-----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, QXQd2bFcwBsm8H35HYcEyyUqtGhpr8byp/YlmDSDJyjx109/aw7amrA2P8aHBV2V ZnfWubrL5h7/ZYnRv3ChTQ== 0000935069-05-001387.txt : 20050611 0000935069-05-001387.hdr.sgml : 20050611 20050527130248 ACCESSION NUMBER: 0000935069-05-001387 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20050331 FILED AS OF DATE: 20050527 DATE AS OF CHANGE: 20050527 EFFECTIVENESS DATE: 20050527 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: 05862716 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 rq610_15554nq.txt RQ610_15554NQ.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 CAPITAL APPRECIATION FUND/VA (Exact name of registrant as specified in charter) 6803 SOUTH TUCSON WAY, CENTENNIAL, COLORADO 80112-3924 (Address of principal executive offices) (Zip code) ROBERT G. ZACK, ESQ. OPPENHEIMERFUNDS, INC. TWO WORLD FINANCIAL CENTER, NEW YORK, NEW YORK 10281-1008 (Name and address of agent for service) Registrant's telephone number, including area code: (303) 768-3200 Date of fiscal year end: DECEMBER 31 Date of reporting period: MARCH 31, 2005 ITEM 1. SCHEDULE OF INVESTMENTS. Oppenheimer Capital Appreciation Fund/VA STATEMENT OF INVESTMENTS March 31, 2005/Unaudited - --------------------------------------------------------------------------------
SHARES VALUE - ------------------------------------------------------------------------------------------------ COMMON STOCKS--97.2% - ------------------------------------------------------------------------------------------------ CONSUMER DISCRETIONARY--18.3% - ------------------------------------------------------------------------------------------------ HOTELS, RESTAURANTS & LEISURE--2.1% Carnival Corp. 325,500 $ 16,864,155 - ------------------------------------------------------------------------------------------------ McDonald's Corp. 301,200 9,379,368 - ------------------------------------------------------------------------------------------------ Royal Caribbean Cruises Ltd. 320,400 14,318,676 ---------------- 40,562,199 - ------------------------------------------------------------------------------------------------ INTERNET & CATALOG RETAIL--0.5% eBay, Inc. 1 254,800 9,493,848 - ------------------------------------------------------------------------------------------------ MEDIA--11.0% Clear Channel Communications, Inc. 282,800 9,748,116 - ------------------------------------------------------------------------------------------------ Comcast Corp., Cl. A Special, Non-Vtg. 1 2,003,500 66,916,900 - ------------------------------------------------------------------------------------------------ News Corp., Cl. B 1,332,400 23,463,564 - ------------------------------------------------------------------------------------------------ Time Warner, Inc. 1 2,288,900 40,170,195 - ------------------------------------------------------------------------------------------------ Univision Communications, Inc., Cl. A 1 393,165 10,886,739 - ------------------------------------------------------------------------------------------------ Viacom, Inc., Cl. B 1,152,400 40,138,092 - ------------------------------------------------------------------------------------------------ Walt Disney Co. (The) 717,000 20,599,410 ---------------- 211,923,016 - ------------------------------------------------------------------------------------------------ MULTILINE RETAIL--2.0% Federated Department Stores, Inc. 209,700 13,345,308 - ------------------------------------------------------------------------------------------------ J.C. Penney Co., Inc. (Holding Co.) 261,400 13,571,888 - ------------------------------------------------------------------------------------------------ Target Corp. 247,100 12,359,942 ---------------- 39,277,138 - ------------------------------------------------------------------------------------------------ SPECIALTY RETAIL--2.7% Best Buy Co., Inc. 268,000 14,474,680 - ------------------------------------------------------------------------------------------------ Gap, Inc. (The) 175,400 3,830,736 - ------------------------------------------------------------------------------------------------ Home Depot, Inc. 394,100 15,070,384 - ------------------------------------------------------------------------------------------------ Lowe's Cos., Inc. 176,100 10,053,549 - ------------------------------------------------------------------------------------------------ Williams-Sonoma, Inc. 1 248,600 9,136,050 ---------------- 52,565,399 - ------------------------------------------------------------------------------------------------ CONSUMER STAPLES--6.8% - ------------------------------------------------------------------------------------------------ BEVERAGES--2.2% Anheuser-Busch Cos., Inc. 204,300 9,681,777 - ------------------------------------------------------------------------------------------------ PepsiCo, Inc. 629,200 33,366,476 ---------------- 43,048,253 - ------------------------------------------------------------------------------------------------ FOOD & STAPLES RETAILING--2.4% Costco Wholesale Corp. 227,800 10,064,204 - ------------------------------------------------------------------------------------------------ Wal-Mart Stores, Inc. 735,500 36,855,905 ---------------- 46,920,109 - ------------------------------------------------------------------------------------------------ HOUSEHOLD PRODUCTS--1.6% Procter & Gamble Co. (The) 577,400 30,602,200 - ------------------------------------------------------------------------------------------------ PERSONAL PRODUCTS--0.6% Estee Lauder Cos., Inc. (The), Cl. A 230,600 10,372,388 - ------------------------------------------------------------------------------------------------ ENERGY--5.8% - ------------------------------------------------------------------------------------------------ ENERGY EQUIPMENT & SERVICES--1.7% Pride International, Inc. 1 76,000 1,887,840 - ------------------------------------------------------------------------------------------------ Schlumberger Ltd. 367,200 25,880,256 - ------------------------------------------------------------------------------------------------
1 | OPPENHEIMER CAPITAL APPRECIATION FUND/VA Oppenheimer Capital Appreciation Fund/VA STATEMENT OF INVESTMENTS March 31, 2005/Unaudited - --------------------------------------------------------------------------------
SHARES VALUE - ------------------------------------------------------------------------------------------------ ENERGY EQUIPMENT & SERVICES CONTINUED Smith International, Inc. 1 61,400 $ 3,851,622 ---------------- 31,619,718 - ------------------------------------------------------------------------------------------------ OIL & GAS--4.1% Amerada Hess Corp. 51,700 4,974,057 - ------------------------------------------------------------------------------------------------ Apache Corp. 46,300 2,834,949 - ------------------------------------------------------------------------------------------------ Burlington Resources, Inc. 136,300 6,824,541 - ------------------------------------------------------------------------------------------------ Devon Energy Corp. 92,300 4,407,325 - ------------------------------------------------------------------------------------------------ Exxon Mobil Corp. 843,300 50,260,680 - ------------------------------------------------------------------------------------------------ Kinder Morgan Management LLC 254,176 10,317,004 ---------------- 79,618,556 - ------------------------------------------------------------------------------------------------ FINANCIALS--9.3% - ------------------------------------------------------------------------------------------------ COMMERCIAL BANKS--0.6% Bank of America Corp. 256,400 11,307,240 - ------------------------------------------------------------------------------------------------ DIVERSIFIED FINANCIAL SERVICES--7.4% American Express Co. 490,800 25,212,396 - ------------------------------------------------------------------------------------------------ Bear Stearns Cos., Inc. (The) 73,100 7,302,690 - ------------------------------------------------------------------------------------------------ Citigroup, Inc. 991,100 44,540,034 - ------------------------------------------------------------------------------------------------ Goldman Sachs Group, Inc. (The) 116,300 12,791,837 - ------------------------------------------------------------------------------------------------ JPMorgan Chase & Co. 376,028 13,010,569 - ------------------------------------------------------------------------------------------------ MBNA Corp. 181,900 4,465,645 - ------------------------------------------------------------------------------------------------ Morgan Stanley 638,800 36,571,300 ---------------- 143,894,471 - ------------------------------------------------------------------------------------------------ INSURANCE--1.3% American International Group, Inc. 198,550 11,001,656 - ------------------------------------------------------------------------------------------------ Prudential Financial, Inc. 245,700 14,103,180 ---------------- 25,104,836 - ------------------------------------------------------------------------------------------------ HEALTH CARE--16.7% - ------------------------------------------------------------------------------------------------ BIOTECHNOLOGY--3.5% Amgen, Inc. 1 429,400 24,995,374 - ------------------------------------------------------------------------------------------------ Applera Corp./Applied Biosystems Group 129,100 2,548,434 - ------------------------------------------------------------------------------------------------ Genentech, Inc. 1 396,100 22,423,221 - ------------------------------------------------------------------------------------------------ Gilead Sciences, Inc. 1 469,400 16,804,520 ---------------- 66,771,549 - ------------------------------------------------------------------------------------------------ HEALTH CARE EQUIPMENT & SUPPLIES--4.6% Medtronic, Inc. 787,700 40,133,315 - ------------------------------------------------------------------------------------------------ Millipore Corp. 1 362,900 15,749,860 - ------------------------------------------------------------------------------------------------ PerkinElmer, Inc. 407,400 8,404,662 - ------------------------------------------------------------------------------------------------ Stryker Corp. 343,500 15,323,535 - ------------------------------------------------------------------------------------------------ Varian Medical Systems, Inc. 1 153,200 5,251,696 - ------------------------------------------------------------------------------------------------ Waters Corp. 1 126,000 4,509,540 ---------------- 89,372,608 - ------------------------------------------------------------------------------------------------ HEALTH CARE PROVIDERS & SERVICES--0.5% Laboratory Corp. of America Holdings 1 77,300 3,725,860 - ------------------------------------------------------------------------------------------------ Medco Health Solutions, Inc. 1 61,900 3,068,383 - ------------------------------------------------------------------------------------------------ Quest Diagnostics, Inc. 21,200 2,228,756 ---------------- 9,022,999
2 | OPPENHEIMER CAPITAL APPRECIATION FUND/VA Oppenheimer Capital Appreciation Fund/VA STATEMENT OF INVESTMENTS March 31, 2005/Unaudited - --------------------------------------------------------------------------------
SHARES VALUE - ------------------------------------------------------------------------------------------------ PHARMACEUTICALS--8.1% Abbott Laboratories 254,000 $ 11,841,480 - ------------------------------------------------------------------------------------------------ Eli Lilly & Co. 282,900 14,739,090 - ------------------------------------------------------------------------------------------------ Johnson & Johnson 684,600 45,977,736 - ------------------------------------------------------------------------------------------------ Merck & Co., Inc. 403,867 13,073,175 - ------------------------------------------------------------------------------------------------ Novartis AG 497,588 23,207,464 - ------------------------------------------------------------------------------------------------ Pfizer, Inc. 965,600 25,366,312 - ------------------------------------------------------------------------------------------------ Teva Pharmaceutical Industries Ltd., Sponsored ADR 707,396 21,929,276 ---------------- 156,134,533 - ------------------------------------------------------------------------------------------------ INDUSTRIALS--14.0% - ------------------------------------------------------------------------------------------------ AEROSPACE & DEFENSE--3.4% Empresa Brasileira de Aeronautica SA, ADR 325,000 10,172,500 - ------------------------------------------------------------------------------------------------ Honeywell International, Inc. 246,800 9,183,428 - ------------------------------------------------------------------------------------------------ L-3 Communications Holdings, Inc. 127,900 9,083,458 - ------------------------------------------------------------------------------------------------ Lockheed Martin Corp. 284,300 17,359,358 - ------------------------------------------------------------------------------------------------ Northrop Grumman Corp. 55,100 2,974,298 - ------------------------------------------------------------------------------------------------ United Technologies Corp. 162,700 16,540,082 ---------------- 65,313,124 - ------------------------------------------------------------------------------------------------ AIR FREIGHT & LOGISTICS--1.7% Expeditors International of Washington, Inc. 180,500 9,665,775 - ------------------------------------------------------------------------------------------------ FedEx Corp. 122,600 11,518,270 - ------------------------------------------------------------------------------------------------ United Parcel Service, Inc., Cl. B 151,700 11,034,658 ---------------- 32,218,703 - ------------------------------------------------------------------------------------------------ COMMERCIAL SERVICES & SUPPLIES--0.8% Manpower, Inc. 96,300 4,190,976 - ------------------------------------------------------------------------------------------------ Waste Management, Inc. 366,400 10,570,640 ---------------- 14,761,616 - ------------------------------------------------------------------------------------------------ INDUSTRIAL CONGLOMERATES--7.3% 3M Co. 258,800 22,176,572 - ------------------------------------------------------------------------------------------------ General Electric Co. 2,802,900 101,072,574 - ------------------------------------------------------------------------------------------------ Tyco International Ltd. 542,700 18,343,260 ---------------- 141,592,406 - ------------------------------------------------------------------------------------------------ MACHINERY--0.8% Ingersoll-Rand Co., Cl. A 208,800 16,630,920 - ------------------------------------------------------------------------------------------------ INFORMATION TECHNOLOGY--22.5% - ------------------------------------------------------------------------------------------------ COMMUNICATIONS EQUIPMENT--3.5% Cisco Systems, Inc. 1 2,070,500 37,041,245 - ------------------------------------------------------------------------------------------------ Lucent Technologies, Inc. 1 2,049,300 5,635,575 - ------------------------------------------------------------------------------------------------ Motorola, Inc. 699,200 10,467,024 - ------------------------------------------------------------------------------------------------ Nokia Corp., Sponsored ADR 1,008,100 15,554,983 ---------------- 68,698,827 - ------------------------------------------------------------------------------------------------ COMPUTERS & PERIPHERALS--3.7% Dell, Inc. 1 474,300 18,222,606 - ------------------------------------------------------------------------------------------------ EMC Corp. 1 249,300 3,071,376 - ------------------------------------------------------------------------------------------------ International Business Machines Corp. 472,700 43,195,326 - ------------------------------------------------------------------------------------------------ Sun Microsystems, Inc. 1 1,578,500 6,377,140 --------------- 70,866,448
3 | OPPENHEIMER CAPITAL APPRECIATION FUND/VA Oppenheimer Capital Appreciation Fund/VA STATEMENT OF INVESTMENTS March 31, 2005/Unaudited - --------------------------------------------------------------------------------
SHARES VALUE - ------------------------------------------------------------------------------------------------ ELECTRONIC EQUIPMENT & INSTRUMENTS--1.4% Agilent Technologies, Inc. 1 496,200 $ 11,015,640 - ------------------------------------------------------------------------------------------------ Ingram Micro, Inc., Cl. A 1 418,200 6,971,394 - ------------------------------------------------------------------------------------------------ Tektronix, Inc. 357,800 8,776,834 ---------------- 26,763,868 - ------------------------------------------------------------------------------------------------ INTERNET SOFTWARE & SERVICES--1.5% VeriSign, Inc. 1 148,800 4,270,560 - ------------------------------------------------------------------------------------------------ Yahoo!, Inc. 1 714,300 24,214,770 ---------------- 28,485,330 - ------------------------------------------------------------------------------------------------ IT SERVICES--0.8% Accenture Ltd., Cl. A 1 133,700 3,228,855 - ------------------------------------------------------------------------------------------------ Automatic Data Processing, Inc. 290,500 13,057,975 ---------------- 16,286,830 - ------------------------------------------------------------------------------------------------ SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT--4.2% Altera Corp. 1 149,800 2,963,044 - ------------------------------------------------------------------------------------------------ Analog Devices, Inc. 251,600 9,092,824 - ------------------------------------------------------------------------------------------------ Broadcom Corp., Cl. A 1 541,600 16,204,672 - ------------------------------------------------------------------------------------------------ Fairchild Semiconductor International, Inc., Cl. A 1 111,800 1,713,894 - ------------------------------------------------------------------------------------------------ Intel Corp. 1,508,100 35,033,163 - ------------------------------------------------------------------------------------------------ Texas Instruments, Inc. 601,500 15,332,235 ---------------- 80,339,832 - ------------------------------------------------------------------------------------------------ SOFTWARE--7.4% Adobe Systems, Inc. 288,500 19,378,545 - ------------------------------------------------------------------------------------------------ Autodesk, Inc. 212,500 6,324,000 - ------------------------------------------------------------------------------------------------ Cadence Design Systems, Inc. 1 473,500 7,078,825 - ------------------------------------------------------------------------------------------------ Citrix Systems, Inc. 1 393,500 9,373,170 - ------------------------------------------------------------------------------------------------ Mercury Interactive Corp. 1 246,200 11,664,956 - ------------------------------------------------------------------------------------------------ Microsoft Corp. 2,855,400 69,015,018 - ------------------------------------------------------------------------------------------------ SAP AG, Sponsored ADR 516,000 20,681,280 ---------------- 143,515,794 - ------------------------------------------------------------------------------------------------ MATERIALS--3.2% - ------------------------------------------------------------------------------------------------ CHEMICALS--3.2% Air Products & Chemicals, Inc. 258,600 16,366,794 - ------------------------------------------------------------------------------------------------ E.I. DuPont de Nemours & Co. 470,100 24,087,924 - ------------------------------------------------------------------------------------------------ Praxair, Inc. 455,600 21,805,016 ---------------- 62,259,734 - ------------------------------------------------------------------------------------------------ TELECOMMUNICATION SERVICES--0.6% - ------------------------------------------------------------------------------------------------ DIVERSIFIED TELECOMMUNICATION SERVICES--0.6% Sprint Corp. 493,800 11,233,950 ---------------- Total Common Stocks (Cost $1,772,787,294) 1,876,578,442 UNITS - ------------------------------------------------------------------------------------------------ RIGHTS, WARRANTS AND CERTIFICATES--0.0% - ------------------------------------------------------------------------------------------------ Lucent Technologies, Inc. Wts., Exp. 12/10/07 1 (Cost $0) 84,120 56,360
4 | OPPENHEIMER CAPITAL APPRECIATION FUND/VA Oppenheimer Capital Appreciation Fund/VA Statement of Investments March 31, 2005/Unaudited - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ------------------------------------------------------------------------------------------------ JOINT REPURCHASE AGREEMENTS--2.8% - ------------------------------------------------------------------------------------------------ Undivided interest of 6.52% 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 $54,686,177 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 $54,682,000) $ 54,682,000 $ 54,682,000 - ------------------------------------------------------------------------------------------------ TOTAL INVESTMENTS, AT VALUE (COST $1,827,469,294) 100.0% 1,931,316,802 - ------------------------------------------------------------------------------------------------ LIABILITIES IN EXCESS OF OTHER ASSETS (0.0) (294,410) --------------------------------- NET ASSETS 100.0% $ 1,931,022,392 =================================
FOOTNOTE TO STATEMENT OF INVESTMENTS 1. Non-income producing security. 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 $ 1,834,771,603 ================ Gross unrealized appreciation $ 236,987,350 Gross unrealized depreciation (140,442,151) ---------------- Net unrealized appreciation $ 96,545,199 ================ 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 5 | OPPENHEIMER CAPITAL APPRECIATION FUND/VA Oppenheimer Capital Appreciation Fund/VA Statement of Investments March 31, 2005/Unaudited - -------------------------------------------------------------------------------- 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. 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 no outstanding foreign currency contracts. 6 | OPPENHEIMER CAPITAL APPRECIATION 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 Capital Appreciation 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 EX-99.CERT 2 rq610_15554ex99cert.txt RQ610_15554EX99CERT.TXT Exhibit 99.CERT Section 302 Certifications CERTIFICATIONS I, JOHN V. MURPHY, certify that: 1. I have reviewed this report on Form N-Q of Oppenheimer Capital Appreciation Fund/VA; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the 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 Principal Executive Officer Date: May 13, 2005 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 Capital Appreciation Fund/VA; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the 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: May 13, 2005 -----END PRIVACY-ENHANCED MESSAGE-----