-----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, Ml+iPxzXs7gZvjpje9gb+UJBSMFwE/d1Msnfw9GisH0yPabOteKAigrreGDuCbMv EPwhK13vJcdP2YVKqsppkA== 0000935069-04-001933.txt : 20041126 0000935069-04-001933.hdr.sgml : 20041125 20041126161252 ACCESSION NUMBER: 0000935069-04-001933 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040930 FILED AS OF DATE: 20041126 DATE AS OF CHANGE: 20041126 EFFECTIVENESS DATE: 20041126 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-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-04108 FILM NUMBER: 041169371 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-Q 1 rq642_11962nq.txt RQ642_11962NQ.TXT UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM N-Q QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY Investment Company Act file number 811-4108 Oppenheimer Value Fund/VA (Exact name of registrant as specified in charter) 6803 South Tucson Way, Centennial, Colorado 80112-3924 (Address of principal executive offices) (Zip code) Robert G. Zack, Esq. OppenheimerFunds, Inc. 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: September 30, 2004 ITEM 1. SCHEDULE OF INVESTMENTS. STATEMENT OF INVESTMENTS September 30, 2004 (Unaudited) ================================================================================ Oppenheimer Value Fund/VA
Shares Value - --------------------------------------------------------------------------------------------------------- COMMON STOCKS--99.3% CONSUMER DISCRETIONARY--12.6% - --------------------------------------------------------------------------------------------------------- HOTELS, RESTAURANTS & LEISURE--3.1% McDonald's Corp. 3,230 $ 90,537 - --------------------------------------------------------------------------------------------------------- INTERNET & CATALOG RETAIL--0.5% IAC/InterActiveCorp 1 700 15,414 - --------------------------------------------------------------------------------------------------------- MEDIA--9.0% Liberty Media Corp., Cl. A 13,440 117,197 - --------------------------------------------------------------------------------------------------------- UnitedGlobalCom, Inc., Cl. A 1 19,610 146,487 ---------------- 263,684 - --------------------------------------------------------------------------------------------------------- CONSUMER STAPLES--5.2% - --------------------------------------------------------------------------------------------------------- TOBACCO--5.2% Altria Group, Inc. 3,240 152,410 - --------------------------------------------------------------------------------------------------------- ENERGY--9.0% - --------------------------------------------------------------------------------------------------------- ENERGY EQUIPMENT & SERVICES--1.2% Halliburton Co. 1,040 35,038 - --------------------------------------------------------------------------------------------------------- OIL & GAS--7.8% BP plc, ADR 2,720 156,482 - --------------------------------------------------------------------------------------------------------- Kinder Morgan, Inc. 330 20,731 - --------------------------------------------------------------------------------------------------------- LUKOIL, Sponsored ADR 400 49,600 ----------------- 226,813 FINANCIALS--25.1% - --------------------------------------------------------------------------------------------------------- COMMERCIAL BANKS--8.1% Bank of America Corp. 3,088 133,803 - --------------------------------------------------------------------------------------------------------- Commerce Bancorp, Inc. 300 16,560 - --------------------------------------------------------------------------------------------------------- Wells Fargo & Co. 1,470 87,656 ----------------- 238,019 - --------------------------------------------------------------------------------------------------------- DIVERSIFIED FINANCIAL SERVICES--10.3% Citigroup, Inc. 2,630 116,036 - --------------------------------------------------------------------------------------------------------- Franklin Resources, Inc. 1,590 88,658 - --------------------------------------------------------------------------------------------------------- Lehman Brothers Holdings, Inc. 400 31,888 - --------------------------------------------------------------------------------------------------------- Morgan Stanley 1,310 64,583 ----------------- 301,165 - --------------------------------------------------------------------------------------------------------- INSURANCE--4.7% Genworth Financial, Inc., Cl. A 1 550 12,815 - --------------------------------------------------------------------------------------------------------- Platinum Underwriters Holdings Ltd. 800 23,424 - --------------------------------------------------------------------------------------------------------- Prudential Financial, Inc. 2,140 100,666 ----------------- 136,905 - --------------------------------------------------------------------------------------------------------- THRIFTS & MORTGAGE FINANCE--2.0% Freddie Mac 910 59,368 - --------------------------------------------------------------------------------------------------------- HEALTH CARE--3.3% - --------------------------------------------------------------------------------------------------------- BIOTECHNOLOGY--3.3% MedImmune, Inc. 1 1,880 44,556 - --------------------------------------------------------------------------------------------------------- Wyeth 1,350 50,490 ----------------- 95,046 INDUSTRIALS--18.5% - --------------------------------------------------------------------------------------------------------- AEROSPACE & DEFENSE--6.5% Empresa Brasileira de Aeronautica SA, ADR 1,570 41,448 - --------------------------------------------------------------------------------------------------------- Raytheon Co. 3,910 148,502 ----------------- 189,950 - --------------------------------------------------------------------------------------------------------- COMMERCIAL SERVICES & SUPPLIES--4.3% Cendant Corp. 5,890 127,224 - --------------------------------------------------------------------------------------------------------- INDUSTRIAL CONGLOMERATES--6.8% General Electric Co. 3,940 132,305 - --------------------------------------------------------------------------------------------------------- Tyco International Ltd. 2,180 66,839 ----------------- 199,144 - --------------------------------------------------------------------------------------------------------- MACHINERY--0.9% Deere & Co. 400 25,820 - --------------------------------------------------------------------------------------------------------- INFORMATION TECHNOLOGY--11.6% - --------------------------------------------------------------------------------------------------------- COMPUTERS & PERIPHERALS--5.2% Hewlett-Packard Co. 1,310 24,563 - --------------------------------------------------------------------------------------------------------- International Business Machines Corp. 1,470 126,038 ----------------- 150,601 - --------------------------------------------------------------------------------------------------------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT--1.9% National Semiconductor Corp. 1 3,600 55,764 - --------------------------------------------------------------------------------------------------------- SOFTWARE--4.5% Compuware Corp. 1 2,900 14,935 - --------------------------------------------------------------------------------------------------------- Take-Two Interactive Software, Inc. 1 3,560 116,946 ----------------- 131,881 MATERIALS--4.1% - --------------------------------------------------------------------------------------------------------- CHEMICALS--2.5% Dow Chemical Co. 330 14,909 - --------------------------------------------------------------------------------------------------------- Praxair, Inc. 1,390 59,409 ----------------- 74,318 - --------------------------------------------------------------------------------------------------------- METALS & MINING--1.6% Alcan, Inc. 500 23,900 - --------------------------------------------------------------------------------------------------------- Inco Ltd. 1 560 21,868 ----------------- 45,768 TELECOMMUNICATION SERVICES--5.7% - --------------------------------------------------------------------------------------------------------- DIVERSIFIED TELECOMMUNICATION SERVICES--5.7% IDT Corp., Cl. B 1 6,080 91,382 - --------------------------------------------------------------------------------------------------------- SBC Communications, Inc. 1,760 45,672 - --------------------------------------------------------------------------------------------------------- Verizon Communications, Inc. 780 30,716 ----------------- 167,770 UTILITIES--4.2% - --------------------------------------------------------------------------------------------------------- ELECTRIC UTILITIES--3.3% AES Corp. (The) 1 6,740 67,333 - --------------------------------------------------------------------------------------------------------- PG&E Corp. 1 980 29,792 ----------------- 97,125 - --------------------------------------------------------------------------------------------------------- GAS UTILITIES--0.9% Sempra Energy 670 24,247 ----------------- Total Common Stocks (Cost $2,484,532) 2,904,009 Principal Amount Value - --------------------------------------------------------------------------------------------------------- JOINT REPURCHASE AGREEMENTS--1.8% Undivided interest of 0.004% in joint repurchase agreement (Principal Amount/Value $1,446,038,000, with a maturity value of $1,446,110,302) with UBS Warburg LLC, 1.80%, dated 9/30/04, to be repurchased at $53,003 on 10/1/04, collateralized by Federal National Mortgage Assn., 5%, 3/1/34, with a value of $1,477,979,332 (Cost $53,000) $53,000 $ 53,000 - --------------------------------------------------------------------------------------------------------- Total Investments at Value (Cost $2,537,532) 101.1% 2,957,009 - --------------------------------------------------------------------------------------------------------- Liabilities in Excess of Other Assets (1.1) (32,748) ------------------------------------- Net Assets 100.0% $ 2,924,261 ===================================== Footnote to Statement of Investments 1. Non-income producing security.
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. Corporate, government and municipal debt instruments having a remaining maturity in excess of 60 days and all mortgage-backed securities will be valued at the mean between the "bid" and "asked" prices. 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). FEDERAL TAX. The aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments for federal income tax purposes as of September 30, 2004 are noted below. The primary difference between book and tax appreciation or depreciation of securities and other investments, if applicable, is attributable to the tax deferral of losses. Federal tax cost of securities $ 2,537,532 ============ Gross unrealized appreciation $ 447,696 Gross unrealized depreciation (28,219) ------------ Net unrealized appreciation $ 419,477 ============ ITEM 2. CONTROLS AND PROCEDURES. (a) Based on their evaluation of registrant's disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c)) as of September 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 quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting. ITEM 3. EXHIBITS. (a) Exhibits attached hereto. (Attach certifications as exhibits) EX-99.CERT 2 rq642_11962ex99cert.txt RQ642_11962EX99CERT.TXT Exhibit 99.CERT CERTIFICATIONS I, JOHN V. MURPHY, certify that: 1. I have reviewed this report on Form N-Q of Oppenheimer Value Fund/VA; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrant's other certifying officer(s) 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 recent fiscal quarter 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 officer(s) 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. /s/ John V. Murphy - ---------------------------- John V. Murphy Chief Executive Officer Date: 11/16/04 Exhibit 99.CERT Section 302 Certifications CERTIFICATIONS I, BRIAN W. WIXTED, certify that: 1. I have reviewed this report on Form N-Q of Oppenheimer Value Fund/VA; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrant's other certifying officer(s) 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 recent fiscal quarter 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 officer(s) 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. /s/ Brian W. Wixted - ---------------------------- Brian W. Wixted Chief Financial Officer Date: 11/16/04 -----END PRIVACY-ENHANCED MESSAGE-----