-----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, AUM4OFr3osvCiPbVeDZlENTtqgBe4BIrzMdv/td4tasM/gABNz2ZQOVRWL5jOy7Y iC9J0PKPTphB/YZ0qPmSYg== 0000935069-03-001100.txt : 20030827 0000935069-03-001100.hdr.sgml : 20030827 20030827164317 ACCESSION NUMBER: 0000935069-03-001100 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: 03868964 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 rs0642_9043vef.txt RS0642_9043VEF 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 Value 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 2, 2003 - June 30, 2003 ITEM 1. REPORTS TO STOCKHOLDERS. STATEMENT OF INVESTMENTS June 30, 2003 / Unaudited Market Value Shares See Note 1 - -------------------------------------------------------------------------------- Common Stocks--95.6% - -------------------------------------------------------------------------------- Consumer Discretionary--17.4% - -------------------------------------------------------------------------------- Hotels, Restaurants & Leisure--2.9% McDonald's Corp. 4,200 $ 92,652 - -------------------------------------------------------------------------------- Media--12.0% EchoStar Communications Corp., Cl. A 1 2,400 83,088 - -------------------------------------------------------------------------------- General Motors Corp., Cl. H 1 10,500 134,505 - -------------------------------------------------------------------------------- Liberty Media Corp., Cl. A 1 14,900 172,244 ---------- 389,837 - -------------------------------------------------------------------------------- Specialty Retail--1.5% OfficeMax, Inc. 1 7,600 49,780 - -------------------------------------------------------------------------------- Textiles, Apparel & Luxury Goods--1.0% Nike, Inc., Cl. B 600 32,094 - -------------------------------------------------------------------------------- Consumer Staples--3.7% - -------------------------------------------------------------------------------- Tobacco--3.7% Altria Group, Inc. 2,600 118,144 - -------------------------------------------------------------------------------- Energy--8.4% - -------------------------------------------------------------------------------- Energy Equipment & Services--2.6% Halliburton Co. 1,400 32,200 - -------------------------------------------------------------------------------- Schlumberger Ltd. 900 42,813 - -------------------------------------------------------------------------------- Talisman Energy, Inc. 200 9,170 ---------- 84,183 - -------------------------------------------------------------------------------- Oil & Gas--5.8% BP plc, ADR 3,900 163,878 - -------------------------------------------------------------------------------- Pioneer Natural Resources Co. 1 600 15,660 - -------------------------------------------------------------------------------- Westport Resources Corp. 1 400 9,100 ---------- 188,638 - -------------------------------------------------------------------------------- Financials--24.8% - -------------------------------------------------------------------------------- Capital Markets--2.3% Bank of New York Co., Inc. (The) 2,600 74,750 - -------------------------------------------------------------------------------- Commercial Banks--6.7% Wachovia Corp. 2,500 99,900 - -------------------------------------------------------------------------------- Wells Fargo Co. 2,300 115,920 ---------- 215,820 - -------------------------------------------------------------------------------- Diversified Financial Services--7.0% Citigroup, Inc. 2,500 107,000 - -------------------------------------------------------------------------------- Franklin Resources, Inc. 2,200 85,954 - -------------------------------------------------------------------------------- Merrill Lynch & Co., Inc. 700 32,676 ---------- 225,630 - -------------------------------------------------------------------------------- Insurance--7.1% American International Group, Inc. 400 22,072 - -------------------------------------------------------------------------------- Chubb Corp. 1,100 66,000 - -------------------------------------------------------------------------------- Prudential Financial, Inc. 2,900 97,585 - -------------------------------------------------------------------------------- Travelers Property Casualty Corp., Cl. B 2,900 45,733 ---------- 231,390 Market Value Shares See Note 1 - -------------------------------------------------------------------------------- Thrifts & Mortgage Finance--1.7% Fannie Mae 800 $ 53,952 - -------------------------------------------------------------------------------- Health Care--4.9% - -------------------------------------------------------------------------------- Health Care Providers & Services--3.9% Aetna, Inc. 1,900 114,380 - -------------------------------------------------------------------------------- Service Corp. International 1 3,100 11,997 ---------- 126,377 - -------------------------------------------------------------------------------- Pharmaceuticals--1.0% Pfizer, Inc. 980 33,467 - -------------------------------------------------------------------------------- Industrials--17.3% - -------------------------------------------------------------------------------- Aerospace & Defense--9.2% Boeing Co. 2,800 96,096 - -------------------------------------------------------------------------------- Lockheed Martin Corp. 1,100 52,327 - -------------------------------------------------------------------------------- Northrop Grumman Corp. 700 60,403 - -------------------------------------------------------------------------------- Raytheon Co. 2,700 88,668 ---------- 297,494 - -------------------------------------------------------------------------------- Commercial Services & Supplies--5.1% Cendant Corp. 1 9,000 164,880 - -------------------------------------------------------------------------------- Industrial Conglomerates--0.6% Tyco International Ltd. 1,000 18,980 - -------------------------------------------------------------------------------- Road & Rail--2.4% CNF Transportation, Inc. 3,100 78,678 - -------------------------------------------------------------------------------- Information Technology--7.2% - -------------------------------------------------------------------------------- Communications Equipment--1.4% QUALCOMM, Inc. 1,300 46,475 - -------------------------------------------------------------------------------- Computers & Peripherals--1.7% Hewlett-Packard Co. 2,600 55,380 - -------------------------------------------------------------------------------- Electronic Equipment & Instruments--4.1% Flextronics International Ltd. 1 9,300 96,627 - -------------------------------------------------------------------------------- Thermo Electron Corp. 1 1,700 35,734 ---------- 132,361 - -------------------------------------------------------------------------------- Materials--4.0% - -------------------------------------------------------------------------------- Chemicals--1.5% FMC Corp. 1 600 13,578 - -------------------------------------------------------------------------------- International Flavors & Fragrances, Inc. 1,000 31,930 - -------------------------------------------------------------------------------- Monsanto Co. 200 4,328 ---------- 49,836 - -------------------------------------------------------------------------------- Metals & Mining--0.5% Alcoa, Inc. 600 15,300 - -------------------------------------------------------------------------------- Paper & Forest Products--2.0% Sappi Ltd., Sponsored ADR 5,200 64,220 - -------------------------------------------------------------------------------- Telecommunication Services--2.7% - -------------------------------------------------------------------------------- Diversified Telecommunication Services--1.7% Verizon Communications, Inc. 1,400 55,230 - -------------------------------------------------------------------------------- Wireless Telecommunication Services--1.0% Vodafone Group plc, Sponsored ADR 1,600 31,440 3 | OPPENHEIMER VALUE FUND/VA STATEMENT OF INVESTMENTS Unaudited / Continued Market Value Shares See Note 1 - -------------------------------------------------------------------------------- Utilities--5.2% - -------------------------------------------------------------------------------- Electric Utilities--4.0% AES Corp. (The) 1 4,800 $ 30,480 - -------------------------------------------------------------------------------- Allegheny Energy, Inc. 1,300 10,985 - -------------------------------------------------------------------------------- Dominion Resources, Inc. 500 32,135 - -------------------------------------------------------------------------------- Edison International 1 1,000 16,430 - -------------------------------------------------------------------------------- Pepco Holdings, Inc. 1,000 19,160 - -------------------------------------------------------------------------------- PG&E Corp. 1 1,000 21,150 ---------- 130,340 - -------------------------------------------------------------------------------- Multi-Utilities & Unregulated Power--1.2% Equitable Resources, Inc. 900 36,666 ---------- Total Common Stocks (Cost $2,761,818) 3,093,994 Principal Market Value Amount See Note 1 - -------------------------------------------------------------------------------- Joint Repurchase Agreements--4.8% Undivided interest of 0.04% 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 $156,005 on 7/1/03, collateralized by U.S. Treasury Bonds, 3.375%, 4/30/04, with a value of $449,915,616 (Cost $156,000) $156,000 $ 156,000 - ------------------------------------------------------------------------------- Total Investments, at Value (Cost $2,917,818) 100.4% 3,249,994 - ------------------------------------------------------------------------------- Liabilities in Excess of Other Assets (0.4) (11,487) ----------------------- Net Assets 100.0% $3,238,507 ======================= Footnotes to Statement of Investments 1. Non-income producing security. See accompanying Notes to Financial Statements. 4 | OPPENHEIMER VALUE FUND/VA STATEMENT OF ASSETS AND LIABILITIES Unaudited
June 30, 2003 - --------------------------------------------------------------------------------------------------- Assets Investments, at value (cost $2,917,818)--see accompanying statement $ 3,249,994 - --------------------------------------------------------------------------------------------------- Cash 868 - --------------------------------------------------------------------------------------------------- Receivables and other assets: Investments sold 16,784 Interest and dividends 2,086 Other 6 ----------- Total assets 3,269,738 - --------------------------------------------------------------------------------------------------- Liabilities Payables and other liabilities: Investments purchased 29,545 Trustees' compensation 1,353 Other 333 ----------- Total liabilities 31,231 - --------------------------------------------------------------------------------------------------- Net Assets $ 3,238,507 =========== - --------------------------------------------------------------------------------------------------- Composition of Net Assets Par value of shares of beneficial interest $ 300 - --------------------------------------------------------------------------------------------------- Additional paid-in capital 2,999,700 - --------------------------------------------------------------------------------------------------- Undistributed net investment income 9,668 - --------------------------------------------------------------------------------------------------- Accumulated net realized loss on investment transactions (103,337) - --------------------------------------------------------------------------------------------------- Net unrealized appreciation on investments 332,176 ----------- Net Assets $ 3,238,507 =========== - --------------------------------------------------------------------------------------------------- Net Asset Value Per Share Non-Service shares: Net asset value and redemption price per share (based on net assets of $3,238,507 and 300,000 shares of beneficial interest outstanding) $ 10.80
See accompanying Notes to Financial Statements. 5 | OPPENHEIMER VALUE FUND/VA STATEMENT OF OPERATIONS Unaudited For the Six Months Ended June 30, 2003 1 - ---------------------------------------------------------------- Investment Income Dividends (net of foreign withholding taxes of $385) $ 21,317 - ---------------------------------------------------------------- Interest 1,076 --------- Total investment income 22,393 - ---------------------------------------------------------------- Expenses Management fees 10,794 - ---------------------------------------------------------------- Trustees' compensation 1,353 - ---------------------------------------------------------------- Shareholder reports 100 - ---------------------------------------------------------------- Custodian fees and expenses 58 - ---------------------------------------------------------------- Other 423 --------- Total expenses 12,728 Less reduction to custodian expenses (3) --------- Net expenses 12,725 - ---------------------------------------------------------------- Net Investment Income 9,668 - ---------------------------------------------------------------- Realized and Unrealized Gain (Loss) Net realized loss on investments (103,337) - ---------------------------------------------------------------- Net change in unrealized appreciation on investments 332,176 - ---------------------------------------------------------------- Net Increase in Net Assets Resulting from Operations $ 238,507 ========= 1. For the period from January 2, 2003 (commencement of operations) to June 30, 2003. See accompanying Notes to Financial Statements. 6 | OPPENHEIMER VALUE FUND/VA STATEMENT OF CHANGES IN NET ASSETS
Period Ended June 30, 2003 1 (Unaudited) - ----------------------------------------------------------------------------------------------------------------------------- Operations Net investment income $ 9,668 - ----------------------------------------------------------------------------------------------------------------------------- Net realized loss (103,337) - ----------------------------------------------------------------------------------------------------------------------------- Net change in unrealized appreciation 332,176 ----------- Net increase in net assets resulting from operations 238,507 - ---------------------------------------------------------------------------------------------------------------------------- Beneficial Interest Transactions Net increase in net assets resulting from beneficial interest transactions--Non-Service shares 3,000,000 - ---------------------------------------------------------------------------------------------------------------------------- Net Assets Total increase 3,238,507 - ---------------------------------------------------------------------------------------------------------------------------- Beginning of period -- ----------- End of period [including undistributed net investment income of $9,668 for the period ended June 30, 2003] $3,238,507 ===========
1. For the period from January 2, 2003 (commencement of operations) to June 30, 2003. See accompanying Notes to Financial Statements. 7 | OPPENHEIMER VALUE FUND/VA FINANCIAL HIGHLIGHTS Period Ended June 30, 2003 1 Non-Service shares (Unaudited) - ----------------------------------------------------------------------- Per Share Operating Data Net asset value, beginning of period $10.00 - ----------------------------------------------------------------------- Income (loss) from investment operations: Net investment income .03 Net realized and unrealized gain .77 ------- Total from investment operations .80 - ----------------------------------------------------------------------- Net asset value, end of period $10.80 ======= - ----------------------------------------------------------------------- Total Return, at Net Asset Value 2 8.00% - ----------------------------------------------------------------------- Ratios/Supplemental Data Net assets, end of period (in thousands) $3,239 - ----------------------------------------------------------------------- Average net assets (in thousands) $2,936 - ----------------------------------------------------------------------- Ratios to average net assets: 3 Net investment income 0.67% Expenses, gross 0.88% Expenses, net 0.88% 4 - ----------------------------------------------------------------------- Portfolio turnover rate 72% 1. For the period from January 2, 2003 (commencement of operations) to June 30, 2003. 2. 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. 3. Annualized for periods of less than one full year. 4. Reduction to custodian expenses less than 0.01%. See accompanying Notes to Financial Statements. 8 | OPPENHEIMER VALUE FUND/VA NOTES TO FINANCIAL STATEMENTS Unaudited - -------------------------------------------------------------------------------- 1. Significant Accounting Policies Oppenheimer Value 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 long-term growth of capital by investing primarily in common stocks with low price-earnings ratios and better-than-anticipated earnings. The Trust's investment advisor is OppenheimerFunds, Inc. (the Manager). As of June 30, 2003, the majority of Non-Service shares were owned by the Manager. The Fund currently offers Non-Service shares only. The class is sold at 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 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. - -------------------------------------------------------------------------------- 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. As of June 30, 2003, the Fund had available for federal income tax purposes an estimated unused capital loss carryforward of $103,337. - -------------------------------------------------------------------------------- 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. 9 | OPPENHEIMER VALUE FUND/VA NOTES TO FINANCIAL STATEMENTS Unaudited / Continued - -------------------------------------------------------------------------------- 1. Significant Accounting Policies Continued 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. - -------------------------------------------------------------------------------- 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. - -------------------------------------------------------------------------------- 2. Shares of Beneficial Interest The Trust has authorized an unlimited number of $0.001 par value shares of beneficial interest. Transactions in shares of beneficial interest were as follows: Period Ended June 30, 2003 1 Shares Amount - ------------------------------------------------------------------------------ Non-Service shares Sold 300,000 $ 3,000,000 ------------------------- Net increase 300,000 $3,000,000 ========================= 1. For the period from January 2, 2003 (commencement of operations) to June 30, 2003. - -------------------------------------------------------------------------------- 3. Purchases and Sales of Securities The aggregate cost of purchases and proceeds from sales of securities, other than short-term obligations, for the period ended June 30, 2003, were $4,634,146 and $1,768,992, 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 Fund which provides for a fee 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. 10 | OPPENHEIMER VALUE FUND/VA 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. - -------------------------------------------------------------------------------- Offering and Organizational Costs. The Manager paid all offering and organizational costs associated with the registration and seeding of the Fund. - -------------------------------------------------------------------------------- 5. 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 period 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. 11 | OPPENHEIMER VALUE 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-642.txt EX99_302CERT-642 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 Value 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 Value 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-642.txt EX99_906CERT-642 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 Value 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 Value Fund/VA Oppenheimer Value 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-----