-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, XDTYdACanbS1SeiL/L7YI+P71BoW7hYUe9VC+2U5Xo3JYBzvXBO6mMBMWKKOPDoz V/X2O4StOUOAYLpyNWQlzw== 0000912057-95-007498.txt : 19950908 0000912057-95-007498.hdr.sgml : 19950908 ACCESSION NUMBER: 0000912057-95-007498 CONFORMED SUBMISSION TYPE: N-30D PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19950630 FILED AS OF DATE: 19950907 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: OPPENHEIMER VARIABLE ACCOUNT FUNDS CENTRAL INDEX KEY: 0000752737 STANDARD INDUSTRIAL CLASSIFICATION: UNKNOWN SIC - 0000 [0000] IRS NUMBER: 840974272 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-30D SEC ACT: 1940 Act SEC FILE NUMBER: 811-04108 FILM NUMBER: 95570671 BUSINESS ADDRESS: STREET 1: 3410 S GALENA ST CITY: DENVER STATE: CO ZIP: 80231 BUSINESS PHONE: 3036713200 MAIL ADDRESS: STREET 2: 3410 S GALENA ST CITY: DENVER STATE: CO ZIP: 80231 FORMER COMPANY: FORMER CONFORMED NAME: OPPENHEIMER VARIABLE LIFE FUNDS DATE OF NAME CHANGE: 19860609 N-30D 1 N-30D OPPENHEIMER VARIABLE ACCOUNT FUNDS SEMIANNUAL REPORT JUNE 30, 1995 OPPENHEIMER VARIABLE ACCOUNT FUNDS - OPPENHEIMER MONEY FUND STATEMENT OF INVESTMENTS JUNE 30, 1995 (UNAUDITED)"
Principal Amortized Cost Amount (Note 1) - ------------------------------------------------------------------------------------------------------------------ DIRECT BANK OBLIGATIONS - 8.0% - ------------------------------------------------------------------------------------------------------------------ Canadian Imperial Bank of Commerce, guaranteeing commercial paper of: Canadian Imperial Holdings, Inc., 5.94%, 8/9/95 $ 3,000,000 $ 2,980,695 -------------------------------------------------------------------------------------------------------- FCC National Bank, 5.61%, 7/5/95 (1) 3,000,000 2,999,044 ------------ Total Direct Bank Obligations (Cost $5,979,739) 5,979,739 - ------------------------------------------------------------------------------------------------------------------ LETTERS OF CREDIT - 8.8% - ------------------------------------------------------------------------------------------------------------------ Credit Suisse, guaranteeing commercial paper of: Queensland Alumina Ltd.: 5.90%, 9/22/95 1,000,000 986,397 5.95%, 7/17/95 2,130,000 2,124,367 -------------------------------------------------------------------------------------------------------- Mitsubishi Bank Ltd., guaranteeing commercial paper of: Mitsubishi Motors Credit of America, 5.90%, 9/29/95 3,500,000 3,448,375 ------------ Total Letters of Credit (Cost $6,559,149) 6,559,139 - ------------------------------------------------------------------------------------------------------------------ SHORT-TERM NOTES - 80.6% - ------------------------------------------------------------------------------------------------------------------ BANKS - 9.3% -------------------------------------------------------------------------------------------------------- Barnett Banks, Inc., 6%, 7/13/95 3,500,000 3,493,000 -------------------------------------------------------------------------------------------------------- Chemical Banking Corp., 5.85%, 9/29/95 3,500,000 3,448,813 ------------ 6,941,813 - ------------------------------------------------------------------------------------------------------------------ BEVERAGES - 4.6% -------------------------------------------------------------------------------------------------------- Bass Finance (C.I.) Ltd., guaranteed by Bass PLC, 5.95%, 9/6/95 3,500,000 3,461,242 - ------------------------------------------------------------------------------------------------------------------ BROKER/DEALERS - 3.2% -------------------------------------------------------------------------------------------------------- Morgan Stanley Group, Inc., 5.96%, 7/3/95 (1) 2,375,000 2,375,000 - ------------------------------------------------------------------------------------------------------------------ COMMERCIAL FINANCE - 9.3% -------------------------------------------------------------------------------------------------------- CIT Group Holdings, Inc., 6.208%, 7/12/95 (1) 1,000,000 1,000,000 -------------------------------------------------------------------------------------------------------- FINOVA Capital Corp., 6.07%, 7/28/95 3,000,000 2,986,343 -------------------------------------------------------------------------------------------------------- Heller Financial, Inc., 5.85%, 9/25/95 3,000,000 2,958,075 ------------ 6,944,418 - ------------------------------------------------------------------------------------------------------------------ CONSUMER FINANCE - 9.3% -------------------------------------------------------------------------------------------------------- Beneficial Corp., 5.72%, 7/5/95 (1) 4,000,000 4,000,000 -------------------------------------------------------------------------------------------------------- Sears Roebuck Acceptance Corp., 5.97%, 8/21/95 3,000,000 2,974,628 ------------ 6,974,628 - ------------------------------------------------------------------------------------------------------------------ DIVERSIFIED FINANCIAL - 9.4% -------------------------------------------------------------------------------------------------------- Associates Corp. of North America, 6.25%, 7/3/95 1,000,000 999,653 -------------------------------------------------------------------------------------------------------- General Electric Capital Corp., 6.29%, 7/3/95 (1) 4,000,000 3,999,040 -------------------------------------------------------------------------------------------------------- General Motors Acceptance Corp., 6.40%, 9/1/95 (1) 2,000,000 1,999,600 ------------ 6,998,293 - ------------------------------------------------------------------------------------------------------------------ Healthcare/Drugs - 4.2% -------------------------------------------------------------------------------------------------------- Sandoz Corp., 5.97%, 7/5/95 3,100,000 3,097,944 - ------------------------------------------------------------------------------------------------------------------ HEALTHCARE/SUPPLIES & SERVICES - 3.3% -------------------------------------------------------------------------------------------------------- Allergan, Inc., 5.98%, 8/8/95 2,500,000 2,484,219 - ------------------------------------------------------------------------------------------------------------------ LEASING & FACTORING - 4.6% -------------------------------------------------------------------------------------------------------- Sanwa Business Credit Corp., 5.91%, 9/15/95 3,500,000 3,456,332 - ------------------------------------------------------------------------------------------------------------------ MANUFACTURING - 8.0% -------------------------------------------------------------------------------------------------------- Hanson Finance (UK) PLC, guaranteed by Hanson PLC, 5.97%, 8/18/95 3,000,000 2,976,120 -------------------------------------------------------------------------------------------------------- Rexam PLC, 6.05%, 7/7/95 (2) 3,000,000 2,996,975 ------------ 5,973,095 - ------------------------------------------------------------------------------------------------------------------ SAVINGS & LOANS - 4.0% -------------------------------------------------------------------------------------------------------- Household Bank FSB, 5.92%, 9/20/95 3,000,000 2,999,800 - ------------------------------------------------------------------------------------------------------------------ SPECIAL PURPOSE FINANCIAL - 11.4% Cooperative Association of Tractor Dealers, Inc.: 6.38%, 8/4/95 1,000,000 993,974 6.08%, 7/12/95 2,000,000 1,996,284 -------------------------------------------------------------------------------------------------------- CXC, Inc., 6.35%, 8/7/95 (2) 3,000,000 2,980,421 -------------------------------------------------------------------------------------------------------- New Center Asset Trust, 6.07%, 7/11/95 2,500,000 2,495,785 ------------ 8,466,464 ------------ Total Short-Term Notes (Cost $60,173,248) 60,173,248 -------------------------------------------------------------------------------------------------------- TOTAL INVESTMENTS, AT AMORTIZED COST 97.4% 72,712,126 -------------------------------------------------------------------------------------------------------- OTHER ASSETS NET OF LIABILITIES 2.6 1,908,746 ------------ ------------ NET ASSETS 100.0% $ 74,620,872 ------------ ------------ ------------ ------------ Short-term notes, direct bank obligations and letters of credit are generally traded on a discount basis; the interest rate is the discount rate received by the Fund at the time of purchase. Other securities normally bear interest at the rates shown. 1. Variable rate security. The interest rate, which is based on specific, or an index of, current market interest rates is subject to change periodically and is the effective rate on June 30, 1995. 2. Security purchased in private placement transaction, without registration under the Securities Act of 1933 (the Act). The securities are carried at amortized cost, and amount to $5,977,396, or 8.2% of the Fund's net assets.
See accompanying Notes to Financial Statements. OPPENHEIMER VARIABLE ACCOUNT FUNDS - OPPENHEIMER HIGH INCOME FUND STATEMENT OF INVESTMENTS JUNE 30, 1995 (UNAUDITED)
PRINCIPAL MARKET VALUE AMOUNT (1) (NOTE 1) - ------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------ CERTIFICATES OF DEPOSIT - 3.7% - ------------------------------------------------------------------------------------------------------------------------ Citibank, 10.75% CD, 11/20/95 (2) CLP 431,553,156 $ 1,153,423 -------------------------------------------------------------------------------------------------------------- Citibank, 15% CD, 8/28/95 (2) CLP 417,450,058 1,115,729 -------------------------------------------------------------------------------------------------------------- Citibank, 15.20% CD, 9/1/95 (2) CLP 423,000,000 1,130,562 -------------------------------------------------------------------------------------------------------------- Indonesia (Republic of) CD, Bank Negara, Zero Coupon, 6/17/96 (2) IDR 2,000,000,000 766,726 ------------ Total Certificates of Deposit (Cost $3,846,487) 4,166,440 - ------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------ MORTGAGE-BACKED OBLIGATIONS - 2.2% - ------------------------------------------------------------------------------------------------------------------------ PRIVATE - 2.2% - ------------------------------------------------------------------------------------------------------------------------ MULTI-FAMILY - 2.2% -------------------------------------------------------------------------------------------------------------- Resolution Trust Corp., Commercial Mtg. Pass-Through Certificates, Series 1994-C1, Cl. E, 8%, 6/25/26 770,411 640,404 -------------------------------------------------------------------------------------------------------------- Resolution Trust Corp., Commercial Mtg. Pass-Through Certificates, Series 1994-C2, Cl. G, 8%, 4/25/25 960,279 758,621 -------------------------------------------------------------------------------------------------------------- Resolution Trust Corp., Commercial Mtg. Pass-Through Certificates, Series 1995-C1, Cl. F, 6.90%, 2/25/27 1,250,000 1,089,063 ------------ Total Mortgage-Backed Obligations (Cost $2,392,740) 2,488,088 - ------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------ FOREIGN GOVERNMENT OBLIGATIONS - 10.4% - ------------------------------------------------------------------------------------------------------------------------ Argentina (Republic of) Bonds, Bonos del Tesoro, Series I, 6.063%, 5/31/96 (3) 440,000 431,096 -------------------------------------------------------------------------------------------------------------- Bonos de la Tesoreria de la Federacion, Zero Coupon, 10/11/95 1,000,000 964,687 -------------------------------------------------------------------------------------------------------------- Bonos de la Tesoreria de la Federacion, Zero Coupon, 7/20/95 300,000 298,182 -------------------------------------------------------------------------------------------------------------- Bonos de la Tesoreria de la Federacion, Zero Coupon, 7/27/95 500,000 495,458 -------------------------------------------------------------------------------------------------------------- Brazil (Federal Republic of) Bonds, Banco do Nordeste Brasil, 10.375%, 11/6/95 (4) 750,000 749,063 -------------------------------------------------------------------------------------------------------------- Canada (Government of) Bonds, 9%, 12/1/04 CAD 1,280,000 997,493 -------------------------------------------------------------------------------------------------------------- Ecuador (Republic of) Bonds, 7.25%, 2/28/25 (3) 750,000 375,000 -------------------------------------------------------------------------------------------------------------- Germany (Republic of) Debs., Bundesrepublic Deutscheland, Series 94, 6.25%, 1/4/24 DEM 1,870,000 1,144,328 -------------------------------------------------------------------------------------------------------------- Germany (Republic of) Debs., Bundesrepublic Deutscheland, Series 95, 7.375%, 1/3/05 DEM 1,325,000 979,303 -------------------------------------------------------------------------------------------------------------- International Bank for Reconstruction and Development Bonds, 12.50%, 7/25/97 NZD 1,000,000 724,214 -------------------------------------------------------------------------------------------------------------- Morocco (Kingdom of) Loan Participation Agreement, Tranche A, 7.375%, 1/1/09 (3) 1,000,000 582,500 -------------------------------------------------------------------------------------------------------------- New Zealand (Republic of) Bonds, 10%, 7/15/97 NZD 500,000 345,708 -------------------------------------------------------------------------------------------------------------- New Zealand (Republic of) Bonds, 8%, 11/15/95 NZD 1,500,000 998,584 -------------------------------------------------------------------------------------------------------------- New Zealand (Republic of) Bonds, 9%, 11/15/96 NZD 1,250,000 841,290 -------------------------------------------------------------------------------------------------------------- Norwegian Government Bonds, 7%, 5/31/01 NOK 1,650,000 261,591 -------------------------------------------------------------------------------------------------------------- Poland (Republic of) Disc. Bonds, 7.125%, 10/27/24 (3) 500,000 384,063 -------------------------------------------------------------------------------------------------------------- Poland (Republic of) Past Due Interest Bonds, 3.25%, 10/27/14 (5) 1,200,000 721,500 -------------------------------------------------------------------------------------------------------------- United Kingdom Treasury Nts., 10%, 2/26/01 GBP 300,000 512,170 ------------ Total Foreign Government Obligations (Cost $11,823,105) 11,806,230 - ------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------ MUNICIPAL BONDS AND NOTES - 0.8% - ------------------------------------------------------------------------------------------------------------------------ San Joaquin Hills, California Transportation Corridor Agency Toll Road Capital Appreciation Revenue Bonds, Jr. Lien, Zero Coupon, 1/1/28 (Cost $715,192) 12,500,000 905,925 - ------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------ CORPORATE BONDS AND NOTES - 74.0% - ------------------------------------------------------------------------------------------------------------------------ BASIC INDUSTRY - 9.2% - ------------------------------------------------------------------------------------------------------------------------ CHEMICALS - 2.5% -------------------------------------------------------------------------------------------------------------- Carbide/Graphite Group, Inc., 11.50% Sr. Nts., 9/1/03 500,000 525,000 -------------------------------------------------------------------------------------------------------------- NL Industries, Inc., 0%/13% Sr. Sec. Disc. Nts., 10/15/05 (6) 1,480,000 1,050,800 -------------------------------------------------------------------------------------------------------------- NL Industries, Inc., 11.75% Sr. Sec. Nts., 10/15/03 650,000 679,250 -------------------------------------------------------------------------------------------------------------- UCAR Global Enterprises, Inc., 12% Sr. Sub. Nts., 1/15/05 500,000 537,500 ------------ 2,792,550 - ------------------------------------------------------------------------------------------------------------------------ METALS/MINING - 0.6% -------------------------------------------------------------------------------------------------------------- Kaiser Aluminum & Chemical Corp., 12.75% Sr. Sub. Nts., 2/1/03 100,000 107,500 -------------------------------------------------------------------------------------------------------------- Kaiser Aluminum & Chemical Corp., 9.875% Sr. Nts., 2/15/02 600,000 588,000 ------------ 695,500 - ------------------------------------------------------------------------------------------------------------------------ PAPER - 5.5% -------------------------------------------------------------------------------------------------------------- Domtar, Inc., 11.25% Debs., 9/15/17 400,000 428,000 -------------------------------------------------------------------------------------------------------------- Domtar, Inc., 12% Nts., 4/15/01 250,000 288,750 -------------------------------------------------------------------------------------------------------------- Gaylord Container Corp., 0%/12.75% Sr. Sub. Disc. Debs., 5/15/05 (6) 1,000,000 980,000 -------------------------------------------------------------------------------------------------------------- Gaylord Container Corp., 11.50% Sr. Nts., 5/15/01 300,000 318,375 -------------------------------------------------------------------------------------------------------------- Repap New Brunswick, Inc., 9.50% First Priority Sr. Sec. Nts., 7/15/00 (3) 400,000 407,000 -------------------------------------------------------------------------------------------------------------- Repap Wisconsin, Inc., 9.25% First Priority Sr. Sec. Nts., 2/1/02 500,000 485,625 -------------------------------------------------------------------------------------------------------------- Riverwood International Corp., 10.375% Sr. Sub. Nts., 6/30/04 400,000 440,000 -------------------------------------------------------------------------------------------------------------- Riverwood International Corp., 10.75% Sr. Nts., 6/15/00 400,000 432,000 -------------------------------------------------------------------------------------------------------------- Riverwood International Corp., 11.25% Sr. Sub. Nts., 6/15/02 200,000 218,500 -------------------------------------------------------------------------------------------------------------- Stone Consolidated Corp., 10.25% Sr. Sec. Nts., 12/15/00 700,000 729,750 -------------------------------------------------------------------------------------------------------------- Stone Container Corp., 10.75% First Mtg. Nts., 10/1/02 1,300,000 1,371,500 -------------------------------------------------------------------------------------------------------------- Stone Container Corp., 10.75% Sr. Sub. Nts., 6/15/97 100,000 104,625 ------------ 6,204,125 - ------------------------------------------------------------------------------------------------------------------------ STEEL - 0.6% -------------------------------------------------------------------------------------------------------------- Wheel-Pittsburgh Corp., 9.375% Sr. Nts., 11/15/03 750,000 697,500 - ------------------------------------------------------------------------------------------------------------------------ CONSUMER RELATED - 13.8% - ------------------------------------------------------------------------------------------------------------------------ CONSUMER PRODUCTS - 3.6% -------------------------------------------------------------------------------------------------------------- Amstar Corp., 11.375% Sr. Sub. Nts., 2/15/97 500,000 507,500 -------------------------------------------------------------------------------------------------------------- Coleman Holdings, Inc., Zero Coupon Sr. Sec. Disc. Nts., Series B, 5/27/98 750,000 558,750 -------------------------------------------------------------------------------------------------------------- Harman International Industries, Inc., 12% Sr. Sub. Nts., 8/1/02 1,650,000 1,806,750 -------------------------------------------------------------------------------------------------------------- International Semi-Tech Microelectronics, Inc., 0%/11.50% Sr. Sec. Disc. Nts., 8/15/03 (6) 650,000 328,250 -------------------------------------------------------------------------------------------------------------- Revlon Worldwide Corp., Zero Coupon Sr. Sec. Disc. Nts., 3/15/98 (4) 350,000 240,625 -------------------------------------------------------------------------------------------------------------- Williams (J. B.) Holdings, Inc., 12% Sr. Nts., 3/1/04 600,000 592,500 ------------ 4,034,375 - ------------------------------------------------------------------------------------------------------------------------ FOOD/BEVERAGES/TOBACCO - 1.1% -------------------------------------------------------------------------------------------------------------- Consolidated Cigar Corp., 10.50% Sr. Sub. Nts., 3/1/03 400,000 394,000 -------------------------------------------------------------------------------------------------------------- Di Giorgio Corp., 12% Sr. Nts., 2/15/03 255,000 189,975 -------------------------------------------------------------------------------------------------------------- Dr. Pepper Bottling Holdings, Inc., 0%/11.625% Sr. Disc. Nts., 2/15/03 (6) 830,000 618,350 ------------ 1,202,325 - ------------------------------------------------------------------------------------------------------------------------ HEALTHCARE - 4.6% -------------------------------------------------------------------------------------------------------------- AmeriSource Corp., 11.25% Sr. Debs., 7/15/05 (7) 500,000 511,563 -------------------------------------------------------------------------------------------------------------- Capstone Capital Corp., 10.50% Cv. Sub. Debs., 4/1/02 1,500,000 1,648,125 -------------------------------------------------------------------------------------------------------------- Charter Medical Corp., 11.25% Sr. Sub. Nts., 4/15/04 500,000 533,750 -------------------------------------------------------------------------------------------------------------- Icon Health & Fitness, Inc., 13% Sr. Sub. Nts., 7/15/02 (4) 400,000 406,000 -------------------------------------------------------------------------------------------------------------- National Medical Enterprises, Inc., 10.125% Sr. Sub. Nts., 3/1/05 500,000 531,250 -------------------------------------------------------------------------------------------------------------- Surgical Health Corp., 11.50% Sr. Sub. Nts., 7/15/04 400,000 462,000 -------------------------------------------------------------------------------------------------------------- Total Renal Care, Inc., Units (each Unit consists of $1,000 principal amount of 0%/12% Sr. Sub. Disc. Nts., 8/15/04 and nine shares of non-voting Class B Common Stock) (6)(8) 1,200,000 1,098,000 ------------ 5,190,688 - ------------------------------------------------------------------------------------------------------------------------ HOTEL/GAMING - 1.8% -------------------------------------------------------------------------------------------------------------- Aztar Corp., 13.75% Sr. Sub. Nts., 10/1/04 150,000 169,875 -------------------------------------------------------------------------------------------------------------- Capital Gaming International, Inc. Promissory Nts. 9,500 -- -------------------------------------------------------------------------------------------------------------- GB Property Funding Corp., 10.875% First Mtg. Nts., 1/15/04 450,000 391,500 -------------------------------------------------------------------------------------------------------------- Hollywood Casino Corp., 14% Sr. Sec. Nts., 4/1/98 350,000 386,750 -------------------------------------------------------------------------------------------------------------- Players International, Inc., 10.875% Sr. Nts., 4/15/05 (4) 200,000 197,500 -------------------------------------------------------------------------------------------------------------- Station Casinos, Inc., 9.625% Sr. Sub. Nts., 6/1/03 300,000 280,500 -------------------------------------------------------------------------------------------------------------- Trump Plaza Funding, Inc., 10.875% Gtd. Mtg. Nts., 6/15/01 500,000 462,500 -------------------------------------------------------------------------------------------------------------- Trump Taj Mahal Funding, Inc., 11.35% Debs., Series A, 11/15/99 200,000 158,099 ------------ 2,046,724 - ------------------------------------------------------------------------------------------------------------------------ LEISURE - 0.5% -------------------------------------------------------------------------------------------------------------- Gillett Holdings, Inc., 12.25% Sr. Sub. Nts., Series A, 6/30/02 521,305 551,280 - ------------------------------------------------------------------------------------------------------------------------ RESTAURANTs - 1.5% -------------------------------------------------------------------------------------------------------------- Carrols Corp., 11.50% Sr. Nts., 8/15/03 430,000 406,350 -------------------------------------------------------------------------------------------------------------- Foodmaker, Inc., 9.25% Sr. Nts., 3/1/99 200,000 182,500 -------------------------------------------------------------------------------------------------------------- Foodmaker, Inc., 9.75% Sr. Sub. Nts., 6/1/02 1,275,000 1,064,625 ------------ 1,653,475 - ------------------------------------------------------------------------------------------------------------------------ TEXTILE/APPAREL - 0.7% -------------------------------------------------------------------------------------------------------------- Synthetic Industries, Inc., 12.75% Sr. Sub. Debs., 12/1/02 750,000 753,750 - ------------------------------------------------------------------------------------------------------------------------ ENERGY - 4.9% - ------------------------------------------------------------------------------------------------------------------------ AmeriGas Partners LP, 10.125% Sr. Nts., 4/15/07 (4) 200,000 211,000 -------------------------------------------------------------------------------------------------------------- BP America, Inc., 10.875% Nts., 8/1/01 CAD 350,000 285,643 -------------------------------------------------------------------------------------------------------------- Chesapeake Energy Corp., 10.50% Sr. Nts., 6/1/02 (4) 500,000 493,750 -------------------------------------------------------------------------------------------------------------- Kelley Oil & Gas Corp., 13.50% Sr. Nts., 6/15/99 1,000,000 995,000 -------------------------------------------------------------------------------------------------------------- Maxus Energy Corp., 11.50% Debs., 11/15/15 800,000 792,000 -------------------------------------------------------------------------------------------------------------- OPI International, Inc., 12.875% Gtd. Sr. Nts., 7/15/02 750,000 847,500 -------------------------------------------------------------------------------------------------------------- Petroleum Heat & Power Co., Inc., 12.25% Sub. Debs., 2/1/05 250,000 268,750 -------------------------------------------------------------------------------------------------------------- Petroleum Heat & Power Co., Inc., 9.375% Sub. Debs., 2/1/06 250,000 231,250 -------------------------------------------------------------------------------------------------------------- Plains Resources, Inc., 12% Sr. Sub. Nts., 10/1/99 200,000 207,500 -------------------------------------------------------------------------------------------------------------- Triton Energy Corp., 0%/9.75% Sr. Sub. Disc. Nts., 12/15/00 (6) 200,000 175,000 -------------------------------------------------------------------------------------------------------------- Triton Energy Corp., Zero Coupon Sr. Sub. Disc. Nts., 11/1/97 1,200,000 978,000 -------------------------------------------------------------------------------------------------------------- Wainoco Oil Corp., 12% Sr. Nts., 8/1/02 100,000 104,000 ------------ 5,589,393 - ------------------------------------------------------------------------------------------------------------------------ FINANCIAL SERVICES - 1.5% - ------------------------------------------------------------------------------------------------------------------------ BANKS & THRIFTS - 0.2% -------------------------------------------------------------------------------------------------------------- Banco Ganadero SA, Zero Coupon Sr. Unsub. Unsec. Nts., 6/16/96 (4) 250,000 227,902 - ------------------------------------------------------------------------------------------------------------------------ DIVERSIFIED FINANCIAL - 0.8% -------------------------------------------------------------------------------------------------------------- ECM Fund, L.P.I., 14% Sub. Nts., 6/10/02 (9) 285,098 313,608 -------------------------------------------------------------------------------------------------------------- GPA Delaware, Inc., 8.75% Gtd. Nts., 12/15/98 300,000 253,500 -------------------------------------------------------------------------------------------------------------- Olympic Financial Ltd., 13% Sr. Nts., 5/1/00 350,000 360,500 ------------ 927,608 - ------------------------------------------------------------------------------------------------------------------------ INSURANCE - 0.5% -------------------------------------------------------------------------------------------------------------- Terra Nova Holdings, 10.75% Sr. Nts., 7/1/05 600,000 609,000 - ------------------------------------------------------------------------------------------------------------------------ HOUSING RELATED - 2.7% - ------------------------------------------------------------------------------------------------------------------------ BUILDING MATERIALS - 1.5% -------------------------------------------------------------------------------------------------------------- Diamond Cable Communications PLC, 0%/13.25% Sr. Disc. Nts., 9/30/04K (6) 400,000 265,000 -------------------------------------------------------------------------------------------------------------- Pacific Lumber Co., 10.50% Sr. Nts., 3/1/03 500,000 473,750 -------------------------------------------------------------------------------------------------------------- Southdown, Inc., 14% Sr. Sub. Nts., Series B, 10/15/01 640,000 715,200 -------------------------------------------------------------------------------------------------------------- Walter Industries, Inc., 17% Sub. Nts., 1/1/96 (10) 400,000 254,000 ------------ 1,707,950 - ------------------------------------------------------------------------------------------------------------------------ HOMEBUILDERS/REAL ESTATE - 1.2% -------------------------------------------------------------------------------------------------------------- Olympia & York First Canadian Place Ltd., 11% Debs., Series 3, 11/4/49 (11) CAD 1,000,000 447,639 -------------------------------------------------------------------------------------------------------------- Saul (B.F.) Real Estate Investment Trust, 11.625% Sr. Nts., 4/1/02 650,000 617,500 -------------------------------------------------------------------------------------------------------------- Tribasa Toll Road Trust, 10.50% Nts., Series 1993-A, 12/1/11 (4) 500,000 322,500 ------------ 1,387,639 - ------------------------------------------------------------------------------------------------------------------------ MANUFACTURING - 4.4% - ------------------------------------------------------------------------------------------------------------------------ AEROSPACE/ELECTRONICS/COMPUTERS - 1.7% -------------------------------------------------------------------------------------------------------------- Berg Electronics Holdings Corp., 11.375% Sr. Sub. Debs., 5/1/03 500,000 520,000 -------------------------------------------------------------------------------------------------------------- Dell Computer Corp., 11% Sr. Nts., 8/15/00 500,000 552,500 -------------------------------------------------------------------------------------------------------------- Rohr, Inc., 11.625% Sr. Nts., 5/15/03 800,000 844,000 ------------ 1,916,500 - ------------------------------------------------------------------------------------------------------------------------ AUTOMOTIVE - 1.8% -------------------------------------------------------------------------------------------------------------- Aftermarket Technology Corp., 12% Sr. Sub. Nts., 8/1/04 500,000 535,000 -------------------------------------------------------------------------------------------------------------- Aftermarket Technology Corp., 12% Sr. Sub. Nts., 8/1/04 (4) 300,000 320,250 -------------------------------------------------------------------------------------------------------------- Foamex LP/Foamex Capital Corp., 11.25% Sr. Nts., 10/1/02 250,000 247,500 -------------------------------------------------------------------------------------------------------------- Foamex LP/Foamex Capital Corp., 9.50% Sr. Sec. Nts., 6/1/00 240,000 234,600 -------------------------------------------------------------------------------------------------------------- Foamex LP/JPS Automotive Corp., 0%/14% Sr. Disc. Nts., Series B, 7/1/04 (6) 500,000 277,500 -------------------------------------------------------------------------------------------------------------- Penda Corp., 10.75% Sr. Nts., Series B, 3/1/04 425,000 388,875 ------------ 2,003,725 - ------------------------------------------------------------------------------------------------------------------------ CAPITAL GOODS - 0.9% -------------------------------------------------------------------------------------------------------------- Farley, Inc., Zero Coupon Sub. Debs., 12/30/12 198,000 16,830 -------------------------------------------------------------------------------------------------------------- Terex Corp., Units (each Unit consists of $1,000 principal amount of 13.75% Sr. Sec. Nts., 5/15/02 and four Common Stock Appreciation Rights) (4)(8) 1,100,000 979,000 ------------ 995,830 - ------------------------------------------------------------------------------------------------------------------------ MEDIA - 16.6% - ---------------------------- BROADCASTING - 2.8% -------------------------------------------------------------------------------------------------------------- Act III Broadcasting, Inc., 9.625% Sr. Sub. Nts., 12/15/03 430,000 435,912 -------------------------------------------------------------------------------------------------------------- Chancellor Broadcasting Co., 12.50% Sr. Sub. Nts., 10/1/04 250,000 251,250 -------------------------------------------------------------------------------------------------------------- New City Communications, Inc., 11.375% Sr. Sub. Nts., 11/1/03 350,000 336,000 -------------------------------------------------------------------------------------------------------------- Outlet Broadcasting, Inc., 10.875% Sr. Sub. Nts., 7/15/03 1,000,000 1,030,000 -------------------------------------------------------------------------------------------------------------- Sinclair Broadcasting Group, Inc., 10% Sr. Sub. Nts., 12/15/03 345,000 348,450 -------------------------------------------------------------------------------------------------------------- Univision Television Group, Inc., 11.75% Sr. Sub. Nts., 1/15/01 700,000 759,500 3,161,112 - ------------------------------------------------------------------------------------------------------------------------ CABLE TELEVISION - 8.2% -------------------------------------------------------------------------------------------------------------- American Telecasting, Inc., 0%/12.50% Sr. Disc. Nts., 6/15/04 (6) 1,500,000 881,250 -------------------------------------------------------------------------------------------------------------- Australis Media Ltd., Units (each Unit consists of US $1,000 principal amount of 0%/14% Sr. Sub. Disc. Nts., 5/15/03 and one Warrant to purchase 57.721 Ordinary Shares) (6)(8) 500,000 262,500 -------------------------------------------------------------------------------------------------------------- Bell Cablemedia PLC, 0%/11.95% Sr. Disc. Nts., 7/15/04 (6) 2,500,000 1,675,000 -------------------------------------------------------------------------------------------------------------- Cablevision Industries Corp., 9.25% Sr. Debs., Series B, 4/1/08 600,000 624,750 -------------------------------------------------------------------------------------------------------------- Cablevision Systems Corp., 10.75% Sr. Sub. Debs., 4/1/04 500,000 524,375 -------------------------------------------------------------------------------------------------------------- Cablevision Systems Corp., 9.875% Sr. Sub. Debs., 4/1/23 200,000 209,000 -------------------------------------------------------------------------------------------------------------- Continental Cablevision, Inc., 9.50% Sr. Debs., 8/1/13 750,000 776,250 -------------------------------------------------------------------------------------------------------------- Helicon Group LP/Helicon Capital Corp., 9% Sr. Sec. Nts., Series B, 11/1/03 (3) 750,000 691,875 -------------------------------------------------------------------------------------------------------------- International CableTel, Inc., 0%/10.875% Sr. Def. Cpn. Nts., 10/15/03 (6) 100,000 66,500 -------------------------------------------------------------------------------------------------------------- International CableTel, Inc., 0%/12.75% Sr. Def. Cpn. Nts., 4/15/05 (4)(6) 1,000,000 595,000 -------------------------------------------------------------------------------------------------------------- Marcus Cable Operating Co. LP/Marcus Capital Corp., 0%/13.50% Gtd. Sr. Sub. Disc. Nts., Series II, 8/1/04 (6) 1,200,000 759,000 -------------------------------------------------------------------------------------------------------------- People's Choice TV Corp., Units (each Unit consists of $1,000 principal amount of 0%/13.125% Sr. Disc. Nts., 6/1/04 and one Warrant to purchase 1.427 shares of Common Stock) (6)(8) 1,400,000 665,000 -------------------------------------------------------------------------------------------------------------- Summitt Communications Group, Inc., 10.50% Sr. Sub. Debs., 4/15/05 850,000 935,000 -------------------------------------------------------------------------------------------------------------- Time Warner Entertainment LP/Time Warner, Inc., 8.375% Sr. Debs., 3/15/23 350,000 351,582 -------------------------------------------------------------------------------------------------------------- TKR Cable I, Inc., 10.50% Sr. Debs., 10/30/07 300,000 346,942 ------------ 9,364,024 - ------------------------------------------------------------------------------------------------------------------------ DIVERSIFIED MEDIA - 4.3% -------------------------------------------------------------------------------------------------------------- Ackerley Communications, Inc., 10.75% Sr. Sec. Nts., Series A, 10/1/03 750,000 791,250 -------------------------------------------------------------------------------------------------------------- Echostar Communications Corp., 0%/12.875% Sr. Disc. Nts., 6/1/04 (6) 950,000 463,125 -------------------------------------------------------------------------------------------------------------- GSPI Corp., 10.15% First Mtg. Bonds, 6/24/10 (4) 483,654 569,261 -------------------------------------------------------------------------------------------------------------- Lamar Advertising Co., 11% Sr. Sec. Nts.,5/15/03 500,000 501,250 -------------------------------------------------------------------------------------------------------------- Outdoor Systems, Inc., 10.75% Sr. Nts., 8/15/03 300,000 289,500 -------------------------------------------------------------------------------------------------------------- Panamsat LP/Panamsat Capital Corp., 0%/11.375% Sr. Sub. Disc. Nts.,8/1/03 (6) 2,000,000 1,422,500 -------------------------------------------------------------------------------------------------------------- Panamsat LP/Panamsat Capital Corp., 9.75% Sr. Sec. Nts., 8/1/00 750,000 772,500 ------------ 4,809,386 - ------------------------------------------------------------------------------------------------------------------------ ENTERTAINMENT/FILM - 1.3% -------------------------------------------------------------------------------------------------------------- Imax Corp., 7% Sr. Nts., 3/1/01 (5) 1,600,000 1,464,000 - ------------------------------------------------------------------------------------------------------------------------ OTHER - 1.6% - ------------------------------------------------------------------------------------------------------------------------ CONGLOMERATES - 1.1% -------------------------------------------------------------------------------------------------------------- MacAndrews & Forbes Group, Inc., 12.25% Sub. Nts., 7/1/96 750,000 755,625 -------------------------------------------------------------------------------------------------------------- Talley Manufacturing & Technology, Inc., 10.75% Sr. Nts., 10/15/03 500,000 492,500 ------------ 1,248,125 - ------------------------------------------------------------------------------------------------------------------------ ENVIRONMENTAL - 0.2% -------------------------------------------------------------------------------------------------------------- EnviroSource, Inc., 9.75% Sr. Nts., 6/15/03 250,000 223,125 - ------------------------------------------------------------------------------------------------------------------------ SERVICES - 0.3% -------------------------------------------------------------------------------------------------------------- Protection One Alarm Monitoring, Inc., Units (each Unit consists of ten $1,000 principal amount 0%/13.625% Sr. Sub. Disc. Nts., 6/30/05 and thirty-two Warrants, each Warrant entitles holder to purchase one share of Protection One, Inc. Common Stock) (4)(6)(8) 500,000 337,000 - ------------------------------------------------------------------------------------------------------------------------ RETAIL - 4.4% - ------------------------------------------------------------------------------------------------------------------------ DRUG STORES - 0.5% -------------------------------------------------------------------------------------------------------------- Duane Reade, 12% Sr. Nts., Series B, 9/15/02 750,000 603,750 - ------------------------------------------------------------------------------------------------------------------------ SPECIALTY RETAILING - 1.8% -------------------------------------------------------------------------------------------------------------- Eye Care Centers of America, Inc., 12% Sr. Nts., 10/1/03 1,000,000 820,000 -------------------------------------------------------------------------------------------------------------- Finlay Fine Jewelry Corp., 10.625% Sr. Nts., 5/1/03 400,000 386,000 -------------------------------------------------------------------------------------------------------------- United Stationers Supply Co., 12.75% Sr. Sub. Nts., 5/1/05 (4) 850,000 860,625 ------------ 2,066,625 - ------------------------------------------------------------------------------------------------------------------------ SUPERMARKETS - 2.1% -------------------------------------------------------------------------------------------------------------- Grand Union Co., 12% Sr. Nts., 9/1/04 (12) 581,000 566,475 -------------------------------------------------------------------------------------------------------------- Kash 'N Karry Food Stores, Inc., 11.50% Sr. Nts., 2/1/03 (7) 500,000 485,771 -------------------------------------------------------------------------------------------------------------- Purity Supreme, Inc., 11.75% Sr. Sec. Nts., Series B, 8/1/99 1,250,000 1,346,875 -------------- 2,399,121 - ------------------------------------------------------------------------------------------------------------------------ TRANSPORTATION - 2.3% - ------------------------------------------------------------------------------------------------------------------------ RAILROADS - 1.2% -------------------------------------------------------------------------------------------------------------- Transtar Holdings LP/Transtar Capital Corp., 0%/13.375% Sr. Disc. Nts., Series B, 12/15/03 (6) 2,200,000 1,331,000 - ------------------------------------------------------------------------------------------------------------------------ SHIPPING - 1.1% -------------------------------------------------------------------------------------------------------------- Trans Ocean Container Corp., 12.25% Sr. Sub. Nts., 7/1/04 1,200,000 1,218,000 - ------------------------------------------------------------------------------------------------------------------------ UTILITIES - 12.6% - ------------------------------------------------------------------------------------------------------------------------ ELECTRIC UTILITIES - 4.9% -------------------------------------------------------------------------------------------------------------- Beaver Valley II Funding Corp., 9% Second Lease Obligation Bonds, 6/1/17 1,500,000 1,253,121 -------------------------------------------------------------------------------------------------------------- California Energy Co., 0%/10.25% Sr. Disc. Nts., 1/15/04 (6) 1,650,000 1,435,502 -------------------------------------------------------------------------------------------------------------- El Paso Electric Co., 10.375% Lease Obligation Bonds, Series 1986A, 1/2/11 (10) 500,000 265,403 -------------------------------------------------------------------------------------------------------------- El Paso Electric Co., 10.75% Lease Obligation Bonds, 4/1/13 (10) 750,000 398,095 -------------------------------------------------------------------------------------------------------------- First PV Funding Corp., 10.15% Lease Obligation Bonds, Series 1986B, 1/15/16 500,000 516,222 -------------------------------------------------------------------------------------------------------------- First PV Funding Corp., 10.30% Lease Obligation Bonds, Series 1986A, 1/15/14 1,000,000 1,068,155 -------------------------------------------------------------------------------------------------------------- Subic Power Corp., 9.50% Sr. Sec. Nts., Series A, 12/28/08 698,250 651,118 ------------ 5,587,616 - ------------------------------------------------------------------------------------------------------------------------ TELECOMMUNICATIONS - 7.7% -------------------------------------------------------------------------------------------------------------- Celcaribe SA, 0%/13.50% Sr. Sec. Nts., 3/15/04 (4)(6) 1,250,000 877,796 -------------------------------------------------------------------------------------------------------------- Cellular, Inc., 0%/11.75% Sr. Sub. Disc. Nts., 9/1/03 (6) 2,000,000 1,460,000 -------------------------------------------------------------------------------------------------------------- Comcast Cellular Corp., Zero Coupon Nts., Series B, 3/5/00 500,000 354,375 -------------------------------------------------------------------------------------------------------------- Geotek Communications, Inc., Units (each Unit consists of $1,000 principal amount 0%/15% Sr. Sec. Disc. Nts. and thirty Warrants to purchase Common Stock) (4)(6)(8) 1,750,000 846,020 -------------------------------------------------------------------------------------------------------------- Horizon Cellular Telephone LP/Horizon Finance Corp., 0%/11.375% Sr. Sub. Disc. Nts., 10/1/00 (6) 1,500,000 1,177,500 -------------------------------------------------------------------------------------------------------------- In Flight Phone Corp., Units (each Unit consists of $1,000 principal amount of 0%/14% Sr. Disc. Nts., Series A, 5/15/02 and one Warrant to purchase one share of Common Stock) (4)(6)(8) 1,000,000 590,000 -------------------------------------------------------------------------------------------------------------- MFS Communications, Inc., 0%/9.375% Sr. Disc. Nts., 1/15/04 (6) 1,750,000 1,220,625 -------------------------------------------------------------------------------------------------------------- PriCellular Wireless Corp., 0%/14% Sr. Sub. Disc. Nts., 11/15/01 (6) 1,350,000 1,086,750 -------------------------------------------------------------------------------------------------------------- USA Mobile Communications, Inc. II, 14% Sr. Nts., 11/1/04 1,000,000 1,080,000 -------------- 8,693,066 Total Corporate Bonds and Notes (Cost $82,191,185) 83,694,289 Shares - ------------------------------------------------------------------------------------------------------------------------ COMMON STOCKS - 1.4% - ------------------------------------------------------------------------------------------------------------------------ BASIC INDUSTRY - 0.2% - ------------------------------------------------------------------------------------------------------------------------ CONTAINERS - 0.2% -------------------------------------------------------------------------------------------------------------- Equitable Bag, Inc. (13) 3,723 9,308 Gillett Holdings, Inc., Cl. 1 (9)(13) 10,355 207,100 ------------ 216,408 - ------------------------------------------------------------------------------------------------------------------------ METALS/MINING - 0.0% -------------------------------------------------------------------------------------------------------------- Triangle Wire & Cable, Inc. (9)(13) 21,111 42,222 - ------------------------------------------------------------------------------------------------------------------------ CONSUMER RELATED - 0.4% - ------------------------------------------------------------------------------------------------------------------------ FOOD/BEVERAGES/TOBACCO - 0.2% -------------------------------------------------------------------------------------------------------------- Kash 'N Karry Food Stores, Inc. (13) 7,528 254,070 - ------------------------------------------------------------------------------------------------------------------------ HEALTHCARE - 0.2% -------------------------------------------------------------------------------------------------------------- Berg Electronics Holdings Corp. (4)(13) 46,220 231,100 - ------------------------------------------------------------------------------------------------------------------------ FINANCIAL SERVICES - 0.1% - ------------------------------------------------------------------------------------------------------------------------ DIVERSIFIED FINANCIAL - 0.1% -------------------------------------------------------------------------------------------------------------- ECM Fund, L.P.I. (9) 150 150,000 - ------------------------------------------------------------------------------------------------------------------------ HOUSING RELATED - 0.1% - ------------------------------------------------------------------------------------------------------------------------ BUILDING MATERIALS - 0.1% -------------------------------------------------------------------------------------------------------------- Gulfstream Holding, Inc. (13) 56 -- -------------------------------------------------------------------------------------------------------------- Gulfstream Housing Corp. (13) 27,850 -- -------------------------------------------------------------------------------------------------------------- Walter Industries, Inc. (13) 4,837 66,509 ----------- 66,509 - ------------------------------------------------------------------------------------------------------------------------ MEDIA - 0.1% - ------------------------------------------------------------------------------------------------------------------------ BROADCASTING - 0.1% -------------------------------------------------------------------------------------------------------------- New World Communications Group, Inc., Cl. A (13) 2,964 61,874 - ------------------------------------------------------------------------------------------------------------------------ RETAIL - 0.3% - ------------------------------------------------------------------------------------------------------------------------ SPECIALTY RETAILING - 0.0% -------------------------------------------------------------------------------------------------------------- Finlay Enterprises, Inc. (13) 1,333 18,829 -------------------------------------------------------------------------------------------------------------- Jewel Recovery LP (13) 2,360 -- -------------------------------------------------------------------------------------------------------------- Zale Corp. (13) 2,360 31,860 ----------- 50,689 - ------------------------------------------------------------------------------------------------------------------------ SUPERMARKETS - 0.3% -------------------------------------------------------------------------------------------------------------- Grand Union Co. (13) 26,511 377,782 - ------------------------------------------------------------------------------------------------------------------------ UTILITIES - 0.2% - ------------------------------------------------------------------------------------------------------------------------ TELECOMMUNICATIONS - 0.2% -------------------------------------------------------------------------------------------------------------- Celcaribe SA (4)(13) 203,250 178,454 ------------ Total Common Stocks (Cost $1,403,729) 1,629,108 - ------------------------------------------------------------------------------------------------------------------------ PREFERRED STOCKS - 5.4% - ------------------------------------------------------------------------------------------------------------------------ Atlantic Richfield Co., 9% Exchangeable Notes for Common Stock of Lyondell Petrochemical Co., 9/15/97 7,000 182,000 -------------------------------------------------------------------------------------------------------------- BankAmerica Corp., 8.375%, Series K 13,000 331,500 -------------------------------------------------------------------------------------------------------------- Berg Electronics Holdings Corp., $3.3438, Series E (7) 13,142 354,834 -------------------------------------------------------------------------------------------------------------- California Federal Bank, 10.625% Non-Cum., Series B 7,000 749,000 -------------------------------------------------------------------------------------------------------------- First Nationwide Bank, 11.50% Non-Cum. 8,500 918,000 -------------------------------------------------------------------------------------------------------------- Glendale Federal Bank, F.S.B., 8.75% Non-Cum. Cv., Series E 16,500 561,000 -------------------------------------------------------------------------------------------------------------- J. Ray McDermott SA, $2.25 Cv., Series B 5,000 255,000 -------------------------------------------------------------------------------------------------------------- K-III Communications Corp., $11.625 Exchangeable, Series B (7) 7,093 688,044 -------------------------------------------------------------------------------------------------------------- Kaiser Aluminum Corp., $.65 Cv., Series A 16,000 154,000 -------------------------------------------------------------------------------------------------------------- Kaiser Aluminum Corp., 8.255% Provisionally Redeemable Income Debt Exchangeable for Stock 20,000 270,000 -------------------------------------------------------------------------------------------------------------- Navistar International Corp., $6.00 Cv., Series G 2,500 130,000 -------------------------------------------------------------------------------------------------------------- Pantry Pride, Inc., $14.875 Exchangeable, Series B 2,000 206,500 -------------------------------------------------------------------------------------------------------------- Prime Retail, Inc., $19.00 Cv., Series B 17,000 316,625 -------------------------------------------------------------------------------------------------------------- SDW Holdings Corp. Units (each Unit consists of ten shares of Sr. Exchangeable Preferred Stock and one Cl. B Warrant to purchase one share of Common Stock) (4)(8) 3,750 1,014,075 -------------- Total Preferred Stocks (Cost $5,694,727) 6,130,578 Units - ------------------------------------------------------------------------------------------------------------------------ RIGHTS, WARRANTS AND CERTIFICATES - 0.7% - ------------------------------------------------------------------------------------------------------------------------ American Telecasting, Inc. Wts., Exp. 6/99 6,500 16,250 -------------------------------------------------------------------------------------------------------------- Ames Department Stores, Inc., Excess Cash Flow Payment Certificates, Series AG-7A 12,400 124 -------------------------------------------------------------------------------------------------------------- Ames Department Stores, Inc., Litigation Trust 39,658 396 -------------------------------------------------------------------------------------------------------------- Capital Gaming International, Inc. Wts., Exp. 2/99 21,112 2,639 -------------------------------------------------------------------------------------------------------------- Digicon, Inc. Wts., Exp. 7/96 1,566 881 -------------------------------------------------------------------------------------------------------------- Echostar Communications Corp. Wts., Exp. 6/04 5,700 64,125 -------------------------------------------------------------------------------------------------------------- Eye Care Centers of America, Inc. Wts., Exp. 10/03 1,000 5,000 -------------------------------------------------------------------------------------------------------------- Foamex LP/JPS Automotive Corp. Wts., Exp. 7/99 500 5,000 -------------------------------------------------------------------------------------------------------------- Protection One, Inc. Wts., Exp. 11/03 28,000 168,000 -------------------------------------------------------------------------------------------------------------- UGI Corp. Wts., Exp. 3/98 6,000 300 -------------------------------------------------------------------------------------------------------------- Casino America, Inc. Wts., Exp. 11/96 1,631 1,632 -------------------------------------------------------------------------------------------------------------- Gaylord Container Corp. Wts., Exp. 7/96 46,950 487,106 -------------------------------------------------------------------------------------------------------------- Icon Health & Fitness, Inc. Wts., Exp. 11/99 (4) 400 10,000 -------------------------------------------------------------------------------------------------------------- Purity Supreme, Inc. Wts., Exp. 8/97 (9) 2,599 52 -------------------------------------------------------------------------------------------------------------- Southland Corp. Wts., Exp. 3/96 400 750 -------------------------------------------------------------------------------------------------------------- Terex Corp. Rts., Exp. 7/96 (4) 744 93 -------------------------------------------------------------------------------------------------------------- Trizec Corp. Wts., Exp. 7/99 3,970 6,068 ---------- Total Rights, Warrants and Certificates (Cost $311,460) 768,416 Date/Price - ------------------------------------------------------------------------------------------------------------------------ PUT OPTIONS PURCHASED - 0.1% - ------------------------------------------------------------------------------------------------------------------------ OTC European Standard & Poors 500 Index Put Opt. Aug. 25/545.25 3,000 39,900 -------------------------------------------------------------------------------------------------------------- OTC Russell 2000 Index Put Opt. Aug. 25/283.50 1,000 22,200 ------------ Total Put Options Purchased (Cost $68,300) 62,100 Principal Amount (1) - ------------------------------------------------------------------------------------------------------------------------ STRUCTURED INSTRUMENTS - 0.7% - ------------------------------------------------------------------------------------------------------------------------ Goldman, Sachs & Co., Argentina Local Market Securities Trust, 11.30%, 4/1/00 (representing debt of Argentina (Republic of) Bonos del Tesoro Bonds, Series 10, 6.319%, 4/1/00 and an interest rate swap between Goldman Sachs and the Trust) (Cost $869,565) (2)(9) $ 869,565 791,304 -------------------------------------------------------------------------------------------------------------- TOTAL INVESTMENTS, AT VALUE (Cost $109,316,490) 99.4% 112,442,478 -------------------------------------------------------------------------------------------------------------- OTHER ASSETS NET OF LIABILITIES 0.6 686,254 ------------------- ------------ NET ASSETS 100.0% $113,128,732 ------------------- ------------ ------------------- ------------
1. Face amount is reported in local currency. Foreign currency abbreviations are as follows: CAD - Canadian Dollar IDR - Indonesian Rupiah CLP - Chilean Peso NOK - Norwegian Krone DEM - German Deutsche Mark NZD - New Zealand Dollar GBP - British Pound Sterling 2. Indexed instrument for which the principal amount and/or interest due at maturity is affected by the relative value of a foreign currency. 3. Represents the current interest rate for a variable rate security. 4. Represents a security sold under Rule 144A, which is exempt from registration under the Securities Act of 1933, as amended. This security has been determined to be liquid under guidelines established by the Board of Trustees. These securities amount to $10,257,514 or 9.1% of the Fund's net assets, at June 30, 1995. 5. Represents the current interest rate for an increasing rate security. 6. Represents a zero coupon bond that converts to a fixed rate of interest at a designated future date. 7. Interest or dividend is paid in kind. 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. In most cases, units involve a high degree of risk. 9. Identifies issues considered to be illiquid - See Note 7 of Notes to Financial Statements. 10. Non-income producing--issuer is in default of interest payment. 11. Partial interest payment received. 12. When-issued security to be delivered and settled after June 30, 1995. 13. Non-income producing security. 14. A sufficient amount of securities has been designated to cover outstanding forward foreign currency exchange contracts. See Note 5 of Notes to Financial Statements. See accompanying Notes to Financial Statements. OPPENHEIMER VARIABLE ACCOUNT FUNDS - OPPENHEIMER BOND FUND STATEMENT OF INVESTMENTS June 30, 1995 (Unaudited)
Principal Market Value Amount (1) (Note 1) - ------------------------------------------------------------------------------------------------------------------- CERTIFICATES OF DEPOSIT - 2.3% --------------------------------------------------------------------------------------------------------- Citibank, 11.10% CD, 11/15/95 (2) CLP 649,629,998 $ 1,736,282 --------------------------------------------------------------------------------------------------------- Citibank, 15% CD, 8/28/95 (2) CLP 521,812,572 1,394,661 --------------------------------------------------------------------------------------------------------- Indonesia (Republic of) CD, Bank Negara, Zero Coupon, 6/17/96 (2) IDR 2,000,000,000 766,726 -------------- Total Certificates of Deposit (Cost $3,650,412) 3,897,669 - ------------------------------------------------------------------------------------------------------------------- MORTGAGE-BACKED OBLIGATIONS - 14.3% - ------------------------------------------------------------------------------------------------------------------- GOVERNMENT AGENCY - 8.6% - ------------------------------------------------------------------------------------------------------------------- FHLMC/FNMA/SPONSORED - 3.9% --------------------------------------------------------------------------------------------------------- Federal National Mortgage Assn., Collateralized Mtg. Obligations, Gtd. Real Estate Mtg. Investment Conduit Pass-Through Certificates, 8.75%, 11/25/05 3,000,000 3,210,300 --------------------------------------------------------------------------------------------------------- Federal National Mortgage Assn., Gtd. Real Estate Mtg. Investment Conduit Pass-Through Certificates, 10.40%, 4/25/19 2,000,000 2,152,920 --------------------------------------------------------------------------------------------------------- Federal National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security, Trust 240, Cl. 2, 7%, 9/25/23 (3) 1,656,012 523,714 --------------------------------------------------------------------------------------------------------- Federal National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security, Trust 257, Cl. 2, 7%, 2/25/24 (3) 2,734,304 871,132 -------------- 6,758,066 - ------------------------------------------------------------------------------------------------------------------- GNMA/GUARANTEED - 4.7% --------------------------------------------------------------------------------------------------------- Government National Mortgage Assn., 6%, 10/20/24 3,032,964 3,041,495 --------------------------------------------------------------------------------------------------------- Government National Mortgage Assn., 6.50%, 8/15/25 (4) 5,000,000 5,065,625 -------------- 8,107,120 - ------------------------------------------------------------------------------------------------------------------- PRIVATE - 5.7% - ------------------------------------------------------------------------------------------------------------------- COMMERCIAL - 3.0% --------------------------------------------------------------------------------------------------------- FDIC Trust, Gtd. Real Estate Mtg. Investment Conduit Pass-Through Certificates, Series 1994-C1, Cl. 2-D, 8.70%, 9/25/25 1,500,000 1,567,500 --------------------------------------------------------------------------------------------------------- FDIC Trust, Gtd. Real Estate Mtg. Investment Conduit Pass-Through Certificates, Series 1994-C1, Cl. 2-E, 8.70%, 9/25/25 1,500,000 1,529,063 --------------------------------------------------------------------------------------------------------- Resolution Trust Corp., Commercial Mtg. Pass-Through Certificates, Series 1992-CHF, Cl. C, 8.25%, 12/25/20 1,076,763 1,105,440 --------------------------------------------------------------------------------------------------------- Resolution Trust Corp., Commercial Mtg. Pass-Through Certificates, Series 1994-C1, Cl. A, 7.25%, 6/25/26 879,922 879,922 -------------- 5,081,925 - ------------------------------------------------------------------------------------------------------------------- MULTI-FAMILY - 2.7% --------------------------------------------------------------------------------------------------------- Countrywide Funding Corp., Series 1993-12, Cl. B1, 6.625%, 2/25/24 1,000,000 870,313 --------------------------------------------------------------------------------------------------------- Resolution Trust Corp., Commercial Mtg. Pass-Through Certificates, Series 1991-M5, Cl. A, 9%, 3/25/17 2,631,513 2,754,043 --------------------------------------------------------------------------------------------------------- Resolution Trust Corp., Commercial Mtg. Pass-Through Certificates, Series 1995-C1, Cl. D, 6.90%, 2/25/27 1,000,000 924,688 -------------- 4,549,044 -------------- Total Mortgage-Backed Obligations (Cost $23,835,633) 24,496,155 - ------------------------------------------------------------------------------------------------------------------- U.S. GOVERNMENT OBLIGATIONS - 38.8% - ------------------------------------------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------------------------------------- TREASURY - 38.8% - ------------------------------------------------------------------------------------------------------------------- U.S. Treasury Bonds: 7.125%, 2/15/23 3,000,000 3,167,811 7.25%, 8/15/22 6,000,000 6,410,621 8%, 11/15/21 5,000,000 5,779,684 --------------------------------------------------------------------------------------------------------- U.S. Treasury Nts.: 6%, 12/31/97 3,000,000 3,012,186 6.25%, 5/31/00 10,000,000 10,106,250 6.375%, 6/30/97 1,000,000 1,011,875 6.50%, 5/15/05 5,000,000 5,100,781 6.875%, 3/31/00 5,000,000 5,176,559 7.25%, 5/15/04-8/15/04 7,000,000 7,476,250 7.375%, 11/15/97 2,000,000 2,066,250 7.50%, 2/15/05 5,000,000 5,448,434 7.75%, 12/31/99-1/31/00 6,000,000 6,411,874 7.875%, 6/30/96-11/15/04 3,000,000 3,247,499 9.25%, 8/15/98 2,000,000 2,186,250 -------------- Total U.S. Government Obligations (Cost $63,391,400) 66,602,324 - ------------------------------------------------------------------------------------------------------------------- FOREIGN GOVERNMENT OBLIGATIONS - 15.1% - ------------------------------------------------------------------------------------------------------------------- Bonos de la Tesoreria de la Federacion, Zero Coupon, 10/11/95 1,000,000 964,687 --------------------------------------------------------------------------------------------------------- Bonos de la Tesoreria de la Federacion, Zero Coupon, 7/27/95 2,084,000 2,065,070 --------------------------------------------------------------------------------------------------------- Bonos de la Tesoreria de la Federacion, Zero Coupon, 8/3/95 250,000 247,022 --------------------------------------------------------------------------------------------------------- Canada (Government of) Bonds, 9%, 12/1/04 CAD 3,820,000 2,976,893 --------------------------------------------------------------------------------------------------------- Corporacion Andina de Fomento Sr. Unsec. Debs., 6.625%, 10/14/98 (5) 1,000,000 962,500 --------------------------------------------------------------------------------------------------------- Corporacion Andina de Fomento Sr. Unsec. Debs., 7.25%, 4/30/98 (5) 1,000,000 983,750 --------------------------------------------------------------------------------------------------------- Czechoslovakia National Bank Bonds, 7%, 4/6/96 (5) 1,500,000 1,507,500 --------------------------------------------------------------------------------------------------------- Financiera Energetica Nacional Nts., 6.625%, 12/13/96 2,350,000 2,329,438 --------------------------------------------------------------------------------------------------------- Financiera Energetica Nacional SA Medium-Term Nts., 9%, 11/8/99 400,000 408,000 --------------------------------------------------------------------------------------------------------- Germany (Republic of) Debs., Bundesrepublic Deutscheland, Series 94, 6.25%, 1/4/24 DEM 3,830,000 2,343,731 --------------------------------------------------------------------------------------------------------- Germany (Republic of) Debs., Bundesrepublic Deutscheland, Series 95, 7.375%, 1/3/05 DEM 2,700,000 1,995,561 --------------------------------------------------------------------------------------------------------- International Bank for Reconstruction and Development Bonds, 12.50%, 7/25/97 NZD 1,000,000 724,214 --------------------------------------------------------------------------------------------------------- New Zealand (Republic of) Bonds, 10%, 7/15/97 NZD 1,250,000 864,271 --------------------------------------------------------------------------------------------------------- New Zealand (Republic of) Bonds, 8%, 11/15/95 NZD 1,500,000 998,584 --------------------------------------------------------------------------------------------------------- New Zealand (Republic of) Bonds, 9%, 11/15/96 NZD 2,250,000 1,514,321 --------------------------------------------------------------------------------------------------------- Norwegian Government Bonds, 7%, 5/31/01 NOK 4,950,000 784,774 --------------------------------------------------------------------------------------------------------- Poland (Republic of) Past Due Interest Bonds, 3.25%, 10/27/14 (6) 1,900,000 1,142,375 --------------------------------------------------------------------------------------------------------- South Australia Government Finance Authority Bonds, 10%, 1/15/03 AUD 1,000,000 734,852 --------------------------------------------------------------------------------------------------------- United Kingdom Treasury Nts., 10%, 2/26/01 GBP 700,000 1,195,064 --------------------------------------------------------------------------------------------------------- United Kingdom Treasury Nts., 12%, 11/20/98 GBP 550,000 975,073 --------------------------------------------------------------------------------------------------------- Western Australia Treasury Corp. Gtd. Bonds, Series 98, 12.50%, 4/1/98 AUD 200,000 156,403 -------------- Total Foreign Government Obligations (Cost $25,644,938) 25,874,083 - ------------------------------------------------------------------------------------------------------------------- MUNICIPAL BONDS AND NOTES - 2.0% - ------------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------- Connecticut State Taxable General Obligation Bonds, 6.625%, 12/15/97 650,000 658,256 --------------------------------------------------------------------------------------------------------- Dade County, Florida Educational Facilities Authority Exchangeable Revenue Bonds, University of Miami, Prerefunded, MBIA Insured, 7.65%, 4/1/10 175,000 200,033 --------------------------------------------------------------------------------------------------------- Dade County, Florida Educational Facilities Authority Revenue Bonds, University of Miami, MBIA Insured, 7.65%, 4/1/10 205,000 227,358 --------------------------------------------------------------------------------------------------------- Dade County, Florida Educational Facilities Authority Taxable Exchange Revenue Bonds, University of Miami, MBIA Insured, 9.70%, 4/1/10 120,000 134,460 --------------------------------------------------------------------------------------------------------- New York State Environmental Facilities Corp. State Service Contract Taxable Revenue Bonds, Series B, 7.30%, 3/15/97 200,000 201,368 --------------------------------------------------------------------------------------------------------- New York State Environmental Facilities Corp. State Service Contract Taxable Revenue Bonds, Series B, 8.15%, 3/15/02 800,000 824,342 --------------------------------------------------------------------------------------------------------- Pinole, California Redevelopment Agency Tax Allocation Taxable Bonds, Pinole Vista Redevelopment, Series B, 8.35%, 8/1/17 670,000 707,728 --------------------------------------------------------------------------------------------------------- Port of Portland, Oregon Special Obligation Taxable Revenue Bonds, PAMCO Project, 9.20%, 5/15/22 500,000 538,646 -------------- Total Municipal Bonds and Notes (Cost $3,304,111) 3,492,191 - ------------------------------------------------------------------------------------------------------------------- CORPORATE BONDS AND NOTES - 22.9% - ------------------------------------------------------------------------------------------------------------------- BASIC INDUSTRY - 3.3% - ------------------------------------------------------------------------------------------------------------------- CHEMICALS - 1.4% --------------------------------------------------------------------------------------------------------- Quantum Chemical Corp., 10.375% First Mtg. Nts., 6/1/03 2,100,000 2,384,231 - ------------------------------------------------------------------------------------------------------------------- PAPER - 1.9% --------------------------------------------------------------------------------------------------------- Boise Cascade Corp., 9.90% Nts., 3/15/00 750,000 840,523 --------------------------------------------------------------------------------------------------------- Noranda Forest, Inc., 11% Debs., 7/15/98 CAD 1,000,000 783,368 --------------------------------------------------------------------------------------------------------- Scotia Pacific Holding Co., 7.95% Timber Collateralized Nts., 7/20/15 1,570,075 1,571,629 -------------- 3,195,520 - ------------------------------------------------------------------------------------------------------------------- CONSUMER RELATED - 3.4% - ------------------------------------------------------------------------------------------------------------------- FOOD/BEVERAGES/TOBACCO - 1.0% --------------------------------------------------------------------------------------------------------- Dr. Pepper/Seven-Up Cos., Inc., 0%/11.50% Sr. Sub. Disc. Nts., 11/1/02 (7) 1,315,000 1,170,350 --------------------------------------------------------------------------------------------------------- Philip Morris Cos., Inc., 8.875% Nts., 7/1/96 500,000 512,440 -------------- 1,682,790 - ------------------------------------------------------------------------------------------------------------------- HEALTHCARE - 0.7% --------------------------------------------------------------------------------------------------------- R.P. Scherer International Corp., 6.75% Sr. Nts., 2/1/04 1,250,000 1,162,500 - ------------------------------------------------------------------------------------------------------------------- HOTEL/GAMING - 0.7% --------------------------------------------------------------------------------------------------------- Circus Circus Enterprises, Inc., 6.75% Nts., 7/15/03 1,225,000 1,181,467 - ------------------------------------------------------------------------------------------------------------------- TEXTILE/APPAREL - 0.6% --------------------------------------------------------------------------------------------------------- Fruit of the Loom, Inc., 7% Debs., 3/15/11 1,097,000 1,010,724 - ------------------------------------------------------------------------------------------------------------------- TOYS - 0.4% --------------------------------------------------------------------------------------------------------- Mattel, Inc., 6.875% Sr. Nts., 8/1/97 700,000 706,886 - ------------------------------------------------------------------------------------------------------------------- ENERGY - 4.3% --------------------------------------------------------------------------------------------------------- Atlantic Richfield Co., 10.375% Nts., 7/15/95 375,000 375,397 --------------------------------------------------------------------------------------------------------- BP America, Inc., 10.875% Nts., 8/1/01 CAD 650,000 530,479 --------------------------------------------------------------------------------------------------------- Coastal Corp., 11.75% Sr. Debs., 6/15/06 2,000,000 2,175,994 --------------------------------------------------------------------------------------------------------- Coastal Corp., 9.75% Sr. Debs., 8/1/03 200,000 229,784 --------------------------------------------------------------------------------------------------------- Enron Corp., 9.875% Debs., 6/15/03 375,000 442,299 --------------------------------------------------------------------------------------------------------- McDermott, Inc., 9.375% Nts., 3/15/02 400,000 444,527 --------------------------------------------------------------------------------------------------------- Mitchell Energy & Development Corp., 9.25% Sr. Nts., 1/15/02 1,000,000 1,116,297 --------------------------------------------------------------------------------------------------------- Sonat, Inc., 9.50% Nts., 8/15/99 250,000 275,563 --------------------------------------------------------------------------------------------------------- Southwest Gas Corp., 9.75% Debs., Series F, 6/15/02 500,000 573,069 --------------------------------------------------------------------------------------------------------- Tenneco, Inc., 10% Debs., 3/15/08 400,000 496,285 --------------------------------------------------------------------------------------------------------- Tenneco, Inc., 7.875% Nts., 10/1/02 650,000 688,966 -------------- 7,348,660 - ------------------------------------------------------------------------------------------------------------------- FINANCIAL SERVICES - 3.5% - ------------------------------------------------------------------------------------------------------------------- BANKS & THRIFTS - 2.4% --------------------------------------------------------------------------------------------------------- Banco Ganadero SA, Zero Coupon Sr. Unsub. Unsec. Nts., 6/16/96 (5) 500,000 455,805 --------------------------------------------------------------------------------------------------------- Chemical New York Corp., 9.75% Sub. Capital Nts., 6/15/99 200,000 221,872 --------------------------------------------------------------------------------------------------------- First Chicago Corp., 11.25% Sub. Nts., 2/20/01 750,000 903,358 --------------------------------------------------------------------------------------------------------- First Fidelity Bancorporation, 8.50% Sub. Capital Nts., 4/1/98 100,000 105,076 --------------------------------------------------------------------------------------------------------- NBD Bancorp, Inc., 7.25% Sub. Debs., 8/15/04 165,000 169,103 --------------------------------------------------------------------------------------------------------- SBC Finance (C.I.) Ltd., 5.50% Swiss Bank Corp. Gtd. Nts., 9/30/97 CHF 2,570,000 2,271,948 -------------- 4,127,162 - ------------------------------------------------------------------------------------------------------------------- DIVERSIFIED FINANCIAL - 1.1% --------------------------------------------------------------------------------------------------------- American Car Line Co., 8.25% Equipment Trust Certificates, Series 1993-A, 4/15/08 627,000 655,215 --------------------------------------------------------------------------------------------------------- Heller Financial, Inc., 7.75% Nts., 5/15/97 475,000 487,260 --------------------------------------------------------------------------------------------------------- Lehman Brothers Holdings, Inc., 8.375% Nts., 2/15/99 350,000 363,895 --------------------------------------------------------------------------------------------------------- PaineWebber Group, Inc., 7.75% Sub. Nts., 9/1/02 450,000 457,281 -------------- 1,963,651 - ------------------------------------------------------------------------------------------------------------------- MANUFACTURING - 1.5% - ------------------------------------------------------------------------------------------------------------------- AUTOMOTIVE - 1.5% --------------------------------------------------------------------------------------------------------- Chrysler Corp., 10.95% Debs., 8/1/17 800,000 896,890 --------------------------------------------------------------------------------------------------------- General Motors Acceptance Corp., 5.50% Nts., 12/15/01 300,000 277,784 --------------------------------------------------------------------------------------------------------- General Motors Acceptance Corp., 7.75% Nts., 4/15/97 700,000 710,483 --------------------------------------------------------------------------------------------------------- General Motors Acceptance Corp., 8% Nts., 10/1/96 700,000 714,515 -------------- 2,599,672 - ------------------------------------------------------------------------------------------------------------------- MEDIA - 4.5% - ------------------------------------------------------------------------------------------------------------------- CABLE TELEVISION - 2.5% --------------------------------------------------------------------------------------------------------- Time Warner Entertainment LP/Time Warner, Inc., 8.375% Sr. Debs., 3/15/23 1,500,000 1,506,780 --------------------------------------------------------------------------------------------------------- Time Warner, Inc., 9.15% Debs., 2/1/23 300,000 316,284 --------------------------------------------------------------------------------------------------------- TKR Cable I, Inc., 10.50% Sr. Debs., 10/30/07 2,200,000 2,544,245 -------------- 4,367,309 - ------------------------------------------------------------------------------------------------------------------- DIVERSIFIED MEDIA - 1.5% --------------------------------------------------------------------------------------------------------- GSPI Corp., 10.15% First Mtg. Bonds, 6/24/10 (5) 1,160,771 1,366,228 --------------------------------------------------------------------------------------------------------- News America Holdings, Inc., 10.125% Gtd. Sr. Debs., 10/15/12 500,000 603,558 --------------------------------------------------------------------------------------------------------- News America Holdings, Inc., 12% Sr. Nts., 12/15/01 500,000 568,087 -------------- 2,537,873 - ------------------------------------------------------------------------------------------------------------------- ENTERTAINMENT/FILM - 0.5% --------------------------------------------------------------------------------------------------------- Columbia Pictures Entertainment, Inc., 9.875% Sr. Sub. Nts., 2/1/98 500,000 538,434 --------------------------------------------------------------------------------------------------------- Eastman Kodak Co., 10% Nts., 6/15/01 250,000 259,970 -------------- 798,404 - ------------------------------------------------------------------------------------------------------------------- RETAIL - 0.8% - ------------------------------------------------------------------------------------------------------------------- DRUG STORES - 0.8% --------------------------------------------------------------------------------------------------------- Hook-SupeRx, Inc., 10.125% Sr. Nts., 6/1/02 600,000 645,275 --------------------------------------------------------------------------------------------------------- Revco D.S., Inc., 9.125% Sr. Nts., 1/15/00 750,000 783,750 -------------- 1,429,025 - ------------------------------------------------------------------------------------------------------------------- TRANSPORTATION - 0.3% - ------------------------------------------------------------------------------------------------------------------- RAILROADS - 0.3% --------------------------------------------------------------------------------------------------------- Union Pacific Corp., 9.65% Medium-Term Nts., 4/17/00 400,000 448,908 - ------------------------------------------------------------------------------------------------------------------- UTILITIES - 1.3% - ------------------------------------------------------------------------------------------------------------------- ELECTRIC UTILITIES - 1.0% --------------------------------------------------------------------------------------------------------- Commonwealth Edison Co., 6.40% Nts., 10/15/05 275,000 252,041 --------------------------------------------------------------------------------------------------------- Commonwealth Edison Co., 6.50% Nts., 7/15/97 550,000 546,178 --------------------------------------------------------------------------------------------------------- Long Island Lighting Co., 7% Nts., 3/1/04 150,000 134,035 --------------------------------------------------------------------------------------------------------- Public Service Co. of Colorado, 8.75% First Mtg. Bonds, 3/1/22 750,000 815,683 -------------- 1,747,937 - ------------------------------------------------------------------------------------------------------------------- TELECOMMUNICATIONS - 0.3% --------------------------------------------------------------------------------------------------------- GTE Corp., 9.375% Debs., 12/1/00 500,000 563,436 -------------- Total Corporate Bonds and Notes (Cost $38,665,682) 39,256,155 SHARES - ------------------------------------------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------------------------------------- PREFERRED STOCKS - 0.6% - ------------------------------------------------------------------------------------------------------------------- Atlantic Richfield Co., 9% Exchangeable Notes for Common Stock of Lyondell Petrochemical Co., 9/15/97 15,000 390,000 --------------------------------------------------------------------------------------------------------- BankAmerica Corp., 8.375%, Series K 25,000 637,500 -------------- Total Preferred Stocks (Cost $1,076,533) 1,027,500 PRINCIPAL AMOUNT (1) - ------------------------------------------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------------------------------------- STRUCTURED INSTRUMENTS - 0.6% - ------------------------------------------------------------------------------------------------------------------- Merrill Lynch & Co., Inc. Units, 9.75%, 6/15/99 (representing debt of Chemical Banking Corp., Sub. Capital Nts., and equity of Citicorp, 7.75% Preferred, Series 22)(Cost $1,100,540) (8)(9) $ 1,000,000 1,109,000 - ------------------------------------------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------------------------------------- REPURCHASE AGREEMENTS - 4.8% - ------------------------------------------------------------------------------------------------------------------- Repurchase agreement with First Chicago Capital Markets, 6.125%, dated 6/30/95, to be repurchased at $8,206,186 on 7/3/95, collateralized by U.S. Treasury Bonds, 11.25%, 2/15/15, with a value of $836,746, U.S. Treasury Nts., 4.75%-7.875%, 3/31/96-8/15/01, with a value of $5,473,331, and U.S.Treasury Bills maturing 9/28/95-12/14/95, with a value of $2,064,160 (Cost $8,202,000) 8,202,000 8,202,000 --------------------------------------------------------------------------------------------------------- TOTAL INVESTMENTS, AT VALUE (COST $168,871,249) 101.4% 173,957,077 --------------------------------------------------------------------------------------------------------- LIABILITIES IN EXCESS OF OTHER ASSETS (1.4) (2,384,311) --------------- -------------- NET ASSETS 100.0% $ 171,572,766 --------------- -------------- -------------- 1. Face amount is reported in local currency. Foreign currency abbreviations are as follows: AUD - Australian Dollar GBP - British Pound Sterling CAD - Canadian Dollar IDR - Indonesian Rupiah CHF - Swiss Franc NOK - Norwegian Krone CLP - Chilean Peso NZD - New Zealand Dollar DEM - German Deutsche Mark 2. Indexed instrument for which the principal amount and/or interest due at maturity is affected by the relative value of a foreign currency. 3. 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). 4. When-issued security to be delivered and settled after June 30, 1995. 5. Represents a security sold under Rule 144A, which is exempt from registration under the Securities Act of 1933, as amended. This security has been determined to be liquid under guidelines established by the Board of Trustees. These securities amount to $5,275,783 or 3.1% of the Fund's net assets, at June 30, 1995. 6. Represents the current interest rate for an increasing rate security. 7. Represents a zero coupon bond that converts to a fixed rate of interest at a designated future date. 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. In most cases, units involve a high degree of risk. 9. Identifies issues considered to be illiquid - See Note 7 of Notes to Financial Statements. 10. A sufficient amount of securities has been designated to cover outstanding forward foreign currency exchange contracts. See Note 5 of Notes to Financial Statements.
See accompanying Notes to Financial Statements. OPPENHEIMER VARIABLE ACCOUNT FUNDS - OPPENHEIMER CAPITAL APPRECIATION FUND STATEMENT OF INVESTMENTS June 30, 1995 (Unaudited)
PRINCIPAL MARKET VALUE AMOUNT (NOTE 1) - ------------------------------------------------------------------------------------------------------------------- CONVERTIBLE CORPORATE BONDS AND NOTES - 2.4% - ------------------------------------------------------------------------------------------------------------------- CONSUMER NON-CYCLICALS - 1.0% - ------------------------------------------------------------------------------------------------------------------- HEALTHCARE/DRUGS - 0.3% --------------------------------------------------------------------------------------------------------- PerSeptive Biosystems, Inc., 8.25% Cv. Sub. Debs., 8/15/01 (1) $ 850,000 $ 773,500 - ------------------------------------------------------------------------------------------------------------------- HEALTHCARE/SUPPLIES & SERVICES - 0.7% --------------------------------------------------------------------------------------------------------- Medaphis Corp., 6.50% Cv. Sub. Nts., 1/1/00 (1) 1,000,000 1,561,250 - ------------------------------------------------------------------------------------------------------------------- TECHNOLOGY - 1.4% - ------------------------------------------------------------------------------------------------------------------- COMPUTER HARDWARE - 0.4% --------------------------------------------------------------------------------------------------------- Danka Business Systems PLC, 6.75% Cv. Sub. Nts., 4/1/02 (1) 800,000 844,000 - ------------------------------------------------------------------------------------------------------------------- COMPUTER SOFTWARE - 0.7% --------------------------------------------------------------------------------------------------------- Sierra On-Line, Inc., 6.50% Cv. Sub. Nts., 4/1/01 (1) 1,000,000 1,672,500 - ------------------------------------------------------------------------------------------------------------------- TELECOMMUNICATIONS-TECHNOLOGY - 0.3% --------------------------------------------------------------------------------------------------------- Intelcom Group, Inc., 7% Cv. Sub. Nts., 10/30/98 (2) 1,105,000 736,605 ------------ Total Convertible Corporate Bonds and Notes (Cost $4,796,200) 5,587,855 SHARES - ------------------------------------------------------------------------------------------------------------------- COMMON STOCKS - 79.2% - ------------------------------------------------------------------------------------------------------------------- BASIC MATERIALS - 0.8% - ------------------------------------------------------------------------------------------------------------------- CHEMICALS - 0.8% --------------------------------------------------------------------------------------------------------- Georgia Gulf Corp. 57,000 1,859,621 - ------------------------------------------------------------------------------------------------------------------- CONSUMER CYCLICALS - 23.5% - ------------------------------------------------------------------------------------------------------------------- AUTOS & HOUSING - 0.7% --------------------------------------------------------------------------------------------------------- Recoton Corp. (3) 84,000 1,638,000 - ------------------------------------------------------------------------------------------------------------------- LEISURE & ENTERTAINMENT - 6.5% --------------------------------------------------------------------------------------------------------- Apple South, Inc. 46,100 898,950 --------------------------------------------------------------------------------------------------------- BrunswickCorp. 42,000 714,000 --------------------------------------------------------------------------------------------------------- Cannondale Corp. (3) 90,000 1,260,000 --------------------------------------------------------------------------------------------------------- Circus Circus Enterprises, Inc. (3) 73,400 2,587,350 --------------------------------------------------------------------------------------------------------- Department 56, Inc. (3) 50,300 1,923,975 --------------------------------------------------------------------------------------------------------- Doubletree Corp. (3) 60,000 1,293,750 --------------------------------------------------------------------------------------------------------- La Quinta Inns, Inc. 70,000 1,890,000 --------------------------------------------------------------------------------------------------------- Lone Star Steakhouse & Saloon (3) 50,000 1,515,625 --------------------------------------------------------------------------------------------------------- Sonic Corp. (3) 80,000 2,200,000 --------------------------------------------------------------------------------------------------------- Station Casinos, Inc. (3) 69,000 1,190,250 ------------ 15,473,900 - ------------------------------------------------------------------------------------------------------------------- MEDIA - 1.1% --------------------------------------------------------------------------------------------------------- SFX Broadcasting, Inc., Cl. A (3) 48,200 1,289,350 --------------------------------------------------------------------------------------------------------- Sinclair Broadcast Group, Inc. (3) 50,000 1,400,000 ------------ 2,689,350 - ------------------------------------------------------------------------------------------------------------------- RETAIL: GENERAL - 3.3% --------------------------------------------------------------------------------------------------------- Dollar General Corp. 64,800 2,049,300 --------------------------------------------------------------------------------------------------------- Dollar Tree Stores, Inc. (3) 38,000 1,007,000 --------------------------------------------------------------------------------------------------------- Nautica Enterprises, Inc. (3) 35,000 1,268,750 --------------------------------------------------------------------------------------------------------- Revco D.S., Inc. (3) 150,000 3,600,000 ------------ 7,925,050 - ------------------------------------------------------------------------------------------------------------------- RETAIL: SPECIALTY - 11.9% --------------------------------------------------------------------------------------------------------- AmeriSource Health Corp. (3) 48,500 1,106,406 --------------------------------------------------------------------------------------------------------- Borders Group, Inc. (3) 41,900 602,313 --------------------------------------------------------------------------------------------------------- Claire's Stores, Inc. 90,000 1,631,250 --------------------------------------------------------------------------------------------------------- Copart, Inc. (3) 98,100 2,231,775 --------------------------------------------------------------------------------------------------------- Corporate Express, Inc. (3) 52,500 1,122,188 --------------------------------------------------------------------------------------------------------- CUC International, Inc. (3) 36,000 1,512,000 --------------------------------------------------------------------------------------------------------- General Nutrition Cos., Inc. (3) 99,400 3,491,425 --------------------------------------------------------------------------------------------------------- Hollywood Entertainment Corp. (3) 45,000 2,025,000 --------------------------------------------------------------------------------------------------------- Micro Warehouse, Inc. (3) 65,000 2,990,000 --------------------------------------------------------------------------------------------------------- Nike, Inc., Cl. B 46,000 3,864,000 --------------------------------------------------------------------------------------------------------- OfficeMax, Inc. (3) 30,500 850,188 --------------------------------------------------------------------------------------------------------- Petco Animal Supplies, Inc. (3) 40,000 930,000 --------------------------------------------------------------------------------------------------------- Staples, Inc. (3) 45,000 1,299,375 --------------------------------------------------------------------------------------------------------- Tommy Hilfiger Corp. (3) 81,700 2,287,600 --------------------------------------------------------------------------------------------------------- Viking Office Products, Inc. (3) 65,000 2,380,625 ------------ 28,324,145 - ------------------------------------------------------------------------------------------------------------------- CONSUMER NON-CYCLICALS - 14.1% - ------------------------------------------------------------------------------------------------------------------- BEVERAGES - 1.2% --------------------------------------------------------------------------------------------------------- Canandaigua Wine Co., Inc., Cl. A (3) 65,000 2,908,750 - ------------------------------------------------------------------------------------------------------------------- HEALTHCARE/DRUGS - 4.5% --------------------------------------------------------------------------------------------------------- Dura Pharmaceuticals, Inc. (3) 75,000 1,410,938 --------------------------------------------------------------------------------------------------------- Elan Corp. PLC, ADR (3) 45,000 1,833,750 --------------------------------------------------------------------------------------------------------- Ethical Holdings, Sponsored ADR (3) 50,000 287,500 --------------------------------------------------------------------------------------------------------- Martek Biosciences Corp. (3) 40,000 540,000 --------------------------------------------------------------------------------------------------------- Matrix Pharmaceutical, Inc. (3) 30,400 410,400 --------------------------------------------------------------------------------------------------------- R.P. Scherer Corp. (3) 60,000 2,535,000 --------------------------------------------------------------------------------------------------------- Roberts Pharmaceutical Corp. (3) 33,200 730,400 --------------------------------------------------------------------------------------------------------- Watson Pharmaceuticals, Inc. (3) 75,000 2,925,000 ------------ 10,672,988 - ------------------------------------------------------------------------------------------------------------------- HEALTHCARE/SUPPLIES & SERVICES - 7.9% --------------------------------------------------------------------------------------------------------- American Oncology Resources, Inc. (3) 7,500 208,125 --------------------------------------------------------------------------------------------------------- Community Psychiatric Centers (3) 65,000 731,250 --------------------------------------------------------------------------------------------------------- Gulf South Medical Supply, Inc. (3) 63,400 1,521,600 --------------------------------------------------------------------------------------------------------- Horizon Healthcare Corp. (3) 83,700 1,496,138 --------------------------------------------------------------------------------------------------------- Integrated Health Services, Inc. 20,500 615,000 --------------------------------------------------------------------------------------------------------- Lincare Holdings, Inc. (3) 59,200 1,572,500 --------------------------------------------------------------------------------------------------------- Omnicare, Inc. 59,800 1,622,075 --------------------------------------------------------------------------------------------------------- Ornda Healthcorp (3) 80,000 1,370,000 --------------------------------------------------------------------------------------------------------- Ostex International, Inc. (3) 35,000 813,750 --------------------------------------------------------------------------------------------------------- Oxford Health Plans, Inc. (3) 15,000 708,750 --------------------------------------------------------------------------------------------------------- PacifiCare Health Systems, Inc. (3) 21,300 1,086,300 --------------------------------------------------------------------------------------------------------- PhyCor, Inc. (3) 50,000 1,756,250 --------------------------------------------------------------------------------------------------------- Physicians Health Services, Inc., Cl. A (3) 18,400 487,600 --------------------------------------------------------------------------------------------------------- Physicians Resource Group, Inc. (3) 75,000 1,003,125 --------------------------------------------------------------------------------------------------------- Pyxis Corp. (3) 50,000 1,131,250 ---------------------------------------------------------------------------------------------------------- Quorum Health Group, Inc. (3) 46,000 931,500 ---------------------------------------------------------------------------------------------------------- Spine-Tech, Inc. (3) 21,000 225,750 ---------------------------------------------------------------------------------------------------------- Steris Corp. (3) 29,000 1,406,500 ------------ 18,687,463 - ------------------------------------------------------------------------------------------------------------------- HOUSEHOLD GOODS - 0.5% --------------------------------------------------------------------------------------------------------- Ultralife Batteries, Inc. (3) 60,000 1,095,000 - ------------------------------------------------------------------------------------------------------------------- ENERGY - 1.8% - ------------------------------------------------------------------------------------------------------------------- ENERGY SERVICES & PRODUCERS - 1.8% --------------------------------------------------------------------------------------------------------- Cross Timbers Oil Co. 30,800 488,950 --------------------------------------------------------------------------------------------------------- Nabors Industries, Inc. (3) 100,000 825,000 --------------------------------------------------------------------------------------------------------- Newfield Exploration Co. (3) 20,000 567,500 --------------------------------------------------------------------------------------------------------- NUMAR Corp. (3) 36,000 373,500 --------------------------------------------------------------------------------------------------------- St. Mary Land & Exploration Co. 50,000 625,000 --------------------------------------------------------------------------------------------------------- Stone Energy Corp. (3) 35,000 415,625 --------------------------------------------------------------------------------------------------------- Weatherford International, Inc. (3) 80,000 1,020,000 ------------ 4,315,575 - ------------------------------------------------------------------------------------------------------------------- FINANCIAL - 1.5% - ------------------------------------------------------------------------------------------------------------------- DIVERSIFIED FINANCIAL - 1.4% --------------------------------------------------------------------------------------------------------- Advanta Corp., Cl. B 40,000 1,510,000 --------------------------------------------------------------------------------------------------------- First USA, Inc. 39,400 1,748,375 ------------ 3,258,375 - ------------------------------------------------------------------------------------------------------------------- INSURANCE - 0.1% --------------------------------------------------------------------------------------------------------- APPS Dental, Inc. (3) 10,000 210,000 - ------------------------------------------------------------------------------------------------------------------- INDUSTRIAL - 7.9% - ------------------------------------------------------------------------------------------------------------------- ELECTRICAL EQUIPMENT - 1.3% --------------------------------------------------------------------------------------------------------- C.P. Clare Corp. (3) 3,800 76,000 --------------------------------------------------------------------------------------------------------- Molex, Inc., Cl. A 56,250 2,053,125 --------------------------------------------------------------------------------------------------------- Oak Industries, Inc. (3) 35,000 901,250 ------------ 3,030,375 - ------------------------------------------------------------------------------------------------------------------- INDUSTRIAL MATERIALS - 0.7% --------------------------------------------------------------------------------------------------------- Kennametal, Inc. 45,000 1,586,250 - ------------------------------------------------------------------------------------------------------------------- INDUSTRIAL SERVICES - 5.9% --------------------------------------------------------------------------------------------------------- Danka Business System PLC, Sponsored ADR 70,000 1,693,125 --------------------------------------------------------------------------------------------------------- First Data Corp. 35,000 1,990,625 --------------------------------------------------------------------------------------------------------- Loewen Group, Inc. 35,000 1,246,875 --------------------------------------------------------------------------------------------------------- Open Environment Corp. (3) 12,500 256,250 --------------------------------------------------------------------------------------------------------- Reynolds & Reynolds Co., Cl. A 47,000 1,386,500 --------------------------------------------------------------------------------------------------------- Sensormatic Electronics Corp. 50,000 1,775,000 --------------------------------------------------------------------------------------------------------- Stewart Enterprises, Inc. 50,000 1,675,000 --------------------------------------------------------------------------------------------------------- Transaction Systems Architects, Inc. (3) 40,000 1,030,000 --------------------------------------------------------------------------------------------------------- United Waste Systems, Inc. (3) 80,000 2,880,000 ------------ 13,933,375 - ------------------------------------------------------------------------------------------------------------------- TECHNOLOGY - 29.6% - ------------------------------------------------------------------------------------------------------------------- COMPUTER HARDWARE - 5.1% --------------------------------------------------------------------------------------------------------- Adaptec, Inc. (3) 57,300 2,120,100 --------------------------------------------------------------------------------------------------------- Andrew Corp. (3) 30,250 1,750,719 --------------------------------------------------------------------------------------------------------- Boca Research, Inc. (3) 35,000 945,000 --------------------------------------------------------------------------------------------------------- EMC Corp. (3) 99,000 2,400,750 --------------------------------------------------------------------------------------------------------- In Focus Systems, Inc. (3) 70,000 1,890,000 --------------------------------------------------------------------------------------------------------- Number Nine Visual Technology Corp. (3) 50,000 1,037,500 --------------------------------------------------------------------------------------------------------- Planar Systems, Inc. (3) 50,000 1,112,500 --------------------------------------------------------------------------------------------------------- Proxima Corp. (3) 35,000 835,625 ------------ 12,092,194 - ------------------------------------------------------------------------------------------------------------------- COMPUTER SOFTWARE - 10.9% --------------------------------------------------------------------------------------------------------- 7th Level, Inc. (3) 60,000 855,000 --------------------------------------------------------------------------------------------------------- Adobe Systems, Inc. 10,000 580,000 --------------------------------------------------------------------------------------------------------- Computer Horizons Corp. (3) 80,000 1,280,000 --------------------------------------------------------------------------------------------------------- Compuware Corp. (3) 70,000 2,152,500 --------------------------------------------------------------------------------------------------------- Concentra Corp. (3) 125,000 1,218,750 --------------------------------------------------------------------------------------------------------- Datalogix International, Inc. (3) 13,000 316,875 --------------------------------------------------------------------------------------------------------- Dendrite International, Inc. (3) 15,000 241,875 --------------------------------------------------------------------------------------------------------- Discreet Logic, Inc. (3) 10,000 330,000 --------------------------------------------------------------------------------------------------------- Expert Software, Inc. (3) 28,000 518,000 --------------------------------------------------------------------------------------------------------- FileNet Corp. (3) 45,000 1,816,875 --------------------------------------------------------------------------------------------------------- Firefox Communications, Inc. (3) 31,300 805,975 --------------------------------------------------------------------------------------------------------- First Financial Management Corp. 25,000 2,137,500 --------------------------------------------------------------------------------------------------------- HBO & Co. 40,000 2,180,000 --------------------------------------------------------------------------------------------------------- Inference Corp., Cl. A (3) 25,000 353,125 ---------------------------------------------------------------------------------------------------------- Informix Corp. (3) 120,000 3,045,000 --------------------------------------------------------------------------------------------------------- Intuit, Inc. (3) 15,000 1,140,000 --------------------------------------------------------------------------------------------------------- Maxis, Inc. (3) 30,000 798,750 --------------------------------------------------------------------------------------------------------- Pairgain Technologies, Inc. (3) 50,000 956,250 --------------------------------------------------------------------------------------------------------- Physician Computer Network, Inc. (3) 115,000 445,625 --------------------------------------------------------------------------------------------------------- Rational Software Corp. (3) 70,000 953,750 --------------------------------------------------------------------------------------------------------- Seer Technologies, Inc. (3) 7,500 155,625 --------------------------------------------------------------------------------------------------------- Softkey International, Inc. (3) 65,000 2,071,875 --------------------------------------------------------------------------------------------------------- Systemsoft Corp. (3) 40,000 580,000 --------------------------------------------------------------------------------------------------------- Viasoft, Inc. (3) 75,000 984,375 ------------ 25,917,725 - ------------------------------------------------------------------------------------------------------------------- ELECTRONICS - 2.4% --------------------------------------------------------------------------------------------------------- ANADIGICS, Inc. (3) 21,000 409,500 --------------------------------------------------------------------------------------------------------- General Instrument Corp. (3) 35,000 1,343,125 --------------------------------------------------------------------------------------------------------- ITI Technologies, Inc. (3) 60,000 1,425,000 --------------------------------------------------------------------------------------------------------- Oak Technology, Inc. (3) 24,500 900,375 --------------------------------------------------------------------------------------------------------- Sanmina Corp. (3) 28,300 1,075,400 --------------------------------------------------------------------------------------------------------- VLSI Technology, Inc. (3) 15,000 451,875 ------------ 5,605,275 - ------------------------------------------------------------------------------------------------------------------- TELECOMMUNICATIONS-TECHNOLOGY - 11.2% --------------------------------------------------------------------------------------------------------- ADC Telecommunications, Inc. (3) 60,000 2,145,000 --------------------------------------------------------------------------------------------------------- ALC Communications Corp. (3) 35,000 1,579,375 --------------------------------------------------------------------------------------------------------- Arch Communications Group, Inc. (3) 110,000 2,447,500 --------------------------------------------------------------------------------------------------------- DSC Communications Corp. (3) 50,000 2,325,000 --------------------------------------------------------------------------------------------------------- Glenayre Technologies, Inc. (3) 51,750 2,639,250 --------------------------------------------------------------------------------------------------------- Harmonic Lightwaves, Inc. (3) 25,000 418,750 --------------------------------------------------------------------------------------------------------- IntelCom Group, Inc. (3) 30,000 254,719 --------------------------------------------------------------------------------------------------------- LCI International, Inc. (3) 66,300 2,030,438 --------------------------------------------------------------------------------------------------------- Mobilemedia Corp. (3) 45,000 922,500 --------------------------------------------------------------------------------------------------------- Periphonics Corp. (3) 43,800 755,550 --------------------------------------------------------------------------------------------------------- ProNet, Inc. (3) 100,000 2,050,000 --------------------------------------------------------------------------------------------------------- Sitel Corp. (3) 59,300 1,059,988 --------------------------------------------------------------------------------------------------------- Tellabs, Inc. (3) 90,000 4,331,250 --------------------------------------------------------------------------------------------------------- Teltrend, Inc. (3) 50,000 987,500 --------------------------------------------------------------------------------------------------------- WorldCom, Inc. (3) 100,598 2,716,146 ------------ 26,662,966 ------------ Total Common Stocks (Cost $150,776,148) 187,886,377 UNITS - ------------------------------------------------------------------------------------------------------------------- RIGHTS, WARRANTS AND CERTIFICATES - 0.0% - ------------------------------------------------------------------------------------------------------------------- Jan Bell Marketing, Inc. Wts., Exp. 12/98 532 -- --------------------------------------------------------------------------------------------------------- Tapistron International, Inc. Wts., Exp. 6/97 120,000 11,250 --------------------------------------------------------------------------------------------------------- Windmere Corp. Wts., Exp. 1/98 381 -- ------------ Total Rights, Warrants and Certificates (Cost $52,860) 11,250 Principal Amount - ------------------------------------------------------------------------------------------------------------------- REPURCHASE AGREEMENTS - 17.2% - ------------------------------------------------------------------------------------------------------------------- Repurchase agreement with First Chicago Capital Markets, 6.125%, dated 6/30/95, to be repurchased at $40,936,884 on 7/3/95, collateralized by U.S. Treasury Bonds, 11.25%, 2/15/15, with a value of $4,174,142, U.S. Treasury Nts., 4.75%-7.875%, 3/31/96-8/15/01, with a value of $27,303,926, and U.S.Treasury Bills maturing 9/28/95-12/14/95, with a value of $10,297,141 (Cost $40,916,000) $ 40,916,000 40,916,000 - ------------------------------------------------------------------------------------------------------------------- TOTAL INVESTMENTS, AT VALUE (COST $196,541,208) 98.8% 234,401,482 - ------------------------------------------------------------------------------------------------------------------- OTHER ASSETS NET OF LIABILITIES 1.2 2,862,313 ------------ ------------ ------------ ------------ NET ASSETS 100.0% $237,263,795 ------------ ------------ ------------ ------------ 1. Represents a security sold under Rule 144A, which is exempt from registration under the Securities Act of 1933, as amended. This security has been determined to be liquid under guidelines established by the Board of Trustees. These securities amount to $4,851,250 or 2% of the Fund's net assets, at June 30, 1995. 2. Interest or dividend is paid in kind. 3. Non-income producing security.
See accompanying Notes to Financial Statements. OPPENHEIMER VARIABLE ACCOUNT FUNDS - OPPENHEIMER GROWTH FUND STATEMENT OF INVESTMENTS June 30, 1995 (Unuadited)
Market Value Shares (Note 1) - ------------------------------------------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------------------------------------- COMMON STOCKS - 76.7% - ------------------------------------------------------------------------------------------------------------------- BASIC MATERIALS - 7.8% - ------------------------------------------------------------------------------------------------------------------- CHEMICALS - 5.6% --------------------------------------------------------------------------------------------------------- FMC Corp. (1) 4,000 $ 269,000 --------------------------------------------------------------------------------------------------------- Georgia Gulf Corp. 25,200 822,150 --------------------------------------------------------------------------------------------------------- IMC Global, Inc. 20,000 1,082,500 --------------------------------------------------------------------------------------------------------- Monsanto Co. 2,000 180,250 --------------------------------------------------------------------------------------------------------- Morton International, Inc. 25,000 731,250 --------------------------------------------------------------------------------------------------------- PPG Industries, Inc. 18,000 774,000 --------------------------------------------------------------------------------------------------------- Sterling Chemicals, Inc. (1) 48,600 564,975 --------------------------------------------------------------------------------------------------------- Union Carbide Corp. 17,000 567,375 ------------ 4,991,500 - ------------------------------------------------------------------------------------------------------------------- METALS - 0.4% --------------------------------------------------------------------------------------------------------- Reynolds Metals Co. 7,000 362,250 - ------------------------------------------------------------------------------------------------------------------- PAPER - 1.8% --------------------------------------------------------------------------------------------------------- Boise Cascade Corp. 15,000 607,500 --------------------------------------------------------------------------------------------------------- Federal Paper Board Co. 20,000 707,500 --------------------------------------------------------------------------------------------------------- Willamette Industries, Inc. 6,000 333,000 ------------ 1,648,000 - ------------------------------------------------------------------------------------------------------------------- CONSUMER CYCLICALS - 10.4% - ------------------------------------------------------------------------------------------------------------------- AUTOS & Housing - 0.9% --------------------------------------------------------------------------------------------------------- Goodyear Tire & Rubber Co. 15,000 618,750 --------------------------------------------------------------------------------------------------------- Maytag Corp. 10,000 160,000 ------------ 778,750 - ------------------------------------------------------------------------------------------------------------------- LEISURE & ENTERTAINMENT - 3.1% --------------------------------------------------------------------------------------------------------- Brunswick Corp. 30,000 510,000 --------------------------------------------------------------------------------------------------------- King World Productions, Inc. (1) 7,000 283,500 --------------------------------------------------------------------------------------------------------- McDonald's Corp. 9,000 352,125 --------------------------------------------------------------------------------------------------------- Outback Steakhouse, Inc. (1) 12,000 346,500 --------------------------------------------------------------------------------------------------------- Outboard Marine Corp. 10,000 196,250 --------------------------------------------------------------------------------------------------------- Walt Disney Co. 20,000 1,112,500 ------------ 2,800,875 - ------------------------------------------------------------------------------------------------------------------- MEDIA - 0.6% --------------------------------------------------------------------------------------------------------- Multimedia, Inc. (1) 8,000 310,000 --------------------------------------------------------------------------------------------------------- Viacom, Inc., Cl. B (1) 3,667 170,057 ------------ 480,057 - ------------------------------------------------------------------------------------------------------------------- RETAIL: GENERAL - 2.5% --------------------------------------------------------------------------------------------------------- Dollar General Corp. 30,000 948,750 --------------------------------------------------------------------------------------------------------- May Department Stores Co. 14,000 582,750 --------------------------------------------------------------------------------------------------------- Waban, Inc. (1) 10,000 148,750 --------------------------------------------------------------------------------------------------------- Wal-Mart Stores, Inc. 21,000 561,750 ------------ 2,242,000 - ------------------------------------------------------------------------------------------------------------------- RETAIL: SPECIALTY - 3.3% --------------------------------------------------------------------------------------------------------- Bed Bath & Beyond, Inc. 18,000 436,500 --------------------------------------------------------------------------------------------------------- Gap, Inc. (The) 20,000 697,500 --------------------------------------------------------------------------------------------------------- Home Depot, Inc. (The) 24,000 975,000 --------------------------------------------------------------------------------------------------------- OfficeMax, Inc. (1) 8,000 223,000 --------------------------------------------------------------------------------------------------------- Tommy Hilfiger Corp. (1) 22,500 630,000 ------------ 2,962,000 - ------------------------------------------------------------------------------------------------------------------- CONSUMER NON-CYCLICALS - 17.3% - ------------------------------------------------------------------------------------------------------------------- BEVERAGES - 1.7% --------------------------------------------------------------------------------------------------------- Coca-Cola Co. (The) 23,000 1,466,250 - ------------------------------------------------------------------------------------------------------------------- FOOD - 1.4% --------------------------------------------------------------------------------------------------------- ConAgra, Inc. 4,000 139,500 --------------------------------------------------------------------------------------------------------- IBP, Inc. 15,000 652,500 --------------------------------------------------------------------------------------------------------- Smithfield Foods, Inc. 21,000 447,563 ------------ 1,239,563 - ------------------------------------------------------------------------------------------------------------------- HEALTHCARE/DRUGS - 5.5% --------------------------------------------------------------------------------------------------------- Abbott Laboratories 25,000 1,012,500 --------------------------------------------------------------------------------------------------------- Amgen, Inc. (1) 4,000 321,750 --------------------------------------------------------------------------------------------------------- Bristol-Myers Squibb Co. 4,500 306,563 --------------------------------------------------------------------------------------------------------- Johnson & Johnson 13,000 879,125 --------------------------------------------------------------------------------------------------------- Pfizer, Inc. 12,000 1,108,500 --------------------------------------------------------------------------------------------------------- Schering-Plough Corp. 16,000 706,000 --------------------------------------------------------------------------------------------------------- Warner-Lambert Co. 7,000 604,625 ------------ 4,939,063 - ------------------------------------------------------------------------------------------------------------------- HEALTHCARE/SUPPLIES & SERVICES - 4.5% --------------------------------------------------------------------------------------------------------- Columbia/HCA Healthcare Corp. 12,000 519,000 --------------------------------------------------------------------------------------------------------- Cordis Corp. (1) 8,000 534,000 --------------------------------------------------------------------------------------------------------- HealthCare COMPARE Corp. (1) 35,000 1,050,000 --------------------------------------------------------------------------------------------------------- Medtronic, Inc. 17,000 1,311,125 --------------------------------------------------------------------------------------------------------- Puritan-Bennett Corp. 10,000 386,250 --------------------------------------------------------------------------------------------------------- U.S. Healthcare, Inc. 7,000 214,375 ------------ 4,014,750 - ------------------------------------------------------------------------------------------------------------------- HOUSEHOLD GOODS - 1.5% --------------------------------------------------------------------------------------------------------- Colgate-Palmolive Co. 4,000 292,500 --------------------------------------------------------------------------------------------------------- Newell Co. 5,000 122,500 --------------------------------------------------------------------------------------------------------- Procter & Gamble Co. 13,000 934,375 ------------ 1,349,375 - ------------------------------------------------------------------------------------------------------------------- TOBACCO - 2.7% --------------------------------------------------------------------------------------------------------- Philip Morris Cos., Inc. 16,000 1,190,000 --------------------------------------------------------------------------------------------------------- UST, Inc. 39,000 1,160,250 ------------ 2,350,250 - ------------------------------------------------------------------------------------------------------------------- ENERGY - 0.7% - ------------------------------------------------------------------------------------------------------------------- OIL-INTEGRATED - 0.7% --------------------------------------------------------------------------------------------------------- Phillips Petroleum Co. 6,000 200,250 --------------------------------------------------------------------------------------------------------- Royal Dutch Petroleum Co. 3,500 426,563 ------------ 626,813 - ------------------------------------------------------------------------------------------------------------------- FINANCIAL - 12.6% - ------------------------------------------------------------------------------------------------------------------- BANKS - 5.1% --------------------------------------------------------------------------------------------------------- Bank of Boston Corp. 23,000 862,500 --------------------------------------------------------------------------------------------------------- Chase Manhattan Corp. 6,000 282,000 --------------------------------------------------------------------------------------------------------- Chemical Banking Corp. 7,000 330,750 --------------------------------------------------------------------------------------------------------- First Interstate Bancorp 10,000 802,500 --------------------------------------------------------------------------------------------------------- Midlantic Corp. 19,000 760,000 --------------------------------------------------------------------------------------------------------- NationsBank Corp. 10,000 536,250 --------------------------------------------------------------------------------------------------------- SunTrust Banks, Inc. 8,000 466,000 --------------------------------------------------------------------------------------------------------- UJB Financial Corp. 9,000 273,375 --------------------------------------------------------------------------------------------------------- West One Bancorp 6,000 200,250 ------------ 4,513,625 - ------------------------------------------------------------------------------------------------------------------- DIVERSIFIED FINANCIAL - 5.6% --------------------------------------------------------------------------------------------------------- Advanta Corp., Cl. A 15,000 625,313 --------------------------------------------------------------------------------------------------------- Federal Home Loan Mortgage Corp. 15,000 1,031,250 --------------------------------------------------------------------------------------------------------- Federal National Mortgage Assn. 8,000 755,000 --------------------------------------------------------------------------------------------------------- First USA, Inc. 18,000 798,750 --------------------------------------------------------------------------------------------------------- Green Tree Financial Corp. 30,000 1,331,250 --------------------------------------------------------------------------------------------------------- Travelers, Inc. 11,000 481,250 ------------ 5,022,813 - ------------------------------------------------------------------------------------------------------------------- INSURANCE - 1.9% --------------------------------------------------------------------------------------------------------- AFLAC, Inc. 9,250 404,688 --------------------------------------------------------------------------------------------------------- SunAmerica, Inc. 16,000 816,000 --------------------------------------------------------------------------------------------------------- UNUM Corp. 10,000 468,750 ------------ 1,689,438 - ------------------------------------------------------------------------------------------------------------------- INDUSTRIAL - 7.8% - ------------------------------------------------------------------------------------------------------------------- ELECTRICAL EQUIPMENT - 2.4% --------------------------------------------------------------------------------------------------------- Emerson Electric Co. 12,000 858,000 --------------------------------------------------------------------------------------------------------- General Electric Co. 16,000 902,000 --------------------------------------------------------------------------------------------------------- Honeywell, Inc. 8,000 345,000 ------------ 2,105,000 - ------------------------------------------------------------------------------------------------------------------- INDUSTRIAL MATERIALS - 0.5% --------------------------------------------------------------------------------------------------------- Ball Corp. 14,000 488,250 - ------------------------------------------------------------------------------------------------------------------- INDUSTRIAL SERVICES - 2.3% --------------------------------------------------------------------------------------------------------- Danka Business System PLC, Sponsored ADR 12,000 290,250 --------------------------------------------------------------------------------------------------------- First Data Corp. 16,000 910,000 --------------------------------------------------------------------------------------------------------- Fluor Corp. 9,000 468,000 --------------------------------------------------------------------------------------------------------- Manpower, Inc. 15,000 382,500 ------------ 2,050,750 - ------------------------------------------------------------------------------------------------------------------- MANUFACTURING - 1.2% --------------------------------------------------------------------------------------------------------- ITT Corp. 5,000 587,500 --------------------------------------------------------------------------------------------------------- Varity Corp. (1) 11,000 484,000 ------------ 1,071,500 - ------------------------------------------------------------------------------------------------------------------- TRANSPORTATION - 1.4% --------------------------------------------------------------------------------------------------------- Canadian Pacific Ltd. 53,000 920,875 --------------------------------------------------------------------------------------------------------- Illinois Central Corp. 10,000 345,000 ------------ 1,265,875 - ------------------------------------------------------------------------------------------------------------------- TECHNOLOGY - 19.5% - ------------------------------------------------------------------------------------------------------------------- COMPUTER HARDWARE - 5.4% --------------------------------------------------------------------------------------------------------- 3Com Corp. (1) 5,000 335,000 --------------------------------------------------------------------------------------------------------- Adaptec, Inc. (1) 10,000 370,000 --------------------------------------------------------------------------------------------------------- Cabletron Systems, Inc. (1) 20,000 1,065,000 --------------------------------------------------------------------------------------------------------- Compaq Computer Corp. (1) 18,000 816,750 --------------------------------------------------------------------------------------------------------- Dell Computer Corp. (1) 6,000 360,750 --------------------------------------------------------------------------------------------------------- Digital Equipment Corp. (1) 6,000 244,500 --------------------------------------------------------------------------------------------------------- EMC Corp. (1) 31,000 751,750 --------------------------------------------------------------------------------------------------------- Seagate Technology, Inc. (1) 19,000 745,750 --------------------------------------------------------------------------------------------------------- Western Digital Corp. (1) 9,800 170,275 ------------ 4,859,775 - ------------------------------------------------------------------------------------------------------------------- COMPUTER SOFTWARE - 7.4% --------------------------------------------------------------------------------------------------------- Acclaim Entertainment, Inc. (1) 20,000 368,750 --------------------------------------------------------------------------------------------------------- Automatic Data Processing, Inc. 17,000 1,068,875 --------------------------------------------------------------------------------------------------------- BMC Software, Inc. (1) 11,000 849,750 --------------------------------------------------------------------------------------------------------- Computer Associates International, Inc. 6,000 406,500 --------------------------------------------------------------------------------------------------------- Informix Corp. (1) 32,000 812,000 --------------------------------------------------------------------------------------------------------- Microsoft Corp. (1) 14,900 1,346,588 --------------------------------------------------------------------------------------------------------- Oracle Systems Corp. (1) 26,600 1,027,425 --------------------------------------------------------------------------------------------------------- Platinum Technology, Inc. (1) 20,000 362,500 --------------------------------------------------------------------------------------------------------- Sterling Software, Inc. 10,000 385,000 ------------ 6,627,388 - ------------------------------------------------------------------------------------------------------------------- ELECTRONICS - 5.5% --------------------------------------------------------------------------------------------------------- Arrow Electronics, Inc. 8,000 398,000 --------------------------------------------------------------------------------------------------------- Cypress Semiconductor Corp. 25,000 1,012,500 --------------------------------------------------------------------------------------------------------- General Instrument Corp. (1) 15,000 575,625 --------------------------------------------------------------------------------------------------------- Hewlett-Packard Co. 4,000 298,000 --------------------------------------------------------------------------------------------------------- Intel Corp. 26,000 1,646,125 --------------------------------------------------------------------------------------------------------- Phillips Electronics N.V. 10,000 427,500 --------------------------------------------------------------------------------------------------------- VLSI Technology, Inc. (1) 18,000 542,250 ------------ 4,900,000 - ------------------------------------------------------------------------------------------------------------------- TELECOMMUNICATIONS-TECHNOLOGY - 1.2% --------------------------------------------------------------------------------------------------------- AT&T Corp. 20,000 1,062,500 - ------------------------------------------------------------------------------------------------------------------- UTILITIES - 0.6% - ------------------------------------------------------------------------------------------------------------------- TELEPHONE UTILITIES - 0.6% --------------------------------------------------------------------------------------------------------- BellSouth Corp. 2,500 158,750 --------------------------------------------------------------------------------------------------------- Telefonos de Mexico SA, Sponsored ADR 13,500 399,935 ------------ 558,685 ------------ Total Common Stocks (Cost $51,458,908) 68,467,095 Principal Amount - ------------------------------------------------------------------------------------------------------------------- REPURCHASE AGREEMENTS - 22.2% - ------------------------------------------------------------------------------------------------------------------- Repurchase agreement with First Chicago Capital Markets, 6.125%, dated 6/30/95, to be repurchased at $19,875,139 on 7/3/95, collateralized by U.S. Treasury Bonds, 11.25%, 2/15/15, with a value of $2,026,574, U.S. Treasury Nts., 4.75%-7.875%, 3/31/96-8/15/01, with a value of $13,256,244, and U.S.Treasury Bills maturing 9/28/95-12/14/95, with a value of $4,999,333 (Cost $19,865,000) $ 19,865,000 19,865,000 --------------------------------------------------------------------------------------------------------- TOTAL INVESTMENTS, AT VALUE (COST $71,323,908) 98.9% 88,332,095 --------------------------------------------------------------------------------------------------------- OTHER ASSETS NET OF LIABILITIES 1.1 1,019,427 ------------ ------------ NET ASSETS 100.0% $ 89,351,522 ------------ ------------ ------------ ------------ 1. Non-income producing security.
See accompanying Notes to Financial Statements. OPPENHEIMER VARIABLE ACCOUNT FUNDS - OPPENHEIMER MULTIPLE STRATEGIES FUND STATEMENT OF INVESTMENTS JUNE 30, 1995 (UNAUDITED)
PRINCIPAL MARKET VALUE AMOUNT (1) SEE NOTE 1 - ------------------------------------------------------------------------------------------------------------------- MORTGAGE-BACKED OBLIGATIONS - 1.9% - ------------------------------------------------------------------------------------------------------------------- GOVERNMENT AGENCY - 1.7% - ------------------------------------------------------------------------------------------------------------------- GNMA/GUARANTEED - 1.7% --------------------------------------------------------------------------------------------------------- Government National Mortgage Assn., 8%, 4/15/23 3,814,541 3,914,310 --------------------------------------------------------------------------------------------------------- Government National Mortgage Assn., 8%, 7/15/22 1,803,345 1,852,694 ------------ 5,767,004 - ------------------------------------------------------------------------------------------------------------------- PRIVATE - 0.2% - ------------------------------------------------------------------------------------------------------------------- MULTI-FAMILY - 0.2% --------------------------------------------------------------------------------------------------------- Resolution Trust Corp., Commercial Mtg. Pass-Through Certificates, Series 1994-C2, Cl. E, 8%, 4/25/25 780,227 701,351 ------------ Total Mortgage-Backed Obligations (Cost $6,511,555) 6,468,355 - ------------------------------------------------------------------------------------------------------------------- U.S. GOVERNMENT OBLIGATIONS - 10.9% - ------------------------------------------------------------------------------------------------------------------- TREASURY - 10.9% - ------------------------------------------------------------------------------------------------------------------- U.S. Treasury Nts., 6.375%, 8/15/02 5,000,000 5,056,250 --------------------------------------------------------------------------------------------------------- U.S. Treasury Nts., 6.75%, 5/31/97 10,300,000 10,473,813 --------------------------------------------------------------------------------------------------------- U.S. Treasury Nts., 7.625%, 5/31/96 12,500,000 12,714,836 --------------------------------------------------------------------------------------------------------- U.S. Treasury Nts., 9.25%, 8/15/98 9,000,000 9,838,125 ------------ Total U.S. Government Obligations (Cost $36,969,932) 38,083,024 - ------------------------------------------------------------------------------------------------------------------- FOREIGN GOVERNMENT OBLIGATIONS - 5.7% - ------------------------------------------------------------------------------------------------------------------- Argentina (Republic of) Bonds, Bonos de Consolidacion de --------------------------------------------------------------------------------------------------------- Deudas, Series I, 6.063%, 4/1/01 (2)(3) 2,277,943 1,418,625 --------------------------------------------------------------------------------------------------------- Argentina (Republic of) Par Bonds, 5%, 3/31/23 (4) 3,500,000 1,675,625 Argentina (Republic of) Past Due Interest Bonds, 7.313%, 3/31/05 (2) 3,000,000 1,850,625 --------------------------------------------------------------------------------------------------------- Canada (Government of) Bonds, 8.50%, 4/1/02 CAD 1,500,000 1,135,474 --------------------------------------------------------------------------------------------------------- Canada (Government of) Bonds, 9.75%, 12/1/01 CAD 3,000,000 2,411,680 --------------------------------------------------------------------------------------------------------- Canada (Government of) Bonds, 9.75%, 6/1/01 CAD 2,000,000 1,600,756 --------------------------------------------------------------------------------------------------------- Queensland Treasury Corp. Gtd. Exchangeable Nts., 10.50%, 5/15/03 AUD 3,600,000 2,736,094 --------------------------------------------------------------------------------------------------------- Sweden (Kingdom of) Bonds, 11%, 1/21/99 SEK 7,500,000 1,044,114 --------------------------------------------------------------------------------------------------------- Treasury Corp. of Victoria Gtd. Bonds, 8.25%, 10/15/03 AUD 6,000,000 4,061,600 --------------------------------------------------------------------------------------------------------- Venezuela (Republic of) Front-Loaded Interest Reduction Bonds, Series B, 7%, 3/31/07 4,000,000 1,975,000 ------------ Total Foreign Government Obligations (Cost $20,418,705) 19,909,593 - ------------------------------------------------------------------------------------------------------------------- MUNICIPAL BONDS AND NOTES - 0.2% - ------------------------------------------------------------------------------------------------------------------- Port of Portland, Oregon Special Obligation Taxable Revenue Bonds, PAMCO Project, 9.20%, 5/15/22 500,000 538,646 - ------------------------------------------------------------------------------------------------------------------- NON-CONVERTIBLE CORPORATE BONDS AND NOTES - 17.5% - ------------------------------------------------------------------------------------------------------------------- BASIC MATERIALS - 2.4% - ------------------------------------------------------------------------------------------------------------------- CHEMICALS - 0.6% --------------------------------------------------------------------------------------------------------- Harris Chemical North America, Inc., 0%/10.25% Gtd. Sr. Sec. Disc. Nts., 7/15/01 (5) 300,000 276,000 --------------------------------------------------------------------------------------------------------- NL Industries, Inc., 11.75% Sr. Sec. Nts., 10/15/03 1,350,000 1,410,750 --------------------------------------------------------------------------------------------------------- Quantum Chemical Corp., 10.375% First Mtg. Nts., 6/1/03 500,000 567,674 ------------ 2,254,424 - ------------------------------------------------------------------------------------------------------------------- METALS - 0.9% --------------------------------------------------------------------------------------------------------- AK Steel Corp., 10.75% Gtd. Sr. Nts., 4/1/04 1,000,000 1,052,500 --------------------------------------------------------------------------------------------------------- Armco, Inc., 8.50% Sinking Fund Debs., 9/1/01 200,000 191,000 --------------------------------------------------------------------------------------------------------- Horsehead Industries, Inc., 14% Sub. Nts., 6/1/99 400,000 414,000 --------------------------------------------------------------------------------------------------------- Kaiser Aluminum & Chemical Corp., 12.75% Sr. Sub. Nts., 2/1/03 1,000,000 1,075,000 --------------------------------------------------------------------------------------------------------- Wheel-Pittsburgh Corp., 9.375% Sr. Nts., 11/15/03 500,000 465,000 ------------ 3,197,500 - ------------------------------------------------------------------------------------------------------------------- PAPER - 0.9% --------------------------------------------------------------------------------------------------------- Gaylord Container Corp., 11.50% Sr. Nts., 5/15/01 500,000 530,625 --------------------------------------------------------------------------------------------------------- Riverwood International Corp., 10.75% Sr. Nts., 6/15/00 1,000,000 1,080,000 --------------------------------------------------------------------------------------------------------- Stone Consolidated Corp., 10.25% Sr. Sec. Nts., 12/15/00 350,000 364,875 --------------------------------------------------------------------------------------------------------- Stone Container Corp., 9.875% Sr. Nts., 2/1/01 1,000,000 1,000,000 ------------ 2,975,500 - ------------------------------------------------------------------------------------------------------------------- CONSUMER CYCLICALS - 7.3% - ------------------------------------------------------------------------------------------------------------------- AUTOS & HOUSING - 1.5% --------------------------------------------------------------------------------------------------------- Amstar Corp., 11.375% Sr. Sub. Nts., 2/15/97 800,000 812,000 --------------------------------------------------------------------------------------------------------- Auburn Hills Trust, 12% Gtd. Exchangeable Certificates, 5/1/20 (2) 400,000 593,862 --------------------------------------------------------------------------------------------------------- Baldwin Co., 10.375% Sr. Nts., Series B, 8/1/03 500,000 305,000 --------------------------------------------------------------------------------------------------------- Chrysler Financial Corp., 13.25% Sr. Nts., 10/15/99 500,000 619,033 --------------------------------------------------------------------------------------------------------- Coleman Holdings, Inc., Zero Coupon Sr. Sec. Disc. Nts., Series B, 5/27/98 1,500,000 1,117,500 --------------------------------------------------------------------------------------------------------- Penda Corp., 10.75% Sr. Nts., Series B, 3/1/04 825,000 754,875 --------------------------------------------------------------------------------------------------------- Saul (B.F.) Real Estate Investment Trust, 11.625% Sr. Nts., 4/1/02 950,000 902,500 ------------ 5,104,770 - ------------------------------------------------------------------------------------------------------------------- LEISURE & ENTERTAINMENT - 1.6% --------------------------------------------------------------------------------------------------------- Casino Magic Finance Corp., 11.50% First Mtg. Nts., 10/15/01 500,000 380,000 --------------------------------------------------------------------------------------------------------- Foodmaker, Inc., 9.25% Sr. Nts., 3/1/99 500,000 456,250 --------------------------------------------------------------------------------------------------------- Foodmaker, Inc., 9.75% Sr. Sub. Nts., 6/1/02 350,000 292,250 --------------------------------------------------------------------------------------------------------- GNF Corp., 10.625% Gtd. First Mtg. Nts., Series B, 4/1/03 500,000 423,750 --------------------------------------------------------------------------------------------------------- Hollywood Casino Corp., 14% Sr. Sec. Nts., 4/1/98 1,000,000 1,105,000 --------------------------------------------------------------------------------------------------------- Imax Corp., 7% Sr. Nts., 3/1/01 (4) 600,000 549,000 --------------------------------------------------------------------------------------------------------- Pioneer Finance Corp., 13.50% Gtd. First Mtg. Bonds, 12/1/98 1,000,000 845,000 --------------------------------------------------------------------------------------------------------- Station Casinos, Inc., 9.625% Sr. Sub. Nts., 6/1/03 1,000,000 935,000 --------------------------------------------------------------------------------------------------------- Trump Plaza Funding, Inc., 10.875% Gtd. Mtg. Nts., 6/15/01 500,000 462,500 ------------ 5,448,750 - ------------------------------------------------------------------------------------------------------------------- MEDIA - 3.5% --------------------------------------------------------------------------------------------------------- Adelphia Communications Corp., 12.50% Sr. Nts., 5/15/02 1,000,000 995,000 --------------------------------------------------------------------------------------------------------- American Telecasting, Inc., 0%/12.50% Sr. Disc. Nts., 6/15/04 (5) 1,200,000 705,000 --------------------------------------------------------------------------------------------------------- Bell & Howell Holdings Co., 0%/11.50% Sr. Disc. Debs., Series B, 3/1/05 (5) 1,000,000 590,000 --------------------------------------------------------------------------------------------------------- Cablevision Industries Corp., 9.25% Sr. Debs., Series B, 4/1/08 500,000 520,625 --------------------------------------------------------------------------------------------------------- Continental Cablevision, Inc., 9.50% Sr. Debs., 8/1/13 1,100,000 1,138,500 --------------------------------------------------------------------------------------------------------- Echostar Communications Corp., 0%/12.875% Sr. Disc. Nts., 6/1/04 (5) 1,100,000 536,250 --------------------------------------------------------------------------------------------------------- Helicon Group LP/Helicon Capital Corp., 9% Sr. Sec. Nts., Series B, 11/1/03 (2) 1,000,000 922,500 --------------------------------------------------------------------------------------------------------- International CableTel, Inc., 0%/10.875% Sr. Def. Cpn. Nts., 10/15/03 (5) 500,000 332,500 --------------------------------------------------------------------------------------------------------- Lamar Advertising Co., 11% Sr. Sec. Nts., 5/15/03 750,000 751,875 --------------------------------------------------------------------------------------------------------- Outlet Broadcasting, Inc., 10.875% Sr. Sub. Nts., 7/15/03 1,000,000 1,030,000 --------------------------------------------------------------------------------------------------------- Panamsat LP/Panamsat Capital Corp., 0%/11.375% Sr. Sub. Disc. Nts., 8/1/03 (5) 250,000 177,813 --------------------------------------------------------------------------------------------------------- Panamsat LP/Panamsat Capital Corp., 9.75% Sr. Sec. Nts., 8/1/00 500,000 515,000 --------------------------------------------------------------------------------------------------------- SCI Television, Inc., 11% Sr. Nts., Series 1, 6/30/05 500,000 521,250 --------------------------------------------------------------------------------------------------------- Time Warner Entertainment LP/Time Warner, Inc., 10.15% Sr. Nts., 5/1/12 500,000 589,474 --------------------------------------------------------------------------------------------------------- Time Warner Entertainment LP/Time Warner, Inc., 8.375% Sr. Debs., 3/15/23 500,000 502,260 --------------------------------------------------------------------------------------------------------- Time Warner, Inc., 9.125% Debs., 1/15/13 1,000,000 1,048,393 --------------------------------------------------------------------------------------------------------- TKR Cable I, Inc., 10.50% Sr. Debs., 10/30/07 1,000,000 1,156,475 --------------------------------------------------------------------------------------------------------- United States Banknote Corp., 11.625% Sr. Nts., Series B, 8/1/02 380,000 309,700 ------------ 12,342,615 - ------------------------------------------------------------------------------------------------------------------- RETAIL: GENERAL - 0.2% --------------------------------------------------------------------------------------------------------- Synthetic Industries, Inc., 12.75% Sr. Sub. Debs., 12/1/02 300,000 301,500 --------------------------------------------------------------------------------------------------------- Thrifty Payless, Inc., 11.75% Sr. Nts., 4/15/03 500,000 532,500 ------------ 834,000 - ------------------------------------------------------------------------------------------------------------------- RETAIL: SPECIALTY - 0.5% --------------------------------------------------------------------------------------------------------- Cole National Group, Inc., 11.25% Sr. Nts., 10/1/01 1,000,000 957,500 --------------------------------------------------------------------------------------------------------- Finlay Fine Jewelry Corp., 10.625% Sr. Nts., 5/1/03 750,000 723,750 ------------ 1,681,250 - ------------------------------------------------------------------------------------------------------------------- CONSUMER NON-CYCLICALS - 1.7% - ------------------------------------------------------------------------------------------------------------------- FOOD - 0.5% --------------------------------------------------------------------------------------------------------- Di Giorgio Corp., 12% Sr. Nts., 2/15/03 250,000 186,250 --------------------------------------------------------------------------------------------------------- Grand Union Co., 12% Sr. Nts., 9/1/04 (6) 853,000 831,675 --------------------------------------------------------------------------------------------------------- Purity Supreme, Inc., 11.75% Sr. Sec. Nts., Series B, 8/1/99 300,000 323,250 --------------------------------------------------------------------------------------------------------- RJR Nabisco, Inc., 8.625% Medium-Term Nts., 12/1/02 500,000 516,172 ------------ 1,857,347 - ------------------------------------------------------------------------------------------------------------------- HEALTHCARE/SUPPLIES & SERVICES - 0.9% --------------------------------------------------------------------------------------------------------- Abbey Healthcare Group, Inc., 9.50% Sr. Sub. Nts., 11/1/02 1,000,000 1,035,000 --------------------------------------------------------------------------------------------------------- AmeriSource Corp., 11.25% Sr. Debs., 7/15/05 (3) 440,129 450,307 --------------------------------------------------------------------------------------------------------- Charter Medical Corp., 11.25% Sr. Sub. Nts., 4/15/04 500,000 533,750 --------------------------------------------------------------------------------------------------------- Icon Health & Fitness, Inc., 13% Sr. Sub. Nts., 7/15/02 (7) 1,000,000 1,015,000 ------------ 3,034,057 - ------------------------------------------------------------------------------------------------------------------- HOUSEHOLD GOODS - 0.3% --------------------------------------------------------------------------------------------------------- Harman International Industries, Inc., 12% Sr. Sub. Nts., 8/1/02 1,000,000 1,095,000 - ------------------------------------------------------------------------------------------------------------------- ENERGY - 0.6% - ------------------------------------------------------------------------------------------------------------------- ENERGY SERVICES & PRODUCERS - 0.6% --------------------------------------------------------------------------------------------------------- Coastal Corp., 11.75% Sr. Debs., 6/15/06 500,000 543,998 --------------------------------------------------------------------------------------------------------- Gulf Canada Resources Ltd., 9.25% Sr. Sub. Debs., 1/15/04 500,000 499,310 --------------------------------------------------------------------------------------------------------- OPI International, Inc., 12.875% Gtd. Sr. Nts., 7/15/02 1,000,000 1,130,000 ------------ 2,173,308 - ------------------------------------------------------------------------------------------------------------------- FINANCIAL - 0.6% - ------------------------------------------------------------------------------------------------------------------- BANKS - 0.2% --------------------------------------------------------------------------------------------------------- First Chicago Corp., 11.25% Sub. Nts., 2/20/01 250,000 301,119 --------------------------------------------------------------------------------------------------------- First Chicago Corp., 9% Sub. Nts., 6/15/99 250,000 270,542 ------------ 571,661 - ------------------------------------------------------------------------------------------------------------------- DIVERSIFIED FINANCIAL - 0.4% --------------------------------------------------------------------------------------------------------- GPA Delaware, Inc., 8.75% Gtd. Nts., 12/15/98 250,000 211,250 --------------------------------------------------------------------------------------------------------- GPA Holland BV, 9.75% Medium-Term Nts., Series B, 6/10/96 1,000,000 973,750 --------------------------------------------------------------------------------------------------------- Tiphook Financial Corp., 7.125% Gtd. Nts., 5/1/98 100,000 80,500 ------------ 1,265,500 - ------------------------------------------------------------------------------------------------------------------- INDUSTRIAL - 2.2% - ------------------------------------------------------------------------------------------------------------------- INDUSTRIAL MATERIALS - 1.3% --------------------------------------------------------------------------------------------------------- American Standard, Inc., 10.875% Sr. Nts., 5/15/99 500,000 542,500 --------------------------------------------------------------------------------------------------------- Calmar, Inc., 12% Sr. Sec. Nts., 12/15/97 500,000 515,000 --------------------------------------------------------------------------------------------------------- Owens-Illinois, Inc., 10% Sr. Sub. Nts., 8/1/02 500,000 517,500 --------------------------------------------------------------------------------------------------------- Owens-Illinois, Inc., 11% Sr. Debs., 12/1/03 500,000 553,750 --------------------------------------------------------------------------------------------------------- Pacific Lumber Co., 10.50% Sr. Nts., 3/1/03 425,000 402,688 --------------------------------------------------------------------------------------------------------- Triangle Pacific Corp., 10.50% Sr. Nts., 8/1/03 850,000 867,000 --------------------------------------------------------------------------------------------------------- USG Corp., 10.25% Sr. Sec. Nts., 12/15/02 430,000 436,450 --------------------------------------------------------------------------------------------------------- USG Corp., 9.25% Sr. Nts., Series B, 9/15/01 600,000 622,500 ------------ 4,457,388 - ------------------------------------------------------------------------------------------------------------------- INDUSTRIAL SERVICES - 0.3% --------------------------------------------------------------------------------------------------------- EnviroSource, Inc., 9.75% Sr. Nts., 6/15/03 1,250,000 1,115,625 - ------------------------------------------------------------------------------------------------------------------- MANUFACTURING - 0.5% --------------------------------------------------------------------------------------------------------- Talley Industries, Inc., 0%/12.25% Sr. Disc. Debs., 10/15/05 (5) 1,250,000 831,250 --------------------------------------------------------------------------------------------------------- Terex Corp., Units (each Unit consists of $1,000 principal amount of 13.75% Sr. Sec. Nts., 5/15/02 and four Common (7)(8) 1,000,000 890,000 Stock Appreciation Rights) ------------ 1,721,250 - ------------------------------------------------------------------------------------------------------------------- TRANSPORTATION - 0.1% --------------------------------------------------------------------------------------------------------- Trans Ocean Container Corp., 12.25% Sr. Sub. Nts., 7/1/04 500,000 507,500 - ------------------------------------------------------------------------------------------------------------------- TECHNOLOGY - 1.8% - ------------------------------------------------------------------------------------------------------------------- AEROSPACE/DEFENSE - 0.5% --------------------------------------------------------------------------------------------------------- Unisys Corp., 13.50% Credit Sensitive Nts., 7/1/97 (2) 1,250,000 1,395,414 --------------------------------------------------------------------------------------------------------- Unisys Corp., 9.75% Sr. Nts., 9/15/16 500,000 494,459 ------------ 1,889,873 - ------------------------------------------------------------------------------------------------------------------- TELECOMMUNICATIONS-TECHNOLOGY - 1.3% --------------------------------------------------------------------------------------------------------- Call-Net Enterprises, Inc., 0%/13.25% Sr. Disc. Nts., 12/1/04 800,000 487,000 --------------------------------------------------------------------------------------------------------- Centennial Cellular Corp., 8.875% Sr. Nts., 11/1/01 500,000 473,750 --------------------------------------------------------------------------------------------------------- Comcast Cellular Corp., Zero Coupon Nts., Series B, 3/5/00 1,000,000 708,750 --------------------------------------------------------------------------------------------------------- MFS Communications, Inc., 0%/9.375% Sr. Disc. Nts., 1/15/04 (5) 1,850,000 1,290,375 --------------------------------------------------------------------------------------------------------- PriCellular Wireless Corp., 0%/14% Sr. Sub. Disc. Nts., 11/15/01 (5) 1,000,000 805,000 --------------------------------------------------------------------------------------------------------- USA Mobile Communications, Inc. II, 9.50% Sr. Nts., 2/1/04 1,000,000 895,000 ------------ 4,659,875 - ------------------------------------------------------------------------------------------------------------------- UTILITIES - 0.9% - ------------------------------------------------------------------------------------------------------------------- ELECTRIC UTILITIES - 0.5% --------------------------------------------------------------------------------------------------------- First PV Funding Corp., 10.15% Lease Obligation Bonds, Series 1986B, 1/15/16 1,500,000 1,548,666 - ------------------------------------------------------------------------------------------------------------------- GAS UTILITIES - 0.4% --------------------------------------------------------------------------------------------------------- Beaver Valley II Funding Corp., 9% Second Lease Obligation Bonds, 6/1/17 989,000 826,224 --------------------------------------------------------------------------------------------------------- California Energy Co., 0%/10.25% Sr. Disc. Nts., 1/15/04 (5) 750,000 652,501 ------------ 1,478,725 ------------ Total Non-Convertible Corporate Bonds and Notes (Cost $61,228,399) 61,214,584 - ------------------------------------------------------------------------------------------------------------------- CONVERTIBLE CORPORATE BONDS AND NOTES - 0.2% - ------------------------------------------------------------------------------------------------------------------- CONSUMER NON-CYCLICALS - 0.2% - ------------------------------------------------------------------------------------------------------------------- HEALTHCARE/SUPPLIES & SERVICES - 0.2% --------------------------------------------------------------------------------------------------------- MEDIQ, Inc., 7.50% Exchangeable Sub. Debs., 7/15/03 (Cost $922,667) 1,000,000 850,000 Shares - ------------------------------------------------------------------------------------------------------------------- COMMON STOCKS - 47.2% - ------------------------------------------------------------------------------------------------------------------- BASIC MATERIALS - 4.2% - ------------------------------------------------------------------------------------------------------------------- CHEMICALS - 2.4% --------------------------------------------------------------------------------------------------------- Air Products & Chemicals, Inc. (11) 10,000 557,500 --------------------------------------------------------------------------------------------------------- ARCO Chemical Co. 26,700 1,211,513 --------------------------------------------------------------------------------------------------------- Bayer AG, Sponsored ADR 70,000 1,739,731 --------------------------------------------------------------------------------------------------------- Dow Chemical Co. (The) 8,500 610,938 --------------------------------------------------------------------------------------------------------- Georgia Gulf Corp. 24,000 783,000 --------------------------------------------------------------------------------------------------------- Goldschmidt (T.H.) AG 750 417,232 --------------------------------------------------------------------------------------------------------- IMC Global, Inc. (11) 15,200 822,700 --------------------------------------------------------------------------------------------------------- Praxair, Inc. 43,500 1,087,500 --------------------------------------------------------------------------------------------------------- Sybron Chemical Industries, Inc. (9) 72,000 976,500 ------------ 8,206,614 - ------------------------------------------------------------------------------------------------------------------- GOLD - 0.2% --------------------------------------------------------------------------------------------------------- Santa Fe Pacific Gold Corp. (11) 70,000 848,750 - ------------------------------------------------------------------------------------------------------------------- METALS - 0.8% --------------------------------------------------------------------------------------------------------- Brush Wellman, Inc. 69,300 1,481,288 --------------------------------------------------------------------------------------------------------- Inco Ltd. 22,700 641,275 --------------------------------------------------------------------------------------------------------- Inland Steel Industries, Inc. (11) 23,100 704,550 ------------ 2,827,113 - ------------------------------------------------------------------------------------------------------------------- PAPER - 0.8% --------------------------------------------------------------------------------------------------------- Georgia-Pacific Corp. 11,500 997,625 --------------------------------------------------------------------------------------------------------- Louisiana-Pacific Corp. 31,900 837,375 --------------------------------------------------------------------------------------------------------- MacMillan Bloedel Ltd. 76,300 1,077,738 ------------ 2,912,738 - ------------------------------------------------------------------------------------------------------------------- CONSUMER CYCLICALS - 7.9% - ------------------------------------------------------------------------------------------------------------------- AUTOS & HOUSING - 1.7% --------------------------------------------------------------------------------------------------------- Chromcraft Revington, Inc. (9) 50,000 1,062,500 --------------------------------------------------------------------------------------------------------- Excel Industries, Inc. 52,000 754,000 --------------------------------------------------------------------------------------------------------- Fiat SpA (9) 310,000 1,092,669 --------------------------------------------------------------------------------------------------------- General Motors Corp. 20,500 960,938 --------------------------------------------------------------------------------------------------------- Hayes Wheels International, Inc. 26,000 552,500 --------------------------------------------------------------------------------------------------------- Hi-Lo Automotive, Inc. (9) 65,000 682,500 --------------------------------------------------------------------------------------------------------- Santa Anita Realty Enterprises, Inc., Units (each Unit consists of one share of Santa Anita Operating Co. and one share of Santa Anita Realty Enterprises, Inc. Common Stock) (8)(10) 40,000 580,000 --------------------------------------------------------------------------------------------------------- Scott's Liquid Gold, Inc. 57,200 235,950 ------------ 5,921,057 - ------------------------------------------------------------------------------------------------------------------- LEISURE & ENTERTAINMENT - 2.5% --------------------------------------------------------------------------------------------------------- AMR Corp. (9)(11) 14,000 1,044,750 --------------------------------------------------------------------------------------------------------- Brunswick Corp. 50,000 850,000 --------------------------------------------------------------------------------------------------------- Cheesecake Factory (The) (9) 40,000 1,030,000 --------------------------------------------------------------------------------------------------------- Circus Circus Enterprises, Inc. (9)(11) 21,800 768,450 --------------------------------------------------------------------------------------------------------- Cracker Barrel Old Country Store, Inc. 47,600 981,750 --------------------------------------------------------------------------------------------------------- Eastman Kodak Co. (11) 15,400 933,625 --------------------------------------------------------------------------------------------------------- International Game Technology 44,700 687,263 --------------------------------------------------------------------------------------------------------- King World Productions, Inc. (9)(11) 28,000 1,134,000 --------------------------------------------------------------------------------------------------------- Mattel, Inc. (11) 42,937 1,116,362 --------------------------------------------------------------------------------------------------------- Shaw Brothers (Hong Kong) Ltd. 317,000 297,027 ------------ 8,843,227 - ------------------------------------------------------------------------------------------------------------------- MEDIA - 1.3% --------------------------------------------------------------------------------------------------------- Bowne & Co., Inc. 46,000 787,750 --------------------------------------------------------------------------------------------------------- Capital Cities/ABC, Inc. (11) 10,000 1,080,000 --------------------------------------------------------------------------------------------------------- Comcast Corp., Cl. A Special (11) 75,000 1,392,188 --------------------------------------------------------------------------------------------------------- Tele-Communications, Inc., Cl. A (9) 34,400 806,250 --------------------------------------------------------------------------------------------------------- Time Warner, Inc. (11) 14,600 600,425 ------------ 4,666,613 - ------------------------------------------------------------------------------------------------------------------- RETAIL: GENERAL - 0.9% --------------------------------------------------------------------------------------------------------- Authentic Fitness Corp. (9) 53,400 894,450 --------------------------------------------------------------------------------------------------------- Cone Mills Corp. (9) 90,800 1,169,050 --------------------------------------------------------------------------------------------------------- Price/Costco, Inc. (9)(11) 60,400 981,500 ------------- 3,045,000 - ------------------------------------------------------------------------------------------------------------------- RETAIL: SPECIALTY - 1.5% --------------------------------------------------------------------------------------------------------- Best Buy Co., Inc. (9) 21,100 561,788 --------------------------------------------------------------------------------------------------------- Burlington Coat Factory Warehouse Corp. (9) 66,000 684,750 --------------------------------------------------------------------------------------------------------- Castorama Dubois Investissements LP 4,086 677,697 --------------------------------------------------------------------------------------------------------- CML Group, Inc. 66,400 522,900 --------------------------------------------------------------------------------------------------------- Justin Industries, Inc. 70,000 770,000 --------------------------------------------------------------------------------------------------------- Toys R Us, Inc. (9) 37,500 1,096,875 --------------------------------------------------------------------------------------------------------- Venture Stores, Inc. 67,000 661,625 --------- 4,975,635 - ------------------------------------------------------------------------------------------------------------------- CONSUMER NON-CYCLICALS - 8.8% - ------------------------------------------------------------------------------------------------------------------- BEVERAGES - 0.6% --------------------------------------------------------------------------------------------------------- Guinness PLC 100,000 752,496 --------------------------------------------------------------------------------------------------------- Whitman Corp. 70,000 1,356,250 ------------ 2,108,746 - ------------------------------------------------------------------------------------------------------------------- FOOD - 1.0% --------------------------------------------------------------------------------------------------------- Chiquita Brands International, Inc. 1,287 18,018 --------------------------------------------------------------------------------------------------------- Dairy Farm International Holdings Ltd. 589,000 506,540 --------------------------------------------------------------------------------------------------------- Grand Union Co. (9) 6,185 88,136 --------------------------------------------------------------------------------------------------------- McCormick & Co., Inc., Non-Vtg. 31,000 666,500 --------------------------------------------------------------------------------------------------------- Nestle SA, Sponsored ADR 12,000 624,416 --------------------------------------------------------------------------------------------------------- Sara Lee Corp. 50,800 1,447,800 ---------- 3,351,410 - ------------------------------------------------------------------------------------------------------------------- HEALTHCARE/DRUGS - 3.3% --------------------------------------------------------------------------------------------------------- Abbott Laboratories (11) 5,600 226,800 --------------------------------------------------------------------------------------------------------- Amgen, Inc. (9)(11) 9,300 748,069 --------------------------------------------------------------------------------------------------------- Astra AB Free, Series A 15,500 477,882 --------------------------------------------------------------------------------------------------------- Biosys, Inc. (9) 74,400 139,500 --------------------------------------------------------------------------------------------------------- Bristol-Myers Squibb Co. (11) 25,000 1,703,125 --------------------------------------------------------------------------------------------------------- Chiron Corp. (9)(11) 4,099 266,435 --------------------------------------------------------------------------------------------------------- Ciba-Geigy AG 2,300 1,684,901 --------------------------------------------------------------------------------------------------------- Genzyme Corp. (9)(11) 28,900 1,156,000 --------------------------------------------------------------------------------------------------------- Lilly (Eli) & Co. (11) 4,000 314,000 --------------------------------------------------------------------------------------------------------- Medeva PLC 294,818 1,172,565 --------------------------------------------------------------------------------------------------------- Mylan Laboratories, Inc. (11) 38,800 1,193,100 --------------------------------------------------------------------------------------------------------- NBTY, Inc. (9) 151,000 981,500 --------------------------------------------------------------------------------------------------------- Schering AG 10,250 716,104 --------------------------------------------------------------------------------------------------------- Smithkline Beecham PLC, ADR Equity Units (one ADR represents five Equity Units, each Unit consists of one Class B Ordinary Share and one share of Cum. Participating Preferred Stock) (8) 17,000 769,250 ----------- 11,549,231 - ------------------------------------------------------------------------------------------------------------------- HEALTHCARE/SUPPLIES & SERVICES - 3.1% --------------------------------------------------------------------------------------------------------- Biomet, Inc. (9) 52,100 807,550 --------------------------------------------------------------------------------------------------------- Community Psychiatric Centers (9) 50,000 562,500 --------------------------------------------------------------------------------------------------------- Manor Care, Inc. (11) 41,185 1,199,513 --------------------------------------------------------------------------------------------------------- Medtronic, Inc. (11) 14,400 1,110,600 --------------------------------------------------------------------------------------------------------- Nellcor, Inc. (9)(11) 23,000 1,035,000 --------------------------------------------------------------------------------------------------------- NovaCare, Inc. (9) 79,700 647,563 --------------------------------------------------------------------------------------------------------- Pyxis Corp. (9)(11) 48,000 1,086,000 --------------------------------------------------------------------------------------------------------- Sofamor Danek Group, Inc. (9)(11) 45,000 1,018,125 --------------------------------------------------------------------------------------------------------- U.S. Healthcare, Inc. 49,000 1,500,625 --------------------------------------------------------------------------------------------------------- Value Health, Inc. (9) 24,000 774,000 --------------------------------------------------------------------------------------------------------- Wellpoint Health Networks, Inc., Cl. A (9)(11) 41,500 1,172,375 ------------- 10,913,851 - ------------------------------------------------------------------------------------------------------------------- HOUSEHOLD GOODS - 0.2% --------------------------------------------------------------------------------------------------------- Procter & Gamble Co. 10,000 718,750 - ------------------------------------------------------------------------------------------------------------------- TOBACCO - 0.6% --------------------------------------------------------------------------------------------------------- Philip Morris Cos., Inc. (11) 20,000 1,487,500 --------------------------------------------------------------------------------------------------------- RJR Nabisco Holdings Corp. 28,000 780,500 ----------- 2,268,000 - ------------------------------------------------------------------------------------------------------------------- ENERGY - 2.4% - ------------------------------------------------------------------------------------------------------------------- ENERGY SERVICES & PRODUCERS - 0.5% --------------------------------------------------------------------------------------------------------- Landmark Graphics Corp. (9)(11) 36,900 940,950 --------------------------------------------------------------------------------------------------------- Western Atlas, Inc. (11) 19,000 843,125 ------------ 1,784,075 - ------------------------------------------------------------------------------------------------------------------- OIL-INTEGRATED - 1.9% --------------------------------------------------------------------------------------------------------- Ashland Coal, Inc. 24,600 658,050 --------------------------------------------------------------------------------------------------------- Ashland, Inc. 25,000 878,125 --------------------------------------------------------------------------------------------------------- Atlantic Richfield Co. 10,300 1,130,425 --------------------------------------------------------------------------------------------------------- Louisiana Land & Exploration Co. 20,000 797,500 --------------------------------------------------------------------------------------------------------- Royal Dutch Petroleum Co. 10,000 1,218,750 --------------------------------------------------------------------------------------------------------- Saga Petroleum AS, Cl. A 12,000 170,316 --------------------------------------------------------------------------------------------------------- Saga Petroleum AS, Cl. B 19,000 251,176 --------------------------------------------------------------------------------------------------------- Total SA, Sponsored ADR 15,701 474,955 --------------------------------------------------------------------------------------------------------- Unocal Corp. 22,000 607,750 --------------------------------------------------------------------------------------------------------- Yukong Ltd., GDR (7) 958 7,950 --------------------------------------------------------------------------------------------------------- Yukong Ltd., GDR (7) 2,336 19,409 --------------------------------------------------------------------------------------------------------- Yukong Ltd., GDR (7)(9) 27,500 295,625 --------------- 6,510,031 - ------------------------------------------------------------------------------------------------------------------- FINANCIAL - 4.6% - ------------------------------------------------------------------------------------------------------------------- BANKS - 1.6% --------------------------------------------------------------------------------------------------------- Banco Frances del Rio de la Plata SA 100,000 605,190 --------------------------------------------------------------------------------------------------------- Bankers Trust New York Corp. (11) 12,500 775,000 --------------------------------------------------------------------------------------------------------- Chemical Banking Corp. (11) 33,500 1,582,875 --------------------------------------------------------------------------------------------------------- Deutsche Bank, Sponsored ADR 13,250 643,295 --------------------------------------------------------------------------------------------------------- NationsBank Corp. 39,200 2,102,100 ----------- 5,708,460 - ------------------------------------------------------------------------------------------------------------------- DIVERSIFIED FINANCIAL - 1.3% --------------------------------------------------------------------------------------------------------- American Express Co. 31,500 1,106,438 --------------------------------------------------------------------------------------------------------- CMAC Investment Corp. 23,200 1,006,300 --------------------------------------------------------------------------------------------------------- H & R Block, Inc. 24,000 987,000 --------------------------------------------------------------------------------------------------------- Merrill Lynch & Co., Inc. (11) 26,300 1,380,750 ----------- 4,480,488 - ------------------------------------------------------------------------------------------------------------------- INSURANCE - 1.7% - ------------------------------------------------------------------------------------------------------------------- Aetna Life & Casualty Co. (11) 16,800 1,056,300 --------------------------------------------------------------------------------------------------------- American International Group, Inc. (11) 12,000 1,368,000 --------------------------------------------------------------------------------------------------------- American Re Corp. 36,000 1,341,000 --------------------------------------------------------------------------------------------------------- Bankers Life Holding Corp. 43,000 817,000 --------------------------------------------------------------------------------------------------------- Berkley (W.R.) Corp. 21,000 745,500 --------------------------------------------------------------------------------------------------------- UNUM Corp. 13,100 614,063 ------------ 5,941,863 - ------------------------------------------------------------------------------------------------------------------- INDUSTRIAL - 5.9% - ------------------------------------------------------------------------------------------------------------------- ELECTRICAL EQUIPMENT - 0.6% --------------------------------------------------------------------------------------------------------- Core Industries, Inc. 50,000 537,500 --------------------------------------------------------------------------------------------------------- General Electric Co. 20,000 1,127,500 --------------------------------------------------------------------------------------------------------- Methode Electronics, Inc., Cl. A 30,000 585,000 ---------- 2,250,000 - ------------------------------------------------------------------------------------------------------------------- INDUSTRIAL MATERIALS - 1.6% --------------------------------------------------------------------------------------------------------- Corning, Inc. 34,700 1,136,425 --------------------------------------------------------------------------------------------------------- Interpool, Inc. (9) 50,000 681,250 --------------------------------------------------------------------------------------------------------- Masco Corp. 30,000 810,000 --------------------------------------------------------------------------------------------------------- Owens-Corning Fiberglass Corp. (9) 30,000 1,106,250 --------------------------------------------------------------------------------------------------------- Ply-Gem Industries, Inc. 37,400 663,850 --------------------------------------------------------------------------------------------------------- Rubbermaid, Inc. 18,400 510,600 --------------------------------------------------------------------------------------------------------- U.S. Can Corp. (9) 46,500 726,563 --------------------------------------------------------------------------------------------------------- Walter Industries, Inc. (9) 2,645 36,369 ----------- 5,671,307 - ------------------------------------------------------------------------------------------------------------------- INDUSTRIAL SERVICES - 0.7% --------------------------------------------------------------------------------------------------------- Ecolab, Inc. 23,400 573,300 --------------------------------------------------------------------------------------------------------- Huarte SA 50,150 451,429 --------------------------------------------------------------------------------------------------------- Insituform Mid-America, Inc., Cl. A 60,000 870,000 --------------------------------------------------------------------------------------------------------- Waste Management International PLC, Sponsored ADR (9)(11) 45,400 431,300 ----------- 2,326,029 - ------------------------------------------------------------------------------------------------------------------- MANUFACTURING - 1.7% --------------------------------------------------------------------------------------------------------- Citic Pacific Ltd. 216,000 542,966 --------------------------------------------------------------------------------------------------------- Griffon Corp. (9) 80,000 640,000 --------------------------------------------------------------------------------------------------------- Harnischfeger Industries, Inc. (11) 26,000 900,250 --------------------------------------------------------------------------------------------------------- Hutchison Whampoa Ltd. 128,000 618,701 --------------------------------------------------------------------------------------------------------- Jardine Matheson Holdings Ltd. 50,468 370,940 --------------------------------------------------------------------------------------------------------- Johnstown America Industries, Inc. (9) 20,000 207,500 --------------------------------------------------------------------------------------------------------- Mannesmann AG 3,287 1,003,349 --------------------------------------------------------------------------------------------------------- Pacific Dunlop Ltd. 279,000 585,381 --------------------------------------------------------------------------------------------------------- Tenneco, Inc. 20,400 938,400 ---------- 5,807,487 - ------------------------------------------------------------------------------------------------------------------- TRANSPORTATION - 1.3% --------------------------------------------------------------------------------------------------------- Airborne Freight Corp. (11) 38,000 769,500 --------------------------------------------------------------------------------------------------------- Burlington Northern, Inc. (11) 17,000 1,077,375 --------------------------------------------------------------------------------------------------------- Consolidated Freightways, Inc. 61,000 1,349,625 --------------------------------------------------------------------------------------------------------- Stolt-Nielsen SA 50,000 1,437,500 ---------------- 4,634,000 - ------------------------------------------------------------------------------------------------------------------- TECHNOLOGY - 11.8% - ------------------------------------------------------------------------------------------------------------------- AEROSPACE/DEFENSE - 0.6% --------------------------------------------------------------------------------------------------------- General Dynamics Corp. (11) 9,900 439,313 --------------------------------------------------------------------------------------------------------- McDonnell Douglas Corp. (11) 9,000 690,750 --------------------------------------------------------------------------------------------------------- Rockwell International Corp. 17,900 818,925 ----------- 1,948,988 - ------------------------------------------------------------------------------------------------------------------- COMPUTER HARDWARE - 2.0% --------------------------------------------------------------------------------------------------------- Bay Networks, Inc. (9)(11) 20,005 827,707 --------------------------------------------------------------------------------------------------------- Cabletron Systems, Inc. (9)(11) 5,000 266,250 --------------------------------------------------------------------------------------------------------- Moore Corp. Ltd. 31,600 699,150 --------------------------------------------------------------------------------------------------------- Norand Corp. (9) 18,500 753,875 --------------------------------------------------------------------------------------------------------- Proxima Corp. (9) 30,000 716,250 --------------------------------------------------------------------------------------------------------- Seagate Technology, Inc. (9)(11) 20,000 785,000 --------------------------------------------------------------------------------------------------------- Sun Microsystems, Inc. (9)(11) 19,800 960,300 --------------------------------------------------------------------------------------------------------- Tandem Computers, Inc. (9)(11) 64,100 1,033,613 --------------------------------------------------------------------------------------------------------- Xerox Corp. (11) 8,500 996,625 ----------- 7,038,770 - ------------------------------------------------------------------------------------------------------------------- COMPUTER SOFTWARE - 3.7% --------------------------------------------------------------------------------------------------------- BMC Software, Inc. (9)(11) 16,000 1,236,000 --------------------------------------------------------------------------------------------------------- Computer Associates International, Inc. 19,100 1,294,025 --------------------------------------------------------------------------------------------------------- Delrina Corp. (9) 92,400 1,270,500 --------------------------------------------------------------------------------------------------------- Electronic Arts, Inc. (9)(11) 48,600 1,318,275 --------------------------------------------------------------------------------------------------------- Informix Corp. (9)(11) 40,000 1,015,000 --------------------------------------------------------------------------------------------------------- Legent Corp. (9)(11) 7,000 306,250 --------------------------------------------------------------------------------------------------------- Marcam Corp. (9) 72,000 981,000 --------------------------------------------------------------------------------------------------------- Microsoft Corp. (9)(11) 9,000 813,375 --------------------------------------------------------------------------------------------------------- Nintendo Co. Ltd. 32,000 1,835,571 --------------------------------------------------------------------------------------------------------- Novell, Inc. (9) 76,200 1,519,238 --------------------------------------------------------------------------------------------------------- Symantec Corp. (9)(11) 51,000 1,472,625 ----------- 13,061,859 - ------------------------------------------------------------------------------------------------------------------- ELECTRONICS - 4.0% --------------------------------------------------------------------------------------------------------- Advanced Micro Devices, Inc. (11) 32,194 1,171,057 --------------------------------------------------------------------------------------------------------- CAE, Inc. 115,000 826,585 --------------------------------------------------------------------------------------------------------- General Motors Corp., Cl. H 23,100 912,450 --------------------------------------------------------------------------------------------------------- Hewlett-Packard Co. (11) 15,000 1,117,500 --------------------------------------------------------------------------------------------------------- Integrated Silicon Solution, Inc. (9) 5,000 261,250 --------------------------------------------------------------------------------------------------------- Intel Corp. (11) 69,000 4,368,563 --------------------------------------------------------------------------------------------------------- Kyocera Corp. 10,000 822,144 --------------------------------------------------------------------------------------------------------- Philips Electronics NV 19,000 803,867 --------------------------------------------------------------------------------------------------------- Samsung Electronics, GDS (9) 34,978 1,880,068 --------------------------------------------------------------------------------------------------------- Samsung Electronics, GDS (9) 570 43,092 --------------------------------------------------------------------------------------------------------- VLSI Technology, Inc. (9)(11) 54,000 1,626,750 ------------ 13,833,326 - ------------------------------------------------------------------------------------------------------------------- TELECOMMUNICATIONS-TECHNOLOGY - 1.5% --------------------------------------------------------------------------------------------------------- Airtouch Communications, Inc. (9)(11) 46,000 1,311,000 --------------------------------------------------------------------------------------------------------- AT&T Corp. 16,000 850,000 --------------------------------------------------------------------------------------------------------- ECI Telecommunications Ltd. 51,000 698,063 --------------------------------------------------------------------------------------------------------- Kinnevik Investments AB Free, Series B 24,500 746,951 --------------------------------------------------------------------------------------------------------- MCI Communications Corp. 46,300 1,018,600 --------------------------------------------------------------------------------------------------------- Rogers Cantel Mobile Communications, Inc., Sub. Cl. B (9) 24,400 579,500 --------------------------------------------------------------------------------------------------------- Technology Resources Industries Berhad (9) 25,000 71,780 ---------- 5,275,894 - ------------------------------------------------------------------------------------------------------------------- UTILITIES - 1.6% - ------------------------------------------------------------------------------------------------------------------- ELECTRIC UTILITIES - 0.5% --------------------------------------------------------------------------------------------------------- Central Puerto SA, ADR (7) 3,000 57,018 --------------------------------------------------------------------------------------------------------- Public Service Enterprise Group, Inc. 35,000 971,250 --------------------------------------------------------------------------------------------------------- Verbund Oest Electriz 9,400 689,519 ---------- 1,717,787 - ------------------------------------------------------------------------------------------------------------------- GAS UTILITIES - 0.3% --------------------------------------------------------------------------------------------------------- Hong Kong & China Gas 293,760 468,877 --------------------------------------------------------------------------------------------------------- Southwestern Energy Co. 40,000 555,000 ----------- 1,023,877 - ------------------------------------------------------------------------------------------------------------------- TELEPHONE UTILITIES - 0.8% --------------------------------------------------------------------------------------------------------- BCE, Inc. 33,000 1,060,125 --------------------------------------------------------------------------------------------------------- US West, Inc. 38,500 1,602,563 ----------- 2,662,688 ----------- Total Common Stocks (Cost $131,204,845) 164,833,664 - ------------------------------------------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------------------------------------- PREFERRED STOCKS - 1.5% - ------------------------------------------------------------------------------------------------------------------- Alumax, Inc., $4.00 Cv., Series A 9,000 1,209,375 --------------------------------------------------------------------------------------------------------- Chiquita Brands International, Inc., $1.32 Depositary Shares 26,000 364,000 --------------------------------------------------------------------------------------------------------- Cyprus Amax Minerals Co., $4.00 Cv., Series A 24,000 1,500,000 --------------------------------------------------------------------------------------------------------- Delta Airlines, Inc., $3.50 Cv. Depositary Shares, Series C 13,200 772,200 --------------------------------------------------------------------------------------------------------- K-III Communications Corp., Sr. Exchangeable, Series A 20,000 525,000 --------------------------------------------------------------------------------------------------------- Pantry Pride, Inc., $14.875 Exchangeable, Series B 8,000 826,000 ---------- Total Preferred Stocks (Cost $4,573,927) 5,196,575 UNITS - ------------------------------------------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------------------------------------- RIGHTS, WARRANTS AND CERTIFICATES - 0.1% - ------------------------------------------------------------------------------------------------------------------- American Telecasting, Inc. Wts., Exp. 6/99 6,000 15,000 --------------------------------------------------------------------------------------------------------- Echostar Communications Corp. Wts., Exp. 6/04 6,600 74,250 --------------------------------------------------------------------------------------------------------- Gaylord Container Corp. Wts., Exp. 7/96 16,412 170,275 --------------------------------------------------------------------------------------------------------- Icon Health & Fitness, Inc. Wts., Exp. 11/99 (7) 1,000 25,000 ------------ Total Rights, Warrants and Certificates (Cost $36,927) 284,525 PRINCIPAL AMOUNT (1) - ------------------------------------------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------------------------------------- REPURCHASE AGREEMENTS - 12.5% - ------------------------------------------------------------------------------------------------------------------- Repurchase agreement with First Chicago Capital Markets, 6.125%, dated 6/30/95, to be repurchased at $43,722,305 on 7/3/95, collateralized by U.S. Treasury Bonds, 11.25%, 2/15/15, with a value of $4,458,158, U.S. Treasury Nts., 4.75%-7.875%, 3/31/96-8/15/01, with a value of $29,161,735, and U.S.Treasury Bills maturing 9/28/95-12/14/95, with a value of $10,997,777 (Cost $43,700,000) $ 43,700,000 43,700,000 --------------------------------------------------------------------------------------------------------- TOTAL INVESTMENTS, AT VALUE (COST $306,066,957) 97.7% 341,078,966 --------------------------------------------------------------------------------------------------------- OTHER ASSETS NET OF LIABILITIES 2.3 7,986,632 ------------------ -------------- NET ASSETS 100.0% $ 349,065,598 ----------------- -------------- ----------------- -------------- 1. Face amount is reported in local currency. Foreign currency abbreviations are as follows: AUD - Australian Dollar SEK - Swedish Krona CAD - Canadian Dollar 2. Represents the current interest rate for a variable rate security. 3. Interest or dividend is paid in kind. 4. Represents the current interest rate for an increasing rate security. 5. Represents a zero coupon bond that converts to a fixed rate of interest at a designated future date. 6. When-issued security to be delivered and settled after June 30, 1995. 7. Represents a security sold under Rule 144A, which is exempt from registration under the Securities Act of 1933, as amended. This security has been determined to be liquid under guidelines established by the Board of Trustees.These securities amount to $2,310,002 or .66% of the Fund's net assets, at June 30, 1995. 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. In most cases, units involve a high degree of risk. 9. Non-income producing security. 10. Identifies issues considered to be illiquid - See Note 7 of Notes to Financial Statements.
See accompanying Notes to Financial Statements. OPPENHEIMER VARIABLE ACCOUNT FUNDS - OPPENHEIMER MULTIPLE STRATEGIES FUND 11. Securities with an aggregate market value of $58,582,820 are held to cover outstanding call options, as follows:
SHARES SUBJECT EXPIRATION EXERCISE PREMIUM MARKET VALUE TO CALL DATE PRICE RECEIVED SEE NOTE 4 AMR Corp. 2,800 1/96 80.00 $13,300 $11,550 AMR Corp. 2,800 8/95 65.00 9,716 29,400 Abbott Laboratories 5,600 8/95 35.00 14,882 35,700 Advanced Micro Devices, Inc. 6,400 1/96 45.00 13,408 12,800 Aetna Life & Casualty Co. 3,200 7/95 55.00 6,304 25,200 Air Products & Chemicals, Inc. 2,000 12/95 55.00 6,190 7,750 Airborne Freight Corp. 3,800 8/95 22.50 8,911 1,663 Airtouch Communications, Inc. 9,200 7/95 30.00 12,374 2,875 American International Group, Inc. 12,000 2/96 120.00 18,527 15,000 Amgen, Inc. 3,400 7/95 65.00 10,098 51,850 Amgen, Inc. 5,900 7/95 80.00 13,098 12,538 BMC Software, Inc. 6,500 8/95 65.00 42,866 86,938 Bankers Trust New York Corp. 2,400 1/96 70.00 6,528 4,500 Bankers Trust New York Corp. 3,000 7/95 65.00 4,972 2,063 Bankers Trust New York Corp. 3,000 7/95 70.00 2,910 1,500 Bay Networks, Inc. 1,500 12/95 40.00 6,330 8,813 Bristol-Myers Squibb Co. 5,000 9/95 65.00 4,850 20,625 Burlington Northern, Inc. 3,400 7/95 55.00 7,548 28,900 Cabeltron Systems, Inc. 2,000 7/95 50.00 6,502 8,250 Cabletron Systems, Inc. 2,000 7/95 55.00 3,846 2,625 Capital Cities/ABC, Inc. 2,000 11/95 110.00 12,690 8,750 Chemical Banking Corp. 6,700 12/95 50.00 17,265 13,819 Chiron Corp. 2,000 7/95 70.00 8,940 1,250 Circus Circus Enterprises, Inc. 4,000 12/95 40.00 4,130 6,500 Comcast Corp., Cl. A Special 13,400 7/95 17.50 12,998 19,263 Eastman Kodak Co. 3,000 7/95 55.00 2,910 17,625 Electronic Arts, Inc. 10,800 9/95 25.00 32,075 41,850 General Dynamics Corp. 1,400 8/95 45.00 5,033 1,925 Genzyme Corp. 3,700 10/95 45.00 12,376 7,169 Harnischfeger Industries, Inc. 5,200 2/96 40.00 7,451 6,175 Hewlett-Packard Co. 3,000 11/95 80.00 13,410 10,125 IMC Global, Inc. 3,800 7/95 50.00 15,086 15,675 Informix Corp. 8,000 2/96 27.50 25,379 24,000 Informix Corp. 8,000 8/95 20.00 16,029 46,000 Inland Steel Industries, Inc. 4,000 9/95 35.00 4,880 1,750 Intel Corp. 13,600 7/95 42.50 20,195 292,400 King World Productions, Inc. 4,600 8/95 40.00 7,912 14,375 King World Productions, Inc. 4,600 11/95 45.00 13,662 9,775 Landmark Graphics Corp. 7,400 10/95 25.00 15,502 18,500 Legent Corp. 7,000 7/95 35.00 32,164 66,500 Lilly (Eli) & Co. 4,000 7/95 70.00 13,880 35,500 Manor Care, Inc. 8,200 1/96 35.00 9,061 7,175 Manor Care, Inc. 8,200 7/95 30.00 13,591 4,100 Mattel, Inc. 8,400 10/95 25.00 9,198 19,950 McDonnell Douglas Corp. 1,000 8/95 45.00 10,095 32,000 McDonnell Douglas Corp. 2,400 11/95 65.00 7,728 33,300 Medtronic, Inc. 2,800 8/95 60.00 8,666 48,300
OPPENHEIMER VARIABLE ACCOUNT FUNDS - OPPENHEIMER MULTIPLE STRATEGIES FUND
SHARES SUBJECT EXPIRATION EXERCISE PREMIUM MARKET VALUE TO CALL DATE PRICE RECEIVED SEE NOTE 4 Merrill Lynch & Co., Inc. 5,500 1/96 $55.00 $20,459 $20,625 Merrill Lynch & Co., Inc. 5,500 7/95 35.00 21,022 96,938 Merrill Lynch & Co., Inc. 5,500 7/95 40.00 9,303 70,125 Merrill Lynch & Co., Inc. 5,500 7/95 45.00 4,675 41,938 Microsoft Corp. 1,600 7/95 70.00 3,352 32,200 Microsoft Corp. 2,000 10/95 80.00 11,440 28,000 Mylan Laboratories, Inc. 9,600 7/95 35.00 9,912 600 Nellcor, Inc. 4,600 7/95 35.00 10,948 44,275 Nellcor, Inc. 4,600 7/95 40.00 5,899 23,000 Nellcor, Inc. 4,600 10/95 45.00 13,087 14,950 Philip Morris Cos., Inc. 4,000 9/95 65.00 8,880 42,500 Price/Costco, Inc. 10,000 7/95 15.00 10,950 13,750 Pyxis Corp. 6,800 7/95 25.00 14,671 425 Santa Fe Pacific Gold Corp. 14,000 12/95 15.00 13,580 9,625 Seagate Technology, Inc. 4,000 9/95 45.00 7,880 4,750 Seagate Technology, Inc. 6,000 12/95 35.00 13,320 39,750 Sofamor Danek Group, Inc. 9,000 9/95 25.00 27,220 9,000 Sofamor Danek Group, Inc. 9,000 9/95 22.50 26,729 13,500 Sofamor Danek Group, Inc. 9,000 12/95 30.00 11,292 6,188 Sun Microsystems, Inc. 7,800 7/95 40.00 16,628 67,275 Sun Microsystems, Inc. 3,800 10/95 45.00 8,198 24,700 Sun Microsystems, Inc. 3,800 10/95 55.00 11,286 9,500 Symantec Corp. 10,200 1/96 35.00 18,818 19,125 Symantec Corp. 10,200 7/95 20.00 29,365 87,970 Tandem Computers, Inc. 12,200 7/95 20.00 10,370 1,016 Time Warner, Inc. 2,800 12/95 45.00 5,166 3,850 VLSI Technology, Inc. 10,800 1/96 35.00 36,125 35,100 Waste Management International PLC, Sponsored ADR 11,000 9/95 12.50 9,350 2,750 Wellpoint Health Networks, Inc., Cl. A 5,000 7/95 35.00 13,912 417 Western Atlas, Inc. 3,800 12/95 50.00 7,486 3,325 Xerox Corp. 1,600 7/95 110.00 3,952 12,000 ------ ------ $980,741 $1,953,458 -------- ---------- -------- ----------
OPPENHEIMER VARIABLE ACCOUNT FUNDS - OPPENHEIMER GLOBAL SECURITIES FUND STATEMENT OF INVESTMENTS JUNE 30, 1995 (UNAUDITED)
PRINCIPAL MARKET VALUE AMOUNT (1) (NOTE 1) - -------------------------------------------------------------------------------------------------------------------------------- CERTIFICATES OF DEPOSIT - 0.7% - -------------------------------------------------------------------------------------------------------------------------------- Cayman Time Deposit, 5.75%, 7/31/95 (Cost $2,300,000) (2)(6) $ 2,300,000 $ 2,300,000 - -------------------------------------------------------------------------------------------------------------------------------- NON-CONVERTIBLE CORPORATE BONDS AND NOTES - 0.1% - -------------------------------------------------------------------------------------------------------------------------------- Mediobanca, 4.50% Debs., 1/1/00 (Cost $307,078) ITL 497,120,000 226,695 SHARES - -------------------------------------------------------------------------------------------------------------------------------- COMMON STOCKS - 101.0% - -------------------------------------------------------------------------------------------------------------------------------- BASIC MATERIALS - 10.1% - -------------------------------------------------------------------------------------------------------------------------------- CHEMICALS - 1.0% ---------------------------------------------------------------------------------------------------------------------- Minerals Technologies, Inc. 40,000 1,440,000 ---------------------------------------------------------------------------------------------------------------------- Sterling Chemicals, Inc. (3) 175,000 2,034,375 ---------------- 3,474,375 - -------------------------------------------------------------------------------------------------------------------------------- METALS - 2.4% ---------------------------------------------------------------------------------------------------------------------- Asturiana de Zinc SA (3) 204,050 1,946,302 ---------------------------------------------------------------------------------------------------------------------- Swissreal Schweiz Liegenscha 2,800 3,159,407 ---------------------------------------------------------------------------------------------------------------------- Ugine SA 41,600 2,926,370 ---------------- 8,032,079 - -------------------------------------------------------------------------------------------------------------------------------- PAPER - 6.7% Asia Pulp & Paper Co. Ltd., ADR (3) 144,000 1,818,000 ---------------------------------------------------------------------------------------------------------------------- Corticeira Amorim SA 129,700 1,948,377 ---------------------------------------------------------------------------------------------------------------------- Fletcher Challenge Ltd. 1,250,000 3,508,305 ---------------------------------------------------------------------------------------------------------------------- Mo Och Domsjoe AB Free, Series B 100,000 5,761,095 ---------------------------------------------------------------------------------------------------------------------- Rottneros Bruks AB Free 2,566,666 4,053,594 ---------------------------------------------------------------------------------------------------------------------- Svenska Cellulosa AB 300,000 5,561,963 ---------------- 22,651,334 - -------------------------------------------------------------------------------------------------------------------------------- CONSUMER CYCLICALS - 13.8% - -------------------------------------------------------------------------------------------------------------------------------- AUTOS & HOUSING - 2.7% ---------------------------------------------------------------------------------------------------------------------- Catena AB Free, Series A 337,700 1,947,841 ---------------------------------------------------------------------------------------------------------------------- Ciadea SA 201,620 978,166 ---------------------------------------------------------------------------------------------------------------------- Fiat SpA di Risp. 700,000 1,507,330 ---------------------------------------------------------------------------------------------------------------------- General Motors Corp. 75,000 3,515,625 ---------------------------------------------------------------------------------------------------------------------- Mahindra & Mahindra Ltd., GDR 120,000 1,242,036 ---------------- 9,190,998 - -------------------------------------------------------------------------------------------------------------------------------- LEISURE & ENTERTAINMENT - 1.1% ---------------------------------------------------------------------------------------------------------------------- Filmes Lusomundo SA 205,200 2,241,856 ---------------------------------------------------------------------------------------------------------------------- King World Productions, Inc. (3) 38,800 1,571,400 ---------------- 3,813,256 - -------------------------------------------------------------------------------------------------------------------------------- MEDIA - 4.8% ---------------------------------------------------------------------------------------------------------------------- Benpres Holdings Corp., GDR (4) 200,000 1,700,000 ---------------------------------------------------------------------------------------------------------------------- Carlton Communications PLC 250,000 3,790,319 ---------------------------------------------------------------------------------------------------------------------- News Corp. Ltd., ADR 330,000 7,466,250 ---------------------------------------------------------------------------------------------------------------------- Television Broadcasts Ltd. 400,000 1,406,138 - -------------------------------------------------------------------------------------------------------------------------------- United International Holdings, Inc., Cl. A (3) 112,000 1,876,000 ---------------- 16,238,707 - -------------------------------------------------------------------------------------------------------------------------------- RETAIL: GENERAL - 1.4% ---------------------------------------------------------------------------------------------------------------------- Promodes SA 7,000 1,595,665 ---------------------------------------------------------------------------------------------------------------------- Sonae Industria E. Investimentos 125,000 2,988,220 ---------------- 4,583,885 - -------------------------------------------------------------------------------------------------------------------------------- RETAIL: SPECIALTY - 3.8% ---------------------------------------------------------------------------------------------------------------------- Moebel Walther AG, Preference 7,000 3,540,150 ---------------------------------------------------------------------------------------------------------------------- Prodega AG 1,150 1,497,246 ---------------------------------------------------------------------------------------------------------------------- Vereinigte Baubeschlag 22,000 7,867,804 ---------------- 12,905,200 - -------------------------------------------------------------------------------------------------------------------------------- CONSUMER NON-CYCLICALS - 10.7% - -------------------------------------------------------------------------------------------------------------------------------- BEVERAGES - 0.9% ---------------------------------------------------------------------------------------------------------------------- LVMH Moet Hennessy Louis Vuitton 15,000 2,701,388 ---------------------------------------------------------------------------------------------------------------------- Vina Concha y Toro SA, ADR 8,200 158,875 ---------------- 2,860,263 - -------------------------------------------------------------------------------------------------------------------------------- FOOD - 3.4% ---------------------------------------------------------------------------------------------------------------------- Mavesa, ADR (4) 107,625 373,986 ---------------------------------------------------------------------------------------------------------------------- Molinos Rio de la Plata SA, Cl. B 301,343 1,733,267 ---------------------------------------------------------------------------------------------------------------------- PT Indofood Sukses Makmur 417,750 1,800,808 ---------------------------------------------------------------------------------------------------------------------- PT Sinar Mass Agro Resources & Technology (3) 3,333,500 3,517,613 ---------------------------------------------------------------------------------------------------------------------- Spar Handels AG, Non-Vtg. 8,950 2,327,829 ---------------------------------------------------------------------------------------------------------------------- Universal Robina Corp. 3,600,000 1,832,419 ---------------- 11,585,922 - -------------------------------------------------------------------------------------------------------------------------------- HEALTHCARE/DRUGS - 2.4% ---------------------------------------------------------------------------------------------------------------------- Genentech, Inc. (3) 50,000 2,431,250 ---------------------------------------------------------------------------------------------------------------------- Genzyme Corp. (3) 60,000 2,400,000 ---------------------------------------------------------------------------------------------------------------------- Pharmavit GDS (3)(7) 100,000 875,000 ---------------------------------------------------------------------------------------------------------------------- Plant Genetics, Inc. (3) 89,104 1,126,941 ---------------------------------------------------------------------------------------------------------------------- Sanofi SA 25,000 1,384,732 ---------------- 8,217,923 - -------------------------------------------------------------------------------------------------------------------------------- HEALTHCARE/SUPPLIES & SERVICES - 4.0% ---------------------------------------------------------------------------------------------------------------------- Elekta Instrument AB Free, Series B (3) 65,000 2,008,487 ---------------------------------------------------------------------------------------------------------------------- Pharmacia AB 100,000 2,190,452 ---------------------------------------------------------------------------------------------------------------------- Rhoen Klinikum AG, Preference 660 677,108 ---------------------------------------------------------------------------------------------------------------------- Takare PLC 400,000 1,221,811 ---------------------------------------------------------------------------------------------------------------------- Tenet Healthcare Corp. (3) 250,000 3,593,750 ---------------------------------------------------------------------------------------------------------------------- U.S. Healthcare, Inc. 35,000 1,071,875 ---------------------------------------------------------------------------------------------------------------------- United Healthcare Corp. 65,000 2,689,375 ---------------- 13,452,858 ---------------- - -------------------------------------------------------------------------------------------------------------------------------- ENERGY - 7.7% - -------------------------------------------------------------------------------------------------------------------------------- ENERGY SERVICES & PRODUCERS - 4.4% ---------------------------------------------------------------------------------------------------------------------- Anadarko Petroleum Corp. 70,000 3,018,750 ---------------------------------------------------------------------------------------------------------------------- ASTRA Compania Argentina de Petroleo SA 825,000 1,237,889 ---------------------------------------------------------------------------------------------------------------------- Awilco AS, B Shares 371,000 3,430,170 ---------------------------------------------------------------------------------------------------------------------- Compagnie Generale de Geophysique SA (3) 30,000 1,788,548 ---------------------------------------------------------------------------------------------------------------------- Naviera Perez Companc SA, CIA Cl. B 295,000 1,239,389 ---------------------------------------------------------------------------------------------------------------------- Transocean Drilling AS (3) 292,360 4,030,916 ---------------- 14,745,662 - -------------------------------------------------------------------------------------------------------------------------------- OIL-INTEGRATED - 3.3% ---------------------------------------------------------------------------------------------------------------------- Elf Gabon SA 10,000 1,887,568 ---------------------------------------------------------------------------------------------------------------------- OeMV AG 50,500 5,826,283 ---------------------------------------------------------------------------------------------------------------------- Repsol SA 80,000 2,517,136 ---------------------------------------------------------------------------------------------------------------------- YPF Sociedad Anonima, Sponsored ADR 47,300 892,788 ---------------- 11,123,775 - -------------------------------------------------------------------------------------------------------------------------------- FINANCIAL - 11.9% - -------------------------------------------------------------------------------------------------------------------------------- BANKS - 5.2% ---------------------------------------------------------------------------------------------------------------------- Akbank T.A.S. 5,000,000 1,271,761 ---------------------------------------------------------------------------------------------------------------------- Banco Wiese, Sponsored ADR 263,560 2,174,370 ---------------------------------------------------------------------------------------------------------------------- HSBC Holdings PLC 124,800 1,600,826 ---------------------------------------------------------------------------------------------------------------------- Industrial Finance Corp. 1,500,000 3,949,764 ---------------------------------------------------------------------------------------------------------------------- Philippine National Bank 200,000 2,329,678 ---------------------------------------------------------------------------------------------------------------------- PT Bank Danamon 1,500,000 2,189,043 ---------------------------------------------------------------------------------------------------------------------- Turkiye Garanti Bankasi AS 288,000 3,906,835 ---------------- 17,422,277 - -------------------------------------------------------------------------------------------------------------------------------- DIVERSIFIED FINANCIAL - 0.2% ---------------------------------------------------------------------------------------------------------------------- First NIS Regional Fund (5) 180,000 693,000 - -------------------------------------------------------------------------------------------------------------------------------- INSURANCE - 6.5% ---------------------------------------------------------------------------------------------------------------------- Marschollek, Lautenschlaeger und Partner AG 5,587 3,632,845 ---------------------------------------------------------------------------------------------------------------------- Mitsui Marine & Fire Insurance 500,000 3,274,441 ---------------------------------------------------------------------------------------------------------------------- Ockham Holdings PLC 680,000 421,907 ---------------------------------------------------------------------------------------------------------------------- Reinsurance Australia Corp. 4,500,200 7,017,736 ---------------------------------------------------------------------------------------------------------------------- Skandia Insurance Co. Ltd. 100,000 1,936,387 ---------------------------------------------------------------------------------------------------------------------- Swiss Reinsurance 7,500 5,774,163 ---------------- 22,057,479 - -------------------------------------------------------------------------------------------------------------------------------- INDUSTRIAL - 23.0% ---------------------------------------------------------------------------------------------------------------------- ELECTRICAL EQUIPMENT - 0.0% ---------------------------------------------------------------------------------------------------------------------- PT Kabelmetal Indonesia 500 842 - -------------------------------------------------------------------------------------------------------------------------------- INDUSTRIAL MATERIALS - 0.1% ---------------------------------------------------------------------------------------------------------------------- Ceramicas Carabobo, Sponsored ADR, Cl. B 144,000 111,946 ---------------------------------------------------------------------------------------------------------------------- International de Ceramica - UB 24,300 39,263 ------------------ 151,209 - -------------------------------------------------------------------------------------------------------------------------------- INDUSTRIAL SERVICES - 5.8% ---------------------------------------------------------------------------------------------------------------------- Adia SA (3) 22,500 4,667,503 ---------------------------------------------------------------------------------------------------------------------- BIS SA (3) 78,425 6,997,165 ---------------------------------------------------------------------------------------------------------------------- First Data Corp. 60,000 3,412,500 ---------------------------------------------------------------------------------------------------------------------- Inversiones Y Representacion (3) 877,300 2,097,406 ---------------------------------------------------------------------------------------------------------------------- ISS International Service System AS, Series B 90,000 2,349,551 ---------------- 19,524,125 - -------------------------------------------------------------------------------------------------------------------------------- MANUFACTURING - 12.5% ---------------------------------------------------------------------------------------------------------------------- Bucher Holding AG, B Shares 3,500 2,141,713 ---------------------------------------------------------------------------------------------------------------------- Buderus AG 9,500 4,667,219 ---------------------------------------------------------------------------------------------------------------------- Caterpillar, Inc. 26,100 1,676,925 ---------------------------------------------------------------------------------------------------------------------- Forsheda Group AB, Series B (7) 100,000 2,417,051 ---------------------------------------------------------------------------------------------------------------------- Gildemeister AG 32,000 2,647,166 ---------------------------------------------------------------------------------------------------------------------- Hopewell Holdings Ltd. 2,000,000 1,693,052 ---------------------------------------------------------------------------------------------------------------------- JK Corp. Ltd., GDR (3)(4) 215,000 913,750 ---------------------------------------------------------------------------------------------------------------------- Maschinenfabrik Berthold Hermle AG 5,101 508,581 ---------------------------------------------------------------------------------------------------------------------- Measurex Corp. 63,800 1,937,925 ---------------------------------------------------------------------------------------------------------------------- Plettac AG 7,778 4,776,530 ---------------------------------------------------------------------------------------------------------------------- Powerscreen International PLC 1,430,000 7,291,334 ---------------------------------------------------------------------------------------------------------------------- Tampella AB (3) 1,492,333 3,767,887 ---------------------------------------------------------------------------------------------------------------------- Traub AG (3) 34,000 4,519,833 ---------------------------------------------------------------------------------------------------------------------- Valmet Corp., Cl. A 150,000 3,383,973 ---------------- 42,342,939 - -------------------------------------------------------------------------------------------------------------------------------- TRANSPORTATION - 4.6% ---------------------------------------------------------------------------------------------------------------------- Danzas Holding AG 1,800 1,546,721 ---------------------------------------------------------------------------------------------------------------------- Internatio-Muller NV 52,000 3,705,887 ---------------------------------------------------------------------------------------------------------------------- International Container Terminal Services, Inc. 2,000,000 1,389,976 ---------------------------------------------------------------------------------------------------------------------- Kvaerner AS 40,000 1,816,707 ---------------------------------------------------------------------------------------------------------------------- Lisnave-Estaleiros Navais de Lisbona SA (3) 501,250 2,412,981 ---------------------------------------------------------------------------------------------------------------------- Mayne Nickless Ltd. 212,000 870,076 ---------------------------------------------------------------------------------------------------------------------- Singmarine Industries Ltd. 687,500 1,771,006 ---------------------------------------------------------------------------------------------------------------------- Westmont Berhad 400,000 1,985,241 ---------------- 15,498,595 - -------------------------------------------------------------------------------------------------------------------------------- TECHNOLOGY - 17.9% - -------------------------------------------------------------------------------------------------------------------------------- COMPUTER HARDWARE - 3.8% ---------------------------------------------------------------------------------------------------------------------- Cabletron Systems, Inc. (3) 45,000 2,396,250 - -------------------------------------------------------------------------------------------------------------------------------- Compaq Computer Corp. (3) 50,000 2,268,750 ---------------------------------------------------------------------------------------------------------------------- Digital Equipment Corp. (3) 90,000 3,667,500 ---------------------------------------------------------------------------------------------------------------------- International Business Machines Corp. 25,000 2,400,000 ---------------------------------------------------------------------------------------------------------------------- Tokyo Electron Ltd. 65,000 2,220,259 ---------------- 12,952,759 - --------------------------------------------------------------------------------------------------------------------------------- COMPUTER SOFTWARE - 2.3% ---------------------------------------------------------------------------------------------------------------------- First Financial Management Corp. 17,100 1,462,050 ---------------------------------------------------------------------------------------------------------------------- Nintendo Co. Ltd. 110,000 6,309,777 ---------------- 7,771,827 - -------------------------------------------------------------------------------------------------------------------------------- ELECTRONICS - 8.2% ---------------------------------------------------------------------------------------------------------------------- Advantest Corp. 60,000 2,261,484 ---------------------------------------------------------------------------------------------------------------------- Alphatec Electronics Co. Ltd. 117,000 2,132,872 ---------------------------------------------------------------------------------------------------------------------- Austria Mikro Systeme International AG 9,000 1,183,513 ---------------------------------------------------------------------------------------------------------------------- General Motors Corp., Cl. H 80,000 3,160,000 ---------------------------------------------------------------------------------------------------------------------- Kyocera Corp. 60,000 4,932,863 ---------------------------------------------------------------------------------------------------------------------- Philips Electronics NV 219,900 9,303,698 ---------------------------------------------------------------------------------------------------------------------- Rohm Co. 90,000 4,643,110 ---------------- 27,617,540 - -------------------------------------------------------------------------------------------------------------------------------- TELECOMMUNICATIONS-TECHNOLOGY - 3.6% ---------------------------------------------------------------------------------------------------------------------- Airtouch Communications, Inc. (3) 70,000 1,995,000 ---------------------------------------------------------------------------------------------------------------------- Korea Mobile Telecommunications Corp. 3,000 2,553,709 ---------------------------------------------------------------------------------------------------------------------- Millicom International Cellular SA (3) 121,678 3,604,711 ---------------------------------------------------------------------------------------------------------------------- Millicom, Inc. (3) 25,000 -- ---------------------------------------------------------------------------------------------------------------------- Petersburg Long Distance, Inc. 187,000 1,098,625 ---------------------------------------------------------------------------------------------------------------------- Technology Resources Industries Berhad (3) 1,016,000 2,917,156 ---------------- 12,169,201 - -------------------------------------------------------------------------------------------------------------------------------- UTILITIES - 5.9% - -------------------------------------------------------------------------------------------------------------------------------- ELECTRIC UTILITIES - 1.7% ---------------------------------------------------------------------------------------------------------------------- Capex SA, Cl. A (3) 116,000 899,282 ---------------------------------------------------------------------------------------------------------------------- Capex SA, GDR (3)(4) 124,000 1,906,500 ---------------------------------------------------------------------------------------------------------------------- Compagnie Generale des Eaux 15,000 1,670,962 ---------------------------------------------------------------------------------------------------------------------- Veba AG 3,500 1,373,073 ---------------- 5,849,817 - -------------------------------------------------------------------------------------------------------------------------------- GAS UTILITIES - 1.7% ---------------------------------------------------------------------------------------------------------------------- Hong Kong & China Gas 3,000,000 4,788,364 ---------------------------------------------------------------------------------------------------------------------- Transportadora de Gas del Sur SA 99,300 1,042,650 ---------------- 5,831,014 - -------------------------------------------------------------------------------------------------------------------------------- TELEPHONE UTILITIES - 2.5% ---------------------------------------------------------------------------------------------------------------------- Portugal Telecom SA, ADR (5) 65,662 1,247,578 ---------------------------------------------------------------------------------------------------------------------- Telecommunication de Argentina, Cl. B 300,000 1,368,430 ---------------------------------------------------------------------------------------------------------------------- Telecomunicacoes Brasileiras SA, Preference 5,800,000 197,992 ---------------------------------------------------------------------------------------------------------------------- Telefonica del Peru SA 3,400,031 5,541,933 ---------------- 8,355,933 ---------------- Total Common Stocks (Cost $322,117,993) 341,114,794 UNITS - -------------------------------------------------------------------------------------------------------------------------------- RIGHTS, WARRANTS AND CERTIFICATES - 0.0% - -------------------------------------------------------------------------------------------------------------------------------- American Satellite Network, Inc. Wts., Exp. 6/99 6,250 -- ---------------------------------------------------------------------------------------------------------------------- Plant Genetics, Inc. Wts., Exp. 12/99 60,000 123,438 ---------------- Total Rights, Warrants and Certificates (Cost $0) 123,438 ---------------------------------------------------------------------------------------------------------------------- TOTAL INVESTMENTS, AT VALUE (COST $324,725,071) 101.8% 343,764,927 ---------------------------------------------------------------------------------------------------------------------- LIABILITIES IN EXCESS OF OTHER ASSETS (1.8) (6,009,102) ---------------- ---------------- NET ASSETS 100.0% $337,755,825 ---------------- ---------------- ---------------- ----------------
1. Face amount is reported in local currency. Foreign currency abbreviations are as follows: ITL - Italian Lira 2. Identifies issues considered to be illiquid - See Note 7 of Notes to Financial Statements. 3. Non-income producing security. 4. Represents a security sold under Rule 144A, which is exempt from registration under the Securities Act of 1933, as amended. This security has been determined to be liquid under guidelines established by the Board of Trustees. These securities amount to $4,894,236 or 1.5% of the Fund's net assets, at June 30, 1995. 5. First NIS Regional Fund, a closed end fund listed on the Luxembourg Stock Exchange, is offered in installments. The Fund entered the first installment (40% of the total commitment on November 29, 1994. The second and third installments (30% each of the total commitment) are provisional and may be postponed indefinitely at the discretion of the Board of NIS Fund. 6. A sufficient amount of securities has been designated to cover outstanding forward foreign currency exchange contracts. See Note 5 of Notes to Financial Statements. 7. Affiliated company. Represents ownership of at least 5% of the voting securities of the issuer and is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended June 30, 1995. The aggregate fair value of all securities of affiliated companies as of June 30, 1995 amounted to $875,000. Transactions during the period in which the issuer was an affiliate are as follows:
BALANCE BALANCE DECEMBER 31, 1994 GROSS ADDITIONS GROSS REDUCTIONS JUNE 30, 1995 DIVIDEND ------------------------------------------------------------------------------------------ SHARES COST SHARES COST SHARES COST SHARES COST INCOME ------------------------------------------------------------------------------------------ Forsheda Group AB, Series B* 100,000 $1,200,236 -- $ -- -- $ -- 100,000 $1,200,238 $ -- Pharmavit GDS 100,000 1,300,000 -- -- -- -- 1,300,000 -- ---------- -------- -------- ---------- -------- $2,500,326 -- $ -- -- $ -- $2,500,326 $ -- ---------- -------- -------- ---------- -------- ---------- -------- -------- ---------- --------
*Not an affiliate as of June 30, 1995. See accompanying Notes to Financial Statements. OPPENHEIMER VARIABLE ACCOUNT FUNDS - OPPENHEIMER STRATEGIC BOND FUND STATEMENT OF INVESTMENTS JUNE 30, 1995 (UNAUDITED)
PRINCIPAL MARKET VALUE AMOUNT (1) (NOTE 1) - ---------------------------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------------------------- CERTIFICATES OF DEPOSIT - 3.8% - ---------------------------------------------------------------------------------------------------------------------- Citibank, 10.50% CD, 7/14/95 (2) ARA 100,000 $ 100,031 ------------------------------------------------------------------------------------------------------------ Citibank, 13% CD, 5/6/96 (2) CLP 74,934,666 200,280 ------------------------------------------------------------------------------------------------------------ CS First Boston, Inc., 15.75% CD, 6/11/96 (3) IDR 667,200,000 299,596 ------------------------------------------------------------------------------------------------------------ First Boston Corp., 12.50% CD, 12/21/95 (2)(3) ARA 300,000 300,094 ------------------------------------------------------------------------------------------------------------ Indonesia (Republic of) CD, Bank Negara, Zero Coupon, 6/17/96 (2) IDR 500,000,000 191,682 ------------------------------------------------------------------------------------------------------------ Thai Military Bank Ltd., 11% CD, 11/30/95 THB 8,750,000 354,466 --------------- Total Certificates of Deposit (Cost $1,439,084) 1,446,149 - ---------------------------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------------------------- MORTGAGE-BACKED OBLIGATIONS - 4.7% - ---------------------------------------------------------------------------------------------------------------------- GOVERNMENT AGENCY - 3.0% - ---------------------------------------------------------------------------------------------------------------------- FHLMC/FNMA/SPONSORED - 1.0% ------------------------------------------------------------------------------------------------------------ Federal Home Loan Mortgage Corp., Series 176, Cl. F, 8.95%, 3/15/20 58,000 58,957 ------------------------------------------------------------------------------------------------------------ Federal National Mortgage Assn., Collateralized Mtg. Obligations, Gtd. Real Estate Mtg. Investment Conduit Pass-Through Certificates, 10.50%, 11/25/20 130,000 149,471 ------------------------------------------------------------------------------------------------------------ Federal National Mortgage Assn., Series 1994-83, Cl. Z, 7.50%, 6/25/24 172,421 168,223 --------------- 376,651 - ---------------------------------------------------------------------------------------------------------------------- GNMA/GUARANTEED - 2.0% ------------------------------------------------------------------------------------------------------------ Government National Mortgage Assn., 6%, 8/15/25 735,000 737,067 - ---------------------------------------------------------------------------------------------------------------------- PRIVATE - 1.7% - ---------------------------------------------------------------------------------------------------------------------- COMMERCIAL - 1.1% ------------------------------------------------------------------------------------------------------------ FDIC Trust, Gtd. Real Estate Mtg. Investment Conduit Pass-Through Certificates, Series 1994-C1, Cl. 2-G, 8.70%, 9/25/25 (4) 153,594 148,026 ------------------------------------------------------------------------------------------------------------ Resolution Trust Corp., Commercial Mtg. Pass-Through Certificates, Series 1991-M6, Cl. B4, 7.337%, 6/25/21 (5) 42,167 41,364 ------------------------------------------------------------------------------------------------------------ Resolution Trust Corp., Commercial Mtg. Pass-Through Certificates, Series 1992-CHF, Cl. D, 8.25%, 12/25/20 127,762 129,230 ------------------------------------------------------------------------------------------------------------ Resolution Trust Corp., Commercial Mtg. Pass-Through Certificates, Series 1993-C1, Cl. D, 9.45%, 5/25/24 91,000 95,365 --------------- 413,985 - ---------------------------------------------------------------------------------------------------------------------- MULTI-FAMILY - 0.6% ------------------------------------------------------------------------------------------------------------ Resolution Trust Corp., Commercial Mtg. Pass-Through Certificates, Series 1994-C2, Cl. E, 8%, 4/25/25 243,821 219,172 --------------- Total Mortgage-Backed Obligations (Cost $1,658,974) 1,746,875 - ---------------------------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------------------------- U.S. GOVERNMENT OBLIGATIONS - 42.8% - ---------------------------------------------------------------------------------------------------------------------- TREASURY - 42.8% - ---------------------------------------------------------------------------------------------------------------------- U.S. Treasury Bonds, 11.50%, 11/15/95 2,350,000 2,400,670 ------------------------------------------------------------------------------------------------------------ U.S. Treasury Bonds, 11.625%, 11/15/02 4,300,000 5,671,966 ------------------------------------------------------------------------------------------------------------ U.S. Treasury Bonds, 8.125%, 8/15/19 163,000 190,201 ------------------------------------------------------------------------------------------------------------ U.S. Treasury Nts., 8.75%, 8/15/00 2,125,000 2,380,000 ------------------------------------------------------------------------------------------------------------ U.S. Treasury Nts., 9.375%, 4/15/96 318,000 326,745 ------------------------------------------------------------------------------------------------------------ U.S. Treasury Nts., 9.50%, 11/15/95 5,000,000 5,070,309 --------------- Total U.S. Government Obligations (Cost $15,545,163) 16,039,891 - ---------------------------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------------------------- FOREIGN GOVERNMENT OBLIGATIONS - 17.4% - ---------------------------------------------------------------------------------------------------------------------- Argentina (Republic of) Bonds, Bonos del Tesoro, Series II, 6.063%, 9/1/97 (5) 39,000 36,870 ------------------------------------------------------------------------------------------------------------ Banco Nacional de Comercio Exterior SNC International Finance BV Gtd. Matador Bonds, 10.875%, 6/23/97 (3)(5) 250,000 249,688 ------------------------------------------------------------------------------------------------------------ Banco Nacional de Comercio Exterior SNC, Zero Coupon, 12/5/95 (3) 200,000 190,000 ------------------------------------------------------------------------------------------------------------ Banco Nacional de Obras y Servicios Publicos SA Nts., 10.75%, 8/16/96 30,000 29,888 ------------------------------------------------------------------------------------------------------------ Bonos de la Tesoreria de la Federacion, Zero Coupon, 7/27/95 350,000 346,821 ------------------------------------------------------------------------------------------------------------ Bonos de la Tesoreria de la Federacion, Zero Coupon, 8/10/95 100,000 98,736 ------------------------------------------------------------------------------------------------------------ Brazil (Federal Republic of) Debs., 7.25%, 4/15/06 (5) 700,000 417,813 ------------------------------------------------------------------------------------------------------------ Bulgaria (Republic of) Disc. Bonds, Tranche A, 7.562%, 7/28/24 (5) 1,000,000 495,625 ------------------------------------------------------------------------------------------------------------ Canada (Government of) Bonds, 10.25%, 3/1/96 CAD 180,000 134,082 ------------------------------------------------------------------------------------------------------------ Canada (Government of) Bonds, 9%, 12/1/04 CAD 320,000 249,373 ------------------------------------------------------------------------------------------------------------ Canada (Government of) Bonds, 9.75%, 10/1/97 CAD 180,000 138,235 ------------------------------------------------------------------------------------------------------------ Ecuador (Republic of) Bonds, 7.25%, 2/28/25 (5) 500,000 250,000 ------------------------------------------------------------------------------------------------------------ Germany (Republic of) Debs., Bundesrepublic Deutscheland, Series 90, 9%, 10/20/00 DEM 820,000 656,475 ------------------------------------------------------------------------------------------------------------ International Bank for Reconstruction and Development Bonds, 12.50%, 7/25/97 NZD 325,000 235,370 ------------------------------------------------------------------------------------------------------------ Morocco (Kingdom of) Loan Participation Agreement, Tranche A, 7.375%, 1/1/09 (5) 800,000 466,000 ------------------------------------------------------------------------------------------------------------ Morocco (Kingdom of) Loan Participation Agreement, Tranche B, 7.375%, 1/1/04 (5) 50,000 32,156 ------------------------------------------------------------------------------------------------------------ New South Wales State Bank Bonds, 9.25%, 2/18/03 AUD 100,000 71,902 ------------------------------------------------------------------------------------------------------------ New South Wales Treasury Corp. Gtd. Exch. Bonds, 12%, 12/1/01 AUD 140,000 113,485 ------------------------------------------------------------------------------------------------------------ New Zealand (Republic of) Bonds, 10%, 7/15/97 NZD 155,000 107,170 ------------------------------------------------------------------------------------------------------------ New Zealand (Republic of) Bonds, 8%, 11/15/95 NZD 400,000 266,289 ------------------------------------------------------------------------------------------------------------ Norwegian Government Bonds, 5.75%, 11/30/04 NOK 360,000 50,733 ------------------------------------------------------------------------------------------------------------ Petroquimica do Nordeste Sr. Unsec. Unsub. Nts., 9.50%, 10/19/01 50,000 43,250 ------------------------------------------------------------------------------------------------------------ Poland (Republic of) Disc. Bonds, 7.125%, 10/27/24 (5) 250,000 192,031 ------------------------------------------------------------------------------------------------------------ Poland (Republic of) Past Due Interest Bonds, 3.25%, 10/27/14 (6) 500,000 300,625 ------------------------------------------------------------------------------------------------------------ Queensland Treasury Corp. Gtd. Nts., 8%, 8/14/01 AUD 418,000 282,954 ------------------------------------------------------------------------------------------------------------ Spain (Kingdom of) Gtd. Bonds, Bonos y Obligacion del Estado, 10.25%, 11/30/98 ESP 26,000,000 206,772 ------------------------------------------------------------------------------------------------------------ United Kingdom Treasury Nts., 12%, 11/20/98 GBP 185,000 327,979 ------------------------------------------------------------------------------------------------------------ United Kingdom Treasury Nts., 12.25%, 3/26/99 GBP 30,000 53,917 ------------------------------------------------------------------------------------------------------------ United Kingdom Treasury Nts., 13%, 7/14/00 GBP 92,000 174,263 ------------------------------------------------------------------------------------------------------------ United Mexican States, Combined Facility 3, Loan Participation Agreement, Tranche A, 6.75%, 9/20/97 (4)(5) 161,920 112,534 ------------------------------------------------------------------------------------------------------------ United Mexican States, Petacalco Topolobampo Trust Sr. Sec. Unsub. Nts., 8.125%, 12/15/03 100,000 70,500 ------------------------------------------------------------------------------------------------------------ United Mexican States, Petroleos Mexicanos Gtd. Medium- Term Nts., 7.60%, 6/15/00 100,000 77,250 ------------------------------------------------------------------------------------------------------------ Venezuela (Republic of) Debs., 6.75%, 9/20/95 50,000 50,000 --------------- Total Foreign Government Obligations (Cost $6,392,698) 6,528,786 - ---------------------------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------------------------- CORPORATE BONDS AND NOTES - 28.4% - ---------------------------------------------------------------------------------------------------------------------- BASIC INDUSTRY - 3.1% - ---------------------------------------------------------------------------------------------------------------------- CHEMICALS - 0.4% NL Industries, Inc., 11.75% Sr. Sec. Nts., 10/15/03 100,000 104,500 ------------------------------------------------------------------------------------------------------------ UCAR Global Enterprises, Inc., 12% Sr. Sub. Nts., 1/15/05 50,000 53,750 --------------- 158,250 - ---------------------------------------------------------------------------------------------------------------------- PAPER - 2.2% ------------------------------------------------------------------------------------------------------------ Domtar, Inc., 11.25% Debs., 9/15/17 100,000 107,000 ------------------------------------------------------------------------------------------------------------ Gaylord Container Corp., 0%/12.75% Sr. Sub. Disc. Debs., 5/15/05 (7) 200,000 196,000 ------------------------------------------------------------------------------------------------------------ Repap New Brunswick, Inc., 9.50% First Priority Sr. Sec. Nts., 7/15/00 (5) 200,000 203,500 ------------------------------------------------------------------------------------------------------------ Riverwood International Corp., 10.75% Sr. Nts., 6/15/00 100,000 108,000 ------------------------------------------------------------------------------------------------------------ Stone Container Corp., 10.75% First Mtg. Nts., 10/1/02 190,000 200,450 --------------- 814,950 - ---------------------------------------------------------------------------------------------------------------------- STEEL - 0.5% ------------------------------------------------------------------------------------------------------------ Jorgensen (Earle M.) Co., 10.75% Sr. Nts., 3/1/00 50,000 48,000 ------------------------------------------------------------------------------------------------------------ Wheel-Pittsburgh Corp., 9.375% Sr. Nts., 11/15/03 150,000 139,500 --------------- 187,500 - ---------------------------------------------------------------------------------------------------------------------- CONSUMER RELATED - 7.6% - ---------------------------------------------------------------------------------------------------------------------- CONSUMER PRODUCTS - 1.9% - ---------------------------------------------------------------------------------------------------------------------- Amstar Corp., 11.375% Sr. Sub. Nts., 2/15/97 200,000 203,000 ------------------------------------------------------------------------------------------------------------ Coleman Holdings, Inc., Zero Coupon Sr. Sec. Disc. Nts., Series B, 5/27/98 50,000 37,250 ------------------------------------------------------------------------------------------------------------ Harman International Industries, Inc., 12% Sr. Sub. Nts., 8/1/02 150,000 164,250 ------------------------------------------------------------------------------------------------------------ International Semi-Tech Microelectronics, Inc., 0%/11.50% Sr. Sec. Disc. Nts., 8/15/03 (7) 400,000 202,000 ------------------------------------------------------------------------------------------------------------ Williams (J. B.) Holdings, Inc., 12% Sr. Nts., 3/1/04 100,000 98,750 --------------- 705,250 - ---------------------------------------------------------------------------------------------------------------------- FOOD/BEVERAGES/TOBACCO - 0.4% ------------------------------------------------------------------------------------------------------------ Dr. Pepper Bottling Holdings, Inc., 0%/11.625% Sr. Disc. Nts., 2/15/03 (7) 200,000 149,000 - ---------------------------------------------------------------------------------------------------------------------- HEALTHCARE - 2.4% ------------------------------------------------------------------------------------------------------------ AmeriSource Corp., 11.25% Sr. Debs., 7/15/05 (8) 87,579 89,604 ------------------------------------------------------------------------------------------------------------ Capstone Capital Corp., 10.50% Cv. Sub. Debs., 4/1/02 200,000 219,750 ------------------------------------------------------------------------------------------------------------ Icon Health & Fitness, Inc., 13% Sr. Sub. Nts., 7/15/02 (3) 200,000 203,000 ------------------------------------------------------------------------------------------------------------ National Medical Enterprises, Inc., 10.125% Sr. Sub. Nts., 3/1/05 100,000 106,250 ------------------------------------------------------------------------------------------------------------ Total Renal Care, Inc., Units (each Unit consists of $1,000 principal amount of 0%/12% Sr. Sub. Disc. Nts., 8/15/04 and nine shares of non-voting Class B Common Stock) (7)(9) 300,000 274,500 --------------- 893,104 - ---------------------------------------------------------------------------------------------------------------------- HOTEL/GAMING - 1.9% ------------------------------------------------------------------------------------------------------------ GB Property Funding Corp., 10.875% First Mtg. Nts., 1/15/04 100,000 87,000 ------------------------------------------------------------------------------------------------------------ HMH Properties, Inc., 9.50% Sr. Sec. Nts., 5/15/05 (3) 250,000 243,750 ------------------------------------------------------------------------------------------------------------ Players International, Inc., 10.875% Sr. Nts., 4/15/05 (3) 150,000 148,125 ------------------------------------------------------------------------------------------------------------ Station Casinos, Inc., 9.625% Sr. Sub. Nts., 6/1/03 100,000 93,500 ------------------------------------------------------------------------------------------------------------ Trump Plaza Funding, Inc., 10.875% Gtd. Mtg. Nts., 6/15/01 150,000 138,750 --------------- 711,125 - ---------------------------------------------------------------------------------------------------------------------- RESTAURANTS - 0.2% ------------------------------------------------------------------------------------------------------------ Carrols Corp., 11.50% Sr. Nts., 8/15/03 100,000 94,500 - ---------------------------------------------------------------------------------------------------------------------- TEXTILE/APPAREL - 0.8% ------------------------------------------------------------------------------------------------------------ PT Polysindo Eka Perkasa, Zero Coupon Promissory Nts., 10/23/96 IDR 300,000,000 96,486 ------------------------------------------------------------------------------------------------------------ Synthetic Industries, Inc., 12.75% Sr. Sub. Debs., 12/1/02 200,000 201,000 --------------- 297,486 - ---------------------------------------------------------------------------------------------------------------------- ENERGY - 1.2% - ---------------------------------------------------------------------------------------------------------------------- Chesapeake Energy Corp., 10.50% Sr. Nts., 6/1/02 (3) 150,000 148,125 ------------------------------------------------------------------------------------------------------------ Petroleum Heat & Power Co., Inc., 12.25% Sub. Debs., 2/1/05 100,000 107,500 ------------------------------------------------------------------------------------------------------------ Plains Resources, Inc., 12% Sr. Sub. Nts., 10/1/99 100,000 103,750 ------------------------------------------------------------------------------------------------------------ Triton Energy Corp., Zero Coupon Sr. Sub. Disc. Nts., 11/1/97 100,000 81,500 --------------- 440,875 - ---------------------------------------------------------------------------------------------------------------------- FINANCIAL SERVICES - 0.8% - ---------------------------------------------------------------------------------------------------------------------- BANKS & THRIFTS - 0.2% ------------------------------------------------------------------------------------------------------------ Banco Ganadero SA, Zero Coupon Sr. Unsub. Unsec. Nts., 6/16/96 (3) 50,000 45,580 ------------------------------------------------------------------------------------------------------------ Morgan Stanley Group, 14.25% Indian Rupee Indexed Nts., 6/26/96 INR 1,570,500 50,016 --------------- 95,596 - ---------------------------------------------------------------------------------------------------------------------- DIVERSIFIED FINANCIAL - 0.3% ------------------------------------------------------------------------------------------------------------ Olympic Financial Ltd., 13% Sr. Nts., 5/1/00 100,000 103,000 - ---------------------------------------------------------------------------------------------------------------------- INSURANCE - 0.3% ------------------------------------------------------------------------------------------------------------ Terra Nova Holdings, 10.75% Sr. Nts., 7/1/05 100,000 101,500 - ---------------------------------------------------------------------------------------------------------------------- HOUSING RELATED - 0.9% - ---------------------------------------------------------------------------------------------------------------------- BUILDING MATERIALS - 0.2% ------------------------------------------------------------------------------------------------------------ Pacific Lumber Co., 10.50% Sr. Nts., 3/1/03 100,000 94,750 - ---------------------------------------------------------------------------------------------------------------------- HOMEBUILDERS/REAL ESTATE - 0.7% ------------------------------------------------------------------------------------------------------------ Saul (B.F.) Real Estate Investment Trust, 11.625% Sr. Nts., 4/1/02 100,000 95,000 ------------------------------------------------------------------------------------------------------------ Tribasa Toll Road Trust, 10.50% Nts., Series 1993-A, 12/1/11 (5) 250,000 161,250 --------------- 256,250 - ---------------------------------------------------------------------------------------------------------------------- MANUFACTURING - 1.4% - ---------------------------------------------------------------------------------------------------------------------- AEROSPACE/ELECTRONICS/COMPUTERS - 0.6% ------------------------------------------------------------------------------------------------------------ Berg Electronics Holdings Corp., 11.375% Sr. Sub. Debs., 5/1/03 50,000 52,000 ------------------------------------------------------------------------------------------------------------ Rohr, Inc., 11.625% Sr. Nts., 5/15/03 100,000 105,500 ------------------------------------------------------------------------------------------------------------ Unisys Corp., 13.50% Credit Sensitive Nts., 7/1/97 (5) 50,000 55,817 --------------- 213,317 - ---------------------------------------------------------------------------------------------------------------------- AUTOMOTIVE - 0.5% ------------------------------------------------------------------------------------------------------------ Foamex LP/Foamex Capital Corp., 11.25% Sr. Nts., 10/1/02 50,000 49,500 ------------------------------------------------------------------------------------------------------------ Penda Corp., 10.75% Sr. Nts., Series B, 3/1/04 150,000 137,250 --------------- 186,750 - ---------------------------------------------------------------------------------------------------------------------- CAPITAL GOODS - 0.3% ------------------------------------------------------------------------------------------------------------ Atlantis Group, Inc., 11% Sr. Nts., 2/15/03 50,000 49,250 ------------------------------------------------------------------------------------------------------------ Terex Corp., Units (each Unit consists of $1,000 principal amount of 13.75% Sr. Sec. Nts., 5/15/02 and four Common Stock Appreciation Rights) (3)(9) 100,000 89,000 --------------- 138,250 - ---------------------------------------------------------------------------------------------------------------------- MEDIA - 6.2% - ---------------------------------------------------------------------------------------------------------------------- BROADCASTING - 0.8% ------------------------------------------------------------------------------------------------------------ Act III Broadcasting, Inc., 9.625% Sr. Sub. Nts., 12/15/03 50,000 50,688 ------------------------------------------------------------------------------------------------------------ New City Communications, Inc., 11.375% Sr. Sub. Nts., 11/1/03 150,000 144,000 ------------------------------------------------------------------------------------------------------------ Sinclair Broadcasting Group, Inc., 10% Sr. Sub. Nts., 12/15/03 100,000 101,000 --------------- 295,688 - ---------------------------------------------------------------------------------------------------------------------- CABLE TELEVISION - 3.2% ------------------------------------------------------------------------------------------------------------ American Telecasting, Inc., 0%/12.50% Sr. Disc. Nts., 6/15/04 (7) 300,000 176,250 ------------------------------------------------------------------------------------------------------------ Bell Cablemedia PLC, 0%/11.95% Sr. Disc. Nts., 7/15/04 (7) 200,000 134,000 ------------------------------------------------------------------------------------------------------------ Cablevision Systems Corp., 10.75% Sr. Sub. Debs., 4/1/04 100,000 104,875 ------------------------------------------------------------------------------------------------------------ Cablevision Systems Corp., 9.875% Sr. Sub. Debs., 4/1/23 100,000 104,500 ------------------------------------------------------------------------------------------------------------ Continental Cablevision, Inc., 11% Sr. Sub. Debs., 6/1/07 300,000 333,000 ------------------------------------------------------------------------------------------------------------ International CableTel, Inc., 0%/12.75% Sr. Def. Cpn. Nts., 4/15/05 (3)(7) 100,000 59,500 ------------------------------------------------------------------------------------------------------------ Marcus Cable Operating Co. LP/Marcus Capital Corp., 0%/13.50% Gtd. Sr. Sub. Disc. Nts., Series II, 8/1/04 (7) 200,000 126,500 ------------------------------------------------------------------------------------------------------------ People's Choice TV Corp., Units (each Unit consists of $1,000 principal amount of 0%/13.125% Sr. Disc. Nts., 6/1/04 and one Warrant to purchase 1.427 shares of Common Stock) (7)(9) 150,000 71,250 ------------------------------------------------------------------------------------------------------------ Time Warner Entertainment LP/Time Warner, Inc., 8.375% Sr. Debs., 3/15/23 50,000 50,226 ------------------------------------------------------------------------------------------------------------ Time Warner, Inc., 9.125% Debs., 1/15/13 50,000 52,420 --------------- 1,212,521 - ---------------------------------------------------------------------------------------------------------------------- DIVERSIFIED MEDIA - 1.7% ------------------------------------------------------------------------------------------------------------ Ackerley Communications, Inc., 10.75% Sr. Sec. Nts., Series A, 10/1/03 200,000 211,000 ------------------------------------------------------------------------------------------------------------ Echostar Communications Corp., 0%/12.875% Sr. Disc. Nts., 6/1/04 (7) 50,000 24,375 ------------------------------------------------------------------------------------------------------------ Lamar Advertising Co., 11% Sr. Sec. Nts., 5/15/03 150,000 150,375 ------------------------------------------------------------------------------------------------------------ Outdoor Systems, Inc., 10.75% Sr. Nts., 8/15/03 100,000 96,500 ------------------------------------------------------------------------------------------------------------ Panamsat LP/Panamsat Capital Corp., 9.75% Sr. Sec. Nts., 8/1/00 150,000 154,500 --------------- 636,750 - ---------------------------------------------------------------------------------------------------------------------- ENTERTAINMENT/FILM - 0.5% ------------------------------------------------------------------------------------------------------------ Imax Corp., 7% Sr. Nts., 3/1/01 (6) 200,000 183,000 - ---------------------------------------------------------------------------------------------------------------------- OTHER - 1.5% - ---------------------------------------------------------------------------------------------------------------------- CONGLOMERATES - 1.3% ------------------------------------------------------------------------------------------------------------ MacAndrews & Forbes Holdings, Inc., 13% Sub. Debs., 3/1/99 175,000 174,125 ------------------------------------------------------------------------------------------------------------ Talley Industries, Inc., 0%/12.25% Sr. Disc. Debs., 10/15/05 (7) 300,000 199,500 ------------------------------------------------------------------------------------------------------------ Talley Manufacturing & Technology, Inc., 10.75% Sr. Nts., 10/15/03 100,000 98,500 --------------- 472,125 - ---------------------------------------------------------------------------------------------------------------------- SERVICES - 0.2% ------------------------------------------------------------------------------------------------------------ Borg-Warner Security Corp., 9.125% Sr. Sub. Nts., 5/1/03 100,000 91,000 - ---------------------------------------------------------------------------------------------------------------------- RETAIL - 1.8% - ---------------------------------------------------------------------------------------------------------------------- DRUG STORES - 0.2% ------------------------------------------------------------------------------------------------------------ Duane Reade, 12% Sr. Nts., Series B, 9/15/02 100,000 80,500 - ---------------------------------------------------------------------------------------------------------------------- SPECIALTY RETAILING - 0.5% ------------------------------------------------------------------------------------------------------------ Eye Care Centers of America, Inc., 12% Sr. Nts., 10/1/03 100,000 82,000 ------------------------------------------------------------------------------------------------------------ Finlay Fine Jewelry Corp., 10.625% Sr. Nts., 5/1/03 100,000 96,500 --------------- 178,500 - ---------------------------------------------------------------------------------------------------------------------- SUPERMARKETS - 1.1% ------------------------------------------------------------------------------------------------------------ Grand Union Co., 12% Sr. Nts., 9/1/04 (10) 300,000 292,500 ------------------------------------------------------------------------------------------------------------ Purity Supreme, Inc., 11.75% Sr. Sec. Nts., Series B, 8/1/99 100,000 107,750 --------------- 400,250 - ---------------------------------------------------------------------------------------------------------------------- TRANSPORTATION - 0.3% - ---------------------------------------------------------------------------------------------------------------------- RAILROADS - 0.3% ------------------------------------------------------------------------------------------------------------ Transtar Holdings LP/Transtar Capital Corp., 0%/13.375% Sr. Disc. Nts., Series B, 12/15/03 (7) 200,000 121,000 - ---------------------------------------------------------------------------------------------------------------------- UTILITIES - 3.6% - ---------------------------------------------------------------------------------------------------------------------- ELECTRIC UTILITIES - 1.2% ------------------------------------------------------------------------------------------------------------ Beaver Valley II Funding Corp., 9% Second Lease Obligation Bonds, 6/1/17 199,000 166,247 ------------------------------------------------------------------------------------------------------------ El Paso Electric Co., 10.75% Lease Obligation Bonds, 4/1/13 (11) 100,000 53,079 ------------------------------------------------------------------------------------------------------------ First PV Funding Corp., 10.30% Lease Obligation Bonds, Series 1986A, 1/15/14 200,000 213,631 --------------- 432,957 - ---------------------------------------------------------------------------------------------------------------------- TELECOMMUNICATIONS - 2.4% ------------------------------------------------------------------------------------------------------------ Call-Net Enterprises, Inc., 0%/13.25% Sr. Disc. Nts., 12/1/04 (7) 200,000 121,750 ------------------------------------------------------------------------------------------------------------ Celcaribe SA, 0%/13.50% Sr. Sec. Nts., 3/15/04 (3)(7) 150,000 105,335 ------------------------------------------------------------------------------------------------------------ Cellular, Inc., 0%/11.75% Sr. Sub. Disc. Nts., 9/1/03 (7) 50,000 36,500 ------------------------------------------------------------------------------------------------------------ Geotek Communications, Inc., Units (each Unit consists of $1,000 principal amount 0%/15% Sr. Sec. Disc. Nts. and thirty Warrants to purchase Common Stock) (3)(7)(9) 250,000 120,860 ------------------------------------------------------------------------------------------------------------ In Flight Phone Corp., Units (each Unit consists of $1,000 principal amount of 0%/14% Sr. Disc. Nts., Series A, 5/15/02 and one Warrant to purchase one share of Common Stock) (3)(7)(9) 200,000 118,000 ------------------------------------------------------------------------------------------------------------ MFS Communications, Inc., 0%/9.375% Sr. Disc. Nts., 1/15/04 (7) 100,000 69,750 ------------------------------------------------------------------------------------------------------------ PriCellular Wireless Corp., 0%/14% Sr. Sub. Disc. Nts., 11/15/01 (7) 200,000 161,000 ------------------------------------------------------------------------------------------------------------ USA Mobile Communications, Inc. II, 14% Sr. Nts., 11/1/04 150,000 162,000 --------------- 895,195 --------------- Total Corporate Bonds and Notes (Cost $10,565,915) 10,640,939 SHARES - ---------------------------------------------------------------------------------------------------------------------- COMMON STOCKS - 0.1% - ---------------------------------------------------------------------------------------------------------------------- Celcaribe SA (Cost $29,024) (3)(12) 24,390 21,415 - ---------------------------------------------------------------------------------------------------------------------- PREFERRED STOCKS - 2.3 ------------------------------------------------------------------------------------------------------------ BankAmerica Corp., 8.375%, Series K 7,000 178,500 ------------------------------------------------------------------------------------------------------------ California Federal Bank, 10.625% Non-Cum., Series B 2,000 214,000 ------------------------------------------------------------------------------------------------------------ First Nationwide Bank, 11.50% Non-Cum. 2,000 216,000 ------------------------------------------------------------------------------------------------------------ Glendale Federal Bank, F.S.B., 8.75% Non-Cum. Cv., Series E 1,000 34,000 ------------------------------------------------------------------------------------------------------------ Kaiser Aluminum Corp., $.65 Cv., Series A 3,000 28,875 ------------------------------------------------------------------------------------------------------------ Prime Retail, Inc., $19.00 Cv., Series B 6,000 111,750 ------------------------------------------------------------------------------------------------------------ SDW Holdings Corp. Units (each Unit consists of ten shares of Sr. Exchangeable Preferred Stock and one Cl. B Warrant to purchase one share of Common Stock) (3)(9) 375 101,408 --------------- Total Preferred Stocks (Cost $889,950) 884,533 UNITS - ---------------------------------------------------------------------------------------------------------------------- RIGHTS, WARRANTS AND CERTIFICATES - 0.0% - ---------------------------------------------------------------------------------------------------------------------- American Telecasting, Inc. Wts., Exp. 6/99 1,500 3,750 ------------------------------------------------------------------------------------------------------------ Echostar Communications Corp. Wts., Exp. 6/04 300 3,375 ------------------------------------------------------------------------------------------------------------ Eye Care Centers of America, Inc. Wts., Exp. 10/03 100 500 ------------------------------------------------------------------------------------------------------------ Icon Health & Fitness, Inc. Wts., Exp. 11/99 (3) 200 5,000 ------------------------------------------------------------------------------------------------------------ Terex Corp. Rts., Exp. 7/96 (3) 36 5 --------------- Total Rights, Warrants and Certificates (Cost $4,089) 12,630 PRINCIPAL AMOUNT (1) - ---------------------------------------------------------------------------------------------------------------------- STRUCTURED INSTRUMENTS - 1.4% - ---------------------------------------------------------------------------------------------------------------------- Goldman, Sachs & Co. Argentina Local Market Securities Trust, 11.30%, 4/1/00 (representing debt of Argentina (Republic of) Bonos del Tesoro Bonds, Series 10, 6.063%, 4/1/00 and an interest rate swap between Goldman Sachs and the Trust) (2)(4) $ 260,869 237,391 ------------------------------------------------------------------------------------------------------------ Swiss Bank Corp. Investment Banking, Inc., 10% CD Linked Nt., 7/3/95 (indexed to the British Pound Sterling 2 year swap rate, multiplied by 6) (2) 160,000 160,000 ------------------------------------------------------------------------------------------------------------ Bayerische Landesbank, N.Y. Branch, 10% CD Linked Nt., 10/30/95 (indexed to the mid-market yield of the Japanese Government Bond Series 174, 4.60%, 9/20/04, multiplied by 20) (4) 150,000 138,000 --------------- Total Structured Instruments (Cost $570,870) 535,391 ------------------------------------------------------------------------------------------------------------ TOTAL INVESTMENTS, AT VALUE (COST $37,095,767) 100.9% 37,856,609 ------------------------------------------------------------------------------------------------------------ LIABILITIES IN EXCESS OF OTHER ASSETS (0.9) (364,616) --------------- --------------- NET ASSETS 100.0% $ 37,491,993 --------------- --------------- --------------- --------------- 1. Face amount is reported in local currency. Foreign currency abbreviations are as follows: ARA - Argentine Austral GBP - British Pound Sterling AUD - Australian Dollar IDR - Indonesian Rupiah CAD - Canadian Dollar INR - Indian Rupee CLP - Chilean Peso NOK - Norwegian Krone DEM - German Deutsche Mark NZD - New Zealand Dollar ESP - Spanish Peseta THB - Thai Baht 2. Indexed instrument for which the principal amount and/or interest due at maturity is affected by the relative value of a foreign currency. 3. Represents a security sold under Rule 144A, which is exempt from registration under the Securities Act of 1933, as amended. This security has been determined to be liquid under guidelines established by the Board of Trustees. These securities amount to $2,609,731 or 7% of the Fund's net assets, at June 30, 1995. 4. Identifies issues considered to be illiquid - See Note 7 of Notes to Financial Statements. 5. Represents the current interest rate for a variable rate security. 6. Represents the current interest rate for an increasing rate security. 7. Represents a zero coupon bond that converts to a fixed rate of interest at a designated future date. 8. Interest or dividend is paid in kind. 9. Units may be comprised of several components, such as debt and equity and/or warrants to purchase equity at some point in the future. In most cases, units involve a high degree of risk. 10. When-issued security to be delivered and settled after June 30, 1995. 11. Non-income producing--issuer is in default of interest payment. 12. Non-income producing security. 13. A sufficient amount of securities has been designated to cover outstanding forward foreign currency exchange contracts. See Note 5 of Notes to Financial Statements.
See accompanying Notes to Financial Statements. OPPENHEIMER VARIABLE ACCOUNT FUNDS STATEMENTS OF ASSETS AND LIABILITIES June 30, 1995 (Unaudited)
Oppenheimer Oppenheimer Oppenheimer Oppenheimer Capital Money High Income Bond Appreciation Fund Fund Fund Fund ---------------------------------------------------------- ASSETS: Investments, at value (cost *) (including repurchase agreements **) - see accompanying statements $72,712,126 $112,442,478 $173,957,077 $234,401,482 Unrealized appreciation on forward foreign currency exchange contracts - Note 5 -- -- -- -- Cash 90,965 -- 96,030 554 Receivables: Dividends and interest 122,141 2,321,395 2,895,025 140,634 Shares of beneficial interest sold 1,891,384 11,996 4,094 4,267,715 Investments sold -- 1,113,986 781,357 5,333,529 Other 3,680 4,573 4,760 5,565 ---------------------------------------------------------- Total assets 74,820,296 115,894,428 177,738,343 244,149,479 ---------------------------------------------------------- LIABILITIES: Bank overdraft -- 277,851 -- -- Options written, at value (premiums received ***) - see accompanying statements - Note 4 -- -- -- -- Unrealized depreciation on forward foreign currency exchange contracts - Note 5 -- 18,936 21,704 -- Payables and other liabilities: Dividends 173,818 -- -- -- Investments purchased -- 2,190,686 5,858,571 5,998,001 Shares of beneficial interest redeemed 5,199 241,772 231,862 856,807 Other 20,407 36,451 53,440 30,876 ---------------------------------------------------------- Total liabilities 199,424 2,765,696 6,165,577 6,885,684 ---------------------------------------------------------- NET ASSETS $74,620,872 $113,128,732 $171,572,766 $237,263,795 ---------------------------------------------------------- ---------------------------------------------------------- COMPOSITION OF NET ASSETS: Paid-in capital $74,639,219 $112,145,476 $166,564,041 $196,908,730 Undistributed net investment income -- 2,170,580 2,019,017 691,561 Accumulated net realized gain (loss) from investment, written option and foreign currency transactions (18,347) (4,318,952) (2,112,333) 1,803,230 Net unrealized appreciation on investments, options written and translation of assets and liabilities denominated in foreign currencies - Note 3 -- 3,131,628 5,102,041 37,860,274 ---------------------------------------------------------- NET ASSETS $74,620,872 $113,128,732 $171,572,766 $237,263,795 ---------------------------------------------------------- ---------------------------------------------------------- SHARES OF BENEFICIAL INTEREST OUTSTANDING 74,639,214 10,894,476 14,893,495 8,156,777 NET ASSET VALUE, REDEMPTION PRICE AND OFFERING PRICE PER SHARE $1.00 $10.38 $11.52 $29.09 *Cost $72,712,126 $109,316,490 $168,871,249 $196,541,208 **Repurchase Agreements -- -- $8,202,000 $40,916,000 ***Premiums Received -- -- -- -- Oppenheimer Oppenheimer Oppenheimer Oppenheimer Multiple Global Strategic Growth Strategies Securities Bond Fund Fund Fund Fund ---------------------------------------------------------- ASSETS: Investments, at value (cost *) (including repurchase agreements **) - see accompanying statements $88,332,095 $341,078,966 $343,764,927 $37,856,609 Unrealized appreciation on forward foreign currency exchange contracts - Note 5 -- -- -- 7,962 Cash 1,169 129,730 -- -- Receivables: Dividends and interest 68,571 2,736,200 611,778 682,381 Shares of beneficial interest sold 2,000,584 7,035,124 175,980 417,943 Investments sold 248,870 1,606,043 5,461,201 4,500 Other 3,356 9,318 5,865 1,995 ---------------------------------------------------------- Total assets 90,654,645 352,595,381 350,019,751 38,971,390 ---------------------------------------------------------- LIABILITIES: Bank overdraft -- -- 1,379,050 209,542 Options written, at value (premiums received ***) - see accompanying statements - Note 4 -- 1,953,458 -- -- Unrealized depreciation on forward foreign currency exchange contracts - Note 5 -- -- 413,140 -- Payables and other liabilities: Dividends -- -- -- -- Investments purchased 778,485 950,932 3,810,732 1,254,798 Shares of beneficial interest redeemed 505,318 597,402 6,588,067 879 Other 19,320 27,991 72,937 14,178 ---------------------------------------------------------- Total liabilities 1,303,123 3,529,783 12,263,926 1,479,397 ---------------------------------------------------------- NET ASSETS $89,351,522 $349,065,598 $337,755,825 $37,491,993 ---------------------------------------------------------- ---------------------------------------------------------- COMPOSITION OF NET ASSETS: Paid-in capital $68,501,136 $313,500,766 $346,745,609 $38,216,493 Undistributed net investment income 561,040 1,184,686 2,554,819 180,726 Accumulated net realized gain (loss) from investment, written option and foreign currency transactions 3,281,159 342,702 (30,155,054) (1,676,555) Net unrealized appreciation on investments, options written and translation of assets and liabilities denominated in foreign currencies - Note 3 17,008,187 34,037,444 18,610,451 771,329 ---------------------------------------------------------- NET ASSETS $89,351,522 $349,065,598 $337,755,825 $37,491,993 ---------------------------------------------------------- ---------------------------------------------------------- SHARES OF BENEFICIAL INTEREST OUTSTANDING 4,303,216 25,110,982 22,702,606 7,879,524 NET ASSET VALUE, REDEMPTION PRICE AND OFFERING PRICE PER SHARE $20.76 $13.90 $14.88 $4.76 *Cost $71,323,908 $306,066,957 $324,725,071 $37,095,767 **Repurchase Agreements -- $43,700,000 -- -- ***Premiums Received -- $980,741 -- --
See accompanying Notes to Financial Statements. OPPENHEIMER VARIABLE ACCOUNT FUNDS STATEMENTS OF OPERATIONS FOR THE SIX MONTHS ENDED JUNE 30, 1995 (UNAUDITED)
Oppenheimer Oppenheimer Oppenheimer Oppenheimer Capital Money High Income Bond Appreciation Fund Fund Fund Fund ----------------------------------------------------------- INVESTMENT INCOME: Interest (net of foreign withholding taxes of *) $2,388,747 $5,461,318 $6,020,327 $1,323,761 Dividends (net of foreign withholding taxes of **) -- 262,142 38,312 170,688 ---------------------------------------------------------- Total income 2,388,747 5,723,460 6,058,639 1,494,449 ---------------------------------------------------------- EXPENSES: Management fees - Note 6 174,989 404,821 578,502 753,898 Custodian fees and expenses 16,622 13,246 15,687 10,244 Shareholder reports 10,130 6,388 4,379 9,420 Legal and auditing fees 5,054 16,153 6,367 8,885 Transfer agent 400 421 287 522 Trustees' fees and expenses -- 514 1,399 570 Registration and filing fees -- 1,809 7,368 8,715 Other 1,095 2,644 2,833 3,122 ---------------------------------------------------------- Total expenses 208,290 445,996 616,822 795,376 ---------------------------------------------------------- NET INVESTMENT INCOME 2,180,457 5,277,464 5,441,817 699,073 ---------------------------------------------------------- REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, OPTIONS WRITTEN AND FOREIGN CURRENCY TRANSACTIONS: Net realized gain (loss) from: Investments 5,356 (588,379) 328,518 3,214,799 Expiration of option contracts written - Note 4 -- -- -- -- Foreign currency transactions -- 112,847 (42,710) -- Net change in unrealized appreciation or depreciation on: Investments and options written -- 6,335,947 8,792,679 21,927,356 Translation of assets and liabilities denominated in foreign currencies -- 483,440 801,306 -- ---------------------------------------------------------- Net realized and unrealized gain on investments, options written and foreign currency transactions 5,356 6,343,855 9,879,793 25,142,155 ---------------------------------------------------------- NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $2,185,813 $11,621,319 $15,321,610 $25,841,228 ---------------------------------------------------------- ---------------------------------------------------------- *Interest -- -- $7,577 -- **Dividends -- -- -- -- Oppenheimer Oppenheimer Oppenheimer Oppenheimer Multiple Global Strategic Growth Strategies Securities Bond Fund Fund Fund Fund ---------------------------------------------------------- INVESTMENT INCOME: Interest (net of foreign withholding taxes of *) $405,278 $7,781,582 $720,452 $1,384,643 Dividends (net of foreign withholding taxes of **) 451,496 1,712,110 3,175,481 41,965 ---------------------------------------------------------- Total income 856,774 9,493,692 3,895,933 1,426,608 ---------------------------------------------------------- EXPENSES: Management fees - Note 6 272,821 1,173,955 1,135,531 102,702 Custodian fees and expenses -- 18,500 174,802 8,715 Shareholder reports 4,519 7,571 7,648 1,178 Legal and auditing fees 3,461 10,845 6,198 2,996 Transfer agent 237 283 263 220 Trustees' fees and expenses 1,251 4,316 743 218 Registration and filing fees 3,644 1,620 14,070 1,690 Other 2,711 4,795 790 1,562 ---------------------------------------------------------- Total expenses 288,644 1,221,885 1,340,045 119,281 ---------------------------------------------------------- NET INVESTMENT INCOME 568,130 8,271,807 2,555,888 1,307,327 ---------------------------------------------------------- REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, OPTIONS WRITTEN AND FOREIGN CURRENCY TRANSACTIONS: Net realized gain (loss) from: Investments 3,406,530 135,856 (20,063,279) (842,446) Expiration of option contracts written - Note 4 -- 253,541 -- (1,269) Foreign currency transactions -- 34,249 (3,420,944) (63,084) Net change in unrealized appreciation or depreciation on: Investments and options written 9,787,120 31,176,436 16,364,020 1,677,370 Translation of assets and liabilities denominated in foreign currencies -- 678,291 10,089,188 130,251 ---------------------------------------------------------- Net realized and unrealized gain on investments, options written and foreign currency transactions 13,193,650 32,278,373 2,968,985 900,822 --------------------------------------------------------- NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $13,761,780 $40,550,180 $5,524,873 $2,208,149 ---------------------------------------------------------- ---------------------------------------------------------- *Interest -- -- -- -- **Dividends -- $22,965 $266,933 --
See accompanying Notes to Financial Statements. OPPENHEIMER VARIABLE ACCOUNT FUNDS STATEMENTS OF CHANGES IN NET ASSETS FOR THE SIX MONTHS ENDED JUNE 30, 1995 AND THE YEAR ENDED DECEMBER 31, 1994
Oppenheimer Oppenheimer Money High Income Fund Fund ----------------------------------------------------------- 1995(2) 1994(1) 1995(2) 1994(1) ----------------------------------------------------------- OPERATIONS: Net investment income $2,180,457 $3,774,464 $5,277,464 $9,253,988 Net realized gain (loss) on investments, options written and foreign currency transactions 5,356 (5,168) (475,532) (3,689,385) Net change in unrealized appreciation or depreciation on investments, options written and translation of assets and liabilities denominated in foreign currencies -- -- 6,819,387 (8,629,376) ----------------------------------------------------------- Net increase (decrease) in net assets resulting from operations 2,185,813 3,769,296 11,621,319 (3,064,773) DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS: Dividends from net investment income (2,180,457) (3,793,971) (5,088,668) (6,580,907) Distributions from net realized gain on investments, options written and foreign currency transactions -- -- -- (2,106,023) Distributions in excess of net realized gain on investments, options written and foreign currency transactions -- -- -- -- BENEFICIAL INTEREST TRANSACTIONS: Net increase (decrease) in net assets resulting from beneficial interest transactions - Note 2 (15,055,401) 28,473,973 10,897,772 14,438,679 ----------------------------------------------------------- Total increase (decrease) (15,050,045) 28,449,298 17,430,423 2,686,976 NET ASSETS: Beginning of period 89,670,917 61,221,619 95,698,309 93,011,333 ----------------------------------------------------------- End of period $74,620,872 $89,670,917 $113,128,732 $95,698,309 ----------------------------------------------------------- ----------------------------------------------------------- Oppenheimer Oppenheimer Capital Bond Appreciation Fund Fund ----------------------------------------------------------- 1995(2) 1994(1) 1995(2) 1994(1) ----------------------------------------------------------- OPERATIONS: Net investment income $5,441,817 $8,900,922 $699,073 $769,034 Net realized gain (loss) on investments, options written and foreign currency transactions 285,808 (2,370,155) 3,214,799 (1,045,951) Net change in unrealized appreciation or depreciation on investments, options written and translation of assets and liabilities denominated in foreign currencies 9,593,985 (8,824,731) 21,927,356 (10,016,034) ----------------------------------------------------------- Net increase (decrease) in net assets resulting from operations 15,321,610 (2,293,964) 25,841,228 (10,292,951) DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS: Dividends from net investment income (5,255,032) (7,101,380) (719,183) (218,275) Distributions from net realized gain on investments, options written and foreign currency transactions -- (283,274) (363,458) -- Distributions in excess of net realized gain on investments, options written and foreign currency transactions -- -- -- (17,112,748) BENEFICIAL INTEREST TRANSACTIONS: Net increase (decrease) in net assets resulting from beneficial interest transactions - Note 2 26,438,804 32,899,881 26,731,667 76,512,412 ----------------------------------------------------------- Total increase (decrease) 36,505,382 23,221,263 51,490,254 48,888,438 NET ASSETS: Beginning of period 135,067,384 111,846,121 185,773,541 136,885,103 ----------------------------------------------------------- End of period $171,572,766 $135,067,384 $237,263,795 $185,773,541 ----------------------------------------------------------- ----------------------------------------------------------- 1. For the year ended December 31. 2. For the six months ended June 30.
See accompanying Notes to Financial Statements. OPPENHEIMER VARIABLE ACCOUNT FUNDS STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED) FOR THE SIX MONTHS ENDED JUNE 30, 1995 AND THE YEAR ENDED DECEMBER 31, 1994
Oppenheimer Oppenheimer Multiple Growth Strategies Fund Fund ----------------------------------------------------------- 1995(2) 1994(1) 1995(2) 1994(1) ----------------------------------------------------------- OPERATIONS: Net investment income $568,130 $824,976 $8,271,807 $13,727,119 Net realized gain (loss) on investments, options written and foreign currency transactions 3,406,530 1,441,127 423,646 8,803,106 Net change in unrealized appreciation or depreciation on investments, options written and translation of assets and liabilities denominated in foreign currencies 9,787,120 (1,915,053) 31,854,727 (28,189,733) ----------------------------------------------------------- Net increase (decrease) in net assets resulting from operations 13,761,780 351,050 40,550,180 (5,659,508) DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS: Dividends from net investment income (821,641) (516,871) (8,125,798) (13,056,112) Distributions from net realized gain on investments, options written and foreign currency transactions (973,385) (127,540) (8,717,288) (1,925,053) Distributions in excess of net realized gain on investments, options written and foreign currency transactions -- -- -- -- BENEFICIAL INTEREST TRANSACTIONS: Net increase (decrease) in net assets resulting from beneficial interest transactions - Note 2 14,101,594 6,875,487 33,291,300 62,417,829 ----------------------------------------------------------- Total increase (decrease) 26,068,348 6,582,126 56,998,394 41,777,156 NET ASSETS: Beginning of period 63,283,174 56,701,048 292,067,204 250,290,048 ----------------------------------------------------------- End of period $89,351,522 $63,283,174 $349,065,598 $292,067,204 ----------------------------------------------------------- ----------------------------------------------------------- Oppenheimer Oppenheimer Global Strategic Securities Bond Fund Fund ----------------------------------------------------------- 1995(2) 1994(1) 1995(2) 1994(1) ----------------------------------------------------------- OPERATIONS: Net investment income $2,555,888 $1,162,074 $1,307,327 $1,286,157 Net realized gain (loss) on investments, options written and foreign currency transactions (23,484,223) 385,837 (906,798) (796,115) Net change in unrealized appreciation or depreciation on investments, options written and translation of assets and liabilities denominated in foreign currencies 26,453,208 (24,015,375) 1,807,620 (1,120,872) ----------------------------------------------------------- Net increase (decrease) in net assets resulting from operations 5,524,873 (22,467,464) 2,208,149 (630,830) DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS: Dividends from net investment income -- (359,955) (1,238,330) (1,161,570) Distributions from net realized gain on investments, options written and foreign currency transactions (8,174,158) (2,441,859) -- -- Distributions in excess of net realized gain on investments, options written and foreign currency transactions -- -- -- (16,802) BENEFICIAL INTEREST TRANSACTIONS: Net increase (decrease) in net assets resulting from beneficial interest transactions - Note 2 42,563,189 226,686,688 16,201,859 12,242,999 ----------------------------------------------------------- Total increase (decrease) 39,913,904 201,417,410 17,171,678 10,433,797 NET ASSETS: Beginning of period 297,841,921 96,424,511 20,320,315 9,886,518 ----------------------------------------------------------- End of period $337,755,825 $297,841,921 $37,491,993 $20,320,315 ----------------------------------------------------------- ----------------------------------------------------------- 1. For the year ended December 31. 2. For the six months ended June 30.
See accompanying Notes to Financial Statements. OPPENHEIMER VARIABLE ACCOUNT FUNDS FINANCIAL HIGHLIGHTS
Oppenheimer Money Fund ----------------------------------------------------------------------------------- Six Months Ended Year Ended June 30, 1995 December 31, (Unaudited) 1994 1993 1992 1991 1990 ----------------------------------------------------------------------------------- PER SHARE OPERATING DATA: Net asset value, beginning of year $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 Income from investment operations - net investment income and net realized gain on investments .03 .04 .03 .04 .06 .08 Dividends and distributions to shareholders (.03) (.04) (.03) (.04) (.06) (.08) ----------------------------------------------------------------------------------- Net asset value, end of year $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 ----------------------------------------------------------------------------------- ----------------------------------------------------------------------------------- TOTAL RETURN, AT NET ASSET VALUE (1) 2.85% 4.25% 3.09% 3.93% 6.18% 7.84% RATIOS/SUPPLEMENTAL DATA: Net assets, end of year (in thousands) $74,621 $89,671 $61,221 $58,266 $58,709 $89,143 Average net assets (in thousands) $78,321 $90,264 $57,654 $61,317 $75,747 $82,966 Number of shares outstanding at end of year (in thousands) 74,639 89,695 61,221 58,266 58,703 89,141 Ratios to average net assets: Net investment income 5.61%(2) 4.18% 3.12% 3.76% 5.97% 7.80% Expenses .54%(2) .43% .43% .50% .49% .51% 1. Assumes a hypothetical initial investment on the business day before the first day of the fiscal period, with all dividends 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. Total returns are not annualized for periods of less than one full year. Total returns reflect changes in net investment income only. Total return information does not reflect expenses that apply at the separate account level or to related insurance products. Inclusion of these charges would reduce the total return figures for all periods shown. 2. Annualized.
See accompanying Notes to Financial Statements. 35 OPPENHEIMER VARIABLE ACCOUNT FUNDS FINANCIAL HIGHLIGHTS (Continued)
Oppenheimer High Income Fund ----------------------------------------------------------------------------------- Six Months Ended Year Ended June 30, 1995 December 31, (Unaudited) 1994 1993 1992 1991 1990 ----------------------------------------------------------------------------------- PER SHARE OPERATING DATA: Net asset value, beginning of period $9.79 $11.02 $9.74 $9.40 $7.90 $8.59 Income (loss) from investment operations: Net investment income .47 .94 .82 1.19 1.28 1.21 Net realized and unrealized gain (loss) on investments and foreign currency transactions .60 (1.27) 1.65 .43 1.30 (.82) ----------------------------------------------------------------------------------- Total income (loss) from investment operations 1.07 (.33) 2.47 1.62 2.58 .39 ----------------------------------------------------------------------------------- Dividends and distributions to shareholders: Dividends from net investment income (.48) (.66) (1.19) (1.28) (1.08) (1.08) Distributions from net realized gain on investments, and foreign currency transactions -- (.24) -- -- -- -- ----------------------------------------------------------------------------------- Total dividends and distributions to shareholders (.48) (.90) (1.19) (1.28) (1.08) (1.08) ----------------------------------------------------------------------------------- Net asset value, end of period $10.38 $ 9.79 $11.02 $9.74 $9.40 $7.90 ----------------------------------------------------------------------------------- ----------------------------------------------------------------------------------- TOTAL RETURN, AT NET ASSET VALUE(1) 11.10% (3.18)% 26.34% 17.92% 33.91% 4.65% RATIOS/SUPPLEMENTAL DATA: Net assets, end of period (in thousands) $113,129 $ 95,698 $93,011 $40,817 $27,308 $19,172 Average net assets (in thousands) $108,953 $101,096 $67,000 $36,861 $23,663 $21,493 Number of shares outstanding at end of period (in thousands) 10,894 9,779 8,443 4,189 2,905 2,427 Ratios to average net assets: Net investment income 9.77%(2) 9.15% 10.50% 12.08% 14.26% 14.32% Expenses .83%(2) .67% .68% .73% .75% .75% Portfolio turnover rate(3) 50.3% 110.1% 135.7% 144.2% 108.0% 95.1% 1. Assumes a hypothetical initial investment on the business day before the first day of the fiscal period, 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. Total returns are not annualized for periods of less than one full year. Total return information does not reflect expenses that apply at the separate account level or to related insurance products. Inclusion of these charges would reduce the total return figures for all periods shown. 2. Annualized. 3. 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.
See accompanying Notes to Financial Statements. 36 OPPENHEIMER VARIABLE ACCOUNT FUNDS FINANCIAL HIGHLIGHTS (Continued)
Oppenheimer Bond Fund ----------------------------------------------------------------------------------- Six Months Ended Year Ended June 30, 1995 December 31, (Unaudited) 1994 1993 1992 1991 1990 ----------------------------------------------------------------------------------- PER SHARE OPERATING DATA: Net asset value, beginning of period $10.78 $11.65 $10.99 $11.15 $10.33 $10.49 Income (loss) from investment operations: Net investment income .36 .76 .65 .87 .95 .97 Net realized and unrealized gain (loss) on investments and foreign currency transactions .75 (.98) .76 (.17) .80 (.18) ----------------------------------------------------------------------------------- Total income (loss) from investment operations 1.11 (.22) 1.41 .70 1.75 .79 ----------------------------------------------------------------------------------- Dividends and distributions to shareholders: Dividends from net investment income (.37) (.62) (.75) (.86) (.93) (.95) Distributions from net realized gain on investments and foreign currency transactions -- (.03) -- -- -- -- ----------------------------------------------------------------------------------- Total dividends and distributions to shareholders (.37) (.65) (.75) (.86) (.93) (.95) ----------------------------------------------------------------------------------- Net asset value, end of period $11.52 $10.78 $11.65 $10.99 $11.15 $10.33 ----------------------------------------------------------------------------------- ----------------------------------------------------------------------------------- TOTAL RETURN, AT NET ASSET VALUE(1) 10.40% (1.94)% 13.04% 6.50% 17.63% 7.92% RATIOS/SUPPLEMENTAL DATA: Net assets, end of period (in thousands) $171,573 $135,067 $111,846 $63,354 $32,762 $16,576 Average net assets (in thousands) $155,707 $121,884 $ 87,215 $45,687 $22,169 $15,088 Number of shares outstanding at end of period (in thousands) 14,893 12,527 9,602 5,766 2,939 1,604 Ratios to average net assets: Net investment income 7.05%(2) 7.30% 7.20% 7.81% 8.73% 9.30% Expenses .80%(2) .57% .46% .56% .64% .61% Portfolio turnover rate(3) 22.9% 35.1% 36.3% 41.3% 7.6% 7.4% 1. Assumes a hypothetical initial investment on the business day before the first day of the fiscal period, 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. Total returns are not annualized for periods of less than one full year. Total return information does not reflect expenses that apply at the separate account level or to related insurance products. Inclusion of these charges would reduce the total return figures for all periods shown. 2. Annualized. 3. 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.
See accompanying Notes to Financial Statements. 37 OPPENHEIMER VARIABLE ACCOUNT FUNDS FINANCIAL HIGHLIGHTS (Continued)
Oppenheimer Capital Appreciation Fund ----------------------------------------------------------------------------------- Six Months Ended Year Ended June 30, 1995 December 31, (Unaudited) 1994 1993 1992 1991 1990 ----------------------------------------------------------------------------------- PER SHARE OPERATING DATA: Net asset value, beginning of period $25.95 $31.64 $26.04 $23.24 $15.24 $20.40 Income (loss) from investment operations: Net investment income .08 .10 .05 .06 .08 .32 Net realized and unrealized gain (loss) on investments 3.20 (2.22) 6.71 3.43 8.18 (3.54) ----------------------------------------------------------------------------------- Total income (loss) from investment operations 3.28 (2.12) 6.76 3.49 8.26 (3.22) ----------------------------------------------------------------------------------- Dividends and distributions to shareholders: Dividends from net investment income (.09) (.04) (.06) (.14) (.26) (.53) Distributions from net realized gain on investments (.05) (3.53) (1.10) (.55) -- (1.41) ----------------------------------------------------------------------------------- Total dividends and distributions to shareholders (.14) (3.57) (1.16) (.69) (.26) (1.94) ----------------------------------------------------------------------------------- Net asset value, end of period $29.09 $25.95 $31.64 $26.04 $23.24 $15.24 ----------------------------------------------------------------------------------- ----------------------------------------------------------------------------------- TOTAL RETURN, AT NET ASSET VALUE(1) 12.69% (7.59)% 27.32% 15.42% 54.72% (16.82)% RATIOS/SUPPLEMENTAL DATA: Net assets, end of period (in thousands) $237,264 $185,774 $136,885 $83,335 $49,371 $23,295 Average net assets (in thousands) $203,269 $153,832 $ 98,228 $56,371 $34,887 $24,774 Number of shares outstanding at end of period (in thousands) 8,157 7,158 4,326 3,201 2,125 1,528 Ratios to average net assets: Net investment income .69%(2) .50% .23% .30% .81% 1.93% Expenses .79%(2) .57% .47% .54% .63% .71% Portfolio turnover rate(3) 55.0% 96.5% 122.8% 78.9% 122.3% 222.0% 1. Assumes a hypothetical initial investment on the business day before the first day of the fiscal period, 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. Total returns are not annualized for periods of less than one full year. Total return information does not reflect expenses that apply at the separate account level or to related insurance products. Inclusion of these charges would reduce the total return figures for all periods shown. 2. Annualized. 3. 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.
See accompanying Notes to Financial Statements. 38 OPPENHEIMER VARIABLE ACCOUNT FUNDS FINANCIAL HIGHLIGHTS (Continued)
Oppenheimer Growth Fund ----------------------------------------------------------------------------------- Six Months Ended Year Ended June 30, 1995 December 31, (Unaudited) 1994 1993 1992 1991 1990 ----------------------------------------------------------------------------------- PER SHARE OPERATING DATA: Net asset value, beginning of period $17.68 $17.70 $16.96 $15.17 $12.54 $16.38 Income (loss) from investment operations: Net investment income .12 .22 .46 .16 .30 .56 Net realized and unrealized gain (loss) on investments 3.44 (.05) .74 1.99 2.82 (1.79) ----------------------------------------------------------------------------------- Total income (loss) from investment operations 3.56 .17 1.20 2.15 3.12 (1.23) ----------------------------------------------------------------------------------- Dividends and distributions to shareholders: Dividends from net investment income (.22) (.15) (.14) (.36) (.49) (.62) Distributions from net realized gain on investments and foreign currency transactions (.26) (.04) (.32) -- -- (1.99) ----------------------------------------------------------------------------------- Total dividends and distributions to shareholders (.48) (.19) (.46) (.36) (.49) (2.61) ----------------------------------------------------------------------------------- Net asset value, end of period $20.76 $17.68 $17.70 $16.96 $15.17 $12.54 ----------------------------------------------------------------------------------- ----------------------------------------------------------------------------------- TOTAL RETURN, AT NET ASSET VALUE(1) 20.47% .97% 7.25% 14.53% 25.54% (8.21)% RATIOS/SUPPLEMENTAL DATA: Net assets, end of period (in thousands) 89,352 $63,283 $56,701 $36,494 $22,032 $15,895 Average net assets (in thousands) 73,482 $59,953 $46,389 $25,750 $18,810 $17,235 Number of shares outstanding at end of period (in thousands) 4,303 3,580 3,203 2,152 1,453 1,267 Ratios to average net assets: Net investment income 1.75%(2) 1.38% 1.13% 1.36% 2.82% 4.09% Expenses .89%(2) .58% .50% .61% .70% .71% Portfolio turnover rate(3) 36.4% 53.8% 12.6% 48.7% 133.9% 267.9% 1. Assumes a hypothetical initial investment on the business day before the first day of the fiscal period, 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. Total returns are not annualized for periods of less than one full year. Total return information does not reflect expenses that apply at the separate account level or to related insurance products. Inclusion of these charges would reduce the total return figures for all periods shown. 2. Annualized. 3. 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.
See accompanying Notes to Financial Statements. 39 OPPENHEIMER VARIABLE ACCOUNT FUNDS FINANCIAL HIGHLIGHTS (Continued)
Oppenheimer Multiple Strategies Fund ----------------------------------------------------------------------------------- Six Months Ended Year Ended June 30, 1995 December 31, (Unaudited) 1994 1993 1992 1991 1990 ----------------------------------------------------------------------------------- PER SHARE OPERATING DATA: Net asset value, beginning of period $12.91 $13.88 $12.47 $11.96 $10.90 $12.30 Income (loss) from investment operations: Net investment income .34 .63 .55 .55 .69 .73 Net realized and unrealized gain (loss) on investments, options written and foreign currency transactions 1.36 (.90) 1.41 .50 1.15 (.97) ----------------------------------------------------------------------------------- Total income (loss) from investment operations 1.70 (.27) 1.96 1.05 1.84 (.24) ----------------------------------------------------------------------------------- Dividends and distributions to shareholders: Dividends from net investment income (.34) (.60) (.55) (.54) (.78) (.70) Distributions from net realized gain on investments, options written and foreign currency transactions (.37) (.10) -- -- -- (.46) ----------------------------------------------------------------------------------- Total dividends and distributions to shareholders (.71) (.70) (.55) (.54) (.78) (1.16) ----------------------------------------------------------------------------------- Net asset value, end of period $13.90 $12.91 $13.88 $12.47 $11.96 $10.90 ----------------------------------------------------------------------------------- ----------------------------------------------------------------------------------- TOTAL RETURN, AT NET ASSET VALUE(1) 13.49% (1.95)% 15.95% 8.99% 17.48% (1.91)% RATIOS/SUPPLEMENTAL DATA: Net assets, end of period (in thousands) $349,066 $292,067 $250,290 $159,464 $124,634 $118,888 Average net assets (in thousands) $320,762 $279,949 $199,954 $139,011 $117,000 $123,231 Number of shares outstanding at end of period (in thousands) 25,111 22,620 18,026 12,792 10,421 10,908 Ratios to average net assets: Net investment income 5.20%(2) 4.90% 4.44% 4.63% 5.95% 6.53% Expenses .77%(2) .56% .48% .55% .54% .55% Portfolio turnover rate(3) 20.8% 31.4% 32.4% 57.8% 80.3% 99.2% 1. Assumes a hypothetical initial investment on the business day before the first day of the fiscal period, 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. Total returns are not annualized for periods of less than one full year. Total return information does not reflect expenses that apply at the separate account level or to related insurance products. Inclusion of these charges would reduce the total return figures for all periods shown. 2. Annualized. 3. 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.
See accompanying Notes to Financial Statements. 40 OPPENHEIMER VARIABLE ACCOUNT FUNDS FINANCIAL HIGHLIGHTS (Continued)
Oppenheimer Global Securities Fund ----------------------------------------------------------------------------------- Six Months Ended Year Ended June 30, 1995 December 31, (Unaudited) 1994 1993 1992 1991 1990(1) ----------------------------------------------------------------------------------- PER SHARE OPERATING DATA: Net asset value, beginning of period $15.09 $16.30 $9.57 $10.38 $10.04 $10.00 Income (loss) from investment operations: Net investment income .11 .04 (.02) .07 .04 -- Net realized and unrealized gain (loss) on investments and foreign currency transactions .08 (.96) 6.75 (.80) .30 .04 ----------------------------------------------------------------------------------- Total income (loss) from investment operations .19 (.92) 6.73 (.73) .34 .04 ----------------------------------------------------------------------------------- Dividends and distributions to shareholders: Dividends from net investment income -- (.04) -- (.04) -- -- Distributions from net realized gain on investments and foreign currency transactions (.40) (.25) -- (.04) -- -- ----------------------------------------------------------------------------------- Total dividends and distributions to shareholders (.40) (.29) -- (.08) -- -- ----------------------------------------------------------------------------------- Net asset value, end of period $14.88 $15.09 $16.30 $9.57 $10.38 $10.04 ----------------------------------------------------------------------------------- ----------------------------------------------------------------------------------- TOTAL RETURN, AT NET ASSET VALUE(2) 1.42% (5.72)% 70.32% (7.11)% 3.39% .40% RATIOS/SUPPLEMENTAL DATA: Net assets, end of period (in thousands) $337,756 $297,842 $96,425 $13,537 $7,339 $ 432 Average net assets (in thousands) $309,968 $214,545 $31,696 $11,181 $3,990 $ 263 Number of shares outstanding at end of period (in thousands) 22,703 19,743 5,917 1,415 707 43 Ratios to average net assets: Net investment income 1.66%(3) .54% .72% 1.04% .75% .08%(3) Expenses .87%(3) .91% .92% 1.06% 1.32% 6.84%(3) Portfolio turnover rate(4) 64.9% 70.4% 65.1% 34.1% 29.5% 0.0% 1. For the period from November 12, 1990 (commencement of operations) to December 31, 1990. 2. Assumes a hypothetical initial investment on the business day before the first day of the fiscal period, 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. Total returns are not annualized for periods of less than one full year. Total return information does not reflect expenses that apply at the separate account level or to related insurance products. Inclusion of these charges would reduce the total return figures for all periods shown. 3. Annualized. 4. 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.
See accompanying Notes to Financial Statements. 41 OPPENHEIMER VARIABLE ACCOUNT FUNDS FINANCIAL HIGHLIGHTS (Continued)
Oppenheimer Strategic Bond Fund -------------------------------------------------- Six Months Ended Year Ended June 30, 1995 December 31, (Unaudited) 1994 1993(1) -------------------------------------------------- PER SHARE OPERATING DATA: Net asset value, beginning of period $4.60 $5.12 $5.00 Income (loss) from investment operations: Net investment income .21 .35 .10 Net realized and unrealized gain (loss) on investments, options written and foreign currency transactions .14 (.54) .11 -------------------------------------------------- Total income (loss) from investment operations .35 (.19) .21 -------------------------------------------------- Dividends and distributions to shareholders: Dividends from net investment income (.19) (.32) (.09) Distributions from net realized gain on investments -- -- -- Distributions in excess of net realized gain on investments, options written and foreign currency transactions -- (.01) -- -------------------------------------------------- Total dividends and distributions to shareholders (.19) (.33) (.09) -------------------------------------------------- Net asset value, end of period $4.76 $4.60 $5.12 -------------------------------------------------- -------------------------------------------------- TOTAL RETURN, AT NET ASSET VALUE(2) 7.75% (3.78)% 4.25% RATIOS/SUPPLEMENTAL DATA: Net assets, end of period (in thousands) $37,492 $20,320 $9,887 Average net assets (in thousands) $27,859 $15,389 $4,259 Number of shares outstanding at end of period (in thousands) 7,880 4,418 1,930 Ratios to average net assets: Net investment income 11.34%(3) 8.36% 5.67%(3) Expenses 1.04%(3) .87% .96%(3) Portfolio turnover rate(4) 59.9% 136.6% 10.9% 1. For the period from May 3, 1993 (commencement of operations) to December 31, 1993. 2. Assumes a hypothetical initial investment on the business day before the first day of the fiscal period, 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. Total returns are not annualized for periods of less than one full year. Total return information does not reflect expenses that apply at the separate account level or to related insurance products. Inclusion of these charges would reduce the total return figures for all periods shown. 3. Annualized. 4. 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.
See accompanying Notes to Financial Statements. 42 OPPENHEIMER VARIABLE ACCOUNT FUNDS NOTES TO FINANCIAL STATEMENTS (Unaudited) 1. SIGNIFICANT ACCOUNTING POLICIES Oppenheimer Money Fund (OMF), Oppenheimer High Income Fund (OHIF), Oppenheimer Bond Fund (OBF), Oppenheimer Capital Appreciation Fund (OCAP), Oppenheimer Growth Fund (OGF), Oppenheimer Multiple Strategies Fund (OMSF), Oppenheimer Global Securities Fund (OGSF) and Oppenheimer Strategic Bond Fund (OSBF) (collectively, the Funds) are separate series of Oppenheimer Variable Account Funds (the Trust), a diversified, open-end management investment company registered under the Investment Company Act of 1940, as amended. The Trust's investment advisor is Oppenheimer Management Corporation (the Manager). The following is a summary of significant accounting policies consistently followed by the Funds. INVESTMENT VALUATION. Portfolio securities of OMF are valued on the basis of amortized cost, which approximates market value. Portfolio securities of OHIF, OBF, OCAP, OGF, OMSF, OGSF and OSBF are valued at 4:00 p.m. (New York time) 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 asked price or the last sale price on the prior trading day. Long-term debt securities are valued by a portfolio pricing service approved by the Board of Trustees. Long-term debt 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 under consistently applied procedures established by the Board of Trustees to determine fair value in good faith. Short-term 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. Options are valued based upon the last sale price on the principal exchange on which the option is traded or, in the absence of any transactions that day, the value is based upon the last sale on the prior trading date if it is within the spread between the closing bid and asked prices. If the last sale price is outside the spread, the closing bid or asked price closest to the last reported sale price is used. Forward foreign currency exchange contracts (forward contracts) are valued at the closing price on the London foreign exchange market on a daily basis. SECURITY CREDIT RISK. OHIF and OSBF invests in high yield securities, which may be subject to a greater degree of credit risk, greater market fluctuations and risk of loss of income and principal, and may be more sensitive to economic conditions than lower yielding, higher rated fixed income securities. The Funds may acquire securities in default, and are not obligated to dispose of securities whose issuers subsequently default. At June 30, 1995, securities with an aggregate market value of $1,365,137 for OHIF and $53,079 for OSBF, representing 1.21% and .14% respectively, of the Funds' net assets, were in default. FOREIGN CURRENCY TRANSLATION. The accounting records of the Funds are maintained in U.S. dollars. Prices of securities purchased by OHIF, OBF, OMSF, OGSF and OSBF that are 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. OHIF, OBF, OMSF, OGSF and OSBF account for gains and losses on foreign currency transactions with the transactions that gave rise to the exchange gain or loss. The net gain or loss resulting from changes in foreign currency exchange rates is reported separately in the Statement of Operations by OHIF, OBF, OMSF, OGSF and OSBF. 43 OPPENHEIMER VARIABLE ACCOUNT FUNDS NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued) 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. FEDERAL TAXES. The Trust intends for each Fund 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 of OHIF, OBF, OCAP, OGF, OMSF, OGSF and OSBF are recorded on the ex-dividend date. OMF intends to declare dividends from net investment income each day the New York Stock Exchange is open for business and pay such dividends monthly. To effect its policy of maintaining a net asset value of $1.00 per share, OMF may withhold dividends or make distributions of net realized gains. CLASSIFICATION OF DISTRIBUTIONS TO SHAREHOLDERS. Net investment income (loss) and net realized gain (loss) may differ for financial statement and tax purposes primarily because of premium amortization, paydown gains and losses and the recognition of certain foreign currency gains (losses) as ordinary income (loss) for tax purposes. The character of the distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gain (loss) were recorded by the Funds. OTHER. Investment transactions are accounted for on the date the investments are purchased or sold (trade date) and dividend income is recorded on the ex- dividend date. Discount on securities purchased by OHIF, OBF, OCAP, OGF, OMSF, OGSF and OSBF 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. Dividends in kind are recognized as income on the ex-dividend date, at the current market value of the underlying security. Interest on payment-in-kind debt instruments is accrued as income at the coupon rate and a market adjustment is made on the ex-date. 44 OPPENHEIMER VARIABLE ACCOUNT FUNDS NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued) 2. SHARES OF BENEFICIAL INTEREST The Funds have authorized an unlimited number of no par value shares of beneficial interest. Transactions in shares of beneficial interest were as follows:
OPPENHEIMER MONEY FUND OPPENHEIMER HIGH INCOME FUND ----------------------------------------------------------------------------------------------------------------- SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED JUNE 30, 1995 DECEMBER 31, 1994 JUNE 30, 1995 DECEMBER 31, 1994 ----------------------------------------------------------------------------------------------------------------- SHARES AMOUNT SHARES AMOUNT SHARES AMOUNT SHARES AMOUNT ----------------------------------------------------------------------------------------------------------------- Sold 99,913,035 $99,913,035 175,917,558 $175,917,558 2,975,278 $30,201,958 9,936,582 $ 81,477,904 Dividends and distributions reinvested 2,238,099 2,238,099 3,640,684 3,640,684 501,076 5,088,667 841,101 8,686,931 Redeemed (117,206,540) (117,206,535) (151,084,269) (151,084,269) (2,361,029) (24,392,853) (9,441,490) (75,726,156) ------------------------------------------------------------------------------------------------------------------ Net increase (decrease) (15,055,406) $(15,055,401) 28,473,973 $ 28,473,973 1,115,325 $10,897,772 1,336,193 $ 14,438,679 ----------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------------- OPPENHEIMER BOND FUND OPPENHEIMER CAPITAL APPRECIATION FUND ----------------------------------------------------------------------------------------------------------------- SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED JUNE 30, 1995 DECEMBER 31, 1994 JUNE 30, 1995 DECEMBER 31, 1994 ----------------------------------------------------------------------------------------------------------------- SHARES AMOUNT SHARES AMOUNT SHARES AMOUNT SHARES AMOUNT ----------------------------------------------------------------------------------------------------------------- Sold 3,798,828 $42,466,715 5,002,623 $56,466,171 4,239,860 $112,635,717 7,912,557 $173,453,586 Dividends and distributions reinvested 465,454 5,255,032 666,678 7,384,654 40,594 1,082,642 614,575 17,331,023 Redeemed (1,897,868) (21,282,943) (2,744,016) (30,950,944) (3,281,251) (86,986,692) (5,695,411) (114,272,197) ------------------------------------------------------------------------------------------------------------------ Net increase 2,366,414 $26,438,804 2,925,285 $32,899,881 999,203 $26,731,667 2,831,721 $76,512,412 ----------------------------------------------------------------------------------------------------------------- -----------------------------------------------------------------------------------------------------------------
45 OPPENHEIMER VARIABLE ACCOUNT FUNDS NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)
OPPENHEIMER GROWTH FUND OPPENHEIMER MULTIPLE STRATEGIES FUND ----------------------------------------------------------------------------------------------------------------- SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED JUNE 30, 1995 DECEMBER 31, 1994 JUNE 30, 1995 DECEMBER 31, 1994 ----------------------------------------------------------------------------------------------------------------- SHARES AMOUNT SHARES AMOUNT SHARES AMOUNT SHARES AMOUNT ----------------------------------------------------------------------------------------------------------------- Sold 2,505,152 $48,567,231 2,577,268 $45,230,951 4,245,187 $57,133,806 9,807,084 $84,443,396 Dividends and distributions 95,991 1,795,026 36,305 644,411 1,268,564 16,843,085 1,140,244 14,981,165 reinvested Redeemed (1,877,437) (36,260,663) (2,236,767) (38,999,875) (3,022,546) (40,685,591) (6,353,523) (37,006,732) ------------------------------------------------------------------------------------------------------------------ Net increase 723,706 $14,101,594 376,806 $ 6,875,487 2,491,205 $33,291,300 4,593,805 $62,417,829 (decrease) ------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------ OPPENHEIMER GLOBAL SECURITIES FUND OPPENHEIMER STRATEGIC BOND FUND ----------------------------------------------------------------------------------------------------------------- SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED JUNE 30, 1995 DECEMBER 31, 1994 JUNE 30, 1995 DECEMBER 31, 1994 ----------------------------------------------------------------------------------------------------------------- SHARES AMOUNT SHARES AMOUNT SHARES AMOUNT SHARES AMOUNT ----------------------------------------------------------------------------------------------------------------- Sold 6,243,202 $91,326,621 22,151,454 $336,310,887 4,511,806 $21,090,640 3,749,500 $18,415,292 Dividends and distributions reinvested 585,961 8,174,158 178,687 2,801,813 265,203 1,238,330 247,485 1,178,372 Redeemed (3,869,900) (56,937,590) (8,503,911) (112,426,012) (1,315,647) (6,127,111) (1,508,782) (7,350,665) ------------------------------------------------------------------------------------------------------------------- Net increase 2,959,263 $42,563,189 13,826,230 $226,686,688 3,461,363 $16,201,859 2,488,203 $12,242,999 ------------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------------------------
46 OPPENHEIMER VARIABLE ACCOUNT FUNDS NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued) 3. UNREALIZED GAINS AND LOSSES ON INVESTMENTS, OPTIONS WRITTEN AND FOREIGN CURRENCY TRANSACTIONS At June 30, 1995, net unrealized appreciation or depreciation on investments, options written and foreign currency transactions consisted of the following:
Oppenheimer Oppenheimer Oppenheimer Oppenheimer Oppenheimer Oppenheimer Capital Oppenheimer Multiple Global Strategic High Income Bond Appreciation Growth Strategies Securities Bond Fund Fund Fund Fund Fund Fund Fund ------------------------------------------------------------------------------------------------- Gross appreciation $ 5,624,107 $ 6,629,477 $ 41,909,298 $17,446,270 $43,847,545 $ 37,143,205 $1,300,826 Gross depreciation (2,492,479) (1,527,436) (4,049,024) (438,083) (9,810,101) (18,532,754) (529,497) -------------------------------------------------------------------------------------------------- Net unrealized appreciation $ 3,131,628 $ 5,102,041 $ 37,860,274 $17,008,187 $34,037,444 $ 18,610,451 $ 771,329 -------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------
Purchases and sales of investment securities (excluding short-term securities) for the six months ended June 30, 1995 were as follows: Purchases $ 68,877,527 $77,204,024 $179,541,599 $24,732,151 $60,072,425 $259,674,019 $26,799,898 ------------------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------------------- Sales $ 49,789,133 $30,848,355 $131,434,151 $21,725,933 $66,993,717 $193,639,326 $13,821,418 ------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------
47 OPPENHEIMER VARIABLE ACCOUNT FUNDS NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued) 4. OPTION ACTIVITY The Funds (except OMF) may buy and sell put and call options, or write covered put and call options on portfolio securities in order to produce incremental earnings or protect against changes in the value of portfolio securities. The Funds generally purchase put options or write covered call options to hedge against adverse movements in the value of portfolio holdings. When an option is written, the Funds receive a premium and become obligated to sell or purchase the underlying security at a fixed price, upon exercise of the option. The Funds segregate assets to cover their obligations under option contracts. Options are valued daily based upon the last sale price on the principal exchange on which the option is traded and unrealized appreciation or depreciation is recorded. The Funds will realize a gain or loss upon the expiration or closing of the option transaction. When an option is exercised, the proceeds on sales for a written call option, the purchase cost for a written put option, or the cost of the security for a purchased put or call option is adjusted by the amount of premium received or paid. In this report, securities held to cover outstanding call options are noted in the Statement of Investments. Shares subject to call, expiration date, exercise price, premium received and market value are detailed in a footnote to the Statement of Investments. Options written are reported as a liability in the Statement of Assets and Liabilities. Gains and losses are reported in the Statement of Operations. The risk in writing a call option is that the Funds gives up the opportunity for profit if the market price of the security increases and the option is exercised. The risk in writing a put option is that the Funds may incur a loss if the market price of the security decreases and the option is exercised. The risk in buying an option is that the Fund pays a premium whether or not the option is exercised. The Funds also have the additional risk of not being able to enter into a closing transaction if a liquid secondary market does not exist. The Funds may also write over-the-counter options where the completion of the obligation is dependent upon the credit standing of the counterparty. OMSF option activity for the six months ended June 30, 1995 was as follows:
CALL OPTIONS -------------------------------- Number of Amount of Options Premiums -------------------------------- Options outstanding at December 31, 1994 2,255 $ 607,682 Options written 4,779 1,118,511 Options canceled in closing transactions (512) (129,344) Options expired prior to exercise (1,206) (276,740) Options exercised (1,003) (339,368) -------------------------------- Options outstanding at June 30, 1995 4,313 $ 980,741 -------------------------------- --------------------------------
48 OPPENHEIMER VARIABLE ACCOUNT FUNDS NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued) OSBF option activity for the six months ended June 30, 1995 was as follows:
PUT OPTIONS -------------------------------- Number of Amount of Options Premiums -------------------------------- Options outstanding at December 31, 1994 -- $ -- Options written 68,493 708 Options canceled in closing transactions -- -- Options expired prior to exercise (68,493) (708) Options exercised -- -- -------------------------------- Options outstanding at June 30, 1995 -- -- -------------------------------- -------------------------------- CALL OPTIONS -------------------------------- Number of Amount of Options Premiums -------------------------------- Options outstanding at December 31, 1994 307 $ 1,600 Options written 1,213 8,502 Options canceled in closing transactions (1,069) (7,652) Options expired prior to exercise (174) (628) Options exercised (277) (1,822) -------------------------------- Options outstanding at June 30, 1995 -- $ -- -------------------------------- --------------------------------
49 OPPENHEIMER VARIABLE ACCOUNT FUNDS NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued) 5. FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS A forward foreign currency exchange contract (forward contract) is a commitment to purchase or sell a foreign currency at a future date, at a negotiated rate. The Funds (except OMF) use forward contracts to seek to manage foreign currency risks. They may also be used to tactically shift portfolio currency risk. The Funds generally enter into forward contracts as a hedge upon the purchase or sale of a security denominated in a foreign currency. In addition, the Funds may enter into such contracts as a hedge against changes in foreign currency exchange rates on portfolio positions. Forward contracts are valued at the closing price on the London foreign exchange market on a daily basis. The Funds will realize a gain or loss upon the closing or settlement of the forward transaction. In this report, securities segregated to cover net exposure on outstanding forward contracts are noted in the Statements of Investments where applicable. Gains and losses on outstanding contracts (unrealized appreciation or depreciation on forward contracts) are reported in the Statements of Assets and Liabilities. Realized gains and losses are reported with all other foreign currency gains and losses in the Funds' results of operations. Risks include the potential inability of the counterparty to meet the terms of the contract and unanticipated movements in the value of a foreign currency relative to the U.S. dollar. At June 30, 1995, outstanding forward foreign currency exchange contracts (forward contracts) to purchase and sell foreign currencies were as follows:
OPPENHEIMER HIGH INCOME FUND CONTRACT SIZE VALUATION AS OF UNREALIZED CONTRACTS TO SELL EXPIRATION DATE (IN THOUSANDS) JUNE 30, 1995 DEPRECIATION - ------------------------------------------------------------------------------------------------------------------------ German Deutsche Mark 7/24/95-7/31/95 3,070 $ 2,220,955 $ (18,936) ------------ ----------- ------------ ----------- OPPENHEIMER BOND FUND UNREALIZED CONTRACT SIZE VALUATION AS OF APPRECIATION CONTRACTS TO BUY EXPIRATION DATE (IN THOUSANDS) JUNE 30, 1995 (DEPRECIATION) - ------------------------------------------------------------------------------------------------------------------------ New Zealand Dollar 7/31/95 1,321 $ (883,643) $ 6,829 ------------ ----------- ------------ CONTRACTS TO SELL - ------------------------------------------------------------------------------------------------------------------------ Australian Dollar 7/6/95-7/31/95 1,220 $ (899,512) $ 11,892 German Deutsche Mark 7/24/95-7/31/95 6,240 (4,514,392) (40,425) ------------ ----------- $(5,413,904) (28,533) ------------ ----------- ------------ $ (21,704) ----------- -----------
50 OPPENHEIMER VARIABLE ACCOUNT FUNDS NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued) OPPENHEIMER GLOBAL SECURITIES FUND
UNREALIZED CONTRACT SIZE VALUATION AS OF APPRECIATION CONTRACTS TO BUY EXPIRATION DATE (IN THOUSANDS) JUNE 30, 1995 (DEPRECIATION) - -------------------------------------------------------------------------------------------------------------------- Thailand Baht 9/8/95 47,268 $1,914,845 $ 9,646 ---------- -------- ---------- CONTRACTS TO SELL - ----------------------------------------------------------------------------------------------------------------- Austrian Schilling 7/31/95 58,503 $6,019,591 $(19,591) Australian Dollar 7/31/95 11,220 7,957,774 42,226 British Pound 7/31/95 4,930 7,853,073 (53,073) German Deutsche Mark 7/31/95 30,512 22,075,608 (75,608) Finnish Markka 7/31/95 17,023 3,978,538 21,463 French Franc 7/31/95 68,362 14,090,121 (90,121) Italian Lira 7/31/95 6,263,848 3,815,590 8,029 Japanese Yen 8/17/95 1,545,660 18,206,865 (206,865) Netherlands Guilder 7/31/95 12,426 8,028,274 (28,274) Norwegian Krone 7/31/95 42,070 6,828,559 (28,559) Portuguese Escudo 7/31/95 1,032 7,028,361 (28,361) Spanish Peseta 7/5/95-7/31/95 383,615 3,159,695 (11,296) Swedish Krona 7/3/95-7/31/95 102,659 14,061,707 23,442 Swiss Franc 7/3/95-7/31/95 12,958 11,278,131 23,802 ----------- ------------ ---------- 8,554,818 $134,381,887 (422,786) ------------ ---------- ------------ $(413,140) ---------- ----------
OPPENHEIMER STRATEGIC BOND FUND UNREALIZED CONTRACT SIZE VALUATION AS OF APPRECIATION CONTRACTS TO BUY EXPIRATION DATE (IN THOUSANDS) JUNE 30, 1995 (DEPRECIATION) - -------------------------------------------------------------------------------------------------------------------- New Zealand Dollar 7/5/95-8/28/95 568 $ 379,075 $ 1,770 ---------- --------- ---------- CONTRACTS TO SELL - ----------------------------------------------------------------------------------------------------------------- Australian Dollar 7/5/95-8/28/95 523 $ 370,810 $ 6,495 Norwegian Krone 7/7/95-7/20/95 319 51,736 (303) 842 --------- ------- $ 422,546 6,192 --------- ------- --------- $ 7,962 -------- --------
51 OPPENHEIMER VARIABLE ACCOUNT FUNDS NOTES TO FINANCIAL STATEMENTS (UNAUDITED)(CONTINUED) 6. MANAGEMENT FEES AND OTHER TRANSACTIONS WITH AFFILIATES Management fees paid to the Manager were in accordance with the investment advisory agreements with the Trust. For OBF, OCAP, OGF, OMSF, OHIF, OGSF and OSBF, the annual fees are .75% of the first $200 million of net assets, .72% of the next $200 million, .69% of the next $200 million, .66% of the next $200 million and .60% of net assets in excess of $800 million. In addition, management fees for OHIF, OBF and OSBF are .50% of net assets in excess of $1 billion. Management fees for OMF are .45% of the first $500 million, .425% of the next $500 million, .40% of the next $500 million and .375% of net assets in excess of $1.5 billion. For OSBF, the Manager has agreed to limit the management fee charged so that the ordinary operating expenses of the Fund will not exceed 1.0% of its average net assets in any fiscal year. 7. ILLIQUID AND RESTRICTED SECURITIES At June 30, 1995, investments in securities included issues that are illiquid or restricted. The 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 Trustees as reflecting fair value. The Funds intend to invest no more than 10% of net assets (determined at the time of purchase) in illiquid and restricted securities. Information concerning these securities is as follows:
OPPENHEIMER BOND FUND Valuation Acquisition Cost as of Security Date Per Unit June 30, 1995 - --------------------------------------------------------------------------------------------------------- Merrill Lynch & Co., Units, 9.75%, 6/15/99 5/15/95 $110.05 $110.90
The aggregate value of illiquid and restricted securities subject to the 10% limitation at June 30, 1995 was $1,109,000 or 0.6% of the Fund's net assets. Pursuant to guidelines adopted by the Board of Trustees, certain unregistered securities are determined to be liquid and are not included within the 10% limitation specified above.
OPPENHEIMER HIGH INCOME FUND Valuation Acquisition Cost as of Security Date Per Unit June 30, 1995 - --------------------------------------------------------------------------------------------------------- ECM Fund, L.P.I. 4/14/92 $1,000.00 $1,000.00 ECM Fund, L.P.I., 14% Sub. Nts., 6/10/02 4/14/92 $ 100.00 $ 110.00 Gillett Holdings, Inc., Cl.1 12/1/92 $ 10.50 $ 20.00 Goldman Sachs & Co., Argentina Local Market Securities Trust, 11.30%, 4/1/00 8/24/94 $ 100.00 $ 91.00 Purity Supreme, Inc. Wts., Exp. 8/97 7/29/92 $ 0.00 $ .02 Triangle Wire & Cable, Inc. 5/2/94 $ 9.50 $ 2.00
The aggregate value of illiquid and restricted securities subject to the 10% limitation at June 30, 1995 was $1,504,286 or 1.3% of the Fund's net assets. Pursuant to guidelines adopted by the Board of Trustees, certain unregistered securities are determined to be liquid and are not included within the 10% limitation specified above. 52 OPPENHEIMER VARIABLE ACCOUNT FUNDS NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)
OPPENHEIMER MULTIPLE STRATEGIES Valuation Acquisition Cost as of Security Date Per Unit June 30, 1995 - --------------------------------------------------------------------------------------------------------------------- Santa Anita Realty Enterprises, Inc., Units 5/28/93-2/9/95 $ 16.99 $ 14.50
The aggregate value of illiquid and restricted securities subject to the 10% limitation at June 30, 1995 was $580,000 or 0.2% of the Fund's net assets. Pursuant to guidelines adopted by the Board of Trustees, certain unregistered securities are determined to be liquid and are not included within the 10% limitation specified above.
OPPENHEIMER STRATEGIC BOND FUND Valuation Acquisition Cost as of Security Date Per Unit June 30, 1995 - -------------------------------------------------------------------------------------------------------------------------------- Bayerische Landesbank, N.Y. Branch, 10% CD Linked Nt., 10/30/95 4/14/95 $100.00 $ 92.00 FDIC Trust, Gtd. Real Estate Mtg. Investment Conduit Pass- Through Certificates, Series 1994-C1, Cl. 2-G, 8.70%, 9/25/95 3/3/95 $ 91.47 $ 96.38 Goldman, Sachs & Co. Argentina Local Market Securities Trust, 11.30%, 4/1/00 10/26/94 $ 89.00 $ 69.50 United Mexican States, Combined Facility 3, Loan Participation Agreement, Tranche A, 6.75%, 9/20/97 8/24/95 $100.00 $ 91.00
The aggregate value of illiquid and restricted securities subject to the 10% limitation at June 30, 1995 was $635,951 or 1.7% of the Fund's net assets. Pursuant to guidelines adopted by the Board of Trustees, certain unregistered securities are determined to be liquid and are not included within the 10% limitation specified above. 8. INTRODUCTION OF OPPENHEIMER GROWTH & INCOME FUND Oppenheimer Growth & Income Fund commenced operations as a separate series of the Trust on July 7, 1995. The Fund has a separate portfolio, investment policies and investment restrictions. 53 OPPENHEIMER VARIABLE ACCOUNT FUNDS OFFICERS AND TRUSTEES James C. Swain, Chairman and Chief Executive Officer Robert G. Avis, Trustee William A. Baker, Trustee Charles Conrad, Jr., Trustee Jon S. Fossel, Trustee and President Raymond J. Kalinowski, Trustee C. Howard Kast, Trustee Robert M. Kirchner, Trustee Ned M. Steel, Trustee Jane Putnam, Vice President Arthur Steinmetz, Vice President Andrew J. Donohue, Vice President George R. Evans, Vice President David P. Negri, Vice President Richard H. Rubinstein, Vice President Arthur J. Zimmer, Vice President Paul LaRocco, Vice President George C. Bowen, Vice President, Secretary and Treasurer Robert J. Bishop, Assistant Treasurer Scott Farrar, Assistant Treasurer Robert G. Zack, Assistant Secretary INVESTMENT ADVISOR Oppenheimer Management Corporation TRANSFER AGENT Oppenheimer Shareholder Services CUSTODIAN OF PORTFOLIO SECURITIES The Bank of New York INDEPENDENT AUDITORS Deloitte & Touche LLP LEGAL COUNSEL Myer, Swanson, Adams & Wolf, P.C. The financial statements included herein have been taken from the records of the Funds without examination by the independent auditors. This is a copy of a report to shareholders of Oppenheimer Variable Account Funds. This report must be preceded or accompanied by a Prospectus of Oppenheimer Variable Account 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. 54 -----END PRIVACY-ENHANCED MESSAGE-----