OPPENHEIMER LIFESPAN FUNDS
Supplement dated May 28, 1998 to the
Prospectus dated Februrary 19, 1998
The Prospectus is revised as follows:
1. The second sentence of the second paragraph under "Investment Policies
and Strategies - The Asset Class Components" on page 16 is revised to read as
follows: "There is no requirement that the Manager allocate a Fund's assets
among all stock or
bond components at all times.
2. The table captioned "Asset Classes and Components" on page 17 is replaced
with the following:
Asset Classes and Components
LifeSpan LifeSpan LifeSpan
Growth Fund Balanced Fund Income Fund
- -------------------------------------------------------------------------------
Normal Normal Normal
AllocationRange AllocationRange AllocationRange
- -------------------------------------------------------------------------------
Stocks 90% 80-100% 75% 65-85% 0% 0%
- -------------------------------------------------------------------------------
Value/Growth 50% 40-60% 35% 25-45% 0% 0%
- -------------------------------------------------------------------------------
Growth/Income 40% 30-50% 40% 30-50% 0% 0%
- -------------------------------------------------------------------------------
Bonds 10% 0-15% 25% 15-35% 100% 100%
- -------------------------------------------------------------------------------
Government/Corporate 10% 0-15% 15% 10-25% 90% 60-100%
- -------------------------------------------------------------------------------
High Yield/High Risk Bon0% 0% 0% 0% 5% 0-10%
- -------------------------------------------------------------------------------
Short Term Bonds 0% 0% 10% 5-20% 50% 0-20%
3. The third sentence under "Investment Policies and Strategies - Bond
Investments" on page 19 is hereby deleted.
May 28, 1998 PS0000.008.0598
