributions reinvested 16 198 -- -- Redeemed (80) (978) -- -- ---------- ----------- ----------- ------------ Net increase 11,060 $ 137,860 -- $ -- ========== =========== =========== ============
1. For the period from May 1, 1995 (commencement of operations) to December 31, 1995 for Class A shares and for the period from October 1, 1995 (inception of offering) to December 31, 1995 for Class B shares. 2. For the 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. 51 Oppenheimer LifeSpan Funds 52 NOTES TO FINANCIAL STATEMENTS (Continued) 3. UNREALIZED GAINS AND LOSSES ON INVESTMENTS At October 31, 1996, net unrealized appreciation on investments consisted of the following:
----------------------------------------------------------------------------------------- LifeSpan Income Fund LifeSpan Balanced Fund LifeSpan Growth Fund ------------------------------------------------------------------------------------------------------------------------- Gross appreciation $1,262,426 $6,347,922 $6,646,045 ------------------------------------------------------------------------------------------------------------------------- Gross depreciation 244,691 880,718 817,451 ------------------------------------------------------------------------------------------------------------------------- Net unrealized appreciation $1,017,735 $5,467,204 $5,828,594 -------------------------------------------------------------------------------------------------------------------------
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. Prior to March 1, 1996, management fees were paid to G.R. Phelps & Co., Inc. (the former Manager). The Manager has agreed to reimburse the Funds if aggregate expenses (with specified exceptions) exceed the most stringent applicable regulatory limit on Fund expenses. Effective July 1, 1996, the Manager acts as the accounting agent for each Fund at an annual fee of $15,000, plus out-of-pocket costs and expenses reasonably incurred. Prior to July 1, accounting services fees were paid to State Street Bank and Trust Company. 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 period ended October 31, 1996, (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, and (4) sales charges advanced to affiliated broker/dealers were as follows:
------------------------------------------------------------------------------------------------ (1) Commissions (2) Commissions Retained (3) Sales Charges Advanced (4) Paid to Affiliates - ---------------------------------------------------------------------------------------------------------------------------------- LifeSpan Income Fund, Class A $29,128 $21,324 - ---------------------------------------------------------------------------------------------------------------------------------- Class B $4,276 $4,276 - ---------------------------------------------------------------------------------------------------------------------------------- LifeSpan Balanced Fund, Class A $84,043 $67,555 - ---------------------------------------------------------------------------------------------------------------------------------- Class B $30,673 $28,990 - ---------------------------------------------------------------------------------------------------------------------------------- Class C $7,796 $7,796 - ---------------------------------------------------------------------------------------------------------------------------------- LifeSpan Growth Fund, Class A $103,757 $69,069 - ---------------------------------------------------------------------------------------------------------------------------------- Class B $41,465 $34,992 - ---------------------------------------------------------------------------------------------------------------------------------- Class C $989 - - - ----------------------------------------------------------------------------------------------------------------------------------
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 52 Oppenheimer LifeSpan Funds 53 NOTES TO FINANCIAL STATEMENTS (Continued) 4. MANAGEMENT FEES AND OTHER TRANSACTIONS WITH AFFILIATES (continued) 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 period ended October 31, 1996, OFDI made payments to an affiliated broker/dealer as reimbursement for Class A personal service and maintenance expenses as follows: LifeSpan Income Fund . . . . . . . $39,635 LifeSpan Balanced Fund . . . . . . $74,687 LifeSpan Growth Fund . . . . . . . $61,978
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 period ended October 31, 1996, 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 October 31, 1996 are as follows:
---------------------------------------------------------- Amount Retained by OFDI Unreimbursed Expenses --------------------------------------------------------------------------------------------------------- LifeSpan Income Fund, Class B $2,102 $2,575 --------------------------------------------------------------------------------------------------------- LifeSpan Balanced Fund, Class B $7,774 $18,853 --------------------------------------------------------------------------------------------------------- Class C $2,733 $13,272 --------------------------------------------------------------------------------------------------------- LifeSpan Growth Fund, Class B $9,324 $42,580 --------------------------------------------------------------------------------------------------------- Class C -- $2,054 ---------------------------------------------------------------------------------------------------------
53 Oppenheimer LifeSpan Funds 54 INDEPENDENT AUDITORS' REPORT The Board of Directors and Shareholders of Oppenheimer Series Fund, Inc.: We have audited the accompanying statements of investments and assets and liabilities of LifeSpan Income, LifeSpan Balanced and LifeSpan Growth Funds (collectively Oppenheimer Series Fund, Inc.) as of October 31, 1996 and the related statements of operations, the statements of changes in net assets, and the financial highlights for the ten month period then ended. These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. The statements of changes in net assets for the period ended December 31, 1995 and the financial highlights for the period from May 1, 1995 (commencement of operations) to December 31, 1995 were audited by other auditors whose report dated February 15, 1996, expressed an unqualified opinion on this information. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 1996 by correspondence with the custodian and brokers; and where confirmations were not received from brokers, we performed other auditing procedures. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial positions of LifeSpan Income, LifeSpan Balanced and LifeSpan Growth Funds as of October 31, 1996, and the results of their operations, the changes in their net assets, and the financial highlights for the ten month period ended October 31, 1996, in conformity with generally accepted accounting principles. KPMG Peat Marwick LLP Denver, Colorado November 21, 1996 54 Oppenheimer LifeSpan Funds 55 FEDERAL INCOME TAX INFORMATION (Unaudited) In early 1997 shareholders will receive information regarding all dividends and distributions paid to them by the Funds during calendar year 1996. Regulations of the U.S. Treasury Department require the Funds to report this information to the Internal Revenue Service. Dividends paid by the Funds during the ten months ended October 31, 1996 which are not designated as capital gain distributions should be multiplied by the percentages listed below to arrive at the net amount eligible for the corporate dividend-received deduction. --------------------------------------------------------------------------------------- Corporate Dividend-Received Deduction --------------------------------------------------------------------------------------- LifeSpan Income Fund 14.09% --------------------------------------------------------------------------------------- LifeSpan Balanced Fund 15.20% --------------------------------------------------------------------------------------- LifeSpan Growth Fund 16.33% ---------------------------------------------------------------------------------------
The foregoing information is presented to assist shareholders in reporting distributions received from the Funds to the Internal Revenue Service. Because of the complexity of the federal regulations which may affect your individual tax return and the many variations in state and local tax regulations, we recommend that you consult your tax adviser for specific guidance. 55 Oppenheimer LifeSpan Funds 56 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 Sidney M. Robbins, 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
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. 56 Oppenheimer LifeSpan Funds 57 (This Page Intentionally Left Blank) 58 (This Page Intentionally Left Blank) 59 (This Page Intentionally Left Blank) 60 (This Page Intentionally Left Blank) -----END PRIVACY-ENHANCED MESSAGE-----