-----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, CTc7cPo9uOmNGLXIKmf2M4uuXrArDkib54dlzWSdXbrS+J0uEFQs/QsZexLQNali 4f/ijjd+7EaGfaNOdIjCBg== 0000935069-04-001205.txt : 20040824 0000935069-04-001205.hdr.sgml : 20040824 20040824141412 ACCESSION NUMBER: 0000935069-04-001205 CONFORMED SUBMISSION TYPE: N-CSRS PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20040630 FILED AS OF DATE: 20040824 DATE AS OF CHANGE: 20040824 EFFECTIVENESS DATE: 20040824 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-CSRS SEC ACT: 1940 Act SEC FILE NUMBER: 811-04108 FILM NUMBER: 04993739 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-CSRS 1 rs0610_10939.txt RS0610_10939.TXT 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 Capital Appreciation 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. Two World Financial Center, New York, New York 10281-1008 - -------------------------------------------------------------------------------- (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, 2004 - June 30, 2004 ITEM 1. REPORTS TO STOCKHOLDERS. STATEMENT OF INVESTMENTS June 30, 2004 / Unaudited - -------------------------------------------------------------------------------- MARKET VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- COMMON STOCKS--96.3% - -------------------------------------------------------------------------------- CONSUMER DISCRETIONARY--16.2% - -------------------------------------------------------------------------------- HOTELS, RESTAURANTS & LEISURE--1.8% Carnival Corp. 376,900 $ 17,714,300 - -------------------------------------------------------------------------------- Royal Caribbean Cruises Ltd. 397,800 17,268,498 -------------- 34,982,798 - -------------------------------------------------------------------------------- MEDIA--10.8% Clear Channel Communications, Inc. 521,200 19,258,340 - -------------------------------------------------------------------------------- Comcast Corp., Cl. A Special, Non-Vtg. 1 1,750,800 48,339,588 - -------------------------------------------------------------------------------- Cox Communications, Inc., Cl. A 1 150,300 4,176,837 - -------------------------------------------------------------------------------- New York Times Co. (The), Cl. A 152,180 6,803,968 - -------------------------------------------------------------------------------- News Corp. Ltd. (The), Sponsored ADR 666,200 23,596,804 - -------------------------------------------------------------------------------- Omnicom Group, Inc. 103,300 7,839,437 - -------------------------------------------------------------------------------- Time Warner, Inc. 1 2,228,400 39,175,272 - -------------------------------------------------------------------------------- Univision Communications, Inc., Cl. A 1 444,165 14,182,188 - -------------------------------------------------------------------------------- Viacom, Inc., Cl. B 1,264,300 45,160,796 -------------- 208,533,230 - -------------------------------------------------------------------------------- MULTILINE RETAIL--1.9% Federated Department Stores, Inc. 209,700 10,296,270 - -------------------------------------------------------------------------------- J.C. Penney Co., Inc. (Holding Co.) 135,100 5,101,376 - -------------------------------------------------------------------------------- Target Corp. 513,300 21,799,851 -------------- 37,197,497 - -------------------------------------------------------------------------------- SPECIALTY RETAIL--1.7% Foot Locker, Inc. 95,600 2,326,904 - -------------------------------------------------------------------------------- Gap, Inc. (The) 743,200 18,022,600 - -------------------------------------------------------------------------------- Limited Brands, Inc. 113,000 2,113,100 - -------------------------------------------------------------------------------- Petco Animal Supplies, Inc. 1 30,500 982,405 - -------------------------------------------------------------------------------- PetsMart, Inc. 255,900 8,303,955 -------------- 31,748,964 - -------------------------------------------------------------------------------- CONSUMER STAPLES--8.7% - -------------------------------------------------------------------------------- BEVERAGES--3.8% Anheuser-Busch Cos., Inc. 605,100 32,675,400 - -------------------------------------------------------------------------------- Coca-Cola Co. (The) 167,900 8,475,592 - -------------------------------------------------------------------------------- PepsiCo, Inc. 588,200 31,692,216 -------------- 72,843,208 - -------------------------------------------------------------------------------- FOOD & STAPLES RETAILING--2.1% Costco Wholesale Corp. 297,800 12,230,646 - -------------------------------------------------------------------------------- Wal-Mart Stores, Inc. 376,400 19,858,864 - -------------------------------------------------------------------------------- Walgreen Co. 240,500 8,708,505 -------------- 40,798,015 MARKET VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- HOUSEHOLD PRODUCTS--2.1% Clorox Co. (The) 193,300 $ 10,395,674 - -------------------------------------------------------------------------------- Kimberly-Clark Corp. 70,200 4,624,776 - -------------------------------------------------------------------------------- Procter & Gamble Co. (The) 455,200 24,781,088 -------------- 39,801,538 - -------------------------------------------------------------------------------- PERSONAL PRODUCTS--0.7% Estee Lauder Cos., Inc. (The), Cl. A 283,400 13,824,252 - -------------------------------------------------------------------------------- ENERGY--6.7% - -------------------------------------------------------------------------------- ENERGY EQUIPMENT & SERVICES--1.7% BJ Services Co. 1 253,000 11,597,520 - -------------------------------------------------------------------------------- Halliburton Co. 225,600 6,826,656 - -------------------------------------------------------------------------------- Schlumberger Ltd. 221,600 14,073,816 -------------- 32,497,992 - -------------------------------------------------------------------------------- OIL & GAS--5.0% Amerada Hess Corp. 165,500 13,105,945 - -------------------------------------------------------------------------------- Burlington Resources, Inc. 250,600 9,066,708 - -------------------------------------------------------------------------------- Encana Corp. 237,340 10,199,911 - -------------------------------------------------------------------------------- Exxon Mobil Corp. 822,600 36,531,666 - -------------------------------------------------------------------------------- Kinder Morgan Management LLC 282,681 10,394,180 - -------------------------------------------------------------------------------- Murphy Oil Corp. 69,600 5,129,520 - -------------------------------------------------------------------------------- TotalFinaElf SA, Sponsored ADR 131,600 12,644,128 -------------- 97,072,058 - -------------------------------------------------------------------------------- FINANCIALS--10.7% - -------------------------------------------------------------------------------- COMMERCIAL BANKS--2.0% Bank of America Corp. 232,900 19,707,998 - -------------------------------------------------------------------------------- Bank One Corp. 375,400 19,145,400 -------------- 38,853,398 - -------------------------------------------------------------------------------- DIVERSIFIED FINANCIAL SERVICES--6.5% American Express Co. 519,600 26,697,048 - -------------------------------------------------------------------------------- Bear Stearns Cos., Inc. (The) 112,900 9,518,599 - -------------------------------------------------------------------------------- Citigroup, Inc. 977,500 45,453,750 - -------------------------------------------------------------------------------- J.P. Morgan Chase & Co. 294,400 11,413,888 - -------------------------------------------------------------------------------- Morgan Stanley 584,600 30,849,342 -------------- 123,932,627 - -------------------------------------------------------------------------------- INSURANCE--2.2% American International Group, Inc. 367,850 26,220,348 - -------------------------------------------------------------------------------- Prudential Financial, Inc. 244,400 11,357,268 - -------------------------------------------------------------------------------- XL Capital Ltd., Cl. A 66,400 5,010,544 -------------- 42,588,160 - -------------------------------------------------------------------------------- HEALTH CARE--17.0% - -------------------------------------------------------------------------------- BIOTECHNOLOGY--3.4% Amgen, Inc. 1 330,300 18,024,471 - -------------------------------------------------------------------------------- Biogen Idec, Inc. 1 251,000 15,875,750 - -------------------------------------------------------------------------------- Digene Corp. 1 122,800 4,485,884 4 | OPPENHEIMER CAPITAL APPRECIATION FUND/VA MARKET VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- BIOTECHNOLOGY Continued Gilead Sciences, Inc. 1 234,700 $ 15,724,900 - -------------------------------------------------------------------------------- Invitrogen Corp. 1 100,900 7,263,791 - -------------------------------------------------------------------------------- Martek Biosciences Corp. 1 17,600 988,592 - -------------------------------------------------------------------------------- MedImmune, Inc.1 124,600 2,915,640 -------------- 65,279,028 - -------------------------------------------------------------------------------- HEALTH CARE EQUIPMENT & SUPPLIES--3.3% Applera Corp./Applied Biosystems Group 253,400 5,511,450 - -------------------------------------------------------------------------------- Medtronic, Inc. 790,800 38,527,776 - -------------------------------------------------------------------------------- Millipore Corp. 1 364,700 20,558,139 -------------- 64,597,365 - -------------------------------------------------------------------------------- HEALTH CARE PROVIDERS & SERVICES--1.2% Aetna, Inc. 217,800 18,513,000 - -------------------------------------------------------------------------------- Pharmaceutical Product Development, Inc. 1 139,100 4,419,207 -------------- 22,932,207 - -------------------------------------------------------------------------------- PHARMACEUTICALS--9.1% Dr. Reddy's Laboratories Ltd., Sponsored ADR 141,900 2,466,222 - -------------------------------------------------------------------------------- Eli Lilly & Co. 339,400 23,727,454 - -------------------------------------------------------------------------------- Johnson & Johnson 541,500 30,161,550 - -------------------------------------------------------------------------------- Merck & Co., Inc. 383,515 18,216,963 - -------------------------------------------------------------------------------- Novartis AG 497,588 21,951,243 - -------------------------------------------------------------------------------- Pfizer, Inc. 1,510,400 51,776,512 - -------------------------------------------------------------------------------- Roche Holdings AG 82,845 8,202,475 - -------------------------------------------------------------------------------- Teva Pharmaceutical Industries Ltd., Sponsored ADR 266,548 17,936,015 -------------- 174,438,434 - -------------------------------------------------------------------------------- INDUSTRIALS--12.1% - -------------------------------------------------------------------------------- AEROSPACE & DEFENSE--3.2% Honeywell International, Inc. 355,400 13,018,302 - -------------------------------------------------------------------------------- L-3 Communications Holdings, Inc. 139,400 9,311,920 - -------------------------------------------------------------------------------- Lockheed Martin Corp. 284,300 14,806,344 - -------------------------------------------------------------------------------- Northrop Grumman Corp. 185,600 9,966,720 - -------------------------------------------------------------------------------- United Technologies Corp. 173,200 15,844,336 -------------- 62,947,622 - -------------------------------------------------------------------------------- AIR FREIGHT & LOGISTICS--1.1% Expeditors International of Washington, Inc. 180,500 8,918,505 - -------------------------------------------------------------------------------- United Parcel Service, Inc., Cl. B 173,300 13,026,961 -------------- 21,945,466 MARKET VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- COMMERCIAL SERVICES & SUPPLIES--1.1% Manpower, Inc. 96,300 $ 4,889,151 - -------------------------------------------------------------------------------- Waste Management, Inc. 540,500 16,566,325 -------------- 21,455,476 - -------------------------------------------------------------------------------- INDUSTRIAL CONGLOMERATES--5.4% 3M Co. 21,400 1,926,214 - -------------------------------------------------------------------------------- General Electric Co. 2,716,900 88,027,560 - -------------------------------------------------------------------------------- Tyco International Ltd. 408,000 13,521,120 -------------- 103,474,894 - -------------------------------------------------------------------------------- MACHINERY--0.7% Ingersoll-Rand Co., Cl. A 191,500 13,081,365 - -------------------------------------------------------------------------------- ROAD & RAIL--0.6% Canadian National Railway Co. 100,900 4,398,231 - -------------------------------------------------------------------------------- Norfolk Southern Corp. 258,700 6,860,724 -------------- 11,258,955 - -------------------------------------------------------------------------------- INFORMATION TECHNOLOGY--22.1% - -------------------------------------------------------------------------------- COMMUNICATIONS EQUIPMENT--3.7% Cisco Systems, Inc. 1 1,799,100 42,638,670 - -------------------------------------------------------------------------------- Lucent Technologies, Inc. 1 1,338,500 5,059,530 - -------------------------------------------------------------------------------- Motorola, Inc. 624,800 11,402,600 - -------------------------------------------------------------------------------- Nokia Corp., Sponsored ADR 887,200 12,899,888 -------------- 72,000,688 - -------------------------------------------------------------------------------- COMPUTERS & PERIPHERALS--3.3% Dell, Inc. 1 612,100 21,925,422 - -------------------------------------------------------------------------------- EMC Corp. 1 249,300 2,842,020 - -------------------------------------------------------------------------------- International Business Machines Corp. 450,700 39,729,205 -------------- 64,496,647 - -------------------------------------------------------------------------------- ELECTRONIC EQUIPMENT & INSTRUMENTS--2.2% Agilent Technologies, Inc. 1 496,200 14,528,736 - -------------------------------------------------------------------------------- PerkinElmer, Inc. 339,800 6,809,592 - -------------------------------------------------------------------------------- Tektronix, Inc. 357,800 12,172,356 - -------------------------------------------------------------------------------- Vishay Intertechnology, Inc. 1 425,900 7,913,222 -------------- 41,423,906 - -------------------------------------------------------------------------------- INTERNET SOFTWARE & SERVICES--1.7% Yahoo!, Inc. 1 918,200 33,358,206 - -------------------------------------------------------------------------------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT--4.1% Analog Devices, Inc. 186,400 8,775,712 - -------------------------------------------------------------------------------- Cypress Semiconductor Corp. 1 491,000 6,967,290 - -------------------------------------------------------------------------------- Intel Corp. 1,514,400 41,797,440 - -------------------------------------------------------------------------------- Taiwan Semiconductor Manufacturing Co. Ltd., ADR 985,018 8,185,500 - -------------------------------------------------------------------------------- Texas Instruments, Inc. 548,100 13,253,058 -------------- 78,979,000 5 | OPPENHEIMER CAPITAL APPRECIATION FUND/VA STATEMENT OF INVESTMENTS Unaudited / Continued - -------------------------------------------------------------------------------- MARKET VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- SOFTWARE--7.1% Adobe Systems, Inc. 509,900 $ 23,710,350 - -------------------------------------------------------------------------------- Cadence Design Systems, Inc. 1 517,200 7,566,636 - -------------------------------------------------------------------------------- Citrix Systems, Inc. 1 421,100 8,573,596 - -------------------------------------------------------------------------------- Microsoft Corp. 2,350,600 67,133,136 - -------------------------------------------------------------------------------- Novell, Inc. 1 277,200 2,325,708 - -------------------------------------------------------------------------------- SAP AG, Sponsored ADR 373,700 15,624,397 - -------------------------------------------------------------------------------- Veritas Software Corp. 1 418,700 11,597,990 -------------- 136,531,813 - -------------------------------------------------------------------------------- MATERIALS--2.3% - -------------------------------------------------------------------------------- CHEMICALS--2.3% Air Products & Chemicals, Inc. 208,000 10,909,600 - -------------------------------------------------------------------------------- Dow Chemical Co. 137,400 5,592,180 - -------------------------------------------------------------------------------- E.I. DuPont de Nemours & Co. 150,500 6,685,210 - -------------------------------------------------------------------------------- Monsanto Co. 64,000 2,464,000 - -------------------------------------------------------------------------------- Praxair, Inc. 451,600 18,023,356 -------------- 43,674,346 - -------------------------------------------------------------------------------- TELECOMMUNICATION SERVICES--0.5% - -------------------------------------------------------------------------------- DIVERSIFIED TELECOMMUNICATION SERVICES--0.5% Telefonos de Mexico SA de CV, Sponsored ADR 294,600 9,801,342 -------------- Total Common Stocks (Cost $1,735,778,327) 1,856,350,497 PRINCIPAL MARKET VALUE AMOUNT SEE NOTE 1 - -------------------------------------------------------------------------------- JOINT REPURCHASE AGREEMENTS--3.3% - -------------------------------------------------------------------------------- Undivided interest of 5.09% in joint repurchase agreement (Principal Amount/Market Value $1,249,774,000, with a maturity value of $1,249,822,255) with UBS Warburg LLC, 1.39%, dated 6/30/04, to be repurchased at $63,662,458 on 7/1/04, collateralized by Federal Home Loan Mortgage Corp., 4.50%, 6/1/19, with a value of $340,921,875 and Federal National Mortgage Assn., 4.50%--5%, 4/1/19--3/1/34, with a value of $937,433,252 (Cost $63,660,000) $63,660,000 $ 63,660,000 - -------------------------------------------------------------------------------- TOTAL INVESTMENTS, AT VALUE (COST $1,799,438,327) 99.6% 1,920,010,497 - -------------------------------------------------------------------------------- OTHER ASSETS NET OF LIABILITIES 0.4 7,035,298 ------------------------------ NET ASSETS 100.0% $1,927,045,795 ============================== FOOTNOTE TO STATEMENT OF INVESTMENTS 1. Non-income producing security. SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 6 | OPPENHEIMER CAPITAL APPRECIATION FUND/VA STATEMENT OF ASSETS AND LIABILITIES Unaudited - --------------------------------------------------------------------------------
June 30, 2004 - ---------------------------------------------------------------------------------------------------------- ASSETS - ---------------------------------------------------------------------------------------------------------- Investments, at value (cost $1,799,438,327)--see accompanying statement of investments $1,920,010,497 - ---------------------------------------------------------------------------------------------------------- Receivables and other assets: Investments sold 15,852,228 Interest and dividends 1,413,575 Other 28,916 --------------- Total assets 1,937,305,216 - ---------------------------------------------------------------------------------------------------------- LIABILITIES - ---------------------------------------------------------------------------------------------------------- Bank overdraft 763 - ---------------------------------------------------------------------------------------------------------- Payables and other liabilities: Investments purchased 6,618,786 Shares of beneficial interest redeemed 3,444,035 Distribution and service plan fees 108,045 Shareholder communications 39,086 Trustees' compensation 21,223 Transfer and shareholder servicing agent fees 1,650 Other 25,833 --------------- Total liabilities 10,259,421 - ---------------------------------------------------------------------------------------------------------- NET ASSETS $1,927,045,795 =============== - ---------------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------------- COMPOSITION OF NET ASSETS - ---------------------------------------------------------------------------------------------------------- Par value of shares of beneficial interest $ 54,453 - ---------------------------------------------------------------------------------------------------------- Additional paid-in capital 2,120,850,845 - ---------------------------------------------------------------------------------------------------------- Accumulated net investment income 5,102,285 - ---------------------------------------------------------------------------------------------------------- Accumulated net realized loss on investments and foreign currency transactions (319,534,954) - ---------------------------------------------------------------------------------------------------------- Net unrealized appreciation on investments and translation of assets and liabilities denominated in foreign currencies 120,573,166 --------------- NET ASSETS $1,927,045,795 =============== - ---------------------------------------------------------------------------------------------------------- NET ASSET VALUE PER SHARE - ---------------------------------------------------------------------------------------------------------- Non-Service Shares: Net asset value, redemption price per share and offering price per share (based on net assets of $1,739,503,073 and 49,127,450 shares of beneficial interest outstanding) $ 35.41 - ---------------------------------------------------------------------------------------------------------- Service Shares: Net asset value, redemption price per share and offering price per share (based on net assets of $187,542,722 and 5,325,098 shares of beneficial interest outstanding) $ 35.22
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 7 | OPPENHEIMER CAPITAL APPRECIATION FUND/VA STATEMENT OF OPERATIONS Unaudited - --------------------------------------------------------------------------------
For the Six Months Ended June 30, 2004 - ----------------------------------------------------------------------------------------- INVESTMENT INCOME - ----------------------------------------------------------------------------------------- Dividends (net of foreign withholding taxes of $157,306) $ 11,221,767 - ----------------------------------------------------------------------------------------- Interest 245,814 ------------- Total investment income 11,467,581 - ----------------------------------------------------------------------------------------- EXPENSES - ----------------------------------------------------------------------------------------- Management fees 6,056,391 - ----------------------------------------------------------------------------------------- Distribution and service plan fees -- Service shares 197,654 - ----------------------------------------------------------------------------------------- Transfer and shareholder servicing agent fees: Non-Service shares 4,990 Service shares 4,990 - ----------------------------------------------------------------------------------------- Shareholder communications: Non-Service shares 17,679 Service shares 2,236 - ----------------------------------------------------------------------------------------- Custodian fees and expenses 28,681 - ----------------------------------------------------------------------------------------- Trustees' compensation 17,625 - ----------------------------------------------------------------------------------------- Other 25,636 ------------- Total expenses 6,355,882 Less reduction to custodian expenses (485) ------------- Net expenses 6,355,397 - ----------------------------------------------------------------------------------------- NET INVESTMENT INCOME 5,112,184 - ----------------------------------------------------------------------------------------- REALIZED AND UNREALIZED GAIN (LOSS) - ----------------------------------------------------------------------------------------- Net realized gain on: Investments 49,610,590 Foreign currency transactions 24,144 Net increase from payment by affiliate 153,724 ------------- Net realized gain 49,788,458 - ----------------------------------------------------------------------------------------- Net change in unrealized appreciation on: Investments (12,011,453) Translation of assets and liabilities denominated in foreign currencies (18,290) ------------- Net change in unrealized appreciation (12,029,743) - ----------------------------------------------------------------------------------------- NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 42,870,899 =============
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 8 | OPPENHEIMER CAPITAL APPRECIATION FUND/VA STATEMENTS OF CHANGES IN NET ASSETS - --------------------------------------------------------------------------------
SIX MONTHS YEAR ENDED ENDED JUNE 30, 2004 DECEMBER 31, (UNAUDITED) 2003 - ------------------------------------------------------------------------------------------------------------------------------ OPERATIONS - ------------------------------------------------------------------------------------------------------------------------------ Net investment income $ 5,112,184 $ 5,758,596 - ------------------------------------------------------------------------------------------------------------------------------ Net realized gain (loss) 49,788,458 (149,446,395) - ------------------------------------------------------------------------------------------------------------------------------ Net change in unrealized appreciation (depreciation) (12,029,743) 558,998,061 ----------------------------------- Net increase in net assets resulting from operations 42,870,899 415,310,262 - ------------------------------------------------------------------------------------------------------------------------------ DIVIDENDS AND/OR DISTRIBUTIONS TO SHAREHOLDERS - ------------------------------------------------------------------------------------------------------------------------------ Dividends from net investment income: Non-Service shares (5,404,905) (5,643,286) Service shares (357,596) (84,026) - ------------------------------------------------------------------------------------------------------------------------------ BENEFICIAL INTEREST TRANSACTIONS - ------------------------------------------------------------------------------------------------------------------------------ Net increase (decrease) in net assets resulting from beneficial interest transactions: Non-Service shares (9,955,019) (18,705,242) Service shares 64,953,865 87,031,915 - ------------------------------------------------------------------------------------------------------------------------------ NET ASSETS - ------------------------------------------------------------------------------------------------------------------------------ Total increase 92,107,244 477,909,623 - ------------------------------------------------------------------------------------------------------------------------------ Beginning of period 1,834,938,551 1,357,028,928 ----------------------------------- End of period (including accumulated net investment income of $5,102,285 and $5,752,602, respectively) $1,927,045,795 $1,834,938,551 ===================================
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 9 | OPPENHEIMER CAPITAL APPRECIATION FUND/VA FINANCIAL HIGHLIGHTS - --------------------------------------------------------------------------------
SIX MONTHS YEAR ENDED ENDED JUNE 30, 2004 DECEMBER 31, NON-SERVICE SHARES (UNAUDITED) 2003 2002 2001 2000 1999 - ------------------------------------------------------------------------------------------------------------------------------------ PER SHARE OPERATING DATA - ------------------------------------------------------------------------------------------------------------------------------------ Net asset value, beginning of period $ 34.70 $ 26.62 $ 36.58 $ 46.63 $ 49.84 $ 36.67 - ------------------------------------------------------------------------------------------------------------------------------------ Income (loss) from investment operations: Net investment income .10 .12 .11 .18 .27 .06 Net realized and unrealized gain (loss) .72 8.07 (9.89) (5.86) .02 14.68 ------------------------------------------------------------------------------------------ Total from investment operations .82 8.19 (9.78) (5.68) .29 14.74 - ------------------------------------------------------------------------------------------------------------------------------------ Dividends and/or distributions to shareholders: Dividends from net investment income (.11) (.11) (.18) (.27) (.06) (.13) Distributions from net realized gain -- -- -- (4.10) (3.44) (1.44) ------------------------------------------------------------------------------------------ Total dividends and/or distributions to shareholders (.11) (.11) (.18) (4.37) (3.50) (1.57) - ------------------------------------------------------------------------------------------------------------------------------------ Net asset value, end of period $ 35.41 $ 34.70 $ 26.62 $ 36.58 $ 46.63 $ 49.84 ========================================================================================== - ------------------------------------------------------------------------------------------------------------------------------------ TOTAL RETURN, AT NET ASSET VALUE 1 2.37% 30.94% (26.86)% (12.58)% (0.23)% 41.66% - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ RATIOS/SUPPLEMENTAL DATA - ------------------------------------------------------------------------------------------------------------------------------------ Net assets, end of period (in thousands) $1,739,503 $1,715,240 $1,338,769 $1,975,345 $2,095,803 $1,425,197 - ------------------------------------------------------------------------------------------------------------------------------------ Average net assets (in thousands) $1,731,030 $1,468,297 $1,630,430 $2,000,314 $1,922,099 $1,002,835 - ------------------------------------------------------------------------------------------------------------------------------------ Ratios to average net assets: 2 Net investment income 0.56% 0.39% 0.35% 0.51% 0.66% 0.21% Total expenses 0.65% 3 0.67% 3 0.66% 3 0.68% 3 0.67% 3 0.70% 3 - ------------------------------------------------------------------------------------------------------------------------------------ Portfolio turnover rate 26% 48% 32% 45% 38% 56%
1. Assumes an investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Total returns are not annualized for periods less than one full year. Total return information does not reflect expenses that apply at the separate account level or to related insurance products. Inclusion of these charges would reduce the total return figures for all periods shown. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. 2. Annualized for periods of less than one full year. 3. Reduction to custodian expenses less than 0.01%. SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 10 | OPPENHEIMER CAPITAL APPRECIATION FUND/VA
SIX MONTHS YEAR ENDED ENDED JUNE 30, 2004 DECEMBER 31, SERVICE SHARES (UNAUDITED) 2003 2002 2001 1 - ---------------------------------------------------------------------------------------------------------------------------- PER SHARE OPERATING DATA - ---------------------------------------------------------------------------------------------------------------------------- Net asset value, beginning of period $ 34.53 $ 26.53 $ 36.56 $ 31.66 - ---------------------------------------------------------------------------------------------------------------------------- Income (loss) from investment operations: Net investment income .06 .08 .20 -- 2 Net realized and unrealized gain (loss) .71 8.02 (10.05) 4.90 ---------------------------------------------------------------- Total from investment operations .77 8.10 (9.85) 4.90 - ---------------------------------------------------------------------------------------------------------------------------- Dividends and/or distributions to shareholders: Dividends from net investment income (.08) (.10) (.18) -- Distributions from net realized gain -- -- -- -- ---------------------------------------------------------------- Total dividends and/or distributions to shareholders (.08) (.10) (.18) -- ---------------------------------------------------------------- Net asset value, end of period $ 35.22 $ 34.53 $ 26.53 $ 36.56 ================================================================ - ---------------------------------------------------------------------------------------------------------------------------- TOTAL RETURN, AT NET ASSET VALUE 3 2.23% 30.69% (27.09)% 15.51% - ---------------------------------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------------------------------- RATIOS/SUPPLEMENTAL DATA - ---------------------------------------------------------------------------------------------------------------------------- Net assets, end of period (in thousands) $187,543 $119,699 $ 18,260 $ 90 - ---------------------------------------------------------------------------------------------------------------------------- Average net assets (in thousands) $159,391 $ 48,178 $ 6,263 $ 16 - ---------------------------------------------------------------------------------------------------------------------------- Ratios to average net assets: 4 Net investment income 0.34% 0.14% 0.26% 0.11% Total expenses 0.91% 5 0.94% 5 0.81% 5,6 0.81% 5 - ---------------------------------------------------------------------------------------------------------------------------- Portfolio turnover rate 26% 48% 32% 45%
1. For the period from September 18, 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, 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. Voluntary waiver of transfer agent fees less than 0.01%. SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 11 | OPPENHEIMER CAPITAL APPRECIATION FUND/VA NOTES TO FINANCIAL STATEMENTS Unaudited - -------------------------------------------------------------------------------- 1. SIGNIFICANT ACCOUNTING POLICIES Oppenheimer Capital Appreciation 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 by investing in securities of well-known, established companies. 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. Both classes of shares have identical rights and voting privileges with respect to the Fund in general and exclusive voting rights on matters that affect that class alone. Earnings, net assets and net asset value per share may differ due to each class having its own expenses, such as transfer and shareholder servicing agent fees and shareholder communications, directly attributable to that class. The following is a summary of significant accounting policies consistently followed by the Fund. - -------------------------------------------------------------------------------- SECURITIES VALUATION. The Fund calculates the net asset value of its shares as of the close of The New York Stock Exchange (the Exchange), normally 4:00 P.M. Eastern time, on each day the Exchange is open for business. 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 may be valued primarily using dealer-supplied valuations or a portfolio pricing service authorized by the Board of Trustees. Securities (including restricted securities) for which market quotations are not readily available are valued at their fair value. Foreign and domestic securities whose values have been materially affected by what the Manager identifies as a significant event occurring before the Fund's assets are valued but after the close of their respective exchanges will be fair valued. 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 as of the close of The New York Stock 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. Foreign exchange rates may be valued primarily using dealer supplied valuations or a portfolio pricing service authorized by the Board of Trustees. Reported net realized foreign exchange gains or losses arise from sales of portfolio securities, sales and maturities of short-term securities, sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the values of assets and liabilities, including investments in securities at fiscal period end, resulting from changes in exchange rates. 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. 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 12 | OPPENHEIMER CAPITAL APPRECIATION FUND/VA 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. Net investment income (loss) and net realized gain (loss) may differ for financial statement and 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. As of June 30, 2004, the Fund had available for federal income tax purposes an estimated capital loss carryforward of $310,823,199 expiring by 2011. 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 is 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, 2004, it is estimated that the Fund will utilize $49,788,458 of capital loss carryforward to offset realized capital gains. During the year ended December 31, 2003, the Fund did not utilize any capital loss carryforward to offset realized capital gains. As of December 31, 2003, the Fund had available for federal income tax purposes unused capital loss carryforwards as follows: EXPIRING -------------------------- 2009 $ 14,552,938 2010 152,282,354 2011 193,776,365 ------------ Total $360,611,657 ============ - -------------------------------------------------------------------------------- TRUSTEES' COMPENSATION. The Board of Trustees has adopted a deferred compensation plan for independent trustees that enables trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. For purposes of determining the amount owed to the Trustee under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of the Fund or in other Oppenheimer funds selected by the Trustee. The Fund does purchase shares of the funds selected for deferral by the Trustee in amounts equal to his or her deemed investment, resulting in a Fund asset equal to the deferred compensation liability. Such assets are included as a component of "Other" within the asset section of the Statement of Assets and Liabilities. Deferral of trustees' fees under the plan will not affect the net assets of the Fund, and will not materially affect the Fund's assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance to the Plan. - -------------------------------------------------------------------------------- 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. - -------------------------------------------------------------------------------- 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 13 | OPPENHEIMER CAPITAL APPRECIATION FUND/VA NOTES TO FINANCIAL STATEMENTS Unaudited / Continued - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- 1. SIGNIFICANT ACCOUNTING POLICIES Continued 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, if applicable, 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 U.S. generally accepted accounting principles 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 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, 2004 YEAR ENDED DECEMBER 31, 2003 SHARES AMOUNT SHARES AMOUNT - ------------------------------------------------------------------------------------------------------------------ NON-SERVICE SHARES Sold 3,082,016 $ 108,035,731 11,371,657 $ 330,561,752 Dividends and/or distributions reinvested 155,940 5,404,905 223,231 5,643,286 Redeemed (3,534,119) (123,395,655) (12,455,978) (354,910,280) ------------------------------------------------------------------ Net decrease (296,163) $ (9,955,019) (861,090) $ (18,705,242) ================================================================== - ------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------ SERVICE SHARES Sold 2,207,337 $ 77,107,891 2,961,561 $ 92,475,323 Dividends and/or distributions reinvested 10,365 357,596 3,339 84,026 Redeemed (359,169) (12,511,622) (186,681) (5,527,434) ------------------------------------------------------------------ Net increase 1,858,533 $ 64,953,865 2,778,219 $ 87,031,915 ================================================================== - ------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------- 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, 2004, were $551,135,576 and $466,067,888, 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 at an annual rate of 0.75% of the first $200 million of average annual net assets, 0.72% of the next $200 million, 0.69% of the next $200 million, 0.66% of the next $200 million and 0.60% of average annual net assets over $800 million. - -------------------------------------------------------------------------------- ADMINISTRATION SERVICES. The Fund pays the Manager a fee of $1,500 per year for preparing and filing the Fund's tax returns. - -------------------------------------------------------------------------------- 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 per account fee. For the six months ended June 30, 2004, the Fund paid $9,997 to OFS for services to the Fund. 14 | OPPENHEIMER CAPITAL APPRECIATION FUND/VA Additionally, funds offered in variable annuity separate accounts are subject to minimum fees of $10,000 per class for class level assets of $10 million or more. Each class is subject to the minimum fee in the event that the per account fee does not equal or exceed the applicable minimum fee. - -------------------------------------------------------------------------------- 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 and personal service and account maintenance 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 Service shares of the Fund. The Distributor currently uses all of those fees to compensate sponsor(s) of the insurance product that offers Fund shares, for providing personal service and maintenance of accounts of their variable contract owners that hold Service shares. The impact of the service plan is to increase operating expenses of the Service shares, which results in lower performance compared to the Fund's shares that are not subject to a service fee. Fees incurred by the Fund under the Plan are detailed in the Statement of Operations. - -------------------------------------------------------------------------------- PAYMENTS AND WAIVERS OF EXPENSES. Following a review of its use of brokerage commissions for sales that is permitted under its investment advisory agreement, the Fund's Manager terminated that practice in July 2003. Subsequently, the Manager paid the Fund $153,724, an amount equivalent to certain of such commissions incurred in prior years. OFS has voluntarily agreed to limit transfer and shareholder servicing agent fees for all classes to 0.35% of average annual net assets per class. This undertaking may be amended or withdrawn at any time. - -------------------------------------------------------------------------------- 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. 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 gains or losses. Such realized gains and losses are reported with all other foreign currency gains and losses in the Statement of Operations. As of June 30, 2004, the Fund had no outstanding foreign currency contracts. 15 | OPPENHEIMER CAPITAL APPRECIATION FUND/VA ITEM 2. CODE OF ETHICS Not applicable to semiannual reports. ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT Not applicable to semiannual reports. ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES Not applicable to semiannual reports. ITEM 5. NOT APPLICABLE ITEM 6. SCHEDULE OF INVESTMENTS Not applicable ITEM 7. NOT APPLICABLE ITEM 8. NOT APPLICABLE ITEM 9. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS The Board is responsible for approving nominees for election as trustees. To assist in this task, the Board has designated the Audit Committee as the nominating committee for the Board. It reviews and recommends nominees to the Board. The Committee is comprised entirely of disinterested trustees as defined in Section 2(a)(19) of the Investment Company Act of 1940. The Audit Committee charter describes the responsibilities of the Committee in nominating candidates for election as independent Trustees of the Registrant. The Registrant's Board has adopted a written charter for the Committee. A current copy of the Audit Committee charter is available to shareholders on the OppenheimerFunds website at www.oppenheimerfunds.com. Under the current policy, if the Board determines that a vacancy exists or is likely to exist on the Board, the Audit Committee of the Board will consider candidates for Board membership including recommended by Registrant shareholders. The Audit Committee will consider nominees recommended by independent Board members or recommended by any other Board members including Board members affiliated with the Registrant's investment advisors. The Committee may, upon Board approval, retain an executive search firm to assist in screening potential candidates. Upon Board approval, the Audit Committee may also use the services of legal, financial, or other external counsel that it deems necessary or desirable in the screening process. Shareholders wishing to submit a nominee for election to the Board may do so by mailing their submission to the offices of OppenheimerFunds, Inc., 6803 South Tucson Way, Centennial, CO 80112, to the attention of the Board of Trustees of the named Registrant, c/o the Secretary of the Registrant. The Committee's process for identifying and evaluating nominees for trustees includes a number of factors. In screening candidates for board membership, whether the candidate is suggested by Board members, shareholders or others, the Committee considers the candidate's professional experience, soundness of judgment, integrity, ability to make independent, analytical inquiries, collegiality, willingness and ability to devote the time required to perform Board activities adequately, ability to represent the interests of all shareholders of the Registrant, and diversity relative to the board's composition. Candidates are expected to provide a mix of attributes, experience, perspective and skills necessary to effectively advance the interests of shareholders. ITEM 10. 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, 2004, registrant's principal executive officer and principal financial officer found registrant's disclosure controls and procedures to provide reasonable assurances 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 over financial reporting that occurred during the registrant's last fiscal half-year that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting. ITEM 11. EXHIBITS. (A) EXHIBIT ATTACHED HERETO. (ATTACH CODE OF ETHICS AS EXHIBIT)(NOT APPLICABLE TO SEMIANNUAL REPORTS) (B) EXHIBITS ATTACHED HERETO. (ATTACH CERTIFICATIONS AS EXHIBITS) EX-99.CERT 2 ex99_302cert-610.txt EX99_302CERT-610.TXT 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 Capital Appreciation 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-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) 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) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; c) 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 d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most last fiscal half-year that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; 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 control over financial reporting 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 control over financial reporting. Date: 8/13/04 /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 Capital Appreciation 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-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) 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) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; c) 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 d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most last fiscal half-year that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; 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 control over financial reporting 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 control over financial reporting. Date: 8/13/04 /s/Brian W. Wixted ---------------------------- Brian W. Wixted Chief Financial Officer EX-99.906 3 ex99_906cert-610.txt EX99_906CERT-610.TXT 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 2002 John V. Murphy, Chief Executive Officer, and Brian W. Wixted, Chief Financial Officer, of Oppenheimer Capital Appreciation 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, 2004 (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 Capital Appreciation Oppenheimer Capital Appreciation Fund/VA Fund/VA /s/John V. Murphy /s/Brian W. Wixted - ---------------------------- ---------------------------- John V. Murphy Brian W. Wixted Date: 8/13/04 Date: 8/13/04 -----END PRIVACY-ENHANCED MESSAGE-----