-----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, P281W+oI3Wa1A0jhFs4wDeGiTfUUKL2dYqZ2EnsCZ6n/mgYrUKIWLfFA4n9LNrRe ZqCyITnH7d5+IRnfEa5yXA== 0000935069-04-001212.txt : 20040824 0000935069-04-001212.hdr.sgml : 20040824 20040824141757 ACCESSION NUMBER: 0000935069-04-001212 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: 04993758 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 rs0650_10945.txt RS0650_10945.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 Main Street Fund/VA (Exact name of registrant as specified in charter) 6803 South Tucson Way, Centennial, Colorado 80112-3924 (Address of principal executive offices) (Zip code) Robert G. Zack, Esq. OppenheimerFunds, Inc. 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 VALUE SHARES SEE NOTE 1 - ----------------------------------------------------------------------- COMMON STOCKS--98.1% - ----------------------------------------------------------------------- CONSUMER DISCRETIONARY--10.0% - ----------------------------------------------------------------------- AUTO COMPONENTS--0.2% Aftermarket Technology Corp. 1 452 $ 7,458 - ----------------------------------------------------------------------- American Axle & Manufacturing Holdings, Inc. 14,800 538,128 - ----------------------------------------------------------------------- Autoliv, Inc. 14,200 599,240 - ----------------------------------------------------------------------- Dana Corp. 76,500 1,499,400 - ----------------------------------------------------------------------- Delphi Corp. 8,200 87,576 - ----------------------------------------------------------------------- Lear Corp. 12,700 749,173 ---------------- 3,480,975 - ----------------------------------------------------------------------- AUTOMOBILES--0.6% Ford Motor Co. 410,315 6,421,430 - ----------------------------------------------------------------------- General Motors Corp. 30,500 1,420,995 - ----------------------------------------------------------------------- Harley-Davidson, Inc. 12,600 780,444 ---------------- 8,622,869 - ----------------------------------------------------------------------- HOTELS, RESTAURANTS & LEISURE--1.2% Applebee's International, Inc. 39,600 911,592 - ----------------------------------------------------------------------- Aztar Corp. 1 4,300 120,400 - ----------------------------------------------------------------------- Brinker International, Inc. 1 400 13,648 - ----------------------------------------------------------------------- Caesars Entertainment, Inc. 1 45,900 688,500 - ----------------------------------------------------------------------- CBRL Group, Inc. 24,500 755,825 - ----------------------------------------------------------------------- CEC Entertainment, Inc. 1 33,200 979,732 - ----------------------------------------------------------------------- Choice Hotels International, Inc. 2,400 120,384 - ----------------------------------------------------------------------- Harrah's Entertainment, Inc. 16,000 865,600 - ----------------------------------------------------------------------- International Game Technology 84,600 3,265,560 - ----------------------------------------------------------------------- Jack in the Box, Inc. 1 3,700 109,890 - ----------------------------------------------------------------------- Mandalay Resort Group 19,600 1,345,344 - ----------------------------------------------------------------------- Marriott International, Inc., Cl. A 21,500 1,072,420 - ----------------------------------------------------------------------- McDonald's Corp. 204,950 5,328,700 - ----------------------------------------------------------------------- Rare Hospitality International, Inc. 1 19,300 480,570 - ----------------------------------------------------------------------- Ruby Tuesday, Inc. 21,800 598,410 - ----------------------------------------------------------------------- Ryan's Restaurant Group, Inc. 1 4,850 76,630 - ----------------------------------------------------------------------- Yum! Brands, Inc. 1 57,700 2,147,594 ---------------- 18,880,799 - ----------------------------------------------------------------------- HOUSEHOLD DURABLES--1.0% Beazer Homes USA, Inc. 4,700 471,457 - ----------------------------------------------------------------------- Cavco Industries, Inc. 1 815 32,356 - ----------------------------------------------------------------------- Centex Corp. 8,900 407,175 - ----------------------------------------------------------------------- D.R. Horton, Inc. 31,350 890,340 - ----------------------------------------------------------------------- Furniture Brands International, Inc. 2,900 72,645 - ----------------------------------------------------------------------- Harman International Industries, Inc. 15,700 1,428,700 - ----------------------------------------------------------------------- Hovnanian Enterprises, Inc., Cl. A 1 45,000 1,561,950 - ----------------------------------------------------------------------- KB Home 19,900 1,365,737 VALUE SHARES SEE NOTE 1 - ----------------------------------------------------------------------- HOUSEHOLD DURABLES Continued Lennar Corp., Cl. A 17,100 $ 764,712 - ----------------------------------------------------------------------- Lennar Corp., Cl. B 9,160 379,499 - ----------------------------------------------------------------------- M.D.C. Holdings, Inc. 22,433 1,426,963 - ----------------------------------------------------------------------- Meritage Corp. 1 4,200 288,960 - ----------------------------------------------------------------------- NVR, Inc. 1 100 48,420 - ----------------------------------------------------------------------- Pulte Homes, Inc. 15,988 831,856 - ----------------------------------------------------------------------- Ryland Group, Inc. (The) 14,800 1,157,360 - ----------------------------------------------------------------------- Standard Pacific Corp. 20,500 1,010,650 - ----------------------------------------------------------------------- Stanley Works (The) 10,000 455,800 - ----------------------------------------------------------------------- Toll Brothers, Inc. 1 32,300 1,366,936 - ----------------------------------------------------------------------- Whirlpool Corp. 7,200 493,920 - ----------------------------------------------------------------------- Yankee Candle, Inc. (The) 1 3,700 108,225 ---------------- 14,563,661 - ----------------------------------------------------------------------- INTERNET & CATALOG RETAIL--0.2% Amazon.com, Inc. 1 65,300 3,552,320 - ----------------------------------------------------------------------- LEISURE EQUIPMENT & PRODUCTS--0.2% Action Performance Cos., Inc. 31,100 468,677 - ----------------------------------------------------------------------- Brunswick Corp. 25,400 1,036,320 - ----------------------------------------------------------------------- Hasbro, Inc. 39,500 750,500 - ----------------------------------------------------------------------- Marvel Enterprises, Inc. 1 8,200 160,064 - ----------------------------------------------------------------------- Polaris Industries, Inc. 2,000 96,000 ---------------- 2,511,561 - ----------------------------------------------------------------------- MEDIA--2.6% Clear Channel Communications, Inc. 34,200 1,263,690 - ----------------------------------------------------------------------- Comcast Corp., Cl. A 1 316,815 8,880,324 - ----------------------------------------------------------------------- Cox Communications, Inc., Cl. A 1 5,100 141,729 - ----------------------------------------------------------------------- Fox Entertainment Group, Inc., A Shares 1 26,900 718,230 - ----------------------------------------------------------------------- McGraw-Hill Cos., Inc. (The) 11,900 911,183 - ----------------------------------------------------------------------- NTL, Inc. 1 14,200 818,204 - ----------------------------------------------------------------------- Time Warner, Inc. 1 564,600 9,925,668 - ----------------------------------------------------------------------- Viacom, Inc., Cl. B 251,230 8,973,936 - ----------------------------------------------------------------------- Walt Disney Co. (The) 293,500 7,481,315 ---------------- 39,114,279 - ----------------------------------------------------------------------- MULTILINE RETAIL--0.6% Federated Department Stores, Inc. 32,100 1,576,110 - ----------------------------------------------------------------------- May Department Stores Co. 34,000 934,660 - ----------------------------------------------------------------------- Neiman Marcus Group, Inc. (The), Cl. A 5,400 300,510 - ----------------------------------------------------------------------- Nordstrom, Inc. 18,900 805,329 - ----------------------------------------------------------------------- Sears Roebuck & Co. 36,700 1,385,792 - ----------------------------------------------------------------------- Target Corp. 86,000 3,652,420 ---------------- 8,654,821 5 | OPPENHEIMER MAIN STREET FUND/VA STATEMENT OF INVESTMENTS Unaudited / Continued VALUE SHARES SEE NOTE 1 - ----------------------------------------------------------------------- SPECIALTY RETAIL--3.3% Abercrombie & Fitch Co., Cl. A 27,300 $ 1,057,875 - ----------------------------------------------------------------------- Aeropostale, Inc. 1 39,400 1,060,254 - ----------------------------------------------------------------------- American Eagle Outfitters, Inc. 1 23,200 670,712 - ----------------------------------------------------------------------- AnnTaylor Stores Corp. 1 45,100 1,306,998 - ----------------------------------------------------------------------- AutoNation, Inc. 1 37,800 646,380 - ----------------------------------------------------------------------- Barnes & Noble, Inc. 1 4,600 156,308 - ----------------------------------------------------------------------- Best Buy Co., Inc. 8,500 431,290 - ----------------------------------------------------------------------- Borders Group, Inc. 34,000 796,960 - ----------------------------------------------------------------------- Claire's Stores, Inc. 57,300 1,243,410 - ----------------------------------------------------------------------- Electronics Boutique Holdings Corp. 1 800 21,072 - ----------------------------------------------------------------------- Foot Locker, Inc. 12,500 304,250 - ----------------------------------------------------------------------- Gap, Inc. (The) 290,300 7,039,775 - ----------------------------------------------------------------------- Hollywood Entertainment Corp. 1 11,200 149,632 - ----------------------------------------------------------------------- Home Depot, Inc. 512,700 18,047,040 - ----------------------------------------------------------------------- Limited Brands, Inc. 21,400 400,180 - ----------------------------------------------------------------------- Lowe's Cos., Inc. 58,700 3,084,685 - ----------------------------------------------------------------------- Michaels Stores, Inc. 4,200 231,000 - ----------------------------------------------------------------------- Office Depot, Inc. 1 47,800 856,098 - ----------------------------------------------------------------------- Pacific Sunwear of California, Inc. 1 54,475 1,066,076 - ----------------------------------------------------------------------- RadioShack Corp. 36,700 1,050,721 - ----------------------------------------------------------------------- Select Comfort Corp. 1 1,900 53,960 - ----------------------------------------------------------------------- Sherwin-Williams Co. 20,900 868,395 - ----------------------------------------------------------------------- Staples, Inc. 181,900 5,331,489 - ----------------------------------------------------------------------- Talbots, Inc. (The) 24,600 963,090 - ----------------------------------------------------------------------- TJX Cos., Inc. (The) 79,100 1,909,474 - ----------------------------------------------------------------------- Tractor Supply Co. 1 2,000 83,640 - ----------------------------------------------------------------------- Zale Corp. 1 27,800 757,828 ---------------- 49,588,592 - ----------------------------------------------------------------------- TEXTILES, APPAREL & LUXURY GOODS--0.1% Jones Apparel Group, Inc. 16,100 635,628 - ----------------------------------------------------------------------- Timberland Co., Cl. A 1 26,800 1,731,012 - ----------------------------------------------------------------------- Tommy Hilfiger Corp. 1 3,900 59,046 ---------------- 2,425,686 - ----------------------------------------------------------------------- CONSUMER STAPLES--10.3% - ----------------------------------------------------------------------- BEVERAGES--3.4% Anheuser-Busch Cos., Inc. 125,500 6,777,000 - ----------------------------------------------------------------------- Coca-Cola Co. (The) 441,200 22,271,776 - ----------------------------------------------------------------------- Coca-Cola Enterprises, Inc. 23,200 672,568 - ----------------------------------------------------------------------- Pepsi Bottling Group, Inc. (The) 26,600 812,364 - ----------------------------------------------------------------------- PepsiAmericas, Inc. 3,500 74,340 - ----------------------------------------------------------------------- PepsiCo, Inc. 384,650 20,724,942 ---------------- 51,332,990 VALUE SHARES SEE NOTE 1 - ----------------------------------------------------------------------- FOOD & STAPLES RETAILING--2.2% Albertson's, Inc. 32,500 $ 862,550 - ----------------------------------------------------------------------- Costco Wholesale Corp. 40,300 1,655,121 - ----------------------------------------------------------------------- Sysco Corp. 95,500 3,425,585 - ----------------------------------------------------------------------- Wal-Mart Stores, Inc. 513,600 27,097,536 ---------------- 33,040,792 - ----------------------------------------------------------------------- FOOD PRODUCTS--0.8% Campbell Soup Co. 57,800 1,553,664 - ----------------------------------------------------------------------- Heinz (H.J.) Co. 89,500 3,508,400 - ----------------------------------------------------------------------- Hershey Foods Corp. 22,600 1,045,702 - ----------------------------------------------------------------------- Kellogg Co. 39,100 1,636,335 - ----------------------------------------------------------------------- Kraft Foods, Inc., Cl. A 90,000 2,851,200 - ----------------------------------------------------------------------- Tyson Foods, Inc., Cl. A 39,400 825,430 ---------------- 11,420,731 - ----------------------------------------------------------------------- HOUSEHOLD PRODUCTS--1.8% Colgate-Palmolive Co. 20,200 1,180,690 - ----------------------------------------------------------------------- Energizer Holdings, Inc. 1 20,000 900,000 - ----------------------------------------------------------------------- Kimberly-Clark Corp. 23,700 1,561,356 - ----------------------------------------------------------------------- Procter & Gamble Co. (The) 439,600 23,931,824 ---------------- 27,573,870 - ----------------------------------------------------------------------- PERSONAL PRODUCTS--0.5% Estee Lauder Cos., Inc. (The), Cl. A 16,900 824,382 - ----------------------------------------------------------------------- Gillette Co. 145,700 6,177,680 ---------------- 7,002,062 - ----------------------------------------------------------------------- TOBACCO--1.6% Altria Group, Inc. 464,500 23,248,225 - ----------------------------------------------------------------------- R.J. Reynolds Tobacco Holdings, Inc. 22,700 1,534,293 ---------------- 24,782,518 - ----------------------------------------------------------------------- ENERGY--8.3% - ----------------------------------------------------------------------- ENERGY EQUIPMENT & SERVICES--0.3% Halliburton Co. 86,300 2,611,438 - ----------------------------------------------------------------------- Oil States International, Inc. 1 32,900 503,370 - ----------------------------------------------------------------------- Schlumberger Ltd. 24,200 1,536,942 ---------------- 4,651,750 - ----------------------------------------------------------------------- OIL & GAS--8.0% Amerada Hess Corp. 11,700 926,523 - ----------------------------------------------------------------------- Burlington Resources, Inc. 82,200 2,973,996 - ----------------------------------------------------------------------- Canadian Natural Resources Ltd. 77,000 2,300,093 - ----------------------------------------------------------------------- Chesapeake Energy Corp. 50,700 746,304 - ----------------------------------------------------------------------- ChevronTexaco Corp. 248,450 23,381,630 - ----------------------------------------------------------------------- Cimarex Energy Co. 1 2,239 67,685 - ----------------------------------------------------------------------- ConocoPhillips 78,221 5,967,480 6 | OPPENHEIMER MAIN STREET FUND/VA VALUE SHARES SEE NOTE 1 - ----------------------------------------------------------------------- OIL & GAS Continued EOG Resources, Inc. 24,700 $ 1,474,837 - ----------------------------------------------------------------------- Esprit Exploration Ltd. 1 283,200 737,175 - ----------------------------------------------------------------------- Exxon Mobil Corp. 1,279,016 56,801,101 - ----------------------------------------------------------------------- Frontier Oil Corp. 128,800 2,729,272 - ----------------------------------------------------------------------- Houston Exploration Co. 1 12,500 648,000 - ----------------------------------------------------------------------- Kerr-McGee Corp. 12,900 693,633 - ----------------------------------------------------------------------- Marathon Oil Corp. 27,300 1,033,032 - ----------------------------------------------------------------------- Murphy Oil Corp. 6,400 471,680 - ----------------------------------------------------------------------- Newfield Exploration Co. 1 4,600 256,404 - ----------------------------------------------------------------------- Nexen, Inc. 21,000 814,470 - ----------------------------------------------------------------------- Noble Energy, Inc. 26,700 1,361,700 - ----------------------------------------------------------------------- Occidental Petroleum Corp. 69,300 3,354,813 - ----------------------------------------------------------------------- OMI Corp. 26,300 312,970 - ----------------------------------------------------------------------- Paramount Resources Ltd. 1 155,200 1,666,888 - ----------------------------------------------------------------------- Patina Oil & Gas Corp. 13,100 391,297 - ----------------------------------------------------------------------- Pioneer Natural Resources Co. 5,700 199,956 - ----------------------------------------------------------------------- Pogo Producing Co. 29,400 1,452,360 - ----------------------------------------------------------------------- Sunoco, Inc. 22,600 1,437,812 - ----------------------------------------------------------------------- Talisman Energy, Inc. 133,500 2,897,520 - ----------------------------------------------------------------------- Teekay Shipping Corp. 16,600 620,508 - ----------------------------------------------------------------------- Tesoro Petroleum Corp. 1 9,300 256,680 - ----------------------------------------------------------------------- Unocal Corp. 49,500 1,881,000 - ----------------------------------------------------------------------- Valero Energy Corp. 18,800 1,386,688 - ----------------------------------------------------------------------- Williams Cos., Inc. (The) 73,300 872,270 ---------------- 120,115,777 - ----------------------------------------------------------------------- FINANCIALS--23.4% - ----------------------------------------------------------------------- CAPITAL MARKETS--0.5% Bank of New York Co., Inc. (The) 70,600 2,081,288 - ----------------------------------------------------------------------- Mellon Financial Corp. 164,200 4,815,986 - ----------------------------------------------------------------------- Northern Trust Corp. 30,900 1,306,452 ---------------- 8,203,726 - ----------------------------------------------------------------------- COMMERCIAL BANKS--9.4% Astoria Financial Corp. 7,500 274,350 - ----------------------------------------------------------------------- Bank of America Corp. 437,751 37,042,490 - ----------------------------------------------------------------------- Bank One Corp. 396,700 20,231,700 - ----------------------------------------------------------------------- Banknorth Group, Inc. 41,300 1,341,424 - ----------------------------------------------------------------------- BB&T Corp. 63,400 2,343,898 - ----------------------------------------------------------------------- Charter One Financial, Inc. 66,900 2,956,311 - ----------------------------------------------------------------------- City National Corp. 2,900 190,530 - ----------------------------------------------------------------------- Colonial BancGroup, Inc. (The) 100 1,817 - ----------------------------------------------------------------------- Comerica, Inc. 11,400 625,632 - ----------------------------------------------------------------------- Fifth Third Bancorp 32,500 1,747,850 - ----------------------------------------------------------------------- Flagstar Bancorp, Inc. 10,700 212,716 VALUE SHARES SEE NOTE 1 - ----------------------------------------------------------------------- COMMERCIAL BANKS Continued Golden West Financial Corp. 15,500 $ 1,648,425 - ----------------------------------------------------------------------- Greenpoint Financial Corp. 48,300 1,917,510 - ----------------------------------------------------------------------- Huntington Bancshares, Inc. 29,400 673,260 - ----------------------------------------------------------------------- Independence Community Bank Corp. 8,300 302,120 - ----------------------------------------------------------------------- Indymac Mortgage Holdings, Inc. 12,700 401,320 - ----------------------------------------------------------------------- KeyCorp 62,800 1,877,092 - ----------------------------------------------------------------------- National City Corp. 160,300 5,612,103 - ----------------------------------------------------------------------- PNC Financial Services Group, Inc. 68,300 3,625,364 - ----------------------------------------------------------------------- Prosperity Bancshares, Inc. 2,700 65,745 - ----------------------------------------------------------------------- R&G Financial Corp., Cl. B 900 29,754 - ----------------------------------------------------------------------- Regions Financial Corp. 17,500 639,625 - ----------------------------------------------------------------------- SunTrust Banks, Inc. 49,300 3,204,007 - ----------------------------------------------------------------------- U.S. Bancorp 528,570 14,567,389 - ----------------------------------------------------------------------- UnionBanCal Corp. 29,000 1,635,600 - ----------------------------------------------------------------------- Wachovia Corp. 340,000 15,130,000 - ----------------------------------------------------------------------- Webster Financial Corp. 3,600 169,272 - ----------------------------------------------------------------------- Wells Fargo & Co. 390,400 22,342,592 - ----------------------------------------------------------------------- Zions Bancorp 13,700 841,865 ---------------- 141,651,761 - ----------------------------------------------------------------------- DIVERSIFIED FINANCIAL SERVICES--7.4% Affiliated Managers Group, Inc. 1 4,250 214,073 - ----------------------------------------------------------------------- American Capital Strategies Ltd. 3,600 100,872 - ----------------------------------------------------------------------- American Express Co. 150,800 7,748,104 - ----------------------------------------------------------------------- Bear Stearns Cos., Inc. (The) 19,400 1,635,614 - ----------------------------------------------------------------------- Capital One Financial Corp. 55,700 3,808,766 - ----------------------------------------------------------------------- Chicago Mercantile Exchange (The) 7,200 1,039,464 - ----------------------------------------------------------------------- CIT Group, Inc. 25,500 976,395 - ----------------------------------------------------------------------- Citigroup, Inc. 1,048,588 48,759,342 - ----------------------------------------------------------------------- E*TRADE Financial Corp. 1 55,500 618,825 - ----------------------------------------------------------------------- Franklin Resources, Inc. 3,500 175,280 - ----------------------------------------------------------------------- Goldman Sachs Group, Inc. (The) 46,300 4,359,608 - ----------------------------------------------------------------------- Instinet Group, Inc. 1 3,500 18,480 - ----------------------------------------------------------------------- J.P. Morgan Chase & Co. 248,900 9,649,853 - ----------------------------------------------------------------------- Knight Trading Group, Inc. 1 37,600 376,752 - ----------------------------------------------------------------------- MBNA Corp. 225,900 5,825,961 - ----------------------------------------------------------------------- Merrill Lynch & Co., Inc. 190,100 10,261,598 - ----------------------------------------------------------------------- Morgan Stanley 226,300 11,941,851 - ----------------------------------------------------------------------- Piper Jaffray Cos., Inc. 1 1,916 86,661 - ----------------------------------------------------------------------- Principal Financial Group, Inc. (The) 83,200 2,893,696 - ----------------------------------------------------------------------- Schwab (Charles) Corp. 39,500 379,595 - ----------------------------------------------------------------------- WFS Financial, Inc. 400 19,804 ---------------- 110,890,594 7 | OPPENHEIMER MAIN STREET FUND/VA STATEMENT OF INVESTMENTS Unaudited / Continued VALUE SHARES SEE NOTE 1 - ----------------------------------------------------------------------- INSURANCE--4.6% ACE Ltd. 19,900 $ 841,372 - ----------------------------------------------------------------------- AFLAC, Inc. 71,200 2,905,672 - ----------------------------------------------------------------------- Allmerica Financial Corp. 1 20,600 696,280 - ----------------------------------------------------------------------- Allstate Corp. 186,100 8,662,955 - ----------------------------------------------------------------------- AMBAC Financial Group, Inc. 1,500 110,160 - ----------------------------------------------------------------------- American International Group, Inc. 477,240 34,017,667 - ----------------------------------------------------------------------- Aon Corp. 52,200 1,486,134 - ----------------------------------------------------------------------- Assurant, Inc. 2,700 71,226 - ----------------------------------------------------------------------- Chubb Corp. 7,700 524,986 - ----------------------------------------------------------------------- Cincinnati Financial Corp. 1,470 63,974 - ----------------------------------------------------------------------- Fidelity National Financial, Inc. 46,659 1,742,247 - ----------------------------------------------------------------------- First American Corp. (The) 3,800 98,382 - ----------------------------------------------------------------------- Genworth Financial, Inc., Cl. A 1 35,800 821,610 - ----------------------------------------------------------------------- Hartford Financial Services Group, Inc. (The) 21,100 1,450,414 - ----------------------------------------------------------------------- LandAmerica Financial Group, Inc. 6,700 260,831 - ----------------------------------------------------------------------- Lincoln National Corp. 33,900 1,601,775 - ----------------------------------------------------------------------- Loews Corp. 27,800 1,666,888 - ----------------------------------------------------------------------- Marsh & McLennan Cos., Inc. 6,400 290,432 - ----------------------------------------------------------------------- MBIA, Inc. 16,700 953,904 - ----------------------------------------------------------------------- MetLife, Inc. 38,500 1,380,225 - ----------------------------------------------------------------------- Nationwide Financial Services, Inc., Cl. A 17,400 654,414 - ----------------------------------------------------------------------- Progressive Corp. 46,700 3,983,510 - ----------------------------------------------------------------------- Reinsurance Group of America, Inc. 24,000 975,600 - ----------------------------------------------------------------------- RenaissanceRe Holdings Ltd. 20,400 1,100,580 - ----------------------------------------------------------------------- Safeco Corp. 9,300 409,200 - ----------------------------------------------------------------------- St. Paul Travelers Cos., Inc. (The) 36,000 1,459,440 - ----------------------------------------------------------------------- StanCorp Financial Group, Inc. 2,700 180,900 - ----------------------------------------------------------------------- UnumProvident Corp. 700 11,130 - ----------------------------------------------------------------------- Willis Group Holdings Ltd. 6,600 247,170 ---------------- 68,669,078 - ----------------------------------------------------------------------- REAL ESTATE--0.0% St. Joe Co. (The) 2,300 91,310 - ----------------------------------------------------------------------- THRIFTS & MORTGAGE FINANCE--1.5% Countrywide Financial Corp. 48,949 3,438,667 - ----------------------------------------------------------------------- Doral Financial Corp. 10,925 376,913 - ----------------------------------------------------------------------- Fannie Mae 214,800 15,328,128 - ----------------------------------------------------------------------- Freddie Mac 10,300 651,990 - ----------------------------------------------------------------------- Fremont General Corp. 44,900 792,485 - ----------------------------------------------------------------------- MGIC Investment Corp. 19,100 1,448,926 - ----------------------------------------------------------------------- New Century Financial Corp. 14,300 669,526 ---------------- 22,706,635 VALUE SHARES SEE NOTE 1 - ----------------------------------------------------------------------- HEALTH CARE--13.7% - ----------------------------------------------------------------------- BIOTECHNOLOGY--1.4% Amgen, Inc. 1 209,000 $ 11,405,130 - ----------------------------------------------------------------------- Gen-Probe, Inc. 1 2,100 99,372 - ----------------------------------------------------------------------- Genentech, Inc. 1 61,600 3,461,920 - ----------------------------------------------------------------------- Wyeth 153,900 5,565,024 ---------------- 20,531,446 - ----------------------------------------------------------------------- HEALTH CARE EQUIPMENT & SUPPLIES--1.8% Bausch & Lomb, Inc. 18,400 1,197,288 - ----------------------------------------------------------------------- Becton, Dickinson & Co. 41,300 2,139,340 - ----------------------------------------------------------------------- Bio-Rad Laboratories, Inc., Cl. A 1 4,100 241,326 - ----------------------------------------------------------------------- Boston Scientific Corp. 1 43,300 1,853,240 - ----------------------------------------------------------------------- Cytyc Corp. 1 21,000 532,770 - ----------------------------------------------------------------------- Dade Behring Holdings, Inc. 1 2,400 114,048 - ----------------------------------------------------------------------- Guidant Corp. 19,400 1,084,072 - ----------------------------------------------------------------------- Hospira, Inc. 1 53,780 1,484,328 - ----------------------------------------------------------------------- Medtronic, Inc. 240,200 11,702,544 - ----------------------------------------------------------------------- Stryker Corp. 98,900 5,439,500 - ----------------------------------------------------------------------- VISX, Inc. 1 9,800 261,856 - ----------------------------------------------------------------------- Zimmer Holdings, Inc. 1 7,400 652,680 ---------------- 26,702,992 - ----------------------------------------------------------------------- HEALTH CARE PROVIDERS & SERVICES--1.9% Advisory Board Co. (The) 1 8,300 295,480 - ----------------------------------------------------------------------- Aetna, Inc. 24,900 2,116,500 - ----------------------------------------------------------------------- Andrx Corp. 1 38,700 1,080,891 - ----------------------------------------------------------------------- CIGNA Corp. 14,900 1,025,269 - ----------------------------------------------------------------------- Covance, Inc. 1 22,100 852,618 - ----------------------------------------------------------------------- Coventry Health Care, Inc. 1 26,750 1,308,075 - ----------------------------------------------------------------------- DaVita, Inc. 1 19,200 591,936 - ----------------------------------------------------------------------- IMS Health, Inc. 29,100 682,104 - ----------------------------------------------------------------------- Laboratory Corp. of America Holdings 1 8,200 325,540 - ----------------------------------------------------------------------- LifePoint Hospitals, Inc. 1 20,700 770,454 - ----------------------------------------------------------------------- Medco Health Solutions, Inc. 1 70,381 2,639,288 - ----------------------------------------------------------------------- Oxford Health Plans, Inc. 4,600 253,184 - ----------------------------------------------------------------------- Pediatrix Medical Group, Inc. 1 19,000 1,327,150 - ----------------------------------------------------------------------- Quest Diagnostics, Inc. 8,400 713,580 - ----------------------------------------------------------------------- Renal Care Group, Inc. 1 11,999 397,527 - ----------------------------------------------------------------------- Select Medical Corp. 8,200 110,044 - ----------------------------------------------------------------------- Sunrise Senior Living, Inc. 1 3,000 117,420 - ----------------------------------------------------------------------- UnitedHealth Group, Inc. 73,200 4,556,700 - ----------------------------------------------------------------------- US Oncology, Inc. 1 57,900 852,288 - ----------------------------------------------------------------------- WellChoice, Inc. 1 7,200 298,080 - ----------------------------------------------------------------------- WellPoint Health Networks, Inc. 1 77,100 8,635,971 ---------------- 28,950,099 8 | OPPENHEIMER MAIN STREET FUND/VA VALUE SHARES SEE NOTE 1 - ----------------------------------------------------------------------- PHARMACEUTICALS--8.6% Abbott Laboratories 273,000 $ 11,127,480 - ----------------------------------------------------------------------- American Pharmaceutical Partners, Inc. 1 3,550 107,849 - ----------------------------------------------------------------------- Bradley Pharmaceuticals, Inc. 1 2,800 78,120 - ----------------------------------------------------------------------- Bristol-Myers Squibb Co. 63,400 1,553,300 - ----------------------------------------------------------------------- Eli Lilly & Co. 154,500 10,801,095 - ----------------------------------------------------------------------- Endo Pharmaceuticals Holdings, Inc. 1 28,700 673,015 - ----------------------------------------------------------------------- Eon Labs, Inc. 1 11,400 466,602 - ----------------------------------------------------------------------- Johnson & Johnson 557,506 31,053,084 - ----------------------------------------------------------------------- Kos Pharmaceuticals, Inc. 1 8,700 286,839 - ----------------------------------------------------------------------- Merck & Co., Inc. 478,800 22,743,000 - ----------------------------------------------------------------------- Pfizer, Inc. 1,401,300 48,036,564 - ----------------------------------------------------------------------- Schering-Plough Corp. 168,100 3,106,488 ---------------- 130,033,436 - ----------------------------------------------------------------------- INDUSTRIALS--8.8% - ----------------------------------------------------------------------- AEROSPACE & DEFENSE--1.5% Boeing Co. 113,700 5,808,933 - ----------------------------------------------------------------------- General Dynamics Corp. 34,500 3,425,850 - ----------------------------------------------------------------------- Honeywell International, Inc. 92,800 3,399,264 - ----------------------------------------------------------------------- Precision Castparts Corp. 12,700 694,563 - ----------------------------------------------------------------------- United Defense Industries, Inc. 1 29,600 1,036,000 - ----------------------------------------------------------------------- United Technologies Corp. 82,100 7,510,508 ---------------- 21,875,118 - ----------------------------------------------------------------------- AIR FREIGHT & LOGISTICS--0.4% EGL, Inc. 1 8,000 212,800 - ----------------------------------------------------------------------- United Parcel Service, Inc., Cl. B 81,700 6,141,389 ---------------- 6,354,189 - ----------------------------------------------------------------------- BUILDING PRODUCTS--0.0% Masco Corp. 16,300 508,234 - ----------------------------------------------------------------------- COMMERCIAL SERVICES & SUPPLIES--0.3% Apollo Group, Inc., Cl. A 1 10,000 882,900 - ----------------------------------------------------------------------- ITT Educational Services, Inc. 1 15,900 604,518 - ----------------------------------------------------------------------- Republic Services, Inc. 41,200 1,192,328 - ----------------------------------------------------------------------- Robert Half International, Inc. 44,700 1,330,719 - ----------------------------------------------------------------------- Waste Management, Inc. 10,300 315,695 ---------------- 4,326,160 - ----------------------------------------------------------------------- ELECTRICAL EQUIPMENT--0.4% Cooper Industries Ltd., Cl. A 6,800 403,988 - ----------------------------------------------------------------------- Emerson Electric Co. 67,700 4,302,335 - ----------------------------------------------------------------------- Hubbell, Inc., Cl. B 1,400 65,394 - ----------------------------------------------------------------------- Molex, Inc., Cl. A 20,750 566,060 VALUE SHARES SEE NOTE 1 - ----------------------------------------------------------------------- ELECTRICAL EQUIPMENT Continued Rockwell Automation, Inc. 8,100 $ 303,831 - ----------------------------------------------------------------------- Thomas & Betts Corp. 200 5,446 ---------------- 5,647,054 - ----------------------------------------------------------------------- INDUSTRIAL CONGLOMERATES--5.0% 3M Co. 199,200 17,929,992 - ----------------------------------------------------------------------- General Electric Co. 1,760,900 57,053,160 - ----------------------------------------------------------------------- Textron, Inc. 10,000 593,500 ---------------- 75,576,652 - ----------------------------------------------------------------------- MACHINERY--0.8% Briggs & Stratton Corp. 9,200 812,820 - ----------------------------------------------------------------------- Caterpillar, Inc. 36,600 2,907,504 - ----------------------------------------------------------------------- Cummins, Inc. 11,500 718,750 - ----------------------------------------------------------------------- Deere & Co. 26,100 1,830,654 - ----------------------------------------------------------------------- Ingersoll-Rand Co., Cl. A 33,300 2,274,723 - ----------------------------------------------------------------------- Oshkosh Truck Corp. 1,000 57,310 - ----------------------------------------------------------------------- Paccar, Inc. 44,550 2,583,455 - ----------------------------------------------------------------------- Pall Corp. 20,200 529,038 - ----------------------------------------------------------------------- Parker-Hannifin Corp. 12,900 767,034 - ----------------------------------------------------------------------- SPX Corp. 5,000 232,200 ---------------- 12,713,488 - ----------------------------------------------------------------------- ROAD & RAIL--0.4% Burlington Northern Santa Fe Corp. 45,000 1,578,150 - ----------------------------------------------------------------------- CNF Transportation, Inc. 6,700 278,452 - ----------------------------------------------------------------------- Hunt (J.B.) Transport Services, Inc. 39,900 1,539,342 - ----------------------------------------------------------------------- Norfolk Southern Corp. 27,400 726,648 - ----------------------------------------------------------------------- Ryder Systems, Inc. 34,400 1,378,408 ---------------- 5,501,000 - ----------------------------------------------------------------------- TRADING COMPANIES & DISTRIBUTORS--0.0% Hughes Supply, Inc. 2,600 153,218 - ----------------------------------------------------------------------- W.W. Grainger, Inc. 6,900 396,750 ---------------- 549,968 - ----------------------------------------------------------------------- INFORMATION TECHNOLOGY--17.4% - ----------------------------------------------------------------------- COMMUNICATIONS EQUIPMENT--3.8% ADTRAN, Inc. 7,100 236,927 - ----------------------------------------------------------------------- Brocade Communications Systems, Inc. 1 25,900 154,882 - ----------------------------------------------------------------------- Cisco Systems, Inc. 1 1,264,800 29,975,760 - ----------------------------------------------------------------------- Comverse Technology, Inc. 1 23,800 474,572 - ----------------------------------------------------------------------- Corning, Inc. 1 67,800 885,468 - ----------------------------------------------------------------------- Harris Corp. 10,000 507,500 - ----------------------------------------------------------------------- Lucent Technologies, Inc. 1 1,311,000 4,955,580 9 | OPPENHEIMER MAIN STREET FUND/VA STATEMENT OF INVESTMENTS Unaudited / Continued VALUE SHARES SEE NOTE 1 - ----------------------------------------------------------------------- COMMUNICATIONS EQUIPMENT Continued Motorola, Inc. 378,700 $ 6,911,275 - ----------------------------------------------------------------------- QUALCOMM, Inc. 136,900 9,990,962 - ----------------------------------------------------------------------- Scientific-Atlanta, Inc. 44,500 1,535,250 - ----------------------------------------------------------------------- Tellabs, Inc. 1 124,100 1,084,634 ---------------- 56,712,810 - ----------------------------------------------------------------------- COMPUTERS & PERIPHERALS--4.2% Apple Computer, Inc. 1 66,400 2,160,656 - ----------------------------------------------------------------------- Avid Technology, Inc. 1 2,100 114,597 - ----------------------------------------------------------------------- Dell, Inc. 1 525,700 18,830,574 - ----------------------------------------------------------------------- Hewlett-Packard Co. 616,700 13,012,370 - ----------------------------------------------------------------------- International Business Machines Corp. 255,200 22,495,880 - ----------------------------------------------------------------------- Lexmark International, Inc., Cl. A 1 39,300 3,793,629 - ----------------------------------------------------------------------- NCR Corp. 1 13,200 654,588 - ----------------------------------------------------------------------- SanDisk Corp. 1 13,400 290,646 - ----------------------------------------------------------------------- Storage Technology Corp. 1 45,000 1,305,000 ---------------- 62,657,940 - ----------------------------------------------------------------------- ELECTRONIC EQUIPMENT & INSTRUMENTS--0.3% Agilent Technologies, Inc. 1 24,900 729,072 - ----------------------------------------------------------------------- Arrow Electronics, Inc. 1 26,600 713,412 - ----------------------------------------------------------------------- FARO Technologies, Inc. 1 300 7,701 - ----------------------------------------------------------------------- Jabil Circuit, Inc. 1 14,300 360,074 - ----------------------------------------------------------------------- Molex, Inc. 20,500 657,640 - ----------------------------------------------------------------------- PerkinElmer, Inc. 50,600 1,014,024 - ----------------------------------------------------------------------- Tech Data Corp. 1 9,500 371,735 - ----------------------------------------------------------------------- Tektronix, Inc. 7,800 265,356 - ----------------------------------------------------------------------- Thermo Electron Corp. 1 5,000 153,700 ---------------- 4,272,714 - ----------------------------------------------------------------------- INTERNET SOFTWARE & SERVICES--0.0% Digital River, Inc. 1 6,900 225,147 - ----------------------------------------------------------------------- EarthLink, Inc. 1 14,400 149,040 - ----------------------------------------------------------------------- United Online, Inc. 1 15,100 265,911 - ----------------------------------------------------------------------- WebEx Communications, Inc. 1 2,000 43,520 ---------------- 683,618 - ----------------------------------------------------------------------- IT SERVICES--0.3% Acxiom Corp. 5,300 131,599 - ----------------------------------------------------------------------- Automatic Data Processing, Inc. 81,900 3,429,972 - ----------------------------------------------------------------------- BISYS Group, Inc. (The) 1 10,500 147,630 - ----------------------------------------------------------------------- CheckFree Corp. 1 20,800 624,000 - ----------------------------------------------------------------------- Convergys Corp. 1 58,700 903,980 - ----------------------------------------------------------------------- CSG Systems International, Inc. 1 6,600 136,620 ---------------- 5,373,801 VALUE SHARES SEE NOTE 1 - ----------------------------------------------------------------------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT--4.3% Altera Corp. 1 53,700 $ 1,193,214 - ----------------------------------------------------------------------- Analog Devices, Inc. 96,400 4,538,512 - ----------------------------------------------------------------------- Applied Materials, Inc. 1 203,900 4,000,518 - ----------------------------------------------------------------------- Atmel Corp. 1 128,500 760,720 - ----------------------------------------------------------------------- Cree, Inc. 1 7,100 165,288 - ----------------------------------------------------------------------- Fairchild Semiconductor International, Inc., Cl. A 1 16,700 273,379 - ----------------------------------------------------------------------- Integrated Device Technology, Inc. 1 18,400 254,656 - ----------------------------------------------------------------------- Intel Corp. 1,381,800 38,137,680 - ----------------------------------------------------------------------- International Rectifier Corp. 1 6,600 273,372 - ----------------------------------------------------------------------- Lam Research Corp. 1 7,700 206,360 - ----------------------------------------------------------------------- Maxim Integrated Products, Inc. 34,700 1,818,974 - ----------------------------------------------------------------------- Microchip Technology, Inc. 24,200 763,268 - ----------------------------------------------------------------------- National Semiconductor Corp. 1 68,400 1,504,116 - ----------------------------------------------------------------------- Semtech Corp. 1 22,800 536,712 - ----------------------------------------------------------------------- Teradyne, Inc. 1 38,200 867,140 - ----------------------------------------------------------------------- Texas Instruments, Inc. 387,500 9,369,750 ---------------- 64,663,659 - ----------------------------------------------------------------------- SOFTWARE--4.5% Adobe Systems, Inc. 21,800 1,013,700 - ----------------------------------------------------------------------- Amdocs Ltd. 1 41,700 977,031 - ----------------------------------------------------------------------- Autodesk, Inc. 21,900 937,539 - ----------------------------------------------------------------------- BMC Software, Inc. 1 23,000 425,500 - ----------------------------------------------------------------------- Computer Associates International, Inc. 12,800 359,168 - ----------------------------------------------------------------------- Compuware Corp. 1 58,500 386,100 - ----------------------------------------------------------------------- Microsoft Corp. 1,616,500 46,167,240 - ----------------------------------------------------------------------- Network Associates, Inc. 1 21,500 389,795 - ----------------------------------------------------------------------- Oracle Corp. 1 962,500 11,482,625 - ----------------------------------------------------------------------- Siebel Systems, Inc. 1 32,200 343,896 - ----------------------------------------------------------------------- Sybase, Inc. 1 46,800 842,400 - ----------------------------------------------------------------------- Take-Two Interactive Software, Inc. 1 22,100 677,144 - ----------------------------------------------------------------------- TIBCO Software, Inc. 1 61,200 517,140 - ----------------------------------------------------------------------- Veritas Software Corp. 1 95,500 2,645,350 ---------------- 67,164,628 - ----------------------------------------------------------------------- MATERIALS--1.9% - ----------------------------------------------------------------------- CHEMICALS--0.9% Cabot Corp. 2,400 97,680 - ----------------------------------------------------------------------- Dow Chemical Co. 111,100 4,521,770 - ----------------------------------------------------------------------- E.I. DuPont de Nemours & Co. 111,900 4,970,598 - ----------------------------------------------------------------------- Eastman Chemical Co. 6,800 314,364 - ----------------------------------------------------------------------- Engelhard Corp. 11,800 381,258 - ----------------------------------------------------------------------- FMC Corp. 1 2,500 107,775 10 | OPPENHEIMER MAIN STREET FUND/VA VALUE SHARES SEE NOTE 1 - ----------------------------------------------------------------------- CHEMICALS Continued Monsanto Co. 59,800 $ 2,302,300 - ----------------------------------------------------------------------- OM Group, Inc. 1 10,700 353,207 ---------------- 13,048,952 - ----------------------------------------------------------------------- CONSTRUCTION MATERIALS--0.0% Eagle Materials, Inc. 6,243 432,328 - ----------------------------------------------------------------------- Florida Rock Industries, Inc. 3,450 145,487 - ----------------------------------------------------------------------- Vulcan Materials Co. 2,900 137,895 ---------------- 715,710 - ----------------------------------------------------------------------- METALS & MINING--0.7% Alcan, Inc. 6,300 260,820 - ----------------------------------------------------------------------- Alcoa, Inc. 195,700 6,463,971 - ----------------------------------------------------------------------- Inco Ltd. 1 4,300 148,608 - ----------------------------------------------------------------------- Nucor Corp. 18,900 1,450,764 - ----------------------------------------------------------------------- Peabody Energy Corp. 19,800 1,108,602 - ----------------------------------------------------------------------- Phelps Dodge Corp. 1 20,600 1,596,706 - ----------------------------------------------------------------------- Southern Peru Copper Corp. 1,600 66,128 ---------------- 11,095,599 - ----------------------------------------------------------------------- PAPER & FOREST PRODUCTS--0.3% Georgia-Pacific Corp. 71,100 2,629,278 - ----------------------------------------------------------------------- Louisiana-Pacific Corp. 68,300 1,615,295 ---------------- 4,244,573 - ----------------------------------------------------------------------- TELECOMMUNICATION SERVICES--3.7% - ----------------------------------------------------------------------- DIVERSIFIED TELECOMMUNICATION SERVICES--3.0% Alltel Corp. 56,100 2,839,782 - ----------------------------------------------------------------------- BellSouth Corp. 261,500 6,856,530 - ----------------------------------------------------------------------- CenturyTel, Inc. 18,900 567,756 - ----------------------------------------------------------------------- Citizens Communications Co. 1 115,400 1,396,340 - ----------------------------------------------------------------------- SBC Communications, Inc. 638,700 15,488,475 - ----------------------------------------------------------------------- Verizon Communications, Inc. 495,656 17,937,791 ---------------- 45,086,674 - ----------------------------------------------------------------------- WIRELESS TELECOMMUNICATION SERVICES--0.7% AT&T Wireless Services, Inc. 1 553,300 7,923,256 - ----------------------------------------------------------------------- Nextel Communications, Inc., Cl. A 1 102,600 2,735,316 ---------------- 10,658,572 - ----------------------------------------------------------------------- UTILITIES--0.6% - ----------------------------------------------------------------------- ELECTRIC UTILITIES--0.6% Alliant Energy Corp. 2,200 57,376 - ----------------------------------------------------------------------- Constellation Energy Group, Inc. 30,600 1,159,740 - ----------------------------------------------------------------------- Duke Energy Corp. 88,800 1,801,752 - ----------------------------------------------------------------------- Edison International 48,700 1,245,259 VALUE SHARES SEE NOTE 1 - ----------------------------------------------------------------------- ELECTRIC UTILITIES Continued Exelon Corp. 111,948 $ 3,726,749 - ----------------------------------------------------------------------- Progress Energy, Inc., Contingent Value Obligation 1,2 32,000 11,520 - ----------------------------------------------------------------------- Southern Co. 7,100 206,965 - ----------------------------------------------------------------------- Wisconsin Energy Corp. 1,600 52,171 ---------------- 8,261,532 - ----------------------------------------------------------------------- GAS UTILITIES--0.0% ONEOK, Inc. 4,700 103,353 ---------------- Total Common Stocks (Cost $1,308,291,374) 1,477,543,128 - ----------------------------------------------------------------------- PREFERRED STOCKS--0.0% Wachovia Corp., Dividend Equalization Preferred Shares 1,2 (Cost $0) 6,000 18 UNITS - ----------------------------------------------------------------------- RIGHTS, WARRANTS AND CERTIFICATES--0.0% Dime Bancorp, Inc. Wts., Exp. 1/2/101 (Cost $0) 31,900 3,509 PRINCIPAL AMOUNT - ----------------------------------------------------------------------- JOINT REPURCHASE AGREEMENTS--1.7% Undivided interest of 1.99% 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 $24,931,963 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 $24,931,000) $24,931,000 24,931,000 - ----------------------------------------------------------------------- TOTAL INVESTMENTS, AT VALUE (COST $1,333,222,374) 99.8% 1,502,477,655 - ----------------------------------------------------------------------- OTHER ASSETS NET OF LIABILITIES 0.2 3,565,878 ----------------------------- NET ASSETS 100.0% $1,506,043,533 ============================= FOOTNOTES TO STATEMENT OF INVESTMENTS 1. Non-income producing security. 2. Identifies issues considered to be illiquid. See Note 6 of Notes to Financial Statements. SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 11 | OPPENHEIMER MAIN STREET FUND/VA STATEMENT OF ASSETS AND LIABILITIES Unaudited
June 30, 2004 - ------------------------------------------------------------------------------------------------------------------------------------ ASSETS Investments, at value (cost $1,333,222,374)--see accompanying statement of investments $1,502,477,655 - ------------------------------------------------------------------------------------------------------------------------------------ Receivables and other assets: Investments sold 4,781,061 Shares of beneficial interest sold 1,939,584 Interest and dividends 1,662,443 Other 39,832 --------------- Total assets 1,510,900,575 - ------------------------------------------------------------------------------------------------------------------------------------ LIABILITIES Bank overdraft 487 - ------------------------------------------------------------------------------------------------------------------------------------ Payables and other liabilities: Investments purchased 3,940,420 Shares of beneficial interest redeemed 680,767 Distribution and service plan fees 148,809 Shareholder communications 59,104 Trustees' compensation 16,028 Transfer and shareholder servicing agent fees 1,650 Other 9,777 --------------- Total liabilities 4,857,042 - ------------------------------------------------------------------------------------------------------------------------------------ NET ASSETS $1,506,043,533 =============== - ------------------------------------------------------------------------------------------------------------------------------------ COMPOSITION OF NET ASSETS Par value of shares of beneficial interest $ 77,177 - ------------------------------------------------------------------------------------------------------------------------------------ Additional paid-in capital 1,591,138,111 - ------------------------------------------------------------------------------------------------------------------------------------ Accumulated net investment income 5,921,504 - ------------------------------------------------------------------------------------------------------------------------------------ Accumulated net realized loss on investments and foreign currency transactions (260,348,674) - ------------------------------------------------------------------------------------------------------------------------------------ Net unrealized appreciation on investments and translation of assets and liabilities denominated in foreign currencies 169,255,415 --------------- NET ASSETS $1,506,043,533 =============== - ------------------------------------------------------------------------------------------------------------------------------------ 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 $1,233,849,774 and 63,171,379 shares of beneficial interest outstanding) $19.53 - ------------------------------------------------------------------------------------------------------------------------------------ Service Shares: Net asset value, redemption price per share and offering price per share (based on net assets of $272,193,759 and 14,005,747 shares of beneficial interest outstanding) $19.43
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 12 | OPPENHEIMER MAIN STREET FUND/VA STATEMENT OF OPERATIONS Unaudited
For the Six Months Ended June 30, 2004 - ------------------------------------------------------------------------------------------------------------------------------------ INVESTMENT INCOME Dividends (net of foreign withholding taxes of $11,313) $ 10,816,257 - ------------------------------------------------------------------------------------------------------------------------------------ Interest 146,831 - ------------------------------------------------------------------------------------------------------------------------------------ Portfolio lending fees 103,109 -------------- Total investment income 11,066,197 - ------------------------------------------------------------------------------------------------------------------------------------ EXPENSES Management fees 4,744,629 - ------------------------------------------------------------------------------------------------------------------------------------ Distribution and service plan fees-- Service shares 264,599 - ------------------------------------------------------------------------------------------------------------------------------------ Transfer and shareholder servicing agent fees: Non-Service shares 4,990 Service shares 4,990 - ------------------------------------------------------------------------------------------------------------------------------------ Shareholder communications: Non-Service shares 26,755 Service shares 4,054 - ------------------------------------------------------------------------------------------------------------------------------------ Trustees' compensation 13,911 - ------------------------------------------------------------------------------------------------------------------------------------ Custodian fees and expenses 13,034 - ------------------------------------------------------------------------------------------------------------------------------------ Other 20,721 -------------- Total expenses 5,097,683 Less reduction to custodian expenses (3,224) -------------- Net expenses 5,094,459 - ------------------------------------------------------------------------------------------------------------------------------------ NET INVESTMENT INCOME 5,971,738 - ------------------------------------------------------------------------------------------------------------------------------------ REALIZED AND UNREALIZED GAIN (LOSS) Net realized gain on: Investments 76,263,733 Foreign currency transactions 250,304 Net increase from payment by affiliate 416,623 -------------- Net realized gain 76,930,660 - ------------------------------------------------------------------------------------------------------------------------------------ Net change in unrealized appreciation on: Investments (46,851,077) Translation of assets and liabilities denominated in foreign currencies (548,934) -------------- Net change in unrealized appreciation (47,400,011) - ------------------------------------------------------------------------------------------------------------------------------------ NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 35,502,387 ==============
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 13 | OPPENHEIMER MAIN STREET FUND/VA STATEMENTS OF CHANGES IN NET ASSETS
SIX MONTHS YEAR ENDED ENDED JUNE 30, 2004 DECEMBER 31, (UNAUDITED) 2003 - ------------------------------------------------------------------------------------------------------------------------------------ OPERATIONS Net investment income $ 5,971,738 $ 11,837,805 - ------------------------------------------------------------------------------------------------------------------------------------ Net realized gain (loss) 76,930,660 (28,749,982) - ------------------------------------------------------------------------------------------------------------------------------------ Net change in unrealized appreciation (depreciation) (47,400,011) 288,279,862 ---------------------------------- Net increase in net assets resulting from operations 35,502,387 271,367,685 - ------------------------------------------------------------------------------------------------------------------------------------ DIVIDENDS AND/OR DISTRIBUTIONS TO SHAREHOLDERS Dividends from net investment income: Non-Service shares (10,373,133) (9,176,729) Service shares (1,403,577) (594,874) - ------------------------------------------------------------------------------------------------------------------------------------ BENEFICIAL INTEREST TRANSACTIONS Net increase (decrease) in net assets resulting from beneficial interest transactions: Non-Service shares (1,190,083) 88,259,594 Service shares 101,831,245 89,152,120 - ------------------------------------------------------------------------------------------------------------------------------------ NET ASSETS Total increase 124,366,839 439,007,796 - ------------------------------------------------------------------------------------------------------------------------------------ Beginning of period 1,381,676,694 942,668,898 ---------------------------------- End of period (including accumulated net investment income of $5,921,504 and $11,726,476, respectively) $ 1,506,043,533 $1,381,676,694 ==================================
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 14 | OPPENHEIMER MAIN STREET 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 $ 19.20 $ 15.32 $ 18.99 $ 21.26 $ 24.63 $ 20.48 - ------------------------------------------------------------------------------------------------------------------------------------ Income (loss) from investment operations: Net investment income .08 .18 .16 .13 .10 .11 Net realized and unrealized gain (loss) .41 3.86 (3.70) (2.29) (2.14) 4.29 ----------------------------------------------------------------------------------- Total from investment operations .49 4.04 (3.54) (2.16) (2.04) 4.40 - ------------------------------------------------------------------------------------------------------------------------------------ Dividends and/or distributions to shareholders: Dividends from net investment income (.16) (.16) (.13) (.11) (.09) (.09) Distributions from net realized gain -- -- -- -- (1.24) (.16) ----------------------------------------------------------------------------------- Total dividends and/or distributions to shareholders (.16) (.16) (.13) (.11) (1.33) (.25) - ------------------------------------------------------------------------------------------------------------------------------------ Net asset value, end of period $ 19.53 $19.20 $15.32 $18.99 $21.26 $24.63 =================================================================================== - ------------------------------------------------------------------------------------------------------------------------------------ TOTAL RETURN, AT NET ASSET VALUE 1 2.58% 26.72% (18.80)% (10.16)% (8.78)% 21.71% - ------------------------------------------------------------------------------------------------------------------------------------ RATIOS/SUPPLEMENTAL DATA Net assets, end of period (in thousands) $1,233,850 $1,214,960 $890,740 $1,074,945 $1,009,823 $555,311 - ------------------------------------------------------------------------------------------------------------------------------------ Average net assets (in thousands) $1,237,471 $1,003,396 $999,275 $1,028,913 $ 809,662 $391,063 - ------------------------------------------------------------------------------------------------------------------------------------ Ratios to average net assets: 2 Net investment income 0.86% 1.10% 0.94% 0.73% 0.69% 0.63% Total expenses 0.66% 3 0.70% 3 0.69% 3 0.73% 3 0.73% 0.78% 3 - ------------------------------------------------------------------------------------------------------------------------------------ Portfolio turnover rate 45% 85% 98% 69% 63% 118% 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. 15 | OPPENHEIMER MAIN STREET FUND/VA FINANCIAL HIGHLIGHTS Continued
SIX MONTHS YEAR ENDED ENDED JUNE 30, 2004 DECEMBER 31, SERVICE SHARES (UNAUDITED) 2003 2002 2001 2000 1 - ------------------------------------------------------------------------------------------------------------------------------------ PER SHARE OPERATING DATA Net asset value, beginning of period $ 19.10 $ 15.26 $ 18.95 $ 21.24 $24.04 - ------------------------------------------------------------------------------------------------------------------------------------ Income (loss) from investment operations: Net investment income .07 .14 .13 .14 .02 Net realized and unrealized gain (loss) .40 3.85 (3.70) (2.32) (2.82) -------------------------------------------------------------------- Total investment operations .47 3.99 (3.57) (2.18) (2.80) - ------------------------------------------------------------------------------------------------------------------------------------ Dividends and/or distributions to shareholders: Dividends from net investment income (.14) (.15) (.12) (.11) -- Distributions from net realized gain -- -- -- -- -- -------------------------------------------------------------------- Total dividends and/or distributions to shareholders (.14) (.15) (.12) (.11) -- - ------------------------------------------------------------------------------------------------------------------------------------ Net asset value, end of period $ 19.43 $ 19.10 $ 15.26 $ 18.95 $21.24 ==================================================================== - ------------------------------------------------------------------------------------------------------------------------------------ TOTAL RETURN, AT NET ASSET VALUE 2 2.45% 26.44% (18.99)% (10.27)% (11.61)% - ------------------------------------------------------------------------------------------------------------------------------------ RATIOS/SUPPLEMENTAL DATA Net assets, end of period (in thousands) $272,194 $166,717 $51,929 $21,545 $1,698 - ------------------------------------------------------------------------------------------------------------------------------------ Average net assets (in thousands) $213,422 $ 98,210 $34,604 $10,306 $ 543 - ------------------------------------------------------------------------------------------------------------------------------------ Ratios to average net assets: 3 Net investment income 0.64% 0.83% 0.87% 0.66% 0.50% Total expenses 0.91% 4 0.96% 4 0.84% 4 0.88% 4 0.88% - ------------------------------------------------------------------------------------------------------------------------------------ Portfolio turnover rate 45% 85% 98% 69% 63% 1. For the period from July 13, 2000 (inception of offering) to December 31, 2000. 2. Assumes an investment on the business day before the first day of the fiscal period, 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. 16 | OPPENHEIMER MAIN STREET FUND/VA NOTES TO FINANCIAL STATEMENTS Unaudited - -------------------------------------------------------------------------------- 1. SIGNIFICANT ACCOUNTING POLICIES Oppenheimer Main Street 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 objective is to seek high total return (which includes growth in the value of its shares as well as current income) from equity and debt securities. The Trust's investment advisor is OppenheimerFunds, Inc. (the Manager). The Fund offers two classes of shares. Both classes are sold at their offering price, which is the net asset value per share, to separate investment accounts of participating insurance companies as an underlying investment for variable life insurance policies, variable annuity contracts or other investment products. The class of shares designated as Service shares is subject to a distribution and service plan. 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 at 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 17 | OPPENHEIMER MAIN STREET FUND/VA NOTES TO FINANCIAL STATEMENTS Unaudited / Continued - -------------------------------------------------------------------------------- 1. SIGNIFICANT ACCOUNTING POLICIES Continued 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 $247,055,176 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 $76,930,660 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 post-October losses of $968,194 and unused capital loss carryforwards as follows: EXPIRING ------------------------- 2008 $ 28,801,633 2009 140,898,750 2010 126,747,906 2011 26,569,353 -------------- Total $ 323,017,642 ============== - -------------------------------------------------------------------------------- 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. 18 | OPPENHEIMER MAIN STREET FUND/VA - -------------------------------------------------------------------------------- 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, 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 7,970,250 $ 154,763,852 19,380,163 $ 327,567,787 Dividends and/or distributions reinvested 536,356 10,373,133 639,048 9,176,729 Redeemed (8,608,786) (166,327,068) (14,871,791) (248,484,922) ---------------------------------------------------------------- Net increase (decrease) (102,180) $ (1,190,083) 5,147,420 $ 88,259,594 ================================================================ - ------------------------------------------------------------------------------------------------------------------------------------ SERVICE SHARES Sold 5,563,495 $ 107,314,502 5,793,833 $ 97,063,016 Dividends and/or distributions reinvested 72,875 1,403,577 41,628 594,874 Redeemed (357,224) (6,886,834) (511,472) (8,505,770) ---------------------------------------------------------------- Net increase 5,279,146 $ 101,831,245 5,323,989 $ 89,152,120 ================================================================
- -------------------------------------------------------------------------------- 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 $726,511,802 and $635,880,781, respectively. - -------------------------------------------------------------------------------- 4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES MANAGEMENT FEES. Management fees paid to the Manager were in accordance with the investment advisory agreement with the Trust which provides for a fee at an annual rate of 0.75% of the first $200 million of average annual net assets, 0.72% of the next $200 million, 0.69% of the next $200 million, 0.66% of the next $200 million and 0.60% of average annual net assets over $800 million. - -------------------------------------------------------------------------------- ADMINISTRATION SERVICES. The Fund pays the Manager a fee of $1,500 per year for preparing and filing the Fund's tax returns. 19 | OPPENHEIMER MAIN STREET FUND/VA NOTES TO FINANCIAL STATEMENTS Unaudited / Continued - -------------------------------------------------------------------------------- 4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES Continued 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 $9,996 to OFS for services to the Fund. 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 $416,623, 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. - -------------------------------------------------------------------------------- 6. ILLIQUID SECURITIES As of June 30, 2004, investments in securities included issues that are illiquid. A security may be considered illiquid if it lacks a readily available market or if its valuation has not changed for a certain period of time. The Fund intends to invest no more than 15% of its net assets (determined at the time of purchase and reviewed periodically) in illiquid securities. The aggregate value of illiquid securities subject to this limitation as of June 30, 2004 was $11,538, which represents less than 0.01% of the Fund's net assets. 20 | OPPENHEIMER MAIN STREET FUND/VA - -------------------------------------------------------------------------------- 7. SECURITIES LENDING The Fund lends portfolio securities from time to time in order to earn additional income. In return, the Fund receives collateral in the form of US Treasury obligations or cash, against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the funds and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund could experience delays and cost in recovering the securities loaned or in gaining access to the collateral. Cash collateral is invested in cash equivalents. The Fund retains a portion of the interest earned from the collateral. The Fund also continues to receive interest or dividends paid on the securities loaned. As of June 30, 2004, the Fund had no securities on loan. 21 | OPPENHEIMER MAIN STREET 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-650.txt EX99_302CERT-650.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 Main Street Fund/VA; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-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 Main Street Fund/VA; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-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-650.txt EX99_906CERT-650.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 Main Street Fund/VA (the "Registrant"), each certify to the best of his or her knowledge that: 1. The Registrant's periodic report on Form N-CSR for the period ended June 30, 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 Main Street Fund/VA Oppenheimer Main Street 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-----