N-Q 1 rq650_15561nq.txt RQ650_15561NQ.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 MAIN STREET 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 Main Street Fund/VA STATEMENT OF INVESTMENTS March 31, 2005/Unaudited --------------------------------------------------------------------------------
SHARES VALUE ------------------------------------------------------------------------------------------------------------------------- COMMON STOCKS--98.8% ------------------------------------------------------------------------------------------------------------------------- CONSUMER DISCRETIONARY--10.4% ------------------------------------------------------------------------------------------------------------------------- AUTO COMPONENTS--0.1% Autoliv, Inc. 22,100 $ 1,053,065 ------------------------------------------------------------------------------------------------------------------------- Borg-Warner Automotive, Inc. 2,000 97,360 ------------------------------------------------------------------------------------------------------------------------- Dana Corp. 5,400 69,066 ------------------------------------------------------------------------------------------------------------------------- Goodyear Tire & Rubber Co. 1 42,000 560,700 ------------------ 1,780,191 ------------------------------------------------------------------------------------------------------------------------- AUTOMOBILES--0.4% Ford Motor Co. 335,715 3,803,651 ------------------------------------------------------------------------------------------------------------------------- General Motors Corp. 9,600 282,144 ------------------------------------------------------------------------------------------------------------------------- Harley-Davidson, Inc. 34,000 1,963,840 ------------------------------------------------------------------------------------------------------------------------- Winnebago Industries, Inc. 8,700 274,920 ------------------ 6,324,555 ------------------------------------------------------------------------------------------------------------------------- DISTRIBUTORS--0.0% Genuine Parts Co. 11,700 508,833 ------------------------------------------------------------------------------------------------------------------------- HOTELS, RESTAURANTS & LEISURE--1.6% Caesars Entertainment, Inc. 1 45,900 908,361 ------------------------------------------------------------------------------------------------------------------------- Carnival Corp. 14,800 766,788 ------------------------------------------------------------------------------------------------------------------------- CBRL Group, Inc. 9,200 379,960 ------------------------------------------------------------------------------------------------------------------------- CEC Entertainment, Inc. 1 18,700 684,420 ------------------------------------------------------------------------------------------------------------------------- Choice Hotels International, Inc. 3,600 223,020 ------------------------------------------------------------------------------------------------------------------------- Darden Restaurants, Inc. 20,400 625,872 ------------------------------------------------------------------------------------------------------------------------- Hilton Hotels Corp. 2,000 44,700 ------------------------------------------------------------------------------------------------------------------------- International Game Technology 10,200 271,932 ------------------------------------------------------------------------------------------------------------------------- Isle of Capri Casinos, Inc. 1 1,500 39,810 ------------------------------------------------------------------------------------------------------------------------- Jack in the Box, Inc. 1 2,800 103,880 ------------------------------------------------------------------------------------------------------------------------- Mandalay Resort Group 19,600 1,381,604 ------------------------------------------------------------------------------------------------------------------------- Marriott International, Inc., Cl. A 45,600 3,048,816 ------------------------------------------------------------------------------------------------------------------------- McDonald's Corp. 224,350 6,986,259 ------------------------------------------------------------------------------------------------------------------------- MGM Mirage, Inc. 1 37,800 2,676,996 ------------------------------------------------------------------------------------------------------------------------- Penn National Gaming, Inc. 1 5,100 149,838 ------------------------------------------------------------------------------------------------------------------------- Royal Caribbean Cruises Ltd. 3,400 151,946 ------------------------------------------------------------------------------------------------------------------------- Starbucks Corp. 1 40,400 2,087,064 ------------------------------------------------------------------------------------------------------------------------- Starwood Hotels & Resorts Worldwide, Inc. 23,000 1,380,690 ------------------------------------------------------------------------------------------------------------------------- Yum! Brands, Inc. 63,900 3,310,659 ------------------ 25,222,615 ------------------------------------------------------------------------------------------------------------------------- HOUSEHOLD DURABLES--0.5% American Greetings Corp., Cl. A 11,000 280,280 ------------------------------------------------------------------------------------------------------------------------- Beazer Homes USA, Inc. 9,300 463,698 ------------------------------------------------------------------------------------------------------------------------- Cavco Industries, Inc. 1 1,330 32,161 ------------------------------------------------------------------------------------------------------------------------- Centex Corp. 3,000 171,810 ------------------------------------------------------------------------------------------------------------------------- D.R. Horton, Inc. 72,800 2,128,672 ------------------------------------------------------------------------------------------------------------------------- Ethan Allen Interiors, Inc. 2,800 89,600 ------------------------------------------------------------------------------------------------------------------------- Furniture Brands International, Inc. 6,600 143,946 ------------------------------------------------------------------------------------------------------------------------- KB Home 11,600 1,362,536 ------------------------------------------------------------------------------------------------------------------------- Lennar Corp., Cl. A 8,900 504,452 ------------------------------------------------------------------------------------------------------------------------- MDC Holdings, Inc. 2,400 167,160 ------------------------------------------------------------------------------------------------------------------------- Newell Rubbermaid, Inc. 24,800 544,112 -------------------------------------------------------------------------------------------------------------------------
1 | OPPENHEIMER MAIN STREET FUND/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS March 31, 2005/Unaudited --------------------------------------------------------------------------------
SHARES VALUE ------------------------------------------------------------------------------------------------------------------------- HOUSEHOLD DURABLES CONTINUED NVR, Inc. 1 500 $ 392,500 ------------------------------------------------------------------------------------------------------------------------- Pulte Homes, Inc. 6,900 508,047 ------------------------------------------------------------------------------------------------------------------------- Ryland Group, Inc. (The) 8,400 520,968 ------------------------------------------------------------------------------------------------------------------------- Tempur-Pedic International, Inc. 1 2,800 52,248 ------------------------------------------------------------------------------------------------------------------------- Toll Brothers, Inc. 1 3,500 275,975 ------------------------------------------------------------------------------------------------------------------------- WCI Communities, Inc. 1 9,500 285,760 ------------------ 7,923,925 ------------------------------------------------------------------------------------------------------------------------- INTERNET & CATALOG RETAIL--0.2% eBay, Inc. 1 89,200 3,323,592 ------------------------------------------------------------------------------------------------------------------------- LEISURE EQUIPMENT & PRODUCTS--0.2% Action Performance Cos., Inc. 26,500 350,595 ------------------------------------------------------------------------------------------------------------------------- Eastman Kodak Co. 50,200 1,634,010 ------------------------------------------------------------------------------------------------------------------------- Marvel Enterprises, Inc. 1 25,800 516,000 ------------------------------------------------------------------------------------------------------------------------- Mattel, Inc. 23,400 499,590 ------------------------------------------------------------------------------------------------------------------------- Nautilus, Inc. 11,300 268,488 ------------------------------------------------------------------------------------------------------------------------- Polaris Industries, Inc. 4,900 344,127 ------------------------------------------------------------------------------------------------------------------------- SCP Pool Corp. 1,800 57,348 ------------------ 3,670,158 ------------------------------------------------------------------------------------------------------------------------- MEDIA--2.5% Catalina Marketing Corp. 5,500 142,450 ------------------------------------------------------------------------------------------------------------------------- Clear Channel Communications, Inc. 56,700 1,954,449 ------------------------------------------------------------------------------------------------------------------------- Comcast Corp., Cl. A 1 269,615 9,107,595 ------------------------------------------------------------------------------------------------------------------------- EchoStar Communications Corp., Cl. A 57,000 1,667,250 ------------------------------------------------------------------------------------------------------------------------- Gannett Co., Inc. 11,000 869,880 ------------------------------------------------------------------------------------------------------------------------- Knight-Ridder, Inc. 4,900 329,525 ------------------------------------------------------------------------------------------------------------------------- Liberty Media Corp., Cl. A 78,800 817,156 ------------------------------------------------------------------------------------------------------------------------- Liberty Media International, Inc., Cl. A 1 4,000 174,960 ------------------------------------------------------------------------------------------------------------------------- McGraw-Hill Cos., Inc. (The) 26,800 2,338,300 ------------------------------------------------------------------------------------------------------------------------- News Corp., Cl. A 75,100 1,270,692 ------------------------------------------------------------------------------------------------------------------------- Omnicom Group, Inc. 11,000 973,720 ------------------------------------------------------------------------------------------------------------------------- Time Warner, Inc. 1 566,100 9,935,055 ------------------------------------------------------------------------------------------------------------------------- Viacom, Inc., Cl. B 156,446 5,449,014 ------------------------------------------------------------------------------------------------------------------------- Walt Disney Co. (The) 165,600 4,757,688 ------------------ 39,787,734 ------------------------------------------------------------------------------------------------------------------------- MULTILINE RETAIL--1.2% Dillard's, Inc., Cl. A 32,900 885,010 ------------------------------------------------------------------------------------------------------------------------- Federated Department Stores, Inc. 57,900 3,684,756 ------------------------------------------------------------------------------------------------------------------------- J.C. Penney Co., Inc. (Holding Co.) 81,100 4,210,712 ------------------------------------------------------------------------------------------------------------------------- Nordstrom, Inc. 13,400 742,092 ------------------------------------------------------------------------------------------------------------------------- Sears Holdings Corp. 1 11,544 1,537,314 ------------------------------------------------------------------------------------------------------------------------- Target Corp. 140,900 7,047,818 ------------------ 18,107,702 ------------------------------------------------------------------------------------------------------------------------- SPECIALTY RETAIL--3.2% Abercrombie & Fitch Co., Cl. A 17,500 1,001,700 ------------------------------------------------------------------------------------------------------------------------- Advance Auto Parts, Inc. 1 4,700 237,115 ------------------------------------------------------------------------------------------------------------------------- Aeropostale, Inc. 1 14,700 481,425 ------------------------------------------------------------------------------------------------------------------------- American Eagle Outfitters, Inc. 41,800 1,235,190 -------------------------------------------------------------------------------------------------------------------------
2 | OPPENHEIMER MAIN STREET FUND/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS March 31, 2005/Unaudited --------------------------------------------------------------------------------
SHARES VALUE ------------------------------------------------------------------------------------------------------------------------- SPECIALTY RETAIL CONTINUED AutoNation, Inc. 1 20,500 $ 388,270 ------------------------------------------------------------------------------------------------------------------------- Barnes & Noble, Inc. 1 24,900 858,801 ------------------------------------------------------------------------------------------------------------------------- bebe stores, inc. 1,150 39,043 ------------------------------------------------------------------------------------------------------------------------- Bed Bath & Beyond, Inc. 1 41,500 1,516,410 ------------------------------------------------------------------------------------------------------------------------- Best Buy Co., Inc. 74,000 3,996,740 ------------------------------------------------------------------------------------------------------------------------- Blockbuster, Inc., Cl. A 11,400 100,662 ------------------------------------------------------------------------------------------------------------------------- Blockbuster, Inc., Cl. B 50,056 418,468 ------------------------------------------------------------------------------------------------------------------------- Borders Group, Inc. 35,200 937,024 ------------------------------------------------------------------------------------------------------------------------- Children's Place Retail Stores, Inc. 1 7,700 367,675 ------------------------------------------------------------------------------------------------------------------------- Circuit City Stores, Inc./Circuit City Group 63,500 1,019,175 ------------------------------------------------------------------------------------------------------------------------- Electronics Boutique Holdings Corp. 1 6,800 292,196 ------------------------------------------------------------------------------------------------------------------------- Finish Line, Inc. (The), Cl. A 2,700 62,505 ------------------------------------------------------------------------------------------------------------------------- Gap, Inc. (The) 151,900 3,317,496 ------------------------------------------------------------------------------------------------------------------------- Guitar Center, Inc. 1 3,300 180,939 ------------------------------------------------------------------------------------------------------------------------- Hollywood Entertainment Corp. 1 11,200 147,504 ------------------------------------------------------------------------------------------------------------------------- Home Depot, Inc. 386,500 14,779,760 ------------------------------------------------------------------------------------------------------------------------- Limited Brands, Inc. 97,500 2,369,250 ------------------------------------------------------------------------------------------------------------------------- Lowe's Cos., Inc. 81,500 4,652,835 ------------------------------------------------------------------------------------------------------------------------- Men's Wearhouse, Inc. (The) 1 12,200 514,962 ------------------------------------------------------------------------------------------------------------------------- Michaels Stores, Inc. 36,500 1,324,950 ------------------------------------------------------------------------------------------------------------------------- Office Depot, Inc. 1 68,100 1,510,458 ------------------------------------------------------------------------------------------------------------------------- Pacific Sunwear of California, Inc. 1 43,775 1,224,825 ------------------------------------------------------------------------------------------------------------------------- Petco Animal Supplies, Inc. 1 2,900 106,749 ------------------------------------------------------------------------------------------------------------------------- Rent-A-Center, Inc. 1 5,800 158,398 ------------------------------------------------------------------------------------------------------------------------- Sherwin-Williams Co. 11,400 501,486 ------------------------------------------------------------------------------------------------------------------------- Staples, Inc. 88,900 2,794,127 ------------------------------------------------------------------------------------------------------------------------- Talbots, Inc. (The) 1,800 57,564 ------------------------------------------------------------------------------------------------------------------------- TJX Cos., Inc. (The) 60,200 1,482,726 ------------------------------------------------------------------------------------------------------------------------- Too, Inc. 1 18,200 448,994 ------------------------------------------------------------------------------------------------------------------------- Toys R Us, Inc. 1 38,300 986,608 ------------------------------------------------------------------------------------------------------------------------- Zale Corp. 1 10,600 315,032 ------------------ 49,827,062 ------------------------------------------------------------------------------------------------------------------------- TEXTILES, APPAREL & LUXURY GOODS--0.5% Coach, Inc. 1 46,700 2,644,621 ------------------------------------------------------------------------------------------------------------------------- Nike, Inc., Cl. B 29,600 2,465,976 ------------------------------------------------------------------------------------------------------------------------- Timberland Co., Cl. A 1 16,700 1,184,531 ------------------------------------------------------------------------------------------------------------------------- VF Corp. 24,300 1,437,102 ------------------ 7,732,230 ------------------------------------------------------------------------------------------------------------------------- CONSUMER STAPLES--9.3% ------------------------------------------------------------------------------------------------------------------------- BEVERAGES--2.3% Anheuser-Busch Cos., Inc. 89,700 4,250,883 ------------------------------------------------------------------------------------------------------------------------- Coca-Cola Co. (The) 325,800 13,576,086 ------------------------------------------------------------------------------------------------------------------------- Molson Coors Brewing Co., Cl. B 300 23,151 ------------------------------------------------------------------------------------------------------------------------- Pepsi Bottling Group, Inc. (The) 37,800 1,052,730 ------------------------------------------------------------------------------------------------------------------------- PepsiAmericas, Inc. 3,500 79,310 -------------------------------------------------------------------------------------------------------------------------
3 | OPPENHEIMER MAIN STREET FUND/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS March 31, 2005/Unaudited --------------------------------------------------------------------------------
SHARES VALUE ------------------------------------------------------------------------------------------------------------------------- BEVERAGES CONTINUED PepsiCo, Inc. 324,750 $ 17,221,493 ------------------ 36,203,653 ------------------------------------------------------------------------------------------------------------------------- FOOD & STAPLES RETAILING--2.0% BJ's Wholesale Club, Inc. 1 15,100 469,006 ------------------------------------------------------------------------------------------------------------------------- Costco Wholesale Corp. 60,600 2,677,308 ------------------------------------------------------------------------------------------------------------------------- Kroger Co. (The) 1 31,800 509,754 ------------------------------------------------------------------------------------------------------------------------- Rite Aid Corp. 1 54,000 213,840 ------------------------------------------------------------------------------------------------------------------------- Safeway, Inc. 1 2,200 40,766 ------------------------------------------------------------------------------------------------------------------------- SUPERVALU, Inc. 24,000 800,400 ------------------------------------------------------------------------------------------------------------------------- Sysco Corp. 11,700 418,860 ------------------------------------------------------------------------------------------------------------------------- Wal-Mart Stores, Inc. 438,200 21,958,202 ------------------------------------------------------------------------------------------------------------------------- Walgreen Co. 89,900 3,993,358 ------------------ 31,081,494 ------------------------------------------------------------------------------------------------------------------------- FOOD PRODUCTS--0.8% Archer-Daniels-Midland Co. 117,500 2,888,150 ------------------------------------------------------------------------------------------------------------------------- Chiquita Brands International, Inc. 8,500 227,630 ------------------------------------------------------------------------------------------------------------------------- ConAgra Foods, Inc. 7,700 208,054 ------------------------------------------------------------------------------------------------------------------------- General Mills, Inc. 51,400 2,526,310 ------------------------------------------------------------------------------------------------------------------------- Heinz (H.J.) Co. 18,700 688,908 ------------------------------------------------------------------------------------------------------------------------- Hershey Foods Corp. 37,800 2,285,388 ------------------------------------------------------------------------------------------------------------------------- Hormel Foods Corp. 5,100 158,661 ------------------------------------------------------------------------------------------------------------------------- Kellogg Co. 4,400 190,388 ------------------------------------------------------------------------------------------------------------------------- Pilgrim's Pride Corp., Cl. B 16,800 600,096 ------------------------------------------------------------------------------------------------------------------------- Sara Lee Corp. 120,000 2,659,200 ------------------------------------------------------------------------------------------------------------------------- Smithfield Foods, Inc. 1 5,300 167,215 ------------------ 12,600,000 ------------------------------------------------------------------------------------------------------------------------- HOUSEHOLD PRODUCTS--1.7% Clorox Co. (The) 16,200 1,020,438 ------------------------------------------------------------------------------------------------------------------------- Colgate-Palmolive Co. 4,900 255,633 ------------------------------------------------------------------------------------------------------------------------- Energizer Holdings, Inc. 1 13,600 813,280 ------------------------------------------------------------------------------------------------------------------------- Kimberly-Clark Corp. 54,900 3,608,577 ------------------------------------------------------------------------------------------------------------------------- Nu Skin Asia Pacific, Inc., Cl. A 12,900 290,379 ------------------------------------------------------------------------------------------------------------------------- Procter & Gamble Co. (The) 379,000 20,087,000 ------------------------------------------------------------------------------------------------------------------------- Rayovac Corp. 1 16,200 673,920 ------------------ 26,749,227 ------------------------------------------------------------------------------------------------------------------------- PERSONAL PRODUCTS--0.8% Estee Lauder Cos., Inc. (The), Cl. A 500 22,490 ------------------------------------------------------------------------------------------------------------------------- Gillette Co. 239,400 12,084,912 ------------------ 12,107,402 ------------------------------------------------------------------------------------------------------------------------- TOBACCO--1.7% Altria Group, Inc. 353,100 23,089,209 ------------------------------------------------------------------------------------------------------------------------- Loews Corp./Carolina Group 4,400 145,640 ------------------------------------------------------------------------------------------------------------------------- Reynolds American, Inc. 35,900 2,893,181 ------------------------------------------------------------------------------------------------------------------------- UST, Inc. 11,000 568,700 ------------------ 26,696,730
4 | OPPENHEIMER MAIN STREET FUND/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS March 31, 2005/Unaudited --------------------------------------------------------------------------------
SHARES VALUE ------------------------------------------------------------------------------------------------------------------------- ENERGY--11.0% ------------------------------------------------------------------------------------------------------------------------- ENERGY EQUIPMENT & SERVICES--0.6% Baker Hughes, Inc. 53,000 $ 2,357,970 ------------------------------------------------------------------------------------------------------------------------- Cal Dive International, Inc. 1 16,200 733,860 ------------------------------------------------------------------------------------------------------------------------- Diamond Offshore Drilling, Inc. 18,700 933,130 ------------------------------------------------------------------------------------------------------------------------- Halliburton Co. 22,000 951,500 ------------------------------------------------------------------------------------------------------------------------- Helmerich & Payne, Inc. 3,900 154,791 ------------------------------------------------------------------------------------------------------------------------- Maverick Tube Corp. 1 15,900 516,909 ------------------------------------------------------------------------------------------------------------------------- Oil States International, Inc. 1 7,300 150,015 ------------------------------------------------------------------------------------------------------------------------- Precision Drilling Corp. 1 6,300 471,393 ------------------------------------------------------------------------------------------------------------------------- Pride International, Inc. 1 13,100 325,404 ------------------------------------------------------------------------------------------------------------------------- Transocean, Inc. 1 43,000 2,212,780 ------------------------------------------------------------------------------------------------------------------------- Universal Compression Holdings, Inc. 1 9,800 371,126 ------------------ 9,178,878 ------------------------------------------------------------------------------------------------------------------------- OIL & GAS--10.4% Amerada Hess Corp. 16,300 1,568,223 ------------------------------------------------------------------------------------------------------------------------- Anadarko Petroleum Corp. 49,900 3,797,390 ------------------------------------------------------------------------------------------------------------------------- Apache Corp. 57,900 3,545,217 ------------------------------------------------------------------------------------------------------------------------- Berry Petroleum Co., Cl. A 3,200 164,640 ------------------------------------------------------------------------------------------------------------------------- Burlington Resources, Inc. 68,400 3,424,788 ------------------------------------------------------------------------------------------------------------------------- Canadian Natural Resources Ltd. 49,900 2,820,309 ------------------------------------------------------------------------------------------------------------------------- Chesapeake Energy Corp. 51,900 1,138,686 ------------------------------------------------------------------------------------------------------------------------- ChevronTexaco Corp. 393,900 22,968,309 ------------------------------------------------------------------------------------------------------------------------- Cimarex Energy Co. 1 2,600 101,400 ------------------------------------------------------------------------------------------------------------------------- ConocoPhillips 109,221 11,778,393 ------------------------------------------------------------------------------------------------------------------------- Devon Energy Corp. 106,600 5,090,150 ------------------------------------------------------------------------------------------------------------------------- Energy Partners Ltd. 1 9,400 244,118 ------------------------------------------------------------------------------------------------------------------------- EOG Resources, Inc. 49,500 2,412,630 ------------------------------------------------------------------------------------------------------------------------- Exxon Mobil Corp. 1,192,216 71,056,074 ------------------------------------------------------------------------------------------------------------------------- Forest Oil Corp. 1 19,500 789,750 ------------------------------------------------------------------------------------------------------------------------- Frontier Oil Corp. 13,400 485,884 ------------------------------------------------------------------------------------------------------------------------- General Maritime Corp. 1 4,700 227,668 ------------------------------------------------------------------------------------------------------------------------- Holly Corp. 4,400 163,988 ------------------------------------------------------------------------------------------------------------------------- Houston Exploration Co. 1 4,800 273,360 ------------------------------------------------------------------------------------------------------------------------- Kerr-McGee Corp. 39,500 3,094,035 ------------------------------------------------------------------------------------------------------------------------- Kinder Morgan, Inc. 11,200 847,840 ------------------------------------------------------------------------------------------------------------------------- Marathon Oil Corp. 38,700 1,815,804 ------------------------------------------------------------------------------------------------------------------------- Murphy Oil Corp. 8,200 809,586 ------------------------------------------------------------------------------------------------------------------------- Newfield Exploration Co. 1 3,900 289,614 ------------------------------------------------------------------------------------------------------------------------- Noble Energy, Inc. 10,300 700,606 ------------------------------------------------------------------------------------------------------------------------- Occidental Petroleum Corp. 63,700 4,533,529 ------------------------------------------------------------------------------------------------------------------------- OMI Corp. 8,200 157,030 ------------------------------------------------------------------------------------------------------------------------- Paramount Resources Ltd. 1 155,200 3,976,559 ------------------------------------------------------------------------------------------------------------------------- Patina Oil & Gas Corp. 6,900 276,000 ------------------------------------------------------------------------------------------------------------------------- Petroleum Development Corp. 1 4,000 150,760 ------------------------------------------------------------------------------------------------------------------------- Plains Exploration & Production Co. 1 23,200 809,680 ------------------------------------------------------------------------------------------------------------------------- Premcor, Inc. 3,000 179,040 ------------------------------------------------------------------------------------------------------------------------- St. Mary Land & Exploration Co. 1,200 60,060 -------------------------------------------------------------------------------------------------------------------------
5 | OPPENHEIMER MAIN STREET FUND/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS March 31, 2005/Unaudited --------------------------------------------------------------------------------
SHARES VALUE ------------------------------------------------------------------------------------------------------------------------- OIL & GAS CONTINUED Sunoco, Inc. 15,600 $ 1,614,912 ------------------------------------------------------------------------------------------------------------------------- Talisman Energy, Inc. 89,200 3,052,491 ------------------------------------------------------------------------------------------------------------------------- Tesoro Corp. 1 26,500 981,030 ------------------------------------------------------------------------------------------------------------------------- Unocal Corp. 72,600 4,478,694 ------------------------------------------------------------------------------------------------------------------------- Valero Energy Corp. 29,600 2,168,792 ------------------------------------------------------------------------------------------------------------------------- Vintage Petroleum, Inc. 3,600 113,256 ------------------------------------------------------------------------------------------------------------------------- Whiting Petroleum Corp. 1 5,000 203,900 ------------------------------------------------------------------------------------------------------------------------- Williams Cos., Inc. (The) 104,700 1,969,407 ------------------------------------------------------------------------------------------------------------------------- XTO Energy, Inc. 3,867 126,981 ------------------ 164,460,583 ------------------------------------------------------------------------------------------------------------------------- FINANCIALS--20.7% ------------------------------------------------------------------------------------------------------------------------- CAPITAL MARKETS--0.3% Bank of New York Co., Inc. (The) 143,600 4,171,580 ------------------------------------------------------------------------------------------------------------------------- COMMERCIAL BANKS--7.6% Associated Banc-Corp. 3,400 106,182 ------------------------------------------------------------------------------------------------------------------------- Astoria Financial Corp. 20,350 514,855 ------------------------------------------------------------------------------------------------------------------------- Bank of America Corp. 730,702 32,223,958 ------------------------------------------------------------------------------------------------------------------------- BB&T Corp. 56,700 2,215,836 ------------------------------------------------------------------------------------------------------------------------- Comerica, Inc. 30,000 1,652,400 ------------------------------------------------------------------------------------------------------------------------- Compass Bancshares, Inc. 15,300 694,620 ------------------------------------------------------------------------------------------------------------------------- Fifth Third Bancorp 34,000 1,461,320 ------------------------------------------------------------------------------------------------------------------------- First BanCorp 800 33,800 ------------------------------------------------------------------------------------------------------------------------- Golden West Financial Corp. 33,600 2,032,800 ------------------------------------------------------------------------------------------------------------------------- Hibernia Corp., Cl. A 19,100 611,391 ------------------------------------------------------------------------------------------------------------------------- Huntington Bancshares, Inc. 7,600 181,640 ------------------------------------------------------------------------------------------------------------------------- Indymac Mortgage Holdings, Inc. 13,600 462,400 ------------------------------------------------------------------------------------------------------------------------- KeyCorp 109,500 3,553,275 ------------------------------------------------------------------------------------------------------------------------- M&T Bank Corp. 17,100 1,745,226 ------------------------------------------------------------------------------------------------------------------------- National City Corp. 93,300 3,125,550 ------------------------------------------------------------------------------------------------------------------------- North Fork Bancorporation, Inc. 71,500 1,983,410 ------------------------------------------------------------------------------------------------------------------------- PNC Financial Services Group, Inc. 47,700 2,455,596 ------------------------------------------------------------------------------------------------------------------------- R&G Financial Corp., Cl. B 1,400 43,638 ------------------------------------------------------------------------------------------------------------------------- Regions Financial Corp. 58,105 1,882,602 ------------------------------------------------------------------------------------------------------------------------- Silicon Valley Bancshares 1 3,600 158,616 ------------------------------------------------------------------------------------------------------------------------- Sterling Financial Corp. 1,100 39,270 ------------------------------------------------------------------------------------------------------------------------- SunTrust Banks, Inc. 56,900 4,100,783 ------------------------------------------------------------------------------------------------------------------------- Toronto-Dominion Bank (The) 8,087 334,397 ------------------------------------------------------------------------------------------------------------------------- U.S. Bancorp 484,870 13,973,953 ------------------------------------------------------------------------------------------------------------------------- UnionBanCal Corp. 34,300 2,100,875 ------------------------------------------------------------------------------------------------------------------------- Wachovia Corp. 364,600 18,561,786 ------------------------------------------------------------------------------------------------------------------------- Washington Mutual, Inc. 119,600 4,724,200 ------------------------------------------------------------------------------------------------------------------------- Wells Fargo & Co. 287,900 17,216,420 ------------------------------------------------------------------------------------------------------------------------- Zions Bancorp 8,600 593,572 ------------------ 118,784,371 ------------------------------------------------------------------------------------------------------------------------- DIVERSIFIED FINANCIAL SERVICES--7.8% Affiliated Managers Group, Inc. 1 12,350 766,071 ------------------------------------------------------------------------------------------------------------------------- American Capital Strategies Ltd. 15,400 483,714 ------------------------------------------------------------------------------------------------------------------------- American Express Co. 118,600 6,092,482 ------------------------------------------------------------------------------------------------------------------------- AmeriCredit Corp. 1 27,600 646,944 -------------------------------------------------------------------------------------------------------------------------
6 | OPPENHEIMER MAIN STREET FUND/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS March 31, 2005/Unaudited --------------------------------------------------------------------------------
SHARES VALUE ------------------------------------------------------------------------------------------------------------------------- DIVERSIFIED FINANCIAL SERVICES CONTINUED Bear Stearns Cos., Inc. (The) 36,100 $ 3,606,390 ------------------------------------------------------------------------------------------------------------------------- Capital One Financial Corp. 35,900 2,684,243 ------------------------------------------------------------------------------------------------------------------------- CIT Group, Inc. 25,200 957,600 ------------------------------------------------------------------------------------------------------------------------- Citigroup, Inc. 882,288 39,650,023 ------------------------------------------------------------------------------------------------------------------------- E*TRADE Financial Corp. 1 58,700 704,400 ------------------------------------------------------------------------------------------------------------------------- Franklin Resources, Inc. 35,200 2,416,480 ------------------------------------------------------------------------------------------------------------------------- GATX Corp. 4,700 155,993 ------------------------------------------------------------------------------------------------------------------------- Goldman Sachs Group, Inc. (The) 8,400 923,916 ------------------------------------------------------------------------------------------------------------------------- Investors Financial Services Corp. 1,700 83,147 ------------------------------------------------------------------------------------------------------------------------- JPMorgan Chase & Co. 563,944 19,512,462 ------------------------------------------------------------------------------------------------------------------------- Legg Mason, Inc. 11,050 863,447 ------------------------------------------------------------------------------------------------------------------------- Lehman Brothers Holdings, Inc. 58,900 5,546,024 ------------------------------------------------------------------------------------------------------------------------- MBNA Corp. 172,300 4,229,965 ------------------------------------------------------------------------------------------------------------------------- Merrill Lynch & Co., Inc. 226,100 12,797,260 ------------------------------------------------------------------------------------------------------------------------- Moody's Corp. 15,800 1,277,588 ------------------------------------------------------------------------------------------------------------------------- Morgan Stanley 214,500 12,280,125 ------------------------------------------------------------------------------------------------------------------------- Principal Financial Group, Inc. (The) 82,500 3,175,425 ------------------------------------------------------------------------------------------------------------------------- Schwab (Charles) Corp. 138,400 1,454,584 ------------------------------------------------------------------------------------------------------------------------- SLM Corp. 57,600 2,870,784 ------------------ 123,179,067 ------------------------------------------------------------------------------------------------------------------------- INSURANCE--3.7% ACE Ltd. 32,000 1,320,640 ------------------------------------------------------------------------------------------------------------------------- AFLAC, Inc. 34,100 1,270,566 ------------------------------------------------------------------------------------------------------------------------- Allstate Corp. 129,200 6,984,552 ------------------------------------------------------------------------------------------------------------------------- AMBAC Financial Group, Inc. 4,900 366,275 ------------------------------------------------------------------------------------------------------------------------- American Financial Group, Inc. 11,700 360,360 ------------------------------------------------------------------------------------------------------------------------- American International Group, Inc. 392,040 21,722,936 ------------------------------------------------------------------------------------------------------------------------- AmerUs Group Co. 10,100 477,225 ------------------------------------------------------------------------------------------------------------------------- Assurant, Inc. 400 13,480 ------------------------------------------------------------------------------------------------------------------------- Chubb Corp. 42,000 3,329,340 ------------------------------------------------------------------------------------------------------------------------- Cincinnati Financial Corp. 8,670 378,099 ------------------------------------------------------------------------------------------------------------------------- Fidelity National Financial, Inc. 27,559 907,793 ------------------------------------------------------------------------------------------------------------------------- First American Corp. (The) 17,300 569,862 ------------------------------------------------------------------------------------------------------------------------- Hartford Financial Services Group, Inc. (The) 60,600 4,154,736 ------------------------------------------------------------------------------------------------------------------------- LandAmerica Financial Group, Inc. 7,900 395,237 ------------------------------------------------------------------------------------------------------------------------- Lincoln National Corp. 21,300 961,482 ------------------------------------------------------------------------------------------------------------------------- Loews Corp. 45,000 3,309,300 ------------------------------------------------------------------------------------------------------------------------- Marsh & McLennan Cos., Inc. 28,200 857,844 ------------------------------------------------------------------------------------------------------------------------- MBIA, Inc. 6,300 329,364 ------------------------------------------------------------------------------------------------------------------------- MetLife, Inc. 85,200 3,331,320 ------------------------------------------------------------------------------------------------------------------------- Nationwide Financial Services, Inc., Cl. A 4,300 154,370 ------------------------------------------------------------------------------------------------------------------------- Old Republic International Corp. 13,800 321,402 ------------------------------------------------------------------------------------------------------------------------- Partnerre Holdings Ltd. 4,800 310,080 ------------------------------------------------------------------------------------------------------------------------- Progressive Corp. 23,000 2,110,480 ------------------------------------------------------------------------------------------------------------------------- Protective Life Corp. 4,700 184,710 ------------------------------------------------------------------------------------------------------------------------- Prudential Financial, Inc. 11,300 648,620 ------------------------------------------------------------------------------------------------------------------------- Reinsurance Group of America, Inc. 12,600 536,508 ------------------------------------------------------------------------------------------------------------------------- Safeco Corp. 23,100 1,125,201 ------------------------------------------------------------------------------------------------------------------------- St. Paul Travelers Cos., Inc. (The) 18,000 661,140 ------------------------------------------------------------------------------------------------------------------------- StanCorp Financial Group, Inc. 5,700 483,246 -------------------------------------------------------------------------------------------------------------------------
7 | OPPENHEIMER MAIN STREET FUND/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS March 31, 2005/Unaudited --------------------------------------------------------------------------------
SHARES VALUE ------------------------------------------------------------------------------------------------------------------------- INSURANCE CONTINUED UICI 4,400 $ 106,700 ------------------------------------------------------------------------------------------------------------------------- Universal American Financial Corp. 1 1,000 17,300 ------------------------------------------------------------------------------------------------------------------------- UnumProvident Corp. 16,500 280,830 ------------------ 57,980,998 ------------------------------------------------------------------------------------------------------------------------- THRIFTS & MORTGAGE FINANCE--1.3% Countrywide Financial Corp. 136,398 4,427,479 ------------------------------------------------------------------------------------------------------------------------- Fannie Mae 165,300 9,000,585 ------------------------------------------------------------------------------------------------------------------------- Freddie Mac 112,200 7,091,040 ------------------------------------------------------------------------------------------------------------------------- Fremont General Corp. 17,300 380,427 ------------------------------------------------------------------------------------------------------------------------- MGIC Investment Corp. 4,300 265,181 ------------------ 21,164,712 ------------------------------------------------------------------------------------------------------------------------- HEALTH CARE--12.6% ------------------------------------------------------------------------------------------------------------------------- BIOTECHNOLOGY--1.0% Amgen, Inc. 1 115,900 6,746,539 ------------------------------------------------------------------------------------------------------------------------- Applera Corp./Applied Biosystems Group 33,900 669,186 ------------------------------------------------------------------------------------------------------------------------- United Therapeutics Corp. 1 600 27,417 ------------------------------------------------------------------------------------------------------------------------- Wyeth 188,600 7,955,148 ------------------ 15,398,290 ------------------------------------------------------------------------------------------------------------------------- HEALTH CARE EQUIPMENT & SUPPLIES--1.1% Baxter International, Inc. 34,000 1,155,320 ------------------------------------------------------------------------------------------------------------------------- Becton, Dickinson & Co. 63,400 3,703,828 ------------------------------------------------------------------------------------------------------------------------- Boston Scientific Corp. 1 29,200 855,268 ------------------------------------------------------------------------------------------------------------------------- Dade Behring Holdings, Inc. 1 4,000 235,720 ------------------------------------------------------------------------------------------------------------------------- Guidant Corp. 17,500 1,293,250 ------------------------------------------------------------------------------------------------------------------------- Haemonetics Corp. 1 3,800 160,208 ------------------------------------------------------------------------------------------------------------------------- Medtronic, Inc. 162,400 8,274,280 ------------------------------------------------------------------------------------------------------------------------- PerkinElmer, Inc. 24,300 501,309 ------------------------------------------------------------------------------------------------------------------------- Thermo Electron Corp. 1 27,900 705,591 ------------------------------------------------------------------------------------------------------------------------- VISX, Inc. 1 9,800 229,712 ------------------ 17,114,486 ------------------------------------------------------------------------------------------------------------------------- HEALTH CARE PROVIDERS & SERVICES--3.1% Advisory Board Co. (The) 1 700 30,590 ------------------------------------------------------------------------------------------------------------------------- Aetna, Inc. 67,300 5,044,135 ------------------------------------------------------------------------------------------------------------------------- American Healthways, Inc. 1 5,800 191,516 ------------------------------------------------------------------------------------------------------------------------- AmerisourceBergen Corp. 4,100 234,889 ------------------------------------------------------------------------------------------------------------------------- Apria Healthcare Group, Inc. 1 10,000 321,000 ------------------------------------------------------------------------------------------------------------------------- Beverly Enterprises, Inc. 1 7,200 89,136 ------------------------------------------------------------------------------------------------------------------------- Caremark Rx, Inc. 1 20,200 803,556 ------------------------------------------------------------------------------------------------------------------------- Cerner Corp. 1 5,700 299,307 ------------------------------------------------------------------------------------------------------------------------- CIGNA Corp. 37,600 3,357,680 ------------------------------------------------------------------------------------------------------------------------- Coventry Health Care, Inc. 1 20,150 1,373,021 ------------------------------------------------------------------------------------------------------------------------- eResearch Technology, Inc. 1 7,400 87,172 ------------------------------------------------------------------------------------------------------------------------- Express Scripts, Inc. 1 4,200 366,198 ------------------------------------------------------------------------------------------------------------------------- HCA, Inc. 49,400 2,646,358 ------------------------------------------------------------------------------------------------------------------------- Humana, Inc. 1 36,400 1,162,616 -------------------------------------------------------------------------------------------------------------------------
8 | OPPENHEIMER MAIN STREET FUND/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS March 31, 2005/Unaudited --------------------------------------------------------------------------------
SHARES VALUE ------------------------------------------------------------------------------------------------------------------------- HEALTH CARE PROVIDERS & SERVICES CONTINUED Kindred Healthcare, Inc. 1 5,600 $ 196,560 ------------------------------------------------------------------------------------------------------------------------- LCA-Vision, Inc. 9,100 303,030 ------------------------------------------------------------------------------------------------------------------------- Lincare Holdings, Inc. 1 6,900 305,187 ------------------------------------------------------------------------------------------------------------------------- McKesson Corp. 55,700 2,102,675 ------------------------------------------------------------------------------------------------------------------------- Medco Health Solutions, Inc. 1 81,081 4,019,185 ------------------------------------------------------------------------------------------------------------------------- PacifiCare Health Systems, Inc. 1 1,200 68,304 ------------------------------------------------------------------------------------------------------------------------- Pediatrix Medical Group, Inc. 1 10,600 727,054 ------------------------------------------------------------------------------------------------------------------------- Quest Diagnostics, Inc. 24,800 2,607,224 ------------------------------------------------------------------------------------------------------------------------- Sierra Health Services, Inc. 1 11,400 727,776 ------------------------------------------------------------------------------------------------------------------------- Triad Hospitals, Inc. 1 4,800 240,480 ------------------------------------------------------------------------------------------------------------------------- UnitedHealth Group, Inc. 142,724 13,613,015 ------------------------------------------------------------------------------------------------------------------------- WellChoice, Inc. 1 11,200 597,072 ------------------------------------------------------------------------------------------------------------------------- WellPoint, Inc. 1 57,000 7,144,950 ------------------ 48,659,686 ------------------------------------------------------------------------------------------------------------------------- PHARMACEUTICALS--7.4% Abbott Laboratories 249,000 11,608,380 ------------------------------------------------------------------------------------------------------------------------- Allergan, Inc. 17,500 1,215,725 ------------------------------------------------------------------------------------------------------------------------- Alpharma, Inc., Cl. A 6,400 78,848 ------------------------------------------------------------------------------------------------------------------------- Andrx Corp. 1 4,000 90,680 ------------------------------------------------------------------------------------------------------------------------- Barr Pharmaceuticals, Inc. 1 21,100 1,030,313 ------------------------------------------------------------------------------------------------------------------------- Bristol-Myers Squibb Co. 175,500 4,468,230 ------------------------------------------------------------------------------------------------------------------------- Eli Lilly & Co. 51,700 2,693,570 ------------------------------------------------------------------------------------------------------------------------- Endo Pharmaceuticals Holdings, Inc. 1 18,800 423,940 ------------------------------------------------------------------------------------------------------------------------- Forest Laboratories, Inc. 1 41,300 1,526,035 ------------------------------------------------------------------------------------------------------------------------- Johnson & Johnson 555,806 37,327,931 ------------------------------------------------------------------------------------------------------------------------- Merck & Co., Inc. 532,400 17,233,788 ------------------------------------------------------------------------------------------------------------------------- Pfizer, Inc. 1,491,500 39,181,705 ------------------ 116,879,145 ------------------------------------------------------------------------------------------------------------------------- INDUSTRIALS--10.9% ------------------------------------------------------------------------------------------------------------------------- AEROSPACE & DEFENSE--2.3% Boeing Co. 107,500 6,284,450 ------------------------------------------------------------------------------------------------------------------------- Engineered Support Systems, Inc. 600 32,112 ------------------------------------------------------------------------------------------------------------------------- General Dynamics Corp. 14,400 1,541,520 ------------------------------------------------------------------------------------------------------------------------- Goodrich Corp. 8,000 306,320 ------------------------------------------------------------------------------------------------------------------------- Honeywell International, Inc. 48,100 1,789,801 ------------------------------------------------------------------------------------------------------------------------- L-3 Communications Holdings, Inc. 2,700 191,754 ------------------------------------------------------------------------------------------------------------------------- Lockheed Martin Corp. 78,700 4,805,422 ------------------------------------------------------------------------------------------------------------------------- Northrop Grumman Corp. 81,500 4,399,370 ------------------------------------------------------------------------------------------------------------------------- Precision Castparts Corp. 8,100 623,781 ------------------------------------------------------------------------------------------------------------------------- Raytheon Co. 60,000 2,322,000 ------------------------------------------------------------------------------------------------------------------------- Rockwell Collins, Inc. 13,400 637,706 ------------------------------------------------------------------------------------------------------------------------- United Defense Industries, Inc. 8,100 594,702 ------------------------------------------------------------------------------------------------------------------------- United Technologies Corp. 120,400 12,239,864 ------------------ 35,768,802 ------------------------------------------------------------------------------------------------------------------------- AIR FREIGHT & LOGISTICS--0.6% EGL, Inc. 1 10,700 243,960 ------------------------------------------------------------------------------------------------------------------------- FedEx Corp. 57,000 5,355,150 -------------------------------------------------------------------------------------------------------------------------
9 | OPPENHEIMER MAIN STREET FUND/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS March 31, 2005/Unaudited --------------------------------------------------------------------------------
SHARES VALUE ------------------------------------------------------------------------------------------------------------------------- AIR FREIGHT & LOGISTICS CONTINUED United Parcel Service, Inc., Cl. B 57,700 $ 4,197,098 ------------------ 9,796,208 ------------------------------------------------------------------------------------------------------------------------- AIRLINES--0.0% Alaska Air Group, Inc. 1 9,100 267,904 ------------------------------------------------------------------------------------------------------------------------- Continental Airlines, Inc., Cl. B 1 2,600 31,304 ------------------ 299,208 ------------------------------------------------------------------------------------------------------------------------- BUILDING PRODUCTS--0.3% American Standard Cos., Inc. 28,800 1,338,624 ------------------------------------------------------------------------------------------------------------------------- Masco Corp. 89,200 3,092,564 ------------------------------------------------------------------------------------------------------------------------- USG Corp. 1 20,400 676,464 ------------------ 5,107,652 ------------------------------------------------------------------------------------------------------------------------- COMMERCIAL SERVICES & SUPPLIES--0.3% Brink's Co. (The) 4,500 155,700 ------------------------------------------------------------------------------------------------------------------------- Cendant Corp. 2,900 59,566 ------------------------------------------------------------------------------------------------------------------------- Copart, Inc. 1 5,400 127,224 ------------------------------------------------------------------------------------------------------------------------- Corporate Executive Board Co. 1,600 102,320 ------------------------------------------------------------------------------------------------------------------------- Dun & Bradstreet Corp. 1 4,600 282,670 ------------------------------------------------------------------------------------------------------------------------- Equifax, Inc. 19,600 601,524 ------------------------------------------------------------------------------------------------------------------------- ITT Educational Services, Inc. 1 7,600 368,600 ------------------------------------------------------------------------------------------------------------------------- Korn-Ferry International 1 5,700 108,471 ------------------------------------------------------------------------------------------------------------------------- PHH Corp. 1 5,680 124,222 ------------------------------------------------------------------------------------------------------------------------- Pitney Bowes, Inc. 4,500 203,040 ------------------------------------------------------------------------------------------------------------------------- Republic Services, Inc. 15,900 532,332 ------------------------------------------------------------------------------------------------------------------------- Resources Connection, Inc. 1 300 6,279 ------------------------------------------------------------------------------------------------------------------------- Robert Half International, Inc. 19,000 512,240 ------------------------------------------------------------------------------------------------------------------------- Sotheby's Holdings, Inc., Cl. A 1 13,000 220,480 ------------------------------------------------------------------------------------------------------------------------- Waste Management, Inc. 45,000 1,298,250 ------------------ 4,702,918 ------------------------------------------------------------------------------------------------------------------------- CONSTRUCTION & ENGINEERING--0.0% Shaw Group, Inc. (The) 1 20,600 449,080 ------------------------------------------------------------------------------------------------------------------------- ELECTRICAL EQUIPMENT--0.5% Cooper Industries Ltd., Cl. A 6,300 450,576 ------------------------------------------------------------------------------------------------------------------------- Emerson Electric Co. 54,800 3,558,164 ------------------------------------------------------------------------------------------------------------------------- Molex, Inc., Cl. A 20,750 489,700 ------------------------------------------------------------------------------------------------------------------------- Rockwell Automation, Inc. 47,500 2,690,400 ------------------------------------------------------------------------------------------------------------------------- Thomas & Betts Corp. 1 8,000 258,400 ------------------ 7,447,240 ------------------------------------------------------------------------------------------------------------------------- INDUSTRIAL CONGLOMERATES--5.0% 3M Co. 182,700 15,655,563 ------------------------------------------------------------------------------------------------------------------------- General Electric Co. 1,655,900 59,711,754 ------------------------------------------------------------------------------------------------------------------------- Textron, Inc. 39,600 2,954,952 ------------------ 78,322,269 ------------------------------------------------------------------------------------------------------------------------- MACHINERY--1.1% Actuant Corp., Cl. A 1 4,100 184,172 ------------------------------------------------------------------------------------------------------------------------- Caterpillar, Inc. 54,300 4,965,192 ------------------------------------------------------------------------------------------------------------------------- Cummins, Inc. 11,400 801,990 -------------------------------------------------------------------------------------------------------------------------
10 | OPPENHEIMER MAIN STREET FUND/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS March 31, 2005/Unaudited --------------------------------------------------------------------------------
SHARES VALUE ------------------------------------------------------------------------------------------------------------------------- MACHINERY CONTINUED Deere & Co. 16,200 $ 1,087,506 ------------------------------------------------------------------------------------------------------------------------- Harsco Corp. 2,600 154,986 ------------------------------------------------------------------------------------------------------------------------- Illinois Tool Works, Inc. 26,100 2,336,733 ------------------------------------------------------------------------------------------------------------------------- Ingersoll-Rand Co., Cl. A 26,600 2,118,690 ------------------------------------------------------------------------------------------------------------------------- Joy Global, Inc. 5,700 199,842 ------------------------------------------------------------------------------------------------------------------------- Mueller Industries, Inc. 10,900 306,835 ------------------------------------------------------------------------------------------------------------------------- Navistar International Corp. 1 15,200 553,280 ------------------------------------------------------------------------------------------------------------------------- Paccar, Inc. 36,850 2,667,572 ------------------------------------------------------------------------------------------------------------------------- Pall Corp. 2,100 56,952 ------------------------------------------------------------------------------------------------------------------------- SPX Corp. 17,000 735,760 ------------------------------------------------------------------------------------------------------------------------- Terex Corp. 1 11,200 484,960 ------------------------------------------------------------------------------------------------------------------------- Toro Co. (The) 12,200 1,079,700 ------------------------------------------------------------------------------------------------------------------------- Wabash National Corp. 1 3,000 73,200 ------------------ 17,807,370 ------------------------------------------------------------------------------------------------------------------------- ROAD & RAIL--0.7% Arkansas Best Corp. 5,600 211,568 ------------------------------------------------------------------------------------------------------------------------- Burlington Northern Santa Fe Corp. 61,000 3,289,730 ------------------------------------------------------------------------------------------------------------------------- CNF Transportation, Inc. 13,200 617,628 ------------------------------------------------------------------------------------------------------------------------- CSX Corp. 21,000 874,650 ------------------------------------------------------------------------------------------------------------------------- Hunt (J.B.) Transport Services, Inc. 9,000 393,930 ------------------------------------------------------------------------------------------------------------------------- Norfolk Southern Corp. 98,600 3,653,130 ------------------------------------------------------------------------------------------------------------------------- Ryder Systems, Inc. 10,400 433,680 ------------------------------------------------------------------------------------------------------------------------- Swift Transportation Co., Inc. 1 23,400 518,076 ------------------------------------------------------------------------------------------------------------------------- Yellow Roadway Corp. 1 5,400 316,116 ------------------ 10,308,508 ------------------------------------------------------------------------------------------------------------------------- TRADING COMPANIES & DISTRIBUTORS--0.1% W.W. Grainger, Inc. 11,000 684,970 ------------------------------------------------------------------------------------------------------------------------- WESCO International, Inc. 1 2,400 67,200 ------------------ 752,170 ------------------------------------------------------------------------------------------------------------------------- INFORMATION TECHNOLOGY--14.3% ------------------------------------------------------------------------------------------------------------------------- COMMUNICATIONS EQUIPMENT--2.0% 3Com Corp. 1 74,600 265,576 ------------------------------------------------------------------------------------------------------------------------- ADTRAN, Inc. 17,900 315,756 ------------------------------------------------------------------------------------------------------------------------- Brocade Communications Systems, Inc. 1 68,700 406,704 ------------------------------------------------------------------------------------------------------------------------- Cisco Systems, Inc. 1 951,300 17,018,757 ------------------------------------------------------------------------------------------------------------------------- Comverse Technology, Inc. 1 6,000 151,320 ------------------------------------------------------------------------------------------------------------------------- Corning, Inc. 1 17,800 198,114 ------------------------------------------------------------------------------------------------------------------------- Motorola, Inc. 344,000 5,149,680 ------------------------------------------------------------------------------------------------------------------------- QUALCOMM, Inc. 233,900 8,572,435 ------------------ 32,078,342 ------------------------------------------------------------------------------------------------------------------------- COMPUTERS & PERIPHERALS--4.4% Apple Computer, Inc. 1 92,200 3,841,974 ------------------------------------------------------------------------------------------------------------------------- Dell, Inc. 1 531,700 20,427,914 ------------------------------------------------------------------------------------------------------------------------- EMC Corp. 1 287,300 3,539,536 ------------------------------------------------------------------------------------------------------------------------- Hewlett-Packard Co. 418,900 9,190,666 ------------------------------------------------------------------------------------------------------------------------- International Business Machines Corp. 296,900 27,130,722 -------------------------------------------------------------------------------------------------------------------------
11 | OPPENHEIMER MAIN STREET FUND/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS March 31, 2005/Unaudited --------------------------------------------------------------------------------
SHARES VALUE ------------------------------------------------------------------------------------------------------------------------- COMPUTERS & PERIPHERALS CONTINUED Maxtor Corp. 1 54,200 $ 288,344 ------------------------------------------------------------------------------------------------------------------------- NCR Corp. 1 40,100 1,352,974 ------------------------------------------------------------------------------------------------------------------------- PalmOne, Inc. 1 13,500 342,630 ------------------------------------------------------------------------------------------------------------------------- Storage Technology Corp. 1 30,600 942,480 ------------------------------------------------------------------------------------------------------------------------- Sun Microsystems, Inc. 1 75,500 305,020 ------------------------------------------------------------------------------------------------------------------------- Western Digital Corp. 1 72,100 919,275 ------------------ 68,281,535 ------------------------------------------------------------------------------------------------------------------------- ELECTRONIC EQUIPMENT & INSTRUMENTS--0.2% Agilent Technologies, Inc. 1 24,700 548,340 ------------------------------------------------------------------------------------------------------------------------- Amphenol Corp., Cl. A 1 31,600 1,170,464 ------------------------------------------------------------------------------------------------------------------------- Ingram Micro, Inc., Cl. A 1 43,600 726,812 ------------------------------------------------------------------------------------------------------------------------- Tech Data Corp. 1 10,600 392,836 ------------------ 2,838,452 ------------------------------------------------------------------------------------------------------------------------- INTERNET SOFTWARE & SERVICES--0.3% EarthLink, Inc. 1 71,100 639,900 ------------------------------------------------------------------------------------------------------------------------- Internet Security Systems, Inc. 1 22,700 415,410 ------------------------------------------------------------------------------------------------------------------------- j2 Global Communications, Inc. 1 6,900 236,739 ------------------------------------------------------------------------------------------------------------------------- United Online, Inc. 1 40,100 419,847 ------------------------------------------------------------------------------------------------------------------------- ValueClick, Inc. 1 23,200 246,152 ------------------------------------------------------------------------------------------------------------------------- VeriSign, Inc. 1 4,000 114,800 ------------------------------------------------------------------------------------------------------------------------- WebEx Communications, Inc. 1 3,400 73,406 ------------------------------------------------------------------------------------------------------------------------- Websense, Inc. 1 9,400 505,720 ------------------------------------------------------------------------------------------------------------------------- Yahoo!, Inc. 1 75,300 2,552,670 ------------------ 5,204,644 ------------------------------------------------------------------------------------------------------------------------- IT SERVICES--0.4% Acxiom Corp. 14,900 311,857 ------------------------------------------------------------------------------------------------------------------------- Automatic Data Processing, Inc. 35,700 1,604,715 ------------------------------------------------------------------------------------------------------------------------- CheckFree Corp. 1 12,200 497,272 ------------------------------------------------------------------------------------------------------------------------- Computer Sciences Corp. 1 8,800 403,480 ------------------------------------------------------------------------------------------------------------------------- Convergys Corp. 1 7,200 107,496 ------------------------------------------------------------------------------------------------------------------------- CSG Systems International, Inc. 1 1,300 21,177 ------------------------------------------------------------------------------------------------------------------------- Electronic Data Systems Corp. 61,300 1,267,071 ------------------------------------------------------------------------------------------------------------------------- First Data Corp. 41,700 1,639,227 ------------------------------------------------------------------------------------------------------------------------- Sabre Holdings Corp. 24,800 542,624 ------------------ 6,394,919 ------------------------------------------------------------------------------------------------------------------------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT--3.0% Analog Devices, Inc. 6,900 249,366 ------------------------------------------------------------------------------------------------------------------------- Applied Materials, Inc. 1 179,900 2,923,375 ------------------------------------------------------------------------------------------------------------------------- Atmel Corp. 1 165,600 488,520 ------------------------------------------------------------------------------------------------------------------------- ATMI, Inc. 1 7,600 190,304 ------------------------------------------------------------------------------------------------------------------------- Cypress Semiconductor Corp. 1 7,800 98,280 ------------------------------------------------------------------------------------------------------------------------- Freescale Semiconductor, Inc., Cl. A 1 43,700 740,715 ------------------------------------------------------------------------------------------------------------------------- Freescale Semiconductor, Inc., Cl. B 1 28,343 488,917 -------------------------------------------------------------------------------------------------------------------------
12 | OPPENHEIMER MAIN STREET FUND/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS March 31, 2005/Unaudited --------------------------------------------------------------------------------
SHARES VALUE ------------------------------------------------------------------------------------------------------------------------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT CONTINUED Integrated Device Technology, Inc. 1 33,000 $ 396,990 ------------------------------------------------------------------------------------------------------------------------- Intel Corp. 1,311,000 30,454,530 ------------------------------------------------------------------------------------------------------------------------- Intersil Corp., Cl. A 16,000 277,120 ------------------------------------------------------------------------------------------------------------------------- KLA-Tencor Corp. 1 27,800 1,279,078 ------------------------------------------------------------------------------------------------------------------------- Lam Research Corp. 1 3,000 86,580 ------------------------------------------------------------------------------------------------------------------------- Linear Technology Corp. 30,200 1,156,962 ------------------------------------------------------------------------------------------------------------------------- LSI Logic Corp. 1 50,400 281,736 ------------------------------------------------------------------------------------------------------------------------- Maxim Integrated Products, Inc. 5,800 237,046 ------------------------------------------------------------------------------------------------------------------------- Micrel, Inc. 1 15,100 139,222 ------------------------------------------------------------------------------------------------------------------------- National Semiconductor Corp. 7,200 148,392 ------------------------------------------------------------------------------------------------------------------------- OmniVision Technologies, Inc. 1 38,400 581,760 ------------------------------------------------------------------------------------------------------------------------- Texas Instruments, Inc. 244,700 6,237,403 ------------------------------------------------------------------------------------------------------------------------- Varian Semiconductor Equipment Associates, Inc. 1 11,100 421,911 ------------------ 46,878,207 ------------------------------------------------------------------------------------------------------------------------- SOFTWARE--4.0% Activision, Inc. 1 11,900 176,120 ------------------------------------------------------------------------------------------------------------------------- Adobe Systems, Inc. 29,300 1,968,081 ------------------------------------------------------------------------------------------------------------------------- Autodesk, Inc. 9,800 291,648 ------------------------------------------------------------------------------------------------------------------------- BEA Systems, Inc. 1 400 3,188 ------------------------------------------------------------------------------------------------------------------------- BMC Software, Inc. 1 15,600 234,000 ------------------------------------------------------------------------------------------------------------------------- Computer Associates International, Inc. 16,950 459,345 ------------------------------------------------------------------------------------------------------------------------- Electronic Arts, Inc. 1 15,700 812,946 ------------------------------------------------------------------------------------------------------------------------- Hyperion Solutions Corp. 1 9,300 410,223 ------------------------------------------------------------------------------------------------------------------------- McAfee, Inc. 1 24,100 543,696 ------------------------------------------------------------------------------------------------------------------------- MICROS Systems, Inc. 1 1,600 58,736 ------------------------------------------------------------------------------------------------------------------------- Microsoft Corp. 1,692,200 40,900,474 ------------------------------------------------------------------------------------------------------------------------- Oracle Corp. 1 1,030,200 12,856,896 ------------------------------------------------------------------------------------------------------------------------- Sybase, Inc. 1 48,800 900,848 ------------------------------------------------------------------------------------------------------------------------- Synopsys, Inc. 1 52,400 948,440 ------------------------------------------------------------------------------------------------------------------------- Take-Two Interactive Software, Inc. 1 18,500 723,350 ------------------------------------------------------------------------------------------------------------------------- Veritas Software Corp. 1 39,800 924,156 ------------------ 62,212,147 ------------------------------------------------------------------------------------------------------------------------- MATERIALS--3.7% ------------------------------------------------------------------------------------------------------------------------- CHEMICALS--2.4% Agrium, Inc. 17,200 313,900 ------------------------------------------------------------------------------------------------------------------------- Air Products & Chemicals, Inc. 10,500 664,545 ------------------------------------------------------------------------------------------------------------------------- Cabot Corp. 1,200 40,116 ------------------------------------------------------------------------------------------------------------------------- Dow Chemical Co. 193,100 9,626,035 ------------------------------------------------------------------------------------------------------------------------- E.I. DuPont de Nemours & Co. 265,700 13,614,468 ------------------------------------------------------------------------------------------------------------------------- Eastman Chemical Co. 23,300 1,374,700 ------------------------------------------------------------------------------------------------------------------------- FMC Corp. 1 5,700 304,665 ------------------------------------------------------------------------------------------------------------------------- Georgia Gulf Corp. 9,100 418,418 ------------------------------------------------------------------------------------------------------------------------- Monsanto Co. 69,900 4,508,550 ------------------------------------------------------------------------------------------------------------------------- Mosaic Co. (The) 1 12,200 208,132 ------------------------------------------------------------------------------------------------------------------------- NOVA Chemicals Corp. 2,900 124,555 -------------------------------------------------------------------------------------------------------------------------
13 | OPPENHEIMER MAIN STREET FUND/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS March 31, 2005/Unaudited --------------------------------------------------------------------------------
SHARES VALUE ------------------------------------------------------------------------------------------------------------------------- CHEMICALS CONTINUED OM Group, Inc. 1 9,600 $ 292,032 ------------------------------------------------------------------------------------------------------------------------- PPG Industries, Inc. 36,700 2,624,784 ------------------------------------------------------------------------------------------------------------------------- Praxair, Inc. 24,900 1,191,714 ------------------------------------------------------------------------------------------------------------------------- Rohm & Haas Co. 44,500 2,136,000 ------------------------------------------------------------------------------------------------------------------------- W.R. Grace & Co. 1 22,600 192,552 ------------------ 37,635,166 ------------------------------------------------------------------------------------------------------------------------- CONSTRUCTION MATERIALS--0.1% Eagle Materials, Inc. 2,200 178,068 ------------------------------------------------------------------------------------------------------------------------- Eagle Materials, Inc., Cl. B 7,543 594,388 ------------------------------------------------------------------------------------------------------------------------- Lafarge North America, Inc. 2,000 116,900 ------------------------------------------------------------------------------------------------------------------------- Martin Marietta Materials, Inc. 4,600 257,232 ------------------------------------------------------------------------------------------------------------------------- Texas Industries, Inc. 5,800 311,750 ------------------ 1,458,338 ------------------------------------------------------------------------------------------------------------------------- CONTAINERS & PACKAGING--0.2% Ball Corp. 13,600 564,128 ------------------------------------------------------------------------------------------------------------------------- Crown Holdings, Inc. 1 31,000 482,360 ------------------------------------------------------------------------------------------------------------------------- Owens-Illinois, Inc. 1 49,600 1,246,944 ------------------------------------------------------------------------------------------------------------------------- Pactiv Corp. 1 7,600 177,460 ------------------------------------------------------------------------------------------------------------------------- Temple-Inland, Inc. 7,300 529,615 ------------------ 3,000,507 ------------------------------------------------------------------------------------------------------------------------- METALS & MINING--0.7% Alcoa, Inc. 62,700 1,905,453 ------------------------------------------------------------------------------------------------------------------------- Carpenter Technology Corp. 11,500 683,215 ------------------------------------------------------------------------------------------------------------------------- Massey Energy Co. 8,400 336,336 ------------------------------------------------------------------------------------------------------------------------- Nucor Corp. 49,400 2,843,464 ------------------------------------------------------------------------------------------------------------------------- Oregon Steel Mills, Inc. 1 11,300 259,900 ------------------------------------------------------------------------------------------------------------------------- Phelps Dodge Corp. 33,100 3,367,263 ------------------------------------------------------------------------------------------------------------------------- Quanex Corp. 6,400 341,248 ------------------------------------------------------------------------------------------------------------------------- Reliance Steel & Aluminum Co. 6,000 240,060 ------------------------------------------------------------------------------------------------------------------------- Schnitzer Steel Industries, Inc. 7,400 249,602 ------------------------------------------------------------------------------------------------------------------------- Southern Peru Copper Corp. 13,400 743,164 ------------------------------------------------------------------------------------------------------------------------- United States Steel Corp. 9,900 503,415 ------------------------------------------------------------------------------------------------------------------------- Worthington Industries, Inc. 21,200 408,736 ------------------ 11,881,856 ------------------------------------------------------------------------------------------------------------------------- PAPER & FOREST PRODUCTS--0.3% Georgia-Pacific Corp. 32,500 1,153,425 ------------------------------------------------------------------------------------------------------------------------- International Paper Co. 23,300 857,207 ------------------------------------------------------------------------------------------------------------------------- Louisiana-Pacific Corp. 35,900 902,526 ------------------------------------------------------------------------------------------------------------------------- MeadWestvaco Corp. 29,400 935,508 ------------------------------------------------------------------------------------------------------------------------- Neenah Paper, Inc. 36 1,210 ------------------------------------------------------------------------------------------------------------------------- Potlatch Corp. 10,100 475,407 ------------------ 4,325,283 ------------------------------------------------------------------------------------------------------------------------- TELECOMMUNICATION SERVICES--3.7% ------------------------------------------------------------------------------------------------------------------------- DIVERSIFIED TELECOMMUNICATION SERVICES--3.0% Alltel Corp. 46,700 2,561,495 ------------------------------------------------------------------------------------------------------------------------- BellSouth Corp. 221,100 5,812,719 ------------------------------------------------------------------------------------------------------------------------- CenturyTel, Inc. 32,400 1,064,016 -------------------------------------------------------------------------------------------------------------------------
14 | OPPENHEIMER MAIN STREET FUND/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS March 31, 2005/Unaudited --------------------------------------------------------------------------------
SHARES VALUE ------------------------------------------------------------------------------------------------------------------------- DIVERSIFIED TELECOMMUNICATION SERVICES CONTINUED Citizens Communications Co. 16,300 $ 210,922 ------------------------------------------------------------------------------------------------------------------------- Crown Castle International Corp. 1 21,700 348,502 ------------------------------------------------------------------------------------------------------------------------- SBC Communications, Inc. 612,400 14,507,756 ------------------------------------------------------------------------------------------------------------------------- Sprint Corp. 47,900 1,089,725 ------------------------------------------------------------------------------------------------------------------------- Verizon Communications, Inc. 594,256 21,096,088 ------------------ 46,691,223 ------------------------------------------------------------------------------------------------------------------------- WIRELESS TELECOMMUNICATION SERVICES--0.7% AT&T Corp. 112,200 2,103,750 ------------------------------------------------------------------------------------------------------------------------- Nextel Communications, Inc., Cl. A 1 294,900 8,381,058 ------------------------------------------------------------------------------------------------------------------------- SpectraSite, Inc. 1 2,400 139,128 ------------------------------------------------------------------------------------------------------------------------- Telephone & Data Systems, Inc. 7,500 612,000 ------------------ 11,235,936 ------------------------------------------------------------------------------------------------------------------------- UTILITIES--2.2% ------------------------------------------------------------------------------------------------------------------------- ELECTRIC UTILITIES--2.1% Ameren Corp. 19,900 975,299 ------------------------------------------------------------------------------------------------------------------------- American Electric Power Co., Inc. 59,300 2,019,758 ------------------------------------------------------------------------------------------------------------------------- CMS Energy Corp. 1 25,800 336,432 ------------------------------------------------------------------------------------------------------------------------- Constellation Energy Group, Inc. 10,600 548,020 ------------------------------------------------------------------------------------------------------------------------- Dominion Resources, Inc. 18,800 1,399,284 ------------------------------------------------------------------------------------------------------------------------- Duke Energy Corp. 153,400 4,296,734 ------------------------------------------------------------------------------------------------------------------------- Edison International, Inc. 78,100 2,711,632 ------------------------------------------------------------------------------------------------------------------------- Entergy Corp. 29,900 2,112,734 ------------------------------------------------------------------------------------------------------------------------- Exelon Corp. 85,500 3,923,595 ------------------------------------------------------------------------------------------------------------------------- FirstEnergy Corp. 13,600 570,520 ------------------------------------------------------------------------------------------------------------------------- FPL Group, Inc. 57,600 2,312,640 ------------------------------------------------------------------------------------------------------------------------- NRG Energy, Inc. 1 2,400 81,960 ------------------------------------------------------------------------------------------------------------------------- NSTAR, Inc. 700 38,010 ------------------------------------------------------------------------------------------------------------------------- PG&E Corp. 1 90,500 3,086,050 ------------------------------------------------------------------------------------------------------------------------- PPL Corp. 14,600 788,254 ------------------------------------------------------------------------------------------------------------------------- Progress Energy, Inc. 1,2 32,000 4,160 ------------------------------------------------------------------------------------------------------------------------- Progress Energy, Inc. 7,000 293,650 ------------------------------------------------------------------------------------------------------------------------- Public Service Enterprise Group, Inc. 38,500 2,094,015 ------------------------------------------------------------------------------------------------------------------------- Southern Co. 50,200 1,597,866 ------------------------------------------------------------------------------------------------------------------------- TXU Corp. 48,600 3,870,018 ------------------ 33,060,631 ------------------------------------------------------------------------------------------------------------------------- GAS UTILITIES--0.1% Atmos Energy Corp. 16,300 440,100 ------------------------------------------------------------------------------------------------------------------------- Sempra Energy 12,900 513,936 ------------------ 954,036 ------------------------------------------------------------------------------------------------------------------------- MULTI-UTILITIES & UNREGULATED POWER--0.0% Dynegy, Inc. 1 27,100 105,961 ------------------ Total Common Stocks (Cost $1,372,471,621) 1,551,617,507 ------------------------------------------------------------------------------------------------------------------------- PREFERRED STOCKS--0.0% ------------------------------------------------------------------------------------------------------------------------- Wachovia Corp., Dividend Equalization Preferred Shares 1,2 (Cost $0) 6,000 7
15 | OPPENHEIMER MAIN STREET FUND/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS March 31, 2005/Unaudited --------------------------------------------------------------------------------
UNITS VALUE ------------------------------------------------------------------------------------------------------------------------- RIGHTS, WARRANTS AND CERTIFICATES--0.0% ------------------------------------------------------------------------------------------------------------------------- Dime Bancorp, Inc. Wts., Exp. 1/2/10 1 31,900 $ 3,828 ------------------------------------------------------------------------------------------------------------------------- Lucent Technologies, Inc. Wts., Exp. 12/10/07 1 4,837 3,241 ------------------ Total Rights, Warrants and Certificates (Cost $0) 7,069 PRINCIPAL AMOUNT ------------------------------------------------------------------------------------------------------------------------- JOINT REPURCHASE AGREEMENTS--1.0% ------------------------------------------------------------------------------------------------------------------------- Undivided interest of 1.91% 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 $16,037,225 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 $16,036,000) $ 16,036,000 16,036,000 ------------------------------------------------------------------------------------------------------------------------- Total Investments, at Value (Excluding Investments Purchased with Cash Collateral from Securities Loaned) (Cost $1,388,507,621) 1,567,660,583 ------------------------------------------------------------------------------------------------------------------------- INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITIES LOANED--4.1% ------------------------------------------------------------------------------------------------------------------------- ASSET BACKED FLOATING NOTE--0.1% Money Market Trust Securities, Series A, 2.885%, 4/15/05 3 1,000,000 1,000,000 ------------------------------------------------------------------------------------------------------------------------- FUNDING AGREEMENT/GIC--0.1% Allstate Life Insurance Co., 2.88%, 4/1/05 3 1,000,000 1,000,000 ------------------------------------------------------------------------------------------------------------------------- JOINT REPURCHASE AGREEMENTS--3.7% Undivided interest of 4.67% in joint repurchase agreement (Principal Amount/Value $750,000,000, with a maturity of $750,060,833) with WAMU Capital Corp., 2.92%, dated 3/31/05, to be repurchased at $35,00,839 on 4/1/05, collateralized by U.S. Government Agencies, 0.00%-5.618%, 11/1/19-4/1/35, with a value of $765,000,000 3 35,000,000 35,000,000 ------------------------------------------------------------------------------------------------------------------------- Undivided interest of 4.67% in joint repurchase agreement (Principal Amount/Value $500,000,000, with a maturity value of $500,040,972) with Merrill Lynch Securities/MLPFS, 2.95%, dated 3/31/05, to be repurchased at $23,333,491 on 4/1/05, collateralized by AA Asset-Backed Securities, 0.00%-7.76%, 6/15/09-1/25/45, with a value of $525,002,014 3 23,331,579 23,331,579 ------------------ 58,331,579 ------------------------------------------------------------------------------------------------------------------------- MASTER FLOATING NOTES--0.2% Bear Stearns, 3.055%, 4/1/05 3 3,500,000 3,500,000 ------------------ Total Investments Purchased with Cash Collateral from Securities Loaned (Cost $63,831,579) 63,831,579 ------------------------------------------------------------------------------------------------------------------------- TOTAL INVESTMENTS, AT VALUE (COST $1,452,339,200) 103.9% 1,631,492,162 ------------------------------------------------------------------------------------------------------------------------- LIABILITIES IN EXCESS OF OTHER ASSETS (3.9) (61,673,155) ------------------------------------- NET ASSETS 100.0% $ 1,569,819,007 =====================================
FOOTNOTES TO STATEMENT OF INVESTMENTS 1. Non-income producing security. 2. Illiquid security. The aggregate value of illiquid securities as of March 31, 2005 was $4,167, which represents less than 0.005% of the Fund's net assets. See accompanying Notes to Quarterly Statement of Investments. 3. The security has been segregated to satisfy the forward commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned. See accompanying Notes to Quarterly Statement of Investments. 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. 16 | OPPENHEIMER MAIN STREET FUND/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS March 31, 2005/Unaudited -------------------------------------------------------------------------------- Federal tax cost of securities $ 1,468,931,866 =============== Gross unrealized appreciation $ 196,619,900 Gross unrealized depreciation (34,059,604) --------------- Net unrealized appreciation $ 162,560,296 =============== 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. 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. 17 | OPPENHEIMER MAIN STREET FUND/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS March 31, 2005/Unaudited -------------------------------------------------------------------------------- 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. FUTURES CONTRACTS. A futures contract is a commitment to buy or sell a specific amount of a commodity or financial instrument at a negotiated price on a stipulated future date. Futures contracts are traded on a commodity exchange. The Fund may buy and sell futures contracts that relate to broadly based securities indices (financial futures) or debt securities (interest rate futures) in order to gain exposure to or protection from changes in market value of stocks and bonds or interest rates. The Fund may also buy or write put or call options on these futures contracts. The Fund generally sells futures contracts as a hedge against increases in interest rates and decreases in market value of portfolio securities. The Fund may also purchase futures contracts to gain exposure to market changes as it may be more efficient or cost effective than actually buying securities. Upon entering into a futures contract, the Fund is required to deposit either cash or securities (initial margin) in an amount equal to a certain percentage of the contract value. Subsequent payments (variation margin) are made or received by the Fund each day. The variation margin payments are equal to the daily changes in the contract value and are recorded as unrealized gains and losses. The Fund recognizes a realized gain or loss when the contract is closed or has expired. Cash held by the broker to cover initial margin requirements on open futures contracts is noted in the Statement of Assets and Liabilities. Securities held in collateralized accounts to cover initial margin requirements on open futures contracts are noted in the Statement of Investments. The Statement of Assets and Liabilities reflects a receivable and/or payable for the daily mark to market for variation margin. Realized gains and losses are reported in the Statement of Operations as the closing and expiration of futures contracts. The net change in unrealized appreciation and depreciation is reported in the Statement of Operations. Risks of entering into futures contracts (and related options) include the possibility that there may be an illiquid market and that a change in the value of the contract or option may not correlate with changes in the value of the underlying securities. As of March 31, 2005, the Fund had no outstanding futures contracts. ILLIQUID SECURITIES. As of March 31, 2005, investments in securities included issues that are illiquid. A security may 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 securities. 18 | OPPENHEIMER MAIN STREET FUND/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS March 31, 2005/Unaudited -------------------------------------------------------------------------------- SECURITIES LENDING. The Fund lends portfolio securities from time to time in order to earn additional income. In return, the Fund receives collateral in the form of US Treasury obligations or cash, against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the funds and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund could experience delays and cost in recovering the securities loaned or in gaining access to the collateral. Cash collateral is invested in cash equivalents. The Fund retains a portion of the interest earned from the collateral. The Fund also continues to receive interest or dividends paid on the securities loaned. As of March 31, 2005, the Fund had on loan securities valued at $63,099,880. Collateral of $63,706,555 was received for the loans, of which $63,831,579 was received in cash and subsequently invested in approved instruments. 19 | OPPENHEIMER MAIN STREET 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 Main Street 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