-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, NHoH+lkQ0OByid1r37NQuXpF0x/DPSC4xjD794EF8pNNKiNUDSU+bW6D7AUEODw9 tzcNlAbzNPsUp5u0Chlcfw== 0000935069-05-001416.txt : 20050611 0000935069-05-001416.hdr.sgml : 20050611 20050527161316 ACCESSION NUMBER: 0000935069-05-001416 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20050331 FILED AS OF DATE: 20050527 DATE AS OF CHANGE: 20050527 EFFECTIVENESS DATE: 20050527 FILER: COMPANY DATA: COMPANY CONFORMED NAME: OPPENHEIMER VARIABLE ACCOUNT FUNDS CENTRAL INDEX KEY: 0000752737 IRS NUMBER: 840974272 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-04108 FILM NUMBER: 05864151 BUSINESS ADDRESS: STREET 1: 6803 SOUTH TUCSON WAY CITY: CENTENNIAL STATE: CO ZIP: 80112-3924 BUSINESS PHONE: 3036713200 MAIL ADDRESS: STREET 2: 6803 SOUTH TUCSON WAY CITY: CENTENNIAL STATE: CO ZIP: 80112-3924 FORMER COMPANY: FORMER CONFORMED NAME: OPPENHEIMER VARIABLE LIFE FUNDS DATE OF NAME CHANGE: 19860609 N-Q 1 rq640_15560nq.txt RQ640_15560NQ.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 HIGH INCOME 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 High Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2005/Unaudited - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ------------------------------------------------------------------------------------------------------------------------- ASSET-BACKED SECURITIES--0.4% - ------------------------------------------------------------------------------------------------------------------------- Consumer Credit Reference Index Securities Program, Credit Card Asset-Backed Certificates, Series 2002-B, Cl. FX, 10.421%, 3/22/07 1 $ 500,000 $ 516,455 - ------------------------------------------------------------------------------------------------------------------------- Norse CBO Ltd., 9.342% Sub. Bonds, Series 1A, Cl. C2, 8/13/10 1 1,500,000 1,560,000 ------------------ Total Asset-Backed Securities (Cost $1,997,606) 2,076,455 - ------------------------------------------------------------------------------------------------------------------------- MORTGAGE-BACKED OBLIGATIONS--0.0% - ------------------------------------------------------------------------------------------------------------------------- First Chicago/Lennar Trust 1, Commercial Mtg. Pass-Through Certificates, Series 1997-CHL1, Cl. D, 7.751%, 4/29/39 1,2 (Cost $282,885) 300,000 303,234 - ------------------------------------------------------------------------------------------------------------------------- CORPORATE BONDS AND NOTES--84.9% - ------------------------------------------------------------------------------------------------------------------------- CONSUMER DISCRETIONARY--24.8% - ------------------------------------------------------------------------------------------------------------------------- AUTO COMPONENTS--2.6% Accuride Corp., 8.50% Sr. Sub. Nts., 2/1/15 3 440,000 433,400 - ------------------------------------------------------------------------------------------------------------------------- ArvinMeritor, Inc., 8.75% Sr. Unsec. Unsub. Nts., 3/1/12 1,500,000 1,567,500 - ------------------------------------------------------------------------------------------------------------------------- Collins & Aikman Floorcoverings, Inc., 9.75% Sr. Sub. Nts., Series B, 2/15/10 800,000 856,000 - ------------------------------------------------------------------------------------------------------------------------- Collins & Aikman Products Co., 10.75% Sr. Nts., 12/31/11 500,000 413,750 - ------------------------------------------------------------------------------------------------------------------------- Cooper Standard Automotive Group: 7% Sr. Nts., 12/15/12 3 180,000 168,300 8.375% Sr. Sub. Nts., 12/15/14 3 1,010,000 825,675 - ------------------------------------------------------------------------------------------------------------------------- Dana Corp., 10.125% Nts., 3/15/10 500,000 524,987 - ------------------------------------------------------------------------------------------------------------------------- Dura Operating Corp.: 8.625% Sr. Nts., Series B, 4/15/12 1,100,000 1,020,250 9% Sr. Sub. Nts., Series B, 5/1/09 [EUR] 100,000 110,185 9% Sr. Unsec. Sub. Nts., Series D, 5/1/09 300,000 238,500 - ------------------------------------------------------------------------------------------------------------------------- Eagle-Picher, Inc., 9.75% Sr. Nts., 9/1/13 4,5 1,200,000 774,000 - ------------------------------------------------------------------------------------------------------------------------- Goodyear Tire & Rubber Co. (The), 7.857% Nts., 8/15/11 1,700,000 1,649,000 - ------------------------------------------------------------------------------------------------------------------------- Keystone Automotive Operations, Inc., 9.75% Sr. Unsec. Sub. Nts., 11/1/13 200,000 202,000 - ------------------------------------------------------------------------------------------------------------------------- Lear Corp., 8.11% Sr. Unsec. Nts., Series B, 5/15/09 1,100,000 1,191,451 - ------------------------------------------------------------------------------------------------------------------------- Metaldyne Corp.: 10% Sr. Nts., 11/1/13 3 500,000 457,500 11% Sr. Sub. Nts., 6/15/12 750,000 611,250 - ------------------------------------------------------------------------------------------------------------------------- Stoneridge, Inc., 11.50% Sr. Nts., 5/1/12 900,000 1,001,250 - ------------------------------------------------------------------------------------------------------------------------- Tenneco Automotive, Inc.: 8.625% Sr. Sub. Nts., 11/15/14 3 1,050,000 1,026,375 10.25% Sr. Sec. Nts., Series B, 7/15/13 900,000 1,008,000 - ------------------------------------------------------------------------------------------------------------------------- United Components, Inc., 9.375% Sr. Sub. Nts., 6/15/13 400,000 401,000 - ------------------------------------------------------------------------------------------------------------------------- Visteon Corp., 7% Sr. Unsec. Nts., 3/10/14 700,000 598,500 - ------------------------------------------------------------------------------------------------------------------------- 15,078,873 - ------------------------------------------------------------------------------------------------------------------------- AUTOMOBILES--0.4% General Motors Acceptance Corp., 5.125% Nts., 5/9/08 2,000,000 1,853,022 - ------------------------------------------------------------------------------------------------------------------------- Navistar International Corp., 6.25% Sr. Nts., 3/1/12 3 445,000 424,975 ------------------ 2,277,997 - ------------------------------------------------------------------------------------------------------------------------- HOTELS, RESTAURANTS & LEISURE--6.3% Apcoa, Inc., 9.25% Sr. Unsec. Sub. Nts., 3/15/08 940,000 925,900 - ------------------------------------------------------------------------------------------------------------------------- Aztar Corp., 9% Sr. Unsec. Sub. Nts., 8/15/11 450,000 488,250 - ------------------------------------------------------------------------------------------------------------------------- Boyd Gaming Corp., 8.75% Sr. Sub. Nts., 4/15/12 800,000 870,000 - ------------------------------------------------------------------------------------------------------------------------- Capital Gaming International, Inc., 11.50% Promissory Nts., 8/1/1995 1,4,5 9,500 -- - ------------------------------------------------------------------------------------------------------------------------- Carrols Corp., 9% Sr. Sub. Nts., 1/15/13 3 270,000 279,450 - ------------------------------------------------------------------------------------------------------------------------- Domino's, Inc., 8.25% Sr. Unsec. Sub. Nts., 7/1/11 875,000 918,750 - -------------------------------------------------------------------------------------------------------------------------
1 | OPPENHEIMER HIGH INCOME FUND/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2005/Unaudited - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ------------------------------------------------------------------------------------------------------------------------- HOTELS, RESTAURANTS & LEISURE CONTINUED Gaylord Entertainment Co., 8% Sr. Nts., 11/15/1 3 $ 500,000 $ 520,000 - ------------------------------------------------------------------------------------------------------------------------- Hilton Hotels Corp.: 7.625% Nts., 12/1/12 500,000 571,679 7.625% Nts., 5/15/08 400,000 432,450 - ------------------------------------------------------------------------------------------------------------------------- Intrawest Corp., 7.50% Sr. Unsec. Nts., 10/15/1 3 917,000 923,878 - ------------------------------------------------------------------------------------------------------------------------- Isle of Capri Casinos, In c.: 7% Sr. Unsec. Sub. Nts., 3/1/14 800,000 796,000 9% Sr. Sub. Nts., 3/15/12 600,000 655,500 - ------------------------------------------------------------------------------------------------------------------------- John Q. Hammons Hotels, Inc., 8.875% Sr. Nts., Series B, 5/15/12 900,000 969,750 - ------------------------------------------------------------------------------------------------------------------------- La Quinta Properties, Inc., 7% Sr. Sec. Nts., 8/15/12 500,000 508,750 - ------------------------------------------------------------------------------------------------------------------------- Mandalay Resort Group, 10.25% Sr. Unsec. Sub. Nts., Series B, 8/1/07 800,000 874,000 - ------------------------------------------------------------------------------------------------------------------------- MGM Mirage, Inc.: 5.875% Sr. Nts., 2/27/14 600,000 569,250 8.375% Sr. Unsec. Sub. Nts., 2/1/11 900,000 976,500 9.75% Sr. Unsec. Sub. Nts., 6/1/07 800,000 864,000 - ------------------------------------------------------------------------------------------------------------------------- Mohegan Tribal Gaming Authority: 6.125% Sr. Nts., 2/15/13 3 440,000 433,400 6.375% Sr. Sub. Nts., 7/15/09 800,000 798,000 6.875% Sr. Sub. Nts., 2/15/15 3 615,000 611,925 8% Sr. Sub. Nts., 4/1/12 1,000,000 1,065,000 - ------------------------------------------------------------------------------------------------------------------------- NCL Corp., 10.625% Sr. Nts., 7/15/14 3 600,000 623,250 - ------------------------------------------------------------------------------------------------------------------------- Park Place Entertainment Corp.: 7.875% Sr. Sub. Nts., 3/15/10 1,500,000 1,642,500 9.375% Sr. Unsec. Sub. Nts., 2/15/07 1,500,000 1,599,375 - ------------------------------------------------------------------------------------------------------------------------- Penn National Gaming, Inc.: 6.75% Sr. Sub. Nts., 3/1/15 3 445,000 440,550 6.875% Sr. Sub. Nts., 12/1/11 350,000 352,625 8.875% Sr. Sub. Nts., 3/15/10 600,000 639,000 - ------------------------------------------------------------------------------------------------------------------------- Pinnacle Entertainment, Inc., 8.25% Sr. Unsec. Sub. Nts., 3/15/12 1,350,000 1,356,750 - ------------------------------------------------------------------------------------------------------------------------- Royal Caribbean Cruises Ltd., 8.75% Sr. Unsub. Nts., 2/2/11 600,000 684,750 - ------------------------------------------------------------------------------------------------------------------------- Six Flags, Inc.: 8.875% Sr. Unsec. Nts., 2/1/10 800,000 756,000 9.625% Sr. Nts., 6/1/14 357,000 331,118 9.75% Sr. Nts., 4/15/13 1,450,000 1,359,375 - ------------------------------------------------------------------------------------------------------------------------- Starwood Hotels & Resorts Worldwide, Inc., 7.875% Sr. Nts., 5/1/12 1,500,000 1,646,250 - ------------------------------------------------------------------------------------------------------------------------- Station Casinos, Inc.: 6.50% Sr. Unsec. Sub. Nts., 2/1/14 2,800,000 2,793,000 9.875% Sr. Unsec. Sub. Nts., 7/1/10 600,000 632,250 - ------------------------------------------------------------------------------------------------------------------------- Sun International Hotels Ltd., 8.875% Sr. Unsec. Sub. Nts., 8/15/11 1,000,000 1,077,500 - ------------------------------------------------------------------------------------------------------------------------- Universal City Development Partners Ltd., 11.75% Sr. Nts., 4/1/10 1,000,000 1,145,000 - ------------------------------------------------------------------------------------------------------------------------- Vail Resorts, Inc., 6.75% Sr. Sub. Nts., 2/15/14 900,000 886,500 - ------------------------------------------------------------------------------------------------------------------------- Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 6.625% Nts., 12/1/14 3 3,400,000 3,247,000 ------------------ 36,265,225 - ------------------------------------------------------------------------------------------------------------------------- HOUSEHOLD DURABLES--2.1% Beazer Homes USA, Inc., 8.375% Sr. Nts., 4/15/12 500,000 532,500 - ------------------------------------------------------------------------------------------------------------------------- Blount, Inc., 8.875% Sr. Sub. Nts., 8/1/12 775,000 821,500 - ------------------------------------------------------------------------------------------------------------------------- D.R. Horton, Inc., 9.75% Sr. Sub. Nts., 9/15/10 300,000 349,669 - ------------------------------------------------------------------------------------------------------------------------- K. Hovnanian Enterprises, Inc.: 7.75% Sr. Unsec. Sub. Nts., 5/15/13 900,000 949,500 8.875% Sr. Sub. Nts., 4/1/12 800,000 860,000 - -------------------------------------------------------------------------------------------------------------------------
2 | OPPENHEIMER HIGH INCOME FUND/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2005/Unaudited - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ------------------------------------------------------------------------------------------------------------------------- HOUSEHOLD DURABLES CONTINUED KB Home: 8.625% Sr. Sub. Nts., 12/15/08 $ 150,000 $ 163,691 9.50% Sr. Unsec. Sub. Nts., 2/15/11 350,000 372,427 - ------------------------------------------------------------------------------------------------------------------------- Meritage Homes Corp., 6.25% Sr. Nts., 3/15/15 3 795,000 751,275 - ------------------------------------------------------------------------------------------------------------------------- Norcraft Cos. LP, 9% Sr. Sub. Nts., 11/1/11 300,000 312,000 - ------------------------------------------------------------------------------------------------------------------------- Sealy Mattress Co., 8.25% Sr. Sub. Nts., 6/15/14 1,400,000 1,466,500 - ------------------------------------------------------------------------------------------------------------------------- Standard Pacific Corp.: 7.75% Sr. Nts., 3/15/13 650,000 680,875 9.25% Sr. Sub. Nts., 4/15/12 700,000 794,500 - ------------------------------------------------------------------------------------------------------------------------- Toll Corp., 8.25% Sr. Sub. Nts., 12/1/11 500,000 538,750 - ------------------------------------------------------------------------------------------------------------------------- WCI Communities, Inc.: 9.125% Sr. Sub. Nts., 5/1/12 800,000 860,000 10.625% Sr. Unsec. Sub. Nts., 2/15/11 600,000 653,250 - ------------------------------------------------------------------------------------------------------------------------- William Lyon Homes, Inc., 10.75% Sr. Nts., 4/1/13 800,000 884,000 - ------------------------------------------------------------------------------------------------------------------------- Williams Scotsman, Inc., 9.875% Sr. Unsec. Nts., 6/1/07 1,000,000 1,000,000 ------------------ 11,990,437 - ------------------------------------------------------------------------------------------------------------------------- LEISURE EQUIPMENT & PRODUCTS--0.1% Leslie's Poolmart, Inc., 7.75% Sr. Nts., 2/1/13 3 445,000 451,675 - ------------------------------------------------------------------------------------------------------------------------- MEDIA--11.0% Adelphia Communications Corp.: 7.875% Sr. Unsec. Nts., 5/1/09 4,5 360,000 298,800 8.125% Sr. Nts., Series B, 7/15/03 4,5 1,000,000 840,000 8.375% Sr. Nts., Series B, 2/1/08 4,5 1,000,000 850,000 10.875% Sr. Unsec. Nts., 10/1/10 4,5 1,000,000 890,000 - ------------------------------------------------------------------------------------------------------------------------- Allbritton Communications Co., 7.75% Sr. Unsec. Sub. Nts., 12/15/12 700,000 693,000 - ------------------------------------------------------------------------------------------------------------------------- AMC Entertainment, Inc.: 8% Sr. Unsec. Sub. Nts., 3/1/14 1,050,000 1,008,000 9.50% Sr. Unsec. Sub. Nts., 2/1/11 1,192,000 1,227,760 - ------------------------------------------------------------------------------------------------------------------------- American Media Operations, Inc.: 8.875% Sr. Unsec. Sub. Nts., 1/15/11 900,000 931,500 10.25% Sr. Unsec. Sub. Nts., Series B, 5/1/09 600,000 621,000 - ------------------------------------------------------------------------------------------------------------------------- Block Communications, Inc., 9.25% Sr. Sub. Nts., 4/15/09 600,000 642,000 - ------------------------------------------------------------------------------------------------------------------------- Cablevision Systems New York Group, 8% Sr. Nts., 4/15/12 3 300,000 309,750 - ------------------------------------------------------------------------------------------------------------------------- Carmike Cinemas, Inc., 7.50% Sr. Sub. Nts., 2/15/14 850,000 838,313 - ------------------------------------------------------------------------------------------------------------------------- CBD Media LLC/CBD Finance, Inc., 8.625% Sr. Sub. Nts., 6/1/11 200,000 207,000 - ------------------------------------------------------------------------------------------------------------------------- Charter Communications Holdings LLC/Charter Communications Holdings Capital Corp.: 0%/11.75% Sr. Unsec. Sub. Disc. Nts., 5/15/11 6 2,800,000 1,946,000 8.375% Sr. Nts., Second Lien, 4/30/14 3 5,950,000 6,009,500 - ------------------------------------------------------------------------------------------------------------------------- Cinemark USA, Inc., 9% Sr. Unsec. Sub. Nts., 2/1/13 400,000 436,000 - ------------------------------------------------------------------------------------------------------------------------- Cinemark, Inc., 0%/9.75% Sr. Unsec. Disc. Nts., 3/15/14 6 1,800,000 1,287,000 - ------------------------------------------------------------------------------------------------------------------------- Corus Entertainment, Inc., 8.75% Sr. Sub. Nts., 3/1/12 800,000 862,000 - ------------------------------------------------------------------------------------------------------------------------- CSC Holdings, Inc.: 6.75% Sr. Nts., 4/15/12 3 500,000 498,750 7.625% Sr. Unsec. Unsub. Nts., Series B, 4/1/11 1,900,000 1,985,500 - ------------------------------------------------------------------------------------------------------------------------- Dex Media East LLC/Dex Media East Finance Co., 9.875% Sr. Unsec. Nts., 11/15/09 800,000 884,000 - ------------------------------------------------------------------------------------------------------------------------- Dex Media West LLC/Dex Media West Finance Co.: 5.875% Sr. Nts., 11/15/11 1,200,000 1,158,000
3 | OPPENHEIMER HIGH INCOME FUND/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2005/Unaudited - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ------------------------------------------------------------------------------------------------------------------------- MEDIA CONTINUED 8.50% Sr. Nts., 8/15/10 $ 700,000 $ 750,750 9.875% Sr. Sub. Nts., 8/15/13 1 ,172,000 1,312,640 - ------------------------------------------------------------------------------------------------------------------------- Dex Media, Inc., 8% Unsec. Nts., 11/15/13 3,550,000 3,692,000 - ------------------------------------------------------------------------------------------------------------------------- DirecTV Holdings LLC/DirecTV Financing Co., Inc., 8.375% Sr. Unsec. Nts., 3/15/13 3,400,000 3,697,500 - ------------------------------------------------------------------------------------------------------------------------- EchoStar DBS Corp.: 6.625% Sr. Nts., 10/1/14 3 4,000,000 3,885,000 9.125% Sr. Nts., 1/15/09 1,895,000 2,032,388 - ------------------------------------------------------------------------------------------------------------------------- Emmis Operating Co., 6.875% Sr. Unsec. Sub. Nts., 5/15/12 1,200,000 1,182,000 - ------------------------------------------------------------------------------------------------------------------------- Entravision Communications Corp., 8.125% Sr. Sub. Nts., 3/15/09 600,000 628,500 - ------------------------------------------------------------------------------------------------------------------------- Granite Broadcasting Corp., 9.75% Sr. Sec. Nts., 12/1/10 1,057,000 988,295 - ------------------------------------------------------------------------------------------------------------------------- Gray Television, Inc., 9.25% Sr. Sub. Nts., 12/15/11 500,000 542,500 - ------------------------------------------------------------------------------------------------------------------------- Lamar Media Corp., 7.25% Sr. Unsec. Sub. Nts., 1/1/13 200,000 209,000 - ------------------------------------------------------------------------------------------------------------------------- Lin Television Corp., 6.50% Sr. Sub. Nts., 5/15/13 500,000 485,000 - ------------------------------------------------------------------------------------------------------------------------- LodgeNet Entertainment Corp., 9.50% Sr. Sub. Debs., 6/15/13 400,000 438,000 - ------------------------------------------------------------------------------------------------------------------------- Mediacom LLC/Mediacom Capital Corp., 9.50% Sr. Unsec. Nts., 1/15/13 1,257,000 1,260,143 - ------------------------------------------------------------------------------------------------------------------------- MediaNews Group, Inc.: 6.375% Sr. Sub. Nts., 4/1/14 1,400,000 1,337,000 6.875% Sr. Unsec. Sub. Nts., 10/1/13 800,000 788,000 - ------------------------------------------------------------------------------------------------------------------------- News America Holdings, Inc., 8.875% Sr. Debs., 4/26/23 625,000 800,944 - ------------------------------------------------------------------------------------------------------------------------- PanAmSat Corp., 9% Sr. Unsec. Nts., 8/15/14 1,298,000 1,375,880 - ------------------------------------------------------------------------------------------------------------------------- PRIMEDIA, Inc.: 8% Sr. Nts., 5/15/13 1,100,000 1,127,500 8.875% Sr. Unsec. Nts., 5/15/11 57,000 59,708 - ------------------------------------------------------------------------------------------------------------------------- R.H. Donnelley Corp., 6.875% Sr. Nts., 1/15/13 3 500,000 497,500 - ------------------------------------------------------------------------------------------------------------------------- R.H. Donnelley Financial Corp. I: 8.875% Sr. Nts., 12/15/10 3 700,000 766,500 10.875% Sr. Sub. Nts., 12/15/12 3 1,000,000 1,157,500 - ------------------------------------------------------------------------------------------------------------------------- Radio One, Inc., 8.875% Sr. Unsec. Sub. Nts., Series B, 7/1/11 800,000 860,000 - ------------------------------------------------------------------------------------------------------------------------- Rainbow National Services LLC, 8.75% Sr. Nts., 9/1/12 3 1,600,000 1,728,000 - ------------------------------------------------------------------------------------------------------------------------- Rogers Cable, Inc., 6.75% Sr. Sec. Nts., 3/15/15 500,000 495,000 - ------------------------------------------------------------------------------------------------------------------------- Sinclair Broadcast Group, Inc., 8% Sr. Unsec. Sub. Nts., 3/15/12 1,600,000 1,640,000 - ------------------------------------------------------------------------------------------------------------------------- Spanish Broadcasting System, Inc., 9.625% Sr. Unsec. Sub. Nts., 11/1/09 600,000 630,000 - ------------------------------------------------------------------------------------------------------------------------- Vertis, Inc.: 9.75% Sr. Sec. Nts., 4/1/09 500,000 525,000 10.875% Sr. Unsec. Nts., Series B, 6/15/09 650,000 630,500 - ------------------------------------------------------------------------------------------------------------------------- WMG Holdings Corp.: 0%/9.50% Sr. Disc. Nts., 12/15/14 3,6 2,720,000 1,890,400 7.385% Sr. Nts., 12/15/11 2,3 360,000 370,800 - ------------------------------------------------------------------------------------------------------------------------- WRC Media, Inc./Weekly Reader Corp./CompassLearning, Inc., 12.75% Sr. Sub. Nts., 11/15/09 1,100,000 1,018,875 ------------------ 63,226,696 - ------------------------------------------------------------------------------------------------------------------------- MULTILINE RETAIL--0.1% Saks, Inc.: 8.25% Sr. Unsec. Nts., 11/15/08 250,000 265,000 9.875% Nts., 10/1/11 300,000 325,500 ------------------ 590,500 - ------------------------------------------------------------------------------------------------------------------------- SPECIALTY RETAIL--1.1% Asbury Automotive Group, Inc., 9% Sr. Sub. Nts., 6/15/12 600,000 615,000 - -------------------------------------------------------------------------------------------------------------------------
4 | OPPENHEIMER HIGH INCOME FUND/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2005/Unaudited - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ------------------------------------------------------------------------------------------------------------------------- SPECIALTY RETAIL CONTINUED Atlantic Broadband Finance LLC, 9.375% Sr. Sub. Nts., 1/15/14 3 $ 500,000 $ 482,500 - ------------------------------------------------------------------------------------------------------------------------- AutoNation, Inc., 9% Sr. Unsec. Nts., 8/1/08 1,200,000 1,326,000 - ------------------------------------------------------------------------------------------------------------------------- Boise Cascade LLC/Boise Cascade Finance Corp., 7.125% Sr. Sub. Nts., 10/15/14 3 950,000 966,625 - ------------------------------------------------------------------------------------------------------------------------- Building Materials Corp. of America, 8% Sr. Nts, 12/1/08 300,000 308,250 - ------------------------------------------------------------------------------------------------------------------------- Eye Care Centers of America, Inc., 9.125% Sr. Unsec. Sub. Nts., 5/1/08 1 400,000 409,500 - ------------------------------------------------------------------------------------------------------------------------- Finlay Fine Jewelry Corp., 8.375% Sr. Unsec. Nts., 6/1/12 600,000 570,000 - ------------------------------------------------------------------------------------------------------------------------- Hollywood Entertainment Corp., 9.625% Sr. Sub. Nts., 3/15/11 300,000 340,500 - ------------------------------------------------------------------------------------------------------------------------- Petco Animal Supplies, Inc., 10.75% Sr. Sub. Nts., 11/1/11 750,000 843,750 - ------------------------------------------------------------------------------------------------------------------------- Rent-A-Center, Inc., 7.50% Sr. Unsec. Sub. Nts., Series B, 5/1/10 350,000 350,000 ------------------ 6,212,125 - ------------------------------------------------------------------------------------------------------------------------- TEXTILES, APPAREL & LUXURY GOODS--1.1% Invista, Inc., 9.25% Sr. Nts., 5/1/12 3 2,500,000 2,762,500 - ------------------------------------------------------------------------------------------------------------------------- Levi Strauss & Co.: 7% Unsec. Nts., 11/1/06 800,000 826,000 7.73% Sr. Nts., 4/1/12 2,3 900,000 888,750 12.25% Sr. Nts., 12/15/12 400,000 438,000 - ------------------------------------------------------------------------------------------------------------------------- Oxford Industries, Inc., 8.875% Sr. Nts., 6/1/11 500,000 532,500 - ------------------------------------------------------------------------------------------------------------------------- Russell Corp., 9.25% Sr. Nts., 5/1/10 600,000 640,500 ------------------ 6,088,250 - ------------------------------------------------------------------------------------------------------------------------- CONSUMER STAPLES--3.3% - ------------------------------------------------------------------------------------------------------------------------- BEVERAGES--0.1% Constellation Brands, Inc., 8.125% Sr. Sub. Nts., 1/15/12 500,000 537,500 - ------------------------------------------------------------------------------------------------------------------------- FOOD & STAPLES RETAILING--0.6% Great Atlantic & Pacific Tea Co., Inc. (The), 9.125% Sr. Nts., 12/15/11 457,000 451,288 - ------------------------------------------------------------------------------------------------------------------------- Jean Coutu Group (PJC), Inc. (The): 7.625% Sr. Unsec. Nts., 8/1/12 450,000 461,250 8.50% Sr. Sub. Nts., 8/1/14 1,100,000 1,073,875 - ------------------------------------------------------------------------------------------------------------------------- Real Time Data Co., 11% Disc. Nts., 5/31/09 1,4,5,7 476,601 -- - ------------------------------------------------------------------------------------------------------------------------- Rite Aid Corp.: 8.125% Sr. Sec. Nts., 5/1/10 900,000 918,000 9.50% Sr. Sec. Nts., 2/15/11 450,000 479,250 ------------------ 3,383,663 - ------------------------------------------------------------------------------------------------------------------------- FOOD PRODUCTS--2.1% American Seafoods Group LLC, 10.125% Sr. Sub. Nts., 4/15/10 500,000 540,000 - ------------------------------------------------------------------------------------------------------------------------- Burns Philp Capital Property Ltd., 9.75% Sr. Unsec. Sub. Nts., 7/15/12 400,000 438,000 - ------------------------------------------------------------------------------------------------------------------------- Chiquita Brands International, Inc., 7.50% Sr. Unsec. Nts., 11/1/14 300,000 300,000 - ------------------------------------------------------------------------------------------------------------------------- Del Monte Corp.: 6.75% Sr. Sub. Nts., 2/15/15 3 350,000 343,000 8.625% Sr. Sub. Nts., 12/15/12 1,000,000 1,087,500 - ------------------------------------------------------------------------------------------------------------------------- Doane Pet Care Co.: 9.75% Sr. Unsec. Sub. Nts., 5/15/07 400,000 394,000 10.75% Sr. Nts., 3/1/10 1,500,000 1,597,500 - ------------------------------------------------------------------------------------------------------------------------- Dole Food Co., Inc.: 8.625% Sr. Nts., 5/1/09 900,000 949,500 8.875% Sr. Unsec. Nts., 3/15/11 411,627 444,557 - ------------------------------------------------------------------------------------------------------------------------- Hines Nurseries, Inc., 10.25% Sr. Unsec. Sub. Nts., 10/1/11 600,000 651,000 - ------------------------------------------------------------------------------------------------------------------------- Pinnacle Foods Holding Corp., 8.25% Sr. Sub. Nts., 12/1/13 1,100,000 946,000 - -------------------------------------------------------------------------------------------------------------------------
5 | OPPENHEIMER HIGH INCOME FUND/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2005/Unaudited - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ------------------------------------------------------------------------------------------------------------------------- FOOD PRODUCTS CONTINUED Smithfield Foods, Inc.: 7.625% Sr. Unsec. Sub. Nts., 2/15/08 $ 925,000 $ 957,375 8% Sr. Nts., Series B, 10/15/09 900,000 958,500 - ------------------------------------------------------------------------------------------------------------------------- Swift & Co., 10.125% Sr. Nts., 10/1/09 1,000,000 1,102,500 - ------------------------------------------------------------------------------------------------------------------------- United Biscuits Finance plc, 10.625% Sr. Sub. Nts., 4/15/11 1 [EUR] 1,000,000 1,338,423 ------------------ 12,047,855 - ------------------------------------------------------------------------------------------------------------------------- HOUSEHOLD PRODUCTS--0.4% Church & Dwight Co., Inc., 6% Sr. Sub. Nts., 12/15/12 3 500,000 490,000 - ------------------------------------------------------------------------------------------------------------------------- Playtex Products, Inc.: 8% Sr. Sec. Nts., 3/1/11 1,000,000 1,082,500 9.375% Sr. Unsec. Sub. Nts., 6/1/11 700,000 731,500 ------------------ 2,304,000 - ------------------------------------------------------------------------------------------------------------------------- PERSONAL PRODUCTS--0.1% Elizabeth Arden, Inc., 7.75% Sr. Unsec. Sub. Nts., 1/15/14 300,000 310,500 - ------------------------------------------------------------------------------------------------------------------------- ENERGY--6.8% - ------------------------------------------------------------------------------------------------------------------------- ENERGY EQUIPMENT & SERVICES--0.9% Dresser, Inc., 9.375% Sr. Sub. Nts., 4/15/11 400,000 426,000 - ------------------------------------------------------------------------------------------------------------------------- Grant Prideco, Inc., 9% Sr. Unsec. Nts., 12/15/09 300,000 325,500 - ------------------------------------------------------------------------------------------------------------------------- Hanover Compressor Co., 8.625% Sr. Nts., 12/15/10 700,000 735,000 - ------------------------------------------------------------------------------------------------------------------------- Hanover Equipment Trust 2001A, 8.50% Sr. Sec. Nts., Series A, 9/1/08 500,000 523,750 - ------------------------------------------------------------------------------------------------------------------------- Hornbeck Offshore Services, Inc., 6.125% Sr. Unsec. Nts., Series B, 12/1/14 550,000 544,500 - ------------------------------------------------------------------------------------------------------------------------- Ocean Rig Norway AS, 10.25% Sr. Sec. Nts., 6/1/08 1,350,000 1,388,813 - ------------------------------------------------------------------------------------------------------------------------- Petroleum Helicopters, Inc., 9.375% Sr. Nts., 5/1/09 600,000 640,500 - ------------------------------------------------------------------------------------------------------------------------- Universal Compression, Inc., 7.25% Sr. Unsec. Sub. Nts., 5/15/10 800,000 822,000 ------------------ 5,406,063 - ------------------------------------------------------------------------------------------------------------------------- OIL & GAS--5.9% ANR Pipeline Co., 8.875% Sr. Nts., 3/15/10 400,000 434,564 - ------------------------------------------------------------------------------------------------------------------------- Chesapeake Energy Corp.: 6.375% Sr. Nts., 6/15/15 3 550,000 545,875 6.875% Sr. Unsec. Nts., 1/15/16 1,120,000 1,136,800 9% Sr. Nts., 8/15/12 300,000 332,625 - ------------------------------------------------------------------------------------------------------------------------- Delta Petroleum Corp., 7% Sr. Nts., 4/1/15 3 355,000 344,350 - ------------------------------------------------------------------------------------------------------------------------- El Paso Corp., 7.875% Sr. Unsec. Nts., 6/15/12 2,407,000 2,407,000 - ------------------------------------------------------------------------------------------------------------------------- El Paso Energy Corp., 7.625% Nts., 7/15/11 350,000 347,375 - ------------------------------------------------------------------------------------------------------------------------- El Paso Production Holding Co., 7.75% Sr. Unsec. Nts., 6/1/13 3,000,000 3,052,500 - ------------------------------------------------------------------------------------------------------------------------- EXCO Resources, Inc., 7.25% Sr. Nts., 1/15/11 800,000 816,000 - ------------------------------------------------------------------------------------------------------------------------- Forest Oil Corp., 7.75% Sr. Nts., 5/1/14 1,000,000 1,065,000 - ------------------------------------------------------------------------------------------------------------------------- Frontier Oil Corp., 6.625% Sr. Unsec. Nts., 10/1/11 450,000 450,000 - ------------------------------------------------------------------------------------------------------------------------- Newfield Exploration Co.: 6.625% Sr. Unsec. Sub. Nts., 9/1/14 1,300,000 1,322,750 8.375% Sr. Sub. Nts., 8/15/12 600,000 651,000 - ------------------------------------------------------------------------------------------------------------------------- Plains Exploration & Production Co., 7.125% Sr. Nts., 6/15/14 600,000 630,000 - ------------------------------------------------------------------------------------------------------------------------- Premcor Refining Group, Inc.: 6.75% Sr. Nts., 5/1/14 700,000 703,500 9.50% Sr. Nts., 2/1/13 1,000,000 1,122,500 - ------------------------------------------------------------------------------------------------------------------------- Range Resources Corp.: 6.375% Sr. Sub. Nts., 3/15/15 3 445,000 429,425 7.375% Sr. Sub. Nts., 7/15/13 400,000 410,000 - -------------------------------------------------------------------------------------------------------------------------
6 | OPPENHEIMER HIGH INCOME FUND/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2005/Unaudited - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ------------------------------------------------------------------------------------------------------------------------- OIL & GAS CONTINUED Southern Natural Gas Co.: 7.35% Nts., 2/15/31 $ 600,000 $ 615,834 8% Sr. Unsub. Nts., 3/1/32 900,000 970,802 8.875% Sr. Nts., 3/15/10 700,000 762,510 - ------------------------------------------------------------------------------------------------------------------------- Stone Energy Corp.: 6.75% Sr. Unsec. Sub. Nts., 12/15/14 560,000 546,000 8.25% Sr. Unsec. Sub. Nts., 12/15/11 1,600,000 1,676,000 - ------------------------------------------------------------------------------------------------------------------------- Teekay Shipping Corp., 8.875% Sr. Nts., 7/15/11 575,000 644,000 - ------------------------------------------------------------------------------------------------------------------------- Tennessee Gas Pipeline Co., 7.50% Bonds, 4/1/17 2,915,000 3,145,547 - ------------------------------------------------------------------------------------------------------------------------- Tesoro Petroleum Corp.: 8% Sr. Sec. Nts., 4/15/08 1,000,000 1,050,000 9.625% Sr. Sub. Nts., 4/1/12 557,000 614,093 - ------------------------------------------------------------------------------------------------------------------------- Transcontinental Gas Pipe Line Corp., 8.875% Sr. Unsub. Nts., Series B, 7/15/12 200,000 235,500 - ------------------------------------------------------------------------------------------------------------------------- Whiting Petroleum Corp., 7.25% Sr. Sub. Nts., 5/1/12 800,000 812,000 - ------------------------------------------------------------------------------------------------------------------------- Williams Cos., Inc. (The): 7.125% Nts., 9/1/11 1,550,000 1,625,563 7.625% Nts., 7/15/19 900,000 978,750 8.75% Unsec. Nts., 3/15/32 1,900,000 2,265,750 - ------------------------------------------------------------------------------------------------------------------------- Williams Holdings of Delaware, Inc., 6.50% Nts., 12/1/08 300,000 306,000 - ------------------------------------------------------------------------------------------------------------------------- XTO Energy, Inc., 7.50% Sr. Nts., 4/15/12 1,000,000 1,147,101 ------------------ 33,596,714 - ------------------------------------------------------------------------------------------------------------------------- FINANCIALS--2.5% - ------------------------------------------------------------------------------------------------------------------------- CAPITAL MARKETS--0.8% American Color Graphics, Inc., 10% Sr. Sec. Nts., 6/15/10 400,000 262,000 - ------------------------------------------------------------------------------------------------------------------------- BCP Caylux Holdings Luxembourg SCA, 9.625% Sr. Sub. Nts., 6/15/14 3 1,560,000 1,786,200 - ------------------------------------------------------------------------------------------------------------------------- Berry Plastics Corp., 10.75% Sr. Sub. Nts., 7/15/12 1,600,000 1,812,000 - ------------------------------------------------------------------------------------------------------------------------- DeCrane Aircraft Holdings, Inc., 12% Sr. Unsec. Sub. Nts., Series B, 9/30/08 1 1,550,000 984,250 ------------------ 4,844,450 - ------------------------------------------------------------------------------------------------------------------------- COMMERCIAL BANKS--0.2% Bank Plus Corp., 12% Sr. Nts., 7/18/07 1 517,000 555,775 - ------------------------------------------------------------------------------------------------------------------------- Western Financial Bank, 9.625% Unsec. Sub. Debs., 5/15/12 400,000 446,000 ------------------ 1,001,775 - ------------------------------------------------------------------------------------------------------------------------- DIVERSIFIED FINANCIAL SERVICES--0.7% Affinia Group, Inc., 9% Sr. Sub. Nts., 11/30/14 3 450,000 418,500 - ------------------------------------------------------------------------------------------------------------------------- American Commercial Lines LLC/American Commercial Lines Finance Corp., 9.50% Sr. Nts., 2/15/15 3 265,000 274,938 - ------------------------------------------------------------------------------------------------------------------------- Crystal US Holdings, Inc., 0%/10.50% Sr. Disc. Nts., Series B, 10/1/14 3,6 1,600,000 1,128,000 - ------------------------------------------------------------------------------------------------------------------------- Global Cash Access LLC/Global Cash Finance Corp., 8.75% Sr. Sub. Nts., 3/15/12 575,000 612,375 - ------------------------------------------------------------------------------------------------------------------------- JSG Funding plc, 7.75% Sr. Sub. Nts., 4/1/15 3 865,000 808,775 - ------------------------------------------------------------------------------------------------------------------------- Universal City Florida: 7.493% Sr. Nts., 5/1/10 2,3 270,000 280,800 8.375% Sr. Nts., 5/1/10 3 270,000 276,750 ------------------ 3,800,138 - ------------------------------------------------------------------------------------------------------------------------- REAL ESTATE--0.8% American Casino & Entertainment Properties LLC, 7.85% Sr. Sec. Nts., 2/1/12 800,000 834,000 - -------------------------------------------------------------------------------------------------------------------------
7 | OPPENHEIMER HIGH INCOME FUND/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2005/Unaudited - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ------------------------------------------------------------------------------------------------------------------------- REAL ESTATE CONTINUED Felcor Lodging LP, 9% Sr. Nts., 6/1/11 $ 837,000 $ 903,960 - ------------------------------------------------------------------------------------------------------------------------- HMH Properties, Inc., 7.875% Sr. Nts., Series B, 8/1/08 441,000 452,025 - ------------------------------------------------------------------------------------------------------------------------- Host Marriott LP, 6.375% Sr. Nts., 3/15/15 3 1,025,000 984,000 - ------------------------------------------------------------------------------------------------------------------------- MeriStar Hospitality Corp.: 9.125% Sr. Unsec. Nts., 1/15/11 457,000 479,850 10.50% Sr. Unsec. Nts., 6/15/09 350,000 376,250 - ------------------------------------------------------------------------------------------------------------------------- Trustreet Properties, Inc., 7.50% Sr. Nts., 4/1/15 3 755,000 755,000 ------------------ 4,785,085 - ------------------------------------------------------------------------------------------------------------------------- HEALTH CARE--6.4% - ------------------------------------------------------------------------------------------------------------------------- BIOTECHNOLOGY--0.2% Titan Petrochemicals Group Ltd., 8.50% Sr. Unsec. Nts., 3/18/12 3 1,065,000 1,001,100 - ------------------------------------------------------------------------------------------------------------------------- HEALTH CARE EQUIPMENT & SUPPLIES--0.6% Dade Behring Holdings, Inc., 11.91% Sr. Unsec. Sub. Nts., 10/3/10 177,358 194,207 - ------------------------------------------------------------------------------------------------------------------------- Fisher Scientific International, Inc., 8.125% Sr. Sub. Nts., 5/1/12 782,000 852,380 - ------------------------------------------------------------------------------------------------------------------------- Inverness Medical Innovations, Inc., 8.75% Sr. Sub. Nts., 2/15/12 600,000 612,000 - ------------------------------------------------------------------------------------------------------------------------- Sybron Dental Specialties, Inc., 8.125% Sr. Sub. Nts., 6/15/12 700,000 754,250 - ------------------------------------------------------------------------------------------------------------------------- Universal Hospital Services, Inc., 10.125% Sr. Unsec. Nts., 11/1/11 800,000 824,000 ------------------ 3,236,837 - ------------------------------------------------------------------------------------------------------------------------- HEALTH CARE PROVIDERS & SERVICES--5.4% Alderwoods Group, Inc., 7.75% Sr. Nts., 9/15/12 3 950,000 976,125 - ------------------------------------------------------------------------------------------------------------------------- AmeriPath, Inc., 10.50% Sr. Unsec. Sub. Nts., 4/1/13 700,000 700,000 - ------------------------------------------------------------------------------------------------------------------------- Beverly Enterprises, Inc., 7.875% Sr. Sub. Nts., 6/15/14 600,000 666,000 - ------------------------------------------------------------------------------------------------------------------------- Community Health Systems, Inc., 6.50% Sr. Sub. Nts., 12/15/12 3 900,000 882,000 - ------------------------------------------------------------------------------------------------------------------------- Coventry Health Care, Inc., 6.125% Sr. Nts., 1/15/15 1 440,000 441,650 - ------------------------------------------------------------------------------------------------------------------------- DaVita, Inc.: 6.625% Sr. Nts., 3/15/13 3 890,000 885,550 7.25% Sr. Sub. Nts., 3/15/15 3 710,000 699,350 - ------------------------------------------------------------------------------------------------------------------------- Extendicare Health Services, Inc.: 6.875% Sr. Sub. Nts., 5/1/14 600,000 595,500 9.50% Sr. Unsec. Sub. Nts., 7/1/10 500,000 549,375 - ------------------------------------------------------------------------------------------------------------------------- Fresenius Medical Care Capital Trust II, 7.875% Nts., 2/1/08 1,600,000 1,682,000 - ------------------------------------------------------------------------------------------------------------------------- Genesis HealthCare Corp., 8% Sr. Sub. Nts., 10/15/13 400,000 438,000 - ------------------------------------------------------------------------------------------------------------------------- HCA, Inc.: 6.30% Sr. Unsec. Nts., 10/1/12 3,200,000 3,212,947 6.375% Nts., 1/15/15 2,400,000 2,394,341 7.875% Sr. Nts., 2/1/11 305,000 331,505 8.75% Sr. Nts., 9/1/10 400,000 451,834 - ------------------------------------------------------------------------------------------------------------------------- HealthSouth Corp.: 7.625% Nts., 6/1/12 1,000,000 965,000 10.75% Sr. Unsec. Sub. Nts., 10/1/08 357,000 367,710 - ------------------------------------------------------------------------------------------------------------------------- Magellan Health Services, Inc., 9.375% Sr. Unsec. Nts., Series A, 11/15/08 1,867,643 2,019,389 - ------------------------------------------------------------------------------------------------------------------------- Medquest, Inc., 11.875% Sr. Unsec. Sub. Nts., Series B, 8/15/12 700,000 689,500 - ------------------------------------------------------------------------------------------------------------------------- National Nephrology Assn., 9% Sr. Sub. Nts., 11/1/11 3 200,000 222,750 - ------------------------------------------------------------------------------------------------------------------------- NDCHealth Corp., 10.50% Sr. Unsec. Sub. Nts., 12/1/12 600,000 619,500 - ------------------------------------------------------------------------------------------------------------------------- PacifiCare Health Systems, Inc., 10.75% Sr. Unsec. Unsub. Nts., 6/1/09 714,000 792,540 - ------------------------------------------------------------------------------------------------------------------------- Quintiles Transnational Corp., 10% Sr. Sub. Nts., 10/1/13 600,000 678,000 - ------------------------------------------------------------------------------------------------------------------------- Rotech Healthcare, Inc., 9.50% Sr. Unsec. Sub. Nts., 4/1/12 600,000 648,000 - ------------------------------------------------------------------------------------------------------------------------- Select Medical Corp., 7.625% Sr. Sub. Nts., 2/1/15 3 875,000 879,375 - -------------------------------------------------------------------------------------------------------------------------
8 | OPPENHEIMER HIGH INCOME FUND/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2005/Unaudited - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ------------------------------------------------------------------------------------------------------------------------- HEALTH CARE PROVIDERS & SERVICES CONTINUED Tenet Healthcare Corp.: 6.375% Sr. Nts., 12/1/11 $ 1,660,000 $ 1,539,650 7.375% Nts., 2/1/13 57,000 54,008 9.875% Sr. Nts., 7/1/14 1,500,000 1,567,500 - ------------------------------------------------------------------------------------------------------------------------- Triad Hospitals, Inc.: 7% Sr. Nts., 5/15/12 900,000 913,500 7% Sr. Sub. Nts., 11/15/13 1,720,000 1,698,500 - ------------------------------------------------------------------------------------------------------------------------- US Oncology, Inc.: 9% Sr. Nts., 8/15/12 3 650,000 689,000 10.75% Sr. Sub. Nts., 8/15/14 3 650,000 718,250 - ------------------------------------------------------------------------------------------------------------------------- Vicar Operating, Inc., 9.875% Sr. Sub. Nts., 12/1/09 1,200,000 1,305,000 ------------------ 31,273,349 - ------------------------------------------------------------------------------------------------------------------------- PHARMACEUTICALS--0.2% Valeant Pharmaceuticals International, Inc., 7% Sr. Nts., 12/15/11 800,000 812,000 - ------------------------------------------------------------------------------------------------------------------------- Warner Chilcott Corp., 8.75% Sr. Sub. Nts., 2/1/15 3 450,000 454,500 ------------------ 1,266,500 - ------------------------------------------------------------------------------------------------------------------------- INDUSTRIALS--7.2% - ------------------------------------------------------------------------------------------------------------------------- AEROSPACE & DEFENSE--1.0% Alliant Techsystems, Inc., 8.50% Sr. Unsec. Sub. Nts., 5/15/11 900,000 958,500 - ------------------------------------------------------------------------------------------------------------------------- BE Aerospace, Inc.: 8% Sr. Unsec. Sub. Nts., Series B, 3/1/08 300,000 299,250 8.875% Sr. Unsec. Sub. Nts., 5/1/11 57,000 57,998 - ------------------------------------------------------------------------------------------------------------------------- L-3 Communications Corp.: 5.875% Sr. Sub. Nts., 1/15/15 434,000 418,810 7.625% Sr. Sub. Nts., 6/15/12 800,000 854,000 - ------------------------------------------------------------------------------------------------------------------------- Rexnord Corp., 10.125% Sr. Unsec. Sub. Nts., 12/15/12 700,000 773,500 - ------------------------------------------------------------------------------------------------------------------------- TD Funding Corp., 8.375% Sr. Sub. Nts., 7/15/11 800,000 825,000 - ------------------------------------------------------------------------------------------------------------------------- TRW Automotive, Inc.: 9.375% Sr. Nts., 2/15/13 580,000 626,400 11% Sr. Sub. Nts., 2/15/13 454,000 510,750 - ------------------------------------------------------------------------------------------------------------------------- Vought Aircraft Industries, Inc., 8% Sr. Nts., 7/15/11 300,000 297,000 ------------------ 5,621,208 - ------------------------------------------------------------------------------------------------------------------------- AIRLINES--0.3% AMR Corp., 9% Debs., 8/1/12 600,000 456,000 - ------------------------------------------------------------------------------------------------------------------------- ATA Holdings Corp., 13% Sr. Unsec. Nts., 2/1/09 4,5 1,575,000 700,875 - ------------------------------------------------------------------------------------------------------------------------- Northwest Airlines Corp., 10% Sr. Unsec. Nts., 2/1/09 600,000 378,000 ------------------ 1,534,875 - ------------------------------------------------------------------------------------------------------------------------- BUILDING PRODUCTS--0.4% Associated Materials, Inc., 9.75% Sr. Sub. Nts., 4/15/12 700,000 756,000 - ------------------------------------------------------------------------------------------------------------------------- Goodman Global Holding Co., Inc., 7.875% Sr. Sub. Nts., 12/15/12 3 360,000 331,200 - ------------------------------------------------------------------------------------------------------------------------- Jacuzzi Brands, Inc., 9.625% Sr. Sec. Nts., 7/1/10 544,000 601,120 - ------------------------------------------------------------------------------------------------------------------------- Nortek, Inc., 8.50% Sr. Unsec. Unsub. Nts., 9/1/14 600,000 582,000 - ------------------------------------------------------------------------------------------------------------------------- North America Energy Partners, Inc., 8.75% Sr. Unsec. Nts., 12/1/11 300,000 271,500 ------------------ 2,541,820 - ------------------------------------------------------------------------------------------------------------------------- COMMERCIAL SERVICES & SUPPLIES--2.0% Allied Waste North America, Inc.: 7.25% Sr. Nts., 3/15/15 3 710,000 678,050 7.375% Sr. Sec. Nts., Series B, 4/15/14 1,200,000 1,092,000 7.875% Sr. Nts., 4/15/13 800,000 802,000
9 | OPPENHEIMER HIGH INCOME FUND/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2005/Unaudited - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ------------------------------------------------------------------------------------------------------------------------- COMMERCIAL SERVICES & SUPPLIES CONTINUED 8.875% Sr. Nts., Series B, 4/1/08 $ 1,500,000 $ 1,558,125 9.25% Sr. Sec. Debs., Series B, 9/1/12 1,700,000 1,827,500 - ------------------------------------------------------------------------------------------------------------------------- American Pad & Paper Co., 13% Sr. Sub. Nts., Series B, 11/15/05 1,4,5 200,000 -- - ------------------------------------------------------------------------------------------------------------------------- Cenveo Corp., 7.875% Sr. Sub. Nts., 12/1/13 1,600,000 1,436,000 - ------------------------------------------------------------------------------------------------------------------------- Comforce Operating, Inc., 12% Sr. Nts., Series B, 12/1/07 350,000 351,750 - ------------------------------------------------------------------------------------------------------------------------- Corrections Corp. of America: 6.25% Sr. Nts., 3/15/13 3 890,000 858,850 7.50% Sr. Nts., 5/1/11 500,000 508,750 - ------------------------------------------------------------------------------------------------------------------------- Mail-Well I Corp., 9.625% Sr. Nts., 3/15/12 700,000 749,000 - ------------------------------------------------------------------------------------------------------------------------- Protection One, Inc./Protection One Alarm Monitoring, Inc., 7.375% Sr. Unsec. Nts., 8/15/05 1 900,000 907,875 - ------------------------------------------------------------------------------------------------------------------------- Synagro Technologies, Inc., 9.50% Sr. Sub. Nts., 4/1/09 700,000 764,750 ------------------ 11,534,650 - ------------------------------------------------------------------------------------------------------------------------- CONSTRUCTION & ENGINEERING--0.1% Integrated Electrical Services, Inc., 9.375% Sr. Sub. Nts., Series C, 2/1/09 58,000 55,970 - ------------------------------------------------------------------------------------------------------------------------- URS Corp., 11.50% Sr. Unsec. Nts., 9/15/09 455,000 520,975 ------------------ 576,945 - ------------------------------------------------------------------------------------------------------------------------- ELECTRICAL EQUIPMENT--0.5% Belden & Blake Corp., 8.75% Sec. Nts., 7/15/12 650,000 648,375 - ------------------------------------------------------------------------------------------------------------------------- Dayton Superior Corp., 13% Sr. Unsec. Sub. Nts., 6/15/09 100,000 90,500 - ------------------------------------------------------------------------------------------------------------------------- General Cable Corp., 9.50% Sr. Nts., 11/15/10 500,000 552,500 - ------------------------------------------------------------------------------------------------------------------------- Tennessee Gas Pipeline Co., 7% Sr. Unsec. Debs., 10/15/28 1,500,000 1,479,335 ------------------ 2,770,710 - ------------------------------------------------------------------------------------------------------------------------- INDUSTRIAL CONGLOMERATES--0.0% Great Lakes Dredge & Dock Co., 7.75% Sr. Unsec. Sub. Nts., 12/15/13 250,000 208,750 - ------------------------------------------------------------------------------------------------------------------------- MACHINERY--1.7% AGCO Corp., 9.50% Sr. Unsec. Nts., 5/1/08 1,000,000 1,052,500 - ------------------------------------------------------------------------------------------------------------------------- Case New Holland, Inc., 9.25% Sr. Nts., 8/1/11 3 600,000 642,000 - ------------------------------------------------------------------------------------------------------------------------- Douglas Dynamics LLC, 7.75% Sr. Nts., 1/15/12 3 600,000 591,000 - ------------------------------------------------------------------------------------------------------------------------- Dresser-Rand Group, Inc., 7.375% Sr. Sub. Nts., 11/1/14 3 300,000 301,500 - ------------------------------------------------------------------------------------------------------------------------- Manitowoc Co., Inc. (The): 7.125% Sr. Nts., 11/1/13 150,000 155,250 10.50% Sr. Sub. Nts., 8/1/12 520,000 592,800 - ------------------------------------------------------------------------------------------------------------------------- Milacron Escrow Corp., 11.50% Sr. Sec. Nts., 5/15/11 1,700,000 1,861,500 - ------------------------------------------------------------------------------------------------------------------------- Navistar International Corp., 7.50% Sr. Nts., 6/15/11 800,000 810,000 - ------------------------------------------------------------------------------------------------------------------------- NMHG Holding Co., 10% Sr. Nts., 5/15/09 600,000 649,500 - ------------------------------------------------------------------------------------------------------------------------- Terex Corp.: 7.375% Sr. Unsec. Sub. Nts., 1/15/14 500,000 512,500 9.25% Sr. Unsec. Sub. Nts., 7/15/11 800,000 876,000 10.375% Sr. Unsec. Sub. Nts., Series B, 4/1/11 500,000 546,250 - ------------------------------------------------------------------------------------------------------------------------- Trinity Industries, Inc., 6.50% Sr. Nts., 3/15/14 1,000,000 970,000 ------------------ 9,560,800 - ------------------------------------------------------------------------------------------------------------------------- MARINE--0.4% CP Ships Ltd., 10.375% Sr. Nts., 7/15/12 1,000,000 1,147,500 - ------------------------------------------------------------------------------------------------------------------------- Millenium Seacarriers, Inc., 12% Sr. Sec. Nts., 7/15/05 1,4,5 700,000 3,920 - ------------------------------------------------------------------------------------------------------------------------- Navigator Gas Transport plc, 10.50% First Priority Ship Mtg. Nts., 6/30/07 1,4,5 1,000,000 835,000 ------------------ 1,986,420
10 | OPPENHEIMER HIGH INCOME FUND/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2005/Unaudited - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ------------------------------------------------------------------------------------------------------------------------- ROAD & RAIL--0.5% Kansas City Southern Railway Co. (The), 7.50% Sr. Nts., 6/15/09 $ 500,000 $ 512,500 - ------------------------------------------------------------------------------------------------------------------------- Stena AB: 7% Sr. Unsec. Nts., 12/1/16 600,000 558,000 7.50% Sr. Unsec. Nts., 11/1/13 928,000 923,360 9.625% Sr. Nts., 12/1/12 600,000 667,500 ------------------ 2,661,360 - ------------------------------------------------------------------------------------------------------------------------- TRADING COMPANIES & DISTRIBUTORS--0.2% United Rentals, Inc., 7% Sr. Sub. Nts., 2/15/14 1,500,000 1,380,000 - ------------------------------------------------------------------------------------------------------------------------- TRANSPORTATION INFRASTRUCTURE--0.1% Horizon Lines LLC, 9% Nts., 11/1/12 3 600,000 642,000 - ------------------------------------------------------------------------------------------------------------------------- INFORMATION TECHNOLOGY--3.7% - ------------------------------------------------------------------------------------------------------------------------- COMMUNICATIONS EQUIPMENT--0.5% Lucent Technologies, Inc., 6.45% Unsec. Debs., 3/15/29 2,300,000 1,995,250 - ------------------------------------------------------------------------------------------------------------------------- Orion Network Systems, Inc., 12.50% Sr. Unsub. Disc. Nts., 1/15/07 1,4 1,150,000 603,750 ------------------ 2,599,000 - ------------------------------------------------------------------------------------------------------------------------- COMPUTERS & PERIPHERALS--0.1% Seagate Technology Hdd Holdings, 8% Sr. Nts., 5/15/09 700,000 747,250 - ------------------------------------------------------------------------------------------------------------------------- ELECTRONIC EQUIPMENT & INSTRUMENTS--1.0% Flextronics International Ltd., 6.25% Sr. Sub. Nts., 11/15/14 2,000,000 1,910,000 - ------------------------------------------------------------------------------------------------------------------------- Ingram Micro, Inc., 9.875% Sr. Unsec. Sub. Nts., 8/15/08 1,200,000 1,278,000 - ------------------------------------------------------------------------------------------------------------------------- LCE Acquisition Corp., 9% Sr. Sub. Nts., 8/1/14 3 875,000 875,000 - ------------------------------------------------------------------------------------------------------------------------- Sanmina-SCI Corp., 6.75% Sub. Nts., 3/1/13 3 920,000 867,100 - ------------------------------------------------------------------------------------------------------------------------- Sensus Metering System, Inc., 8.625% Sr. Unsec. Sub. Nts., 12/15/13 1,000,000 1,027,500 ------------------ 5,957,600 - ------------------------------------------------------------------------------------------------------------------------- INTERNET SOFTWARE & SERVICES--0.0% Exodus Communications, Inc., 10.75% Sr. Nts., 12/15/09 1,4,5 [EUR] 846,550 10,974 - ------------------------------------------------------------------------------------------------------------------------- NorthPoint Communications Group, Inc., 12.875% Nts., 2/15/10 1,4,5 240,208 -- - ------------------------------------------------------------------------------------------------------------------------- PSINet, Inc., 10.50% Sr. Unsec. Nts., 12/1/06 1,4,5 [EUR] 1,000,000 55,092 ------------------ 66,066 - ------------------------------------------------------------------------------------------------------------------------- IT SERVICES--0.6% DynCorp International LLC, 9.50% Sr. Sub. Nts., 2/15/13 3 1,300,000 1,269,125 - ------------------------------------------------------------------------------------------------------------------------- Iron Mountain, Inc.: 7.75% Sr. Sub. Nts., 1/15/15 400,000 397,000 8.625% Sr. Unsec. Sub. Nts., 4/1/13 1,000,000 1,015,000 - ------------------------------------------------------------------------------------------------------------------------- Titan Corp. (The), 8% Sr. Sub. Nts., 5/15/11 400,000 418,000 ------------------ 3,099,125 - ------------------------------------------------------------------------------------------------------------------------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT--1.5% Advanced Micro Devices, Inc., 7.75% Sr. Unsec. Nts., 11/1/12 3 1,900,000 1,876,250 - ------------------------------------------------------------------------------------------------------------------------- AMI Semiconductor, Inc., 10.75% Sr. Unsec. Sub. Nts., 2/1/13 682,000 820,105 - ------------------------------------------------------------------------------------------------------------------------- Amkor Technology, Inc., 9.25% Sr. Unsec. Sub. Nts., 2/15/08 1,000,000 960,000 - ------------------------------------------------------------------------------------------------------------------------- Freescale Semiconductor, Inc., 7.125% Sr. Unsec. Nts., 7/15/14 1,100,000 1,155,000 - ------------------------------------------------------------------------------------------------------------------------- Huntsman International LLC, 7.375% Sr. Sub. Nts., 1/1/15 3 3,800,000 3,800,000 - ------------------------------------------------------------------------------------------------------------------------- MagnaChip Semiconductor Ltd., 8% Sr. Sub. Nts., 12/15/14 3 181,000 185,978 ------------------ 8,797,333
11 | OPPENHEIMER HIGH INCOME FUND/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2005/Unaudited - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ------------------------------------------------------------------------------------------------------------------------- MATERIALS--12.2% - ------------------------------------------------------------------------------------------------------------------------- CHEMICALS--3.9% AEP Industries, Inc., 7.875% Sr. Nts., 3/15/13 3 $ 265,000 $ 267,450 - ------------------------------------------------------------------------------------------------------------------------- ClimaChem, Inc., 10.75% Sr. Unsec. Nts., Series B, 12/1/07 1 250,000 167,500 - ------------------------------------------------------------------------------------------------------------------------- Compass Minerals Group, Inc., 10% Sr. Sub. Nts., 8/15/11 1,200,000 1,311,000 - ------------------------------------------------------------------------------------------------------------------------- Crompton Corp., 9.875% Sr. Nts., 8/1/12 800,000 920,000 - ------------------------------------------------------------------------------------------------------------------------- Equistar Chemicals LP/Equistar Funding Corp.: 8.75% Sr. Unsec. Nts., 2/15/09 400,000 431,000 10.125% Sr. Unsec. Nts., 9/1/08 57,000 63,270 10.625% Sr. Unsec. Nts., 5/1/11 1,800,000 2,029,500 - ------------------------------------------------------------------------------------------------------------------------- Huntsman Co. LLC: 11.625% Sr. Unsec. Nts., 10/15/10 37,000 43,475 12% Sr. Nts., 7/15/12 3 332,000 390,100 - ------------------------------------------------------------------------------------------------------------------------- Huntsman Corp./ICI Chemical Co. plc: 10.125% Sr. Unsec. Sub. Nts., 7/1/09 1 [EUR] 62,000 84,188 10.125% Sr. Unsec. Sub. Nts., 7/1/09 1,645,000 1,719,025 - ------------------------------------------------------------------------------------------------------------------------- Huntsman International LLC, 9.875% Sr. Nts., 3/1/09 2,000,000 2,170,000 - ------------------------------------------------------------------------------------------------------------------------- IMC Global, Inc.: 7.625% Bonds, 11/1/05 1 3,000 3,060 10.875% Sr. Unsec. Nts., 8/1/13 57,000 68,400 10.875% Sr. Unsec. Nts., Series B, 6/1/08 11,000 12,650 - ------------------------------------------------------------------------------------------------------------------------- Innophos, Inc., 8.875% Sr. Sub. Nts., 8/15/14 3 1,000,000 1,055,000 - ------------------------------------------------------------------------------------------------------------------------- ISP Chemco, Inc., 10.25% Sr. Unsec. Sub. Nts., 7/1/11 500,000 543,750 - ------------------------------------------------------------------------------------------------------------------------- ISP Holdings, Inc., 10.625% Sr. Sec. Nts., 12/15/09 300,000 322,500 - ------------------------------------------------------------------------------------------------------------------------- KI Holdings, Inc., 0%/9.875% Sr. Disc. Nts., 11/15/14 3,6 750,000 465,000 - ------------------------------------------------------------------------------------------------------------------------- Lyondell Chemical Co.: 9.50% Sec. Nts., 12/15/08 57,000 61,275 9.50% Sr. Sec. Nts., 12/15//08 100,000 107,500 9.625% Sr. Sec. Nts., Series A, 5/1/07 1,300,000 1,400,750 9.875% Sec. Nts., Series B, 5/1/07 300,000 309,000 10.50% Sr. Sec. Nts., 6/1/13 1,100,000 1,270,500 11.125% Sr. Sec. Nts., 7/15/12 300,000 346,500 - ------------------------------------------------------------------------------------------------------------------------- Millennium America, Inc., 9.25% Sr. Unsec. Sub. Nts., 6/15/08 711,000 766,103 - ------------------------------------------------------------------------------------------------------------------------- PCI Chemicals Canada, 10% Sr. Sec. Nts., 12/31/08 319,909 343,902 - ------------------------------------------------------------------------------------------------------------------------- Pioneer Cos., Inc., 6.59% Sr. Sec. Nts., 12/31/06 2 51,759 54,865 - ------------------------------------------------------------------------------------------------------------------------- PolyOne Corp.: 8.875% Sr. Unsec. Nts., 5/1/12 1,350,000 1,451,250 10.625% Sr. Unsec. Nts., 5/15/10 357,000 398,055 - ------------------------------------------------------------------------------------------------------------------------- Resolution Performance Products LLC: 8% Sr. Sec. Nts., 12/15/09 450,000 474,750 13.50% Sr. Unsec. Sub. Nts., 11/15/10 300,000 325,500 - ------------------------------------------------------------------------------------------------------------------------- Rhodia SA: 8% Sr. Nts., 6/1/10 [EUR] 745,000 960,910 10.25% Sr. Unsec. Nts., 6/1/10 500,000 547,500 - ------------------------------------------------------------------------------------------------------------------------- Rockwood Specialties Group, Inc.: 7.50% Sr. Sub. Nts., 11/15/14 3 400,000 402,000 10.625% Sr. Unsec. Sub. Nts., 5/15/11 400,000 446,000 - ------------------------------------------------------------------------------------------------------------------------- Sterling Chemicals, Inc., 10% Sr. Sec. Nts., 12/19/07 1,7 409,135 411,181 - ------------------------------------------------------------------------------------------------------------------------- Westlake Chemical Corp., 8.75% Sr. Nts., 7/15/11 260,000 285,675 ------------------ 22,430,084
12 | OPPENHEIMER HIGH INCOME FUND/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2005/Unaudited - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ------------------------------------------------------------------------------------------------------------------------- CONSTRUCTION MATERIALS--0.3% NTK Holdings, Inc., 0%/10.75% Sr. Disc. Nts., 3/1/14 3,6 $ 1,420,000 $ 763,250 - ------------------------------------------------------------------------------------------------------------------------- Texas Industries, Inc., 10.25% Sr. Unsec. Nts., 6/15/11 800,000 910,000 ------------------ 1,673,250 - ------------------------------------------------------------------------------------------------------------------------- CONTAINERS & PACKAGING--3.0% Crown Euro Holdings SA, 9.50% Sr. Sec. Nts., 3/1/11 900,000 992,250 - ------------------------------------------------------------------------------------------------------------------------- Graham Packaging Co., Inc.: 8.50% Sr. Nts., 10/15/12 3 350,000 351,750 9.875% Sub. Nts., 10/15/14 3 600,000 603,000 - ------------------------------------------------------------------------------------------------------------------------- Graphic Packaging International Corp.: 8.50% Sr. Nts., 8/15/11 1,000,000 1,055,000 9.50% Sr. Sub. Nts., 8/15/13 700,000 745,500 - ------------------------------------------------------------------------------------------------------------------------- Jefferson Smurfit Corp.: 7.50% Sr. Unsec. Unsub. Nts., 6/1/13 350,000 350,000 8.25% Sr. Unsec. Nts., 10/1/12 900,000 929,250 - ------------------------------------------------------------------------------------------------------------------------- MDP Acquisitions plc, 9.625% Sr. Nts., 10/1/12 800,000 864,000 - ------------------------------------------------------------------------------------------------------------------------- Owens-Brockway Glass Container, Inc.: 7.75% Sr. Sec. Nts., 5/15/11 1,000,000 1,052,500 8.25% Sr. Unsec. Nts., 5/15/13 557,000 591,813 8.75% Sr. Sec. Nts., 11/15/12 1,350,000 1,481,625 8.875% Sr. Sec. Nts., 2/15/09 1,300,000 1,394,250 - ------------------------------------------------------------------------------------------------------------------------- Pliant Corp., 0%/11.125% Sr. Sec. Disc. Nts., 6/15/09 6 600,000 543,000 - ------------------------------------------------------------------------------------------------------------------------- Solo Cup Co., 8.50% Sr. Sub. Nts., 2/15/14 1,500,000 1,507,500 - ------------------------------------------------------------------------------------------------------------------------- Stone Container Corp.: 8.375% Sr. Nts., 7/1/12 750,000 778,125 9.25% Sr. Unsec. Nts., 2/1/08 1,000,000 1,070,000 9.75% Sr. Unsec. Nts., 2/1/11 1,000,000 1,075,000 - ------------------------------------------------------------------------------------------------------------------------- Stone Container Finance Co. of Canada II, 7.375% Sr. Unsec. Nts., 7/15/14 600,000 597,000 - ------------------------------------------------------------------------------------------------------------------------- TriMas Corp., 9.875% Sr. Unsec. Sub. Nts., 6/15/12 1,000,000 1,025,000 ------------------ 17,006,563 - ------------------------------------------------------------------------------------------------------------------------- METALS & MINING--3.0% AK Steel Corp.: 7.75% Sr. Unsec. Nts., 6/15/12 1,857,000 1,796,648 7.875% Sr. Unsec. Nts., 2/15/09 300,000 295,500 - ------------------------------------------------------------------------------------------------------------------------- Arch Western Finance LLC, 6.75% Sr. Nts., 7/1/13 800,000 808,000 - ------------------------------------------------------------------------------------------------------------------------- California Steel Industries, Inc., 6.125% Sr. Nts., 3/15/14 800,000 764,000 - ------------------------------------------------------------------------------------------------------------------------- Century Aluminum Co., 7.50% Sr. Unsec. Nts., 8/15/14 1,300,000 1,319,500 - ------------------------------------------------------------------------------------------------------------------------- Foundation PA Coal Co., 7.25% Sr. Unsec. Nts., 8/1/14 650,000 663,000 - ------------------------------------------------------------------------------------------------------------------------- IMCO Recycling, Inc., 10.375% Sr. Sec. Nts., 10/15/10 700,000 780,500 - ------------------------------------------------------------------------------------------------------------------------- IPSCO, Inc., 8.75% Sr. Nts., 6/1/13 300,000 335,250 - ------------------------------------------------------------------------------------------------------------------------- Ispat Inland ULC, 9.75% Sr. Sec. Nts., 4/1/14 1,364,000 1,602,700 - ------------------------------------------------------------------------------------------------------------------------- Jorgensen (Earle M.) Co., 9.75% Sr. Sec. Nts., 6/1/12 800,000 868,000 - ------------------------------------------------------------------------------------------------------------------------- Kaiser Aluminum & Chemical Corp., 10.875% Sr. Nts., Series B, 10/15/06 4,5 1,000,000 860,000 - ------------------------------------------------------------------------------------------------------------------------- Koppers Industry, Inc., 9.875% Sr. Sec. Nts., 10/15/13 900,000 1,008,000 - ------------------------------------------------------------------------------------------------------------------------- Massey Energy Co., 6.625% Sr. Nts., 11/15/10 400,000 404,000 - ------------------------------------------------------------------------------------------------------------------------- Northwest Pipeline Corp., 8.125% Sr. Nts., 3/1/10 200,000 215,000 - ------------------------------------------------------------------------------------------------------------------------- Novelis, Inc., 7.25% Sr. Nts., 2/15/15 3 1,315,000 1,295,275 - ------------------------------------------------------------------------------------------------------------------------- Oregon Steel Mills, Inc., 10% Sr. Nts., 7/15/09 1,300,000 1,413,750 - ------------------------------------------------------------------------------------------------------------------------- Peabody Energy Corp., 6.875% Sr. Unsec. Nts., Series B, 3/15/13 1,000,000 1,035,000 - ------------------------------------------------------------------------------------------------------------------------- Steel Dynamics, Inc., 9.50% Sr. Nts., 3/15/09 400,000 433,000 - -------------------------------------------------------------------------------------------------------------------------
13 | OPPENHEIMER HIGH INCOME FUND/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2005/Unaudited - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ------------------------------------------------------------------------------------------------------------------------- METALS & MINING CONTINUED UCAR Finance, Inc., 10.25% Sr. Nts., 2/15/12 1 $ 400,000 $ 430,000 - ------------------------------------------------------------------------------------------------------------------------- United States Steel Corp.: 9.75% Sr. Nts., 5/15/10 505,000 561,813 10.75% Sr. Nts., 8/1/08 389,000 449,295 ------------------ 17,338,231 - ------------------------------------------------------------------------------------------------------------------------- PAPER & FOREST PRODUCTS--2.0% Abitibi-Consolidated, Inc., 8.55% Nts., 8/1/10 300,000 306,000 - ------------------------------------------------------------------------------------------------------------------------- Appleton Papers, Inc., 8.125% Sr. Nts., 6/15/11 600,000 622,500 - ------------------------------------------------------------------------------------------------------------------------- Buckeye Technologies, Inc., 8.50% Sr. Nts., 10/1/13 350,000 369,250 - ------------------------------------------------------------------------------------------------------------------------- Georgia-Pacific Corp.: 7.75% Sr. Unsec. Nts., 11/15/29 2,000,000 2,190,000 8.125% Sr. Unsec. Nts., 5/15/11 2,200,000 2,436,500 9.375% Sr. Unsec. Nts., 2/1/13 1,100,000 1,234,750 - ------------------------------------------------------------------------------------------------------------------------- Inland Fiber Group LLC, 9.625% Sr. Unsec. Nts., 11/15/07 1,4,5 300,000 145,500 - ------------------------------------------------------------------------------------------------------------------------- JSG Holding plc, 11.50% Sr. Nts., 10/1/15 3,7 [EUR] 270,000 348,249 - ------------------------------------------------------------------------------------------------------------------------- Mercer International, Inc., 9.25% Sr. Nts., 2/15/13 620,000 589,000 - ------------------------------------------------------------------------------------------------------------------------- Norske Skog Canada Ltd., 7.375% Sr. Unsec. Nts., 3/1/14 600,000 585,000 - ------------------------------------------------------------------------------------------------------------------------- Tekni-Plex, Inc., 8.75% Sr. Sec. Nts., 11/15/13 3 1,557,000 1,483,043 - ------------------------------------------------------------------------------------------------------------------------- Tembec Industries, Inc.: 7.75% Sr. Nts., 3/15/12 700,000 640,500 8.50% Sr. Unsec. Nts., 2/1/11 57,000 54,293 - ------------------------------------------------------------------------------------------------------------------------- Western Forest Products, Inc., 15% Sec. Nts., 7/28/09 1,7 417,000 458,700 ------------------ 11,463,285 - ------------------------------------------------------------------------------------------------------------------------- TELECOMMUNICATION SERVICES--11.2% - ------------------------------------------------------------------------------------------------------------------------- DIVERSIFIED TELECOMMUNICATION SERVICES--4.6% American Tower Corp.: 7.125% Sr. Unsec. Nts., 10/15/12 500,000 500,000 9.375% Sr. Nts., 2/1/09 161,000 169,855 - ------------------------------------------------------------------------------------------------------------------------- Cincinnati Bell, Inc.: 7% Sr. Nts., 2/15/15 3 475,000 453,625 8.375% Sr. Sub. Nts., 1/15/14 3 305,000 301,950 - ------------------------------------------------------------------------------------------------------------------------- Citizens Communications Co.: 6.25% Sr. Nts., 1/15/13 300,000 283,500 9.25% Sr. Nts., 5/15/11 800,000 880,000 - ------------------------------------------------------------------------------------------------------------------------- Crown Castle International Corp., 7.50% Sr. Nts., 12/1/13 900,000 992,250 - ------------------------------------------------------------------------------------------------------------------------- Intelsat Bermuda Ltd., 8.625% Sr. Nts., 1/15/15 3 1,280,000 1,312,000 - ------------------------------------------------------------------------------------------------------------------------- Level 3 Communications, Inc., 9.125% Sr. Unsec. Nts., 5/1/08 1,300,000 1,088,750 - ------------------------------------------------------------------------------------------------------------------------- MCI, Inc.: 6.908% Sr. Unsec. Nts., 5/1/07 2 2,729,000 2,783,580 7.688% Sr. Unsec. Nts., 5/1/09 2 1,500,000 1,563,750 - ------------------------------------------------------------------------------------------------------------------------- PanAmSat Holding Corp., 0%/10.375% Sr. Disc. Nts., 11/1/14 3,6 750,000 491,250 - ------------------------------------------------------------------------------------------------------------------------- PSINet, Inc., 11% Sr. Nts., 8/1/09 1,4,5 873,089 546 - ------------------------------------------------------------------------------------------------------------------------- Qwest Capital Funding, Inc., 7.90% Unsec. Nts., 8/15/10 1,157,000 1,113,613 - ------------------------------------------------------------------------------------------------------------------------- Qwest Communications International, Inc., 7.50% Sr. Nts., 2/15/11 3 600,000 589,500 - ------------------------------------------------------------------------------------------------------------------------- Qwest Corp.: 6.875% Unsec. Debs., 9/15/33 1,000,000 867,500 9.125% Nts., 3/15/12 3 2,500,000 2,731,250 - -------------------------------------------------------------------------------------------------------------------------
14 | OPPENHEIMER HIGH INCOME FUND/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2005/Unaudited - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ------------------------------------------------------------------------------------------------------------------------- DIVERSIFIED TELECOMMUNICATION SERVICES CONTINUED Qwest Services Corp.: 14% Nts., 12/15/10 3 $ 4,800,000 $ 5,580,000 14.50% Nts., 12/15/14 3 1,700,000 2,061,250 - ------------------------------------------------------------------------------------------------------------------------- Teligent, Inc., 11.50% Sr. Nts., 12/1/07 1,4,5 400,000 -- - ------------------------------------------------------------------------------------------------------------------------- Time Warner Telecom Holdings, Inc., 9.25% Sr. Nts., 2/15/14 3 875,000 844,375 - ------------------------------------------------------------------------------------------------------------------------- Time Warner Telecom LLC/Time Warner Telecom, Inc., 9.75% Sr. Nts., 7/15/08 50,000 49,000 - ------------------------------------------------------------------------------------------------------------------------- Time Warner Telecom, Inc., 10.125% Sr. Unsec. Sub. Nts., 2/1/11 1,300,000 1,261,000 - ------------------------------------------------------------------------------------------------------------------------- Valor Telecom Enterprise, 7.75% Sr. Nts., 2/15/15 3 445,000 445,000 - ------------------------------------------------------------------------------------------------------------------------- Winstar Communications, Inc., 12.75% Sr. Nts., 4/15/10 1,4,5 1,000,000 -- ------------------ 26,363,544 - ------------------------------------------------------------------------------------------------------------------------- WIRELESS TELECOMMUNICATION SERVICES--6.6% Alamosa Delaware, Inc.: 8.50% Sr. Nts., 1/31/12 1,000,000 1,041,250 11% Sr. Unsec. Nts., 7/31/10 57,000 65,123 12.50% Sr. Unsec. Nts., 2/1/11 100,000 113,500 - ------------------------------------------------------------------------------------------------------------------------- American Cellular Corp., 10% Sr. Nts., Series B, 8/1/11 110,000 101,750 - ------------------------------------------------------------------------------------------------------------------------- American Tower Corp., 7.50% Sr. Nts., 5/1/12 1,650,000 1,683,000 - ------------------------------------------------------------------------------------------------------------------------- American Tower Escrow Corp., 12.25% Sr. Sub. Disc. Nts., 8/1/08 8 1,400,000 1,057,000 - ------------------------------------------------------------------------------------------------------------------------- AT&T Corp., 9.05% Sr. Unsec. Nts., 11/15/11 2 3,750,000 4,279,688 - ------------------------------------------------------------------------------------------------------------------------- CellNet Data Systems, Inc., Sr. Unsec. Disc. Nts., 10/1/07 1,4,5 1,834,000 -- - ------------------------------------------------------------------------------------------------------------------------- Centennial Cellular Operating Co. LLC/Centennial Communications Corp., 10.125% Sr. Nts., 6/15/13 1,700,000 1,887,000 - ------------------------------------------------------------------------------------------------------------------------- Crown Castle International Corp., 10.75% Sr. Nts., 8/1/11 2,050,000 2,198,625 - ------------------------------------------------------------------------------------------------------------------------- Dobson Cellular Systems, Inc., 8.375% Sr. Sec. Nts., 11/1/11 3 470,000 481,750 - ------------------------------------------------------------------------------------------------------------------------- Dobson Communications Corp., 8.875% Sr. Nts., 10/1/13 369,000 291,510 - ------------------------------------------------------------------------------------------------------------------------- IWO Escrow Co., 6.32% Sr. Sec. Nts., 1/15/12 2,3 220,000 225,500 - ------------------------------------------------------------------------------------------------------------------------- Nextel Communications, Inc.: 5.95% Sr. Unsec. Nts., 3/15/14 1,000,000 1,000,000 7.375% Sr. Nts., 8/1/15 7,490,000 7,948,763 - ------------------------------------------------------------------------------------------------------------------------- Nextel Partners, Inc.: 8.125% Sr. Nts., 7/1/11 700,000 747,250 12.50% Sr. Nts., 11/15/09 1,162,000 1,284,010 - ------------------------------------------------------------------------------------------------------------------------- Rogers Wireless, Inc.: 6.375% Sec. Nts., 3/1/14 2,100,000 2,047,500 7.50% Sec. Nts., 3/15/15 900,000 933,750 8% Sr. Sub. Nts., 12/15/12 800,000 826,000 - ------------------------------------------------------------------------------------------------------------------------- Rural Cellular Corp.: 8.25% Sr. Sec. Nts., 3/15/12 775,000 794,375 9.75% Sr. Sub. Nts., 1/15/10 457,000 420,440 9.875% Sr. Nts., 2/1/10 900,000 909,000 - ------------------------------------------------------------------------------------------------------------------------- SBA Communications Corp., 8.50% Sr. Nts., 12/1/12 3 1,400,000 1,456,000 - ------------------------------------------------------------------------------------------------------------------------- SBA Telecommunications, Inc./SBA Communications Corp., 0%/9.75% Sr. Disc. Nts., 12/15/11 6 2,357,000 2,044,698 - ------------------------------------------------------------------------------------------------------------------------- Triton PCS, Inc., 8.50% Sr. Unsec. Nts., 6/1/13 1,600,000 1,480,000 - ------------------------------------------------------------------------------------------------------------------------- UbiquiTel Operating Co., 9.875% Sr. Nts., 3/1/11 1,100,000 1,218,250 - ------------------------------------------------------------------------------------------------------------------------- US Unwired, Inc., 10% Sr. Sec. Nts., 6/15/12 500,000 556,250 - -------------------------------------------------------------------------------------------------------------------------
15 | OPPENHEIMER HIGH INCOME FUND/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2005/Unaudited - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ------------------------------------------------------------------------------------------------------------------------- WIRELESS TELECOMMUNICATION SERVICES CONTINUED Western Wireless Corp., 9.25% Sr. Unsec. Nts., 7/15/13 $ 529,000 $ 605,705 ------------------ 37,697,687 - ------------------------------------------------------------------------------------------------------------------------- UTILITIES--6.8% - ------------------------------------------------------------------------------------------------------------------------- ELECTRIC UTILITIES--4.6% AES Corp. (The), 8.75% Sr. Sec. Nts., 5/15/13 3 1,150,000 1,259,250 - ------------------------------------------------------------------------------------------------------------------------- Allegheny Energy, Inc., 7.75% Nts., 8/1/05 300,000 303,000 - ------------------------------------------------------------------------------------------------------------------------- Caithness Coso Funding Corp., 9.05% Sr. Sec. Nts., Series B, 12/15/09 366,797 394,307 - ------------------------------------------------------------------------------------------------------------------------- Calpine Corp.: 7.625% Sr. Nts., 4/15/06 1,260,000 1,228,500 8.41% Sr. Sec. Nts., 7/15/07 2,3 689,500 592,970 - ------------------------------------------------------------------------------------------------------------------------- CenterPoint Energy, Inc., 7.25% Sr. Nts., Series B, 9/1/10 1,600,000 1,751,238 - ------------------------------------------------------------------------------------------------------------------------- CMS Energy Corp.: 7.50% Sr. Nts., 1/15/09 357,000 369,495 7.75% Sr. Nts., 8/1/10 400,000 419,000 9.875% Sr. Unsec. Nts., 10/15/07 1,400,000 1,526,000 - ------------------------------------------------------------------------------------------------------------------------- ESI Tractebel Acquisition Corp., 7.99% Sec. Bonds, Series B, 12/30/11 1 882,000 939,989 - ------------------------------------------------------------------------------------------------------------------------- FPL Energy National Wind Power: 5.608% Nts., 3/10/24 3 535,000 530,380 6.125% Nts., 3/25/19 3 310,000 308,346 - ------------------------------------------------------------------------------------------------------------------------- Midwest Generation LLC, 8.75% Sr. Sec. Nts., 5/1/34 3,900,000 4,368,000 - ------------------------------------------------------------------------------------------------------------------------- Mirant Americas Generation LLC, 8.30% Sr. Unsec. Nts., 5/1/11 4,5 200,000 224,000 - ------------------------------------------------------------------------------------------------------------------------- MSW Energy Holdings II LLC/MSW Energy Finance Co. II, Inc., 7.375% Sr. Sec. Nts., Series B, 9/1/10 700,000 714,000 - ------------------------------------------------------------------------------------------------------------------------- MSW Energy Holdings LLC/MSW Energy Finance Co., Inc., 8.50% Sr. Sec. Nts., 9/1/10 400,000 422,000 - ------------------------------------------------------------------------------------------------------------------------- NRG Energy, Inc., 8% Sr. Sec. Nts., 12/15/13 3 1,955,000 2,077,188 - ------------------------------------------------------------------------------------------------------------------------- Reliant Resources, Inc.: 9.25% Sr. Sec. Nts., 7/15/10 1,657,000 1,781,275 9.50% Sr. Sec. Nts., 7/15/13 1,600,000 1,748,000 - ------------------------------------------------------------------------------------------------------------------------- Teco Energy, Inc., 7.20% Unsec. Unsub. Nts., 5/1/11 2,400,000 2,541,000 - ------------------------------------------------------------------------------------------------------------------------- Texas Genco LLC, 6.875% Sr. Nts., 12/15/14 3 2,000,000 2,015,000 - ------------------------------------------------------------------------------------------------------------------------- TXU Corp., 5.55% Nts., 11/15/14 3 750,000 712,906 ------------------ 26,225,844 - ------------------------------------------------------------------------------------------------------------------------- GAS UTILITIES--0.3% AmeriGas Partners LP/AmeriGas Eagle Finance Corp., 8.875% Sr. Unsec. Nts., Series B, 5/20/11 9 1,400,000 1,491,000 - ------------------------------------------------------------------------------------------------------------------------- SEMCO Energy, Inc., 7.125% Sr. Nts., 5/15/08 400,000 409,148 ------------------ 1,900,148 - ------------------------------------------------------------------------------------------------------------------------- MULTI-UTILITIES & UNREGULATED POWER--1.8% AES Red Oak LLC: 8.54% Sr. Sec. Bonds, Series A, 11/30/19 9 1,030,032 1,153,636 9.20% Sr. Sec. Bonds, Series B, 11/30/29 1 500,000 567,500 - ------------------------------------------------------------------------------------------------------------------------- Calpine Canada Energy Finance ULC, 8.50% Sr. Unsec. Nts., 5/1/08 2,450,000 1,751,750 - ------------------------------------------------------------------------------------------------------------------------- Consumers Energy Co.: 6.25% Nts., 9/15/06 300,000 308,531 6.375% Sr. Sec. Nts., 2/1/08 450,000 470,201 - ------------------------------------------------------------------------------------------------------------------------- Dynegy Holdings, Inc.: 890,000 794,325 6.875% Sr. Unsec. Unsub. Nts., 4/1/11
16 | OPPENHEIMER HIGH INCOME FUND/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2005/Unaudited - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ------------------------------------------------------------------------------------------------------------------------- MULTI-UTILITIES & UNREGULATED POWER CONTINUED 8.75% Sr. Nts., 2/15/12 $ 1,657,000 $ 1,594,863 10.125% Sr. Sec. Nts., 7/15/13 3 2,200,000 2,409,000 - ------------------------------------------------------------------------------------------------------------------------- Mirant Mid-Atlantic LLC, 8.625% Sec. Pass-Through Certificates, Series A, 6/30/12 856,186 950,901 - ------------------------------------------------------------------------------------------------------------------------- NorthWestern Corp., 5.875% Sr. Sec. Nts., 11/1/14 3 580,000 579,896 ------------------ 10,580,603 - ------------------------------------------------------------------------------------------------------------------------- WATER UTILITIES--0.1% National Waterworks, Inc., 10.50% Sr. Unsec. Sub. Nts., Series B, 12/1/12 300,000 335,250 ------------------ Total Corporate Bonds and Notes (Cost $478,566,229) 486,277,708 SHARES - ------------------------------------------------------------------------------------------------------------------------- PREFERRED STOCKS--0.6% - ------------------------------------------------------------------------------------------------------------------------- AmeriKing, Inc., 13% Cum. Sr. Exchangeable, Non-Vtg. 1,5,7 13,764 -- - ------------------------------------------------------------------------------------------------------------------------- Dobson Communications Corp., 6% Cv., Series F (converts into Dobson Communications Corp., Cl. A common stock), Non-Vtg. 3 800 62,200 - ------------------------------------------------------------------------------------------------------------------------- e.spire Communications, Inc., 12.75% Jr. Redeemable, Non-Vtg. 1,5,7 498 50 - ------------------------------------------------------------------------------------------------------------------------- Eagle-Picher Holdings, Inc., 11.75% Cum. Exchangeable, Series B, Non-Vtg. 1,5 8,000 306,000 - ------------------------------------------------------------------------------------------------------------------------- ICG Holdings, Inc., 14.25% Exchangeable, Non-Vtg. 1,5,7 342 -- - ------------------------------------------------------------------------------------------------------------------------- McLeodUSA, Inc., 2.50% Cv., Series A 5 3,258 3,128 - ------------------------------------------------------------------------------------------------------------------------- Pacific & Atlantic Holdings, Inc., 7.50% Cum. Cv., Series A 1,5,7 23,546 45,390 - ------------------------------------------------------------------------------------------------------------------------- Paxson Communications Corp.: 14.25% Cum. Jr. Exchangeable, Non-Vtg. 1,7 92 625,830 14.25% Cum. Jr. Exchangeable, Non-Vtg. 1,5,7 -- 1,436 - ------------------------------------------------------------------------------------------------------------------------- PTV, Inc., 10% Cum., Series A, Non-Vtg. 22 84 - ------------------------------------------------------------------------------------------------------------------------- Rural Cellular Corp., 11.375% Cum., Series B, Non-Vtg. 1,5,7 677 604,223 - ------------------------------------------------------------------------------------------------------------------------- Sovereign Real Estate Investment Trust, 12% Non-Cum., Series A 1 10,000 1,532,500 ------------------ Total Preferred Stocks (Cost $3,998,488) 3,180,841 - ------------------------------------------------------------------------------------------------------------------------- COMMON STOCKS--1.6% - ------------------------------------------------------------------------------------------------------------------------- Broadwing Corp. 494 2,045 - ------------------------------------------------------------------------------------------------------------------------- Cebridge Connections Holding LLC 5 2,645 -- - ------------------------------------------------------------------------------------------------------------------------- Charles River Laboratories International, Inc. 5 8,360 393,254 - ------------------------------------------------------------------------------------------------------------------------- Chesapeake Energy Corp. 80,909 1,775,143 - ------------------------------------------------------------------------------------------------------------------------- Covad Communications Group, Inc. 5 20,660 24,792 - ------------------------------------------------------------------------------------------------------------------------- Crunch Equity Holdings, Cl. A 1,5 301 390,333 - ------------------------------------------------------------------------------------------------------------------------- Dobson Communications Corp., Cl. A 5 43,391 87,650 - ------------------------------------------------------------------------------------------------------------------------- Globix Corp. 5 11,467 42,428 - ------------------------------------------------------------------------------------------------------------------------- Gulfstream Holding, Inc. 1,5 56 -- - ------------------------------------------------------------------------------------------------------------------------- Horizon Natural Resources Co. 1,5 20,000 -- - ------------------------------------------------------------------------------------------------------------------------- ICO Global Communication Holdings Ltd. 5 42,107 141,480 - ------------------------------------------------------------------------------------------------------------------------- iPCS, Inc. 5 9,973 330,106 - ------------------------------------------------------------------------------------------------------------------------- Leap Wireless International, Inc. 5 1,913 49,834 - ------------------------------------------------------------------------------------------------------------------------- Magellan Health Services, Inc. 5 9,965 339,308 - ------------------------------------------------------------------------------------------------------------------------- Manitowoc Co., Inc. (The) 1,039 41,965 - -------------------------------------------------------------------------------------------------------------------------
17 | OPPENHEIMER HIGH INCOME FUND/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2005/Unaudited - --------------------------------------------------------------------------------
SHARES VALUE MCI, Inc. 1,629 $ 40,595 - ------------------------------------------------------------------------------------------------------------------------- NTL, Inc. 5 18,902 1,203,490 - ------------------------------------------------------------------------------------------------------------------------- Orbital Sciences Corp. 5 2,235 21,635 - ------------------------------------------------------------------------------------------------------------------------- Pioneer Cos., Inc. 5 10,688 242,618 - ------------------------------------------------------------------------------------------------------------------------- Polymer Group, Inc., Cl. A 5 24,040 575,758 - ------------------------------------------------------------------------------------------------------------------------- Prandium, Inc. 1,5 62,829 377 - ------------------------------------------------------------------------------------------------------------------------- Sterling Chemicals, Inc. 1,5 396 16,434 - ------------------------------------------------------------------------------------------------------------------------- Telewest Global, Inc. 5 76,326 1,357,840 - ------------------------------------------------------------------------------------------------------------------------- Telus Corp. 1,079 33,244 - ------------------------------------------------------------------------------------------------------------------------- TVMAX Holdings, Inc. 1,5 7,500 41,250 - ------------------------------------------------------------------------------------------------------------------------- UnitedGlobalCom, Inc., Cl. A 5 143,824 1,360,575 - ------------------------------------------------------------------------------------------------------------------------- Viatel Holding (Bermuda) Ltd. 1,5 2,701 1,823 - ------------------------------------------------------------------------------------------------------------------------- Western Forest Products, Inc. 5 85,047 509,790 - ------------------------------------------------------------------------------------------------------------------------- Williams Cos., Inc. (The) 20,000 376,200 - ------------------------------------------------------------------------------------------------------------------------- WRC Media Corp. 1,5 1,353 27 - ------------------------------------------------------------------------------------------------------------------------- XO Communications, Inc. 5 2,646 6,562 ------------------ Total Common Stocks (Cost $8,192,156) 9,406,556 UNITS - ------------------------------------------------------------------------------------------------------------------------- RIGHTS, WARRANTS AND CERTIFICATES--0.3% - ------------------------------------------------------------------------------------------------------------------------- American Tower Corp. Wts., Exp. 8/1/08 3,5 1,400 314,300 - ------------------------------------------------------------------------------------------------------------------------- ASAT Finance LLC Wts., Exp. 11/1/06 1,5 500 -- - ------------------------------------------------------------------------------------------------------------------------- Citigroup, Inc. Litigation Wts., Exp. 12/31/50 5 15,626 27,189 - ------------------------------------------------------------------------------------------------------------------------- COLO.com, Inc. Wts., Exp. 3/15/10 1,5 600 -- - ------------------------------------------------------------------------------------------------------------------------- Concentric Network Corp. Wts., Exp. 12/15/07 1,5 750 -- - ------------------------------------------------------------------------------------------------------------------------- DeCrane Aircraft Holdings, Inc. Wts., Exp. 9/30/08 1,5 1,750 -- - ------------------------------------------------------------------------------------------------------------------------- Diva Systems Corp. Wts., Exp. 3/1/08 1,5 1,500 -- - ------------------------------------------------------------------------------------------------------------------------- e.spire Communications, Inc. Wts., Exp. 11/1/05 1,5 475 5 - ------------------------------------------------------------------------------------------------------------------------- Huntsman Co. LLC Wts., Exp. 5/15/11 1,5 1,000 524,750 - ------------------------------------------------------------------------------------------------------------------------- ICG Communications, Inc. Wts., Exp. 9/15/05 1,5 5,940 -- - ------------------------------------------------------------------------------------------------------------------------- ICO Global Communication Holdings Ltd. Wts.: Exp. 5/16/06 1,5 10,561 84 Exp. 5/16/06 1,5 16 -- - ------------------------------------------------------------------------------------------------------------------------- Imperial Credit Industries, Inc. Wts., Exp. 1/31/08 1,5 5,148 -- - ------------------------------------------------------------------------------------------------------------------------- Insilco Corp. Wts., Exp. 8/15/07 1,5 765 -- - ------------------------------------------------------------------------------------------------------------------------- iPCS, Inc. Wts., Exp. 6/15/10 1,5 750 -- - ------------------------------------------------------------------------------------------------------------------------- Long Distance International, Inc. Wts., Exp. 4/13/08 1,5 800 -- - ------------------------------------------------------------------------------------------------------------------------- Loral Space & Communications Ltd. Wts., Exp. 1/15/07 1,5 800 -- - ------------------------------------------------------------------------------------------------------------------------- McLeodUSA, Inc. Wts., Exp. 4/16/07 5 7,220 130 - ------------------------------------------------------------------------------------------------------------------------- Ntelos, Inc. Wts., Exp. 8/15/10 1,5 1,000 -- - ------------------------------------------------------------------------------------------------------------------------- Pathmark Stores, Inc. Wts., Exp. 9/19/10 5 20,000 3,600 - ------------------------------------------------------------------------------------------------------------------------- Protection One, Inc. Wts., Exp. 6/30/05 1,5 1,600 -- - ------------------------------------------------------------------------------------------------------------------------- Sterling Chemicals, Inc. Wts., Exp. 12/19/08 1,5 647 4,143 - ------------------------------------------------------------------------------------------------------------------------- Transocean, Inc. Wts., Exp. 5/1/09 3,5 1,000 588,125 - -------------------------------------------------------------------------------------------------------------------------
18 | OPPENHEIMER HIGH INCOME FUND/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2005/Unaudited - --------------------------------------------------------------------------------
UNITS VALUE XO Communications, Inc., Cl. A Wts., Exp. 1/16/10 5 5,300 $ 2,014 - ------------------------------------------------------------------------------------------------------------------------- XO Communications, Inc., Cl. B Wts., Exp. 1/16/10 5 3,975 914 - ------------------------------------------------------------------------------------------------------------------------- XO Communications, Inc., Cl. C Wts., Exp. 1/16/10 5 3,975 706 ------------------ Total Rights, Warrants and Certificates (Cost $256,478) 1,465,960 PRINCIPAL AMOUNT - ------------------------------------------------------------------------------------------------------------------------- STRUCTURED NOTES--4.3% - ------------------------------------------------------------------------------------------------------------------------- Bear Stearns Cos., Inc. (The), High Yield Index Linked Nts., 0%, 5/8/05 8 $ 6,000,000 6,083,400 - ------------------------------------------------------------------------------------------------------------------------- Dow Jones CDX High Yield Index Pass-Through Certificates: Series 3-1, 7.75%, 12/29/09 3,10 12,400,000 12,121,000 Series 3-2, 6.375%, 12/29/09 3,10 4,000,000 3,945,000 Series 3-4, 10.50%, 12/29/09 3,10 2,500,000 2,384,375 ------------------ Total Structured Notes (Cost $25,176,405) 24,533,775 - ------------------------------------------------------------------------------------------------------------------------- JOINT REPURCHASE AGREEMENTS--5.4% - ------------------------------------------------------------------------------------------------------------------------- Undivided interest of 3.68% 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 $30,864,358 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 $30,862,000) 30,862,000 30,862,000 - ------------------------------------------------------------------------------------------------------------------------- TOTAL INVESTMENTS, AT VALUE (COST $549,332,247) 97.5% 558,106,529 - ------------------------------------------------------------------------------------------------------------------------- OTHER ASSETS NET OF LIABILITIES 2.5 14,547,795 ----------------------------------------- NET ASSETS 100.0% $ 572,654,324 =========================================
FOOTNOTES TO STATEMENT OF INVESTMENTS Principal amount is reported in U.S. Dollars, except for those denoted in the following currencies: EUR Euro 1. Illiquid or restricted security. The aggregate value of illiquid or restricted securities as of March 31, 2005 was $15,828,717, which represents 2.76% of the Fund's net assets, of which $377 is considered restricted. See accompanying Notes to Quarterly Statement of Investments. 2. Represents the current interest rate for a variable or increasing rate security. 3. Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended. These securities have been determined to be liquid under guidelines established by the Board of Trustees. These securities amount to $115,877,994 or 20.24% of the Fund's net assets as of March 31, 2005. 4. Issue is in default. See accompanying Notes to Quarterly Statement of Investments. 5. Non-income producing security. 6. Denotes a step bond: a zero coupon bond that converts to a fixed or variable interest rate at a designated future date. 7. Interest or dividend is paid-in-kind. 8. Zero coupon bond reflects effective yield on the date of purchase. 9. All or a portion of the security is held in collateralized accounts to cover initial margin requirements on open futures sales contracts with an aggregate market value of $379,900. See accompanying Notes to Quarterly Statement of Investments. 10.Interest rate represents a weighted average rate comprised of the interest rates of the underlying securities. FEDERAL TAX. The approximate aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments for federal income tax purposes as of March 31, 2005 are noted below. The primary difference between book and tax appreciation or depreciation of securities and other investments, if applicable, is attributable to the tax deferral of losses. Federal tax cost of securities $ 550,298,925 ============= 19 | OPPENHEIMER HIGH INCOME FUND/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2005/Unaudited - -------------------------------------------------------------------------------- Gross unrealized appreciation $ 25,918,338 Gross unrealized depreciation (18,110,734) ------------- Net unrealized appreciation $ 7,807,604 ============= 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). STRUCTURED NOTES. The Fund invests in structured notes whose market values, interest rates and/or redemption prices are linked to the performance of underlying foreign currencies, interest rate spreads, stock market indices, prices of individual securities, commodities or other financial instruments or the occurrence of other specific events. The structured notes are often leveraged, increasing the volatility of each note`s market value relative to the change in the underlying linked financial element or event. Fluctuations in value of these securities are recorded as unrealized gains and losses in the accompanying financial statements. The Fund records a realized gain or loss when a structured note is sold or matures. As of March 31, 2005, the market value of these securities comprised 4.3% of the Fund`s net assets and resulted in unrealized cumulative losses of $642,630. SECURITY CREDIT RISK. The Fund invests in high-yield securities, which may be subject to a greater degree of credit risk, market fluctuations and loss of income and principal, and may be more sensitive to economic conditions than lower-yielding, higher-rated fixed-income securities. The Fund may acquire securities in default, and is not obligated to dispose of securities whose issuers subsequently default. As of March 31, 2005, securities with an aggregate market value of $7,092,457, representing 1.24% of the Fund`s net assets, were in default. 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 20 | OPPENHEIMER HIGH INCOME FUND/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2005/Unaudited - -------------------------------------------------------------------------------- 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. 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 outstanding futures contracts as follows:
EXPIRATION NUMBER OF VALUATION AS OF UNREALIZED CONTRACT DESCRIPTION DATE CONTRACTS MARCH 31, 2005 DEPRECIATION - ------------------------------------------------------------------------------------- CONTRACTS TO PURCHASE Standard & Poor's 500 Index 6/16/05 20 $ 5,919,500 $ 152,575
21 | OPPENHEIMER HIGH INCOME FUND/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS March 31, 2005/Unaudited - -------------------------------------------------------------------------------- ILLIQUID OR RESTRICTED SECURITIES. As of March 31, 2005, investments in securities included issues that are illiquid or restricted. Restricted securities are purchased in private placement transactions, are not registered under the Securities Act of 1933, may have contractual restrictions on resale, and are valued under methods approved by the Board of Trustees as reflecting fair value. A security may also be considered illiquid if it lacks a readily available market or if its valuation has not changed for a certain period of time. The Fund will not invest more than 15% of its net assets (determined at the time of purchase and reviewed periodically) in illiquid or restricted securities. Certain restricted securities, eligible for resale to qualified institutional investors, are not subject to that limitation. Information concerning restricted securities is as follows: ACQUISITION VALUATION AS OF UNREALIZED SECURITY DATES COST MARCH 31, 2005 DEPRECIATION - -------------------------------------------------------------------------------- Prandium, Inc. 3/19/99-7/19/02 $ 738,000 $ 377 $ 737,623 22 | OPPENHEIMER HIGH INCOME 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 High Income Fund/VA By: /s/ John V. Murphy ---------------------------- John V. Murphy Principal Executive Officer Date: May 13, 2005 Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. By: /s/ John V. Murphy ---------------------------- John V. Murphy Principal Executive Officer Date: May 13, 2005 By: /s/ Brian W. Wixted ---------------------------- Brian W. Wixted Chief Financial Officer Date: May 13, 2005 EX-99.CERT 2 rq640_15560ex99cert.txt RQ640_15560EX99CERT.TXT Exhibit 99.CERT Section 302 Certifications CERTIFICATIONS I, JOHN V. MURPHY, certify that: 1. I have reviewed this report on Form N-Q of Oppenheimer High Income Fund/VA; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of trustees (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. /s/ John V. Murphy - ---------------------------- John V. Murphy Principal Executive Officer Date: May 13, 2005 Exhibit 99.CERT Section 302 Certifications CERTIFICATIONS I, BRIAN W. WIXTED, certify that: 1. I have reviewed this report on Form N-Q of Oppenheimer High Income Fund/VA; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of trustees (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. /s/ Brian W. Wixted - ---------------------------- Brian W. Wixted Chief Financial Officer Date: May 13, 2005 -----END PRIVACY-ENHANCED MESSAGE-----