N-Q 1 rq485_15551nq.txt RQ485_15551NQ.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 GLOBAL SECURITIES 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: MARCH 31, 2005 ITEM 1. SCHEDULE OF INVESTMENTS. Oppenheimer Global Securities Fund/VA STATEMENT OF INVESTMENTS March 31, 2005/Unaudited --------------------------------------------------------------------------------
SHARES VALUE -------------------------------------------------------------------------------------------------------------------- COMMON STOCKS--98.6% -------------------------------------------------------------------------------------------------------------------- CONSUMER DISCRETIONARY--19.6% -------------------------------------------------------------------------------------------------------------------- AUTOMOBILES--1.4% Porsche AG, Preferred 22,868 $ 16,630,087 -------------------------------------------------------------------------------------------------------------------- Toyota Motor Corp. 667,900 24,852,383 ----------------- 41,482,470 -------------------------------------------------------------------------------------------------------------------- HOTELS, RESTAURANTS & LEISURE--1.2% International Game Technology 750,500 20,008,330 -------------------------------------------------------------------------------------------------------------------- Starbucks Corp. 1 334,400 17,275,104 ----------------- 37,283,434 -------------------------------------------------------------------------------------------------------------------- HOUSEHOLD DURABLES--2.1% Koninklijke (Royal) Philips Electronics NV 1,231,200 33,914,937 -------------------------------------------------------------------------------------------------------------------- Sony Corp. 783,400 31,195,729 ----------------- 65,110,666 -------------------------------------------------------------------------------------------------------------------- INTERNET & CATALOG RETAIL--1.4% Amazon.com, Inc. 1 279,100 9,564,757 -------------------------------------------------------------------------------------------------------------------- eBay, Inc. 1 910,300 33,917,778 ----------------- 43,482,535 -------------------------------------------------------------------------------------------------------------------- LEISURE EQUIPMENT & PRODUCTS--0.4% Nikon Corp. 1,192,415 13,711,160 -------------------------------------------------------------------------------------------------------------------- MEDIA--7.4% Grupo Televisa SA, Sponsored GDR 405,299 23,831,581 -------------------------------------------------------------------------------------------------------------------- JC Decaux SA 1 492,604 13,448,064 -------------------------------------------------------------------------------------------------------------------- Pearson plc 1,950,238 23,771,255 -------------------------------------------------------------------------------------------------------------------- Reed Elsevier plc 1,423,866 14,758,783 -------------------------------------------------------------------------------------------------------------------- Singapore Press Holdings Ltd. 5,887,640 16,262,426 -------------------------------------------------------------------------------------------------------------------- Sirius Satellite Radio, Inc. 1 12,971,117 72,897,678 -------------------------------------------------------------------------------------------------------------------- Television Broadcasts Ltd. 4,743,832 23,903,301 -------------------------------------------------------------------------------------------------------------------- Wolters Kluwer NV 627,741 11,465,552 -------------------------------------------------------------------------------------------------------------------- WPP Group plc 1,068,520 12,165,907 -------------------------------------------------------------------------------------------------------------------- Zee Telefilms Ltd. 4,876,300 15,508,141 ----------------- 228,012,688 -------------------------------------------------------------------------------------------------------------------- SPECIALTY RETAIL--4.1% Circuit City Stores, Inc./Circuit City Group 1,281,249 20,564,046 -------------------------------------------------------------------------------------------------------------------- Gap, Inc. (The) 522,500 11,411,400 -------------------------------------------------------------------------------------------------------------------- Hennes & Mauritz AB, B Shares 1,955,900 67,216,861 -------------------------------------------------------------------------------------------------------------------- New Dixons Group plc 8,998,110 25,973,908 ----------------- 125,166,215 -------------------------------------------------------------------------------------------------------------------- TEXTILES, APPAREL & LUXURY GOODS--1.6% Coach, Inc. 1 291,600 16,513,308 -------------------------------------------------------------------------------------------------------------------- LVMH Moet Hennessey Louis Vuitton 428,780 32,071,097 ----------------- 48,584,405 -------------------------------------------------------------------------------------------------------------------- CONSUMER STAPLES--6.9% -------------------------------------------------------------------------------------------------------------------- BEVERAGES--1.4% Companhia de Bebidas das Americas, ADR 563,415 16,277,059 -------------------------------------------------------------------------------------------------------------------- Fomento Economico Mexicano SA de CV, UBD 2,863,600 15,354,561 --------------------------------------------------------------------------------------------------------------------
1 | OPPENHEIMER GLOBAL SECURITIES FUND/VA Oppenheimer Global Securities Fund/VA STATEMENT OF INVESTMENTS March 31, 2005/Unaudited --------------------------------------------------------------------------------
SHARES VALUE -------------------------------------------------------------------------------------------------------------------- BEVERAGES CONTINUED Grupo Modelo SA de CV, Series C 3,951,400 $ 11,637,110 ----------------- 43,268,730 -------------------------------------------------------------------------------------------------------------------- FOOD & STAPLES RETAILING--0.3% Seven-Eleven Japan Co. Ltd. 321,000 9,399,795 -------------------------------------------------------------------------------------------------------------------- FOOD PRODUCTS--1.1% Cadbury Schweppes plc 3,289,501 32,977,687 -------------------------------------------------------------------------------------------------------------------- HOUSEHOLD PRODUCTS--2.6% Hindustan Lever Ltd. 5,411,000 16,322,822 -------------------------------------------------------------------------------------------------------------------- Reckitt Benckiser plc 2,002,937 63,664,607 ----------------- 79,987,429 -------------------------------------------------------------------------------------------------------------------- PERSONAL PRODUCTS--1.1% Gillette Co. 513,100 25,901,288 -------------------------------------------------------------------------------------------------------------------- Shiseido Co. Ltd. 734,000 9,685,816 ----------------- 35,587,104 -------------------------------------------------------------------------------------------------------------------- TOBACCO--0.4% Altria Group, Inc. 133,000 8,696,870 -------------------------------------------------------------------------------------------------------------------- ITC Ltd. 115,900 3,565,899 ----------------- 12,262,769 -------------------------------------------------------------------------------------------------------------------- ENERGY--8.6% -------------------------------------------------------------------------------------------------------------------- ENERGY EQUIPMENT & SERVICES--3.5% GlobalSantaFe Corp. 895,100 33,154,504 -------------------------------------------------------------------------------------------------------------------- Technip SA 174,520 29,183,568 -------------------------------------------------------------------------------------------------------------------- Transocean, Inc. 1 901,700 46,401,482 ----------------- 108,739,554 -------------------------------------------------------------------------------------------------------------------- OIL & GAS--5.1% BP plc, ADR 407,969 25,457,266 -------------------------------------------------------------------------------------------------------------------- Burlington Resources, Inc. 324,400 16,242,708 -------------------------------------------------------------------------------------------------------------------- ChevronTexaco Corp. 466,944 27,227,505 -------------------------------------------------------------------------------------------------------------------- Encana Corp. 356,817 25,202,874 -------------------------------------------------------------------------------------------------------------------- ENI SpA 532,000 13,813,256 -------------------------------------------------------------------------------------------------------------------- Husky Energy, Inc. 1,009,715 30,329,017 -------------------------------------------------------------------------------------------------------------------- Oil & Natural Gas Corp. Ltd. 190,670 3,853,782 -------------------------------------------------------------------------------------------------------------------- Total SA, B Shares 57,630 13,484,328 ----------------- 155,610,736 -------------------------------------------------------------------------------------------------------------------- FINANCIALS--18.0% -------------------------------------------------------------------------------------------------------------------- CAPITAL MARKETS--0.8% Credit Suisse Group 1 380,327 16,323,798 -------------------------------------------------------------------------------------------------------------------- Northern Trust Corp. 200,100 8,692,344 ----------------- 25,016,142 -------------------------------------------------------------------------------------------------------------------- COMMERCIAL BANKS--7.5% ABN Amro Holding NV 523,900 12,998,517 -------------------------------------------------------------------------------------------------------------------- Anglo Irish Bank Corp. 747,856 18,710,215 -------------------------------------------------------------------------------------------------------------------- Australia & New Zealand Banking Group Ltd. 841,550 13,401,575 -------------------------------------------------------------------------------------------------------------------- Bayerische Hypo-Und Vereinsbank 1 318,685 7,787,113 -------------------------------------------------------------------------------------------------------------------- HSBC Holdings plc 1,995,887 31,731,723 -------------------------------------------------------------------------------------------------------------------- ICICI Bank Ltd., Sponsored ADR 1,198,250 24,827,740 -------------------------------------------------------------------------------------------------------------------- Resona Holdings, Inc. 1 6,040,000 12,110,417 --------------------------------------------------------------------------------------------------------------------
2 | OPPENHEIMER GLOBAL SECURITIES FUND/VA Oppenheimer Global Securities Fund/VA STATEMENT OF INVESTMENTS March 31, 2005/Unaudited --------------------------------------------------------------------------------
SHARES VALUE -------------------------------------------------------------------------------------------------------------------- COMMERCIAL BANKS CONTINUED Royal Bank of Scotland Group plc (The) 1,823,287 $ 58,023,231 -------------------------------------------------------------------------------------------------------------------- Societe Generale, Cl. A 280,020 29,093,506 -------------------------------------------------------------------------------------------------------------------- Wachovia Corp. 429,129 21,846,957 ----------------- 230,530,994 -------------------------------------------------------------------------------------------------------------------- DIVERSIFIED FINANCIAL SERVICES--5.6% 3i Group plc 903,406 11,463,937 -------------------------------------------------------------------------------------------------------------------- American Express Co. 580,100 29,799,737 -------------------------------------------------------------------------------------------------------------------- Citigroup, Inc. 201,566 9,058,376 -------------------------------------------------------------------------------------------------------------------- Credit Saison Co. Ltd. 479,600 17,264,348 -------------------------------------------------------------------------------------------------------------------- Investor AB, B Shares 1 784,156 10,590,858 -------------------------------------------------------------------------------------------------------------------- JPMorgan Chase & Co. 797,163 27,581,840 -------------------------------------------------------------------------------------------------------------------- MBNA Corp. 963,250 23,647,788 -------------------------------------------------------------------------------------------------------------------- Morgan Stanley 567,900 32,512,275 -------------------------------------------------------------------------------------------------------------------- Schwab (Charles) Corp. 888,300 9,336,033 ----------------- 171,255,192 -------------------------------------------------------------------------------------------------------------------- INSURANCE--4.1% ACE Ltd. 647,871 26,737,636 -------------------------------------------------------------------------------------------------------------------- Allianz AG 220,600 28,015,740 -------------------------------------------------------------------------------------------------------------------- Berkshire Hathaway, Inc., Cl. B 1 7,250 20,706,000 -------------------------------------------------------------------------------------------------------------------- Everest Re Group Ltd. 127,300 10,834,503 -------------------------------------------------------------------------------------------------------------------- Manulife Financial Corp. 373,713 17,843,676 -------------------------------------------------------------------------------------------------------------------- Prudential plc 2,488,960 23,896,208 ----------------- 128,033,763 -------------------------------------------------------------------------------------------------------------------- HEALTH CARE--12.6% -------------------------------------------------------------------------------------------------------------------- BIOTECHNOLOGY--3.9% Affymetrix, Inc. 1 413,600 17,718,624 -------------------------------------------------------------------------------------------------------------------- Amgen, Inc. 1 456,900 26,596,149 -------------------------------------------------------------------------------------------------------------------- Applera Corp./Applied Biosystems Group 498,500 9,840,390 -------------------------------------------------------------------------------------------------------------------- Genentech, Inc. 1 262,700 14,871,447 -------------------------------------------------------------------------------------------------------------------- Genzyme Corp. (General Division) 1 246,600 14,115,384 -------------------------------------------------------------------------------------------------------------------- Gilead Sciences, Inc. 1 698,360 25,001,288 -------------------------------------------------------------------------------------------------------------------- Human Genome Sciences, Inc. 1 302,400 2,788,128 -------------------------------------------------------------------------------------------------------------------- Millennium Pharmaceuticals, Inc. 1 291,700 2,456,114 -------------------------------------------------------------------------------------------------------------------- Wyeth 171,800 7,246,524 ----------------- 120,634,048 -------------------------------------------------------------------------------------------------------------------- HEALTH CARE EQUIPMENT & SUPPLIES--1.6% Essilor International SA 178,810 12,922,310 -------------------------------------------------------------------------------------------------------------------- Medtronic, Inc. 145,500 7,413,225 -------------------------------------------------------------------------------------------------------------------- Nektar Therapeutics 1,2 314,361 3,505,754 -------------------------------------------------------------------------------------------------------------------- Smith & Nephew plc 2,623,390 24,663,842 ----------------- 48,505,131 -------------------------------------------------------------------------------------------------------------------- HEALTH CARE PROVIDERS & SERVICES--1.8% Express Scripts, Inc. 1 162,800 14,194,532 -------------------------------------------------------------------------------------------------------------------- IMS Health, Inc. 529,900 12,924,261 -------------------------------------------------------------------------------------------------------------------- Quest Diagnostics, Inc. 272,100 28,605,873 ----------------- 55,724,666
3 | OPPENHEIMER GLOBAL SECURITIES FUND/VA Oppenheimer Global Securities Fund/VA STATEMENT OF INVESTMENTS March 31, 2005/Unaudited --------------------------------------------------------------------------------
SHARES VALUE -------------------------------------------------------------------------------------------------------------------- PHARMACEUTICALS--5.3% Chugai Pharmaceutical Co. Ltd. 754,800 $ 11,593,356 -------------------------------------------------------------------------------------------------------------------- Eli Lilly & Co. 160,100 8,341,210 -------------------------------------------------------------------------------------------------------------------- Novartis AG 404,244 18,853,908 -------------------------------------------------------------------------------------------------------------------- Pfizer, Inc. 657,719 17,278,278 -------------------------------------------------------------------------------------------------------------------- Roche Holdings AG 310,265 33,246,383 -------------------------------------------------------------------------------------------------------------------- Sanofi-Synthelabo SA 691,494 58,309,483 -------------------------------------------------------------------------------------------------------------------- Shionogi & Co. Ltd. 1,266,000 17,449,855 ----------------- 165,072,473 -------------------------------------------------------------------------------------------------------------------- INDUSTRIALS--6.1% -------------------------------------------------------------------------------------------------------------------- AEROSPACE & DEFENSE--3.4% Boeing Co. 279,300 16,327,878 -------------------------------------------------------------------------------------------------------------------- Empresa Brasileira de Aeronautica SA, ADR 955,834 29,917,604 -------------------------------------------------------------------------------------------------------------------- European Aeronautic Defence & Space Co. 309,330 9,246,659 -------------------------------------------------------------------------------------------------------------------- Lockheed Martin Corp. 237,200 14,483,432 -------------------------------------------------------------------------------------------------------------------- Northrop Grumman Corp. 251,200 13,559,776 -------------------------------------------------------------------------------------------------------------------- Raytheon Co. 577,600 22,353,120 ----------------- 105,888,469 -------------------------------------------------------------------------------------------------------------------- CONSTRUCTION & ENGINEERING--0.2% JGC Corp. 490,000 5,346,452 -------------------------------------------------------------------------------------------------------------------- INDUSTRIAL CONGLOMERATES--1.4% Hutchison Whampoa Ltd. 1,415,000 12,019,277 -------------------------------------------------------------------------------------------------------------------- Siemens AG 391,396 30,883,262 ----------------- 42,902,539 -------------------------------------------------------------------------------------------------------------------- MACHINERY--0.6% Hyundai Heavy Industries Co. Ltd. 342,470 17,165,655 -------------------------------------------------------------------------------------------------------------------- MARINE--0.2% Peninsular & Oriental Steam Navigation Co. 1,351,800 7,395,470 -------------------------------------------------------------------------------------------------------------------- TRANSPORTATION INFRASTRUCTURE--0.3% Macquarie Airports 3,170,952 8,008,011 -------------------------------------------------------------------------------------------------------------------- INFORMATION TECHNOLOGY--18.1% -------------------------------------------------------------------------------------------------------------------- COMMUNICATIONS EQUIPMENT--5.0% Cisco Systems, Inc. 1 924,600 16,541,094 -------------------------------------------------------------------------------------------------------------------- Corning, Inc. 1 2,222,500 24,736,425 -------------------------------------------------------------------------------------------------------------------- Juniper Networks, Inc. 1 430,700 9,501,242 -------------------------------------------------------------------------------------------------------------------- QUALCOMM, Inc. 690,500 25,306,825 -------------------------------------------------------------------------------------------------------------------- Telefonaktiebolaget LM Ericsson, B Shares 1 27,509,100 77,420,285 ----------------- 153,505,871 -------------------------------------------------------------------------------------------------------------------- COMPUTERS & PERIPHERALS--1.4% International Business Machines Corp. 334,117 30,531,611 -------------------------------------------------------------------------------------------------------------------- Sun Microsystems, Inc. 1 3,464,000 13,994,560 ----------------- 44,526,171 -------------------------------------------------------------------------------------------------------------------- ELECTRONIC EQUIPMENT & INSTRUMENTS--2.2% Hoya Corp. 149,100 16,407,535 -------------------------------------------------------------------------------------------------------------------- Keyence Corp. 66,900 15,497,491 -------------------------------------------------------------------------------------------------------------------- Murata Manufacturing Co. Ltd. 222,100 11,909,680 -------------------------------------------------------------------------------------------------------------------- Nidec Corp. 48,300 6,013,289 -------------------------------------------------------------------------------------------------------------------- Omron Corp. 134,000 2,924,182 --------------------------------------------------------------------------------------------------------------------
4 | OPPENHEIMER GLOBAL SECURITIES FUND/VA Oppenheimer Global Securities Fund/VA STATEMENT OF INVESTMENTS March 31, 2005/Unaudited --------------------------------------------------------------------------------
SHARES VALUE -------------------------------------------------------------------------------------------------------------------- ELECTRONIC EQUIPMENT & INSTRUMENTS CONTINUED Tandberg ASA 1,405,950 $ 14,699,279 ----------------- 67,451,456 -------------------------------------------------------------------------------------------------------------------- INTERNET SOFTWARE & SERVICES--0.3% Yahoo Japan Corp. 1 1,762 4,124,424 -------------------------------------------------------------------------------------------------------------------- Yahoo Japan Corp. 1 1,762 4,140,856 ----------------- 8,265,280 -------------------------------------------------------------------------------------------------------------------- IT SERVICES--1.2% Infosys Technologies Ltd. 738,140 38,069,771 -------------------------------------------------------------------------------------------------------------------- OFFICE ELECTRONICS--0.4% Canon, Inc. 208,000 11,153,595 -------------------------------------------------------------------------------------------------------------------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT--4.2% Advanced Micro Devices, Inc. 1 1,920,800 30,963,296 -------------------------------------------------------------------------------------------------------------------- Altera Corp. 1 421,100 8,329,358 -------------------------------------------------------------------------------------------------------------------- International Rectifier Corp. 1 177,700 8,085,350 -------------------------------------------------------------------------------------------------------------------- National Semiconductor Corp. 1,125,800 23,202,738 -------------------------------------------------------------------------------------------------------------------- Samsung Electronics Co. 62,740 31,014,751 -------------------------------------------------------------------------------------------------------------------- Silicon Laboratories, Inc. 1 158,800 4,717,948 -------------------------------------------------------------------------------------------------------------------- Taiwan Semiconductor Manufacturing Co. Ltd. 2 15,313,223 25,031,136 ----------------- 131,344,577 -------------------------------------------------------------------------------------------------------------------- SOFTWARE--3.4% Cadence Design Systems, Inc. 1 888,770 13,287,112 -------------------------------------------------------------------------------------------------------------------- Electronic Arts, Inc. 1 81,442 4,217,067 -------------------------------------------------------------------------------------------------------------------- Intuit, Inc. 1 195,700 8,565,789 -------------------------------------------------------------------------------------------------------------------- Novell, Inc. 1 2,662,326 15,867,463 -------------------------------------------------------------------------------------------------------------------- SAP AG 170,738 27,400,236 -------------------------------------------------------------------------------------------------------------------- Symantec Corp. 1 633,000 13,501,890 -------------------------------------------------------------------------------------------------------------------- Trend Micro, Inc. 341,000 14,612,011 -------------------------------------------------------------------------------------------------------------------- Veritas Software Corp. 1 319,100 7,409,502 ----------------- 104,861,070 -------------------------------------------------------------------------------------------------------------------- TELECOMMUNICATION SERVICES--7.5% -------------------------------------------------------------------------------------------------------------------- DIVERSIFIED TELECOMMUNICATION SERVICES--1.6% France Telecom SA 903,108 27,043,017 -------------------------------------------------------------------------------------------------------------------- Tele Norte Leste Participacoes SA 1 78 1,487 -------------------------------------------------------------------------------------------------------------------- Tele Norte Leste Participacoes SA, Preference 1 1,387,784 21,414,495 ----------------- 48,458,999 -------------------------------------------------------------------------------------------------------------------- WIRELESS TELECOMMUNICATION SERVICES--5.9% KDDI Corp. 8,604 42,606,770 -------------------------------------------------------------------------------------------------------------------- SK Telecom Co. Ltd., ADR 1,555,860 30,681,559 -------------------------------------------------------------------------------------------------------------------- Vodafone Group plc 41,162,730 109,291,221 ----------------- 182,579,550 -------------------------------------------------------------------------------------------------------------------- UTILITIES--1.2% -------------------------------------------------------------------------------------------------------------------- ELECTRIC UTILITIES--0.6% Energias de Portugal SA 3,500,606 9,756,301 -------------------------------------------------------------------------------------------------------------------- Fortum Oyj 431,600 8,403,396 ----------------- 18,159,697
5 | OPPENHEIMER GLOBAL SECURITIES FUND/VA Oppenheimer Global Securities Fund/VA STATEMENT OF INVESTMENTS March 31, 2005/Unaudited --------------------------------------------------------------------------------
SHARES VALUE -------------------------------------------------------------------------------------------------------------------- GAS UTILITIES--0.6% Gail India Ltd. 324,270 $ 1,573,276 -------------------------------------------------------------------------------------------------------------------- Hong Kong & China Gas Co. Ltd. 8,035,000 15,813,583 ----------------- 17,386,859 ----------------- Total Common Stocks (Cost $2,256,900,318) 3,037,909,278 PRINCIPAL AMOUNT -------------------------------------------------------------------------------------------------------------------- JOINT REPURCHASE AGREEMENTS--1.5% -------------------------------------------------------------------------------------------------------------------- Undivided interest of 5.59% in joint repurchase agreement (Principal Amount/Value $838,272,000, with a maturity value of $838,336,035) with UBS Warburg LLC, 2.75%, dated 3/31/05, to be repurchased at $46,893,582 on 4/1/05, collateralized by Federal National Mortgage Assn., 4.50%--5%, 5/1/19--3/1/34, with a value of $857,182,684 (Cost $46,890,000) $ 46,890,000 46,890,000 -------------------------------------------------------------------------------------------------------------------- TOTAL INVESTMENTS, AT VALUE (COST $2,303,790,318) 100.1% 3,084,799,278 -------------------------------------------------------------------------------------------------------------------- LIABILITIES IN EXCESS OF OTHER ASSETS (0.1) (1,883,477) ------------------------------------ NET ASSETS 100.0% $ 3,082,915,801 ====================================
FOOTNOTES TO STATEMENT OF INVESTMENTS 1. Non-income producing security. 2. Illiquid or restricted security. The aggregate value of illiquid or restricted securities as of March 31, 2005 was $28,536,890, which represents 0.93% of the Fund's net assets, of which $3,505,754 is considered restricted. See accompanying Notes to Quarterly Statement of Investments. DISTRIBUTION OF INVESTMENTS REPRESENTING GEOGRAPHIC HOLDINGS, AS A PERCENTAGE OF TOTAL INVESTMENTS AT VALUE, IS AS FOLLOWS:
GEOGRAPHIC HOLDINGS VALUE PERCENT -------------------------------------------------------------------------------------------------------------------- United States $ 1,128,228,765 36.6% United Kingdom 465,235,045 15.1 Japan 281,999,144 9.1 France 224,802,032 7.3 Sweden 155,228,004 5.0 Germany 110,716,438 3.6 India 103,721,431 3.4 Korea, Republic of South 78,861,965 2.6 Canada 73,375,567 2.4 Switzerland 68,424,089 2.2 Brazil 67,610,645 2.2 The Netherlands 58,379,006 1.9 Hong Kong 51,736,161 1.7 Mexico 50,823,252 1.6 Bermuda 37,572,139 1.2 Taiwan 25,031,136 0.8 Australia 21,409,586 0.7 Ireland 18,710,215 0.6 Singapore 16,262,426 0.5 Norway 14,699,279 0.5 Italy 13,813,256 0.4 Portugal 9,756,301 0.3 Finland 8,403,396 0.3 ------------------------------------ Total $ 3,084,799,278 100.0% ====================================
6 | OPPENHEIMER GLOBAL SECURITIES FUND/VA Oppenheimer Global Securities Fund/VA STATEMENT OF INVESTMENTS March 31, 2005/Unaudited -------------------------------------------------------------------------------- FEDERAL TAX. The approximate 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 March 31, 2005 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 $ 2,305,403,142 =============== Gross unrealized appreciation $ 833,801,612 Gross unrealized depreciation (54,405,476) --------------- Net unrealized appreciation $ 779,396,136 =============== NOTES TO QUARTERLY STATEMENT OF INVESTMENTS 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 sixty 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). 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 (the Exchange), normally 4:00 P.M. Eastern time, on each day the Exchange is open for business. Amounts related to the purchase and sale of foreign securities and investment income are translated at the rates of exchange prevailing on the respective dates of such transactions. Foreign exchange rates may be valued primarily using dealer supplied valuations or a portfolio pricing service authorized by the Board of Trustees. Reported net realized foreign exchange gains or losses arise from sales of portfolio securities, sales and maturities of short-term securities, sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the values of assets and liabilities, including investments in securities at fiscal period end, resulting from changes in exchange rates. The effect of changes in foreign currency exchange rates on investments is separately identified from the fluctuations arising from changes in market values of securities held and reported with all other foreign currency gains and losses in the Fund's Statement of Operations. 7 | OPPENHEIMER GLOBAL SECURITIES FUND/VA Oppenheimer Global Securities Fund/VA STATEMENT OF INVESTMENTS March 31, 2005/Unaudited -------------------------------------------------------------------------------- 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 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. 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 March 31, 2005, the Fund had outstanding foreign currency contracts as follows:
CONTRACT EXPIRATION AMOUNT VALUATION AS OF UNREALIZED UNREALIZED CONTRACT DESCRIPTION DATES (000S) MARCH 31, 2005 APPRECIATION DEPRECIATION ----------------------------------------------------------------------------------------------------------------- CONTRACTS TO PURCHASE Australian Dollar (AUD) 4/1/05-4/4/05 1,659AUD $ 1,281,295 $ 152 $ 426 Euro (EUR) 4/1/05-4/4/05 7,329EUR 9,501,590 5,979 -- ----------------------------- 6,131 426 ----------------------------- CONTRACTS TO SELL Euro (EUR) 4/4/05 839EUR 1,087,512 -- 607 British Pound Sterling (GBP) 4/4/05 4,134GBP 7,810,783 -- 42,383 ----------------------------- -- 42,990 ----------------------------- Total unrealized appreciation and depreciation $ 6,131 $ 43,416 =============================
ILLIQUID OR RESTRICTED SECURITIES. As of March 31, 2005, 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 will not invest 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. Information concerning restricted securities is as follows: 8 | OPPENHEIMER GLOBAL SECURITIES FUND/VA Oppenheimer Global Securities Fund/VA STATEMENT OF INVESTMENTS March 31, 2005/Unaudited --------------------------------------------------------------------------------
ACQUISITION VALUATION AS OF UNREALIZED SECURITY DATE COST MARCH 31, 2005 DEPRECIATION ------------------------------------------------------------------------------------------------------ Nektar Therapeutics 6/25/03 $ 3,568,000 $ 3,505,754 $ 62,246
9 | OPPENHEIMER GLOBAL SECURITIES FUND/VA 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 March 31, 2005, 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) SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Oppenheimer Global Securities Fund/VA By: /s/ John V. Murphy ---------------------------- John V. Murphy Principal Executive Officer Date: May 13, 2005 Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. By: /s/ John V. Murphy ---------------------------- John V. Murphy Principal Executive Officer Date: May 13, 2005 By: /s/ Brian W. Wixted ---------------------------- Brian W. Wixted Chief Financial Officer Date: May 13, 2005