-----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, IfSAcydliRFcPTKvA09DrBncC1Gi5Zj1hP46sjPS49i359H16IPLVV3AOsdnDtS3 X+jP64sxshWgVmrw4jZN4A== 0001047469-98-026533.txt : 19980708 0001047469-98-026533.hdr.sgml : 19980708 ACCESSION NUMBER: 0001047469-98-026533 CONFORMED SUBMISSION TYPE: N-30D PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19980430 FILED AS OF DATE: 19980707 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: SEC FILE NUMBER: 811-03346 FILM NUMBER: 98661203 BUSINESS ADDRESS: STREET 1: TWO WORLD TRADE CENTER CITY: NEW YORK STATE: NY ZIP: 10048 BUSINESS PHONE: 2123230200 FORMER COMPANY: FORMER CONFORMED NAME: CONNECTICUT MUTUAL INVESTMENT ACCOUNTS INC DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: CONNECTICUT MUTUAL LIQUID ACCOUNT INC DATE OF NAME CHANGE: 19851106 N-30D 1 N-30D OPPENHEIMER LIFESPAN FUNDS Semiannual Report April 30, 1998 OPPENHEIMER LIFESPAN BALANCED FUND OPPENHEIMER LIFESPAN GROWTH FUND OPPENHEIMER LIFESPAN INCOME FUND [LOGO] Oppenheimer LifeSpan Funds offer you THREE portfolios, each of which has a mix of securities to help meet your investment GOALS. - -------------------------------------------------------------------------------- HOW YOUR FUND IS MANAGED - -------------------------------------------------------------------------------- Oppenheimer LifeSpan Balanced Fund seeks a blend of capital appreciation and income. The Fund actively allocates assets across two broad asset categories--stocks and fixed income securities, with a stronger emphasis on stocks--to meet clearly distinguished risk and return objectives. Oppenheimer LifeSpan Growth Fund seeks long-term capital appreciation. It invests in a strategically allocated portfolio consisting primarily of stocks. Current income is not a primary consideration. Oppenheimer LifeSpan Income Fund seeks high current income, with opportunities for capital appreciation. It invests in a strategically allocated portfolio consisting primarily of bond instruments. - -------------------------------------------------------------------------------- LIFESPAN FUNDS REORGANIZED - -------------------------------------------------------------------------------- By now you have received a proxy statement for a shareholders' meeting of the Fund which was held on June 9, 1998. At that meeting, shareholders approved the merger of Oppenheimer LifeSpan Growth Fund into Oppenheimer Disciplined Value Fund, Oppenheimer LifeSpan Balanced Fund into Oppenheimer Disciplined Allocation Fund and Oppenheimer LifeSpan Income Fund into Oppenheimer Bond Fund. The reorganizations of the Funds occurred on June 12, 1998. If you were a LifeSpan Funds shareholder on that date, you received shares of the respective acquiring fund. 2 Oppenheimer LifeSpan Funds BRIDGET A. MACASKILL President Oppenheimer LifeSpan Funds DEAR SHAREHOLDER, As we move further into 1998, we remain impressed by the remarkable resilience of the financial markets. Recent efforts by the United States to help support the Japanese Yen have inspired hope that the fallout of the Asian economic crisis can be contained. In general, the U.S. and world markets have continued to build wealth for investors at a virtually unprecedented pace. At OppenheimerFunds, we are pleased to help our fund shareholders participate in the potential rewards of today's markets, but we also recognize that this rate of growth cannot last forever. Because no one can predict exactly when the next correction or bear market might occur, we think it is prudent to continually identify, evaluate and manage the risks that may affect our fund shareholders. We believe that one of the leading risks facing investors today is that stock valuations are at the high end of their historical range, while U.S. corporate earnings growth is slowing. Given these facts, we believe it is unlikely that stocks will sustain the growth rate of the past three years. Stock prices could continue trading near current levels until earnings "catch up," or there could be a market correction. However, we believe that either scenario would be only a temporary pause on the way to potentially greater long-term gains. We are also examining the potential economic effects of the "millennium problem" that may render many computer systems unable to recognize the year 2000 when it arrives. Solving this problem has required companies to divert substantial human and financial resources from their core businesses, possibly constraining global economic growth during 1999 and 2000. For our part, we can report that OppenheimerFunds has made solid progress toward ensuring that our shareholder accounting systems are fully "year 2000 compliant," and that all shareholder accounts will make a seamless transition into the 21st century. We encourage you to meet with your financial advisor to discuss how a possible market correction or the millennium problem may affect your investments. Together, you can prepare your investment portfolio for the challenges and opportunities of the new century. Sincerely, /s/ Bridget A. Mascaskill Bridget A. Macaskill May 21, 1998 3 Oppenheimer LifeSpan Funds PERFORMANCE Average Annual Total Returns for the Periods Ended 3/31/98 (after sales charges)(1)
A SHARES B SHARES C SHARES LIFESPAN GROWTH FUND 1 year - ---------------------------------- 20.13% 21.50% 25.56% - ---------------------------------- Since Inception - ---------------------------------- 17.03% 15.77% 13.64% - ---------------------------------- LIFESPAN BALANCED FUND 1 year - ---------------------------------- 17.13% 18.25% 22.29% - ---------------------------------- Since Inception - ---------------------------------- 14.23% 13.13% 12.70% - ---------------------------------- LIFESPAN INCOME FUND 1 year - ---------------------------------- 8.45% 9.16% 13.20% - ---------------------------------- Since Inception - ---------------------------------- 9.11% 8.63% 10.80% - ----------------------------------
FUND OVERVIEW The following is a brief commentary on each LifeSpan Fund, including discussions about some of the investments that affected the performance within each of the Fund's components over the past six months. OPPENHEIMER LIFESPAN GROWTH FUND The Fund's investments in stocks were the major contributors to performance, with the INTERNATIONAL EQUITY component providing the strongest returns. Although Asia's economic crisis remains very real, and Japan's recession continues into its seventh year, investors have become more optimistic about the region's long-term prospects in recent months. In addition, Europe's stock markets have performed well in anticipation of the European Monetary Union, which takes place in less than a year. Other strong performers included the VALUE/GROWTH component and the GROWTH/INCOME component, which have benefited from the remarkable strength of the U.S. stock market. For the first four months of 1998, the stock market seemed on track to duplicate or exceed the annual performance of the prior three years. The SMALL-CAP EQUITY component trailed the large company performance, but still contributed to the Fund's overall performance. The HIGH YIELD segment continued to perform well, as non-investment grade bonds issued by growing companies offered significantly higher yields than U.S. Treasury bonds. As long as the economy remains strong, the high-yield corporate bond market should continue to perform well as investors seek out extra yield in a low interest-rate environment. Meanwhile, the GOVERNMENT/CORPORATE BOND segment benefited early in the period, when the stock market was volatile and investors throughout the world sought out U.S. Treasury bonds for safety and liquidity. OPPENHEIMER LIFESPAN BALANCED FUND The Fund offered the best of both worlds: equities that flourished in a strong stock market environment as well as above-average returns for bonds. Domestically, financial services, retailing and telecommunications stocks did extremely well, as did international stocks, particularly in Europe. The Fund's largest gains came from the INTERNATIONAL EQUITY component, as investors benefited from Europe's economic rebound. European stock prices are reflecting falling trade barriers, the impending unification of the currency and the increasing emphasis by corporate managements on shareholder interests. Meanwhile, we continue to underweight Japan Total returns include changes in share price and reinvestment of dividends and capital gains distributions in a hypothetical investment for the periods shown. IN REVIEWING THE PERFORMANCE, PLEASE REMEMBER THAT PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE OF AN INVESTMENT IN A FUND WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN THE ORIGINAL COST. For more complete information, please review the prospectus. Prior to March 1, 1996, the Funds had a different investment advisor. However, the prior portfolio management team is now employed by OppenheimerFunds, Inc. Additionally, Babson-Stewart Ivory International became the Sub-advisor for the international component of the Funds' portfolios on 3/1/96. BEA Associates and Pilgrim Baxter & Associates have continued as Sub-advisors to certain components of the Funds' portfolios. 1. Class A returns include the current maximum initial sales charge of 5.75% unless otherwise stated. Class A shares were first offered on 5/1/95. The maximum Class A sales charge rate was lower during a portion of the periods shown, and actual investment results will be different as a result. Class B average annual total returns include the applicable contingent deferred sales charge of 5% (1-year) and 3% (since inception on 10/2/95). Class C average annual total returns include the applicable contingent deferred sales charge of 1% for the 1-year period. Class C shares have an inception date of (5/1/96). An explanation of the different performance calculations is in the Funds' prospectus. Class B and C shares are subject to an annual asset-based sales charge of 0.75%. 4 Oppenheimer LifeSpan Funds and the rest of Asia, which has been the center of well-publicized economic distress. The VALUE/GROWTH and GROWTH/INCOME components shifted their emphasis away from companies with a large exposure to Asia, and towards companies that are focused on the U.S. consumer. After many quarters of underperformance, retailing stocks performed extremely well during the period. Other areas showing strength included airlines and telecommunications. Financial services stocks continued to surge, as huge mergers were announced and interest rates continued to trend downward. The SMALL-CAP EQUITY component trailed large company stocks, generating moderate gains. In fixed income, the GOVERNMENT/CORPORATE BOND segment benefited early in the period, when the stock market was volatile and investors sought out U.S. Treasury bonds for safety and liquidity. The HIGH YIELD segment performed well later in the period, as fears about Asia diminished and investors once again sought out the higher yields offered by non-investment-grade bonds. Meanwhile, the SHORT-TERM BOND segment provided yields far in excess of inflation, without the price risk inherent in longer-term maturities. OPPENHEIMER LIFESPAN INCOME FUND The Fund's sole equity component, the GROWTH/INCOME segment, continues to benefit from a surging U.S. stock market. As a result, it was the Fund's best performing segment. Still, the bond market quietly produced healthy returns over the past six months, as investors were the beneficiaries of falling interest rates. The U.S. economy continues to produce nearly 4% annual growth in Gross Domestic Product without a return of inflation. For this reason, the Federal Reserve Board, which can raise or lower short-term interest rates to regulate the economy, has stayed on the sidelines. As a result, the Fund's fixed income components have all performed well. The SHORT-TERM BOND component provides investors with a yield that is very attractive compared to inflation. The GOVERNMENT/CORPORATE BOND segment provides somewhat higher yields as well as capital appreciation as interest rates drift downward. The HIGH YIELD segment offers significantly higher yield and the possibility of price appreciation due to credit upgrades from national rating agencies such as Standard & Poor's Corporation and Moody's Investor Service. When issuing non-investment-grade companies receive higher ratings, their bond prices typically rise. Diminished concerns about Asia led investors to have more confidence in the High Yield segment, which finished the period with the strongest performance of any fixed-income category. 5 Oppenheimer LifeSpan Funds
- ---------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------- STATEMENT OF INVESTMENTS APRIL 30, 1998 (UNAUDITED) Oppenheimer LifeSpan Income Fund FACE MARKET VALUE AMOUNT SEE NOTE 1 - ---------------------------------------------------------------------------------------------------- ASSET-BACKED SECURITIES - 1.9% - ---------------------------------------------------------------------------------------------------- Dayton Hudson Credit Card Master Trust, Asset-Backed Certificates, Series 1997-1, Cl. A, 6.25%, 8/25/05 $ 125,000 $ 126,081 - ---------------------------------------------------------------------------------------------------- IROQUOIS Trust, Asset-Backed Amortizing Nts., Series 1997-2, Cl. A, 6.752%, 6/25/07 (1) 175,000 176,039 - ---------------------------------------------------------------------------------------------------- Olympic Automobile Receivables Trust, Automobile Receivables-Backed Nts.: Series 1996-A, Cl. A-4, 5.85%, 7/15/01 145,000 144,819 Series 1997-A, Cl. A-5, 6.80%, 2/15/05 150,000 152,421 ------------ Total Asset-Backed Securities (Cost $593,905) 599,360 - ---------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------- MORTGAGE-BACKED OBLIGATIONS - 8.0% - ---------------------------------------------------------------------------------------------------- Countrywide Funding Corp., Mtg. Pass-Through Certificates, Series 1994-10, Cl. A3, 6%, 5/25/09 250,000 246,543 - ---------------------------------------------------------------------------------------------------- Federal Home Loan Mortgage Corp., Collateralized Mtg. Obligations, Gtd. Multiclass Mtg. Participation Certificates: 5.50%, 5/1/98 539 535 Series 1711, Cl. EA, 7%, 3/15/24 200,000 204,936 - ---------------------------------------------------------------------------------------------------- Federal Home Loan Mortgage Corp., Gtd. Multiclass Mtg. Participation Certificates: 6%, 3/1/09 285,973 284,604 Series 1574, Cl. PD, 5.55%, 3/15/13 26,779 26,712 Series 1843, Cl. VB, 7%, 4/15/03 85,000 87,204 Series 1849, Cl. VA, 6%, 12/15/10 224,043 223,204 - ---------------------------------------------------------------------------------------------------- Federal Home Loan Mortgage Corp., Interest-Only Stripped Mtg.-Backed Security: Series 1583, C1. IC, 6.924%, 1/15/20 (2) 500,000 64,844 Series 1661, C1. PK, 6.711%, 11/15/06 (2) 679,768 50,770 - ---------------------------------------------------------------------------------------------------- Federal National Mortgage Assn.: 6%, 12/1/03 203,096 201,951 6.50%, 4/1/26 179,742 178,312 7%, 4/1/00 93,051 93,936 - ---------------------------------------------------------------------------------------------------- Federal National Mortgage Assn., Collateralized Mtg. Obligations, Gtd. Real Estate Mtg. Investment Conduit Pass-Through Certificates: Trust 1993-181, Cl. C, 5.40%, 10/25/02 126,666 126,072 Trust 1993-190, Cl. Z, 5.85%, 7/25/08 195,048 194,035 - ---------------------------------------------------------------------------------------------------- Federal National Mortgage Assn., Medium-Term Nts., 6.56%, 11/13/01 125,000 125,215 - ---------------------------------------------------------------------------------------------------- GE Capital Mortgage Services, Inc., Gtd. Real Estate Mtg. Investment Conduit Pass-Through Certificates, Series 1994-7, Cl. A18, 6%, 2/25/09 198,885 187,698 - ---------------------------------------------------------------------------------------------------- PNC Mortgage Securities Corp., Commercial Mtg. Pass-Through Certificates, Series 1995-2, Cl. A3, 6.50%, 2/25/12 74,000 74,119 - ---------------------------------------------------------------------------------------------------- Residential Accredit Loans, Inc., Mtg. Asset-Backed Pass-Through Certificates, Series 1997-QS9, Cl. A2, 6.75%, 9/25/27 175,000 174,597 ------------ Total Mortgage-Backed Obligations (Cost $2,516,223) 2,545,287 - ---------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------- U.S. GOVERNMENT OBLIGATIONS - 21.5% - ---------------------------------------------------------------------------------------------------- U.S. Treasury Bonds: 6%, 2/15/26 200,000 199,563 7.50%, 11/15/16 1,645,000 1,913,855 6 Oppenheimer LifeSpan Funds - ---------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------- STATEMENT OF INVESTMENTS (UNAUDITED)(CONTINUED) Oppenheimer LifeSpan Income Fund FACE MARKET VALUE AMOUNT SEE NOTE 1 - ---------------------------------------------------------------------------------------------------- U.S. GOVERNMENT OBLIGATIONS (CONTINUED) - ---------------------------------------------------------------------------------------------------- U.S. Treasury Nts.: 5.625%, 2/15/06 $ 550,000 $ 545,703 5.75%, 8/15/03 325,000 326,016 6.50%, 8/15/05 650,000 678,844 6.75%, 6/30/99 380,000 384,988 7.50%, 11/15/01 2,625,000 2,777,581 ------------ Total U.S. Government Obligations (Cost $6,701,463) 6,826,550 - ---------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------- CORPORATE BONDS AND NOTES - 31.7% - ---------------------------------------------------------------------------------------------------- AEROSPACE - 0.1% - ---------------------------------------------------------------------------------------------------- GPA Delaware, Inc., 8.75% Gtd. Nts., 12/15/98 25,000 25,437 - ---------------------------------------------------------------------------------------------------- CHEMICALS - 1.7% - ---------------------------------------------------------------------------------------------------- Du Pont (E.I.) De Nemours & Co., 8.50% Debs., 2/15/03 150,000 159,113 - ---------------------------------------------------------------------------------------------------- Harris Chemical North America, Inc., 10.25% Gtd. Sr. Sec. Disc. Nts., 7/15/01 50,000 52,375 - ---------------------------------------------------------------------------------------------------- Laroche Industries, Inc., 9.50% Sr. Sub. Nts., Series B, 9/15/07 50,000 50,000 - ---------------------------------------------------------------------------------------------------- Morton International, Inc., 9.25% Credit Sensitive Nts., 6/1/20 85,000 110,706 - ---------------------------------------------------------------------------------------------------- PPG Industries, Inc., 9% Debs., 5/1/21 85,000 106,156 - ---------------------------------------------------------------------------------------------------- Texas Petrochemical Corp., 11.125% Sr. Sub. Nts., Series B, 7/1/06 50,000 55,000 ------------ 533,350 - ---------------------------------------------------------------------------------------------------- CONSUMER DURABLES - 1.0% - ---------------------------------------------------------------------------------------------------- Black & Decker Corp., 6.625% Nts., 11/15/00 145,000 146,439 - ---------------------------------------------------------------------------------------------------- IHF Holdings, Inc., 0%/15% Sr. Sub. Disc. Nts., Series B, 11/15/04 (3) 50,000 41,500 - ---------------------------------------------------------------------------------------------------- Shop Vac Corp., 10.625% Sr. Nts., 9/1/03 75,000 83,062 - ---------------------------------------------------------------------------------------------------- Signature Brands, Inc., 13% Sr. Sub. Nts., 8/15/02 (1) 50,000 57,000 ------------ 328,001 - ---------------------------------------------------------------------------------------------------- CONSUMER NON-DURABLES - 0.6% - ---------------------------------------------------------------------------------------------------- Dyersburg Corp., 9.75% Sr. Unsec. Sub. Nts., 9/1/07 50,000 51,875 - ---------------------------------------------------------------------------------------------------- Kimberly-Clark Corp., 7.875% Debs., 2/1/23 85,000 92,368 - ---------------------------------------------------------------------------------------------------- Revlon Consumer Products Corp., 8.625% Sr. Nts., 2/1/08 (4) 50,000 50,125 ------------ 194,368 - ---------------------------------------------------------------------------------------------------- ENERGY - 2.7% - ---------------------------------------------------------------------------------------------------- Abraxas Petroleum Corp./CDN Abraxas Petroleum Ltd., 11.50% Sr. Nts., 11/1/04 (4) 50,000 52,375 - ---------------------------------------------------------------------------------------------------- Coastal Corp.: 8.125% Sr. Nts., 9/15/02 85,000 90,780 8.75% Sr. Nts., 5/15/99 55,000 56,499 - ---------------------------------------------------------------------------------------------------- Forcenergy, Inc., 8.50% Sr. Sub. Nts., Series B, 2/15/07 50,000 49,250 - ---------------------------------------------------------------------------------------------------- Gulf Canada Resources Ltd.: 8.25% Sr. Nts., 3/15/17 75,000 80,614 9% Debs., 8/15/99 75,000 77,223 - ---------------------------------------------------------------------------------------------------- HS Resources, Inc., 9.25% Sr. Sub. Nts., 11/15/06 50,000 51,500 - ---------------------------------------------------------------------------------------------------- Louisiana Land & Exploration Co., 7.65% Debs., 12/1/23 100,000 109,444 - ---------------------------------------------------------------------------------------------------- Petroleum Geo-Services ASA, 7.50% Nts., 3/31/07 75,000 80,422 - ---------------------------------------------------------------------------------------------------- Standard Oil/British Petroleum Co. plc, 9% Debs., 6/1/19 85,000 87,564 - ---------------------------------------------------------------------------------------------------- Transamerican Energy Corp., 11.50% Sr. Nts., Series, 6 /15/02 25,000 24,500 - ---------------------------------------------------------------------------------------------------- Williams Holdings of Delaware, Inc., 6.25% Sr. Unsec. Debs., 2/1/06 100,000 98,876 ------------ 859,047 - ---------------------------------------------------------------------------------------------------- FINANCIAL - 5.9% - ---------------------------------------------------------------------------------------------------- American General Finance Corp., 8.50% Sr. Nts., 8/15/98 60,000 60,413 7 Oppenheimer LifeSpan Funds - ---------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------- STATEMENT OF INVESTMENTS (UNAUDITED)(CONTINUED) Oppenheimer LifeSpan Income Fund FACE MARKET VALUE AMOUNT SEE NOTE 1 - ---------------------------------------------------------------------------------------------------- FINANCIAL (CONTINUED) - ---------------------------------------------------------------------------------------------------- American General Institutional Capital B, 8.125% Bonds, Series B, 3/15/46 (4) $ 75,000 $ 84,523 - ---------------------------------------------------------------------------------------------------- Capital One Financial Corp.: 6.83% Sr. Nts., 5/17/99 75,000 75,640 7.25% Nts., 12/1/03 50,000 50,786 - ---------------------------------------------------------------------------------------------------- Chelsea GCA Realty Partner, Inc., 7.75% Gtd. Unsec. Unsub. Nts., 1/26/01 60,000 61,656 - ---------------------------------------------------------------------------------------------------- Cigna Corp., 7.90% Nts., 12/14/98 150,000 151,714 - ---------------------------------------------------------------------------------------------------- Citicorp, 5.625% Sr. Nts., 2/15/01 90,000 88,743 - ---------------------------------------------------------------------------------------------------- Commercial Credit Co., 5.55% Unsec. Nts., 2/15/01 145,000 143,027 - ---------------------------------------------------------------------------------------------------- Conseco Financing Trust III, 8.796% Bonds, 4/1/27 100,000 111,985 - ---------------------------------------------------------------------------------------------------- Countrywide Home Loans, Inc., 6.05% Gtd. Medium-Term Nts., Series D, 3/1/01 90,000 89,680 - ---------------------------------------------------------------------------------------------------- Fleet Mtg./Norstar Group, Inc., 9.90% Sub. Nts., 6/15/01 145,000 160,237 - ---------------------------------------------------------------------------------------------------- General Motors Acceptance Corp., 5.625% Nts., 2/15/01 175,000 173,300 - ---------------------------------------------------------------------------------------------------- Golden West Financial Corp., 8.625% Sub. Nts., 8/30/98 55,000 55,472 - ---------------------------------------------------------------------------------------------------- Integra Financial Corp., 6.50% Sub. Nts., 4/15/00 145,000 146,418 - ---------------------------------------------------------------------------------------------------- Merrill Lynch & Co., Inc., 6.50% Nts., 4/1/01 150,000 151,984 - ---------------------------------------------------------------------------------------------------- NationsBank Corp., 8.50% Exchangeable Sub. Nts., 3/1/99 60,000 61,242 - ---------------------------------------------------------------------------------------------------- Olympic Financial Ltd., Units (each unit consists of $1,000 principal amount of 11.50% sr. nts., 3/15/07 and one warrant to purchase 6.84 shares of common stock) (5) 50,000 49,625 - ---------------------------------------------------------------------------------------------------- Travelers Property Casualty Corp., 6.75% Nts., 4/15/01 145,000 147,704 ------------ 1,864,149 - ---------------------------------------------------------------------------------------------------- FOOD & DRUG - 0.3% - ---------------------------------------------------------------------------------------------------- Dairy Mart Convenience Stores, Inc., 10.25% Sr. Sub. Nts., 3/15/04 50,000 49,750 - ---------------------------------------------------------------------------------------------------- Jitney-Jungle Stores of America, Inc., 12% Gtd. Sr. Nts., 3/1/06 50,000 56,125 ------------ 105,875 - ---------------------------------------------------------------------------------------------------- FOOD/TOBACCO - 0.6% - ---------------------------------------------------------------------------------------------------- AmeriServe Food Distribution, Inc., 8.875% Sr. Nts., 10/15/06 50,000 51,250 - ---------------------------------------------------------------------------------------------------- Dole Food Distributing, Inc., 6.75% Nts., 7/15/00 150,000 151,936 ------------ 203,186 - ---------------------------------------------------------------------------------------------------- FOREST PRODUCTS/CONTAINERS - 1.1% - ---------------------------------------------------------------------------------------------------- Celulosa Arauco y Constitucion SA, 7.25% Debs., 6/11/98 (1) 145,000 144,637 - ---------------------------------------------------------------------------------------------------- Gaylord Container Corp., 12.75% Sr. Sub. Disc. Debs., 5/15/05 50,000 53,500 - ---------------------------------------------------------------------------------------------------- Malette, Inc., 12.25% Sr. Sec. Nts., 7/15/04 (1) 50,000 56,125 - ---------------------------------------------------------------------------------------------------- Stone Container Corp., 9.875% Sr. Nts., 2/1/01 100,000 103,250 ------------ 357,512 - ---------------------------------------------------------------------------------------------------- GAMING/LEISURE - 2.4% - ---------------------------------------------------------------------------------------------------- Ameristar Casinos, Inc., 10.50% Sr. Sub. Nts., Series B, 8/1/04 50,000 53,250 - ---------------------------------------------------------------------------------------------------- Bally Total Fitness Holding Corp., 9.875% Sr. Sub. Nts., Series B, 10/15/07 50,000 52,375 - ---------------------------------------------------------------------------------------------------- Casino America, Inc., 12.50% Sr. Nts., 8/1/03 50,000 55,625 - ---------------------------------------------------------------------------------------------------- Casino Magic of Louisiana Corp., 13% First Mtg. Nts., Series B, 8/15/03 100,000 116,500 - ---------------------------------------------------------------------------------------------------- Hilton Hotels Corp., 7.375% Nts., 6/1/02 75,000 75,821 - ---------------------------------------------------------------------------------------------------- HMH Properties, Inc., 8.875% Sr. Nts., 7/15/07 50,000 55,687 - ---------------------------------------------------------------------------------------------------- Horseshoe Gaming LLC, 9.375% Sr. Sub. Nts., 6/15/07 50,000 53,625 - ---------------------------------------------------------------------------------------------------- Mohegan Tribal Gaming Authority (Connecticut), 13.50% Sr. Sec. Nts., Series B, 11/15/02 25,000 31,875 - ---------------------------------------------------------------------------------------------------- Players International, Inc., 10.875% Sr. Nts., 4/15/05 50,000 54,500 8 Oppenheimer LifeSpan Funds - ---------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------- STATEMENT OF INVESTMENTS (UNAUDITED)(CONTINUED) Oppenheimer LifeSpan Income Fund FACE MARKET VALUE AMOUNT SEE NOTE 1 - ---------------------------------------------------------------------------------------------------- GAMING/LEISURE (CONTINUED) - ---------------------------------------------------------------------------------------------------- Prime Hospitality Corp., 9.25% First Mtg. Bonds, 1/15/06 $ 50,000 $ 53,000 - ---------------------------------------------------------------------------------------------------- Rio Hotel & Casino, Inc., 10.625% Sr. Sub. Nts., 7/15/05 100,000 108,000 - ---------------------------------------------------------------------------------------------------- Santa Fe Hotel, Inc., 11% Gtd. First Mtg. Nts., 12/15/00 (1) 45,000 44,100 ------------ 754,358 - ---------------------------------------------------------------------------------------------------- HEALTHCARE - 1.0% - ---------------------------------------------------------------------------------------------------- Columbia/HCA Healthcare Corp., 6.875% Nts., 7/15/01 160,000 154,760 - ---------------------------------------------------------------------------------------------------- Integrated Health Services, Inc., 9.50% Sr. Sub. Nts., 9/15/07 50,000 52,125 - ---------------------------------------------------------------------------------------------------- Mariner Health Group, Inc., 9.50% Sr. Sub. Nts., Series B, 4/1/06 (1) 50,000 53,125 - ---------------------------------------------------------------------------------------------------- Paracelsus Healthcare Corp., 10% Sr. Unsec. Sub. Nts., 8/15/06 50,000 52,000 ------------ 312,010 - ---------------------------------------------------------------------------------------------------- HOUSING - 0.5% - ---------------------------------------------------------------------------------------------------- American Standard Cos., Inc., 10.875% Sr. Nts., 5/15/99 (1) 70,000 73,325 - ---------------------------------------------------------------------------------------------------- First Industrial LP, 7.15% Bonds, 5/15/27 75,000 77,128 ------------ 150,453 - ---------------------------------------------------------------------------------------------------- INFORMATION TECHNOLOGY - 0.8% - ---------------------------------------------------------------------------------------------------- Concentric Network Corp., 12.75% Sr. Nts., 12/15/07 (4) 50,000 55,250 - ---------------------------------------------------------------------------------------------------- DII Group, Inc., 8.50% Sr. Sub. Nts., 9/15/07 50,000 50,375 - ---------------------------------------------------------------------------------------------------- Plantronics, Inc., 10% Sr. Nts., 1/15/01 (1) 75,000 78,375 - ---------------------------------------------------------------------------------------------------- Unisys Corp., 12% Sr. Nts., Series B, 4/15/03 50,000 56,750 ------------ 240,750 - ---------------------------------------------------------------------------------------------------- MANUFACTURING - 0.8% - ---------------------------------------------------------------------------------------------------- Day International Group, Inc., 11.125% Sr. Sub. Nts., Series B, 6/1/05 (1) 50,000 54,250 - ---------------------------------------------------------------------------------------------------- Interlake Corp., 12.125% Sr. Sub. Debs., 3/1/02 50,000 51,750 - ---------------------------------------------------------------------------------------------------- International Wire Group, Inc., 11.75% Sr. Sub. Nts., 6/1/05 50,000 55,250 - ---------------------------------------------------------------------------------------------------- Jordan Industries, Inc., 10.375% Sr. Nts., Series B, 8/1/07 50,000 52,250 - ---------------------------------------------------------------------------------------------------- Specialty Equipment Co., 11.375% Sr. Sub. Nts., 12/1/03 50,000 54,125 ------------ 267,625 - ---------------------------------------------------------------------------------------------------- MEDIA/ENTERTAINMENT-BROADCASTING - 0.3% - ---------------------------------------------------------------------------------------------------- Allbritton Communications Co., 9.75% Sr. Sub. Debs., Series B, 11/30/07 50,000 52,625 - ---------------------------------------------------------------------------------------------------- Sinclair Broadcast Group, Inc., 10% Sr. Sub. Nts., 9/30/05 50,000 53,875 ------------ 106,500 - ---------------------------------------------------------------------------------------------------- MEDIA/ENTERTAINMENT-CABLE/WIRELESS VIDEO - 2.2% - ---------------------------------------------------------------------------------------------------- Adelphia Communications Corp., 10.50% Sr. Unsec. Nts., Series B, 7/15/04 50,000 54,750 - ---------------------------------------------------------------------------------------------------- Australis Media Ltd., 1.75% Gtd. Sr. Sec. Disc. Nts., 5/15/03 (6) 76,282 11,061 - ---------------------------------------------------------------------------------------------------- Cablevision Systems Corp. Holdings, Inc., 9.875% Sr. Sub. Debs., 2/15/13 50,000 55,375 - ---------------------------------------------------------------------------------------------------- Comcast Corp., 9.375% Sr. Sub. Debs., 5/15/05 50,000 53,250 - ---------------------------------------------------------------------------------------------------- EchoStar Communications Corp., 0%/12.875% Sr. Disc. Nts., 6/1/04 (3) 50,000 48,250 - ---------------------------------------------------------------------------------------------------- Falcon Holding Group LP: 0%/9.285% Sr. Disc. Debs., 4/15/10 (3)(4) 100,000 63,750 11% Sr. Sub. Nts., 9/15/03 (7) 65,347 68,910 - ---------------------------------------------------------------------------------------------------- James Cable Partners LP, 10.75% Sr. Nts., Series B, 8/15/04 50,000 52,875 - ---------------------------------------------------------------------------------------------------- Rogers Communications, Inc., 8.875% Sr. Nts., 7/15/07 50,000 50,625 - ---------------------------------------------------------------------------------------------------- TCI Satellite Entertainment, Inc., 10.875% Sr. Sub. Nts., 2/15/07 50,000 53,500 - ---------------------------------------------------------------------------------------------------- TKR Cable I, Inc., 10.50% Sr. Debs., 10/30/07 125,000 137,526 - ---------------------------------------------------------------------------------------------------- United International Holdings, Inc., 0%/10.75% Sr. Disc. Nts., 2/15/08 (3) 100,000 63,375 ------------ 713,247 - ---------------------------------------------------------------------------------------------------- MEDIA/ENTERTAINMENT-DIVERSIFIED MEDIA - 0.5% - ---------------------------------------------------------------------------------------------------- American Skiing Corp., 12% Sr. Sub. Nts., Series B, 7/15/06 (1) 75,000 84,000 9 Oppenheimer LifeSpan Funds - ---------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------- STATEMENT OF INVESTMENTS (UNAUDITED)(CONTINUED) Oppenheimer LifeSpan Income Fund FACE MARKET VALUE AMOUNT SEE NOTE 1 - ---------------------------------------------------------------------------------------------------- MEDIA/ENTERTAINMENT-DIVERSIFIED MEDIA (CONTINUED) - ---------------------------------------------------------------------------------------------------- Fox/Liberty Networks LLC, 8.875% Sr. Nts., 8/15/07 $ 25,000 $ 25,750 - ---------------------------------------------------------------------------------------------------- Lamar Advertising Co., 8.625% Sr. Sub. Nts., 9/15/07 50,000 51,000 ------------ 160,750 - ---------------------------------------------------------------------------------------------------- MEDIA/ENTERTAINMENT-TELECOMMUNICATIONS - 1.7% - ---------------------------------------------------------------------------------------------------- American Communications Services, Inc., 0%/13% Sr. Disc. Nts., 11/1/05 (3) 75,000 63,187 - ---------------------------------------------------------------------------------------------------- Centennial Cellular Corp., 10.125% Sr. Nts., 5/15/05 25,000 28,000 - ---------------------------------------------------------------------------------------------------- Century Communications, Inc., Zero Coupon Sr. Disc. Nts., 8.50%, 1/15/08 (8) 50,000 22,000 - ---------------------------------------------------------------------------------------------------- Comcast UK Cable Partner Ltd., 0%/11.20% Sr. Disc. Debs., 11/15/07 (3) 75,000 61,312 - ---------------------------------------------------------------------------------------------------- Diamond Cable Communications plc, 0%/10.75% Sr. Disc. Nts., 2/15/07 (3) 50,000 35,500 - ---------------------------------------------------------------------------------------------------- GST USA, Inc., 0%/13.875% Gtd. Sr. Disc. Nts., 12/15/05 (3) 50,000 40,438 - ---------------------------------------------------------------------------------------------------- Intermedia Communications, Inc., 0%/11.25% Sr. Disc. Nts., Series B, 7/15/07 (3) 50,000 37,000 - ---------------------------------------------------------------------------------------------------- International CableTel, Inc., 0%/11.50% Sr. Deferred Coupon Nts., Series B, 2/1/06 (3) 100,000 80,000 - ---------------------------------------------------------------------------------------------------- Level 3 Communications, Inc., 9.125% Sr. Nts., 5/1/08 (4) 50,000 49,469 - ---------------------------------------------------------------------------------------------------- McLeodUSA, Inc., 0%/10.50% Sr. Disc. Nts., 3/1/07 (3) 50,000 37,375 - ---------------------------------------------------------------------------------------------------- RSL Communications plc, 9.125% Sr. Nts., 3/1/08 (4) 50,000 50,500 - ---------------------------------------------------------------------------------------------------- Teleport Communications Group, Inc.: 0%/11.125% Sr. Disc. Nts., 7/1/07 (3) 25,000 21,625 9.875% Sr. Nts., 7/1/06 25,000 28,625 ------------ 555,031 - ---------------------------------------------------------------------------------------------------- MEDIA/ENTERTAINMENT-WIRELESS COMMUNICATIONS - 1.0% - ---------------------------------------------------------------------------------------------------- Geotek Communications, Inc., 12% Cv. Sr. Sub. Nts., 2/15/01 (1) 25,000 12,375 - ---------------------------------------------------------------------------------------------------- Microcell Telecommunications, Inc., 0%/14% Sr. Disc. Nts., Series B, 6/1/06 (3) 50,000 37,375 - ---------------------------------------------------------------------------------------------------- Nextel Communications, Inc., 0%/9.75% Sr. Disc. Nts., 8/15/04 (3) 100,000 96,750 - ---------------------------------------------------------------------------------------------------- Price Communications Cellular Holdings, Inc., 0%/13.50% Sr. Disc. Nts., Series B, 8/1/07 (3) 75,000 52,125 - ---------------------------------------------------------------------------------------------------- Sprint Spectrum LP/Sprint Spectrum Finance Corp., 11% Sr. Nts., 8/15/06 50,000 57,500 - ---------------------------------------------------------------------------------------------------- Western Wireless Corp., 10.50% Sr. Sub. Nts., 2/1/07 50,000 54,375 ------------ 310,500 - ---------------------------------------------------------------------------------------------------- METALS/MINERALS - 1.5% - ---------------------------------------------------------------------------------------------------- Alcan Aluminum Ltd., 9.625% Debs., 7/15/19 165,000 178,733 - ---------------------------------------------------------------------------------------------------- Gulf States Steel, Inc. (Alabama), 13.50% First Mtg. Nts., Series B, 4/15/03 50,000 51,750 - ---------------------------------------------------------------------------------------------------- Kaiser Aluminum & Chemical Corp., 10.875% Sr. Nts., Series B, 10/15/06 50,000 54,375 - ---------------------------------------------------------------------------------------------------- NS Group, Inc., 13.50% Gtd. Sr. Sec. Nts., 7/15/03 45,000 51,863 - ---------------------------------------------------------------------------------------------------- Republic Engineered Steels, Inc., 9.875% First Mtg. Nts., 12/15/01 25,000 24,875 - ---------------------------------------------------------------------------------------------------- WCI Steel, Inc., 10% Sr. Nts., Series B, 12/1/04 50,000 52,000 - ---------------------------------------------------------------------------------------------------- Weirton Steel Corp., 10.75% Sr. Nts., 6/1/05 50,000 53,125 ------------ 466,721 - ---------------------------------------------------------------------------------------------------- RETAIL - 0.8% - ---------------------------------------------------------------------------------------------------- Federated Department Stores, Inc., 10% Sr. Nts., 2/15/01 60,000 65,740 - ---------------------------------------------------------------------------------------------------- K Mart Corp., 7.75% Debs., 10/1/12 50,000 50,159 - ---------------------------------------------------------------------------------------------------- Price/Costco Cos., Inc., 7.125% Sr. Nts., 6/15/05 120,000 125,032 ------------ 240,931 10 Oppenheimer LifeSpan Funds - ---------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------- STATEMENT OF INVESTMENTS (UNAUDITED)(CONTINUED) Oppenheimer LifeSpan Income Fund FACE MARKET VALUE AMOUNT SEE NOTE 1 - ---------------------------------------------------------------------------------------------------- SERVICE - 1.2% - ---------------------------------------------------------------------------------------------------- Applied Extrusion Technologies, Inc., 11.50% Sr. Nts., Series B, 4/1/02 $ 50,000 $ 53,500 - ---------------------------------------------------------------------------------------------------- Employee Solutions, Inc., 10% Sr. Nts., 10/15/04 (4) 50,000 47,750 - ---------------------------------------------------------------------------------------------------- Jordan Telecommunication Products, Inc., 9.875% Sr. Nts., Series B, 8/1/07 50,000 53,000 - ---------------------------------------------------------------------------------------------------- Maxim Group, Inc. (The), 9.25% Sr. Sub. Nts., Series B, 10/15/07 50,000 51,125 - ---------------------------------------------------------------------------------------------------- Sun Co., Inc., 7.95% Debs., 12/15/01 75,000 79,135 - ---------------------------------------------------------------------------------------------------- USI American Holdings, Inc., 7.25% Gtd. Sr. Nts., Series B, 12/1/06 80,000 82,330 ----------- 366,840 - ---------------------------------------------------------------------------------------------------- TRANSPORTATION - 1.3% - ---------------------------------------------------------------------------------------------------- CSX Corp., 7.05% Debs., 5/1/02 85,000 86,980 - ---------------------------------------------------------------------------------------------------- MCII Holdings (USA), Inc., 0%/15% Sec. Nts., 11/15/02 (3) 50,000 46,375 - ---------------------------------------------------------------------------------------------------- Norfolk Southern Corp., 7.35% Nts., 5/15/07 75,000 79,793 - ---------------------------------------------------------------------------------------------------- Trans World Airlines, Inc., 11.375% Unsec. Nts., 3/1/06 (4) 50,000 49,875 - ---------------------------------------------------------------------------------------------------- Union Pacific Corp., 7% Nts., 6/15/00 150,000 152,389 ----------- 415,412 - ---------------------------------------------------------------------------------------------------- UTILITY - 1.7% - ---------------------------------------------------------------------------------------------------- Ameritech Capital Funding Corp., 5.65% Gtd. Nts., 1/15/01 100,000 99,107 - ---------------------------------------------------------------------------------------------------- Northern Illinois Gas Co., 6.45% First Mtg. Bonds, 8/1/01 220,000 222,764 - ---------------------------------------------------------------------------------------------------- Peoples Telephone Co., Inc., 12.25% Sr. Nts., 7/15/02 50,000 53,000 - ---------------------------------------------------------------------------------------------------- Teligent, Inc., 11.50% Sr. Nts., 12/1/07 50,000 52,125 - ---------------------------------------------------------------------------------------------------- Tennessee Gas Pipeline Co., 7.50% Bonds, 4/1/17 100,000 106,887 ----------- 533,883 ----------- Total Corporate Bonds and Notes (Cost $9,762,823) 10,065,936 SHARES - ---------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------- PREFERRED STOCKS - 0.6% - ---------------------------------------------------------------------------------------------------- Case Corp., $4.50 Cum. Cv., Series A, Non-Vtg. (Cost $115,000) 1,200 176,850 - ---------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------- COMMON STOCKS - 24.8% - ---------------------------------------------------------------------------------------------------- AEROSPACE - 1.0% - ---------------------------------------------------------------------------------------------------- General Dynamics Corp. 4,600 194,350 - ---------------------------------------------------------------------------------------------------- Lockheed Martin Corp. 1,200 133,650 ----------- 328,000 - ---------------------------------------------------------------------------------------------------- CHEMICALS - 1.2% - ---------------------------------------------------------------------------------------------------- Dexter Corp. 4,300 177,644 - ---------------------------------------------------------------------------------------------------- Ethyl Corp. 13,300 101,412 - ---------------------------------------------------------------------------------------------------- IMC Global, Inc. 3,149 113,364 ----------- 392,420 - ---------------------------------------------------------------------------------------------------- ENERGY - 3.3% - ---------------------------------------------------------------------------------------------------- Amoco Corp. 2,800 123,900 - ---------------------------------------------------------------------------------------------------- Atlantic Richfield Co. 2,400 187,200 - ---------------------------------------------------------------------------------------------------- Chevron Corp. 2,300 190,181 - ---------------------------------------------------------------------------------------------------- Exxon Corp. 3,000 218,812 - ---------------------------------------------------------------------------------------------------- Mobil Corp. 2,400 189,600 - ---------------------------------------------------------------------------------------------------- Occidental Petroleum Corp. 4,700 138,356 ----------- 1,048,049 - ---------------------------------------------------------------------------------------------------- FINANCIAL - 4.3% - ---------------------------------------------------------------------------------------------------- BankAmerica Corp. 1,000 85,000 - ---------------------------------------------------------------------------------------------------- BankBoston Corp. 2,000 215,875 - ---------------------------------------------------------------------------------------------------- Camden Property Trust 4,800 140,700 11 Oppenheimer LifeSpan Funds - ---------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------- STATEMENT OF INVESTMENTS (UNAUDITED)(CONTINUED) Oppenheimer LifeSpan Income Fund MARKET VALUE SHARES SEE NOTE 1 - ---------------------------------------------------------------------------------------------------- FINANCIAL (CONTINUED) - ---------------------------------------------------------------------------------------------------- Capstone Capital Corp. 5,900 $ 140,862 - ---------------------------------------------------------------------------------------------------- First Union Corp. 1,900 114,712 - ---------------------------------------------------------------------------------------------------- Health & Retirement Properties Trust 6,800 132,600 - ---------------------------------------------------------------------------------------------------- HSB Group, Inc. 2,500 165,000 - ---------------------------------------------------------------------------------------------------- NationsBank Corp. 1,900 143,925 - ---------------------------------------------------------------------------------------------------- St. Paul Cos., Inc. 800 67,800 - ---------------------------------------------------------------------------------------------------- Wells Fargo & Co. 400 147,400 ------------ 1,353,874 - ---------------------------------------------------------------------------------------------------- FOOD & DRUG - 0.3% - ---------------------------------------------------------------------------------------------------- Piccadilly Cafeterias, Inc. 6,900 90,994 - ---------------------------------------------------------------------------------------------------- FOREST PRODUCTS/CONTAINERS - 0.9% - ---------------------------------------------------------------------------------------------------- Union Camp Corp. 3,300 199,237 - ---------------------------------------------------------------------------------------------------- Unisource Worldwide, Inc. 6,900 87,544 ------------ 286,781 - ---------------------------------------------------------------------------------------------------- HOUSING - 1.2% - ---------------------------------------------------------------------------------------------------- Cornerstone Properties, Inc. 8,300 149,400 - ---------------------------------------------------------------------------------------------------- Meditrust Corp., Paired Stock 3,724 111,953 - ---------------------------------------------------------------------------------------------------- Tower Realty Trust, Inc. 5,000 118,125 ------------ 379,478 - ---------------------------------------------------------------------------------------------------- MANUFACTURING - 0.9% - ---------------------------------------------------------------------------------------------------- PACCAR, Inc. 5,000 296,875 - ---------------------------------------------------------------------------------------------------- METALS/MINERALS - 1.0% - ---------------------------------------------------------------------------------------------------- Carpenter Technology Corp. 3,200 185,800 - ---------------------------------------------------------------------------------------------------- ROHN Industries, Inc. 23,000 124,344 ------------ 310,144 - ---------------------------------------------------------------------------------------------------- RETAIL - 1.8% - ---------------------------------------------------------------------------------------------------- Brown Group, Inc. 6,500 103,594 - ---------------------------------------------------------------------------------------------------- New England Business Service, Inc. 5,000 165,937 - ---------------------------------------------------------------------------------------------------- Penney (J.C.) Co., Inc. 2,100 149,231 - ---------------------------------------------------------------------------------------------------- Sears Roebuck & Co. 2,600 154,212 ------------ 572,974 - ---------------------------------------------------------------------------------------------------- TRANSPORTATION - 0.8% - ---------------------------------------------------------------------------------------------------- GATX Corp. 3,100 256,913 - ---------------------------------------------------------------------------------------------------- UTILITY - 8.1% - ---------------------------------------------------------------------------------------------------- Ameritech Corp. 4,200 178,763 - ---------------------------------------------------------------------------------------------------- AT&T Corp. 3,500 210,219 - ---------------------------------------------------------------------------------------------------- Bell Atlantic Corp. 2,473 231,380 - ---------------------------------------------------------------------------------------------------- Duke Energy Corp. 3,704 214,369 - ---------------------------------------------------------------------------------------------------- El Paso Natural Gas Co. 7,600 280,725 - ---------------------------------------------------------------------------------------------------- FPL Group, Inc. 3,000 186,188 - ---------------------------------------------------------------------------------------------------- Frontier Corp. 5,700 170,644 - ---------------------------------------------------------------------------------------------------- Illinova Corp. 4,000 122,250 - ---------------------------------------------------------------------------------------------------- Kansas City Power & Light Co. 5,000 148,750 - ---------------------------------------------------------------------------------------------------- MCN Energy Group, Inc. 3,700 139,675 - ---------------------------------------------------------------------------------------------------- National Fuel Gas Co. 3,700 170,200 - ---------------------------------------------------------------------------------------------------- Questar Corp. 3,300 143,138 - ---------------------------------------------------------------------------------------------------- U S West Communications Group 4,200 221,550 - ---------------------------------------------------------------------------------------------------- Western Resources, Inc. 3,900 152,344 ------------ 2,570,195 ------------ Total Common Stocks (Cost $5,727,267) 7,886,697
12 Oppenheimer LifeSpan Funds
- ---------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------- STATEMENT OF INVESTMENTS (UNAUDITED)(CONTINUED) Oppenheimer LifeSpan Income Fund MARKET VALUE UNITS SEE NOTE 1 - ---------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------- RIGHTS, WARRANTS AND CERTIFICATES - 0.0% - ---------------------------------------------------------------------------------------------------- Australis Media Ltd. Wts., Exp. 5/00 (1) 75 $ -- - ---------------------------------------------------------------------------------------------------- Concentric Network Corp. Wts., Exp. 12/07 50 4,775 - ---------------------------------------------------------------------------------------------------- Dairy Mart Convenience Stores, Inc. Wts., Exp. 12/01 (1) 333 167 - ---------------------------------------------------------------------------------------------------- Intermedia Communications, Inc. Wts., Exp. 6/00 (1) 50 6,750 - ---------------------------------------------------------------------------------------------------- Price Communications Corp. Wts., Exp. 8/07 (1) 258 3,999 - ---------------------------------------------------------------------------------------------------- Signature Brands, Inc. Wts., Exp. 12/49 (1) 50 1,006 ------------ Total Rights, Warrants and Certificates (Cost $471) 16,697 FACE AMOUNT - ---------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------- REPURCHASE AGREEMENTS - 10.6% - ---------------------------------------------------------------------------------------------------- Repurchase agreement with Zion First National Bank, 5.52%, dated 4/30/98, to be repurchased at $3,361,515 on 5/1/98, collateralized by U.S. Treasury Nts., 7%, 7/15/06, with a value of $3,435,032 (Cost $3,361,000) $ 3,361,000 3,361,000 - ---------------------------------------------------------------------------------------------------- TOTAL INVESTMENTS, AT VALUE (COST $28,778,152) 99.1% 31,478,377 - ---------------------------------------------------------------------------------------------------- OTHER ASSETS NET OF LIABILITIES 0.9 290,543 ------------ ------------ NET ASSETS 100.0% $ 31,768,920 ------------ ------------ ------------ ------------
1. Identifies issues considered to be illiquid or restricted--See Note 5 of Notes to Financial Statements. 2. Interest-Only Strips represent the right to receive the monthly interest payments on an underlying pool of mortgage loans. These securities typically decline in price as interest rates decline. Most other fixed income securities increase in price when interest rates decline. The principal amount of the underlying pool represents the notional amount on which current interest is calculated. The price of these securities is typically more sensitive to changes in prepayment rates than traditional mortgage-backed securities (for example, GNMA pass-throughs). Interest rates disclosed represent current yields based upon the current cost basis and estimated timing and amount of future cash flows. 3. Denotes a step bond: a zero coupon bond that converts to a fixed or variable interest rate at a designated future date. 4. 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 $503,617 or 1.59% of the Fund's net assets as of April 30, 1998. 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 an increasing rate security. 7. Interest or dividend is paid-in-kind. 8. For zero coupon bonds, the interest rate shown is the effective yield on the date of purchase. See accompanying Notes to Financial Statements. 13 Oppenheimer LifeSpan Funds
- ---------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------- STATEMENT OF INVESTMENTS APRIL 30, 1998 (UNAUDITED) Oppenheimer LifeSpan Balanced Fund MARKET VALUE SHARES SEE NOTE 1 - ---------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------- COMMON STOCKS - 59.3% - ---------------------------------------------------------------------------------------------------- BASIC MATERIALS - 1.8% - ---------------------------------------------------------------------------------------------------- CHEMICALS - 0.6% - ---------------------------------------------------------------------------------------------------- Dexter Corp. 5,000 $ 206,562 - ---------------------------------------------------------------------------------------------------- Ethyl Corp. 15,900 121,237 - ---------------------------------------------------------------------------------------------------- Fuji Photo Film Co. (1) 1,000 35,647 - ---------------------------------------------------------------------------------------------------- IMC Global, Inc. 2,834 102,024 ----------- 465,470 - ---------------------------------------------------------------------------------------------------- METALS - 0.5% - ---------------------------------------------------------------------------------------------------- Carpenter Technology Corp. 3,700 214,831 - ---------------------------------------------------------------------------------------------------- ROHN Industries, Inc. 25,000 135,156 ----------- 349,987 - ---------------------------------------------------------------------------------------------------- PAPER - 0.7% - ---------------------------------------------------------------------------------------------------- Kimberly-Clark de Mexico SA, Cl. A 16,000 77,931 - ---------------------------------------------------------------------------------------------------- Union Camp Corp. 6,200 374,325 - ---------------------------------------------------------------------------------------------------- Unisource Worldwide, Inc. 8,100 102,769 ----------- 555,025 - ---------------------------------------------------------------------------------------------------- CONSUMER CYCLICALS - 9.2% - ---------------------------------------------------------------------------------------------------- AUTOS & HOUSING - 1.6% - ---------------------------------------------------------------------------------------------------- Bridgestone Corp. 3,000 68,569 - ---------------------------------------------------------------------------------------------------- Cornerstone Properties, Inc. 9,900 178,200 - ---------------------------------------------------------------------------------------------------- Dollar Thrifty Automotive Group, Inc. (1) 4,900 92,487 - ---------------------------------------------------------------------------------------------------- Federal-Mogul Corp. 2,800 181,125 - ---------------------------------------------------------------------------------------------------- Lear Corp. (1) 2,200 117,837 - ---------------------------------------------------------------------------------------------------- Meditrust Corp., Paired Stock 4,686 140,873 - ---------------------------------------------------------------------------------------------------- Republic Industries, Inc. (1) 3,000 83,437 - ---------------------------------------------------------------------------------------------------- Tower Realty Trust, Inc. 6,000 141,750 - ---------------------------------------------------------------------------------------------------- Whirlpool Corp. 2,400 172,800 ----------- 1,177,078 - ---------------------------------------------------------------------------------------------------- LEISURE & ENTERTAINMENT - 2.5% - ---------------------------------------------------------------------------------------------------- Alaska Air Group, Inc. (1) 2,300 129,087 - ---------------------------------------------------------------------------------------------------- America West Holdings Corp., Cl. B (1) 4,800 145,200 - ---------------------------------------------------------------------------------------------------- American Skiing Corp. (1) 7,600 117,800 - ---------------------------------------------------------------------------------------------------- AMR Corp. (1) 1,700 259,037 - ---------------------------------------------------------------------------------------------------- CDL Hotels International Ltd. 290,000 88,916 - ---------------------------------------------------------------------------------------------------- Coach USA, Inc. (1) 2,600 123,337 - ---------------------------------------------------------------------------------------------------- Delta Air Lines, Inc. 700 81,375 - ---------------------------------------------------------------------------------------------------- Granada Group plc 9,000 154,994 - ---------------------------------------------------------------------------------------------------- Hasbro, Inc. 4,100 150,931 - ---------------------------------------------------------------------------------------------------- Outback Steakhouse, Inc. (1) 2,100 80,062 - ---------------------------------------------------------------------------------------------------- Piccadilly Cafeterias, Inc. 7,900 104,181 - ---------------------------------------------------------------------------------------------------- Prime Hospitality Corp. (1) 5,600 115,850 - ---------------------------------------------------------------------------------------------------- Vistana, Inc. (1) 10,500 265,125 ----------- 1,815,895 - ---------------------------------------------------------------------------------------------------- MEDIA - 1.1% - ---------------------------------------------------------------------------------------------------- Applied Graphics Technologies, Inc. (1) 5,300 265,000 - ---------------------------------------------------------------------------------------------------- Benpres Holdings Corp., GDR (1)(2) 2,400 8,608 - ---------------------------------------------------------------------------------------------------- Benpres Holdings Corp., Sponsored GDR (1) 6,000 21,519 - ---------------------------------------------------------------------------------------------------- Emmis Broadcasting Corp., Cl. A (1) 2,000 103,500 - ---------------------------------------------------------------------------------------------------- Reed International plc 9,000 79,529 - ---------------------------------------------------------------------------------------------------- Television Broadcasts Ltd. 26,000 66,460 - ---------------------------------------------------------------------------------------------------- VNU - Verenigde Nederlandse Uitgeverbedrijven Verenigd Bezit 4,000 129,472 14 Oppenheimer LifeSpan Funds - ---------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------- STATEMENT OF INVESTMENTS (UNAUDITED)(CONTINUED) Oppenheimer LifeSpan Balanced Fund MARKET VALUE SHARES SEE NOTE 1 - ---------------------------------------------------------------------------------------------------- MEDIA (CONTINUED) - ---------------------------------------------------------------------------------------------------- Wolters Kluwer NV 900 $ 117,638 ------------ 791,726 - ---------------------------------------------------------------------------------------------------- RETAIL: GENERAL - 2.3% - ---------------------------------------------------------------------------------------------------- Circle K Japan Co. Ltd. 1,320 54,446 - ---------------------------------------------------------------------------------------------------- Dayton Hudson Corp. 1,700 148,431 - ---------------------------------------------------------------------------------------------------- Federated Department Stores, Inc. (1) 3,200 157,400 - ---------------------------------------------------------------------------------------------------- Fruit of the Loom, Inc., Cl. A (1) 3,700 138,287 - ---------------------------------------------------------------------------------------------------- Ito-Yokado Co. Ltd. 2,000 103,686 - ---------------------------------------------------------------------------------------------------- K Mart Corp. (1) 4,400 76,725 - ---------------------------------------------------------------------------------------------------- Liz Claiborne, Inc. 1,800 88,537 - ---------------------------------------------------------------------------------------------------- Nordstrom, Inc. 1,200 78,525 - ---------------------------------------------------------------------------------------------------- Penney (J.C.) Co., Inc. 6,200 440,587 - ---------------------------------------------------------------------------------------------------- Sears Roebuck & Co. 6,700 397,394 ------------ 1,684,018 - ---------------------------------------------------------------------------------------------------- RETAIL: SPECIALTY - 1.7% - ---------------------------------------------------------------------------------------------------- Brown Group, Inc. 8,300 132,281 - ---------------------------------------------------------------------------------------------------- Brylane, Inc. (1) 1,100 64,625 - ---------------------------------------------------------------------------------------------------- Dickson Concepts International Ltd. 42,000 58,017 - ---------------------------------------------------------------------------------------------------- Guitar Center, Inc. (1) 4,400 125,400 - ---------------------------------------------------------------------------------------------------- Hennes & Mauritz AB, B Shares 2,700 140,603 - ---------------------------------------------------------------------------------------------------- Inacom Corp. (1) 2,800 100,275 - ---------------------------------------------------------------------------------------------------- Koninklijke Ahold NV 3,600 112,249 - ---------------------------------------------------------------------------------------------------- Kroll-O'Gara Co. (The) (1) 3,800 80,987 - ---------------------------------------------------------------------------------------------------- New England Business Service, Inc. 5,800 192,487 - ---------------------------------------------------------------------------------------------------- Payless ShoeSource, Inc. (1) 1,900 135,850 - ---------------------------------------------------------------------------------------------------- Stage Stores, Inc. (1) 2,100 108,019 ------------ 1,250,793 - ---------------------------------------------------------------------------------------------------- CONSUMER NON-CYCLICALS - 8.7% - ---------------------------------------------------------------------------------------------------- BEVERAGES - 0.3% - ---------------------------------------------------------------------------------------------------- Embotelladora Andina SA, Series B, Sponsored ADR 3,200 64,800 - ---------------------------------------------------------------------------------------------------- Scottish & Newcastle plc 11,000 164,792 ------------ 229,592 - ---------------------------------------------------------------------------------------------------- FOOD - 1.6% - ---------------------------------------------------------------------------------------------------- Colruyt SA 250 151,891 - ---------------------------------------------------------------------------------------------------- Groupe Danone 600 141,581 - ---------------------------------------------------------------------------------------------------- Jeronimo Martins & Filho SA 2,300 106,129 - ---------------------------------------------------------------------------------------------------- Kroger Co. (1) 5,300 221,937 - ---------------------------------------------------------------------------------------------------- Nestle SA 70 135,805 - ---------------------------------------------------------------------------------------------------- Safeway, Inc. (1) 3,300 126,225 - ---------------------------------------------------------------------------------------------------- United Natural Foods, Inc. (1) 3,400 96,050 - ---------------------------------------------------------------------------------------------------- William Morrison Supermarkets plc 40,000 177,232 ------------ 1,156,850 - ---------------------------------------------------------------------------------------------------- HEALTHCARE/DRUGS - 2.6% - ---------------------------------------------------------------------------------------------------- Fresenius AG, Preference 500 121,065 - ---------------------------------------------------------------------------------------------------- Gedeon Richter Ltd., GDR (2) 1,000 107,132 - ---------------------------------------------------------------------------------------------------- Incyte Pharmaceuticals, Inc. (1) 2,900 130,500 - ---------------------------------------------------------------------------------------------------- Jones Medical Industries, Inc. 4,400 129,800 - ---------------------------------------------------------------------------------------------------- Medicis Pharmaceutical Corp., Cl. A (1) 5,850 250,087 - ---------------------------------------------------------------------------------------------------- Novartis AG 100 165,340 - ---------------------------------------------------------------------------------------------------- Novo-Nordisk AS, B Shares 1,000 162,205 - ---------------------------------------------------------------------------------------------------- PharMerica, Inc. (1) 10,100 140,137 15 Oppenheimer LifeSpan Funds - ---------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------- STATEMENT OF INVESTMENTS (UNAUDITED)(CONTINUED) Oppenheimer LifeSpan Balanced Fund MARKET VALUE SHARES SEE NOTE 1 - ---------------------------------------------------------------------------------------------------- HEALTHCARE/DRUGS (CONTINUED) - ---------------------------------------------------------------------------------------------------- Roche Holding AG 12 $ 121,645 - ---------------------------------------------------------------------------------------------------- Sanofi SA 1,000 121,141 - ---------------------------------------------------------------------------------------------------- Schering AG 1,000 107,384 - ---------------------------------------------------------------------------------------------------- SKW Trostberg AG 3,000 102,814 - ---------------------------------------------------------------------------------------------------- Takeda Chemical Industries Ltd. 3,000 85,825 - ---------------------------------------------------------------------------------------------------- Zeneca Group plc 4,000 172,283 ------------ 1,917,358 - ---------------------------------------------------------------------------------------------------- HEALTHCARE/SUPPLIES & SERVICES - 2.9% - ---------------------------------------------------------------------------------------------------- Alternative Living Services, Inc. (1) 5,300 185,500 - ---------------------------------------------------------------------------------------------------- Concentra Managed Care, Inc. (1) 5,700 177,412 - ---------------------------------------------------------------------------------------------------- FPA Medical Management, Inc. (1) 8,700 108,750 - ---------------------------------------------------------------------------------------------------- HealthCare Financial Partners, Inc. (1) 3,100 156,162 - ---------------------------------------------------------------------------------------------------- Luxottica Group SpA, Sponsored ADR 7,500 125,156 - ---------------------------------------------------------------------------------------------------- National Surgery Centers, Inc. (1) 8,700 246,862 - ---------------------------------------------------------------------------------------------------- Pediatrix Medical Group, Inc. (1) 4,700 198,281 - ---------------------------------------------------------------------------------------------------- Province Healthcare Co. (1) 1,500 41,437 - ---------------------------------------------------------------------------------------------------- Renal Care Group, Inc. (1) 4,100 156,825 - ---------------------------------------------------------------------------------------------------- Rural/Metro Corp. (1) 6,700 217,750 - ---------------------------------------------------------------------------------------------------- SmithKline Beecham plc 16,894 201,399 - ---------------------------------------------------------------------------------------------------- Tenet Healthcare Corp. (1) 4,635 173,523 - ---------------------------------------------------------------------------------------------------- Trex Medical Corp. (1) 5,800 110,200 - ---------------------------------------------------------------------------------------------------- WellPoint Health Networks, Inc. (1) 800 57,700 ------------ 2,156,957 - ---------------------------------------------------------------------------------------------------- HOUSEHOLD GOODS - 1.3% - ---------------------------------------------------------------------------------------------------- Dial Corp. (The) 5,700 138,937 - ---------------------------------------------------------------------------------------------------- Fort James Corp. 6,375 316,359 - ---------------------------------------------------------------------------------------------------- L'OREAL 350 166,922 - ---------------------------------------------------------------------------------------------------- Premark International, Inc. 5,600 186,900 - ---------------------------------------------------------------------------------------------------- Reckitt & Colman plc 9,000 181,328 ------------ 990,446 - ---------------------------------------------------------------------------------------------------- ENERGY - 3.3% - ---------------------------------------------------------------------------------------------------- ENERGY SERVICES & PRODUCERS - 0.6% - ---------------------------------------------------------------------------------------------------- Diamond Offshore Drilling, Inc. 4,500 227,812 - ---------------------------------------------------------------------------------------------------- Global Marine, Inc. (1) 2,500 58,906 - ---------------------------------------------------------------------------------------------------- Gulf Island Fabrication, Inc. (1) 3,300 76,725 - ---------------------------------------------------------------------------------------------------- Tidewater, Inc. 2,500 99,062 ------------ 462,505 - ---------------------------------------------------------------------------------------------------- OIL-INTEGRATED - 2.7% - ---------------------------------------------------------------------------------------------------- Amoco Corp. 3,200 141,600 - ---------------------------------------------------------------------------------------------------- Atlantic Richfield Co. 3,000 234,000 - ---------------------------------------------------------------------------------------------------- Chevron Corp. 2,900 239,794 - ---------------------------------------------------------------------------------------------------- Cliffs Drilling Co. (1) 1,200 59,175 - ---------------------------------------------------------------------------------------------------- Exxon Corp. 5,500 401,156 - ---------------------------------------------------------------------------------------------------- Mobil Corp. 4,400 347,600 - ---------------------------------------------------------------------------------------------------- Occidental Petroleum Corp. 5,600 164,850 - ---------------------------------------------------------------------------------------------------- Patterson Energy, Inc. (1) 3,900 54,600 - ---------------------------------------------------------------------------------------------------- Quinenco SA, ADR (1) 2,700 27,844 - ---------------------------------------------------------------------------------------------------- Shell Transport & Trading Co. plc 14,000 104,049 - ---------------------------------------------------------------------------------------------------- Total SA, B Shares 1,641 194,975 ------------ 1,969,643 16 Oppenheimer LifeSpan Funds - ---------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------- STATEMENT OF INVESTMENTS (UNAUDITED)(CONTINUED) Oppenheimer LifeSpan Balanced Fund MARKET VALUE SHARES SEE NOTE 1 - ---------------------------------------------------------------------------------------------------- FINANCIAL - 9.7% - ---------------------------------------------------------------------------------------------------- BANKS - 4.0% - ---------------------------------------------------------------------------------------------------- Banco Bradesco SA, Preference 5,600,000 $ 51,398 - ---------------------------------------------------------------------------------------------------- Banco Popular Espanol SA 1,850 151,724 - ---------------------------------------------------------------------------------------------------- Bank Handlowy W Warszawie GDR (1) 3,400 64,940 - ---------------------------------------------------------------------------------------------------- BankAmerica Corp. 3,100 263,500 - ---------------------------------------------------------------------------------------------------- BankBoston Corp. 4,800 518,100 - ---------------------------------------------------------------------------------------------------- Bayerische Vereinsbank AG (1) 1,850 138,145 - ---------------------------------------------------------------------------------------------------- Credit Suisse Group 700 154,006 - ---------------------------------------------------------------------------------------------------- Credito Italiano SpA (1) 24,000 126,098 - ---------------------------------------------------------------------------------------------------- First Union Corp. 3,400 205,275 - ---------------------------------------------------------------------------------------------------- Lloyds TSB Group plc 17,000 254,537 - ---------------------------------------------------------------------------------------------------- Mitsubishi Trust & Banking Corp. 8,000 76,288 - ---------------------------------------------------------------------------------------------------- NationsBank Corp. 3,700 280,275 - ---------------------------------------------------------------------------------------------------- Nordbanken Holding AB 22,400 164,987 - ---------------------------------------------------------------------------------------------------- Thai Farmers Bank Public Co. Ltd. (1) 37,000 84,667 - ---------------------------------------------------------------------------------------------------- Union Bank of Switzerland 350 112,354 - ---------------------------------------------------------------------------------------------------- Wells Fargo & Co. 800 294,800 ------------ 2,941,094 - ---------------------------------------------------------------------------------------------------- DIVERSIFIED FINANCIAL - 2.9% - ---------------------------------------------------------------------------------------------------- AMRESCO, Inc. (1) 8,600 311,750 - ---------------------------------------------------------------------------------------------------- Camden Property Trust 5,400 158,288 - ---------------------------------------------------------------------------------------------------- Capstone Capital Corp. 6,700 159,963 - ---------------------------------------------------------------------------------------------------- Cattles plc 12,000 128,510 - ---------------------------------------------------------------------------------------------------- Haw Par Brothers International Ltd. 41,000 47,124 - ---------------------------------------------------------------------------------------------------- Health & Retirement Properties Trust 7,800 152,100 - ---------------------------------------------------------------------------------------------------- ING Groep NV 2,552 165,838 - ---------------------------------------------------------------------------------------------------- Lend Lease Corp. Ltd. 3,600 82,279 - ---------------------------------------------------------------------------------------------------- Money Store, Inc. (The) 1,400 46,025 - ---------------------------------------------------------------------------------------------------- Morgan Stanley, Dean Witter & Co. 1,700 134,088 - ---------------------------------------------------------------------------------------------------- Nichiei Co. Ltd. 1,430 111,474 - ---------------------------------------------------------------------------------------------------- Northern Rock plc (1) 18,000 184,489 - ---------------------------------------------------------------------------------------------------- Perlis Plantations Berhad 28,000 39,305 - ---------------------------------------------------------------------------------------------------- Promise Co. Ltd. 1,400 71,203 - ---------------------------------------------------------------------------------------------------- Sirrom Capital Corp. 6,300 188,213 - ---------------------------------------------------------------------------------------------------- Travelers Group, Inc. 3,212 196,534 ------------ 2,177,183 - ---------------------------------------------------------------------------------------------------- INSURANCE - 2.8% - ---------------------------------------------------------------------------------------------------- Allstate Corp. 2,000 192,500 - ---------------------------------------------------------------------------------------------------- AXA SA 1,200 140,783 - ---------------------------------------------------------------------------------------------------- Chubb Corp. 2,200 173,663 - ---------------------------------------------------------------------------------------------------- Conseco, Inc. 6,000 297,750 - ---------------------------------------------------------------------------------------------------- Equitable Cos., Inc. 3,400 208,675 - ---------------------------------------------------------------------------------------------------- HSB Group, Inc. 2,700 178,200 - ---------------------------------------------------------------------------------------------------- INSpire Insurance Solutions, Inc. (1) 1,800 60,525 - ---------------------------------------------------------------------------------------------------- Irish Life plc 4,000 37,134 - ---------------------------------------------------------------------------------------------------- Pre-Paid Legal Services, Inc. (1) 5,600 211,750 - ---------------------------------------------------------------------------------------------------- St. Paul Cos., Inc. 2,800 237,300 - ---------------------------------------------------------------------------------------------------- Torchmark Corp. 3,000 133,688 - ---------------------------------------------------------------------------------------------------- Travelers Property Casualty Corp., Cl. A 4,400 184,800 ------------ 2,056,768 17 Oppenheimer LifeSpan Funds - ---------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------- STATEMENT OF INVESTMENTS (UNAUDITED)(CONTINUED) Oppenheimer LifeSpan Balanced Fund MARKET VALUE SHARES SEE NOTE 1 - ---------------------------------------------------------------------------------------------------- INDUSTRIAL - 7.7% - ---------------------------------------------------------------------------------------------------- ELECTRICAL EQUIPMENT - 0.1% - ---------------------------------------------------------------------------------------------------- Siebe plc 5,000 $ 111,690 - ---------------------------------------------------------------------------------------------------- INDUSTRIAL MATERIALS - 0.2% - ---------------------------------------------------------------------------------------------------- USG Corp. (1) 2,700 138,713 - ---------------------------------------------------------------------------------------------------- INDUSTRIAL SERVICES - 3.7% - ---------------------------------------------------------------------------------------------------- American Disposal Services, Inc. (1) 6,100 244,572 - ---------------------------------------------------------------------------------------------------- Central Parking Corp. 2,650 124,219 - ---------------------------------------------------------------------------------------------------- Computer Horizons Corp. (1) 6,550 248,491 - ---------------------------------------------------------------------------------------------------- Computer Task Group, Inc. 8,600 334,325 - ---------------------------------------------------------------------------------------------------- Cyberonics, Inc. (1) 2,500 60,000 - ---------------------------------------------------------------------------------------------------- Eastern Environmental Services, Inc. (1) 8,600 224,675 - ---------------------------------------------------------------------------------------------------- Hays plc 13,000 220,512 - ---------------------------------------------------------------------------------------------------- Helix Technology Corp. 4,400 88,000 - ---------------------------------------------------------------------------------------------------- Lamar Advertising Co., Cl. A (1) 3,550 122,475 - ---------------------------------------------------------------------------------------------------- Metamor Worldwide, Inc. (1) 6,400 244,800 - ---------------------------------------------------------------------------------------------------- PMT Services, Inc. (1) 4,900 95,550 - ---------------------------------------------------------------------------------------------------- Renaissance Worldwide, Inc. (1) 5,200 93,275 - ---------------------------------------------------------------------------------------------------- Rental Service Corp. (1) 4,100 119,156 - ---------------------------------------------------------------------------------------------------- Tetra Tech, Inc. (1) 7,000 169,750 - ---------------------------------------------------------------------------------------------------- Transaction Systems Architects, Inc., Cl. A (1) 5,400 226,800 - ---------------------------------------------------------------------------------------------------- Viad Corp. 5,300 136,806 ------------ 2,753,406 - ---------------------------------------------------------------------------------------------------- MANUFACTURING - 3.1% - ---------------------------------------------------------------------------------------------------- AGCO Corp. 3,300 88,275 - ---------------------------------------------------------------------------------------------------- Canon Sales Co., Inc. 300 4,019 - ---------------------------------------------------------------------------------------------------- Case Corp. 2,200 139,838 - ---------------------------------------------------------------------------------------------------- Deere & Co. 2,900 169,469 - ---------------------------------------------------------------------------------------------------- Ingersoll-Rand Co. 3,600 165,825 - ---------------------------------------------------------------------------------------------------- ITEQ, Inc. (1) 2,600 33,150 - ---------------------------------------------------------------------------------------------------- Mannesmann AG 250 196,991 - ---------------------------------------------------------------------------------------------------- PACCAR, Inc. 9,000 534,375 - ---------------------------------------------------------------------------------------------------- Parker-Hannifin Corp. 2,600 116,025 - ---------------------------------------------------------------------------------------------------- Ricoh Co. Ltd. 11,000 114,138 - ---------------------------------------------------------------------------------------------------- SMC Corp. 500 41,626 - ---------------------------------------------------------------------------------------------------- Smiths Industries plc 8,000 116,104 - ---------------------------------------------------------------------------------------------------- Textron, Inc. 4,200 328,650 - ---------------------------------------------------------------------------------------------------- U.S. Industries, Inc. 8,550 231,919 ----------- 2,280,404 - ---------------------------------------------------------------------------------------------------- TRANSPORTATION - 0.6% - ---------------------------------------------------------------------------------------------------- Brambles Industries Ltd. 4,100 84,150 - ---------------------------------------------------------------------------------------------------- GATX Corp. 3,600 298,350 - ---------------------------------------------------------------------------------------------------- Gulfmark Offshore, Inc. (1) 2,100 65,100 ----------- 447,600 - ---------------------------------------------------------------------------------------------------- TECHNOLOGY - 11.4% - ---------------------------------------------------------------------------------------------------- AEROSPACE/DEFENSE - 1.2% - ---------------------------------------------------------------------------------------------------- General Dynamics Corp. 8,400 354,900 - ---------------------------------------------------------------------------------------------------- Lockheed Martin Corp. 2,900 322,988 - ---------------------------------------------------------------------------------------------------- REMEC, Inc. (1) 3,600 89,550 - ---------------------------------------------------------------------------------------------------- TriStar Aerospace Co. (1) 6,100 100,650 ----------- 868,088 18 Oppenheimer LifeSpan Funds - ---------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------- STATEMENT OF INVESTMENTS (UNAUDITED)(CONTINUED) Oppenheimer LifeSpan Balanced Fund MARKET VALUE SHARES SEE NOTE 1 - ---------------------------------------------------------------------------------------------------- COMPUTER HARDWARE - 2.5% - ---------------------------------------------------------------------------------------------------- Apex PC Solutions, Inc. (1) 3,500 $ 104,563 - ---------------------------------------------------------------------------------------------------- Gateway 2000, Inc. (1) 1,800 105,638 - ---------------------------------------------------------------------------------------------------- Insight Enterprises, Inc. (1) 5,250 209,344 - ---------------------------------------------------------------------------------------------------- International Business Machines Corp. 800 92,700 - ---------------------------------------------------------------------------------------------------- Lexmark International Group, Inc., Cl. A (1) 2,300 133,113 - ---------------------------------------------------------------------------------------------------- MTI Technology Corp. (1) 4,300 68,531 - ---------------------------------------------------------------------------------------------------- Network Appliance, Inc. (1) 6,400 230,800 - ---------------------------------------------------------------------------------------------------- Radiant Systems, Inc. (1) 4,400 99,000 - ---------------------------------------------------------------------------------------------------- Semtech Corp. (1) 5,100 121,763 - ---------------------------------------------------------------------------------------------------- Storage Technology Corp. (New) (1) 3,600 303,975 - ---------------------------------------------------------------------------------------------------- Xerox Corp. 3,400 385,900 ----------- 1,855,327 - ---------------------------------------------------------------------------------------------------- COMPUTER SOFTWARE/SERVICES - 2.7% - ---------------------------------------------------------------------------------------------------- Arbor Software Corp. (1) 2,200 103,538 - ---------------------------------------------------------------------------------------------------- Avid Technology, Inc. (1) 800 34,700 - ---------------------------------------------------------------------------------------------------- BEA Systems, Inc. (1) 4,400 97,900 - ---------------------------------------------------------------------------------------------------- Computer Management Sciences, Inc. (1) 5,300 136,475 - ---------------------------------------------------------------------------------------------------- Dendrite International, Inc. (1) 2,900 92,619 - ---------------------------------------------------------------------------------------------------- Diamond Technology Partners, Inc. (1) 3,600 100,800 - ---------------------------------------------------------------------------------------------------- Envoy Corp. (1) 500 21,063 - ---------------------------------------------------------------------------------------------------- JDA Software Group, Inc. (1) 2,800 141,575 - ---------------------------------------------------------------------------------------------------- Pegasystems, Inc. (1) 5,900 110,625 - ---------------------------------------------------------------------------------------------------- QuadraMed Corp. (1) 3,600 102,600 - ---------------------------------------------------------------------------------------------------- SAP AG, Preference 500 249,931 - ---------------------------------------------------------------------------------------------------- Sapient Corp. (1) 800 39,500 - ---------------------------------------------------------------------------------------------------- Summit Design, Inc. (1) 6,900 106,519 - ---------------------------------------------------------------------------------------------------- Symantec Corp. (1) 1,400 40,600 - ---------------------------------------------------------------------------------------------------- Technology Solutions Co. (1) 8,150 261,819 - ---------------------------------------------------------------------------------------------------- Veritas Software Corp. (1) 2,400 131,400 - ---------------------------------------------------------------------------------------------------- Visio Corp. (1) 3,300 163,350 - ---------------------------------------------------------------------------------------------------- Wind River Systems, Inc. (1) 2,300 79,638 ----------- 2,014,652 - ---------------------------------------------------------------------------------------------------- ELECTRONICS - 2.7% - ---------------------------------------------------------------------------------------------------- ATMI, Inc. (1) 900 25,088 - ---------------------------------------------------------------------------------------------------- Bowthorpe plc 18,000 158,004 - ---------------------------------------------------------------------------------------------------- Electrocomponents plc 15,000 145,840 - ---------------------------------------------------------------------------------------------------- Getronics NV 2,100 92,917 - ---------------------------------------------------------------------------------------------------- Hoshiden Corp. (1) 8,000 104,079 - ---------------------------------------------------------------------------------------------------- Keyence Corp. 60 8,092 - ---------------------------------------------------------------------------------------------------- Matsushita Electric Industrial Co. 4,000 64,179 - ---------------------------------------------------------------------------------------------------- Power-One, Inc. (1) 3,500 43,969 - ---------------------------------------------------------------------------------------------------- Rohm Co. 1,000 113,070 - ---------------------------------------------------------------------------------------------------- Royal Philips Electronics NV 1,600 140,954 - ---------------------------------------------------------------------------------------------------- Sawtek, Inc. (1) 3,400 103,275 - ---------------------------------------------------------------------------------------------------- SCI Systems, Inc. (1) 1,100 45,306 - ---------------------------------------------------------------------------------------------------- Sony Corp. 1,900 158,321 - ---------------------------------------------------------------------------------------------------- TDK Corp. 1,000 79,164 - ---------------------------------------------------------------------------------------------------- Vitesse Semiconductor Corp. (1) 4,050 233,634 - ---------------------------------------------------------------------------------------------------- VTech Holdings Ltd. 50,000 175,573 - ---------------------------------------------------------------------------------------------------- Waters Corp. (1) 5,900 315,650 ----------- 2,007,115 19 Oppenheimer LifeSpan Funds - ---------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------- STATEMENT OF INVESTMENTS (UNAUDITED)(CONTINUED) Oppenheimer LifeSpan Balanced Fund MARKET VALUE SHARES SEE NOTE 1 - ---------------------------------------------------------------------------------------------------- TELECOMMUNICATIONS-TECHNOLOGY - 2.3% - ---------------------------------------------------------------------------------------------------- DSP Communications, Inc. (1) 5,400 $ 90,113 - ---------------------------------------------------------------------------------------------------- Inter-Tel, Inc. 5,100 120,488 - ---------------------------------------------------------------------------------------------------- Matsushita Communication Industrial Co. 4,000 118,368 - ---------------------------------------------------------------------------------------------------- Nippon Telegraph & Telephone Corp. 14 122,909 - ---------------------------------------------------------------------------------------------------- P-COM, Inc. (1) 8,100 159,469 - ---------------------------------------------------------------------------------------------------- Pacific Gateway Exchange, Inc. (1) 3,900 222,300 - ---------------------------------------------------------------------------------------------------- SK Telecommunications Co. Ltd., ADR 198 1,473 - ---------------------------------------------------------------------------------------------------- Tekelec (1) 3,800 190,950 - ---------------------------------------------------------------------------------------------------- Telecom Italia Mobile SpA 22,500 128,249 - ---------------------------------------------------------------------------------------------------- Telecom Italia SpA (1) 15,000 112,165 - ---------------------------------------------------------------------------------------------------- Uniphase Corp. (1) 2,900 157,325 - ---------------------------------------------------------------------------------------------------- Vodafone Group plc 28,000 308,283 ----------- 1,732,092 - ---------------------------------------------------------------------------------------------------- UTILITIES - 7.5% - ---------------------------------------------------------------------------------------------------- ELECTRIC UTILITIES - 2.1% - ---------------------------------------------------------------------------------------------------- Duke Energy Corp. 4,448 257,428 - ---------------------------------------------------------------------------------------------------- Edison International 4,400 131,175 - ---------------------------------------------------------------------------------------------------- FPL Group, Inc. 7,200 446,850 - ---------------------------------------------------------------------------------------------------- Illinova Corp. 4,500 137,531 - ---------------------------------------------------------------------------------------------------- Kansas City Power & Light Co. 5,700 169,575 - ---------------------------------------------------------------------------------------------------- United Utilities plc 8,000 111,690 - ---------------------------------------------------------------------------------------------------- Veba AG 2,000 131,848 - ---------------------------------------------------------------------------------------------------- Western Resources, Inc. 4,600 179,688 ----------- 1,565,785 - ---------------------------------------------------------------------------------------------------- GAS UTILITIES - 1.6% - ---------------------------------------------------------------------------------------------------- Columbia Energy Group 2,300 186,875 - ---------------------------------------------------------------------------------------------------- El Paso Natural Gas Co. 9,200 339,825 - ---------------------------------------------------------------------------------------------------- MCN Energy Group, Inc. 4,400 166,100 - ---------------------------------------------------------------------------------------------------- National Fuel Gas Co. 4,600 211,600 - ---------------------------------------------------------------------------------------------------- Questar Corp. 4,200 182,175 - ---------------------------------------------------------------------------------------------------- RWE AG, Preference 2,500 105,113 ----------- 1,191,688 - ---------------------------------------------------------------------------------------------------- TELEPHONE UTILITIES - 3.8% - ---------------------------------------------------------------------------------------------------- Ameritech Corp. 8,900 378,806 - ---------------------------------------------------------------------------------------------------- AT&T Corp. 9,200 552,575 - ---------------------------------------------------------------------------------------------------- Bell Atlantic Corp. 5,180 484,654 - ---------------------------------------------------------------------------------------------------- Century Telephone Enterprises, Inc. 1,200 51,075 - ---------------------------------------------------------------------------------------------------- Frontier Corp. 9,500 284,406 - ---------------------------------------------------------------------------------------------------- Tel-Save Holdings, Inc. (1) 4,700 107,219 - ---------------------------------------------------------------------------------------------------- Tele Danmark AS, B Shares 2,000 168,051 - ---------------------------------------------------------------------------------------------------- Telecomunicacoes do Rio de Janeiro SA, Preference 370,000 55,790 - ---------------------------------------------------------------------------------------------------- Telefonica de Espana 3,500 146,049 - ---------------------------------------------------------------------------------------------------- U S West Communications Group 10,500 553,875 ----------- 2,782,500 ----------- Total Common Stocks (Cost $33,270,059) 43,897,448 - ---------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------- PREFERRED STOCKS - 0.2% - ---------------------------------------------------------------------------------------------------- Case Corp., $4.50 Cum. Cv., Series A, Non-Vtg. (Cost $114,800) 1,200 176,850 20 Oppenheimer LifeSpan Funds - ---------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------- STATEMENT OF INVESTMENTS (UNAUDITED)(CONTINUED) Oppenheimer LifeSpan Balanced Fund MARKET VALUE SHARES SEE NOTE 1 - ---------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------- RIGHTS, WARRANTS AND CERTIFICATES - 0.1% - ---------------------------------------------------------------------------------------------------- Australis Media Ltd. Wts., Exp. 5/00 (3) 150 $ 1 - ---------------------------------------------------------------------------------------------------- Concentric Network Corp. Rts. Exp. 6/98 100 9,550 - ---------------------------------------------------------------------------------------------------- Dairy Mart Convenience Stores, Inc. Wts., Exp. 12/01 (3) 666 333 - ---------------------------------------------------------------------------------------------------- Haw Par Brothers Corp. Ltd. Wts., Exp. 7/01 3,000 625 - ---------------------------------------------------------------------------------------------------- Intermedia Communications, Inc. Wts., Exp. 6/00 (3) 100 13,500 - ---------------------------------------------------------------------------------------------------- McCaw International Ltd. Wts., Exp. 4/07 (3) 100 263 - ---------------------------------------------------------------------------------------------------- Microcell Telecommunications, Inc. Wts., Exp. 6/06 (3) 500 13,062 - ---------------------------------------------------------------------------------------------------- Price Communications Corp. Wts., Exp. 8/07 (3) 516 7,998 - ---------------------------------------------------------------------------------------------------- Signature Brands, Inc. Wts., Exp. 12/49 (3) 100 2,012 - ---------------------------------------------------------------------------------------------------- Telefonica de Espana Rts., Exp. 5/98 3,500 2,710 ----------- Total Rights, Warrants and Certificates (Cost $9,812) 50,054 FACE AMOUNT - ---------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------- ASSET-BACKED SECURITIES - 0.8% - ---------------------------------------------------------------------------------------------------- Dayton Hudson Credit Card Master Trust, Asset-Backed Certificates, Series 1997-1, Cl. A, 6.25%, 8/25/05 $ 125,000 126,081 - ---------------------------------------------------------------------------------------------------- IROQUOIS Trust, Asset-Backed Amortizing Nts., Series 1997-2, Cl. A, 6.752%, 6/25/07 (3) 175,000 176,039 - ---------------------------------------------------------------------------------------------------- Olympic Automobile Receivables Trust, Automobile Receivables-Backed Nts.: Series 1996-A, Cl. A-4, 5.85%, 7/15/01 110,000 109,863 Series 1997-A, Cl. A-5, 6.80%, 2/15/05 150,000 152,421 ------------ Total Asset-Backed Securities (Cost $559,053) 564,404 - ---------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------- MORTGAGE-BACKED OBLIGATIONS - 3.0% - ---------------------------------------------------------------------------------------------------- Countrywide Funding Corp., Mtg. Pass-Through Certificates, Series 1994-10, Cl. A3, 6%, 5/25/09 250,000 246,543 - ---------------------------------------------------------------------------------------------------- Federal Home Loan Mortgage Corp., Collateralized Mtg. Obligations, Gtd. Multiclass Mtg. Participation Certificates: 5.50%, 6/1/98 1,112 1,102 Series 1711, Cl. EA, 7%, 3/15/24 200,000 204,936 - ---------------------------------------------------------------------------------------------------- Federal Home Loan Mortgage Corp., Gtd. Multiclass Mtg. Participation Certificates: 6%, 3/1/09 164,984 164,195 Series 1574, Cl. PD, 5.55%, 3/15/13 35,705 35,616 Series 1843, Cl. VB, 7%, 4/15/03 65,000 66,685 Series 1849, Cl. VA, 6%, 12/15/10 164,298 163,682 - ---------------------------------------------------------------------------------------------------- Federal Home Loan Mortgage Corp., Interest-Only Stripped Mtg.-Backed Security: Series 1542, C1. QC, 7.496%, 10/15/20 (4) 400,000 76,016 Series 1583, C1. IC, 6.924%, 1/15/20 (4) 750,000 97,266 Series 1661, C1. PK, 6.711%, 11/15/06 (4) 679,768 50,770 - ---------------------------------------------------------------------------------------------------- Federal National Mortgage Assn.: 6%, 12/1/03 144,057 143,245 6.50%, 4/1/26 134,807 133,734 7%, 4/1/00 62,034 62,624 21 Oppenheimer LifeSpan Funds - ---------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------- STATEMENT OF INVESTMENTS (UNAUDITED)(CONTINUED) Oppenheimer LifeSpan Balanced Fund FACE MARKET VALUE AMOUNT SEE NOTE 1 - ---------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------- MORTGAGE-BACKED OBLIGATIONS (CONTINUED) - ---------------------------------------------------------------------------------------------------- Federal National Mortgage Assn., Collateralized Mtg. Obligations, Gtd. Real Estate Mtg. Investment Conduit Pass-Through Certificates: Trust 1993-181, Cl. C, 5.40%, 10/25/02 $ 98,957 $ 98,494 Trust 1993-190, Cl. Z, 5.85%, 7/25/08 156,038 155,228 - ---------------------------------------------------------------------------------------------------- Federal National Mortgage Assn., Medium-Term Nts., 6.56%, 11/13/01 100,000 100,172 - ---------------------------------------------------------------------------------------------------- GE Capital Mortgage Services, Inc., Gtd. Real Estate Mtg. Investment Conduit Pass-Through Certificates, Series 1994-7, Cl. A18, 6%, 2/25/09 149,164 140,774 - ---------------------------------------------------------------------------------------------------- PNC Mortgage Securities Corp., Commercial Mtg. Pass-Through Certificates, Series 1995-2, Cl. A3, 6.50%, 2/25/12 125,000 125,200 - ---------------------------------------------------------------------------------------------------- Residential Accredit Loans, Inc., Mtg. Asset-Backed Pass-Through Certificates, Series 1997-QS9, Cl. A2, 6.75%, 9/25/27 175,000 174,597 ------------ Total Mortgage-Backed Obligations (Cost $2,218,940) 2,240,879 - ---------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------- U.S. GOVERNMENT OBLIGATIONS - 8.8% - ---------------------------------------------------------------------------------------------------- U.S. Treasury Bonds: 6%, 2/15/26 100,000 99,781 7.50%, 11/15/16 1,400,000 1,628,813 - ---------------------------------------------------------------------------------------------------- U.S. Treasury Nts.: - ---------------------------------------------------------------------------------------------------- 5.625%, 2/15/06 500,000 496,094 5.75%, 8/15/03 325,000 326,016 6.50%, 8/15/05 965,000 1,007,823 6.75%, 6/30/99 720,000 729,451 7.50%, 11/15/01 2,125,000 2,248,518 ------------ Total U.S. Government Obligations (Cost $6,415,219) 6,536,496 - ---------------------------------------------------------------------------------------------------- NON-CONVERTIBLE CORPORATE BONDS AND NOTES - 19.9% - ---------------------------------------------------------------------------------------------------- BASIC MATERIALS - 2.5% - ---------------------------------------------------------------------------------------------------- CHEMICALS - 1.1% - ---------------------------------------------------------------------------------------------------- Du Pont (E.I.) De Nemours & Co., 8.50% Debs., 2/15/03 120,000 127,290 - ---------------------------------------------------------------------------------------------------- Harris Chemical North America, Inc., 10.25% Gtd. Sr. Sec. Disc. Nts., 7/15/01 100,000 104,750 - ---------------------------------------------------------------------------------------------------- Laroche Industries, Inc., 9.50% Sr. Sub. Nts., Series B, 9/15/07 125,000 125,000 - ---------------------------------------------------------------------------------------------------- Morton International, Inc., 9.25% Credit Sensitive Nts., 6/1/20 65,000 84,657 - ---------------------------------------------------------------------------------------------------- NL Industries, Inc., 0%/13% Sr. Sec. Disc. Nts., 10/15/05 (5) 100,000 103,250 - ---------------------------------------------------------------------------------------------------- PPG Industries, Inc., 9% Debs., 5/1/21 65,000 81,178 - ---------------------------------------------------------------------------------------------------- Sterling Chemicals Holdings, Inc., 0%/13.50% Sr. Disc. Nts., 8/15/08 (5) 125,000 71,875 - ---------------------------------------------------------------------------------------------------- Texas Petrochemical Corp., 11.125% Sr. Sub. Nts., Series B, 7/1/06 125,000 137,500 ----------- 835,500 - ---------------------------------------------------------------------------------------------------- METALS - 0.9% - ---------------------------------------------------------------------------------------------------- Alcan Aluminum Ltd., 9.625% Debs., 7/15/19 125,000 135,404 - ---------------------------------------------------------------------------------------------------- Gulf States Steel, Inc. (Alabama), 13.50% First Mtg. Nts., Series B, 4/15/03 100,000 103,500 - ---------------------------------------------------------------------------------------------------- Kaiser Aluminum & Chemical Corp., 10.875% Sr. Nts., Series B, 10/15/06 100,000 108,750 - ---------------------------------------------------------------------------------------------------- NS Group, Inc., 13.50% Gtd. Sr. Sec. Nts., 7/15/03 75,000 86,437 - ---------------------------------------------------------------------------------------------------- Republic Engineered Steels, Inc., 9.875% First Mtg. Nts., 12/15/01 50,000 49,750 - ---------------------------------------------------------------------------------------------------- WCI Steel, Inc., 10% Sr. Nts., Series B, 12/1/04 100,000 104,000 - ---------------------------------------------------------------------------------------------------- Weirton Steel Corp., 10.75% Sr. Nts., 6/1/05 100,000 106,250 ----------- 694,091 22 Oppenheimer LifeSpan Funds - ---------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------- STATEMENT OF INVESTMENTS (UNAUDITED)(CONTINUED) Oppenheimer LifeSpan Balanced Fund FACE MARKET VALUE AMOUNT SEE NOTE 1 - ---------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------- PAPER - 0.5% - ---------------------------------------------------------------------------------------------------- Celulosa Arauco y Constitucion SA, 7.25% Debs., 6/11/98 (3) $ 110,000 $ 109,725 - ---------------------------------------------------------------------------------------------------- Gaylord Container Corp., 12.75% Sr. Sub. Disc. Debs., 5/15/05 100,000 107,000 - ---------------------------------------------------------------------------------------------------- Malette, Inc., 12.25% Sr. Sec. Nts., 7/15/04 (3) 100,000 112,250 - ---------------------------------------------------------------------------------------------------- Stone Container Corp., 9.875% Sr. Nts., 2/1/01 50,000 51,625 ----------- 380,600 - ---------------------------------------------------------------------------------------------------- CONSUMER CYCLICALS - 5.6% - ---------------------------------------------------------------------------------------------------- AUTOS & HOUSING - 0.9% - ---------------------------------------------------------------------------------------------------- Black & Decker Corp., 6.625% Nts., 11/15/00 110,000 111,092 - ---------------------------------------------------------------------------------------------------- First Industrial LP, 7.15% Bonds, 5/15/27 60,000 61,702 - ---------------------------------------------------------------------------------------------------- IHF Holdings, Inc., 0%/15% Sr. Sub. Disc. Nts., Series B, 11/15/04 (5) 125,000 103,750 - ---------------------------------------------------------------------------------------------------- MCII Holdings (USA), Inc., 0%/15% Sec. Nts., 11/15/02 (5) 125,000 115,937 - ---------------------------------------------------------------------------------------------------- Shop Vac Corp., 10.625% Sr. Nts., 9/1/03 125,000 138,437 - ---------------------------------------------------------------------------------------------------- Signature Brands, Inc., 13% Sr. Sub. Nts., 8/15/02 (3) 100,000 114,000 ----------- 644,918 - ---------------------------------------------------------------------------------------------------- LEISURE & ENTERTAINMENT - 2.4% - ---------------------------------------------------------------------------------------------------- American Skiing Corp., 12% Sr. Sub. Nts., Series B, 7/15/06 (3) 125,000 140,000 - ---------------------------------------------------------------------------------------------------- Ameristar Casinos, Inc., 10.50% Sr. Sub. Nts., Series B, 8/1/04 125,000 133,125 - ---------------------------------------------------------------------------------------------------- Bally Total Fitness Holding Corp., 9.875% Sr. Sub. Nts., Series B, 10/15/07 125,000 130,937 - ---------------------------------------------------------------------------------------------------- Casino America, Inc., 12.50% Sr. Nts., 8/1/03 125,000 139,062 - ---------------------------------------------------------------------------------------------------- Casino Magic of Louisiana Corp., 13% First Mtg. Nts., Series B, 8/15/03 250,000 291,250 - ---------------------------------------------------------------------------------------------------- Hilton Hotels Corp., 7.375% Nts., 6/1/02 50,000 50,547 - ---------------------------------------------------------------------------------------------------- HMH Properties, Inc., 8.875% Sr. Nts., 7/15/07 125,000 139,219 - ---------------------------------------------------------------------------------------------------- Horseshoe Gaming LLC, 9.375% Sr. Sub. Nts., 6/15/07 125,000 134,062 - ---------------------------------------------------------------------------------------------------- Mohegan Tribal Gaming Authority (Connecticut), 13.50% Sr. Sec. Nts., Series B, 11/15/02 50,000 63,750 - ---------------------------------------------------------------------------------------------------- Players International, Inc., 10.875% Sr. Nts., 4/15/05 125,000 136,250 - ---------------------------------------------------------------------------------------------------- Prime Hospitality Corp., 9.25% First Mtg. Bonds, 1/15/06 125,000 132,500 - ---------------------------------------------------------------------------------------------------- Rio Hotel & Casino, Inc., 10.625% Sr. Sub. Nts., 7/15/05 100,000 108,000 - ---------------------------------------------------------------------------------------------------- Santa Fe Hotel, Inc., 11% Gtd. First Mtg. Nts., 12/15/00 (3) 91,000 89,180 - ---------------------------------------------------------------------------------------------------- Trans World Airlines, Inc., 11.375% Unsec. Nts., 3/1/06 (2) 50,000 49,875 ----------- 1,737,757 - ---------------------------------------------------------------------------------------------------- MEDIA - 2.0% - ---------------------------------------------------------------------------------------------------- Adelphia Communications Corp., 10.50% Sr. Unsec. Nts., Series B, 7/15/04 125,000 136,875 - ---------------------------------------------------------------------------------------------------- Allbritton Communications Co., 9.75% Sr. Sub. Debs., Series B, 11/30/07 100,000 105,250 - ---------------------------------------------------------------------------------------------------- Australis Media Ltd., 1.75% Gtd. Sr. Sec. Disc. Nts., 5/15/03 (6) 152,564 22,122 - ---------------------------------------------------------------------------------------------------- Cablevision Systems Corp. Holdings, Inc., 9.875% Sr. Sub. Debs., 2/15/13 75,000 83,062 - ---------------------------------------------------------------------------------------------------- Comcast Corp., 9.375% Sr. Sub. Debs., 5/15/05 100,000 106,500 - ---------------------------------------------------------------------------------------------------- EchoStar Satellite Broadcasting Corp., 0%/13.125% Sr. Sec. Disc. Nts., 3/15/04 (5) 100,000 92,000 - ---------------------------------------------------------------------------------------------------- Falcon Holding Group LP, 0%/9.285% Sr. Disc. Debs., 4/15/10 (2)(5) 125,000 79,687 - ---------------------------------------------------------------------------------------------------- Fox/Liberty Networks LLC, 8.875% Sr. Nts., 8/15/07 50,000 51,500 - ---------------------------------------------------------------------------------------------------- James Cable Partners LP, 10.75% Sr. Nts., Series B, 8/15/04 125,000 132,187 - ---------------------------------------------------------------------------------------------------- Lamar Advertising Co., 8.625% Sr. Sub. Nts., 9/15/07 125,000 127,500 - ---------------------------------------------------------------------------------------------------- Rogers Communications, Inc., 8.875% Sr. Nts., 7/15/07 125,000 126,562 - ---------------------------------------------------------------------------------------------------- Sinclair Broadcast Group, Inc., 10% Sr. Sub. Nts., 9/30/05 100,000 107,750 - ---------------------------------------------------------------------------------------------------- TCI Satellite Entertainment, Inc., 10.875% Sr. Sub. Nts., 2/15/07 75,000 80,250 23 Oppenheimer LifeSpan Funds - ---------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------- STATEMENT OF INVESTMENTS (UNAUDITED)(CONTINUED) Oppenheimer LifeSpan Balanced Fund FACE MARKET VALUE AMOUNT SEE NOTE 1 - ---------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------- MEDIA (CONTINUED) - ---------------------------------------------------------------------------------------------------- TKR Cable I, Inc., 10.50% Sr. Debs., 10/30/07 $ 125,000 $ 137,526 - ---------------------------------------------------------------------------------------------------- United International Holdings, Inc., 0%/10.75% Sr. Disc. Nts., Series B, 2/15/08 (5) 95,062 ----------- 1,483,833 - ---------------------------------------------------------------------------------------------------- RETAIL: GENERAL - 0.2% - ---------------------------------------------------------------------------------------------------- Federated Department Stores, Inc., 10% Sr. Nts., 2/15/01 40,000 43,827 - ---------------------------------------------------------------------------------------------------- Price/Costco Cos., Inc., 7.125% Sr. Nts., 6/15/05 90,000 93,774 ----------- 137,601 - ---------------------------------------------------------------------------------------------------- RETAIL: SPECIALTY - 0.1% - ---------------------------------------------------------------------------------------------------- K Mart Corp., 7.75% Debs., 10/1/12 100,000 100,317 - ---------------------------------------------------------------------------------------------------- CONSUMER NON-CYCLICALS - 2.2% - ---------------------------------------------------------------------------------------------------- FOOD - 0.7% - ---------------------------------------------------------------------------------------------------- AmeriServe Food Distribution, Inc., 8.875% Sr. Nts., 10/15/06 125,000 128,125 - ---------------------------------------------------------------------------------------------------- Dairy Mart Convenience Stores, Inc., 10.25% Sr. Sub. Nts., 3/15/04 100,000 99,500 - ---------------------------------------------------------------------------------------------------- Dole Food Distributing, Inc., 6.75% Nts., 7/15/00 120,000 121,549 - ---------------------------------------------------------------------------------------------------- Jitney-Jungle Stores of America, Inc., 12% Gtd. Sr. Nts., 3/1/06 150,000 168,375 ----------- 517,549 - ---------------------------------------------------------------------------------------------------- HEALTHCARE/DRUGS - 0.2% - ---------------------------------------------------------------------------------------------------- Integrated Health Services, Inc., 9.50% Sr. Sub. Nts., 9/15/07 100,000 104,250 - ---------------------------------------------------------------------------------------------------- HEALTHCARE/SUPPLIES & SERVICES - 0.9% - ---------------------------------------------------------------------------------------------------- Beverly Enterprises, Inc., 9% Gtd. Sr. Nts., 2/15/06 100,000 104,500 - ---------------------------------------------------------------------------------------------------- Columbia/HCA Healthcare Corp., 6.875% Nts., 7/15/01 120,000 116,070 - ---------------------------------------------------------------------------------------------------- Dade International, Inc., 11.125% Sr. Sub. Nts., 5/1/06 125,000 138,750 - ---------------------------------------------------------------------------------------------------- Mariner Health Group, Inc., 9.50% Sr. Sub. Nts., Series B, 4/1/06 (3) 125,000 132,812 - ---------------------------------------------------------------------------------------------------- Paracelsus Healthcare Corp., 10% Sr. Unsec. Sub. Nts., 8/15/06 100,000 104,000 - ---------------------------------------------------------------------------------------------------- Tenet Healthcare Corp., 8% Sr. Nts., 1/15/05 75,000 77,250 ----------- 673,382 - ---------------------------------------------------------------------------------------------------- HOUSEHOLD GOODS - 0.4% - ---------------------------------------------------------------------------------------------------- Dyersburg Corp., 9.75% Sr. Unsec. Sub. Nts., 9/1/07 100,000 103,750 - ---------------------------------------------------------------------------------------------------- Kimberly-Clark Corp., 7.875% Debs., 2/1/23 65,000 70,634 - ---------------------------------------------------------------------------------------------------- Revlon Consumer Products Corp., 8.625% Sr. Nts., 2/1/08 (2) 125,000 125,313 ----------- 299,697 - ---------------------------------------------------------------------------------------------------- ENERGY - 1.3% - ---------------------------------------------------------------------------------------------------- ENERGY SERVICES & PRODUCERS - 0.6% - ---------------------------------------------------------------------------------------------------- Coastal Corp.: 8.125% Sr. Nts., 9/15/02 65,000 69,420 8.75% Sr. Nts., 5/15/99 35,000 35,954 - ---------------------------------------------------------------------------------------------------- Forcenergy, Inc., 8.50% Sr. Sub. Nts., Series B, 2/15/07 125,000 123,125 - ---------------------------------------------------------------------------------------------------- Louisiana Land & Exploration Co., 7.65% Debs., 12/1/23 75,000 82,083 - ---------------------------------------------------------------------------------------------------- Transamerican Energy Corp., 11.50% Sr. Nts., Series B, 6/15/02 75,000 73,500 - ---------------------------------------------------------------------------------------------------- Williams Holdings of Delaware, Inc., 6.25% Sr. Unsec. Debs., 2/1/06 75,000 74,157 ----------- 458,239 - ---------------------------------------------------------------------------------------------------- OIL-INTEGRATED - 0.7% - ---------------------------------------------------------------------------------------------------- Abraxas Petroleum Corp./CDN Abraxas Petroleum Ltd., 11.50% Sr. Nts., 11/1/04 (2) 100,000 104,750 - ---------------------------------------------------------------------------------------------------- Gulf Canada Resources Ltd.: 8.25% Sr. Nts., 3/15/17 75,000 80,614 9% Debs., 8/15/99 75,000 77,223 - ---------------------------------------------------------------------------------------------------- HS Resources, Inc., 9.25% Sr. Sub. Nts., 11/15/06 125,000 128,750 - ---------------------------------------------------------------------------------------------------- Petroleum Geo-Services ASA, 7.50% Nts., 3/31/07 75,000 80,422 24 Oppenheimer LifeSpan Funds - ---------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------- STATEMENT OF INVESTMENTS (UNAUDITED)(CONTINUED) Oppenheimer LifeSpan Balanced Fund FACE MARKET VALUE AMOUNT SEE NOTE 1 - ---------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------- OIL-INTEGRATED (CONTINUED) - ---------------------------------------------------------------------------------------------------- Standard Oil/British Petroleum Co. plc, 9% Debs., 6/1/19 $ 65,000 $ 66,961 ------------ 538,720 - ---------------------------------------------------------------------------------------------------- FINANCIAL - 2.0% - ---------------------------------------------------------------------------------------------------- BANKS - 0.4% - ---------------------------------------------------------------------------------------------------- Citicorp, 5.625% Sr. Nts., 2/15/01 65,000 64,092 - ---------------------------------------------------------------------------------------------------- Fleet Mtg./Norstar Group, Inc., 9.90% Sub. Nts., 6/15/01 110,000 121,559 - ---------------------------------------------------------------------------------------------------- Integra Financial Corp., 6.50% Sub. Nts., 4/15/00 110,000 111,076 ----------- 296,727 - ---------------------------------------------------------------------------------------------------- DIVERSIFIED FINANCIAL - 1.1% - ---------------------------------------------------------------------------------------------------- American General Finance Corp., 8.50% Sr. Nts., 8/15/98 45,000 45,310 - ---------------------------------------------------------------------------------------------------- American General Institutional Capital B, 8.125% Bonds, Series B, 3/15/46 (2) 75,000 84,523 - ---------------------------------------------------------------------------------------------------- Capital One Financial Corp.: 6.83% Sr. Nts., 5/17/99 50,000 50,427 7.25% Nts., 12/1/03 40,000 40,629 - ---------------------------------------------------------------------------------------------------- Chelsea GCA Realty Partner, Inc., 7.75% Gtd. Unsec. Unsub. Nts., 1/26/01 50,000 51,380 - ---------------------------------------------------------------------------------------------------- Commercial Credit Co., 5.55% Unsec. Nts., 2/15/01 110,000 108,503 - ---------------------------------------------------------------------------------------------------- Countrywide Home Loans, Inc., 6.05% Gtd. Medium-Term Nts., Series D, 3/1/01 65,000 64,769 - ---------------------------------------------------------------------------------------------------- General Motors Acceptance Corp., 5.625% Nts., 2/15/01 125,000 123,786 - ---------------------------------------------------------------------------------------------------- Golden West Financial Corp., 8.625% Sub. Nts., 8/30/98 35,000 35,301 - ---------------------------------------------------------------------------------------------------- Merrill Lynch & Co., Inc., 6.50% Nts., 4/1/01 100,000 101,323 - ---------------------------------------------------------------------------------------------------- Olympic Financial Ltd., Units (each unit consists of $1,000 principal amount of 11.50% sr. nts., 3/15/07 and one warrant to purchase 6.84 shares of common stock) (7) 125,000 124,063 ----------- 830,014 - ---------------------------------------------------------------------------------------------------- INSURANCE - 0.5% - ---------------------------------------------------------------------------------------------------- Cigna Corp., 7.90% Nts., 12/14/98 120,000 121,371 - ---------------------------------------------------------------------------------------------------- Conseco Financing Trust III, 8.796% Bonds, 4/1/27 100,000 111,985 - ---------------------------------------------------------------------------------------------------- Travelers Property Casualty Corp., 6.75% Nts., 4/15/01 110,000 112,052 ----------- 345,408 - ---------------------------------------------------------------------------------------------------- INDUSTRIAL - 2.2% - ---------------------------------------------------------------------------------------------------- INDUSTRIAL MATERIALS - 0.2% - ---------------------------------------------------------------------------------------------------- American Standard Cos., Inc., 10.875% Sr. Nts., 5/15/99 (3) 100,000 104,750 - ---------------------------------------------------------------------------------------------------- INDUSTRIAL SERVICES - 0.7% - ---------------------------------------------------------------------------------------------------- Applied Extrusion Technologies, Inc., 11.50% Sr. Nts., Series B, 4/1/02 125,000 133,750 - ---------------------------------------------------------------------------------------------------- Employee Solutions, Inc., 10% Sr. Nts., 10/15/04 (2) 125,000 119,375 - ---------------------------------------------------------------------------------------------------- Jordan Telecommunication Products, Inc., 9.875% Sr. Nts., Series B, 8/1/07 50,000 53,000 - ---------------------------------------------------------------------------------------------------- Sun Co., Inc., 7.95% Debs., 12/15/01 125,000 131,892 - ---------------------------------------------------------------------------------------------------- USI American Holdings, Inc., 7.25% Gtd. Sr. Nts., Series B, 12/1/06 80,000 82,330 ----------- 520,347 - ---------------------------------------------------------------------------------------------------- MANUFACTURING - 0.9% - ---------------------------------------------------------------------------------------------------- Day International Group, Inc., 11.125% Sr. Sub. Nts., Series B, 6/1/05 (3) 100,000 108,500 - ---------------------------------------------------------------------------------------------------- Interlake Corp., 12.125% Sr. Sub. Debs., 3/1/02 100,000 103,500 - ---------------------------------------------------------------------------------------------------- International Wire Group, Inc., 11.75% Sr. Sub. Nts., 6/1/05 100,000 110,500 - ---------------------------------------------------------------------------------------------------- Jordan Industries, Inc., 10.375% Sr. Nts., Series B, 8/1/07 125,000 130,625 - ---------------------------------------------------------------------------------------------------- Specialty Equipment Co., 11.375% Sr. Sub. Nts., 12/1/03 100,000 108,250 - ---------------------------------------------------------------------------------------------------- Titan Wheel International, Inc., 8.75% Sr. Sub. Nts., 4/1/07 100,000 103,750 ----------- 665,125 25 Oppenheimer LifeSpan Funds - ---------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------- STATEMENT OF INVESTMENTS (UNAUDITED)(CONTINUED) Oppenheimer LifeSpan Balanced Fund FACE MARKET VALUE AMOUNT SEE NOTE 1 - ---------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------- TRANSPORTATION - 0.4% - ---------------------------------------------------------------------------------------------------- CSX Corp., 7.05% Debs., 5/1/02 $ 70,000 $ 71,630 - ---------------------------------------------------------------------------------------------------- Norfolk Southern Corp., 7.35% Nts., 5/15/07 75,000 79,793 - ---------------------------------------------------------------------------------------------------- Union Pacific Corp., 7% Nts., 6/15/00 105,000 106,672 ----------- 258,095 - ---------------------------------------------------------------------------------------------------- TECHNOLOGY - 3.4% - ---------------------------------------------------------------------------------------------------- AEROSPACE/DEFENSE - 0.1% - ---------------------------------------------------------------------------------------------------- GPA Delaware, Inc., 8.75% Gtd. Nts., 12/15/98 100,000 101,750 - ---------------------------------------------------------------------------------------------------- COMPUTER SOFTWARE/SERVICES - 0.5% - ---------------------------------------------------------------------------------------------------- Concentric Network Corp., 12.75% Sr. Nts., 12/15/07 (2) 100,000 110,500 - ---------------------------------------------------------------------------------------------------- DII Group, Inc., 8.50% Sr. Sub. Nts., 9/15/07 125,000 125,938 - ---------------------------------------------------------------------------------------------------- Unisys Corp., 12% Sr. Nts., Series B, 4/15/03 100,000 113,500 ----------- 349,938 - ---------------------------------------------------------------------------------------------------- TELECOMMUNICATIONS-TECHNOLOGY - 2.8% - ---------------------------------------------------------------------------------------------------- American Communications Services, Inc., 0%/13% Sr. Disc. Nts., 11/1/05 (5) 125,000 105,313 - ---------------------------------------------------------------------------------------------------- Centennial Cellular Corp., 10.125% Sr. Nts., 5/15/05 75,000 84,000 - ---------------------------------------------------------------------------------------------------- Century Communications, Inc., Zero Coupon Sr. Disc. Nts., 8.50%, 1/15/08 (8) 100,000 44,000 - ---------------------------------------------------------------------------------------------------- Comcast UK Cable Partner Ltd., 0%/11.20% Sr. Disc. Debs., 11/15/07 (5) 125,000 102,188 - ---------------------------------------------------------------------------------------------------- Diamond Cable Communications plc, 0%/10.75% Sr. Disc. Nts., 2/15/07 (5) 125,000 88,750 - ---------------------------------------------------------------------------------------------------- GST USA, Inc., 0%/13.875% Gtd. Sr. Disc. Nts., 12/15/05 (5) 125,000 101,094 - ---------------------------------------------------------------------------------------------------- Intermedia Communications, Inc., 0%/11.25% Sr. Disc. Nts., Series B, 7/15/07 (5) 125,000 92,500 - ---------------------------------------------------------------------------------------------------- International CableTel, Inc., 0%/11.50% Sr. Deferred Coupon Nts., Series B, 2/1/06 (5) 250,000 200,000 - ---------------------------------------------------------------------------------------------------- Level 3 Communications, Inc., 9.125% Sr. Nts., 5/1/08 (2) 125,000 123,672 - ---------------------------------------------------------------------------------------------------- McCaw International Ltd., 0%/13% Sr. Disc. Nts., 4/15/07 (5) 100,000 68,000 - ---------------------------------------------------------------------------------------------------- McLeodUSA, Inc., 0%/10.50% Sr. Disc. Nts., 3/1/07 (5) 100,000 74,750 - ---------------------------------------------------------------------------------------------------- Microcell Telecommunications, Inc., 0%/14% Sr. Disc. Nts., Series B, 6/1/06 (5) 125,000 93,438 - ---------------------------------------------------------------------------------------------------- Nextel Communications, Inc., 0%/9.75% Sr. Disc. Nts., 8/15/04 (5) 200,000 193,500 - ---------------------------------------------------------------------------------------------------- Price Communications Cellular Holdings, Inc., 0%/13.50% Sr. Disc. Nts., Series B, 8/1/07 (5) 150,000 104,250 - ---------------------------------------------------------------------------------------------------- RSL Communications plc, 9.125% Sr. Nts., 3/1/08 (2) 100,000 101,000 - ---------------------------------------------------------------------------------------------------- Sprint Spectrum LP/Sprint Spectrum Finance Corp., 11% Sr. Nts., 8/15/06 100,000 115,000 - ---------------------------------------------------------------------------------------------------- Teleport Communications Group, Inc.: 0%/11.125% Sr. Disc. Nts., 7/1/07 (5) 50,000 43,250 9.875% Sr. Nts., 7/1/06 50,000 57,250 - ---------------------------------------------------------------------------------------------------- U S West Capital Funding, Inc., 6.85% Gtd. Nts., 1/15/02 175,000 177,826 - ---------------------------------------------------------------------------------------------------- Western Wireless Corp., 10.50% Sr. Sub. Nts., 2/1/07 100,000 108,750 ----------- 2,078,531 - ---------------------------------------------------------------------------------------------------- UTILITIES - 0.7% - ---------------------------------------------------------------------------------------------------- GAS UTILITIES - 0.4% - ---------------------------------------------------------------------------------------------------- AES Corp., 8.50% Sr. Sub. Nts., 11/1/07 50,000 51,500 - ---------------------------------------------------------------------------------------------------- Northern Illinois Gas Co., 6.45% First Mtg. Bonds, 8/1/01 180,000 182,261 - ---------------------------------------------------------------------------------------------------- Tennessee Gas Pipeline Co., 7.50% Bonds, 4/1/17 75,000 80,165 ----------- 313,926 - ---------------------------------------------------------------------------------------------------- TELEPHONE UTILITIES - 0.3% - ---------------------------------------------------------------------------------------------------- Ameritech Capital Funding Corp., 5.65% Gtd. Nts., 1/15/01 100,000 99,107 26 Oppenheimer LifeSpan Funds - ---------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------- STATEMENT OF INVESTMENTS (UNAUDITED)(CONTINUED) Oppenheimer LifeSpan Balanced Fund FACE MARKET VALUE AMOUNT SEE NOTE 1 - ---------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------- TELEPHONE UTILITIES (CONTINUED) - ---------------------------------------------------------------------------------------------------- Teligent, Inc., 11.50% Sr. Nts., 12/1/07 $ 125,000 $ 130,313 ------------ 229,420 ------------ Total Non-Convertible Corporate Bonds and Notes (Cost $14,123,414) 14,700,485 - ---------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------- CONVERTIBLE CORPORATE BONDS AND NOTES - 0.1% - ---------------------------------------------------------------------------------------------------- Geotek Communications, Inc., 12% Cv. Sr. Sub. Nts., 2/15/01 (3) 100,000 49,500 - ---------------------------------------------------------------------------------------------------- NationsBank Corp., 8.50% Exchangeable Sub. Nts., 3/1/99 40,000 40,828 ------------ Total Convertible Corporate Bonds and Notes (Cost $134,792) 90,328 - ---------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------- REPURCHASE AGREEMENTS - 7.5% - ---------------------------------------------------------------------------------------------------- Repurchase agreement with Zion First National Bank, 5.52%, dated 4/30/98, to be repurchased at $5,528,848 on 5/1/98, collateralized by U.S. Treasury Nts., 7%, 7/15/06, with a value of $5,649,764 (Cost $5,528,000) 5,528,000 5,528,000 - ---------------------------------------------------------------------------------------------------- TOTAL INVESTMENTS, AT VALUE (COST $62,374,089) 99.7% 73,784,944 - ---------------------------------------------------------------------------------------------------- OTHER ASSETS NET OF LIABILITIES 0.3 192,765 ------------ ------------ NET ASSETS 100.0% $ 73,977,709 ------------ ------------ ------------ ------------
1. Non-income producing security. 2. Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended. These securities have been determined to be liquid under guidelines established by the Board of Directors. These securities amount to $1,014,435 or 1.37% of the Fund's net assets as of April 30, 1998. 3. Identifies issues considered to be illiquid or restricted--See Note 5 of Notes to Financial Statements. 4. Interest-Only Strips represent the right to receive the monthly interest payments on an underlying pool of mortgage loans. These securities typically decline in price as interest rates decline. Most other fixed income securities increase in price when interest rates decline. The principal amount of the underlying pool represents the notional amount on which current interest is calculated. The price of these securities is typically more sensitive to changes in prepayment rates than traditional mortgage-backed securities (for example, GNMA pass-throughs). Interest rates disclosed represent current yields based upon the current cost basis and estimated timing and amount of future cash flows. 5. Denotes a step bond: a zero coupon bond that converts to a fixed or variable interest rate at a designated future date. 6. Represents the current interest rate for an increasing rate security. 7. 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. 8. For zero coupon bonds, the interest rate shown is the effective yield on the date of purchase. See accompanying Notes to Financial Statements. 27 Oppenheimer LifeSpan Funds
- ---------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------- STATEMENT OF INVESTMENTS APRIL 30, 1998 (UNAUDITED) Oppenheimer LifeSpan Growth Fund MARKET VALUE SHARES SEE NOTE 1 - ---------------------------------------------------------------------------------------------------- COMMON STOCKS - 74.8% - ---------------------------------------------------------------------------------------------------- BASIC MATERIALS - 2.3% - ---------------------------------------------------------------------------------------------------- CHEMICALS - 0.8% - ---------------------------------------------------------------------------------------------------- Dexter Corp. 5,500 $ 227,219 - ---------------------------------------------------------------------------------------------------- Ethyl Corp. 18,000 137,250 - ---------------------------------------------------------------------------------------------------- Fuji Photo Film Co. (1) 2,000 71,293 - ---------------------------------------------------------------------------------------------------- IMC Global, Inc. 3,149 113,364 ------------ 549,126 - ---------------------------------------------------------------------------------------------------- METALS - 0.6% - ---------------------------------------------------------------------------------------------------- Carpenter Technology Corp. 4,100 238,056 - ---------------------------------------------------------------------------------------------------- ROHN Industries, Inc. 27,300 147,591 ------------ 385,647 - ---------------------------------------------------------------------------------------------------- PAPER - 0.9% - ---------------------------------------------------------------------------------------------------- Kimberly-Clark de Mexico SA, Cl. A 17,000 82,802 - ---------------------------------------------------------------------------------------------------- Union Camp Corp. 6,900 416,587 - ---------------------------------------------------------------------------------------------------- Unisource Worldwide, Inc. 9,300 117,994 ------------ 617,383 - ---------------------------------------------------------------------------------------------------- CONSUMER CYCLICALS - 11.3% - ---------------------------------------------------------------------------------------------------- AUTOS & HOUSING - 2.0% - ---------------------------------------------------------------------------------------------------- Bridgestone Corp. 4,000 91,425 - ---------------------------------------------------------------------------------------------------- Cornerstone Properties, Inc. 11,400 205,200 - ---------------------------------------------------------------------------------------------------- Dollar Thrifty Automotive Group, Inc. (1) 5,500 103,812 - ---------------------------------------------------------------------------------------------------- Federal-Mogul Corp. 3,100 200,531 - ---------------------------------------------------------------------------------------------------- Lear Corp. (1) 2,400 128,550 - ---------------------------------------------------------------------------------------------------- Meditrust Corp., Paired Stock 4,926 148,088 - ---------------------------------------------------------------------------------------------------- Republic Industries, Inc. (1) 3,400 94,562 - ---------------------------------------------------------------------------------------------------- Tower Realty Trust, Inc. 6,800 160,650 - ---------------------------------------------------------------------------------------------------- Whirlpool Corp. 2,800 201,600 ------------ 1,334,418 - ---------------------------------------------------------------------------------------------------- LEISURE & ENTERTAINMENT - 3.1% - ---------------------------------------------------------------------------------------------------- Alaska Air Group, Inc. (1) 2,200 123,475 - ---------------------------------------------------------------------------------------------------- America West Holdings Corp., Cl. B (1) 5,200 157,300 - ---------------------------------------------------------------------------------------------------- American Skiing Corp. (1) 8,600 133,300 - ---------------------------------------------------------------------------------------------------- AMR Corp. (1) 1,900 289,512 - ---------------------------------------------------------------------------------------------------- CDL Hotels International Ltd. 330,000 101,181 - ---------------------------------------------------------------------------------------------------- Coach USA, Inc. (1) 3,000 142,312 - ---------------------------------------------------------------------------------------------------- Delta Air Lines, Inc. 900 104,625 - ---------------------------------------------------------------------------------------------------- Granada Group plc 10,000 172,216 - ---------------------------------------------------------------------------------------------------- Hasbro, Inc. 4,700 173,019 - ---------------------------------------------------------------------------------------------------- Outback Steakhouse, Inc. (1) 2,300 87,687 - ---------------------------------------------------------------------------------------------------- Piccadilly Cafeterias, Inc. 8,700 114,731 - ---------------------------------------------------------------------------------------------------- Prime Hospitality Corp. (1) 6,500 134,469 - ---------------------------------------------------------------------------------------------------- Vistana, Inc. (1) 12,300 310,575 ------------ 2,044,402 - ---------------------------------------------------------------------------------------------------- MEDIA - 1.3% - ---------------------------------------------------------------------------------------------------- Applied Graphics Technologies, Inc. (1) 6,200 310,000 - ---------------------------------------------------------------------------------------------------- Benpres Holdings Corp., GDR (1)(2) 2,400 8,608 - ---------------------------------------------------------------------------------------------------- Benpres Holdings Corp., Sponsored GDR (1) 6,000 21,519 - ---------------------------------------------------------------------------------------------------- Emmis Broadcasting Corp., Cl. A (1) 2,300 119,025 - ---------------------------------------------------------------------------------------------------- Reed International plc 10,000 88,365 - ---------------------------------------------------------------------------------------------------- Television Broadcasts Ltd. 28,000 71,572 28 Oppenheimer LifeSpan Funds - ---------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------- STATEMENT OF INVESTMENTS (UNAUDITED)(CONTINUED) Oppenheimer LifeSpan Growth Fund MARKET VALUE SHARES SEE NOTE 1 - ---------------------------------------------------------------------------------------------------- MEDIA (CONTINUED) - ---------------------------------------------------------------------------------------------------- VNU - Verenigde Nederlandse Uitgeverbedrijven Verenigd Bezit 4,000 $ 129,472 - ---------------------------------------------------------------------------------------------------- Wolters Kluwer NV 1,000 130,709 ------------ 879,270 - ---------------------------------------------------------------------------------------------------- RETAIL: GENERAL - 2.8% - ---------------------------------------------------------------------------------------------------- Circle K Japan Co. Ltd. 1,320 54,446 - ---------------------------------------------------------------------------------------------------- Dayton Hudson Corp. 2,000 174,625 - ---------------------------------------------------------------------------------------------------- Federated Department Stores, Inc. (1) 3,600 177,075 - ---------------------------------------------------------------------------------------------------- Fruit of the Loom, Inc., Cl. A (1) 4,000 149,500 - ---------------------------------------------------------------------------------------------------- Ito-Yokado Co. Ltd. 2,000 103,686 - ---------------------------------------------------------------------------------------------------- K Mart Corp. (1) 5,000 87,187 - ---------------------------------------------------------------------------------------------------- Liz Claiborne, Inc. 2,000 98,375 - ---------------------------------------------------------------------------------------------------- Nordstrom, Inc. 1,400 91,612 - ---------------------------------------------------------------------------------------------------- Penney (J.C.) Co., Inc. 7,000 497,437 - ---------------------------------------------------------------------------------------------------- Sears Roebuck & Co. 7,700 456,706 ------------ 1,890,649 - ---------------------------------------------------------------------------------------------------- RETAIL: SPECIALTY - 2.1% - ---------------------------------------------------------------------------------------------------- Brown Group, Inc. 9,300 148,219 - ---------------------------------------------------------------------------------------------------- Brylane, Inc. (1) 1,400 82,250 - ---------------------------------------------------------------------------------------------------- Dickson Concepts International Ltd. 42,000 58,017 - ---------------------------------------------------------------------------------------------------- Guitar Center, Inc. (1) 5,100 145,350 - ---------------------------------------------------------------------------------------------------- Hennes & Mauritz AB, B Shares 3,000 156,225 - ---------------------------------------------------------------------------------------------------- Inacom Corp. (1) 3,300 118,181 - ---------------------------------------------------------------------------------------------------- Koninklijke Ahold NV 4,500 140,311 - ---------------------------------------------------------------------------------------------------- Kroll-O'Gara Co. (The) (1) 4,300 91,644 - ---------------------------------------------------------------------------------------------------- New England Business Service, Inc. 6,600 219,037 - ---------------------------------------------------------------------------------------------------- Payless ShoeSource, Inc. (1) 2,000 143,000 - ---------------------------------------------------------------------------------------------------- Stage Stores, Inc. (1) 2,400 123,450 ------------ 1,425,684 - ---------------------------------------------------------------------------------------------------- CONSUMER NON-CYCLICALS - 10.8% - ---------------------------------------------------------------------------------------------------- BEVERAGES - 0.3% - ---------------------------------------------------------------------------------------------------- Embotelladora Andina SA, Series B, Sponsored ADR 3,400 68,850 - ---------------------------------------------------------------------------------------------------- Scottish & Newcastle plc 9,000 134,830 ------------ 203,680 - ---------------------------------------------------------------------------------------------------- FOOD - 1.8% - ---------------------------------------------------------------------------------------------------- Colruyt SA 250 151,891 - ---------------------------------------------------------------------------------------------------- Groupe Danone 850 200,573 - ---------------------------------------------------------------------------------------------------- Jeronimo Martins & Filho SA 2,500 115,357 - ---------------------------------------------------------------------------------------------------- Kroger Co. (1) 5,200 217,750 - ---------------------------------------------------------------------------------------------------- Nestle SA 70 135,805 - ---------------------------------------------------------------------------------------------------- Safeway, Inc. (1) 3,800 145,350 - ---------------------------------------------------------------------------------------------------- United Natural Foods, Inc. (1) 4,000 113,000 - ---------------------------------------------------------------------------------------------------- William Morrison Supermarkets plc 31,000 137,355 ------------ 1,217,081 - ---------------------------------------------------------------------------------------------------- HEALTHCARE/DRUGS - 3.4% - ---------------------------------------------------------------------------------------------------- Fresenius AG, Preference 700 169,490 - ---------------------------------------------------------------------------------------------------- Gedeon Richter Ltd., GDR (2) 1,000 107,132 - ---------------------------------------------------------------------------------------------------- Incyte Pharmaceuticals, Inc. (1) 3,400 153,000 - ---------------------------------------------------------------------------------------------------- Jones Medical Industries, Inc. 5,100 150,450 - ---------------------------------------------------------------------------------------------------- Medicis Pharmaceutical Corp., Cl. A (1) 6,900 294,975 - ---------------------------------------------------------------------------------------------------- Novartis AG 105 173,607 29 Oppenheimer LifeSpan Fund - ---------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------- STATEMENT OF INVESTMENTS (UNAUDITED)(CONTINUED) Oppenheimer LifeSpan Growth Fund MARKET VALUE SHARES SEE NOTE 1 - ---------------------------------------------------------------------------------------------------- HEALTHCARE/DRUGS (CONTINUED) - ---------------------------------------------------------------------------------------------------- Novo-Nordisk AS, B Shares 1,200 $ 194,646 - ---------------------------------------------------------------------------------------------------- PharMerica, Inc. (1) 11,800 163,725 - ---------------------------------------------------------------------------------------------------- Roche Holding AG 15 152,056 - ---------------------------------------------------------------------------------------------------- Sanofi SA 1,100 133,255 - ---------------------------------------------------------------------------------------------------- Schering AG 1,075 115,438 - ---------------------------------------------------------------------------------------------------- SKW Trostberg AG 3,750 128,518 - ---------------------------------------------------------------------------------------------------- Takeda Chemical Industries Ltd. 4,000 114,433 - ---------------------------------------------------------------------------------------------------- Zeneca Group plc 4,250 183,051 ------------ 2,233,776 - ---------------------------------------------------------------------------------------------------- HEALTHCARE/SUPPLIES & SERVICES - 3.7% - ---------------------------------------------------------------------------------------------------- Alternative Living Services, Inc. (1) 6,100 213,500 - ---------------------------------------------------------------------------------------------------- Concentra Managed Care, Inc. (1) 6,600 205,425 - ---------------------------------------------------------------------------------------------------- FPA Medical Management, Inc. (1) 10,200 127,500 - ---------------------------------------------------------------------------------------------------- HealthCare Financial Partners, Inc. (1) 3,600 181,350 - ---------------------------------------------------------------------------------------------------- Luxottica Group SpA, Sponsored ADR 10,000 166,875 - ---------------------------------------------------------------------------------------------------- National Surgery Centers, Inc. (1) 10,100 286,587 - ---------------------------------------------------------------------------------------------------- Pediatrix Medical Group, Inc. (1) 5,500 232,031 - ---------------------------------------------------------------------------------------------------- Province Healthcare Co. (1) 1,800 49,725 - ---------------------------------------------------------------------------------------------------- Renal Care Group, Inc. (1) 4,700 179,775 - ---------------------------------------------------------------------------------------------------- Rural/Metro Corp. (1) 7,800 253,500 - ---------------------------------------------------------------------------------------------------- SmithKline Beecham plc 17,724 211,294 - ---------------------------------------------------------------------------------------------------- Tenet Healthcare Corp. (1) 5,210 195,049 - ---------------------------------------------------------------------------------------------------- Trex Medical Corp. (1) 6,800 129,200 - ---------------------------------------------------------------------------------------------------- WellPoint Health Networks, Inc. (1) 900 64,912 ------------ 2,496,723 - ---------------------------------------------------------------------------------------------------- HOUSEHOLD GOODS - 1.6% - ---------------------------------------------------------------------------------------------------- Dial Corp. (The) 6,400 156,000 - ---------------------------------------------------------------------------------------------------- Fort James Corp. 7,125 353,578 - ---------------------------------------------------------------------------------------------------- L'OREAL 375 178,846 - ---------------------------------------------------------------------------------------------------- Premark International, Inc. 5,800 193,575 - ---------------------------------------------------------------------------------------------------- Reckitt & Colman plc 10,000 201,476 ------------ 1,083,475 - ---------------------------------------------------------------------------------------------------- ENERGY - 4.0% - ---------------------------------------------------------------------------------------------------- ENERGY SERVICES & PRODUCERS - 0.7% - ---------------------------------------------------------------------------------------------------- Diamond Offshore Drilling, Inc. 4,300 217,687 - ---------------------------------------------------------------------------------------------------- Global Marine, Inc. (1) 2,800 65,975 - ---------------------------------------------------------------------------------------------------- Gulf Island Fabrication, Inc. (1) 3,900 90,675 - ---------------------------------------------------------------------------------------------------- Tidewater, Inc. 2,600 103,025 ------------ 477,362 - ---------------------------------------------------------------------------------------------------- OIL-INTEGRATED - 3.3% - ---------------------------------------------------------------------------------------------------- Amoco Corp. 3,600 159,300 - ---------------------------------------------------------------------------------------------------- Atlantic Richfield Co. 3,400 265,200 - ---------------------------------------------------------------------------------------------------- Chevron Corp. 3,300 272,869 - ---------------------------------------------------------------------------------------------------- Cliffs Drilling Co. (1) 1,400 69,037 - ---------------------------------------------------------------------------------------------------- Exxon Corp. 6,400 466,800 - ---------------------------------------------------------------------------------------------------- Mobil Corp. 4,700 371,300 - ---------------------------------------------------------------------------------------------------- Occidental Petroleum Corp. 6,300 185,456 - ---------------------------------------------------------------------------------------------------- Patterson Energy, Inc. (1) 5,700 79,800 - ---------------------------------------------------------------------------------------------------- Quinenco SA, ADR (1) 3,000 30,937 - ---------------------------------------------------------------------------------------------------- Shell Transport & Trading Co. plc 16,000 118,913 30 Oppenheimer LifeSpan Fund - ---------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------- STATEMENT OF INVESTMENTS (UNAUDITED)(CONTINUED) Oppenheimer LifeSpan Growth Fund MARKET VALUE SHARES SEE NOTE 1 - ---------------------------------------------------------------------------------------------------- OIL-INTEGRATED (CONTINUED) - ---------------------------------------------------------------------------------------------------- Total SA, B Shares 1,641 $ 194,975 ------------ 2,214,587 - ---------------------------------------------------------------------------------------------------- FINANCIAL - 12.2% - ---------------------------------------------------------------------------------------------------- BANKS - 5.0% - ---------------------------------------------------------------------------------------------------- Banco Bradesco SA, Preference 6,400,000 58,740 - ---------------------------------------------------------------------------------------------------- Banco Popular Espanol SA 2,020 165,666 - ---------------------------------------------------------------------------------------------------- Bank Handlowy W Warszawie GDR (1) 3,900 74,490 - ---------------------------------------------------------------------------------------------------- BankAmerica Corp. 4,100 348,500 - ---------------------------------------------------------------------------------------------------- BankBoston Corp. 5,400 582,862 - ---------------------------------------------------------------------------------------------------- Bayerische Vereinsbank AG (1) 2,000 149,345 - ---------------------------------------------------------------------------------------------------- Credit Suisse Group 750 165,007 - ---------------------------------------------------------------------------------------------------- Credito Italiano SpA (1) 24,000 126,098 - ---------------------------------------------------------------------------------------------------- First Union Corp. 4,000 241,500 - ---------------------------------------------------------------------------------------------------- Lloyds TSB Group plc 19,000 284,483 - ---------------------------------------------------------------------------------------------------- Mitsubishi Trust & Banking Corp. 8,000 76,288 - ---------------------------------------------------------------------------------------------------- NationsBank Corp. 3,800 287,850 - ---------------------------------------------------------------------------------------------------- Nordbanken Holding AB 26,000 191,502 - ---------------------------------------------------------------------------------------------------- Thai Farmers Bank Public Co. Ltd. (1) 45,000 102,973 - ---------------------------------------------------------------------------------------------------- Union Bank of Switzerland 450 144,456 - ---------------------------------------------------------------------------------------------------- Wells Fargo & Co. 900 331,650 ------------ 3,331,410 - ---------------------------------------------------------------------------------------------------- DIVERSIFIED FINANCIAL - 3.7% - ---------------------------------------------------------------------------------------------------- AMRESCO, Inc. (1) 10,000 362,500 - ---------------------------------------------------------------------------------------------------- Camden Property Trust 6,100 178,806 - ---------------------------------------------------------------------------------------------------- Capstone Capital Corp. 7,500 179,063 - ---------------------------------------------------------------------------------------------------- Cattles plc 19,000 203,474 - ---------------------------------------------------------------------------------------------------- Haw Par Brothers International Ltd. 46,000 52,870 - ---------------------------------------------------------------------------------------------------- Health & Retirement Properties Trust 8,200 159,900 - ---------------------------------------------------------------------------------------------------- ING Groep NV 2,752 178,834 - ---------------------------------------------------------------------------------------------------- Lend Lease Corp. Ltd. 4,000 91,421 - ---------------------------------------------------------------------------------------------------- Money Store, Inc. (The) 1,700 55,888 - ---------------------------------------------------------------------------------------------------- Morgan Stanley, Dean Witter & Co. 2,000 157,750 - ---------------------------------------------------------------------------------------------------- Nichiei Co. Ltd. 1,100 85,749 - ---------------------------------------------------------------------------------------------------- Northern Rock plc (1) 18,000 184,489 - ---------------------------------------------------------------------------------------------------- Perlis Plantations Berhad 32,500 45,622 - ---------------------------------------------------------------------------------------------------- Promise Co. Ltd. 1,600 81,374 - ---------------------------------------------------------------------------------------------------- Sirrom Capital Corp. 7,300 218,088 - ---------------------------------------------------------------------------------------------------- Travelers Group, Inc. 3,820 233,736 ------------ 2,469,564 - ---------------------------------------------------------------------------------------------------- INSURANCE - 3.5% - ---------------------------------------------------------------------------------------------------- Allstate Corp. 2,500 240,625 - ---------------------------------------------------------------------------------------------------- AXA SA 1,400 164,247 - ---------------------------------------------------------------------------------------------------- Chubb Corp. 2,400 189,450 - ---------------------------------------------------------------------------------------------------- Conseco, Inc. 6,400 317,600 - ---------------------------------------------------------------------------------------------------- Equitable Cos., Inc. 3,600 220,950 - ---------------------------------------------------------------------------------------------------- HSB Group, Inc. 3,000 198,000 - ---------------------------------------------------------------------------------------------------- INSpire Insurance Solutions, Inc. (1) 2,100 70,613 - ---------------------------------------------------------------------------------------------------- Irish Life plc 4,000 37,134 - ---------------------------------------------------------------------------------------------------- Pre-Paid Legal Services, Inc. (1) 6,500 245,781 - ---------------------------------------------------------------------------------------------------- St. Paul Cos., Inc. 3,300 279,675 31 Oppenheimer LifeSpan Fund - ---------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------- STATEMENT OF INVESTMENTS (UNAUDITED)(CONTINUED) Oppenheimer LifeSpan Growth Fund MARKET VALUE SHARES SEE NOTE 1 - ---------------------------------------------------------------------------------------------------- INSURANCE (CONTINUED) - ---------------------------------------------------------------------------------------------------- Torchmark Corp. 3,200 $ 142,600 - ---------------------------------------------------------------------------------------------------- Travelers Property Casualty Corp., Cl. A 4,900 205,800 ------------ 2,312,475 - ---------------------------------------------------------------------------------------------------- INDUSTRIAL - 10.0% - ---------------------------------------------------------------------------------------------------- ELECTRICAL EQUIPMENT - 0.3% - ---------------------------------------------------------------------------------------------------- Siebe plc 8,000 178,703 - ---------------------------------------------------------------------------------------------------- INDUSTRIAL MATERIALS - 0.2% - ---------------------------------------------------------------------------------------------------- USG Corp. (1) 3,000 154,125 - ---------------------------------------------------------------------------------------------------- INDUSTRIAL SERVICES - 4.8% - ---------------------------------------------------------------------------------------------------- American Disposal Services, Inc. (1) 7,100 284,666 - ---------------------------------------------------------------------------------------------------- Central Parking Corp. 3,100 145,313 - ---------------------------------------------------------------------------------------------------- Computer Horizons Corp. (1) 7,600 288,325 - ---------------------------------------------------------------------------------------------------- Computer Task Group, Inc. 10,000 388,750 - ---------------------------------------------------------------------------------------------------- Cyberonics, Inc. (1) 2,900 69,600 - ---------------------------------------------------------------------------------------------------- Eastern Environmental Services, Inc. (1) 10,100 263,863 - ---------------------------------------------------------------------------------------------------- Hays plc 14,000 237,474 - ---------------------------------------------------------------------------------------------------- Helix Technology Corp. 5,100 102,000 - ---------------------------------------------------------------------------------------------------- Lamar Advertising Co., Cl. A (1) 4,050 139,725 - ---------------------------------------------------------------------------------------------------- Metamor Worldwide, Inc. (1) 7,400 283,050 - ---------------------------------------------------------------------------------------------------- PMT Services, Inc. (1) 5,700 111,150 - ---------------------------------------------------------------------------------------------------- Renaissance Worldwide, Inc. (1) 6,000 107,625 - ---------------------------------------------------------------------------------------------------- Rental Service Corp. (1) 4,900 142,406 - ---------------------------------------------------------------------------------------------------- Tetra Tech, Inc. (1) 8,031 194,758 - ---------------------------------------------------------------------------------------------------- Transaction Systems Architects, Inc., Cl. A (1) 6,300 264,600 - ---------------------------------------------------------------------------------------------------- Viad Corp. 5,700 147,131 ------------ 3,170,436 - ---------------------------------------------------------------------------------------------------- MANUFACTURING - 3.9% - ---------------------------------------------------------------------------------------------------- AGCO Corp. 3,100 82,925 - ---------------------------------------------------------------------------------------------------- Canon Sales Co., Inc. 300 4,019 - ---------------------------------------------------------------------------------------------------- Case Corp. 2,500 158,906 - ---------------------------------------------------------------------------------------------------- Deere & Co. 3,200 187,000 - ---------------------------------------------------------------------------------------------------- Ingersoll-Rand Co. 3,500 161,219 - ---------------------------------------------------------------------------------------------------- ITEQ, Inc. (1) 3,000 38,250 - ---------------------------------------------------------------------------------------------------- Mannesmann AG 350 275,788 - ---------------------------------------------------------------------------------------------------- PACCAR, Inc. 10,700 635,313 - ---------------------------------------------------------------------------------------------------- Parker-Hannifin Corp. 2,900 129,413 - ---------------------------------------------------------------------------------------------------- Ricoh Co. Ltd. 10,000 103,761 - ---------------------------------------------------------------------------------------------------- SMC Corp. 500 41,626 - ---------------------------------------------------------------------------------------------------- Smiths Industries plc 12,000 174,156 - ---------------------------------------------------------------------------------------------------- Textron, Inc. 4,600 359,950 - ---------------------------------------------------------------------------------------------------- U.S. Industries, Inc. 9,300 252,263 ------------ 2,604,589 - ---------------------------------------------------------------------------------------------------- TRANSPORTATION - 0.8% - ---------------------------------------------------------------------------------------------------- Brambles Industries Ltd. 4,600 94,412 - ---------------------------------------------------------------------------------------------------- GATX Corp. 4,100 339,788 - ---------------------------------------------------------------------------------------------------- Gulfmark Offshore, Inc. (1) 2,500 77,500 ------------ 511,700 - ---------------------------------------------------------------------------------------------------- TECHNOLOGY - 14.7% - ---------------------------------------------------------------------------------------------------- AEROSPACE/DEFENSE - 1.4% - ---------------------------------------------------------------------------------------------------- General Dynamics Corp. 9,000 380,250 32 Oppenheimer LifeSpan Fund - ---------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------- STATEMENT OF INVESTMENTS (UNAUDITED)(CONTINUED) Oppenheimer LifeSpan Growth Fund MARKET VALUE SHARES SEE NOTE 1 - ---------------------------------------------------------------------------------------------------- AEROSPACE/DEFENSE (CONTINUED) - ---------------------------------------------------------------------------------------------------- Lockheed Martin Corp. 3,200 $ 356,400 - ---------------------------------------------------------------------------------------------------- REMEC, Inc. (1) 4,200 104,475 - ---------------------------------------------------------------------------------------------------- TriStar Aerospace Co. (1) 7,100 117,150 ------------ 958,275 - ---------------------------------------------------------------------------------------------------- COMPUTER HARDWARE - 3.2% - ---------------------------------------------------------------------------------------------------- Apex PC Solutions, Inc. (1) 4,100 122,488 - ---------------------------------------------------------------------------------------------------- Gateway 2000, Inc. (1) 2,000 117,375 - ---------------------------------------------------------------------------------------------------- Insight Enterprises, Inc. (1) 6,100 243,238 - ---------------------------------------------------------------------------------------------------- International Business Machines Corp. 900 104,288 - ---------------------------------------------------------------------------------------------------- Lexmark International Group, Inc., Cl. A (1) 2,500 144,688 - ---------------------------------------------------------------------------------------------------- MTI Technology Corp. (1) 5,000 79,688 - ---------------------------------------------------------------------------------------------------- Network Appliance, Inc. (1) 7,500 270,469 - ---------------------------------------------------------------------------------------------------- Radiant Systems, Inc. (1) 5,100 114,750 - ---------------------------------------------------------------------------------------------------- Semtech Corp. (1) 6,000 143,250 - ---------------------------------------------------------------------------------------------------- Storage Technology Corp. (New) (1) 3,800 320,863 - ---------------------------------------------------------------------------------------------------- Xerox Corp. 4,000 454,000 ------------ 2,115,097 - ---------------------------------------------------------------------------------------------------- COMPUTER SOFTWARE/SERVICES - 3.6% - ---------------------------------------------------------------------------------------------------- Arbor Software Corp. (1) 2,600 122,363 - ---------------------------------------------------------------------------------------------------- Avid Technology, Inc. (1) 900 39,038 - ---------------------------------------------------------------------------------------------------- BEA Systems, Inc. (1) 5,200 115,700 - ---------------------------------------------------------------------------------------------------- Computer Management Sciences, Inc. (1) 6,200 159,650 - ---------------------------------------------------------------------------------------------------- Dendrite International, Inc. (1) 3,300 105,394 - ---------------------------------------------------------------------------------------------------- Diamond Technology Partners, Inc. (1) 4,200 117,600 - ---------------------------------------------------------------------------------------------------- Envoy Corp. (1) 600 25,275 - ---------------------------------------------------------------------------------------------------- JDA Software Group, Inc. (1) 3,200 161,800 - ---------------------------------------------------------------------------------------------------- Pegasystems, Inc. (1) 6,800 127,500 - ---------------------------------------------------------------------------------------------------- QuadraMed Corp. (1) 4,200 119,700 - ---------------------------------------------------------------------------------------------------- SAP AG, Preference 700 349,903 - ---------------------------------------------------------------------------------------------------- Sapient Corp. (1) 1,100 54,313 - ---------------------------------------------------------------------------------------------------- Summit Design, Inc. (1) 8,000 123,500 - ---------------------------------------------------------------------------------------------------- Symantec Corp. (1) 1,400 40,600 - ---------------------------------------------------------------------------------------------------- Technology Solutions Co. (1) 9,450 303,581 - ---------------------------------------------------------------------------------------------------- Veritas Software Corp. (1) 2,850 156,038 - ---------------------------------------------------------------------------------------------------- Visio Corp. (1) 3,800 188,100 - ---------------------------------------------------------------------------------------------------- Wind River Systems, Inc. (1) 2,600 90,025 ------------ 2,400,080 - ---------------------------------------------------------------------------------------------------- ELECTRONICS - 3.5% - ---------------------------------------------------------------------------------------------------- ATMI, Inc. (1) 1,000 27,875 - ---------------------------------------------------------------------------------------------------- Bowthorpe plc 22,000 193,116 - ---------------------------------------------------------------------------------------------------- Electrocomponents plc 15,000 145,840 - ---------------------------------------------------------------------------------------------------- Getronics NV 2,800 123,889 - ---------------------------------------------------------------------------------------------------- Hoshiden Corp. (1) 9,000 117,089 - ---------------------------------------------------------------------------------------------------- Keyence Corp. 60 8,092 - ---------------------------------------------------------------------------------------------------- Matsushita Electric Industrial Co. 5,000 80,224 - ---------------------------------------------------------------------------------------------------- Power-One, Inc. (1) 4,200 52,763 - ---------------------------------------------------------------------------------------------------- Rohm Co. 1,000 113,070 - ---------------------------------------------------------------------------------------------------- Royal Philips Electronics NV 2,000 176,193 - ---------------------------------------------------------------------------------------------------- Sawtek, Inc. (1) 4,000 121,500 - ---------------------------------------------------------------------------------------------------- SCI Systems, Inc. (1) 1,400 57,663 33 Oppenheimer LifeSpan Fund - ---------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------- STATEMENT OF INVESTMENTS (UNAUDITED)(CONTINUED) Oppenheimer LifeSpan Growth Fund MARKET VALUE SHARES SEE NOTE 1 - ---------------------------------------------------------------------------------------------------- ELECTRONICS (CONTINUED) - ---------------------------------------------------------------------------------------------------- Sony Corp. 2,100 $ 174,987 - ---------------------------------------------------------------------------------------------------- TDK Corp. 1,000 79,164 - ---------------------------------------------------------------------------------------------------- Vitesse Semiconductor Corp. (1) 4,650 268,247 - ---------------------------------------------------------------------------------------------------- VTech Holdings Ltd. 60,000 210,688 - ---------------------------------------------------------------------------------------------------- Waters Corp. (1) 7,000 374,500 ------------ 2,324,900 - ---------------------------------------------------------------------------------------------------- TELECOMMUNICATIONS-TECHNOLOGY - 3.0% - ---------------------------------------------------------------------------------------------------- DSP Communications, Inc. (1) 6,300 105,131 - ---------------------------------------------------------------------------------------------------- Inter-Tel, Inc. 5,900 139,388 - ---------------------------------------------------------------------------------------------------- Matsushita Communication Industrial Co. 4,000 118,368 - ---------------------------------------------------------------------------------------------------- Nippon Telegraph & Telephone Corp. 17 149,247 - ---------------------------------------------------------------------------------------------------- P-COM, Inc. (1) 9,500 187,031 - ---------------------------------------------------------------------------------------------------- Pacific Gateway Exchange, Inc. (1) 4,600 262,200 - ---------------------------------------------------------------------------------------------------- SK Telecommunications Co. Ltd., ADR 219 1,629 - ---------------------------------------------------------------------------------------------------- Tekelec (1) 4,300 216,075 - ---------------------------------------------------------------------------------------------------- Telecom Italia Mobile SpA 26,250 149,623 - ---------------------------------------------------------------------------------------------------- Telecom Italia SpA (1) 18,000 134,597 - ---------------------------------------------------------------------------------------------------- Uniphase Corp. (1) 3,400 184,450 - ---------------------------------------------------------------------------------------------------- Vodafone Group plc 29,000 319,294 ------------ 1,967,033 - ---------------------------------------------------------------------------------------------------- UTILITIES - 9.5% - ---------------------------------------------------------------------------------------------------- ELECTRIC UTILITIES - 2.8% - ---------------------------------------------------------------------------------------------------- Duke Energy Corp. 4,961 287,118 - ---------------------------------------------------------------------------------------------------- Edison International 4,900 146,081 - ---------------------------------------------------------------------------------------------------- FPL Group, Inc. 7,700 477,881 - ---------------------------------------------------------------------------------------------------- Illinova Corp. 5,300 161,981 - ---------------------------------------------------------------------------------------------------- Kansas City Power & Light Co. 6,700 199,325 - ---------------------------------------------------------------------------------------------------- United Utilities plc 14,000 195,457 - ---------------------------------------------------------------------------------------------------- Veba AG 3,000 197,771 - ---------------------------------------------------------------------------------------------------- Western Resources, Inc. 5,000 195,313 ------------ 1,860,927 - ---------------------------------------------------------------------------------------------------- GAS UTILITIES - 2.0% - ---------------------------------------------------------------------------------------------------- Columbia Energy Group 2,600 211,250 - ---------------------------------------------------------------------------------------------------- El Paso Natural Gas Co. 10,800 398,925 - ---------------------------------------------------------------------------------------------------- MCN Energy Group, Inc. 5,200 196,300 - ---------------------------------------------------------------------------------------------------- National Fuel Gas Co. 4,800 220,800 - ---------------------------------------------------------------------------------------------------- Questar Corp. 4,500 195,188 - ---------------------------------------------------------------------------------------------------- RWE AG, Preference 2,500 105,113 ------------ 1,327,576 - ---------------------------------------------------------------------------------------------------- TELEPHONE UTILITIES - 4.7% - ---------------------------------------------------------------------------------------------------- Ameritech Corp. 10,300 438,394 - ---------------------------------------------------------------------------------------------------- AT&T Corp. 10,300 618,644 - ---------------------------------------------------------------------------------------------------- Bell Atlantic Corp. 6,164 576,719 - ---------------------------------------------------------------------------------------------------- Century Telephone Enterprises, Inc. 1,500 63,844 - ---------------------------------------------------------------------------------------------------- Frontier Corp. 10,700 320,331 - ---------------------------------------------------------------------------------------------------- Tel-Save Holdings, Inc. (1) 5,500 125,469 - ---------------------------------------------------------------------------------------------------- Tele Danmark AS, B Shares 2,000 168,051 - ---------------------------------------------------------------------------------------------------- Telecomunicacoes do Rio de Janeiro SA, Preference 420,000 63,329 - ---------------------------------------------------------------------------------------------------- Telefonica de Espana 3,500 146,049 34 Oppenheimer LifeSpan Fund - ---------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------- STATEMENT OF INVESTMENTS (UNAUDITED)(CONTINUED) Oppenheimer LifeSpan Growth Fund MARKET VALUE SHARES SEE NOTE 1 - ---------------------------------------------------------------------------------------------------- TELEPHONE UTILITIES (CONTINUED) - ---------------------------------------------------------------------------------------------------- U S West Communications Group 11,500 $ 606,625 ------------ 3,127,455 ------------ Total Common Stocks (Cost $37,990,250) 49,867,608 - ---------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------- PREFERRED STOCKS - 0.3% - ---------------------------------------------------------------------------------------------------- Case Corp., $4.50 Cum. Cv., Series A, Non-Vtg. (Cost $114,800) 1,200 176,850 UNITS - ---------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------- RIGHTS, WARRANTS AND CERTIFICATES - 0.1% - ---------------------------------------------------------------------------------------------------- Australis Media Ltd. Wts., Exp. 10/01 (3) 100 1 - ---------------------------------------------------------------------------------------------------- Concentric Network Corp. Wts., Exp. 12/07 100 9,550 - ---------------------------------------------------------------------------------------------------- Dairy Mart Convenience Stores, Inc. Wts., Exp. 12/01 (3) 333 166 - ---------------------------------------------------------------------------------------------------- Haw Par Brothers Corp. Ltd. Wts., Exp. 7/01 3,300 688 - ---------------------------------------------------------------------------------------------------- Intermedia Communications, Inc. Wts., Exp. 6/00 (3) 50 6,750 - ---------------------------------------------------------------------------------------------------- Microcell Telecommunications, Inc. Wts., Exp. 6/06 (3) 500 13,062 - ---------------------------------------------------------------------------------------------------- Price Communications Corp. Wts., Exp. 8/07 (3) 344 5,332 - ---------------------------------------------------------------------------------------------------- Signature Brands, Inc. Wts., Exp. 12/49 (3) 50 1,006 - ---------------------------------------------------------------------------------------------------- Telefonica de Espana Rts., Exp. 5/98 3,500 2,710 ------------ Total Rights, Warrants and Certificates (Cost $9,522) 39,265 FACE AMOUNT - ---------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------- ASSET-BACKED SECURITIES - 0.2% - ---------------------------------------------------------------------------------------------------- IROQUOIS Trust, Asset-Backed Amortizing Nts., Series 1997-2, Cl. A, 6.752%, 6/25/07 (3) $ 50,000 50,297 - ---------------------------------------------------------------------------------------------------- Olympic Automobile Receivables Trust, Automobile Receivables-Backed Nts.: Series 1996-A, Cl. A-4, 5.85%, 7/15/01 15,000 14,981 Series 1997-A, Cl. A-5, 6.80%, 2/15/05 50,000 50,807 ------------ Total Asset-Backed Securities (Cost $114,855) 116,085 - ---------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------- MORTGAGE-BACKED OBLIGATIONS - 1.4% - ---------------------------------------------------------------------------------------------------- Countrywide Funding Corp., Mtg. Pass-Through Certificates, Series 1994-10, Cl. A3, 6%, 5/25/09 100,000 98,617 - ---------------------------------------------------------------------------------------------------- Federal Home Loan Mortgage Corp., Collateralized Mtg. Obligations, Gtd. Multiclass Mtg. Participation Certificates, Series 1711, Cl. EA, 7%, 3/15/24 100,000 102,468 - ---------------------------------------------------------------------------------------------------- Federal Home Loan Mortgage Corp., Gtd. Multiclass Mtg. Participation Certificates: 6%, 3/1/09 22,731 22,622 Series 1574, Cl. PD, 5.55%, 3/15/13 35,705 35,616 Series 1843, Cl. VB, 7%, 4/15/03 20,000 20,519 Series 1849, Cl. VA, 6%, 12/15/10 22,404 22,320 - ---------------------------------------------------------------------------------------------------- Federal Home Loan Mortgage Corp., Interest-Only Stripped Mtg.-Backed Security: Series 1542, C1. QC, 7.496%, 10/15/20 (4) 400,000 76,016 Series 1583, C1. IC, 6.924%, 1/15/20 (4) 250,000 32,422 35 Oppenheimer LifeSpan Fund - ---------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------- STATEMENT OF INVESTMENTS (UNAUDITED)(CONTINUED) Oppenheimer LifeSpan Growth Fund FACE MARKET VALUE AMOUNT SEE NOTE 1 - ---------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------- MORTGAGE-BACKED OBLIGATIONS (CONTINUED) - ---------------------------------------------------------------------------------------------------- Federal National Mortgage Assn.: 6%, 12/1/03 $ 40,147 $ 39,921 6.50%, 4/1/26 44,935 44,578 7%, 4/1/00 62,034 62,624 - ---------------------------------------------------------------------------------------------------- Federal National Mortgage Assn., Collateralized Mtg. Obligations, Gtd. Real Estate Mtg. Investment Conduit Pass-Through Certificates: Trust 1993-181, Cl. C, 5.40%, 10/25/02 39,583 39,398 Trust 1993-190, Cl. Z, 5.85%, 7/25/08 52,012 51,742 - ---------------------------------------------------------------------------------------------------- Federal National Mortgage Assn., Medium-Term Nts., 6.56%, 11/13/01 100,000 100,172 - ---------------------------------------------------------------------------------------------------- GE Capital Mortgage Services, Inc., Gtd. Real Estate Mtg. Investment Conduit Pass-Through Certificates, Series 1994-7, Cl. A18, 6%, 2/25/09 99,442 93,849 - ---------------------------------------------------------------------------------------------------- PNC Mortgage Securities Corp., Commercial Mtg. Pass-Through Certificates, Series 1995-2, Cl. A3, 6.50%, 2/25/12 50,000 50,080 - ---------------------------------------------------------------------------------------------------- Residential Accredit Loans, Inc., Mtg. Asset-Backed Pass-Through Certificates, Series 1997-QS9, Cl. A2, 6.75%, 9/25/27 50,000 49,885 ------------ Total Mortgage-Backed Obligations (Cost $935,232) 942,849 - ---------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------- U.S. GOVERNMENT OBLIGATIONS - 3.7% - ---------------------------------------------------------------------------------------------------- U.S. Treasury Bonds: 6%, 2/15/26 100,000 99,781 7.50%, 11/15/16 945,000 1,099,449 - ---------------------------------------------------------------------------------------------------- U.S. Treasury Nts.: 5.625%, 2/15/06 275,000 272,852 5.75%, 8/15/03 100,000 100,313 6.50%, 8/15/05 450,000 469,969 7.50%, 11/15/01 400,000 423,250 ------------ Total U.S. Government Obligations (Cost $2,376,811) 2,465,614 - ---------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------- NON-CONVERTIBLE CORPORATE BONDS AND NOTES - 11.4% - ---------------------------------------------------------------------------------------------------- BASIC MATERIALS - 1.5% - ---------------------------------------------------------------------------------------------------- CHEMICALS - 0.7% - ---------------------------------------------------------------------------------------------------- Du Pont (E.I.) De Nemours & Co., 8.50% Debs., 2/15/03 40,000 42,430 - ---------------------------------------------------------------------------------------------------- Harris Chemical North America, Inc., 10.25% Gtd. Sr. Sec. Disc. Nts., 7/15/01 50,000 52,375 - ---------------------------------------------------------------------------------------------------- Laroche Industries, Inc., 9.50% Sr. Sub. Nts., Series B, 9/15/07 75,000 75,000 - ---------------------------------------------------------------------------------------------------- Morton International, Inc., 9.25% Credit Sensitive Nts., 6/1/20 20,000 26,048 - ---------------------------------------------------------------------------------------------------- NL Industries, Inc., 0%/13% Sr. Sec. Disc. Nts., 10/15/05 (5) 100,000 103,250 - ---------------------------------------------------------------------------------------------------- PPG Industries, Inc., 9% Debs., 5/1/21 20,000 24,978 - ---------------------------------------------------------------------------------------------------- Sterling Chemicals Holdings, Inc., 0%/13.50% Sr. Disc. Nts., 8/15/08 (5) 75,000 43,125 - ---------------------------------------------------------------------------------------------------- Texas Petrochemical Corp., 11.125% Sr. Sub. Nts., Series B, 7/1/06 75,000 82,500 ----------- 449,706 - ---------------------------------------------------------------------------------------------------- METALS - 0.5% - ---------------------------------------------------------------------------------------------------- Alcan Aluminum Ltd., 9.625% Debs., 7/15/19 50,000 54,161 - ---------------------------------------------------------------------------------------------------- Gulf States Steel, Inc. (Alabama), 13.50% First Mtg. Nts., Series B, 4/15/03 50,000 51,750 - ---------------------------------------------------------------------------------------------------- Kaiser Aluminum & Chemical Corp., 10.875% Sr. Sub. Nts., Series D, 10/15/06 50,000 54,375 - ---------------------------------------------------------------------------------------------------- NS Group, Inc., 13.50% Gtd. Sr. Sec. Nts., 7/15/03 20,000 23,050 36 Oppenheimer LifeSpan Fund - ---------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------- STATEMENT OF INVESTMENTS (UNAUDITED)(CONTINUED) Oppenheimer LifeSpan Growth Fund FACE MARKET VALUE AMOUNT SEE NOTE 1 - ---------------------------------------------------------------------------------------------------- METALS (CONTINUED) - ---------------------------------------------------------------------------------------------------- Republic Engineered Steels, Inc., 9.875% First Mtg. Nts., 12/15/01 $ 25,000 $ 24,875 - ---------------------------------------------------------------------------------------------------- WCI Steel, Inc., 10% Sr. Nts., Series B, 12/1/04 50,000 52,000 - ---------------------------------------------------------------------------------------------------- Weirton Steel Corp., 10.75% Sr. Nts., 6/1/05 50,000 53,125 ------------ 313,336 - ---------------------------------------------------------------------------------------------------- PAPER - 0.3% - ---------------------------------------------------------------------------------------------------- Celulosa Arauco y Constitucion SA, 7.25% Debs., 6/11/98 (3) 20,000 19,950 - ---------------------------------------------------------------------------------------------------- Gaylord Container Corp., 12.75% Sr. Sub. Disc. Debs., 5/15/05 50,000 53,500 - ---------------------------------------------------------------------------------------------------- Malette, Inc., 12.25% Sr. Sec. Nts., 7/15/04 (3) 50,000 56,125 - ---------------------------------------------------------------------------------------------------- Stone Container Corp., 9.875% Sr. Nts., 2/1/01 50,000 51,625 ------------ 181,200 - ---------------------------------------------------------------------------------------------------- CONSUMER CYCLICALS - 3.5% - ---------------------------------------------------------------------------------------------------- AUTOS & HOUSING - 0.5% - ---------------------------------------------------------------------------------------------------- Black & Decker Corp., 6.625% Nts., 11/15/00 20,000 20,198 - ---------------------------------------------------------------------------------------------------- First Industrial LP, 7.15% Bonds, 5/15/27 50,000 51,418 - ---------------------------------------------------------------------------------------------------- IHF Holdings, Inc., 0%/15% Sr. Sub. Disc. Nts., Series B, 11/15/04 (5) 75,000 62,250 - ---------------------------------------------------------------------------------------------------- MCII Holdings (USA), Inc., 0%/15% Sec. Nts., 11/15/02 (5) 75,000 69,562 - ---------------------------------------------------------------------------------------------------- Shop Vac Corp., 10.625% Sr. Nts., 9/1/03 75,000 83,062 - ---------------------------------------------------------------------------------------------------- Signature Brands, Inc., 13% Sr. Sub. Nts., 8/15/02 (3) 50,000 57,000 ------------ 343,490 - ---------------------------------------------------------------------------------------------------- LEISURE & ENTERTAINMENT - 1.3% - ---------------------------------------------------------------------------------------------------- American Skiing Corp., 12% Sr. Sub. Nts., Series B, 7/15/06 (3) 75,000 84,000 - ---------------------------------------------------------------------------------------------------- Ameristar Casinos, Inc., 10.50% Sr. Sub. Nts., Series B, 8/1/04 75,000 79,875 - ---------------------------------------------------------------------------------------------------- Bally Total Fitness Holding Corp., 9.875% Sr. Sub. Nts., Series B, 10/15/07 75,000 78,562 - ---------------------------------------------------------------------------------------------------- Casino America, Inc., 12.50% Sr. Nts., 8/1/03 75,000 83,437 - ---------------------------------------------------------------------------------------------------- Casino Magic of Louisiana Corp., 13% First Mtg. Nts., Series B, 8/15/03 75,000 87,375 - ---------------------------------------------------------------------------------------------------- Hilton Hotels Corp., 7.375% Nts., 6/1/02 50,000 50,547 - ---------------------------------------------------------------------------------------------------- HMH Properties, Inc., 8.875% Sr. Nts., 7/15/07 50,000 55,687 - ---------------------------------------------------------------------------------------------------- Horseshoe Gaming LLC, 9.375% Sr. Sub. Nts., 6/15/07 75,000 80,437 - ---------------------------------------------------------------------------------------------------- Mohegan Tribal Gaming Authority (Connecticut), 13.50% Sr. Sec. Nts., Series B, 11/15/02 25,000 31,875 - ---------------------------------------------------------------------------------------------------- Players International, Inc., 10.875% Sr. Nts., 4/15/05 75,000 81,750 - ---------------------------------------------------------------------------------------------------- Prime Hospitality Corp., 9.25% First Mtg. Bonds, 1/15/06 75,000 79,500 - ---------------------------------------------------------------------------------------------------- Santa Fe Hotel, Inc., 11% Gtd. First Mtg. Nts., 12/15/00 (3) 45,000 44,100 - ---------------------------------------------------------------------------------------------------- Trans World Airlines, Inc., 11.375% Unsec. Nts., 3/1/06 (2) 50,000 49,875 ------------ 887,020 - ---------------------------------------------------------------------------------------------------- MEDIA - 1.5% - ---------------------------------------------------------------------------------------------------- Adelphia Communications Corp., 10.50% Sr. Unsec. Nts., Series B, 7/15/04 75,000 82,125 - ---------------------------------------------------------------------------------------------------- Allbritton Communications Co., 9.75% Sr. Sub. Debs., Series B, 11/30/07 50,000 52,625 - ---------------------------------------------------------------------------------------------------- Australis Holdings PTY Ltd., 0%/15% Sr. Sec. Disc. Nts., 11/1/02 (5) 100,000 27,500 - ---------------------------------------------------------------------------------------------------- Cablevision Systems Corp. Holdings, Inc., 9.875% Sr. Sub. Debs., 2/15/13 50,000 55,375 - ---------------------------------------------------------------------------------------------------- Comcast Corp., 9.375% Sr. Sub. Debs., 5/15/05 50,000 53,250 - ---------------------------------------------------------------------------------------------------- EchoStar Satellite Broadcasting Corp., 0%/13.125% Sr. Sec. Disc. Nts., 3/15/04 (5) 50,000 46,000 - ---------------------------------------------------------------------------------------------------- Falcon Holding Group LP: 0%/9.285% Sr. Disc. Debs., 4/15/10 (2)(5) 100,000 63,750 11% Sr. Sub. Nts., 9/15/03 (6) 61,941 65,319 37 Oppenheimer LifeSpan Fund - ---------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------- STATEMENT OF INVESTMENTS (UNAUDITED)(CONTINUED) Oppenheimer LifeSpan Growth Fund FACE MARKET VALUE AMOUNT SEE NOTE 1 - ---------------------------------------------------------------------------------------------------- MEDIA (CONTINUED) - ---------------------------------------------------------------------------------------------------- Fox/Liberty Networks LLC, 8.875% Sr. Nts., 8/15/07 $ 25,000 $ 25,750 - ---------------------------------------------------------------------------------------------------- James Cable Partners LP, 10.75% Sr. Nts., Series B, 8/15/04 75,000 79,312 - ---------------------------------------------------------------------------------------------------- Lamar Advertising Co., 8.625% Sr. Sub. Nts., 9/15/07 75,000 76,500 - ---------------------------------------------------------------------------------------------------- Rogers Communications, Inc., 8.875% Sr. Nts., 7/15/07 75,000 75,938 - ---------------------------------------------------------------------------------------------------- Sinclair Broadcast Group, Inc., 10% Sr. Sub. Nts., 9/30/05 50,000 53,875 - ---------------------------------------------------------------------------------------------------- TCI Satellite Entertainment, Inc., 10.875% Sr. Sub. Nts., 2/15/07 100,000 107,000 - ---------------------------------------------------------------------------------------------------- TKR Cable I, Inc., 10.50% Sr. Debs., 10/30/07 50,000 55,010 - ---------------------------------------------------------------------------------------------------- United International Holdings, Inc., 0%/10.75% Sr. Disc. Nts., Series B, 2/15/08 (5) 100,000 63,375 ------------ 982,704 - ---------------------------------------------------------------------------------------------------- RETAIL: GENERAL - 0.1% - ---------------------------------------------------------------------------------------------------- Federated Department Stores, Inc., 10% Sr. Nts., 2/15/01 10,000 10,957 - ---------------------------------------------------------------------------------------------------- Price/Costco Cos., Inc., 7.125% Sr. Nts., 6/15/05 60,000 62,516 ------------ 73,473 - ---------------------------------------------------------------------------------------------------- RETAIL: SPECIALTY - 0.1% - ---------------------------------------------------------------------------------------------------- K Mart Corp., 7.75% Debs., 10/1/12 50,000 50,159 - ---------------------------------------------------------------------------------------------------- CONSUMER NON-CYCLICALS - 1.1% - ---------------------------------------------------------------------------------------------------- FOOD - 0.4% - ---------------------------------------------------------------------------------------------------- AmeriServe Food Distribution, Inc., 8.875% Sr. Nts., 10/15/06 75,000 76,875 - ---------------------------------------------------------------------------------------------------- Dairy Mart Convenience Stores, Inc., 10.25% Sr. Sub. Nts., 3/15/04 50,000 49,750 - ---------------------------------------------------------------------------------------------------- Dole Food Distributing, Inc., 6.75% Nts., 7/15/00 40,000 40,516 - ---------------------------------------------------------------------------------------------------- Fresh Del Monte Produce NV, 10% Sr. Nts., Series B, 5/1/03 43,000 45,365 - ---------------------------------------------------------------------------------------------------- Jitney-Jungle Stores of America, Inc., 12% Gtd. Sr. Nts., 3/1/06 50,000 56,125 ------------ 268,631 - ---------------------------------------------------------------------------------------------------- HEALTHCARE/DRUGS - 0.1% - ---------------------------------------------------------------------------------------------------- Integrated Health Services, Inc., 9.50% Sr. Sub. Nts., 9/15/07 50,000 52,125 - ---------------------------------------------------------------------------------------------------- HEALTHCARE/SUPPLIES & SERVICES - 0.4% - ---------------------------------------------------------------------------------------------------- Columbia/HCA Healthcare Corp., 6.875% Nts., 7/15/01 45,000 43,526 - ---------------------------------------------------------------------------------------------------- Dade International, Inc., 11.125% Sr. Sub. Nts., 5/1/06 75,000 83,250 - ---------------------------------------------------------------------------------------------------- Mariner Health Group, Inc., 9.50% Sr. Sub. Nts., Series B, 4/1/06 (3) 75,000 79,688 - ---------------------------------------------------------------------------------------------------- Paracelsus Healthcare Corp., 10% Sr. Unsec. Sub. Nts., 8/15/06 50,000 52,000 - ---------------------------------------------------------------------------------------------------- Tenet Healthcare Corp., 8% Sr. Nts., 1/15/05 50,000 51,500 ------------ 309,964 - ---------------------------------------------------------------------------------------------------- HOUSEHOLD GOODS - 0.2% - ---------------------------------------------------------------------------------------------------- Dyersburg Corp., 9.75% Sr. Unsec. Sub. Nts., 9/1/07 50,000 51,875 - ---------------------------------------------------------------------------------------------------- Kimberly-Clark Corp., 7.875% Debs., 2/1/23 20,000 21,734 - ---------------------------------------------------------------------------------------------------- Revlon Consumer Products Corp., 8.625% Sr. Nts., 2/1/08 (2) 75,000 75,188 ------------ 148,797 - ---------------------------------------------------------------------------------------------------- ENERGY - 0.7% - ---------------------------------------------------------------------------------------------------- ENERGY SERVICES & PRODUCERS - 0.3% - ---------------------------------------------------------------------------------------------------- Coastal Corp., 8.125% Sr. Nts., 9/15/02 20,000 21,360 - ---------------------------------------------------------------------------------------------------- Forcenergy, Inc., 8.50% Sr. Sub. Nts., Series B, 2/15/07 75,000 73,875 - ---------------------------------------------------------------------------------------------------- Louisiana Land & Exploration Co., 7.65% Debs., 12/1/23 20,000 21,889 - ---------------------------------------------------------------------------------------------------- Transamerican Energy Corp., 11.50% Sr. Nts., Series B, 6/15/02 50,000 49,000 - ---------------------------------------------------------------------------------------------------- Williams Holdings of Delaware, Inc., 6.25% Sr. Unsec. Debs., 2/1/06 25,000 24,719 ------------ 190,843 - ---------------------------------------------------------------------------------------------------- OIL-INTEGRATED - 0.4% - ---------------------------------------------------------------------------------------------------- Abraxas Petroleum Corp./CDN Abraxas Petroleum Ltd., 11.50% Sr. Nts., 11/1/04 (2) 50,000 52,375 - ---------------------------------------------------------------------------------------------------- Gulf Canada Resources Ltd., 8.25% Sr. Nts., 3/15/17 50,000 53,743 - ---------------------------------------------------------------------------------------------------- HS Resources, Inc., 9.25% Sr. Sub. Nts., 11/15/06 75,000 77,250 38 Oppenheimer LifeSpan Fund - ---------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------- STATEMENT OF INVESTMENTS (UNAUDITED)(CONTINUED) Oppenheimer LifeSpan Growth Fund FACE MARKET VALUE AMOUNT SEE NOTE 1 - ---------------------------------------------------------------------------------------------------- OIL-INTEGRATED (CONTINUED) - ---------------------------------------------------------------------------------------------------- Norcen Energy Resources Ltd., 6.80% Debs., 7/2/02 $ 50,000 $ 50,988 - ---------------------------------------------------------------------------------------------------- Petroleum Geo-Services ASA, 7.50% Nts., 3/31/07 50,000 53,614 - ---------------------------------------------------------------------------------------------------- Standard Oil/British Petroleum Co. plc, 9% Debs., 6/1/19 20,000 20,603 ------------ 308,573 - ---------------------------------------------------------------------------------------------------- FINANCIAL - 0.8% - ---------------------------------------------------------------------------------------------------- BANKS - 0.1% - ---------------------------------------------------------------------------------------------------- Citicorp, 5.625% Sr. Nts., 2/15/01 20,000 19,721 - ---------------------------------------------------------------------------------------------------- Fleet Mtg./Norstar Group, Inc., 9.90% Sub. Nts., 6/15/01 20,000 22,102 - ---------------------------------------------------------------------------------------------------- Integra Financial Corp., 6.50% Sub. Nts., 4/15/00 20,000 20,196 ------------ 62,019 - ---------------------------------------------------------------------------------------------------- DIVERSIFIED FINANCIAL - 0.5% - ---------------------------------------------------------------------------------------------------- American General Institutional Capital B, 8.125% Bonds, Series B, 3/15/46 (2) 50,000 56,349 - ---------------------------------------------------------------------------------------------------- Capital One Financial Corp.: 6.83% Sr. Nts., 5/17/99 10,000 10,085 7.25% Nts., 12/1/03 40,000 40,629 - ---------------------------------------------------------------------------------------------------- Chelsea GCA Realty Partner, Inc., 7.75% Gtd. Unsec. Unsub. Nts., 1/26/01 40,000 41,104 - ---------------------------------------------------------------------------------------------------- Commercial Credit Co., 5.55% Unsec. Nts., 2/15/01 20,000 19,728 - ---------------------------------------------------------------------------------------------------- Countrywide Home Loans, Inc., 6.05% Gtd. Medium-Term Nts., Series D, 3/1/01 20,000 19,929 - ---------------------------------------------------------------------------------------------------- General Motors Acceptance Corp., 5.625% Nts., 2/15/01 50,000 49,514 - ---------------------------------------------------------------------------------------------------- Merrill Lynch & Co., Inc., 6.50% Nts., 4/1/01 20,000 20,265 - ---------------------------------------------------------------------------------------------------- Olympic Financial Ltd., Units (each unit consists of $1,000 principal amount of 11.50% sr. nts., 3/15/07 and one warrant to purchase 6.84 shares of common stock) (7) 75,000 74,438 ------------ 332,041 - ---------------------------------------------------------------------------------------------------- INSURANCE - 0.2% - ---------------------------------------------------------------------------------------------------- Cigna Corp., 7.90% Nts., 12/14/98 40,000 40,457 - ---------------------------------------------------------------------------------------------------- Conseco Financing Trust III, 8.796% Bonds, 4/1/27 50,000 55,993 - ---------------------------------------------------------------------------------------------------- Travelers Property Casualty Corp., 6.75% Nts., 4/15/01 20,000 20,373 ------------ 116,823 - ---------------------------------------------------------------------------------------------------- INDUSTRIAL - 1.2% - ---------------------------------------------------------------------------------------------------- INDUSTRIAL MATERIALS - 0.1% - ---------------------------------------------------------------------------------------------------- American Standard Cos., Inc., 10.875% Sr. Nts., 5/15/99 (3) 60,000 62,850 - ---------------------------------------------------------------------------------------------------- INDUSTRIAL SERVICES - 0.4% - ---------------------------------------------------------------------------------------------------- Applied Extrusion Technologies, Inc., 11.50% Sr. Nts., Series B, 4/1/02 75,000 80,250 - ---------------------------------------------------------------------------------------------------- Jordan Telecommunication Products, Inc., 9.875% Sr. Nts., Series B, 8/1/07 75,000 79,500 - ---------------------------------------------------------------------------------------------------- Sun Co., Inc., 7.95% Debs., 12/15/01 50,000 52,757 - ---------------------------------------------------------------------------------------------------- USI American Holdings, Inc., 7.25% Gtd. Sr. Nts., Series B, 12/1/06 50,000 51,456 ------------ 263,963 - ---------------------------------------------------------------------------------------------------- MANUFACTURING - 0.5% - ---------------------------------------------------------------------------------------------------- Day International Group, Inc., 11.125% Sr. Sub. Nts., Series B, 6/1/05 (3) 50,000 54,250 - ---------------------------------------------------------------------------------------------------- Interlake Corp., 12.125% Sr. Sub. Debs., 3/1/02 50,000 51,750 - ---------------------------------------------------------------------------------------------------- International Wire Group, Inc., 11.75% Sr. Sub. Nts., 6/1/05 50,000 55,250 - ---------------------------------------------------------------------------------------------------- Jordan Industries, Inc., 10.375% Sr. Nts., Series B, 8/1/07 75,000 78,375 - ---------------------------------------------------------------------------------------------------- Specialty Equipment Co., 11.375% Sr. Sub. Nts., 12/1/03 50,000 54,125 - ---------------------------------------------------------------------------------------------------- Titan Wheel International, Inc., 8.75% Sr. Sub. Nts., 4/1/07 50,000 51,875 ------------ 345,625 39 Oppenheimer LifeSpan Fund - ---------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------- STATEMENT OF INVESTMENTS (UNAUDITED)(CONTINUED) Oppenheimer LifeSpan Growth Fund FACE MARKET VALUE AMOUNT SEE NOTE 1 - ---------------------------------------------------------------------------------------------------- TRANSPORTATION - 0.2% - ---------------------------------------------------------------------------------------------------- CSX Corp., 7.05% Debs., 5/1/02 $ 75,000 $ 76,747 - ---------------------------------------------------------------------------------------------------- Norfolk Southern Corp., 7.35% Nts., 5/15/07 50,000 53,195 - ---------------------------------------------------------------------------------------------------- Union Pacific Corp., 7% Nts., 6/15/00 20,000 20,319 ------------ 150,261 - ---------------------------------------------------------------------------------------------------- TECHNOLOGY - 2.3% - ---------------------------------------------------------------------------------------------------- AEROSPACE/DEFENSE - 0.1% - ---------------------------------------------------------------------------------------------------- GPA Delaware, Inc., 8.75% Gtd. Nts., 12/15/98 50,000 50,875 - ---------------------------------------------------------------------------------------------------- COMPUTER SOFTWARE/SERVICES - 0.5% - ---------------------------------------------------------------------------------------------------- Celestica International, Inc., 10.50% Gtd. Sr. Sub. Nts., 12/31/06 75,000 83,250 - ---------------------------------------------------------------------------------------------------- Concentric Network Corp., 12.75% Sr. Nts., 12/15/07 (2) 100,000 110,500 - ---------------------------------------------------------------------------------------------------- DII Group, Inc., 8.50% Sr. Sub. Nts., 9/15/07 75,000 75,563 - ---------------------------------------------------------------------------------------------------- Unisys Corp., 12% Sr. Nts., Series B, 4/15/03 50,000 56,750 ------------ 326,063 - ---------------------------------------------------------------------------------------------------- TELECOMMUNICATIONS-TECHNOLOGY - 1.7% - ---------------------------------------------------------------------------------------------------- American Communications Services, Inc., 0%/13% Sr. Disc. Nts., 11/1/05 (5) 100,000 84,250 - ---------------------------------------------------------------------------------------------------- Centennial Cellular Corp., 10.125% Sr. Nts., 5/15/05 50,000 56,000 - ---------------------------------------------------------------------------------------------------- Century Communications, Inc., Zero Coupon Sr. Disc. Nts., 8.50%, 1/15/08 (8) 50,000 22,000 - ---------------------------------------------------------------------------------------------------- Comcast UK Cable Partner Ltd., 0%/11.20% Sr. Disc. Debs., 11/15/07 (5) 50,000 40,875 - ---------------------------------------------------------------------------------------------------- Diamond Cable Communications plc, 0%/10.75% Sr. Disc. Nts., 2/15/07 (5) 75,000 53,250 - ---------------------------------------------------------------------------------------------------- GST USA, Inc., 0%/13.875% Gtd. Sr. Disc. Nts., 12/15/05 (5) 75,000 60,656 - ---------------------------------------------------------------------------------------------------- Intermedia Communications, Inc., 0%/11.25% Sr. Disc. Nts., Series B, 7/15/07 (5) 75,000 55,500 - ---------------------------------------------------------------------------------------------------- International CableTel, Inc., 0%/11.50% Sr. Deferred Coupon Nts., Series B, 2/1/06 (5) 150,000 120,000 - ---------------------------------------------------------------------------------------------------- Level 3 Communications, Inc., 9.125% Sr. Nts., 5/1/08 (2) 75,000 74,203 - ---------------------------------------------------------------------------------------------------- McLeodUSA, Inc., 0%/10.50% Sr. Disc. Nts., 3/1/07 (5) 50,000 37,375 - ---------------------------------------------------------------------------------------------------- Microcell Telecommunications, Inc., 0%/14% Sr. Disc. Nts., Series B, 6/1/06 (5) 75,000 56,063 - ---------------------------------------------------------------------------------------------------- Nextel Communications, Inc., 0%/9.75% Sr. Disc. Nts., 8/15/04 (5) 100,000 96,750 - ---------------------------------------------------------------------------------------------------- Price Communications Cellular Holdings, Inc., 0%/13.50% Sr. Disc. Nts., Series B, 8/1/07 (5) 100,000 69,500 - ---------------------------------------------------------------------------------------------------- Sprint Spectrum LP/Sprint Spectrum Finance Corp., 11% Sr. Nts., 8/15/06 75,000 86,250 - ---------------------------------------------------------------------------------------------------- Teleport Communications Group, Inc.: 0%/11.125% Sr. Disc. Nts., 7/1/07 (5) 50,000 43,250 9.875% Sr. Nts., 7/1/06 50,000 57,250 - ---------------------------------------------------------------------------------------------------- U S West Capital Funding, Inc., 6.85% Gtd. Nts., 1/15/02 75,000 76,211 - ---------------------------------------------------------------------------------------------------- Western Wireless Corp., 10.50% Sr. Sub. Nts., 2/1/07 50,000 54,375 ------------ 1,143,758 - ---------------------------------------------------------------------------------------------------- UTILITIES - 0.3% - ---------------------------------------------------------------------------------------------------- GAS UTILITIES - 0.2% - ---------------------------------------------------------------------------------------------------- Northern Illinois Gas Co., 6.45% First Mtg. Bonds, 8/1/01 70,000 70,879 - ---------------------------------------------------------------------------------------------------- Tennessee Gas Pipeline Co., 7.50% Bonds, 4/1/17 50,000 53,444 ------------ 124,323 - ---------------------------------------------------------------------------------------------------- TELEPHONE UTILITIES - 0.1% - ---------------------------------------------------------------------------------------------------- Teligent, Inc., 11.50% Sr. Nts., 12/1/07 75,000 78,188 Total Non-Convertible Corporate Bonds and Notes (Cost $7,266,928) 7,616,810 40 Oppenheimer LifeSpan Fund - ---------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------- STATEMENT OF INVESTMENTS (UNAUDITED)(CONTINUED) Oppenheimer LifeSpan Growth Fund FACE MARKET VALUE AMOUNT SEE NOTE 1 - ---------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------- CONVERTIBLE CORPORATE BONDS AND NOTES - 0.0% - ---------------------------------------------------------------------------------------------------- Geotek Communications, Inc., 12% Cv. Sr. Sub. Nts., 2/15/01 (Cost $46,110) (3) $ 50,000 $ 24,750 - ---------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------- REPURCHASE AGREEMENTS - 8.3% - ---------------------------------------------------------------------------------------------------- Repurchase agreement with Zion First National Bank, 5.52%, dated 4/30/98, to be repurchased at $5,503,844 on 5/1/98, collateralized by U.S. Treasury Nts., 7%, 7/15/06, with a value of $5,624,213 (Cost $5,503,000) 5,503,000 5,503,000 - ---------------------------------------------------------------------------------------------------- TOTAL INVESTMENTS, AT VALUE (COST $54,357,508) 100.2% 66,752,831 - ---------------------------------------------------------------------------------------------------- LIABILITIES IN EXCESS OF OTHER ASSETS (0.2) (108,605) ------------ ------------ NET ASSETS 100.0% $ 66,644,226 ------------ ------------ ------------ ------------
1. Non-income producing security. 2. Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended. These securities have been determined to be liquid under guidelines established by the Board of Directors. These securities amount to $597,980 or 0.90% of the Fund's net assets as of April 30, 1998. 3. Identifies issues considered to be illiquid or restricted - See Note 5 of Notes to Financial Statements. 4. Interest-Only Strips represent the right to receive the monthly interest payments on an underlying pool of mortgage loans. These securities typically decline in price as interest rates decline. Most other fixed income securities increase in price when interest rates decline. The principal amount of the underlying pool represents the notional amount on which current interest is calculated. The price of these securities is typically more sensitive to changes in prepayment rates than traditional mortgage-backed securities (for example, GNMA pass-throughs). Interest rates disclosed represent current yields based upon the current cost basis and estimated timing and amount of future cash flows. 5. Denotes a step bond: a zero coupon bond that converts to a fixed or variable interest rate at a designated future date. 6. Interest or dividend is paid in kind. 7. 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. 8. For zero coupon bonds, the interest rate shown is the effective yield on the date of purchase. See accompanying Notes to Financial Statements. 41 Oppenheimer LifeSpan Fund
- -------------------------------------------------------------------------------------------------------------------- - -------------------------------------------------------------------------------------------------------------------- STATEMENTS OF ASSETS AND LIABILITIES APRIL 30, 1998 (UNAUDITED) OPPENHEIMER OPPENHEIMER OPPENHEIMER LIFESPAN LIFESPAN LIFESPAN INCOME BALANCED GROWTH FUND FUND FUND ------------------------------------------ ASSETS Investments, at value (cost *) (including repurchase agreements **) - see accompanying statements $31,478,377 $73,784,944 $66,752,831 Cash 30,492 -- -- Unrealized appreciation on forward foreign currency exchange contracts - Note 6 -- 78 78 Receivables: Dividends, interest and principal paydowns 425,927 568,039 319,642 Shares of capital stock sold 26,096 2,665 20,498 Investments sold 582 684,559 716,783 Other 3,308 3,545 3,619 ------------------------------------------ Total assets 31,964,782 75,043,830 67,813,451 ------------------------------------------ LIABILITIES Bank overdraft -- 37,715 35,290 Unrealized depreciation on forward foreign currency exchange contracts - Note 6 -- 327 327 Payables and other liabilities: Investments purchased 87,515 904,594 979,751 Shareholder reports 15,090 25,008 24,563 Shares of capital stock redeemed 20,064 3,214 33,249 Distribution and service plan fees 6,546 15,309 13,911 Directors' fees - Note 1 33,973 31,800 31,832 Dividends 5,348 -- -- Legal and auditing fees 27,326 25,499 29,580 Other -- 22,655 20,722 ------------------------------------------ Total liabilities 195,862 1,066,121 1,169,225 ------------------------------------------ NET ASSETS $31,768,920 $73,977,709 $66,644,226 ------------------------------------------ ------------------------------------------ COMPOSITION OF NET ASSETS Par value of shares of capital stock $2,824 $5,684 $4,739 Additional paid-in capital 28,783,861 60,679,503 52,103,505 Undistributed net investment income 2,079 249,771 370,084 Accumulated net realized gain from investments and foreign currency transactions 279,931 1,631,276 1,769,847 Net unrealized appreciation on investments and translation of assets and liabilities denominated in foreign currencies 2,700,225 11,411,475 12,396,051 ------------------------------------------ NET ASSETS $31,768,920 $73,977,709 $66,644,226 ------------------------------------------ ------------------------------------------ *Cost $28,778,152 $62,374,089 $54,357,508 ------------------------------------------ ------------------------------------------ **Repurchase agreements $3,361,000 $5,528,000 $5,503,000 ------------------------------------------ ------------------------------------------ 42 Oppenheimer LifeSpan Funds - -------------------------------------------------------------------------------------------------------------------- - -------------------------------------------------------------------------------------------------------------------- STATEMENTS OF ASSETS AND LIABILITIES (UNAUDITED)(CONTINUED) OPPENHEIMER OPPENHEIMER OPPENHEIMER LIFESPAN LIFESPAN LIFESPAN INCOME BALANCED GROWTH FUND FUND FUND ------------------------------------------ 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 $30,731,010 $67,343,839 $58,327,920 Shares of capital stock 2,732,444 5,176,233 4,145,832 Price per share $11.25 $13.01 $14.07 Maximum offering price per share (net asset value plus sales charge of 5.75% of offering price for each fund) $11.94 $13.80 $14.93 ------------------------------------------ CLASS B SHARES: Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets and shares of capital stock outstanding): Net assets $940,260 $5,495,054 $6,758,120 Shares of capital stock 83,365 419,940 481,118 Price per share $11.28 $13.09 $14.05 ------------------------------------------ CLASS C SHARES: Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets and shares of capital stock outstanding): Net assets $97,650 $1,138,816 $1,558,186 Shares of capital stock 8,660 87,807 111,783 Price per share $11.28 $12.97 $13.94 ------------------------------------------ See accompanying Notes to Financial Statements. 43 Oppenheimer LifeSpan Funds - -------------------------------------------------------------------------------------------------------------------- - -------------------------------------------------------------------------------------------------------------------- STATEMENTS OF OPERATIONS FOR THE SIX MONTHS ENDED APRIL 30, 1998 (UNAUDITED) OPPENHEIMER OPPENHEIMER OPPENHEIMER LIFESPAN LIFESPAN LIFESPAN INCOME BALANCED GROWTH FUND FUND FUND ------------------------------------------ INVESTMENT INCOME Interest $869,550 $1,167,943 $646,518 Dividends (net of foreign withholding taxes of *) 134,919 308,278 344,775 ------------------------------------------ Total income 1,004,469 1,476,221 991,293 ------------------------------------------ EXPENSES Management fees - Note 4 115,245 298,087 266,514 Distribution and service plan fees - Note 4: Class A 37,232 80,107 69,086 Class B 4,419 25,638 29,989 Class C 312 4,622 7,213 Transfer and shareholder servicing agent fees - Note 4 3,163 11,152 20,582 Accounting service fees 7,500 7,500 7,500 Custodian fees and expenses 2,855 24,270 23,605 Legal and auditing fees 12,027 23,792 22,995 Shareholder reports 4,949 13,510 23,438 Directors' fees and expenses - Note 1 7,597 9,692 10,956 Insurance expenses 1,453 1,833 1,762 Registration and filing fees: Class A 198 1,033 869 Class B 30 156 321 Class C 18 124 82 Other 20 547 957 ------------------------------------------ Total expenses 197,018 502,063 485,869 ------------------------------------------ NET INVESTMENT INCOME 807,451 974,158 505,424 ------------------------------------------ REALIZED AND UNREALIZED GAIN (LOSS) Net realized gain (loss) from: Investments 289,925 1,847,170 1,996,701 Foreign currency transactions -- (185,691) (207,373) ------------------------------------------ Net realized gain 289,925 1,661,479 1,789,328 ------------------------------------------ Net change in unrealized appreciation or depreciation on: Investments 629,531 3,928,968 4,585,170 Translation of assets and liabilities denominated in foreign currencies -- (109,514) (118,537) ------------------------------------------ Net change 629,531 3,819,454 4,466,633 ------------------------------------------ Net realized and unrealized gain 919,456 5,480,933 6,255,961 ------------------------------------------ NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $1,726,907 $6,455,091 $6,761,385 ------------------------------------------ ------------------------------------------ *Dividends -- $8,819 $9,491
See accompanying Notes to Financial Statements. 44 Oppenheimer LifeSpan Funds
STATEMENTS OF CHANGES IN NET ASSETS FOR THE SIX MONTHS ENDED APRIL 30, 1998 (UNAUDITED) AND THE YEAR ENDED OCTOBER 31, 1997 OPPENHEIMER OPPENHEIMER LIFESPAN LIFESPAN INCOME BALANCED FUND FUND -------------------------------------------------------------- 1998 1997 1998 1997 -------------------------------------------------------------- OPERATIONS Net investment income $ 807,451 $1,551,421 $ 974,158 $1,881,860 Net realized gain 289,925 425,024 1,661,479 3,275,474 Net change in unrealized appreciation or depreciation 629,531 1,052,959 3,819,454 2,124,846 -------------------------------------------------------------- Net increase in net assets resulting from operations 1,726,907 3,029,404 6,455,091 7,282,180 -------------------------------------------------------------- DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS Dividends from net investment income: Class A (785,292) (1,519,218) (873,826) (1,751,264) Class B (20,736) (31,306) (50,516) (86,844) Class C (1,423) (908) (9,795) (20,115) -------------------------------------------------------------- Distributions from net realized gain: Class A (401,751) (381,291) (3,012,286) (1,432,693) Class B (121,019) (7,459) (238,394) (69,269) Class C (475) (77) (37,455) (23,260) CAPITAL STOCK TRANSACTIONS Net increase (decrease) in net assets resulting from capital stock transactions - Note 2: Class A 1,034,320 1,816,130 3,055,925 6,516,290 Class B 110,611 334,568 564,088 2,657,192 Class C 64,495 29,825 418,121 (190,802) -------------------------------------------------------------- NET ASSETS: Total increase 1,714,637 3,269,668 6,270,953 12,881,415 Beginning of period 30,054,283 26,784,615 67,706,756 54,825,341 -------------------------------------------------------------- End of period $31,768,920 $30,054,283 $73,977,709 $67,706,756 -------------------------------------------------------------- -------------------------------------------------------------- Undistributed net investment income $2,079 $2,079 $249,771 $209,750 OPPENHEIMER LIFESPAN GROWTH FUND -------------------------- 1998 1997 -------------------------- OPERATIONS Net investment income $ 505,424 $994,616 Net realized gain 1,789,328 3,493,992 Net change in unrealized appreciation or depreciation 4,466,633 2,100,837 -------------------------- Net increase in net assets resulting from operations 6,761,385 6,589,445 -------------------------- DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS Dividends from net investment income: Class A (915,384) (279,883) Class B (62,982) (11,776) Class C (15,443) (1,248) -------------------------- Distributions from net realized gain: Class A (3,085,232) (2,163,698) Class B (323,358) (128,434) Class C (77,845) (11,808) CAPITAL STOCK TRANSACTIONS Net increase (decrease) in net assets resulting from capital stock transactions - Note 2: Class A 3,040,772 5,756,041 Class B 1,118,465 2,665,936 Class C 285,054 978,007 -------------------------- NET ASSETS: Total increase 6,752,432 13,392,582 Beginning of period 59,918,794 46,526,212 -------------------------- End of period $66,644,226 $59,918,794 -------------------------- -------------------------- Undistributed net investment income $370,084 $858,469
See accompanying Notes to Financial Statements. 45 Oppenheimer LifeSpan Funds FINANCIAL HIGHLIGHTS Oppenheimer LifeSpan Income Fund
CLASS A ----------------------------------------------------------------- SIX MONTHS ENDED PERIOD ENDED APRIL 30, YEAR ENDED OCTOBER 31, DECEMBER 31, 1998 (UNAUDITED) 1997 1996(3) 1995(4) - -------------------------------------------------------------------------------------------------------------- - -------------------------------------------------------------------------------------------------------------- PER SHARE OPERATING DATA Net asset value, beginning of period $11.06 $10.65 $10.70 $10.00 - -------------------------------------------------------------------------------------------------------------- Income (loss) from investment operations: Net investment income .29 .59 .48 .37 Net realized and unrealized gain (loss) .34 .56 (.02) .73 - -------------------------------------------------------------------------------------------------------------- Total income from investment operations .63 1.15 .46 1.10 - -------------------------------------------------------------------------------------------------------------- Dividends and distributions to shareholders: Dividends from net investment income (.29) (.59) (.48) (.36) Distributions from net realized gain (.15) (.15) (.03) (.04) - -------------------------------------------------------------------------------------------------------------- Total dividends and distributions to shareholders (.44) (.74) (.51) (.40) - -------------------------------------------------------------------------------------------------------------- Net asset value, end of period $11.25 $11.06 $10.65 $10.70 ----------------------------------------------------------------- ----------------------------------------------------------------- - -------------------------------------------------------------------------------------------------------------- - -------------------------------------------------------------------------------------------------------------- TOTAL RETURN, AT NET ASSET VALUE(5) 5.81% 11.30% 4.45% 11.22% - -------------------------------------------------------------------------------------------------------------- - -------------------------------------------------------------------------------------------------------------- RATIOS/SUPPLEMENTAL DATA Net assets, end of period (in thousands) $30,731 $29,206 $26,328 $24,619 - -------------------------------------------------------------------------------------------------------------- Average net assets (in thousands) $30,041 $27,678 $25,463 $22,128 - -------------------------------------------------------------------------------------------------------------- Ratios to average net assets: Net investment income 5.28%(6) 5.49% 5.43%(6) 5.35%(6) Expenses 1.26%(6) 1.45%(7) 1.56%(6) 1.50%(6) - -------------------------------------------------------------------------------------------------------------- Portfolio turnover rate(8) 16.6% 39.6% 75.3% 45.8% Average brokerage commission rate(9) $0.0700 $0.0681 $0.0694 -- CLASS B -------------------------------------------------- SIX MONTHS ENDED APRIL 30, YEAR ENDED OCTOBER 31, 1998 (UNAUDITED) 1997 1996(3) - ----------------------------------------------------------------------------------------------- - ----------------------------------------------------------------------------------------------- PER SHARE OPERATING DATA Net asset value, beginning of period $11.11 $10.69 $10.74 - ----------------------------------------------------------------------------------------------- Income (loss) from investment operations: Net investment income .25 .51 .41 Net realized and unrealized gain (loss) .33 .57 (.02) - ----------------------------------------------------------------------------------------------- Total income from investment operations .58 1.08 .39 - ----------------------------------------------------------------------------------------------- Dividends and distributions to shareholders: Dividends from net investment income (.26) (.51) (.41) Distributions from net realized gain (.15) (.15) (.03) - ----------------------------------------------------------------------------------------------- Total dividends and distributions to shareholders (.41) (.66) (.44) - ----------------------------------------------------------------------------------------------- Net asset value, end of period $11.28 $11.11 $10.69 -------------------------------------------------- -------------------------------------------------- - ----------------------------------------------------------------------------------------------- - ----------------------------------------------------------------------------------------------- TOTAL RETURN, AT NET ASSET VALUE(5) 5.32% 10.51% 3.69% - ----------------------------------------------------------------------------------------------- - ----------------------------------------------------------------------------------------------- RATIOS/SUPPLEMENTAL DATA Net assets, end of period (in thousands) $940 $816 $456 - ----------------------------------------------------------------------------------------------- Average net assets (in thousands) $892 $677 $350 - ----------------------------------------------------------------------------------------------- Ratios to average net assets: Net investment income 4.52%(6) 4.69% 4.93%(6) Expenses 2.01%(6) 2.18%(7) 2.31%(6) - ----------------------------------------------------------------------------------------------- Portfolio turnover rate(8) 16.6% 39.6% 75.3% Average brokerage commission rate(9) $0.0700 $0.0681 $0.0694
1. For the period from May 1, 1996 (inception of offering) to October 31, 1996. 2. For the period from October 2, 1995 (inception of offering) to December 31, 1995. 3. For the ten months ended October 31, 1996. The Fund changed its fiscal year end from December 31 to October 31. On March 18, 1996, OppenheimerFunds, Inc. became the investment advisor to the Fund. 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. 46 Oppenheimer LifeSpan Funds
FINANCIAL HIGHLIGHTS (CONTINUED) Oppenheimer LifeSpan Income Fund CLASS B (CONTINUED) CLASS C -------------------- ---------------------------------------------- SIX MONTHS PERIOD ENDED ENDED DECEMBER 31, APRIL 30, YEAR ENDED OCTOBER 31, 1995(2) 1998 (UNAUDITED) 1997 1996(1) - -------------------------------------------------------------------------------------------------------------- - -------------------------------------------------------------------------------------------------------------- PER SHARE OPERATING DATA Net asset value, beginning of period $10.45 $11.10 $10.66 $10.53 - -------------------------------------------------------------------------------------------------------------- Income (loss) from investment operations: Net investment income .12 .25 .55 .25 Net realized and unrealized gain (loss) .32 .34 .58 .16 - -------------------------------------------------------------------------------------------------------------- Total income from investment operations .44 .59 1.13 .41 - -------------------------------------------------------------------------------------------------------------- Dividends and distributions to shareholders: Dividends from net investment income (.11) (.26) (.54) (.25) Distributions from net realized gain (.04) (.15) (.15) (.03) - -------------------------------------------------------------------------------------------------------------- Total dividends and distributions to shareholders (.15) (.41) (.69) (.28) - -------------------------------------------------------------------------------------------------------------- Net asset value, end of period $10.74 $11.28 $11.10 $10.66 ----------------------------------------------------------------- ----------------------------------------------------------------- - -------------------------------------------------------------------------------------------------------------- - -------------------------------------------------------------------------------------------------------------- TOTAL RETURN, AT NET ASSET VALUE(5) 4.30% 5.35% 11.03% 3.96% - -------------------------------------------------------------------------------------------------------------- - -------------------------------------------------------------------------------------------------------------- RATIOS/SUPPLEMENTAL DATA Net assets, end of period (in thousands) $192 $98 $32 $1 - -------------------------------------------------------------------------------------------------------------- Average net assets (in thousands) $107 $63 $20 $1 - -------------------------------------------------------------------------------------------------------------- Ratios to average net assets: Net investment income 5.23%(6) 4.47%(6) 4.64% 4.68%(6) Expenses 2.25%(6) 2.05%(6) 2.20%(7) 2.25%(6) - -------------------------------------------------------------------------------------------------------------- Portfolio turnover rate(8) 45.8% 16.6% 39.6% 75.3% Average brokerage commission rate(9) -- $0.0700 $0.0681 $0.0694
6. Annualized. 7. The expense ratio reflects the effect of expenses paid indirectly by the Fund. 8. The lesser of purchases or sales of portfolio securities for a period, divided by the monthly average of the market value of portfolio securities owned during the period. Securities with a maturity or expiration date at the time of acquisition of one year or less are excluded from the calculation. Purchases and sales of investment securities (excluding short-term securities) for the period ended April 30, 1998 were $4,652,012 and $5,133,867, respectively. 9. Total brokerage commissions paid on applicable purchases and sales of portfolio securities for the period, divided by the total number of related shares purchased and sold. See accompanying Notes to Financial Statements. 47 Oppenheimer LifeSpan Funds FINANCIAL HIGHLIGHTS Oppenheimer LifeSpan Balanced Fund
CLASS A ----------------------------------------------------------------- SIX MONTHS ENDED PERIOD ENDED APRIL 30, YEAR ENDED OCTOBER 31, DECEMBER 31, 1998 (UNAUDITED) 1997 1996(3) 1995(4) - -------------------------------------------------------------------------------------------------------------- - -------------------------------------------------------------------------------------------------------------- PER SHARE OPERATING DATA Net asset value, beginning of period $12.66 $11.90 $11.05 $10.00 - -------------------------------------------------------------------------------------------------------------- Income from investment operations: Net investment income .17 .37 .29 .24 Net realized and unrealized gain .96 1.08 .81 1.29 - -------------------------------------------------------------------------------------------------------------- Total income from investment operations 1.13 1.45 1.10 1.53 - -------------------------------------------------------------------------------------------------------------- Dividends and distributions to shareholders: Dividends from net investment income (.17) (.37) (.22) (.25) Distributions from net realized gain (.61) (.32) (.03) (.23) - -------------------------------------------------------------------------------------------------------------- Total dividends and distributions to shareholders (.78) (.69) (.25) (.48) - -------------------------------------------------------------------------------------------------------------- Net asset value, end of period $13.01 $12.66 $11.90 $11.05 ----------------------------------------------------------------- ----------------------------------------------------------------- - -------------------------------------------------------------------------------------------------------------- - -------------------------------------------------------------------------------------------------------------- TOTAL RETURN, AT NET ASSET VALUE(5) 9.48% 12.66% 10.04% 15.33% - -------------------------------------------------------------------------------------------------------------- - -------------------------------------------------------------------------------------------------------------- RATIOS/SUPPLEMENTAL DATA Net assets, end of period (in thousands) $67,344 $62,262 $52,104 $41,861 - -------------------------------------------------------------------------------------------------------------- Average net assets (in thousands) $64,645 $57,769 $47,116 $37,417 - -------------------------------------------------------------------------------------------------------------- Ratios to average net assets: Net investment income 2.84%(6) 3.08% 3.15%(6) 3.47%(6) Expenses 1.37%(6) 1.42%(7) 1.56%(6) 1.55%(6) - -------------------------------------------------------------------------------------------------------------- Portfolio turnover rate(8) 28.3% 59.7% 61.0% 76.3% Average brokerage commission rate(9) $0.0315 $0.0067 $0.0078 -- CLASS B ------------------------------------------------ SIX MONTHS ENDED APRIL 30, YEAR ENDED OCTOBER 31, 1998 (UNAUDITED) 1997 1996(3) - --------------------------------------------------------------------------------------------- - --------------------------------------------------------------------------------------------- PER SHARE OPERATING DATA Net asset value, beginning of period $12.72 $11.98 $11.16 - ----------------------------------------------------------------------------------------------- Income from investment operations: Net investment income .14 .27 .20 Net realized and unrealized gain .97 1.08 .82 - ----------------------------------------------------------------------------------------------- Total income from investment operations 1.11 1.35 1.02 - ----------------------------------------------------------------------------------------------- Dividends and distributions to shareholders: Dividends from net investment income (.13) (.29) (.17) Distributions from net realized gain (.61) (.32) (.03) - ----------------------------------------------------------------------------------------------- Total dividends and distributions to shareholders (.74) (.61) (.20) - ----------------------------------------------------------------------------------------------- Net asset value, end of period $13.09 $12.72 $11.98 -------------------------------------------------- -------------------------------------------------- - ----------------------------------------------------------------------------------------------- - ----------------------------------------------------------------------------------------------- TOTAL RETURN, AT NET ASSET VALUE(5) 9.19% 11.70% 9.22% - ----------------------------------------------------------------------------------------------- - ----------------------------------------------------------------------------------------------- RATIOS/SUPPLEMENTAL DATA Net assets, end of period (in thousands) $5,495 $4,762 $1,893 - ----------------------------------------------------------------------------------------------- Average net assets (in thousands) $5,174 $3,504 $1,225 - ----------------------------------------------------------------------------------------------- Ratios to average net assets: Net investment income 2.09%(6) 2.31% 2.41%(6) Expenses 2.12%(6) 2.18%(7) 2.32%(6) - ----------------------------------------------------------------------------------------------- Portfolio turnover rate(8) 28.3% 59.7% 61.0% Average brokerage commission rate(9) $0.0315 $0.0067 $0.0078
1. For the period from May 1, 1996 (inception of offering) to October 31, 1996. 2. For the period from October 2, 1995 (inception of offering) to December 31, 1995. 3. For the ten months ended October 31, 1996. The Fund changed its fiscal year end from December 31 to October 31. On March 18, 1996, OppenheimerFunds, Inc. became the investment advisor to the Fund. 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. 48 Oppenheimer LifeSpan Funds
FINANCIAL HIGHLIGHTS (CONTINUED) Oppenheimer LifeSpan Balanced Fund CLASS B (CONTINUED) CLASS C -------------------- ---------------------------------------------- SIX MONTHS PERIOD ENDED ENDED DECEMBER 31, APRIL 30, YEAR ENDED OCTOBER 31, 1995(2) 1998 (UNAUDITED) 1997 1996(1) - -------------------------------------------------------------------------------------------------------------- - -------------------------------------------------------------------------------------------------------------- PER SHARE OPERATING DATA Net asset value, beginning of period $10.95 $12.62 $11.88 $11.74 - -------------------------------------------------------------------------------------------------------------- Income from investment operations: Net investment income .05 .16 .28 .13 Net realized and unrealized gain .45 .93 1.07 .24 - -------------------------------------------------------------------------------------------------------------- Total income from investment operations .50 1.09 1.35 .37 - -------------------------------------------------------------------------------------------------------------- Dividends and distributions to shareholders: Dividends from net investment income (.06) (.13) (.29) (.20) Distributions from net realized gain (.23) (.61) (.32) (.03) - -------------------------------------------------------------------------------------------------------------- Total dividends and distributions to shareholders (.29) (.74) (.61) (.23) - -------------------------------------------------------------------------------------------------------------- Net asset value, end of period $11.16 $12.97 $12.62 $11.88 ----------------------------------------------------------------- ----------------------------------------------------------------- - -------------------------------------------------------------------------------------------------------------- - -------------------------------------------------------------------------------------------------------------- TOTAL RETURN, AT NET ASSET VALUE(5) 4.49% 9.13% 11.73% 3.21% - -------------------------------------------------------------------------------------------------------------- - -------------------------------------------------------------------------------------------------------------- RATIOS/SUPPLEMENTAL DATA Net assets, end of period (in thousands) $441 $1,139 $683 $828 - -------------------------------------------------------------------------------------------------------------- Average net assets (in thousands) $247 $ 935 $879 $551 - -------------------------------------------------------------------------------------------------------------- Ratios to average net assets: Net investment income 3.01%(6) 2.08%(6) 2.37% 2.53%(6) Expenses 2.30%(6) 2.13%(6) 2.16%(7) 2.27%(6) - -------------------------------------------------------------------------------------------------------------- Portfolio turnover rate(8) 76.3% 28.3% 59.7% 61.0% Average brokerage commission rate(9) -- $0.0315 $0.0067 $0.0078
6. Annualized. 7. The expense ratio reflects the effect of expenses paid indirectly by the Fund. 8. The lesser of purchases or sales of portfolio securities for a period, divided by the monthly average of the market value of portfolio securities owned during the period. Securities with a maturity or expiration date at the time of acquisition of one year or less are excluded from the calculation. Purchases and sales of investment securities (excluding short-term securities) for the period ended April 30, 1998 were $18,568,096 and $19,144,307, respectively. 9. 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. Generally, non-U.S. commissions are lower than U.S. commissions when expressed as cents per share but higher when expressed as a percentage of transactions because of the lower per-share prices of many non-U.S. securities. See accompanying Notes to Financial Statements. 49 Oppenheimer LifeSpan Funds FINANCIAL HIGHLIGHTS Oppenheimer LifeSpan Growth Fund
CLASS A ----------------------------------------------------------------- SIX MONTHS ENDED PERIOD ENDED APRIL 30, YEAR ENDED OCTOBER 31, DECEMBER 31, 1998 (UNAUDITED) 1997 1996(3) 1995(4) - -------------------------------------------------------------------------------------------------------------- - -------------------------------------------------------------------------------------------------------------- PER SHARE OPERATING DATA Net asset value, beginning of period $13.67 $12.78 $11.39 $10.00 - -------------------------------------------------------------------------------------------------------------- Income from investment operations: Net investment income .11 .24 .18 .16 Net realized and unrealized gain 1.31 1.35 1.34 1.63 - -------------------------------------------------------------------------------------------------------------- Total income from investment operations 1.42 1.59 1.52 1.79 - -------------------------------------------------------------------------------------------------------------- Dividends and distributions to shareholders: Dividends from net investment income (.23) (.08) (.09) (.17) Distributions from net realized gain (.79) (.62) (.04) (.23) - -------------------------------------------------------------------------------------------------------------- Total dividends and distributions to shareholders (1.02) (.70) (.13) (.40) - -------------------------------------------------------------------------------------------------------------- Net asset value, end of period $14.07 $13.67 $12.78 $11.39 ----------------------------------------------------------------- ----------------------------------------------------------------- - -------------------------------------------------------------------------------------------------------------- - -------------------------------------------------------------------------------------------------------------- TOTAL RETURN, AT NET ASSET VALUE(5) 11.21% 12.96% 13.37% 18.02% - -------------------------------------------------------------------------------------------------------------- - -------------------------------------------------------------------------------------------------------------- RATIOS/SUPPLEMENTAL DATA Net assets, end of period (in thousands) $58,328 $53,318 $43,980 $34,368 - -------------------------------------------------------------------------------------------------------------- Average net assets (in thousands) $55,755 $49,213 $39,576 $29,046 - -------------------------------------------------------------------------------------------------------------- Ratios to average net assets: Net investment income 1.70%(6) 1.91% 1.81%(6) 2.32%(6) Expenses 1.46%(6) 1.50%(7) 1.61%(6) 1.55%(6) - -------------------------------------------------------------------------------------------------------------- Portfolio turnover rate(8) 32.1% 66.0% 64.2% 71.8% Average brokerage commission rate(9) $0.0316 $0.0069 $0.0059 -- CLASS B -------------------------------------------------- SIX MONTHS ENDED APRIL 30, YEAR ENDED OCTOBER 31, 1998 (UNAUDITED) 1997 1996(3) - ----------------------------------------------------------------------------------------------- - ----------------------------------------------------------------------------------------------- PER SHARE OPERATING DATA Net asset value, beginning of period $13.62 $12.81 $11.47 - ----------------------------------------------------------------------------------------------- Income from investment operations: Net investment income .07 .14 .08 Net realized and unrealized gain 1.30 1.35 1.36 - ----------------------------------------------------------------------------------------------- Total income from investment operations 1.37 1.49 1.44 - ----------------------------------------------------------------------------------------------- Dividends and distributions to shareholders: Dividends from net investment income (.15) (.06) (.06) Distributions from net realized gain (.79) (.62) (.04) - ----------------------------------------------------------------------------------------------- Total dividends and distributions to shareholders (.94) (.68) (.10) - ----------------------------------------------------------------------------------------------- Net asset value, end of period $14.05 $13.62 $12.81 -------------------------------------------------- -------------------------------------------------- - ----------------------------------------------------------------------------------------------- - ----------------------------------------------------------------------------------------------- TOTAL RETURN, AT NET ASSET VALUE(5) 10.79% 12.07% 12.58% - ----------------------------------------------------------------------------------------------- - ----------------------------------------------------------------------------------------------- RATIOS/SUPPLEMENTAL DATA Net assets, end of period (in thousands) $6,758 $5,391 $2,405 - ----------------------------------------------------------------------------------------------- Average net assets (in thousands) $6,055 $3,925 $1,475 - ----------------------------------------------------------------------------------------------- Ratios to average net assets: Net investment income 0.95%(6) 1.14% 1.11%(6) Expenses 2.22%(6) 2.27%(7) 2.37%(6) - ----------------------------------------------------------------------------------------------- Portfolio turnover rate(8) 32.1% 66.0% 64.2% Average brokerage commission rate(9) $0.0316 $0.0069 $0.0059
1. For the period from May 1, 1996 (inception of offering) to October 31, 1996. 2. For the period from October 2, 1995 (inception of offering) to December 31, 1995. 3. For the ten months ended October 31, 1996. The Fund changed its fiscal year end from December 31 to October 31. On March 18, 1996, OppenheimerFunds, Inc. became the investment advisor to the Fund. 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. 50 Oppenheimer LifeSpan Funds
FINANCIAL HIGHLIGHTS (CONTINUED) Oppenheimer LifeSpan Growth Fund CLASS B (CONTINUED) CLASS C -------------------- ---------------------------------------------- SIX MONTHS PERIOD ENDED ENDED DECEMBER 31, APRIL 30, YEAR ENDED OCTOBER 31, 1995(2) 1998 (UNAUDITED) 1997 1996(1) - -------------------------------------------------------------------------------------------------------------- - -------------------------------------------------------------------------------------------------------------- PER SHARE OPERATING DATA Net asset value, beginning of period $11.14 $13.53 $12.74 $12.49 - -------------------------------------------------------------------------------------------------------------- Income from investment operations: Net investment income .03 .07 .14 .11 Net realized and unrealized gain .56 1.29 1.34 .27 - -------------------------------------------------------------------------------------------------------------- Total income from investment operations .59 1.36 1.48 .38 - -------------------------------------------------------------------------------------------------------------- Dividends and distributions to shareholders: Dividends from net investment income (.03) (.16) (.07) (.09) Distributions from net realized gain (.23) (.79) (.62) (.04) - -------------------------------------------------------------------------------------------------------------- Total dividends and distributions to shareholders (.26) (.95) (.69) (.13) - -------------------------------------------------------------------------------------------------------------- Net asset value, end of period $11.47 $13.94 $13.53 $12.74 ----------------------------------------------------------------- ----------------------------------------------------------------- - -------------------------------------------------------------------------------------------------------------- - -------------------------------------------------------------------------------------------------------------- TOTAL RETURN, AT NET ASSET VALUE(5) 5.34% 10.74% 12.05% 3.04% - -------------------------------------------------------------------------------------------------------------- - -------------------------------------------------------------------------------------------------------------- RATIOS/SUPPLEMENTAL DATA Net assets, end of period (in thousands) $561 $1,558 $1,209 $141 - -------------------------------------------------------------------------------------------------------------- Average net assets (in thousands) $230 $1,456 $722 $54 - -------------------------------------------------------------------------------------------------------------- Ratios to average net assets: Net investment income 1.70%(6) 0.95%(6) 1.11% 1.32%(6) Expenses 2.30%(6) 2.22%(6) 2.29%(7) 2.43%(6) - -------------------------------------------------------------------------------------------------------------- Portfolio turnover rate(8) 71.8% 32.1% 66.0% 64.2% Average brokerage commission rate(9) -- $0.0316 $0.0069 $0.0059
6. Annualized. 7. The expense ratio reflects the effect of expenses paid indirectly by the Fund. 8. The lesser of purchases or sales of portfolio securities for a period, divided by the monthly average of the market value of portfolio securities owned during the period. Securities with a maturity or expiration date at the time of acquisition of one year or less are excluded from the calculation. Purchases and sales of investment securities (excluding short-term securities) for the period ended April 30, 1998 were $18,788,003 and $18,515,689, respectively. 9. 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. Generally, non-U.S. commissions are lower than U.S. commissions when expressed as cents per share but higher when expressed as a percentage of transactions because of the lower per-share prices of many non-U.S. securities. See accompanying Notes to Financial Statements. 51 Oppenheimer LifeSpan Funds NOTES TO FINANCIAL STATEMENTS (Unaudited) 1. SIGNIFICANT ACCOUNTING POLICIES Oppenheimer LifeSpan Income Fund, Oppenheimer LifeSpan Balanced Fund and Oppenheimer LifeSpan Growth Fund (the Funds), are separate series of Oppenheimer Series Fund, Inc. (the Company), a diversified, open-end management investment company registered under the Investment Company Act of 1940, as amended. The Fund's investment advisor is OppenheimerFunds, Inc. (the Manager). The Funds' investment objectives are as follows: OPPENHEIMER LIFESPAN INCOME FUND seeks high current income, with opportunities for capital appreciation. It invests in a strategically allocated portfolio consisting primarily of bond instruments. OPPENHEIMER LIFESPAN BALANCED FUND seeks a blend of capital appreciation and income. It invests in a strategically allocated portfolio of stocks and bonds with a slightly stronger emphasis on stocks. OPPENHEIMER LIFESPAN GROWTH FUND seeks long-term capital appreciation. It invests in a strategically allocated portfolio consisting primarily of stocks. The Funds offer Class A, Class B and Class C shares. Class A shares are sold with a front-end sales charge. Class B and Class C shares may be subject to a contingent deferred sales charge. All classes of shares have identical rights to earnings, assets and voting privileges, except that each class has its own distribution and/or service plan, expenses directly attributable to that particular class and exclusive voting rights with respect to matters affecting that 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 an 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 foreign securities and investment income are translated at the rates of exchange prevailing on the respective dates of such transactions. The effect of changes in foreign currency exchange rates on investments is separately identified from the fluctuations arising from changes in market values of securities held and reported with all other foreign currency gains and losses in the Funds' Statements of Operations. REPURCHASE AGREEMENTS. The Funds require the custodian to take possession, to have legally segregated in the Federal Reserve Book Entry System or to have segregated within the custodian's vault, all securities held as collateral for repurchase agreements. The market value of the underlying securities is required to be at least 102% of the resale price at the time of purchase. If the seller of the agreement defaults and the value of the collateral declines, or if the seller enters an insolvency proceeding, realization of the value of the collateral by the Funds may be delayed or limited. ALLOCATION OF INCOME, EXPENSES, AND GAINS AND LOSSES. Income, expenses (other than those attributable to a specific class) and gains and losses are allocated daily to each class of shares based upon the relative proportion of net assets represented by such class. Operating expenses directly attributable to a specific class are charged against the operations of that class. 52 Oppenheimer LifeSpan Funds NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued) 1. SIGNIFICANT ACCOUNTING POLICIES (continued) DIRECTORS' FEES AND EXPENSES. The Funds have adopted a nonfunded retirement plan for the Funds' independent directors. Benefits are based on years of service and fees paid to each director during the years of service. During the six months ended April 30, 1998, the provision for projected benefit obligations, payments to retired directors and the accumulated liability for each of the Funds is as follows:
---------------------------------------------------------------------- LifeSpan Income Fund LifeSpan Balanced Fund LifeSpan Growth Fund - ------------------------------------------------------------------------------------------------------------------- Provision for projected benefit obligations $ 887 $ 4,819 $ 5,359 - ------------------------------------------------------------------------------------------------------------------- Payments to retired directors 1,509 1,509 1,509 - ------------------------------------------------------------------------------------------------------------------- Accumulated liability as of April 30, 1998 32,260 30,938 30,728 - -------------------------------------------------------------------------------------------------------------------
The Board of Directors has adopted a Deferred Compensation plan for independent Directors that enables Directors to elect to defer receipt of all or a portion of annual fees they are entitled to receive from the Fund. Under the plan, the compensation deferred is periodically adjusted as though an equivalent amount had been invested for the Director in shares, of one or more Oppenheimer funds selected by the Director. The amount paid to the Director under the plan will be determined based upon the performance of the selected funds. Deferral of Directors' fees under the plan will not affect the net assets of the Fund, and will not materially affect the Fund's assets, liabilities or net income per share. 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 its 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 fiscal year that the income or realized gain was recorded by the Funds. OTHER. Investment transactions are accounted for on the date the investments are purchased or sold (trade date) and dividend income is recorded on the ex-dividend date. Discount on securities purchased is amortized over the life of the respective securities, in accordance with federal income tax requirements. Realized gains and losses on investments and unrealized appreciation and depreciation are determined on an identified cost basis, which is the same basis used for federal income tax purposes. Interest on payment-in-kind debt instruments is accrued as income at the coupon rate and a market adjustment is made periodically. The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. 2. SHARES OF CAPITAL STOCK Each Fund has authorized 450 million shares of $0.001 par value capital stock. Transactions in shares of capital stock were as follows: OPPENHEIMER LIFESPAN INCOME FUND
SIX MONTHS ENDED APRIL 30, 1998 YEAR ENDED OCTOBER 31, 1997 SHARES AMOUNT SHARES AMOUNT ------------------------------- --------------------------- Class A: Sold 24,331 $ 271,542 76,799 $ 839,632 Dividends and distributions reinvested 102,383 1,141,869 169,781 1,828,122 Redeemed (33,924) (379,091) (78,072) (851,624) -------- ---------- -------- ------------ Net increase 92,790 $1,034,320 168,508 $1,816,130 -------- ---------- -------- ------------ -------- ---------- -------- ------------
53 Oppenheimer LifeSpan Funds NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued) 2. Shares of Capital Stock (continued) OPPENHEIMER LIFESPAN INCOME FUND (continued)
SIX MONTHS ENDED APRIL 30, 1998 YEAR ENDED OCTOBER 31, 1997 SHARES AMOUNT SHARES AMOUNT ------------------------------- --------------------------- Class B: Sold 15,129 $ 169,839 35,037 $ 380,109 Dividends and distributions reinvested 2,792 31,222 3,360 36,336 Redeemed (8,069) (90,450) (7,512) (81,877) -------- ---------- -------- ------------ Net increase 9,852 $ 110,611 30,885 $ 334,568 -------- ---------- -------- ------------ -------- ---------- -------- ------------ Class C: Sold 6,411 $ 71,768 2,712 $ 28,892 Dividends and distributions reinvested 168 1,880 86 933 Redeemed (812) (9,153) -- -- -------- ---------- -------- ------------ Net increase 5,767 $ 64,495 2,798 $ 29,825 -------- ---------- -------- ------------ -------- ---------- -------- ------------ OPPENHEIMER LIFESPAN BALANCED FUND Class A: Sold 122,076 $1,534,685 672,918 $ 8,115,315 Dividends and distributions reinvested 318,931 3,869,713 263,094 3,160,977 Redeemed (184,408) (2,348,473) (393,016) (4,760,002) -------- ---------- -------- ------------ Net increase 256,599 $3,055,925 542,996 $ 6,516,290 -------- ---------- -------- ------------ -------- ---------- -------- ------------ Class B: Sold 61,765 $ 780,948 253,560 $ 3,096,696 Dividends and distributions reinvested 22,568 275,089 12,325 149,308 Redeemed (38,632) (491,949) (49,667) (588,812) -------- ---------- -------- ------------ Net increase 45,701 $ 564,088 216,218 $ 2,657,192 -------- ---------- -------- ------------ -------- ---------- -------- ------------ Class C: Sold 38,355 $ 479,471 47,180 $ 560,673 Dividends and distributions reinvested 3,884 47,079 3,637 43,355 Redeemed (8,526) (108,429) (66,431) (794,830) -------- ---------- -------- ------------ Net increase (decrease) 33,713 $ 418,121 (15,614) $ (190,802) -------- ---------- -------- ------------ -------- ---------- -------- ------------ OPPENHEIMER LIFESPAN GROWTH FUND Class A: Sold 194,750 $2,605,881 590,543 $ 7,650,233 Dividends and distributions reinvested 313,549 3,988,347 195,679 2,440,118 Redeemed (262,497) (3,553,456) (327,056) (4,334,310) -------- ---------- -------- ------------ Net increase 245,802 $3,040,772 459,166 $ 5,756,041 -------- ---------- -------- ------------ -------- ---------- -------- ------------ Class B: Sold 90,121 $1,208,823 227,007 $ 2,916,327 Dividends and distributions reinvested 30,141 383,994 11,173 139,662 Redeemed (34,889) (474,352) (30,185) (390,053) -------- ---------- -------- ------------ Net increase 85,373 $1,118,465 207,995 $ 2,665,936 -------- ---------- -------- ------------ -------- ---------- -------- ------------ Class C: Sold 32,524 $ 429,232 86,490 $ 1,086,489 Dividends and distributions reinvested 7,222 91,292 846 10,506 Redeemed (17,365) (235,470) (8,994) (118,988) -------- ---------- -------- ------------ Net increase 22,381 $ 285,054 78,342 $ 978,007 -------- ---------- -------- ------------ -------- ---------- -------- ------------
54 Oppenheimer LifeSpan Funds NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued) 3. UNREALIZED GAINS AND LOSSES ON INVESTMENTS At April 30, 1998, net unrealized appreciation on investments consisted of the following:
---------------------------------------------------------------------- LifeSpan Income Fund LifeSpan Balanced Fund LifeSpan Growth Fund - ------------------------------------------------------------------------------------------------------------------- Gross appreciation $ 2,991,019 $ 12,663,958 $ 13,648,005 - ------------------------------------------------------------------------------------------------------------------- Gross depreciation 290,794 1,253,103 1,252,682 - ------------------------------------------------------------------------------------------------------------------- Net unrealized appreciation $ 2,700,225 $ 11,410,855 $ 12,395,323 - -------------------------------------------------------------------------------------------------------------------
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% of the first $250 million of average annual net assets and 0.65% of average annual net assets over $250 million. For Oppenheimer LifeSpan Balanced Fund and Oppenheimer LifeSpan Growth Fund, the fees are 0.85% of the first $250 million of average annual net assets and 0.75% of average annual net assets over $250 million. The Manager acts as the accounting agent for the Funds at an annual fee of $15,000 per Fund, plus out-of-pocket costs and expenses reasonably incurred. For Oppenheimer LifeSpan Income Fund, the Manager has entered into a sub-advisory agreement with BEA Associates 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-advisors 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 negotiated fees. OppenheimerFunds Services (OFS), a division of the Manager, is the transfer and shareholder servicing agent for the Funds and for other registered investment companies. OFS's total costs of providing such services are allocated ratably to these companies. For the six months ended April 30, 1998, (1) commissions (sales charges paid by investors) on sales of Class A shares, (2) commission amounts retained by OppenheimerFunds Distributor, Inc. (OFDI), a subsidiary of the Manager, as general distributor, and by affiliated broker/dealers, (3) sales charges advanced to broker/dealers by OFDI on sales of the Funds' Class B and Class C shares, (4) sales charges advanced to affiliated broker/dealers and (5) contingent deferred sales charges retained by OFDI were as follows:
------------------------------------------------------------------------------------------------ (1) Commissions (2) Commissions (3) Sales Charges (4) Paid to (5) Contingent Retained Advanced Affiliates Deferred Sales Charges - ------------------------------------------------------------------------------------------------------------------------- LifeSpan Income Fund - ------------------------------------------------------------------------------------------------------------------------- Class A $ 4,276 $ 3,100 -- -- -- - ------------------------------------------------------------------------------------------------------------------------- Class B -- -- $ 4,622 $ 1,972 $ 1,619 - ------------------------------------------------------------------------------------------------------------------------- Class C -- -- -- -- -- - ------------------------------------------------------------------------------------------------------------------------- LifeSpan Balanced Fund - ------------------------------------------------------------------------------------------------------------------------- Class A $ 36,732 $ 23,807 -- -- -- - ------------------------------------------------------------------------------------------------------------------------- Class B -- -- $ 30,592 $ 11,552 $ 3,518 - ------------------------------------------------------------------------------------------------------------------------- Class C -- -- $ 4,795 -- -- - -------------------------------------------------------------------------------------------------------------------------
55 Oppenheimer LifeSpan Funds NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued) 4. MANAGEMENT FEES AND OTHER TRANSACTIONS WITH AFFILIATES (continued)
------------------------------------------------------------------------------------------------ (1) Commissions (2) Commissions (3) Sales Charges (4) Paid to (5) Contingent Retained Advanced Affiliates Deferred Sales Charges - ------------------------------------------------------------------------------------------------------------------------- LifeSpan Growth Fund - ------------------------------------------------------------------------------------------------------------------------- Class A $ 51,002 $ 23,764 -- -- -- - ------------------------------------------------------------------------------------------------------------------------- Class B -- -- $ 45,606 $ 14,907 $ 5,597 - ------------------------------------------------------------------------------------------------------------------------- Class C -- -- $ 4,008 -- $ 3,245 - -------------------------------------------------------------------------------------------------------------------------
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 shareholder accounts that hold Class A shares. Reimbursement is made quarterly at an annual rate that may not exceed 0.25% of the average annual net assets of Class A shares of the Funds. OFDI uses the service fee to reimburse brokers, dealers, banks and other financial institutions quarterly for providing personal service and maintenance of accounts of their customers that hold Class A shares. During the six months ended April 30, 1998, OFDI made payments to an affiliated broker/dealer as reimbursement for Class A personal service and maintenance expenses as follows: LifeSpan Income Fund...............................$ 36,842 LifeSpan Balanced Fund.............................$ 78,126 LifeSpan Growth Fund...............................$ 65,162
The Funds have adopted Distribution and Service Plans for Class B and Class C shares to compensate OFDI for its 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 for its services rendered in distributing Class B and Class C shares. OFDI also receives a service fee of 0.25% per year to compensate dealers for providing services for accounts that hold Class B and C shares. Each fee is computed on the average annual net assets of Class B or Class C shares, determined as of the close of each regular business day. If the Plans are terminated by the Funds, the Board of Directors may allow the Funds to continue payments of the asset-based sales charge to OFDI for certain expenses they incurred before the Plans were terminated. During the six months ended April 30, 1998, OFDI retained certain amounts as compensation for Class B and Class C personal service and maintenance expenses. These amounts, as well as excess distribution and servicing costs incurred by OFDI at April 30, 1998 are as follows:
---------------------------------------------------- Amount Retained by OFDI Unreimbursed Expenses --------------------------------------------------------------------------------------------- LifeSpan Income Fund, Class B $ 3,659 $ 8,577 --------------------------------------------------------------------------------------------- LifeSpan Balanced Fund, Class B 22,312 149,168 --------------------------------------------------------------------------------------------- LifeSpan Balanced Fund, Class C 3,612 21,641 --------------------------------------------------------------------------------------------- LifeSpan Growth Fund, Class B 25,747 158,927 --------------------------------------------------------------------------------------------- LifeSpan Growth Fund, Class C 5,499 15,284 ---------------------------------------------------------------------------------------------
56 Oppenheimer LifeSpan Funds NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued) 5. ILLIQUID AND RESTRICTED SECURITIES At April 30, 1998, investments in securities included issues that are illiquid or restricted. Restricted securities are often purchased in private placement transactions, are not registered under the Securities Act of 1933, may have contractual restrictions on resale, and are valued under methods approved by the Board of Directors as reflecting fair value. A security may be considered illiquid if it lacks a readily available market or if its valuation has not changed for a certain period of time. The Funds intend to invest no more than 10% of their net assets (determined at the time of purchase and reviewed periodically) in illiquid or restricted securities. Certain restricted securities, eligible for resale to qualified institutional investors, are not subject to that limit. The aggregate value of illiquid or restricted securities subject to this limitation at April 30, 1998 are as follows:
---------------------------------------------------- Amount Percentage to Net Assets as of April 30, 1998 - --------------------------------------------------------------------------------- LifeSpan Income Fund $ 845,273 2.66% - --------------------------------------------------------------------------------- LifeSpan Balanced Fund 1,173,926 1.59 - --------------------------------------------------------------------------------- LifeSpan Growth Fund 559,328 0.84 - ---------------------------------------------------------------------------------
6. FORWARD CONTRACTS A forward foreign currency exchange contract (forward contract) is a commitment to purchase or sell a foreign currency at a future date, at a negotiated rate. The Funds use forward contracts to seek to manage foreign currency risks. They may also be used to tactically shift portfolio currency risk. The Funds generally enter into forward contracts as a hedge upon the purchase or sale of a security denominated in a foreign currency. In addition, the Funds may enter into such contracts as a hedge against changes in foreign currency exchange rates on portfolio positions. Forward contracts are valued based on the closing prices of the forward currency contract rates in the London foreign exchange markets on a daily basis as provided by a reliable bank or dealer. The Funds will realize a gain or loss upon the closing or settlement of the forward transaction. Securities held in segregated accounts to cover net exposure on outstanding forward contracts are noted in the Statements of Investments where applicable. Unrealized appreciation or depreciation on forward contracts is reported in the Statements of Assets and Liabilities. Realized gains and losses are reported with all other foreign currency gains and losses in the Funds' Statements of Operations. Risks include the potential inability of the counterparty to meet the terms of the contract and unanticipated movements in the value of a foreign currency relative to the U.S. dollar. At April 30, 1998, outstanding forward contracts were as follows:
OPPENHEIMER LIFESPAN BALANCED FUND CONTRACT AMOUNT VALUATION AS OF UNREALIZED UNREALIZED EXPIRATION DATES (000'S) APRIL 30, 1998 APPRECIATION DEPRECIATION - --------------------------------------------------------------------------------------------------------------------- CONTRACTS TO PURCHASE Swiss Franc (CHF) 5/5/98 193 CHF $ 128,750 $ -- $ 327 --------- --------- -- 327 --------- --------- --------- --------- CONTRACTS TO SELL British Pound Sterling (GBP) 5/6/98-5/7/98 56 GBP 93,702 9 -- Italian Lira (ITL) 5/4/98 227,429 ITL 128,349 69 -- --------- --------- 78 -- --------- --------- NET UNREALIZED APPRECIATION AND DEPRECIATION $ 78 $ 327 --------- --------- --------- --------- 57 Oppenheimer LifeSpan Funds NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued) 6. FORWARD CONTRACTS (continued) OPPENHEIMER LIFESPAN GROWTH FUND CONTRACT AMOUNT VALUATION AS OF UNREALIZED UNREALIZED EXPIRATION DATES (000'S) APRIL 30, 1998 APPRECIATION DEPRECIATION - --------------------------------------------------------------------------------------------------------------------- CONTRACTS TO PURCHASE SWISS FRANC (CHF) 5/5/98 193 CHF $ 128,750 $ -- $ 327 --------- --------- -- 327 --------- --------- CONTRACTS TO SELL British Pound Sterling (GBP) 5/6/98-5/7/98 83 GBP 138,568 9 -- Italian Lira (ITL) 5/4/98 227,429 ITL 128,349 69 -- --------- --------- 78 -- --------- --------- NET UNREALIZED APPRECIATION AND DEPRECIATION $ 78 $ 327 --------- --------- --------- ---------
7. BORROWINGS The Funds may borrow from a bank for temporary or emergency purposes including, without limitation, funding of shareholder redemptions provided asset coverage for borrowings exceeds 300%. The Funds have entered into an agreement which enables them to participate with other Oppenheimer funds in an unsecured line of credit with a bank, which permits borrowings up to $400 million, collectively. Interest is charged to each fund, based on its borrowings, at a rate equal to the Federal Funds Rate plus 0.35%. Borrowings are payable 30 days after such loan is executed. Each fund also pays a commitment fee equal to its pro rata share of the average unutilized amount of the credit facility at a rate of 0.0575% per annum. The Funds had no borrowings outstanding during the six months ended April 30, 1998. 8. SUBSEQUENT EVENT On December 11, 1997, the Board of Directors approved the reorganization of Oppenheimer LifeSpan Income Fund with and into Oppenheimer Bond Fund, Oppenheimer LifeSpan Balanced Fund with and into Oppenheimer Disciplined Allocation Fund and Oppenheimer LifeSpan Growth Fund with and into Oppenheimer Disciplined Value Fund. Shareholders of each of the Oppenheimer LifeSpan Funds will be asked to approve a reorganization whereby shareholders would receive shares of Oppenheimer Bond Fund, Oppenheimer Disciplined Allocation Fund and Oppenheimer Disciplined Value Fund, as applicable, and the Oppenheimer LifeSpan Funds would be liquidated. If shareholder approval is received, it is expected that the reorganization will occur during the second quarter of calendar 1998. 58 Oppenheimer LifeSpan Funds OPPENHEIMER LIFESPAN FUNDS A series of Oppenheimer Series Fund, Inc. OFFICERS AND DIRECTORS Leon Levy, Chairman of the Board of Directors Donald W. Spiro, Vice Chairman of the Board of Directors Bridget A. Macaskill, Director and President Robert G. Galli, Director Benjamin Lipstein, Director Elizabeth B. Moynihan, Director Kenneth A. Randall, Director Edward V. Regan, Director Russell S. Reynolds, Jr., Director Pauline Trigere, Director Clayton K. Yeutter, Director Robert C. Doll, Jr., Vice President Peter M. Antos, Vice President Stephen F. Libera, Vice President Michael C. Strathearn, Vice President Kenneth B. White, Vice President Arthur J. Zimmer, Vice President George C. Bowen, Treasurer Robert J. Bishop, Assistant Treasurer Scott T. Farrar, Assistant Treasurer Andrew J. Donohue, Secretary Robert G. Zack, Assistant Secretary INVESTMENT ADVISOR OppenheimerFunds, Inc. SUB-ADVISORS Babson-Stewart Ivory International BEA Associates Pilgrim Baxter & Associates DISTRIBUTOR OppenheimerFunds Distributor, Inc. TRANSFER AND OppenheimerFunds Services SHAREHOLDER SERVICING AGENT CUSTODIAN OF The Bank of New York PORTFOLIO SECURITIES INDEPENDENT AUDITORS KPMG Peat Marwick LLP LEGAL COUNSEL Gordon Altman Butowsky Weitzen Shalov & Wein The financial statements included herein have been taken from the records of the Funds without examination by the independent auditors. This is a copy of a report to shareholders of Oppenheimer LifeSpan Funds. This report must be preceded by a Prospectus of Oppenheimer LifeSpan Funds. For material information concerning the Funds, see the Prospectus. Shares of Oppenheimer funds are not deposits or obligations of any bank, are not guaranteed by any bank, and are not insured by the FDIC or any other agency, and involve investment risks, including possible loss of the principal amount invested. 59 Oppenheimer LifeSpan Funds Oppenheimer Funds are distributed by OppenheimerFunds Distributor, Inc., Two World Trade Center, New York, NY 10048 - -C-Copyright 1998 OppenheimerFunds, Inc. All rights reserved. RS0000.001.0498 June 29, 1998 -----END PRIVACY-ENHANCED MESSAGE-----