-----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, Vy+SE+qwNUsRyBsf319Paag4/jlr59y6huUHDCKBo5/iR7h3tdYs3VOCW+RQJKKN vAtGGhtHgpcH1ywPwpYtkg== 0000935069-05-001417.txt : 20050611 0000935069-05-001417.hdr.sgml : 20050611 20050527161351 ACCESSION NUMBER: 0000935069-05-001417 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: 05864156 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 rq670_15563nq.txt RQ670_15563NQ.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 BALANCED 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 Balanced Fund/VA STATEMENT OF INVESTMENTS March 31, 2005/Unaudited - --------------------------------------------------------------------------------
SHARES VALUE - ------------------------------------------------------------------------------------------------------- COMMON STOCKS--53.4% - ------------------------------------------------------------------------------------------------------- CONSUMER DISCRETIONARY--8.2% - ------------------------------------------------------------------------------------------------------- HOTELS, RESTAURANTS & LEISURE--0.8% McDonald's Corp. 154,500 $ 4,811,130 - ------------------------------------------------------------------------------------------------------- HOUSEHOLD DURABLES--0.3% WCI Communities, Inc. 1 69,600 2,093,568 - ------------------------------------------------------------------------------------------------------- INTERNET & CATALOG RETAIL--0.4% IAC/InterActiveCorp 1 103,600 2,307,172 - ------------------------------------------------------------------------------------------------------- MEDIA--6.4% Liberty Media Corp., Cl. A 1,495,000 15,503,150 - ------------------------------------------------------------------------------------------------------- Liberty Media International, Inc., Cl. A 1 46,794 2,046,770 - ------------------------------------------------------------------------------------------------------- UnitedGlobalCom, Inc., Cl. A 1 1,645,384 15,565,333 - ------------------------------------------------------------------------------------------------------- Viacom, Inc., Cl. B 131,800 4,590,594 ----------------- 37,705,847 - ------------------------------------------------------------------------------------------------------- SPECIALTY RETAIL--0.3% Gap, Inc. (The) 82,300 1,797,432 - ------------------------------------------------------------------------------------------------------- CONSUMER STAPLES--4.1% - ------------------------------------------------------------------------------------------------------- BEVERAGES--1.2% Constellation Brands, Inc., Cl. A 1 133,900 7,079,293 - ------------------------------------------------------------------------------------------------------- FOOD PRODUCTS--0.7% Tyson Foods, Inc., Cl. A 233,800 3,899,784 - ------------------------------------------------------------------------------------------------------- TOBACCO--2.2% Altria Group, Inc. 199,600 13,051,844 - ------------------------------------------------------------------------------------------------------- ENERGY--4.4% - ------------------------------------------------------------------------------------------------------- ENERGY EQUIPMENT & SERVICES--0.5% Halliburton Co. 73,500 3,178,875 - ------------------------------------------------------------------------------------------------------- OIL & GAS--3.9% BP plc, ADR 50,400 3,144,960 - ------------------------------------------------------------------------------------------------------- Kinder Morgan, Inc. 34,900 2,641,930 - ------------------------------------------------------------------------------------------------------- LUKOIL, Sponsored ADR 44,300 6,002,650 - ------------------------------------------------------------------------------------------------------- Petroleo Brasileiro SA, Preference 81,000 3,128,966 - ------------------------------------------------------------------------------------------------------- Talisman Energy, Inc. 137,700 4,712,198 - ------------------------------------------------------------------------------------------------------- Total SA, B Shares 1,700 397,768 - ------------------------------------------------------------------------------------------------------- TotalFinaElf SA, Sponsored ADR 24,000 2,813,520 ----------------- 22,841,992 - ------------------------------------------------------------------------------------------------------- FINANCIALS--9.5% - ------------------------------------------------------------------------------------------------------- CAPITAL MARKETS--0.4% UBS AG 25,042 2,114,044 - ------------------------------------------------------------------------------------------------------- COMMERCIAL BANKS--2.1% Bank of America Corp. 138,968 6,128,489 - ------------------------------------------------------------------------------------------------------- Wachovia Corp. 61,215 3,116,456 - ------------------------------------------------------------------------------------------------------- Wells Fargo & Co. 54,600 3,265,080 ----------------- 12,510,025 - ------------------------------------------------------------------------------------------------------- DIVERSIFIED FINANCIAL SERVICES--3.2% Citigroup, Inc. 164,100 7,374,654 - ------------------------------------------------------------------------------------------------------- JPMorgan Chase & Co. 100,500 3,477,300 - ------------------------------------------------------------------------------------------------------- Lehman Brothers Holdings, Inc. 70,500 6,638,280 - ------------------------------------------------------------------------------------------------------- Morgan Stanley 30,600 1,751,850 ----------------- 19,242,084
1 | OPPENHEIMER BALANCED FUND/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS March 31, 2005/Unaudited - --------------------------------------------------------------------------------
SHARES VALUE - ------------------------------------------------------------------------------------------------------- INSURANCE--2.4% Assured Guaranty Ltd. 181,900 $ 3,265,105 - ------------------------------------------------------------------------------------------------------- Everest Re Group Ltd. 35,300 3,004,383 - ------------------------------------------------------------------------------------------------------- Genworth Financial, Inc., Cl. A 285,100 7,845,952 ----------------- 14,115,440 - ------------------------------------------------------------------------------------------------------- REAL ESTATE--0.4% Host Marriott Corp. 140,500 2,326,680 - ------------------------------------------------------------------------------------------------------- THRIFTS & MORTGAGE FINANCE--1.0% Countrywide Financial Corp. 81,700 2,651,982 - ------------------------------------------------------------------------------------------------------- Freddie Mac 52,700 3,330,640 ----------------- 5,982,622 - ------------------------------------------------------------------------------------------------------- HEALTH CARE--7.0% - ------------------------------------------------------------------------------------------------------- BIOTECHNOLOGY--1.8% MedImmune, Inc. 1 167,900 3,997,699 - ------------------------------------------------------------------------------------------------------- Wyeth 158,300 6,677,094 ----------------- 10,674,793 - ------------------------------------------------------------------------------------------------------- HEALTH CARE EQUIPMENT & SUPPLIES--0.7% Beckman Coulter, Inc. 61,000 4,053,450 - ------------------------------------------------------------------------------------------------------- HEALTH CARE PROVIDERS & SERVICES--1.0% Manor Care, Inc. 47,600 1,730,736 - ------------------------------------------------------------------------------------------------------- Tenet Healthcare Corp. 1 349,700 4,032,041 ----------------- 5,762,777 - ------------------------------------------------------------------------------------------------------- PHARMACEUTICALS--3.5% GlaxoSmithKline plc, ADR 62,600 2,874,592 - ------------------------------------------------------------------------------------------------------- Novartis AG 89,813 4,188,871 - ------------------------------------------------------------------------------------------------------- Pfizer, Inc. 207,600 5,453,652 - ------------------------------------------------------------------------------------------------------- Schering-Plough Corp. 175,200 3,179,880 - ------------------------------------------------------------------------------------------------------- Watson Pharmaceuticals, Inc. 1 170,700 5,245,611 ----------------- 20,942,606 - ------------------------------------------------------------------------------------------------------- INDUSTRIALS--6.7% - ------------------------------------------------------------------------------------------------------- AEROSPACE & DEFENSE--3.5% Empresa Brasileira de Aeronautica SA, ADR 101,400 3,173,820 - ------------------------------------------------------------------------------------------------------- Honeywell International, Inc. 174,700 6,500,587 - ------------------------------------------------------------------------------------------------------- Orbital Sciences Corp. 1 680,864 6,590,764 - ------------------------------------------------------------------------------------------------------- Raytheon Co. 121,800 4,713,660 ----------------- 20,978,831 - ------------------------------------------------------------------------------------------------------- COMMERCIAL SERVICES & SUPPLIES--2.1% Cendant Corp. 621,400 12,763,556 - ------------------------------------------------------------------------------------------------------- ELECTRICAL EQUIPMENT--0.2% GrafTech International Ltd. 1 164,200 934,298 - ------------------------------------------------------------------------------------------------------- INDUSTRIAL CONGLOMERATES--0.9% General Electric Co. 97,900 3,530,274 - ------------------------------------------------------------------------------------------------------- Tyco International Ltd. 48,800 1,649,440 ----------------- 5,179,714 - ------------------------------------------------------------------------------------------------------- INFORMATION TECHNOLOGY--9.6% - ------------------------------------------------------------------------------------------------------- COMPUTERS & PERIPHERALS--2.2% Hewlett-Packard Co. 145,400 3,190,076 - -------------------------------------------------------------------------------------------------------
2 | OPPENHEIMER BALANCED FUND/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS March 31, 2005/Unaudited - --------------------------------------------------------------------------------
SHARES VALUE - ------------------------------------------------------------------------------------------------------- COMPUTERS & PERIPHERALS CONTINUED International Business Machines Corp. 103,500 $ 9,457,830 ----------------- 12,647,906 - ------------------------------------------------------------------------------------------------------- ELECTRONIC EQUIPMENT & INSTRUMENTS--0.7% Flextronics International Ltd. 1 347,800 4,187,512 - ------------------------------------------------------------------------------------------------------- INTERNET SOFTWARE & SERVICES--0.1% Net2Phone, Inc. 1 481,500 775,215 - ------------------------------------------------------------------------------------------------------- IT SERVICES--0.3% CSG Systems International, Inc. 1 115,700 1,884,753 - ------------------------------------------------------------------------------------------------------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT--1.3% Freescale Semiconductor, Inc., Cl. A 1 282,900 4,795,155 - ------------------------------------------------------------------------------------------------------- Intel Corp. 128,600 2,987,378 ----------------- 7,782,533 - ------------------------------------------------------------------------------------------------------- SOFTWARE--5.0% Computer Associates International, Inc. 134 3,631 - ------------------------------------------------------------------------------------------------------- Compuware Corp. 1 245,400 1,766,880 - ------------------------------------------------------------------------------------------------------- Microsoft Corp. 290,000 7,009,300 - ------------------------------------------------------------------------------------------------------- Novell, Inc. 1 640,300 3,816,188 - ------------------------------------------------------------------------------------------------------- Synopsys, Inc. 1 85,800 1,552,980 - ------------------------------------------------------------------------------------------------------- Take-Two Interactive Software, Inc. 1 391,700 15,315,470 ----------------- 29,464,449 - ------------------------------------------------------------------------------------------------------- MATERIALS--1.2% - ------------------------------------------------------------------------------------------------------- CHEMICALS--0.5% Praxair, Inc. 58,900 2,818,954 - ------------------------------------------------------------------------------------------------------- Sterling Chemicals, Inc. 1,2 18 747 ----------------- 2,819,701 - ------------------------------------------------------------------------------------------------------- METALS & MINING--0.5% Companhia Vale do Rio Doce, Sponsored ADR 115,800 3,076,806 - ------------------------------------------------------------------------------------------------------- PAPER & FOREST PRODUCTS--0.2% Bowater, Inc. 33,700 1,269,479 - ------------------------------------------------------------------------------------------------------- TELECOMMUNICATION SERVICES--1.2% - ------------------------------------------------------------------------------------------------------- DIVERSIFIED TELECOMMUNICATION SERVICES--1.2% IDT Corp., Cl. B 1 494,600 7,315,134 - ------------------------------------------------------------------------------------------------------- WorldCom, Inc./WorldCom Group 1 375,000 -- ----------------- 7,315,134 - ------------------------------------------------------------------------------------------------------- WIRELESS TELECOMMUNICATION SERVICES--0.0% Leap Wireless International, Inc. 1 1,707 44,467 - ------------------------------------------------------------------------------------------------------- UTILITIES--1.5% - ------------------------------------------------------------------------------------------------------- ELECTRIC UTILITIES--1.5% AES Corp. (The) 1 389,900 6,386,562 - ------------------------------------------------------------------------------------------------------- Reliant Energy, Inc. 1 245,000 2,788,100 ----------------- 9,174,662 ----------------- Total Common Stocks (Cost $235,114,568) 316,790,474
3 | OPPENHEIMER BALANCED FUND/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS March 31, 2005/Unaudited - --------------------------------------------------------------------------------
UNITS VALUE - ------------------------------------------------------------------------------------------------------- RIGHTS, WARRANTS AND CERTIFICATES--0.0% - ------------------------------------------------------------------------------------------------------- HF Holdings, Inc. Wts., Exp. 9/27/09 1,2 2,593 $ 26 - ------------------------------------------------------------------------------------------------------- Lucent Technologies, Inc. Wts., Exp. 12/10/07 1 8,881 5,950 - ------------------------------------------------------------------------------------------------------- Sterling Chemicals, Inc. Wts., Exp. 12/19/08 1,2 31 199 ----------------- Total Rights, Warrants and Certificates (Cost $38,932) 6,175 PRINCIPAL AMOUNT - ------------------------------------------------------------------------------------------------------- ASSET-BACKED SECURITIES--7.0% - ------------------------------------------------------------------------------------------------------- Aesop Funding II LLC, Automobile Asset-Backed Certificates, Series 2005-1A, Cl. A2, 2.91%, 4/20/08 2,3 $ 370,000 370,000 - ------------------------------------------------------------------------------------------------------- Bank One Auto Securitization Trust, Automobile Receivable Certificates, Series 2003-1, Cl. A2, 1.29%, 8/21/06 177,608 177,412 - ------------------------------------------------------------------------------------------------------- BMW Vehicle Owner Trust, Automobile Loan Certificates: Series 2004-A, Cl. A2, 1.88%, 10/25/06 864,875 862,641 Series 2005-A, Cl. A2, 3.65%, 12/26/07 1,420,000 1,418,278 - ------------------------------------------------------------------------------------------------------- Capital Auto Receivables Asset Trust, Automobile Mtg.- Backed Nts., Series 2004-2, Cl. A3, 3.58%, 1/15/09 1,270,000 1,249,744 - ------------------------------------------------------------------------------------------------------- Centex Home Equity Co. LLC, Home Equity Loan Asset-Backed Certificates: Series 2004-A, Cl. AF1, 2.03%, 6/25/19 116,949 116,728 Series 2004-D, Cl. AF1, 2.98%, 4/25/20 2 476,268 473,486 Series 2005-B, Cl. AF1, 4.02%, 3/26/35 2 450,000 450,000 - ------------------------------------------------------------------------------------------------------- Chase Funding Mortgage Loan Asset-Backed Certificates, Home Equity Mtg. Obligations: Series 2002-4, Cl. 1A3, 3.44%, 4/25/23 61,143 61,054 Series 2003-1, Cl. 1A3, 3.14%, 7/25/23 276,246 275,782 Series 2003-3, Cl. 1A2, 1.93%, 5/25/18 187,213 186,922 Series 2003-4, Cl. 1A2, 2.138%, 7/25/18 835,011 832,546 Series 2003-5, Cl. 1A2, 2.451%, 11/25/18 270,000 268,343 Series 2004-1, Cl. 2A1, 2.96%, 9/25/21 3 213,145 213,279 - ------------------------------------------------------------------------------------------------------- Chase Manhattan Auto Owner Trust, Automobile Loan Pass-Through Certificates, Series 2002-A, Cl. A4, 4.24%, 9/15/08 221,687 222,780 - ------------------------------------------------------------------------------------------------------- CIT Equipment Collateral, Equipment Receivable-Backed Nts., Series 2004-DFS, Cl. A2, 2.66%, 11/20/06 2 900,000 893,732 - ------------------------------------------------------------------------------------------------------- Citibank Credit Card Issuance Trust, Credit Card Receivable Nts.: Series 2001-A6, Cl. A6, 5.65%, 6/16/08 1,180,000 1,204,251 Series 2002-A3, Cl. A3, 4.40%, 5/15/07 1,050,000 1,052,326 Series 2003-C4, Cl. C4, 5%, 6/10/15 180,000 176,740 - ------------------------------------------------------------------------------------------------------- CitiFinancial Mortgage Securities, Inc., Home Equity Collateralized Mtg. Obligations, Series 2003-3, Cl. AF1, 2.97%, 8/25/33 3 165,997 166,105 - ------------------------------------------------------------------------------------------------------- Citigroup Mortgage Loan Trust, Inc., Home Equity Mtg. Obligations, Series 2004-OPT1, Cl. A1B, 2.388%, 9/1/34 2 347,819 347,384 - ------------------------------------------------------------------------------------------------------- Countrywide Asset-Backed Certificates, Inc., Home Equity Asset-Backed Certificates, Series 2002-4, Cl. A1, 3.22%, 2/25/33 3 145,408 147,109 - ------------------------------------------------------------------------------------------------------- DaimlerChrysler Auto Trust, Automobile Loan Pass-Through Certificates: Series 2001-D, Cl. A4, 3.78%, 2/6/07 249,257 249,806 Series 2002-A, Cl. A4, 4.49%, 10/6/08 478,918 481,558 Series 2003-B, Cl. A2, 1.61%, 7/10/06 698,092 697,523 Series 2004-B, Cl. A2, 2.48%, 2/8/07 2 966,471 964,514 Series 2004-C, Cl. A2, 2.62%, 6/8/07 1,720,000 1,712,528
4 | OPPENHEIMER BALANCED FUND/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS March 31, 2005/Unaudited - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE Series 2005-A, Cl. A2, 3.17%, 9/8/07 2 $ 1,550,000 $ 1,545,347 - ------------------------------------------------------------------------------------------------------- Equity One ABS, Inc., Home Equity Mtg. Pass-Through Certificates, Series 2004-3, Cl. AF2, 3.80%, 7/25/34 230,000 227,716 - ------------------------------------------------------------------------------------------------------- Ford Credit Auto Owner Trust, Automobile Loan Pass-Through Certificates: Series 2004-A, Cl. A2, 2.13%, 10/15/06 1,764,633 1,758,848 Series 2005-A, Cl. A3, 3.48%, 11/17/08 930,000 921,811 - ------------------------------------------------------------------------------------------------------- Harley-Davidson Motorcycle Trust, Motorcycle Receivable Nts., Series 2003-3, Cl. A1, 1.50%, 1/15/08 567,652 566,163 - ------------------------------------------------------------------------------------------------------- Honda Auto Receivables Owner Trust, Automobile Receivable Obligations: Series 2003-3, Cl. A2, 1.52%, 4/21/06 279,501 279,271 Series 2003-4, Cl. A2, 1.58%, 7/17/06 674,126 673,010 Series 2005-1, Cl. A2, 3.21%, 5/21/07 2 630,000 628,351 - ------------------------------------------------------------------------------------------------------- Household Automotive Trust, Automobile Loan Certificates, Series 2003-2, Cl. A2, 1.56%, 12/18/06 194,538 194,366 - ------------------------------------------------------------------------------------------------------- M&I Auto Loan Trust, Automobile Loan Certificates: Series 2002-1, Cl. A3, 2.49%, 10/22/07 302,544 302,382 Series 2003-1, Cl. A2, 1.60%, 7/20/06 224,898 224,812 - ------------------------------------------------------------------------------------------------------- MBNA Credit Card Master Note Trust, Credit Card Receivables, Series 2003-C7, Cl. C7, 4.16%, 3/15/16 3 1,710,000 1,814,864 - ------------------------------------------------------------------------------------------------------- National City Auto Receivables Trust, Automobile Receivable Obligations, Series 2004-A, Cl. A2, 1.50%, 2/15/07 546,729 545,202 - ------------------------------------------------------------------------------------------------------- Nissan Auto Lease Trust, Automobile Lease Obligations, Series 2004-A, Cl. A2, 2.55%, 1/15/07 840,000 836,026 - ------------------------------------------------------------------------------------------------------- Nissan Auto Receivables Owner Trust, Automobile Receivable Nts.: Series 2002-A, Cl. A4, 4.28%, 10/16/06 145,179 145,539 Series 2004-A, Cl. A2, 1.40%, 7/17/06 613,669 611,655 - ------------------------------------------------------------------------------------------------------- Option One Mortgage Loan Trust, Home Equity Mtg. Obligations, Series 2004-3, Cl. A2, 3%, 11/25/34 2,3 386,701 387,004 - ------------------------------------------------------------------------------------------------------- Popular ABS Mortgage Pass-Through Trust, Home Equity Pass-Through Certificates: Series 2004-5, Cl. A F2, 3.735%, 11/10/34 2 340,000 335,953 Series 2005-1, Cl. A F2, 3.914%, 5/25/35 260,000 257,167 Series 2005-2, Cl. A F2, 4.415%, 4/25/35 420,000 420,000 - ------------------------------------------------------------------------------------------------------- Structured Asset Securities Corp., Collateralized Mtg. Obligations, Mtg. Pass-Through Certificates, Series 2005-4XS, Cl. 3A1, 5.18%, 3/26/35 2,305,796 2,324,769 - ------------------------------------------------------------------------------------------------------- Toyota Auto Receivables Owner Trust, Automobile Mg.-Backed Obligations, Series 2002-B, Cl. A4, 4.39%, 5/15/09 1,992,250 2,001,606 - ------------------------------------------------------------------------------------------------------- USAA Auto Owner Trust, Automobile Loan Asset-Backed Nts.: Series 2002-1, Cl. A3, 2.41%, 10/16/06 93,724 93,720 Series 2004-1, Cl. A2, 1.43%, 9/15/06 1,300,437 1,297,441 Series 2004-2, Cl. A2, 2.41%, 2/15/07 1,030,000 1,027,318 Series 2004-3, Cl. A2, 2.79%, 6/15/07 820,000 816,520 - ------------------------------------------------------------------------------------------------------- Volkswagen Auto Lease Trust, Automobile Lease Asset-Backed Securities: Series 2004-A, Cl. A2, 2.47%, 1/22/07 1,040,000 1,034,231 Series 2005-A, Cl. A2, 3.52%, 4/20/07 1,080,000 1,078,783 - ------------------------------------------------------------------------------------------------------- Volkswagen Auto Loan Enhanced Trust, Automobile Loan Receivable Certificates, Series 2003-2, Cl. A2, 1.55%, 6/20/06 307,065 306,665 - ------------------------------------------------------------------------------------------------------- Wachovia Auto Owner Trust, Automobile Receivable Nts., Series 2004-B, Cl. A2, 2.40%, 5/21/07 740,000 736,800 - -------------------------------------------------------------------------------------------------------
5 | OPPENHEIMER BALANCED FUND/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS March 31, 2005/Unaudited - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE Wells Fargo Home Equity Trust, Collateralized Mtg. Obligations, Series 2004-2, Cl. AI1B, 2.94%, 9/25/18 $ 1,357,218 $ 1,346,594 - ------------------------------------------------------------------------------------------------------- Whole Auto Loan Trust, Automobile Loan Receivable Certificates: Series 2003-1, Cl. A2A, 1.40%, 4/15/06 287,461 287,251 Series 2004-1, Cl. A2A, 2.59%, 5/15/07 1,070,000 1,064,288 ----------------- Total Asset-Backed Securities (Cost $41,517,256) 41,364,044 - ------------------------------------------------------------------------------------------------------- MORTGAGE-BACKED OBLIGATIONS--32.1% - ------------------------------------------------------------------------------------------------------- GOVERNMENT AGENCY--27.6% - ------------------------------------------------------------------------------------------------------- FHLMC/FNMA/SPONSORED--27.5% Federal Home Loan Mortgage Corp.: 6%, 9/1/34 10,530,716 10,784,624 6.50%, 7/1/28-4/1/34 1,299,123 1,353,108 7%, 5/1/29-11/1/32 2,741,363 2,889,894 7%, 6/1/35 4 3,038,000 3,197,495 - ------------------------------------------------------------------------------------------------------- Federal Home Loan Mortgage Corp., Gtd. Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates: Series 1669, Cl. G, 6.50%, 2/15/23 208,034 209,049 Series 2055, Cl. ZM, 6.50%, 5/15/28 653,776 677,897 Series 2075, Cl. D, 6.50%, 8/15/28 1,498,371 1,556,438 Series 2080, Cl. Z, 6.50%, 8/15/28 418,899 433,458 Series 2387, Cl. PD, 6%, 4/15/30 783,740 804,463 Series 2466, Cl. PD, 6.50%, 4/15/30 80,540 80,615 Series 2498, Cl. PC, 5.50%, 10/15/14 99,941 100,647 Series 2500, Cl. FD, 3.31%, 3/15/32 3 241,644 242,638 Series 2526, Cl. FE, 3.21%, 6/15/29 3 301,578 303,250 Series 2550, Cl. QK, 4.50%, 4/15/22 341,907 342,607 Series 2551, Cl. FD, 3.21%, 1/15/33 3 240,550 242,501 Series 2583, Cl. KA, 5.50%, 3/15/22 1,721,668 1,742,536 - ------------------------------------------------------------------------------------------------------- Federal Home Loan Mortgage Corp., Interest-Only Stripped Mtg.-Backed Security: Series 176, Cl. IO, 5.864%, 6/1/26 5 428,746 90,677 Series 183, Cl. IO, 3.74%, 4/1/27 5 679,740 147,312 Series 184, Cl. IO, 8.29%, 12/1/26 5 711,828 145,101 Series 192, Cl. IO, 10.937%, 2/1/28 5 191,696 38,690 Series 200, Cl. IO, 10.725%, 1/1/29 5 235,395 49,058 Series 2130, Cl. SC, 14.205%, 3/15/29 5 524,821 41,856 Series 2796, Cl. SD, 21.186%, 7/15/26 5 735,235 64,797 Series 2920, Cl. S, 30.867%, 1/15/35 5 4,628,951 258,295 - ------------------------------------------------------------------------------------------------------- Federal Home Loan Mortgage Corp., Principal-Only Stripped Mtg.-Backed Security, Series 176, Cl. PO, 5.857%, 6/1/26 6 188,688 159,756 - ------------------------------------------------------------------------------------------------------- Federal National Mortgage Assn.: 5%, 6/1/18-4/1/35 4 37,348,072 36,941,027 5.50%, 3/1/33-1/1/34 5,596,194 5,616,474 5.50%, 4/1/20-4/1/35 4 38,356,000 38,570,857 6%, 5/1/16-8/1/24 8,707,250 8,971,971 6%, 4/1/20 4 4,621,000 4,772,624 6.50%, 11/1/27-10/1/30 1,258,839 1,312,002 6.50%, 4/1/35 4 22,840,000 23,703,626 7%, 7/1/34-8/1/34 1,769,472 1,865,281 7.50%, 7/1/30-9/1/30 919,360 984,100
6 | OPPENHEIMER BALANCED FUND/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS March 31, 2005/Unaudited - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ------------------------------------------------------------------------------------------------------- FHLMC/FNMA/SPONSORED CONTINUED 8.50%, 7/1/32 $ 47,555 $ 51,644 - ------------------------------------------------------------------------------------------------------- Federal National Mortgage Assn., Collateralized Mtg. Obligations, Gtd. Real Estate Mtg. Investment Conduit Pass-Through Certificates: Trust 1993-87, Cl. Z, 6.50%, 6/25/23 1,153,490 1,198,886 Trust 1998-63, Cl. PG, 6%, 3/25/27 199,829 200,311 Trust 2001-50, Cl. NE, 6%, 8/25/30 432,673 437,037 Trust 2001-70, Cl. LR, 6%, 9/25/30 423,074 431,275 Trust 2001-72, Cl. NH, 6%, 4/25/30 331,841 335,681 Trust 2001-74, Cl. PD, 6%, 5/25/30 139,925 141,828 Trust 2002-77, Cl. WF, 3.234%, 12/18/32 3 379,783 382,369 Trust 2002-94, Cl. MA, 4.50%, 8/25/09 536,747 536,990 Trust 2002-T1, Cl. A2, 7%, 11/25/31 1,438,000 1,518,438 Trust 2003-10, Cl. HP, 5%, 2/25/18 1,660,000 1,642,361 Trust 2003-81, Cl. PA, 5%, 2/25/12 133,475 133,552 Trust 2004-101, Cl. BG, 5%, 1/25/20 1,110,000 1,101,837 - ------------------------------------------------------------------------------------------------------- Federal National Mortgage Assn., Collateralized Mtg. Obligations, Gtd. Real Estate Mtg. Investment Conduit Pass-Through Certificates, Interest-Only Stripped Mtg.-Backed Security: Trust 319, Cl. 2, 3.929%, 2/1/32 5 424,446 95,163 Trust 2002-47, Cl. NS, 12.675%, 4/25/32 5 927,002 85,191 Trust 2002-51, Cl. S, 12.94%, 8/25/32 5 851,206 78,226 - ------------------------------------------------------------------------------------------------------- Federal National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security: Trust 222, Cl. 2, 3.40%, 6/1/23 5 1,394,802 281,286 Trust 233, Cl. 2, 7.631%, 8/1/23 5 1,314,020 281,393 Trust 240, Cl. 2, 6.23%, 9/1/23 5 2,138,934 441,263 Trust 252, Cl. 2, 0.567%, 11/1/23 5 1,081,277 212,296 Trust 254, Cl. 2, 3.712%, 1/1/24 5 540,431 106,048 Trust 273, Cl. 2, 5.74%, 7/1/26 5 310,621 64,566 Trust 321, Cl. 2, (1.72)%, 3/1/32 5 4,356,573 1,001,632 Trust 329, Cl. 2, 7.277%, 1/1/33 5 961,146 229,576 Trust 331, Cl. 9, (14.483)%, 12/1/32 5 1,226,065 268,441 Trust 333, Cl. 2, 8.18%, 3/1/33 5 4,456,884 1,075,364 Trust 334, Cl. 17, (6.605)%, 2/1/33 5 701,568 154,540 Trust 2001-81, Cl. S, 17.217%, 1/25/32 5 439,231 40,510 Trust 2002-9, Cl. MS, 14.197%, 3/25/32 5 635,412 61,004 Trust 2002-52, Cl. SD, 7.319%, 9/25/32 5 1,060,831 95,426 Trust 2002-77, Cl. SH, 22.769%, 12/18/32 5 566,533 55,496 Trust 2004-54, Cl. DS, 18.428%, 11/25/30 5 870,316 66,430 Trust 2005-6, Cl. SE, 27.111%, 2/25/35 5 3,041,466 185,164 Trust 2005-19, Cl. SA, 27.69%, 3/25/35 5 12,499,926 722,593 Trust 2005-40, Cl. SA, 0%, 5/25/35 4,5 2,590,000 150,948 - ------------------------------------------------------------------------------------------------------- Federal National Mortgage Assn., Principal-Only Stripped Mtg.-Backed Security, Trust 1993-184, Cl. M, 7.615%, 9/25/23 6 443,073 374,472 ----------------- 162,933,961 - ------------------------------------------------------------------------------------------------------- GNMA/GUARANTEED--0.1% Government National Mortgage Assn., 8%, 4/15/23 265,657 286,769 - -------------------------------------------------------------------------------------------------------
7 | OPPENHEIMER BALANCED FUND/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS March 31, 2005/Unaudited - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ------------------------------------------------------------------------------------------------------- GNMA/GUARANTEED CONTINUED Government National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security: Series 2001-21, Cl. SB, 12.767%, 1/16/27 5 $ 848,987 $ 71,395 Series 2002-15, Cl. SM, 7.742%, 2/16/32 5 968,619 84,386 Series 2002-76, Cl. SY, 12.817%, 12/16/26 5 1,947,047 178,454 Series 2004-11, Cl. SM, 8.358%, 1/17/30 5 760,859 62,035 ----------------- 683,039 - ------------------------------------------------------------------------------------------------------- PRIVATE--4.5% - ------------------------------------------------------------------------------------------------------- COMMERCIAL--4.3% Banc of America Commercial Mortgage, Inc., Commercial Mtg. Pass-Through Certificates, Series 2004-6, Cl. A3, 4.512%, 12/10/42 1,000,000 978,251 - ------------------------------------------------------------------------------------------------------- Bank of America Mortgage Securities, Inc., Collateralized Mtg. Obligations Pass-Through Certificates: Series 2004-2, Cl. 2A1, 6.50%, 7/20/32 1,443,452 1,465,087 Series 2004-8, Cl. 5A1, 6.50%, 5/25/32 1,122,733 1,154,310 Series 2004-E, Cl. 2A9, 3.712%, 6/25/34 767,281 767,857 Series 2004-G, Cl. 2A1, 2.469%, 8/25/34 3 354,246 353,766 - ------------------------------------------------------------------------------------------------------- Bear Stearns Commercial Mortgage Securities, Inc., Commercial Mtg. Obligations, Series 2005-PWR7, Cl. A2, 4.945%, 2/11/41 490,000 490,503 - ------------------------------------------------------------------------------------------------------- Countrywide Alternative Loan Trust, Collateralized Mtg. Obligations, Series 2005-J1, Cl. 3A1, 6.50%, 8/25/32 1,629,749 1,663,832 - ------------------------------------------------------------------------------------------------------- First Union National Bank/Lehman Brothers/Bank of America Commercial Mtg. Trust, Pass-Through Certificates, Series 1998-C2, Cl. A2, 6.56%, 11/18/35 680,000 716,815 - ------------------------------------------------------------------------------------------------------- GE Capital Commercial Mortgage Corp., Commercial Mtg. Obligations, Series 2005-C1, Cl. A3, 4.578%, 6/10/48 440,000 432,218 - ------------------------------------------------------------------------------------------------------- GMAC Commercial Mortgage Securities, Inc., Commercial Mtg. Obligations, Series 2004-C3, Cl.A4, 4.547%, 12/10/41 640,000 627,995 - ------------------------------------------------------------------------------------------------------- GMAC Commercial Mortgage Securities, Inc., Commercial Mtg. Pass- Through Certificates, Series 1997-C1, Cl. A3, 6.869%, 7/15/29 455,392 476,855 - ------------------------------------------------------------------------------------------------------- Greenwich Capital Commercial Funding Corp., Commercial Mtg. Pass- Through Certificates, Series 2005-G G3, Cl. A2, 4.305%, 8/10/42 890,000 876,859 - ------------------------------------------------------------------------------------------------------- GS Mortgage Securities Corp. II, Commercial Mtg. Pass-Through Certificates: Series 2004-C1, Cl. A1, 3.659%, 10/10/28 683,335 664,886 Series 2004-GG2, Cl. A3, 4.602%, 8/10/38 410,000 409,452 - ------------------------------------------------------------------------------------------------------- GSR Mortgage Loan Trust, Collateralized Mtg. Obligations, Series 04-12, Cl. 3A1, 4.513%, 12/25/34 2,3 1,456,161 1,454,404 - ------------------------------------------------------------------------------------------------------- Mastr Alternative Loan Trust, Pass-Through Collateralized Mtg. Obligations, Series 2004-6, Cl. 10A1, 6%, 7/25/34 1,762,141 1,802,991 - ------------------------------------------------------------------------------------------------------- Mastr Asset Securitization Trust, Pass-Through Collateralized Mtg. Obligations, Series 2004-9, Cl. A3, 4.70%, 8/25/34 3 2,476,850 2,469,747 - ------------------------------------------------------------------------------------------------------- Nomura Asset Securities Corp., Commercial Mtg. Pass-Through Certificates, Series 1998-D6, Cl. A1B, 6.59%, 3/15/30 780,000 826,726 - ------------------------------------------------------------------------------------------------------- Prudential Mortgage Capital Co. II LLC, Commercial Mtg. Pass- Through Certificates, Series PRU-HTG 2000-C1, Cl. A2, 7.306%, 10/6/15 983,000 1,105,314 - ------------------------------------------------------------------------------------------------------- Wachovia Bank Commercial Mortgage Trust, Commercial Mtg. Obligations: Series 2005-C16, Cl. A2, 4.38%, 10/15/41 1,300,000 1,282,580 Series 2005-C17, Cl. A2, 4.763%, 3/15/42 1,450,000 1,453,002 - -------------------------------------------------------------------------------------------------------
8 | OPPENHEIMER BALANCED FUND/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS March 31, 2005/Unaudited - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ------------------------------------------------------------------------------------------------------- COMMERCIAL CONTINUED Wells Fargo Mortgage-Backed Securities Trust, Collateralized Mtg. Obligations: Series 2004-DD, Cl. 2 A1, 4.545%, 1/25/35 3 $ 2,024,424 $ 2,026,405 Series 2004-N, Cl. A10, 3.803%, 8/25/34 2 1,357,729 1,360,727 Series 2004-W, Cl. A2, 4.623%, 11/25/34 3 693,409 693,123 ----------------- 25,553,705 - ------------------------------------------------------------------------------------------------------- RESIDENTIAL--0.2% Countrywide Alternative Loan Trust, Collateralized Mtg. Obligations, Series 2004-J9, Cl. 1A1, 3.03%, 10/25/34 3 990,513 991,593 ----------------- 991,593 ----------------- Total Mortgage-Backed Obligations (Cost $190,667,739) 190,162,298 - ------------------------------------------------------------------------------------------------------- U.S. GOVERNMENT OBLIGATIONS--5.5% - ------------------------------------------------------------------------------------------------------- Federal Home Loan Bank Unsec. Bonds, 3.125%, 11/15/06 2,150,000 2,124,572 - ------------------------------------------------------------------------------------------------------- Federal Home Loan Mortgage Corp. Unsec. Nts.: 3.625%, 9/15/06 2,535,000 2,527,438 6.875%, 9/15/10 1,500,000 1,667,819 - ------------------------------------------------------------------------------------------------------- Federal National Mortgage Assn. Unsec. Nts.: 4.25%, 7/15/07 4,315,000 4,331,725 7.25%, 5/15/30 775,000 1,002,205 7.25%, 1/15/10 7 3,300,000 3,687,941 - ------------------------------------------------------------------------------------------------------- Tennessee Valley Authority Bonds: 7.125%, 5/1/30 795,000 1,014,498 Series A, 6.79%, 5/23/12 7,916,000 8,928,243 - ------------------------------------------------------------------------------------------------------- U.S. Treasury Bonds: 4.375%, 8/15/12 510,000 511,355 5.375%, 2/15/31 1,076,000 1,173,051 5.50%, 8/15/28 645,000 700,883 - ------------------------------------------------------------------------------------------------------- U.S. Treasury Nts., 2.50%, 9/30/06-10/31/06 5,390,000 5,297,077 ----------------- Total U.S. Government Obligations (Cost $33,248,915) 32,966,807 - ------------------------------------------------------------------------------------------------------- FOREIGN GOVERNMENT OBLIGATIONS--0.1% - ------------------------------------------------------------------------------------------------------- United Mexican States Nts., 7.50%, 1/14/12 (Cost $519,124) 475,000 525,588 - ------------------------------------------------------------------------------------------------------- NON-CONVERTIBLE CORPORATE BONDS AND NOTES--15.3% - ------------------------------------------------------------------------------------------------------- ABN Amro Bank NV (NY Branch), 7.125% Sub. Nts., Series B, 10/15/93 400,000 465,736 - ------------------------------------------------------------------------------------------------------- Aetna, Inc., 7.375% Sr. Unsec. Nts., 3/1/06 1,185,000 1,219,776 - ------------------------------------------------------------------------------------------------------- AIG SunAmerica Global Financing II, 7.60% Sr. Sec. Nts., 6/15/05 8 480,000 483,955 - ------------------------------------------------------------------------------------------------------- Albertson's, Inc.: 8% Sr. Unsec. Debs., 5/1/31 600,000 708,455 8.70% Sr. Unsec. Debs., 5/1/30 310,000 392,192 - ------------------------------------------------------------------------------------------------------- Allied Waste North America, Inc., 8.875% Sr. Nts., Series B, 4/1/08 540,000 560,925 - ------------------------------------------------------------------------------------------------------- Allstate Financial Global Funding LLC, 4.25% Nts., 9/10/08 8 245,000 242,830 - ------------------------------------------------------------------------------------------------------- Allstate Life Global Funding II, 3.50% Nts., 7/30/07 330,000 324,217 - ------------------------------------------------------------------------------------------------------- American Express Centurion Bank, 4.375% Nts., 7/30/09 435,000 432,003 - ------------------------------------------------------------------------------------------------------- American Honda Finance Corp., 3.85% Nts., 11/6/08 8 835,000 816,881 - ------------------------------------------------------------------------------------------------------- AT&T Wireless Services, Inc., 8.125% Sr. Unsec. Nts., 5/1/12 1,000,000 1,169,836 - ------------------------------------------------------------------------------------------------------- AXA, 8.60% Unsec. Sub. Nts., 12/15/30 750,000 986,724 - ------------------------------------------------------------------------------------------------------- Bank of America Corp.: 4.875% Sr. Unsec. Nts., 1/15/13 15,000 14,912 7.80% Jr. Unsec. Sub. Nts., 2/15/10 400,000 453,253 - -------------------------------------------------------------------------------------------------------
9 | OPPENHEIMER BALANCED FUND/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS March 31, 2005/Unaudited - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ------------------------------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------------------------- Bankers Trust Corp., 7.375% Unsec. Sub. Nts., 5/1/08 $ 100,000 $ 108,395 - ------------------------------------------------------------------------------------------------------- Beazer Homes USA, Inc., 8.625% Sr. Unsec. Nts., 5/15/11 565,000 601,725 - ------------------------------------------------------------------------------------------------------- Boeing Capital Corp.: 5.75% Sr. Nts., 2/15/07 201,000 206,497 6.50% Nts., 2/15/12 7 750,000 814,805 - ------------------------------------------------------------------------------------------------------- British Telecommunications plc, 8.625% Bonds, 12/15/30 615,000 821,928 - ------------------------------------------------------------------------------------------------------- Canadian National Railway Co., 4.25% Nts., 8/1/09 161,000 158,923 - ------------------------------------------------------------------------------------------------------- CenterPoint Energy, Inc.: 5.875% Sr. Nts., 6/1/08 690,000 711,716 8.125% Unsec. Nts., Series B, 7/15/05 270,000 273,638 - ------------------------------------------------------------------------------------------------------- Chancellor Media CCU, 8% Sr. Unsec. Nts., 11/1/08 1,155,000 1,245,829 - ------------------------------------------------------------------------------------------------------- Chesapeake Energy Corp., 7.50% Sr. Nts., 6/15/14 610,000 648,125 - ------------------------------------------------------------------------------------------------------- CIGNA Corp., 7.40% Unsec. Nts., 5/15/07 1,410,000 1,491,255 - ------------------------------------------------------------------------------------------------------- CIT Group, Inc., 7.75% Sr. Unsec. Unsub. Nts., 4/2/12 950,000 1,100,347 - ------------------------------------------------------------------------------------------------------- Citigroup, Inc.: 6.625% Unsec. Sub. Nts., 6/15/32 795,000 889,405 6.875% Unsec. Nts., 2/15/98 450,000 514,031 - ------------------------------------------------------------------------------------------------------- Citizens Communications Co., 9.25% Sr. Nts., 5/15/11 291,000 320,100 - ------------------------------------------------------------------------------------------------------- Coca-Cola Co. (The), 7.375% Unsec. Debs., 7/29/93 360,000 461,411 - ------------------------------------------------------------------------------------------------------- ConAgra Foods, Inc., 6% Nts., 9/15/06 610,000 625,269 - ------------------------------------------------------------------------------------------------------- Conectiv, Inc., 5.30% Unsec. Unsub. Nts., Series B, 6/1/05 168,000 168,439 - ------------------------------------------------------------------------------------------------------- Constellation Energy Group, 7% Unsec. Nts., 4/1/12 975,000 1,085,728 - ------------------------------------------------------------------------------------------------------- Cox Communications, Inc., 7.875% Unsec. Nts., 8/15/09 145,000 160,156 - ------------------------------------------------------------------------------------------------------- Cox Enterprises, Inc., 7.375% Unsec. Debs., 6/15/09 8 650,000 695,402 - ------------------------------------------------------------------------------------------------------- Credit Suisse First Boston (USA), Inc., 5.50% Nts., 8/15/13 1,370,000 1,400,165 - ------------------------------------------------------------------------------------------------------- CSX Corp., 6.25% Unsec. Nts., 10/15/08 585,000 616,119 - ------------------------------------------------------------------------------------------------------- D.R. Horton, Inc., 6.125% Nts., 1/15/14 555,000 553,041 - ------------------------------------------------------------------------------------------------------- DaimlerChrysler NA Holdings Corp., 7.20% Unsec. Nts., 9/1/09 1,355,000 1,460,115 - ------------------------------------------------------------------------------------------------------- Delhaize America, Inc., 9% Unsub. Debs., 4/15/31 540,000 658,766 - ------------------------------------------------------------------------------------------------------- Delphi Corp., 6.55% Nts., 6/15/06 670,000 658,817 - ------------------------------------------------------------------------------------------------------- Deutsche Telekom International Finance BV, 8.50% Unsub. Nts., 6/15/10 770,000 886,506 - ------------------------------------------------------------------------------------------------------- Dominion Resources, Inc., 8.125% Sr. Unsub. Nts., 6/15/10 530,000 606,946 - ------------------------------------------------------------------------------------------------------- DTE Energy Co., 6.45% Sr. Unsub. Nts., 6/1/06 580,000 595,733 - ------------------------------------------------------------------------------------------------------- Duke Capital LLC, 5.668% Nts., 8/15/14 645,000 649,807 - ------------------------------------------------------------------------------------------------------- EOP Operating LP: 6.763% Sr. Unsec. Nts., 6/15/07 180,000 188,229 8.10% Unsec. Nts., 8/1/10 420,000 477,578 8.375% Nts., 3/15/06 425,000 441,983 - ------------------------------------------------------------------------------------------------------- Federated Department Stores, Inc., 6.625% Sr. Unsec. Nts., 9/1/08 810,000 853,685 - ------------------------------------------------------------------------------------------------------- FedEx Corp., 2.65% Unsec. Nts., 4/1/07 1,320,000 1,279,749 - ------------------------------------------------------------------------------------------------------- FirstEnergy Corp.: 5.50% Sr. Unsub. Nts., Series A, 11/15/06 495,000 503,601 7.375% Sr. Unsub. Nts., Series C, 11/15/31 565,000 641,969 - ------------------------------------------------------------------------------------------------------- Ford Holdings, Inc., 9.30% Unsec. Unsub. Debs., 3/1/30 240,000 254,658 - ------------------------------------------------------------------------------------------------------- Ford Motor Credit Co., 7.375% Nts., 10/28/09 255,000 256,359 - ------------------------------------------------------------------------------------------------------- France Telecom SA: 8% Sr. Unsec. Nts., 3/1/11 3 630,000 721,731 8.75% Sr. Unsec. Nts., 3/1/31 3 210,000 277,221 - ------------------------------------------------------------------------------------------------------- Franklin Resources, Inc., 3.70% Nts., 4/15/08 425,000 417,828 - ------------------------------------------------------------------------------------------------------- Gap, Inc. (The): 6.90% Nts., 9/15/07 2 354,000 371,258
10 | OPPENHEIMER BALANCED FUND/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS March 31, 2005/Unaudited - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ------------------------------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------------------------- 9.80% Unsub. Nts., 12/15/08 3 $ 141,000 $ 164,794 - ------------------------------------------------------------------------------------------------------- General Mills, Inc., 3.875% Nts., 11/30/07 950,000 937,091 - ------------------------------------------------------------------------------------------------------- General Motors Acceptance Corp.: 7.25% Nts., 3/2/11 1,220,000 1,134,027 8% Bonds, 11/1/31 970,000 846,835 - ------------------------------------------------------------------------------------------------------- Goldman Sachs Group, Inc. (The), 5.70% Sr. Unsec. Nts., 9/1/12 1,325,000 1,366,139 - ------------------------------------------------------------------------------------------------------- Hartford Financial Services Group, Inc. (The), 2.375% Nts., 6/1/06 345,000 337,273 - ------------------------------------------------------------------------------------------------------- HCA Healthcare Corp., 6.91% Sr. Sub. Nts., 6/15/05 464,000 469,219 - ------------------------------------------------------------------------------------------------------- Hertz Corp. (The), 6.35% Nts., 6/15/10 1,560,000 1,500,591 - ------------------------------------------------------------------------------------------------------- Hilton Hotels Corp., 7.95% Sr. Nts., 4/15/07 450,000 480,550 - ------------------------------------------------------------------------------------------------------- HSBC Finance Corp., 4.75% Sr. Unsec. Nts., 7/15/13 1,480,000 1,443,303 - ------------------------------------------------------------------------------------------------------- IPALCO Enterprises, Inc., 8.375% Sr. Sec. Nts., 11/14/08 2,3 540,000 591,300 - ------------------------------------------------------------------------------------------------------- iStar Financial, Inc.: 4.875% Sr. Unsec. Nts., Series B, 1/15/09 545,000 538,579 8.75% Sr. Unsec. Nts., 8/15/08 400,000 447,772 - ------------------------------------------------------------------------------------------------------- J.C. Penney Co., Inc., 8% Nts., 3/1/10 1,160,000 1,165,800 - ------------------------------------------------------------------------------------------------------- John Hancock Global Funding II, 7.90% Nts., 7/2/10 8 947,000 1,082,505 - ------------------------------------------------------------------------------------------------------- Kaiser Aluminum & Chemical Corp., 10.875% Sr. Nts., Series B, 10/15/06 1,10 250,000 215,000 - ------------------------------------------------------------------------------------------------------- Kinder Morgan, Inc., 6.50% Sr. Unsec. Nts., 9/1/12 595,000 639,856 - ------------------------------------------------------------------------------------------------------- Kraft Foods, Inc., 5.25% Nts., 6/1/07 1,435,000 1,461,649 - ------------------------------------------------------------------------------------------------------- Kroger Co. (The), 7.80% Sr. Nts., 8/15/07 905,000 969,391 - ------------------------------------------------------------------------------------------------------- Lear Corp., 8.11% Sr. Unsec. Nts., Series B, 5/15/09 1,000,000 1,083,137 - ------------------------------------------------------------------------------------------------------- Lehman Brothers Holdings, Inc., 7% Nts., 2/1/08 765,000 816,797 - ------------------------------------------------------------------------------------------------------- Lehman Brothers, Inc., 6.625% Sr. Sub. Nts., 2/15/08 125,000 131,939 - ------------------------------------------------------------------------------------------------------- Lennar Corp., 5.95% Sr. Unsec. Nts., 3/1/13 580,000 597,602 - ------------------------------------------------------------------------------------------------------- Liberty Media Corp., 5.70% Sr. Unsec. Nts., 5/15/13 725,000 684,420 - ------------------------------------------------------------------------------------------------------- Liberty Property Trust, 5.65% Sr. Nts., 8/15/14 615,000 623,262 - ------------------------------------------------------------------------------------------------------- Lockheed Martin Corp., 7.65% Unsec. Unsub. Debs., 5/1/16 455,000 544,969 - ------------------------------------------------------------------------------------------------------- Marsh & McLennan Cos., Inc., 5.375% Sr. Unsec. Nts., 3/15/07 835,000 848,525 - ------------------------------------------------------------------------------------------------------- May Department Stores Co.: 3.95% Nts., 7/15/07 536,000 528,948 7.90% Unsec. Debs., 10/15/07 495,000 530,355 - ------------------------------------------------------------------------------------------------------- MBNA Corp., 7.50% Sr. Nts., Series F, 3/15/12 1,095,000 1,236,415 - ------------------------------------------------------------------------------------------------------- McDonnell Douglas Corp., 6.875% Unsec. Unsub. Nts., 11/1/06 160,000 166,283 - ------------------------------------------------------------------------------------------------------- Mellon Bank NA, 4.75% Unsec. Sub. Nts., 12/15/14 1,150,000 1,125,996 - ------------------------------------------------------------------------------------------------------- Merck & Co., Inc., 4.726% Nts., 2/22/06 8 1,155,000 1,161,560 - ------------------------------------------------------------------------------------------------------- Merrill Lynch & Co., Inc., 5% Sr. Unsub. Nts., Series C, 2/3/14 1,405,000 1,378,877 - ------------------------------------------------------------------------------------------------------- Morgan Stanley, 6.60% Nts., 4/1/12 570,000 623,075 - ------------------------------------------------------------------------------------------------------- National City Bank, 6.20% Sub. Nts., 12/15/11 83,000 89,429 - ------------------------------------------------------------------------------------------------------- NiSource Finance Corp.: 3.20% Nts., 11/1/06 180,000 176,483 7.875% Sr. Unsec. Nts., 11/15/10 790,000 901,936 - ------------------------------------------------------------------------------------------------------- Northrop Grumman Corp., 7.125% Sr. Nts., 2/15/11 767,000 856,383 - ------------------------------------------------------------------------------------------------------- Pemex Project Funding Master Trust, 7.875% Unsec. Unsub. Nts., 2/1/09 405,000 438,818 - ------------------------------------------------------------------------------------------------------- PF Export Receivables Master Trust, 3.748% Sr. Nts., Series B, 6/1/13 8 414,295 392,373 - ------------------------------------------------------------------------------------------------------- Prudential Holdings LLC, 8.695% Bonds, Series C, 12/18/23 8 900,000 1,141,851 - ------------------------------------------------------------------------------------------------------- Prudential Insurance Co. of America, 8.30% Nts., 7/1/25 8 920,000 1,199,521 - ------------------------------------------------------------------------------------------------------- PSE&G Power LLC, 6.875% Sr. Unsec. Nts., 4/15/06 560,000 575,942 - ------------------------------------------------------------------------------------------------------- PSEG Energy Holdings LLC, 7.75% Unsec. Nts., 4/16/07 2 595,000 614,338 - ------------------------------------------------------------------------------------------------------- R&B Falcon Corp., 9.50% Sr. Unsec. Nts., 12/15/08 500,000 577,581 - -------------------------------------------------------------------------------------------------------
11 | OPPENHEIMER BALANCED FUND/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS March 31, 2005/Unaudited - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ------------------------------------------------------------------------------------------------------- Raytheon Co., 6.50% Unsec. Nts., 7/15/05 $ 225,000 $ 226,865 - ------------------------------------------------------------------------------------------------------- Safeway, Inc., 4.80% Sr. Unsec. Nts., 7/16/07 1,445,000 1,446,342 - ------------------------------------------------------------------------------------------------------- Sempra Energy, 7.95% Sr. Unsec. Unsub. Nts., 3/1/10 602,000 678,344 - ------------------------------------------------------------------------------------------------------- Simon Property Group LP: 5.45% Unsec. Nts., 3/15/13 555,000 556,654 5.625% Unsec. Unsub. Nts., 8/15/14 535,000 538,442 - ------------------------------------------------------------------------------------------------------- Sprint Capital Corp.: 6% Sr. Unsec. Nts., 1/15/07 595,000 611,903 8.75% Nts., 3/15/32 530,000 689,679 - ------------------------------------------------------------------------------------------------------- Starwood Hotels & Resorts Worldwide, Inc., 7.375% Nts., 5/1/07 900,000 933,750 - ------------------------------------------------------------------------------------------------------- Sterling Chemicals, Inc., 10% Sr. Sec. Nts., 12/19/07 2,9 221,615 222,723 - ------------------------------------------------------------------------------------------------------- SunTrust Banks, Inc.: 4% Nts., 10/15/08 640,000 632,209 7.75% Unsec. Sub. Nts., 5/1/10 57,000 64,809 - ------------------------------------------------------------------------------------------------------- TCI Communications, Inc., 9.80% Sr. Unsec. Debs., 2/1/12 1,145,000 1,437,056 - ------------------------------------------------------------------------------------------------------- TECO Energy, Inc., 10.50% Sr. Unsec. Nts., 12/1/07 475,000 535,563 - ------------------------------------------------------------------------------------------------------- Telefonos de Mexico SA de CV, 4.75% Nts., 1/27/10 8 770,000 752,199 - ------------------------------------------------------------------------------------------------------- Time Warner Cos., Inc., 9.125% Debs., 1/15/13 530,000 655,828 - ------------------------------------------------------------------------------------------------------- Time Warner Entertainment Co. LP, 10.15% Sr. Nts., 5/1/12 500,000 636,323 - ------------------------------------------------------------------------------------------------------- Toll Corp., 8.25% Sr. Sub. Nts., 12/1/11 565,000 608,788 - ------------------------------------------------------------------------------------------------------- Travelers Property Casualty Corp., 3.75% Sr. Unsec. Nts., 3/15/08 1,080,000 1,057,029 - ------------------------------------------------------------------------------------------------------- TXU Corp., 4.80% Nts., 11/15/09 8 555,000 538,215 - ------------------------------------------------------------------------------------------------------- Tyco International Group SA: 6.375% Sr. Unsec. Unsub. Nts., 2/15/06 850,000 865,179 6.375% Nts., 10/15/11 750,000 801,734 6.75% Sr. Unsub. Nts., 2/15/11 378,000 410,092 - ------------------------------------------------------------------------------------------------------ UnitedHealth Group, Inc., 4.875% Bonds, 3/15/15 348,000 340,738 - ------------------------------------------------------------------------------------------------------- Univision Communications, Inc.: 2.875% Sr. Unsec. Nts., 10/15/06 163,000 159,768 3.50% Sr. Unsec. Nts., 10/15/07 845,000 826,459 - ------------------------------------------------------------------------------------------------------- Vornado Realty LP, 5.625% Sr. Unsec. Unsub. Nts., 6/15/07 1,225,000 1,256,111 - ------------------------------------------------------------------------------------------------------- Waste Management, Inc.: 7% Sr. Nts., 7/15/28 220,000 246,633 7.125% Sr. Unsec. Nts., 10/1/07 800,000 849,016 - ------------------------------------------------------------------------------------------------------- Western Forest Products, Inc., 15% Sec. Nts., 7/28/09 2,9 146,000 160,600 - ------------------------------------------------------------------------------------------------------- Yum! Brands, Inc., 8.50% Sr. Unsec. Nts., 4/15/06 1,230,000 1,284,072 ----------------- Total Non-Convertible Corporate Bonds and Notes (Cost $90,749,647) 91,008,295 - ------------------------------------------------------------------------------------------------------- JOINT REPURCHASE AGREEMENTS--3.8% - ------------------------------------------------------------------------------------------------------- Undivided interest of 2.66% 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 $22,318,705 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 $22,317,000) 22,317,000 22,317,000
12 | OPPENHEIMER BALANCED FUND/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS March 31, 2005/Unaudited - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ------------------------------------------------------------------------------------------------------- Total Investments, at Value (Excluding Investments Purchased with 695,140,681 Cash Collateral from Securities Loaned) (Cost $614,173,181) - ------------------------------------------------------------------------------------------------------- INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITIES LOANED --1.6% - ------------------------------------------------------------------------------------------------------- JOINT REPURCHASE AGREEMENTS--1.4% Undivided interest of 1.73% in joint repurchase agreement (Principal Amount/Value $500,000,000, with a maturity value of $500,040,972) with Merrill Lynch Securities/MLPFS, 2.95%, dated 3/31/05, to be repurchased at $8,650,472 on 4/1/05, collateralized by AA Asset-Backed Securities, 0.00%-7.76%, 6/15/09-1/25/45, with a value of $525,002,014 11 $ 8,649,763 $ 8,649,763 - ------------------------------------------------------------------------------------------------------- MASTER FLOATING NOTES--0.2% Bear Stearns, 3.055%, 4/1/05 11 500,000 500,000 - ------------------------------------------------------------------------------------------------------- Merrill Lynch Mortgage Capital, 2.975%, 4/1/05 11 500,000 500,000 ----------------- 1,000,000 ----------------- Total Investments Purchased with Cash Collateral from Securities Loaned (Cost $9,649,763) 9,649,763 - ------------------------------------------------------------------------------------------------------- TOTAL INVESTMENTS, AT VALUE (COST $623,822,944) 118.8% 704,790,444 - ------------------------------------------------------------------------------------------------------- LIABILITIES IN EXCESS OF OTHER ASSETS (18.8) (111,655,286) -------------------------------- NET ASSETS 100.0% $ 593,135,158 ================================
FOOTNOTES TO STATEMENT OF INVESTMENTS 1. Non-income producing security. 2. Illiquid security. The aggregate value of illiquid securities as of March 31, 2005 was $11,172,093, which represents 1.88% of the Fund's net assets. See accompanying Notes to Quarterly Statement of Investments 3. Represents the current interest rate for a variable or increasing rate security. 4. When-issued security or forward commitment to be delivered and settled after March 31, 2005. See accompanying Notes to Quarterly Statement of Investments 5. Interest-Only Strips represent the right to receive the monthly interest payments on an underlying pool of mortgage loans. These securities typically decline in price as interest rates decline. Most other fixed income securities increase in price when interest rates decline. The principal amount of the underlying pool represents the notional amount on which current interest is calculated. The price of these securities is typically more sensitive to changes in prepayment rates than traditional mortgage-backed securities (for example, GNMA pass-throughs). Interest rates disclosed represent current yields based upon the current cost basis and estimated timing and amount of future cash flows. These securities amount to $6,984,612 or 1.18% of the Fund's net assets as of March 31, 2005. 6. Principal-Only Strips represent the right to receive the monthly principal payments on an underlying pool of mortgage loans. The value of these securities generally increases as interest rates decline and prepayment rates rise. The price of these securities is typically more volatile than that of coupon-bearing bonds of the same maturity. Interest rates disclosed represent current yields based upon the current cost basis and estimated timing of future cash flows. These securities amount to $534,228 or 0.09% of the Fund's net assets as of March 31, 2005. 7. 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 $1,431,019. See accompanying Notes to Quarterly Statement of Investments 8. 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 $8,507,292 or 1.43% of the Fund's net assets as of March 31, 2005. 9. Interest or dividend is paid-in-kind. 10. Issue is in default. See accompanying Notes to Quarterly Statement of Investments 11. The security has been segregated to satisfy the forward commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned. See accompanying Notes to Quarterly Statement of Investments FEDERAL TAX. The approximate aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments for federal income tax purposes as of March 31, 2005 are noted below. The primary difference between book and tax appreciation or depreciation of securities and other investments, if applicable, is attributable to the tax deferral of losses. Federal tax cost of securities $ 624,063,097 ============= 13 | OPPENHEIMER BALANCED FUND/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS March 31, 2005/Unaudited - -------------------------------------------------------------------------------- Gross unrealized appreciation $ 94,312,907 Gross unrealized depreciation (13,585,560) ------------- Net unrealized appreciation $ 80,727,347 ============= 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). SECURITIES ON A WHEN-ISSUED BASIS OR FORWARD COMMITMENT. Delivery and payment for securities that have been purchased by the Fund on a when-issued basis or forward commitment can take place up to ten days or more after the trade date. Normally the settlement date occurs within six months after the trade date; however, the Fund may, from time to time, purchase securities whose settlement date extends six months or more beyond trade date. During this period, such securities do not earn interest, are subject to market fluctuation and may increase or decrease in value prior to their delivery. The Fund maintains internally designated assets with a market value equal to or greater than the amount of its purchase commitments. The purchase of securities on a when-issued basis or forward commitment may increase the volatility of the Fund's net asset value to the extent the Fund executes such transactions while remaining substantially fully invested. The Fund may also sell securities that it purchased on a when-issued basis or forward commitment prior to settlement of the original purchase. As of March 31, 2005, the Fund had purchased $133,106,156 of securities on a when-issued basis or forward commitment and sold $28,633,554 of securities issued on a when-issued basis or forward commitment. 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 loweryielding, 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 $215,000, representing 0.04% 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. 14 | OPPENHEIMER BALANCED FUND/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS March 31, 2005/Unaudited - -------------------------------------------------------------------------------- Reported net realized foreign exchange gains or losses arise from sales of portfolio securities, sales and maturities of short-term securities, sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the values of assets and liabilities, including investments in securities at fiscal period end, resulting from changes in exchange rates. The effect of changes in foreign currency exchange rates on investments is separately identified from the fluctuations arising from changes in market values of securities held and reported with all other foreign currency gains and losses in the Fund's Statement of Operations. JOINT REPURCHASE AGREEMENTS. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission, the Fund, along with other affiliated funds advised by the Manager, may transfer uninvested cash balances into joint trading accounts on a daily basis. These balances are invested in one or more repurchase agreements. Securities pledged as collateral for repurchase agreements are held by a custodian bank until the agreements mature. Each agreement requires that the market value of the collateral be sufficient to cover payments of interest and principal. In the event of default by the other party to the agreement, retention of the collateral may be subject to legal proceedings. 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: 15 | OPPENHEIMER BALANCED FUND/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS March 31, 2005/Unaudited - --------------------------------------------------------------------------------
UNREALIZED EXPIRATION NUMBER OF VALUATION AS OF APPRECIATION CONTRACT DESCRIPTION DATES CONTRACTS MARCH 31, 2005 (DEPRECIATION) - --------------------------------------------------------------------------------------------------- CONTRACTS TO PURCHASE U.S. Long Bonds 6/21/05 232 $ 25,839,000 $ (240,214) U.S. Treasury Nts., 10 yr. 6/21/05 44 4,807,688 9,176 ----------------- (231,038) ----------------- CONTRACTS TO SELL U.S. Treasury Nts., 2 yr. 6/30/05 291 60,205,172 178,153 U.S. Treasury Nts., 5 yr. 6/21/05 493 52,797,219 414,331 ----------------- 592,484 ----------------- $ 361,446 =================
TOTAL RETURN SWAP CONTRACTS. The Fund may enter into a total return swap transaction to maintain a total return on a particular investment, or portion of its portfolio, or for other non-speculative purposes. Because the principal amount is not exchanged, it represents neither an asset nor a liability to either counterparty, and is referred to as notional. The Fund records an increase or decrease to unrealized gain (loss), in the amount due to or owed by the Fund at termination or settlement. Total return swaps are subject to risks (if the counterparty fails to meet its obligations). As of March 31, 2005, the Fund had entered into the following total return swap agreements:
PAID BY RECEIVED BY SWAP NOTIONAL THE FUND AT THE FUND AT TERMINATION UNREALIZED COUNTERPARTY AMOUNT MARCH 31, 2005 MARCH 31, 2005 DATES DEPRECIATION - ----------------------------------------------------------------------------------------------------- Value of total Goldman Sachs return of Lehman Capital Markets One-Month LIBOR Brothers CMBS LP $ 4,250,000 BBA Index 4/4/05 $ 50,810
Index abbreviations are as follows: CMBS Commercial Mortgage Backed Securities Markets LIBOR BBA London-Interbank Offered Rate British Bankers Association ILLIQUID SECURITIES. As of March 31, 2005, investments in securities included issues that are illiquid. A security may be considered illiquid if it lacks a readily available market or if its valuation has not changed for a certain period of time. The Fund will not invest more than 15% of its net assets (determined at the time of purchase and reviewed periodically) in illiquid securities. SECURITIES LENDING. The Fund lends portfolio securities from time to time in order to earn additional income. In return, the Fund receives collateral in the form of US Treasury obligations or cash, against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the funds and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund could experience delays and cost in recovering the securities loaned or in gaining access to the collateral. Cash collateral is invested in cash equivalents. The Fund retains a portion of the interest earned from the collateral. The Fund also continues to receive interest or dividends paid on the securities loaned. As of March 31, 2005, the Fund had on loan securities valued at $13,581,827. Collateral of $13,854,613 was received for the loans, of which $9,649,763 was received in cash and subsequently invested in approved instruments. 16 | OPPENHEIMER BALANCED 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 Balanced 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 rq670_15563ex99cert.txt RQ670_15563EX99CERT.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 Balanced 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 Balanced 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-----