N-Q 1 rq642_15555nq.txt RQ642_15555NQ.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: MARCH 31, 2005 ITEM 1. SCHEDULE OF INVESTMENTS. Oppenheimer Value Fund/VA STATEMENT OF INVESTMENTS March 31, 2005/Unaudited --------------------------------------------------------------------------------
SHARES VALUE ------------------------------------------------------------------------------------------------------------- COMMON STOCKS--98.1% ------------------------------------------------------------------------------------------------------------- CONSUMER DISCRETIONARY--6.1% ------------------------------------------------------------------------------------------------------------- HOTELS, RESTAURANTS & LEISURE--0.9% McDonald's Corp. 860 $ 26,780 ------------------------------------------------------------------------------------------------------------- MEDIA--5.2% Liberty Media Corp., Cl. A 100 1,037 ------------------------------------------------------------------------------------------------------------- News Corp., Cl. A 1,600 27,072 ------------------------------------------------------------------------------------------------------------- News Corp., Cl. B 200 3,522 ------------------------------------------------------------------------------------------------------------- UnitedGlobalCom, Inc., Cl. A 1 12,010 113,615 ------------- 145,246 CONSUMER STAPLES--5.7% ------------------------------------------------------------------------------------------------------------- TOBACCO--5.7% Altria Group, Inc. 2,460 160,859 ENERGY--10.6% ------------------------------------------------------------------------------------------------------------- ENERGY EQUIPMENT & SERVICES--3.1% Halliburton Co. 2,040 88,230 ------------------------------------------------------------------------------------------------------------- OIL & GAS--7.5% BP plc, ADR 2,520 157,248 ------------------------------------------------------------------------------------------------------------- Petroleo Brasileiro SA, ADR 1,200 53,016 ------------- 210,264 FINANCIALS--24.6% ------------------------------------------------------------------------------------------------------------- COMMERCIAL BANKS--7.4% Bank of America Corp. 2,488 109,721 ------------------------------------------------------------------------------------------------------------- Wells Fargo & Co. 1,670 99,866 ------------- 209,587 ------------------------------------------------------------------------------------------------------------- DIVERSIFIED FINANCIAL SERVICES--8.6% Citigroup, Inc. 3,130 140,662 ------------------------------------------------------------------------------------------------------------- Franklin Resources, Inc. 390 26,774 ------------------------------------------------------------------------------------------------------------- Lehman Brothers Holdings, Inc. 800 75,328 ------------- 242,764 ------------------------------------------------------------------------------------------------------------- INSURANCE--6.0% Everest Re Group Ltd. 300 25,533 ------------------------------------------------------------------------------------------------------------- Genworth Financial, Inc., Cl. A 3,650 100,448 ------------------------------------------------------------------------------------------------------------- Platinum Underwriters Holdings Ltd. 1,400 41,580 ------------- 167,561 ------------------------------------------------------------------------------------------------------------- THRIFTS & MORTGAGE FINANCE--2.6% Countrywide Financial Corp. 1,000 32,460 ------------------------------------------------------------------------------------------------------------- Freddie Mac 660 41,712 ------------- 74,172 HEALTH CARE--2.6% ------------------------------------------------------------------------------------------------------------- BIOTECHNOLOGY--2.6% Wyeth 1,750 73,815 INDUSTRIALS--19.7% ------------------------------------------------------------------------------------------------------------- AEROSPACE & DEFENSE--9.5% Empresa Brasileira de Aeronautica SA, ADR 770 24,101 ------------------------------------------------------------------------------------------------------------- Honeywell International, Inc. 4,000 148,840 ------------------------------------------------------------------------------------------------------------- Raytheon Co. 2,410 93,267 ------------- 266,208
1 | OPPENHEIMER VALUE FUND/VA Oppenheimer Value Fund/VA STATEMENT OF INVESTMENTS March 31, 2005/Unaudited --------------------------------------------------------------------------------
SHARES VALUE ------------------------------------------------------------------------------------------------------------- COMMERCIAL SERVICES & SUPPLIES--4.9% Cendant Corp. 6,690 $ 137,413 ------------------------------------------------------------------------------------------------------------- INDUSTRIAL CONGLOMERATES--5.3% General Electric Co. 2,680 96,641 ------------------------------------------------------------------------------------------------------------- Tyco International Ltd. 1,580 53,404 ------------- 150,045 INFORMATION TECHNOLOGY--13.3% ------------------------------------------------------------------------------------------------------------- COMPUTERS & PERIPHERALS--3.1% International Business Machines Corp. 950 86,811 ------------------------------------------------------------------------------------------------------------- SOFTWARE--10.2% Compuware Corp. 1 4,100 29,520 ------------------------------------------------------------------------------------------------------------- Microsoft Corp. 3,500 84,595 ------------------------------------------------------------------------------------------------------------- Novell, Inc. 1 11,300 67,348 ------------------------------------------------------------------------------------------------------------- Synopsys, Inc. 1 2,800 50,680 ------------------------------------------------------------------------------------------------------------- Take-Two Interactive Software, Inc. 1 1,460 57,086 ------------- 289,229 MATERIALS--4.4% ------------------------------------------------------------------------------------------------------------- CHEMICALS--2.4% Praxair, Inc. 1,390 66,525 ------------------------------------------------------------------------------------------------------------- METALS & MINING--2.0% Alcan, Inc. 1,500 56,880 TELECOMMUNICATION SERVICES--3.9% ------------------------------------------------------------------------------------------------------------- DIVERSIFIED TELECOMMUNICATION SERVICES--3.9% IDT Corp., Cl. B 1 3,680 54,427 ------------------------------------------------------------------------------------------------------------- Verizon Communications, Inc. 1,580 56,090 ------------- 110,517 UTILITIES--7.2% ------------------------------------------------------------------------------------------------------------- ELECTRIC UTILITIES--6.1% AES Corp. (The) 1 5,750 94,185 ------------------------------------------------------------------------------------------------------------- CMS Energy Corp. 1 1,800 23,472 ------------------------------------------------------------------------------------------------------------- PG&E Corp. 1 780 26,598 ------------------------------------------------------------------------------------------------------------- Reliant Energy, Inc. 1 2,500 28,450 ------------- 172,705 ------------------------------------------------------------------------------------------------------------- GAS UTILITIES--1.1% Sempra Energy 760 30,278 ------------- Total Common Stocks (Cost $2,294,280) 2,765,889 PRINCIPAL AMOUNT ------------------------------------------------------------------------------------------------------------- JOINT REPURCHASE AGREEMENTS--4.7% ------------------------------------------------------------------------------------------------------------- Undivided interest of 0.02% 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 $131,010 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 $131,000) $ 131,000 131,000
2 | OPPENHEIMER VALUE FUND/VA Oppenheimer Value Fund/VA STATEMENT OF INVESTMENTS March 31, 2005/Unaudited --------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------- VALUE ------------------------------------------------------------------------------------------------------------- TOTAL INVESTMENTS, AT VALUE (COST $2,425,280) 102.8% $ 2,896,889 ------------------------------------------------------------------------------------------------------------- LIABILITIES IN EXCESS OF OTHER ASSETS (2.8) (78,451) ----------------------------- NET ASSETS 100.0% $ 2,818,438 =============================
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 $ 2,425,280 =========== Gross unrealized appreciation $ 501,164 Gross unrealized depreciation (29,555) ----------- Net unrealized appreciation $ 471,609 =========== 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 3 | OPPENHEIMER VALUE FUND/VA Oppenheimer Value Fund/VA STATEMENT OF INVESTMENTS March 31, 2005/Unaudited -------------------------------------------------------------------------------- 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. 4 | OPPENHEIMER VALUE 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 Value 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