-----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, PoZ+KB5C5BOjjNRARVQRse+yRTUy/R5Cer+/+br6Z+IyQCEs58gAKznm3igCmmoQ UuXTMcWoQij6TpWTG4/oBQ== 0001047469-98-000641.txt : 19980112 0001047469-98-000641.hdr.sgml : 19980112 ACCESSION NUMBER: 0001047469-98-000641 CONFORMED SUBMISSION TYPE: N-30D PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19971031 FILED AS OF DATE: 19980109 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: 98503877 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 Annual Report October 31, 1997 OPPENHEIMER LIFESPAN BALANCED FUND OPPENHEIMER LIFESPAN GROWTH FUND OPPENHEIMER LIFESPAN INCOME FUND [LOGO] OPPENHEIMERFUNDS-SM- THE RIGHT WAY TO INVEST Oppenheimer LifeSpan Funds offer you THREE portfolios, each of which has a mix of securities to help meet your investment GOALS. - -------------------------------------------------------------------------------- HOW YOUR FUND IS MANAGED - -------------------------------------------------------------------------------- Oppenheimer LifeSpan Balanced Fund in a strategically allocated seeks a blend of capital portfolio consisting primarily of appreciation and income. The Fund stocks. Current income is not a actively allocates assets across primary consideration. two broad asset categories--stocks and fixed-income securities, with Oppenheimer LifeSpan Income a stronger emphasis on stocks--to Fund seeks high current income, meet clearly distinguished risk with opportunities for capital and return objectives. appreciation. It invests in a strategically allocated portfolio Oppenheimer LifeSpan Growth consisting primarily of bond Fund seeks long-term capital instruments. appreciation. It invests - -------------------------------------------------------------------------------- MARKET UPDATE - -------------------------------------------------------------------------------- For most of the one-year period While many feared that this ended October 31, 1997, the signaled the end of the bull economy was marked by steady market, as we ended the fiscal growth and low inflation. After a year, recovery seemed well on its brief period of volatility way. triggered by the Federal Reserve's slight interest rate increase in To deal with this ever-changing late March, the stock and bond volatile environment, each of the markets resumed their generally LifeSpan portfolios includes a positive trends. Starting in diversified spectrum of investments June, the stock market posted a aimed at achieving good performance string of new highs, with the Dow while limiting overall portfolio risk Jones Industrial Average in a variety of market conditions. ultimately topping 8000. However, Over the past year, the strategic troubles in the Asian currency allocation of assets over a broad markets, which began during the range of stocks and bonds has helped summer, escalated to crisis level position the Funds to capture the in October. This created turmoil strength of the large-cap stock in stock and bond markets around market while limiting the effects of the world, leading to the largest some of the declines of the small-cap one-day point decline in the Dow equity and bond markets. on October 27, 1997. 2 Oppenheimer LifeSpan Funds BRIDGET A. MACASKILL President Oppenheimer LifeSpan Funds Dear Shareholder, As you are no doubt aware, during the end of October and early November many stock markets around the world recorded their all-time largest point declines, followed by subsequent gains and continued volatility, leaving investors uncertain about what would occur next. To put those events in focus, let's look at a "snapshot" of the two-week time period. Sharp declines in the overseas stock markets, particularly in Asia, triggered a series of sell-offs throughout Europe, Latin America and the United States. In response, the U.S. stock market, as measured by the Dow Jones Industrial Average, dropped 554 points on October 27, its largest point decline in history. However, almost as quickly, the U.S. stock market bounced back over the succeeding few days, regaining nearly all of its losses. While no one could have predicted the timing or extent of these fluctuations, many analysts, including our fund managers here at OppenheimerFunds, had warned of a correction for several months. We believed that U.S. valuations were too high, stocks were expensive relative to bonds, recent corporate earnings were somewhat disappointing and that Federal Reserve Chairman Alan Greenspan could possibly seek a short-term interest rate hike. While only one short-term interest rate hike occurred in March of 1997, the other factors have held true. We'd like to take this opportunity to remind shareholders that stock market volatility is a normal and expected part of the business cycle. As Alan Greenspan suggested, in years to come this period will likely be remembered as a positive change for a market that was growing too quickly. For frequent market updates, please visit our web site at WWW.OPPENHEIMERFUNDS.COM or call 1-800-835-3104 to listen to our recorded messages. In the meantime, thank you for your confidence in OppenheimerFunds, THE RIGHT WAY TO INVEST. We look forward to helping you reach your investment goals in the future. /s/Bridget A. Macaskill Bridget A. Macaskill November 21, 1997 3 Oppenheimer LifeSpan Funds ----------- FUND OVERVIEW PERFORMANCE ----------- Following is a brief The HIGH YIELD On the fixed-income commentary on each segment offered good, side, the HIGH YIELD Average Annual Total Returns LifeSpan Fund, including though volatile returns, segment was fueled by for the period ended 10/31/97 discussions about some of especially in strong solid returns in the (without sales charges)(1): the investments that growth sectors such as telecommunications sector. affected the performance telecommunications The GOVERNMENT/CORPORATE - ------------------------------ within each of the Funds' technology. Our BOND and SHORT-TERM BOND A SHARES B SHARES C SHARES components over the past GOVERNMENT/CORPORATE BOND segments also delivered - ------------------------------ year. segment benefited from the solid returns for the year. controlled, LIFESPAN GROWTH FUND OPPENHEIMER LIFESPAN non-inflationary growth in OPPENHEIMER LIFESPAN 1 year GROWTH FUND the United States. INCOME FUND - ------------------------------ 12.96% 12.07% 12.05% Not surprisingly, the OPPENHEIMER LIFESPAN In spite of frequent bouts - ------------------------------ Fund's stock holdings were BALANCED FUND of short-term volatility, Since inception the major contributors to the bond market enjoyed - ------------------------------ performance. A relatively For most of the year, the favorable returns over the 17.97% 14.65% 10.06% large number of stocks in strong stock market was a past year, aided by the - ------------------------------ the financial and significant boon to the noninflationary growth technology industries did Fund, which had roughly environment in the United LIFESPAN BALANCED FUND very well, and in the last 60% of the Fund's assets States. That's because 1 year quarter of the period allocated to equities. when inflation is low, - ------------------------------ small-cap stocks staged a Financial and technology interest rates generally 12.66% 11.70% 11.73% rally. stocks were leading stay low, which helps - ------------------------------ performers, followed by stabilize bond prices. Since inception During the year ended small cap and - ------------------------------ October 31, 1997, the international stocks. The Fund's strongest 15.38% 12.37% 9.96% strongest performers were Fund returns were further performer, which benefited - ------------------------------ the VALUE/GROWTH helped in the final from overall superior component, followed by the quarter by a bond market stock market returns, was LIFESPAN INCOME FUND GROWTH/INCOME component. rally. the GROWTH/INCOME segment. 1 year The SMALL-CAP EQUITY The HIGH YIELD segment - ------------------------------ component ended the year The Fund's largest also proved to be 11.30% 10.51% 11.03% on a positive note, as gains came from the beneficial, as well as the - ------------------------------ well. The INTERNATIONAL VALUE/GROWTH segment and GOVERNMENT/CORPORATE BOND Since inception EQUITY component also the GROWTH/INCOME and the SHORT-TERM BOND - ------------------------------ finished strongly for the component. The SMALL-CAP components, which both saw 10.82% 8.94% 10.04% year. This was due in EQUITY segment generated competive returns for the - ------------------------------ large part to the fact moderate gains. By period. that we were able to generally avoiding the Average Annual Total Returns almost entirely avoid the currency crisis in for the period ended 9/30/97 difficulties in Southeast Southeast Asia, our (after sales charges)(2): Asia. INTERNATIONAL EQUITY component performed very LIFESPAN GROWTH FUND well. 1 year - ------------------------------ 11.23% 12.10% 16.12% - ------------------------------ Since inception Total returns include changes in share price and reinvestment of dividends and - ------------------------------ capital gains distributions in a hypothetical investment for the periods shown. 18.17% 16.56% 14.66% IN REVIEWING THE PERFORMANCE AND RANKINGS, PLEASE REMEMBER THAT PAST - ------------------------------ PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE OF AN INVESTMENT IN A FUND WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES, LIFESPAN BALANCED FUND WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN THE ORIGINAL COST. For more 1 year complete information, please review the prospectus. Prior to March 1, 1996, the - ------------------------------ Funds had a different investment advisor. However, the prior portfolio 9.94% 10.81% 14.87% management team is now employed by OppenheimerFunds, Inc. Additionally, - ------------------------------ Babson-Stewart Ivory International became the Subadvisor for the international Since inception component of the Funds' portfolios on 3/1/96. BEA Associates and Pilgrim - ------------------------------ Baxter & Associates have continued as Subadvisors to certain components of the 14.88% 13.35% 13.62% Funds' portfolios. - ------------------------------ 1. Includes changes in net asset value per share without deducting any sales LIFESPAN INCOME FUND charges. Such performance would have been lower if sales charges were taken 1 year into account. - ------------------------------ 7.37% 7.92% 12.54% 2. 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 Since inception 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 8.73% 7.69% 11.02% average annual total returns include the applicable contingent deferred sales - ------------------------------ charge of 5% (1-year) and 4% (since inception on 10/2/95). Class C 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
- ----------------------------------------------------------------------------------------------------------------------------- STATEMENT OF INVESTMENTS OCTOBER 31, 1997 Oppenheimer LifeSpan Income Fund FACE MARKET VALUE AMOUNT SEE NOTE 1 - ----------------------------------------------------------------------------------------------------------------------------- ASSET-BACKED SECURITIES - 2.0% - ----------------------------------------------------------------------------------------------------------------------------- Dayton Hudson Credit Card Master Trust, Asset Backed Certificates, Series 1997-1, Cl. A, 6.25%, 8/25/05 $ 125,000 $ 124,945 - ----------------------------------------------------------------------------------------------------------------------------- IROQUOIS Trust, Asset-Backed Amortizing Nts., Series 1997-2, Cl. A, 6.752%, 6/25/07 (1) 175,000 175,848 - ----------------------------------------------------------------------------------------------------------------------------- Olympic Automobile Receivables Trust: Receivables-Backed Nts., Series 1997-A, Cl. A5, 6.80%, 2/15/05 150,000 153,296 Series 1996-A, Cl. A4, 5.85%, 7/15/01 145,000 144,796 --------------- Total Asset-Backed Securities (Cost $593,509) 598,885 - ----------------------------------------------------------------------------------------------------------------------------- MORTGAGE-BACKED OBLIGATIONS - 10.1% - ----------------------------------------------------------------------------------------------------------------------------- Countrywide Funding Corp., Mtg. Pass-Through Certificates, Series 1994-10, Cl. A3, 6%, 5/25/09 250,000 247,813 - ----------------------------------------------------------------------------------------------------------------------------- Federal Home Loan Mortgage Corp.: Collateralized Mtg. Obligations, Gtd. Multiclass Mtg. Participation Certificates: 5.50%, 5/1/98 8,327 8,250 Series 1711, Cl. EA, 7%, 3/15/24 200,000 204,750 Gtd. Multiclass Mtg. Participation Certificates: 6%, 3/1/09 308,916 306,489 Series 1574, Cl. PD, 5.55%, 3/15/13 75,000 74,812 Series 1843, Cl. VB, 7%, 4/15/03 85,000 87,496 Series 1849, Cl. VA, 6%, 12/15/10 244,705 241,953 Interest-Only Stripped Mtg.-Backed Security: Series 1583, Cl. IC, 9.283%, 1/15/20 (2) 500,000 80,000 Series 1661, Cl. PK, 5.965%, 11/15/06 (2) 874,957 74,098 - ----------------------------------------------------------------------------------------------------------------------------- Federal National Mortgage Assn.: 6%, 12/1/03 233,155 232,017 6.50%, 4/1/26 187,449 184,621 7%, 4/1/00 115,282 116,387 Collateralized Mtg. Obligations, Gtd. Real Estate Mtg. Investment Conduit Pass-Through Certificates, Trust 1993-181, Cl. C, 5.40%, 10/25/02 226,979 225,844 Collateralized Mtg. Obligations, Gtd. Real Estate Mtg. Investment Conduit Pass-Through Certificates, Trust 1993-190, Cl. Z, 5.85%, 7/25/08 189,438 188,455 Medium-Term Nts., 6.56%, 11/13/01 125,000 125,313 Trust 1994-13, Cl. B, 6.50%, 2/25/09 200,000 199,812 - ----------------------------------------------------------------------------------------------------------------------------- GE Capital Mortgage Services, Inc., Gtd. Real Estate Mtg. Investment Conduit Pass-Through Certificates, Series 1994-7, C1. A18, 6%, 2/25/09 198,885 186,455 - ----------------------------------------------------------------------------------------------------------------------------- PNC Mortgage Securities Corp., Commercial Mtg. Pass-Through Certificates, Series 1995-2, Cl. A3, 6.50%, 2/25/12 74,000 74,335 - ----------------------------------------------------------------------------------------------------------------------------- Residential Accredit Loans, Inc., Mortgage Asset-Backed Pass-Through Certificates, Series 1997-QS9, Cl. A2, 6.75%, 9/25/27 175,000 175,260 --------------- Total Mortgage-Backed Obligations (Cost $2,987,639) 3,034,160
5 Oppenheimer LifeSpan Funds
- ----------------------------------------------------------------------------------------------------------------------------- STATEMENT OF INVESTMENTS (CONTINUED) Oppenheimer LifeSpan Income Fund FACE MARKET VALUE AMOUNT SEE NOTE 1 - ----------------------------------------------------------------------------------------------------------------------------- U.S. GOVERNMENT OBLIGATIONS - 14.2% - ----------------------------------------------------------------------------------------------------------------------------- U.S. Treasury Bonds, 7.50%, 11/15/16 $ 1,795,000 $ 2,052,471 - ----------------------------------------------------------------------------------------------------------------------------- U.S. Treasury Nts.: 6.50%, 8/15/05 650,000 674,172 6.75%, 6/30/99 380,000 386,769 7.50%, 11/15/01 1,100,000 1,168,407 --------------- Total U.S. Government Obligations (Cost $4,121,898) 4,281,819 - ----------------------------------------------------------------------------------------------------------------------------- CORPORATE BONDS AND NOTES - 42.3% - ----------------------------------------------------------------------------------------------------------------------------- BASIC INDUSTRY - 5.0% - ----------------------------------------------------------------------------------------------------------------------------- CHEMICALS - 2.2% Burmah Castrol plc, 7% Gtd. Medium-Term Nts., 12/15/97 (3) 145,000 145,197 - ----------------------------------------------------------------------------------------------------------------------------- Du Pont (E.I.) De Nemours & Co., 8.50% Debs., 2/15/03 150,000 159,743 - ----------------------------------------------------------------------------------------------------------------------------- Harris Chemical North America, Inc., 10.25% Gtd. Sr. Sec. Disc. Nts., 7/15/01 50,000 52,250 - ----------------------------------------------------------------------------------------------------------------------------- Laroche Industries, Inc., 9.50% Sr. Sub. Nts., 9/15/07 (3) 50,000 50,250 - ----------------------------------------------------------------------------------------------------------------------------- Morton International, Inc., 9.25% Credit Sensitive Nts., 6/1/20 85,000 108,567 - ----------------------------------------------------------------------------------------------------------------------------- PPG Industries, Inc., 9% Debs., 5/1/21 85,000 104,061 - ----------------------------------------------------------------------------------------------------------------------------- Texas Petrochemical Corp., 11.125% Sr. Sub. Nts., Series B, 7/1/06 50,000 55,250 --------------- 675,318 - ----------------------------------------------------------------------------------------------------------------------------- METALS/MINING - 0.8% Alcan Aluminum Ltd., 9.625% Debs., 7/15/19 165,000 177,913 - ----------------------------------------------------------------------------------------------------------------------------- Kaiser Aluminum & Chemical Corp., 12.75% Sr. Sub. Nts., 2/1/03 50,000 53,875 --------------- 231,788 - ----------------------------------------------------------------------------------------------------------------------------- PAPER - 1.2% Celulosa Arauco y Constitucion SA, 7.25% Debs., 6/11/98 (1) 145,000 145,362 - ----------------------------------------------------------------------------------------------------------------------------- Gaylord Container Corp., 12.75% Sr. Sub. Disc. Debs., 5/15/05 50,000 54,500 - ----------------------------------------------------------------------------------------------------------------------------- Malette, Inc., 12.25% Sr. Sec. Nts., 7/15/04 (1) 50,000 56,875 - ----------------------------------------------------------------------------------------------------------------------------- Stone Container Corp., 9.875% Sr. Nts., 2/1/01 100,000 102,250 --------------- 358,987 - ----------------------------------------------------------------------------------------------------------------------------- STEEL - 0.8% Gulf States Steel, Inc. (Alabama), 13.50% First Mtg. Nts., Series B, 4/15/03 50,000 51,500 - ----------------------------------------------------------------------------------------------------------------------------- NS Group, Inc., 13.50% Gtd. Sr. Sec. Nts., 7/15/03 45,000 51,637 - ----------------------------------------------------------------------------------------------------------------------------- Republic Engineered Steels, Inc., 9.875% First Mtg. Nts., 12/15/01 25,000 24,250 - ----------------------------------------------------------------------------------------------------------------------------- WCI Steel, Inc., 10% Sr. Nts., Series B, 12/1/04 50,000 52,375 - ----------------------------------------------------------------------------------------------------------------------------- Weirton Steel Corp., 10.75% Sr. Nts., 6/1/05 50,000 52,875 --------------- 232,637 - ----------------------------------------------------------------------------------------------------------------------------- CONSUMER RELATED - 5.6% - ----------------------------------------------------------------------------------------------------------------------------- CONSUMER PRODUCTS - 1.3% Black & Decker Corp., 6.625% Nts., 11/15/00 145,000 146,609 - ----------------------------------------------------------------------------------------------------------------------------- Dyersburg Corp., 9.75% Sr. Sub. Nts., 9/1/07 (3) 50,000 51,250 - ----------------------------------------------------------------------------------------------------------------------------- IHF Holdings, Inc., 0%/15% Sr. Sub. Disc. Nts., Series B, 11/15/04 (4) 50,000 43,000 - ----------------------------------------------------------------------------------------------------------------------------- Kimberly-Clark Corp., 7.875% Debs., 2/1/23 85,000 91,622 - ----------------------------------------------------------------------------------------------------------------------------- Revlon Consumer Products Corp., 9.375% Sr. Nts., 4/1/01 50,000 51,875 --------------- 384,356
6 Oppenheimer LifeSpan Funds
- ----------------------------------------------------------------------------------------------------------------------------- STATEMENT OF INVESTMENTS (CONTINUED) Oppenheimer LifeSpan Income Fund FACE MARKET VALUE AMOUNT SEE NOTE 1 - ----------------------------------------------------------------------------------------------------------------------------- FOOD/BEVERAGES/TOBACCO - 0.7% AmeriServe Food Distribution, Inc., 8.875% Sr. Nts., 10/15/06 (3) $ 50,000 $ 50,125 - ----------------------------------------------------------------------------------------------------------------------------- Dole Food Co., 6.75% Nts., 7/15/00 150,000 151,913 --------------- 202,038 - ----------------------------------------------------------------------------------------------------------------------------- HEALTHCARE - 1.2% Columbia/HCA Healthcare Corp., 6.875% Nts., 7/15/01 160,000 160,161 - ----------------------------------------------------------------------------------------------------------------------------- Integrated Health Services, Inc., 9.50% Sr. Sub. Nts., 9/15/07 (3) 50,000 51,875 - ----------------------------------------------------------------------------------------------------------------------------- Mariner Health Group, Inc., 9.50% Sr. Sub. Nts., Series B, 4/1/06 (1) 50,000 52,000 - ----------------------------------------------------------------------------------------------------------------------------- Paracelsus Healthcare Corp., 10% Sr. Sub. Unsec. Nts., 8/15/06 50,000 52,250 - ----------------------------------------------------------------------------------------------------------------------------- Signature Brands, Inc., 13% Sr. Sub. Nts., 8/15/02 (1) 50,000 53,187 --------------- 369,473 - ----------------------------------------------------------------------------------------------------------------------------- HOTEL/GAMING - 2.2% Casino America, Inc., 12.50% Sr. Nts., 8/1/03 50,000 53,500 - ----------------------------------------------------------------------------------------------------------------------------- Casino Magic of Louisiana Corp., 13% First Mtg. Nts., 8/15/03 100,000 95,500 - ----------------------------------------------------------------------------------------------------------------------------- GB Property Funding Corp., 10.875% First Mtg. Nts., 1/15/04 50,000 43,750 - ----------------------------------------------------------------------------------------------------------------------------- Hilton Hotels Corp., 7.375% Nts., 6/1/02 75,000 76,991 - ----------------------------------------------------------------------------------------------------------------------------- HMH Properties, Inc., 8.875% Sr. Nts., 7/15/07 (3) 50,000 51,250 - ----------------------------------------------------------------------------------------------------------------------------- Horseshoe Gaming LLC, 9.375% Sr. Sub. Nts., 6/15/07 (3) 50,000 51,250 - ----------------------------------------------------------------------------------------------------------------------------- Mohegan Tribal Gaming Authority, 13.50% Sr. Sec. Nts., Series B, 11/15/02 25,000 32,125 - ----------------------------------------------------------------------------------------------------------------------------- Players International, Inc., 10.875% Sr. Nts., 4/15/05 50,000 53,625 - ----------------------------------------------------------------------------------------------------------------------------- Prime Hospitality Corp., 9.25% First Mtg. Bonds, 1/15/06 50,000 52,250 - ----------------------------------------------------------------------------------------------------------------------------- Rio Hotel & Casino, Inc., 10.625% Sr. Sub. Nts., 7/15/05 100,000 108,500 - ----------------------------------------------------------------------------------------------------------------------------- Santa Fe Hotel, Inc., 11% Gtd. First Mtg. Nts., 12/15/00 45,000 38,475 --------------- 657,216 - ----------------------------------------------------------------------------------------------------------------------------- LEISURE - 0.2% Bally Total Fitness Holdings, 9.875% Sr. Sub. Nts., 10/15/07 (3) 50,000 49,250 - ----------------------------------------------------------------------------------------------------------------------------- ENERGY - 3.1% - ----------------------------------------------------------------------------------------------------------------------------- Coastal Corp.: 8.125% Sr. Nts., 9/15/02 85,000 91,098 8.75% Sr. Nts., 5/15/99 55,000 57,104 - ----------------------------------------------------------------------------------------------------------------------------- Falcon Drilling Co., Inc., 9.75% Sr. Nts., Series B, 1/15/01 70,000 73,150 - ----------------------------------------------------------------------------------------------------------------------------- Forcenergy, Inc., 8.50% Sr. Sub. Nts., 2/15/07 50,000 50,000 - ----------------------------------------------------------------------------------------------------------------------------- Gulf Canada Resources Ltd.: 8.25% Sr. Nts., 3/15/17 75,000 81,331 9% Debs., 8/15/99 75,000 78,561 - ----------------------------------------------------------------------------------------------------------------------------- HS Resources, Inc., 9.25% Sr. Sub. Nts., 11/15/06 50,000 51,500 - ----------------------------------------------------------------------------------------------------------------------------- Louisiana Land & Exploration Co., 7.65% Debs., 12/1/23 100,000 106,892 - ----------------------------------------------------------------------------------------------------------------------------- Mesa Operating Co., 0%/11.625% Gtd. Sr. Sub. Disc. Nts., 7/1/06 (4) 75,000 60,375 - ----------------------------------------------------------------------------------------------------------------------------- Petroleum Geo-Services ASA, 7.50% Nts., 3/31/07 75,000 78,915 - ----------------------------------------------------------------------------------------------------------------------------- Standard Oil/British Petroleum Co. plc, 9% Debs., 6/1/19 85,000 88,692 - ----------------------------------------------------------------------------------------------------------------------------- Transamerican Energy Corp., 11.50% Sr. Nts., 6/15/02 (3) 25,000 25,750 - ----------------------------------------------------------------------------------------------------------------------------- Williams Holdings of Delaware, Inc., 6.25% Sr. Unsec. Debs., 2/1/06 100,000 97,781 --------------- 941,149 - ----------------------------------------------------------------------------------------------------------------------------- FINANCIAL SERVICES - 10.7% - ----------------------------------------------------------------------------------------------------------------------------- BANKS & THRIFTS - 2.7% Barnett Banks, Inc., 8.50% Sub. Exchangeable Nts., 3/1/99 60,000 61,898 - ----------------------------------------------------------------------------------------------------------------------------- Chase Manhattan Corp. (New), 6.625% Sr. Nts., 1/15/98 55,000 55,093
7 Oppenheimer LifeSpan Funds
- ----------------------------------------------------------------------------------------------------------------------------- STATEMENT OF INVESTMENTS (CONTINUED) Oppenheimer LifeSpan Income Fund FACE MARKET VALUE AMOUNT SEE NOTE 1 - ----------------------------------------------------------------------------------------------------------------------------- BANKS & THRIFTS (CONTINUED) Citicorp, 5.625% Sr. Nts., 2/15/01 $ 90,000 $ 88,955 - ----------------------------------------------------------------------------------------------------------------------------- First Fidelity Bancorporation, 8.50% Sub. Capital Nts., 4/1/98 55,000 55,521 - ----------------------------------------------------------------------------------------------------------------------------- First Union Corp., 6.75% Sr. Nts., 1/15/98 55,000 55,106 - ----------------------------------------------------------------------------------------------------------------------------- Fleet Mtg./Norstar Group, Inc., 9.90% Sub. Nts., 6/15/01 145,000 161,749 - ----------------------------------------------------------------------------------------------------------------------------- Integra Financial Corp., 6.50% Sub. Nts., 4/15/00 145,000 146,437 - ----------------------------------------------------------------------------------------------------------------------------- Mellon Financial Bank Corp., 6.50% Gtd. Sr. Nts., 12/1/97 185,000 185,098 --------------- 809,857 - ----------------------------------------------------------------------------------------------------------------------------- DIVERSIFIED FINANCIAL - 6.2% American General Finance Corp., 8.50% Sr. Nts., 8/15/98 60,000 61,213 - ----------------------------------------------------------------------------------------------------------------------------- American General Institutional Capital, 8.125% Bonds, Series B, 3/15/46 (3) 75,000 80,645 - ----------------------------------------------------------------------------------------------------------------------------- Beneficial Corp., 9.125% Debs., 2/15/98 145,000 146,302 - ----------------------------------------------------------------------------------------------------------------------------- Capital One Financial Corp., 6.83% Sr. Nts., 5/17/99 75,000 75,736 - ----------------------------------------------------------------------------------------------------------------------------- Capital One Funding Corp., 7.25% Nts., 12/1/03 50,000 50,351 - ----------------------------------------------------------------------------------------------------------------------------- Chelsea GCA Realty Partner, Inc., 7.75% Gtd. Unsec. Unsub. Nts., 1/26/01 60,000 61,616 - ----------------------------------------------------------------------------------------------------------------------------- Commercial Credit Co., 5.55% Unsec. Nts., 2/15/01 145,000 142,362 - ----------------------------------------------------------------------------------------------------------------------------- Countrywide Home Loans, Inc.: 6.05% Gtd. Medium-Term Nts., Series D, 3/1/01 90,000 89,490 6.085% Gtd. Medium-Term Nts., Series B, 7/14/99 60,000 60,013 - ----------------------------------------------------------------------------------------------------------------------------- Ford Motor Credit Co., 6.25% Unsub. Nts., 2/26/98 145,000 145,616 - ----------------------------------------------------------------------------------------------------------------------------- General Motors Acceptance Corp.: 5.625% Nts., 2/15/01 175,000 172,302 5.65% Medium-Term Nts., 12/15/97 300,000 299,963 - ----------------------------------------------------------------------------------------------------------------------------- Golden West Financial Corp., 8.625% Sub. Nts., 8/30/98 55,000 56,212 - ----------------------------------------------------------------------------------------------------------------------------- Merrill Lynch & Co., Inc., 6.50% Nts., 4/1/01 150,000 151,778 - ----------------------------------------------------------------------------------------------------------------------------- MCII Holdings (USA), Inc., 0%/15% Sec. Nts., 11/15/02 (4) 50,000 41,688 - ----------------------------------------------------------------------------------------------------------------------------- Olympic Financial Ltd., Units (each unit consists of $1,000 principal amount of 11.50% sr. nts., 3/15/07 and one (5) 50,000 51,500 warrant to purchase 6.84 shares of common stock) - ----------------------------------------------------------------------------------------------------------------------------- Salomon, Inc., 8.69% Sr. Medium-Term Nts., Series D, 3/1/99 160,000 165,421 --------------- 1,852,208 - ----------------------------------------------------------------------------------------------------------------------------- INSURANCE - 1.8% - ----------------------------------------------------------------------------------------------------------------------------- Cigna Corp., 7.90% Nts., 12/14/98 150,000 152,879 - ----------------------------------------------------------------------------------------------------------------------------- Conseco Financing Trust III, 8.796% Bonds, 4/1/27 100,000 109,067 - ----------------------------------------------------------------------------------------------------------------------------- SunAmerica, Inc., 9% Sr. Nts., 1/15/99 120,000 123,728 - ----------------------------------------------------------------------------------------------------------------------------- Travelers Property Casualty Corp., 6.75% Nts., 4/15/01 145,000 147,469 --------------- 533,143 - ----------------------------------------------------------------------------------------------------------------------------- HOUSING RELATED - 0.4% - ----------------------------------------------------------------------------------------------------------------------------- BUILDING MATERIALS - 0.2% American Standard, Inc., 10.875% Sr. Nts., 5/15/99 (1) 70,000 74,375 - ----------------------------------------------------------------------------------------------------------------------------- HOMEBUILDERS/REAL ESTATE - 0.2% First Industrial LP, 7.15% Bonds, 5/15/27 75,000 77,179 - ----------------------------------------------------------------------------------------------------------------------------- MANUFACTURING - 1.1% - ----------------------------------------------------------------------------------------------------------------------------- AEROSPACE - 0.1% GPA Delaware, Inc., 8.75% Gtd. Nts., 12/15/98 25,000 25,500
8 Oppenheimer LifeSpan Funds
- ----------------------------------------------------------------------------------------------------------------------------- STATEMENT OF INVESTMENTS (CONTINUED) Oppenheimer LifeSpan Income Fund FACE MARKET VALUE AMOUNT SEE NOTE 1 - ----------------------------------------------------------------------------------------------------------------------------- CAPITAL GOODS - 1.0% - ----------------------------------------------------------------------------------------------------------------------------- Day International Group, Inc., 11.125% Sr. Sub. Nts., Series B, 6/1/05 (1) $ 50,000 $ 53,750 - ----------------------------------------------------------------------------------------------------------------------------- Interlake Corp., 12.125% Sr. Sub. Debs., 3/1/02 50,000 52,125 - ----------------------------------------------------------------------------------------------------------------------------- International Wire Group, Inc., 11.75% Sr. Sub. Nts., 6/1/05 50,000 54,875 - ----------------------------------------------------------------------------------------------------------------------------- Jordan Industries, Inc., 10.375% Sr. Nts., 8/1/07 50,000 50,500 - ----------------------------------------------------------------------------------------------------------------------------- Mark IV Industries, Inc., 8.75% Sub. Nts., 4/1/03 (1) 40,000 41,900 - ----------------------------------------------------------------------------------------------------------------------------- Specialty Equipment Co., 11.375% Sr. Sub. Nts., 12/1/03 50,000 54,375 --------------- 307,525 - ----------------------------------------------------------------------------------------------------------------------------- MEDIA - 4.2% - ----------------------------------------------------------------------------------------------------------------------------- BROADCASTING - 0.4% Allbritton Communications Co., 9.75% Sr. Sub. Debs., Series B, 11/30/07 50,000 50,250 - ----------------------------------------------------------------------------------------------------------------------------- Fox Kids Worldwide, Inc., 0%/10.25% Sr. Disc. Nts., 11/1/07 (3)(4) 50,000 28,875 - ----------------------------------------------------------------------------------------------------------------------------- Sinclair Broadcast Group, Inc., 10% Sr. Sub. Nts., 9/30/05 50,000 52,625 --------------- 131,750 - ----------------------------------------------------------------------------------------------------------------------------- CABLE TELEVISION - 2.3% Adelphia Communications Corp., 10.50% Sr. Nts., 7/15/04 (3) 50,000 52,250 - ----------------------------------------------------------------------------------------------------------------------------- Australis Media Ltd., 1.75%/15.75% Gtd. Sr. Sec. Disc. Nts., 5/15/03 (6) 75,664 55,235 - ----------------------------------------------------------------------------------------------------------------------------- Cablevision Systems Corp., 9.875% Sr. Sub. Debs., 2/15/13 50,000 53,375 - ----------------------------------------------------------------------------------------------------------------------------- Comcast Corp., 9.375% Sr. Sub. Debs., 5/15/05 50,000 53,500 - ----------------------------------------------------------------------------------------------------------------------------- EchoStar Communications Corp., 0%/12.875% Sr. Disc. Nts., 6/1/04 (4) 50,000 44,500 - ----------------------------------------------------------------------------------------------------------------------------- Falcon Holdings Group LP, 11% Sr. Sub. Nts., 9/15/03 (7) 65,347 66,890 - ----------------------------------------------------------------------------------------------------------------------------- James Cable Partners LP, 10.75% Sr. Nts., 8/15/04 (3) 50,000 52,375 - ----------------------------------------------------------------------------------------------------------------------------- Rogers Communications, Inc., 8.875% Sr. Nts., 7/15/07 50,000 49,625 - ----------------------------------------------------------------------------------------------------------------------------- TCI Satellite Entertainment, Inc., 10.875% Sr. Sub. Nts., 2/15/07 (3) 50,000 51,750 - ----------------------------------------------------------------------------------------------------------------------------- TKR Cable I, Inc., 10.50% Sr. Debs., 10/30/07 125,000 138,356 - ----------------------------------------------------------------------------------------------------------------------------- United International Holdings, Inc., Zero Coupon Sr. Sec. Disc. Nts., Series B, 14%, 11/15/99 (8) 100,000 82,500 --------------- 700,356 - ----------------------------------------------------------------------------------------------------------------------------- DIVERSIFIED MEDIA - 0.7% Fox/Liberty Networks LLC, 8.875% Sr. Nts., 8/15/07 (3) 25,000 25,000 - ----------------------------------------------------------------------------------------------------------------------------- Lamar Advertising Co., 8.625% Sr. Sub. Nts., 9/15/07 (3) 50,000 50,500 - ----------------------------------------------------------------------------------------------------------------------------- Time Warner, Inc., 7.45% Nts., 2/1/98 145,000 145,486 --------------- 220,986 - ----------------------------------------------------------------------------------------------------------------------------- ENTERTAINMENT/FILM - 0.8% American Skiing Corp., 12% Sr. Sub. Nts., Series B, 7/15/06 (1) 75,000 83,625 - ----------------------------------------------------------------------------------------------------------------------------- Blockbuster Entertainment Corp., 6.625% Sr. Nts., 2/15/98 145,000 145,194 --------------- 228,819 - ----------------------------------------------------------------------------------------------------------------------------- OTHER - 1.1% - ----------------------------------------------------------------------------------------------------------------------------- SERVICES - 1.1% Employee Solutions, Inc., 10% Sr. Nts., 10/15/04 (1) 50,000 49,250 - ----------------------------------------------------------------------------------------------------------------------------- Maxim Group, Inc. (The), 9.25% Sr. Nts., 10/15/07 (3) 50,000 48,750 - ----------------------------------------------------------------------------------------------------------------------------- Shop Vac Corp., 10.625% Sr. Nts., 9/1/03 75,000 81,563 - ----------------------------------------------------------------------------------------------------------------------------- Sun Co., Inc., 7.95% Debs., 12/15/01 75,000 79,359 - ----------------------------------------------------------------------------------------------------------------------------- USI American Holdings, Inc., 7.25% Gtd. Sr. Nts., 12/1/06 80,000 78,526 --------------- 337,448
9 Oppenheimer LifeSpan Funds
- ----------------------------------------------------------------------------------------------------------------------------- STATEMENT OF INVESTMENTS (CONTINUED) Oppenheimer LifeSpan Income Fund FACE MARKET VALUE AMOUNT SEE NOTE 1 - ----------------------------------------------------------------------------------------------------------------------------- - ----------------------------------------------------------------------------------------------------------------------------- RETAIL - 2.7% - ----------------------------------------------------------------------------------------------------------------------------- DEPARTMENT STORES - 1.8% Costco Cos., Inc., 7.125% Sr. Nts., 6/15/05 $ 120,000 $ 122,129 - ----------------------------------------------------------------------------------------------------------------------------- Federated Department Stores, Inc., 10% Sr. Nts., 2/15/01 60,000 66,326 - ----------------------------------------------------------------------------------------------------------------------------- Parisian, Inc., 9.875% Sr. Sub. Nts., 7/15/03 (1) 50,000 52,500 - ----------------------------------------------------------------------------------------------------------------------------- Sears Roebuck & Co., 8.39% Medium-Term Nts., 3/23/99 290,000 299,285 --------------- 540,240 - ----------------------------------------------------------------------------------------------------------------------------- SPECIALTY RETAILING - 0.1% K Mart Corp., 7.75% Debs., 10/1/12 50,000 47,250 - ----------------------------------------------------------------------------------------------------------------------------- SUPERMARKETS - 0.8% Dairy Mart Convenience Stores, Inc., 10.25% Sr. Sub. Nts., 3/15/04 50,000 49,250 - ----------------------------------------------------------------------------------------------------------------------------- Great Atlantic & Pacific Tea Co., 9.125% Debs., 1/15/98 145,000 145,840 - ----------------------------------------------------------------------------------------------------------------------------- Jitney-Jungle Stores of America, Inc., 12% Gtd. Sr. Nts., 3/1/06 50,000 56,250 --------------- 251,340 - ----------------------------------------------------------------------------------------------------------------------------- TECHNOLOGY - 4.1% - ----------------------------------------------------------------------------------------------------------------------------- INFORMATION TECHNOLOGY - 2.5% DecisionOne Corp., 9.75% Sr. Sub. Nts., 8/1/07 50,000 51,750 - ----------------------------------------------------------------------------------------------------------------------------- Digital Equipment Corp., 7% Nts., 11/15/97 215,000 215,068 - ----------------------------------------------------------------------------------------------------------------------------- DII Group, Inc., 8.50% Sr. Sub. Nts., 9/15/07 (3) 50,000 49,563 - ----------------------------------------------------------------------------------------------------------------------------- Geotek Communications, Inc., 12% Cv. Sr. Sub. Nts., 2/15/01 (1) 25,000 20,875 - ----------------------------------------------------------------------------------------------------------------------------- Microcell Telecommunications, Inc., 0%/14% Sr. Disc. Nts., Series B, 6/1/06 (4) 50,000 33,500 - ----------------------------------------------------------------------------------------------------------------------------- Nextel Communications, Inc., 0%/9.75% Sr. Disc. Nts., 8/15/04 (4) 100,000 84,750 - ----------------------------------------------------------------------------------------------------------------------------- Plantronics, Inc., 10% Sr. Nts., 1/15/01 (1) 75,000 78,000 - ----------------------------------------------------------------------------------------------------------------------------- Price Communications Cellular Holdings, Inc., 0%/13.50% Sr. Disc. Nts., 8/1/07 (1)(4) 75,000 42,750 - ----------------------------------------------------------------------------------------------------------------------------- Sprint Spectrum LP/Sprint Spectrum Finance Corp., 11% Sr. Nts., 8/15/06 50,000 55,375 - ----------------------------------------------------------------------------------------------------------------------------- Unisys Corp., 12% Sr. Nts., Series B, 4/15/03 50,000 56,250 - ----------------------------------------------------------------------------------------------------------------------------- Western Wireless Corp., 10.50% Sr. Sub. Nts., 2/1/07 50,000 53,875 --------------- 741,756 - ----------------------------------------------------------------------------------------------------------------------------- TELECOMMUNICATIONS/TECHNOLOGY - 1.6% American Communications Services, Inc., 0%/13% Sr. Disc. Nts., 11/1/05 (4) 75,000 52,875 - ----------------------------------------------------------------------------------------------------------------------------- Brooks Fiber Properties, Inc., 0%/11.875% Sr. Disc. Nts., 11/1/06 (4) 75,000 59,156 - ----------------------------------------------------------------------------------------------------------------------------- Centennial Cellular Corp., 10.125% Sr. Nts., 5/15/05 25,000 26,625 - ----------------------------------------------------------------------------------------------------------------------------- Comcast UK Cable Partner Ltd., 0%/11.20% Sr. Disc. Debs., 11/15/07 (4) 75,000 58,125 - ----------------------------------------------------------------------------------------------------------------------------- Diamond Cable Communications plc, 0%/10.75% Sr. Disc. Nts., 2/15/07 (4) 50,000 32,250 - ----------------------------------------------------------------------------------------------------------------------------- Intermedia Communications, Inc., 0%/11.25% Sr. Disc. Nts., 7/15/07 (4) 50,000 33,250 - ----------------------------------------------------------------------------------------------------------------------------- International CableTel, Inc., 0%/11.50% Sr. Deferred Coupon Nts., Series B, 2/1/06 (4) 100,000 73,500 - ----------------------------------------------------------------------------------------------------------------------------- IXC Communications, Inc., 12.50% Sr. Nts., Series B, 10/1/05 50,000 57,000 - ----------------------------------------------------------------------------------------------------------------------------- McLeodUSA, Inc., 0%/10.50% Sr. Disc. Nts., 3/1/07 (4) 50,000 34,750 - ----------------------------------------------------------------------------------------------------------------------------- Teleport Communications Group, Inc.: 0%/11.125% Sr. Disc. Nts., 7/1/07 (4) 25,000 19,719 9.875% Sr. Nts., 7/1/06 25,000 27,438 --------------- 474,688
10 Oppenheimer LifeSpan Funds
- ----------------------------------------------------------------------------------------------------------------------------- STATEMENT OF INVESTMENTS (CONTINUED) Oppenheimer LifeSpan Income Fund FACE MARKET VALUE AMOUNT SEE NOTE 1 - ----------------------------------------------------------------------------------------------------------------------------- TRANSPORTATION - 1.9% - ----------------------------------------------------------------------------------------------------------------------------- RAILROADS - 1.1% CSX Corp., 7.05% Debs., 5/1/02 $ 85,000 $ 86,993 - ----------------------------------------------------------------------------------------------------------------------------- Norfolk Southern Corp., 7.35% Nts., 5/15/07 75,000 78,755 - ----------------------------------------------------------------------------------------------------------------------------- Union Pacific Corp., 7% Nts., 6/15/00 150,000 152,803 --------------- 318,551 - ----------------------------------------------------------------------------------------------------------------------------- SHIPPING - 0.8% Federal Express Corp., 6.25% Nts., 4/15/98 240,000 240,297 - ----------------------------------------------------------------------------------------------------------------------------- UTILITIES - 2.4% - ----------------------------------------------------------------------------------------------------------------------------- ELECTRIC UTILITIES - 0.9% Consumers Energy Co., 8.75% First Mtg. Nts., 2/15/98 145,000 145,947 - ----------------------------------------------------------------------------------------------------------------------------- El Paso Electric Co., 7.25% First Mtg. Nts., Series A, 2/1/99 (1) 75,000 75,750 - ----------------------------------------------------------------------------------------------------------------------------- Panda Global Energy Co., 12.50% Sr. Nts., 4/15/04 (1) 50,000 48,250 --------------- 269,947 - ----------------------------------------------------------------------------------------------------------------------------- GAS UTILITIES - 1.1% Northern Illinois Gas Co., 6.45% First Mtg. Bonds, 8/1/01 220,000 222,749 - ----------------------------------------------------------------------------------------------------------------------------- Tennessee Gas Pipeline Co., 7.50% Bonds, 4/1/17 100,000 105,230 --------------- 327,979 - ----------------------------------------------------------------------------------------------------------------------------- TELEPHONE UTILITIES - 0.4% GTE Corp., 8.85% Debs., 3/1/98 60,000 60,528 - ----------------------------------------------------------------------------------------------------------------------------- Peoples Telephone Co., Inc., 12.25% Sr. Nts., 7/15/02 50,000 52,125 --------------- 112,653 --------------- Total Corporate Bonds and Notes (Cost $12,488,086) 12,726,059 SHARES - ----------------------------------------------------------------------------------------------------------------------------- COMMON STOCKS - 23.6% - ----------------------------------------------------------------------------------------------------------------------------- BASIC INDUSTRY - 2.9% - ----------------------------------------------------------------------------------------------------------------------------- CHEMICALS - 1.3% Dexter Corp. 4,300 168,775 - ----------------------------------------------------------------------------------------------------------------------------- Ethyl Corp. 13,300 114,712 - ----------------------------------------------------------------------------------------------------------------------------- IMC Global, Inc. 3,149 106,082 --------------- 389,569 - ----------------------------------------------------------------------------------------------------------------------------- PAPER - 0.4% Unisource Worldwide, Inc. 6,900 112,556 - ----------------------------------------------------------------------------------------------------------------------------- STEEL - 1.2% Carpenter Technology Corp. 3,200 154,800 - ----------------------------------------------------------------------------------------------------------------------------- Oregon Steel Mills, Inc. 4,500 94,781 - ----------------------------------------------------------------------------------------------------------------------------- UNR Industries, Inc. 23,000 117,875 --------------- 367,456 - ----------------------------------------------------------------------------------------------------------------------------- CONSUMER RELATED - 0.8% - ----------------------------------------------------------------------------------------------------------------------------- HEALTHCARE - 0.5% Glaxo Wellcome plc, Sponsored ADR 3,800 162,687 - ----------------------------------------------------------------------------------------------------------------------------- RESTAURANTS - 0.3% Piccadilly Cafeterias, Inc. 6,900 102,637
11 Oppenheimer LifeSpan Funds
- ----------------------------------------------------------------------------------------------------------------------------- STATEMENT OF INVESTMENTS (CONTINUED) Oppenheimer LifeSpan Income Fund MARKET VALUE SHARES SEE NOTE 1 - ----------------------------------------------------------------------------------------------------------------------------- ENERGY - 3.4% - ----------------------------------------------------------------------------------------------------------------------------- Amoco Corp. 1,400 $ 128,362 - ----------------------------------------------------------------------------------------------------------------------------- Atlantic Richfield Co. 2,400 197,550 - ----------------------------------------------------------------------------------------------------------------------------- Chevron Corp. 2,300 190,756 - ----------------------------------------------------------------------------------------------------------------------------- Exxon Corp. 3,000 184,312 - ----------------------------------------------------------------------------------------------------------------------------- Mobil Corp. 2,400 174,750 - ----------------------------------------------------------------------------------------------------------------------------- Occidental Petroleum Corp. 4,700 131,012 --------------- 1,006,742 - ----------------------------------------------------------------------------------------------------------------------------- FINANCIAL SERVICES - 4.8% - ----------------------------------------------------------------------------------------------------------------------------- BANKS & THRIFTS - 2.1% BankAmerica Corp. 1,000 71,500 - ----------------------------------------------------------------------------------------------------------------------------- BankBoston Corp. 2,000 162,125 - ----------------------------------------------------------------------------------------------------------------------------- First Union Corp. 2,700 132,469 - ----------------------------------------------------------------------------------------------------------------------------- NationsBank Corp. 1,900 113,762 - ----------------------------------------------------------------------------------------------------------------------------- Wells Fargo & Co. 500 145,687 --------------- 625,543 - ----------------------------------------------------------------------------------------------------------------------------- DIVERSIFIED FINANCIAL -2.3% - ----------------------------------------------------------------------------------------------------------------------------- Camden Property Trust 4,800 144,000 - ----------------------------------------------------------------------------------------------------------------------------- Capstone Capital Corp. 5,900 139,387 - ----------------------------------------------------------------------------------------------------------------------------- Crescent Real Estate Equities, Inc. 4,200 151,200 - ----------------------------------------------------------------------------------------------------------------------------- Health & Retirement Properties Trust 6,800 127,500 - ----------------------------------------------------------------------------------------------------------------------------- Meditrust Corp., Paired Stock 3,100 132,525 --------------- 694,612 - ----------------------------------------------------------------------------------------------------------------------------- INSURANCE - 0.4% HSB Group, Inc. 2,500 130,469 - ----------------------------------------------------------------------------------------------------------------------------- Housing Related - 0.9% - ----------------------------------------------------------------------------------------------------------------------------- Homebuilders/Real Estate - 0.9% Cornerstone Properties, Inc. 8,300 153,031 - ----------------------------------------------------------------------------------------------------------------------------- Tower Realty Trust, Inc. (9) 5,000 126,250 --------------- 279,281 - ----------------------------------------------------------------------------------------------------------------------------- MANUFACTURING - 2.2% - ----------------------------------------------------------------------------------------------------------------------------- AEROSPACE - 1.5% General Dynamics Corp. 2,300 186,731 - ----------------------------------------------------------------------------------------------------------------------------- Lockheed Martin Corp. 1,200 114,075 - ----------------------------------------------------------------------------------------------------------------------------- TRW, Inc. 2,400 137,400 --------------- 438,206 - ----------------------------------------------------------------------------------------------------------------------------- CAPITAL GOODS - 0.7% PACCAR, Inc. 5,000 225,312 - ----------------------------------------------------------------------------------------------------------------------------- RETAIL - 1.2% - ----------------------------------------------------------------------------------------------------------------------------- DEPARTMENT STORES - 0.4% Penney (J.C.) Co., Inc. 2,100 123,244 - ----------------------------------------------------------------------------------------------------------------------------- SPECIALTY RETAILING - 0.8% Brown Group, Inc. 6,500 98,313 - ----------------------------------------------------------------------------------------------------------------------------- New England Business Service, Inc. 5,000 145,625 --------------- 243,938
12 Oppenheimer LifeSpan Funds
- ----------------------------------------------------------------------------------------------------------------------------- STATEMENT OF INVESTMENTS (CONTINUED) Oppenheimer LifeSpan Income Fund MARKET VALUE SHARES SEE NOTE 1 - ----------------------------------------------------------------------------------------------------------------------------- TECHNOLOGY - 0.0% - ----------------------------------------------------------------------------------------------------------------------------- INFORMATION TECHNOLOGY - 0.0% Nextel Communications, Inc., Cl. A (9) 154 $ 4,043 - ----------------------------------------------------------------------------------------------------------------------------- TRANSPORTATION - 0.7% - ----------------------------------------------------------------------------------------------------------------------------- RAILROADS - 0.7% GATX Corp. 3,100 200,144 - ----------------------------------------------------------------------------------------------------------------------------- UTILITIES - 6.7% - ----------------------------------------------------------------------------------------------------------------------------- ELECTRIC UTILITIES - 2.4% Duke Energy Corp. 3,704 178,718 - ----------------------------------------------------------------------------------------------------------------------------- FPL Group, Inc. 3,000 155,063 - ----------------------------------------------------------------------------------------------------------------------------- Illinova Corp. 4,000 89,000 - ----------------------------------------------------------------------------------------------------------------------------- Kansas City Power & Light Co. 5,000 146,563 - ----------------------------------------------------------------------------------------------------------------------------- Western Resources, Inc. 3,900 145,275 --------------- 714,619 - ----------------------------------------------------------------------------------------------------------------------------- GAS UTILITIES - 2.2% El Paso Natural Gas Co. 3,800 227,763 - ----------------------------------------------------------------------------------------------------------------------------- MCN Energy Group, Inc. 3,700 128,113 - ----------------------------------------------------------------------------------------------------------------------------- National Fuel Gas Co. 3,700 163,263 - ----------------------------------------------------------------------------------------------------------------------------- Questar Corp. 3,300 127,463 --------------- 646,602 - ----------------------------------------------------------------------------------------------------------------------------- TELEPHONE UTILITIES - 2.1% - ----------------------------------------------------------------------------------------------------------------------------- Ameritech Corp. 2,100 136,500 - ----------------------------------------------------------------------------------------------------------------------------- Bell Atlantic Corp. 2,473 197,531 - ----------------------------------------------------------------------------------------------------------------------------- Frontier Corp. 5,700 123,263 - ----------------------------------------------------------------------------------------------------------------------------- U S West Communications Group 4,200 167,213 --------------- 624,507 --------------- Total Common Stocks (Cost $5,534,380) 7,092,167 - ----------------------------------------------------------------------------------------------------------------------------- PREFERRED STOCKS - 0.6% - ----------------------------------------------------------------------------------------------------------------------------- Case Corp., $4.50 Cum. Cv., Series A, Non-Vtg. (Cost $115,000) 1,200 174,000 UNITS - ----------------------------------------------------------------------------------------------------------------------------- RIGHTS, WARRANTS AND CERTIFICATES - 0.0% - ----------------------------------------------------------------------------------------------------------------------------- Australis Media Ltd. Wts., Exp. 5/00 (1) 75 -- - ----------------------------------------------------------------------------------------------------------------------------- Dairy Mart Convenience Stores, Inc. Wts., Exp. 12/01 (1) 333 333 - ----------------------------------------------------------------------------------------------------------------------------- Intermedia Communications, Inc. Wts., Exp. 6/00 (1) 50 3,500 - ----------------------------------------------------------------------------------------------------------------------------- Price Communications Corp. Wts., 8/07 258 3 - ----------------------------------------------------------------------------------------------------------------------------- Signature Brands, Inc. Wts., Exp. 12/49 (1) 50 750 --------------- Total Rights, Warrants and Certificates (Cost $470) 4,586
13 Oppenheimer LifeSpan Funds
- ----------------------------------------------------------------------------------------------------------------------------- STATEMENT OF INVESTMENTS (CONTINUED) Oppenheimer LifeSpan Income Fund FACE MARKET VALUE AMOUNT SEE NOTE 1 - ----------------------------------------------------------------------------------------------------------------------------- REPURCHASE AGREEMENTS - 6.3% - ----------------------------------------------------------------------------------------------------------------------------- Repurchase agreement with Zion First National Bank, 5.68%, dated 10/31/97, to be repurchased at $1,883,891 on 11/3/97, collateralized by U.S. Treasury Nts., 7.25%, 8/15/04, with a value of $1,923,955 (Cost $1,883,000) $ 1,883,000 $ 1,883,000 - ----------------------------------------------------------------------------------------------------------------------------- TOTAL INVESTMENTS, AT VALUE (COST $27,723,982) 99.1% 29,794,676 - ----------------------------------------------------------------------------------------------------------------------------- OTHER ASSETS NET OF LIABILITIES 0.9 259,607 -------------- --------------- NET ASSETS 100.0% $ 30,054,283 -------------- --------------- -------------- ---------------
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. 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 $965,905 or 3.21% of the Fund's net assets as of October 31, 1997. 4. Denotes a step bond: a zero coupon bond that converts to a fixed or variable interest rate at a designated future date. 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. 9. Non-income producing security. See accompanying Notes to Financial Statements. 14 Oppenheimer LifeSpan Funds
- ----------------------------------------------------------------------------------------------------------------------------------- STATEMENT OF INVESTMENTS OCTOBER 31, 1997 Oppenheimer LifeSpan Balanced Fund MARKET VALUE SHARES SEE NOTE 1 - ----------------------------------------------------------------------------------------------------------------------------------- COMMON STOCKS - 57.7% - ----------------------------------------------------------------------------------------------------------------------------------- BASIC MATERIALS - 2.7% - ----------------------------------------------------------------------------------------------------------------------------------- CHEMICALS - 1.0% Ciba Specialty Chemicals AG (1) 1,200 $ 118,162 - ----------------------------------------------------------------------------------------------------------------------------------- Dexter Corp. 5,000 196,250 - ----------------------------------------------------------------------------------------------------------------------------------- Du Pont (E.I.) De Nemours & Co. 2,100 119,437 - ----------------------------------------------------------------------------------------------------------------------------------- Ethyl Corp. 15,900 137,137 - ----------------------------------------------------------------------------------------------------------------------------------- Fuji Photo Film Co. 1,000 36,252 - ----------------------------------------------------------------------------------------------------------------------------------- IMC Global, Inc. 2,834 95,470 --------------- 702,708 - ----------------------------------------------------------------------------------------------------------------------------------- METALS - 0.8% Allegheny Teledyne, Inc. 4,000 105,250 - ----------------------------------------------------------------------------------------------------------------------------------- Carpenter Technology Corp. 3,700 178,987 - ----------------------------------------------------------------------------------------------------------------------------------- Oregon Steel Mills, Inc. 7,400 155,862 - ----------------------------------------------------------------------------------------------------------------------------------- UNR Industries, Inc. 25,000 128,125 --------------- 568,224 - ----------------------------------------------------------------------------------------------------------------------------------- PAPER - 0.9% Fletcher Challenge Forest 80,000 77,345 - ----------------------------------------------------------------------------------------------------------------------------------- Fort James Corp. 4,675 185,539 - ----------------------------------------------------------------------------------------------------------------------------------- International Paper Co. 2,900 130,500 - ----------------------------------------------------------------------------------------------------------------------------------- Kimberly-Clark de Mexico, SA 16,000 69,582 - ----------------------------------------------------------------------------------------------------------------------------------- Unisource Worldwide, Inc. 8,100 132,131 --------------- 595,097 - ----------------------------------------------------------------------------------------------------------------------------------- CONSUMER CYCLICALS - 7.1% - ----------------------------------------------------------------------------------------------------------------------------------- AUTOS & HOUSING - 1.1% Bridgestone Corp. 3,000 64,854 - ----------------------------------------------------------------------------------------------------------------------------------- Cornerstone Properties, Inc. 9,900 182,531 - ----------------------------------------------------------------------------------------------------------------------------------- Goodyear Tire & Rubber Co. 2,600 162,825 - ----------------------------------------------------------------------------------------------------------------------------------- Groupe SEB SA 700 79,823 - ----------------------------------------------------------------------------------------------------------------------------------- Lear Corp. (1) 1,400 67,287 - ----------------------------------------------------------------------------------------------------------------------------------- Rinnai Corp. 3,000 48,890 - ----------------------------------------------------------------------------------------------------------------------------------- Tower Realty Trust, Inc. (1) 6,000 151,500 --------------- 757,710 - ----------------------------------------------------------------------------------------------------------------------------------- LEISURE & ENTERTAINMENT - 1.7% Alaska Air Group, Inc. (1) 2,200 73,425 - ----------------------------------------------------------------------------------------------------------------------------------- America West Holdings Corp., Cl. B (1) 4,100 60,731 - ----------------------------------------------------------------------------------------------------------------------------------- AMR Corp. (1) 1,700 197,944 - ----------------------------------------------------------------------------------------------------------------------------------- CDL Hotels International Ltd. 290,000 83,479 - ----------------------------------------------------------------------------------------------------------------------------------- Granada Group plc 9,000 124,057 - ----------------------------------------------------------------------------------------------------------------------------------- Landry's Seafood Restaurants, Inc. (1) 2,500 70,000 - ----------------------------------------------------------------------------------------------------------------------------------- Piccadilly Cafeterias, Inc. 7,900 117,512 - ----------------------------------------------------------------------------------------------------------------------------------- Regal Cinemas, Inc. (1) 5,800 133,400 - ----------------------------------------------------------------------------------------------------------------------------------- UAL Corp. (1) 900 78,862 - ----------------------------------------------------------------------------------------------------------------------------------- Vistana, Inc. (1) 10,100 231,037 --------------- 1,170,447 - ----------------------------------------------------------------------------------------------------------------------------------- MEDIA - 0.9% Applied Graphics Technologies, Inc. (1) 4,200 224,700 - ----------------------------------------------------------------------------------------------------------------------------------- Benpres Holdings Corp., Sponsored GDR (1) 5,000 23,125
15 Oppenheimer LifeSpan Funds
- ----------------------------------------------------------------------------------------------------------------------------------- STATEMENT OF INVESTMENTS (CONTINUED) Oppenheimer LifeSpan Balanced Fund MARKET VALUE SHARES SEE NOTE 1 - ----------------------------------------------------------------------------------------------------------------------------------- MEDIA (CONTINUED) Reed International plc 9,000 $ 88,968 - ----------------------------------------------------------------------------------------------------------------------------------- Reuters Holdings plc 8,000 86,729 - ----------------------------------------------------------------------------------------------------------------------------------- Television Broadcasts Ltd. 26,000 72,320 - ----------------------------------------------------------------------------------------------------------------------------------- Wolters Kluwer NV 900 110,557 --------------- 606,399 - ----------------------------------------------------------------------------------------------------------------------------------- RETAIL: GENERAL - 1.6% adidas AG 900 131,249 - ----------------------------------------------------------------------------------------------------------------------------------- Dayton Hudson Corp. 1,500 94,219 - ----------------------------------------------------------------------------------------------------------------------------------- Federated Department Stores, Inc. (1) 1,600 70,400 - ----------------------------------------------------------------------------------------------------------------------------------- Marks & Spencer plc 13,000 131,888 - ----------------------------------------------------------------------------------------------------------------------------------- North Face, Inc. (The) (1) 5,100 120,487 - ----------------------------------------------------------------------------------------------------------------------------------- Penney (J.C.) Co., Inc. 5,700 334,519 - ----------------------------------------------------------------------------------------------------------------------------------- Wolverine World Wide, Inc. 7,975 175,450 --------------- 1,058,212 - ----------------------------------------------------------------------------------------------------------------------------------- RETAIL: SPECIALTY - 1.8% Argos plc 10,000 105,896 - ----------------------------------------------------------------------------------------------------------------------------------- Brown Group, Inc. 8,300 125,537 - ----------------------------------------------------------------------------------------------------------------------------------- Brylane, Inc. (1) 400 17,375 - ----------------------------------------------------------------------------------------------------------------------------------- Dickson Concepts International Ltd. 42,000 90,472 - ----------------------------------------------------------------------------------------------------------------------------------- Eagle Hardware & Garden, Inc. (1) 7,100 120,700 - ----------------------------------------------------------------------------------------------------------------------------------- Guitar Center, Inc. (1) 4,300 93,525 - ----------------------------------------------------------------------------------------------------------------------------------- Hennes & Mauritz AB, B Shares 2,700 110,573 - ----------------------------------------------------------------------------------------------------------------------------------- Koninklijke Ahold NV 3,600 92,192 - ----------------------------------------------------------------------------------------------------------------------------------- New England Business Service, Inc. 5,800 168,925 - ----------------------------------------------------------------------------------------------------------------------------------- Payless ShoeSource, Inc. (1) 1,500 83,625 - ----------------------------------------------------------------------------------------------------------------------------------- Shimamura Co. Ltd. 2,000 54,045 - ----------------------------------------------------------------------------------------------------------------------------------- Stage Stores, Inc. (1) 4,300 156,950 --------------- 1,219,815 - ----------------------------------------------------------------------------------------------------------------------------------- CONSUMER NON-CYCLICALS - 7.9% - ----------------------------------------------------------------------------------------------------------------------------------- BEVERAGES - 0.4% Embotelladora Andina SA, Series A, Sponsored ADR 3,200 76,800 - ----------------------------------------------------------------------------------------------------------------------------------- Embotelladora Andina SA, Series B, Sponsored ADR 3,200 65,600 - ----------------------------------------------------------------------------------------------------------------------------------- Quilmes Industrial Quinsa SA, Sponsored ADR 3,750 46,406 - ----------------------------------------------------------------------------------------------------------------------------------- Scottish & Newcastle plc 6,000 67,361 --------------- 256,167 - ----------------------------------------------------------------------------------------------------------------------------------- FOOD - 1.7% American Stores Co. 5,400 138,712 - ----------------------------------------------------------------------------------------------------------------------------------- Carrefour Supermarche SA 190 98,962 - ----------------------------------------------------------------------------------------------------------------------------------- Colruyt SA 250 134,126 - ----------------------------------------------------------------------------------------------------------------------------------- Jeronimo Martins & Filho, SA 1,400 91,218 - ----------------------------------------------------------------------------------------------------------------------------------- JP Foodservice, Inc. (1) 4,000 127,750 - ----------------------------------------------------------------------------------------------------------------------------------- Kroger Co. (1) 5,300 172,912 - ----------------------------------------------------------------------------------------------------------------------------------- Morningstar Group, Inc. (1) 3,500 149,625 - ----------------------------------------------------------------------------------------------------------------------------------- Safeway, Inc. (1) 2,000 116,250 - ----------------------------------------------------------------------------------------------------------------------------------- William Morrison Supermarkets plc 40,000 132,140 --------------- 1,161,695
16 Oppenheimer LifeSpan Funds
- ----------------------------------------------------------------------------------------------------------------------------------- STATEMENT OF INVESTMENTS (CONTINUED) Oppenheimer LifeSpan Balanced Fund MARKET VALUE SHARES SEE NOTE 1 - ----------------------------------------------------------------------------------------------------------------------------------- HEALTHCARE/DRUGS - 2.3% Dura Pharmaceuticals, Inc. (1) 3,500 $ 169,312 - ----------------------------------------------------------------------------------------------------------------------------------- Gedeon Richter (2) 1,000 92,066 - ----------------------------------------------------------------------------------------------------------------------------------- Glaxo Wellcome plc, Sponsored ADR 4,300 184,094 - ----------------------------------------------------------------------------------------------------------------------------------- Incyte Pharmaceuticals, Inc. (1) 1,200 96,600 - ----------------------------------------------------------------------------------------------------------------------------------- Medicis Pharmaceutical Corp., Cl. A (1) 4,250 204,531 - ----------------------------------------------------------------------------------------------------------------------------------- Novartis AG 100 157,048 - ----------------------------------------------------------------------------------------------------------------------------------- Novo-Nordisk AS, B Shares 1,000 108,382 - ----------------------------------------------------------------------------------------------------------------------------------- Roche Holding AG 12 105,744 - ----------------------------------------------------------------------------------------------------------------------------------- Schering AG 1,000 98,190 - ----------------------------------------------------------------------------------------------------------------------------------- SKW Trostberg AG 3,000 103,710 - ----------------------------------------------------------------------------------------------------------------------------------- Takeda Chemical Industries Ltd. 5,000 136,360 - ----------------------------------------------------------------------------------------------------------------------------------- Zeneca Group plc 4,000 126,170 --------------- 1,582,207 - ----------------------------------------------------------------------------------------------------------------------------------- HEALTHCARE/SUPPLIES & SERVICES - 2.7% Acuson Corp. (1) 5,800 108,750 - ----------------------------------------------------------------------------------------------------------------------------------- Alternative Living Services, Inc. (1) 4,000 98,000 - ----------------------------------------------------------------------------------------------------------------------------------- Concentra Managed Care, Inc. (1) 1,000 32,625 - ----------------------------------------------------------------------------------------------------------------------------------- FPA Medical Management, Inc. (1) 4,800 115,800 - ----------------------------------------------------------------------------------------------------------------------------------- Healthcare Financial Partners, Inc. (1) 700 24,150 - ----------------------------------------------------------------------------------------------------------------------------------- Luxottica Group SpA, Sponsored ADR 1,500 95,812 - ----------------------------------------------------------------------------------------------------------------------------------- National Surgery Centers, Inc. (1) 8,800 220,000 - ----------------------------------------------------------------------------------------------------------------------------------- Pediatrix Medical Group, Inc. (1) 4,700 198,575 - ----------------------------------------------------------------------------------------------------------------------------------- Renal Treatment Centers, Inc. (1) 3,400 112,837 - ----------------------------------------------------------------------------------------------------------------------------------- Rural/Metro Corp. (1) 6,200 215,450 - ----------------------------------------------------------------------------------------------------------------------------------- SmithKline Beecham plc 16,894 160,062 - ----------------------------------------------------------------------------------------------------------------------------------- Tenet Healthcare Corp. (1) 4,635 141,657 - ----------------------------------------------------------------------------------------------------------------------------------- Total Renal Care Holdings, Inc. (1) 6,166 189,990 - ----------------------------------------------------------------------------------------------------------------------------------- WellPoint Health Networks, Inc. (1) 1,800 82,350 --------------- 1,796,058 - ----------------------------------------------------------------------------------------------------------------------------------- HOUSEHOLD GOODS - 0.8% Blyth Industries, Inc. (1) 4,050 100,744 - ----------------------------------------------------------------------------------------------------------------------------------- L'OREAL 350 123,793 - ----------------------------------------------------------------------------------------------------------------------------------- Premark International, Inc. 5,600 151,550 - ----------------------------------------------------------------------------------------------------------------------------------- Reckitt & Colman plc 9,000 138,017 --------------- 514,104 - ----------------------------------------------------------------------------------------------------------------------------------- ENERGY - 5.3% - ----------------------------------------------------------------------------------------------------------------------------------- ENERGY SERVICES & PRODUCERS - 1.4% Diamond Offshore Drilling, Inc. 4,600 286,350 - ----------------------------------------------------------------------------------------------------------------------------------- Global Marine, Inc. (1) 4,300 133,838 - ----------------------------------------------------------------------------------------------------------------------------------- Oryx Energy Co. (1) 4,300 118,519 - ----------------------------------------------------------------------------------------------------------------------------------- Pool Energy Services Co. (1) 2,700 91,631 - ----------------------------------------------------------------------------------------------------------------------------------- Tidewater, Inc. 3,000 197,063 - ----------------------------------------------------------------------------------------------------------------------------------- Varco International, Inc. (1) 2,200 134,063 --------------- 961,464 - ----------------------------------------------------------------------------------------------------------------------------------- OIL-INTEGRATED - 3.9% Amoco Corp. 3,100 284,231 - ----------------------------------------------------------------------------------------------------------------------------------- Atlantic Richfield Co. 3,000 246,938
17 Oppenheimer LifeSpan Funds
- ----------------------------------------------------------------------------------------------------------------------------------- STATEMENT OF INVESTMENTS (CONTINUED) Oppenheimer LifeSpan Balanced Fund MARKET VALUE SHARES SEE NOTE 1 - ----------------------------------------------------------------------------------------------------------------------------------- OIL-INTEGRATED (CONTINUED) Chevron Corp. 5,900 $ 489,331 - ----------------------------------------------------------------------------------------------------------------------------------- Cliffs Drilling Co. (1) 1,100 79,956 - ----------------------------------------------------------------------------------------------------------------------------------- Exxon Corp. 5,500 337,906 - ----------------------------------------------------------------------------------------------------------------------------------- Mobil Corp. 5,000 364,063 - ----------------------------------------------------------------------------------------------------------------------------------- Occidental Petroleum Corp. 9,800 273,175 - ----------------------------------------------------------------------------------------------------------------------------------- Patterson Energy, Inc. (1) 2,400 134,400 v----------------------------------------------------------------------------------------------------------------------------------- Quinenco SA, ADR (1) 2,700 39,488 - ----------------------------------------------------------------------------------------------------------------------------------- Shell Transport & Trading Co. plc 14,000 99,189 - ----------------------------------------------------------------------------------------------------------------------------------- Total SA, B Shares 1,641 181,734 - ----------------------------------------------------------------------------------------------------------------------------------- UTI Energy Corp. (1) 2,200 98,175 --------------- 2,628,586 - ----------------------------------------------------------------------------------------------------------------------------------- FINANCIAL - 9.2% - ----------------------------------------------------------------------------------------------------------------------------------- BANKS - 3.8% Banco Popular Espanol SA 1,600 94,202 - ----------------------------------------------------------------------------------------------------------------------------------- Bank of Tokyo-Mitsubishi Ltd. 6,000 78,324 - ----------------------------------------------------------------------------------------------------------------------------------- BankAmerica Corp. 4,200 300,300 - ----------------------------------------------------------------------------------------------------------------------------------- BankBoston Corp. 4,800 389,100 - ----------------------------------------------------------------------------------------------------------------------------------- Bayerische Vereinsbank AG 1,850 107,379 - ----------------------------------------------------------------------------------------------------------------------------------- Credit Suisse Group 700 98,880 - ----------------------------------------------------------------------------------------------------------------------------------- Credito Italiano (1) 48,000 128,225 - ----------------------------------------------------------------------------------------------------------------------------------- First Union Corp. 7,400 363,063 - ----------------------------------------------------------------------------------------------------------------------------------- Halifax plc (1) 9,000 102,098 - ----------------------------------------------------------------------------------------------------------------------------------- Lloyds TSB Group plc 17,000 212,380 - ----------------------------------------------------------------------------------------------------------------------------------- Mitsubishi Trust & Banking Corp. 8,000 98,445 - ----------------------------------------------------------------------------------------------------------------------------------- NationsBank Corp. 4,400 263,450 - ----------------------------------------------------------------------------------------------------------------------------------- Wells Fargo & Co. 1,200 349,650 --------------- 2,585,496 - ----------------------------------------------------------------------------------------------------------------------------------- DIVERSIFIED FINANCIAL - 3.6% Amresco, Inc. (1) 7,300 229,038 - ----------------------------------------------------------------------------------------------------------------------------------- Camden Property Trust 5,400 162,000 - ----------------------------------------------------------------------------------------------------------------------------------- Capstone Capital Corp. 6,700 158,287 - ----------------------------------------------------------------------------------------------------------------------------------- Cattles plc 12,000 75,259 - ----------------------------------------------------------------------------------------------------------------------------------- Crescent Real Estate Equities, Inc. 9,200 331,200 - ----------------------------------------------------------------------------------------------------------------------------------- Haw Par Brothers International Ltd. 41,000 66,464 - ----------------------------------------------------------------------------------------------------------------------------------- Health & Retirement Properties Trust 7,800 146,250 - ----------------------------------------------------------------------------------------------------------------------------------- ING Groep NV 2,552 107,170 - ----------------------------------------------------------------------------------------------------------------------------------- Lend Lease Corp. Ltd. 3,600 73,487 - ----------------------------------------------------------------------------------------------------------------------------------- Meditrust Corp., Paired Stock 3,900 166,725 - ----------------------------------------------------------------------------------------------------------------------------------- Money Store, Inc. (The) 1,700 48,238 - ----------------------------------------------------------------------------------------------------------------------------------- Morgan Stanley, Dean Witter, Discover & Co. 3,300 161,700 - ----------------------------------------------------------------------------------------------------------------------------------- Nichiei Co. Ltd. 1,300 142,679 - ----------------------------------------------------------------------------------------------------------------------------------- Perlis Plantations Berhad 28,000 50,985 - ----------------------------------------------------------------------------------------------------------------------------------- Salomon, Inc. 1,600 124,300 - ----------------------------------------------------------------------------------------------------------------------------------- Sirrom Capital Corp. 2,400 120,900 - ----------------------------------------------------------------------------------------------------------------------------------- Southcorp Holdings Ltd. 14,000 46,813 - ----------------------------------------------------------------------------------------------------------------------------------- Swire Pacific Ltd., Cl. B 87,000 92,296
18 Oppenheimer LifeSpan Funds
- ----------------------------------------------------------------------------------------------------------------------------------- STATEMENT OF INVESTMENTS (CONTINUED) Oppenheimer LifeSpan Balanced Fund MARKET VALUE SHARES SEE NOTE 1 - ----------------------------------------------------------------------------------------------------------------------------------- DIVERSIFIED FINANCIAL (CONTINUED) Travelers Group, Inc. 2,600 $ 182,000 --------------- 2,485,791 - ----------------------------------------------------------------------------------------------------------------------------------- INSURANCE - 1.8% AFLAC, Inc. 1,500 76,313 - ----------------------------------------------------------------------------------------------------------------------------------- Allstate Corp. 1,200 99,525 - ----------------------------------------------------------------------------------------------------------------------------------- Chubb Corp. 2,500 165,625 - ----------------------------------------------------------------------------------------------------------------------------------- Conseco, Inc. 5,300 231,213 - ----------------------------------------------------------------------------------------------------------------------------------- Equitable Cos., Inc. 4,500 185,344 - ----------------------------------------------------------------------------------------------------------------------------------- HSB Group, Inc. 2,700 140,906 - ----------------------------------------------------------------------------------------------------------------------------------- Pre-Paid Legal Services, Inc. (1) 1,500 45,375 - ----------------------------------------------------------------------------------------------------------------------------------- Torchmark Corp. 3,900 155,513 - ----------------------------------------------------------------------------------------------------------------------------------- Travelers Property Casualty Corp., Cl. A 3,600 130,050 --------------- 1,229,864 - ----------------------------------------------------------------------------------------------------------------------------------- INDUSTRIAL - 8.3% - ----------------------------------------------------------------------------------------------------------------------------------- ELECTRICAL EQUIPMENT - 0.6% ABB AG 65 84,951 - ----------------------------------------------------------------------------------------------------------------------------------- Johnson Electric Holdings Ltd. 42,000 114,652 - ----------------------------------------------------------------------------------------------------------------------------------- Power Technologies, Inc. (1) 3,400 104,975 - ----------------------------------------------------------------------------------------------------------------------------------- Siebe plc 5,000 96,003 --------------- 400,581 - ----------------------------------------------------------------------------------------------------------------------------------- INDUSTRIAL SERVICES - 3.3% Adecco SA 300 95,604 - ----------------------------------------------------------------------------------------------------------------------------------- American Disposal Services, Inc. (1) 5,000 176,250 - ----------------------------------------------------------------------------------------------------------------------------------- Caribiner International, Inc. (1) 2,800 125,475 - ----------------------------------------------------------------------------------------------------------------------------------- Central Parking Corp. 1,500 81,938 - ----------------------------------------------------------------------------------------------------------------------------------- Computer Horizons Corp. (1) 6,550 198,956 - ----------------------------------------------------------------------------------------------------------------------------------- Computer Task Group, Inc. 7,800 220,350 - ----------------------------------------------------------------------------------------------------------------------------------- Corestaff, Inc. (1) 5,900 146,025 - ----------------------------------------------------------------------------------------------------------------------------------- Eastern Environmental Services, Inc. (1) 6,300 160,650 - ----------------------------------------------------------------------------------------------------------------------------------- Guilbert SA 625 81,437 - ----------------------------------------------------------------------------------------------------------------------------------- Hays plc 13,000 152,598 - ----------------------------------------------------------------------------------------------------------------------------------- Helix Technology Corp. 2,500 112,500 - ----------------------------------------------------------------------------------------------------------------------------------- Kurita Water Industries Ltd. 5,000 88,135 - ----------------------------------------------------------------------------------------------------------------------------------- Lamar Advertising Co. (1) 3,800 128,725 - ----------------------------------------------------------------------------------------------------------------------------------- SpeedFam International, Inc. (1) 1,300 48,263 - ----------------------------------------------------------------------------------------------------------------------------------- Tetra Tech, Inc. (1) 5,600 146,300 - ----------------------------------------------------------------------------------------------------------------------------------- Transaction Systems Architects, Inc., Cl. A (1) 4,700 183,888 - ----------------------------------------------------------------------------------------------------------------------------------- Viad Corp. 4,700 85,775 --------------- 2,232,869 - ----------------------------------------------------------------------------------------------------------------------------------- MANUFACTURING - 3.6% Aeroquip-Vickers, Inc. 2,000 104,125 - ----------------------------------------------------------------------------------------------------------------------------------- AGCO Corp. 4,000 116,000 - ----------------------------------------------------------------------------------------------------------------------------------- Canon Sales Co., Inc. 300 5,463 - ----------------------------------------------------------------------------------------------------------------------------------- Case Corp. 3,700 221,306 - ----------------------------------------------------------------------------------------------------------------------------------- Deere & Co. 4,300 226,288 - ----------------------------------------------------------------------------------------------------------------------------------- Halter Marine Group, Inc. (1) 1,800 94,163 - ----------------------------------------------------------------------------------------------------------------------------------- Ingersoll-Rand Co. 4,200 163,538
19 Oppenheimer LifeSpan Funds
- ----------------------------------------------------------------------------------------------------------------------------------- STATEMENT OF INVESTMENTS (CONTINUED) Oppenheimer LifeSpan Balanced Fund MARKET VALUE SHARES SEE NOTE 1 - ----------------------------------------------------------------------------------------------------------------------------------- MANUFACTURING (CONTINUED) Mannesmann AG 250 $ 106,034 - ----------------------------------------------------------------------------------------------------------------------------------- NSK Ltd. 7,000 29,101 - ----------------------------------------------------------------------------------------------------------------------------------- PACCAR, Inc. 9,000 405,563 - ----------------------------------------------------------------------------------------------------------------------------------- Parker-Hannifin Corp. 2,600 108,713 - ----------------------------------------------------------------------------------------------------------------------------------- Ricoh Co. Ltd. 11,000 141,764 - ----------------------------------------------------------------------------------------------------------------------------------- SMC Corp. 500 43,236 - ----------------------------------------------------------------------------------------------------------------------------------- Smiths Industries plc 5,000 72,107 - ----------------------------------------------------------------------------------------------------------------------------------- Societe BIC SA 1,400 95,594 - ----------------------------------------------------------------------------------------------------------------------------------- Textron, Inc. 4,200 242,813 - ----------------------------------------------------------------------------------------------------------------------------------- U.S. Industries, Inc. 8,550 229,781 --------------- 2,405,589 - ----------------------------------------------------------------------------------------------------------------------------------- TRANSPORTATION - 0.8% Brambles Industries Ltd. 4,100 78,578 - ----------------------------------------------------------------------------------------------------------------------------------- Burlington Northern Santa Fe Corp. 1,300 123,500 - ----------------------------------------------------------------------------------------------------------------------------------- GATX Corp. 3,600 232,425 - ----------------------------------------------------------------------------------------------------------------------------------- Gulfmark Offshore, Inc. (1) 500 18,188 - ----------------------------------------------------------------------------------------------------------------------------------- MotivePower Industries, Inc. (1) 2,100 55,913 --------------- 508,604 - ----------------------------------------------------------------------------------------------------------------------------------- TECHNOLOGY - 11.8% - ----------------------------------------------------------------------------------------------------------------------------------- AEROSPACE/DEFENSE - 1.3% General Dynamics Corp. 3,900 316,631 - ----------------------------------------------------------------------------------------------------------------------------------- Lockheed Martin Corp. 2,600 247,163 - ----------------------------------------------------------------------------------------------------------------------------------- REMEC, Inc. (1) 2,700 68,513 - ----------------------------------------------------------------------------------------------------------------------------------- TRW, Inc. 4,600 263,350 --------------- 895,657 - ----------------------------------------------------------------------------------------------------------------------------------- COMPUTER HARDWARE - 2.0% Apex PC Solutions, Inc. (1) 3,000 77,250 - ----------------------------------------------------------------------------------------------------------------------------------- CFM Technologies, Inc. (1) 1,700 31,025 - ----------------------------------------------------------------------------------------------------------------------------------- CHS Electronics, Inc. (1) 1,050 25,659 - ----------------------------------------------------------------------------------------------------------------------------------- Compaq Computer Corp. (1) 2,800 178,500 - ----------------------------------------------------------------------------------------------------------------------------------- Digital Lightwave, Inc. (1) 1,600 29,200 - ----------------------------------------------------------------------------------------------------------------------------------- Insight Enterprises, Inc. (1) 4,650 181,931 - ----------------------------------------------------------------------------------------------------------------------------------- International Business Machines Corp. 1,700 166,706 - ----------------------------------------------------------------------------------------------------------------------------------- Level One Communications, Inc. (1) 900 40,500 - ----------------------------------------------------------------------------------------------------------------------------------- Lexmark International Group, Inc., Cl. A (1) 800 24,450 - ----------------------------------------------------------------------------------------------------------------------------------- Network Appliance, Inc. (1) 3,200 160,800 - ----------------------------------------------------------------------------------------------------------------------------------- Quantum Corp. (1) 3,900 123,338 - ----------------------------------------------------------------------------------------------------------------------------------- Semtech Corp. (1) 1,500 69,844 - ----------------------------------------------------------------------------------------------------------------------------------- Storage Technology Corp. (New) (1) 4,500 264,094 --------------- 1,373,297 - ----------------------------------------------------------------------------------------------------------------------------------- COMPUTER SOFTWARE/SERVICES - 2.8% BEA Systems, Inc. (1) 7,500 101,250 - ----------------------------------------------------------------------------------------------------------------------------------- Electronic Data Systems Corp. 1,200 46,425 - ----------------------------------------------------------------------------------------------------------------------------------- HNC Software, Inc. (1) 2,600 96,200 - ----------------------------------------------------------------------------------------------------------------------------------- JDA Software Group, Inc. (1) 3,400 106,250 - ----------------------------------------------------------------------------------------------------------------------------------- Pegasystems, Inc. (1) 5,300 96,725 - ----------------------------------------------------------------------------------------------------------------------------------- Remedy Corp. (1) 3,000 141,000
20 Oppenheimer LifeSpan Funds
- ----------------------------------------------------------------------------------------------------------------------------------- STATEMENT OF INVESTMENTS (CONTINUED) Oppenheimer LifeSpan Balanced Fund MARKET VALUE SHARES SEE NOTE 1 - ----------------------------------------------------------------------------------------------------------------------------------- COMPUTER SOFTWARE/SERVICES (CONTINUED) SAP AG, Preference 500 $ 149,464 - ----------------------------------------------------------------------------------------------------------------------------------- Sapient Corp. (1) 2,500 133,125 - ----------------------------------------------------------------------------------------------------------------------------------- Security Dynamics Technologies, Inc. (1) 4,000 135,500 - ----------------------------------------------------------------------------------------------------------------------------------- Summit Design, Inc. (1) 1,400 20,300 - ----------------------------------------------------------------------------------------------------------------------------------- Sykes Enterprises, Inc. (1) 5,800 144,275 - ----------------------------------------------------------------------------------------------------------------------------------- Technology Solutions Co. (1) 6,350 200,025 - ----------------------------------------------------------------------------------------------------------------------------------- Veritas Software Corp. (1) 3,500 145,688 - ----------------------------------------------------------------------------------------------------------------------------------- Viasoft, Inc. (1) 2,700 110,700 - ----------------------------------------------------------------------------------------------------------------------------------- Visio Corp. (1) 3,100 115,281 - ----------------------------------------------------------------------------------------------------------------------------------- Wind River Systems (1) 3,200 122,800 --------------- 1,865,008 - ----------------------------------------------------------------------------------------------------------------------------------- ELECTRONICS - 3.2% ATMI, Inc. (1) 3,300 88,688 - ----------------------------------------------------------------------------------------------------------------------------------- Bowthorpe plc 11,000 72,492 - ----------------------------------------------------------------------------------------------------------------------------------- Electro Scientific Industries, Inc. (1) 2,300 111,550 - ----------------------------------------------------------------------------------------------------------------------------------- Electrocomponents plc 15,000 116,335 - ----------------------------------------------------------------------------------------------------------------------------------- Getronics NV 3,000 99,087 - ----------------------------------------------------------------------------------------------------------------------------------- Hirose Electric Co. 2,000 130,540 - ----------------------------------------------------------------------------------------------------------------------------------- Keyence Corp. 660 98,778 - ----------------------------------------------------------------------------------------------------------------------------------- Matsushita Electric Industrial Co. 4,000 67,182 - ----------------------------------------------------------------------------------------------------------------------------------- National Semiconductor Corp. (1) 3,000 108,000 - ----------------------------------------------------------------------------------------------------------------------------------- Omron Corp. 4,000 67,847 - ----------------------------------------------------------------------------------------------------------------------------------- Philips Electronics NV 1,300 101,818 - ----------------------------------------------------------------------------------------------------------------------------------- Philips Electronics NV, NY Shares 1,400 109,725 - ----------------------------------------------------------------------------------------------------------------------------------- Samsung Electronics Ltd., Sponsored GDR (2) 2,400 24,444 - ----------------------------------------------------------------------------------------------------------------------------------- Samsung Electronics Ltd., Sponsored GDR (1)(2) 38 793 - ----------------------------------------------------------------------------------------------------------------------------------- Sawtek, Inc. (1) 2,200 74,800 - ----------------------------------------------------------------------------------------------------------------------------------- SCI Systems, Inc. (1) 2,400 105,600 - ----------------------------------------------------------------------------------------------------------------------------------- Sony Corp. 1,900 157,820 - ----------------------------------------------------------------------------------------------------------------------------------- TDK Corp. 1,000 82,980 - ----------------------------------------------------------------------------------------------------------------------------------- Vitesse Semiconductor Corp. (1) 3,650 158,319 - ----------------------------------------------------------------------------------------------------------------------------------- VTech Holdings Ltd. 50,000 97,678 - ----------------------------------------------------------------------------------------------------------------------------------- Waters Corp. (1) 5,900 259,600 --------------- 2,134,076 - ----------------------------------------------------------------------------------------------------------------------------------- TELECOMMUNICATIONS-TECHNOLOGY - 2.5% Boston Communications Group, Inc. (1) 2,000 29,500 - ----------------------------------------------------------------------------------------------------------------------------------- British Sky Broadcasting Group plc 9,500 67,386 - ----------------------------------------------------------------------------------------------------------------------------------- Comverse Technology, Inc. (1) 4,700 193,875 - ----------------------------------------------------------------------------------------------------------------------------------- DSP Communications, Inc. (1) 8,800 162,800 - ----------------------------------------------------------------------------------------------------------------------------------- Ericsson LM, B Shares 3,520 155,206 - ----------------------------------------------------------------------------------------------------------------------------------- Inter-Tel, Inc. 3,400 84,681 - ----------------------------------------------------------------------------------------------------------------------------------- Nextel Communications, Inc., Cl. A (1) 309 8,111 - ----------------------------------------------------------------------------------------------------------------------------------- Nippon Telegraph & Telephone Corp. 14 118,733 - ----------------------------------------------------------------------------------------------------------------------------------- P-COM, Inc. (1) 6,800 136,850 - ----------------------------------------------------------------------------------------------------------------------------------- Pacific Gateway Exchange, Inc. (1) 3,400 130,050 - ----------------------------------------------------------------------------------------------------------------------------------- SK Telecommunications Co. Ltd., ADR 6,600 36,300 - ----------------------------------------------------------------------------------------------------------------------------------- Tekelec (1) 3,400 142,375
21 Oppenheimer LifeSpan Funds
- ----------------------------------------------------------------------------------------------------------------------------------- STATEMENT OF INVESTMENTS (CONTINUED) Oppenheimer LifeSpan Balanced Fund MARKET VALUE SHARES SEE NOTE 1 - ----------------------------------------------------------------------------------------------------------------------------------- TELECOMMUNICATIONS-TECHNOLOGY (CONTINUED) Telecom Italia Mobile SpA 30,000 $ 111,469 - ----------------------------------------------------------------------------------------------------------------------------------- Uniphase Corp. (1) 2,100 140,963 - ----------------------------------------------------------------------------------------------------------------------------------- Vodafone Group plc 28,000 153,889 --------------- 1,672,188 - ----------------------------------------------------------------------------------------------------------------------------------- UTILITIES - 5.4% - ----------------------------------------------------------------------------------------------------------------------------------- ELECTRIC UTILITIES - 1.6% Duke Energy Corp. 4,449 214,664 - ----------------------------------------------------------------------------------------------------------------------------------- FPL Group, Inc. 5,800 299,788 - ----------------------------------------------------------------------------------------------------------------------------------- Illinova Corp. 4,500 100,125 - ----------------------------------------------------------------------------------------------------------------------------------- Kansas City Power & Light Co. 5,700 167,081 - ----------------------------------------------------------------------------------------------------------------------------------- Veba AG 2,000 112,715 - ----------------------------------------------------------------------------------------------------------------------------------- Western Resources, Inc. 4,600 171,350 --------------- 1,065,723 - ----------------------------------------------------------------------------------------------------------------------------------- GAS UTILITIES - 1.8% Columbia Gas System, Inc. 4,900 354,025 - ----------------------------------------------------------------------------------------------------------------------------------- El Paso Natural Gas Co. 4,600 275,713 - ----------------------------------------------------------------------------------------------------------------------------------- MCN Energy Group, Inc. 4,400 152,350 - ----------------------------------------------------------------------------------------------------------------------------------- National Fuel Gas Co. 4,600 202,975 - ----------------------------------------------------------------------------------------------------------------------------------- Questar Corp. 4,200 162,225 - ----------------------------------------------------------------------------------------------------------------------------------- RWE AG, Preference 2,500 92,162 --------------- 1,239,450 - ----------------------------------------------------------------------------------------------------------------------------------- TELEPHONE UTILITIES - 2.0% Ameritech Corp. 2,500 162,500 - ----------------------------------------------------------------------------------------------------------------------------------- Bell Atlantic Corp. 4,280 341,865 - ----------------------------------------------------------------------------------------------------------------------------------- Frontier Corp. 9,500 205,438 - ----------------------------------------------------------------------------------------------------------------------------------- Tel-Save Holdings, Inc. (1) 6,400 137,600 - ----------------------------------------------------------------------------------------------------------------------------------- Telefonica de Espana 3,500 95,236 - ----------------------------------------------------------------------------------------------------------------------------------- U S West Communications Group 11,200 445,900 --------------- 1,388,539 --------------- Total Common Stocks (Cost $32,198,814) 39,061,625 SHARES - ----------------------------------------------------------------------------------------------------------------------------------- PREFERRED STOCKS - 0.3% - ----------------------------------------------------------------------------------------------------------------------------------- Case Corp., $4.50 Cum. Cv., Series A, Non-Vtg. (Cost $114,800) 1,200 174,000 UNITS - ----------------------------------------------------------------------------------------------------------------------------------- RIGHTS, WARRANTS AND CERTIFICATES - 0.0% - ----------------------------------------------------------------------------------------------------------------------------------- Australis Media Ltd. Wts., Exp. 5/00 (3) 150 -- - ----------------------------------------------------------------------------------------------------------------------------------- Dairy Mart Convenience Stores, Inc. Wts., Exp. 12/01 (3) 666 667 - ----------------------------------------------------------------------------------------------------------------------------------- Haw Par Brothers International Ltd. Wts., Exp. 7/01 3,000 992 - ----------------------------------------------------------------------------------------------------------------------------------- Intermedia Communications, Inc. Wts., Exp. 6/00 (3) 100 7,000 - ----------------------------------------------------------------------------------------------------------------------------------- Mccaw International Ltd. Wts., Exp. 4/07 (3) 100 250 - ----------------------------------------------------------------------------------------------------------------------------------- Microcell Telecommunications, Inc.: Conditional Wts., Exp. 12/97 (3) 500 313 Wts., Exp. 12/97 (3) 500 6,500 - ----------------------------------------------------------------------------------------------------------------------------------- Price Communications Corp. Wts., 8/07 516 5
22 Oppenheimer LifeSpan Funds
- ----------------------------------------------------------------------------------------------------------------------------------- STATEMENT OF INVESTMENTS (CONTINUED) Oppenheimer LifeSpan Balanced Fund MARKET VALUE UNITS SEE NOTE 1 - ----------------------------------------------------------------------------------------------------------------------------------- RIGHTS, WARRANTS AND CERTIFICATES (CONTINUED) - ----------------------------------------------------------------------------------------------------------------------------------- Signature Brands, Inc. Wts., Exp. 12/49 (3) 100 $ 1,500 --------------- Total Rights, Warrants and Certificates (Cost $10,124) 17,227 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 $ 125,000 124,945 - ----------------------------------------------------------------------------------------------------------------------------------- IROQUOIS Trust, Asset-Backed Amortizing Nts., Series 1997-2, Cl. A, 6.752%, 6/25/07 (3) 175,000 175,848 - ----------------------------------------------------------------------------------------------------------------------------------- Olympic Automobile Receivables Trust: Receivables-Backed Nts., Series 1997-A, Cl. A5, 6.80%, 2/15/05 150,000 153,296 Series 1996-A, Cl. A4, 5.85%, 7/15/01 110,000 109,845 --------------- Total Asset-Backed Securities (Cost $558,742) 563,934 - ----------------------------------------------------------------------------------------------------------------------------------- MORTGAGE-BACKED OBLIGATIONS - 3.9% - ----------------------------------------------------------------------------------------------------------------------------------- Countrywide Funding Corp., Mtg. Pass-Through Certificates, Series 1994-10, Cl. A3, 6%, 5/25/09 250,000 247,813 - ----------------------------------------------------------------------------------------------------------------------------------- Federal Home Loan Mortgage Corp.: Collateralized Mtg. Obligations, Gtd. Multiclass Mtg. Participation Certificates: 5.50%, 6/1/98 7,400 7,331 Series 1711, Cl. EA, 7%, 3/15/24 200,000 204,750 Gtd. Multiclass Mtg. Participation Certificates: 6%, 3/1/09 178,221 176,820 Series 1574, Cl. PD, 5.55%, 3/15/13 100,000 99,750 Series 1843, Cl. VB, 7%, 4/15/03 65,000 66,909 Series 1849, Cl. VA, 6%, 12/15/10 179,450 177,432 Interest-Only Stripped Mtg.-Backed Security: Series 1542, Cl. QC, 8.675%, 10/15/20 (4) 400,000 89,203 Series 1583, Cl. IC, 9.283%, 1/15/20 (4) 750,000 120,000 Series 1661, Cl. PK, 5.965%, 11/15/06 (4) 874,957 74,098 - ----------------------------------------------------------------------------------------------------------------------------------- Federal National Mortgage Assn.: 6%, 12/1/03 165,377 164,571 6.50%, 4/1/26 140,587 138,466 7%, 4/1/00 76,854 77,591 Collateralized Mtg. Obligations, Gtd. Real Estate Mtg. Investment Conduit Pass-Through Certificates, Trust 1993-181, Cl. C, 5.40%, 10/25/02 177,327 176,441 Collateralized Mtg. Obligations, Gtd. Real Estate Mtg. Investment Conduit Pass-Through Certificates, Trust 1993-190, Cl. Z, 5.85%, 7/25/08 151,551 150,764 Medium-Term Nts., 6.56%, 11/13/01 100,000 100,250 Trust 1994-13, Cl. B, 6.50%, 2/25/09 150,000 149,859
23 Oppenheimer LifeSpan Funds
- ----------------------------------------------------------------------------------------------------------------------------------- STATEMENT OF INVESTMENTS (CONTINUED) Oppenheimer LifeSpan Balanced Fund FACE MARKET VALUE AMOUNT SEE NOTE 1 - ----------------------------------------------------------------------------------------------------------------------------------- MORTGAGE-BACKED OBLIGATIONS (CONTINUED) - ----------------------------------------------------------------------------------------------------------------------------------- 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 $ 139,841 - ----------------------------------------------------------------------------------------------------------------------------------- PNC Mortgage Securities Corp., Commercial Mtg. Pass-Through Certificates, Series 1995-2, Cl. A3, 6.50%, 2/25/12 125,000 125,566 - ----------------------------------------------------------------------------------------------------------------------------------- Residential Accredit Loans, Inc., Mortgage Asset-Backed Pass-Through Certificates, Series 1997-QS9, Cl. A2, 6.75%, 9/25/27 175,000 175,260 --------------- Total Mortgage-Backed Obligations (Cost $2,624,050) 2,662,715 - ----------------------------------------------------------------------------------------------------------------------------------- U.S. GOVERNMENT OBLIGATIONS - 6.6% - ----------------------------------------------------------------------------------------------------------------------------------- U.S. Treasury Bonds, 7.50%, 11/15/16 1,550,000 1,772,329 - ----------------------------------------------------------------------------------------------------------------------------------- U.S. Treasury Nts.: 6.50%, 8/15/05 965,000 1,000,887 6.75%, 6/30/99 720,000 732,825 7.50%, 11/15/01 900,000 955,969 --------------- Total U.S. Government Obligations (Cost $4,308,612) 4,462,010 - ----------------------------------------------------------------------------------------------------------------------------------- NON-CONVERTIBLE CORPORATE BONDS AND NOTES - 24.1% - ----------------------------------------------------------------------------------------------------------------------------------- BASIC MATERIALS - 3.0% - ----------------------------------------------------------------------------------------------------------------------------------- CHEMICALS - 1.4% Burmah Castrol plc, 7% Gtd. Medium-Term Nts., 12/15/97 (2) 110,000 110,150 - ----------------------------------------------------------------------------------------------------------------------------------- Du Pont (E.I.) De Nemours & Co., 8.50% Debs., 2/15/03 120,000 127,795 - ----------------------------------------------------------------------------------------------------------------------------------- Harris Chemical North America, Inc., 10.25% Gtd. Sr. Sec. Disc. Nts., 7/15/01 100,000 104,500 - ----------------------------------------------------------------------------------------------------------------------------------- Laroche Industries, Inc., 9.50% Sr. Sub. Nts., 9/15/07 (2) 125,000 125,625 - ----------------------------------------------------------------------------------------------------------------------------------- Morton International, Inc., 9.25% Credit Sensitive Nts., 6/1/20 65,000 83,022 - ----------------------------------------------------------------------------------------------------------------------------------- NL Industries, Inc., 0%/13% Sr. Sec. Disc. Nts., 10/15/05 (5) 100,000 98,000 - ----------------------------------------------------------------------------------------------------------------------------------- PPG Industries, Inc., 9% Debs., 5/1/21 65,000 79,576 - ----------------------------------------------------------------------------------------------------------------------------------- Sterling Chemical Holdings, Inc., 0%/13.50% Sr. Disc. Nts., 8/15/08 (5) 125,000 91,250 - ----------------------------------------------------------------------------------------------------------------------------------- Texas Petrochemical Corp., 11.125% Sr. Sub. Nts., Series B, 7/1/06 125,000 138,125 --------------- 958,043 - ----------------------------------------------------------------------------------------------------------------------------------- METALS - 1.0% Alcan Aluminum Ltd., 9.625% Debs., 7/15/19 125,000 134,783 - ----------------------------------------------------------------------------------------------------------------------------------- Gulf States Steel, Inc. (Alabama), 13.50% First Mtg. Nts., Series B, 4/15/03 100,000 103,000 - ----------------------------------------------------------------------------------------------------------------------------------- Kaiser Aluminum & Chemical Corp., 12.75% Sr. Sub. Nts., 2/1/03 100,000 107,750 - ----------------------------------------------------------------------------------------------------------------------------------- NS Group, Inc., 13.50% Gtd. Sr. Sec. Nts., 7/15/03 75,000 86,062 - ----------------------------------------------------------------------------------------------------------------------------------- Republic Engineered Steels, Inc., 9.875% First Mtg. Nts., 12/15/01 50,000 48,500 - ----------------------------------------------------------------------------------------------------------------------------------- WCI Steel, Inc., 10% Sr. Nts., Series B, 12/1/04 100,000 104,750 - ----------------------------------------------------------------------------------------------------------------------------------- Weirton Steel Corp., 10.75% Sr. Nts., 6/1/05 100,000 105,750 --------------- 690,595 - ----------------------------------------------------------------------------------------------------------------------------------- PAPER - 0.6% Celulosa Arauco y Constitucion SA, 7.25% Debs., 6/11/98 (3) 110,000 110,275 - ----------------------------------------------------------------------------------------------------------------------------------- Gaylord Container Corp., 12.75% Sr. Sub. Disc. Debs., 5/15/05 100,000 109,000 - ----------------------------------------------------------------------------------------------------------------------------------- Malette, Inc., 12.25% Sr. Sec. Nts., 7/15/04 (3) 100,000 113,750
24 Oppenheimer LifeSpan Funds
- ----------------------------------------------------------------------------------------------------------------------------------- STATEMENT OF INVESTMENTS (CONTINUED) Oppenheimer LifeSpan Balanced Fund FACE MARKET VALUE AMOUNT SEE NOTE 1 - ----------------------------------------------------------------------------------------------------------------------------------- PAPER (CONTINUED) Stone Container Corp., 9.875% Sr. Nts., 2/1/01 $ 50,000 $ 51,125 --------------- 384,150 - ----------------------------------------------------------------------------------------------------------------------------------- CONSUMER CYCLICALS - 6.3% - ----------------------------------------------------------------------------------------------------------------------------------- AUTOS & HOUSING - 0.6% Black & Decker Corp., 6.625% Nts., 11/15/00 110,000 111,221 - ----------------------------------------------------------------------------------------------------------------------------------- First Industrial LP, 7.15% Bonds, 5/15/27 60,000 61,743 - ----------------------------------------------------------------------------------------------------------------------------------- IHF Holdings, Inc., 0%/15% Sr. Sub. Disc. Nts., Series B, 11/15/04 (5) 125,000 107,500 - ----------------------------------------------------------------------------------------------------------------------------------- Signature Brands, Inc., 13% Sr. Sub. Nts., 8/15/02 (3) 100,000 106,375 --------------- 386,839 - ----------------------------------------------------------------------------------------------------------------------------------- LEISURE & ENTERTAINMENT - 2.4% American Skiing Corp., 12% Sr. Sub. Nts., Series B, 7/15/06 (3) 125,000 139,375 - ----------------------------------------------------------------------------------------------------------------------------------- Bally Total Fitness Holdings Corp., 9.875% Sr. Sub. Nts., 10/15/07 (2) 125,000 123,125 - ----------------------------------------------------------------------------------------------------------------------------------- Blockbuster Entertainment Corp., 6.625% Sr. Nts., 2/15/98 110,000 110,147 - ----------------------------------------------------------------------------------------------------------------------------------- Casino America, Inc., 12.50% Sr. Nts., 8/1/03 125,000 133,750 - ----------------------------------------------------------------------------------------------------------------------------------- Casino Magic of Louisiana Corp., 13% First Mtg. Nts., 8/15/03 250,000 238,750 - ----------------------------------------------------------------------------------------------------------------------------------- GB Property Funding Corp., 10.875% First Mtg. Nts., 1/15/04 100,000 87,500 - ----------------------------------------------------------------------------------------------------------------------------------- Hilton Hotels Corp., 7.375% Nts., 6/1/02 50,000 51,327 - ----------------------------------------------------------------------------------------------------------------------------------- HMH Properties, Inc., 8.875% Sr. Nts., 7/15/07 (2) 125,000 128,125 - ----------------------------------------------------------------------------------------------------------------------------------- Horseshoe Gaming LLC, 9.375% Sr. Sub. Nts., 6/15/07 (2) 125,000 128,125 - ----------------------------------------------------------------------------------------------------------------------------------- Mohegan Tribal Gaming Authority (Connecticut), 13.50% Sr. Sec. Nts., Series B, 11/15/02 50,000 64,250 - ----------------------------------------------------------------------------------------------------------------------------------- Players International, Inc., 10.875% Sr. Nts., 4/15/05 125,000 134,062 - ----------------------------------------------------------------------------------------------------------------------------------- Prime Hospitality Corp., 9.25% First Mtg. Bonds, 1/15/06 125,000 130,625 - ----------------------------------------------------------------------------------------------------------------------------------- Rio Hotel & Casino, Inc., 10.625% Sr. Sub. Nts., 7/15/05 100,000 108,500 - ----------------------------------------------------------------------------------------------------------------------------------- Santa Fe Hotel, Inc., 11% Gtd. First Mtg. Nts., 12/15/00 91,000 77,805 --------------- 1,655,466 - ----------------------------------------------------------------------------------------------------------------------------------- MEDIA - 2.5% Adelphia Communications Corp., 10.50% Sr. Nts., 7/15/04 (2) 125,000 130,625 - ----------------------------------------------------------------------------------------------------------------------------------- Allbritton Communications Co., 9.75% Sr. Sub. Debs., Series B, 11/30/07 100,000 100,500 - ----------------------------------------------------------------------------------------------------------------------------------- Australis Media Ltd., 1.75%/15.75% Gtd. Sr. Sec. Disc. Nts., 5/15/03 (6) 151,328 110,469 - ----------------------------------------------------------------------------------------------------------------------------------- Cablevision Systems Corp., 9.875% Sr. Sub. Debs., 2/15/13 75,000 80,062 - ----------------------------------------------------------------------------------------------------------------------------------- Comcast Corp., 9.375% Sr. Sub. Debs., 5/15/05 100,000 107,000 - ----------------------------------------------------------------------------------------------------------------------------------- EchoStar Satellite Broadcasting Corp., 0%/13.125% Sr. Sec. Disc. Nts., 3/15/04 (5) 100,000 79,500 - ----------------------------------------------------------------------------------------------------------------------------------- Fox Kids Worldwide, Inc., 0%/10.25% Sr. Disc. Nts., 11/1/07 (2)(5) 125,000 72,187 - ----------------------------------------------------------------------------------------------------------------------------------- Fox/Liberty Networks LLC, 8.875% Sr. Nts., 8/15/07 (2) 50,000 50,000 - ----------------------------------------------------------------------------------------------------------------------------------- James Cable Partners LP, 10.75% Sr. Nts., 8/15/04 (2) 125,000 130,937 - ----------------------------------------------------------------------------------------------------------------------------------- Lamar Advertising Co., 8.625% Sr. Sub. Nts., 9/15/07 (2) 125,000 126,250 - ----------------------------------------------------------------------------------------------------------------------------------- Rogers Communications, Inc., 8.875% Sr. Nts., 7/15/07 125,000 124,062 - ----------------------------------------------------------------------------------------------------------------------------------- Sinclair Broadcast Group, Inc., 10% Sr. Sub. Nts., 9/30/05 100,000 105,250 - ----------------------------------------------------------------------------------------------------------------------------------- TCI Satellite Entertainment, Inc., 10.875% Sr. Sub. Nts., 2/15/07 (2) 75,000 77,625 - ----------------------------------------------------------------------------------------------------------------------------------- Time Warner, Inc., 7.45% Nts., 2/1/98 110,000 110,369 - ----------------------------------------------------------------------------------------------------------------------------------- TKR Cable I, Inc., 10.50% Sr. Debs., 10/30/07 125,000 138,356
25 Oppenheimer LifeSpan Funds
- ----------------------------------------------------------------------------------------------------------------------------------- STATEMENT OF INVESTMENTS (CONTINUED) Oppenheimer LifeSpan Balanced Fund FACE MARKET VALUE AMOUNT SEE NOTE 1 - ----------------------------------------------------------------------------------------------------------------------------------- MEDIA (CONTINUED) United International Holdings, Inc., Zero Coupon Sr. Sec. Disc. Nts.: Series B, 14%, 11/15/99 (7) $ 100,000 $ 82,500 12.376%, 11/15/99 (7) 50,000 41,250 --------------- 1,666,942 - ----------------------------------------------------------------------------------------------------------------------------------- RETAIL: GENERAL - 0.7% Costco Cos., Inc., 7.125% Sr. Nts., 6/15/05 90,000 91,597 - ----------------------------------------------------------------------------------------------------------------------------------- Federated Department Stores, Inc., 10% Sr. Nts., 2/15/01 40,000 44,217 - ----------------------------------------------------------------------------------------------------------------------------------- Parisian, Inc., 9.875% Sr. Sub. Nts., 7/15/03 (3) 100,000 105,000 - ----------------------------------------------------------------------------------------------------------------------------------- Sears Roebuck & Co., 8.39% Medium-Term Nts., 3/23/99 220,000 227,044 --------------- 467,858 - ----------------------------------------------------------------------------------------------------------------------------------- RETAIL: SPECIALTY - 0.1% K Mart Corp., 7.75% Debs., 10/1/12 100,000 94,500 - ----------------------------------------------------------------------------------------------------------------------------------- CONSUMER NON-CYCLICALS - 2.3% - ----------------------------------------------------------------------------------------------------------------------------------- FOOD - 0.9% AmeriServe Food Distribution, Inc., 8.875% Sr. Nts., 10/15/06 (2) 125,000 125,313 - ----------------------------------------------------------------------------------------------------------------------------------- Dairy Mart Convenience Stores, Inc., 10.25% Sr. Sub. Nts., 3/15/04 100,000 98,500 - ----------------------------------------------------------------------------------------------------------------------------------- Dole Food Distributing, Inc., 6.75% Nts., 7/15/00 120,000 121,531 - ----------------------------------------------------------------------------------------------------------------------------------- Great Atlantic & Pacific Tea Co., 9.125% Debs., 1/15/98 115,000 115,666 - ----------------------------------------------------------------------------------------------------------------------------------- Jitney-Jungle Stores of America, Inc., 12% Gtd. Sr. Nts., 3/1/06 150,000 168,750 --------------- 629,760 - ----------------------------------------------------------------------------------------------------------------------------------- HEALTHCARE/DRUGS - 0.2% Integrated Health Services, Inc., 9.50% Sr. Sub. Nts., 9/15/07 (2) 100,000 103,750 - ----------------------------------------------------------------------------------------------------------------------------------- HEALTHCARE/SUPPLIES & SERVICES - 0.8% Columbia/HCA Healthcare Corp., 6.875% Nts., 7/15/01 120,000 120,121 - ----------------------------------------------------------------------------------------------------------------------------------- Dade International, Inc., 11.125% Sr. Sub. Nts., 5/1/06 125,000 139,688 - ----------------------------------------------------------------------------------------------------------------------------------- Mariner Health Group, Inc., 9.50% Sr. Sub. Nts., Series B, 4/1/06 (3) 125,000 130,000 - ----------------------------------------------------------------------------------------------------------------------------------- Paracelsus Healthcare Corp., 10% Sr. Sub. Unsec. Nts., 8/15/06 100,000 104,500 - ----------------------------------------------------------------------------------------------------------------------------------- Tenet Healthcare Corp., 8% Sr. Nts., 1/15/05 75,000 75,844 --------------- 570,153 - ----------------------------------------------------------------------------------------------------------------------------------- HOUSEHOLD GOODS - 0.4% Dyersburg Corp., 9.75% Sr. Sub. Nts., 9/1/07 (2) 100,000 102,500 - ----------------------------------------------------------------------------------------------------------------------------------- Kimberly-Clark Corp., 7.875% Debs., 2/1/23 65,000 70,064 - ----------------------------------------------------------------------------------------------------------------------------------- Revlon Consumer Products Corp., 9.375% Sr. Nts., 4/1/01 100,000 103,750 --------------- 276,314 - ----------------------------------------------------------------------------------------------------------------------------------- ENERGY - 1.5% - ----------------------------------------------------------------------------------------------------------------------------------- ENERGY SERVICES & PRODUCERS - 0.9% Coastal Corp.: 8.125% Sr. Nts., 9/15/02 65,000 69,663 8.75% Sr. Nts., 5/15/99 35,000 36,339 - ----------------------------------------------------------------------------------------------------------------------------------- Falcon Drilling Co., Inc., 9.75% Sr. Nts., Series B, 1/15/01 55,000 57,475 - ----------------------------------------------------------------------------------------------------------------------------------- Forcenergy, Inc., 8.50% Sr. Sub. Nts., 2/15/07 125,000 125,000 - ----------------------------------------------------------------------------------------------------------------------------------- Louisiana Land & Exploration Co., 7.65% Debs., 12/1/23 75,000 80,169 - ----------------------------------------------------------------------------------------------------------------------------------- Mesa Operating Co., 0%/11.625% Gtd. Sr. Sub. Disc. Nts., 7/1/06 (5) 150,000 120,750 - ----------------------------------------------------------------------------------------------------------------------------------- Transamerican Energy Corp., 11.50% Sr. Nts., 6/15/02 (2) 75,000 77,250 - ----------------------------------------------------------------------------------------------------------------------------------- Williams Holdings of Delaware, Inc., 6.25% Sr. Unsec. Debs., 2/1/06 75,000 73,336 --------------- 639,982
26 Oppenheimer LifeSpan Funds
- ----------------------------------------------------------------------------------------------------------------------------------- STATEMENT OF INVESTMENTS (CONTINUED) Oppenheimer LifeSpan Balanced Fund FACE MARKET VALUE AMOUNT SEE NOTE 1 - ----------------------------------------------------------------------------------------------------------------------------------- OIL-INTEGRATED - 0.6% Gulf Canada Resources Ltd.: 8.25% Sr. Nts., 3/15/17 $ 75,000 $ 81,332 9% Debs., 8/15/99 75,000 78,561 - ----------------------------------------------------------------------------------------------------------------------------------- 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 78,915 - ----------------------------------------------------------------------------------------------------------------------------------- Standard Oil/British Petroleum Co. plc, 9% Debs., 6/1/19 65,000 67,824 --------------- 435,382 - ----------------------------------------------------------------------------------------------------------------------------------- FINANCIAL - 3.7% - ----------------------------------------------------------------------------------------------------------------------------------- BANKS - 0.8% Chase Manhattan Corp. (New), 6.625% Sr. Nts., 1/15/98 35,000 35,059 - ----------------------------------------------------------------------------------------------------------------------------------- Citicorp, 5.625% Sr. Nts., 2/15/01 65,000 64,245 - ----------------------------------------------------------------------------------------------------------------------------------- First Fidelity Bancorp, 8.50% Sub. Capital Nts., 4/1/98 35,000 35,331 - ----------------------------------------------------------------------------------------------------------------------------------- First Union Corp., 6.75% Sr. Nts., 1/15/98 35,000 35,067 - ----------------------------------------------------------------------------------------------------------------------------------- Fleet Mtg./Norstar Group, Inc., 9.90% Sub. Nts., 6/15/01 110,000 122,706 - ----------------------------------------------------------------------------------------------------------------------------------- Integra Financial Corp., 6.50% Sub. Nts., 4/15/00 110,000 111,090 - ----------------------------------------------------------------------------------------------------------------------------------- Mellon Financial Bank Corp., 6.50% Gtd. Sr. Nts., 12/1/97 145,000 145,076 --------------- 548,574 - ----------------------------------------------------------------------------------------------------------------------------------- DIVERSIFIED FINANCIAL - 2.2% American General Finance Corp., 8.50% Sr. Nts., 8/15/98 45,000 45,910 - ----------------------------------------------------------------------------------------------------------------------------------- American General Institutional Capital, 8.125% Bonds, Series B, 3/15/46 (2) 75,000 80,645 - ----------------------------------------------------------------------------------------------------------------------------------- Beneficial Corp., 9.125% Debs., 2/15/98 110,000 110,987 - ----------------------------------------------------------------------------------------------------------------------------------- Capital One Financial Corp., 6.83% Sr. Nts., 5/17/99 50,000 50,491 - ----------------------------------------------------------------------------------------------------------------------------------- Capital One Funding Corp., 7.25% Nts., 12/1/03 40,000 40,281 - ----------------------------------------------------------------------------------------------------------------------------------- Chelsea GCA Realty Partner, Inc., 7.75% Gtd. Unsec. Unsub. Nts., 1/26/01 50,000 51,347 - ----------------------------------------------------------------------------------------------------------------------------------- Commercial Credit Co., 5.55% Unsec. Nts., 2/15/01 110,000 107,999 - ----------------------------------------------------------------------------------------------------------------------------------- Countrywide Home Loans, Inc.: 6.05% Gtd. Medium-Term Nts., Series D, 3/1/01 65,000 64,632 6.085% Gtd. Medium-Term Nts., Series B, 7/14/99 45,000 45,009 - ----------------------------------------------------------------------------------------------------------------------------------- Ford Motor Credit Co., 6.25% Unsub. Nts., 2/26/98 110,000 110,468 - ----------------------------------------------------------------------------------------------------------------------------------- General Motors Acceptance Corp.: 5.625% Nts., 2/15/01 125,000 123,073 5.65% Medium-Term Nts., 12/15/97 200,000 199,975 - ----------------------------------------------------------------------------------------------------------------------------------- Golden West Financial Corp., 8.625% Sub. Nts., 8/30/98 35,000 35,771 - ----------------------------------------------------------------------------------------------------------------------------------- MCII Holdings (USA), Inc., 0%/15% Sec. Nts., 11/15/02 (5) 125,000 104,219 - ----------------------------------------------------------------------------------------------------------------------------------- Merrill Lynch & Co., Inc., 6.50% Nts., 4/1/01 100,000 101,186 - ----------------------------------------------------------------------------------------------------------------------------------- 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) (8) 125,000 128,750 - ----------------------------------------------------------------------------------------------------------------------------------- Salomon, Inc., 8.69% Sr. Medium-Term Nts., Series D, 3/1/99 125,000 129,235 --------------- 1,529,978 - ----------------------------------------------------------------------------------------------------------------------------------- INSURANCE - 0.7% Cigna Corp., 7.90% Nts., 12/14/98 120,000 122,303 - ----------------------------------------------------------------------------------------------------------------------------------- Conseco Financing Trust III, 8.796% Bonds, 4/1/27 100,000 109,067 - ----------------------------------------------------------------------------------------------------------------------------------- SunAmerica, Inc., 9% Sr. Nts., 1/15/99 125,000 128,884
27 Oppenheimer LifeSpan Funds
- ----------------------------------------------------------------------------------------------------------------------------------- STATEMENT OF INVESTMENTS (CONTINUED) Oppenheimer LifeSpan Balanced Fund FACE MARKET VALUE AMOUNT SEE NOTE 1 - ----------------------------------------------------------------------------------------------------------------------------------- INSURANCE (CONTINUED) Travelers Property Casualty Corp., 6.75% Nts., 4/15/01 $ 110,000 $ 111,873 --------------- 472,127 - ----------------------------------------------------------------------------------------------------------------------------------- INDUSTRIAL - 2.7% - ----------------------------------------------------------------------------------------------------------------------------------- INDUSTRIAL MATERIALS - 0.2% American Standard, Inc., 10.875% Sr. Nts., 5/15/99 (3) 100,000 106,250 - ----------------------------------------------------------------------------------------------------------------------------------- INDUSTRIAL SERVICES - 0.9% Beverly Enterprises, Inc., 9% Gtd. Sr. Nts., 2/15/06 100,000 103,500 - ----------------------------------------------------------------------------------------------------------------------------------- Employee Solutions, Inc., 10% Sr. Nts., 10/15/04 (3) 125,000 123,125 - ----------------------------------------------------------------------------------------------------------------------------------- Shop Vac Corp., 10.625% Sr. Nts., 9/1/03 125,000 135,938 - ----------------------------------------------------------------------------------------------------------------------------------- Sun Co., Inc., 7.95% Debs., 12/15/01 125,000 132,264 - ----------------------------------------------------------------------------------------------------------------------------------- USI American Holdings, Inc., 7.25% Gtd. Sr. Nts., 12/1/06 80,000 78,526 --------------- 573,353 - ----------------------------------------------------------------------------------------------------------------------------------- MANUFACTURING - 1.0% Day International Group, Inc., 11.125% Sr. Sub. Nts., Series B, 6/1/05 (3) 100,000 107,500 - ----------------------------------------------------------------------------------------------------------------------------------- Interlake Corp., 12.125% Sr. Sub. Debs., 3/1/02 100,000 104,250 - ----------------------------------------------------------------------------------------------------------------------------------- International Wire Group, Inc., 11.75% Sr. Sub. Nts., 6/1/05 100,000 109,750 - ----------------------------------------------------------------------------------------------------------------------------------- Jordan Industries, Inc., 10.375% Sr. Nts., 8/1/07 125,000 126,250 - ----------------------------------------------------------------------------------------------------------------------------------- Mark IV Industries, Inc., 8.75% Sub. Nts., 4/1/03 (3) 30,000 31,425 - ----------------------------------------------------------------------------------------------------------------------------------- Specialty Equipment Co., 11.375% Sr. Sub. Nts., 12/1/03 100,000 108,750 - ----------------------------------------------------------------------------------------------------------------------------------- Titan Wheel International, Inc., 8.75% Sr. Sub. Nts., 4/1/07 100,000 104,000 --------------- 691,925 - ----------------------------------------------------------------------------------------------------------------------------------- TRANSPORTATION - 0.6% CSX Corp., 7.05% Debs., 5/1/02 70,000 71,641 - ----------------------------------------------------------------------------------------------------------------------------------- Federal Express Corp., 6.25% Nts., 4/15/98 165,000 165,204 - ----------------------------------------------------------------------------------------------------------------------------------- Norfolk Southern Corp., 7.35% Nts., 5/15/07 75,000 78,755 - ----------------------------------------------------------------------------------------------------------------------------------- Union Pacific Corp., 7% Nts., 6/15/00 105,000 106,962 --------------- 422,562 - ----------------------------------------------------------------------------------------------------------------------------------- TECHNOLOGY - 3.6% - ----------------------------------------------------------------------------------------------------------------------------------- AEROSPACE/DEFENSE - 0.2% GPA Delaware, Inc., 8.75% Gtd. Nts., 12/15/98 100,000 102,000 - ----------------------------------------------------------------------------------------------------------------------------------- COMPUTER HARDWARE - 0.2% Digital Equipment Corp., 7% Nts., 11/15/97 159,000 159,051 - ----------------------------------------------------------------------------------------------------------------------------------- COMPUTER SOFTWARE/SERVICES - 0.5% DecisionOne Corp., 9.75% Sr. Sub. Nts., 8/1/07 75,000 77,625 - ----------------------------------------------------------------------------------------------------------------------------------- DII Group, Inc., 8.50% Sr. Sub. Nts., 9/15/07 (2) 125,000 123,906 - ----------------------------------------------------------------------------------------------------------------------------------- Unisys Corp., 12% Sr. Nts., Series B, 4/15/03 100,000 112,500 --------------- 314,031 - ----------------------------------------------------------------------------------------------------------------------------------- TELECOMMUNICATIONS-TECHNOLOGY - 2.7% American Communications Services, Inc., 0%/13% Sr. Disc. Nts., 11/1/05 (5) 125,000 88,125 - ----------------------------------------------------------------------------------------------------------------------------------- Brooks Fiber Properties, Inc., 0%/11.875% Sr. Disc. Nts., 11/1/06 (5) 125,000 98,594 - ----------------------------------------------------------------------------------------------------------------------------------- Centennial Cellular Corp., 10.125% Sr. Nts., 5/15/05 75,000 79,875 - ----------------------------------------------------------------------------------------------------------------------------------- Comcast UK Cable Partner Ltd., 0%/11.20% Sr. Disc. Debs., 11/15/07 (5) 125,000 96,875 - ----------------------------------------------------------------------------------------------------------------------------------- Diamond Cable Communications plc, 0%/10.75% Sr. Disc. Nts., 2/15/07 (5) 125,000 80,625 - ----------------------------------------------------------------------------------------------------------------------------------- Intermedia Communications, Inc., 0%/11.25% Sr. Disc. Nts., 7/15/07 (5) 125,000 83,125 - ----------------------------------------------------------------------------------------------------------------------------------- International CableTel, Inc., 0%/11.50% Sr. Deferred Coupon Nts., Series B, 2/1/06 (5) 250,000 183,750
28 Oppenheimer LifeSpan Funds
- ----------------------------------------------------------------------------------------------------------------------------------- STATEMENT OF INVESTMENTS (CONTINUED) Oppenheimer LifeSpan Balanced Fund FACE MARKET VALUE AMOUNT SEE NOTE 1 - ----------------------------------------------------------------------------------------------------------------------------------- TELECOMMUNICATIONS-TECHNOLOGY (CONTINUED) IXC Communications, Inc., 12.50% Sr. Nts., Series B, 10/1/05 $ 125,000 $ 142,500 - ----------------------------------------------------------------------------------------------------------------------------------- McCaw International Ltd., 0%/13% Sr. Disc. Nts., 4/15/07 (5) 100,000 61,500 - ----------------------------------------------------------------------------------------------------------------------------------- McLeodUSA, Inc., 0%/10.50% Sr. Disc. Nts., 3/1/07 (5) 100,000 69,500 - ----------------------------------------------------------------------------------------------------------------------------------- Microcell Telecommunications, Inc., 0%/14% Sr. Disc. Nts., Series B, 6/1/06 (5) 125,000 83,750 - ----------------------------------------------------------------------------------------------------------------------------------- Nextel Communications, Inc., 0%/9.75% Sr. Disc. Nts., 8/15/04 (5) 200,000 169,500 - ----------------------------------------------------------------------------------------------------------------------------------- Price Communications Cellular Holdings, Inc., 0%/13.50% Sr. Disc. Nts., 8/1/07 (3)(5) 150,000 85,500 - ----------------------------------------------------------------------------------------------------------------------------------- Sprint Spectrum LP/Sprint Spectrum Finance Corp., 11% Sr. Nts., 8/15/06 100,000 110,750 - ----------------------------------------------------------------------------------------------------------------------------------- Teleport Communications Group, Inc.: 0%/11.125% Sr. Disc. Nts., 7/1/07 (5) 50,000 39,438 9.875% Sr. Nts., 7/1/06 50,000 54,875 - ----------------------------------------------------------------------------------------------------------------------------------- U.S. West Capital Funding, Inc., 6.85% Gtd. Nts., 1/15/02 175,000 177,865 - ----------------------------------------------------------------------------------------------------------------------------------- Western Wireless Corp., 10.50% Sr. Sub. Nts., 2/1/07 100,000 107,750 --------------- 1,813,897 - ----------------------------------------------------------------------------------------------------------------------------------- UTILITIES - 1.0% - ----------------------------------------------------------------------------------------------------------------------------------- ELECTRIC UTILITIES - 0.4% Consumers Energy Co., 8.75% First Mtg. Nts., 2/15/98 110,000 110,719 - ----------------------------------------------------------------------------------------------------------------------------------- El Paso Electric Co., 7.25% First Mtg. Nts., Series A, 2/1/99 (3) 50,000 50,500 - ----------------------------------------------------------------------------------------------------------------------------------- Panda Global Energy Co., 12.50% Sr. Nts., 4/15/04 (3) 125,000 120,625 --------------- 281,844 - ----------------------------------------------------------------------------------------------------------------------------------- GAS UTILITIES - 0.5% AES Corp., 8.50% Sr. Sub. Nts., 11/1/07 (2) 50,000 49,375 - ----------------------------------------------------------------------------------------------------------------------------------- Northern Illinois Gas Co., 6.45% First Mtg. Bonds, 8/1/01 180,000 182,249 - ----------------------------------------------------------------------------------------------------------------------------------- Tennessee Gas Pipeline Co., 7.50% Bonds, 4/1/17 75,000 78,922 --------------- 310,546 - ----------------------------------------------------------------------------------------------------------------------------------- TELEPHONE UTILITIES - 0.1% GTE Corp., 8.85% Debs., 3/1/98 45,000 45,396 --------------- Total Non-Convertible Corporate Bonds and Notes (Cost $15,857,137) 16,331,268 - ----------------------------------------------------------------------------------------------------------------------------------- CONVERTIBLE CORPORATE BONDS AND NOTES - 0.2% - ----------------------------------------------------------------------------------------------------------------------------------- Barnett Banks, Inc., 8.50% Sub. Exchangeable Nts., 3/1/99 40,000 41,265 - ----------------------------------------------------------------------------------------------------------------------------------- Geotek Communications, Inc., 12% Cv. Sr. Sub. Nts., 2/15/01 (3) 100,000 83,500 --------------- Total Convertible Corporate Bonds and Notes (Cost $133,413) 124,765 - ----------------------------------------------------------------------------------------------------------------------------------- REPURCHASE AGREEMENTS - 5.0% - ----------------------------------------------------------------------------------------------------------------------------------- Repurchase agreement with Zion First National Bank, 5.68%, dated 10/31/97, to be repurchased at $3,396,607 on 11/3/97, collateralized by U.S. Treasury Nts., 7.25%, 8/15/04, with a value of $3,468,840 (Cost $3,395,000) 3,395,000 3,395,000 - ----------------------------------------------------------------------------------------------------------------------------------- TOTAL INVESTMENTS, AT VALUE (COST $59,200,693) 98.6% 66,792,544 - ----------------------------------------------------------------------------------------------------------------------------------- OTHER ASSETS NET OF LIABILITIES 1.4 914,212 --------------- --------------- NET ASSETS 100.0% $ 67,706,756 --------------- --------------- --------------- ---------------
29 Oppenheimer LifeSpan Funds - -------------------------------------------------------------------------------- STATEMENT OF INVESTMENTS (CONTINUED) Oppenheimer LifeSpan Balanced Fund - -------------------------------------------------------------------------------- 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 $1,982,816 or 2.93% of the Fund's net assets as of October 31, 1997. 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. For zero coupon bonds, the interest rate shown is the effective yield on the date of purchase. 8. 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. See accompanying Notes to Financial Statements. 30 Oppenheimer LifeSpan Funds - ------------------------------------------------------------------------------- STATEMENT OF INVESTMENTS OCTOBER 31, 1997 Oppenheimer LifeSpan Growth Fund
MARKET VALUE SHARES SEE NOTE 1 - ------------------------------------------------------------------------------------------------------------------------------------ COMMON STOCKS - 72.8% - ------------------------------------------------------------------------------------------------------------------------------------ BASIC MATERIALS - 3.5% - ------------------------------------------------------------------------------------------------------------------------------------ CHEMICALS - 1.3% Ciba Specialty Chemicals AG (1) 1,200 $ 118,162 - ------------------------------------------------------------------------------------------------------------------------------------ Dexter Corp. 5,500 215,875 - ------------------------------------------------------------------------------------------------------------------------------------ Du Pont (E.I.) De Nemours & Co. 2,300 130,812 - ------------------------------------------------------------------------------------------------------------------------------------ Ethyl Corp. 18,000 155,250 - ------------------------------------------------------------------------------------------------------------------------------------ Fuji Photo Film Co. 2,000 72,504 - ------------------------------------------------------------------------------------------------------------------------------------ IMC Global, Inc. 3,149 106,082 ------------ 798,685 - ------------------------------------------------------------------------------------------------------------------------------------ METALS - 1.1% Allegheny Teledyne, Inc. 4,100 107,881 - ------------------------------------------------------------------------------------------------------------------------------------ Carpenter Technology Corp. 4,100 198,337 - ------------------------------------------------------------------------------------------------------------------------------------ Oregon Steel Mills, Inc. 8,800 185,350 - ------------------------------------------------------------------------------------------------------------------------------------ UNR Industries, Inc. 27,300 139,912 ------------ 631,480 - ------------------------------------------------------------------------------------------------------------------------------------ PAPER - 1.1% Fletcher Challenge Forest 85,000 82,180 - ------------------------------------------------------------------------------------------------------------------------------------ Fort James Corp. 5,225 207,367 - ------------------------------------------------------------------------------------------------------------------------------------ International Paper Co. 3,100 139,500 - ------------------------------------------------------------------------------------------------------------------------------------ Kimberly-Clark de Mexico, SA 17,000 73,931 - ------------------------------------------------------------------------------------------------------------------------------------ Unisource Worldwide, Inc. 9,300 151,706 ------------ 654,684 - ------------------------------------------------------------------------------------------------------------------------------------ CONSUMER CYCLICALS - 9.0% - ------------------------------------------------------------------------------------------------------------------------------------ AUTOS & HOUSING - 1.5% Bridgestone Corp. 4,000 86,472 - ------------------------------------------------------------------------------------------------------------------------------------ Cornerstone Properties, Inc. 11,400 210,187 - ------------------------------------------------------------------------------------------------------------------------------------ Goodyear Tire & Rubber Co. 3,000 187,875 - ------------------------------------------------------------------------------------------------------------------------------------ Groupe SEB SA 900 102,630 - ------------------------------------------------------------------------------------------------------------------------------------ Lear Corp. (1) 1,500 72,094 - ------------------------------------------------------------------------------------------------------------------------------------ Rinnai Corp. 5,000 81,483 - ------------------------------------------------------------------------------------------------------------------------------------ Tower Realty Trust, Inc. (1) 6,800 171,700 ------------ 912,441 - ------------------------------------------------------------------------------------------------------------------------------------ LEISURE & ENTERTAINMENT - 2.2% Alaska Air Group, Inc. (1) 2,300 76,762 - ------------------------------------------------------------------------------------------------------------------------------------ America West Holdings Corp., Cl. B (1) 4,500 66,656 - ------------------------------------------------------------------------------------------------------------------------------------ AMR Corp. (1) 1,900 221,231 - ------------------------------------------------------------------------------------------------------------------------------------ CDL Hotels International Ltd. 330,000 94,993 - ------------------------------------------------------------------------------------------------------------------------------------ Granada Group plc 10,000 137,841 - ------------------------------------------------------------------------------------------------------------------------------------ Landry's Seafood Restaurants, Inc. (1) 2,800 78,400 - ------------------------------------------------------------------------------------------------------------------------------------ Piccadilly Cafeterias, Inc. 8,700 129,412 - ------------------------------------------------------------------------------------------------------------------------------------ Regal Cinemas, Inc. (1) 6,775 155,825 - ------------------------------------------------------------------------------------------------------------------------------------ UAL Corp. (1) 1,000 87,625 - ------------------------------------------------------------------------------------------------------------------------------------ Vistana, Inc. (1) 11,600 265,350 ------------ 1,314,095 - ------------------------------------------------------------------------------------------------------------------------------------ MEDIA - 1.1% Applied Graphics Technologies, Inc. (1) 4,800 256,800
31 Oppenheimer LifeSpan Funds - ------------------------------------------------------------------------------- STATEMENT OF INVESTMENTS (CONTINUED) Oppenheimer LifeSpan Growth Fund
MARKET VALUE SHARES SEE NOTE 1 - ------------------------------------------------------------------------------------------------------------------------------------ MEDIA (CONTINUED) Benpres Holdings Corp., Sponsored GDR (1) 5,000 $ 23,125 - ------------------------------------------------------------------------------------------------------------------------------------ Reed International plc 10,000 98,853 - ------------------------------------------------------------------------------------------------------------------------------------ Reuters Holdings plc 9,000 97,571 - ------------------------------------------------------------------------------------------------------------------------------------ Television Broadcasts Ltd. 28,000 77,883 - ------------------------------------------------------------------------------------------------------------------------------------ Wolters Kluwer NV 1,000 122,841 ------------ 677,073 - ------------------------------------------------------------------------------------------------------------------------------------ RETAIL: GENERAL - 2.0% adidas AG 1,000 145,833 - ------------------------------------------------------------------------------------------------------------------------------------ Dayton Hudson Corp. 1,600 100,500 - ------------------------------------------------------------------------------------------------------------------------------------ Federated Department Stores, Inc. (1) 1,600 70,400 - ------------------------------------------------------------------------------------------------------------------------------------ Marks & Spencer plc 15,000 152,179 - ------------------------------------------------------------------------------------------------------------------------------------ North Face, Inc. (The) (1) 5,900 139,387 - ------------------------------------------------------------------------------------------------------------------------------------ Penney (J.C.) Co., Inc. 6,400 375,600 - ------------------------------------------------------------------------------------------------------------------------------------ Wolverine World Wide, Inc. 9,100 200,200 ------------ 1,184,099 - ------------------------------------------------------------------------------------------------------------------------------------ RETAIL: SPECIALTY - 2.2% Argos plc 11,400 120,722 - ------------------------------------------------------------------------------------------------------------------------------------ Brown Group, Inc. 9,300 140,662 - ------------------------------------------------------------------------------------------------------------------------------------ Brylane, Inc. (1) 500 21,719 - ------------------------------------------------------------------------------------------------------------------------------------ Dickson Concepts International Ltd. 42,000 90,472 - ------------------------------------------------------------------------------------------------------------------------------------ Eagle Hardware & Garden, Inc. (1) 8,100 137,700 - ------------------------------------------------------------------------------------------------------------------------------------ Guitar Center, Inc. (1) 5,000 108,750 - ------------------------------------------------------------------------------------------------------------------------------------ Hennes & Mauritz AB, B Shares 2,550 104,430 - ------------------------------------------------------------------------------------------------------------------------------------ Koninklijke Ahold NV 3,600 92,192 - ------------------------------------------------------------------------------------------------------------------------------------ New England Business Service, Inc. 6,600 192,225 - ------------------------------------------------------------------------------------------------------------------------------------ Payless ShoeSource, Inc. (1) 1,500 83,625 - ------------------------------------------------------------------------------------------------------------------------------------ Shimamura Co. Ltd. 2,000 54,045 - ------------------------------------------------------------------------------------------------------------------------------------ Stage Stores, Inc. (1) 4,900 178,850 ------------ 1,325,392 - ------------------------------------------------------------------------------------------------------------------------------------ CONSUMER NON-CYCLICALS - 9.8% - ------------------------------------------------------------------------------------------------------------------------------------ BEVERAGES - 0.5% Embotelladora Andina SA, Series A, Sponsored ADR 3,400 81,600 - ------------------------------------------------------------------------------------------------------------------------------------ Embotelladora Andina SA, Series B, Sponsored ADR 3,400 69,700 - ------------------------------------------------------------------------------------------------------------------------------------ Quilmes Industrial Quinsa SA, Sponsored ADR 4,000 49,500 - ------------------------------------------------------------------------------------------------------------------------------------ Scottish & Newcastle plc 7,000 78,588 ------------ 279,388 - ------------------------------------------------------------------------------------------------------------------------------------ FOOD - 2.0% American Stores Co. 5,700 146,419 - ------------------------------------------------------------------------------------------------------------------------------------ Carrefour Supermarche SA 225 117,192 - ------------------------------------------------------------------------------------------------------------------------------------ Colruyt SA 250 134,126 - ------------------------------------------------------------------------------------------------------------------------------------ Jeronimo Martins & Filho, SA 1,600 104,249 - ------------------------------------------------------------------------------------------------------------------------------------ JP Foodservice, Inc. (1) 4,600 146,912 - ------------------------------------------------------------------------------------------------------------------------------------ Kroger Co. (1) 5,200 169,650 - ------------------------------------------------------------------------------------------------------------------------------------ Morningstar Group, Inc. (1) 4,000 171,000 - ------------------------------------------------------------------------------------------------------------------------------------ Safeway, Inc. (1) 2,200 127,875 - ------------------------------------------------------------------------------------------------------------------------------------ William Morrison Supermarkets plc 31,000 102,408 ------------ 1,219,831
32 Oppenheimer LifeSpan Funds - ------------------------------------------------------------------------------- STATEMENT OF INVESTMENTS (CONTINUED) Oppenheimer LifeSpan Growth Fund
MARKET VALUE SHARES SEE NOTE 1 - ------------------------------------------------------------------------------------------------------------------------------------ HEALTHCARE/DRUGS - 3.0% Dura Pharmaceuticals, Inc. (1) 4,100 $ 198,337 - ------------------------------------------------------------------------------------------------------------------------------------ Gedeon Richter (2) 1,000 92,066 - ------------------------------------------------------------------------------------------------------------------------------------ Glaxo Wellcome plc, Sponsored ADR 4,800 205,500 - ------------------------------------------------------------------------------------------------------------------------------------ Incyte Pharmaceuticals, Inc. (1) 1,400 112,700 - ------------------------------------------------------------------------------------------------------------------------------------ Medicis Pharmaceutical Corp., Cl. A (1) 5,000 240,625 - ------------------------------------------------------------------------------------------------------------------------------------ Novartis AG 105 164,901 - ------------------------------------------------------------------------------------------------------------------------------------ Novo-Nordisk AS, B Shares 1,200 130,059 - ------------------------------------------------------------------------------------------------------------------------------------ Roche Holding AG 15 132,180 - ------------------------------------------------------------------------------------------------------------------------------------ Schering AG 1,075 105,554 - ------------------------------------------------------------------------------------------------------------------------------------ SKW Trostberg AG 3,750 129,637 - ------------------------------------------------------------------------------------------------------------------------------------ Takeda Chemical Industries Ltd. 5,000 136,360 - ------------------------------------------------------------------------------------------------------------------------------------ Zeneca Group plc 4,250 134,056 ------------ 1,781,975 - ------------------------------------------------------------------------------------------------------------------------------------ HEALTHCARE/SUPPLIES & SERVICES - 3.4% Acuson Corp. (1) 6,700 125,625 - ------------------------------------------------------------------------------------------------------------------------------------ Alternative Living Services, Inc. (1) 4,500 110,250 - ------------------------------------------------------------------------------------------------------------------------------------ Concentra Managed Care, Inc. (1) 1,200 39,150 - ------------------------------------------------------------------------------------------------------------------------------------ FPA Medical Management, Inc. (1) 5,600 135,100 - ------------------------------------------------------------------------------------------------------------------------------------ Healthcare Financial Partners, Inc. (1) 800 27,600 - ------------------------------------------------------------------------------------------------------------------------------------ Luxottica Group SpA, Sponsored ADR 2,000 127,750 - ------------------------------------------------------------------------------------------------------------------------------------ National Surgery Centers, Inc. (1) 10,000 250,000 - ------------------------------------------------------------------------------------------------------------------------------------ Pediatrix Medical Group, Inc. (1) 5,500 232,375 - ------------------------------------------------------------------------------------------------------------------------------------ Renal Treatment Centers, Inc. (1) 3,900 129,431 - ------------------------------------------------------------------------------------------------------------------------------------ Rural/Metro Corp. (1) 7,100 246,725 - ------------------------------------------------------------------------------------------------------------------------------------ SmithKline Beecham plc 17,724 167,926 - ------------------------------------------------------------------------------------------------------------------------------------ Tenet Healthcare Corp. (1) 5,210 159,231 - ------------------------------------------------------------------------------------------------------------------------------------ Total Renal Care Holdings, Inc. (1) 7,166 220,802 - ------------------------------------------------------------------------------------------------------------------------------------ WellPoint Health Networks, Inc. (1) 2,000 91,500 ------------ 2,063,465 - ------------------------------------------------------------------------------------------------------------------------------------ HOUSEHOLD GOODS - 0.9% Blyth Industries, Inc. (1) 4,700 116,912 - ------------------------------------------------------------------------------------------------------------------------------------ L'OREAL 375 132,635 - ------------------------------------------------------------------------------------------------------------------------------------ Premark International, Inc. 5,800 156,962 - ------------------------------------------------------------------------------------------------------------------------------------ Reckitt & Colman plc 10,000 153,353 ------------ 559,862 - ------------------------------------------------------------------------------------------------------------------------------------ ENERGY - 6.5% - ------------------------------------------------------------------------------------------------------------------------------------ ENERGY SERVICES & PRODUCERS - 1.7% Diamond Offshore Drilling, Inc. 4,400 273,900 - ------------------------------------------------------------------------------------------------------------------------------------ Global Marine, Inc. (1) 4,800 149,400 - ------------------------------------------------------------------------------------------------------------------------------------ Oryx Energy Co. (1) 4,400 121,275 - ------------------------------------------------------------------------------------------------------------------------------------ Pool Energy Services Co. (1) 3,100 105,206 - ------------------------------------------------------------------------------------------------------------------------------------ Tidewater, Inc. 3,200 210,200 - ------------------------------------------------------------------------------------------------------------------------------------ Varco International, Inc. (1) 2,600 158,437 ------------ 1,018,418 - ------------------------------------------------------------------------------------------------------------------------------------ OIL-INTEGRATED - 4.8% Amoco Corp. 3,600 330,075 - ------------------------------------------------------------------------------------------------------------------------------------ Atlantic Richfield Co. 3,400 279,862
33 Oppenheimer LifeSpan Funds - ------------------------------------------------------------------------------- STATEMENT OF INVESTMENTS (CONTINUED) Oppenheimer LifeSpan Growth Fund
MARKET VALUE SHARES SEE NOTE 1 - ------------------------------------------------------------------------------------------------------------------------------------ OIL-INTEGRATED (CONTINUED) Chevron Corp. 6,300 $ 522,506 - ------------------------------------------------------------------------------------------------------------------------------------ Cliffs Drilling Co. (1) 1,300 94,494 - ------------------------------------------------------------------------------------------------------------------------------------ Exxon Corp. 6,000 368,625 - ------------------------------------------------------------------------------------------------------------------------------------ Mobil Corp. 5,200 378,625 - ------------------------------------------------------------------------------------------------------------------------------------ Occidental Petroleum Corp. 10,800 301,050 - ------------------------------------------------------------------------------------------------------------------------------------ Patterson Energy, Inc. (1) 2,800 156,800 - ------------------------------------------------------------------------------------------------------------------------------------ Quinenco SA, ADR (1) 3,000 43,875 - ------------------------------------------------------------------------------------------------------------------------------------ Shell Transport & Trading Co. plc 16,000 113,359 - ------------------------------------------------------------------------------------------------------------------------------------ Total SA, B Shares 1,641 181,734 - ------------------------------------------------------------------------------------------------------------------------------------ UTI Energy Corp. (1) 2,500 111,562 ------------ 2,882,567 - ------------------------------------------------------------------------------------------------------------------------------------ FINANCIAL - 11.6% - ------------------------------------------------------------------------------------------------------------------------------------ BANKS - 4.8% Banco Popular Espanol SA 1,720 101,267 - ------------------------------------------------------------------------------------------------------------------------------------ Bank of Tokyo-Mitsubishi Ltd. 6,000 78,324 - ------------------------------------------------------------------------------------------------------------------------------------ BankAmerica Corp. 5,400 386,100 - ------------------------------------------------------------------------------------------------------------------------------------ BankBoston Corp. 5,400 437,737 - ------------------------------------------------------------------------------------------------------------------------------------ Bayerische Vereinsbank AG 2,000 116,085 - ------------------------------------------------------------------------------------------------------------------------------------ Credit Suisse Group 750 105,943 - ------------------------------------------------------------------------------------------------------------------------------------ Credito Italiano (1) 48,000 128,225 - ------------------------------------------------------------------------------------------------------------------------------------ First Union Corp. 8,400 412,125 - ------------------------------------------------------------------------------------------------------------------------------------ Halifax plc (1) 10,000 113,442 - ------------------------------------------------------------------------------------------------------------------------------------ Lloyds TSB Group plc 19,000 237,365 - ------------------------------------------------------------------------------------------------------------------------------------ Mitsubishi Trust & Banking Corp. 8,000 98,445 - ------------------------------------------------------------------------------------------------------------------------------------ NationsBank Corp. 4,700 281,412 - ------------------------------------------------------------------------------------------------------------------------------------ Wells Fargo & Co. 1,300 378,787 ------------ 2,875,257 - ------------------------------------------------------------------------------------------------------------------------------------ DIVERSIFIED FINANCIAL - 4.6% Amresco, Inc. (1) 8,400 263,550 - ------------------------------------------------------------------------------------------------------------------------------------ Camden Property Trust 6,100 183,000 - ------------------------------------------------------------------------------------------------------------------------------------ Capstone Capital Corp. 7,500 177,187 - ------------------------------------------------------------------------------------------------------------------------------------ Cattles plc 13,000 81,531 - ------------------------------------------------------------------------------------------------------------------------------------ Crescent Real Estate Equities, Inc. 10,100 363,600 - ------------------------------------------------------------------------------------------------------------------------------------ Haw Par Brothers International Ltd. 46,000 74,570 - ------------------------------------------------------------------------------------------------------------------------------------ Health & Retirement Properties Trust 8,200 153,750 - ------------------------------------------------------------------------------------------------------------------------------------ ING Groep NV 2,752 115,569 - ------------------------------------------------------------------------------------------------------------------------------------ Lend Lease Corp. Ltd. 4,000 81,652 - ------------------------------------------------------------------------------------------------------------------------------------ Meditrust Corp., Paired Stock 4,100 175,275 - ------------------------------------------------------------------------------------------------------------------------------------ Money Store, Inc. (The) 2,000 56,750 - ------------------------------------------------------------------------------------------------------------------------------------ Morgan Stanley, Dean Witter, Discover & Co. 3,500 171,500 - ------------------------------------------------------------------------------------------------------------------------------------ Nichiei Co. Ltd. 1,000 109,753 - ------------------------------------------------------------------------------------------------------------------------------------ Perlis Plantations Berhad 32,500 59,179 - ------------------------------------------------------------------------------------------------------------------------------------ Salomon, Inc. 1,900 147,606 - ------------------------------------------------------------------------------------------------------------------------------------ Sirrom Capital Corp. 2,800 141,050 - ------------------------------------------------------------------------------------------------------------------------------------ Southcorp Holdings Ltd. 16,000 53,500 - ------------------------------------------------------------------------------------------------------------------------------------ Swire Pacific Ltd., Cl. B 100,000 106,087
34 Oppenheimer LifeSpan Funds - ------------------------------------------------------------------------------- STATEMENT OF INVESTMENTS (CONTINUED) Oppenheimer LifeSpan Growth Fund
MARKET VALUE SHARES SEE NOTE 1 - ------------------------------------------------------------------------------------------------------------------------------------ DIVERSIFIED FINANCIAL (CONTINUED) Travelers Group, Inc. 2,900 $ 203,000 ------------ 2,718,109 - ------------------------------------------------------------------------------------------------------------------------------------ INSURANCE - 2.2% AFLAC, Inc. 1,400 71,225 - ------------------------------------------------------------------------------------------------------------------------------------ Allstate Corp. 1,300 107,819 - ------------------------------------------------------------------------------------------------------------------------------------ Chubb Corp. 2,700 178,875 - ------------------------------------------------------------------------------------------------------------------------------------ Conseco, Inc. 5,700 248,662 - ------------------------------------------------------------------------------------------------------------------------------------ Equitable Cos., Inc. 4,900 201,819 - ------------------------------------------------------------------------------------------------------------------------------------ HSB Group, Inc. 3,000 156,562 - ------------------------------------------------------------------------------------------------------------------------------------ Pre-Paid Legal Services, Inc. (1) 1,800 54,450 - ------------------------------------------------------------------------------------------------------------------------------------ Torchmark Corp. 4,200 167,475 - ------------------------------------------------------------------------------------------------------------------------------------ Travelers Property Casualty Corp., Cl. A 3,900 140,888 ------------ 1,327,775 - ------------------------------------------------------------------------------------------------------------------------------------ INDUSTRIAL - 10.2% - ------------------------------------------------------------------------------------------------------------------------------------ ELECTRICAL EQUIPMENT - 0.7% ABB AG 70 91,486 - ------------------------------------------------------------------------------------------------------------------------------------ Johnson Electric Holdings Ltd. 42,000 114,652 - ------------------------------------------------------------------------------------------------------------------------------------ Power Technologies, Inc. (1) 3,900 120,413 - ------------------------------------------------------------------------------------------------------------------------------------ Siebe plc 5,000 96,003 ------------ 422,554 - ------------------------------------------------------------------------------------------------------------------------------------ INDUSTRIAL SERVICES - 4.2% Adecco SA 300 95,604 - ------------------------------------------------------------------------------------------------------------------------------------ American Disposal Services, Inc. (1) 5,700 200,925 - ------------------------------------------------------------------------------------------------------------------------------------ Caribiner International, Inc. (1) 3,200 143,400 - ------------------------------------------------------------------------------------------------------------------------------------ Central Parking Corp. 1,800 98,325 - ------------------------------------------------------------------------------------------------------------------------------------ Computer Horizons Corp. (1) 7,500 227,813 - ------------------------------------------------------------------------------------------------------------------------------------ Computer Task Group, Inc. 9,000 254,250 - ------------------------------------------------------------------------------------------------------------------------------------ Corestaff, Inc. (1) 6,800 168,300 - ------------------------------------------------------------------------------------------------------------------------------------ Eastern Environmental Services, Inc. (1) 7,300 186,150 - ------------------------------------------------------------------------------------------------------------------------------------ Guilbert SA 625 81,437 - ------------------------------------------------------------------------------------------------------------------------------------ Hays plc 14,000 164,336 - ------------------------------------------------------------------------------------------------------------------------------------ Helix Technology Corp. 2,800 126,000 - ------------------------------------------------------------------------------------------------------------------------------------ Kurita Water Industries Ltd. 6,000 105,762 - ------------------------------------------------------------------------------------------------------------------------------------ Lamar Advertising Co. (1) 4,100 138,888 - ------------------------------------------------------------------------------------------------------------------------------------ SpeedFam International, Inc. (1) 1,500 55,688 - ------------------------------------------------------------------------------------------------------------------------------------ Tetra Tech, Inc. (1) 6,425 167,853 - ------------------------------------------------------------------------------------------------------------------------------------ Transaction Systems Architects, Inc., Cl. A (1) 5,400 211,275 - ------------------------------------------------------------------------------------------------------------------------------------ Viad Corp. 5,000 91,250 ------------ 2,517,256 - ------------------------------------------------------------------------------------------------------------------------------------ MANUFACTURING - 4.4% Aeroquip-Vickers, Inc. 2,500 130,156 - ------------------------------------------------------------------------------------------------------------------------------------ AGCO Corp. 3,900 113,100 - ------------------------------------------------------------------------------------------------------------------------------------ Canon Sales Co., Inc. 300 5,463 - ------------------------------------------------------------------------------------------------------------------------------------ Case Corp. 3,900 233,269 - ------------------------------------------------------------------------------------------------------------------------------------ Deere & Co. 4,400 231,550 - ------------------------------------------------------------------------------------------------------------------------------------ Halter Marine Group, Inc. (1) 2,100 109,856 - ------------------------------------------------------------------------------------------------------------------------------------ Ingersoll-Rand Co. 4,200 163,538
35 Oppenheimer LifeSpan Funds - ------------------------------------------------------------------------------- STATEMENT OF INVESTMENTS (CONTINUED) Oppenheimer LifeSpan Growth Fund
MARKET VALUE SHARES SEE NOTE 1 - ------------------------------------------------------------------------------------------------------------------------------------ MANUFACTURING (CONTINUED) Mannesmann AG 350 $ 148,447 - ------------------------------------------------------------------------------------------------------------------------------------ NSK Ltd. 8,000 33,259 - ------------------------------------------------------------------------------------------------------------------------------------ PACCAR, Inc. 10,700 482,169 - ------------------------------------------------------------------------------------------------------------------------------------ Parker-Hannifin Corp. 2,900 121,256 - ------------------------------------------------------------------------------------------------------------------------------------ Ricoh Co. Ltd. 10,000 128,877 - ------------------------------------------------------------------------------------------------------------------------------------ SMC Corp. 500 43,236 - ------------------------------------------------------------------------------------------------------------------------------------ Smiths Industries plc 6,000 86,528 - ------------------------------------------------------------------------------------------------------------------------------------ Societe BIC SA 1,600 109,251 - ------------------------------------------------------------------------------------------------------------------------------------ Textron, Inc. 4,600 265,938 - ------------------------------------------------------------------------------------------------------------------------------------ U.S. Industries, Inc. 9,300 249,938 ------------ 2,655,831 - ------------------------------------------------------------------------------------------------------------------------------------ TRANSPORTATION - 0.9% Brambles Industries Ltd. 4,600 88,161 - ------------------------------------------------------------------------------------------------------------------------------------ Burlington Northern Santa Fe Corp. 1,300 123,500 - ------------------------------------------------------------------------------------------------------------------------------------ GATX Corp. 4,100 264,706 - ------------------------------------------------------------------------------------------------------------------------------------ Gulfmark Offshore, Inc. (1) 500 18,188 - ------------------------------------------------------------------------------------------------------------------------------------ MotivePower Industries, Inc. (1) 2,400 63,900 ------------ 558,455 - ------------------------------------------------------------------------------------------------------------------------------------ TECHNOLOGY - 15.1% - ------------------------------------------------------------------------------------------------------------------------------------ AEROSPACE/DEFENSE - 1.6% General Dynamics Corp. 4,100 332,869 - ------------------------------------------------------------------------------------------------------------------------------------ Lockheed Martin Corp. 2,700 256,669 - ------------------------------------------------------------------------------------------------------------------------------------ REMEC, Inc. (1) 3,100 78,663 - ------------------------------------------------------------------------------------------------------------------------------------ TRW, Inc. 5,000 286,250 ------------ 954,451 - ------------------------------------------------------------------------------------------------------------------------------------ COMPUTER HARDWARE - 2.6% Apex PC Solutions, Inc. (1) 3,400 87,550 - ------------------------------------------------------------------------------------------------------------------------------------ CFM Technologies, Inc. (1) 2,000 36,500 - ------------------------------------------------------------------------------------------------------------------------------------ CHS Electronics, Inc. (1) 1,200 29,325 - ------------------------------------------------------------------------------------------------------------------------------------ Compaq Computer Corp. (1) 3,100 197,625 - ------------------------------------------------------------------------------------------------------------------------------------ Digital Lightwave, Inc. (1) 1,900 34,675 - ------------------------------------------------------------------------------------------------------------------------------------ Insight Enterprises, Inc. (1) 5,400 211,275 - ------------------------------------------------------------------------------------------------------------------------------------ International Business Machines Corp. 1,900 186,319 - ------------------------------------------------------------------------------------------------------------------------------------ Level One Communications, Inc. (1) 1,100 49,500 - ------------------------------------------------------------------------------------------------------------------------------------ Lexmark International Group, Inc., Cl. A (1) 900 27,506 - ------------------------------------------------------------------------------------------------------------------------------------ Network Appliance, Inc. (1) 3,600 180,900 - ------------------------------------------------------------------------------------------------------------------------------------ Quantum Corp. (1) 4,400 139,150 - ------------------------------------------------------------------------------------------------------------------------------------ Semtech Corp. (1) 1,700 79,156 - ------------------------------------------------------------------------------------------------------------------------------------ Storage Technology Corp. (New) (1) 4,800 281,700 ------------ 1,541,181 - ------------------------------------------------------------------------------------------------------------------------------------ COMPUTER SOFTWARE/SERVICES - 3.6% BEA Systems, Inc. (1) 8,600 116,100 - ------------------------------------------------------------------------------------------------------------------------------------ Electronic Data Systems Corp. 1,400 54,163 - ------------------------------------------------------------------------------------------------------------------------------------ HNC Software, Inc. (1) 3,000 111,000 - ------------------------------------------------------------------------------------------------------------------------------------ JDA Software Group, Inc. (1) 3,900 121,875 - ------------------------------------------------------------------------------------------------------------------------------------ Pegasystems, Inc. (1) 6,000 109,500 - ------------------------------------------------------------------------------------------------------------------------------------ Remedy Corp. (1) 3,400 159,800
36 Oppenheimer LifeSpan Funds - ------------------------------------------------------------------------------- STATEMENT OF INVESTMENTS (CONTINUED) Oppenheimer LifeSpan Growth Fund
MARKET VALUE SHARES SEE NOTE 1 - ------------------------------------------------------------------------------------------------------------------------------------ COMPUTER SOFTWARE/SERVICES (CONTINUED) SAP AG, Preference 700 $ 209,249 - ------------------------------------------------------------------------------------------------------------------------------------ Sapient Corp. (1) 2,800 149,100 - ------------------------------------------------------------------------------------------------------------------------------------ Security Dynamics Technologies, Inc. (1) 4,500 152,438 - ------------------------------------------------------------------------------------------------------------------------------------ Summit Design, Inc. (1) 1,600 23,200 - ------------------------------------------------------------------------------------------------------------------------------------ Sykes Enterprises, Inc. (1) 6,750 167,906 - ------------------------------------------------------------------------------------------------------------------------------------ Technology Solutions Co. (1) 7,250 228,375 - ------------------------------------------------------------------------------------------------------------------------------------ Veritas Software Corp. (1) 3,950 164,419 - ------------------------------------------------------------------------------------------------------------------------------------ Viasoft, Inc. (1) 3,100 127,100 - ------------------------------------------------------------------------------------------------------------------------------------ Visio Corp. (1) 3,600 133,875 - ------------------------------------------------------------------------------------------------------------------------------------ Wind River Systems (1) 3,700 141,988 ------------ 2,170,088 - ------------------------------------------------------------------------------------------------------------------------------------ ELECTRONICS - 4.1% ATMI, Inc. (1) 3,800 102,125 - ------------------------------------------------------------------------------------------------------------------------------------ Bowthorpe plc 12,000 79,083 - ------------------------------------------------------------------------------------------------------------------------------------ Electro Scientific Industries, Inc. (1) 2,600 126,100 - ------------------------------------------------------------------------------------------------------------------------------------ Electrocomponents plc 15,000 116,335 - ------------------------------------------------------------------------------------------------------------------------------------ Getronics NV 4,000 132,116 - ------------------------------------------------------------------------------------------------------------------------------------ Hirose Electric Co. 2,000 130,540 - ------------------------------------------------------------------------------------------------------------------------------------ Keyence Corp. 660 98,778 - ------------------------------------------------------------------------------------------------------------------------------------ Matsushita Electric Industrial Co. 5,000 83,978 - ------------------------------------------------------------------------------------------------------------------------------------ National Semiconductor Corp. (1) 3,200 115,200 - ------------------------------------------------------------------------------------------------------------------------------------ Omron Corp. 7,000 118,733 - ------------------------------------------------------------------------------------------------------------------------------------ Philips Electronics NV 2,000 156,643 - ------------------------------------------------------------------------------------------------------------------------------------ Philips Electronics NV, NY Shares 1,600 125,400 - ------------------------------------------------------------------------------------------------------------------------------------ Samsung Electronics Ltd., Sponsored GDR (2) 2,700 27,500 - ------------------------------------------------------------------------------------------------------------------------------------ Samsung Electronics Ltd., Sponsored GDR (1)(2) 44 919 - ------------------------------------------------------------------------------------------------------------------------------------ Sawtek, Inc. (1) 2,500 85,000 - ------------------------------------------------------------------------------------------------------------------------------------ SCI Systems, Inc. (1) 3,000 132,000 - ------------------------------------------------------------------------------------------------------------------------------------ Sony Corp. 2,100 174,432 - ------------------------------------------------------------------------------------------------------------------------------------ TDK Corp. 1,000 82,980 - ------------------------------------------------------------------------------------------------------------------------------------ Vitesse Semiconductor Corp. (1) 4,250 184,344 - ------------------------------------------------------------------------------------------------------------------------------------ VTech Holdings Ltd. 60,000 117,213 - ------------------------------------------------------------------------------------------------------------------------------------ Waters Corp. (1) 6,700 294,800 ------------ 2,484,219 - ------------------------------------------------------------------------------------------------------------------------------------ TELECOMMUNICATIONS-TECHNOLOGY - 3.2% Boston Communications Group, Inc. (1) 2,300 33,925 - ------------------------------------------------------------------------------------------------------------------------------------ British Sky Broadcasting Group plc 11,500 81,573 - ------------------------------------------------------------------------------------------------------------------------------------ Comverse Technology, Inc. (1) 5,500 226,875 - ------------------------------------------------------------------------------------------------------------------------------------ DSP Communications, Inc. (1) 10,000 185,000 - ------------------------------------------------------------------------------------------------------------------------------------ Ericsson LM, B Shares 3,720 164,025 - ------------------------------------------------------------------------------------------------------------------------------------ Inter-Tel, Inc. 3,900 97,134 - ------------------------------------------------------------------------------------------------------------------------------------ Nextel Communications, Inc., Cl. A (1) 154 4,043 - ------------------------------------------------------------------------------------------------------------------------------------ Nippon Telegraph & Telephone Corp. 17 144,176 - ------------------------------------------------------------------------------------------------------------------------------------ P-COM, Inc. (1) 7,800 156,975 - ------------------------------------------------------------------------------------------------------------------------------------ Pacific Gateway Exchange, Inc. (1) 3,900 149,175 - ------------------------------------------------------------------------------------------------------------------------------------ SK Telecommunications Co. Ltd., ADR 7,300 40,150 - ------------------------------------------------------------------------------------------------------------------------------------ Tekelec (1) 3,800 159,125
37 Oppenheimer LifeSpan Funds - ------------------------------------------------------------------------------- STATEMENT OF INVESTMENTS (CONTINUED) Oppenheimer LifeSpan Growth Fund
MARKET VALUE SHARES SEE NOTE 1 - ------------------------------------------------------------------------------------------------------------------------------------ TELECOMMUNICATIONS-TECHNOLOGY (CONTINUED) Telecom Italia Mobile SpA 35,000 $ 130,048 - ------------------------------------------------------------------------------------------------------------------------------------ Uniphase Corp. (1) 2,400 161,100 - ------------------------------------------------------------------------------------------------------------------------------------ Vodafone Group plc 29,000 159,385 ------------ 1,892,709 - ------------------------------------------------------------------------------------------------------------------------------------ UTILITIES - 7.1% - ------------------------------------------------------------------------------------------------------------------------------------ ELECTRIC UTILITIES - 2.1% Duke Energy Corp. 4,961 239,368 - ------------------------------------------------------------------------------------------------------------------------------------ FPL Group, Inc. 6,300 325,631 - ------------------------------------------------------------------------------------------------------------------------------------ Illinova Corp. 5,300 117,925 - ------------------------------------------------------------------------------------------------------------------------------------ Kansas City Power & Light Co. 6,700 196,394 - ------------------------------------------------------------------------------------------------------------------------------------ Veba AG 3,000 169,073 - ------------------------------------------------------------------------------------------------------------------------------------ Western Resources, Inc. 5,000 186,250 ------------ 1,234,641 - ------------------------------------------------------------------------------------------------------------------------------------ GAS UTILITIES - 2.3% Columbia Gas System, Inc. 5,500 397,375 - ------------------------------------------------------------------------------------------------------------------------------------ El Paso Natural Gas Co. 5,400 323,663 - ------------------------------------------------------------------------------------------------------------------------------------ MCN Energy Group, Inc. 5,200 180,050 - ------------------------------------------------------------------------------------------------------------------------------------ National Fuel Gas Co. 4,800 211,800 - ------------------------------------------------------------------------------------------------------------------------------------ Questar Corp. 4,500 173,813 - ------------------------------------------------------------------------------------------------------------------------------------ RWE AG, Preference 2,500 92,162 ------------ 1,378,863 - ------------------------------------------------------------------------------------------------------------------------------------ TELEPHONE UTILITIES - 2.7% Ameritech Corp. 3,000 195,000 - ------------------------------------------------------------------------------------------------------------------------------------ Bell Atlantic Corp. 5,264 420,462 - ------------------------------------------------------------------------------------------------------------------------------------ Frontier Corp. 10,700 231,388 - ------------------------------------------------------------------------------------------------------------------------------------ Tel-Save Holdings, Inc. (1) 7,300 156,950 - ------------------------------------------------------------------------------------------------------------------------------------ Telefonica de Espana 3,500 95,236 - ------------------------------------------------------------------------------------------------------------------------------------ U S West Communications Group 12,300 489,694 ------------ 1,588,730 ------------ Total Common Stocks (Cost $36,155,153) 43,623,574 - ------------------------------------------------------------------------------------------------------------------------------------ PREFERRED STOCKS - 0.3% - ------------------------------------------------------------------------------------------------------------------------------------ Case Corp., $4.50 Cum. Cv., Series A, Non-Vtg. (Cost $114,800) 1,200 174,000 UNITS - ------------------------------------------------------------------------------------------------------------------------------------ RIGHTS, WARRANTS AND CERTIFICATES - 0.0% - ------------------------------------------------------------------------------------------------------------------------------------ Australis Media Ltd. Wts., Exp. 10/01 (3) 100 1 - ------------------------------------------------------------------------------------------------------------------------------------ Dairy Mart Convenience Stores, Inc. Wts., Exp. 12/01 (3) 333 333 - ------------------------------------------------------------------------------------------------------------------------------------ Haw Par Brothers International Ltd. Wts., Exp. 7/01 3,300 1,091 - ------------------------------------------------------------------------------------------------------------------------------------ Intermedia Communications, Inc. Wts., Exp. 6/00 (3) 50 3,500 - ------------------------------------------------------------------------------------------------------------------------------------ Microcell Telecommunications, Inc.: Conditional Wts., Exp. 12/97 (3) 500 313 Wts., Exp. 12/97 (3) 500 6,500 - ------------------------------------------------------------------------------------------------------------------------------------ Price Communications Corp. Wts., 8/07 344 3
38 Oppenheimer LifeSpan Funds - ------------------------------------------------------------------------------- STATEMENT OF INVESTMENTS (CONTINUED) Oppenheimer LifeSpan Growth Fund
MARKET VALUE UNITS SEE NOTE 1 - ------------------------------------------------------------------------------------------------------------------------------------ RIGHTS, WARRANTS AND CERTIFICATES (CONTINUED) - ------------------------------------------------------------------------------------------------------------------------------------ Signature Brands, Inc. Wts., Exp. 12/49 (3) 50 $ 750 ------------ Total Rights, Warrants and Certificates (Cost $9,834) 12,491 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 50,242 - ------------------------------------------------------------------------------------------------------------------------------------ Olympic Automobile Receivables Trust, Receivables-Backed Nts., Series 1997-A, Cl. A5, 6.80%, 2/15/05 50,000 51,099 - ------------------------------------------------------------------------------------------------------------------------------------ Olympic Automobile Receivables Trust, Series 1996-A, Cl. A4, 5.85%, 7/15/01 15,000 14,979 ------------ Total Asset-Backed Securities (Cost $114,813) 116,320 - ------------------------------------------------------------------------------------------------------------------------------------ Mortgage-Backed Obligations - 2.0% - ------------------------------------------------------------------------------------------------------------------------------------ Countrywide Funding Corp., Mtg. Pass-Through Certificates, Series 1994-10, Cl. A3, 6%, 5/25/09 100,000 99,125 - ------------------------------------------------------------------------------------------------------------------------------------ Federal Home Loan Mortgage Corp.: Collateralized Mtg. Obligations, Gtd. Multiclass Mtg. Participation Certificates, Series 1711, Cl. EA, 7%, 3/15/24 100,000 102,375 Gtd. Multiclass Mtg. Participation Certificates: 6%, 3/1/09 24,554 24,362 Series 1574, Cl. PD, 5.55%, 3/15/13 100,000 99,750 Series 1843, Cl. VB, 7%, 4/15/03 20,000 20,587 Series 1849, Cl. VA, 6%, 12/15/10 24,470 24,195 Interest-Only Stripped Mtg.-Backed Security: Series 1542, Cl. QC, 8.675%, 10/15/20 (4) 400,000 89,203 Series 1583, Cl. IC, 9.283%, 1/15/20 (4) 250,000 40,000 - ------------------------------------------------------------------------------------------------------------------------------------ Federal National Mortgage Assn.: 6%, 12/1/03 46,088 45,864 6.50%, 4/1/26 46,862 46,155 7%, 4/1/00 76,854 77,591 Collateralized Mtg. Obligations, Gtd. Real Estate Mtg. Investment Conduit Pass-Through Certificates, Trust 1993-181, Cl. C, 5.40%, 10/25/02 70,930 70,576 Collateralized Mtg. Obligations, Gtd. Real Estate Mtg. Investment Conduit Pass-Through Certificates, Trust 1993-190, Cl. Z, 5.85%, 7/25/08 50,458 50,197 Medium-Term Nts., 6.56%, 11/13/01 100,000 100,250 Trust 1994-13, Cl. B, 6.50%, 2/25/09 100,000 99,906 - ------------------------------------------------------------------------------------------------------------------------------------ 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 93,228 - ------------------------------------------------------------------------------------------------------------------------------------ PNC Mortgage Securities Corp., Commercial Mtg. Pass-Through Certificates, Series 1995-2, Cl. A3, 6.50%, 2/25/12 50,000 50,227
39 Oppenheimer LifeSpan Funds - ------------------------------------------------------------------------------- STATEMENT OF INVESTMENTS (CONTINUED) Oppenheimer LifeSpan Growth Fund
FACE MARKET VALUE AMOUNT SEE NOTE 1 - ------------------------------------------------------------------------------------------------------------------------------------ MORTGAGE-BACKED OBLIGATIONS (CONTINUED) - ------------------------------------------------------------------------------------------------------------------------------------ Residential Accredit Loans, Inc., Mortgage Asset-Backed Pass-Through Certificates, Series 1997-QS9, Cl. A2, 6.75%, 9/25/27 $ 50,000 $ 50,074 ------------ Total Mortgage-Backed Obligations (Cost $1,165,842) 1,183,665 - ------------------------------------------------------------------------------------------------------------------------------------ U.S. GOVERNMENT OBLIGATIONS - 3.1% - ------------------------------------------------------------------------------------------------------------------------------------ U.S. Treasury Bonds, 7.50%, 11/15/16 1,070,000 1,223,479 - ------------------------------------------------------------------------------------------------------------------------------------ U.S. Treasury Nts.: 6.50%, 8/15/05 450,000 466,734 7.50%, 11/15/01 175,000 185,883 ------------ Total U.S. Government Obligations (Cost $1,776,050) 1,876,096 - ------------------------------------------------------------------------------------------------------------------------------------ NON-CONVERTIBLE CORPORATE BONDS AND NOTES - 12.6% - ------------------------------------------------------------------------------------------------------------------------------------ BASIC MATERIALS - 1.6% - ------------------------------------------------------------------------------------------------------------------------------------ CHEMICALS - 0.8% Burmah Castrol plc, 7% Gtd. Medium-Term Nts., 12/15/97 (2) 20,000 20,027 - ------------------------------------------------------------------------------------------------------------------------------------ Du Pont (E.I.) De Nemours & Co., 8.50% Debs., 2/15/03 40,000 42,598 - ------------------------------------------------------------------------------------------------------------------------------------ Harris Chemical North America, Inc., 10.25% Gtd. Sr. Sec. Disc. Nts., 7/15/01 50,000 52,250 - ------------------------------------------------------------------------------------------------------------------------------------ Laroche Industries, Inc., 9.50% Sr. Sub. Nts., 9/15/07 (2) 75,000 75,375 - ------------------------------------------------------------------------------------------------------------------------------------ Morton International, Inc., 9.25% Credit Sensitive Nts., 6/1/20 20,000 25,545 - ------------------------------------------------------------------------------------------------------------------------------------ NL Industries, Inc., 0%/13% Sr. Sec. Disc. Nts., 10/15/05 (5) 100,000 98,000 - ------------------------------------------------------------------------------------------------------------------------------------ PPG Industries, Inc., 9% Debs., 5/1/21 20,000 24,485 - ------------------------------------------------------------------------------------------------------------------------------------ Sterling Chemical Holdings, Inc., 0%/13.50% Sr. Disc. Nts., 8/15/08 (5) 75,000 54,750 - ------------------------------------------------------------------------------------------------------------------------------------ Texas Petrochemical Corp., 11.125% Sr. Sub. Nts., Series B, 7/1/06 75,000 82,875 ------------ 475,905 - ------------------------------------------------------------------------------------------------------------------------------------ METALS - 0.5% Alcan Aluminum Ltd., 9.625% Debs., 7/15/19 50,000 53,913 - ------------------------------------------------------------------------------------------------------------------------------------ Gulf States Steel, Inc. (Alabama), 13.50% First Mtg. Nts., Series B, 4/15/03 50,000 51,500 - ------------------------------------------------------------------------------------------------------------------------------------ Kaiser Aluminum & Chemical Corp., 10.875% Sr. Nts., 10/15/06 50,000 54,750 - ------------------------------------------------------------------------------------------------------------------------------------ NS Group, Inc., 13.50% Gtd. Sr. Sec. Nts., 7/15/03 20,000 22,950 - ------------------------------------------------------------------------------------------------------------------------------------ Republic Engineered Steels, Inc., 9.875% First Mtg. Nts., 12/15/01 25,000 24,250 - ------------------------------------------------------------------------------------------------------------------------------------ WCI Steel, Inc., 10% Sr. Nts., Series B, 12/1/04 50,000 52,375 - ------------------------------------------------------------------------------------------------------------------------------------ Weirton Steel Corp., 10.75% Sr. Nts., 6/1/05 50,000 52,875 ------------ 312,613 - ------------------------------------------------------------------------------------------------------------------------------------ PAPER - 0.3% Celulosa Arauco y Constitucion SA, 7.25% Debs., 6/11/98 (3) 20,000 20,050 - ------------------------------------------------------------------------------------------------------------------------------------ Gaylord Container Corp., 12.75% Sr. Sub. Disc. Debs., 5/15/05 50,000 54,500 - ------------------------------------------------------------------------------------------------------------------------------------ Malette, Inc., 12.25% Sr. Sec. Nts., 7/15/04 (3) 50,000 56,875 - ------------------------------------------------------------------------------------------------------------------------------------ Stone Container Corp., 9.875% Sr. Nts., 2/1/01 50,000 51,125 ------------ 182,550 - ------------------------------------------------------------------------------------------------------------------------------------ CONSUMER CYCLICALS - 3.7% - ------------------------------------------------------------------------------------------------------------------------------------ AUTOS & HOUSING - 0.3% Black & Decker Corp., 6.625% Nts., 11/15/00 20,000 20,222
40 Oppenheimer LifeSpan Funds - ------------------------------------------------------------------------------- STATEMENT OF INVESTMENTS (CONTINUED) Oppenheimer LifeSpan Growth Fund
FACE MARKET VALUE AMOUNT SEE NOTE 1 - ------------------------------------------------------------------------------------------------------------------------------------ AUTOS & HOUSING (CONTINUED) - ------------------------------------------------------------------------------------------------------------------------------------ First Industrial LP, 7.15% Bonds, 5/15/27 $ 50,000 $ 51,453 - ------------------------------------------------------------------------------------------------------------------------------------ IHF Holdings, Inc., 0%/15% Sr. Sub. Disc. Nts., Series B, 11/15/04 (5) 75,000 64,500 - ------------------------------------------------------------------------------------------------------------------------------------ Signature Brands, Inc., 13% Sr. Sub. Nts., 8/15/02 (3) 50,000 53,187 ------------ 189,362 - ------------------------------------------------------------------------------------------------------------------------------------ LEISURE & ENTERTAINMENT - 1.3% American Skiing Corp., 12% Sr. Sub. Nts., Series B, 7/15/06 (3) 75,000 83,625 - ------------------------------------------------------------------------------------------------------------------------------------ Bally Total Fitness Holdings Corp., 9.875% Sr. Sub. Nts., 10/15/07 (2) 75,000 73,875 - ------------------------------------------------------------------------------------------------------------------------------------ Blockbuster Entertainment Corp., 6.625% Sr. Nts., 2/15/98 20,000 20,027 - ------------------------------------------------------------------------------------------------------------------------------------ Casino America, Inc., 12.50% Sr. Nts., 8/1/03 75,000 80,250 - ------------------------------------------------------------------------------------------------------------------------------------ Casino Magic of Louisiana Corp., 13% First Mtg. Nts., 8/15/03 75,000 71,625 - ------------------------------------------------------------------------------------------------------------------------------------ GB Property Funding Corp., 10.875% First Mtg. Nts., 1/15/04 50,000 43,750 - ------------------------------------------------------------------------------------------------------------------------------------ Hilton Hotels Corp., 7.375% Nts., 6/1/02 50,000 51,327 - ------------------------------------------------------------------------------------------------------------------------------------ HMH Properties, Inc., 8.875% Sr. Nts., 7/15/07 (2) 50,000 51,250 - ------------------------------------------------------------------------------------------------------------------------------------ Horseshoe Gaming LLC, 9.375% Sr. Sub. Nts., 6/15/07 (2) 75,000 76,875 - ------------------------------------------------------------------------------------------------------------------------------------ Mohegan Tribal Gaming Authority (Connecticut), 13.50% Sr. Sec. Nts., Series B, 11/15/02 25,000 32,125 - ------------------------------------------------------------------------------------------------------------------------------------ Players International, Inc., 10.875% Sr. Nts., 4/15/05 75,000 80,437 - ------------------------------------------------------------------------------------------------------------------------------------ Prime Hospitality Corp., 9.25% First Mtg. Bonds, 1/15/06 75,000 78,375 - ------------------------------------------------------------------------------------------------------------------------------------ Santa Fe Hotel, Inc., 11% Gtd. First Mtg. Nts., 12/15/00 45,000 38,475 ------------ 782,016 - ------------------------------------------------------------------------------------------------------------------------------------ MEDIA - 1.7% Adelphia Communications Corp., 10.50% Sr. Nts., 7/15/04 (2) 75,000 78,375 - ------------------------------------------------------------------------------------------------------------------------------------ Allbritton Communications Co., 9.75% Sr. Sub. Debs., Series B, 11/30/97 50,000 50,250 - ------------------------------------------------------------------------------------------------------------------------------------ Australis Holdings PTY Ltd., 0%/15% Sr. Sec. Disc. Nts., 11/1/02 (5) 100,000 70,500 - ------------------------------------------------------------------------------------------------------------------------------------ Cablevision Systems Corp., 9.875% Sr. Sub. Debs., 2/15/13 50,000 53,375 - ------------------------------------------------------------------------------------------------------------------------------------ Comcast Corp., 9.375% Sr. Sub. Debs., 5/15/05 50,000 53,500 - ------------------------------------------------------------------------------------------------------------------------------------ EchoStar Satellite Broadcasting Corp., 0%/13.125% Sr. Sec. Disc. Nts., 3/15/04 (5) 50,000 39,750 - ------------------------------------------------------------------------------------------------------------------------------------ Falcon Holdings Group LP, 11% Sr. Sub. Nts., 9/15/03 (6) 61,941 63,403 - ------------------------------------------------------------------------------------------------------------------------------------ Fox Kids Worldwide, Inc., 0%/10.25% Sr. Disc. Nts., 11/1/07 (2)(5) 75,000 43,312 - ------------------------------------------------------------------------------------------------------------------------------------ Fox/Liberty Networks LLC, 8.875% Sr. Nts., 8/15/07 (2) 25,000 25,000 - ------------------------------------------------------------------------------------------------------------------------------------ James Cable Partners LP, 10.75% Sr. Nts., 8/15/04 (2) 75,000 78,562 - ------------------------------------------------------------------------------------------------------------------------------------ Lamar Advertising Co., 8.625% Sr. Sub. Nts., 9/15/07 (2) 75,000 75,750 - ------------------------------------------------------------------------------------------------------------------------------------ Rogers Communications, Inc., 8.875% Sr. Nts., 7/15/07 75,000 74,437 - ------------------------------------------------------------------------------------------------------------------------------------ Sinclair Broadcast Group, Inc., 10% Sr. Sub. Nts., 9/30/05 50,000 52,625 - ------------------------------------------------------------------------------------------------------------------------------------ TCI Satellite Entertainment, Inc., 10.875% Sr. Sub. Nts., 2/15/07 (2) 100,000 103,500 - ------------------------------------------------------------------------------------------------------------------------------------ Time Warner, Inc., 7.45% Nts., 2/1/98 20,000 20,067 - ------------------------------------------------------------------------------------------------------------------------------------ TKR Cable I, Inc., 10.50% Sr. Debs., 10/30/07 50,000 55,343 - ------------------------------------------------------------------------------------------------------------------------------------ United International Holdings, Inc., Zero Coupon Sr. Sec. Disc. Nts., Series B, 14%, 11/15/99 (7) 100,000 82,500 ------------ 1,020,249 - ------------------------------------------------------------------------------------------------------------------------------------ RETAIL: GENERAL - 0.3% Costco Cos., Inc., 7.125% Sr. Nts., 6/15/05 60,000 61,064 - ------------------------------------------------------------------------------------------------------------------------------------ Federated Department Stores, Inc., 10% Sr. Nts., 2/15/01 10,000 11,054 - ------------------------------------------------------------------------------------------------------------------------------------ Parisian, Inc., 9.875% Sr. Sub. Nts., 7/15/03 (3) 50,000 52,500
41 Oppenheimer LifeSpan Funds - ------------------------------------------------------------------------------- STATEMENT OF INVESTMENTS (CONTINUED) Oppenheimer LifeSpan Growth Fund
FACE MARKET VALUE AMOUNT SEE NOTE 1 - ------------------------------------------------------------------------------------------------------------------------------------ RETAIL: GENERAL (CONTINUED) Sears Roebuck & Co., 8.39% Medium-Term Nts., 3/23/99 $ 40,000 $ 41,281 ------------ 165,899 - ------------------------------------------------------------------------------------------------------------------------------------ RETAIL: SPECIALTY - 0.1% K Mart Corp., 7.75% Debs., 10/1/12 50,000 47,250 - ------------------------------------------------------------------------------------------------------------------------------------ CONSUMER NON-CYCLICALS - 1.3% - ------------------------------------------------------------------------------------------------------------------------------------ FOOD - 0.5% AmeriServe Food Distribution, Inc., 8.875% Sr. Nts., 10/15/06 (2) 75,000 75,187 - ------------------------------------------------------------------------------------------------------------------------------------ Dairy Mart Convenience Stores, Inc., 10.25% Sr. Sub. Nts., 3/15/04 50,000 49,250 - ------------------------------------------------------------------------------------------------------------------------------------ Dole Food Distributing, Inc., 6.75% Nts., 7/15/00 40,000 40,510 - ------------------------------------------------------------------------------------------------------------------------------------ Fresh Del Monte Produce NV, 10% Sr. Nts., Series B, 5/1/03 43,000 45,580 - ------------------------------------------------------------------------------------------------------------------------------------ Great Atlantic & Pacific Tea Co., 9.125% Debs., 1/15/98 15,000 15,087 - ------------------------------------------------------------------------------------------------------------------------------------ Jitney-Jungle Stores of America, Inc., 12% Gtd. Sr. Nts., 3/1/06 50,000 56,250 ------------ 281,864 - ------------------------------------------------------------------------------------------------------------------------------------ HEALTHCARE/DRUGS - 0.1% Integrated Health Services, Inc., 9.50% Sr. Sub. Nts., 9/15/07 (2) 50,000 51,875 - ------------------------------------------------------------------------------------------------------------------------------------ HEALTHCARE/SUPPLIES & SERVICES - 0.5% Columbia/HCA Healthcare Corp., 6.875% Nts., 7/15/01 45,000 45,045 - ------------------------------------------------------------------------------------------------------------------------------------ Dade International, Inc., 11.125% Sr. Sub. Nts., 5/1/06 75,000 83,812 - ------------------------------------------------------------------------------------------------------------------------------------ Mariner Health Group, Inc., 9.50% Sr. Sub. Nts., Series B, 4/1/06 (3) 75,000 78,000 - ------------------------------------------------------------------------------------------------------------------------------------ Paracelsus Healthcare Corp., 10% Sr. Sub. Unsec. Nts., 8/15/06 50,000 52,250 - ------------------------------------------------------------------------------------------------------------------------------------ Tenet Healthcare Corp., 8% Sr. Nts., 1/15/05 50,000 50,562 ------------ 309,669 - ------------------------------------------------------------------------------------------------------------------------------------ HOUSEHOLD GOODS - 0.2% Dyersburg Corp., 9.75% Sr. Sub. Nts., 9/1/07 (2) 50,000 51,250 - ------------------------------------------------------------------------------------------------------------------------------------ Kimberly-Clark Corp., 7.875% Debs., 2/1/23 20,000 21,558 - ------------------------------------------------------------------------------------------------------------------------------------ Revlon Consumer Products Corp., 9.375% Sr. Nts., 4/1/01 50,000 51,875 ------------ 124,683 - ------------------------------------------------------------------------------------------------------------------------------------ ENERGY - 0.9% - ------------------------------------------------------------------------------------------------------------------------------------ ENERGY SERVICES & PRODUCERS - 0.5% Coastal Corp., 8.125% Sr. Nts., 9/15/02 20,000 21,435 - ------------------------------------------------------------------------------------------------------------------------------------ Falcon Drilling Co., Inc., 9.75% Sr. Nts., Series B, 1/15/01 25,000 26,125 - ------------------------------------------------------------------------------------------------------------------------------------ Forcenergy, Inc., 8.50% Sr. Sub. Nts., 2/15/07 75,000 75,000 - ------------------------------------------------------------------------------------------------------------------------------------ Louisiana Land & Exploration Co., 7.65% Debs., 12/1/23 20,000 21,378 - ------------------------------------------------------------------------------------------------------------------------------------ Mesa Operating Co., 0%/11.625% Gtd. Sr. Sub. Disc. Nts., 7/1/06 (5) 75,000 60,375 - ------------------------------------------------------------------------------------------------------------------------------------ Transamerican Energy Corp., 11.50% Sr. Nts., 6/15/02 (2) 50,000 51,500 - ------------------------------------------------------------------------------------------------------------------------------------ Williams Holdings of Delaware, Inc., 6.25% Sr. Unsec. Debs., 2/1/06 25,000 24,445 ------------ 280,258 - ------------------------------------------------------------------------------------------------------------------------------------ OIL-INTEGRATED - 0.4% Gulf Canada Resources Ltd., 8.25% Sr. Nts., 3/15/17 50,000 54,221 - ------------------------------------------------------------------------------------------------------------------------------------ HS Resources, Inc., 9.25% Sr. Sub. Nts., 11/15/06 75,000 77,250 - ------------------------------------------------------------------------------------------------------------------------------------ Norcen Energy Resources Ltd., 6.80% Debs., 7/2/02 50,000 50,950 - ------------------------------------------------------------------------------------------------------------------------------------ Petroleum Geo-Services ASA, 7.50% Nts., 3/31/07 50,000 52,610 - ------------------------------------------------------------------------------------------------------------------------------------ Standard Oil/British Petroleum Co. plc, 9% Debs., 6/1/19 20,000 20,869 ------------ 255,900
42 Oppenheimer LifeSpan Funds - ------------------------------------------------------------------------------- STATEMENT OF INVESTMENTS (CONTINUED) Oppenheimer LifeSpan Growth Fund
FACE MARKET VALUE AMOUNT SEE NOTE 1 - ------------------------------------------------------------------------------------------------------------------------------------ FINANCIAL - 1.2% - ------------------------------------------------------------------------------------------------------------------------------------ BANKS - 0.1% Citicorp, 5.625% Sr. Nts., 2/15/01 $ 20,000 $ 19,768 - ------------------------------------------------------------------------------------------------------------------------------------ Fleet Mtg./Norstar Group, Inc., 9.90% Sub. Nts., 6/15/01 20,000 22,310 - ------------------------------------------------------------------------------------------------------------------------------------ Integra Financial Corp., 6.50% Sub. Nts., 4/15/00 20,000 20,198 - ------------------------------------------------------------------------------------------------------------------------------------ Mellon Financial Bank Corp., 6.50% Gtd. Sr. Nts., 12/1/97 30,000 30,016 ------------ 92,292 - ------------------------------------------------------------------------------------------------------------------------------------ DIVERSIFIED FINANCIAL - 0.8% American General Institutional Capital, 8.125% Bonds, Series B, 3/15/46 (2) 50,000 53,764 - ------------------------------------------------------------------------------------------------------------------------------------ Beneficial Corp., 9.125% Debs., 2/15/98 20,000 20,180 - ------------------------------------------------------------------------------------------------------------------------------------ Capital One Financial Corp., 6.83% Sr. Nts., 5/17/99 10,000 10,098 - ------------------------------------------------------------------------------------------------------------------------------------ Capital One Funding Corp., 7.25% Nts., 12/1/03 40,000 40,281 - ------------------------------------------------------------------------------------------------------------------------------------ Chelsea GCA Realty Partner, Inc., 7.75% Gtd. Unsec. Unsub. Nts., 1/26/01 40,000 41,078 - ------------------------------------------------------------------------------------------------------------------------------------ Commercial Credit Co., 5.55% Unsec. Nts., 2/15/01 20,000 19,636 - ------------------------------------------------------------------------------------------------------------------------------------ Countrywide Home Loans, Inc., 6.05% Gtd. Medium-Term Nts., Series D, 3/1/01 20,000 19,887 - ------------------------------------------------------------------------------------------------------------------------------------ Ford Motor Credit Co., 6.25% Unsub. Nts., 2/26/98 20,000 20,085 - ------------------------------------------------------------------------------------------------------------------------------------ General Motors Acceptance Corp., 5.625% Nts., 2/15/01 50,000 49,229 - ------------------------------------------------------------------------------------------------------------------------------------ MCII Holdings (USA), Inc., 0%/15% Sec. Nts., 11/15/02 (5) 75,000 62,531 - ------------------------------------------------------------------------------------------------------------------------------------ Merrill Lynch & Co., Inc., 6.50% Nts., 4/1/01 20,000 20,237 - ------------------------------------------------------------------------------------------------------------------------------------ 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) (8) 75,000 77,250 - ------------------------------------------------------------------------------------------------------------------------------------ Salomon, Inc., 8.69% Sr. Medium-Term Nts., Series D, 3/1/99 50,000 51,694 ------------ 485,950 - ------------------------------------------------------------------------------------------------------------------------------------ INSURANCE - 0.3% Cigna Corp., 7.90% Nts., 12/14/98 40,000 40,768 - ------------------------------------------------------------------------------------------------------------------------------------ Conseco Financing Trust III, 8.796% Bonds, 4/1/27 50,000 54,533 - ------------------------------------------------------------------------------------------------------------------------------------ SunAmerica, Inc., 9% Sr. Nts., 1/15/99 50,000 51,554 - ------------------------------------------------------------------------------------------------------------------------------------ Travelers Property Casualty Corp., 6.75% Nts., 4/15/01 20,000 20,341 ------------ 167,196 - ------------------------------------------------------------------------------------------------------------------------------------ INDUSTRIAL - 1.3% - ------------------------------------------------------------------------------------------------------------------------------------ INDUSTRIAL MATERIALS - 0.1% American Standard, Inc., 10.875% Sr. Nts., 5/15/99 (3) 60,000 63,750 - ------------------------------------------------------------------------------------------------------------------------------------ INDUSTRIAL SERVICES - 0.3% Shop Vac Corp., 10.625% Sr. Nts., 9/1/03 75,000 81,563 - ------------------------------------------------------------------------------------------------------------------------------------ Sun Co., Inc., 7.95% Debs., 12/15/01 50,000 52,906 - ------------------------------------------------------------------------------------------------------------------------------------ USI American Holdings, Inc., 7.25% Gtd. Sr. Nts., 12/1/06 50,000 49,079 ------------ 183,548 - ------------------------------------------------------------------------------------------------------------------------------------ MANUFACTURING - 0.6% Day International Group, Inc., 11.125% Sr. Sub. Nts., Series B, 6/1/05 (3) 50,000 53,750 - ------------------------------------------------------------------------------------------------------------------------------------ Interlake Corp., 12.125% Sr. Sub. Debs., 3/1/02 50,000 52,125 - ------------------------------------------------------------------------------------------------------------------------------------ International Wire Group, Inc., 11.75% Sr. Sub. Nts., 6/1/05 50,000 54,875 - ------------------------------------------------------------------------------------------------------------------------------------ Jordan Industries, Inc., 10.375% Sr. Nts., 8/1/07 75,000 75,750 - ------------------------------------------------------------------------------------------------------------------------------------ Mark IV Industries, Inc., 8.75% Sub. Nts., 4/1/03 (3) 10,000 10,475 - ------------------------------------------------------------------------------------------------------------------------------------ Specialty Equipment Co., 11.375% Sr. Sub. Nts., 12/1/03 50,000 54,375
43 Oppenheimer LifeSpan Funds - ------------------------------------------------------------------------------- STATEMENT OF INVESTMENTS (CONTINUED) Oppenheimer LifeSpan Growth Fund
FACE MARKET VALUE AMOUNT SEE NOTE 1 - ------------------------------------------------------------------------------------------------------------------------------------ MANUFACTURING (CONTINUED) Titan Wheel International, Inc., 8.75% Sr. Sub. Nts., 4/1/07 $ 50,000 $ 52,000 ------------ 353,350 - ------------------------------------------------------------------------------------------------------------------------------------ TRANSPORTATION - 0.3% CSX Corp., 7.05% Debs., 5/1/02 75,000 76,758 - ------------------------------------------------------------------------------------------------------------------------------------ Federal Express Corp., 6.25% Nts., 4/15/98 20,000 20,025 - ------------------------------------------------------------------------------------------------------------------------------------ Norfolk Southern Corp., 7.35% Nts., 5/15/07 50,000 52,503 - ------------------------------------------------------------------------------------------------------------------------------------ Union Pacific Corp., 7% Nts., 6/15/00 20,000 20,374 ------------ 169,660 - ------------------------------------------------------------------------------------------------------------------------------------ TECHNOLOGY - 2.2% - ------------------------------------------------------------------------------------------------------------------------------------ AEROSPACE/DEFENSE - 0.1% GPA Delaware, Inc., 8.75% Gtd. Nts., 12/15/98 50,000 51,000 - ------------------------------------------------------------------------------------------------------------------------------------ COMPUTER HARDWARE - 0.1% Digital Equipment Corp., 7% Nts., 11/15/97 45,000 45,014 - ------------------------------------------------------------------------------------------------------------------------------------ COMPUTER SOFTWARE/SERVICES - 0.3% Celestica International, Inc., 10.50% Gtd. Sr. Sub. Nts., 12/31/06 75,000 81,000 - ------------------------------------------------------------------------------------------------------------------------------------ DII Group, Inc., 8.50% Sr. Sub. Nts., 9/15/07 (2) 75,000 74,344 - ------------------------------------------------------------------------------------------------------------------------------------ Unisys Corp., 12% Sr. Nts., Series B, 4/15/03 50,000 56,250 ------------ 211,594 - ------------------------------------------------------------------------------------------------------------------------------------ TELECOMMUNICATIONS-TECHNOLOGY - 1.7% American Communications Services, Inc., 0%/13% Sr. Disc. Nts., 11/1/05 (5) 100,000 70,500 - ------------------------------------------------------------------------------------------------------------------------------------ Brooks Fiber Properties, Inc., 0%/11.875% Sr. Disc. Nts., 11/1/06 (5) 50,000 39,438 - ------------------------------------------------------------------------------------------------------------------------------------ Centennial Cellular Corp., 10.125% Sr. Nts., 5/15/05 50,000 53,250 - ------------------------------------------------------------------------------------------------------------------------------------ Comcast UK Cable Partner Ltd., 0%/11.20% Sr. Disc. Debs., 11/15/07 (5) 50,000 38,750 - ------------------------------------------------------------------------------------------------------------------------------------ Diamond Cable Communications plc, 0%/10.75% Sr. Disc. Nts., 2/15/07 (5) 75,000 48,375 - ------------------------------------------------------------------------------------------------------------------------------------ Intermedia Communications, Inc., 0%/11.25% Sr. Disc. Nts., 7/15/07 (5) 75,000 49,875 - ------------------------------------------------------------------------------------------------------------------------------------ International CableTel, Inc., 0%/11.50% Sr. Deferred Coupon Nts., Series B, 2/1/06 (5) 150,000 110,250 - ------------------------------------------------------------------------------------------------------------------------------------ IXC Communications, Inc., 12.50% Sr. Nts., Series B, 10/1/05 75,000 85,500 - ------------------------------------------------------------------------------------------------------------------------------------ McLeodUSA, Inc., 0%/10.50% Sr. Disc. Nts., 3/1/07 (5) 50,000 34,750 - ------------------------------------------------------------------------------------------------------------------------------------ Microcell Telecommunications, Inc., 0%/14% Sr. Disc. Nts., Series B, 6/1/06 (5) 75,000 50,250 - ------------------------------------------------------------------------------------------------------------------------------------ Nextel Communications, Inc., 0%/9.75% Sr. Disc. Nts., 8/15/04 (5) 100,000 84,750 - ------------------------------------------------------------------------------------------------------------------------------------ Price Communications Cellular Holdings, Inc., 0%/13.50% Sr. Disc. Nts., 8/1/07 (3)(5) 100,000 57,000 - ------------------------------------------------------------------------------------------------------------------------------------ Sprint Spectrum LP/Sprint Spectrum Finance Corp., 11% Sr. Nts., 8/15/06 75,000 83,063 - ------------------------------------------------------------------------------------------------------------------------------------ Teleport Communications Group, Inc.: 0%/11.125% Sr. Disc. Nts., 7/1/07 (5) 50,000 39,438 9.875% Sr. Nts., 7/1/06 50,000 54,875 - ------------------------------------------------------------------------------------------------------------------------------------ U.S. West Capital Funding, Inc., 6.85% Gtd. Nts., 1/15/02 75,000 76,228 - ------------------------------------------------------------------------------------------------------------------------------------ Western Wireless Corp., 10.50% Sr. Sub. Nts., 2/1/07 50,000 53,875 ------------ 1,030,167 - ------------------------------------------------------------------------------------------------------------------------------------ UTILITIES - 0.4% - ------------------------------------------------------------------------------------------------------------------------------------ ELECTRIC UTILITIES - 0.2% Consumers Energy Co., 8.75% First Mtg. Nts., 2/15/98 20,000 20,131 - ------------------------------------------------------------------------------------------------------------------------------------ El Paso Electric Co., 7.25% First Mtg. Nts., Series A, 2/1/99 (3) 10,000 10,100
44 Oppenheimer LifeSpan Funds - ------------------------------------------------------------------------------- STATEMENT OF INVESTMENTS (CONTINUED) Oppenheimer LifeSpan Growth Fund
FACE MARKET VALUE AMOUNT SEE NOTE 1 - ------------------------------------------------------------------------------------------------------------------------------------ ELECTRIC UTILITIES (CONTINUED) Panda Global Energy Co., 12.50% Sr. Nts., 4/15/04 (3) $ 75,000 $ 72,375 ------------ 102,606 - ------------------------------------------------------------------------------------------------------------------------------------ GAS UTILITIES - 0.2% Northern Illinois Gas Co., 6.45% First Mtg. Bonds, 8/1/01 70,000 70,875 - ------------------------------------------------------------------------------------------------------------------------------------ Tennessee Gas Pipeline Co., 7.50% Bonds, 4/1/17 50,000 52,615 ------------ 123,490 ------------ Total Non-Convertible Corporate Bonds and Notes (Cost $7,276,470) 7,559,710 - ------------------------------------------------------------------------------------------------------------------------------------ CONVERTIBLE CORPORATE BONDS AND NOTES - 0.1% - ------------------------------------------------------------------------------------------------------------------------------------ Geotek Communications, Inc., 12% Cv. Sr. Sub. Nts., 2/15/01 (Cost $45,421) (3) 50,000 41,750 - ------------------------------------------------------------------------------------------------------------------------------------ REPURCHASE AGREEMENTS - 7.8% - ------------------------------------------------------------------------------------------------------------------------------------ Repurchase agreement with Zion First National Bank, 5.68%, dated 10/31/97, to be repurchased at $4,675,212 on 11/3/97, collateralized by U.S. Treasury Nts., 7.25%, 8/15/04, with a value of $4,774,636 (Cost $4,673,000) 4,673,000 4,673,000 - ------------------------------------------------------------------------------------------------------------------------------------ TOTAL INVESTMENTS, AT VALUE (COST $51,331,382) 98.9% 59,260,606 - ------------------------------------------------------------------------------------------------------------------------------------ OTHER ASSETS NET OF LIABILITIES 1.1 658,188 ------------ ------------ NET ASSETS 100.0% $ 59,918,794 ------------ ------------ ------------ ------------
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 $1,180,306 or 1.97% of the Fund's net assets as of October 31, 1997. 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. For zero coupon bonds, the interest rate shown is the effective yield on the date of purchase. 8. 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. See accompanying Notes to Financial Statements. 45 Oppenheimer LifeSpan Funds - -------------------------------------------------------------------------------- STATEMENTS OF ASSETS AND LIABILITIES OCTOBER 31, 1997
OPPENHEIMER OPPENHEIMER OPPENHEIMER LIFESPAN LIFESPAN LIFESPAN INCOME BALANCED GROWTH FUND FUND FUND ----------------------------------------- ASSETS: Investments, at value (cost *) - see accompanying statements $29,794,676 $66,792,544 $59,260,606 Cash 353,691 552,070 474,933 Receivables: Dividends, interest and principal paydowns 419,993 534,812 288,273 Shares of capital stock sold 24,155 9,723 17,266 Investments sold -- 510,982 510,408 Other 1,639 1,812 1,731 ----------------------------------------- Total assets 30,594,154 68,401,943 60,553,217 ----------------------------------------- LIABILITIES: Payables and other liabilities: Investments purchased 433,257 594,944 538,459 Shareholder reports 21,296 18,494 8,631 Shares of capital stock redeemed 15,096 1,269 3,418 Distribution and service plan fees 6,556 15,174 13,306 Directors' fees - Note 1 32,164 27,898 26,666 Transfer and shareholder servicing agent fees -- 1,418 3,343 Custodian fees 14,554 15,915 15,344 Other 16,948 20,075 25,256 ----------------------------------------- Total liabilities 539,871 695,187 634,423 ----------------------------------------- NET ASSETS $30,054,283 $67,706,756 $59,918,794 ----------------------------------------- ----------------------------------------- COMPOSITION OF NET ASSETS: Par value of shares of capital stock $2,716 $5,348 $4,385 Additional paid-in capital 27,574,543 56,641,705 47,659,568 Undistributed net investment income 2,079 209,750 858,469 Accumulated net realized gain from investments and foreign currency transactions 404,251 3,257,932 3,466,954 Net unrealized appreciation on investments and translation of assets and liabilities denominated in foreign currencies 2,070,694 7,592,021 7,929,418 ----------------------------------------- NET ASSETS $30,054,283 $67,706,756 $59,918,794 ----------------------------------------- ----------------------------------------- *Cost $27,723,982 $59,200,693 $51,331,382 ----------------------------------------- -----------------------------------------
46 Oppenheimer LifeSpan Funds - -------------------------------------------------------------------------------- STATEMENTS OF ASSETS AND LIABILITIES (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 $29,205,770 $62,261,972 $53,318,387 Shares of capital stock 2,639,654 4,919,634 3,900,030 Price per share $11.06 $12.66 $13.67 Maximum offering price per share (net asset value plus sales charge of 5.75% of offering price for each fund) $11.73 $13.43 $14.50 ----------------------------------------- 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 $816,411 $4,761,973 $5,390,939 Shares of capital stock 73,513 374,239 395,745 Price per share $11.11 $12.72 $13.62 ----------------------------------------- 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 $32,102 $682,811 $1,209,468 Shares of capital stock 2,893 54,094 89,402 Price per share $11.10 $12.62 $13.53 -----------------------------------------
See accompanying Notes to Financial Statements. 47 Oppenheimer LifeSpan Funds - -------------------------------------------------------------------------------- STATEMENTS OF OPERATIONS For the Year Ended October 31, 1997
OPPENHEIMER OPPENHEIMER OPPENHEIMER LIFESPAN LIFESPAN LIFESPAN INCOME BALANCED GROWTH FUND FUND FUND ----------------------------------------- INVESTMENT INCOME: Interest $ 1,686,587 $ 2,157,148 $ 1,159,982 Dividends (net of foreign withholding taxes of $837, $12,509 and $15,954, respectively) 273,552 626,821 670,676 ----------------------------------------- Total income 1,960,139 2,783,969 1,830,658 ----------------------------------------- EXPENSES: Management fees - Note 4 212,649 527,770 457,316 Distribution and service plan fees - Note 4: Class A 69,406 145,068 123,431 Class B 6,756 34,948 39,156 Class C 199 8,787 7,192 Transfer and shareholder servicing agent fees - Note 4 4,186 17,573 34,890 Accounting service fees 15,000 15,000 15,000 Custodian fees and expenses 6,961 49,727 46,602 Legal and auditing fees 24,064 31,475 35,958 Shareholder reports 32,380 42,866 41,370 Directors' fees and expenses - Note 1 35,289 29,321 31,956 Insurance expenses 3,188 3,645 3,500 Registration and filing fees: Class A 802 1,885 1,882 Class B 106 747 822 Class C 9 2 291 Other 4,684 7,463 6,038 ----------------------------------------- Total expenses 415,679 916,277 845,404 ----------------------------------------- Less expenses paid indirectly - Note 4 (6,961) (14,168) (9,362) ----------------------------------------- Net expenses 408,718 902,109 836,042 ----------------------------------------- NET INVESTMENT INCOME 1,551,421 1,881,860 994,616 ----------------------------------------- REALIZED AND UNREALIZED GAIN (LOSS): Net realized gain (loss) from: Investments 425,024 3,580,369 3,818,755 Foreign currency transactions -- (304,895) (324,763) ----------------------------------------- Net realized gain 425,024 3,275,474 3,493,992 Net change in unrealized appreciation or depreciation on: Investments 1,052,959 2,130,004 2,117,903 Translation of assets and liabilities denominated in foreign currencies -- (5,158) (17,066) ----------------------------------------- Net change 1,052,959 2,124,846 2,100,837 ----------------------------------------- Net realized and unrealized gain 1,477,983 5,400,320 5,594,829 ----------------------------------------- NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 3,029,404 $ 7,282,180 $ 6,589,445 ----------------------------------------- -----------------------------------------
See accompanying Notes to Financial Statements. 48 Oppenheimer LifeSpan Funds - -------------------------------------------------------------------------------- STATEMENTS OF CHANGES IN NET ASSETS FOR THE YEARS ENDED OCTOBER 31, 1997 AND 1996
OPPENHEIMER OPPENHEIMER OPPENHEIMER LIFESPAN LIFESPAN LIFESPAN INCOME BALANCED GROWTH FUND FUND FUND ---------------------------------------------------------------------------- 1997 1996(1) 1997 1996(1) 1997 1996(1) ---------------------------------------------------------------------------- OPERATIONS: Net investment income $1,551,421 $1,166,091 $1,881,860 $1,269,662 $994,616 $610,399 Net realized gain 425,024 375,456 3,275,474 1,455,276 3,493,992 2,207,221 Net change in unrealized appreciation or depreciation 1,052,959 (394,375) 2,124,846 1,910,667 2,100,837 2,238,220 ---------------------------------------------------------------------------- Net increase in net assets resulting from operations 3,029,404 1,147,172 7,282,180 4,635,605 6,589,445 5,055,840 DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS: Dividends from net investment income: Class A (1,519,218) (1,164,346) (1,751,264) (919,554) (279,883) (289,194) Class B (31,306) (14,052) (86,844) (21,226) (11,776) (9,326) Class C (908) (24) (20,115) (10,575) (1,248) (143) Distributions from net realized gain: Class A (381,291) (63,862) (1,432,693) (140,249) (2,163,698) (129,620) Class B (7,459) (925) (69,269) (3,811) (128,434) (4,802) Class C (77) (2) (23,260) (1,725) (11,808) (65) CAPITAL STOCK TRANSACTIONS: Net increase (decrease) in net assets resulting from capital stock - Note 2: Class A 1,816,130 1,803,488 6,516,290 6,793,292 5,756,041 5,139,745 Class B 334,568 264,631 2,657,192 1,370,222 2,665,936 1,697,392 Class C 29,825 1,000 (190,802) 821,670 978,007 137,860 ---------------------------------------------------------------------------- NET ASSETS: Total increase 3,269,668 1,973,080 12,881,415 12,523,649 13,392,582 11,597,687 Beginning of period 26,784,615 24,811,535 54,825,341 42,301,692 46,526,212 34,928,525 ---------------------------------------------------------------------------- End of period $30,054,283 $26,784,615 $67,706,756 $54,825,341 $59,918,794 $46,526,212 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Undistributed net investment income $2,079 $11 $209,750 $194,574 $858,469 $171,706
1. The Funds changed their fiscal year end from December 31 to October 31. See accompanying Notes to Financial Statements. 49 Oppenheimer LifeSpan Funds - -------------------------------------------------------------------------------- FINANCIAL HIGHLIGHTS Oppenheimer LifeSpan Income Fund
CLASS A CLASS B --------------------------------------- -------------------------------------- PERIOD ENDED PERIOD ENDED YEAR ENDED OCTOBER 31, DECEMBER 31, YEAR ENDED OCTOBER 31, DECEMBER 31, 1997 1996(3) 1995(4) 1997 1996(3) 1995(2) - ----------------------------------------------------------------------------------------------------------------------------------- PER SHARE OPERATING DATA: Net asset value, beginning of period $10.65 $10.70 $10.00 $10.69 $10.74 $10.45 - ----------------------------------------------------------------------------------------------------------------------------------- Income (loss) from investment operations: Net investment income .59 .48 .37 .51 .41 .12 Net realized and unrealized gain (loss) .56 (.02) .73 .57 (.02) .32 - ----------------------------------------------------------------------------------------------------------------------------------- Total income from investment operations 1.15 .46 1.10 1.08 .39 .44 - ----------------------------------------------------------------------------------------------------------------------------------- Dividends and distributions to shareholders: Dividends from net investment income (.59) (.48) (.36) (.51) (.41) (.11) Distributions from net realized gain (.15) (.03) (.04) (.15) (.03) (.04) - ----------------------------------------------------------------------------------------------------------------------------------- Total dividends and distributions to shareholders (.74) (.51) (.40) (.66) (.44) (.15) - ----------------------------------------------------------------------------------------------------------------------------------- Net asset value, end of period $11.06 $10.65 $10.70 $11.11 $10.69 $10.74 ---------------------------------------------------------------------------------- ---------------------------------------------------------------------------------- - ----------------------------------------------------------------------------------------------------------------------------------- TOTAL RETURN, AT NET ASSET VALUE(5) 11.30% 4.45% 11.22% 10.51% 3.69% 4.30% - ----------------------------------------------------------------------------------------------------------------------------------- RATIOS/SUPPLEMENTAL DATA: Net assets, end of period (in thousands) $29,206 $26,328 $24,619 $816 $456 $192 - ----------------------------------------------------------------------------------------------------------------------------------- Average net assets (in thousands) $27,678 $25,463 $22,128 $677 $350 $107 - ----------------------------------------------------------------------------------------------------------------------------------- Ratios to average net assets: Net investment income 5.49% 5.43%(6) 5.35%(6) 4.69% 4.93%(6) 5.23%(6) Expenses 1.45%(7) 1.56%(6) 1.50%(6) 2.18%(7) 2.31%(6) 2.25%(6) - ----------------------------------------------------------------------------------------------------------------------------------- Portfolio turnover rate(8) 39.6% 75.3% 45.8% 39.6% 75.3% 45.8% Average brokerage commission rate(9) $0.0681 $0.0694 -- $0.0681 $0.0694 -- CLASS C ----------------------- YEAR ENDED OCTOBER 31, 1997 1996(1) - -------------------------------------------------------------------- PER SHARE OPERATING DATA: Net asset value, beginning of period $10.66 $10.53 - -------------------------------------------------------------------- Income (loss) from investment operations: Net investment income .55 .25 Net realized and unrealized gain (loss) .58 .16 - -------------------------------------------------------------------- Total income from investment operations 1.13 .41 - -------------------------------------------------------------------- Dividends and distributions to shareholders: Dividends from net investment income (.54) (.25) Distributions from net realized gain (.15) (.03) - -------------------------------------------------------------------- Total dividends and distributions to shareholders (.69) (.28) - -------------------------------------------------------------------- Net asset value, end of period $11.10 $10.66 ----------------------- ----------------------- - -------------------------------------------------------------------- TOTAL RETURN, AT NET ASSET VALUE(5) 11.03% 3.96% - -------------------------------------------------------------------- RATIOS/SUPPLEMENTAL DATA: Net assets, end of period (in thousands) $32 $1 - -------------------------------------------------------------------- Average net assets (in thousands) $20 $1 - -------------------------------------------------------------------- Ratios to average net assets: Net investment income 4.64% 4.68%(6) Expenses 2.20%(7) 2.25%(6) - -------------------------------------------------------------------- Portfolio turnover rate(8) 39.6% 75.3% Average brokerage commission rate(9) $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. 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 October 31, 1997 were $12,166,241 and $10,297,628, 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. 50 Oppenheimer LifeSpan Funds - -------------------------------------------------------------------------------- FINANCIAL HIGHLIGHTS Oppenheimer LifeSpan Balanced Fund
CLASS A CLASS B --------------------------------------- -------------------------------------- PERIOD ENDED PERIOD ENDED YEAR ENDED OCTOBER 31, DECEMBER 31, YEAR ENDED OCTOBER 31, DECEMBER 31, 1997 1996(3) 1995(4) 1997 1996(3) 1995(2) - ----------------------------------------------------------------------------------------------------------------------------------- PER SHARE OPERATING DATA: Net asset value, beginning of period $11.90 $11.05 $10.00 $11.98 $11.16 $10.95 - ----------------------------------------------------------------------------------------------------------------------------------- Income from investment operations: Net investment income .37 .29 .24 .27 .20 .05 Net realized and unrealized gain 1.08 .81 1.29 1.08 .82 .45 - ----------------------------------------------------------------------------------------------------------------------------------- Total income from investment operations 1.45 1.10 1.53 1.35 1.02 .50 - ----------------------------------------------------------------------------------------------------------------------------------- Dividends and distributions to shareholders: Dividends from net investment income (.37) (.22) (.25) (.29) (.17) (.06) Distributions from net realized gain (.32) (.03) (.23) (.32) (.03) (.23) - ----------------------------------------------------------------------------------------------------------------------------------- Total dividends and distributions to shareholders (.69) (.25) (.48) (.61) (.20) (.29) - ----------------------------------------------------------------------------------------------------------------------------------- Net asset value, end of period $12.66 $11.90 $11.05 $12.72 $11.98 $11.16 ---------------------------------------------------------------------------------- ---------------------------------------------------------------------------------- - ----------------------------------------------------------------------------------------------------------------------------------- TOTAL RETURN, AT NET ASSET VALUE(5) 12.66% 10.04% 15.33% 11.70% 9.22% 4.49% - ----------------------------------------------------------------------------------------------------------------------------------- RATIOS/SUPPLEMENTAL DATA: Net assets, end of period (in thousands) $62,262 $52,104 $41,861 $4,762 $1,893 $441 - ----------------------------------------------------------------------------------------------------------------------------------- Average net assets (in thousands) $57,769 $47,116 $37,417 $3,504 $1,225 $247 - ----------------------------------------------------------------------------------------------------------------------------------- Ratios to average net assets: Net investment income 3.08% 3.15%(6) 3.47%(6) 2.31% 2.41%(6) 3.01%(6) Expenses 1.42%(7) 1.56%(6) 1.55%(6) 2.18%(7) 2.32%(6) 2.30%(6) - ----------------------------------------------------------------------------------------------------------------------------------- Portfolio turnover rate(8) 59.7% 61.0% 76.3% 59.7% 61.0% 76.3% Average brokerage commission rate(9) $0.0067 $0.0078 -- $0.0067 $0.0078 -- CLASS C ----------------------- YEAR ENDED OCTOBER 31, 1997 1996(1) - -------------------------------------------------------------------- PER SHARE OPERATING DATA: Net asset value, beginning of period $11.88 $11.74 - -------------------------------------------------------------------- Income from investment operations: Net investment income .28 .13 Net realized and unrealized gain 1.07 .24 - -------------------------------------------------------------------- Total income from investment operations 1.35 .37 - -------------------------------------------------------------------- Dividends and distributions to shareholders: Dividends from net investment income (.29) (.20) Distributions from net realized gain (.32) (.03) - -------------------------------------------------------------------- Total dividends and distributions to shareholders (.61) (.23) - -------------------------------------------------------------------- Net asset value, end of period $12.62 $11.88 ----------------------- ----------------------- - -------------------------------------------------------------------- TOTAL RETURN, AT NET ASSET VALUE(5) 11.73% 3.21% - -------------------------------------------------------------------- RATIOS/SUPPLEMENTAL DATA: Net assets, end of period (in thousands) $683 $828 - -------------------------------------------------------------------- Average net assets (in thousands) $879 $551 - -------------------------------------------------------------------- Ratios to average net assets: Net investment income 2.37% 2.53%(6) Expenses 2.16%(7) 2.27%(6) - -------------------------------------------------------------------- Portfolio turnover rate(8) 59.7% 61.0% Average brokerage commission rate(9) $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. 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 October 31, 1997 were $42,186,840 and $34,319,496, 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 - -------------------------------------------------------------------------------- FINANCIAL HIGHLIGHTS Oppenheimer LifeSpan Growth Fund
CLASS A CLASS B --------------------------------------- -------------------------------------- PERIOD ENDED PERIOD ENDED YEAR ENDED OCTOBER 31, DECEMBER 31, YEAR ENDED OCTOBER 31, DECEMBER 31, 1997 1996(3) 1995(4) 1997 1996(3) 1995(2) - ----------------------------------------------------------------------------------------------------------------------------------- PER SHARE OPERATING DATA: Net asset value, beginning of period $12.78 $11.39 $10.00 $12.81 $11.47 $11.14 - ----------------------------------------------------------------------------------------------------------------------------------- Income from investment operations: Net investment income .24 .18 .16 .14 .08 .03 Net realized and unrealized gain 1.35 1.34 1.63 1.35 1.36 .56 - ----------------------------------------------------------------------------------------------------------------------------------- Total income from investment operations 1.59 1.52 1.79 1.49 1.44 .59 - ----------------------------------------------------------------------------------------------------------------------------------- Dividends and distributions to shareholders: Dividends from net investment income (.08) (.09) (.17) (.06) (.06) (.03) Distributions from net realized gain (.62) (.04) (.23) (.62) (.04) (.23) - ----------------------------------------------------------------------------------------------------------------------------------- Total dividends and distributions to shareholders (.70) (.13) (.40) (.68) (.10) (.26) - ----------------------------------------------------------------------------------------------------------------------------------- Net asset value, end of period $13.67 $12.78 $11.39 $13.62 $12.81 $11.47 ---------------------------------------------------------------------------------- ---------------------------------------------------------------------------------- - ----------------------------------------------------------------------------------------------------------------------------------- TOTAL RETURN, AT NET ASSET VALUE(5) 12.96% 13.37% 18.02% 12.07% 12.58% 5.34% - ----------------------------------------------------------------------------------------------------------------------------------- RATIOS/SUPPLEMENTAL DATA: Net assets, end of period (in thousands) $53,318 $43,980 $34,368 $5,391 $2,405 $561 - ----------------------------------------------------------------------------------------------------------------------------------- Average net assets (in thousands) $49,213 $39,576 $29,046 $3,925 $1,475 $230 - ----------------------------------------------------------------------------------------------------------------------------------- Ratios to average net assets: Net investment income 1.91% 1.81%(6) 2.32%(6) 1.14% 1.11%(6) 1.70%(6) Expenses 1.50%(7) 1.61%(6) 1.55%(6) 2.27%(7) 2.37%(6) 2.30%(6) - ----------------------------------------------------------------------------------------------------------------------------------- Portfolio turnover rate(8) 66.0% 64.2% 71.8% 66.0% 64.2% 71.8% Average brokerage commission rate(9) $0.0069 $0.0059 -- $0.0069 $0.0059 -- CLASS C ----------------------- YEAR ENDED OCTOBER 31, 1997 1996(1) - -------------------------------------------------------------------- PER SHARE OPERATING DATA: Net asset value, beginning of period $12.74 $12.49 - -------------------------------------------------------------------- Income from investment operations: Net investment income .14 .11 Net realized and unrealized gain 1.34 .27 - -------------------------------------------------------------------- Total income from investment operations 1.48 .38 - -------------------------------------------------------------------- Dividends and distributions to shareholders: Dividends from net investment income (.07) (.09) Distributions from net realized gain (.62) (.04) - -------------------------------------------------------------------- Total dividends and distributions to shareholders (.69) (.13) - -------------------------------------------------------------------- Net asset value, end of period $13.53 $12.74 ----------------------- ----------------------- - -------------------------------------------------------------------- TOTAL RETURN, AT NET ASSET VALUE(5) 12.05% 3.04% - -------------------------------------------------------------------- RATIOS/SUPPLEMENTAL DATA: Net assets, end of period (in thousands) $1,209 $141 - -------------------------------------------------------------------- Average net assets (in thousands) $722 $54 - -------------------------------------------------------------------- Ratios to average net assets: Net investment income 1.11% 1.32%(6) Expenses 2.29%(7) 2.43%(6) - -------------------------------------------------------------------- Portfolio turnover rate(8) 66.0% 64.2% Average brokerage commission rate(9) $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. 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 October 31, 1997 were $39,384,627 and $31,934,908, 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. 52 Oppenheimer LifeSpan Funds NOTES TO FINANCIAL STATEMENTS 1. SIGNIFICANT ACCOUNTING POLICIES Oppenheimer LifeSpan Income Fund, Oppenheimer LifeSpan Balanced Fund and Oppenheimer LifeSpan Growth Fund (the Funds), are separate series of Oppenheimer Series Fund, Inc. (the Company), a diversified, open-end management investment company registered under the Investment Company Act of 1940, as amended. The Fund's investment advisor is OppenheimerFunds, Inc. (the Manager). The Funds' investment objectives are as follows: OPPENHEIMER LIFESPAN INCOME FUND seeks a high level of current income, with opportunities for capital appreciation. It invests in a strategically allocated portfolio consisting primarily of bond instruments. OPPENHEIMER LIFESPAN BALANCED FUND seeks a blend of capital appreciation and income. It invests in a strategically allocated portfolio of stocks and bonds with a slightly stronger emphasis on stocks. OPPENHEIMER LIFESPAN GROWTH FUND seeks long-term capital appreciation. It invests in a strategically allocated portfolio consisting primarily of stocks. The Funds offer Class A, Class B and Class C shares. Class A shares are sold with a front-end sales charge. Class B and Class C shares may be subject to a contingent deferred sales charge. All classes of shares have identical rights to earnings, assets and voting privileges, except that each class has its own distribution and/or service plan, expenses directly attributable to a particular class and exclusive voting rights with respect to matters affecting a single class. Class B shares will automatically convert to Class A shares six years after the date of purchase. The following is a summary of significant accounting policies consistently followed by the Funds. INVESTMENT VALUATION. Portfolio securities are valued at the close of the New York Stock Exchange on each trading day. Listed and unlisted securities for which such information is regularly reported are valued at the last sale price of the day or, in the absence of sales, at values based on the closing bid or the last sale price on the prior trading day. Long-term and short-term "non-money market" debt securities are valued by a portfolio pricing service approved by the Board of Directors. Such securities which cannot be valued by the approved portfolio pricing service are valued using dealer-supplied valuations provided the Manager is satisfied that the firm rendering the quotes is reliable and that the quotes reflect current market value, or are valued under consistently applied procedures established by the Board of Directors to determine fair value in good faith. Short-term "money market type" debt securities having a remaining maturity of 60 days or less are valued at cost (or last determined market value) adjusted for amortization to maturity of any premium or discount. FOREIGN CURRENCY TRANSLATION. The accounting records of the Funds are maintained in U.S. dollars. Prices of securities denominated in foreign currencies are translated into U.S. dollars at the closing rates of exchange. Amounts related to the purchase and sale of securities and investment income are translated at the rates of exchange prevailing on the respective dates of such transactions. The effect of changes in foreign currency exchange rates on investments is separately identified from the fluctuations arising from changes in market values of securities held and reported with all other foreign currency gains and losses in the Funds' Statements of Operations. REPURCHASE AGREEMENTS. The Funds require the custodian to take possession, to have legally segregated in the Federal Reserve Book Entry System or to have segregated within the custodian's vault, all securities held as collateral for repurchase agreements. The market value of the underlying securities is required to be at least 102% of the resale price at the time of purchase. If the seller of the agreement defaults and the value of the collateral declines, or if the seller enters an insolvency proceeding, realization of the value of the collateral by the Funds may be delayed or limited. ALLOCATION OF INCOME, EXPENSES, AND GAINS AND LOSSES. Income, expenses (other than those attributable to a specific class) and gains and losses are allocated daily to each class of shares based upon the relative proportion of net assets represented by such class. Operating expenses directly attributable to a specific class are charged against the operations of that class. 53 Oppenheimer LifeSpan Funds NOTES TO FINANCIAL STATEMENTS (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 year ended October 31, 1997, the provision for projected benefit obligations, payments to retired directors and the accumulated liability for each of the Funds is as follows:
-------------------------------------------------------------------- LifeSpan Income Fund LifeSpan Balanced Fund LifeSpan Growth Fund - ------------------------------------------------------------------------------------------------------------ Provision for projected benefit obligations $34,321 $28,138 $28,147 - ------------------------------------------------------------------------------------------------------------ Payments to retired directors 1,509 1,509 1,509 - ------------------------------------------------------------------------------------------------------------ Accumulated liability as of October 31, 1997 32,882 27,628 26,878 - ------------------------------------------------------------------------------------------------------------
FEDERAL TAXES. Each Fund intends to continue to comply with provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its taxable income, including any net realized gain on investments not offset by loss carryovers, to shareholders. Therefore, no federal income or excise tax provision is required. DISTRIBUTIONS TO SHAREHOLDERS. Dividends and distributions to shareholders are recorded on the ex-dividend date. CLASSIFICATION OF DISTRIBUTIONS TO SHAREHOLDERS. Net investment income (loss) and net realized gain (loss) may differ for financial statement and tax purposes. The character of the distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gain was recorded by the Funds. The Funds adjusted the classification of net investment income and capital gain (loss) to reflect other differences between financial statement amounts and distributions determined in accordance with income tax regulations. Changes in classification during the year ended October 31, 1997 are shown below:
- -------------------------------------------------------------------------------------------------------------- Adjustments for the Year Ended October 31, 1997 - -------------------------------------------------------------------------------------------------------------- Undistributed Net Investment Income Accumulated Net Realized Gain on Investments - -------------------------------------------------------------------------------------------------------------- LifeSpan Income Fund $ 2,079 $(2,079) - -------------------------------------------------------------------------------------------------------------- LifeSpan Balanced Fund (8,461) 8,461 - -------------------------------------------------------------------------------------------------------------- LifeSpan Growth Fund (14,946) 14,946 - --------------------------------------------------------------------------------------------------------------
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. 54 Oppenheimer LifeSpan Funds NOTES TO FINANCIAL STATEMENTS (Continued) 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 YEAR ENDED OCTOBER 31, 1997 PERIOD ENDED OCTOBER 31, 1996(1) ----------------------------------- ----------------------------------- SHARES AMOUNT SHARES AMOUNT Class A: Sold 76,799 $ 839,632 146,543 $ 1,546,169 Dividends and distributions reinvested 169,781 1,828,122 112,062 1,180,611 Redeemed (78,072) (851,624) (88,357) (923,292) -------------- -------------- -------------- -------------- Net increase 168,508 $ 1,816,130 170,248 $ 1,803,488 -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- Class B: Sold 35,037 $ 380,109 23,725 $ 253,904 Dividends and distributions reinvested 3,360 36,336 1,286 13,606 Redeemed (7,512) (81,877) (271) (2,879) -------------- -------------- -------------- -------------- Net increase 30,885 334,568 24,740 $ 264,631 -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- Class C: Sold 2,712 $ 28,892 95 $ 1,000 Dividends and distributions reinvested 86 933 -- -- Redeemed -- -- -- -- -------------- -------------- -------------- -------------- Net increase 2,798 $ 29,825 95 $ 1,000 -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- OPPENHEIMER LIFESPAN BALANCED FUND SHARES AMOUNT SHARES AMOUNT Class A: Sold 672,918 $ 8,115,315 591,611 $ 6,806,310 Dividends and distributions reinvested 263,094 3,160,977 90,394 1,056,157 Redeemed (393,016) (4,760,002) (92,638) (1,069,175) -------------- -------------- -------------- -------------- Net increase 542,996 $ 6,516,290 589,367 $ 6,793,292 -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- Class B: Sold 253,560 $ 3,096,696 118,679 $ 1,371,576 Dividends and distributions reinvested 12,325 149,308 2,108 24,736 Redeemed (49,667) (588,812) (2,244) (26,090) -------------- -------------- -------------- -------------- Net increase 216,218 $ 2,657,192 118,543 $ 1,370,222 -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- Class C: Sold 47,180 $ 560,673 68,739 $ 810,364 Dividends and distributions reinvested 3,637 43,355 1,054 12,284 Redeemed (66,431) (794,830) (85) (978) -------------- -------------- -------------- -------------- Net increase (decrease) (15,614) $ (190,802) 69,708 $ 821,670 -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- OPPENHEIMER LIFESPAN GROWTH FUND SHARES AMOUNT SHARES AMOUNT Class A: Sold 590,543 $ 7,650,233 424,020 $ 5,146,023 Dividends and distributions reinvested 195,679 2,440,118 33,590 418,507 Redeemed (327,056) (4,334,310) (35,427) (424,785) -------------- -------------- -------------- -------------- Net increase 459,166 $ 5,756,041 422,183 $ 5,139,745 -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- Class B: Sold 227,007 $ 2,916,327 154,309 $ 1,879,045 Dividends and distributions reinvested 11,173 139,662 1,098 13,603 Redeemed (30,185) (390,053) (16,551) (195,256) -------------- -------------- -------------- -------------- Net increase 207,995 $ 2,665,936 138,856 $ 1,697,392 -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- Class C: Sold 86,490 $ 1,086,489 11,124 $ 138,640 Dividends and distributions reinvested 846 10,506 16 198 Redeemed (8,994) (118,988) (80) (978) -------------- -------------- -------------- -------------- Net increase 78,342 $ 978,007 11,060 $ 137,860 -------------- -------------- -------------- -------------- -------------- -------------- -------------- --------------
1. For the ten months ended October 31, 1996 for Class A and Class B shares and for the period from May 1, 1996 (inception of offering) to October 31, 1996 for Class C shares. The Funds changed their fiscal year end from December 31 to October 31. 55 Oppenheimer LifeSpan Funds NOTES TO FINANCIAL STATEMENTS (Continued) 3. UNREALIZED GAINS AND LOSSES ON INVESTMENTS At October 31, 1997, net unrealized appreciation on investments consisted of the following:
-------------------------------------------------------------------- LifeSpan Income Fund LifeSpan Balanced Fund LifeSpan Growth Fund - ------------------------------------------------------------------------------------------------------------ Gross appreciation $2,305,354 $8,991,592 $9,439,956 - ------------------------------------------------------------------------------------------------------------ Gross depreciation 234,660 1,399,741 1,510,732 - ------------------------------------------------------------------------------------------------------------ Net unrealized appreciation $2,070,694 $7,591,851 $7,929,224 - ------------------------------------------------------------------------------------------------------------
4. MANAGEMENT FEES AND OTHER TRANSACTIONS WITH AFFILIATES Management fees paid to the Manager were in accordance with the investment advisory agreements with the Funds. For Oppenheimer LifeSpan Income Fund, the agreement provides for a fee of 0.75% on the first $250 million of the Fund's average annual net assets and 0.65% on average annual net assets over $250 million. For Oppenheimer LifeSpan Balanced Fund and Oppenheimer LifeSpan Growth Fund, the fees are 0.85% on the first $250 million of average annual net assets and 0.75% on average annual net assets in excess of $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 year ended October 31, 1997, (1) commissions (sales charges paid by investors) on sales of Class A shares, (2) commission amounts retained by OppenheimerFunds Distributor, Inc. (OFDI), a subsidiary of the Manager, as general distributor, and by affiliated broker/dealers, (3) sales charges advanced to broker/dealers by OFDI on sales of the Funds' Class B and Class C shares, (4) sales charges advanced to affiliated broker/dealers and (5) contingent deferred sales charges retained by OFDI were as follows:
- ---------------------------------------------------------------------------------------------------------------------------------- (1) Commissions (2) Commissions (3) Sales Charges (4) Paid to Affiliates (5) Contingent Retained Advanced Deferred Sales Charges - ---------------------------------------------------------------------------------------------------------------------------------- LifeSpan Income Fund - ---------------------------------------------------------------------------------------------------------------------------------- Class A $19,537 $13,796 -- -- -- - ---------------------------------------------------------------------------------------------------------------------------------- Class B -- -- $14,373 $11,515 $5,923 - ---------------------------------------------------------------------------------------------------------------------------------- Class C -- -- -- -- -- - ---------------------------------------------------------------------------------------------------------------------------------- LifeSpan Balanced Fund - ---------------------------------------------------------------------------------------------------------------------------------- Class A $100,461 $67,205 -- -- -- - ---------------------------------------------------------------------------------------------------------------------------------- Class B -- -- $114,889 $67,463 -- - ---------------------------------------------------------------------------------------------------------------------------------- Class C -- -- $5,414 -- -- - ---------------------------------------------------------------------------------------------------------------------------------- LifeSpan Growth Fund - ---------------------------------------------------------------------------------------------------------------------------------- Class A $137,511 $111,486 -- -- -- - ---------------------------------------------------------------------------------------------------------------------------------- Class B -- -- $102,107 $64,131 $2,500 - ---------------------------------------------------------------------------------------------------------------------------------- Class C -- -- $9,869 -- -- - ----------------------------------------------------------------------------------------------------------------------------------
56 Oppenheimer LifeSpan Funds NOTES TO FINANCIAL STATEMENTS (Continued) 4. MANAGEMENT FEES AND OTHER TRANSACTIONS WITH AFFILIATES (continued) The Funds have adopted Service Plans for Class A shares to reimburse OFDI for a portion of its costs incurred in connection with the personal service and maintenance of shareholder accounts that hold Class A shares. Reimbursement is made quarterly at an annual rate that may not exceed 0.25% of the average annual net assets of Class A shares of the Funds. OFDI uses the service fee to reimburse brokers, dealers, banks and other financial institutions quarterly for providing personal service and maintenance of accounts of their customers that hold Class A shares. During the year ended October 31, 1997, OFDI made payments to an affiliated broker/dealer as reimbursement for Class A personal service and maintenance expenses as follows: LifeSpan Income Fund. . . . . . . .$ 68,271 LifeSpan Balanced Fund. . . . . . .$ 141,239 LifeSpan Growth Fund. . . . . . . .$ 117,788 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 and Class C shares, determined as of the close of each regular business day. If the Plans are terminated by the Funds, the Board of Directors may allow the Funds to continue payments of the asset-based sales charge to OFDI for certain expenses they incurred before the Plans were terminated. During the year ended October 31, 1997, OFDI retained certain amounts as compensation for Class B and Class C personal service and maintenance expenses. These amounts, as well as unreimbursed expenses incurred by OFDI at October 31, 1997 are as follows:
- ------------------------------------------------------------------------------------------ Amount Retained by OFDI Unreimbursed Expenses - ------------------------------------------------------------------------------------------ LifeSpan Income Fund, Class B $ 5,749 $ 8,787 - ------------------------------------------------------------------------------------------ LifeSpan Balanced Fund, Class B 25,286 135,290 - ------------------------------------------------------------------------------------------ LifeSpan Balanced Fund, Class C 5,576 14,197 - ------------------------------------------------------------------------------------------ LifeSpan Growth Fund, Class B 34,240 131,807 - ------------------------------------------------------------------------------------------ LifeSpan Growth Fund, Class C 6,064 12,680 - ------------------------------------------------------------------------------------------
5. ILLIQUID AND RESTRICTED SECURITIES At October 31, 1997, investments in securities included issues that are illiquid or restricted. Restricted securities are often purchased in private placement transactions, are not registered under the Securities Act of 1933, may have contractual restrictions on resale, and are valued under methods approved by the Board of Directors as reflecting fair value. A security may be considered illiquid if it lacks a readily-available market or if its valuation has not changed for a certain period of time. The Funds intend to invest no more than 10% of 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 October 31, 1997 are as follows: - -------------------------------------------------------------------------------- Amount Percentage to Net Assets as of October 31, 1997 - -------------------------------------------------------------------------------- LifeSpan Income Fund $1,108,880 3.69% - -------------------------------------------------------------------------------- LifeSpan Balanced Fund 1,605,278 2.37 - -------------------------------------------------------------------------------- LifeSpan Growth Fund 715,076 1.19 - -------------------------------------------------------------------------------- 57 Oppenheimer LifeSpan Funds NOTES TO FINANCIAL STATEMENTS (Continued) 6. 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 year ended October 31, 1997. 7. 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 INDEPENDENT AUDITORS' REPORT The Board of Directors and Shareholders of Oppenheimer Series Fund, Inc.: We have audited the accompanying statements of investments and assets and liabilities of LifeSpan Income, LifeSpan Balanced and LifeSpan Growth Funds (collectively Oppenheimer Series Fund, Inc.) as of October 31, 1997, the related statement of operations for the year then ended, the statements of changes in net assets for the year then ended and the ten-month period ended October 31, 1996, and the financial highlights for the year ended October 31, 1997 and the ten-month period ended October 31, 1996. These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. The financial highlights for the period from May 1, 1995 (commencement of operations) to December 31, 1995 were audited by other auditors whose report dated February 15, 1996 expressed an unqualified opinion on this information. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 1997 by correspondence with the custodian and brokers; and where confirmations were not received from brokers, we performed other auditing procedures. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial positions of LifeSpan Income, LifeSpan Balanced and LifeSpan Growth Funds as of October 31, 1997, the results of their operations for the year then ended, the changes in their net assets for the year then ended and the ten-month period ended October 31, 1996, and the financial highlights for the year ended October 31, 1997 and the ten-month period ended October 31, 1996, in conformity with generally accepted accounting principles. KPMG Peat Marwick LLP Denver, Colorado November 21, 1997 59 Oppenheimer LifeSpan Funds FEDERAL INCOME TAX INFORMATION (Unaudited) In early 1998 shareholders will receive information regarding all dividends and distributions paid to them by the Funds during calendar year 1997. Regulations of the U.S. Treasury Department require the Funds to report this information to the Internal Revenue Service. OPPENHEIMER LIFESPAN INCOME FUND Distributions of $0.2037, $0.2011 and $0.1962 per share were paid to Class A, Class B and Class C shareholders, respectively, on December 2, 1996, of which, for each class of shares, $0.0714 was designated as a "capital gain distribution" for federal income tax purposes. Whether received in stock or in cash, the capital gain distribution should be treated by shareholders as a gain from the sale of capital assets held for more than one year (long-term capital gain). OPPENHEIMER LIFESPAN BALANCED FUND Distributions of $0.4163, $0.3995 and $0.3950 per share were paid to Class A, Class B and Class C shareholders, respectively, on December 31, 1996, of which, for each class of shares, $0.1613 was designated as a "capital gain distribution" for federal income tax purposes. Whether received in stock or in cash, the capital gain distribution should be treated by shareholders as a gain from the sale of capital assets held for more than one year (long-term capital gain). OPPENHEIMER LIFESPAN GROWTH FUND Distributions of $0.6986, $0.6753 and $0.6840 per share were paid to Class A, Class B and Class C shareholders, respectively, on December 31, 1996, of which $0.2243 was designated as a "capital gain distribution" for federal income tax purposes. Whether received in stock or in cash, the capital gain distribution should be treated by shareholders as a gain from the sale of capital assets held for more than one year (long-term capital gains). Dividends paid by the Funds during the year ended October 31, 1997 which are not designated as capital gain distributions should be multiplied by the percentages listed below to arrive at the net amount eligible for the corporate dividend-received deduction. --------------------------------------- Corporate Dividend-Received Deduction -------------------------------------------------------------------- LifeSpan Income Fund 14.93% -------------------------------------------------------------------- LifeSpan Balanced Fund 20.37 -------------------------------------------------------------------- LifeSpan Growth Fund 33.91 -------------------------------------------------------------------- The foregoing information is presented to assist shareholders in reporting distributions received from the Funds to the Internal Revenue Service. Because of the complexity of the federal regulations which may affect your individual tax return and the many variations in state and local tax regulations, we recommend that you consult your tax adviser for specific guidance. 60 Oppenheimer LifeSpan Funds OPPENHEIMER LIFESPAN FUNDS A Series of Oppenheimer Series Fund, Inc. OFFICERS AND DIRECTORS Leon Levy, Chairman of the Board of Directors Donald W. Spiro, Vice Chairman of the Board of Directors Bridget A. Macaskill, Director and President Robert G. Galli, Director Benjamin Lipstein, Director Elizabeth B. Moynihan, Director Kenneth A. Randall, Director Edward V. Regan, Director Russell S. Reynolds, Jr., Director Pauline Trigere, Director Clayton K. Yeutter, Director Robert C. Doll, Jr., Vice President Peter M. Antos, Vice President Stephen F. Libera, Vice President Michael C. Strathearn, Vice President Kenneth B. White, Vice President Arthur J. Zimmer, Vice President George C. Bowen, Treasurer Robert J. Bishop, Assistant Treasurer Scott T. Farrar, Assistant Treasurer Andrew J. Donohue, Secretary Robert G. Zack, Assistant Secretary INVESTMENT 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 This is a copy of a report to shareholders of Oppenheimer LifeSpan Funds. This report must be preceded by a Prospectus of Oppenheimer LifeSpan Funds. For material information concerning the Funds, see the Prospectus. Shares of Oppenheimer funds are not deposits or obligations of any bank, are not guaranteed by any bank, and are not insured by the FDIC or any other agency, and involve investment risks, including possible loss of the principal amount invested. 61 Oppenheimer LifeSpan Funds -----END PRIVACY-ENHANCED MESSAGE-----