-----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, Wo22xAq34OCUcQSdHl6lYklw9o5LM8MJZHr3x950dr3Gz3oZqCcqiUiCIPxroXiM RQgXB2vWf2NVUKpVfRCI+g== 0000935069-04-001216.txt : 20040824 0000935069-04-001216.hdr.sgml : 20040824 20040824144653 ACCESSION NUMBER: 0000935069-04-001216 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: 04993885 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 rs0297_10946.txt RS0297_10946.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 Small Cap Fund/VA (Exact name of registrant as specified in charter) 6803 South Tucson Way, Centennial, Colorado 80112-3924 (Address of principal executive offices) (Zip code) Robert G. Zack, Esq. OppenheimerFunds, Inc. Two World Financial Center, New York, New York 10281-1008 - -------------------------------------------------------------------------------- (Name and address of agent for service) Registrant's telephone number, including area code: (303) 768-3200 -------------- Date of fiscal year end: December 31 ----------- Date of reporting period: January 1, 2004 - June 30, 2004 ITEM 1. REPORTS TO STOCKHOLDERS. STATEMENT OF INVESTMENTS June 30, 2004 / Unaudited - ------------------------------------------------------------------------ MARKET VALUE SHARES SEE NOTE 1 - ------------------------------------------------------------------------ COMMON STOCKS--93.3% - ------------------------------------------------------------------------ CONSUMER DISCRETIONARY--16.9% - ------------------------------------------------------------------------ AUTO COMPONENTS--1.1% Aftermarket Technology Corp. 1 4,100 $ 67,650 - ------------------------------------------------------------------------ ArvinMeritor, Inc. 1,600 31,312 - ------------------------------------------------------------------------ Bandag, Inc. 300 13,359 - ------------------------------------------------------------------------ Cooper Tire & Rubber Co. 18,100 416,300 - ------------------------------------------------------------------------ Dana Corp. 6,200 121,520 - ------------------------------------------------------------------------ Drew Industries, Inc. 1 7,400 301,180 - ------------------------------------------------------------------------ Dura Automotive Systems, Inc. 1 900 8,235 - ------------------------------------------------------------------------ Hayes Lemmerz International, Inc. 1 2,000 30,200 - ------------------------------------------------------------------------ Keystone Automotive Industries, Inc. 1 2,300 64,147 - ------------------------------------------------------------------------ Modine Manufacturing Co. 3,400 108,290 - ------------------------------------------------------------------------ Noble International Ltd. 2,700 66,879 - ------------------------------------------------------------------------ Sauer-Danfoss, Inc. 500 8,535 - ------------------------------------------------------------------------ Spartan Motors, Inc. 2,600 31,850 - ------------------------------------------------------------------------ Standard Motor Products, Inc. 100 1,473 - ------------------------------------------------------------------------ Stoneridge, Inc. 1 2,200 37,400 - ------------------------------------------------------------------------ Tenneco Automotive, Inc. 1 9,400 124,362 - ------------------------------------------------------------------------ Tower Automotive, Inc. 1 13,000 47,320 - ------------------------------------------------------------------------ Visteon Corp. 18,200 212,394 -------------- 1,692,406 - ------------------------------------------------------------------------ AUTOMOBILES--0.2% Monaco Coach Corp. 9,800 276,066 - ------------------------------------------------------------------------ Winnebago Industries, Inc. 1,000 37,280 -------------- 313,346 - ------------------------------------------------------------------------ DISTRIBUTORS--0.2% Andersons, Inc. (The) 600 10,194 - ------------------------------------------------------------------------ Handleman Co. 4,800 111,168 - ------------------------------------------------------------------------ Pomeroy Computer Resources, Inc. 300 3,576 - ------------------------------------------------------------------------ WESCO International, Inc. 1 8,100 149,040 -------------- 273,978 - ------------------------------------------------------------------------ HOTELS, RESTAURANTS & LEISURE--3.9% Ambassadors Group, Inc. 3,200 75,232 - ------------------------------------------------------------------------ Ameristar Casinos, Inc. 8,400 282,072 - ------------------------------------------------------------------------ Applebee's International, Inc. 7,650 176,103 - ------------------------------------------------------------------------ Argosy Gaming Co. 1 4,800 180,480 - ------------------------------------------------------------------------ Aztar Corp. 1 13,900 389,200 - ------------------------------------------------------------------------ Boca Resorts, Inc., Cl. A 1 5,000 99,100 - ------------------------------------------------------------------------ California Pizza Kitchen, Inc. 1 1,000 19,160 - ------------------------------------------------------------------------ CBRL Group, Inc. 700 21,595 - ------------------------------------------------------------------------ CEC Entertainment, Inc. 1 9,250 272,968 - ------------------------------------------------------------------------ Checkers Drive-In Restaurants, Inc. 1 2,600 30,030 - ------------------------------------------------------------------------ Choice Hotels International, Inc. 8,800 441,408 - ------------------------------------------------------------------------ Dave & Buster's, Inc. 1 10,500 197,295 MARKET VALUE SHARES SEE NOTE 1 - ------------------------------------------------------------------------ HOTELS, RESTAURANTS & LEISURE CONTINUED Dover Downs Gaming & Entertainment, Inc. 3,200 $ 36,000 - ------------------------------------------------------------------------ Frisch's Restaurants, Inc. 400 11,900 - ------------------------------------------------------------------------ Isle of Capri Casinos, Inc. 1 10,400 181,480 - ------------------------------------------------------------------------ Jack in the Box, Inc. 1 15,000 445,500 - ------------------------------------------------------------------------ La Quinta Corp. 1 29,100 244,440 - ------------------------------------------------------------------------ Lakes Gaming, Inc. 1 2,100 24,339 - ------------------------------------------------------------------------ Landry's Restaurants, Inc. 4,100 122,549 - ------------------------------------------------------------------------ Lone Star Steakhouse & Saloon, Inc. 7,000 190,330 - ------------------------------------------------------------------------ Navigant International, Inc. 1 4,700 83,613 - ------------------------------------------------------------------------ Papa John's International, Inc. 1 2,900 85,666 - ------------------------------------------------------------------------ Penn National Gaming, Inc. 1 14,300 474,760 - ------------------------------------------------------------------------ Pinnacle Entertainment, Inc. 1 18,500 233,285 - ------------------------------------------------------------------------ Prime Hospitality Corp. 1 6,600 70,092 - ------------------------------------------------------------------------ Rare Hospitality International, Inc. 1 8,550 212,895 - ------------------------------------------------------------------------ Ryan's Restaurant Group, Inc. 1 10,200 161,160 - ------------------------------------------------------------------------ Scientific Games Corp., Cl. A 1 11,200 214,368 - ------------------------------------------------------------------------ Shuffle Master, Inc. 1 9,150 332,237 - ------------------------------------------------------------------------ Sonic Corp. 1 2,750 62,563 - ------------------------------------------------------------------------ Speedway Motorsports, Inc. 4,400 147,136 - ------------------------------------------------------------------------ Steak n Shake Co. (The) 1 11,900 216,818 - ------------------------------------------------------------------------ Sunterra Corp. 1 1,900 23,940 - ------------------------------------------------------------------------ Total Entertainment Restaurant Corp. 1 3,500 47,355 -------------- 5,807,069 - ------------------------------------------------------------------------ HOUSEHOLD DURABLES--1.9% Applica, Inc. 1 7,400 65,860 - ------------------------------------------------------------------------ Bassett Furniture Industries, Inc. 200 4,352 - ------------------------------------------------------------------------ Beazer Homes USA, Inc. 1,700 170,527 - ------------------------------------------------------------------------ Blount International, Inc. 1 400 5,092 - ------------------------------------------------------------------------ Brookfield Homes Corp. 1,500 39,285 - ------------------------------------------------------------------------ Chromcraft Revington, Inc. 1 600 7,650 - ------------------------------------------------------------------------ CSS Industries, Inc. 3,900 136,656 - ------------------------------------------------------------------------ Enesco Group, Inc. 1 2,300 20,608 - ------------------------------------------------------------------------ Furniture Brands International, Inc. 1,600 40,080 - ------------------------------------------------------------------------ Helen of Troy Ltd. 1 7,400 272,838 - ------------------------------------------------------------------------ Jarden Corp. 1 10,300 370,697 - ------------------------------------------------------------------------ Kimball International, Inc., Cl. B 3,200 47,200 - ------------------------------------------------------------------------ Lifetime Hoan Corp. 1,800 41,022 - ------------------------------------------------------------------------ M.D.C. Holdings, Inc. 1,980 125,948 - ------------------------------------------------------------------------ Meritage Corp. 1 4,500 309,600 - ------------------------------------------------------------------------ Mestek, Inc. 1 700 11,627 - ------------------------------------------------------------------------ Movado Group, Inc. 2,200 37,950 - ------------------------------------------------------------------------ National Presto Industries, Inc. 800 32,984 - ------------------------------------------------------------------------ Ryland Group, Inc. (The) 900 70,380 - ------------------------------------------------------------------------ Standard Pacific Corp. 2,900 142,970 5 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA STATEMENT OF INVESTMENTS Unaudited / Continued - ------------------------------------------------------------------------ MARKET VALUE SHARES SEE NOTE 1 - ------------------------------------------------------------------------ HOUSEHOLD DURABLES Continued Stanley Furniture Co., Inc. 4,100 $ 172,651 - ------------------------------------------------------------------------ Technical Olympic USA, Inc. 9,600 213,888 - ------------------------------------------------------------------------ Tupperware Corp. 14,600 283,678 - ------------------------------------------------------------------------ Universal Electronics, Inc. 1 800 14,024 - ------------------------------------------------------------------------ Yankee Candle, Inc. (The) 1 8,000 234,000 -------------- 2,871,567 - ------------------------------------------------------------------------ INTERNET & CATALOG RETAIL--0.3% 1-800-FLOWERS.com, Inc. 1 1,100 8,954 - ------------------------------------------------------------------------ Coldwater Creek, Inc. 1 4,300 113,821 - ------------------------------------------------------------------------ J. Jill Group, Inc. 1 6,600 155,694 - ------------------------------------------------------------------------ PC Connection, Inc. 1 7,600 50,008 - ------------------------------------------------------------------------ Priceline.com, Inc. 1 4,700 126,571 - ------------------------------------------------------------------------ Provide Commerce, Inc. 1 400 7,884 -------------- 462,932 - ------------------------------------------------------------------------ LEISURE EQUIPMENT & PRODUCTS--1.0% Action Performance Cos., Inc. 2,700 40,689 - ------------------------------------------------------------------------ Callaway Golf Co. 500 5,670 - ------------------------------------------------------------------------ Marine Products Corp. 1,300 24,115 - ------------------------------------------------------------------------ MarineMax, Inc. 1 13,400 384,312 - ------------------------------------------------------------------------ Marvel Enterprises, Inc. 1 7,200 140,544 - ------------------------------------------------------------------------ Nautilus Group, Inc. (The) 8,900 173,639 - ------------------------------------------------------------------------ Polaris Industries, Inc. 700 33,600 - ------------------------------------------------------------------------ RC2 Corp. 1 3,500 124,250 - ------------------------------------------------------------------------ SCP Pool Corp. 7,575 340,875 - ------------------------------------------------------------------------ Steinway Musical Instruments, Inc. 1 4,900 171,941 -------------- 1,439,635 - ------------------------------------------------------------------------ MEDIA--1.2% 4Kids Entertainment, Inc. 1 2,000 47,840 - ------------------------------------------------------------------------ Advo, Inc. 2,250 74,070 - ------------------------------------------------------------------------ Arbitron, Inc. 1 1,300 47,476 - ------------------------------------------------------------------------ Beasley Broadcast Group, Inc., Cl. A 100 1,496 - ------------------------------------------------------------------------ Carmike Cinemas, Inc. 1 1,800 71,010 - ------------------------------------------------------------------------ Gray Television, Inc. 8,200 113,898 - ------------------------------------------------------------------------ Hearst-Argyle Television, Inc. 5,300 136,634 - ------------------------------------------------------------------------ Information Holdings, Inc. 1 3,800 104,006 - ------------------------------------------------------------------------ Journal Communications, Inc. 1,400 26,362 - ------------------------------------------------------------------------ Liberty Corp. 900 42,255 - ------------------------------------------------------------------------ Media General, Inc., Cl. A 1,600 102,752 - ------------------------------------------------------------------------ R.H. Donnelley Corp. 1 5,900 258,066 - ------------------------------------------------------------------------ Readers Digest Assn., Inc. (The), Cl. A, Non-Vtg. 13,900 222,261 - ------------------------------------------------------------------------ Saga Communications, Inc., Cl. A 1 1,100 20,075 - ------------------------------------------------------------------------ Salem Communications Corp., Cl. A 1 6,200 168,206 - ------------------------------------------------------------------------ Thomas Nelson, Inc. 7,800 177,372 MARKET VALUE SHARES SEE NOTE 1 - ------------------------------------------------------------------------ MEDIA CONTINUED World Wrestling Federation Entertainment, Inc. 10,600 $ 135,150 -------------- 1,748,929 - ------------------------------------------------------------------------ MULTILINE RETAIL--0.6% Bon-Ton Stores, Inc. 3,600 52,776 - ------------------------------------------------------------------------ Dillard's, Inc., Cl. A 12,600 280,980 - ------------------------------------------------------------------------ Saks, Inc. 4,700 70,500 - ------------------------------------------------------------------------ Stage Stores, Inc. 1 5,500 207,130 - ------------------------------------------------------------------------ Stein Mart, Inc. 1 17,900 291,054 -------------- 902,440 - ------------------------------------------------------------------------ SPECIALTY RETAIL--4.8% A.C. Moore Arts & Crafts, Inc. 1 1,800 49,518 - ------------------------------------------------------------------------ Aaron Rents, Inc. 7,200 238,608 - ------------------------------------------------------------------------ Aeropostale, Inc. 1 14,250 383,468 - ------------------------------------------------------------------------ American Eagle Outfitters, Inc. 1 7,800 225,498 - ------------------------------------------------------------------------ AnnTaylor Stores Corp. 1 10,750 311,535 - ------------------------------------------------------------------------ Asbury Automotive Group, Inc. 1 1,000 15,000 - ------------------------------------------------------------------------ Barnes & Noble, Inc. 1 5,100 173,298 - ------------------------------------------------------------------------ bebe stores, inc. 1 13,550 271,000 - ------------------------------------------------------------------------ Big 5 Sporting Goods Corp. 1 6,500 170,235 - ------------------------------------------------------------------------ Blair Corp. 1,900 54,910 - ------------------------------------------------------------------------ Borders Group, Inc. 9,100 213,304 - ------------------------------------------------------------------------ Brookstone, Inc. 1 13,275 266,164 - ------------------------------------------------------------------------ Buckle, Inc. (The) 2,400 67,800 - ------------------------------------------------------------------------ Building Materials Holding Corp. 9,300 176,049 - ------------------------------------------------------------------------ Cabela's, Inc. 1 1,400 37,730 - ------------------------------------------------------------------------ Cache, Inc. 1 2,100 28,371 - ------------------------------------------------------------------------ Casual Male Retail Group, Inc. 1 3,800 27,740 - ------------------------------------------------------------------------ Charming Shoppes, Inc. 1 43,700 390,241 - ------------------------------------------------------------------------ Children's Place Retail Stores, Inc. 1 3,700 87,024 - ------------------------------------------------------------------------ Claire's Stores, Inc. 9,700 210,490 - ------------------------------------------------------------------------ CSK Auto Corp. 200 3,428 - ------------------------------------------------------------------------ Deb Shops, Inc. 200 4,812 - ------------------------------------------------------------------------ Dress Barn, Inc. (The) 1 10,500 179,760 - ------------------------------------------------------------------------ Electronics Boutique Holdings Corp. 1 2,400 63,216 - ------------------------------------------------------------------------ Finish Line, Inc. (The), Cl. A 1 3,100 93,527 - ------------------------------------------------------------------------ Finlay Enterprises, Inc. 1 1,700 31,994 - ------------------------------------------------------------------------ GameStop Corp. 1 3,600 54,792 - ------------------------------------------------------------------------ Goody's Family Clothing, Inc. 13,000 134,810 - ------------------------------------------------------------------------ Guess?, Inc. 1 14,800 238,280 - ------------------------------------------------------------------------ Hibbett Sporting Goods, Inc. 1 7,825 214,014 - ------------------------------------------------------------------------ HNI Corp. 700 29,631 - ------------------------------------------------------------------------ Hollywood Entertainment Corp. 1 6,500 86,840 - ------------------------------------------------------------------------ Jo-Ann Stores, Inc. 1 6,000 176,400 - ------------------------------------------------------------------------ Jos. A. Banks Clothiers, Inc. 1 4,200 131,838 6 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA MARKET VALUE SHARES SEE NOTE 1 - ------------------------------------------------------------------------ SPECIALTY RETAIL Continued Lithia Motors, Inc., Cl. A 900 $ 22,302 - ------------------------------------------------------------------------ Loehmann's Holdings, Inc. 1 2,000 45,584 - ------------------------------------------------------------------------ Monro Muffler Brake, Inc. 1 3,500 84,910 - ------------------------------------------------------------------------ O'Reilly Automotive, Inc. 1 3,000 135,600 - ------------------------------------------------------------------------ Pacific Sunwear of California, Inc. 1 11,875 232,394 - ------------------------------------------------------------------------ Payless ShoeSource, Inc. 1 9,500 141,645 - ------------------------------------------------------------------------ Pep Boys-Manny, Moe & Jack 17,100 433,485 - ------------------------------------------------------------------------ Select Comfort Corp. 1 3,200 90,880 - ------------------------------------------------------------------------ Sports Authority, Inc. (The) 1 561 20,140 - ------------------------------------------------------------------------ Talbots, Inc. (The) 3,900 152,685 - ------------------------------------------------------------------------ TBC Corp. 1 4,900 116,620 - ------------------------------------------------------------------------ Too, Inc. 1,600 26,720 - ------------------------------------------------------------------------ Tractor Supply Co. 1 2,500 104,550 - ------------------------------------------------------------------------ Trans World Entertainment Corp. 1 8,600 86,172 - ------------------------------------------------------------------------ Tweeter Home Entertainment Group, Inc. 1 1,300 7,020 - ------------------------------------------------------------------------ United Auto Group, Inc. 8,500 260,525 - ------------------------------------------------------------------------ Zale Corp. 1 15,400 419,804 -------------- 7,222,361 - ------------------------------------------------------------------------ TEXTILES, APPAREL & LUXURY GOODS--1.7% Brown Shoe Co., Inc. 7,100 290,603 - ------------------------------------------------------------------------ Cherokee, Inc. 900 22,581 - ------------------------------------------------------------------------ Deckers Outdoor Corp. 1 1,800 53,082 - ------------------------------------------------------------------------ DHB Industries, Inc. 1 10,600 160,908 - ------------------------------------------------------------------------ Escalade, Inc. 600 13,866 - ------------------------------------------------------------------------ Fossil, Inc. 1 5,000 136,250 - ------------------------------------------------------------------------ Hampshire Group Ltd. 1 1,600 46,384 - ------------------------------------------------------------------------ Hartmarx Corp. 1 10,500 66,150 - ------------------------------------------------------------------------ K-Swiss, Inc., Cl. A 300 6,063 - ------------------------------------------------------------------------ Kellwood Co. 9,700 422,435 - ------------------------------------------------------------------------ Kenneth Cole Productions, Inc., Cl. A 3,400 116,518 - ------------------------------------------------------------------------ Maxwell Shoe Co., Inc. 1 800 18,592 - ------------------------------------------------------------------------ Perry Ellis International, Inc. 1 100 2,526 - ------------------------------------------------------------------------ Quaker Fabric Corp. 200 1,542 - ------------------------------------------------------------------------ Timberland Co., Cl. A 1 3,300 213,147 - ------------------------------------------------------------------------ Tommy Hilfiger Corp. 1 9,500 143,830 - ------------------------------------------------------------------------ UniFirst Corp. 1,300 37,817 - ------------------------------------------------------------------------ Vans, Inc. 1 6,000 123,300 - ------------------------------------------------------------------------ Warnaco Group, Inc. (The) 1 11,600 246,732 - ------------------------------------------------------------------------ Weyco Group, Inc. 100 3,429 - ------------------------------------------------------------------------ Wolverine World Wide, Inc. 14,700 385,875 -------------- 2,511,630 MARKET VALUE SHARES SEE NOTE 1 - ------------------------------------------------------------------------ CONSUMER STAPLES--3.0% - ------------------------------------------------------------------------ BEVERAGES--0.1% Boston Beer Co., Inc., Cl. A 1 4,000 $ 80,560 - ------------------------------------------------------------------------ National Beverage Corp. 1,200 11,916 - ------------------------------------------------------------------------ PepsiAmericas, Inc. 800 16,992 -------------- 109,468 - ------------------------------------------------------------------------ FOOD & STAPLES RETAILING--0.7% 7-Eleven, Inc. 1 12,400 221,340 - ------------------------------------------------------------------------ Arden Group, Inc., Cl. A 800 71,696 - ------------------------------------------------------------------------ BJ's Wholesale Club, Inc. 1 2,700 67,500 - ------------------------------------------------------------------------ Chronimed, Inc. 1 1,400 11,410 - ------------------------------------------------------------------------ Ingles Markets, Inc., Cl. A 600 6,702 - ------------------------------------------------------------------------ Longs Drug Stores, Inc. 4,200 100,254 - ------------------------------------------------------------------------ Nash Finch Co. 3,100 77,593 - ------------------------------------------------------------------------ Ruddick Corp. 12,400 278,380 - ------------------------------------------------------------------------ Smart & Final, Inc. 1 8,600 103,372 - ------------------------------------------------------------------------ Weis Markets, Inc. 4,000 140,200 - ------------------------------------------------------------------------ Wild Oats Markets, Inc. 1 1,900 26,733 -------------- 1,105,180 - ------------------------------------------------------------------------ FOOD PRODUCTS--1.3% Alico, Inc. 300 12,045 - ------------------------------------------------------------------------ Central Garden & Pet Co. 1 8,100 289,737 - ------------------------------------------------------------------------ Corn Products International, Inc. 7,900 367,745 - ------------------------------------------------------------------------ Del Monte Foods Co. 1 8,900 90,424 - ------------------------------------------------------------------------ Flowers Foods, Inc. 12,600 329,490 - ------------------------------------------------------------------------ Interstate Bakeries Corp. 1,800 19,530 - ------------------------------------------------------------------------ J&J Snack Foods Corp. 1 1,900 77,577 - ------------------------------------------------------------------------ Lance, Inc. 6,600 101,640 - ------------------------------------------------------------------------ M&F Worldwide Corp. 1 9,900 135,630 - ------------------------------------------------------------------------ MGP Ingredients, Inc. 900 34,821 - ------------------------------------------------------------------------ Omega Protein Corp. 1 11,400 110,580 - ------------------------------------------------------------------------ Sanderson Farms, Inc. 6,050 324,401 -------------- 1,893,620 - ------------------------------------------------------------------------ HOUSEHOLD PRODUCTS--0.6% Chattem, Inc. 1 9,600 277,152 - ------------------------------------------------------------------------ Nu Skin Asia Pacific, Inc., Cl. A 13,500 341,820 - ------------------------------------------------------------------------ Rayovac Corp. 1 10,500 295,050 - ------------------------------------------------------------------------ WD-40 Co. 1,500 44,910 -------------- 958,932 - ------------------------------------------------------------------------ PERSONAL PRODUCTS--0.3% Del Laboratories, Inc. 2,738 84,933 - ------------------------------------------------------------------------ First Years, Inc. (The) 1,300 24,180 - ------------------------------------------------------------------------ Inter Parfums, Inc. 2,900 60,465 - ------------------------------------------------------------------------ Mannatech, Inc. 2,500 24,000 7 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA STATEMENT OF INVESTMENTS Unaudited / Continued - ------------------------------------------------------------------------ MARKET VALUE SHARES SEE NOTE 1 - ------------------------------------------------------------------------ PERSONAL PRODUCTS Continued Nature's Sunshine Products, Inc. 4,300 $ 61,232 - ------------------------------------------------------------------------ NBTY, Inc. 1 5,300 155,767 -------------- 410,577 - ------------------------------------------------------------------------ ENERGY--7.2% - ------------------------------------------------------------------------ ENERGY EQUIPMENT & SERVICES--1.5% Cal Dive International, Inc. 1 12,800 388,096 - ------------------------------------------------------------------------ Carbo Ceramics, Inc. 2,200 150,150 - ------------------------------------------------------------------------ CHC Helicopter Corp., Cl. A 700 20,414 - ------------------------------------------------------------------------ Ensign Resource Service Group, Inc. 3,700 58,477 - ------------------------------------------------------------------------ Gulf Island Fabrication, Inc. 3,800 82,194 - ------------------------------------------------------------------------ Hydril Co. 1 1,100 34,650 - ------------------------------------------------------------------------ Maverick Tube Corp. 1 3,000 78,780 - ------------------------------------------------------------------------ NS Group, Inc. 1 4,300 70,692 - ------------------------------------------------------------------------ Oceaneering International, Inc. 1 6,500 222,625 - ------------------------------------------------------------------------ Offshore Logistics, Inc. 1 1,600 44,992 - ------------------------------------------------------------------------ Oil States International, Inc. 1 20,900 319,770 - ------------------------------------------------------------------------ RPC, Inc. 2,400 37,896 - ------------------------------------------------------------------------ Tesco Corp. 1 2,400 19,350 - ------------------------------------------------------------------------ Total Energy Services Ltd. 1 9,500 42,088 - ------------------------------------------------------------------------ Trican Well Service Ltd. 1 4,100 128,436 - ------------------------------------------------------------------------ Unit Corp. 1 200 6,290 - ------------------------------------------------------------------------ Universal Compression Holdings, Inc. 1 2,000 61,360 - ------------------------------------------------------------------------ Veritas DGC, Inc. 1 16,900 391,235 - ------------------------------------------------------------------------ Willbros Group, Inc. 1 2,200 33,154 -------------- 2,190,649 - ------------------------------------------------------------------------ OIL & GAS--5.7% Atlas Energy Ltd. 1 37,300 84,574 - ------------------------------------------------------------------------ Berry Petroleum Co., Cl. A 2,600 76,466 - ------------------------------------------------------------------------ Blizzard Energy, Inc. 1 86,400 90,218 - ------------------------------------------------------------------------ Brigham Exploration Co. 1 700 6,426 - ------------------------------------------------------------------------ Cabot Oil & Gas Corp., Cl. A 4,700 198,810 - ------------------------------------------------------------------------ Callon Petroleum Co. 1 6,200 88,412 - ------------------------------------------------------------------------ Canadian Superior Energy, Inc. 1 52,500 78,314 - ------------------------------------------------------------------------ Cimarex Energy Co. 1 14,890 450,125 - ------------------------------------------------------------------------ Clear Energy, Inc. 1 9,133 23,842 - ------------------------------------------------------------------------ Compton Petroleum Corp. 1 6,800 38,038 - ------------------------------------------------------------------------ Comstock Resources, Inc. 1 7,200 140,112 - ------------------------------------------------------------------------ Crew Energy, Inc. 1 5,666 21,975 - ------------------------------------------------------------------------ Denbury Resources, Inc. 1 13,500 282,825 - ------------------------------------------------------------------------ Duvernay Oil Corp. 1 4,500 43,532 - ------------------------------------------------------------------------ Encore Acquisition Co. 1 6,700 186,930 - ------------------------------------------------------------------------ Energy Partners Ltd. 1 9,400 143,820 - ------------------------------------------------------------------------ Esprit Exploration Ltd. 1, 2 10,600 27,592 - ------------------------------------------------------------------------ Esprit Exploration Ltd. 1 9,700 25,249 - ------------------------------------------------------------------------ Frontier Oil Corp. 15,400 326,326 MARKET VALUE SHARES SEE NOTE 1 - ------------------------------------------------------------------------ OIL & GAS CONTINUED General Maritime Corp. 1 9,600 $ 263,424 - ------------------------------------------------------------------------ Harvest Natural Resources, Inc. 1 11,100 165,501 - ------------------------------------------------------------------------ Holly Corp. 7,600 284,240 - ------------------------------------------------------------------------ Houston Exploration Co. 1 5,100 264,384 - ------------------------------------------------------------------------ Ketch Resources Ltd. 1 4,900 42,029 - ------------------------------------------------------------------------ Magnum Hunter Resources, Inc. 1 33,100 343,578 - ------------------------------------------------------------------------ Maritrans, Inc. 2,400 36,120 - ------------------------------------------------------------------------ Meridian Resource Corp. (The) 1 19,400 134,636 - ------------------------------------------------------------------------ Midnight Oil & Gas Ltd. 1 14,000 66,306 - ------------------------------------------------------------------------ OMI Corp. 34,000 404,600 - ------------------------------------------------------------------------ OPTI Canada, Inc. 1 5,000 69,924 - ------------------------------------------------------------------------ Overseas Shipholding Group, Inc. 4,200 185,346 - ------------------------------------------------------------------------ Paramount Resources Ltd. 1 18,800 201,917 - ------------------------------------------------------------------------ Patina Oil & Gas Corp. 6,412 191,526 - ------------------------------------------------------------------------ Penn Virginia Corp. 7,000 252,770 - ------------------------------------------------------------------------ Petroleum Development Corp. 1 4,200 115,164 - ------------------------------------------------------------------------ Plains Exploration & Production Co. 1 8,242 151,241 - ------------------------------------------------------------------------ Pogo Producing Co. 1,000 49,400 - ------------------------------------------------------------------------ Prima Energy Corp. 1 300 11,871 - ------------------------------------------------------------------------ Progress Energy Ltd. 1 9,700 107,508 - ------------------------------------------------------------------------ Range Resources Corp. 19,900 290,540 - ------------------------------------------------------------------------ Real Resources, Inc. 1 11,900 66,123 - ------------------------------------------------------------------------ Remington Oil & Gas Corp. 1 3,500 82,600 - ------------------------------------------------------------------------ Resource America, Inc., Cl. A 4,700 110,920 - ------------------------------------------------------------------------ Rio Alto Resources International, Inc. 1 12,600 12,687 - ------------------------------------------------------------------------ Southwestern Energy Co. 1 3,500 100,345 - ------------------------------------------------------------------------ Spinnaker Exploration Co. 1 3,200 126,016 - ------------------------------------------------------------------------ St. Mary Land & Exploration Co. 6,700 238,855 - ------------------------------------------------------------------------ StarPoint Energy Ltd. 1 37,800 119,821 - ------------------------------------------------------------------------ Stelmar Shipping Ltd. 3,600 119,340 - ------------------------------------------------------------------------ Stone Energy Corp. 1 4,700 214,696 - ------------------------------------------------------------------------ Swift Energy Co. 1 11,900 262,514 - ------------------------------------------------------------------------ Teekay Shipping Corp. 2,200 82,236 - ------------------------------------------------------------------------ Tesoro Petroleum Corp. 1 13,400 369,840 - ------------------------------------------------------------------------ Thunder Energy, Inc. 1 13,666 72,471 - ------------------------------------------------------------------------ TransMontaigne, Inc. 1 100 538 - ------------------------------------------------------------------------ Tusk Energy, Inc. 1 28,000 91,889 - ------------------------------------------------------------------------ Vintage Petroleum, Inc. 14,400 244,368 - ------------------------------------------------------------------------ Western Gas Resources, Inc. 4,400 142,912 - ------------------------------------------------------------------------ World Fuel Services Corp. 3,300 148,764 -------------- 8,572,546 - ------------------------------------------------------------------------ FINANCIALS--13.9% - ------------------------------------------------------------------------ CAPITAL MARKETS--0.1% National Financial Partners Corp. 2,000 70,540 - ------------------------------------------------------------------------ Stifel Financial Corp. 1 300 8,160 8 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA MARKET VALUE SHARES SEE NOTE 1 - ------------------------------------------------------------------------ CAPITAL MARKETS Continued SWS Group, Inc. 700 $ 10,710 -------------- 89,410 - ------------------------------------------------------------------------ COMMERCIAL BANKS--6.4% 1st Source Corp. 400 9,992 - ------------------------------------------------------------------------ Alliance Financial Corp. 600 16,884 - ------------------------------------------------------------------------ AmericanWest Bancorporation 2,710 51,897 - ------------------------------------------------------------------------ Anchor BanCorp Wisconsin, Inc. 5,500 145,420 - ------------------------------------------------------------------------ Arrow Financial Corp. 451 13,733 - ------------------------------------------------------------------------ Bancorp Bank (The) 1 600 10,626 - ------------------------------------------------------------------------ BankAtlantic Bancorp, Inc. 5,200 95,940 - ------------------------------------------------------------------------ BankUnited Financial Corp., Cl. A 1 700 18,060 - ------------------------------------------------------------------------ Banner Corp. 900 26,154 - ------------------------------------------------------------------------ Bay View Capital Corp. 300 618 - ------------------------------------------------------------------------ BB&T Corp. 32 1,183 - ------------------------------------------------------------------------ Berkshire Hills Bancorp, Inc. 1,800 66,780 - ------------------------------------------------------------------------ BFC Financial Corp., Cl. A 1 25 295 - ------------------------------------------------------------------------ Brookline Bancorp, Inc. 960 14,083 - ------------------------------------------------------------------------ BSB Bancorp, Inc. 700 24,885 - ------------------------------------------------------------------------ Camco Financial Corp. 600 8,400 - ------------------------------------------------------------------------ Camden National Corp. 300 9,921 - ------------------------------------------------------------------------ Capital Bancorp Ltd. 500 13,005 - ------------------------------------------------------------------------ Capital City Bank Group, Inc. 525 20,785 - ------------------------------------------------------------------------ Capital Corp. of the West 200 7,768 - ------------------------------------------------------------------------ Capital Crossing Bank 1 1,000 55,830 - ------------------------------------------------------------------------ CB Bancshares, Inc. 1,915 178,478 - ------------------------------------------------------------------------ Center Financial Corp. 2,100 31,815 - ------------------------------------------------------------------------ Chemical Financial Corp. 505 18,629 - ------------------------------------------------------------------------ Citizens First Bancorp, Inc. 2,800 66,668 - ------------------------------------------------------------------------ City Holding Co. 6,800 214,744 - ------------------------------------------------------------------------ CNB Florida Bancshares, Inc. 300 7,089 - ------------------------------------------------------------------------ Colonial BancGroup, Inc. (The) 11,900 216,223 - ------------------------------------------------------------------------ Columbia Bancorp, Eastern US 200 5,844 - ------------------------------------------------------------------------ Columbia Banking System, Inc. 8,790 195,138 - ------------------------------------------------------------------------ Community Bank System, Inc. 7,500 170,925 - ------------------------------------------------------------------------ Community First Bankshares, Inc. 5,700 183,483 - ------------------------------------------------------------------------ Community Trust Bancorp, Inc. 750 22,875 - ------------------------------------------------------------------------ Corus Bankshares, Inc. 2,700 110,997 - ------------------------------------------------------------------------ CVB Financial Corp. 2,310 50,312 - ------------------------------------------------------------------------ Dime Community Bancshares, Inc. 6,312 110,334 - ------------------------------------------------------------------------ East West Bancorp, Inc. 11,000 337,700 - ------------------------------------------------------------------------ Exchange National Bancshares, Inc. 300 8,760 - ------------------------------------------------------------------------ Farmers Capital Bank Corp. 100 3,575 - ------------------------------------------------------------------------ Fidelity Bankshares, Inc. 5,216 184,907 - ------------------------------------------------------------------------ First BanCorp 2,550 103,913 - ------------------------------------------------------------------------ First Citizens BancShares, Inc., Cl. A 800 97,600 MARKET VALUE SHARES SEE NOTE 1 - ------------------------------------------------------------------------ COMMERCIAL BANKS CONTINUED First Commonwealth Financial Corp. 2,600 $ 33,722 - ------------------------------------------------------------------------ First Community Bancshares, Inc. 1,410 47,235 - ------------------------------------------------------------------------ First Defiance Financial Corp. 1,000 22,100 - ------------------------------------------------------------------------ First Federal Capital Corp. 2,600 72,358 - ------------------------------------------------------------------------ First Financial Corp. 900 28,710 - ------------------------------------------------------------------------ First Financial Holdings, Inc. 3,000 86,430 - ------------------------------------------------------------------------ First M&F Corp. 200 6,228 - ------------------------------------------------------------------------ First Merchants Corp. 1,515 39,314 - ------------------------------------------------------------------------ First National Bankshares of Florida, Inc. 1,957 37,085 - ------------------------------------------------------------------------ First Niagara Financial Group, Inc. 7,100 85,200 - ------------------------------------------------------------------------ First Oak Brook Bancshares, Inc. 400 12,120 - ------------------------------------------------------------------------ First Place Financial Corp. 4,700 87,279 - ------------------------------------------------------------------------ First Republic Bank 8,300 357,564 - ------------------------------------------------------------------------ First Sentinel Bancorp, Inc. 2,200 45,210 - ------------------------------------------------------------------------ FirstFed Financial Corp. 1 200 8,320 - ------------------------------------------------------------------------ Flagstar Bancorp, Inc. 6,650 132,202 - ------------------------------------------------------------------------ Flushing Financial Corp. 4,575 80,749 - ------------------------------------------------------------------------ Foothill Independent Bancorp 518 10,811 - ------------------------------------------------------------------------ Frontier Financial Corp. 400 13,976 - ------------------------------------------------------------------------ Glacier Bancorp, Inc. 2,675 75,355 - ------------------------------------------------------------------------ Hancock Holding Co. 400 11,624 - ------------------------------------------------------------------------ Hanmi Financial Corp. 2,162 63,779 - ------------------------------------------------------------------------ Harbor Florida Bancshares, Inc. 5,600 154,056 - ------------------------------------------------------------------------ Harleysville National Corp. 625 16,000 - ------------------------------------------------------------------------ Home Federal Bancorp 1,300 32,500 - ------------------------------------------------------------------------ Horizon Financial Corp. 300 5,970 - ------------------------------------------------------------------------ Hudson River Bancorp, Inc. 2,000 34,140 - ------------------------------------------------------------------------ IBERIABANK Corp. 2,200 130,196 - ------------------------------------------------------------------------ Independence Community Bank Corp. 5,300 192,920 - ------------------------------------------------------------------------ Independent Bank Corp., Michigan 3,543 89,992 - ------------------------------------------------------------------------ Indymac Mortgage Holdings, Inc. 5,700 180,120 - ------------------------------------------------------------------------ International Bancshares Corp. 2,443 99,064 - ------------------------------------------------------------------------ ITLA Capital Corp. 1 1,700 68,969 - ------------------------------------------------------------------------ Macatawa Bank Corp. 655 18,006 - ------------------------------------------------------------------------ MAF Bancorp, Inc. 8,464 361,244 - ------------------------------------------------------------------------ MainSource Financial Group, Inc. 565 11,470 - ------------------------------------------------------------------------ Nara Bancorp, Inc. 5,000 85,650 - ------------------------------------------------------------------------ NASB Financial, Inc. 1,100 46,431 - ------------------------------------------------------------------------ National Bankshares, Inc. 600 24,900 - ------------------------------------------------------------------------ NBT Bancorp, Inc. 3,700 82,658 - ------------------------------------------------------------------------ Oak Hill Financial, Inc. 400 12,600 - ------------------------------------------------------------------------ OceanFirst Financial Corp. 1,100 26,345 - ------------------------------------------------------------------------ Old Second Bancorp, Inc. 458 24,160 - ------------------------------------------------------------------------ Oriental Financial Group, Inc. 6,743 182,533 - ------------------------------------------------------------------------ Pacific Capital Bancorp 15,610 439,109 9 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA STATEMENT OF INVESTMENTS Unaudited / Continued - ------------------------------------------------------------------------ MARKET VALUE SHARES SEE NOTE 1 - ------------------------------------------------------------------------ COMMERCIAL BANKS Continued Parkvale Financial Corp. 200 $ 5,268 - ------------------------------------------------------------------------ PennFed Financial Services, Inc. 200 6,800 - ------------------------------------------------------------------------ PennRock Financial Services Corp. 920 27,784 - ------------------------------------------------------------------------ PFF Bancorp, Inc. 4,740 176,518 - ------------------------------------------------------------------------ Provident Bankshares Corp. 451 13,007 - ------------------------------------------------------------------------ Provident Financial Holdings, Inc. 700 16,555 - ------------------------------------------------------------------------ Quaker City Bancorp, Inc. 1,800 98,892 - ------------------------------------------------------------------------ R&G Financial Corp., Cl. B 10,500 347,130 - ------------------------------------------------------------------------ Republic Bancorp, Inc. 3,134 43,564 - ------------------------------------------------------------------------ Republic Bancorp, Inc., Cl. A 3,160 63,800 - ------------------------------------------------------------------------ S.Y. Bancorp, Inc. 200 4,682 - ------------------------------------------------------------------------ Sandy Spring Bancorp, Inc. 1,500 52,125 - ------------------------------------------------------------------------ Santander BanCorp 1,200 29,664 - ------------------------------------------------------------------------ Seacoast Banking Corp. of Florida 3,130 65,511 - ------------------------------------------------------------------------ Second Bancorp, Inc. 800 25,032 - ------------------------------------------------------------------------ Silicon Valley Bancshares 1 5,500 218,075 - ------------------------------------------------------------------------ Sound Federal Bancorp, Inc. 1,400 18,788 - ------------------------------------------------------------------------ Southside Bancshares, Inc. 300 6,300 - ------------------------------------------------------------------------ Southwest Bancorp, Inc. 3,200 58,400 - ------------------------------------------------------------------------ State Bancorp, Inc. 1,162 28,388 - ------------------------------------------------------------------------ State Financial Services Corp. 1,700 50,422 - ------------------------------------------------------------------------ Sterling Bancorp 6,100 168,482 - ------------------------------------------------------------------------ Sterling Financial Corp. 9,617 306,494 - ------------------------------------------------------------------------ Sterling Financial Corp., Eastern US 900 23,427 - ------------------------------------------------------------------------ Sun Bancorp, Inc. 2,496 53,065 - ------------------------------------------------------------------------ Susquehanna Bancshares, Inc. 340 8,554 - ------------------------------------------------------------------------ TierOne Corp. 3,000 64,530 - ------------------------------------------------------------------------ U.S.B. Holding Co., Inc. 315 7,220 - ------------------------------------------------------------------------ Union Bankshares Corp. 1,000 31,600 - ------------------------------------------------------------------------ United Community Financial Corp. 1,600 20,800 - ------------------------------------------------------------------------ Univest Corp. of Pennsylvania 500 25,500 - ------------------------------------------------------------------------ W. Holding Co., Inc. 9,666 165,965 - ------------------------------------------------------------------------ Waypoint Financial Corp. 2,310 63,733 - ------------------------------------------------------------------------ Webster Financial Corp. 2,734 128,553 - ------------------------------------------------------------------------ WesBanco, Inc. 1,100 32,043 - ------------------------------------------------------------------------ Westcorp 3,700 168,165 - ------------------------------------------------------------------------ Westfield Financial, Inc. 100 2,034 - ------------------------------------------------------------------------ Whitney Holding Corp. 1,400 62,538 - ------------------------------------------------------------------------ Wilshire State Bank 1 1,700 41,684 - ------------------------------------------------------------------------ WSFS Financial Corp. 3,600 175,212 -------------- 9,514,976 - ------------------------------------------------------------------------ CONSUMER FINANCE--0.2% ASTA Funding, Inc. 2,500 43,500 - ------------------------------------------------------------------------ Education Lending Group, Inc. 1 2,200 39,050 - ------------------------------------------------------------------------ First Marblehead Corp. (The) 1 4,300 173,118 MARKET VALUE SHARES SEE NOTE 1 - ------------------------------------------------------------------------ CONSUMER FINANCE CONTINUED Nelnet, Inc., Cl. A 1 400 $ 7,100 -------------- 262,768 - ------------------------------------------------------------------------ DIVERSIFIED FINANCIAL SERVICES--1.6% Affiliated Managers Group, Inc. 1 3,800 191,406 - ------------------------------------------------------------------------ American Capital Strategies Ltd. 2,600 72,852 - ------------------------------------------------------------------------ Cash America International, Inc. 9,100 209,300 - ------------------------------------------------------------------------ Chicago Mercantile Exchange (The) 500 72,185 - ------------------------------------------------------------------------ CompuCredit Corp. 1 9,400 162,620 - ------------------------------------------------------------------------ Credit Acceptance Corp. 1 500 7,535 - ------------------------------------------------------------------------ Encore Capital Group, Inc. 1 1,900 25,099 - ------------------------------------------------------------------------ First Albany Cos., Inc. 2,500 25,100 - ------------------------------------------------------------------------ First Cash Financial Services, Inc. 1 8,050 171,304 - ------------------------------------------------------------------------ Gabelli Asset Management, Inc. 3,900 165,750 - ------------------------------------------------------------------------ Instinet Group, Inc. 1 11,200 59,136 - ------------------------------------------------------------------------ iShares Russell 2000 Index Fund 1,900 224,181 - ------------------------------------------------------------------------ iShares S&P SmallCap 600 Index Fund 1,600 235,520 - ------------------------------------------------------------------------ Knight Trading Group, Inc. 1 19,900 199,398 - ------------------------------------------------------------------------ Marlin Business Services, Inc. 1 3,700 55,611 - ------------------------------------------------------------------------ Newtek Business Services, Inc. 1 1,500 5,625 - ------------------------------------------------------------------------ Piper Jaffray Cos., Inc. 1 4,600 208,058 - ------------------------------------------------------------------------ Raymond James Financial, Inc. 5,500 145,475 - ------------------------------------------------------------------------ Sanders Morris Harris Group, Inc. 2,700 39,825 - ------------------------------------------------------------------------ United PanAm Financial Corp. 1 1,000 17,050 - ------------------------------------------------------------------------ WFS Financial, Inc. 3,300 163,383 -------------- 2,456,413 - ------------------------------------------------------------------------ INSURANCE--3.6% Alfa Corp. 4,000 56,000 - ------------------------------------------------------------------------ Allmerica Financial Corp. 1 11,200 378,560 - ------------------------------------------------------------------------ American Medical Security Group, Inc. 1 6,900 188,025 - ------------------------------------------------------------------------ American Physicians Capital, Inc. 1 500 11,575 - ------------------------------------------------------------------------ AmerUs Group Co. 11,900 492,660 - ------------------------------------------------------------------------ Arch Capital Group Ltd. 1 6,400 255,232 - ------------------------------------------------------------------------ Argonaut Group, Inc. 1 2,000 36,860 - ------------------------------------------------------------------------ Aspen Insurance Holdings Ltd. 2,000 46,460 - ------------------------------------------------------------------------ Baldwin & Lyons, Inc., Cl. B, Non-Vtg. 600 16,104 - ------------------------------------------------------------------------ Ceres Group, Inc. 1 900 5,526 - ------------------------------------------------------------------------ Commerce Group, Inc. (The) 4,900 241,913 - ------------------------------------------------------------------------ Crawford & Co., Cl. A, Non-Vtg. 1,400 6,608 - ------------------------------------------------------------------------ Delphi Financial Group, Inc., Cl. A 8,900 396,050 - ------------------------------------------------------------------------ Donegal Group, Inc., Cl. A 3,300 66,132 - ------------------------------------------------------------------------ EMC Insurance Group, Inc. 300 7,008 - ------------------------------------------------------------------------ FBL Financial Group, Inc., Cl. A 1,500 42,390 - ------------------------------------------------------------------------ Fidelity National Financial, Inc. 79 2,950 - ------------------------------------------------------------------------ FPIC Insurance Group, Inc. 1 1,600 39,504 10 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA MARKET VALUE SHARES SEE NOTE 1 - ------------------------------------------------------------------------ INSURANCE Continued Great American Financial Resources, Inc. 1,600 $ 25,440 - ------------------------------------------------------------------------ Horace Mann Educators Corp. 8,800 153,824 - ------------------------------------------------------------------------ Hub International Ltd. 600 11,454 - ------------------------------------------------------------------------ Independence Holding Co. 300 10,200 - ------------------------------------------------------------------------ Infinity Property & Casualty Corp. 3,200 105,600 - ------------------------------------------------------------------------ IPC Holdings Ltd. 2,000 73,860 - ------------------------------------------------------------------------ Kansas City Life Insurance Co. 300 12,627 - ------------------------------------------------------------------------ LandAmerica Financial Group, Inc. 1,400 54,502 - ------------------------------------------------------------------------ Meadowbrook Insurance Group, Inc. 1 4,000 21,200 - ------------------------------------------------------------------------ Midland Co. (The) 400 11,860 - ------------------------------------------------------------------------ National Western Life Insurance Co., Cl. A 1 400 61,420 - ------------------------------------------------------------------------ Navigators Group, Inc. (The) 1 200 5,778 - ------------------------------------------------------------------------ NYMAGIC, Inc. 100 2,640 - ------------------------------------------------------------------------ Odyssey Re Holdings Corp. 6,300 151,200 - ------------------------------------------------------------------------ Ohio Casualty Corp. 1 17,700 356,301 - ------------------------------------------------------------------------ Penn-America Group, Inc. 2,400 33,600 - ------------------------------------------------------------------------ Philadelphia Consolidated Holding Co. 1 4,700 282,329 - ------------------------------------------------------------------------ Phoenix Cos., Inc. (The) 23,000 281,750 - ------------------------------------------------------------------------ ProCentury Corp. 1 8,800 85,624 - ------------------------------------------------------------------------ Protective Life Corp. 1,200 46,404 - ------------------------------------------------------------------------ Pxre Group Ltd. 2,400 60,648 - ------------------------------------------------------------------------ Reinsurance Group of America, Inc. 900 36,585 - ------------------------------------------------------------------------ Safety Insurance Group, Inc. 1,500 32,130 - ------------------------------------------------------------------------ Selective Insurance Group, Inc. 1,100 43,868 - ------------------------------------------------------------------------ StanCorp Financial Group, Inc. 3,400 227,800 - ------------------------------------------------------------------------ State Auto Financial Corp. 5,500 168,960 - ------------------------------------------------------------------------ UICI 1 11,000 261,910 - ------------------------------------------------------------------------ United Fire & Casualty Co. 900 51,975 - ------------------------------------------------------------------------ Universal American Financial Corp. 1 25,700 282,186 - ------------------------------------------------------------------------ Vesta Insurance Group, Inc. 9,000 58,230 - ------------------------------------------------------------------------ Zenith National Insurance Corp. 2,400 116,640 -------------- 5,418,102 - ------------------------------------------------------------------------ REAL ESTATE--1.5% Acadia Realty Trust 900 12,366 - ------------------------------------------------------------------------ Agree Realty Corp. 3,400 86,020 - ------------------------------------------------------------------------ Alexandria Real Estate Equities, Inc. 400 22,712 - ------------------------------------------------------------------------ Arden Realty, Inc. 1,200 35,292 - ------------------------------------------------------------------------ Associated Estates Realty Corp. 900 7,245 - ------------------------------------------------------------------------ Avatar Holdings, Inc. 1 300 12,480 - ------------------------------------------------------------------------ Bluegreen Corp. 1 9,200 126,960 - ------------------------------------------------------------------------ Brandywine Realty Trust 1,800 48,942 - ------------------------------------------------------------------------ Camden Property Trust 1,300 59,540 - ------------------------------------------------------------------------ Capital Automotive REIT 1,200 35,196 MARKET VALUE SHARES SEE NOTE 1 - ------------------------------------------------------------------------ REAL ESTATE CONTINUED Capital Trust, Cl. A 500 $ 13,360 - ------------------------------------------------------------------------ Capstead Mortgage Corp. 900 12,105 - ------------------------------------------------------------------------ CarrAmerica Realty Corp. 900 27,207 - ------------------------------------------------------------------------ CBL & Associates Properties, Inc. 600 33,000 - ------------------------------------------------------------------------ Chelsea Property Group, Inc. 200 13,044 - ------------------------------------------------------------------------ Colonial Properties Trust 600 23,118 - ------------------------------------------------------------------------ Consolidated-Tomoka Land Co. 400 15,104 - ------------------------------------------------------------------------ Cornerstone Realty Income Trust, Inc. 600 5,262 - ------------------------------------------------------------------------ Corporate Office Properties Trust 900 22,365 - ------------------------------------------------------------------------ Correctional Properties Trust 1,300 38,025 - ------------------------------------------------------------------------ Equity Inns, Inc. 6,900 64,101 - ------------------------------------------------------------------------ First Industrial Realty Trust, Inc. 1,500 55,320 - ------------------------------------------------------------------------ Friedman, Billings, Ramsey Group, Inc., Cl. A 200 3,958 - ------------------------------------------------------------------------ Glenborough Realty Trust, Inc. 600 11,010 - ------------------------------------------------------------------------ Health Care REIT, Inc. 2,400 78,000 - ------------------------------------------------------------------------ Healthcare Realty Trust, Inc. 1,100 41,228 - ------------------------------------------------------------------------ Heritage Property Investment Trust 400 10,824 - ------------------------------------------------------------------------ Highwoods Properties, Inc. 1,800 42,300 - ------------------------------------------------------------------------ Impac Mortgage Holdings, Inc. 1,200 27,024 - ------------------------------------------------------------------------ Jones Lang LaSalle, Inc. 1 9,200 249,320 - ------------------------------------------------------------------------ Kilroy Realty Corp. 1,000 34,100 - ------------------------------------------------------------------------ Koger Equity, Inc. 1,200 27,744 - ------------------------------------------------------------------------ Levitt Corp., Cl. A 1 1,025 26,404 - ------------------------------------------------------------------------ Lexington Corporate Properties Trust 2,100 41,811 - ------------------------------------------------------------------------ LTC Properties, Inc. 800 13,280 - ------------------------------------------------------------------------ Mack-Cali Realty Corp. 1,200 49,656 - ------------------------------------------------------------------------ Maguire Properties, Inc. 1,100 27,247 - ------------------------------------------------------------------------ Mid-America Apartment Communities, Inc. 1,200 45,468 - ------------------------------------------------------------------------ Mills Corp. 1,500 70,050 - ------------------------------------------------------------------------ Nationwide Health Properties, Inc. 2,900 54,810 - ------------------------------------------------------------------------ Novastar Financial, Inc. 1,200 45,552 - ------------------------------------------------------------------------ Omega Healthcare Investors, Inc. 900 9,036 - ------------------------------------------------------------------------ Pan Pacific Retail Properties, Inc. 1,000 50,520 - ------------------------------------------------------------------------ Pennsylvania Real Estate Investment Trust 1,500 51,375 - ------------------------------------------------------------------------ Prentiss Properties Trust 200 6,704 - ------------------------------------------------------------------------ PS Business Parks, Inc. 400 16,096 - ------------------------------------------------------------------------ Ramco-Gershenson Properties Trust 1,600 38,768 - ------------------------------------------------------------------------ Redwood Trust, Inc. 600 33,408 - ------------------------------------------------------------------------ Regency Centers Corp. 300 12,870 - ------------------------------------------------------------------------ Senior Housing Properties Trust 2,500 41,975 - ------------------------------------------------------------------------ SL Green Realty Corp. 900 42,120 - ------------------------------------------------------------------------ Stratus Properties, Inc. 1 1,300 16,835 - ------------------------------------------------------------------------ Tanger Factory Outlet Centers, Inc. 2,100 82,110 11 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA STATEMENT OF INVESTMENTS Unaudited / Continued - ------------------------------------------------------------------------ MARKET VALUE SHARES SEE NOTE 1 - ------------------------------------------------------------------------ REAL ESTATE Continued Town & Country Trust 700 $ 17,668 - ------------------------------------------------------------------------ Trammell Crow Co. 1 5,100 71,910 - ------------------------------------------------------------------------ Trizec Properties, Inc. 1,800 29,268 - ------------------------------------------------------------------------ United Capital Corp. 500 8,515 - ------------------------------------------------------------------------ United Dominion Realty Trust, Inc. 900 17,802 - ------------------------------------------------------------------------ Ventas, Inc. 1,500 35,025 -------------- 2,250,555 - ------------------------------------------------------------------------ THRIFTS & MORTGAGE FINANCE--0.5% Bank Mutual Corp. 9,236 100,672 - ------------------------------------------------------------------------ CharterMac 1,300 25,558 - ------------------------------------------------------------------------ Clifton Savings Bancorp, Inc. 1 1,900 22,439 - ------------------------------------------------------------------------ Commercial Capital Bancorp, Inc. 1 4,329 75,195 - ------------------------------------------------------------------------ Franklin Bank Corp. 1 200 3,164 - ------------------------------------------------------------------------ Fremont General Corp. 14,200 250,630 - ------------------------------------------------------------------------ New Century Financial Corp. 3,650 170,893 - ------------------------------------------------------------------------ NewAlliance Bancshares, Inc. 1 3,000 41,880 - ------------------------------------------------------------------------ Ocwen Financial Corp. 1 3,700 44,548 - ------------------------------------------------------------------------ Wilshire Financial Services Group, Inc. 1 500 4,645 -------------- 739,624 - ------------------------------------------------------------------------ HEALTH CARE--13.3% - ------------------------------------------------------------------------ BIOTECHNOLOGY--0.9% Alexion Pharmaceuticals, Inc. 1 1,800 33,480 - ------------------------------------------------------------------------ Aphton Corp. 1 2,700 10,800 - ------------------------------------------------------------------------ Arena Pharmaceuticals, Inc. 1 500 2,730 - ------------------------------------------------------------------------ ArQule, Inc. 1 3,200 16,864 - ------------------------------------------------------------------------ Array BioPharma, Inc. 1 10,000 79,500 - ------------------------------------------------------------------------ Axonyx, Inc. 1 9,000 47,160 - ------------------------------------------------------------------------ Cepheid, Inc. 1 600 6,924 - ------------------------------------------------------------------------ Charles River Laboratories International, Inc. 1 800 39,096 - ------------------------------------------------------------------------ Ciphergen Biosystems, Inc. 1 1,000 7,320 - ------------------------------------------------------------------------ Curis, Inc. 1 15,200 67,184 - ------------------------------------------------------------------------ deCODE genetics, Inc. 1 5,700 48,450 - ------------------------------------------------------------------------ Eyetech Pharmaceuticals, Inc. 1 1,500 64,380 - ------------------------------------------------------------------------ Gen-Probe, Inc. 1 6,900 326,508 - ------------------------------------------------------------------------ Idexx Laboratories, Inc. 1 3,600 226,584 - ------------------------------------------------------------------------ LifeCell Corp. 1 2,600 29,354 - ------------------------------------------------------------------------ Neurogen Corp. 1 600 4,488 - ------------------------------------------------------------------------ Pharmacyclics, Inc. 1 3,500 35,595 - ------------------------------------------------------------------------ QLT PhotoTherapeutics, Inc. 1 6,100 122,122 - ------------------------------------------------------------------------ Techne Corp. 1 1,200 52,140 - ------------------------------------------------------------------------ Telik, Inc. 1 1,500 35,805 - ------------------------------------------------------------------------ Third Wave Technologies, Inc. 1 800 3,592 - ------------------------------------------------------------------------ Transkaryotic Therapies, Inc. 1 1,000 14,960 -------------- 1,275,036 MARKET VALUE SHARES SEE NOTE 1 - ------------------------------------------------------------------------ HEALTH CARE EQUIPMENT & SUPPLIES--4.6% Abaxis, Inc. 1 6,800 $ 129,064 - ------------------------------------------------------------------------ Advanced Medical Optics, Inc. 1 7,600 323,532 - ------------------------------------------------------------------------ Align Technology, Inc. 1 6,000 114,000 - ------------------------------------------------------------------------ American Medical Systems Holdings, Inc. 1 9,300 313,410 - ------------------------------------------------------------------------ Animas Corp. 1 250 4,663 - ------------------------------------------------------------------------ Arrow International, Inc. 7,400 221,408 - ------------------------------------------------------------------------ ArthroCare Corp. 1 5,200 151,216 - ------------------------------------------------------------------------ Aspect Medical Systems, Inc. 1 4,700 86,809 - ------------------------------------------------------------------------ Bausch & Lomb, Inc. 700 45,549 - ------------------------------------------------------------------------ Beckman Coulter, Inc. 700 42,700 - ------------------------------------------------------------------------ CNS, Inc. 2,900 29,090 - ------------------------------------------------------------------------ ConMed Corp. 1 500 13,700 - ------------------------------------------------------------------------ Cooper Cos., Inc. (The) 3,000 189,510 - ------------------------------------------------------------------------ Cutera, Inc. 1 200 2,718 - ------------------------------------------------------------------------ Cytyc Corp. 1 14,500 367,865 - ------------------------------------------------------------------------ Dade Behring Holdings, Inc. 1 9,100 432,432 - ------------------------------------------------------------------------ Datascope Corp. 500 19,845 - ------------------------------------------------------------------------ DJ Orthopedics, Inc. 1,600 36,800 - ------------------------------------------------------------------------ Encore Medical Corp. 1 3,200 20,160 - ------------------------------------------------------------------------ EPIX Medical, Inc. 1 11,000 232,100 - ------------------------------------------------------------------------ Exactech, Inc. 1 1,700 36,890 - ------------------------------------------------------------------------ Haemonetics Corp. 1 6,100 180,865 - ------------------------------------------------------------------------ Hologic, Inc. 1 4,900 113,925 - ------------------------------------------------------------------------ Illumina, Inc. 1 1,200 7,620 - ------------------------------------------------------------------------ Immucor, Inc. 800 26,040 - ------------------------------------------------------------------------ Inamed Corp. 1 3,250 204,263 - ------------------------------------------------------------------------ Integra LifeSciences Holdings Corp. 1 600 21,162 - ------------------------------------------------------------------------ Invacare Corp. 100 4,472 - ------------------------------------------------------------------------ Kensey Nash Corp. 1 9,200 317,400 - ------------------------------------------------------------------------ Kyphon, Inc. 1 300 8,454 - ------------------------------------------------------------------------ Lifeline Systems, Inc. 1 2,300 54,418 - ------------------------------------------------------------------------ Medical Action Industries, Inc. 1 5,400 99,360 - ------------------------------------------------------------------------ MedSource Technologies, Inc. 1 3,400 24,140 - ------------------------------------------------------------------------ Mentor Corp. 900 30,861 - ------------------------------------------------------------------------ Meridian Bioscience, Inc. 3,300 36,561 - ------------------------------------------------------------------------ Merit Medical Systems, Inc. 1 4,779 76,129 - ------------------------------------------------------------------------ Mine Safety Applicances Co. 7,400 249,380 - ------------------------------------------------------------------------ Molecular Devices Corp. 1 700 12,446 - ------------------------------------------------------------------------ Nutraceutical International Corp. 1 6,700 142,777 - ------------------------------------------------------------------------ Ocular Sciences, Inc. 1 8,000 304,000 - ------------------------------------------------------------------------ OrthoLogic Corp. 1 3,700 32,079 - ------------------------------------------------------------------------ Palomar Medical Technologies, Inc. 1 1,800 30,222 - ------------------------------------------------------------------------ PolyMedica Corp. 8,900 276,256 - ------------------------------------------------------------------------ ResMed, Inc. 1 1,200 61,152 - ------------------------------------------------------------------------ Respironics, Inc. 1 1,500 88,125 12 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA MARKET VALUE SHARES SEE NOTE 1 - ------------------------------------------------------------------------ HEALTH CARE EQUIPMENT & SUPPLIES Continued Sonic Innovations, Inc. 1 3,700 $ 21,016 - ------------------------------------------------------------------------ Sybron Dental Specialties, Inc. 1 13,600 405,960 - ------------------------------------------------------------------------ Ventana Medical Systems, Inc. 1 7,600 361,228 - ------------------------------------------------------------------------ VISX, Inc. 1 17,200 459,584 - ------------------------------------------------------------------------ West Pharmaceutical Services, Inc. 2,200 93,060 - ------------------------------------------------------------------------ Wright Medical Group, Inc. 1 6,700 238,520 - ------------------------------------------------------------------------ Young Innovations, Inc. 3,250 82,550 -------------- 6,877,486 - ------------------------------------------------------------------------ HEALTH CARE PROVIDERS & SERVICES--6.1% Advisory Board Co. (The) 1 1,900 67,640 - ------------------------------------------------------------------------ Allied Healthcare International, Inc. 1 1,000 4,920 - ------------------------------------------------------------------------ Amedisys, Inc. 1 2,500 82,600 - ------------------------------------------------------------------------ America Service Group, Inc. 1 300 10,425 - ------------------------------------------------------------------------ AMERIGROUP Corp. 1 2,800 137,760 - ------------------------------------------------------------------------ Andrx Corp. 1 9,800 273,714 - ------------------------------------------------------------------------ Beverly Enterprises, Inc. 1 39,400 338,840 - ------------------------------------------------------------------------ Bio-Reference Laboratories, Inc. 1 8,900 118,014 - ------------------------------------------------------------------------ Cantel Medical Corp. 1 600 12,930 - ------------------------------------------------------------------------ Cerner Corp. 1 2,500 111,450 - ------------------------------------------------------------------------ Computer Programs & Systems, Inc. 800 16,304 - ------------------------------------------------------------------------ CorVel Corp. 1 2,400 68,040 - ------------------------------------------------------------------------ Covance, Inc. 1 8,900 343,362 - ------------------------------------------------------------------------ Coventry Health Care, Inc. 1 1,600 78,240 - ------------------------------------------------------------------------ Cross Country Healthcare, Inc. 1 3,400 61,710 - ------------------------------------------------------------------------ DaVita, Inc. 1 3,600 110,988 - ------------------------------------------------------------------------ Dendrite International, Inc. 1 18,900 351,162 - ------------------------------------------------------------------------ eResearch Technology, Inc. 1 18,800 526,400 - ------------------------------------------------------------------------ Genesis HealthCare Corp. 1 2,800 81,312 - ------------------------------------------------------------------------ Gentiva Health Services, Inc. 1 12,000 195,120 - ------------------------------------------------------------------------ HealthExtras, Inc. 1 5,300 87,821 - ------------------------------------------------------------------------ IDX Systems Corp. 1 9,000 287,010 - ------------------------------------------------------------------------ Inveresk Research Group, Inc. 1 10,300 317,652 - ------------------------------------------------------------------------ LabOne, Inc. 1 1,200 38,136 - ------------------------------------------------------------------------ LCA-Vision, Inc. 1 6,800 198,084 - ------------------------------------------------------------------------ LifePoint Hospitals, Inc. 1 14,000 521,080 - ------------------------------------------------------------------------ Magellan Health Services, Inc. 1 1,900 63,555 - ------------------------------------------------------------------------ MedCath Corp. 1 2,000 40,000 - ------------------------------------------------------------------------ MIM Corp. 1,500 13,050 - ------------------------------------------------------------------------ Molina Healthcare, Inc. 1 1,400 53,452 - ------------------------------------------------------------------------ National HealthCare Corp. 1,200 33,612 - ------------------------------------------------------------------------ National Medical Health Card Systems, Inc. 1 3,700 99,308 - ------------------------------------------------------------------------ Option Care, Inc. 6,300 96,138 - ------------------------------------------------------------------------ Owens & Minor, Inc. 15,000 388,500 - ------------------------------------------------------------------------ Parexel International Corp. 1 5,100 100,980 MARKET VALUE SHARES SEE NOTE 1 - ------------------------------------------------------------------------ HEALTH CARE PROVIDERS & SERVICES CONTINUED PDI, Inc. 1 5,600 $ 169,848 - ------------------------------------------------------------------------ Pediatrix Medical Group, Inc. 1 8,200 572,770 - ------------------------------------------------------------------------ Prime Medical Services, Inc. 1 2,900 23,026 - ------------------------------------------------------------------------ Province Healthcare Co. 1 16,800 288,120 - ------------------------------------------------------------------------ PSS World Medical, Inc. 1 17,400 194,880 - ------------------------------------------------------------------------ Psychiatric Solutions, Inc. 1 1,500 37,395 - ------------------------------------------------------------------------ RehabCare Group, Inc. 1 9,500 252,985 - ------------------------------------------------------------------------ Renal Care Group, Inc. 1 4,500 149,085 - ------------------------------------------------------------------------ Res-Care, Inc. 1 6,100 77,470 - ------------------------------------------------------------------------ Select Medical Corp. 2,600 34,892 - ------------------------------------------------------------------------ Service Corp. International 1 18,900 139,293 - ------------------------------------------------------------------------ Sierra Health Services, Inc. 1 5,600 250,320 - ------------------------------------------------------------------------ Stewart Enterprises, Inc. 1 34,200 278,388 - ------------------------------------------------------------------------ Sunrise Senior Living, Inc. 1 9,400 367,916 - ------------------------------------------------------------------------ Symbion, Inc. 1 200 3,492 - ------------------------------------------------------------------------ Triad Hospitals, Inc. 800 29,784 - ------------------------------------------------------------------------ United Surgical Partners International, Inc. 1 8,300 327,601 - ------------------------------------------------------------------------ US Oncology, Inc. 1 30,100 443,072 - ------------------------------------------------------------------------ VCA Antech, Inc. 600 26,892 - ------------------------------------------------------------------------ Ventiv Health, Inc. 1 8,600 133,128 -------------- 9,129,666 - ------------------------------------------------------------------------ PHARMACEUTICALS--1.7% Alpharma, Inc., Cl. A 1,500 30,720 - ------------------------------------------------------------------------ American Pharmaceutical Partners, Inc. 1 3,450 104,811 - ------------------------------------------------------------------------ AtheroGenics, Inc. 1 5,300 100,859 - ------------------------------------------------------------------------ Atrix Laboratories, Inc. 1 4,500 154,260 - ------------------------------------------------------------------------ Caraco Pharmaceutical Laboratories Ltd. 1 5,000 48,200 - ------------------------------------------------------------------------ Connetics Corp. 1 1,400 28,280 - ------------------------------------------------------------------------ Dendreon Corp. 1 14,500 177,625 - ------------------------------------------------------------------------ DepoMed, Inc. 1 4,200 20,790 - ------------------------------------------------------------------------ DOV Pharmaceutical, Inc. 1 3,300 46,068 - ------------------------------------------------------------------------ Encysive Pharmaceuticals, Inc. 1 9,300 79,050 - ------------------------------------------------------------------------ Endo Pharmaceuticals Holdings, Inc. 1 4,400 103,180 - ------------------------------------------------------------------------ Eon Labs, Inc. 1 5,700 233,301 - ------------------------------------------------------------------------ First Horizon Pharmaceutical Corp. 1 18,600 351,540 - ------------------------------------------------------------------------ InKine Pharmaceutical Co., Inc. 1 1,400 5,418 - ------------------------------------------------------------------------ Lannett Co., Inc. 1 2,000 30,040 - ------------------------------------------------------------------------ MGI Pharma, Inc. 1 700 18,907 - ------------------------------------------------------------------------ Nabi Biopharmaceuticals, Inc. 1 10,500 149,310 - ------------------------------------------------------------------------ Nektar Therapeutics 1 5,000 99,800 - ------------------------------------------------------------------------ Noven Pharmaceuticals, Inc. 1 5,100 112,302 - ------------------------------------------------------------------------ Perrigo Co. 20,100 381,297 13 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA STATEMENT OF INVESTMENTS Unaudited / Continued - ------------------------------------------------------------------------ MARKET VALUE SHARES SEE NOTE 1 - ------------------------------------------------------------------------ PHARMACEUTICALS Continued Pharmacopeia Drug Discovery, Inc. 1 1,150 $ 6,532 - ------------------------------------------------------------------------ Salix Pharmaceuticals Ltd. 1 5,100 168,045 - ------------------------------------------------------------------------ Santarus, Inc. 1 6,200 91,450 - ------------------------------------------------------------------------ Seattle Genetics, Inc. 1 7,600 53,428 -------------- 2,595,213 - ------------------------------------------------------------------------ INDUSTRIALS--16.5% - ------------------------------------------------------------------------ AEROSPACE & DEFENSE--1.5% AAR Corp. 1 2,800 31,780 - ------------------------------------------------------------------------ Applied Signal Technology, Inc. 10,300 361,015 - ------------------------------------------------------------------------ Armor Holdings, Inc. 1 5,400 183,600 - ------------------------------------------------------------------------ Astronics Corp., Cl. B 1, 2 250 1,275 - ------------------------------------------------------------------------ Aviall, Inc. 1 5,100 96,951 - ------------------------------------------------------------------------ EDO Corp. 700 16,884 - ------------------------------------------------------------------------ Engineered Support Systems, Inc. 5,250 307,178 - ------------------------------------------------------------------------ ESCO Technologies, Inc. 1 700 37,352 - ------------------------------------------------------------------------ HEICO Corp., Cl. A 30 419 - ------------------------------------------------------------------------ Herley Industries, Inc. 1 200 3,908 - ------------------------------------------------------------------------ Innovative Solutions & Support, Inc. 1 6,200 121,024 - ------------------------------------------------------------------------ Mercury Computer Systems, Inc. 1 1,200 29,760 - ------------------------------------------------------------------------ Moog, Inc., Cl. A 1 2,750 102,053 - ------------------------------------------------------------------------ MTC Technologies, Inc. 1 100 2,582 - ------------------------------------------------------------------------ Orbital Sciences Corp. 1 18,200 251,342 - ------------------------------------------------------------------------ Precision Castparts Corp. 1,300 71,097 - ------------------------------------------------------------------------ Sequa Corp., Cl. A 1 300 17,541 - ------------------------------------------------------------------------ SI International, Inc. 1 2,400 48,936 - ------------------------------------------------------------------------ Sypris Solutions, Inc. 4,500 86,355 - ------------------------------------------------------------------------ Teledyne Technologies, Inc. 1 6,900 138,138 - ------------------------------------------------------------------------ United Defense Industries, Inc. 1 8,000 280,000 -------------- 2,189,190 - ------------------------------------------------------------------------ AIR FREIGHT & LOGISTICS--0.6% ABX Air, Inc. 1 32,000 218,560 - ------------------------------------------------------------------------ Dynamex, Inc. 1 1,200 16,692 - ------------------------------------------------------------------------ EGL, Inc. 1 14,900 396,340 - ------------------------------------------------------------------------ Forward Air Corp. 1 4,500 168,300 - ------------------------------------------------------------------------ Hub Group, Inc., Cl. A 1 4,200 143,220 -------------- 943,112 - ------------------------------------------------------------------------ AIRLINES--0.1% AMR Corp. 1 13,600 164,696 - ------------------------------------------------------------------------ BUILDING PRODUCTS--0.9% Aaon, Inc. 1 650 13,124 - ------------------------------------------------------------------------ Apogee Enterprises, Inc. 2,800 29,120 - ------------------------------------------------------------------------ Crane Co. 2,600 81,614 - ------------------------------------------------------------------------ ElkCorp 1,700 40,698 - ------------------------------------------------------------------------ Jacuzzi Brands, Inc. 1 18,800 151,528 MARKET VALUE SHARES SEE NOTE 1 - ------------------------------------------------------------------------ BUILDING PRODUCTS CONTINUED NCI Building Systems, Inc. 1 6,000 $ 195,300 - ------------------------------------------------------------------------ Simpson Manufacturing Co., Inc. 4,000 224,480 - ------------------------------------------------------------------------ Universal Forest Products, Inc. 6,100 196,725 - ------------------------------------------------------------------------ Watsco, Inc. 7,100 199,297 - ------------------------------------------------------------------------ York International Corp. 3,900 160,173 -------------- 1,292,059 - ------------------------------------------------------------------------ COMMERCIAL SERVICES & SUPPLIES--4.5% ABM Industries, Inc. 6,700 130,449 - ------------------------------------------------------------------------ Administaff, Inc. 1 5,800 96,280 - ------------------------------------------------------------------------ Angelica Corp. 3,400 85,374 - ------------------------------------------------------------------------ Asset Acceptance Capital Corp. 1 1,000 17,000 - ------------------------------------------------------------------------ Banta Corp. 8,700 386,367 - ------------------------------------------------------------------------ Brady Corp., Cl. A 5,800 267,380 - ------------------------------------------------------------------------ Bright Horizons Family Solutions, Inc. 1 5,400 289,494 - ------------------------------------------------------------------------ Brink's Co. (The) 9,100 311,675 - ------------------------------------------------------------------------ Casella Waste Systems, Inc., Cl. A 1 600 7,890 - ------------------------------------------------------------------------ Central Parking Corp. 2,000 37,380 - ------------------------------------------------------------------------ Century Business Services, Inc. 1 4,200 18,312 - ------------------------------------------------------------------------ CompX International, Inc. 500 7,500 - ------------------------------------------------------------------------ Consolidated Graphics, Inc. 1 6,200 273,110 - ------------------------------------------------------------------------ Copart, Inc. 1 11,800 315,060 - ------------------------------------------------------------------------ CPI Corp. 1,700 25,024 - ------------------------------------------------------------------------ Darling International, Inc. 1 46,400 194,880 - ------------------------------------------------------------------------ Deluxe Corp. 1,100 47,850 - ------------------------------------------------------------------------ DiamondCluster International, Inc. 1 1,500 13,035 - ------------------------------------------------------------------------ Duratek, Inc. 1 2,500 37,775 - ------------------------------------------------------------------------ Electro Rent Corp. 1,500 15,705 - ------------------------------------------------------------------------ Ennis Business Forms, Inc. 4,200 81,900 - ------------------------------------------------------------------------ Exponent, Inc. 1 5,800 155,846 - ------------------------------------------------------------------------ General Binding Corp. 1 1,300 20,137 - ------------------------------------------------------------------------ Geo Group, Inc. (The) 1 3,600 73,440 - ------------------------------------------------------------------------ Gevity HR, Inc. 7,800 204,282 - ------------------------------------------------------------------------ Healthcare Services Group, Inc. 3,950 60,435 - ------------------------------------------------------------------------ Heidrick & Struggles International, Inc. 1 10,200 302,736 - ------------------------------------------------------------------------ Hudson Highland Group, Inc. 1 6,400 196,224 - ------------------------------------------------------------------------ Ikon Office Solutions, Inc. 1,700 19,499 - ------------------------------------------------------------------------ Imagistics International, Inc. 1 6,900 244,260 - ------------------------------------------------------------------------ Insurance Auto Auctions, Inc. 1 400 6,800 - ------------------------------------------------------------------------ Interpool, Inc. 1,100 18,205 - ------------------------------------------------------------------------ Intersections, Inc. 1 1,000 23,990 - ------------------------------------------------------------------------ ITT Educational Services, Inc. 1 100 3,802 - ------------------------------------------------------------------------ Korn-Ferry International 1 16,100 311,857 - ------------------------------------------------------------------------ Labor Ready, Inc. 1 16,300 252,650 - ------------------------------------------------------------------------ Laureate Education, Inc. 1 10,700 409,168 - ------------------------------------------------------------------------ Pico Holdings, Inc. 1 300 5,736 14 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA MARKET VALUE SHARES SEE NOTE 1 - ------------------------------------------------------------------------ COMMERCIAL SERVICES & SUPPLIES Continued Resources Connection, Inc. 1 8,500 $ 332,435 - ------------------------------------------------------------------------ Rollins, Inc. 11,000 253,110 - ------------------------------------------------------------------------ Schawk, Inc. 1,300 18,161 - ------------------------------------------------------------------------ School Specialty, Inc. 1 9,000 326,790 - ------------------------------------------------------------------------ SITEL Corp. 1 6,200 26,164 - ------------------------------------------------------------------------ Sotheby's Holdings, Inc., Cl. A 2,000 31,920 - ------------------------------------------------------------------------ Spherion Corp. 1 10,900 110,526 - ------------------------------------------------------------------------ Strayer Education, Inc. 1,600 178,512 - ------------------------------------------------------------------------ TeleTech Holdings, Inc. 1 5,100 44,727 - ------------------------------------------------------------------------ University of Phoenix Online 1 1,500 131,385 - ------------------------------------------------------------------------ Volt Information Sciences, Inc. 1 1,500 47,265 - ------------------------------------------------------------------------ Waste Industries USA, Inc. 100 1,116 - ------------------------------------------------------------------------ Watson Wyatt & Co. Holdings 1 7,400 197,210 -------------- 6,667,828 - ------------------------------------------------------------------------ CONSTRUCTION & ENGINEERING--0.6% Comfort Systems USA, Inc. 1 7,400 47,286 - ------------------------------------------------------------------------ Dycom Industries, Inc. 1 14,600 408,800 - ------------------------------------------------------------------------ Integrated Electrical Services, Inc. 1 17,900 144,095 - ------------------------------------------------------------------------ Perini Corp. 1 900 9,603 - ------------------------------------------------------------------------ URS Corp. 1 200 5,480 - ------------------------------------------------------------------------ Washington Group International, Inc. 1 7,100 254,819 -------------- 870,083 - ------------------------------------------------------------------------ ELECTRICAL EQUIPMENT--1.3% Acuity Brands, Inc. 15,700 423,900 - ------------------------------------------------------------------------ AMETEK, Inc. 2,500 77,250 - ------------------------------------------------------------------------ Belden, Inc. 700 15,001 - ------------------------------------------------------------------------ Franklin Electric Co., Inc. 2,400 90,624 - ------------------------------------------------------------------------ Genlyte Group, Inc. (The) 1 6,800 427,584 - ------------------------------------------------------------------------ Hubbell, Inc., Cl. B 2,300 107,433 - ------------------------------------------------------------------------ II-VI, Inc. 1 10,000 306,600 - ------------------------------------------------------------------------ Preformed Line Products Co. 400 9,320 - ------------------------------------------------------------------------ Thomas & Betts Corp. 14,100 383,943 - ------------------------------------------------------------------------ Ultralife Batteries, Inc. 1 1,000 19,360 - ------------------------------------------------------------------------ Vicor Corp. 1 800 14,616 - ------------------------------------------------------------------------ Woodward Governor Co. 1,700 122,587 -------------- 1,998,218 - ------------------------------------------------------------------------ INDUSTRIAL CONGLOMERATES--0.3% Carlisle Cos., Inc. 2,600 161,850 - ------------------------------------------------------------------------ Raven Industries, Inc. 3,300 117,249 - ------------------------------------------------------------------------ Standex International Corp. 700 19,040 - ------------------------------------------------------------------------ United Industrial Corp. 4,400 102,740 - ------------------------------------------------------------------------ Walter Industries, Inc. 2,500 34,050 -------------- 434,929 MARKET VALUE SHARES SEE NOTE 1 - ------------------------------------------------------------------------ MACHINERY--4.1% A.S.V., Inc. 1 3,300 $ 103,323 - ------------------------------------------------------------------------ Actuant Corp., Cl. A 1 2,500 97,475 - ------------------------------------------------------------------------ Alamo Group, Inc. 500 7,950 - ------------------------------------------------------------------------ Ampco-Pittsburgh Corp. 1,100 14,146 - ------------------------------------------------------------------------ Astec Industries, Inc. 1 1,100 20,713 - ------------------------------------------------------------------------ BHA Group, Inc., Cl. A 1,800 68,130 - ------------------------------------------------------------------------ Briggs & Stratton Corp. 6,400 565,440 - ------------------------------------------------------------------------ Cascade Corp. 4,400 137,500 - ------------------------------------------------------------------------ CIRCOR International, Inc. 1,400 28,546 - ------------------------------------------------------------------------ Cummins, Inc. 4,000 250,000 - ------------------------------------------------------------------------ Cuno, Inc. 1 400 21,340 - ------------------------------------------------------------------------ Encore Wire Corp. 1 5,800 159,906 - ------------------------------------------------------------------------ EnPro Industries, Inc. 1 1,000 22,980 - ------------------------------------------------------------------------ Flanders Corp. 1 4,800 39,696 - ------------------------------------------------------------------------ Flowserve Corp. 1 700 17,458 - ------------------------------------------------------------------------ Gardner Denver, Inc. 1 6,400 178,560 - ------------------------------------------------------------------------ Gorman-Rupp Co. (The) 300 8,151 - ------------------------------------------------------------------------ Graco, Inc. 2,050 63,653 - ------------------------------------------------------------------------ Greenbrier Cos., Inc. 1 1,900 36,195 - ------------------------------------------------------------------------ Harsco Corp. 700 32,900 - ------------------------------------------------------------------------ Idex Corp. 7,000 240,450 - ------------------------------------------------------------------------ Joy Global, Inc. 15,500 464,070 - ------------------------------------------------------------------------ Kadant, Inc. 1 3,300 76,329 - ------------------------------------------------------------------------ Kennametal, Inc. 11,700 535,860 - ------------------------------------------------------------------------ Lincoln Electric Holdings, Inc. 10,700 364,763 - ------------------------------------------------------------------------ Middleby Corp. (The) 3,300 180,246 - ------------------------------------------------------------------------ Mueller Industries, Inc. 3,300 118,140 - ------------------------------------------------------------------------ NACCO Industries, Inc., Cl. A 700 66,500 - ------------------------------------------------------------------------ Nordson Corp. 8,800 381,656 - ------------------------------------------------------------------------ Oshkosh Truck Corp. 3,600 206,316 - ------------------------------------------------------------------------ Penn Engineering & Manufacturing Corp. 1,800 38,592 - ------------------------------------------------------------------------ Reliance Steel & Aluminum Co. 8,400 338,688 - ------------------------------------------------------------------------ Robbins & Myers, Inc. 1,000 22,450 - ------------------------------------------------------------------------ Tennant Co. 700 29,015 - ------------------------------------------------------------------------ Terex Corp. 1 5,600 191,128 - ------------------------------------------------------------------------ Thomas Industries, Inc. 700 23,240 - ------------------------------------------------------------------------ Timken Co. 7,000 185,430 - ------------------------------------------------------------------------ Toro Co. (The) 9,200 644,644 - ------------------------------------------------------------------------ Trinity Industries, Inc. 300 9,537 - ------------------------------------------------------------------------ Wabtec Corp. 5,600 101,024 -------------- 6,092,140 - ------------------------------------------------------------------------ MARINE--0.2% Alexander & Baldwin, Inc. 3,300 110,385 - ------------------------------------------------------------------------ Kirby Corp. 1 2,800 108,920 15 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA STATEMENT OF INVESTMENTS Unaudited / Continued - ------------------------------------------------------------------------ MARKET VALUE SHARES SEE NOTE 1 - ------------------------------------------------------------------------ MARINE Continued UTI Worldwide, Inc. 2,300 $ 121,187 -------------- 340,492 - ------------------------------------------------------------------------ ROAD & RAIL--1.6% Arkansas Best Corp. 5,800 190,936 - ------------------------------------------------------------------------ CNF Transportation, Inc. 5,700 236,892 - ------------------------------------------------------------------------ Florida East Coast Industries, Inc., Cl. A 2,400 92,760 - ------------------------------------------------------------------------ Genesee & Wyoming, Inc., Cl. A 1 9,650 228,705 - ------------------------------------------------------------------------ Hunt (J.B.) Transport Services, Inc. 6,500 250,770 - ------------------------------------------------------------------------ Kansas City Southern 1 5,100 79,050 - ------------------------------------------------------------------------ Landstar System, Inc. 1 4,600 243,202 - ------------------------------------------------------------------------ Marten Transport Ltd. 1 2,750 51,288 - ------------------------------------------------------------------------ Mullen Transportation, Inc. 1,300 40,675 - ------------------------------------------------------------------------ Old Dominion Freight Line, Inc. 1 2,550 75,174 - ------------------------------------------------------------------------ Overnite Corp. 1,900 55,860 - ------------------------------------------------------------------------ Pacer International, Inc. 1 14,600 270,100 - ------------------------------------------------------------------------ Ryder Systems, Inc. 5,100 204,357 - ------------------------------------------------------------------------ SCS Transportation, Inc. 1 12,000 316,680 - ------------------------------------------------------------------------ Swift Transportation Co., Inc. 3,000 53,850 - ------------------------------------------------------------------------ U.S. Xpress Enterprises, Inc., Cl. A 1 2,800 44,044 -------------- 2,434,343 - ------------------------------------------------------------------------ TRADING COMPANIES & DISTRIBUTORS--0.8% Aceto Corp. 2,200 38,720 - ------------------------------------------------------------------------ Adesa, Inc. 1 2,700 64,908 - ------------------------------------------------------------------------ Applied Industrial Technologies, Inc. 8,300 249,996 - ------------------------------------------------------------------------ Hughes Supply, Inc. 9,400 553,942 - ------------------------------------------------------------------------ Lawson Products, Inc. 200 7,630 - ------------------------------------------------------------------------ MSC Industrial Direct Co., Inc., Cl. A 7,300 239,732 - ------------------------------------------------------------------------ NuCo2, Inc. 1 1,300 25,610 -------------- 1,180,538 - ------------------------------------------------------------------------ INFORMATION TECHNOLOGY--15.8% - ------------------------------------------------------------------------ COMMUNICATIONS EQUIPMENT--1.3% Adaptec, Inc. 1 8,200 69,372 - ------------------------------------------------------------------------ Airspan Networks, Inc. 1 2,400 13,296 - ------------------------------------------------------------------------ Anaren Microwave, Inc. 1 5,500 89,870 - ------------------------------------------------------------------------ Aspect Communications Corp. 1 11,800 167,560 - ------------------------------------------------------------------------ Audiovox Corp., Cl. A1 2,300 38,824 - ------------------------------------------------------------------------ Brocade Communications Systems, Inc. 1 12,500 74,750 - ------------------------------------------------------------------------ Brooktrout, Inc. 1 2,900 31,349 - ------------------------------------------------------------------------ Comtech Telecommunications Corp. 1 2,750 62,040 - ------------------------------------------------------------------------ Digi International, Inc. 1 10,000 107,200 - ------------------------------------------------------------------------ Ditech Communications Corp. 1 6,900 161,046 - ------------------------------------------------------------------------ F5 Networks, Inc. 1 4,100 108,568 - ------------------------------------------------------------------------ Glenayre Technologies, Inc. 1 3,100 7,130 - ------------------------------------------------------------------------ Harris Corp. 800 40,600 MARKET VALUE SHARES SEE NOTE 1 - ------------------------------------------------------------------------ COMMUNICATIONS EQUIPMENT CONTINUED InterDigital Communications Corp. 2,100 $ 39,501 - ------------------------------------------------------------------------ NMS Communications Corp. 1 4,300 31,734 - ------------------------------------------------------------------------ Packeteer, Inc. 1 8,500 137,275 - ------------------------------------------------------------------------ Paradyne Networks, Inc. 1 5,700 31,350 - ------------------------------------------------------------------------ Performance Technologies, Inc. 1 11,700 110,097 - ------------------------------------------------------------------------ Plantronics, Inc. 1 8,500 357,850 - ------------------------------------------------------------------------ SCM Microsystems, Inc. 1 100 650 - ------------------------------------------------------------------------ SeaChange International, Inc. 3,000 50,640 - ------------------------------------------------------------------------ Symmetricom, Inc. 1 19,000 169,100 - ------------------------------------------------------------------------ ViaSat, Inc. 1 1,300 32,435 - ------------------------------------------------------------------------ Westell Technologies, Inc., Cl. A 1 14,900 75,990 -------------- 2,008,227 - ------------------------------------------------------------------------ COMPUTERS & PERIPHERALS--0.9% Avid Technology, Inc. 1 6,200 338,334 - ------------------------------------------------------------------------ Electronics for Imaging, Inc. 1 11,700 330,642 - ------------------------------------------------------------------------ Imation Corp. 2,300 98,003 - ------------------------------------------------------------------------ Presstek, Inc. 1 14,500 152,395 - ------------------------------------------------------------------------ Rimage Corp. 1 400 6,004 - ------------------------------------------------------------------------ SBS Technologies, Inc. 1 8,100 130,167 - ------------------------------------------------------------------------ Storage Technology Corp. 1 2,600 75,400 - ------------------------------------------------------------------------ Synaptics, Inc. 1 11,700 224,055 -------------- 1,355,000 - ------------------------------------------------------------------------ ELECTRONIC EQUIPMENT & INSTRUMENTS--3.6% Agilysys, Inc. 10,800 148,932 - ------------------------------------------------------------------------ Anixter International, Inc. 11,000 374,330 - ------------------------------------------------------------------------ BEI Technologies, Inc. 5,200 147,212 - ------------------------------------------------------------------------ Checkpoint Systems, Inc. 1 7,500 134,475 - ------------------------------------------------------------------------ Cherokee International Corp. 1 500 5,705 - ------------------------------------------------------------------------ Cognex Corp. 13,600 523,328 - ------------------------------------------------------------------------ Coherent, Inc. 1 4,900 146,265 - ------------------------------------------------------------------------ Daktronics, Inc. 1 3,000 74,850 - ------------------------------------------------------------------------ Dionex Corp. 1 5,100 281,367 - ------------------------------------------------------------------------ Excel Technology, Inc. 1 2,900 96,425 - ------------------------------------------------------------------------ FARO Technologies, Inc. 1 100 2,567 - ------------------------------------------------------------------------ FLIR Systems, Inc. 1 1,300 71,370 - ------------------------------------------------------------------------ GTSI Corp. 1 300 3,435 - ------------------------------------------------------------------------ Hypercom Corp. 1 17,400 147,030 - ------------------------------------------------------------------------ Keithley Instruments, Inc. 4,700 104,105 - ------------------------------------------------------------------------ Kemet Corp. 1 800 9,776 - ------------------------------------------------------------------------ Landauer, Inc. 1,000 44,660 - ------------------------------------------------------------------------ LeCroy Corp. 1 2,700 48,627 - ------------------------------------------------------------------------ Littlefuse, Inc. 1 9,000 381,690 - ------------------------------------------------------------------------ Maxwell Technologies, Inc. 1 2,300 29,670 - ------------------------------------------------------------------------ Measurement Specialties, Inc. 1,2 4,400 95,040 16 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA MARKET VALUE SHARES SEE NOTE 1 - ------------------------------------------------------------------------ ELECTRONIC EQUIPMENT & INSTRUMENTS Continued Mechanical Technology, Inc. 1 600 $ 3,588 - ------------------------------------------------------------------------ MTS Systems Corp. 10,100 236,845 - ------------------------------------------------------------------------ Nu Horizons Electronics Corp. 1 1,000 9,000 - ------------------------------------------------------------------------ Park Electrochemical Corp. 400 10,100 - ------------------------------------------------------------------------ Paxar Corp. 1 19,500 380,640 - ------------------------------------------------------------------------ PerkinElmer, Inc. 7,100 142,284 - ------------------------------------------------------------------------ RadiSys Corp. 1 5,200 96,564 - ------------------------------------------------------------------------ Rofin-Sinar Technologies, Inc. 1 4,400 111,716 - ------------------------------------------------------------------------ Rogers Corp. 1 4,600 321,540 - ------------------------------------------------------------------------ ScanSource, Inc. 1 3,800 225,796 - ------------------------------------------------------------------------ Staktek Holdings, Inc. 1 2,300 12,075 - ------------------------------------------------------------------------ SYNNEX Corp. 1 300 4,710 - ------------------------------------------------------------------------ Tech Data Corp. 1 1,900 74,347 - ------------------------------------------------------------------------ Technitrol, Inc. 1 5,700 124,830 - ------------------------------------------------------------------------ Trimble Navigation Ltd. 1 7,450 207,036 - ------------------------------------------------------------------------ Varian, Inc. 1 9,100 383,565 - ------------------------------------------------------------------------ Woodhead Industries, Inc. 2,200 34,012 - ------------------------------------------------------------------------ Zygo Corp. 1 5,900 66,021 -------------- 5,315,528 - ------------------------------------------------------------------------ INTERNET SOFTWARE & SERVICES--2.2% Corillian Corp. 1 11,300 56,952 - ------------------------------------------------------------------------ Covansys Corp. 1 4,700 48,551 - ------------------------------------------------------------------------ CyberSource Corp. 1 9,900 82,764 - ------------------------------------------------------------------------ Digital River, Inc. 1 11,500 375,245 - ------------------------------------------------------------------------ Digitas, Inc. 1 21,541 237,597 - ------------------------------------------------------------------------ EarthLink, Inc. 1 37,200 385,020 - ------------------------------------------------------------------------ Embarcadero Technologies, Inc. 1 7,700 95,172 - ------------------------------------------------------------------------ Equinix, Inc. 1 1,700 57,698 - ------------------------------------------------------------------------ HomeStore.com, Inc. 1 4,100 16,359 - ------------------------------------------------------------------------ InfoSpace, Inc. 1 9,000 342,360 - ------------------------------------------------------------------------ Internet Security Systems, Inc. 3,200 49,088 - ------------------------------------------------------------------------ Ivillage, Inc. 1 400 2,540 - ------------------------------------------------------------------------ j2 Global Communications, Inc. 1 2,800 77,840 - ------------------------------------------------------------------------ Jupitermedia Corp. 1 3,300 46,728 - ------------------------------------------------------------------------ Keynote Systems, Inc. 1 600 8,250 - ------------------------------------------------------------------------ MarketWatch.com, Inc. 1 1,300 15,249 - ------------------------------------------------------------------------ MicroStrategy, Inc., Cl. A 1 1,600 68,320 - ------------------------------------------------------------------------ Modem Media, Inc. 1 4,600 24,196 - ------------------------------------------------------------------------ National Information Consortium, Inc. 1 7,600 54,492 - ------------------------------------------------------------------------ S1 Corp. 1 22,500 223,650 - ------------------------------------------------------------------------ Salesforce.com, Inc. 1 5,900 94,813 - ------------------------------------------------------------------------ SeeBeyond Technology Corp. 1 7,500 28,275 - ------------------------------------------------------------------------ Selectica, Inc. 1 3,600 17,100 - ------------------------------------------------------------------------ SonicWALL, Inc. 1 9,100 78,260 - ------------------------------------------------------------------------ United Online, Inc. 1 9,700 170,817 MARKET VALUE SHARES SEE NOTE 1 - ------------------------------------------------------------------------ INTERNET SOFTWARE & SERVICES CONTINUED ValueClick, Inc. 1 8,700 $ 104,226 - ------------------------------------------------------------------------ Vitria Technology, Inc. 1 1,800 5,528 - ------------------------------------------------------------------------ WebEx Communications, Inc. 1 8,700 189,312 - ------------------------------------------------------------------------ Websense, Inc. 1 7,500 279,225 -------------- 3,235,627 - ------------------------------------------------------------------------ IT SERVICES--1.7% Acxiom Corp. 11,300 280,579 - ------------------------------------------------------------------------ American Software, Inc. 1,400 8,526 - ------------------------------------------------------------------------ Answerthink, Inc. 1 8,700 49,851 - ------------------------------------------------------------------------ Aquantive, Inc. 1 2,400 23,712 - ------------------------------------------------------------------------ CheckFree Corp. 1 3,200 96,000 - ------------------------------------------------------------------------ Clark, Inc. 1 300 5,565 - ------------------------------------------------------------------------ CSG Systems International, Inc. 1 22,300 461,610 - ------------------------------------------------------------------------ DigitalNet Holdings, Inc. 1 1,100 22,363 - ------------------------------------------------------------------------ eFunds Corp. 900 15,750 - ------------------------------------------------------------------------ Euronet Worldwide, Inc. 1 9,700 224,361 - ------------------------------------------------------------------------ Gartner, Inc., Cl. B 1 1,400 18,046 - ------------------------------------------------------------------------ Global Payments, Inc. 100 4,502 - ------------------------------------------------------------------------ Infocrossing, Inc. 1 1,400 18,900 - ------------------------------------------------------------------------ Information Resources, Inc. 1 3,500 10,395 - ------------------------------------------------------------------------ infoUSA, Inc. 1 28,900 293,046 - ------------------------------------------------------------------------ Integral Systems, Inc. 100 1,608 - ------------------------------------------------------------------------ iPayment Holdings, Inc. 1 900 36,900 - ------------------------------------------------------------------------ Lawson Software, Inc. 1 22,900 162,132 - ------------------------------------------------------------------------ ManTech International Corp. 1 4,800 90,096 - ------------------------------------------------------------------------ MPS Group, Inc. 1 14,400 174,528 - ------------------------------------------------------------------------ National Processing, Inc. 1 3,300 94,875 - ------------------------------------------------------------------------ Perot Systems Corp., Cl. A 1 1,800 23,886 - ------------------------------------------------------------------------ SS&C Technologies, Inc. 9,400 175,780 - ------------------------------------------------------------------------ Startek, Inc. 1,600 57,280 - ------------------------------------------------------------------------ Syntel, Inc. 1,300 21,515 - ------------------------------------------------------------------------ Tier Technologies, Inc., Cl. B 1 3,500 34,090 - ------------------------------------------------------------------------ Tyler Technologies, Inc. 1 10,300 97,438 -------------- 2,503,334 - ------------------------------------------------------------------------ OFFICE ELECTRONICS--0.1% Metrologic Instruments, Inc. 1 1,800 35,892 - ------------------------------------------------------------------------ TransAct Technologies, Inc. 1 2,350 74,307 -------------- 110,199 - ------------------------------------------------------------------------ SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT--2.0% ADE Corp. 1 3,500 75,635 - ------------------------------------------------------------------------ Alliance Semiconductor Corp. 1 2,400 14,280 - ------------------------------------------------------------------------ ANADIGICS, Inc. 1 6,300 32,502 - ------------------------------------------------------------------------ Axcelis Technologies, Inc. 1 16,500 205,260 - ------------------------------------------------------------------------ California Micro Devices Corp. 1 2,300 26,519 17 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA STATEMENT OF INVESTMENTS Unaudited / Continued - ------------------------------------------------------------------------ MARKET VALUE SHARES SEE NOTE 1 - ------------------------------------------------------------------------ SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT Continued Cirrus Logic, Inc. 1 12,700 $ 76,327 - ------------------------------------------------------------------------ Cree, Inc. 1 11,900 277,032 - ------------------------------------------------------------------------ Diodes, Inc. 1 6,650 157,539 - ------------------------------------------------------------------------ DSP Group, Inc. 1 3,600 98,064 - ------------------------------------------------------------------------ Entegris, Inc. 1 2,200 25,454 - ------------------------------------------------------------------------ Exar Corp. 1 14,600 214,036 - ------------------------------------------------------------------------ Fairchild Semiconductor International, Inc., Cl. A 1 1,600 26,192 - ------------------------------------------------------------------------ Integrated Device Technology, Inc. 1 5,400 74,736 - ------------------------------------------------------------------------ MEMC Electronic Materials, Inc. 1 14,100 139,308 - ------------------------------------------------------------------------ Micrel, Inc. 1 20,300 246,645 - ------------------------------------------------------------------------ Microsemi Corp. 1 29,600 420,616 - ------------------------------------------------------------------------ Photronics, Inc. 1,900 35,986 - ------------------------------------------------------------------------ Pixelworks, Inc. 1 16,300 249,716 - ------------------------------------------------------------------------ PLX Technology, Inc. 1 4,200 72,492 - ------------------------------------------------------------------------ Semtech Corp. 1 2,500 58,850 - ------------------------------------------------------------------------ Silicon Image, Inc. 1 15,700 206,141 - ------------------------------------------------------------------------ Silicon Storage Technology, Inc. 1 11,900 122,570 - ------------------------------------------------------------------------ Siliconix, Inc. 1 300 14,886 - ------------------------------------------------------------------------ Standard Microsystems Corp. 1 800 18,656 - ------------------------------------------------------------------------ Supertex, Inc. 1 500 8,170 - ------------------------------------------------------------------------ Transmeta Corp. 1 700 1,533 - ------------------------------------------------------------------------ TranSwitch Corp. 1 12,000 21,240 - ------------------------------------------------------------------------ Trident Microsystems, Inc. 1 600 6,726 - ------------------------------------------------------------------------ Ultra Clean Holdings, Inc. 1 3,100 22,630 - ------------------------------------------------------------------------ ZiLOG, Inc. 1 1,400 15,344 -------------- 2,965,085 - ------------------------------------------------------------------------ SOFTWARE--4.0% Activision, Inc. 1 8,550 135,945 - ------------------------------------------------------------------------ Actuate Corp. 1 4,400 17,380 - ------------------------------------------------------------------------ Ansoft Corp. 1 2,700 41,202 - ------------------------------------------------------------------------ Ansys, Inc. 1 8,500 399,500 - ------------------------------------------------------------------------ Aspen Technology, Inc. 1 1,800 13,068 - ------------------------------------------------------------------------ Borland Software Corp. 2,200 18,678 - ------------------------------------------------------------------------ Captaris, Inc. 1 3,400 21,964 - ------------------------------------------------------------------------ Catapult Communications Corp. 1 1,700 39,100 - ------------------------------------------------------------------------ CCC Information Services Group, Inc. 1 1,300 21,827 - ------------------------------------------------------------------------ Compuware Corp. 1 6,000 39,600 - ------------------------------------------------------------------------ Entrust Technologies, Inc. 1 29,300 131,850 - ------------------------------------------------------------------------ Epicor Software Corp. 1 1,100 15,455 - ------------------------------------------------------------------------ ePlus, inc. 1 1,700 18,105 - ------------------------------------------------------------------------ FactSet Research Systems, Inc. 7,300 345,071 - ------------------------------------------------------------------------ FileNet Corp. 1 15,300 483,021 - ------------------------------------------------------------------------ Hyperion Solutions Corp. 1 6,400 279,808 - ------------------------------------------------------------------------ InterVoice-Brite, Inc. 1 11,100 127,317 MARKET VALUE SHARES SEE NOTE 1 - ------------------------------------------------------------------------ SOFTWARE CONTINUED Kronos, Inc. 1 2,050 $ 84,460 - ------------------------------------------------------------------------ Macromedia, Inc. 1 9,700 238,135 - ------------------------------------------------------------------------ Macrovision Corp. 1 8,000 200,240 - ------------------------------------------------------------------------ MICROS Systems, Inc. 1 400 19,188 - ------------------------------------------------------------------------ Mobius Management Systems, Inc. 1 6,800 41,684 - ------------------------------------------------------------------------ MRO Software, Inc. 1 4,700 63,967 - ------------------------------------------------------------------------ MSC.Software Corp. 1 600 5,370 - ------------------------------------------------------------------------ OPNET Technologies, Inc. 1 3,900 51,090 - ------------------------------------------------------------------------ Parametric Technology Corp. 1 34,700 173,500 - ------------------------------------------------------------------------ Pervasive Software, Inc. 1 100 625 - ------------------------------------------------------------------------ Progress Software Corp. 1 7,900 171,193 - ------------------------------------------------------------------------ Quality Systems, Inc. 1 4,300 211,087 - ------------------------------------------------------------------------ Quest Software, Inc. 1 1,500 19,350 - ------------------------------------------------------------------------ RSA Security, Inc. 1 21,300 436,011 - ------------------------------------------------------------------------ SoftBrands, Inc. 1 100 120 - ------------------------------------------------------------------------ Sonic Solutions, Inc. 1 10,000 212,500 - ------------------------------------------------------------------------ Sybase, Inc. 1 12,800 230,400 - ------------------------------------------------------------------------ Synplicity, Inc. 1 900 5,399 - ------------------------------------------------------------------------ Take-Two Interactive Software, Inc. 1 800 24,512 - ------------------------------------------------------------------------ THQ, Inc. 1 17,400 398,460 - ------------------------------------------------------------------------ TIBCO Software, Inc. 1 39,600 334,620 - ------------------------------------------------------------------------ Transaction Systems Architects, Inc., Cl. A 1 17,200 370,316 - ------------------------------------------------------------------------ Ulticom, Inc. 1 9,900 115,830 - ------------------------------------------------------------------------ Verity, Inc. 600 8,106 - ------------------------------------------------------------------------ Wind River Systems, Inc. 1 35,900 422,184 -------------- 5,987,238 - ------------------------------------------------------------------------ MATERIALS--4.9% - ------------------------------------------------------------------------ CHEMICALS--1.6% Airgas, Inc. 7,300 174,543 - ------------------------------------------------------------------------ American Vanguard Corp. 1,600 53,968 - ------------------------------------------------------------------------ Cabot Corp. 4,700 191,290 - ------------------------------------------------------------------------ Compass Minerals International, Inc. 2,200 42,636 - ------------------------------------------------------------------------ Cytec Industries, Inc. 5,000 227,250 - ------------------------------------------------------------------------ FMC Corp. 1 12,500 538,875 - ------------------------------------------------------------------------ Georgia Gulf Corp. 8,500 304,810 - ------------------------------------------------------------------------ Hawkins, Inc. 800 9,584 - ------------------------------------------------------------------------ Lubrizol Corp. (The) 1,400 51,268 - ------------------------------------------------------------------------ MacDermid, Inc. 7,100 240,335 - ------------------------------------------------------------------------ NOVA Chemicals Corp. 3,000 86,790 - ------------------------------------------------------------------------ Octel Corp. 1,700 44,761 - ------------------------------------------------------------------------ OM Group, Inc. 1 7,800 257,478 - ------------------------------------------------------------------------ PolyOne Corp. 1 2,800 20,832 - ------------------------------------------------------------------------ Schulman (A.), Inc. 2,800 60,172 - ------------------------------------------------------------------------ Stepan Co. 1,600 41,840 18 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA MARKET VALUE SHARES SEE NOTE 1 - ------------------------------------------------------------------------ CHEMICALS Continued Symyx Technologies, Inc. 1 800 $ 19,296 - ------------------------------------------------------------------------ Terra Industries, Inc. 1 15,300 86,139 -------------- 2,451,867 - ------------------------------------------------------------------------ CONSTRUCTION MATERIALS--0.5% Ameron International Corp. 1,400 47,782 - ------------------------------------------------------------------------ Eagle Materials, Inc. 4,700 333,794 - ------------------------------------------------------------------------ Florida Rock Industries, Inc. 3,050 128,619 - ------------------------------------------------------------------------ Martin Marietta Materials, Inc. 3,100 137,423 - ------------------------------------------------------------------------ Texas Industries, Inc. 2,200 90,574 -------------- 738,192 - ------------------------------------------------------------------------ CONTAINERS & PACKAGING--0.8% AptarGroup, Inc. 1,200 52,428 - ------------------------------------------------------------------------ Crown Holdings, Inc. 1 23,200 231,304 - ------------------------------------------------------------------------ Graphic Packaging Corp. 1 1,200 10,380 - ------------------------------------------------------------------------ Greif, Inc., Cl. A 1,600 67,600 - ------------------------------------------------------------------------ Longview Fibre Co. 1,600 23,568 - ------------------------------------------------------------------------ Myers Industries, Inc. 2,200 31,020 - ------------------------------------------------------------------------ Owens-Illinois, Inc. 1 14,900 249,724 - ------------------------------------------------------------------------ Packaging Dynamics Corp. 760 10,526 - ------------------------------------------------------------------------ Rock-Tenn Co., Cl. A 2,500 42,375 - ------------------------------------------------------------------------ Silgan Holdings, Inc. 10,000 403,100 -------------- 1,122,025 - ------------------------------------------------------------------------ METALS & MINING--1.3% AK Steel Holding Corp. 1 29,400 154,938 - ------------------------------------------------------------------------ Amerigo Resources Ltd. 1 16,000 21,839 - ------------------------------------------------------------------------ Brush Engineered Materials, Inc. 1 2,700 51,030 - ------------------------------------------------------------------------ Carpenter Technology Corp. 11,800 401,790 - ------------------------------------------------------------------------ Century Aluminum Co. 1 2,900 71,891 - ------------------------------------------------------------------------ Commercial Metals Co. 600 19,470 - ------------------------------------------------------------------------ Dynatec Corp. 1 73,900 76,063 - ------------------------------------------------------------------------ Goldcorp, Inc. 1,500 17,419 - ------------------------------------------------------------------------ Inmet Mining Corp. 1 8,800 121,425 - ------------------------------------------------------------------------ Meridian Gold, Inc. 1 900 11,586 - ------------------------------------------------------------------------ Metal Management, Inc. 1 3,000 59,430 - ------------------------------------------------------------------------ Metals USA, Inc. 1 1,700 30,396 - ------------------------------------------------------------------------ NN, Inc. 1,900 24,149 - ------------------------------------------------------------------------ Peabody Energy Corp. 3,700 207,163 - ------------------------------------------------------------------------ Schnitzer Steel Industries, Inc. 1,900 64,524 - ------------------------------------------------------------------------ Southern Peru Copper Corp. 3,400 140,522 - ------------------------------------------------------------------------ Steel Technologies, Inc. 5,800 128,064 - ------------------------------------------------------------------------ Titanium Metals Corp. 1 600 55,530 - ------------------------------------------------------------------------ Westmoreland Coal Co. 300 5,835 - ------------------------------------------------------------------------ Wheaton River Minerals Ltd. 1 16,100 44,911 MARKET VALUE SHARES SEE NOTE 1 - ------------------------------------------------------------------------ METALS & MINING CONTINUED Worthington Industries, Inc. 8,900 $ 182,717 -------------- 1,890,692 - ------------------------------------------------------------------------ PAPER & FOREST PRODUCTS--0.7% Deltic Timber Corp. 900 34,560 - ------------------------------------------------------------------------ Glatfelter 700 9,856 - ------------------------------------------------------------------------ Louisiana-Pacific Corp. 22,700 536,855 - ------------------------------------------------------------------------ Potlatch Corp. 10,300 428,892 - ------------------------------------------------------------------------ Wausau-Mosinee Paper Corp. 3,800 65,740 -------------- 1,075,903 - ------------------------------------------------------------------------ TELECOMMUNICATION SERVICES--0.3% - ------------------------------------------------------------------------ DIVERSIFIED TELECOMMUNICATION SERVICES--0.2% Alaska Communications Systems Group, Inc. 1 200 1,220 - ------------------------------------------------------------------------ CT Communications, Inc. 3,000 45,150 - ------------------------------------------------------------------------ D&E Communications, Inc. 900 12,078 - ------------------------------------------------------------------------ General Communication, Inc., Cl. A 1 6,600 52,404 - ------------------------------------------------------------------------ North Pittsburgh Systems, Inc. 4,800 96,240 - ------------------------------------------------------------------------ Shenandoah Telecommunications Co. 600 16,200 - ------------------------------------------------------------------------ Teleglobe International Holdings Ltd. 1 1,000 5,080 - ------------------------------------------------------------------------ Warwick Valley Telephone Co. 800 17,000 -------------- 245,372 - ------------------------------------------------------------------------ WIRELESS TELECOMMUNICATION SERVICES--0. 1% AirGate PCS, Inc. 1 200 3,660 - ------------------------------------------------------------------------ Alamosa Holdings, Inc. 1 5,600 41,160 - ------------------------------------------------------------------------ Arch Wireless, Inc., Cl. A 1 1,400 39,886 - ------------------------------------------------------------------------ EMS Technologies, Inc. 1 500 9,715 - ------------------------------------------------------------------------ Linktone Ltd., ADR 1 1,400 15,330 - ------------------------------------------------------------------------ Price Communications Corp. 1,490 21,992 - ------------------------------------------------------------------------ UbiquiTel, Inc. 1 15,300 64,566 -------------- 196,309 - ------------------------------------------------------------------------ UTILITIES--1.5% - ------------------------------------------------------------------------ ELECTRIC UTILITIES--0.7% Allegheny Energy, Inc. 1 3,300 50,853 - ------------------------------------------------------------------------ Canadian Hydro Developers, Inc. 1 14,000 27,671 - ------------------------------------------------------------------------ Central Vermont Public Service Corp. 400 8,196 - ------------------------------------------------------------------------ CH Energy Group, Inc. 4,200 195,048 - ------------------------------------------------------------------------ Duquesne Light Holdings, Inc. 5,500 106,205 - ------------------------------------------------------------------------ El Paso Electric Co. 1 9,200 142,048 - ------------------------------------------------------------------------ Green Mountain Power Corp. 900 23,490 - ------------------------------------------------------------------------ IDACORP, Inc. 4,800 129,600 - ------------------------------------------------------------------------ Northeast Utilities Co. 3,000 58,410 - ------------------------------------------------------------------------ PNM Resources, Inc. 5,100 105,927 - ------------------------------------------------------------------------ UIL Holdings Corp. 2,000 97,380 19 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA STATEMENT OF INVESTMENTS Unaudited / Continued - ------------------------------------------------------------------------ MARKET VALUE SHARES SEE NOTE 1 - ------------------------------------------------------------------------ ELECTRIC UTILITIES Continued Westar Energy, Inc. 4,900 $ 97,559 -------------- 1,042,387 - ------------------------------------------------------------------------ GAS UTILITIES--0.7% Chesapeake Utilities Corp. 1,200 27,240 - ------------------------------------------------------------------------ Energen Corp. 9,500 455,905 - ------------------------------------------------------------------------ EnergySouth, Inc. 200 8,004 - ------------------------------------------------------------------------ Laclede Group, Inc. (The) 4,900 134,309 - ------------------------------------------------------------------------ National Fuel Gas Co. 2,600 65,000 - ------------------------------------------------------------------------ New Jersey Resources Corp. 3,300 137,214 - ------------------------------------------------------------------------ NUI CORP 800 11,680 - ------------------------------------------------------------------------ ONEOK, Inc. 3,200 70,368 - ------------------------------------------------------------------------ South Jersey Industries, Inc. 1,000 44,000 - ------------------------------------------------------------------------ Southwest Gas Corp. 2,200 53,074 -------------- 1,006,794 - ------------------------------------------------------------------------ MULTI-UTILITIES & UNREGULATED POWER--0.1% Avista Corp. 10,700 197,094 -------------- Total Common Stocks (Cost $118,369,057) 139,151,015 PRINCIPAL MARKET VALUE AMOUNT SEE NOTE 1 - ------------------------------------------------------------------------ JOINT REPURCHASE AGREEMENTS--9.1% - ------------------------------------------------------------------------ Undivided interest of 1.09% in joint repurchase agreement (Principal Amount/Market Value $1,249,774,000, with a maturity value of $1,249,822,255) with UBS Warburg LLC, 1.39%, dated 6/30/04, to be repurchased at $13,616,526 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 $13,616,000) $ 13,616,000 $ 13,616,000 - ------------------------------------------------------------------------ TOTAL INVESTMENTS, AT VALUE (COST $131,985,057) 102.4% 152,767,015 - ------------------------------------------------------------------------ LIABILITIES IN EXCESS OF OTHER ASSETS (2.4) (3,608,884) ----------------------------- NET ASSETS 100.0% $ 149,158,131 ============================= FOOTNOTES TO STATEMENT OF INVESTMENTS 1. Non-income producing security. 2. Identifies issues considered to be illiquid or restricted. See Note 6 of Notes to Financial Statements. SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 20 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA STATEMENT OF ASSETS AND LIABILITIES Unaudited - --------------------------------------------------------------------------------
JUNE 30, 2004 - --------------------------------------------------------------------------------------------------------------------- ASSETS - --------------------------------------------------------------------------------------------------------------------- Investments, at value (including securities loaned of approximately $28,894,000) (cost $131,985,057) - --see accompanying statement of investments $ 152,767,015 - --------------------------------------------------------------------------------------------------------------------- Collateral for securities loaned 29,376,405 - --------------------------------------------------------------------------------------------------------------------- Receivables and other assets: Investments sold 6,400,749 Shares of beneficial interest sold 3,439,415 Interest and dividends 41,695 Other 3,329 -------------- Total assets 192,028,608 - --------------------------------------------------------------------------------------------------------------------- LIABILITIES - --------------------------------------------------------------------------------------------------------------------- Bank overdraft 136,850 - --------------------------------------------------------------------------------------------------------------------- Return of collateral for securities loaned 29,376,405 - --------------------------------------------------------------------------------------------------------------------- Payables and other liabilities: Investments purchased 13,248,650 Distribution and service plan fees 63,184 Shares of beneficial interest redeemed 15,658 Shareholder communications 9,022 Trustees' compensation 3,411 Transfer and shareholder servicing agent fees 1,650 Other 15,647 -------------- Total liabilities 42,870,477 - --------------------------------------------------------------------------------------------------------------------- NET ASSETS $ 149,158,131 ============== - --------------------------------------------------------------------------------------------------------------------- COMPOSITION OF NET ASSETS - --------------------------------------------------------------------------------------------------------------------- Par value of shares of beneficial interest $ 10,557 - --------------------------------------------------------------------------------------------------------------------- Additional paid-in capital 131,887,979 - --------------------------------------------------------------------------------------------------------------------- Accumulated net investment loss (177,226) - --------------------------------------------------------------------------------------------------------------------- Accumulated net realized loss on investments and foreign currency transactions (3,345,142) - --------------------------------------------------------------------------------------------------------------------- Net unrealized appreciation on investments and translation of assets and liabilities denominated in foreign currencies 20,781,963 ------------- NET ASSETS $ 149,158,131 ============= - --------------------------------------------------------------------------------------------------------------------- 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 $31,111,141 and 2,195,591 shares of beneficial interest outstanding) $ 14.17 - --------------------------------------------------------------------------------------------------------------------- Service Shares: Net asset value, redemption price per share and offering price per share (based on net assets of $118,046,990 and 8,360,978 shares of beneficial interest outstanding) $ 14.12
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 21 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA STATEMENT OF OPERATIONS Unaudited - --------------------------------------------------------------------------------
For the Six Months Ended June 30, 2004 - --------------------------------------------------------------------------------------------------------------------- INVESTMENT INCOME - --------------------------------------------------------------------------------------------------------------------- Dividends (net of foreign withholding taxes of $612) $ 393,628 - --------------------------------------------------------------------------------------------------------------------- Portfolio lending fees 37,409 - --------------------------------------------------------------------------------------------------------------------- Interest 19,213 -------------- Total investment income 450,250 - --------------------------------------------------------------------------------------------------------------------- EXPENSES - --------------------------------------------------------------------------------------------------------------------- Management fees 444,815 - --------------------------------------------------------------------------------------------------------------------- Distribution and service plan fees--Service shares 111,930 - --------------------------------------------------------------------------------------------------------------------- Transfer and shareholder servicing agent fees: Non-Service shares 4,991 Service shares 4,992 - --------------------------------------------------------------------------------------------------------------------- Shareholder communications: Non-Service shares 816 Service shares 3,557 - --------------------------------------------------------------------------------------------------------------------- Trustees' compensation 3,181 - --------------------------------------------------------------------------------------------------------------------- Custodian fees and expenses 952 - --------------------------------------------------------------------------------------------------------------------- Other 19,917 -------------- Total expenses 595,151 Less reduction to custodian expenses (291) -------------- Net expenses 594,860 - --------------------------------------------------------------------------------------------------------------------- NET INVESTMENT LOSS (144,610) - --------------------------------------------------------------------------------------------------------------------- REALIZED AND UNREALIZED GAIN (LOSS) - --------------------------------------------------------------------------------------------------------------------- Net realized gain (loss) on: Investments (115,767) Foreign currency transactions 4,512 -------------- Net realized loss (111,255) - --------------------------------------------------------------------------------------------------------------------- Net change in unrealized appreciation (depreciation) on: Investments 5,720,233 Translation of assets and liabilities denominated in foreign currencies (26,739) -------------- Net change in unrealized appreciation 5,693,494 - --------------------------------------------------------------------------------------------------------------------- NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 5,437,629 ==============
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 22 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA STATEMENTS OF CHANGES IN NET ASSETS - --------------------------------------------------------------------------------
SIX MONTHS YEAR ENDED ENDED JUNE 30, 2004 DECEMBER 31, (UNAUDITED) 2003 - -------------------------------------------------------------------------------------------------------------------------------- OPERATIONS - -------------------------------------------------------------------------------------------------------------------------------- Net investment loss $ (144,610) $ (168,501) - -------------------------------------------------------------------------------------------------------------------------------- Net realized gain (loss) (111,255) 2,703,929 - -------------------------------------------------------------------------------------------------------------------------------- Net change in unrealized appreciation 5,693,494 15,038,979 ------------------------------ Net increase in net assets resulting from operations 5,437,629 17,574,407 - -------------------------------------------------------------------------------------------------------------------------------- BENEFICIAL INTEREST TRANSACTIONS - -------------------------------------------------------------------------------------------------------------------------------- Net increase in net assets resulting from beneficial interest transactions: Non-Service shares 2,087,397 536,751 Service shares 51,422,038 46,411,899 - -------------------------------------------------------------------------------------------------------------------------------- NET ASSETS - -------------------------------------------------------------------------------------------------------------------------------- Total increase 58,947,064 64,523,057 - -------------------------------------------------------------------------------------------------------------------------------- Beginning of period 90,211,067 25,688,010 ------------------------------ End of period (including accumulated net investment loss of $177,226 and $32,616, respectively) $ 149,158,131 $ 90,211,067 ==============================
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 23 | OPPENHEIMER MAIN STREET SMALL CAP 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 $ 13.44 $ 9.31 $ 11.05 $ 11.09 $ 14.07 $ 9.60 - ---------------------------------------------------------------------------------------------------------------------------- Income (loss) from investment operations: Net investment income (loss) (.01) (.03) (.01) -- 1 (.03) (.02) Net realized and unrealized gain (loss) .74 4.16 (1.73) (.04) (2.35) 4.49 ----------------------------------------------------------------------- Total from investment operations .73 4.13 (1.74) (.04) (2.38) 4.47 - ---------------------------------------------------------------------------------------------------------------------------- Dividends and/or distributions to shareholders: Distributions from net realized gain -- -- -- -- (.60) -- - ---------------------------------------------------------------------------------------------------------------------------- Net asset value, end of period $ 14.17 $ 13.44 $ 9.31 $ 11.05 $ 11.09 $ 14.07 ======================================================================= - ---------------------------------------------------------------------------------------------------------------------------- TOTAL RETURN, AT NET ASSET VALUE 2 5.43% 44.36% (15.75)% (0.36)% (18.34)% 46.56% - ---------------------------------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------------------------------- RATIOS/SUPPLEMENTAL DATA - ---------------------------------------------------------------------------------------------------------------------------- Net assets, end of period (in thousands) $ 31,111 $ 27,551 $ 19,577 $ 18,514 $ 14,599 $ 6,927 - ---------------------------------------------------------------------------------------------------------------------------- Average net assets (in thousands) $ 29,252 $ 20,271 $ 20,505 $ 15,307 $ 12,576 $ 2,738 - ---------------------------------------------------------------------------------------------------------------------------- Ratios to average net assets: 3 Net investment loss (0.09)% (0.30)% (0.09)% (0.01)% (0.29)% (0.37)% Total expenses 0.83% 1.01% 1.00% 1.05% 1.37% 1.83% Expenses after payments and waivers and reduction to custodian expenses N/A 4 N/A 4 N/A 4 N/A 4 1.35% 1.34% - ---------------------------------------------------------------------------------------------------------------------------- Portfolio turnover rate 73% 130% 121% 213% 162% 176%
1. Less than $0.005 per share. 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. 24 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA
SIX MONTHS YEAR ENDED ENDED JUNE 30, 2004 DECEMBER 31, SERVICE SHARES (UNAUDITED) 2003 2002 2001 1 - ------------------------------------------------------------------------------------------------------------------------------ PER SHARE OPERATING DATA - ------------------------------------------------------------------------------------------------------------------------------ Net asset value, beginning of period $ 13.40 $ 9.29 $ 11.05 $ 10.61 - ------------------------------------------------------------------------------------------------------------------------------ Income (loss) from investment operations: Net investment income (loss) (.02) (.02) (.01) -- 2 Net realized and unrealized gain (loss) .74 4.13 (1.75) .44 --------------------------------------------------- Total from investment operations .72 4.11 (1.76) .44 - ------------------------------------------------------------------------------------------------------------------------------ Dividends and/or distributions to shareholders: Distributions from net realized gain -- -- -- -- - ------------------------------------------------------------------------------------------------------------------------------ Net asset value, end of period $ 14.12 $ 13.40 $ 9.29 $ 11.05 =================================================== - ------------------------------------------------------------------------------------------------------------------------------ TOTAL RETURN, AT NET ASSET VALUE 3 5.37% 44.24% (15.93)% 4.15% - ------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------ RATIOS/SUPPLEMENTAL DATA - ------------------------------------------------------------------------------------------------------------------------------ Net assets, end of period (in thousands) $ 118,047 $ 62,660 $ 6,111 $ 108 - ------------------------------------------------------------------------------------------------------------------------------ Average net assets (in thousands) $ 90,325 $ 25,018 $ 2,228 $ 26 - ------------------------------------------------------------------------------------------------------------------------------ Ratios to average net assets: 4 Net investment loss (0.29)% (0.43)% (0.26)% (0.34)% Total expenses 1.06% 1.23% 1.21% 1.19% Expenses after payments and waivers and reduction to custodian expenses N/A 5 N/A 5 1.19% N/A 5 - ------------------------------------------------------------------------------------------------------------------------------ Portfolio turnover rate 73% 130% 121% 213%
1. For the period from July 16, 2001 (inception of offering) to December 31, 2001. 2. Less than $0.005 per share. 3. Assumes an investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Total returns are not annualized for periods less than one full year. Total return information does not reflect expenses that apply at the separate account level or to related insurance products. Inclusion of these charges would reduce the total return figures for all periods shown. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. 4. Annualized for periods of less than one full year. 5. Reduction to custodian expenses less than 0.01%. SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 25 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA NOTES TO FINANCIAL STATEMENTS Unaudited - -------------------------------------------------------------------------------- 1. SIGNIFICANT ACCOUNTING POLICIES Oppenheimer Main Street Small Cap Fund/VA (the Fund) is a separate series of Oppenheimer Variable Account Funds (the Trust), an open-end management investment company registered under the Investment Company Act of 1940, as amended. The Fund's investment objective is to seek capital appreciation. The Trust's investment advisor is OppenheimerFunds, Inc. (the Manager). The Fund offers two classes of shares. Both classes are sold at their offering price, which is the net asset value per share, to separate investment accounts of participating insurance companies as an underlying investment for variable life insurance policies, variable annuity contracts or other investment products. The class of shares designated as Service shares is subject to a distribution and service plan. Both classes of shares have identical rights and voting privileges with respect to the Fund in general and exclusive voting rights on matters that affect that class alone. Earnings, net assets and net asset value per share may differ due to each class having its own expenses, such as transfer and shareholder servicing agent fees and shareholder communications, directly attributable to that class. The following is a summary of significant accounting policies consistently followed by the Fund. - -------------------------------------------------------------------------------- SECURITIES VALUATION. The Fund calculates the net asset value of its shares as of the close of The New York Stock Exchange (the Exchange), normally 4:00 P.M. Eastern time, on each day the Exchange is open for business. Securities listed or traded on National Stock Exchanges or other domestic or foreign exchanges are valued based on the last sale price of the security traded on that exchange prior to the time when the Fund's assets are valued. Securities traded on NASDAQ are valued based on the closing price provided by NASDAQ prior to the time when the Fund's assets are valued. In the absence of a sale, the security is valued at the last sale price on the prior trading day, if it is within the spread of the closing bid and asked prices, and if not, at the closing bid price. Securities may be valued primarily using dealer-supplied valuations or a portfolio pricing service authorized by the Board of Trustees. Securities (including restricted securities) for which market quotations are not readily available are valued at their fair value. Foreign and domestic securities whose values have been materially affected by what the Manager identifies as a significant event occurring before the Fund's assets are valued but after the close of their respective exchanges will be fair valued. Fair value is determined in good faith using consistently applied procedures under the supervision of the Board of Trustees. Short-term "money market type" debt securities with remaining maturities of sixty days or less are valued at amortized cost (which approximates market value). - -------------------------------------------------------------------------------- FOREIGN CURRENCY TRANSLATION. The Fund's accounting records are maintained in U.S. dollars. Prices of securities denominated in foreign currencies are translated into U.S. dollars as of the close of the New York Stock Exchange. Amounts related to the purchase and sale of foreign securities and investment income are translated at the rates of exchange prevailing on the respective dates of such transactions. Foreign exchange rates may be valued primarily using dealer supplied valuations or a portfolio pricing service authorized by the Board of Trustees. Reported net realized foreign exchange gains or losses arise from sales of portfolio securities, sales and maturities of short-term securities, sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, #oppenheimer main street small cap fund/vaand 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 26 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA agreement requires that the market value of the collateral be sufficient to cover payments of interest and principal. In the event of default by the other party to the agreement, retention of the collateral may be subject to legal proceedings. - -------------------------------------------------------------------------------- ALLOCATION OF INCOME, EXPENSES, GAINS AND LOSSES. Income, expenses (other than those attributable to a specific class), gains and losses are allocated on a daily basis to each class of shares based upon the relative proportion of net assets represented by such class. Operating expenses directly attributable to a specific class are charged against the operations of that class. - -------------------------------------------------------------------------------- FEDERAL TAXES. The Fund intends to comply with provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its investment company taxable income, including any net realized gain on investments not offset by capital loss carryforwards, if any, to shareholders. Net investment income (loss) and net realized gain (loss) may differ for financial statement and tax purposes. The character of dividends and distributions made during the fiscal year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to timing of dividends and distributions, the fiscal year in which amounts are distributed may differ from the fiscal year in which the income or net realized gain was recorded by the Fund. As of June 30, 2004, the Fund had available for federal income tax purposes an estimated capital loss carryforward of $3,345,141 expiring by 2012. 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 not utilize any capital loss carryforward to offset realized capital gains. During the year ended December 31, 2003, the Fund did utilize $2,435,654 of capital loss carryforward to offset realized capital gains. As of December 31, 2003, the Fund had available for federal income tax purposes unused capital loss carryforwards as follows: Expiring -------------------------- 2009 $ 642,572 2010 2,591,314 ----------- Total $ 3,233,886 =========== - -------------------------------------------------------------------------------- TRUSTEES' COMPENSATION. The Board of Trustees has adopted a deferred compensation plan for independent trustees that enables trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. For purposes of determining the amount owed to the Trustee under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of the Fund or in other Oppenheimer funds selected by the Trustee. The Fund does purchase shares of the funds selected for deferral by the Trustee in amounts equal to his or her deemed investment, resulting in a Fund asset equal to the deferred compensation liability. Such assets are included as a component of "Other" within the asset section of the Statement of Assets and Liabilities. Deferral of trustees' fees under the plan will not affect the net assets of the Fund, and will not materially affect the Fund's assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance to the Plan. - -------------------------------------------------------------------------------- DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS. Dividends and distributions to shareholders, which are determined in accordance with income tax regulations, are recorded on the ex-dividend date. Income and capital gain distributions, if any, are declared and paid annually. - -------------------------------------------------------------------------------- INVESTMENT INCOME. Dividend income is recorded on the ex-dividend date or upon ex-dividend notification in the case of certain foreign dividends where the ex-dividend date may have passed. Non-cash dividends included in 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. 27 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA NOTES TO FINANCIAL STATEMENTS Unaudited / Continued - -------------------------------------------------------------------------------- 1. SIGNIFICANT ACCOUNTING POLICIES Continued 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 494,249 $ 6,859,344 826,676 $ 9,370,135 Redeemed (348,829) (4,771,947) (879,995) (8,833,384) -------------------------------------------------------------- Net increase (decrease) 145,420 $ 2,087,397 (53,319) $ 536,751 ============================================================== - ---------------------------------------------------------------------------------------- SERVICE SHARES Sold 4,507,683 $ 62,663,975 4,910,616 $ 56,495,920 Redeemed (821,999) (11,241,937) (892,849) (10,084,021) -------------------------------------------------------------- Net increase 3,685,684 $51,422,038 4,017,767 $46,411,899 ==============================================================
- -------------------------------------------------------------------------------- 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 $129,728,170 and $84,804,133, 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. - -------------------------------------------------------------------------------- TRANSFER AGENT FEES. OppenheimerFunds Services (OFS), a division of the Manager, acts as the transfer and shareholder servicing agent for the Fund. The Fund pays OFS a per account fee. For the six months ended June 30, 2004, the Fund paid $9,997 to OFS for services to the Fund. 28 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA Additionally, funds offered in variable annuity separate accounts are subject to minimum fees of $10,000 per class for class level assets of $10 million or more. Each class is subject to the minimum fee in the event that the per account fee does not equal or exceed the applicable minimum fee. - -------------------------------------------------------------------------------- DISTRIBUTION AND SERVICE PLAN FOR SERVICE SHARES. The Fund has adopted a Distribution and Service Plan for Service shares to pay OppenheimerFunds Distributor, Inc. (the Distributor), for distribution related services and personal service and account maintenance for the Fund's Service shares. Under the Plan, payments are made quarterly at an annual rate of up to 0.25% of the average annual net assets of Service shares of the Fund. The Distributor currently uses all of those fees to compensate sponsor(s) of the insurance product that offers Fund shares, for providing personal service and maintenance of accounts of their variable contract owners that hold Service shares. The impact of the service plan is to increase operating expenses of the Service shares, which results in lower performance compared to the Fund's shares that are not subject to a service fee. Fees incurred by the Fund under the Plan are detailed in the Statement of Operations. - -------------------------------------------------------------------------------- PAYMENTS AND WAIVERS OF EXPENSES. 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 OR RESTRICTED SECURITIES As of June 30, 2004, investments in securities included issues that are illiquid or restricted. Restricted securities are purchased in private placement transactions, are not registered under the Securities Act of 1933, may have contractual restrictions on resale, and are valued under methods approved by the Board of Trustees as reflecting fair value. A security may also be considered illiquid if it lacks a readily available market or if its valuation has not changed for a certain period of time. The Fund intends to invest no more than 15% of its net assets (determined at the time of purchase and reviewed periodically) in illiquid or restricted securities. Certain restricted securities, eligible for resale to qualified institutional investors, are not subject to that limitation. The aggregate value of illiquid or restricted securities subject to this limitation as of June 30, 2004 was $123,907, which represents 0.08% of the Fund's net assets, of which $27,592 is considered restricted. Information concerning restricted securities is as follows:
ACQUISITION VALUATION AS OF UNREALIZED SECURITY DATE COST JUNE 30, 2004 APPRECIATION - ----------------------------------------------------------------------------------- STOCKS AND/OR WARRANTS Esprit Exploration Ltd. 6/4/02 $19,418 $27,592 $8,174
29 | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA NOTES TO FINANCIAL STATEMENTS Unaudited / Continued - -------------------------------------------------------------------------------- 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 on loan securities valued at approximately $28,894,000. Cash of $29,376,405 was received as collateral for the loans, and has been invested in approved instruments. 30 | OPPENHEIMER MAIN STREET SMALL CAP 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-297.txt EX99_302CERT-297.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 Small Cap Fund/VA; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-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 Small Cap Fund/VA; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-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-297.txt EX99_906CERT-297.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 Small Cap Fund/VA (the "Registrant"), each certify to the best of his or her knowledge that: 1. The Registrant's periodic report on Form N-CSR for the period ended June 30, 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 Small Oppenheimer Main Street Small Cap Fund/VA Cap 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-----