-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, L+CO2qAuWEaJzA8blNKq9WQU4l+iYjS5aCLVvT04Gub4Ao5VTYdMcBpcQhmd0sf2 /GRiBPf/VxXyFPJ+eFPwUw== 0000935069-03-001090.txt : 20030827 0000935069-03-001090.hdr.sgml : 20030827 20030827140327 ACCESSION NUMBER: 0000935069-03-001090 CONFORMED SUBMISSION TYPE: N-CSR PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20030630 FILED AS OF DATE: 20030827 EFFECTIVENESS DATE: 20030827 FILER: COMPANY DATA: COMPANY CONFORMED NAME: OPPENHEIMER VARIABLE ACCOUNT FUNDS CENTRAL INDEX KEY: 0000752737 IRS NUMBER: 840974272 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-CSR SEC ACT: 1940 Act SEC FILE NUMBER: 811-04108 FILM NUMBER: 03868153 BUSINESS ADDRESS: STREET 1: 6803 SOUTH TUCSON WAY CITY: CENTENNIAL STATE: CO ZIP: 80112-3924 BUSINESS PHONE: 3036713200 MAIL ADDRESS: STREET 2: 6803 SOUTH TUCSON WAY CITY: CENTENNIAL STATE: CO ZIP: 80112-3924 FORMER COMPANY: FORMER CONFORMED NAME: OPPENHEIMER VARIABLE LIFE FUNDS DATE OF NAME CHANGE: 19860609 N-CSR 1 rs0650_8017vef.txt RS0650_8017VEF UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM N-CSR CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES Investment Company Act file number 811-4108 Oppenheimer Main Street Fund/VA (Exact name of registrant as specified in charter) 6803 South Tucson Way, Centennial, Colorado 80112-3924 (Address of principal executive offices) (Zip code) Robert G. Zack, Esq. OppenheimerFunds, Inc. 498 Seventh Avenue, New York, New York 10018 - -------------------------------------------------------------------------------- (Name and address of agent for service) Registrant's telephone number, including area code: (303) 768-3200 -------------- Date of fiscal year end: December 31 Date of reporting period: January 1, 2003 - June 30, 2003 ITEM 1. REPORTS TO STOCKHOLDERS. - -------------------------------------------------------------------------------- STATEMENT OF INVESTMENTS June 30, 2003 / Unaudited - -------------------------------------------------------------------------------- Market Value Shares See Note 1 - ---------------------------------------------------------------- Common Stocks--97.8% - ---------------------------------------------------------------- Consumer Discretionary--12.9% - ---------------------------------------------------------------- Auto Components--0.3% Aftermarket Technology Corp. 1 7,500 $ 78,825 - ---------------------------------------------------------------- American Axle & Manufacturing Holdings, Inc. 1 3,000 71,700 - ---------------------------------------------------------------- ArvinMeritor, Inc. 7,500 151,350 - ---------------------------------------------------------------- Dana Corp. 93,900 1,085,484 - ---------------------------------------------------------------- Gentex Corp. 1 9,200 281,612 - ---------------------------------------------------------------- Johnson Controls, Inc. 17,000 1,455,200 ---------------- 3,124,171 - ---------------------------------------------------------------- Automobiles--0.9% Ford Motor Co. 586,615 6,446,899 - ---------------------------------------------------------------- Harley-Davidson, Inc. 85,300 3,400,058 ---------------- 9,846,957 - ---------------------------------------------------------------- Hotels, Restaurants & Leisure--1.2% Applebee's International, Inc. 18,000 565,740 - ---------------------------------------------------------------- Brinker International, Inc. 1 55,200 1,988,304 - ---------------------------------------------------------------- CBRL Group, Inc. 7,200 279,792 - ---------------------------------------------------------------- CEC Entertainment, Inc. 1 16,300 601,959 - ---------------------------------------------------------------- Choice Hotels International, Inc. 1 2,800 76,468 - ---------------------------------------------------------------- Darden Restaurants, Inc. 62,100 1,178,658 - ---------------------------------------------------------------- GTech Holdings Corp. 1 6,000 225,900 - ---------------------------------------------------------------- Outback Steakhouse, Inc. 24,700 963,300 - ---------------------------------------------------------------- P.F. Chang's China Bistro, Inc. 1 22,500 1,107,225 - ---------------------------------------------------------------- Panera Bread Co., Cl. A 1 26,300 1,052,000 - ---------------------------------------------------------------- Rare Hospitality International, Inc. 1 400 13,072 - ---------------------------------------------------------------- Ruby Tuesday, Inc. 62,600 1,548,098 - ---------------------------------------------------------------- Ryan's Family Steak Houses, Inc. 1 10,250 143,500 - ---------------------------------------------------------------- Station Casinos, Inc. 1 14,600 368,650 - ---------------------------------------------------------------- Wendy's International, Inc. 37,500 1,086,375 - ---------------------------------------------------------------- Yum! Brands, Inc. 1 58,000 1,714,480 ---------------- 12,913,521 - ---------------------------------------------------------------- Household Durables--1.6% Beazer Homes USA, Inc. 1 21,800 1,820,300 - ---------------------------------------------------------------- Centex Corp. 20,300 1,579,137 - ---------------------------------------------------------------- D.R. Horton, Inc. 25,700 722,170 - ---------------------------------------------------------------- Harman International Industries, Inc. 2,800 221,592 - ---------------------------------------------------------------- Hovnanian Enterprises, Inc., Cl. A 1 27,400 1,615,230 - ---------------------------------------------------------------- KB Home 50,000 3,099,000 - ---------------------------------------------------------------- Lennar Corp. 20,600 1,472,900 - ---------------------------------------------------------------- Lennar Corp., Cl. B 4,580 314,646 - ---------------------------------------------------------------- M.D.C. Holdings, Inc. 2,430 117,320 - ---------------------------------------------------------------- Meritage Corp. 1 5,300 261,078 - ---------------------------------------------------------------- Newell Rubbermaid, Inc. 50,100 1,402,800 Market Value Shares See Note 1 - ---------------------------------------------------------------- Household Durables Continued Pulte Homes, Inc. 22,444 $ 1,383,897 - ---------------------------------------------------------------- Ryland Group, Inc. (The) 42,200 2,928,680 - ---------------------------------------------------------------- Standard Pacific Corp. 20,000 663,200 - ---------------------------------------------------------------- Whirlpool Corp. 5,300 337,610 ---------------- 17,939,560 - ---------------------------------------------------------------- Leisure Equipment & Products--0.8% Action Performance Cos., Inc. 29,900 568,100 - ---------------------------------------------------------------- Eastman Kodak Co. 35,700 976,395 - ---------------------------------------------------------------- Hasbro, Inc. 116,200 2,032,338 - ---------------------------------------------------------------- Marvel Enterprises, Inc. 1 35,500 678,050 - ---------------------------------------------------------------- Mattel, Inc. 217,400 4,113,208 - ---------------------------------------------------------------- Nautilus Group, Inc. (The) 3,400 42,160 - ---------------------------------------------------------------- Polaris Industries, Inc. 2,400 147,360 ---------------- 8,557,611 - ---------------------------------------------------------------- Media--2.2% AOL Time Warner, Inc. 1 607,200 9,769,848 - ---------------------------------------------------------------- Cablevision Systems New York Group, Cl. A 1 17,900 371,604 - ---------------------------------------------------------------- Comcast Corp., Cl. A 1 82,915 2,502,375 - ---------------------------------------------------------------- Dow Jones & Co., Inc. 14,700 632,541 - ---------------------------------------------------------------- E.W. Scripps Co. (The), Cl. A 3,300 292,776 - ---------------------------------------------------------------- Gannett Co., Inc. 4,200 322,602 - ---------------------------------------------------------------- Knight-Ridder, Inc. 14,400 992,592 - ---------------------------------------------------------------- McGraw-Hill Cos., Inc. (The) 38,700 2,399,400 - ---------------------------------------------------------------- New York Times Co., Cl. A 30,800 1,401,400 - ---------------------------------------------------------------- Tribune Co. 11,100 536,130 - ---------------------------------------------------------------- Viacom, Inc., Cl. B 1 63,730 2,782,452 - ---------------------------------------------------------------- Walt Disney Co. (The) 85,500 1,688,625 - ---------------------------------------------------------------- Washington Post Co. (The), Cl. B 300 219,870 ---------------- 23,912,215 - ---------------------------------------------------------------- Multiline Retail--0.3% 99 Cents Only Stores 1 4,300 147,576 - ---------------------------------------------------------------- Big Lots, Inc. 1 21,200 318,848 - ---------------------------------------------------------------- Dollar General Corp. 61,900 1,130,294 - ---------------------------------------------------------------- Dollar Tree Stores, Inc. 1 38,900 1,234,297 - ---------------------------------------------------------------- Family Dollar Stores, Inc. 15,600 595,140 - ---------------------------------------------------------------- Shopko Stores, Inc. 1 1,900 24,700 ---------------- 3,450,855 - ---------------------------------------------------------------- Specialty Retail--4.8% Abercrombie & Fitch Co., Cl. A 1 83,600 2,375,076 - ---------------------------------------------------------------- Advance Auto Parts, Inc. 1 10,100 615,090 - ---------------------------------------------------------------- AutoZone, Inc. 1 46,000 3,494,620 - ---------------------------------------------------------------- Bed Bath & Beyond, Inc. 1 31,300 1,214,753 3 | OPPENHEIMER MAIN STREET FUND/VA - -------------------------------------------------------------------------------- STATEMENT OF INVESTMENTS Unaudited / Continued - -------------------------------------------------------------------------------- Market Value Shares See Note 1 - ---------------------------------------------------------------- Specialty Retail Continued Best Buy Co., Inc. 1 76,900 $ 3,377,448 - ---------------------------------------------------------------- Chico's FAS, Inc. 1 34,800 732,540 - ---------------------------------------------------------------- Christopher & Banks Corp. 1 21,200 784,188 - ---------------------------------------------------------------- Claire's Stores, Inc. 11,200 284,032 - ---------------------------------------------------------------- Deb Shops, Inc. 300 5,640 - ---------------------------------------------------------------- Gap, Inc. (The) 312,400 5,860,624 - ---------------------------------------------------------------- Home Depot, Inc. 227,200 7,524,864 - ---------------------------------------------------------------- Hot Topic, Inc. 1 32,600 877,266 - ---------------------------------------------------------------- Lowe's Cos., Inc. 135,000 5,798,250 - ---------------------------------------------------------------- Movie Gallery, Inc. 1 2,300 42,435 - ---------------------------------------------------------------- Pacific Sunwear of California, Inc. 1 45,450 1,094,891 - ---------------------------------------------------------------- Pier 1 Imports, Inc. 63,918 1,303,927 - ---------------------------------------------------------------- RadioShack Corp. 74,500 1,960,095 - ---------------------------------------------------------------- Regis Corp. 1,900 55,195 - ---------------------------------------------------------------- Ross Stores, Inc. 61,100 2,611,414 - ---------------------------------------------------------------- Sherwin-Williams Co. 46,600 1,252,608 - ---------------------------------------------------------------- Staples, Inc. 1 163,600 3,002,060 - ---------------------------------------------------------------- Talbots, Inc. (The) 30,500 898,225 - ---------------------------------------------------------------- TJX Cos., Inc. (The) 287,400 5,414,616 - ---------------------------------------------------------------- Weight Watchers International, Inc. 1 19,300 877,957 - ---------------------------------------------------------------- Williams-Sonoma, Inc. 1 46,800 1,366,560 ---------------- 52,824,374 - ---------------------------------------------------------------- Textiles, Apparel & Luxury Goods--0.8% Coach, Inc. 1 54,600 2,715,804 - ---------------------------------------------------------------- Columbia Sportswear Co. 1 10,800 555,228 - ---------------------------------------------------------------- Kellwood Co. 5,300 167,639 - ---------------------------------------------------------------- Liz Claiborne, Inc. 73,100 2,576,775 - ---------------------------------------------------------------- Nike, Inc., Cl. B 28,600 1,529,814 - ---------------------------------------------------------------- Timberland Co., Cl. A 1 20,000 1,057,200 - ---------------------------------------------------------------- Tommy Hilfiger Corp. 1 3,600 33,264 ---------------- 8,635,724 - ---------------------------------------------------------------- Consumer Staples--11.3% - ---------------------------------------------------------------- Beverages--2.5% Anheuser-Busch Cos., Inc. 139,300 7,111,265 - ---------------------------------------------------------------- Coca-Cola Co. (The) 212,500 9,862,125 - ---------------------------------------------------------------- Coca-Cola Enterprises, Inc. 65,100 1,181,565 - ---------------------------------------------------------------- PepsiCo, Inc. 216,150 9,618,675 ---------------- 27,773,630 - ---------------------------------------------------------------- Food & Staples Retailing--2.8% Albertson's, Inc. 113,300 2,175,360 - ---------------------------------------------------------------- CVS Corp. 118,600 3,324,358 - ---------------------------------------------------------------- Kroger Co. (The) 1 174,100 2,903,988 - ---------------------------------------------------------------- Wal-Mart Stores, Inc. 387,700 20,807,859 - ---------------------------------------------------------------- Whole Foods Market, Inc. 1 16,900 803,257 Market Value Shares See Note 1 - ---------------------------------------------------------------- Food & Staples Retailing Continued Winn-Dixie Stores, Inc. 50,900 $ 626,579 ---------------- 30,641,401 - ---------------------------------------------------------------- Food Products--2.0% Campbell Soup Co. 202,400 4,958,800 - ---------------------------------------------------------------- ConAgra Foods, Inc. 179,000 4,224,400 - ---------------------------------------------------------------- Dean Foods Co. 1 14,850 467,775 - ---------------------------------------------------------------- Del Monte Foods Co. 1 9,700 85,748 - ---------------------------------------------------------------- Fresh Del Monte Produce, Inc. 19,600 503,524 - ---------------------------------------------------------------- Hershey Foods Corp. 46,700 3,253,122 - ---------------------------------------------------------------- Kellogg Co. 59,900 2,058,763 - ---------------------------------------------------------------- Kraft Foods, Inc., Cl. A 67,200 2,187,360 - ---------------------------------------------------------------- Sara Lee Corp. 48,338 909,238 - ---------------------------------------------------------------- Wm. Wrigley Jr. Co. 65,000 3,654,950 ---------------- 22,303,680 - ---------------------------------------------------------------- Household Products--2.6% Clorox Co. (The) 43,800 1,868,070 - ---------------------------------------------------------------- Colgate-Palmolive Co. 1 110,300 6,391,885 - ---------------------------------------------------------------- Energizer Holdings, Inc. 1 29,700 932,580 - ---------------------------------------------------------------- Procter & Gamble Corp. (The) 220,600 19,673,108 ---------------- 28,865,643 - ---------------------------------------------------------------- Personal Products--0.6% Avon Products, Inc. 20,900 1,299,980 - ---------------------------------------------------------------- Estee Lauder Cos., Inc. (The), Cl. A 37,100 1,243,963 - ---------------------------------------------------------------- Gillette Co. 109,600 3,491,856 ---------------- 6,035,799 - ---------------------------------------------------------------- Tobacco--0.8% Altria Group, Inc. 188,300 8,556,352 - ---------------------------------------------------------------- Energy--8.5% - ---------------------------------------------------------------- Energy Equipment & Services--0.0% Patterson-UTI Energy, Inc. 1 8,400 272,160 - ---------------------------------------------------------------- Oil & Gas--8.5% Amerada Hess Corp. 21,700 1,067,206 - ---------------------------------------------------------------- Anadarko Petroleum Corp. 126,100 5,607,667 - ---------------------------------------------------------------- Apache Corp. 85,995 5,594,835 - ---------------------------------------------------------------- Baytex Energy Ltd. 1 104,800 875,422 - ---------------------------------------------------------------- Brown (Tom), Inc. 1 91,900 2,553,901 - ---------------------------------------------------------------- Burlington Resources, Inc. 78,500 4,244,495 - ---------------------------------------------------------------- Canadian Natural Resources Ltd. 85,000 3,362,465 - ---------------------------------------------------------------- Chesapeake Energy Corp. 237,900 2,402,790 - ---------------------------------------------------------------- ChevronTexaco Corp. 109,150 7,880,630 - ---------------------------------------------------------------- Cimarex Energy Co. 1 4,039 95,926 - ---------------------------------------------------------------- Compton Petroleum Corp. 1 194,500 841,700 - ---------------------------------------------------------------- ConocoPhillips 15,421 845,071 4 | OPPENHEIMER MAIN STREET FUND/VA Market Value Shares See Note 1 - ---------------------------------------------------------------- Oil & Gas Continued Devon Energy Corp. 54,700 $ 2,920,980 - ---------------------------------------------------------------- Enbridge Energy Management LLC 20,406 930,922 - ---------------------------------------------------------------- EOG Resources, Inc. 65,400 2,736,336 - ---------------------------------------------------------------- Esprit Exploration Ltd. 1 445,000 786,016 - ---------------------------------------------------------------- Exxon Mobil Corp. 823,116 29,558,096 - ---------------------------------------------------------------- Frontier Oil Corp. 142,200 2,161,440 - ---------------------------------------------------------------- Marathon Oil Corp. 49,900 1,314,865 - ---------------------------------------------------------------- Murphy Oil Corp. 24,500 1,288,700 - ---------------------------------------------------------------- Newfield Exploration Co. 1 19,700 739,735 - ---------------------------------------------------------------- Noble Energy, Inc. 20,200 763,560 - ---------------------------------------------------------------- Occidental Petroleum Corp. 113,900 3,821,345 - ---------------------------------------------------------------- Paramount Energy Trust 100,596 636,707 - ---------------------------------------------------------------- Paramount Resources Ltd. 152,700 1,039,540 - ---------------------------------------------------------------- Pioneer Natural Resources Co. 1 33,400 871,740 - ---------------------------------------------------------------- Pogo Producing Co. 18,900 807,975 - ---------------------------------------------------------------- Sunoco, Inc. 19,300 728,382 - ---------------------------------------------------------------- Talisman Energy, Inc. 69,900 3,163,827 - ---------------------------------------------------------------- Valero Energy Corp. 27,500 999,075 - ---------------------------------------------------------------- Western Gas Resources, Inc. 4,200 166,320 - ---------------------------------------------------------------- XTO Energy, Inc. 93,533 1,880,949 ---------------- 92,688,618 - ---------------------------------------------------------------- Financials--21.0% - ---------------------------------------------------------------- Capital Markets--0.5% Mellon Financial Corp. 206,700 5,735,925 - ---------------------------------------------------------------- Commercial Banks--9.2% AmSouth Bancorp 104,300 2,277,912 - ---------------------------------------------------------------- Bank of America Corp. 247,800 19,583,634 - ---------------------------------------------------------------- Bank One Corp. 243,100 9,038,458 - ---------------------------------------------------------------- Banknorth Group, Inc. 4,400 112,288 - ---------------------------------------------------------------- Charter One Financial, Inc. 56,500 1,761,670 - ---------------------------------------------------------------- Compass Bancshares, Inc. 8,900 310,877 - ---------------------------------------------------------------- First Tennessee National Corp. 43,200 1,896,912 - ---------------------------------------------------------------- FleetBoston Financial Corp. 34,700 1,030,937 - ---------------------------------------------------------------- Golden West Financial Corp. 76,500 6,120,765 - ---------------------------------------------------------------- Huntington Bancshares, Inc. 16,000 312,320 - ---------------------------------------------------------------- Independence Community Bank Corp. 5,800 163,676 - ---------------------------------------------------------------- KeyCorp 161,800 4,088,686 - ---------------------------------------------------------------- M&T Bank Corp. 12,000 1,010,640 - ---------------------------------------------------------------- National City Corp. 205,200 6,712,092 - ---------------------------------------------------------------- New York Community Bancorp, Inc. 39,033 1,135,470 - ---------------------------------------------------------------- North Fork Bancorp, Inc. 19,000 647,140 - ---------------------------------------------------------------- Prosperity Bancshares, Inc. 82,900 1,595,825 - ---------------------------------------------------------------- Regions Financial Corp. 29,900 1,010,022 - ---------------------------------------------------------------- Roslyn Bancorp, Inc. 7,400 159,026 - ---------------------------------------------------------------- SouthTrust Corp. 14,600 397,120 Market Value Shares See Note 1 - ---------------------------------------------------------------- Commercial Banks Continued SunTrust Banks, Inc. 63,700 $ 3,779,958 - ---------------------------------------------------------------- U.S. Bancorp 221,470 5,426,015 - ---------------------------------------------------------------- Wachovia Corp. 338,000 13,506,480 - ---------------------------------------------------------------- Washington Mutual, Inc. 127,600 5,269,880 - ---------------------------------------------------------------- Wells Fargo Co. 280,000 14,112,000 ---------------- 101,459,803 - ---------------------------------------------------------------- Diversified Financial Services--5.1% American Express Co. 48,500 2,027,785 - ---------------------------------------------------------------- Bear Stearns Cos., Inc. (The) 40,400 2,925,768 - ---------------------------------------------------------------- Citigroup, Inc. 602,388 25,782,206 - ---------------------------------------------------------------- E*TRADE Group, Inc. 1 24,500 208,250 - ---------------------------------------------------------------- Household International, Inc. 116,900 3,696,828 - ---------------------------------------------------------------- J.P. Morgan Chase & Co. 160,500 5,485,890 - ---------------------------------------------------------------- MBNA Corp. 224,200 4,672,328 - ---------------------------------------------------------------- Moody's Corp. 14,300 753,753 - ---------------------------------------------------------------- Morgan Stanley 104,500 4,467,375 - ---------------------------------------------------------------- Principal Financial Group, Inc. (The) 99,000 3,192,750 - ---------------------------------------------------------------- SLM Corp. 70,500 2,761,485 ---------------- 55,974,418 - ---------------------------------------------------------------- Insurance--4.1% AFLAC, Inc. 129,900 3,994,425 - ---------------------------------------------------------------- Allstate Corp. 171,100 6,099,715 - ---------------------------------------------------------------- AMBAC Financial Group, Inc. 25,900 1,715,875 - ---------------------------------------------------------------- American International Group, Inc. 202,640 11,181,675 - ---------------------------------------------------------------- Brown & Brown, Inc. 4,000 130,000 - ---------------------------------------------------------------- Chubb Corp. 1,400 84,000 - ---------------------------------------------------------------- Fidelity National Financial, Inc. 124,672 3,834,911 - ---------------------------------------------------------------- John Hancock Financial Services, Inc. 112,300 3,450,979 - ---------------------------------------------------------------- Loews Corp. 35,600 1,683,524 - ---------------------------------------------------------------- Marsh & McLennan Cos., Inc. 13,400 684,338 - ---------------------------------------------------------------- MetLife, Inc. 91,000 2,577,120 - ---------------------------------------------------------------- Progressive Corp. 78,400 5,731,040 - ---------------------------------------------------------------- Prudential Financial, Inc. 38,300 1,288,795 - ---------------------------------------------------------------- RenaissanceRe Holdings Ltd. 41,400 1,884,528 - ---------------------------------------------------------------- Safeco Corp. 16,000 564,480 - ---------------------------------------------------------------- Travelers Property Casualty Corp., Cl. B 15,541 245,081 ---------------- 45,150,486 - ---------------------------------------------------------------- Thrifts & Mortgage Finance--2.1% Countrywide Financial Corp. 60,400 4,202,028 - ---------------------------------------------------------------- Doral Financial Corp. 6,150 274,598 - ---------------------------------------------------------------- Fannie Mae 185,100 12,483,144 - ---------------------------------------------------------------- Freddie Mac 112,200 5,696,394 ---------------- 22,656,164 5 | OPPENHEIMER MAIN STREET FUND/VA - -------------------------------------------------------------------------------- STATEMENT OF INVESTMENTS Unaudited / Continued - -------------------------------------------------------------------------------- Market Value Shares See Note 1 - ---------------------------------------------------------------- Health Care--14.6% - ---------------------------------------------------------------- Biotechnology--0.8% Amgen, Inc. 1 104,100 $ 6,916,404 - ---------------------------------------------------------------- Wyeth 35,700 1,626,135 ---------------- 8,542,539 - ---------------------------------------------------------------- Health Care Equipment & Supplies--2.5% Applera Corp./Applied Biosystems Group 14,500 275,935 - ---------------------------------------------------------------- Bard (C.R.), Inc. 17,600 1,255,056 - ---------------------------------------------------------------- Bausch & Lomb, Inc. 25,000 937,500 - ---------------------------------------------------------------- Becton, Dickinson & Co. 89,900 3,492,615 - ---------------------------------------------------------------- Bio-Rad Laboratories, Inc., Cl. A 1 4,500 249,075 - ---------------------------------------------------------------- Biosite, Inc. 1 5,400 259,740 - ---------------------------------------------------------------- Boston Scientific Corp. 1 30,700 1,875,770 - ---------------------------------------------------------------- Cooper Cos., Inc. (The) 15,200 528,504 - ---------------------------------------------------------------- Edwards Lifesciences Corp. 1 7,700 247,478 - ---------------------------------------------------------------- Guidant Corp. 37,000 1,642,430 - ---------------------------------------------------------------- Inamed Corp. 1 1,600 85,904 - ---------------------------------------------------------------- Medtronic, Inc. 168,900 8,102,133 - ---------------------------------------------------------------- ResMed, Inc. 1 1,700 66,640 - ---------------------------------------------------------------- St. Jude Medical, Inc. 1 42,200 2,426,500 - ---------------------------------------------------------------- Steris Corp. 1 20,300 468,727 - ---------------------------------------------------------------- Stryker Corp. 1 53,700 3,725,169 - ---------------------------------------------------------------- VISX, Inc. 1 5,300 91,955 - ---------------------------------------------------------------- Zimmer Holdings, Inc. 1 38,000 1,711,900 ---------------- 27,443,031 - ---------------------------------------------------------------- Health Care Providers & Services--2.8% Aetna, Inc. 15,400 927,080 - ---------------------------------------------------------------- AMERIGROUP Corp. 1 2,000 74,400 - ---------------------------------------------------------------- Apria Healthcare Group, Inc. 1 30,000 746,400 - ---------------------------------------------------------------- Covance, Inc. 1 43,400 785,540 - ---------------------------------------------------------------- Coventry Health Care, Inc. 1 23,800 1,098,608 - ---------------------------------------------------------------- DaVita, Inc. 1 27,300 731,094 - ---------------------------------------------------------------- eResearch Technology, Inc. 1 4,200 93,072 - ---------------------------------------------------------------- Express Scripts, Inc. 1 21,500 1,468,880 - ---------------------------------------------------------------- First Health Group Corp. 1 19,900 549,240 - ---------------------------------------------------------------- HCA, Inc. 193,200 6,190,128 - ---------------------------------------------------------------- Health Management Assn., Inc., Cl. A 20,600 380,070 - ---------------------------------------------------------------- Health Net, Inc. 1 38,600 1,271,870 - ---------------------------------------------------------------- IMS Health, Inc. 48,100 865,319 - ---------------------------------------------------------------- Lincare Holdings, Inc. 1 61,300 1,931,563 - ---------------------------------------------------------------- Mid Atlantic Medical Services, Inc. 1 26,500 1,385,950 - ---------------------------------------------------------------- Oxford Health Plans, Inc. 1 115,200 4,841,856 - ---------------------------------------------------------------- PacifiCare Health Systems, Inc. 1 2,600 128,258 - ---------------------------------------------------------------- Pediatrix Medical Group, Inc.1 36,300 1,294,095 Market Value Shares See Note 1 - ---------------------------------------------------------------- Health Care Providers & Services Continued Per-Se Technologies, Inc. 1 6,500 $ 72,995 - ---------------------------------------------------------------- Pharmaceutical Product Development, Inc. 1 2,800 80,444 - ---------------------------------------------------------------- Select Medical Corp. 1 3,300 81,939 - ---------------------------------------------------------------- Universal Health Services, Inc., Cl. B 1 12,300 487,326 - ---------------------------------------------------------------- WellPoint Health Networks, Inc. 1 67,800 5,715,540 ---------------- 31,201,667 - ---------------------------------------------------------------- Pharmaceuticals--8.5% Abbott Laboratories 134,900 5,903,224 - ---------------------------------------------------------------- Alpharma, Inc., Cl. A 3,300 71,280 - ---------------------------------------------------------------- American Pharmaceutical Partners, Inc. 1 18,100 613,590 - ---------------------------------------------------------------- Bristol-Myers Squibb Co. 348,700 9,467,205 - ---------------------------------------------------------------- Eli Lilly & Co. 70,900 4,889,973 - ---------------------------------------------------------------- Forest Laboratories, Inc. 1 92,500 5,064,375 - ---------------------------------------------------------------- Hi-Tech Pharmacal Co., Inc. 1 2,100 85,407 - ---------------------------------------------------------------- Johnson & Johnson 404,706 20,923,300 - ---------------------------------------------------------------- Merck & Co., Inc. 347,200 21,022,960 - ---------------------------------------------------------------- Mylan Laboratories, Inc. 10,000 347,700 - ---------------------------------------------------------------- Pfizer, Inc. 667,400 22,791,710 - ---------------------------------------------------------------- Pharmaceutical Resources, Inc. 1 29,500 1,435,470 - ---------------------------------------------------------------- Schering-Plough Corp. 13,600 252,960 ---------------- 92,869,154 - ---------------------------------------------------------------- Industrials--7.6% - ---------------------------------------------------------------- Aerospace & Defense--0.7% General Dynamics Corp. 10,800 783,000 - ---------------------------------------------------------------- Goodrich Corp. 66,900 1,404,900 - ---------------------------------------------------------------- United Technologies Corp. 81,700 5,786,811 ---------------- 7,974,711 - ---------------------------------------------------------------- Air Freight & Logistics--0.8% Expeditors International of Washington, Inc. 25,400 879,856 - ---------------------------------------------------------------- FedEx Corp. 45,400 2,816,162 - ---------------------------------------------------------------- United Parcel Service, Inc., Cl. B 85,200 5,427,240 ---------------- 9,123,258 - ---------------------------------------------------------------- Building Products--0.1% Masco Corp. 35,500 846,675 - ---------------------------------------------------------------- USG Corp. 1 8,700 165,300 ---------------- 1,011,975 - ---------------------------------------------------------------- Commercial Services & Supplies--1.0% Arbitron, Inc. 1 2,400 85,680 - ---------------------------------------------------------------- ChoicePoint, Inc. 1 12,800 441,856 - ---------------------------------------------------------------- Corinthian Colleges, Inc. 1 21,100 1,024,827 6 | OPPENHEIMER MAIN STREET FUND/VA Market Value Shares See Note 1 - ---------------------------------------------------------------- Commercial Services & Supplies Continued Deluxe Corp. 43,100 $ 1,930,880 - ---------------------------------------------------------------- DeVry, Inc. 1 5,200 121,108 - ---------------------------------------------------------------- Donnelley (R.R.) & Sons Co. 5,200 135,928 - ---------------------------------------------------------------- Equifax, Inc. 12,800 332,800 - ---------------------------------------------------------------- H&R Block, Inc. 108,400 4,688,300 - ---------------------------------------------------------------- ITT Educational Services, Inc. 1 33,700 985,725 - ---------------------------------------------------------------- Monster Worldwide, Inc. 1 12,400 244,652 - ---------------------------------------------------------------- Republic Services, Inc. 1 16,700 378,589 - ---------------------------------------------------------------- Right Management Consultants, Inc. 1 1,775 22,454 - ---------------------------------------------------------------- Valassis Communications, Inc. 1 8,400 216,048 ---------------- 10,608,847 - ---------------------------------------------------------------- Electrical Equipment--0.2% American Power Conversion Corp. 1 17,100 266,589 - ---------------------------------------------------------------- Emerson Electric Co. 16,700 853,370 - ---------------------------------------------------------------- Molex, Inc., Cl. A 20,750 480,964 - ---------------------------------------------------------------- Rockwell Automation, Inc. 12,600 300,384 ---------------- 1,901,307 - ---------------------------------------------------------------- Industrial Conglomerates--3.4% 3M Co. 70,500 9,093,090 - ---------------------------------------------------------------- Carlisle Cos., Inc. 4,800 202,368 - ---------------------------------------------------------------- General Electric Co. 984,500 28,235,460 ---------------- 37,530,918 - ---------------------------------------------------------------- Machinery--0.8% Briggs & Stratton Corp. 7,200 363,600 - ---------------------------------------------------------------- Danaher Corp. 43,600 2,966,980 - ---------------------------------------------------------------- Deere & Co. 36,700 1,677,190 - ---------------------------------------------------------------- Eaton Corp. 8,100 636,741 - ---------------------------------------------------------------- Oshkosh Truck Corp. 3,400 201,688 - ---------------------------------------------------------------- Paccar, Inc. 32,700 2,209,212 - ---------------------------------------------------------------- Pall Corp. 25,900 582,750 ---------------- 8,638,161 - ---------------------------------------------------------------- Road & Rail--0.6% Burlington Northern Santa Fe Corp. 75,200 2,138,688 - ---------------------------------------------------------------- C.H. Robinson Worldwide, Inc. 5,900 209,804 - ---------------------------------------------------------------- CSX Corp. 51,900 1,561,671 - ---------------------------------------------------------------- Hunt (J.B.) Transport Services, Inc. 1 15,600 588,900 - ---------------------------------------------------------------- Norfolk Southern Corp. 95,600 1,835,520 - ---------------------------------------------------------------- Ryder Systems, Inc. 22,100 566,202 ---------------- 6,900,785 - ---------------------------------------------------------------- Information Technology--15.4% - ---------------------------------------------------------------- Communications Equipment--2.2% ADTRAN, Inc. 1 47,000 2,410,630 - ---------------------------------------------------------------- Avocent Corp. 1 11,500 344,195 Market Value Shares See Note 1 - ---------------------------------------------------------------- Communications Equipment Continued Cisco Systems, Inc. 1 850,400 $ 14,193,176 - ---------------------------------------------------------------- Foundry Networks, Inc. 1 9,200 132,480 - ---------------------------------------------------------------- McDATA Corp., Cl. A 1 9,400 137,898 - ---------------------------------------------------------------- QUALCOMM, Inc. 152,700 5,459,025 - ---------------------------------------------------------------- UTStarcom, Inc. 1 50,200 1,785,614 ---------------- 24,463,018 - ---------------------------------------------------------------- Computers & Peripherals--3.3% Avid Technology, Inc. 1 2,300 80,661 - ---------------------------------------------------------------- Dell Computer Corp. 1 405,700 12,966,172 - ---------------------------------------------------------------- Imation Corp. 6,800 257,176 - ---------------------------------------------------------------- International Business Machines Corp. 183,400 15,130,500 - ---------------------------------------------------------------- Lexmark International, Inc., Cl. A 1 51,900 3,672,963 - ---------------------------------------------------------------- Maxtor Corp. 1 62,300 467,873 - ---------------------------------------------------------------- Network Appliance, Inc. 1 82,400 1,335,704 - ---------------------------------------------------------------- Seagate Technology International, Inc. (Escrow Shares) 1,2 31,000 -- - ---------------------------------------------------------------- Storage Technology Corp. 1 33,700 867,438 - ---------------------------------------------------------------- Western Digital Corp. 1 140,800 1,450,240 ---------------- 36,228,727 - ---------------------------------------------------------------- Electronic Equipment & Instruments--0.1% Diebold, Inc. 2,300 99,475 - ---------------------------------------------------------------- FLIR Systems, Inc. 1 2,400 72,360 - ---------------------------------------------------------------- Waters Corp. 1 19,300 562,209 ---------------- 734,044 - ---------------------------------------------------------------- Internet Software & Services--0.4% Digital River, Inc. 1 20,300 391,790 - ---------------------------------------------------------------- InterActiveCorp 1 88,400 3,497,988 - ---------------------------------------------------------------- j2 Global Communications, Inc. 1 2,400 110,352 - ---------------------------------------------------------------- United Online, Inc. 1 21,500 544,810 ---------------- 4,544,940 - ---------------------------------------------------------------- IT Services--1.1% CDW Corp. 1 14,500 664,100 - ---------------------------------------------------------------- Cognizant Technology Solutions Corp. 1 102,000 2,484,720 - ---------------------------------------------------------------- Convergys Corp. 1 76,500 1,224,000 - ---------------------------------------------------------------- Electronic Data Systems Corp. 50,000 1,072,500 - ---------------------------------------------------------------- First Data Corp. 133,300 5,523,952 - ---------------------------------------------------------------- Sungard Data Systems, Inc. 1 41,700 1,080,447 ---------------- 12,049,719 - ---------------------------------------------------------------- Office Electronics--0.2% Xerox Corp. 1 189,700 2,008,923 - ---------------------------------------------------------------- Zebra Technologies Corp., Cl. A 1 1,500 112,785 ---------------- 2,121,708 7 | OPPENHEIMER MAIN STREET FUND/VA - -------------------------------------------------------------------------------- STATEMENT OF INVESTMENTS Unaudited / Continued - -------------------------------------------------------------------------------- Market Value Shares See Note 1 - ---------------------------------------------------------------- Semiconductors & Semiconductor Equipment--2.8% Altera Corp. 1 156,100 $ 2,560,040 - ---------------------------------------------------------------- Cree, Inc. 1 25,200 410,256 - ---------------------------------------------------------------- Genesis Microchip, Inc. 1 25,400 343,916 - ---------------------------------------------------------------- Integrated Circuit Systems, Inc. 1 34,200 1,074,906 - ---------------------------------------------------------------- Intel Corp. 958,900 19,929,778 - ---------------------------------------------------------------- National Semiconductor Corp. 1 86,400 1,703,808 - ---------------------------------------------------------------- Power Integrations, Inc. 1 2,400 58,368 - ---------------------------------------------------------------- QLogic Corp. 1 33,300 1,609,389 - ---------------------------------------------------------------- Silicon Laboratories, Inc. 1 16,800 447,552 - ---------------------------------------------------------------- Texas Instruments, Inc. 112,600 1,981,760 ---------------- 30,119,773 - ---------------------------------------------------------------- Software--5.3% Adobe Systems, Inc. 5,000 160,350 - ---------------------------------------------------------------- Amdocs Ltd. 1 117,700 2,824,800 - ---------------------------------------------------------------- Citrix Systems, Inc. 1 53,800 1,095,368 - ---------------------------------------------------------------- Electronic Arts, Inc. 1 75,500 5,586,245 - ---------------------------------------------------------------- FactSet Research Systems, Inc. 19,600 863,380 - ---------------------------------------------------------------- Fair Isaac Corp. 13,100 673,995 - ---------------------------------------------------------------- Hyperion Solutions Corp. 1 4,800 162,048 - ---------------------------------------------------------------- Microsoft Corp. 1,257,100 32,194,331 - ---------------------------------------------------------------- Oracle Corp. 1 820,500 9,862,410 - ---------------------------------------------------------------- Symantec Corp. 1 16,200 710,532 - ---------------------------------------------------------------- Synopsys, Inc. 1 4,600 284,510 - ---------------------------------------------------------------- Take-Two Interactive Software, Inc. 1 65,700 1,861,938 - ---------------------------------------------------------------- Veritas Software Corp. 1 74,000 2,121,580 ---------------- 58,401,487 - ---------------------------------------------------------------- Materials--0.8% - ---------------------------------------------------------------- Chemicals--0.3% Cytec Industries, Inc. 1 1,700 57,460 - ---------------------------------------------------------------- Dow Chemical Co. 38,900 1,204,344 - ---------------------------------------------------------------- Ecolab, Inc. 29,600 757,760 - ---------------------------------------------------------------- Georgia Gulf Corp. 900 17,820 - ---------------------------------------------------------------- Monsanto Co. 44,200 956,488 - ---------------------------------------------------------------- Praxair, Inc. 3,400 204,340 - ---------------------------------------------------------------- Sigma-Aldrich Corp. 7,100 384,678 ---------------- 3,582,890 - ---------------------------------------------------------------- Containers & Packaging--0.1% Sealed Air Corp. 1 28,900 1,377,374 - ---------------------------------------------------------------- Metals & Mining--0.4% Alcan, Inc. 33,400 1,045,086 - ---------------------------------------------------------------- Barrick Gold Corp. 61,500 1,100,850 - ---------------------------------------------------------------- Newmont Mining Corp. (Holding Co.) 50,900 1,652,214 - ---------------------------------------------------------------- Peabody Energy Corp. 5,400 181,386 ---------------- 3,979,536 Market Value Shares See Note 1 - ---------------------------------------------------------------- Telecommunication Services--4.0% - ---------------------------------------------------------------- Diversified Telecommunication Services--3.5% Alltel Corp. 22,700 $ 1,094,594 - ---------------------------------------------------------------- BellSouth Corp. 300,300 7,996,989 - ---------------------------------------------------------------- Citizens Communications Co. 1 66,000 850,740 - ---------------------------------------------------------------- SBC Communications, Inc. 548,600 14,016,730 - ---------------------------------------------------------------- Verizon Communications, Inc. 361,256 14,251,549 ---------------- 38,210,602 - ---------------------------------------------------------------- Wireless Telecommunication Services--0.5% Nextel Communications, Inc., Cl. A 1 331,500 5,993,520 - ---------------------------------------------------------------- Utilities--1.7% - ---------------------------------------------------------------- Electric Utilities--1.5% Allegheny Energy, Inc. 13,000 109,850 - ---------------------------------------------------------------- Constellation Energy Group, Inc. 17,600 603,680 - ---------------------------------------------------------------- Entergy Corp. 18,000 950,040 - ---------------------------------------------------------------- Exelon Corp. 89,424 5,348,449 - ---------------------------------------------------------------- FirstEnergy Corp. 94,100 3,618,145 - ---------------------------------------------------------------- FPL Group, Inc. 20,700 1,383,795 - ---------------------------------------------------------------- Progress Energy, Inc. 19,800 869,220 - ---------------------------------------------------------------- Progress Energy, Inc., Contingent Value Obligation 1,2 32,000 3,360 - ---------------------------------------------------------------- Southern Co. 72,000 2,243,520 - ---------------------------------------------------------------- Texas Genco Holdings, Inc. 1,330 30,923 - ---------------------------------------------------------------- Wisconsin Energy Corp. 32,100 930,900 ---------------- 16,091,882 - ---------------------------------------------------------------- Gas Utilities--0.0% Kinder Morgan Management LLC 2,872 107,585 - ---------------------------------------------------------------- ONEOK, Inc. 30,700 602,641 ---------------- 710,226 - ---------------------------------------------------------------- Multi-Utilities & Unregulated Power--0.2% Equitable Resources, Inc. 8,700 354,438 - ---------------------------------------------------------------- Questar Corp. 1,800 60,246 - ---------------------------------------------------------------- Williams Cos., Inc. (The) 202,800 1,602,120 ---------------- 2,016,804 ---------------- Total Common Stocks (Cost $1,001,187,609) 1,073,691,670 - ---------------------------------------------------------------- Preferred Stocks--0.0% Wachovia Corp., Dividend Equalization Preferred Shares (Cost $0) 6,000 90 Units - ---------------------------------------------------------------- Rights, Warrants and Certificates--0.0% Dime Bancorp, Inc. Wts., Exp. 1/2/101 (Cost $0) 31,900 4,785 8 | OPPENHEIMER MAIN STREET FUND/VA Principal Market Value Amount See Note 1 - ---------------------------------------------------------------- Joint Repurchase Agreements--2.3% Undivided interest of 86.74% in joint repurchase agreement (Principal Amount/Market Value $29,801,000, with a maturity value of $29,801,886) with Zions Bank/Capital Markets Group, 1.07%, dated 6/30/03, to be repurchased at $25,850,768 on 7/1/03, collateralized by U.S. Treasury Nts., 5.625%--7%, 2/15/06--7/15/06, with a value of $28,428,331 and U.S. Treasury Bonds, 1.625%, 3/31/05, with a value of $2,021,500 (Cost $25,850,000) $25,850,000 $ 25,850,000 - ---------------------------------------------------------------- Total Investments, at Value (Cost $1,027,037,609) 100.1% 1,099,546,545 - ---------------------------------------------------------------- Liabilities in Excess of Other Assets (0.1) (1,586,423) ----------------------------- Net Assets 100.0% $ 1,097,960,122 ============================= Footnotes to Statement of Investments 1. Non-income producing security. 2. Identifies issues considered to be illiquid--See Note 6 of Notes to Financial Statements. See accompanying Notes to Financial Statements. 9 | OPPENHEIMER MAIN STREET FUND/VA
- ------------------------------------------------------------------------------------------------------------------------------------ STATEMENT OF ASSETS AND LIABILITIES Unaudited - ------------------------------------------------------------------------------------------------------------------------------------ June 30, 2003 - ------------------------------------------------------------------------------------------------------------------------------------ Assets Investments, at value (cost $1,027,037,609)--see accompanying statement $1,099,546,545 - ------------------------------------------------------------------------------------------------------------------------------------ Cash 131 - ------------------------------------------------------------------------------------------------------------------------------------ Receivables and other assets: Shares of beneficial interest sold 1,401,925 Interest and dividends 1,107,002 Other 3,701 --------------- Total assets 1,102,059,304 - ------------------------------------------------------------------------------------------------------------------------------------ Liabilities Payables and other liabilities: Investments purchased 3,016,309 Shares of beneficial interest redeemed 995,775 Shareholder reports 27,749 Service plan fees 24,330 Trustees' compensation 2,887 Transfer and shareholder servicing agent fees 1,694 Other 30,438 --------------- Total liabilities 4,099,182 - ------------------------------------------------------------------------------------------------------------------------------------ Net Assets $1,097,960,122 =============== - ------------------------------------------------------------------------------------------------------------------------------------ Composition of Net Assets Par value of shares of beneficial interest $ 65,710 - ------------------------------------------------------------------------------------------------------------------------------------ Additional paid-in capital 1,379,309,766 - ------------------------------------------------------------------------------------------------------------------------------------ Undistributed net investment income 5,425,075 - ------------------------------------------------------------------------------------------------------------------------------------ Accumulated net realized loss on investments and foreign currency transactions (359,349,261) - ------------------------------------------------------------------------------------------------------------------------------------ Net unrealized appreciation on investments and translation of assets and liabilities denominated in foreign currencies 72,508,832 --------------- Net Assets $1,097,960,122 =============== - ------------------------------------------------------------------------------------------------------------------------------------ Net Asset Value Per Share Non-Service shares: Net asset value, redemption price per share and offering price per share (based on net assets of $1,001,975,580 and 59,942,439 shares of beneficial interest outstanding) $16.72 - ------------------------------------------------------------------------------------------------------------------------------------ Service shares: Net asset value, redemption price per share and offering price per share (based on net assets of $95,984,542 and 5,767,425 shares of beneficial interest outstanding) $16.64
See accompanying Notes to Financial Statements. 10 | OPPENHEIMER MAIN STREET FUND/VA
- ------------------------------------------------------------------------------------------------------------------------------------ STATEMENT OF OPERATIONS Unaudited - ------------------------------------------------------------------------------------------------------------------------------------ For the Six Months Ended June 30, 2003 - ------------------------------------------------------------------------------------------------------------------------------------ Investment Income Dividends (net of foreign withholding taxes of $27,295) $ 8,859,133 - ------------------------------------------------------------------------------------------------------------------------------------ Interest 159,009 ------------- Total investment income 9,018,142 - ------------------------------------------------------------------------------------------------------------------------------------ Expenses Management fees 3,334,865 - ------------------------------------------------------------------------------------------------------------------------------------ Distribution and service plan fees-Service shares 84,119 - ------------------------------------------------------------------------------------------------------------------------------------ Transfer and shareholder servicing agent fees: Non-Service shares 5,070 Service shares 4,775 - ------------------------------------------------------------------------------------------------------------------------------------ Shareholder reports 41,192 - ------------------------------------------------------------------------------------------------------------------------------------ Trustees' compensation 13,355 - ------------------------------------------------------------------------------------------------------------------------------------ Custodian fees and expenses 8,289 - ------------------------------------------------------------------------------------------------------------------------------------ Other 31,730 ------------- Total expenses 3,523,395 Less reduction to custodian expenses (527) ------------- Net expenses 3,522,868 - ------------------------------------------------------------------------------------------------------------------------------------ Net Investment Income 5,495,274 - ------------------------------------------------------------------------------------------------------------------------------------ Realized and Unrealized Gain (Loss) Net realized loss on: Investments (50,757,777) Foreign currency transactions (21,002) ------------- Net realized loss (50,778,779) - ------------------------------------------------------------------------------------------------------------------------------------ Net change in unrealized appreciation on: Investments 143,059,829 Translation of assets and liabilities denominated in foreign currencies 1,073,439 ------------- Net change in unrealized gain 144,133,268 - ------------------------------------------------------------------------------------------------------------------------------------ Net Increase in Net Assets Resulting from Operations $ 98,849,763 =============
See accompanying Notes to Financial Statements. 11 | OPPENHEIMER MAIN STREET FUND/VA
- ------------------------------------------------------------------------------------------------------------------------------------ STATEMENTS OF CHANGES IN NET ASSETS - ------------------------------------------------------------------------------------------------------------------------------------ Six Months Year Ended Ended June 30, 2003 December 31, (Unaudited) 2002 - ------------------------------------------------------------------------------------------------------------------------------------ Operations Net investment income $ 5,495,274 $ 9,734,475 - ------------------------------------------------------------------------------------------------------------------------------------ Net realized loss (50,778,779) (127,037,616) - ------------------------------------------------------------------------------------------------------------------------------------ Net change in unrealized appreciation (depreciation) 144,133,268 (101,668,854) ------------------------------- Net increase (decrease) in net assets resulting from operations 98,849,763 (218,971,995) - ------------------------------------------------------------------------------------------------------------------------------------ Dividends and/or Distributions to Shareholders Dividends from net investment income: Non-Service shares (9,176,729) (7,425,251) Service shares (594,874) (162,528) - ------------------------------------------------------------------------------------------------------------------------------------ Beneficial Interest Transactions Net increase in net assets resulting from beneficial interest transactions: Non-Service shares 29,470,337 34,464,855 Service shares 36,742,727 38,273,092 - ------------------------------------------------------------------------------------------------------------------------------------ Net Assets Total increase (decrease) 155,291,224 (153,821,827) - ------------------------------------------------------------------------------------------------------------------------------------ Beginning of period 942,668,898 1,096,490,725 ------------------------------- End of period [including undistributed net investment income of $5,425,075 and $9,701,404, respectively] $1,097,960,122 $942,668,898 ===============================
See accompanying Notes to Financial Statements. 12 | OPPENHEIMER MAIN STREET FUND/VA
- ------------------------------------------------------------------------------------------------------------------------------------ FINANCIAL HIGHLIGHTS - ------------------------------------------------------------------------------------------------------------------------------------ Six Months Year Ended Ended June 30, 2003 December 31, Non-Service shares (Unaudited) 2002 2001 2000 1999 1998 - ----------------------------------------------------------------------------------------------------------------------------------- Per Share Operating Data Net asset value, beginning of period $ 15.32 $ 18.99 $ 21.26 $ 24.63 $ 20.48 $ 20.58 - ----------------------------------------------------------------------------------------------------------------------------------- Income (loss) from investment operations: Net investment income .09 .16 .13 .10 .11 .13 Net realized and unrealized gain (loss) 1.47 (3.70) (2.29) (2.14) 4.29 .92 ----------------------------------------------------------------------------- Total from investment operations 1.56 (3.54) (2.16) (2.04) 4.40 1.05 - ----------------------------------------------------------------------------------------------------------------------------------- Dividends and/or distributions to shareholders: Dividends from net investment income (.16) (.13) (.11) (.09) (.09) (.05) Distributions from net realized gain -- -- -- (1.24) (.16) (1.10) ----------------------------------------------------------------------------- Total dividends and/or distributions to shareholders (.16) (.13) (.11) (1.33) (.25) (1.15) - ----------------------------------------------------------------------------------------------------------------------------------- Net asset value, end of period $16.72 $15.32 $18.99 $21.26 $24.63 $20.48 ============================================================================= - ----------------------------------------------------------------------------------------------------------------------------------- Total Return, at Net Asset Value 1 10.35% (18.80)% (10.16)% (8.78)% 21.71% 4.70% - ----------------------------------------------------------------------------------------------------------------------------------- Ratios/Supplemental Data Net assets, end of period (in thousands) $1,001,976 $890,740 $1,074,945 $1,009,823 $555,311 $308,353 - ----------------------------------------------------------------------------------------------------------------------------------- Average net assets (in thousands) $ 912,141 $999,275 $1,028,913 $ 809,662 $391,063 $234,306 - ----------------------------------------------------------------------------------------------------------------------------------- Ratios to average net assets: 2 Net investment income 1.15% 0.94% 0.73% 0.69% 0.63% 0.74% Expenses, gross 0.70% 0.69% 0.73% 0.73% 0.78% 0.79% 3 Expenses, net 0.70% 4 0.69% 4 0.73% 4 0.73% 0.78% 4 0.79% - ----------------------------------------------------------------------------------------------------------------------------------- Portfolio turnover rate 47% 98% 69% 63% 118% 86%
1. Assumes an 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 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. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. 2. Annualized for periods of less than one full year. 3. Expense ratio has been calculated without adjustment for the reduction to custodian expenses. 4. Reduction to custodian expenses less than 0.01%. See accompanying Notes to Financial Statements. 13 | OPPENHEIMER MAIN STREET FUND/VA
- ------------------------------------------------------------------------------------------------------------------------------------ FINANCIAL HIGHLIGHTS Continued - ------------------------------------------------------------------------------------------------------------------------------------ Six Months Year Ended Ended June 30, 2003 December 31, Service shares (Unaudited) 2002 2001 2000 1 - ------------------------------------------------------------------------------------------------------------------------------------ Per Share Operating Data Net asset value, beginning of period $ 15.26 $ 18.95 $ 21.24 $ 24.04 - ------------------------------------------------------------------------------------------------------------------------------------ Income (loss) from investment operations: Net investment income .07 .13 .14 .02 Net realized and unrealized gain (loss) 1.46 (3.70) (2.32) (2.82) -------------------------------------------------- Total investment operations 1.53 (3.57) (2.18) (2.80) - ------------------------------------------------------------------------------------------------------------------------------------ Dividends and/or distributions to shareholders: Dividends from net investment income (.15) (.12) (.11) -- Distributions from net realized gain -- -- -- -- -------------------------------------------------- Total dividends and/or distributions to shareholders (.15) (.12) (.11) -- - ------------------------------------------------------------------------------------------------------------------------------------ Net asset value, end of period $16.64 $15.26 $18.95 $ 21.24 ================================================== - ------------------------------------------------------------------------------------------------------------------------------------ Total Return, at Net Asset Value 2 10.15% (18.99)% (10.27)% (11.61)% - ------------------------------------------------------------------------------------------------------------------------------------ Ratios/Supplemental Data Net assets, end of period (in thousands) $95,985 $51,929 $21,545 $ 1,698 - ------------------------------------------------------------------------------------------------------------------------------------ Average net assets (in thousands) $69,551 $34,604 $10,306 $ 543 - ----------------------------------------------------------------------------------------------------------------------------------- Ratios to average net assets: 3 Net investment income 0.87% 0.87% 0.66% 0.50% Expenses, gross 0.95% 0.84% 0.88% 0.88% Expenses, net 0.95% 4 0.84% 4 0.88% 4 0.88% - ------------------------------------------------------------------------------------------------------------------------------------ Portfolio turnover rate 47% 98% 69% 63%
1. For the period from July 13, 2000 (inception of offering) to December 31, 2000. 2. Assumes an investment on the business day before the first day of the fiscal period (or inception of offering), with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Total returns are not annualized for periods 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. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. 3. Annualized for periods of less than one full year. 4. Reduction to custodian expenses less than 0.01%. See accompanying Notes to Financial Statements. 14 | OPPENHEIMER MAIN STREET FUND/VA - -------------------------------------------------------------------------------- NOTES TO FINANCIAL STATEMENTS Unaudited - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- 1. Significant Accounting Policies Oppenheimer Main Street Fund/VA (the Fund), formerly Oppenheimer Main Street Growth & Income Fund/VA, is a separate series of Oppenheimer Variable Account Funds (the Trust), an open-end management investment company registered under the Investment Company Act of 1940, as amended. The Fund's objective is to seek high total return (which includes growth in the value of its shares as well as current income) from equity and debt securities. The Trust's investment advisor is OppenheimerFunds, Inc. (the Manager). The Fund offers two classes of shares. Both classes are sold at their offering price, which is the net asset value per share, to separate investment accounts of participating insurance companies as an underlying investment for variable life insurance policies, variable annuity contracts or other investment products. The class of shares designated as Service shares is subject to a distribution and service plan. All classes of shares have identical rights and voting privileges. Earnings, net assets and net asset value per share may differ by minor amounts due to each class having its own expenses directly attributable to that class. The following is a summary of significant accounting policies consistently followed by the Fund. - -------------------------------------------------------------------------------- Securities Valuation. Securities listed or traded on National Stock Exchanges or other domestic or foreign exchanges are valued based on the last sale price of the security traded on that exchange prior to the time when the Fund's assets are valued. Securities traded on NASDAQ are valued based on the closing price provided by NASDAQ prior to the time when the Fund's assets are valued. In the absence of a sale, the security is valued at the last sale price on the prior trading day, if it is within the spread of the closing bid and asked prices, and if not, at the closing bid price. Securities (including restricted securities) for which quotations are not readily available are valued primarily using dealer-supplied valuations, a portfolio pricing service authorized by the Board of Trustees, or at their fair value. Fair value is determined in good faith using consistently applied procedures under the supervision of the Board of Trustees. Short-term "money market type" debt securities with remaining maturities of sixty days or less are valued at amortized cost (which approximates market value). - -------------------------------------------------------------------------------- Foreign Currency Translation. The Fund's accounting records are maintained in U.S. dollars. Prices of securities denominated in foreign currencies are translated into U.S. dollars at the closing rates of exchange. Amounts related to the purchase and sale of foreign securities and investment income are translated at the rates of exchange prevailing on the respective dates of such transactions. The effect of changes in foreign currency exchange rates on investments is separately identified from the fluctuations arising from changes in market values of securities held and reported with all other foreign currency gains and losses in the Fund's Statement of Operations. - -------------------------------------------------------------------------------- Joint Repurchase Agreements. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission, the Fund, along with other affiliated funds advised by the Manager, may transfer uninvested cash balances into joint trading accounts on a daily basis. Secured by U.S. government securities, these balances are invested in one or more repurchase agreements. Securities pledged as collateral for repurchase agreements are held by a custodian bank until the agreements mature. Each agreement requires that the market value of the collateral be sufficient to cover payments of interest and principal. In the event of default by the other party to the agreement, retention of the collateral may be subject to legal proceedings. - -------------------------------------------------------------------------------- Allocation of Income, Expenses, Gains and Losses. Income, expenses (other than those attributable to a specific class), gains and losses are allocated on a daily basis to each class of shares based upon the relative proportion of net assets represented by such class. Operating expenses directly attributable to a specific class are charged against the operations of that class. - -------------------------------------------------------------------------------- Federal Taxes. The Fund intends to comply with provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its investment company taxable income, including any net realized gain on investments not offset by capital loss carryforwards, if any, to shareholders. 15 | OPPENHEIMER MAIN STREET FUND/VA - -------------------------------------------------------------------------------- NOTES TO FINANCIAL STATEMENTS Unaudited/Continued - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- 1. Significant Accounting Policies Continued As of June 30, 2003, the Fund had available for federal income tax purposes an estimated unused capital loss carryforward of $348,255,508. This estimated capital loss carryforward represents carryforward as of the end of the last fiscal year, increased for losses deferred under tax accounting rules to the current fiscal year and increased or decreased by capital losses or gains realized in the first six months of the current fiscal year. During the six months ended June 30, 2003, the Fund did not use carryforward to offset capital gains realized. During the year ended December 31, 2002, the Fund did not use carryforward to offset capital gains realized. As of December 31, 2002, the Fund had available for federal income tax purposes unused capital loss carryforwards as follows: Expiring ------------------------- 2008 $ 28,801,633 2009 140,898,750 2010 126,747,906 ------------ Total $296,448,289 ============ - -------------------------------------------------------------------------------- Dividends and Distributions to Shareholders. Dividends and distributions to shareholders, which are determined in accordance with income tax regulations, are recorded on the ex-dividend date. Income and capital gain distributions, if any, are declared and paid annually. - -------------------------------------------------------------------------------- Classification of Dividends and Distributions to Shareholders. Net investment income (loss) and net realized gain (loss) may differ for financial statement and tax purposes primarily because of the recognition of certain foreign currency gains (losses) as ordinary income (loss) for tax purposes. The character of dividends and distributions made during the fiscal 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 dividends and distributions, the fiscal year in which amounts are distributed may differ from the fiscal year in which the income or net realized gain was recorded by the Fund. The tax character of distributions paid during the six months ended June 30, 2003 and the year ended December 31, 2002 was as follows: Six Months Ended Year Ended June 30, 2003 December 31, 2002 ------------------------------------------------------------------ Distributions paid from: Ordinary income $9,771,603 $7,587,779 - -------------------------------------------------------------------------------- Investment Income. Dividend income is recorded on the ex-dividend date or upon ex-dividend notification in the case of certain foreign dividends where the ex-dividend date may have passed. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Interest income, which includes accretion of discount and amortization of premium, is accrued as earned. - -------------------------------------------------------------------------------- Expense Offset Arrangement. The reduction of custodian fees represents earnings on cash balances maintained by the Fund. - -------------------------------------------------------------------------------- Security Transactions. Security transactions are recorded on the trade date. Realized gains and losses on securities sold are determined on the basis of identified cost. - -------------------------------------------------------------------------------- Other. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. 16 | OPPENHEIMER MAIN STREET FUND/VA - -------------------------------------------------------------------------------- 2. Shares of Beneficial Interest The Fund has authorized an unlimited number of $0.001 par value shares of beneficial interest of each class. Transactions in shares of beneficial interest were as follows:
Six Months Ended June 30, 2003 Year Ended December 31, 2002 Shares Amount Shares Amount - ------------------------------------------------------------------------------------------------------------ Non-Service shares Sold 8,305,051 $ 130,778,457 11,919,835 $ 204,743,555 Dividends and/or distributions reinvested 639,048 9,176,729 383,139 7,425,251 Redeemed (7,127,799) (110,484,849) (10,772,337) (177,703,951) ---------------------------------------------------------------- Net increase 1,816,300 $ 29,470,337 1,530,637 $ 34,464,855 ================================================================ - ------------------------------------------------------------------------------------------------------------ Service shares Sold 2,556,910 $ 39,702,585 2,415,625 $ 40,562,767 Dividends and/or distributions reinvested 41,628 594,874 8,403 162,528 Redeemed (233,725) (3,554,732) (158,496) (2,452,203) ---------------------------------------------------------------- Net increase 2,364,813 $ 36,742,727 2,265,532 $ 38,273,092 ================================================================
- -------------------------------------------------------------------------------- 3. Purchases and Sales of Securities The aggregate cost of purchases and proceeds from sales of securities, other than short-term obligations, for the six months ended June 30, 2003, were $520,358,747 and $454,058,076, respectively. - -------------------------------------------------------------------------------- 4. Fees and Other Transactions with Affiliates Management Fees. Management fees paid to the Manager were in accordance with the investment advisory agreement with the Trust which provides for a fee at an annual rate of 0.75% of the first $200 million of average annual net assets, 0.72% of the next $200 million, 0.69% of the next $200 million, 0.66% of the next $200 million and 0.60% of average annual net assets over $800 million. - -------------------------------------------------------------------------------- Transfer Agent Fees. OppenheimerFunds Services (OFS), a division of the Manager, acts as the transfer and shareholder servicing agent for the Fund. The Fund pays OFS a $19.75 per account fee. Additionally, funds offered in variable annuity separate accounts are subject to minimum fees of $5,000 for assets of less than $10 million and $10,000 for assets of $10 million or more. The Fund is subject to the minimum fee in the event that the per account fee does not equal or exceed the applicable minimum fee. OFS has voluntarily agreed to limit transfer and shareholder servicing agent fees up to an annual rate of 0.35% of average net assets of the Fund. This undertaking may be amended or withdrawn at any time. - -------------------------------------------------------------------------------- Distribution and Service Plan for Service Shares. The Fund has adopted a Distribution and Service Plan for Service shares to pay OppenheimerFunds Distributor, Inc., the Distributor, for distribution-related services for the Fund's Service shares. Under the Plan, payments are made quarterly at an annual rate of up to 0.25% of the average annual net assets of the Service shares of the Fund. For the six months ended June 30, 2003, expense under the Service Plan totaled $84,119. - -------------------------------------------------------------------------------- 5. Foreign Currency Contracts A foreign currency contract is a commitment to purchase or sell a foreign currency at a future date, at a negotiated rate. The Fund may enter into foreign currency contracts to settle specific purchases or sales of securities denominated in a foreign currency and for protection from adverse exchange rate fluctuation. Risks to the Fund include the potential inability of the counterparty to meet the terms of the contract. 17 | OPPENHEIMER MAIN STREET FUND/VA - -------------------------------------------------------------------------------- NOTES TO FINANCIAL STATEMENTS Unaudited/Continued - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- 5. Foreign Currency Contracts Continued The net U.S. dollar value of foreign currency underlying all contractual commitments held by the Fund and the resulting unrealized appreciation or depreciation are determined using prevailing foreign currency exchange rates. Unrealized appreciation and depreciation on foreign currency contracts are reported in the Statement of Assets and Liabilities as a receivable or payable and in the Statement of Operations with the change in unrealized appreciation or depreciation. The Fund may realize a gain or loss upon the closing or settlement of the foreign transaction. Contracts closed or settled with the same broker are recorded as net realized gain or loss. Such realized gains and losses are reported with all other foreign currency gains and losses in the Statement of Operations. As of June 30, 2003, the Fund had no outstanding foreign currency contracts. - -------------------------------------------------------------------------------- 6. Illiquid Securities As of June 30, 2003, investments in securities included issues that are illiquid. A security may be considered illiquid if it lacks a readily available market or if its valuation has not changed for a certain period of time. The Fund intends to invest no more than 15% of its net assets (determined at the time of purchase and reviewed periodically) in illiquid securities. The aggregate value of illiquid securities subject to this limitation as of June 30, 2003 was $3,360, which represents 0.00% of the Fund's net assets. - -------------------------------------------------------------------------------- 7. Borrowing and Lending Arrangements The Fund entered into an "interfund borrowing and lending arrangement" with other funds in the Oppenheimer funds complex, to allow funds to borrow for liquidity purposes. The arrangement was initiated pursuant to exemptive relief granted by the Securities and Exchange Commission to allow these affiliated funds to lend money to, and borrow money from, each other, in an attempt to reduce borrowing costs below those of bank loan facilities. Under the arrangement the Fund may lend money to other Oppenheimer funds and may borrow from other Oppenheimer funds at a rate set by the Fund's Board of Trustees, based upon a recommendation by the Manager. The Fund's borrowings, if any, are subject to asset coverage requirements under the Investment Company Act and the provisions of the SEC order and other applicable regulations. If the Fund borrows money, there is a risk that the loan could be called on one day's notice, in which case the Fund might have to borrow from a bank at higher rates if a loan were not available from another Oppenheimer fund. If the Fund lends money to another fund, it will be subject to the risk that the other fund might not repay the loan in a timely manner, or at all. The Fund had no interfund borrowings or loans outstanding during the six months ended or at June 30, 2003. - -------------------------------------------------------------------------------- Portfolio Proxy Voting Policies and Procedures The Fund has adopted Portfolio Proxy Voting Policies and Procedures under which the Fund votes proxies relating to securities ("portfolio proxies") held by the Fund. A description of the Fund's Portfolio Proxy Voting Policies and Procedures is available (i) without charge, upon request, by calling the Fund toll-free at 1.800.225.5677, (ii) on the Fund's website at www.oppenheimerfunds.com, and (iii) on the SEC's website at www.sec.gov. In addition, the Fund will be required to file new Form N-PX, with its complete proxy voting record for the 12 months ended June 30th, no later than August 31st of each year. The first such filing is due no later than August 31, 2004, for the twelve months ended June 30, 2004. Once filed, the Fund's Form N-PX filing will be available (i) without charge, upon request, by calling the Fund toll-free at 1.800.225.5677, and (ii) on the SEC's website at www.sec.gov. 18 | OPPENHEIMER MAIN STREET FUND/VA ITEM 2. CODE OF ETHICS - NOT REQUIRED ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT - NOT REQUIRED ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES - NOT REQUIRED ITEM 5. RESERVED ITEM 6. RESERVED ITEM 7. NOT APPLICABLE ITEM 8. RESERVED ITEM 9. CONTROLS AND PROCEDURES (a) Based on their evaluation of registrant's disclosure controls and procedures (as defined in rule 30a-2(c) under the Investment Company Act of 1940 (17 CFR 270.30a-2(c)) as of June 30, 2003, registrant's principal executive officer and principal financial officer found registrant's disclosure controls and procedures to be appropriately designed to ensure that information required to be disclosed by registrant in the reports that it files under the Securities Exchange Act of 1934 (a) is accumulated and communicated to registrant's management, including its principal executive officer and principal financial officer, to allow timely decisions regarding required disclosure, and (b) is recorded, processed, summarized and reported, within the time periods specified in the rules and forms adopted by the U.S. Securities and Exchange Commission. (b) There have been no significant changes in registrant's internal controls or in other factors that could significantly affect registrant's internal controls subsequent to the date of the most recent evaluation as indicated, including no significant deficiencies or material weaknesses that required corrective action. ITEM 10. EXHIBITS ATTACHED HERETO. (ATTACH CERTIFICATIONS AS EXHIBITS) EX-99.302CERT 3 ex99_302cert-650.txt EX99_302CERT-650 Exhibit 99.CERT Section 302 Certifications CERTIFICATIONS I, John V. Murphy, certify that: -------------- 1. I have reviewed this report on Form N-CSR of Oppenheimer Main Street Fund/VA; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-2(c) under the Investment Company Act of 1940) for the registrant and have: a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; b) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and 5. The registrant's other certifying officers and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of trustees (or persons performing the equivalent functions): a) all significant deficiencies and material weaknesses in the design or operation of internal controls which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal controls. Date: 08/14/03 /s/John V. Murphy ----------------- John V. Murphy Chief Executive Officer Exhibit 99.CERT Section 302 Certifications CERTIFICATIONS I, Brian W. Wixted, certify that: --------------- 1. I have reviewed this report on Form N-CSR of Oppenheimer Main Street Fund/VA; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-2(c) under the Investment Company Act of 1940) for the registrant and have: a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; b) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and 5. The registrant's other certifying officers and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of trustees (or persons performing the equivalent functions): a) all significant deficiencies and material weaknesses in the design or operation of internal controls which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal controls. Date: 08/14/03 /s/Brian W. Wixted ------------------ Brian W. Wixted Chief Financial Officer EX-99.906CERT 4 ex99_906cert-650.txt EX99_906CERT-650 EX-99.906CERT Section 906 Certifications CERTIFICATION PURSUANT TO 18 U.S.C SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2003 John V. Murphy, Chief Executive Officer, and Brian W. Wixted Chief -------------- --------------- Financial Officer of Oppenheimer Main Street Fund/VA (the "Registrant"), each certify to the best of his or her knowledge that: 1. The Registrant's periodic report on Form N-CSR for the period ended June 30, 2003 (the "Form N-CSR") fully complies with the requirements of Section 15(d) of the Securities Exchange Act of 1934, as amended; and 2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant. This certification is being furnished to the Commission solely pursuant to 18 U.S.C. ss. 1350 and is not being filed as part of the Form N-CSR filed with the Commission. Chief Executive Officer Chief Financial Officer Oppenheimer Main Street Fund/VA Oppenheimer Main Street Fund/VA /s/John V. Murphy /s/Brian W. Wixted - ----------------- ------------------ John V. Murphy Brian W. Wixted Date: 08/14/03 Date: 08/14/03 -----END PRIVACY-ENHANCED MESSAGE-----