-----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, Pe7msaC/6TOtKXLNgSLHlePEg88QLRjVRH4dZhFw3JaXsLOXczawi0SJpEbn2OaR rROmHPFM9wHAjyh168fj1g== 0000935069-03-001091.txt : 20030827 0000935069-03-001091.hdr.sgml : 20030827 20030827141342 ACCESSION NUMBER: 0000935069-03-001091 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: 03868196 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 rs0297_8011vef.txt RS0297_8011VEF 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 Small Cap 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--92.4% - ------------------------------------------------------------------------------ Consumer Discretionary--17.7% - ------------------------------------------------------------------------------ Auto Components--0.5% American Axle & Manufacturing Holdings, Inc. 1 900 $ 21,510 - ------------------------------------------------------------------------------ ArvinMeritor, Inc. 800 16,144 - ------------------------------------------------------------------------------ Dana Corp. 5,900 68,204 - ------------------------------------------------------------------------------ Keystone Automotive Industries, Inc. 1 800 14,608 - ------------------------------------------------------------------------------ Modine Manufacturing Co. 1,900 36,803 - ------------------------------------------------------------------------------ Raytech Corp. 1 2,000 8,500 - ------------------------------------------------------------------------------ Spartan Motors, Inc. 1,700 14,059 - ------------------------------------------------------------------------------ Stoneridge, Inc. 1 800 10,920 - ------------------------------------------------------------------------------ Tenneco Automotive, Inc. 1 400 1,440 --------------- 192,188 - ------------------------------------------------------------------------------ Automobiles--0.1% Thor Industries, Inc. 600 24,492 - ------------------------------------------------------------------------------ Distributors--0.2% Andersons, Inc. (The) 300 3,675 - ------------------------------------------------------------------------------ Brightpoint, Inc. 1 2,600 31,980 - ------------------------------------------------------------------------------ Handleman Co. 1 3,900 62,400 --------------- 98,055 - ------------------------------------------------------------------------------ Hotels, Restaurants & Leisure--3.9% Alliance Gaming Corp. 1 3,200 60,512 - ------------------------------------------------------------------------------ Ambassadors Group, Inc. 1 1,100 15,367 - ------------------------------------------------------------------------------ Applebee's International, Inc. 2,750 86,433 - ------------------------------------------------------------------------------ Aztar Corp. 1 6,500 104,715 - ------------------------------------------------------------------------------ Bob Evans Farms, Inc. 1,700 46,971 - ------------------------------------------------------------------------------ Boyd Gaming Corp. 1 600 10,356 - ------------------------------------------------------------------------------ CBRL Group, Inc. 800 31,088 - ------------------------------------------------------------------------------ CEC Entertainment, Inc. 1 200 7,386 - ------------------------------------------------------------------------------ Checkers Drive-In Restaurants, Inc. 1 1,100 12,584 - ------------------------------------------------------------------------------ Chicago Pizza & Brewery, Inc. 1 100 1,000 - ------------------------------------------------------------------------------ Choice Hotels International, Inc. 1 3,100 84,661 - ------------------------------------------------------------------------------ Dave & Buster's, Inc. 1 2,300 25,070 - ------------------------------------------------------------------------------ Dover Downs Gaming & Entertainment, Inc. 800 7,400 - ------------------------------------------------------------------------------ GTech Holdings Corp. 1 2,200 82,830 - ------------------------------------------------------------------------------ Isle of Capri Casinos, Inc. 1 2,200 36,366 - ------------------------------------------------------------------------------ Jack in the Box, Inc. 1 500 11,150 - ------------------------------------------------------------------------------ Multimedia Games, Inc. 1 2,900 73,950 - ------------------------------------------------------------------------------ P.F. Chang's China Bistro, Inc. 1 1,900 93,499 - ------------------------------------------------------------------------------ Panera Bread Co., Cl. A 1 2,000 80,000 - ------------------------------------------------------------------------------ Penn National Gaming, Inc. 1 1,700 34,935 - ------------------------------------------------------------------------------ Rare Hospitality International, Inc. 1 3,500 114,380 Market Value Shares See Note 1 - ------------------------------------------------------------------------------ Hotels, Restaurants & Leisure Continued Ruby Tuesday, Inc. 1,400 $ 34,622 - ------------------------------------------------------------------------------ Ryan's Family Steak Houses, Inc. 1 3,600 50,400 - ------------------------------------------------------------------------------ Scientific Games Corp., Cl. A 1 600 5,640 - ------------------------------------------------------------------------------ Shuffle Master, Inc. 1 3,800 111,682 - ------------------------------------------------------------------------------ Six Flags, Inc. 1 4,300 29,154 - ------------------------------------------------------------------------------ Sonic Corp. 1 2,100 53,403 - ------------------------------------------------------------------------------ Station Casinos, Inc. 1 3,800 95,950 - ------------------------------------------------------------------------------ Steak n Shake Co. (The) 1 1,200 18,300 - ------------------------------------------------------------------------------ Total Entertainment Restaurant Corp. 1 2,900 26,535 - ------------------------------------------------------------------------------ WMS Industries, Inc. 1 1,100 17,149 --------------- 1,463,488 - ------------------------------------------------------------------------------ Household Durables--3.1% Applica, Inc. 1,800 15,300 - ------------------------------------------------------------------------------ Beazer Homes USA, Inc. 1 1,200 100,200 - ------------------------------------------------------------------------------ Blyth, Inc. 1,200 32,640 - ------------------------------------------------------------------------------ Brookfield Homes Corp. 2,300 35,466 - ------------------------------------------------------------------------------ Chromcraft Revington, Inc. 1 100 1,249 - ------------------------------------------------------------------------------ CSS Industries, Inc. 800 30,840 - ------------------------------------------------------------------------------ Department 56, Inc. 1 1,400 21,462 - ------------------------------------------------------------------------------ Dominion Homes, Inc. 1 200 4,770 - ------------------------------------------------------------------------------ Emerson Radio Corp. 1 3,200 21,504 - ------------------------------------------------------------------------------ Enesco Group, Inc. 1 200 1,480 - ------------------------------------------------------------------------------ Fedders Corp. 600 1,842 - ------------------------------------------------------------------------------ Harman International Industries, Inc. 1,200 94,968 - ------------------------------------------------------------------------------ Helen of Troy Ltd. 1 4,400 66,704 - ------------------------------------------------------------------------------ Hovnanian Enterprises, Inc., Cl. A 1 2,100 123,795 - ------------------------------------------------------------------------------ Kimball International, Inc., Cl. B 800 12,480 - ------------------------------------------------------------------------------ M.D.C. Holdings, Inc. 1,619 78,165 - ------------------------------------------------------------------------------ M/I Schottenstein Homes, Inc. 300 12,804 - ------------------------------------------------------------------------------ Meritage Corp. 1 2,100 103,446 - ------------------------------------------------------------------------------ Mestek, Inc. 1 200 3,600 - ------------------------------------------------------------------------------ Movado Group, Inc. 1,200 26,100 - ------------------------------------------------------------------------------ National Presto Industries, Inc. 200 6,320 - ------------------------------------------------------------------------------ Oneida Ltd. 1,600 10,800 - ------------------------------------------------------------------------------ Palm Harbor Homes, Inc. 1 300 5,682 - ------------------------------------------------------------------------------ Ryland Group, Inc. (The) 1,000 69,400 - ------------------------------------------------------------------------------ Standard Pacific Corp. 2,900 96,164 - ------------------------------------------------------------------------------ Technical Olympic USA, Inc. 1 300 7,089 - ------------------------------------------------------------------------------ Toro Co. (The) 2,700 107,325 - ------------------------------------------------------------------------------ Virco Mfg. Corp. 100 636 - ------------------------------------------------------------------------------ William Lyon Homes, Inc. 1 500 15,925 - ------------------------------------------------------------------------------ Yankee Candle, Inc. (The) 1 2,400 55,728 --------------- 1,163,884 3 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA STATEMENT OF INVESTMENTS Unaudited / Continued Market Value Shares See Note 1 - -------------------------------------------------------------------------------- Internet & Catalog Retail--0.0% FTD, Inc., Cl. A 1 100 $ 2,018 - -------------------------------------------------------------------------------- J. Jill Group, Inc. 1 700 11,788 - -------------------------------------------------------------------------------- School Specialty, Inc. 1 300 8,538 --------------- 22,344 - -------------------------------------------------------------------------------- Leisure Equipment & Products--0.8% Action Performance Cos., Inc. 2,000 38,000 - -------------------------------------------------------------------------------- Callaway Golf Co. 1,100 14,542 - -------------------------------------------------------------------------------- MarineMax, Inc. 1 1,700 23,800 - -------------------------------------------------------------------------------- Marvel Enterprises, Inc. 1 6,100 116,510 - -------------------------------------------------------------------------------- Oakley, Inc. 1 1,000 11,770 - -------------------------------------------------------------------------------- RC2 Corp. 1 1,200 20,412 - -------------------------------------------------------------------------------- SCP Pool Corp. 1 2,250 77,400 --------------- 302,434 - -------------------------------------------------------------------------------- Media--0.9% Advo, Inc. 1 500 22,200 - -------------------------------------------------------------------------------- APAC Teleservices, Inc. 1 4,500 11,475 - -------------------------------------------------------------------------------- Courier Corp. 200 10,300 - -------------------------------------------------------------------------------- Digital Generation Systems, Inc. 1 2,500 4,800 - -------------------------------------------------------------------------------- Getty Images, Inc. 1 1,900 78,470 - -------------------------------------------------------------------------------- Grey Global Group, Inc. 100 77,251 - -------------------------------------------------------------------------------- Harris Interactive, Inc. 1 300 1,977 - -------------------------------------------------------------------------------- Hollinger International, Inc. 1,000 10,770 - -------------------------------------------------------------------------------- Interactive Data Corp. 1 800 13,520 - -------------------------------------------------------------------------------- Liberty Corp. 900 38,250 - -------------------------------------------------------------------------------- R.H. Donnelley Corp. 1 1,700 61,999 - -------------------------------------------------------------------------------- Thomas Nelson, Inc. 1 800 10,000 --------------- 341,012 - -------------------------------------------------------------------------------- Multiline Retail--0.0% Fred's, Inc. 300 11,154 - -------------------------------------------------------------------------------- Specialty Retail--6.0% Aeropostale, Inc. 1 1,500 32,220 - -------------------------------------------------------------------------------- AnnTaylor Stores Corp. 1 1,400 40,530 - -------------------------------------------------------------------------------- Big 5 Sporting Goods Corp. 1 100 1,253 - -------------------------------------------------------------------------------- Blair Corp. 1,600 35,520 - -------------------------------------------------------------------------------- Bombay Co., Inc. (The) 1 8,600 91,418 - -------------------------------------------------------------------------------- Brookstone, Inc. 1 2,500 50,625 - -------------------------------------------------------------------------------- Building Materials Holding Corp. 3,900 57,759 - -------------------------------------------------------------------------------- Cache, Inc. 1 500 7,700 - -------------------------------------------------------------------------------- Chico's FAS, Inc. 1 1,800 37,890 - -------------------------------------------------------------------------------- Christopher & Banks Corp. 1 600 22,194 - -------------------------------------------------------------------------------- Claire's Stores, Inc. 3,700 93,832 - -------------------------------------------------------------------------------- Cole National Corp. 1 400 5,008 - -------------------------------------------------------------------------------- Cost Plus, Inc. 1 1,700 60,622 - -------------------------------------------------------------------------------- Deb Shops, Inc. 200 3,760 Market Value Shares See Note 1 - -------------------------------------------------------------------------------- Specialty Retail Continued Dress Barn, Inc. (The) 1 2,400 $ 30,408 - -------------------------------------------------------------------------------- Finish Line, Inc. (The), Cl. A 1 3,300 73,293 - -------------------------------------------------------------------------------- Finlay Enterprises, Inc. 1 1,000 16,550 - -------------------------------------------------------------------------------- Footstar, Inc. 1 5,200 67,600 - -------------------------------------------------------------------------------- Friedman's, Inc., Cl. A 1,500 17,055 - -------------------------------------------------------------------------------- Goody's Family Clothing, Inc. 1 2,400 20,760 - -------------------------------------------------------------------------------- Guitar Center, Inc. 1 3,100 89,900 - -------------------------------------------------------------------------------- Gymboree Corp. 1 4,700 78,866 - -------------------------------------------------------------------------------- Hancock Fabrics, Inc. 700 11,305 - -------------------------------------------------------------------------------- Haverty Furniture Cos., Inc. 400 7,000 - -------------------------------------------------------------------------------- Hibbett Sporting Goods, Inc. 1 1,000 32,940 - -------------------------------------------------------------------------------- Hollywood Entertainment Corp. 1 1,300 22,360 - -------------------------------------------------------------------------------- Hot Topic, Inc. 1 3,600 96,876 - -------------------------------------------------------------------------------- Jo-Ann Stores, Inc., Cl. A 1 1,100 27,830 - -------------------------------------------------------------------------------- Jos. A. Banks Clothiers, Inc. 1 1,700 56,831 - -------------------------------------------------------------------------------- Loehmann's Holdings, Inc. 1 1,100 15,136 - -------------------------------------------------------------------------------- Men's Wearhouse, Inc. (The) 1 4,100 89,585 - -------------------------------------------------------------------------------- Monro Muffler Brake, Inc. 1 700 19,782 - -------------------------------------------------------------------------------- Mothers Work, Inc. 1 500 13,385 - -------------------------------------------------------------------------------- Movie Gallery, Inc. 1 2,525 46,586 - -------------------------------------------------------------------------------- OfficeMax, Inc. 1 500 3,275 - -------------------------------------------------------------------------------- Pacific Sunwear of California, Inc. 1 4,250 102,383 - -------------------------------------------------------------------------------- Pier 1 Imports, Inc. 500 10,200 - -------------------------------------------------------------------------------- Regis Corp. 2,000 58,100 - -------------------------------------------------------------------------------- Ross Stores, Inc. 1,300 55,562 - -------------------------------------------------------------------------------- Select Comfort Corp. 1 3,300 54,054 - -------------------------------------------------------------------------------- Sharper Image Corp. 1 3,800 103,626 - -------------------------------------------------------------------------------- Shoe Carnival, Inc. 1 1,300 19,188 - -------------------------------------------------------------------------------- Sonic Automotive, Inc. 1 2,300 50,393 - -------------------------------------------------------------------------------- Sports Authority, Inc. (The) 1 5,300 56,710 - -------------------------------------------------------------------------------- Syms Corp. 1 200 1,286 - -------------------------------------------------------------------------------- TBC Corp. 1 2,800 53,340 - -------------------------------------------------------------------------------- Tractor Supply Co. 2,400 114,600 - -------------------------------------------------------------------------------- Trans World Entertainment Corp. 1 300 1,536 - -------------------------------------------------------------------------------- Tuesday Morning Corp. 1 3,600 94,680 - -------------------------------------------------------------------------------- United Auto Group, Inc. 1 1,100 23,958 - -------------------------------------------------------------------------------- Urban Outfitters, Inc. 1 400 14,360 - -------------------------------------------------------------------------------- West Marine, Inc. 1 200 3,502 - -------------------------------------------------------------------------------- Zale Corp. 1 1,700 68,000 --------------- 2,263,132 - -------------------------------------------------------------------------------- Textiles, Apparel & Luxury Goods--2.2% Ashworth, Inc. 1 100 709 - -------------------------------------------------------------------------------- Brown Shoe Co., Inc. 3,300 98,340 - -------------------------------------------------------------------------------- Cherokee, Inc. 1 900 18,018 - -------------------------------------------------------------------------------- Columbia Sportswear Co. 1 1,200 61,692 4 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA Market Value Shares See Note 1 - -------------------------------------------------------------------------------- Textiles, Apparel & Luxury Goods Continued Culp, Inc. 1 1,300 $ 8,970 - -------------------------------------------------------------------------------- Gildan Activewear, Inc., Cl. A 1 200 5,264 - -------------------------------------------------------------------------------- Hampshire Group Ltd. 1 100 2,984 - -------------------------------------------------------------------------------- K-Swiss, Inc., Cl. A 2,900 100,108 - -------------------------------------------------------------------------------- Kellwood Co. 3,900 123,357 - -------------------------------------------------------------------------------- Kenneth Cole Productions, Inc., Cl. A 300 5,847 - -------------------------------------------------------------------------------- OshKosh B'Gosh, Inc., Cl. A 400 10,800 - -------------------------------------------------------------------------------- Oxford Industries, Inc. 100 4,152 - -------------------------------------------------------------------------------- Perry Ellis International, Inc. 1 500 9,760 - -------------------------------------------------------------------------------- Quicksilver, Inc. 1 1,400 23,086 - -------------------------------------------------------------------------------- Russell Corp. 4,200 79,800 - -------------------------------------------------------------------------------- Steven Madden Ltd. 1 2,100 45,864 - -------------------------------------------------------------------------------- Stride Rite Corp. 400 3,984 - -------------------------------------------------------------------------------- Timberland Co., Cl. A 1 1,600 84,576 - -------------------------------------------------------------------------------- Tommy Hilfiger Corp. 1 2,600 24,024 - -------------------------------------------------------------------------------- Warnaco Group, Inc. (The) 1 1,400 18,830 - -------------------------------------------------------------------------------- Wolverine World Wide, Inc. 4,600 88,596 --------------- 818,761 - -------------------------------------------------------------------------------- Consumer Staples--2.6% - -------------------------------------------------------------------------------- Beverages--0.1% Coca-Cola Bottling Co. 300 16,380 - -------------------------------------------------------------------------------- Cott Corp. 1 800 16,552 - -------------------------------------------------------------------------------- National Beverage Corp. 1 100 1,390 --------------- 34,322 - -------------------------------------------------------------------------------- Food & Staples Retailing--0.6% Casey's General Stores, Inc. 1,700 24,038 - -------------------------------------------------------------------------------- Central European Distribution Corp. 1 600 12,084 - -------------------------------------------------------------------------------- Chronimed, Inc. 1 3,000 29,490 - -------------------------------------------------------------------------------- Great Atlantic & - -------------------------------------------------------------------------------- Pacific Tea Co., Inc. (The) 1 1,500 13,200 - -------------------------------------------------------------------------------- Pathmark Stores, Inc. 1 3,700 28,305 - -------------------------------------------------------------------------------- Ruddick Corp. 300 4,716 - -------------------------------------------------------------------------------- Smart & Final, Inc. 1 800 3,704 - -------------------------------------------------------------------------------- United Natural Foods, Inc. 1 1,500 42,210 - -------------------------------------------------------------------------------- Weis Markets, Inc. 1,100 34,122 - -------------------------------------------------------------------------------- Winn-Dixie Stores, Inc. 1,700 20,927 --------------- 212,796 - -------------------------------------------------------------------------------- Food Products--1.3% Bunge Ltd. 2,500 71,500 - -------------------------------------------------------------------------------- Central Garden & Pet Co. 1 1,500 35,775 - -------------------------------------------------------------------------------- Flowers Foods, Inc. 4,500 88,920 - -------------------------------------------------------------------------------- Fresh Del Monte Produce, Inc. 2,500 64,225 - -------------------------------------------------------------------------------- Horizon Organic Holding Corp. 1 100 2,383 - -------------------------------------------------------------------------------- International Multifoods Corp. 1 800 18,328 Market Value Shares See Note 1 - -------------------------------------------------------------------------------- Food Products Continued J & J Snack Foods Corp. 1 1,000 $ 31,630 - -------------------------------------------------------------------------------- Lancaster Colony Corp. 100 3,866 - -------------------------------------------------------------------------------- M&F Worldwide Corp. 1 3,900 28,080 - -------------------------------------------------------------------------------- MGP Ingredients, Inc. 300 2,661 - -------------------------------------------------------------------------------- Omega Protein Corp. 1 5,400 27,540 - -------------------------------------------------------------------------------- Peet's Coffee & Tea, Inc. 1 2,800 48,888 - -------------------------------------------------------------------------------- Pilgrim's Pride Corp., Cl. B 400 3,868 - -------------------------------------------------------------------------------- Ralcorp Holdings, Inc. 1 500 12,480 - -------------------------------------------------------------------------------- Sanderson Farms, Inc. 600 16,860 - -------------------------------------------------------------------------------- Sanfilippo (John B.) & Son, Inc. 1 200 3,230 - -------------------------------------------------------------------------------- Seneca Foods Corp., Cl. A 1 100 1,752 - -------------------------------------------------------------------------------- USANA Health Sciences, Inc. 1 1,000 44,210 - -------------------------------------------------------------------------------- Virbac Corp. 1 100 606 --------------- 506,802 - -------------------------------------------------------------------------------- Household Products--0.5% Chattem, Inc. 1 3,600 67,680 - -------------------------------------------------------------------------------- Energizer Holdings, Inc. 1 600 18,840 - -------------------------------------------------------------------------------- Nu Skin Asia Pacific, Inc., Cl. A 2,000 20,900 - -------------------------------------------------------------------------------- WD-40 Co. 2,500 71,375 --------------- 178,795 - -------------------------------------------------------------------------------- Personal Products--0.1% Del Laboratories, Inc. 1,145 26,908 - -------------------------------------------------------------------------------- Nature's Sunshine Products, Inc. 400 3,204 - -------------------------------------------------------------------------------- NBTY, Inc. 1 300 6,318 --------------- 36,430 - -------------------------------------------------------------------------------- Tobacco--0.0% Schweitzer-Mauduit International, Inc. 700 16,898 - -------------------------------------------------------------------------------- Energy--6.6% - -------------------------------------------------------------------------------- Energy Equipment & Services--1.6% CHC Helicopter Corp., Cl. A 700 13,405 - -------------------------------------------------------------------------------- Ensign Resource Service Group, Inc. 3,700 55,007 - -------------------------------------------------------------------------------- FMC Technologies, Inc. 1 1,900 39,995 - -------------------------------------------------------------------------------- Grey Wolf, Inc. 1 3,900 15,756 - -------------------------------------------------------------------------------- Gulf Island Fabrication, Inc. 1 1,200 20,304 - -------------------------------------------------------------------------------- Gulfmark Offshore, Inc. 1 1,000 16,880 - -------------------------------------------------------------------------------- Helmerich & Payne, Inc. 1,300 37,960 - -------------------------------------------------------------------------------- Key Energy Services, Inc. 1 4,600 49,312 - -------------------------------------------------------------------------------- Offshore Logistics, Inc. 1 1,100 23,925 - -------------------------------------------------------------------------------- Oil States International, Inc. 1 6,300 76,230 - -------------------------------------------------------------------------------- Patterson-UTI Energy, Inc. 1 700 22,680 - -------------------------------------------------------------------------------- Superior Energy Services, Inc. 1 600 5,688 - -------------------------------------------------------------------------------- Tesco Corp. 1 2,400 22,750 - -------------------------------------------------------------------------------- Tetra Technologies, Inc. 1 300 8,895 - -------------------------------------------------------------------------------- Trican Well Service Ltd. 1 4,100 58,237 5 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA STATEMENT OF INVESTMENTS Unaudited / Continued Market Value Shares See Note 1 - -------------------------------------------------------------------------------- Energy Equipment & Services Continued Unit Corp. 1 5,700 $ 119,187 - -------------------------------------------------------------------------------- Universal Compression Holdings, Inc. 1 200 4,172 - -------------------------------------------------------------------------------- Willbros Group, Inc. 1 700 7,273 --------------- 597,656 - -------------------------------------------------------------------------------- Oil & Gas--5.0% Baytex Energy Ltd. 1 3,500 29,236 - -------------------------------------------------------------------------------- BlackRock Ventures, Inc. 1 20,000 34,591 - -------------------------------------------------------------------------------- Brigham Exploration Co. 1 100 510 - -------------------------------------------------------------------------------- Brown (Tom), Inc. 1 3,300 91,707 - -------------------------------------------------------------------------------- Callon Petroleum Co. 1 2,600 18,512 - -------------------------------------------------------------------------------- Canadian Superior Energy, Inc. 1 35,000 40,957 - -------------------------------------------------------------------------------- Chesapeake Energy Corp. 6,500 65,650 - -------------------------------------------------------------------------------- Cimarex Energy Co. 1 3,390 80,513 - -------------------------------------------------------------------------------- Clear Energy, Inc. 1 9,133 20,165 - -------------------------------------------------------------------------------- Compton Petroleum Corp. 1 6,800 29,427 - -------------------------------------------------------------------------------- Comstock Resources, Inc. 1 2,300 31,464 - -------------------------------------------------------------------------------- Crescent Point Energy Ltd., Cl. A 1 3,600 16,427 - -------------------------------------------------------------------------------- Denbury Resources, Inc. 1 6,600 88,638 - -------------------------------------------------------------------------------- Dominion Resources Black - -------------------------------------------------------------------------------- Warrior Trust 400 10,560 - -------------------------------------------------------------------------------- Encore Acquisition Co. 1 200 3,830 - -------------------------------------------------------------------------------- Energy Partners Ltd. 1 900 10,395 - -------------------------------------------------------------------------------- Esprit Exploration Ltd. 1,2 10,600 18,723 - -------------------------------------------------------------------------------- Esprit Exploration Ltd. 1 9,700 17,133 - -------------------------------------------------------------------------------- Forest Oil Corp. 1 1,100 27,632 - -------------------------------------------------------------------------------- Frontier Oil Corp. 3,600 54,720 - -------------------------------------------------------------------------------- Holly Corp. 1,700 46,920 - -------------------------------------------------------------------------------- Houston Exploration Co. 1 1,600 55,520 - -------------------------------------------------------------------------------- Impact Energy, Inc. 1 14,400 17,381 - -------------------------------------------------------------------------------- KCS Energy, Inc. 1 1,100 5,929 - -------------------------------------------------------------------------------- Ketch Resources Ltd. 1 4,900 26,145 - -------------------------------------------------------------------------------- Magnum Hunter Resources, Inc. 1 3,200 25,568 - -------------------------------------------------------------------------------- Maritrans, Inc. 1,500 21,975 - -------------------------------------------------------------------------------- Newfield Exploration Co. 1 1,400 52,570 - -------------------------------------------------------------------------------- OMI Corp. 1 14,800 91,168 - -------------------------------------------------------------------------------- Paramount Energy Trust 3,556 22,507 - -------------------------------------------------------------------------------- Paramount Resources Ltd. 5,400 36,762 - -------------------------------------------------------------------------------- Patina Oil & Gas Corp. 2,156 69,315 - -------------------------------------------------------------------------------- Penn Virginia Corp. 1,200 51,600 - -------------------------------------------------------------------------------- Petroleum Development Corp. 1 300 2,757 - -------------------------------------------------------------------------------- Pogo Producing Co. 1,700 72,675 - -------------------------------------------------------------------------------- Premcor, Inc. 1 2,500 53,875 - -------------------------------------------------------------------------------- Prima Energy Corp. 1 300 6,264 - -------------------------------------------------------------------------------- Progress Energy Ltd. 1 4,600 33,516 - -------------------------------------------------------------------------------- Purcell Energy Ltd. 1 15,300 27,025 Market Value Shares See Note 1 - -------------------------------------------------------------------------------- Oil & Gas Continued Quicksilver Resources, Inc. 1 1,200 $ 28,740 - -------------------------------------------------------------------------------- Range Resources Corp. 1 1,500 9,405 - -------------------------------------------------------------------------------- Real Resources, Inc. 1 3,800 12,585 - -------------------------------------------------------------------------------- Remington Oil & Gas Corp. 1 2,900 53,302 - -------------------------------------------------------------------------------- Rio Alto Resources International, Inc. 1 12,600 8,624 - -------------------------------------------------------------------------------- Spinnaker Exploration Co. 1 2,800 73,360 - -------------------------------------------------------------------------------- St. Mary Land & Exploration Co. 1 600 16,380 - -------------------------------------------------------------------------------- Stelmar Shipping Ltd. 1 1,500 25,140 - -------------------------------------------------------------------------------- Stone Energy Corp. 1 1,800 75,456 - -------------------------------------------------------------------------------- Tesoro Petroleum Corp. 1 2,800 19,264 - -------------------------------------------------------------------------------- TransMontaigne, Inc. 1 900 5,832 - -------------------------------------------------------------------------------- Ultra Petroleum Corp. 1 800 10,328 - -------------------------------------------------------------------------------- Upton Resources, Inc. 1 10,000 27,231 - -------------------------------------------------------------------------------- Western Gas Resources, Inc. 2,200 87,120 - -------------------------------------------------------------------------------- Westport Resources Corp. 1 1,900 43,225 --------------- 1,906,254 - -------------------------------------------------------------------------------- Financials--16.3% - -------------------------------------------------------------------------------- Commercial Banks--10.9% Allegiant Bancorp, Inc. 600 12,150 - -------------------------------------------------------------------------------- Alliance Financial Corp. 500 13,500 - -------------------------------------------------------------------------------- AmericanWest Bancorporation 1,200 19,476 - -------------------------------------------------------------------------------- Anchor BanCorp Wisconsin, Inc. 2,500 59,725 - -------------------------------------------------------------------------------- Arrow Financial Corp. 441 14,716 - -------------------------------------------------------------------------------- BancFirst Corp. 100 5,186 - -------------------------------------------------------------------------------- BancTrust Financial Group, Inc. 1 100 1,592 - -------------------------------------------------------------------------------- Bank Mutual Corp. 1,400 45,500 - -------------------------------------------------------------------------------- Bank of Hawaii Corp. 900 29,835 - -------------------------------------------------------------------------------- Bank of the Ozarks, Inc. 500 19,380 - -------------------------------------------------------------------------------- BankUnited Financial Corp., Cl. A 2,600 52,390 - -------------------------------------------------------------------------------- Bay View Capital Corp. 1 400 2,312 - -------------------------------------------------------------------------------- Berkshire Hills Bancorp, Inc. 500 14,200 - -------------------------------------------------------------------------------- Brookline Bancorp, Inc. 4,860 68,040 - -------------------------------------------------------------------------------- Bryn Mawr Bank Corp. 100 3,707 - -------------------------------------------------------------------------------- Camco Financial Corp. 500 7,795 - -------------------------------------------------------------------------------- Camden National Corp. 100 2,750 - -------------------------------------------------------------------------------- Capital City Bank Group, Inc. 625 22,625 - -------------------------------------------------------------------------------- Capital Crossing Bank 1 200 4,816 - -------------------------------------------------------------------------------- Capitol Bancorp Ltd. 800 21,680 - -------------------------------------------------------------------------------- Cascade Bancorp 600 10,398 - -------------------------------------------------------------------------------- Cathay Bancorp, Inc. 100 4,458 - -------------------------------------------------------------------------------- CB Bancshares, Inc. 715 44,416 - -------------------------------------------------------------------------------- Central Pacific Financial Corp. 900 24,930 - -------------------------------------------------------------------------------- Chemical Financial Corp. 105 3,129 - -------------------------------------------------------------------------------- Chester Valley Bancorp, Inc. 100 1,911 - -------------------------------------------------------------------------------- Citizens First Bancorp, Inc. 900 19,656 6 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA Market Value Shares See Note 1 - -------------------------------------------------------------------------------- Commercial Banks Continued City Holding Co. 1,100 $ 32,197 - -------------------------------------------------------------------------------- CNB Financial Corp. 100 4,498 - -------------------------------------------------------------------------------- CNB Florida Bancshares, Inc. 200 3,130 - -------------------------------------------------------------------------------- Coastal Bancorp, Inc. 200 5,684 - -------------------------------------------------------------------------------- Columbia Bancorp, Eastern US 200 4,800 - -------------------------------------------------------------------------------- Columbia Banking System, Inc. 3,300 59,103 - -------------------------------------------------------------------------------- Commercial Bankshares, Inc. 125 3,715 - -------------------------------------------------------------------------------- Community Bank System, Inc. 1,400 53,200 - -------------------------------------------------------------------------------- Community First Bankshares, Inc. 2,400 65,520 - -------------------------------------------------------------------------------- Community Trust Bancorp, Inc. 500 13,070 - -------------------------------------------------------------------------------- Connecticut Bancshares, Inc. 1,600 62,800 - -------------------------------------------------------------------------------- CVB Financial Corp. 1,700 33,184 - -------------------------------------------------------------------------------- Dime Community Bancshares, Inc. 3,275 83,349 - -------------------------------------------------------------------------------- East West Bancorp, Inc. 2,000 72,280 - -------------------------------------------------------------------------------- F&M Bancorp 200 9,864 - -------------------------------------------------------------------------------- Fidelity Bankshares, Inc. 2,616 58,337 - -------------------------------------------------------------------------------- First BanCorp, Puerto Rico 2,750 75,487 - -------------------------------------------------------------------------------- First Busey Corp. 200 4,848 - -------------------------------------------------------------------------------- First Charter Corp. 400 6,960 - -------------------------------------------------------------------------------- First Citizens BancShares, Inc., Cl. A 200 20,168 - -------------------------------------------------------------------------------- First Commonwealth Financial Corp. 200 2,592 - -------------------------------------------------------------------------------- First Community Bancshares, Inc. 1,100 38,830 - -------------------------------------------------------------------------------- First Defiance Financial Corp. 300 5,952 - -------------------------------------------------------------------------------- First Federal Capital Corp. 2,800 55,580 - -------------------------------------------------------------------------------- First Federal Financial Corp. of Kentucky 100 3,267 - -------------------------------------------------------------------------------- First Financial Bankshares, Inc. 250 8,365 - -------------------------------------------------------------------------------- First Financial Corp. 100 5,290 - -------------------------------------------------------------------------------- First Financial Holdings, Inc. 1,700 45,968 - -------------------------------------------------------------------------------- First Indiana Corp. 475 8,132 - -------------------------------------------------------------------------------- First Merchants Corp. 300 7,293 - -------------------------------------------------------------------------------- First Midwest Bancorp, Inc. 150 4,321 - -------------------------------------------------------------------------------- First National Corp. 200 4,932 - -------------------------------------------------------------------------------- First Niagara Financial Group, Inc. 4,328 60,419 - -------------------------------------------------------------------------------- First Oak Brook Bancshares, Inc. 200 6,598 - -------------------------------------------------------------------------------- First Place Financial Corp. 900 15,588 - -------------------------------------------------------------------------------- First SecurityFed Financial, Inc. 100 2,491 - -------------------------------------------------------------------------------- First Sentinel Bancorp, Inc. 700 11,179 - -------------------------------------------------------------------------------- Firstbank Corp. 100 3,038 - -------------------------------------------------------------------------------- FirstFed America Bancorp, Inc. 900 31,050 - -------------------------------------------------------------------------------- FirstFed Financial Corp. 1 1,800 63,522 - -------------------------------------------------------------------------------- Flagstar Bancorp, Inc. 4,350 106,358 - -------------------------------------------------------------------------------- FloridaFirst Bancorp, Inc. 300 7,158 - -------------------------------------------------------------------------------- Flushing Financial Corp. 1,850 41,015 - -------------------------------------------------------------------------------- Foothill Independent Bancorp 200 3,704 Market Value Shares See Note 1 - -------------------------------------------------------------------------------- Commercial Banks Continued GA Financial, Inc. 300 $ 7,545 - -------------------------------------------------------------------------------- Glacier Bancorp, Inc. 1,740 42,839 - -------------------------------------------------------------------------------- Greater Delaware Valley Savings Bank 100 2,270 - -------------------------------------------------------------------------------- Hancock Holding Co. 500 23,530 - -------------------------------------------------------------------------------- Hanmi Financial Corp. 1,500 26,205 - -------------------------------------------------------------------------------- Harbor Florida Bancshares, Inc. 2,600 62,296 - -------------------------------------------------------------------------------- Harleysville National Corp. 700 18,942 - -------------------------------------------------------------------------------- Hawthorne Financial Corp. 1 1,100 38,126 - -------------------------------------------------------------------------------- Home Federal Bancorp 1,200 29,136 - -------------------------------------------------------------------------------- Hudson United Bancorp 1,100 37,565 - -------------------------------------------------------------------------------- IBERIABANK Corp. 1,300 63,440 - -------------------------------------------------------------------------------- Independence Community Bank Corp. 600 16,932 - -------------------------------------------------------------------------------- Independent Bank Corp.--Massachusetts 600 13,554 - -------------------------------------------------------------------------------- Independent Bank Corp.--Michigan 2,403 61,733 - -------------------------------------------------------------------------------- International Bancshares Corp. 1,131 40,218 - -------------------------------------------------------------------------------- Irwin Financial Corp. 1,500 38,850 - -------------------------------------------------------------------------------- ITLA Capital Corp. 1 2,000 80,860 - -------------------------------------------------------------------------------- Klamath First Bancorp, Inc. 300 5,046 - -------------------------------------------------------------------------------- Local Financial Corp. 1 1,800 25,992 - -------------------------------------------------------------------------------- Macatawa Bank Corp. 310 7,468 - -------------------------------------------------------------------------------- MAF Bancorp, Inc. 2,200 81,554 - -------------------------------------------------------------------------------- MainSource Financial Group, Inc. 200 4,874 - -------------------------------------------------------------------------------- MB Financial, Inc. 400 16,016 - -------------------------------------------------------------------------------- Mid-State Bancshares 500 9,875 - -------------------------------------------------------------------------------- Middleburg Financial Corp. 100 5,710 - -------------------------------------------------------------------------------- MutualFirst Financial, Inc. 100 2,335 - -------------------------------------------------------------------------------- Nara Bancorp, Inc. 1,900 36,100 - -------------------------------------------------------------------------------- NASB Financial, Inc. 300 8,700 - -------------------------------------------------------------------------------- National Bankshares, Inc. 400 15,724 - -------------------------------------------------------------------------------- National Penn Bancshares, Inc. 110 3,089 - -------------------------------------------------------------------------------- NBT Bancorp, Inc. 1,700 32,895 - -------------------------------------------------------------------------------- Net.B@nk, Inc. 2,100 27,636 - -------------------------------------------------------------------------------- NewMil Bancorp, Inc. 100 2,190 - -------------------------------------------------------------------------------- North Valley Bancorp 250 3,750 - -------------------------------------------------------------------------------- Oak Hill Financial, Inc. 300 7,509 - -------------------------------------------------------------------------------- OceanFirst Financial Corp. 800 19,544 - -------------------------------------------------------------------------------- Old National Bancorp 535 12,305 - -------------------------------------------------------------------------------- Old Second Bancorp, Inc. 1,333 57,119 - -------------------------------------------------------------------------------- Oriental Financial Group, Inc. 1,712 43,981 - -------------------------------------------------------------------------------- Pacific Capital Bancorp 2,833 99,297 - -------------------------------------------------------------------------------- Parkvale Financial Corp. 100 2,458 - -------------------------------------------------------------------------------- Peapack-Gladstone Financial Corp. 100 3,203 - -------------------------------------------------------------------------------- PennFed Financial Services, Inc. 400 11,100 - -------------------------------------------------------------------------------- PennRock Financial Services Corp. 200 5,402 7 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA STATEMENT OF INVESTMENTS Unaudited / Continued Market Value Shares See Note 1 - -------------------------------------------------------------------------------- Commercial Banks Continued Peoples Holding Co. (The) 100 $ 4,425 - -------------------------------------------------------------------------------- PFF Bancorp, Inc. 1,200 46,380 - -------------------------------------------------------------------------------- Port Financial Corp. 1,100 59,268 - -------------------------------------------------------------------------------- Progress Financial Corp. 315 4,306 - -------------------------------------------------------------------------------- Prosperity Bancshares, Inc. 1,900 36,575 - -------------------------------------------------------------------------------- Provident Bankshares Corp. 100 2,541 - -------------------------------------------------------------------------------- Quaker City Bancorp, Inc. 1 1,300 53,365 - -------------------------------------------------------------------------------- R&G Financial Corp., Cl. B 3,500 103,950 - -------------------------------------------------------------------------------- Redwood Empire Bancorp 500 14,255 - -------------------------------------------------------------------------------- Republic Bancorp, Inc. 831 11,152 - -------------------------------------------------------------------------------- Republic Bancorp, Inc., Cl. A 1,700 25,211 - -------------------------------------------------------------------------------- S&T Bancorp, Inc. 2,300 63,089 - -------------------------------------------------------------------------------- S.Y. Bancorp, Inc. 100 3,537 - -------------------------------------------------------------------------------- Sandy Spring Bancorp, Inc. 1,100 34,760 - -------------------------------------------------------------------------------- Santander BanCorp 100 1,636 - -------------------------------------------------------------------------------- Seacoast Banking Corp. of Florida 2,300 39,192 - -------------------------------------------------------------------------------- Second Bancorp, Inc. 500 12,900 - -------------------------------------------------------------------------------- Simmons First National Corp. 300 6,003 - -------------------------------------------------------------------------------- Sky Financial Group, Inc. 200 4,344 - -------------------------------------------------------------------------------- Sound Federal Bancorp, Inc. 900 12,231 - -------------------------------------------------------------------------------- Southern Financial Bancorp, Inc. 930 28,421 - -------------------------------------------------------------------------------- Southwest Bancorp, Inc. 300 8,223 - -------------------------------------------------------------------------------- St. Francis Capital Corp. 1,600 46,512 - -------------------------------------------------------------------------------- State Bancorp, Inc. 1,202 23,523 - -------------------------------------------------------------------------------- State Financial Services Corp. 400 8,856 - -------------------------------------------------------------------------------- Sterling Bancorp 1,700 47,413 - -------------------------------------------------------------------------------- Sterling Financial Corp., Eastern US 100 2,325 - -------------------------------------------------------------------------------- Sterling Financial Corp., Western US 2,670 65,041 - -------------------------------------------------------------------------------- Sun Bancorp, Inc., New Jersey 1,420 28,258 - -------------------------------------------------------------------------------- Superior Financial Corp. 800 19,200 - -------------------------------------------------------------------------------- Texas Regional Bancshares, Inc., Cl. A 740 25,678 - -------------------------------------------------------------------------------- TierOne Corp. 1 100 1,947 - -------------------------------------------------------------------------------- Troy Financial Corp. 595 16,154 - -------------------------------------------------------------------------------- Trust Co. of New Jersey (The) 800 24,240 - -------------------------------------------------------------------------------- U.S.B. Holding Co., Inc. 300 5,325 - -------------------------------------------------------------------------------- UCBH Holdings, Inc. 3,000 86,040 - -------------------------------------------------------------------------------- Union Bankshares Corp. 500 14,135 - -------------------------------------------------------------------------------- United Community Financial Corp. 100 924 - -------------------------------------------------------------------------------- United National Bancorp 400 11,036 - -------------------------------------------------------------------------------- United Security Bancshares, Inc., Southern US 100 4,516 - -------------------------------------------------------------------------------- Unizan Financial Corp. 265 4,656 - -------------------------------------------------------------------------------- W. Holding Co., Inc. 1,100 18,612 - -------------------------------------------------------------------------------- Waypoint Financial Corp. 2,200 39,688 - -------------------------------------------------------------------------------- Webster Financial Corp. 800 30,240 Market Value Shares See Note 1 - -------------------------------------------------------------------------------- Commercial Banks Continued WesBanco, Inc. 400 $ 9,720 - -------------------------------------------------------------------------------- West Coast Bancorp 100 1,820 - -------------------------------------------------------------------------------- WGNB Corp. 100 2,525 - -------------------------------------------------------------------------------- Willow Grove Bancorp, Inc. 2,600 44,122 - -------------------------------------------------------------------------------- Wilshire State Bank 1 100 1,537 - -------------------------------------------------------------------------------- WSFS Financial Corp. 1,400 53,760 --------------- 4,113,589 - -------------------------------------------------------------------------------- Diversified Financial Services--2.0% Ace Cash Express, Inc. 1 100 1,087 - -------------------------------------------------------------------------------- Atalanta/Sosnoff Capital Corp. 1 100 1,355 - -------------------------------------------------------------------------------- Cash America International, Inc. 5,400 71,388 - -------------------------------------------------------------------------------- CompuCredit Corp. 1 2,900 35,235 - -------------------------------------------------------------------------------- Credit Acceptance Corp. 1 1,400 14,126 - -------------------------------------------------------------------------------- E*TRADE Group, Inc. 1 2,300 19,550 - -------------------------------------------------------------------------------- First Cash Financial Services, Inc. 1 800 11,368 - -------------------------------------------------------------------------------- Gladstone Capital Corp. 100 2,063 - -------------------------------------------------------------------------------- iShares Russell 2000 Index Fund 5,300 471,170 - -------------------------------------------------------------------------------- Providian Financial Corp. 1 3,200 29,632 - -------------------------------------------------------------------------------- Student Loan Corp. (The) 400 50,400 - -------------------------------------------------------------------------------- United PanAm Financial Corp. 1 100 1,224 - -------------------------------------------------------------------------------- WFS Financial, Inc. 1 600 20,106 - -------------------------------------------------------------------------------- World Acceptance Corp. 1 2,500 40,700 --------------- 769,404 - -------------------------------------------------------------------------------- Insurance--2.3% Alfa Corp. 2,800 35,588 - -------------------------------------------------------------------------------- American Medical Security Group, Inc. 1 2,100 40,110 - -------------------------------------------------------------------------------- American Physicians Capital, Inc. 1 100 2,425 - -------------------------------------------------------------------------------- Arch Capital Group Ltd. 1 1,900 65,987 - -------------------------------------------------------------------------------- Baldwin & Lyons, Inc., Cl. B, Non-Vtg. 300 7,125 - -------------------------------------------------------------------------------- Berkley (W.R.) Corp. 300 15,810 - -------------------------------------------------------------------------------- Brown & Brown, Inc. 1,000 32,500 - -------------------------------------------------------------------------------- CNA Surety Corp. 1,500 14,775 - -------------------------------------------------------------------------------- Delphi Financial Group, Inc., Cl. A 1,400 65,520 - -------------------------------------------------------------------------------- FBL Financial Group, Inc., Cl. A 1,000 20,150 - -------------------------------------------------------------------------------- Fidelity National Financial, Inc. 2,087 64,196 - -------------------------------------------------------------------------------- Financial Industries Corp. 200 2,948 - -------------------------------------------------------------------------------- Great American Financial Resources, Inc. 200 2,622 - -------------------------------------------------------------------------------- Hub International Ltd. 500 8,550 - -------------------------------------------------------------------------------- Independence Holding Co. 100 2,111 - -------------------------------------------------------------------------------- Infinity Property & Casualty Corp. 1,400 33,096 - -------------------------------------------------------------------------------- IPC Holdings Ltd. 300 10,050 - -------------------------------------------------------------------------------- LandAmerica Financial Group, Inc. 2,200 104,500 - -------------------------------------------------------------------------------- Midland Co. (The) 200 4,442 8 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA Market Value Shares See Note 1 - -------------------------------------------------------------------------------- Insurance Continued National Western Life Insurance Co., Cl. A 1 100 $ 11,043 - -------------------------------------------------------------------------------- Navigators Group, Inc. (The) 1 400 11,928 - -------------------------------------------------------------------------------- Odyssey Re Holdings Corp. 3,000 63,300 - -------------------------------------------------------------------------------- Pico Holdings, Inc. 1 100 1,300 - -------------------------------------------------------------------------------- ProAssurance Corp. 1 1,600 43,184 - -------------------------------------------------------------------------------- Reinsurance Group of America, Inc. 800 25,680 - -------------------------------------------------------------------------------- RenaissanceRe Holdings Ltd. 1,100 50,072 - -------------------------------------------------------------------------------- RLI Corp. 1,500 49,350 - -------------------------------------------------------------------------------- State Auto Financial Corp. 1,000 22,450 - -------------------------------------------------------------------------------- Stewart Information Services Corp. 1 2,500 69,625 - -------------------------------------------------------------------------------- U.S.I. Holdings Corp. 1 400 4,704 --------------- 885,141 - -------------------------------------------------------------------------------- Real Estate--0.5% American Financial Realty Trust 2,900 43,239 - -------------------------------------------------------------------------------- Anworth Mortgage Asset Corp. 500 7,710 - -------------------------------------------------------------------------------- Capital Automotive REIT 300 8,397 - -------------------------------------------------------------------------------- Capital Trust, Cl. A 300 5,565 - -------------------------------------------------------------------------------- CBL & Associates Properties, Inc. 300 12,900 - -------------------------------------------------------------------------------- Chelsea Property Group, Inc. 200 8,062 - -------------------------------------------------------------------------------- Correctional Properties Trust 200 5,600 - -------------------------------------------------------------------------------- Friedman, Billings, Ramsey Group, Inc., Cl. A 200 2,680 - -------------------------------------------------------------------------------- Getty Realty Corp. 200 4,464 - -------------------------------------------------------------------------------- LNR Property Corp. 300 11,220 - -------------------------------------------------------------------------------- Maguire Properties, Inc. 1 2,000 38,500 - -------------------------------------------------------------------------------- Pan Pacific Retail Properties, Inc. 200 7,870 - -------------------------------------------------------------------------------- Prentiss Properties Trust 200 5,998 - -------------------------------------------------------------------------------- Ramco-Gershenson Properties Trust 400 9,320 - -------------------------------------------------------------------------------- Regency Centers Corp. 300 10,494 - -------------------------------------------------------------------------------- Tanger Factory Outlet Centers, Inc. 100 3,308 - -------------------------------------------------------------------------------- Trammell Crow Co. 1 1,700 18,037 --------------- 203,364 - -------------------------------------------------------------------------------- Thrifts & Mortgage Finance--0.6% Accredited Home Lenders Holding Co. 1 100 1,962 - -------------------------------------------------------------------------------- American Home Mortgage Holdings, Inc. 2,900 56,782 - -------------------------------------------------------------------------------- Charter Municipal Mortgage Acceptance Co. 1,600 30,416 - -------------------------------------------------------------------------------- Doral Financial Corp. 1,950 87,067 - -------------------------------------------------------------------------------- Fremont General Corp. 1,100 15,070 - -------------------------------------------------------------------------------- New Century Financial Corp. 700 30,555 --------------- 221,852 Market Value Shares See Note 1 - -------------------------------------------------------------------------------- Health Care--13.9% - -------------------------------------------------------------------------------- Biotechnology--2.2% Amylin Pharmaceuticals, Inc. 1 2,900 $ 63,481 - -------------------------------------------------------------------------------- Antigenics, Inc. 1 2,600 29,952 - -------------------------------------------------------------------------------- BioMarin Pharmaceutical, Inc. 1 3,400 33,184 - -------------------------------------------------------------------------------- BioReliance Corp. 1 2,100 44,520 - -------------------------------------------------------------------------------- Celgene Corp. 1 2,300 69,920 - -------------------------------------------------------------------------------- Ciphergen Biosystems, Inc. 1 400 4,100 - -------------------------------------------------------------------------------- Digene Corp. 1 1,300 35,399 - -------------------------------------------------------------------------------- Exact Sciences Corp. 1 1,600 17,536 - -------------------------------------------------------------------------------- Gen-Probe, Inc. 1 1,600 65,392 - -------------------------------------------------------------------------------- Idexx Laboratories, Inc. 1 3,100 103,974 - -------------------------------------------------------------------------------- Martek Biosciences Corp. 1 1,200 51,528 - -------------------------------------------------------------------------------- Medicines Co. (The) 1 2,700 53,163 - -------------------------------------------------------------------------------- Nuerocrine Biosciences, Inc. 1 800 39,952 - -------------------------------------------------------------------------------- QLT PhotoTherapeutics, Inc. 1 2,800 35,557 - -------------------------------------------------------------------------------- Sepracor, Inc. 1 2,200 39,666 - -------------------------------------------------------------------------------- Tanox, Inc. 1 3,100 49,755 - -------------------------------------------------------------------------------- Telik, Inc. 1 3,900 62,673 - -------------------------------------------------------------------------------- United Therapeutics Corp. 1 2,600 56,628 --------------- 856,380 - -------------------------------------------------------------------------------- Health Care Equipment & Supplies--4.6% Advanced Medical Optics, Inc. 1 5,400 92,070 - -------------------------------------------------------------------------------- Advanced Neuromodulation Systems, Inc. 1 400 20,708 - -------------------------------------------------------------------------------- Alaris Medical, Inc. 5,400 69,930 - -------------------------------------------------------------------------------- Analogic Corp. 1,100 53,636 - -------------------------------------------------------------------------------- Bio-Rad Laboratories, Inc., Cl. A 1 2,000 110,700 - -------------------------------------------------------------------------------- BioLase Technology, Inc. 1 300 3,219 - -------------------------------------------------------------------------------- Biosite, Inc. 1 2,400 115,440 - -------------------------------------------------------------------------------- CNS, Inc. 1 100 850 - -------------------------------------------------------------------------------- Cooper Cos., Inc. (The) 4,100 142,557 - -------------------------------------------------------------------------------- Cyberonics, Inc. 1 700 15,057 - -------------------------------------------------------------------------------- Dade Behring Holdings, Inc. 1 1,100 25,267 - -------------------------------------------------------------------------------- Edwards Lifesciences Corp. 1 300 9,642 - -------------------------------------------------------------------------------- Exactech, Inc. 1 1,700 24,480 - -------------------------------------------------------------------------------- HealthTronics Surgical Services, Inc. 1 3,500 31,500 - -------------------------------------------------------------------------------- I-STAT Corp. 1 400 3,596 - -------------------------------------------------------------------------------- ICU Medical, Inc. 1 200 6,230 - -------------------------------------------------------------------------------- Immucor, Inc. 1 3,100 67,549 - -------------------------------------------------------------------------------- Inamed Corp. 1 1,700 91,273 - -------------------------------------------------------------------------------- Kensey Nash Corp. 1 3,200 83,200 - -------------------------------------------------------------------------------- Lifeline Systems, Inc. 1 800 22,720 - -------------------------------------------------------------------------------- Matthews International Corp., Cl. A 700 17,332 - -------------------------------------------------------------------------------- Mentor Corp. 2,000 38,760 - -------------------------------------------------------------------------------- Meridian Bioscience, Inc. 1,300 11,843 9 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA STATEMENT OF INVESTMENTS Unaudited / Continued Market Value Shares See Note 1 - -------------------------------------------------------------------------------- Health Care Equipment & Supplies Continued Merit Medical Systems, Inc. 1 4,325 $ 86,414 - -------------------------------------------------------------------------------- Microtek Medical Holdings, Inc. 1 200 420 - -------------------------------------------------------------------------------- Novoste Corp. 1 200 1,200 - -------------------------------------------------------------------------------- Nutraceutical International Corp. 1 2,000 21,500 - -------------------------------------------------------------------------------- PolyMedica Corp. 1,100 50,369 - -------------------------------------------------------------------------------- Possis Medical, Inc. 1 1,400 19,208 - -------------------------------------------------------------------------------- Quidel Corp. 1 1,900 11,818 - -------------------------------------------------------------------------------- Regeneration Technologies, Inc. 1 600 7,974 - -------------------------------------------------------------------------------- ResMed, Inc. 1 300 11,760 - -------------------------------------------------------------------------------- Respironics, Inc. 1 900 33,768 - -------------------------------------------------------------------------------- Steris Corp. 1 3,100 71,579 - -------------------------------------------------------------------------------- SurModics, Inc. 1 300 9,150 - -------------------------------------------------------------------------------- Sybron Dental Specialties, Inc. 1 4,500 106,200 - -------------------------------------------------------------------------------- Synovis Life Technologies, Inc. 1 1,400 27,636 - -------------------------------------------------------------------------------- Thoratec Corp. 1 2,000 29,800 - -------------------------------------------------------------------------------- Viasys Healthcare, Inc. 1 1,500 31,050 - -------------------------------------------------------------------------------- VISX, Inc. 1 1,600 27,760 - -------------------------------------------------------------------------------- Vital Images, Inc. 1 2,800 51,464 - -------------------------------------------------------------------------------- Young Innovations, Inc. 1 2,550 72,675 - -------------------------------------------------------------------------------- Zoll Medical Corp. 1 100 3,356 --------------- 1,732,660 - -------------------------------------------------------------------------------- Health Care Providers & Services--4.6% Advisory Board Co. (The) 1 2,100 85,092 - -------------------------------------------------------------------------------- American Healthways, Inc. 1 1,500 54,180 - -------------------------------------------------------------------------------- AMERIGROUP Corp. 1 2,400 89,280 - -------------------------------------------------------------------------------- AmSurg Corp. 1 1,500 45,750 - -------------------------------------------------------------------------------- Apria Healthcare Group, Inc. 1 4,000 99,520 - -------------------------------------------------------------------------------- Centene Corp. 1 1,900 73,910 - -------------------------------------------------------------------------------- Cobalt Corp. 1 3,000 61,650 - -------------------------------------------------------------------------------- CorVel Corp. 1 1,800 64,800 - -------------------------------------------------------------------------------- Covance, Inc. 1 3,200 57,920 - -------------------------------------------------------------------------------- Coventry Health Care, Inc. 1 600 27,696 - -------------------------------------------------------------------------------- Curative Health Services, Inc. 1 500 8,500 - -------------------------------------------------------------------------------- DaVita, Inc. 1 3,000 80,340 - -------------------------------------------------------------------------------- Dendrite International, Inc. 1 7,200 92,736 - -------------------------------------------------------------------------------- eResearch Technology, Inc. 1 4,900 108,584 - -------------------------------------------------------------------------------- Gentiva Health Services, Inc. 1 3,500 31,500 - -------------------------------------------------------------------------------- Hanger Orthopedic Group, Inc. 1 3,100 35,495 - -------------------------------------------------------------------------------- IDX Systems Corp. 1 1,000 15,520 - -------------------------------------------------------------------------------- LabOne, Inc. 1 2,200 47,432 - -------------------------------------------------------------------------------- Mid Atlantic Medical Services, Inc. 1 700 36,610 - -------------------------------------------------------------------------------- National HealthCare Corp. 1 400 7,872 - -------------------------------------------------------------------------------- Odyssey Healthcare, Inc. 1 2,500 92,500 - -------------------------------------------------------------------------------- Owens & Minor, Inc. 900 20,115 - -------------------------------------------------------------------------------- Oxford Health Plans, Inc. 1 500 21,015 Market Value Shares See Note 1 - -------------------------------------------------------------------------------- Health Care Providers & Services Continued PacifiCare Health Systems, Inc. 1 2,100 $ 103,593 - -------------------------------------------------------------------------------- Parexel International Corp. 1 1,400 19,530 - -------------------------------------------------------------------------------- Per-Se Technologies, Inc. 1 200 2,246 - -------------------------------------------------------------------------------- Prime Medical Services, Inc. 1 400 1,880 - -------------------------------------------------------------------------------- Renal Care Group, Inc. 1 500 17,605 - -------------------------------------------------------------------------------- Select Medical Corp. 1 4,200 104,286 - -------------------------------------------------------------------------------- SFBC International, Inc. 1 100 1,810 - -------------------------------------------------------------------------------- Sierra Health Services, Inc. 1 1,900 38,000 - -------------------------------------------------------------------------------- Sunrise Senior Living, Inc. 1 1,000 22,380 - -------------------------------------------------------------------------------- U.S. Physical Therapy, Inc. 1 1,500 19,170 - -------------------------------------------------------------------------------- United Surgical Partners International, Inc. 1 900 20,331 - -------------------------------------------------------------------------------- US Oncology, Inc. 1 5,000 36,950 - -------------------------------------------------------------------------------- VCA Antech, Inc. 1 2,900 56,753 - -------------------------------------------------------------------------------- VitalWorks, Inc. 1 6,800 26,860 --------------- 1,729,411 - -------------------------------------------------------------------------------- Pharmaceuticals--2.5% aaiPharma, Inc. 1 1,950 38,766 - -------------------------------------------------------------------------------- Able Laboratories, Inc. 1 600 11,880 - -------------------------------------------------------------------------------- Alpharma, Inc., Cl. A 3,500 75,600 - -------------------------------------------------------------------------------- American Pharmaceutical Partners, Inc. 1 3,700 125,430 - -------------------------------------------------------------------------------- AtheroGenics, Inc. 1 3,100 46,283 - -------------------------------------------------------------------------------- Bradley Pharmaceuticals, Inc. 1 3,500 57,750 - -------------------------------------------------------------------------------- CollaGenex Pharmaceuticals, Inc. 1 300 4,029 - -------------------------------------------------------------------------------- Connetics Corp. 1 3,600 53,892 - -------------------------------------------------------------------------------- Endo Pharmaceuticals Holdings, Inc. 1 2,000 33,840 - -------------------------------------------------------------------------------- Eon Labs, Inc. 1 1,700 59,755 - -------------------------------------------------------------------------------- Hi-Tech Pharmacal Co., Inc. 1 300 12,201 - -------------------------------------------------------------------------------- Kos Pharmaceuticals, Inc. 1 800 18,776 - -------------------------------------------------------------------------------- Lannett Co., Inc. 1 4,000 93,760 - -------------------------------------------------------------------------------- Perrigo Co. 6,800 106,352 - -------------------------------------------------------------------------------- Pharmaceutical Resources, Inc. 1 1,900 92,454 - -------------------------------------------------------------------------------- Taro Pharmaceutical Industries Ltd. 1 2,100 115,248 --------------- 946,016 - -------------------------------------------------------------------------------- Industrials--13.3% - -------------------------------------------------------------------------------- Aerospace & Defense--1.0% AAR Corp. 2,400 16,944 - -------------------------------------------------------------------------------- Applied Signal Technology, Inc. 3,600 61,200 - -------------------------------------------------------------------------------- Ducommun, Inc. 1 700 9,870 - -------------------------------------------------------------------------------- Engineered Support Systems, Inc. 2,200 92,070 - -------------------------------------------------------------------------------- ESCO Technologies, Inc. 1 1,600 70,400 - -------------------------------------------------------------------------------- Mercury Computer Systems, Inc. 1 500 9,080 - -------------------------------------------------------------------------------- Orbital Sciences Corp. 1 2,100 15,330 - -------------------------------------------------------------------------------- Pemco Aviation Group, Inc. 1 100 2,350 10 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA Market Value Shares See Note 1 - -------------------------------------------------------------------------------- Aerospace & Defense Continued Teledyne Technologies, Inc. 1 4,000 $ 52,400 - -------------------------------------------------------------------------------- United Defense Industries, Inc. 1 400 10,376 - -------------------------------------------------------------------------------- World Fuel Services Corp. 2,200 54,098 --------------- 394,118 - -------------------------------------------------------------------------------- Air Freight & Logistics--0.1% Airborne, Inc. 1,300 27,170 - -------------------------------------------------------------------------------- EGL, Inc. 1 700 10,640 - -------------------------------------------------------------------------------- Forward Air Corp. 1 100 2,537 --------------- 40,347 - -------------------------------------------------------------------------------- Airlines--0.1% ExpressJet Holdings, Inc. 1 800 12,080 - -------------------------------------------------------------------------------- Mesa Air Group, Inc. 1 500 4,000 - -------------------------------------------------------------------------------- Mesaba Holdings, Inc. 1 200 1,234 --------------- 17,314 - -------------------------------------------------------------------------------- Building Products--1.4% Aaon, Inc. 1 2,350 43,522 - -------------------------------------------------------------------------------- American Woodmark Corp. 1,300 60,528 - -------------------------------------------------------------------------------- Apogee Enterprises, Inc. 600 5,412 - -------------------------------------------------------------------------------- Drew Industries, Inc. 1 1,900 34,580 - -------------------------------------------------------------------------------- ElkCorp 300 6,750 - -------------------------------------------------------------------------------- Griffon Corp. 1 3,470 55,520 - -------------------------------------------------------------------------------- Jacuzzi Brands, Inc. 1 7,500 39,675 - -------------------------------------------------------------------------------- Lennox International, Inc. 3,100 39,897 - -------------------------------------------------------------------------------- Simpson Manufacturing Co., Inc. 2,200 80,520 - -------------------------------------------------------------------------------- Trex Co., Inc. 1 2,600 102,050 - -------------------------------------------------------------------------------- Universal Forest Products, Inc. 800 16,752 - -------------------------------------------------------------------------------- USG Corp. 1 1,300 24,700 - -------------------------------------------------------------------------------- Water Pik Technologies, Inc. 1 100 777 - -------------------------------------------------------------------------------- Watsco, Inc. 1,100 18,216 --------------- 528,899 - -------------------------------------------------------------------------------- Commercial Services & Supplies--4.5% Angelica Corp. 2,500 42,375 - -------------------------------------------------------------------------------- Arbitron, Inc. 1 2,200 78,540 - -------------------------------------------------------------------------------- Banta Corp. 1,700 55,029 - -------------------------------------------------------------------------------- Bowne & Co., Inc. 3,000 39,090 - -------------------------------------------------------------------------------- Bright Horizons Family Solutions, Inc. 1 1,900 63,764 - -------------------------------------------------------------------------------- CDI Corp. 1 1,800 46,728 - -------------------------------------------------------------------------------- Century Business Services, Inc. 1 1,800 5,850 - -------------------------------------------------------------------------------- Charles River Associates, Inc. 1 600 16,962 - -------------------------------------------------------------------------------- Coinstar, Inc. 1 1,100 20,746 - -------------------------------------------------------------------------------- Concorde Career Colleges, Inc. 1 300 6,003 - -------------------------------------------------------------------------------- Consolidated Graphics, Inc. 1 400 9,152 - -------------------------------------------------------------------------------- Corinthian Colleges, Inc. 1 1,500 72,855 Market Value Shares See Note 1 - -------------------------------------------------------------------------------- Commercial Services & Supplies Continued Cornell Corrections, Inc. 1 600 $ 9,084 - -------------------------------------------------------------------------------- Corporate Executive Board Co. 1 1,100 44,583 - -------------------------------------------------------------------------------- CPI Corp. 400 7,060 - -------------------------------------------------------------------------------- DeVry, Inc 1 3,500 81,515 - -------------------------------------------------------------------------------- Duratek, Inc. 1 100 783 - -------------------------------------------------------------------------------- Ennis Business Forms, Inc. 2,400 34,920 - -------------------------------------------------------------------------------- Exponent, Inc. 1 2,000 31,000 - -------------------------------------------------------------------------------- General Binding Corp. 1 1,300 15,600 - -------------------------------------------------------------------------------- Gevity HR, Inc. 800 9,456 - -------------------------------------------------------------------------------- Gundle/SLT Environmental, Inc. 1 1,600 21,792 - -------------------------------------------------------------------------------- Harland (John H.) Co. 600 15,696 - -------------------------------------------------------------------------------- Headwaters, Inc. 1 3,100 45,539 - -------------------------------------------------------------------------------- Heidrick & Struggles International, Inc. 1 200 2,524 - -------------------------------------------------------------------------------- ICT Group, Inc. 1 900 9,414 - -------------------------------------------------------------------------------- Imagistics International, Inc. 1 4,100 105,780 - -------------------------------------------------------------------------------- Interpool, Inc. 1,500 24,630 - -------------------------------------------------------------------------------- ITT Educational Services, Inc. 1 4,500 131,625 - -------------------------------------------------------------------------------- Kelly Services, Inc., Cl. A 1,100 25,795 - -------------------------------------------------------------------------------- Labor Ready, Inc. 1 1,500 10,755 - -------------------------------------------------------------------------------- Landauer, Inc. 1,300 54,379 - -------------------------------------------------------------------------------- Layne Christensen Co. 1 100 807 - -------------------------------------------------------------------------------- Moore Wallace, Inc. 1 1,100 16,148 - -------------------------------------------------------------------------------- NCO Group, Inc. 1 700 12,537 - -------------------------------------------------------------------------------- New England Business Service, Inc. 900 27,000 - -------------------------------------------------------------------------------- Right Management Consultants, Inc. 1 2,975 37,634 - -------------------------------------------------------------------------------- Rollins, Inc. 4,600 86,710 - -------------------------------------------------------------------------------- Schawk, Inc. 500 5,240 - -------------------------------------------------------------------------------- Stericycle, Inc. 1 500 19,240 - -------------------------------------------------------------------------------- Strayer Education, Inc. 1,200 95,340 - -------------------------------------------------------------------------------- Tetra Tech, Inc. 1 2,300 39,399 - -------------------------------------------------------------------------------- United Stationers, Inc. 1 900 32,553 - -------------------------------------------------------------------------------- University of Phoenix Online 1 1,800 91,260 - -------------------------------------------------------------------------------- Vermilion Energy Trust 6,400 63,117 - -------------------------------------------------------------------------------- Wackenhut Corrections Corp. 1 200 2,742 - -------------------------------------------------------------------------------- Waste Connections, Inc. 1 700 24,535 - -------------------------------------------------------------------------------- Watson Wyatt & Co. Holdings 1 1,000 23,180 --------------- 1,716,466 - -------------------------------------------------------------------------------- Construction & Engineering--0.4% Comfort Systems USA, Inc. 1 4,300 11,309 - -------------------------------------------------------------------------------- Dycom Industries, Inc. 1 2,700 44,010 - -------------------------------------------------------------------------------- Granite Construction, Inc. 2,500 47,900 - -------------------------------------------------------------------------------- Integrated Electrical Services, Inc. 1 5,000 36,250 - -------------------------------------------------------------------------------- URS Corp. 1 1,400 27,244 --------------- 166,713 11 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA STATEMENT OF INVESTMENTS Unaudited / Continued Market Value Shares See Note 1 - -------------------------------------------------------------------------------- Electrical Equipment--0.9% Acuity Brands, Inc. 2,700 $ 49,059 - -------------------------------------------------------------------------------- AMETEK, Inc. 2,900 106,285 - -------------------------------------------------------------------------------- Baldor Electric Co. 700 14,420 - -------------------------------------------------------------------------------- C&D Technologies, Inc. 600 8,616 - -------------------------------------------------------------------------------- Franklin Electric Co., Inc. 900 50,085 - -------------------------------------------------------------------------------- Genlyte Group, Inc. (The) 1 1,100 38,467 - -------------------------------------------------------------------------------- II-VI, Inc. 1 2,400 55,392 - -------------------------------------------------------------------------------- Smith (A.O.) Corp. 1,100 30,965 - -------------------------------------------------------------------------------- Tecumseh Products Co., Cl. A 100 3,831 --------------- 357,120 - -------------------------------------------------------------------------------- Industrial Conglomerates--0.4% Carlisle Cos., Inc. 2,500 105,400 - -------------------------------------------------------------------------------- Lydall, Inc. 1 200 2,140 - -------------------------------------------------------------------------------- Raven Industries, Inc. 300 5,976 - -------------------------------------------------------------------------------- Standex International Corp. 500 10,500 - -------------------------------------------------------------------------------- United Industrial Corp. 1,200 19,560 --------------- 143,576 - -------------------------------------------------------------------------------- Machinery--2.8% Actuant Corp., Cl. A 1 400 18,928 - -------------------------------------------------------------------------------- Alamo Group, Inc. 500 6,110 - -------------------------------------------------------------------------------- Albany International Corp., Cl. A 3,700 101,380 - -------------------------------------------------------------------------------- Ampco-Pittsburg Corp. 800 10,720 - -------------------------------------------------------------------------------- Barnes Group, Inc. 800 17,408 - -------------------------------------------------------------------------------- BHA Group, Inc., Cl. A 900 17,829 - -------------------------------------------------------------------------------- Briggs & Stratton Corp. 2,500 126,250 - -------------------------------------------------------------------------------- Cascade Corp. 3,100 53,940 - -------------------------------------------------------------------------------- Chicago Bridge & Iron Co. NV 4,200 95,256 - -------------------------------------------------------------------------------- CIRCOR International, Inc. 500 8,915 - -------------------------------------------------------------------------------- Clarcor, Inc. 2,100 80,955 - -------------------------------------------------------------------------------- Cuno, Inc. 1 1,700 61,404 - -------------------------------------------------------------------------------- Dionex Corp. 1 3,000 119,250 - -------------------------------------------------------------------------------- Donaldson Co., Inc. 400 17,780 - -------------------------------------------------------------------------------- Graco, Inc. 1,650 52,800 - -------------------------------------------------------------------------------- Harsco Corp. 800 28,840 - -------------------------------------------------------------------------------- Kadant, Inc. 1 400 7,500 - -------------------------------------------------------------------------------- Middleby Corp. (The) 1 1,000 14,000 - -------------------------------------------------------------------------------- Milacron, Inc. 3,300 16,137 - -------------------------------------------------------------------------------- Nordson Corp. 500 11,925 - -------------------------------------------------------------------------------- Oshkosh Truck Corp. 1,200 71,184 - -------------------------------------------------------------------------------- Pall Corp. 400 9,000 - -------------------------------------------------------------------------------- Penn Engineering & Manufacturing Corp. 300 4,095 - -------------------------------------------------------------------------------- Thomas Industries, Inc. 1,300 35,165 - -------------------------------------------------------------------------------- UNOVA, Inc. 1 600 6,660 Market Value Shares See Note 1 - -------------------------------------------------------------------------------- Machinery Continued Valmont Industries, Inc. 1,600 $ 31,136 - -------------------------------------------------------------------------------- Wabtec Corp. 300 4,173 - -------------------------------------------------------------------------------- Watts Industries, Inc., Cl. A 700 12,495 --------------- 1,041,235 - -------------------------------------------------------------------------------- Marine--0.1% Seabulk International, Inc. 1 400 3,548 - -------------------------------------------------------------------------------- UTI Worldwide, Inc. 700 21,833 --------------- 25,381 - -------------------------------------------------------------------------------- Road & Rail--1.5% Covenant Transport, Inc., Cl. A 1 2,200 37,400 - -------------------------------------------------------------------------------- Florida East Coast Industries, Inc., Cl. A 200 5,110 - -------------------------------------------------------------------------------- Heartland Express, Inc. 1 200 4,450 - -------------------------------------------------------------------------------- Hunt (J.B.) Transport Services, Inc. 1 2,800 105,700 - -------------------------------------------------------------------------------- Knight Transportation, Inc. 1 2,225 55,402 - -------------------------------------------------------------------------------- Landstar System, Inc. 1 1,100 69,135 - -------------------------------------------------------------------------------- Mullen Transportation, Inc. 1,300 29,660 - -------------------------------------------------------------------------------- Old Dominion Freight Line, Inc. 1 2,250 48,645 - -------------------------------------------------------------------------------- P.A.M. Transportation Services, Inc. 1 1,100 27,632 - -------------------------------------------------------------------------------- Roadway Corp. 800 22,824 - -------------------------------------------------------------------------------- Ryder Systems, Inc. 500 12,810 - -------------------------------------------------------------------------------- SCS Transportation, Inc. 1 2,600 32,838 - -------------------------------------------------------------------------------- U.S. Xpress Enterprises, Inc., Cl. A 1 500 5,330 - -------------------------------------------------------------------------------- Werner Enterprises, Inc. 3,333 70,659 - -------------------------------------------------------------------------------- Yellow Corp. 1 1,300 30,095 --------------- 557,690 - -------------------------------------------------------------------------------- Trading Companies & Distributors--0.1% Aceto Corp. 100 1,860 - -------------------------------------------------------------------------------- Applied Industrial Technologies, Inc. 1,200 25,320 - -------------------------------------------------------------------------------- Lawson Products, Inc. 200 5,508 --------------- 32,688 - -------------------------------------------------------------------------------- Information Technology--16.4% - -------------------------------------------------------------------------------- Communications Equipment--3.2% Adaptec, Inc. 1 5,800 45,124 - -------------------------------------------------------------------------------- ADTRAN, Inc. 1 2,400 123,096 - -------------------------------------------------------------------------------- Allen Telecom, Inc. 1 4,100 67,732 - -------------------------------------------------------------------------------- Arris Group, Inc. 1 1,900 9,424 - -------------------------------------------------------------------------------- Aspect Communications Corp. 1 5,000 19,350 - -------------------------------------------------------------------------------- Audiovox Corp., Cl. A 1 1,000 11,190 - -------------------------------------------------------------------------------- Avocent Corp. 1 4,200 125,706 - -------------------------------------------------------------------------------- Centillium Communications, Inc. 1 1,500 14,865 - -------------------------------------------------------------------------------- Comtech Telecommunications Corp. 1 900 25,416 - -------------------------------------------------------------------------------- Comverse Technology, Inc. 1 1,200 18,036 - -------------------------------------------------------------------------------- CyberGuard Corp. 1 1,700 12,070 12 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA Market Value Shares See Note 1 - -------------------------------------------------------------------------------- Communications Equipment Continued Enterasys Networks, Inc. 1 5,200 $ 15,756 - -------------------------------------------------------------------------------- F5 Networks, Inc. 1 700 11,795 - -------------------------------------------------------------------------------- Foundry Networks, Inc. 1 6,300 90,720 - -------------------------------------------------------------------------------- Harmonic, Inc. 1 8,600 35,002 - -------------------------------------------------------------------------------- InterDigital Communications Corp. 1 3,700 86,469 - -------------------------------------------------------------------------------- McDATA Corp., Cl. A 1 1,500 22,005 - -------------------------------------------------------------------------------- McDATA Corp., Cl. B 1 1,900 27,550 - -------------------------------------------------------------------------------- NetScreen Technologies, Inc. 1 4,100 92,455 - -------------------------------------------------------------------------------- Packeteer, Inc. 1 5,100 79,407 - -------------------------------------------------------------------------------- PC-Tel, Inc. 1 400 4,744 - -------------------------------------------------------------------------------- Plantronics, Inc. 1 3,700 80,179 - -------------------------------------------------------------------------------- Scientific-Atlanta, Inc. 600 14,304 - -------------------------------------------------------------------------------- Sonus Networks, Inc. 1 10,000 50,300 - -------------------------------------------------------------------------------- Tollgrade Communications, Inc. 1 2,800 52,220 - -------------------------------------------------------------------------------- UTStarcom, Inc. 1 2,600 92,482 - -------------------------------------------------------------------------------- Westell Technologies, Inc., Cl. A 1 200 1,730 --------------- 1,229,127 - -------------------------------------------------------------------------------- Computers & Peripherals--2.0% Advanced Digital Information Corp. 1 3,800 37,962 - -------------------------------------------------------------------------------- Avid Technology, Inc. 1 3,700 129,759 - -------------------------------------------------------------------------------- Cray, Inc. 1 2,900 22,910 - -------------------------------------------------------------------------------- Hutchinson Technology, Inc. 1 4,000 131,560 - -------------------------------------------------------------------------------- Imation Corp. 1,100 41,602 - -------------------------------------------------------------------------------- Intergraph Corp. 1 900 19,350 - -------------------------------------------------------------------------------- Lexar Media, Inc. 1 1,200 11,448 - -------------------------------------------------------------------------------- Maxtor Corp. 1 4,600 34,546 - -------------------------------------------------------------------------------- Neoware Systems, Inc. 1 100 1,534 - -------------------------------------------------------------------------------- Overland Storage, Inc. 1 3,800 77,292 - -------------------------------------------------------------------------------- Presstek, Inc. 1 600 3,738 - -------------------------------------------------------------------------------- Rainbow Technologies, Inc. 1 5,100 42,891 - -------------------------------------------------------------------------------- Storage Technology Corp. 1 1,000 25,740 - -------------------------------------------------------------------------------- Stratasys, Inc. 1 900 31,653 - -------------------------------------------------------------------------------- Western Digital Corp. 1 13,000 133,900 --------------- 745,885 - -------------------------------------------------------------------------------- Electronic Equipment & Instruments--1.6% Arrow Electronics, Inc. 1 900 13,716 - -------------------------------------------------------------------------------- CellStar Corp. 1 1,800 7,074 - -------------------------------------------------------------------------------- Checkpoint Systems, Inc. 1 1,300 18,395 - -------------------------------------------------------------------------------- Cognex Corp. 1 500 11,175 - -------------------------------------------------------------------------------- Coherent, Inc. 1 700 16,751 - -------------------------------------------------------------------------------- Daktronics, Inc. 1 4,700 76,845 - -------------------------------------------------------------------------------- Excel Technology, Inc. 1 1,700 38,811 - -------------------------------------------------------------------------------- Fargo Electronics, Inc. 1 2,100 20,433 - -------------------------------------------------------------------------------- FLIR Systems, Inc. 1 2,100 63,315 Market Value Shares See Note 1 - -------------------------------------------------------------------------------- Electronic Equipment & Instruments Continued Global Imaging Systems, Inc. 1 800 $ 18,528 - -------------------------------------------------------------------------------- GTSI Corp. 1 700 6,090 - -------------------------------------------------------------------------------- Methode Electronics, Inc., Cl. A 1,200 12,900 - -------------------------------------------------------------------------------- MTS Systems Corp. 4,300 63,382 - -------------------------------------------------------------------------------- PerkinElmer, Inc. 1,400 19,334 - -------------------------------------------------------------------------------- Pioneer-Standard Electronics, Inc. 2,100 17,808 - -------------------------------------------------------------------------------- Planar Systems, Inc. 1 200 3,912 - -------------------------------------------------------------------------------- Rofin-Sinar Technologies, Inc. 1 1,000 14,060 - -------------------------------------------------------------------------------- Rogers Corp. 1 1,800 59,940 - -------------------------------------------------------------------------------- Sypris Solutions, Inc. 400 4,132 - -------------------------------------------------------------------------------- Trimble Navigation Ltd. 1 1,800 41,274 - -------------------------------------------------------------------------------- Varian, Inc. 1 900 31,203 - -------------------------------------------------------------------------------- Veeco Instruments, Inc. 1 1,100 18,733 - -------------------------------------------------------------------------------- Woodhead Industries, Inc. 700 8,764 - -------------------------------------------------------------------------------- X-Rite, Inc. 1,100 10,901 --------------- 597,476 - -------------------------------------------------------------------------------- Internet Software & Services--1.5% Akamai Technologies, Inc. 1 6,100 29,646 - -------------------------------------------------------------------------------- Ariba, Inc. 1 1,100 3,267 - -------------------------------------------------------------------------------- Digital Insight Corp. 1 500 9,525 - -------------------------------------------------------------------------------- Digital River, Inc. 1 6,000 115,800 - -------------------------------------------------------------------------------- Digitas, Inc. 1 3,641 18,059 - -------------------------------------------------------------------------------- DoubleClick, Inc. 1 1,900 17,575 - -------------------------------------------------------------------------------- FindWhat.com 1 1,500 28,410 - -------------------------------------------------------------------------------- InfoSpace, Inc. 1 100 1,357 - -------------------------------------------------------------------------------- j2 Global Communications, Inc. 1 1,500 68,970 - -------------------------------------------------------------------------------- LendingTree, Inc. 1 400 9,792 - -------------------------------------------------------------------------------- Open Text Corp. 1 2,900 81,925 - -------------------------------------------------------------------------------- RADWARE Ltd. 1 400 6,852 - -------------------------------------------------------------------------------- Secure Computing Corp. 1 700 6,111 - -------------------------------------------------------------------------------- SeeBeyond Technology Corp. 1 3,100 7,161 - -------------------------------------------------------------------------------- SupportSoft, Inc. 1 900 5,841 - -------------------------------------------------------------------------------- United Online, Inc. 1 4,800 121,632 - -------------------------------------------------------------------------------- WebEx Communications, Inc. 1 1,600 22,320 --------------- 554,243 - -------------------------------------------------------------------------------- IT Services--1.0% Alliance Data Systems Corp. 1 300 7,020 - -------------------------------------------------------------------------------- Cognizant Technology Solutions Corp. 1 2,600 63,336 - -------------------------------------------------------------------------------- CompuCom Systems, Inc. 1 500 2,260 - -------------------------------------------------------------------------------- Convergys Corp. 1 800 12,800 - -------------------------------------------------------------------------------- Forrester Research, Inc. 1 100 1,636 - -------------------------------------------------------------------------------- Gartner, Inc., Cl. B 1 300 2,250 - -------------------------------------------------------------------------------- Global Payments, Inc. 1,500 53,250 - -------------------------------------------------------------------------------- iGate Corp. 1 100 347 13 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA STATEMENT OF INVESTMENTS Unaudited / Continued Market Value Shares See Note 1 - -------------------------------------------------------------------------------- IT Services Continued infoUSA, Inc. 1 4,800 $ 38,880 - -------------------------------------------------------------------------------- iPayment Holdings, Inc. 1 800 19,096 - -------------------------------------------------------------------------------- Keane, Inc. 1 1,500 20,445 - -------------------------------------------------------------------------------- Lawson Software, Inc. 1 1,300 10,101 - -------------------------------------------------------------------------------- Lightbridge, Inc. 1 2,800 24,528 - -------------------------------------------------------------------------------- MAPICS, Inc. 1 300 2,460 - -------------------------------------------------------------------------------- PracticeWorks, Inc. 1 1,300 25,090 - -------------------------------------------------------------------------------- SM&A 1 200 2,272 - -------------------------------------------------------------------------------- SS&C Technologies, Inc. 1 3,900 62,205 - -------------------------------------------------------------------------------- Startek, Inc. 1 900 23,670 - -------------------------------------------------------------------------------- Tyler Technologies, Inc. 1 300 1,275 --------------- 372,921 - -------------------------------------------------------------------------------- Office Electronics--0.2% Gerber Scientific, Inc. 1 100 666 - -------------------------------------------------------------------------------- Zebra Technologies Corp., Cl. A 1 1,000 75,190 --------------- 75,856 - -------------------------------------------------------------------------------- Semiconductors & Semiconductor Equipment--2.7% Artisan Components, Inc. 1 1,900 42,959 - -------------------------------------------------------------------------------- ChipPAC, Inc. 1 2,300 17,641 - -------------------------------------------------------------------------------- Cohu, Inc. 500 7,800 - -------------------------------------------------------------------------------- Cree, Inc. 1 4,600 74,888 - -------------------------------------------------------------------------------- Cypress Semiconductor Corp. 1 2,000 24,000 - -------------------------------------------------------------------------------- Diodes, Inc. 1 700 13,412 - -------------------------------------------------------------------------------- DSP Group, Inc. 1 2,400 51,672 - -------------------------------------------------------------------------------- Entegris, Inc. 1 700 9,408 - -------------------------------------------------------------------------------- ESS Technology, Inc. 1 400 3,900 - -------------------------------------------------------------------------------- FEI Co. 1 300 5,628 - -------------------------------------------------------------------------------- Genesis Microchip, Inc. 1 4,600 62,284 - -------------------------------------------------------------------------------- GlobespanVirata, Inc. 1 4,600 37,950 - -------------------------------------------------------------------------------- Integrated Circuit Systems, Inc. 1 2,500 78,575 - -------------------------------------------------------------------------------- Kulicke & Soffa Industries, Inc. 1 100 639 - -------------------------------------------------------------------------------- Lattice Semiconductor Corp. 1 200 1,646 - -------------------------------------------------------------------------------- MEMC Electronic Materials, Inc. 1 3,400 33,320 - -------------------------------------------------------------------------------- Microsemi Corp. 1 1,800 28,800 - -------------------------------------------------------------------------------- Oak Technology, Inc. 1 11,400 70,794 - -------------------------------------------------------------------------------- OmniVision Technologies, Inc. 1 2,300 71,760 - -------------------------------------------------------------------------------- Photronics, Inc. 1 1,100 19,195 - -------------------------------------------------------------------------------- PMC-Sierra, Inc. 1 1,800 21,114 - -------------------------------------------------------------------------------- Power Integrations, Inc. 1 4,500 109,440 - -------------------------------------------------------------------------------- Rambus, Inc. 1 2,600 43,082 - -------------------------------------------------------------------------------- Silicon Laboratories, Inc. 1 2,700 71,928 - -------------------------------------------------------------------------------- Siliconix, Inc. 1 500 18,050 - -------------------------------------------------------------------------------- Supertex, Inc. 1 200 3,674 - -------------------------------------------------------------------------------- Transmeta Corp. 1 12,200 19,520 Market Value Shares See Note 1 - -------------------------------------------------------------------------------- Semiconductors & Semiconductor Equipment Continued Ultratech, Inc. 1 2,600 $ 48,074 - -------------------------------------------------------------------------------- White Electronic Designs Corp. 1 4,500 47,655 - -------------------------------------------------------------------------------- Zoran Corp. 1 400 7,684 --------------- 1,046,492 - -------------------------------------------------------------------------------- Software--4.2% Altiris, Inc. 1 900 18,045 - -------------------------------------------------------------------------------- Amdocs Ltd. 1 2,200 52,800 - -------------------------------------------------------------------------------- Ansoft Corp. 1 1,400 14,868 - -------------------------------------------------------------------------------- Ansys, Inc. 1 1,500 46,650 - -------------------------------------------------------------------------------- Autodesk, Inc. 1,500 24,240 - -------------------------------------------------------------------------------- CCC Information Services Group, Inc. 1 3,400 49,300 - -------------------------------------------------------------------------------- Citrix Systems, Inc. 1 2,700 54,972 - -------------------------------------------------------------------------------- Cognos, Inc. 1 1,200 32,400 - -------------------------------------------------------------------------------- Datastream Systems, Inc. 1 700 7,413 - -------------------------------------------------------------------------------- Dynamics Research Corp. 1 600 9,168 - -------------------------------------------------------------------------------- EPIQ Systems, Inc. 1 100 1,717 - -------------------------------------------------------------------------------- FactSet Research Systems, Inc. 2,900 127,745 - -------------------------------------------------------------------------------- Fair Isaac Corp. 1,600 82,320 - -------------------------------------------------------------------------------- FileNet Corp. 1 3,100 55,924 - -------------------------------------------------------------------------------- Group 1 Software, Inc. 1 1,900 35,093 - -------------------------------------------------------------------------------- Hyperion Solutions Corp. 1 3,400 114,784 - -------------------------------------------------------------------------------- Inet Technologies, Inc. 1 2,500 24,925 - -------------------------------------------------------------------------------- Kronos, Inc. 1 1,400 71,134 - -------------------------------------------------------------------------------- Legato Systems, Inc. 1 2,700 22,653 - -------------------------------------------------------------------------------- Macromedia, Inc. 1 2,100 44,184 - -------------------------------------------------------------------------------- Mentor Graphics Corp. 1 4,600 66,608 - -------------------------------------------------------------------------------- Micromuse, Inc. 1 10,600 84,694 - -------------------------------------------------------------------------------- OPNET Technologies, Inc. 1 100 1,219 - -------------------------------------------------------------------------------- Pegasystems, Inc. 1 1,500 11,055 - -------------------------------------------------------------------------------- Plumtree Software, Inc. 1 6,600 27,060 - -------------------------------------------------------------------------------- Progress Software Corp. 1 4,300 89,139 - -------------------------------------------------------------------------------- Quality Systems, Inc. 1 1,800 49,482 - -------------------------------------------------------------------------------- Radiant Systems, Inc. 1 3,300 22,242 - -------------------------------------------------------------------------------- Renaissance Learning, Inc. 1 100 2,190 - -------------------------------------------------------------------------------- RSA Security, Inc. 1 4,100 44,075 - -------------------------------------------------------------------------------- Sanchez Computer Associates, Inc. 1 2,000 10,400 - -------------------------------------------------------------------------------- ScanSoft, Inc. 1 3,100 16,833 - -------------------------------------------------------------------------------- SERENA Software, Inc. 1 1,500 31,320 - -------------------------------------------------------------------------------- SPSS, Inc. 1 100 1,674 - -------------------------------------------------------------------------------- Sybase, Inc. 1 400 5,564 - -------------------------------------------------------------------------------- Take-Two Interactive Software, Inc. 1 3,700 104,858 - -------------------------------------------------------------------------------- Ulticom, Inc. 1 1,300 12,350 - -------------------------------------------------------------------------------- Verint Systems, Inc. 1 2,200 55,902 - -------------------------------------------------------------------------------- Verity, Inc. 1 4,400 55,704 --------------- 1,582,704 14 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA Market Value Shares See Note 1 - -------------------------------------------------------------------------------- Materials--3.1% - -------------------------------------------------------------------------------- Chemicals--1.3% Agrium, Inc. 4,300 $ 47,128 - -------------------------------------------------------------------------------- Airgas, Inc. 2,000 33,500 - -------------------------------------------------------------------------------- American Vanguard Corp. 100 1,840 - -------------------------------------------------------------------------------- Arch Chemicals, Inc. 500 9,550 - -------------------------------------------------------------------------------- Cytec Industries, Inc. 1 3,800 128,440 - -------------------------------------------------------------------------------- Ethyl Corp. 1 1,000 9,950 - -------------------------------------------------------------------------------- Georgia Gulf Corp. 1,200 23,760 - -------------------------------------------------------------------------------- Hawkins, Inc. 300 3,006 - -------------------------------------------------------------------------------- MacDermid, Inc. 1,500 39,450 - -------------------------------------------------------------------------------- Material Sciences Corp. 300 2,910 - -------------------------------------------------------------------------------- Millennium Chemicals, Inc. 3,800 36,138 - -------------------------------------------------------------------------------- Minerals Technologies, Inc. 800 38,928 - -------------------------------------------------------------------------------- Octel Corp. 2,300 31,970 - -------------------------------------------------------------------------------- Omnova Solutions, Inc. 1 2,800 11,312 - -------------------------------------------------------------------------------- Scotts Co. (The), Cl. A 1 1,100 54,450 - -------------------------------------------------------------------------------- Stepan Co. 600 13,560 - -------------------------------------------------------------------------------- Symyx Technologies, Inc. 1 200 3,264 - -------------------------------------------------------------------------------- Terra Nitrogen Co. LP 100 510 --------------- 489,666 - -------------------------------------------------------------------------------- Construction Materials--0.3% AMCOL International Corp. 3,500 28,000 - -------------------------------------------------------------------------------- Ameron International Corp. 1,000 34,770 - -------------------------------------------------------------------------------- Centex Construction Products, Inc. 1,000 40,090 - -------------------------------------------------------------------------------- Florida Rock Industries, Inc. 600 24,768 --------------- 127,628 - -------------------------------------------------------------------------------- Containers & Packaging--0.6% Ball Corp. 1,300 59,163 - -------------------------------------------------------------------------------- Caraustar Industries, Inc. 1 1,100 8,811 - -------------------------------------------------------------------------------- Graphic Packaging International Corp. 1 1,400 6,314 - -------------------------------------------------------------------------------- Jarden Corp. 1 3,000 83,010 - -------------------------------------------------------------------------------- Mod-Pac Corp., Cl. B 1 125 831 - -------------------------------------------------------------------------------- Myers Industries, Inc. 825 7,838 - -------------------------------------------------------------------------------- Packaging Dynamics Corp. 1 660 4,778 - -------------------------------------------------------------------------------- Silgan Holdings, Inc. 1 1,700 53,176 --------------- 223,921 METALS & MINING--0.6% Carpenter Technology Corp. 1,900 29,640 - -------------------------------------------------------------------------------- Century Aluminum Co. 2,000 14,060 - -------------------------------------------------------------------------------- Gibraltar Steel Corp. 500 10,240 - -------------------------------------------------------------------------------- Goldcorp, Inc. 1,500 17,884 - -------------------------------------------------------------------------------- IMCO Recycling, Inc. 1 1,800 11,952 - -------------------------------------------------------------------------------- Massey Energy Co. 2,500 32,875 - -------------------------------------------------------------------------------- Meridian Gold, Inc. 1 900 10,201 Market Value Shares See Note 1 - -------------------------------------------------------------------------------- Metals & Mining Continued NN, Inc. 2,400 $ 30,384 - -------------------------------------------------------------------------------- Quanex Corp. 300 8,916 - -------------------------------------------------------------------------------- Schnitzer Steel Industries, Inc. 1,200 52,944 - -------------------------------------------------------------------------------- Southern Peru Copper Corp. 200 3,060 - -------------------------------------------------------------------------------- Steel Technologies, Inc. 400 4,044 --------------- 226,200 - -------------------------------------------------------------------------------- Paper & Forest Products--0.3% Deltic Timber Corp. 300 8,535 - -------------------------------------------------------------------------------- Louisiana-Pacific Corp. 1 8,400 91,056 --------------- 99,591 - -------------------------------------------------------------------------------- Telecommunication Services--1.0% - -------------------------------------------------------------------------------- Diversified Telecommunication Services--0.5% American Tower Corp. 1 4,700 41,595 - -------------------------------------------------------------------------------- Commonwealth Telephone Enterprises, Inc. 1 900 39,573 - -------------------------------------------------------------------------------- General Communication, Inc., Cl. A 1 400 3,464 - -------------------------------------------------------------------------------- Golden Telecom, Inc. 1 400 8,976 - -------------------------------------------------------------------------------- North Pittsburgh Systems, Inc. 2,400 36,168 - -------------------------------------------------------------------------------- Primus Telecommunications Group, Inc. 1 3,700 19,018 - -------------------------------------------------------------------------------- PTEK Holdings, Inc. 1 600 2,910 - -------------------------------------------------------------------------------- Talk America Holdings, Inc. 3,100 33,821 - -------------------------------------------------------------------------------- US LEC Corp., Cl. A 1 100 382 --------------- 185,907 - -------------------------------------------------------------------------------- Wireless Telecommunication Services--0.5% Boston Communications Group, Inc. 1 5,800 99,354 - -------------------------------------------------------------------------------- Centennial Communications Corp. 1 100 400 - -------------------------------------------------------------------------------- Cincinnati Bell, Inc. 1 6,100 40,870 - -------------------------------------------------------------------------------- Dobson Communications Corp., Cl. A 1 1,200 6,540 - -------------------------------------------------------------------------------- Wireless Facilities, Inc. 1 5,400 64,260 --------------- 211,424 - -------------------------------------------------------------------------------- Utilities--1.5% - -------------------------------------------------------------------------------- Electric Utilities--0.3% Canadian Hydro Developers, Inc. 1 14,000 20,092 - -------------------------------------------------------------------------------- Central Vermont Public Service Corp. 100 1,955 - -------------------------------------------------------------------------------- CH Energy Group, Inc. 1,600 72,000 - -------------------------------------------------------------------------------- Green Mountain Power Corp. 400 8,000 - -------------------------------------------------------------------------------- MGE Energy, Inc. 400 12,552 --------------- 114,599 - -------------------------------------------------------------------------------- Gas Utilities--1.0% Chesapeake Utilities Corp. 800 18,080 - -------------------------------------------------------------------------------- Energen Corp. 2,700 89,910 - -------------------------------------------------------------------------------- EnergySouth, Inc. 100 3,280 15 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA STATEMENT OF INVESTMENTS Unaudited / Continued Market Value Shares See Note 1 - -------------------------------------------------------------------------------- Gas Utilities Continued Laclede Group, Inc. (The) 100 $ 2,680 - -------------------------------------------------------------------------------- New Jersey Resources Corp. 700 24,850 - -------------------------------------------------------------------------------- ONEOK, Inc. 1,900 37,297 - -------------------------------------------------------------------------------- South Jersey Industries, Inc. 200 7,370 - -------------------------------------------------------------------------------- Southwest Gas Corp. 200 4,236 - -------------------------------------------------------------------------------- Southwestern Energy Co. 1 6,000 90,060 - -------------------------------------------------------------------------------- UGI Corp. 2,850 90,345 --------------- 368,108 - -------------------------------------------------------------------------------- Multi-Utilities & Unregulated Power--0.2% Avista Corp. 300 4,245 - -------------------------------------------------------------------------------- Questar Corp. 2,100 70,287 --------------- 74,532 - -------------------------------------------------------------------------------- Water Utilities--0.0% American States Water Co. 100 2,730 - -------------------------------------------------------------------------------- York Water Co. (The) 100 1,642 --------------- 4,372 --------------- Total Common Stocks (Cost $28,718,534) 35,000,913 - -------------------------------------------------------------------------------- Preferred Stocks--0.0% Astronics Corp., Cl. B 1,2 (Cost $1,733) 250 750 Market Value Shares See Note 1 - -------------------------------------------------------------------------------- Rights, Warrants and Certificates--0.0% Canadian Superior Energy, Inc. Wts., Exp. 3/14/04 1,2 (Cost $14) 17,500 $ 13 Principal Amount - -------------------------------------------------------------------------------- Joint Repurchase Agreements--5.1% Undivided interest of 0.44% in joint repurchase agreement (Principal Amount/Market Value $440,796,000, with a maturity value of $440,808,979) with Banc One Capital Markets, Inc., 1.06%, dated 6/30/03, to be repurchased at $1,948,057 on 7/1/03, collateralized by U.S. Treasury Bonds, 3.375%, 4/30/04, with a value of $449,915,616 (Cost $1,948,000) $ 1,948,000 1,948,000 - -------------------------------------------------------------------------------- Total Investments, at Value (Cost $30,668,281) 97.5% 36,949,676 - -------------------------------------------------------------------------------- Other Assets Net of Liabilities 2.5 941,701 ------------------------------------- Net Assets 100.0% $ 37,891,377 ===================================== Footnotes to Statement of Investments 1. Non-income producing security. 2. Identifies issues considered to be illiquid or restricted--See Note 6 of Notes to Financial Statements. See accompanying Notes to Financial Statements. 16 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA - -------------------------------------------------------------------------------- STATEMENT OF ASSETS AND LIABILITIES Unaudited June 30, 2003 - -------------------------------------------------------------------------------- Assets Investments, at value (cost $30,668,281)-- see accompanying statement $ 36,949,676 - -------------------------------------------------------------------------------- Cash 20,320 - -------------------------------------------------------------------------------- Receivables and other assets: Investments sold 2,935,842 Shares of beneficial interest sold 478,696 Interest and dividends 15,939 Other 977 ---------------- Total assets 40,401,450 - -------------------------------------------------------------------------------- Liabilities Payables and other liabilities: Investments purchased 2,440,378 Shares of beneficial interest redeemed 28,425 Shareholder reports 24,063 Service plan fees 8,225 Transfer and shareholder servicing agent fees 878 Trustees' compensation 637 Other 7,467 ---------------- Total liabilities 2,510,073 - -------------------------------------------------------------------------------- Net Assets $37,891,377 ================ - -------------------------------------------------------------------------------- Composition of Net Assets Par value of shares of beneficial interest $ 3,507 - -------------------------------------------------------------------------------- Additional paid-in capital 39,255,515 - -------------------------------------------------------------------------------- Accumulated net investment loss (75,483) - -------------------------------------------------------------------------------- Accumulated net realized loss on investments and foreign currency transactions (7,573,621) - -------------------------------------------------------------------------------- Net unrealized appreciation on investments and translation of assets and liabilities denominated in foreign currencies 6,281,459 ---------------- Net Assets $37,891,377 ================ - -------------------------------------------------------------------------------- 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 $19,027,419 and 1,759,361 shares of beneficial interest outstanding) $10.81 - -------------------------------------------------------------------------------- Service shares: Net asset value, redemption price per share and offering price per share (based on net assets of $18,863,958 and 1,747,724 shares of beneficial interest outstanding) $10.79 See accompanying Notes to Financial Statements. 17 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA STATEMENT OF OPERATIONS Unaudited For the Six Months Ended June 30, 2003 - ------------------------------------------------------------------------------- Investment Income Dividends (net of foreign withholding taxes of $1,545) $ 94,254 - ------------------------------------------------------------------------------- Interest 6,495 ----------- Total investment income 100,749 - ------------------------------------------------------------------------------- Expenses Management fees 101,690 - ------------------------------------------------------------------------------- Distribution and service plan fees--Service shares 12,665 - ------------------------------------------------------------------------------- Transfer and shareholder servicing agent fees: Non-Service shares 5,343 Service shares 246 - ------------------------------------------------------------------------------- Shareholder reports 34,258 - ------------------------------------------------------------------------------- Trustees' compensation 2,674 - ------------------------------------------------------------------------------- Custodian fees and expenses 123 - ------------------------------------------------------------------------------- Other 7,987 ----------- Total expenses 164,986 Less reduction to custodian expenses (123) ----------- Net expenses 164,863 - ------------------------------------------------------------------------------- Net Investment Loss (64,114) - ------------------------------------------------------------------------------- Realized and Unrealized Gain (Loss) Net realized gain (loss) on: Investments (1,641,207) Foreign currency transactions 2,436 ----------- Net realized loss (1,638,771) - ------------------------------------------------------------------------------- Net change in unrealized appreciation on: Investments 6,156,921 Translation of assets and liabilities denominated in foreign currencies 75,048 ----------- Net change in unrealized appreciation 6,231,969 - ------------------------------------------------------------------------------- Net Increase in Net Assets Resulting from Operations $4,529,084 =========== See accompanying Notes to Financial Statements. 18 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA STATEMENTS OF CHANGES IN NET ASSETS
Six Months Year Ended Ended June 30, 2003 December 31, (Unaudited) 2002 - ---------------------------------------------------------------------------------------- Operations Net investment loss $ (64,114) $ (23,905) - ---------------------------------------------------------------------------------------- Net realized loss (1,638,771) (2,848,300) - ---------------------------------------------------------------------------------------- Net change in unrealized appreciation (depreciation) 6,231,969 (1,461,310) ------------------------------- Net increase (decrease) in net assets resulting from operations 4,529,084 (4,333,515) - ---------------------------------------------------------------------------------------- Beneficial Interest Transactions Net increase (decrease) in net assets resulting from beneficial interest transactions: Non-Service shares (3,068,032) 4,845,883 Service shares 10,742,315 6,553,550 - ---------------------------------------------------------------------------------------- Net Assets Total increase 12,203,367 7,065,918 - ---------------------------------------------------------------------------------------- Beginning of period 25,688,010 18,622,092 ------------------------------- End of period [including accumulated net investment loss of $75,483 and $11,369, respectively] $37,891,377 $25,688,010 ===============================
See accompanying Notes to Financial Statements. 19 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA
FINANCIAL HIGHLIGHTS Six Months Year Ended Ended June 30, 2003 December 31, Non-Service shares (Unaudited) 2002 2001 2000 1999 1998 1 - ------------------------------------------------------------------------------------------------------------------------------------ Per Share Operating Data Net asset value, beginning of period $ 9.31 $11.05 $11.09 $14.07 $ 9.60 $10.00 - ------------------------------------------------------------------------------------------------------------------------------------ Income (loss) from investment operations: Net investment income (loss) (.02) (.01) -- 2 (.03) (.02) (.02) Net realized and unrealized gain (loss) 1.52 (1.73) (.04) (2.35) 4.49 (.38) -------------------------------------------------------------------------------- Total from investment operations 1.50 (1.74) (.04) (2.38) 4.47 (.40) - ------------------------------------------------------------------------------------------------------------------------------------ Dividends and/or distributions to shareholders: Distributions from net realized gain -- -- -- (.60) -- -- - ------------------------------------------------------------------------------------------------------------------------------------ Net asset value, end of period $10.81 $ 9.31 $11.05 $11.09 $14.07 $ 9.60 ================================================================================ - ------------------------------------------------------------------------------------------------------------------------------------ Total Return, at Net Asset Value 3 16.11% (15.75)% (0.36)% (18.34)% 46.56% (4.00)% - ------------------------------------------------------------------------------------------------------------------------------------ Ratios/Supplemental Data Net assets, end of period (in thousands) $19,027 $19,577 $18,514 $14,599 $6,927 $994 - ------------------------------------------------------------------------------------------------------------------------------------ Average net assets (in thousands) $17,104 $20,505 $15,307 $12,576 $2,738 $441 - ------------------------------------------------------------------------------------------------------------------------------------ Ratios to average net assets: 4 Net investment loss (0.42)% (0.09)% (0.01)% (0.29)% (0.37)% (0.79)% Expenses, gross 1.14% 1.00% 1.05% 1.37% 1.83% 0.87% 5 Expenses, net 1.14% 6 1.00% 6 1.05% 6 1.35% 7 1.34% 7,8 0.87% - ------------------------------------------------------------------------------------------------------------------------------------ Portfolio turnover rate 76% 121% 213% 162% 176% 61%
1. For the period from May 1, 1998 (commencement of operations) to December 31, 1998. 2. Less than $0.005 per share. 3. Assumes an investment on the business day before the first day of the fiscal period (or commencement of operations), 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. 4. Annualized for periods of less than one full year. 5. Expense ratio has been calculated without adjustment for the reduction to custodian expenses. 6. Reduction to custodian expenses less than 0.01%. 7. Net of reduction to custodian expenses. 8. Net of voluntary reimbursement of expenses. See accompanying Notes to Financial Statements. 20 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA
Six Months Year Ended Ended June 30, 2003 December 31, Service shares (Unaudited) 2002 2001 1 - ----------------------------------------------------------------------------------------------- Per Share Operating Data Net asset value, beginning of period $ 9.29 $11.05 $ 10.61 - ----------------------------------------------------------------------------------------------- Income (loss) from investment operations: Net investment income (loss) (.01) (.01) -- 2 Net realized and unrealized gain (loss) 1.51 (1.75) .44 ------------------------------------ Total from investment operations 1.50 (1.76) .44 - ----------------------------------------------------------------------------------------------- Dividends and/or distributions to shareholders: Distributions from net realized gain -- -- -- - ----------------------------------------------------------------------------------------------- Net asset value, end of period $ 10.79 $ 9.29 $ 11.05 ==================================== - ----------------------------------------------------------------------------------------------- Total Return, at Net Asset Value 3 16.15% (15.93)% 4.15% - ----------------------------------------------------------------------------------------------- Ratios/Supplemental Data Net assets, end of period (in thousands) $18,864 $6,111 $108 - ----------------------------------------------------------------------------------------------- Average net assets (in thousands) $10,303 $2,228 $ 26 - ----------------------------------------------------------------------------------------------- Ratios to average net assets: 4 Net investment loss (0.56)% (0.26)% (0.34)% Expenses, gross 1.33% 1.21% 1.19% Expenses, net 1.33% 5 1.19% 5,6 1.19% 5 - ----------------------------------------------------------------------------------------------- Portfolio turnover rate 76% 121% 213%
1. For the period from July 16, 2001 (inception of offering) to December 31, 2001. 2. Less than $0.005 per share. 3. 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. 4. Annualized for periods of less than one full year. 5. Reduction to custodian expenses less than 0.01%. 6. Net of voluntary waiver of transfer agent fees. See accompanying Notes to Financial Statements. 21 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA NOTES TO FINANCIAL STATEMENTS Unaudited - -------------------------------------------------------------------------------- 1. Significant Accounting Policies Oppenheimer Main Street Small Cap Fund/VA (the Fund) 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 investment objective is to seek capital appreciation. 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. 22 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA As of June 30, 2003, the Fund had available for federal income tax purposes an estimated unused capital loss carryforward of $7,573,620. 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 $1,795,693 2009 1,282,533 2010 2,591,314 ---------- Total $5,669,540 ========== - -------------------------------------------------------------------------------- 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. No distributions were paid during the six months ended June 30, 2003 and the year ended December 31, 2002. - -------------------------------------------------------------------------------- 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. 23 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA NOTES TO FINANCIAL STATEMENTS Unaudited / Continued - -------------------------------------------------------------------------------- 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 294,842 $ 2,860,498 1,297,325 $ 13,674,065 Redeemed (638,971) (5,928,530) (869,963) (8,828,182) ---------------------------------------------------------------------- Net increase (decrease) (344,129) $(3,068,032) 427,362 $ 4,845,883 ====================================================================== - -------------------------------------------------------------------------------------------------- Service shares Sold 1,412,896 $13,803,634 2,221,410 $ 21,513,500 Redeemed (322,699) (3,061,319) (1,573,671) (14,959,950) ---------------------------------------------------------------------- Net increase 1,090,197 $10,742,315 647,739 $ 6,553,550 ======================================================================
- -------------------------------------------------------------------------------- 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 $25,698,657 and $20,543,381, 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 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 $12,665. - -------------------------------------------------------------------------------- 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. 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. 24 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA 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 or Restricted Securities As of June 30, 2003, investments in securities included issues that are illiquid or restricted. Restricted securities are purchased in private placement transactions, are not registered under the Securities Act of 1933, may have contractual restrictions on resale, and are valued under methods approved by the Board of Trustees as reflecting fair value. A security may also 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 or restricted securities. Certain restricted securities, eligible for resale to qualified institutional investors, are not subject to that limitation. The aggregate value of illiquid or restricted securities subject to this limitation as of June 30, 2003 was $19,486, which represents 0.05% of the Fund's net assets, of which $18,723 is considered restricted. Information concerning restricted securities is as follows:
Acquisition Valuation as of Unrealized Security Date Cost June 30, 2003 Depreciation - ----------------------------------------------------------------------------------------------------------------------------- Stocks and/or Warrants Esprit Exploration Ltd. 6/4/02 $19,418 $18,723 $695
- -------------------------------------------------------------------------------- 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. 25 | OPPENHEIMER MAIN STREET SMALL CAP 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-297.txt EX99_302CERT-297 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 Small Cap 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 Small Cap 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-297.txt EX99_906CERT-297 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 Small Cap 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 Oppenheimer Main Street Small Cap Fund/VA Small Cap 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-----