-----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, M/bn6IPHrI69gLPpEASjfR5ZdcXfRENOrWO3Lx0OX/KhIZn1uhIz9TT8bKYPAHPU mJ3d2Dfu2u/+N4q4YkXrAA== 0000935069-05-001423.txt : 20050611 0000935069-05-001423.hdr.sgml : 20050611 20050527164441 ACCESSION NUMBER: 0000935069-05-001423 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: 05864474 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 rq265_15544nq.txt RQ265_15544NQ.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 STRATEGIC BOND 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 Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2005/Unaudited - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ------------------------------------------------------------------------------------------------------------------------- ASSET-BACKED SECURITIES--2.5% - ------------------------------------------------------------------------------------------------------------------------- Aesop Funding II LLC, Automobile Asset-Backed Certificates, Series 2005-1A, Cl. A2, 2.91%, 4/20/08 1,2 $ 200,000 $ 200,000 - ------------------------------------------------------------------------------------------------------------------------- Bank One Auto Securitization Trust, Automobile Receivable Certificates, Series 2003-1, Cl. A2, 1.29%, 8/21/06 88,093 87,996 - ------------------------------------------------------------------------------------------------------------------------- BMW Vehicle Owner Trust, Automobile Loan Certificates: Series 2004-A, Cl. A2, 1.88%, 10/25/06 461,656 460,464 Series 2005-A, Cl. A2, 3.65%, 12/26/07 810,000 809,017 - ------------------------------------------------------------------------------------------------------------------------- Capital Auto Receivables Asset Trust, Automobile Mtg.-Backed Nts., Series 2004-2, Cl. A3, 3.58%, 1/15/09 740,000 728,197 - ------------------------------------------------------------------------------------------------------------------------- Centex Home Equity Co. LLC, Home Equity Loan Asset-Backed Certificates: Series 2004-A, Cl. AF1, 2.03%, 6/25/19 57,048 56,940 Series 2004-D, Cl. AF1, 2.98%, 4/25/20 1 293,698 291,983 Series 2005-B, Cl. AF1, 4.02%, 3/26/35 1 250,000 250,000 - ------------------------------------------------------------------------------------------------------------------------- Chase Funding Mortgage Loan Asset-Backed Certificates, Home Equity Mtg. Obligations: Series 2002-4, Cl. 1A3, 3.44%, 4/25/23 38,008 37,952 Series 2003-1, Cl. 1A3, 3.14%, 7/25/23 160,852 160,582 Series 2003-3, Cl. 1A2, 1.93%, 5/25/18 100,997 100,840 Series 2003-4, Cl. 1A2, 2.138%, 7/25/18 461,786 460,423 Series 2003-5, Cl. 1A2, 2.451%, 11/25/18 150,000 149,079 Series 2004-1, Cl. 2A1, 2.96%, 9/25/21 2 113,625 113,696 - ------------------------------------------------------------------------------------------------------------------------- Chase Manhattan Auto Owner Trust, Automobile Loan Pass-Through Certificates, Series 2002-A, Cl. A4, 4.24%, 9/15/08 124,699 125,314 - ------------------------------------------------------------------------------------------------------------------------- CIT Equipment Collateral, Equipment Receivable-Backed Nts., Series 2004-DFS, Cl. A2, 2.66%, 11/20/06 1 550,000 546,170 - ------------------------------------------------------------------------------------------------------------------------- CIT Group Home Equity Loan Trust, Home Equity Loan Asset-Backed Certificates, Series 2003-1, Cl. A2, 2.35%, 4/20/27 166,821 166,446 - ------------------------------------------------------------------------------------------------------------------------- Citibank Credit Card Issuance Trust, Credit Card Receivable Nts.: Series 2001-A6, Cl. A6, 5.65%, 6/16/08 690,000 704,181 Series 2002-A3, Cl. A3, 4.40%, 5/15/07 530,000 531,174 - ------------------------------------------------------------------------------------------------------------------------- CitiFinancial Mortgage Securities, Inc., Home Equity Collateralized Mtg. Obligations, Series 2003-3, Cl. AF1, 2.97%, 8/25/33 2 82,999 83,053 - ------------------------------------------------------------------------------------------------------------------------- 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 - ------------------------------------------------------------------------------------------------------------------------- DaimlerChrysler Auto Trust, Automobile Loan Pass-Through Certificates: Series 2001-D, Cl. A4, 3.78%, 2/6/07 142,433 142,746 Series 2002-A, Cl. A4, 4.49%, 10/6/08 272,488 273,990 Series 2003-B, Cl. A2, 1.61%, 7/10/06 274,150 273,926 Series 2004-B, Cl. A2, 2.48%, 2/8/07 1 579,883 578,708 Series 2004-C, Cl. A2, 2.62%, 6/8/07 1,040,000 1,035,482 Series 2005-A, Cl. A2, 3.17%, 9/8/07 1 920,000 917,238 - ------------------------------------------------------------------------------------------------------------------------- Embarcadero Aircraft Securitization Trust, Airplane Receivable Nts., Series 2000-A, Cl. B, 8/15/25 1,3,4 1,820,063 9,100 - ------------------------------------------------------------------------------------------------------------------------- Equity One ABS, Inc., Home Equity Mtg. Pass-Through Certificates, Series 2004-3, Cl. AF2, 3.80%, 7/25/34 130,000 128,709 - ------------------------------------------------------------------------------------------------------------------------- Ford Credit Auto Owner Trust, Automobile Loan Pass-Through Certificates: Series 2004-A, Cl. A2, 2.13%, 10/15/06 898,359 895,414 Series 2005-A, Cl. A3, 3.48%, 11/17/08 550,000 545,157 - -------------------------------------------------------------------------------------------------------------------------
1 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2005/Unaudited - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ------------------------------------------------------------------------------------------------------------------------- Harley-Davidson Motorcycle Trust, Motorcycle Receivable Nts., Series 2003-3, Cl. A1, 1.50%, 1/15/08 $ 287,644 $ 286,890 - ------------------------------------------------------------------------------------------------------------------------- Honda Auto Receivables Owner Trust, Automobile Receivable Obligations: Series 2003-3, Cl. A2, 1.52%, 4/21/06 143,985 143,867 Series 2003-4, Cl. A2, 1.58%, 7/17/06 298,231 297,737 Series 2005-1, Cl. A2, 3.21%, 5/21/07 1 360,000 359,058 - ------------------------------------------------------------------------------------------------------------------------- Household Automotive Trust, Automobile Loan Certificates, Series 2003-2, Cl A2, 1.56%, 12/18/06 77,455 77,386 - ------------------------------------------------------------------------------------------------------------------------- M&I Auto Loan Trust, Automobile Loan Certificates: Series 2002-1, Cl. A3, 2.49%, 10/22/07 138,904 138,830 Series 2003-1, Cl. A2, 1.60%, 7/20/06 106,882 106,841 - ------------------------------------------------------------------------------------------------------------------------- National City Auto Receivables Trust, Automobile Receivable Obligations, Series 2004-A, Cl. A2, 1.50%, 2/15/07 284,085 283,291 - ------------------------------------------------------------------------------------------------------------------------- NC Finance Trust, Collateralized Mtg. Obligations, Series 1999-I, Cl. ECFD, 8.75%, 1/25/29 1 66,744 17,812 - ------------------------------------------------------------------------------------------------------------------------- Nissan Auto Lease Trust, Automobile Lease Obligations, Series 2004-A, Cl. A2, 2.55%, 1/15/07 480,000 477,729 - ------------------------------------------------------------------------------------------------------------------------- Nissan Auto Receivables Owner Trust, Automobile Receivable Nts.: Series 2002-A, Cl. A4, 4.28%, 10/16/06 81,663 81,865 Series 2003-B, Cl. A3, 1.51%, 8/15/07 97,482 96,715 Series 2004-A, Cl. A2, 1.40%, 7/17/06 325,512 324,443 - ------------------------------------------------------------------------------------------------------------------------- Option One Mortgage Loan Trust, Home Equity Mtg. Obligations, Series 2004-3, Cl. A2, 3%, 11/25/34 1,2 234,556 234,740 - ------------------------------------------------------------------------------------------------------------------------- Popular ABS Mortgage Pass-Through Trust, Home Equity Pass-Through Certificates: Series 2004-5, Cl. A F2, 3.735%, 11/10/34 1 200,000 197,619 Series 2005-1, Cl. A F2, 3.914%, 5/25/35 150,000 148,366 Series 2005-2, Cl. A F2, 4.415%, 4/25/35 240,000 240,000 - ------------------------------------------------------------------------------------------------------------------------- Structured Asset Securities Corp., Collateralized Mtg. Obligations, Mtg. Pass-Through Certificates, Series 2005-4XS, Cl. 3A1, 5.18%, 3/26/35 1,234,903 1,245,065 - ------------------------------------------------------------------------------------------------------------------------- Toyota Auto Receivables Owner Trust, Automobile Mtg.-Backed Obligations, Series 2002-B, Cl. A4, 4.39%, 5/15/09 1,084,018 1,089,109 - ------------------------------------------------------------------------------------------------------------------------- USAA Auto Owner Trust, Automobile Loan Asset-Backed Nts.: Series 2002-1, Cl. A3, 2.41%, 10/16/06 46,379 46,377 Series 2004-1, Cl. A2, 1.43%, 9/15/06 696,663 695,057 Series 2004-2, Cl. A2, 2.41%, 2/15/07 610,000 608,412 Series 2004-3, Cl. A2, 2.79%, 6/15/07 490,000 487,921 - ------------------------------------------------------------------------------------------------------------------------- Volkswagen Auto Lease Trust, Automobile Lease Asset-Backed Securities: Series 2004-A, Cl. A2, 2.47%, 1/22/07 640,000 636,450 Series 2005-A, Cl. A2, 3.52%, 4/20/07 580,000 579,346 - ------------------------------------------------------------------------------------------------------------------------- Volkswagen Auto Loan Enhanced Trust, Automobile Loan Receivable Certificates, Series 2003-2, Cl. A2, 1.55%, 6/20/06 140,738 140,555 - ------------------------------------------------------------------------------------------------------------------------- Wachovia Auto Owner Trust, Automobile Receivable Nts., Series 2004-B, Cl. A2, 2.40%, 5/21/07 460,000 458,011 - ------------------------------------------------------------------------------------------------------------------------- Wells Fargo Home Equity Trust, Collateralized Mtg. Obligations, Series 2004-2, Cl. AI1B, 2.94%, 9/25/18 839,007 832,440 - ------------------------------------------------------------------------------------------------------------------------- Whole Auto Loan Trust, Automobile Loan Receivable Certificates: Series 2003-1, Cl. A2A, 1.40%, 4/15/06 143,730 143,626 Series 2003-1, Cl. A3B, 1.99%, 5/15/07 220,000 218,108 Series 2004-1, Cl. A2A, 2.59%, 5/15/07 620,000 616,690 -------------- Total Asset-Backed Securities (Cost $24,624,289) 22,690,788
2 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2005/Unaudited - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ------------------------------------------------------------------------------------------------------------------------- MORTGAGE-BACKED OBLIGATIONS--12.9% - ------------------------------------------------------------------------------------------------------------------------- Asset Securitization Corp., Commercial Mtg. Pass-Through Certificates, Series 1997-D4, Cl. B1, 7.525%, 4/14/29 $ 375,000 $ 422,325 - ------------------------------------------------------------------------------------------------------------------------- Banc of America Commercial Mortgage, Inc., Commercial Mtg. Pass-Through Certificates, Series 2004-6, Cl. A3, 4.512%, 12/10/42 560,000 547,821 - ------------------------------------------------------------------------------------------------------------------------- Bank of America Mortgage Securities, Inc., Collateralized Mtg. Obligations Pass-Through Certificates: Series 2004-2, Cl. 2A1, 6.50%, 7/20/32 866,071 879,052 Series 2004-8, Cl. 5A1, 6.50%, 5/25/32 691,484 710,932 Series 2004-E, Cl. 2A9, 3.712%, 6/25/34 409,997 410,305 Series 2004-G, Cl. 2A1, 2.469%, 8/25/34 2 209,714 209,430 - ------------------------------------------------------------------------------------------------------------------------- Bear Stearns Commercial Mortgage Securities, Inc., Commercial Mtg. Obligations, Series 2005-PWR7, Cl. A2, 4.945%, 2/11/41 280,000 280,287 - ------------------------------------------------------------------------------------------------------------------------- Countrywide Alternative Loan Trust, Collateralized Mtg. Obligations: Series 2004-J9, Cl. 1A1, 3.03%, 10/25/34 2 583,453 584,089 Series 2005-J1, Cl. 3A1, 6.50%, 8/25/32 965,449 985,640 - ------------------------------------------------------------------------------------------------------------------------- Federal Home Loan Mortgage Corp.: 6%, 9/1/24-10/1/34 6,856,041 7,041,492 6.50%, 8/1/32 1,013,747 1,054,173 7%, 3/1/31-10/1/31 1,046,609 1,103,300 7%, 6/1/35 5 737,000 775,693 11%, 11/1/14 59,963 64,847 - ------------------------------------------------------------------------------------------------------------------------- Federal Home Loan Mortgage Corp., Collateralized Mtg. Obligations, Pass-Through Participation Certificates, Series 151, Cl. F, 9%, 5/15/21 100,130 100,120 - ------------------------------------------------------------------------------------------------------------------------- Federal Home Loan Mortgage Corp., Gtd. Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates: Series 1669, Cl. G, 6.50%, 2/15/23 107,967 108,494 Series 2055, Cl. ZM, 6.50%, 5/15/28 331,492 343,722 Series 2080, Cl. Z, 6.50%, 8/15/28 209,449 216,729 Series 2387, Cl. PD, 6%, 4/15/30 410,998 421,866 Series 2466, Cl. PD, 6.50%, 4/15/30 43,367 43,408 Series 2498, Cl. PC, 5.50%, 10/15/14 44,801 45,118 Series 2500, Cl. FD, 3.31%, 3/15/32 2 124,396 124,908 Series 2526, Cl. FE, 3.21%, 6/15/29 2 155,001 155,860 Series 2550, Cl. QK, 4.50%, 4/15/22 175,337 175,696 Series 2551, Cl. FD, 3.21%, 1/15/33 2 123,920 124,925 Series 2583, Cl. KA, 5.50%, 3/15/22 923,314 934,505 - ------------------------------------------------------------------------------------------------------------------------- Federal Home Loan Mortgage Corp., Interest-Only Stripped Mtg.-Backed Security: Series 177, Cl. B, 4.61%, 7/1/26 6 398,117 81,104 Series 192, Cl. IO, 10.937%, 2/1/28 6 103,016 20,792 Series 200, Cl. IO, 10.725%, 1/1/29 6 126,874 26,441 Series 205, Cl. IO, 5.337%, 9/1/29 6 584,724 112,457 Series 2074, Cl. S, 15.01%, 7/17/28 6 132,366 16,561 Series 2079, Cl. S, 14.954%, 7/17/28 6 207,869 25,315 Series 208, Cl. IO, (24.24)%, 6/1/30 6 660,052 122,812 Series 2526, Cl. SE, 20.651%, 6/15/29 6 289,785 25,805 Series 2920, Cl. S, 30.867%, 1/15/35 6 2,692,848 150,261 - ------------------------------------------------------------------------------------------------------------------------- Federal National Mortgage Assn.: 5%, 2/1/18-4/1/35 5 20,776,210 20,523,079 5.50%, 3/1/33-1/1/34 4,905,829 4,923,603
3 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2005/Unaudited - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ------------------------------------------------------------------------------------------------------------------------- 5.50%, 4/1/20-4/1/35 5 $ 22,341,000 $ 22,526,116 6%, 9/1/24 1,047,876 1,078,214 6%, 4/1/20-4/1/35 5 8,461,000 8,688,583 6.50%, 5/1/29-10/1/30 322,575 336,042 6.50%, 4/1/35 5 15,958,000 16,561,404 7%, 10/1/32-8/1/34 1,781,815 1,878,937 7%, 4/1/35 5 675,000 711,281 7.50%, 8/1/25-2/1/27 279,827 300,571 8.50%, 7/1/32 25,539 27,735 - ------------------------------------------------------------------------------------------------------------------------- Federal National Mortgage Assn., Collateralized Mtg. Obligations, Gtd. Real Estate Mtg. Investment Conduit Pass-Through Certificates: Trust 1998-63, Cl. PG, 6%, 3/25/27 104,564 104,816 Trust 2001-50, Cl. NE, 6%, 8/25/30 223,927 226,186 Trust 2001-70, Cl. LR, 6%, 9/25/30 222,910 227,231 Trust 2001-72, Cl. NH, 6%, 4/25/30 172,385 174,380 Trust 2001-74, Cl. PD, 6%, 5/25/30 72,219 73,202 Trust 2002-77, Cl. WF, 3.234%, 12/18/32 2 195,548 196,880 Trust 2002-94, Cl. MA, 4.50%, 8/25/09 283,283 283,411 Trust 2003-10, Cl. HP, 5%, 2/25/18 980,000 969,587 Trust 2003-81, Cl. PA, 5%, 2/25/12 66,738 66,776 Trust 2004-101, Cl. BG, 5%, 1/25/20 630,000 625,367 - ------------------------------------------------------------------------------------------------------------------------- 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 6 253,069 56,739 Trust 2002-28, Cl. SA, 15.584%, 4/25/32 6 154,050 13,340 Trust 2002-38, Cl. SO, 15.955%, 4/25/32 6 838,633 52,139 Trust 2002-48, Cl. S, 14.324%, 7/25/32 6 247,329 22,602 Trust 2002-52, Cl. SL, 14.518%, 9/25/32 6 154,795 14,191 Trust 2002-56, Cl. SN, 16.61%, 7/25/32 6 339,862 31,459 Trust 2002-77, Cl. IS, 13.641%, 12/18/32 6 1,428,783 132,979 - ------------------------------------------------------------------------------------------------------------------------- Federal National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security: Trust 214, Cl. 2, 6.978%, 3/1/23 6 1,612,261 313,927 Trust 221, Cl. 2, 2.55%, 5/1/23 6 181,738 35,431 Trust 240, Cl. 2, 9.596%, 9/1/23 6 312,915 64,554 Trust 301, Cl. 2, 1.893%, 4/1/29 6 769,340 162,689 Trust 313, Cl. 2, (22.689)%, 7/1/31 6 846,641 191,072 Trust 321, Cl. 2, 3.31%, 3/1/32 6 1,114,053 256,135 Trust 324, Cl. 2, (3.12)%, 6/1/32 6 1,943,762 430,488 Trust 329, Cl. 2, 7.239%, 1/1/33 6 1,513,976 361,622 Trust 333, Cl. 2, 8.43%, 3/1/33 6 775,488 187,111 Trust 2001-63, Cl. SD, 18.776%, 12/18/31 6 273,018 26,586 Trust 2001-68, Cl. SC, 18.639%, 11/25/31 6 199,690 20,263 Trust 2001-81, Cl. S, 17.217%, 1/25/32 6 270,367 24,936 Trust 2002-77, Cl. SH, 22.769%, 12/18/32 6 339,578 33,264 Trust 2002-9, Cl. MS, 14.197%, 3/25/32 6 331,741 31,850 Trust 2005-40, Cl. SA, 0%, 5/25/35 5,6 8,000,000 466,250 Trust 2005-40, Cl. SB, 0%, 5/25/35 5,6 1,400,000 81,594
4 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2005/Unaudited - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ------------------------------------------------------------------------------------------------------------------------- First Chicago/Lennar Trust 1, Commercial Mtg. Pass-Through Certificates, Series 1997-CHL1, Cl. D, 7.751%, 4/29/39 1,2 $ 350,000 $ 353,773 - ------------------------------------------------------------------------------------------------------------------------- First Union National Bank/Lehman Brothers/Bank of America Commercial Mtg. Trust, Pass-Through Certificates, Series 1998-C2, Cl. A2, 6.56%, 11/18/35 360,000 379,490 - ------------------------------------------------------------------------------------------------------------------------- GE Capital Commercial Mortgage Corp., Commercial Mtg. Obligations: Series 2004-C3, Cl. A2, 4.433%, 7/10/39 390,000 386,901 Series 2005-C1, Cl. A3, 4.578%, 6/10/48 220,000 216,109 - ------------------------------------------------------------------------------------------------------------------------- GMAC Commercial Mortgage Securities, Inc., Commercial Mtg. Obligations, Series 2004-C3, Cl. A4, 4.547%, 12/10/41 360,000 353,247 - ------------------------------------------------------------------------------------------------------------------------- GMAC Commercial Mortgage Securities, Inc., Commercial Mtg. Pass-Through Certificates, Series 1997-C1, Cl. A3, 6.869%, 7/15/29 264,421 276,883 - ------------------------------------------------------------------------------------------------------------------------- GMAC Commercial Mortgage Securities, Inc., Mtg. Pass-Through Certificates, Series 1998-C1, Cl. F, 7.077%, 5/15/30 2 1,800,000 1,828,559 - ------------------------------------------------------------------------------------------------------------------------- Government National Mortgage Assn.: 4.125%, 11/20/25 2 16,946 17,258 7%, 3/15/28-7/15/28 910,030 963,902 7.50%, 2/15/27 126,408 135,862 8%, 11/15/25-5/15/26 136,937 147,772 - ------------------------------------------------------------------------------------------------------------------------- Government National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security: Series 1998-19, Cl. SB, 13.754%, 7/16/28 6 420,006 51,872 Series 1998-6, Cl. SA, 12.154%, 3/16/28 6 251,346 28,289 Series 2001-21, Cl. SB, 12.767%, 1/16/27 6 2,051,073 172,484 - ------------------------------------------------------------------------------------------------------------------------- Greenwich Capital Commercial Funding Corp., Commercial Mtg. Pass-Through Certificates, Series 2005-G G3, Cl. A2, 4.305%, 8/10/42 500,000 492,617 - ------------------------------------------------------------------------------------------------------------------------- GS Mortgage Securities Corp. II, Commercial Mtg. Pass-Through Certificates: 406,040 395,077 Series 2004-C1, Cl. A1, 3.659%, 10/10/28 Series 2004-GG2, Cl. A3, 4.602%, 8/10/38 250,000 249,666 - ------------------------------------------------------------------------------------------------------------------------- GSR Mortgage Loan Trust, Collateralized Mtg. Obligations, Series 04-12, Cl 3A1, 4.513%, 12/25/34 1,2 848,424 847,401 - ------------------------------------------------------------------------------------------------------------------------- Mastr Alternative Loan Trust, Pass-Through Collateralized Mtg. Obligations, Series 2004-6, Cl. 10A1, 6%, 7/25/34 1,047,467 1,071,750 - ------------------------------------------------------------------------------------------------------------------------- Merrill Lynch Mortgage Investors, Inc., Mtg. Pass-Through Certificates, Series 1995-C2, Cl. D, 7.104%, 6/15/21 2 155,355 157,381 - ------------------------------------------------------------------------------------------------------------------------- Morgan Stanley Capital I Trust, Commercial Mtg. Pass-Through Certificates: Series 1996-C1, Cl. F, 7.442%, 2/15/28 2,7 162,744 151,880 Series 1997-XL1, Cl. G, 7.695%, 10/3/30 390,000 266,575 - ------------------------------------------------------------------------------------------------------------------------- Nomura Asset Securities Corp., Commercial Mtg. Pass-Through Certificates, Series 1998-D6, Cl. A1B, 6.59%, 3/15/30 420,000 445,160 - ------------------------------------------------------------------------------------------------------------------------- Prudential Mortgage Capital Co. II LLC, Commercial Mtg. Pass-Through Certificates, Series PRU-HTG 2000-C1, Cl. A2, 7.306%, 10/6/15 556,000 625,183 - ------------------------------------------------------------------------------------------------------------------------- Salomon Brothers Mortgage Securities VII, Inc., Commercial Mtg. Pass-Through Certificates, Series 1996-C1, Cl. F, 8.421%, 1/20/28 1,2 1,000,000 823,125 - ------------------------------------------------------------------------------------------------------------------------- Wachovia Bank Commercial Mortgage Trust, Commercial Mtg. Obligations: Series 2005-C16, Cl. A2, 4.38%, 10/15/41 750,000 739,950 Series 2005-C17, Cl. A2, 4.763%, 3/15/42 820,000 821,698 - -------------------------------------------------------------------------------------------------------------------------
5 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2005/Unaudited - --------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------- PRINCIPAL AMOUNT VALUE Wells Fargo Mortgage-Backed Securities Trust, Collateralized Mtg. Obligations: Series 2004-DD, Cl. 2 A1, 4.545%, 1/25/35 2 $ 1,155,534 $ 1,156,665 Series 2004-N, Cl. A10, 3.803%, 8/25/34 1 794,143 795,897 Series 2004-W, Cl. A2, 4.623%, 11/25/34 2 420,413 420,240 -------------- Total Mortgage-Backed Obligations (Cost $117,616,931) 116,733,573 - ------------------------------------------------------------------------------------------------------------------------- U.S. GOVERNMENT OBLIGATIONS--8.2% - ------------------------------------------------------------------------------------------------------------------------- Fannie Mae Unsec. Nts., 3.58%, 1/31/07 8 4,000,000 3,719,364 - ------------------------------------------------------------------------------------------------------------------------- Federal Home Loan Mortgage Corp. Nts., 3.75%, 7/15/09 [EUR] 1,090,000 1,451,817 - ------------------------------------------------------------------------------------------------------------------------- Federal Home Loan Mortgage Corp. Unsec. Nts.: 3.625%, 9/15/06 5,125,000 5,109,712 6.875%, 9/15/10 4,420,000 4,914,505 - ------------------------------------------------------------------------------------------------------------------------- Federal National Mortgage Assn. Unsec. Nts.: 1.80%, 5/27/05 1,390,000 1,387,395 3.01%, 6/2/06 1,400,000 1,384,561 4.25%, 7/15/07 4,115,000 4,130,950 6.625%, 9/15/09 8,000,000 8,699,872 7.25%, 1/15/10-5/15/30 5,765,000 6,577,064 - ------------------------------------------------------------------------------------------------------------------------- Resolution Funding Corp. STRIPS, 5.16%, 1/15/21 8 6,510,000 2,934,213 - ------------------------------------------------------------------------------------------------------------------------- Tennessee Valley Authority Bonds: 7.125%, 5/1/30 330,000 421,112 Series A, 6.79%, 5/23/12 9,663,000 10,898,637 - ------------------------------------------------------------------------------------------------------------------------- U.S. Treasury Bonds: 5.50%, 8/15/28 1,034,000 1,123,587 7.25%, 5/15/16 1,670,000 2,048,425 8.875%, 8/15/17 9 1,630,000 2,266,784 9.25%, 2/15/16 208,000 290,355 STRIPS, 4.20%, 2/15/11 8 900,000 701,847 STRIPS, 4.60%, 2/15/16 8 491,000 294,414 - ------------------------------------------------------------------------------------------------------------------------- U.S. Treasury Nts.: 2.50%, 10/31/06 6,165,000 6,054,227 2.50%, 9/30/06 10 5,430,000 5,339,221 2.75%, 8/15/07 525,000 512,101 2.75%, 7/31/06 9 3,839,000 3,797,163 -------------- Total U.S. Government Obligations (Cost $74,807,067) 74,057,326 - ------------------------------------------------------------------------------------------------------------------------- FOREIGN GOVERNMENT OBLIGATIONS--27.1% - ------------------------------------------------------------------------------------------------------------------------- ARGENTINA--1.0% Argentina (Republic of) Bonds: 2.352%, 5/3/05 2 56,000 55,685 3.01%, 8/3/12 2 7,735,000 6,521,433 Series PRE8, 2%, 1/3/10 1,3,4 [ARP] 1,980,000 1,074,445 Series PR12, 2%, 1/3/16 1,3,4 [ARP] 1,335,300 630,733 - ------------------------------------------------------------------------------------------------------------------------- Argentina (Republic of) Unsec. Unsub. Bonds, 5.83%, 12/31/33 [ARP] 937,363 290,892 - ------------------------------------------------------------------------------------------------------------------------- Buenos Aires (Province of) Bonds, Bonos de Consolidacion de Deudas, Series PBA1, 4/1/07 1,3,4 [ARP] 53,154 21,035 -------------- 8,594,223 - ------------------------------------------------------------------------------------------------------------------------- AUSTRALIA--0.7% Queensland Treasury Corp. Unsec. Nts., Series 09G, 6%, 7/14/09 [AUD] 8,300,000 6,469,401
6 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2005/Unaudited - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ------------------------------------------------------------------------------------------------------------------------- AUSTRIA--0.7% Austria (Republic of) Bonds, 6.25%, 7/15/27 [EUR] 3,480,000 $ 5,916,492 - ------------------------------------------------------------------------------------------------------------------------- BELGIUM--0.6% Belgium (Kingdom of) Bonds: Series 26, 6.25%, 3/28/07 [EUR] 3,255,000 4,520,704 Series 28, 5.75%, 3/28/08 [EUR] 755,000 1,062,772 -------------- 5,583,476 - ------------------------------------------------------------------------------------------------------------------------- BRAZIL--1.6% Brazil (Federal Republic of) Bonds: 8.75%, 2/4/25 2,860,000 2,688,400 10.50%, 7/14/14 725,000 799,313 Series 15 yr., 3.125%, 4/15/09 2 13,236 12,971 - ------------------------------------------------------------------------------------------------------------------------- Brazil (Federal Republic of) Debt Capitalization Bonds, Series 20 yr., 8%, 4/15/14 10,265,601 10,195,025 - ------------------------------------------------------------------------------------------------------------------------- Brazil (Federal Republic of) Unsec. Unsub. Bonds, 11%, 8/17/40 998,000 1,112,022 -------------- 14,807,731 - ------------------------------------------------------------------------------------------------------------------------- BULGARIA--0.2% Bulgaria (Republic of) Bonds: 8.25%, 1/15/15 800,000 972,000 8.25%, 1/15/15 7 800,000 972,000 -------------- 1,944,000 - ------------------------------------------------------------------------------------------------------------------------- CANADA--0.2% Canada (Government of) Bonds, 5%, 6/1/14 [CAD] 2,310,000 2,006,759 - ------------------------------------------------------------------------------------------------------------------------- CAYMAN ISLANDS--0.0% Ivory Coast (Government of) Past Due Interest Bonds, 3/29/18 1,3,4 [FRF] 2,194,500 70,472 - ------------------------------------------------------------------------------------------------------------------------- COLOMBIA--0.6% Colombia (Republic of) Bonds, 12%, 10/22/15 [COP] 3,586,000,000 1,453,840 - ------------------------------------------------------------------------------------------------------------------------- Colombia (Republic of) Nts., 11.75%, 3/1/10 [COP] 4,244,240,000 1,788,878 - ------------------------------------------------------------------------------------------------------------------------- Colombia (Republic of) Unsec. Unsub. Bonds, 8.375%, 2/15/27 615,000 568,875 - ------------------------------------------------------------------------------------------------------------------------- Colombia (Republic of) Unsec. Unsub. Nts., 11.375%, 1/31/08 [EUR] 1,125,000 1,668,622 -------------- 5,480,215 - ------------------------------------------------------------------------------------------------------------------------- DOMINICAN REPUBLIC--0.1% Dominican Republic Bonds, Series REGS, 9.04%, 1/23/13 720,000 657,000 - ------------------------------------------------------------------------------------------------------------------------- ECUADOR--0.2% Ecuador (Republic of) Unsec. Bonds, 8%, 8/15/30 2 1,810,000 1,642,575 - ------------------------------------------------------------------------------------------------------------------------- EL SALVADOR--0.1% El Salvador (Republic of) Bonds, 7.625%, 9/21/34 7 590,000 607,700 - ------------------------------------------------------------------------------------------------------------------------- FINLAND--0.0% Finland (Republic of) Sr. Unsec. Unsub. Bonds, 2.75%, 7/4/06 [EUR] 220,000 286,677 - ------------------------------------------------------------------------------------------------------------------------- FRANCE--1.7% France (Government of) Obligations Assimilables du Tresor Bonds: 5.50%, 10/25/07 [EUR] 1,080,000 1,497,717 5.50%, 10/25/10 [EUR] 4,285,000 6,210,620 5.75%, 10/25/32 [EUR] 3,300,000 5,422,993 - ------------------------------------------------------------------------------------------------------------------------- France (Government of) Treasury Nts.: 5 yr., 5%, 1/12/06 [EUR] 1,420,000 1,880,424
7 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2005/Unaudited - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ------------------------------------------------------------------------------------------------------------------------- 5 yr., 4.75%, 7/12/07 [EUR] 120,000 $ 163,075 -------------- 15,174,829 - ------------------------------------------------------------------------------------------------------------------------- GERMANY--1.8% Germany (Republic of) Bonds: 2%, 6/17/05 [EUR] 2,120,000 2,747,319 5.375%, 1/4/10 [EUR] 1,285,000 1,835,643 Series 140, 4.50%, 8/17/07 [EUR] 1,395,000 1,886,179 Series 143, 3.50%, 10/10/08 [EUR] 7,470,000 9,906,032 -------------- 16,375,173 - ------------------------------------------------------------------------------------------------------------------------- GREECE--0.6% Greece (Republic of) Bonds: 3.50%, 4/18/08 [EUR] 1,055,000 1,395,544 4.60%, 5/20/13 [EUR] 1,545,000 2,138,041 - ------------------------------------------------------------------------------------------------------------------------- Greece (Republic of) Sr. Unsub. Bonds, 4.65%, 4/19/07 [EUR] 1,610,000 2,172,059 -------------- 5,705,644 - ------------------------------------------------------------------------------------------------------------------------- GUATEMALA--0.0% Guatemala (Republic of) Nts.: 10.25%, 11/8/11 7 250,000 291,563 10.25%, 11/8/11 95,000 110,794 -------------- 402,357 - ------------------------------------------------------------------------------------------------------------------------- ISRAEL--0.4% Israel (State of) Aid Bonds, United States Gtd., 5.50%, 12/4/23 960,000 1,017,615 - ------------------------------------------------------------------------------------------------------------------------- Israel (State of) Bonds, Series 2682, 7.50%, 3/31/14 [ILS] 9,660,000 2,335,847 -------------- 3,353,462 - ------------------------------------------------------------------------------------------------------------------------- ITALY--1.3% Italy (Republic of) Treasury Bonds: Buoni del Tesoro Poliennali, 4.50%, 3/1/07 [EUR] 1,150,000 1,546,611 Buoni del Tesoro Poliennali, 4.75%, 7/1/05 [EUR] 520,000 678,333 Buoni del Tesoro Poliennali, 5%, 10/15/07 [EUR] 4,320,000 5,929,829 Buoni del Tesoro Poliennali, 5.25%, 12/15/05 [EUR] 2,590,000 3,423,945 -------------- 11,578,718 - ------------------------------------------------------------------------------------------------------------------------- JAPAN--1.8% Japan (Government of) Bonds, 5 yr., Series 14, 0.40%, 6/20/06 [JPY] 1,719,000,000 16,102,780 - ------------------------------------------------------------------------------------------------------------------------- MEXICO--0.9% United Mexican States Bonds: 7.50%, 4/8/33 930,000 988,125 8.30%, 8/15/31 400,000 459,000 Series MI10, 8%, 12/19/13 [MXN] 18,495,000 1,421,871 Series M20, 8%, 12/7/23 [MXN] 23,040,000 1,599,104 Series MI10, 9.50%, 12/18/14 2 [MXN] 11,807,800 984,521 - ------------------------------------------------------------------------------------------------------------------------- United Mexican States Nts., 7.50%, 1/14/12 1,300,000 1,438,450 - ------------------------------------------------------------------------------------------------------------------------- United Mexican States Unsec. Unsub. Nts., Series 6 BR, 6.75%, 6/6/06 [JPY] 155,000,000 1,551,879 -------------- 8,442,950 - ------------------------------------------------------------------------------------------------------------------------- NEW ZEALAND--0.2% New Zealand (Government of) Bonds, 7%, 7/15/09 [NZD] 2,165,000 1,581,634
8 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2005/Unaudited - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ------------------------------------------------------------------------------------------------------------------------- NIGERIA--0.1% Central Bank of Nigeria Gtd. Bonds, Series WW, 6.25%, 11/15/20 $ 275,000 $ 257,125 - ------------------------------------------------------------------------------------------------------------------------- Nigeria (Federal Republic of) Promissory Nts., Series RC, 5.092%, 1/5/10 224,760 182,838 -------------- 439,963 - ------------------------------------------------------------------------------------------------------------------------- NORWAY--1.4% Norway (Kingdom of) Bonds: 5.50%, 5/15/09 [NOK] 4,520,000 773,942 6%, 5/16/11 [NOK] 58,510,000 10,387,784 6.50%, 5/15/13 [NOK] 9,050,000 1,684,133 -------------- 12,845,859 - ------------------------------------------------------------------------------------------------------------------------- PANAMA--0.5% Panama (Republic of) Bonds: 7.25%, 3/15/15 1,300,000 1,296,750 8.125%, 4/28/34 805,000 809,025 9.375%, 1/16/23 2,215,000 2,491,875 -------------- 4,597,650 - ------------------------------------------------------------------------------------------------------------------------- PERU--0.5% Peru (Republic of) Bonds: 8.375%, 5/3/16 290,000 303,050 Series 2, 9%, 1/31/12 [PEN] 1,340,000 415,217 Series 8-1, 12.25%, 8/10/11 [PEN] 1,427,000 519,884 - ------------------------------------------------------------------------------------------------------------------------- Peru (Republic of) Past Due Interest Bonds, Series 20 yr., 5%, 3/7/17 2 1,700,000 1,615,000 - ------------------------------------------------------------------------------------------------------------------------- Peru (Republic of) Sr. Nts., 4.53%, 2/28/16 8 1,464,785 864,707 - ------------------------------------------------------------------------------------------------------------------------- Peru (Republic of) Unsec. Unsub. Bonds, 8.75%, 11/21/33 690,000 721,050 -------------- 4,438,908 - ------------------------------------------------------------------------------------------------------------------------- PHILIPPINES--0.6% Philippines (Republic of) Bonds: 8.375%, 2/15/11 438,000 446,299 9.50%, 2/2/30 3,200,000 3,136,000 10.625%, 3/16/25 710,000 763,250 Series 5-57, 11.50%, 1/27/10 [PHP] 39,310,000 728,727 Series 5-56, 12.375%, 10/28/09 [PHP] 11,560,000 218,307 -------------- 5,292,583 - ------------------------------------------------------------------------------------------------------------------------- POLAND--0.7% Poland (Republic of) Bonds: Series DS1013, 5%, 10/24/13 [PLZ] 4,640,000 1,412,461 Series WS0922, 5.75%, 9/23/22 [PLZ] 1,000,000 327,875 Series DS0509, 6%, 5/24/09 [PLZ] 14,270,000 4,612,429 -------------- 6,352,765 - ------------------------------------------------------------------------------------------------------------------------- PORTUGAL--0.6% Portugal (Republic of) Obrig Do Tes Medio Prazo Nts.: 3.25%, 7/15/08 [EUR] 1,700,000 2,229,703 4.875%, 8/17/07 [EUR] 1,620,000 2,208,083 - -------------------------------------------------------------------------------------------------------------------------
9 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2005/Unaudited - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ------------------------------------------------------------------------------------------------------------------------- Portugal (Republic of) Obrig Do Tes Medio Prazo Unsec. Unsub. Nts., 5.85%, 5/20/10 [EUR] 450,000 $ 658,541 -------------- 5,096,327 - ------------------------------------------------------------------------------------------------------------------------- RUSSIA--1.0% Aries Vermoegensverwaltungs GmbH Unsub. Nts.: Series B, 7.75%, 10/25/09 1 [EUR] 700,000 1,023,951 Series C, 9.60%, 10/25/14 1,950,000 2,354,108 - ------------------------------------------------------------------------------------------------------------------------- Ministry Finance of Russia Debs., Series VI, 3%, 5/14/06 1 1,980,000 1,946,677 - ------------------------------------------------------------------------------------------------------------------------- Russian Federation Unsec. Unsub. Bonds, 5%, 3/31/30 2,7 3,065,000 3,164,613 - ------------------------------------------------------------------------------------------------------------------------- Russian Federation Unsub. Nts., 5%, 3/31/30 2 440,875 452,651 -------------- 8,942,000 - ------------------------------------------------------------------------------------------------------------------------- SOUTH AFRICA--0.5% South Africa (Republic of) Bonds: Series R204, 8%, 12/21/18 [ZAR] 3,175,000 480,800 Series R203, 8.25%, 9/15/17 [ZAR] 3,000,000 464,498 Series R186, 10.50%, 12/21/26 [ZAR] 11,290,000 2,260,224 Series R157, 13.50%, 9/15/15 [ZAR] 7,300,000 1,548,275 -------------- 4,753,797 - ------------------------------------------------------------------------------------------------------------------------- SPAIN--1.4% Spain (Kingdom of) Bonds: Bonos y Obligacion del Estado, 5.35%, 10/31/11 [EUR] 3,695,000 5,367,457 Bonos y Obligacion del Estado, 5.75%, 7/30/32 [EUR] 2,530,000 4,148,051 - ------------------------------------------------------------------------------------------------------------------------- Spain (Kingdom of) Treasury Bills, 2.02%, 6/17/05 8 [EUR] 2,750,000 3,548,988 -------------- 13,064,496 - ------------------------------------------------------------------------------------------------------------------------- SWEDEN--1.9% Sweden (Kingdom of) Bonds: Series 1043, 5%, 1/28/09 [SEK] 10,760,000 1,630,587 Series 1045, 5.25%, 3/15/11 [SEK] 101,370,000 15,788,196 -------------- 17,418,783 - ------------------------------------------------------------------------------------------------------------------------- THE NETHERLANDS--0.1% Netherlands (Kingdom of the) Bonds, 5.50%, 1/15/28 [EUR] 850,000 1,329,933 - ------------------------------------------------------------------------------------------------------------------------- TURKEY--0.6% Turkey (Republic of) Nts., 7.25%, 3/15/15 3,105,000 3,050,663 - ------------------------------------------------------------------------------------------------------------------------- Turkey (Republic of) Sr. Unsec. Unsub. Nts., 11.875%, 1/15/30 1,560,000 2,078,700 -------------- 5,129,363 - ------------------------------------------------------------------------------------------------------------------------- GREAT BRITAIN--2.3% United Kingdom Treasury Nts., 4%, 3/7/09 [GBP] 11,210,000 20,675,700 - ------------------------------------------------------------------------------------------------------------------------- VENEZUELA--0.2% Venezuela (Republic of) Nts.: 3.693%, 4/20/11 2 750,000 672,188 7%, 3/16/15 [EUR] 1,260,000 1,546,764 -------------- 2,218,952 -------------- Total Foreign Government Obligations (Cost $234,972,630) 245,381,347
10 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2005/Unaudited - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ------------------------------------------------------------------------------------------------------------------------- LOAN PARTICIPATIONS--0.4% - ------------------------------------------------------------------------------------------------------------------------- Algeria (Republic of) Loan Participation Nts., 4.003%, 3/4/10 1,2 $ 388,333 $ 383,479 - ------------------------------------------------------------------------------------------------------------------------- Deutsche Bank AG: Indonesia (Republic of) Rupiah Loan Participation Nts., 3.813%, 1/25/06 2 1,490,000 1,494,172 OAO Gazprom Loan Participation Nts., 8.27%, 8/4/05 1,2 1,520,000 1,561,648 -------------- Total Loan Participations (Cost $3,364,212) 3,439,299 - ------------------------------------------------------------------------------------------------------------------------- CORPORATE BONDS AND NOTES--28.3% - ------------------------------------------------------------------------------------------------------------------------- CONSUMER DISCRETIONARY--7.8% - ------------------------------------------------------------------------------------------------------------------------- AUTO COMPONENTS--0.7% Accuride Corp., 8.50% Sr. Sub. Nts., 2/1/15 7 225,000 221,625 - ------------------------------------------------------------------------------------------------------------------------- ArvinMeritor, Inc., 8.75% Sr. Unsec. Unsub. Nts., 3/1/12 700,000 731,500 - ------------------------------------------------------------------------------------------------------------------------- Collins & Aikman Floorcoverings, Inc., 9.75% Sr. Sub. Nts., Series B, 2/15/10 200,000 214,000 - ------------------------------------------------------------------------------------------------------------------------- Collins & Aikman Products Co., 10.75% Sr. Nts., 12/31/11 150,000 124,125 - ------------------------------------------------------------------------------------------------------------------------- Cooper Standard Automotive Group: 7% Sr. Nts., 12/15/12 7 90,000 84,150 8.375% Sr. Sub. Nts., 12/15/14 7 695,000 568,163 - ------------------------------------------------------------------------------------------------------------------------- Dana Corp., 10.125% Nts., 3/15/10 200,000 209,995 - ------------------------------------------------------------------------------------------------------------------------- Dura Operating Corp.: 8.625% Sr. Nts., Series B, 4/15/12 100,000 92,750 9% Sr. Sub. Nts., Series B, 5/1/09 [EUR] 200,000 220,370 9% Sr. Unsec. Sub. Nts., Series D, 5/1/09 500,000 397,500 - ------------------------------------------------------------------------------------------------------------------------- Eagle-Picher, Inc., 9.75% Sr. Nts., 9/1/13 3,4 300,000 193,500 - ------------------------------------------------------------------------------------------------------------------------- Goodyear Tire & Rubber Co. (The), 7.857% Nts., 8/15/11 925,000 897,250 - ------------------------------------------------------------------------------------------------------------------------- Metaldyne Corp.: 10% Sr. Nts., 11/1/13 7 200,000 183,000 11% Sr. Sub. Nts., 6/15/12 300,000 244,500 - ------------------------------------------------------------------------------------------------------------------------- Stoneridge, Inc., 11.50% Sr. Nts., 5/1/12 500,000 556,250 - ------------------------------------------------------------------------------------------------------------------------- Tenneco Automotive, Inc.: 8.625% Sr. Sub. Nts., 11/15/14 7 700,000 684,250 10.25% Sr. Sec. Nts., Series B, 7/15/13 150,000 168,000 - ------------------------------------------------------------------------------------------------------------------------- United Components, Inc., 9.375% Sr. Sub. Nts., 6/15/13 200,000 200,500 - ------------------------------------------------------------------------------------------------------------------------- Visteon Corp., 7% Sr. Unsec. Nts., 3/10/14 425,000 363,375 -------------- 6,354,803 - ------------------------------------------------------------------------------------------------------------------------- AUTOMOBILES--0.0% Navistar International Corp., 6.25% Sr. Nts., 3/1/12 7 230,000 219,650 - ------------------------------------------------------------------------------------------------------------------------- HOTELS, RESTAURANTS & LEISURE--2.1% Apcoa, Inc., 9.25% Sr. Unsec. Sub. Nts., 3/15/08 100,000 98,500 - ------------------------------------------------------------------------------------------------------------------------- Aztar Corp., 9% Sr. Unsec. Sub. Nts., 8/15/11 850,000 922,250 - ------------------------------------------------------------------------------------------------------------------------- Boyd Gaming Corp., 8.75% Sr. Sub. Nts., 4/15/12 300,000 326,250 - ------------------------------------------------------------------------------------------------------------------------- Carrols Corp., 9% Sr. Sub. Nts., 1/15/13 7 130,000 134,550 - ------------------------------------------------------------------------------------------------------------------------- Domino's, Inc., 8.25% Sr. Unsec. Sub. Nts., 7/1/11 547,000 574,350 - ------------------------------------------------------------------------------------------------------------------------- Gaylord Entertainment Co., 8% Sr. Nts., 11/15/13 300,000 312,000 - ------------------------------------------------------------------------------------------------------------------------- Hilton Hotels Corp., 7.625% Nts., 12/1/12 400,000 457,343 - ------------------------------------------------------------------------------------------------------------------------- Intrawest Corp., 7.50% Sr. Unsec. Nts., 10/15/13 625,000 629,688 - ------------------------------------------------------------------------------------------------------------------------- Isle of Capri Casinos, Inc.: 7% Sr. Unsec. Sub. Nts., 3/1/14 400,000 398,000 9% Sr. Sub. Nts., 3/15/12 500,000 546,250 - ------------------------------------------------------------------------------------------------------------------------- John Q. Hammons Hotels, Inc., 8.875% Sr. Nts., Series B, 5/15/12 300,000 323,250 - ------------------------------------------------------------------------------------------------------------------------- La Quinta Properties, Inc., 7% Sr. Sec. Nts., 8/15/12 250,000 254,375 - -------------------------------------------------------------------------------------------------------------------------
11 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2005/Unaudited - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ------------------------------------------------------------------------------------------------------------------------- HOTELS, RESTAURANTS & LEISURE CONTINUED Mandalay Resort Group, 10.25% Sr. Unsec. Sub. Nts., Series B, 8/1/07 $ 650,000 $ 710,125 - ------------------------------------------------------------------------------------------------------------------------- MGM Mirage, Inc.: 8.375% Sr. Unsec. Sub. Nts., 2/1/11 600,000 651,000 9.75% Sr. Unsec. Sub. Nts., 6/1/07 350,000 378,000 - ------------------------------------------------------------------------------------------------------------------------- Mohegan Tribal Gaming Authority: 6.125% Sr. Nts., 2/15/13 7 225,000 221,625 6.375% Sr. Sub. Nts., 7/15/09 250,000 249,375 6.875% Sr. Sub. Nts., 2/15/15 7 315,000 313,425 8% Sr. Sub. Nts., 4/1/12 500,000 532,500 - ------------------------------------------------------------------------------------------------------------------------- NCL Corp., 10.625% Sr. Nts., 7/15/14 7 300,000 311,625 - ------------------------------------------------------------------------------------------------------------------------- Park Place Entertainment Corp.: 7.875% Sr. Sub. Nts., 3/15/10 200,000 219,000 9.375% Sr. Unsec. Sub. Nts., 2/15/07 800,000 853,000 - ------------------------------------------------------------------------------------------------------------------------- Penn National Gaming, Inc.: 6.75% Sr. Sub. Nts., 3/1/15 7 230,000 227,700 6.875% Sr. Sub. Nts., 12/1/11 500,000 503,750 - ------------------------------------------------------------------------------------------------------------------------- Pinnacle Entertainment, Inc., 8.25% Sr. Unsec. Sub. Nts., 3/15/12 700,000 703,500 - ------------------------------------------------------------------------------------------------------------------------- Premier Cruise Ltd., 11% Sr. Nts., 3/15/08 1,3,4 250,000 -- - ------------------------------------------------------------------------------------------------------------------------- Royal Caribbean Cruises Ltd., 8.75% Sr. Unsub. Nts., 2/2/11 300,000 342,375 - ------------------------------------------------------------------------------------------------------------------------- Six Flags, Inc.: 8.875% Sr. Unsec. Nts., 2/1/10 1,234,000 1,166,130 9.625% Sr. Nts., 6/1/14 19,000 17,623 9.75% Sr. Nts., 4/15/13 300,000 281,250 - ------------------------------------------------------------------------------------------------------------------------- Starwood Hotels & Resorts Worldwide, Inc., 7.875% Sr. Nts., 5/1/12 900,000 987,750 - ------------------------------------------------------------------------------------------------------------------------- Station Casinos, Inc.: 6.50% Sr. Unsec. Sub. Nts., 2/1/14 1,000,000 997,500 9.875% Sr. Unsec. Sub. Nts., 7/1/10 1,000,000 1,053,750 - ------------------------------------------------------------------------------------------------------------------------- Sun International Hotels Ltd., 8.875% Sr. Unsec. Sub. Nts., 8/15/11 700,000 754,250 - ------------------------------------------------------------------------------------------------------------------------- Universal City Development Partners Ltd., 11.75% Sr. Nts., 4/1/10 500,000 572,500 - ------------------------------------------------------------------------------------------------------------------------- Vail Resorts, Inc., 6.75% Sr. Sub. Nts., 2/15/14 500,000 492,500 - ------------------------------------------------------------------------------------------------------------------------- Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 6.625% Nts., 12/1/14 7 1,800,000 1,719,000 -------------- 19,236,059 - ------------------------------------------------------------------------------------------------------------------------- HOUSEHOLD DURABLES--0.6% Beazer Homes USA, Inc., 8.375% Sr. Nts., 4/15/12 400,000 426,000 - ------------------------------------------------------------------------------------------------------------------------- Blount, Inc., 8.875% Sr. Sub. Nts., 8/1/12 350,000 371,000 - ------------------------------------------------------------------------------------------------------------------------- D.R. Horton, Inc.: 9.375% Sr. Unsec. Sub. Nts., 3/15/11 400,000 435,048 9.75% Sr. Sub. Nts., 9/15/10 400,000 466,226 - ------------------------------------------------------------------------------------------------------------------------- K. Hovnanian Enterprises, Inc., 7.75% Sr. Unsec. Sub. Nts., 5/15/13 300,000 316,500 - ------------------------------------------------------------------------------------------------------------------------- KB Home: 8.625% Sr. Sub. Nts., 12/15/08 250,000 272,818 9.50% Sr. Unsec. Sub. Nts., 2/15/11 400,000 425,630 - ------------------------------------------------------------------------------------------------------------------------- Meritage Homes Corp., 6.25% Sr. Nts., 3/15/15 7 480,000 453,600 - ------------------------------------------------------------------------------------------------------------------------- Sealy Mattress Co., 8.25% Sr. Sub. Nts., 6/15/14 450,000 471,375 - ------------------------------------------------------------------------------------------------------------------------- Standard Pacific Corp., 9.25% Sr. Sub. Nts., 4/15/12 200,000 227,000 - ------------------------------------------------------------------------------------------------------------------------- WCI Communities, Inc., 9.125% Sr. Sub. Nts., 5/1/12 300,000 322,500 - ------------------------------------------------------------------------------------------------------------------------- William Lyon Homes, Inc., 10.75% Sr. Nts., 4/1/13 400,000 442,000 - ------------------------------------------------------------------------------------------------------------------------- Williams Scotsman, Inc., 9.875% Sr. Unsec. Nts., 6/1/07 800,000 800,000 -------------- 5,429,697
12 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2005/Unaudited - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ------------------------------------------------------------------------------------------------------------------------- LEISURE EQUIPMENT & PRODUCTS--0.0% Leslie's Poolmart, Inc., 7.75% Sr. Nts., 2/1/13 7 $ 225,000 $ 228,375 - ------------------------------------------------------------------------------------------------------------------------- MEDIA--3.6% Adelphia Communications Corp.: 7.875% Sr. Unsec. Nts., 5/1/09 3,4 350,000 290,500 10.25% Sr. Unsec. Nts., 11/1/06 3,4 400,000 350,000 10.25% Sr. Unsec. Sub. Nts., 6/15/11 3,4 200,000 185,500 10.875% Sr. Unsec. Nts., 10/1/10 3,4 400,000 356,000 - ------------------------------------------------------------------------------------------------------------------------- Allbritton Communications Co., 7.75% Sr. Unsec. Sub. Nts., 12/15/12 600,000 594,000 - ------------------------------------------------------------------------------------------------------------------------- AMC Entertainment, Inc.: 8% Sr. Unsec. Sub. Nts., 3/1/14 650,000 624,000 9.50% Sr. Unsec. Sub. Nts., 2/1/11 360,000 370,800 - ------------------------------------------------------------------------------------------------------------------------- American Media Operations, Inc.: 8.875% Sr. Unsec. Sub. Nts., 1/15/11 150,000 155,250 10.25% Sr. Unsec. Sub. Nts., Series B, 5/1/09 400,000 414,000 - ------------------------------------------------------------------------------------------------------------------------- Block Communications, Inc., 9.25% Sr. Sub. Nts., 4/15/09 400,000 428,000 - ------------------------------------------------------------------------------------------------------------------------- Carmike Cinemas, Inc., 7.50% Sr. Sub. Nts., 2/15/14 500,000 493,125 - ------------------------------------------------------------------------------------------------------------------------- Charter Communications Holdings LLC/Charter Communications Holdings Capital Corp.: 0%/11.75% Sr. Unsec. Sub. Disc. Nts., 5/15/11 11 1,275,000 886,125 8.375% Sr. Nts., Second Lien, 4/30/14 7 3,450,000 3,484,500 - ------------------------------------------------------------------------------------------------------------------------- Cinemark USA, Inc., 9% Sr. Unsec. Sub. Nts., 2/1/13 300,000 327,000 - ------------------------------------------------------------------------------------------------------------------------- Cinemark, Inc., 0%/9.75% Sr. Unsec. Disc. Nts., 3/15/14 11 500,000 357,500 - ------------------------------------------------------------------------------------------------------------------------- Corus Entertainment, Inc., 8.75% Sr. Sub. Nts., 3/1/12 300,000 323,250 - ------------------------------------------------------------------------------------------------------------------------- CSC Holdings, Inc.: 6.75% Sr. Nts., 4/15/12 7 250,000 249,375 7.625% Sr. Unsec. Unsub. Nts., Series B, 4/1/11 1,100,000 1,149,500 - ------------------------------------------------------------------------------------------------------------------------- Dex Media East LLC/Dex Media East Finance Co., 9.875% Sr. Unsec. Nts., 11/15/09 200,000 221,000 - ------------------------------------------------------------------------------------------------------------------------- Dex Media West LLC/Dex Media West Finance Co.: 5.875% Sr. Nts., 11/15/11 900,000 868,500 8.50% Sr. Nts., 8/15/10 300,000 321,750 9.875% Sr. Sub. Nts., 8/15/13 586,000 656,320 - ------------------------------------------------------------------------------------------------------------------------- Dex Media, Inc., 8% Unsec. Nts., 11/15/13 1,350,000 1,404,000 - ------------------------------------------------------------------------------------------------------------------------- DirecTV Holdings LLC/DirecTV Financing Co., Inc., 8.375% Sr. Unsec. Nts., 3/15/13 1,800,000 1,957,500 - ------------------------------------------------------------------------------------------------------------------------- EchoStar DBS Corp.: 6.625% Sr. Nts., 10/1/14 7 1,525,000 1,481,156 9.125% Sr. Nts., 1/15/09 1,075,000 1,152,938 - ------------------------------------------------------------------------------------------------------------------------- Emmis Operating Co., 6.875% Sr. Unsec. Sub. Nts., 5/15/12 600,000 591,000 - ------------------------------------------------------------------------------------------------------------------------- Entravision Communications Corp., 8.125% Sr. Sub. Nts., 3/15/09 400,000 419,000 - ------------------------------------------------------------------------------------------------------------------------- Granite Broadcasting Corp., 9.75% Sr. Sec. Nts., 12/1/10 619,000 578,765 - ------------------------------------------------------------------------------------------------------------------------- Insight Midwest LP/Insight Capital, Inc., 9.75% Sr. Nts., 10/1/09 200,000 209,500 - ------------------------------------------------------------------------------------------------------------------------- Lin Television Corp., 6.50% Sr. Sub. Nts., 5/15/13 400,000 388,000 - ------------------------------------------------------------------------------------------------------------------------- LodgeNet Entertainment Corp., 9.50% Sr. Sub. Debs., 6/15/13 200,000 219,000 - ------------------------------------------------------------------------------------------------------------------------- Mediacom LLC/Mediacom Capital Corp., 9.50% Sr. Unsec. Nts., 1/15/13 769,000 770,923 - ------------------------------------------------------------------------------------------------------------------------- MediaNews Group, Inc.: 6.375% Sr. Sub. Nts., 4/1/14 800,000 764,000 6.875% Sr. Unsec. Sub. Nts., 10/1/13 200,000 197,000 - ------------------------------------------------------------------------------------------------------------------------- News America Holdings, Inc., 8.875% Sr. Debs., 4/26/23 625,000 800,944 - ------------------------------------------------------------------------------------------------------------------------- PanAmSat Corp., 9% Sr. Unsec. Nts., 8/15/14 649,000 687,940 - -------------------------------------------------------------------------------------------------------------------------
13 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2005/Unaudited - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ------------------------------------------------------------------------------------------------------------------------- MEDIA CONTINUED PRIMEDIA, Inc.: 8% Sr. Nts., 5/15/13 $ 900,000 $ 922,500 8.875% Sr. Unsec. Nts., 5/15/11 19,000 19,903 - ------------------------------------------------------------------------------------------------------------------------- R.H. Donnelley Financial Corp. I, 10.875% Sr. Sub. Nts., 12/15/12 7 400,000 463,000 - ------------------------------------------------------------------------------------------------------------------------- Radio One, Inc., 8.875% Sr. Unsec. Sub. Nts., Series B, 7/1/11 600,000 645,000 - ------------------------------------------------------------------------------------------------------------------------- Rainbow National Services LLC, 8.75% Sr. Nts., 9/1/12 7 800,000 864,000 - ------------------------------------------------------------------------------------------------------------------------- Rogers Cable, Inc., 6.75% Sr. Sec. Nts., 3/15/15 250,000 247,500 - ------------------------------------------------------------------------------------------------------------------------- Shaw Communications, Inc., 8.54% Debs., 9/30/27 [CAD] 340,000 292,352 - ------------------------------------------------------------------------------------------------------------------------- Sinclair Broadcast Group, Inc.: 8% Sr. Unsec. Sub. Nts., 3/15/12 1,050,000 1,076,250 8.75% Sr. Sub. Nts., 12/15/11 300,000 316,500 - ------------------------------------------------------------------------------------------------------------------------- Spanish Broadcasting System, Inc., 9.625% Sr. Unsec. Sub. Nts., 11/1/09 800,000 840,000 - ------------------------------------------------------------------------------------------------------------------------- Vertis, Inc., 9.75% Sr. Sec. Nts., 4/1/09 200,000 210,000 - ------------------------------------------------------------------------------------------------------------------------- WMG Holdings Corp.: 0%/9.50% Sr. Disc. Nts., 12/15/14 7,11 1,320,000 917,400 7.385% Sr. Nts., 12/15/11 2,7 160,000 164,800 - ------------------------------------------------------------------------------------------------------------------------- WRC Media, Inc./Weekly Reader Corp./CompassLearning, Inc., 12.75% Sr. Sub. Nts., 11/15/09 500,000 463,125 -------------- 32,169,991 - ------------------------------------------------------------------------------------------------------------------------- MULTILINE RETAIL--0.1% Saks, Inc.: 8.25% Sr. Unsec. Nts., 11/15/08 700,000 742,000 9.875% Nts., 10/1/11 200,000 217,000 -------------- 959,000 - ------------------------------------------------------------------------------------------------------------------------- SPECIALTY RETAIL--0.3% Asbury Automotive Group, Inc., 9% Sr. Sub. Nts., 6/15/12 300,000 307,500 - ------------------------------------------------------------------------------------------------------------------------- Atlantic Broadband Finance LLC, 9.375% Sr. Sub. Nts., 1/15/14 7 250,000 241,250 - ------------------------------------------------------------------------------------------------------------------------- AutoNation, Inc., 9% Sr. Unsec. Nts., 8/1/08 500,000 552,500 - ------------------------------------------------------------------------------------------------------------------------- Boise Cascade LLC/Boise Cascade Finance Corp., 7.125% Sr. Sub. Nts., 10/15/14 7 450,000 457,875 - ------------------------------------------------------------------------------------------------------------------------- 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., 6/1/12 300,000 285,000 - ------------------------------------------------------------------------------------------------------------------------- Hollywood Entertainment Corp., 9.625% Sr. Sub. Nts., 3/15/11 300,000 340,500 - ------------------------------------------------------------------------------------------------------------------------- Petco Animal Supplies, Inc., 10.75% Sr. Sub. Nts., 11/1/11 200,000 225,000 - ------------------------------------------------------------------------------------------------------------------------- Rent-A-Center, Inc., 7.50% Sr. Unsec. Sub. Nts., Series B, 5/1/10 150,000 150,000 -------------- 2,969,125 - ------------------------------------------------------------------------------------------------------------------------- TEXTILES, APPAREL & LUXURY GOODS--0.4% Invista, Inc., 9.25% Sr. Nts., 5/1/12 7 1,100,000 1,215,500 - ------------------------------------------------------------------------------------------------------------------------- Levi Strauss & Co.: 440,000 434,500 7.73% Sr. Nts., 4/1/12 2,7 12.25% Sr. Nts., 12/15/12 975,000 1,067,625 - ------------------------------------------------------------------------------------------------------------------------- Oxford Industries, Inc., 8.875% Sr. Nts., 6/1/11 250,000 266,250 - ------------------------------------------------------------------------------------------------------------------------- Russell Corp., 9.25% Sr. Nts., 5/1/10 200,000 213,500 -------------- 3,197,375 - ------------------------------------------------------------------------------------------------------------------------- CONSUMER STAPLES--0.9% - ------------------------------------------------------------------------------------------------------------------------- BEVERAGES--0.1% Constellation Brands, Inc., 8.125% Sr. Sub. Nts., 1/15/12 300,000 322,500
14 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2005/Unaudited - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ------------------------------------------------------------------------------------------------------------------------- FOOD & STAPLES RETAILING--0.2% Great Atlantic & Pacific Tea Co., Inc. (The), 9.125% Sr. Nts., 12/15/11 $ 419,000 $ 413,763 - ------------------------------------------------------------------------------------------------------------------------- Jean Coutu Group (PJC), Inc. (The): 7.625% Sr. Unsec. Nts., 8/1/12 250,000 256,250 8.50% Sr. Sub. Nts., 8/1/14 600,000 585,750 - ------------------------------------------------------------------------------------------------------------------------- Real Time Data Co., 11% Disc. Nts., 5/31/09 1,3,4,12 142,981 -- - ------------------------------------------------------------------------------------------------------------------------- Rite Aid Corp.: 8.125% Sr. Sec. Nts., 5/1/10 450,000 459,000 9.50% Sr. Sec. Nts., 2/15/11 200,000 213,000 -------------- 1,927,763 - ------------------------------------------------------------------------------------------------------------------------- FOOD PRODUCTS--0.5% American Seafoods Group LLC, 10.125% Sr. Sub. Nts., 4/15/10 200,000 216,000 - ------------------------------------------------------------------------------------------------------------------------- Burns Philp Capital Property Ltd., 9.75% Sr. Unsec. Sub. Nts., 7/15/12 450,000 492,750 - ------------------------------------------------------------------------------------------------------------------------- Chiquita Brands International, Inc., 7.50% Sr. Unsec. Nts., 11/1/14 150,000 150,000 - ------------------------------------------------------------------------------------------------------------------------- Del Monte Corp.: 6.75% Sr. Sub. Nts., 2/15/15 7 180,000 176,400 8.625% Sr. Sub. Nts., 12/15/12 400,000 435,000 - ------------------------------------------------------------------------------------------------------------------------- Doane Pet Care Co.: 9.75% Sr. Unsec. Sub. Nts., 5/15/07 400,000 394,000 10.75% Sr. Nts., 3/1/10 460,000 489,900 - ------------------------------------------------------------------------------------------------------------------------- Dole Food Co., Inc.: 8.625% Sr. Nts., 5/1/09 400,000 422,000 8.875% Sr. Unsec. Nts., 3/15/11 200,000 216,000 - ------------------------------------------------------------------------------------------------------------------------- Hines Nurseries, Inc., 10.25% Sr. Unsec. Sub. Nts., 10/1/11 200,000 217,000 - ------------------------------------------------------------------------------------------------------------------------- Pinnacle Foods Holding Corp., 8.25% Sr. Sub. Nts., 12/1/13 440,000 378,400 - ------------------------------------------------------------------------------------------------------------------------- Smithfield Foods, Inc., 7.625% Sr. Unsec. Sub. Nts., 2/15/08 400,000 414,000 - ------------------------------------------------------------------------------------------------------------------------- United Biscuits Finance plc, 10.75% Sr. Sub. Nts., 4/15/11 1 [GBP] 400,000 764,405 -------------- 4,765,855 - ------------------------------------------------------------------------------------------------------------------------- HOUSEHOLD PRODUCTS--0.1% Church & Dwight Co., Inc., 6% Sr. Sub. Nts., 12/15/12 7 300,000 294,000 - ------------------------------------------------------------------------------------------------------------------------- Playtex Products, Inc.: 8% Sr. Sec. Nts., 3/1/11 500,000 541,250 9.375% Sr. Unsec. Sub. Nts., 6/1/11 200,000 209,000 -------------- 1,044,250 - ------------------------------------------------------------------------------------------------------------------------- PERSONAL PRODUCTS--0.0% Elizabeth Arden, Inc., 7.75% Sr. Unsec. Sub. Nts., 1/15/14 175,000 181,125 - ------------------------------------------------------------------------------------------------------------------------- ENERGY--3.0% - ------------------------------------------------------------------------------------------------------------------------- ENERGY EQUIPMENT & SERVICES--0.3% Dresser, Inc., 9.375% Sr. Sub. Nts., 4/15/11 300,000 319,500 - ------------------------------------------------------------------------------------------------------------------------- Hanover Compressor Co., 8.625% Sr. Nts., 12/15/10 300,000 315,000 - ------------------------------------------------------------------------------------------------------------------------- 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, 12/1/14 350,000 346,500 - ------------------------------------------------------------------------------------------------------------------------- Ocean Rig Norway AS, 10.25% Sr. Sec. Nts., 6/1/08 575,000 591,531 - ------------------------------------------------------------------------------------------------------------------------- Petroleum Helicopters, Inc., 9.375% Sr. Nts., 5/1/09 200,000 213,500 - ------------------------------------------------------------------------------------------------------------------------- Universal Compression, Inc., 7.25% Sr. Unsec. Sub. Nts., 5/15/10 400,000 411,000 -------------- 2,720,781 - ------------------------------------------------------------------------------------------------------------------------- OIL & GAS--2.7% Chesapeake Energy Corp.: 6.375% Sr. Nts., 6/15/15 7 250,000 248,125 6.875% Sr. Unsec. Nts., 1/15/16 672,000 682,080 - -------------------------------------------------------------------------------------------------------------------------
15 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2005/Unaudited - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ------------------------------------------------------------------------------------------------------------------------- OIL & GAS CONTINUED Delta Petroleum Corp., 7% Sr. Nts., 4/1/15 7 $ 185,000 $ 179,450 - ------------------------------------------------------------------------------------------------------------------------- El Paso Corp., 7.875% Sr. Unsec. Nts., 6/15/12 1,819,000 1,819,000 - ------------------------------------------------------------------------------------------------------------------------- El Paso Energy Corp., 7.625% Nts., 7/15/11 200,000 198,500 - ------------------------------------------------------------------------------------------------------------------------- El Paso Production Holding Co., 7.75% Sr. Unsec. Nts., 6/1/13 1,400,000 1,424,500 - ------------------------------------------------------------------------------------------------------------------------- EXCO Resources, Inc., 7.25% Sr. Nts., 1/15/11 400,000 408,000 - ------------------------------------------------------------------------------------------------------------------------- Forest Oil Corp., 7.75% Sr. Nts., 5/1/14 300,000 319,500 - ------------------------------------------------------------------------------------------------------------------------- Frontier Oil Corp., 6.625% Sr. Unsec. Nts., 10/1/11 200,000 200,000 - ------------------------------------------------------------------------------------------------------------------------- Gazprom International SA, 7.201% Sr. Unsec. Bonds, 2/1/20 4,110,000 4,229,272 - ------------------------------------------------------------------------------------------------------------------------- Newfield Exploration Co.: 6.625% Sr. Unsec. Sub. Nts., 9/1/14 600,000 610,500 8.375% Sr. Sub. Nts., 8/15/12 500,000 542,500 - ------------------------------------------------------------------------------------------------------------------------- Pemex Project Funding Master Trust: 7.375% Unsec. Unsub. Nts., 12/15/14 740,000 793,650 8.50% Unsub. Nts., 2/15/08 420,000 457,590 9.125% Unsec. Unsub. Nts., 10/13/10 610,000 706,075 - ------------------------------------------------------------------------------------------------------------------------- Plains Exploration & Production Co., 7.125% Sr. Nts., 6/15/14 300,000 315,000 - ------------------------------------------------------------------------------------------------------------------------- Premcor Refining Group, Inc.: 6.75% Sr. Nts., 5/1/14 350,000 351,750 9.50% Sr. Nts., 2/1/13 900,000 1,010,250 - ------------------------------------------------------------------------------------------------------------------------- Range Resources Corp.: 6.375% Sr. Sub. Nts., 3/15/15 7 230,000 221,950 7.375% Sr. Sub. Nts., 7/15/13 200,000 205,000 - ------------------------------------------------------------------------------------------------------------------------- Southern Natural Gas Co., 8% Sr. Unsub. Nts., 3/1/32 300,000 323,601 - ------------------------------------------------------------------------------------------------------------------------- Stone Energy Corp., 6.75% Sr. Unsec. Sub. Nts., 12/15/14 520,000 507,000 - ------------------------------------------------------------------------------------------------------------------------- Tengizchevroil LLP, 6.124% Nts., 11/15/14 7 1,520,000 1,512,400 - ------------------------------------------------------------------------------------------------------------------------- Tennessee Gas Pipeline Co., 7.50% Bonds, 4/1/17 1,800,000 1,942,362 - ------------------------------------------------------------------------------------------------------------------------- Tesoro Petroleum Corp.: 8% Sr. Sec. Nts., 4/15/08 1,000,000 1,050,000 9.625% Sr. Sub. Nts., 4/1/12 19,000 20,948 - ------------------------------------------------------------------------------------------------------------------------- Whiting Petroleum Corp., 7.25% Sr. Sub. Nts., 5/1/12 400,000 406,000 - ------------------------------------------------------------------------------------------------------------------------- Williams Cos., Inc. (The): 7.125% Nts., 9/1/11 500,000 524,375 7.625% Nts., 7/15/19 1,000,000 1,087,500 8.75% Unsec. Nts., 3/15/32 1,400,000 1,669,500 - ------------------------------------------------------------------------------------------------------------------------- XTO Energy, Inc., 7.50% Sr. Nts., 4/15/12 500,000 573,551 -------------- 24,539,929 - ------------------------------------------------------------------------------------------------------------------------- FINANCIALS--1.5% - ------------------------------------------------------------------------------------------------------------------------- CAPITAL MARKETS--0.2% American Color Graphics, Inc., 10% Sr. Sec. Nts., 6/15/10 200,000 131,000 - ------------------------------------------------------------------------------------------------------------------------- BCP Caylux Holdings Luxembourg SCA, 9.625% Sr. Sub. Nts., 6/15/14 7 813,000 930,885 - ------------------------------------------------------------------------------------------------------------------------- Berry Plastics Corp., 10.75% Sr. Sub. Nts., 7/15/12 750,000 849,375 -------------- 1,911,260 - ------------------------------------------------------------------------------------------------------------------------- COMMERCIAL BANKS--0.6% Bank Plus Corp., 12% Sr. Nts., 7/18/07 1 7,000 7,525 - ------------------------------------------------------------------------------------------------------------------------- BankUnited Capital Trust, 10.25% Capital Securities, 12/31/26 1 100,000 110,500 - ------------------------------------------------------------------------------------------------------------------------- HSBC Bank plc: 11.60% Sr. Unsec. Nts., 1/12/10 8 2,880,000 1,548,000 12.28% Sr. Unsec. Nts., 3/9/09 8 2,250,000 1,303,200 9.75% Sr. Unsec. Nts., 7/8/09 8 2,250,000 1,396,125 - -------------------------------------------------------------------------------------------------------------------------
16 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2005/Unaudited - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ------------------------------------------------------------------------------------------------------------------------- COMMERCIAL BANKS CONTINUED Inter-American Development Bank: 3.95% Nts., 1/25/12 1 [COP] 1,237,000,000 $ 519,938 6.26% Nts., 12/8/09 1,2 [BRR] 920,000 345,431 - ------------------------------------------------------------------------------------------------------------------------- Ongko International Finance Co. BV, 10.50% Sec. Nts., 3/29/10 1,3,4 90,000 -- - ------------------------------------------------------------------------------------------------------------------------- Western Financial Bank, 9.625% Unsec. Sub. Debs., 5/15/12 500,000 557,500 -------------- 5,788,219 - ------------------------------------------------------------------------------------------------------------------------- DIVERSIFIED FINANCIAL SERVICES--0.3% Affinia Group, Inc., 9% Sr. Sub. Nts., 11/30/14 7 200,000 186,000 - ------------------------------------------------------------------------------------------------------------------------- AIG SunAmerica Global Financing II, 7.60% Sr. Sec. Nts., 6/15/05 7 240,000 241,978 - ------------------------------------------------------------------------------------------------------------------------- American Commercial Lines LLC/American Commercial Lines Finance Corp., 9.50% Sr. Nts., 2/15/15 7 135,000 140,063 - ------------------------------------------------------------------------------------------------------------------------- Argentine Beverages Financial Trust, 7.375% Bonds, 3/22/12 1 490,000 490,000 - ------------------------------------------------------------------------------------------------------------------------- Crystal US Holdings, Inc., 0%/10.50% Sr. Disc. Nts., Series B, 10/1/14 11,7 570,000 401,850 - ------------------------------------------------------------------------------------------------------------------------- Global Cash Access LLC/Global Cash Finance Corp., 8.75% Sr. Sub. Nts., 3/15/12 275,000 292,875 - ------------------------------------------------------------------------------------------------------------------------- JSG Funding plc, 7.75% Sr. Sub. Nts., 4/1/15 7 330,000 308,550 - ------------------------------------------------------------------------------------------------------------------------- SBS Agro Finance BV, 10.25% Bonds, 7/21/00 1,3,4 339,000 -- - ------------------------------------------------------------------------------------------------------------------------- Universal City Florida: 7.493% Sr. Nts., 5/1/10 2,7 130,000 135,200 8.375% Sr. Nts., 5/1/10 7 130,000 133,250 -------------- 2,329,766 - ------------------------------------------------------------------------------------------------------------------------- REAL ESTATE--0.4% American Casino & Entertainment Properties LLC, 7.85% Sr. Sec. Nts., 2/1/12 500,000 521,250 - ------------------------------------------------------------------------------------------------------------------------- Felcor Lodging LP, 9% Sr. Nts., 6/1/11 425,000 459,000 - ------------------------------------------------------------------------------------------------------------------------- HMH Properties, Inc., 7.875% Sr. Nts., Series B, 8/1/08 202,000 207,050 - ------------------------------------------------------------------------------------------------------------------------- Host Marriott LP: 6.375% Sr. Nts., 3/15/15 7 530,000 508,800 9.50% Sr. Nts., 1/15/07 400,000 424,000 - ------------------------------------------------------------------------------------------------------------------------- MeriStar Hospitality Corp., 9.125% Sr. Unsec. Nts., 1/15/11 1,019,000 1,069,950 - ------------------------------------------------------------------------------------------------------------------------- Trustreet Properties, Inc., 7.50% Sr. Nts., 4/1/15 7 400,000 400,000 -------------- 3,590,050 - ------------------------------------------------------------------------------------------------------------------------- HEALTH CARE--2.1% - ------------------------------------------------------------------------------------------------------------------------- BIOTECHNOLOGY--0.1% Titan Petrochemicals Group Ltd., 8.50% Sr. Unsec. Nts., 3/18/12 7 846,000 795,240 - ------------------------------------------------------------------------------------------------------------------------- HEALTH CARE EQUIPMENT & SUPPLIES--0.1% Fisher Scientific International, Inc., 8.125% Sr. Sub. Nts., 5/1/12 261,000 284,490 - ------------------------------------------------------------------------------------------------------------------------- Inverness Medical Innovations, Inc., 8.75% Sr. Sub. Nts., 2/15/12 350,000 357,000 - ------------------------------------------------------------------------------------------------------------------------- Sybron Dental Specialties, Inc., 8.125% Sr. Sub. Nts., 6/15/12 300,000 323,250 - ------------------------------------------------------------------------------------------------------------------------- Universal Hospital Services, Inc., 10.125% Sr. Unsec. Nts., 11/1/11 300,000 309,000 -------------- 1,273,740 - ------------------------------------------------------------------------------------------------------------------------- HEALTH CARE PROVIDERS & SERVICES--1.8% Alderwoods Group, Inc., 7.75% Sr. Nts., 9/15/12 7 450,000 462,375 - ------------------------------------------------------------------------------------------------------------------------- AmeriPath, Inc., 10.50% Sr. Unsec. Sub. Nts., 4/1/13 300,000 300,000 - ------------------------------------------------------------------------------------------------------------------------- Beverly Enterprises, Inc., 7.875% Sr. Sub. Nts., 6/15/14 300,000 333,000 - ------------------------------------------------------------------------------------------------------------------------- Community Health Systems, Inc., 6.50% Sr. Sub. Nts., 12/15/12 7 400,000 392,000 - -------------------------------------------------------------------------------------------------------------------------
17 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2005/Unaudited - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ------------------------------------------------------------------------------------------------------------------------- HEALTH CARE PROVIDERS & SERVICES CONTINUED Coventry Health Care, Inc., 6.125% Sr. Nts., 1/15/15 1 $ 225,000 $ 225,844 - ------------------------------------------------------------------------------------------------------------------------- DaVita, Inc.: 6.625% Sr. Nts., 3/15/13 7 465,000 462,675 7.25% Sr. Sub. Nts., 3/15/15 7 375,000 369,375 - ------------------------------------------------------------------------------------------------------------------------- Extendicare Health Services, Inc.: 6.875% Sr. Sub. Nts., 5/1/14 300,000 297,750 9.50% Sr. Unsec. Sub. Nts., 7/1/10 300,000 329,625 - ------------------------------------------------------------------------------------------------------------------------- Fresenius Medical Care Capital Trust II, 7.875% Nts., 2/1/08 900,000 946,125 - ------------------------------------------------------------------------------------------------------------------------- Fresenius Medical Care Capital Trust III, 7.375% Nts., 2/1/08 [DEM] 25,000 17,895 - ------------------------------------------------------------------------------------------------------------------------- Fresenius Medical Care Capital Trust IV, 7.875% Trust Preferred Nts., 6/15/11 600,000 652,500 - ------------------------------------------------------------------------------------------------------------------------- Genesis HealthCare Corp., 8% Sr. Sub. Nts., 10/15/13 200,000 219,000 - ------------------------------------------------------------------------------------------------------------------------- HCA, Inc.: 6.30% Sr. Unsec. Nts., 10/1/12 1,400,000 1,405,664 6.375% Nts., 1/15/15 2,150,000 2,144,930 - ------------------------------------------------------------------------------------------------------------------------- HealthSouth Corp.: 7.625% Nts., 6/1/12 1,000,000 965,000 10.75% Sr. Unsec. Sub. Nts., 10/1/08 19,000 19,570 - ------------------------------------------------------------------------------------------------------------------------- Magellan Health Services, Inc., 9.375% Sr. Unsec. Nts., Series A, 11/15/08 653,675 706,786 - ------------------------------------------------------------------------------------------------------------------------- Medquest, Inc., 11.875% Sr. Unsec. Sub. Nts., Series B, 8/15/12 600,000 591,000 - ------------------------------------------------------------------------------------------------------------------------- NDCHealth Corp., 10.50% Sr. Unsec. Sub. Nts., 12/1/12 250,000 258,125 - ------------------------------------------------------------------------------------------------------------------------- PacifiCare Health Systems, Inc., 10.75% Sr. Unsec. Unsub. Nts., 6/1/09 585,000 649,350 - ------------------------------------------------------------------------------------------------------------------------- Quintiles Transnational Corp., 10% Sr. Sub. Nts., 10/1/13 300,000 339,000 - ------------------------------------------------------------------------------------------------------------------------- Select Medical Corp., 7.625% Sr. Sub. Nts., 2/1/15 7 450,000 452,250 - ------------------------------------------------------------------------------------------------------------------------- Tenet Healthcare Corp.: 6.375% Sr. Nts., 12/1/11 744,000 690,060 7.375% Nts., 2/1/13 19,000 18,003 9.875% Sr. Nts., 7/1/14 950,000 992,750 - ------------------------------------------------------------------------------------------------------------------------- Triad Hospitals, Inc.: 7% Sr. Nts., 5/15/12 200,000 203,000 7% Sr. Sub. Nts., 11/15/13 925,000 913,438 - ------------------------------------------------------------------------------------------------------------------------- US Oncology, Inc.: 9% Sr. Nts., 8/15/12 7 300,000 318,000 10.75% Sr. Sub. Nts., 8/15/14 7 300,000 331,500 - ------------------------------------------------------------------------------------------------------------------------- Vicar Operating, Inc., 9.875% Sr. Sub. Nts., 12/1/09 400,000 435,000 -------------- 16,441,590 - ------------------------------------------------------------------------------------------------------------------------- PHARMACEUTICALS--0.1% Valeant Pharmaceuticals International, Inc., 7% Sr. Nts., 12/15/11 350,000 355,250 - ------------------------------------------------------------------------------------------------------------------------- Warner Chilcott Corp., 8.75% Sr. Sub. Nts., 2/1/15 7 220,000 222,200 -------------- 577,450 - ------------------------------------------------------------------------------------------------------------------------- INDUSTRIALS--2.2% - ------------------------------------------------------------------------------------------------------------------------- AEROSPACE & DEFENSE--0.4% Alliant Techsystems, Inc., 8.50% Sr. Unsec. Sub. Nts., 5/15/11 300,000 319,500 - ------------------------------------------------------------------------------------------------------------------------- BE Aerospace, Inc.: 8.50% Sr. Unsec. Nts., 10/1/10 200,000 219,000 8.875% Sr. Unsec. Sub. Nts., 5/1/11 219,000 222,833 - ------------------------------------------------------------------------------------------------------------------------- L-3 Communications Corp.: 5.875% Sr. Sub. Nts., 1/15/15 583,000 562,595 7.625% Sr. Sub. Nts., 6/15/12 300,000 320,250 - -------------------------------------------------------------------------------------------------------------------------
18 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2005/Unaudited - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ------------------------------------------------------------------------------------------------------------------------- AEROSPACE & DEFENSE CONTINUED Rexnord Corp., 10.125% Sr. Unsec. Sub. Nts., 12/15/12 $ 350,000 $ 386,750 - ------------------------------------------------------------------------------------------------------------------------- TD Funding Corp., 8.375% Sr. Sub. Nts., 7/15/11 400,000 412,500 - ------------------------------------------------------------------------------------------------------------------------- TRW Automotive, Inc.: 9.375% Sr. Nts., 2/15/13 223,000 240,840 11% Sr. Sub. Nts., 2/15/13 194,000 218,250 - ------------------------------------------------------------------------------------------------------------------------- Vought Aircraft Industries, Inc., 8% Sr. Nts., 7/15/11 200,000 198,000 -------------- 3,100,518 - ------------------------------------------------------------------------------------------------------------------------- AIRLINES--0.0% ATA Holdings Corp., 13% Sr. Unsec. Nts., 2/1/09 3,4 735,000 327,075 - ------------------------------------------------------------------------------------------------------------------------- BUILDING PRODUCTS--0.1% Associated Materials, Inc., 9.75% Sr. Sub. Nts., 4/15/12 200,000 216,000 - ------------------------------------------------------------------------------------------------------------------------- Goodman Global Holding Co., Inc., 7.875% Sr. Sub. Nts., 12/15/12 7 170,000 156,400 - ------------------------------------------------------------------------------------------------------------------------- Jacuzzi Brands, Inc., 9.625% Sr. Sec. Nts., 7/1/10 311,000 343,655 - ------------------------------------------------------------------------------------------------------------------------- Nortek, Inc., 8.50% Sr. Unsec. Unsub. Nts., 9/1/14 250,000 242,500 - ------------------------------------------------------------------------------------------------------------------------- North America Energy Partners, Inc., 8.75% Sr. Unsec. Nts., 12/1/11 150,000 135,750 -------------- 1,094,305 - ------------------------------------------------------------------------------------------------------------------------- COMMERCIAL SERVICES & SUPPLIES--0.6% Allied Waste North America, Inc.: 7.25% Sr. Nts., 3/15/15 7 370,000 353,350 7.375% Sr. Sec. Nts., Series B, 4/15/14 250,000 227,500 7.875% Sr. Nts., 4/15/13 400,000 401,000 8.875% Sr. Nts., Series B, 4/1/08 800,000 831,000 9.25% Sr. Sec. Debs., Series B, 9/1/12 950,000 1,021,250 - ------------------------------------------------------------------------------------------------------------------------- Cenveo Corp., 7.875% Sr. Sub. Nts., 12/1/13 1,000,000 897,500 - ------------------------------------------------------------------------------------------------------------------------- Corrections Corp. of America: 6.25% Sr. Nts., 3/15/13 7 460,000 443,900 7.50% Sr. Nts., 5/1/11 200,000 203,500 - ------------------------------------------------------------------------------------------------------------------------- Mail-Well I Corp., 9.625% Sr. Nts., 3/15/12 400,000 428,000 - ------------------------------------------------------------------------------------------------------------------------- Protection One, Inc./Protection One Alarm Monitoring, Inc., 7.375% Sr. Unsec. Nts., 8/15/05 1 400,000 403,500 - ------------------------------------------------------------------------------------------------------------------------- Synagro Technologies, Inc., 9.50% Sr. Sub. Nts., 4/1/09 200,000 218,500 -------------- 5,429,000 - ------------------------------------------------------------------------------------------------------------------------- CONSTRUCTION & ENGINEERING--0.1% Integrated Electrical Services, Inc., 9.375% Sr. Sub. Nts., Series C, 2/1/09 405,000 390,825 - ------------------------------------------------------------------------------------------------------------------------- URS Corp., 11.50% Sr. Unsec. Nts., 9/15/09 97,000 111,065 -------------- 501,890 - ------------------------------------------------------------------------------------------------------------------------- ELECTRICAL EQUIPMENT--0.1% Belden & Blake Corp., 8.75% Sec. Nts., 7/15/12 325,000 324,188 - ------------------------------------------------------------------------------------------------------------------------- Dayton Superior Corp., 13% Sr. Unsec. Sub. Nts., 6/15/09 200,000 181,000 - ------------------------------------------------------------------------------------------------------------------------- General Cable Corp., 9.50% Sr. Nts., 11/15/10 200,000 221,000 - ------------------------------------------------------------------------------------------------------------------------- Tennessee Gas Pipeline Co., 7% Sr. Unsec. Debs., 10/15/28 500,000 493,112 -------------- 1,219,300 - ------------------------------------------------------------------------------------------------------------------------- INDUSTRIAL CONGLOMERATES--0.0% Great Lakes Dredge & Dock Co., 7.75% Sr. Unsec. Sub. Nts., 12/15/13 120,000 100,200 - ------------------------------------------------------------------------------------------------------------------------- MACHINERY--0.5% AGCO Corp., 9.50% Sr. Unsec. Nts., 5/1/08 800,000 842,000 - ------------------------------------------------------------------------------------------------------------------------- Case New Holland, Inc., 9.25% Sr. Nts., 8/1/11 7 225,000 240,750 - ------------------------------------------------------------------------------------------------------------------------- Douglas Dynamics LLC, 7.75% Sr. Nts., 1/15/12 7 300,000 295,500 - -------------------------------------------------------------------------------------------------------------------------
19 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2005/Unaudited - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ------------------------------------------------------------------------------------------------------------------------- MACHINERY CONTINUED Dresser-Rand Group, Inc., 7.375% Sr. Sub. Nts., 11/1/14 7 $ 100,000 $ 100,500 - ------------------------------------------------------------------------------------------------------------------------- Manitowoc Co., Inc. (The), 10.50% Sr. Sub. Nts., 8/1/12 325,000 370,500 - ------------------------------------------------------------------------------------------------------------------------- Milacron Escrow Corp., 11.50% Sr. Sec. Nts., 5/15/11 700,000 766,500 - ------------------------------------------------------------------------------------------------------------------------- Navistar International Corp., 7.50% Sr. Nts., 6/15/11 400,000 405,000 - ------------------------------------------------------------------------------------------------------------------------- NMHG Holding Co., 10% Sr. Nts., 5/15/09 300,000 324,750 - ------------------------------------------------------------------------------------------------------------------------- Terex Corp., 9.25% Sr. Unsec. Sub. Nts., 7/15/11 400,000 438,000 - ------------------------------------------------------------------------------------------------------------------------- Trinity Industries, Inc., 6.50% Sr. Nts., 3/15/14 300,000 291,000 -------------- 4,074,500 - ------------------------------------------------------------------------------------------------------------------------- MARINE--0.1% CP Ships Ltd., 10.375% Sr. Nts., 7/15/12 600,000 688,500 - ------------------------------------------------------------------------------------------------------------------------- Millenium Seacarriers, Inc., 12% Sr. Sec. Nts., 7/15/05 1,3,4 250,000 1,400 - ------------------------------------------------------------------------------------------------------------------------- Navigator Gas Transport plc, 10.50% First Priority Ship Mtg. Nts., 6/30/07 1,3,4 175,000 146,125 -------------- 836,025 - ------------------------------------------------------------------------------------------------------------------------- ROAD & RAIL--0.2% Kansas City Southern Railway Co. (The), 7.50% Sr. Nts., 6/15/09 400,000 410,000 - ------------------------------------------------------------------------------------------------------------------------- Stena AB: 7% Sr. Unsec. Nts., 12/1/16 600,000 558,000 7.50% Sr. Unsec. Nts., 11/1/13 387,000 385,065 9.625% Sr. Nts., 12/1/12 250,000 278,125 -------------- 1,631,190 - ------------------------------------------------------------------------------------------------------------------------- TRADING COMPANIES & DISTRIBUTORS--0.1% United Rentals, Inc., 7% Sr. Sub. Nts., 2/15/14 900,000 828,000 - ------------------------------------------------------------------------------------------------------------------------- TRANSPORTATION INFRASTRUCTURE--0.0% Horizon Lines LLC, 9% Nts., 11/1/12 7 300,000 321,000 - ------------------------------------------------------------------------------------------------------------------------- INFORMATION TECHNOLOGY--1.2% - ------------------------------------------------------------------------------------------------------------------------- COMMUNICATIONS EQUIPMENT--0.2% Lucent Technologies, Inc., 6.45% Unsec. Debs., 3/15/29 1,150,000 997,625 - ------------------------------------------------------------------------------------------------------------------------- Orion Network Systems, Inc., 12.50% Sr. Unsub. Disc. Nts., 1/15/07 1,3,4 675,000 354,375 -------------- 1,352,000 - ------------------------------------------------------------------------------------------------------------------------- COMPUTERS & PERIPHERALS--0.0% Seagate Technology Hdd Holdings, 8% Sr. Nts., 5/15/09 200,000 213,500 - ------------------------------------------------------------------------------------------------------------------------- ELECTRONIC EQUIPMENT & INSTRUMENTS--0.4% Flextronics International Ltd., 6.25% Sr. Sub. Nts., 11/15/14 1,100,000 1,050,500 - ------------------------------------------------------------------------------------------------------------------------- Ingram Micro, Inc., 9.875% Sr. Unsec. Sub. Nts., 8/15/08 700,000 745,500 - ------------------------------------------------------------------------------------------------------------------------- LCE Acquisition Corp., 9% Sr. Sub. Nts., 8/1/14 7 425,000 425,000 - ------------------------------------------------------------------------------------------------------------------------- Sanmina-SCI Corp., 6.75% Sub. Nts., 3/1/13 7 520,000 490,100 - ------------------------------------------------------------------------------------------------------------------------- Sensus Metering System, Inc., 8.625% Sr. Unsec. Sub. Nts., 12/15/13 450,000 462,375 -------------- 3,173,475 - ------------------------------------------------------------------------------------------------------------------------- INTERNET SOFTWARE & SERVICES--0.0% Exodus Communications, Inc., 10.75% Sr. Nts., 12/15/09 1,3,4 [EUR] 338,620 4,390 - ------------------------------------------------------------------------------------------------------------------------- NorthPoint Communications Group, Inc., 12.875% Nts., 2/15/10 1,3,4 200,173 -- - ------------------------------------------------------------------------------------------------------------------------- PSINet, Inc., 10.50% Sr. Unsec. Nts., 12/1/06 1,3,4 [EUR] 100,000 5,509 -------------- 9,899 - ------------------------------------------------------------------------------------------------------------------------- IT SERVICES--0.1% DynCorp International LLC, 9.50% Sr. Sub. Nts., 2/15/13 7 665,000 649,206 - ------------------------------------------------------------------------------------------------------------------------- Iron Mountain, Inc., 7.75% Sr. Sub. Nts., 1/15/15 400,000 397,000 - -------------------------------------------------------------------------------------------------------------------------
20 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2005/Unaudited - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ------------------------------------------------------------------------------------------------------------------------- IT SERVICES CONTINUED Titan Corp. (The), 8% Sr. Sub. Nts., 5/15/11 $ 100,000 $ 104,500 -------------- 1,150,706 - ------------------------------------------------------------------------------------------------------------------------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT--0.5% Advanced Micro Devices, Inc., 7.75% Sr. Unsec. Nts., 11/1/12 7 975,000 962,813 - ------------------------------------------------------------------------------------------------------------------------- AMI Semiconductor, Inc., 10.75% Sr. Unsec. Sub. Nts., 2/1/13 389,000 467,773 - ------------------------------------------------------------------------------------------------------------------------- Amkor Technology, Inc., 9.25% Sr. Unsec. Sub. Nts., 2/15/08 250,000 240,000 - ------------------------------------------------------------------------------------------------------------------------- Freescale Semiconductor, Inc., 7.125% Sr. Unsec. Nts., 7/15/14 450,000 472,500 - ------------------------------------------------------------------------------------------------------------------------- Huntsman International LLC, 7.375% Sr. Sub. Nts., 1/1/15 7 1,700,000 1,700,000 - ------------------------------------------------------------------------------------------------------------------------- MagnaChip Semiconductor Ltd., 8% Sr. Sub. Nts., 12/15/14 7 87,000 89,393 - ------------------------------------------------------------------------------------------------------------------------- Micron Technology, Inc., 6.50% Sub. Nts., 9/30/05 904,762 900,238 -------------- 4,832,717 - ------------------------------------------------------------------------------------------------------------------------- MATERIALS--4.0% - ------------------------------------------------------------------------------------------------------------------------- CHEMICALS--1.3% AEP Industries, Inc., 7.875% Sr. Nts., 3/15/13 7 140,000 141,295 - ------------------------------------------------------------------------------------------------------------------------- Compass Minerals Group, Inc., 10% Sr. Sub. Nts., 8/15/11 450,000 491,625 - ------------------------------------------------------------------------------------------------------------------------- Crompton Corp., 9.875% Sr. Nts., 8/1/12 350,000 402,500 - ------------------------------------------------------------------------------------------------------------------------- Equistar Chemicals LP/Equistar Funding Corp.: 8.75% Sr. Unsec. Nts., 2/15/09 550,000 592,625 10.125% Sr. Unsec. Nts., 9/1/08 19,000 21,090 10.625% Sr. Unsec. Nts., 5/1/11 900,000 1,014,750 - ------------------------------------------------------------------------------------------------------------------------- Huntsman Co. LLC: 11.625% Sr. Unsec. Nts., 10/15/10 13,000 15,275 12% Sr. Nts., 7/15/12 7 198,000 232,650 - ------------------------------------------------------------------------------------------------------------------------- Huntsman Corp./ICI Chemical Co. plc: 10.125% Sr. Unsec. Sub. Nts., 7/1/09 1 [EUR] 123,000 167,018 10.125% Sr. Unsec. Sub. Nts., 7/1/09 853,000 891,385 - ------------------------------------------------------------------------------------------------------------------------- Huntsman International LLC, 9.875% Sr. Nts., 3/1/09 850,000 922,250 - ------------------------------------------------------------------------------------------------------------------------- IMC Global, Inc., 10.875% Sr. Unsec. Nts., 8/1/13 19,000 22,800 - ------------------------------------------------------------------------------------------------------------------------- Innophos, Inc., 8.875% Sr. Sub. Nts., 8/15/14 7 550,000 580,250 - ------------------------------------------------------------------------------------------------------------------------- ISP Holdings, Inc., 10.625% Sr. Sec. Nts., 12/15/09 200,000 215,000 - ------------------------------------------------------------------------------------------------------------------------- KI Holdings, Inc., 0%/9.875% Sr. Disc. Nts., 11/15/14 7,11 350,000 217,000 - ------------------------------------------------------------------------------------------------------------------------- Lyondell Chemical Co.: 9.50% Sec. Nts., 12/15/08 19,000 20,425 9.625% Sr. Sec. Nts., Series A, 5/1/07 200,000 215,500 9.875% Sec. Nts., Series B, 5/1/07 700,000 721,000 10.50% Sr. Sec. Nts., 6/1/13 800,000 924,000 - ------------------------------------------------------------------------------------------------------------------------- Millennium America, Inc., 9.25% Sr. Unsec. Sub. Nts., 6/15/08 100,000 107,750 - ------------------------------------------------------------------------------------------------------------------------- PCI Chemicals Canada, 10% Sr. Sec. Nts., 12/31/08 113,061 121,541 - ------------------------------------------------------------------------------------------------------------------------- Pioneer Cos., Inc., 6.59% Sr. Sec. Nts., 12/31/06 2 18,293 19,391 - ------------------------------------------------------------------------------------------------------------------------- PolyOne Corp.: 8.875% Sr. Unsec. Nts., 5/1/12 1,200,000 1,290,000 10.625% Sr. Unsec. Nts., 5/15/10 19,000 21,185 - ------------------------------------------------------------------------------------------------------------------------- Resolution Performance Products LLC: 8% Sr. Sec. Nts., 12/15/09 250,000 263,750 13.50% Sr. Unsec. Sub. Nts., 11/15/10 100,000 108,500 - ------------------------------------------------------------------------------------------------------------------------- Rhodia SA: 8% Sr. Nts., 6/1/10 [EUR] 380,000 490,129 10.25% Sr. Unsec. Nts., 6/1/10 550,000 602,250 - ------------------------------------------------------------------------------------------------------------------------- Rockwood Specialties Group, Inc., 7.50% Sr. Sub. Nts., 11/15/14 7 200,000 201,000 - -------------------------------------------------------------------------------------------------------------------------
21 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2005/Unaudited - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ------------------------------------------------------------------------------------------------------------------------- CHEMICALS CONTINUED Sterling Chemicals, Inc., 10% Sr. Sec. Nts., 12/19/07 1,12 $ 170,473 $ 171,325 - ------------------------------------------------------------------------------------------------------------------------- Westlake Chemical Corp., 8.75% Sr. Nts., 7/15/11 260,000 285,675 -------------- 11,490,934 - ------------------------------------------------------------------------------------------------------------------------- CONSTRUCTION MATERIALS--0.1% NTK Holdings, Inc., 0%/10.75% Sr. Disc. Nts., 3/1/14 7,11 725,000 389,688 - ------------------------------------------------------------------------------------------------------------------------- Texas Industries, Inc., 10.25% Sr. Unsec. Nts., 6/15/11 400,000 455,000 -------------- 844,688 - ------------------------------------------------------------------------------------------------------------------------- CONTAINERS & PACKAGING--1.0% Crown Euro Holdings SA: 9.50% Sr. Sec. Nts., 3/1/11 500,000 551,250 10.875% Sr. Sec. Nts., 3/1/13 200,000 233,000 - ------------------------------------------------------------------------------------------------------------------------- Graham Packaging Co., Inc.: 8.50% Sr. Nts., 10/15/12 7 200,000 201,000 9.875% Sub. Nts., 10/15/14 7 300,000 301,500 - ------------------------------------------------------------------------------------------------------------------------- Graphic Packaging International Corp.: 8.50% Sr. Nts., 8/15/11 500,000 527,500 9.50% Sr. Sub. Nts., 8/15/13 350,000 372,750 - ------------------------------------------------------------------------------------------------------------------------- Jefferson Smurfit Corp.: 7.50% Sr. Unsec. Unsub. Nts., 6/1/13 300,000 300,000 8.25% Sr. Unsec. Nts., 10/1/12 250,000 258,125 - ------------------------------------------------------------------------------------------------------------------------- MDP Acquisitions plc, 9.625% Sr. Nts., 10/1/12 400,000 432,000 - ------------------------------------------------------------------------------------------------------------------------- Owens-Brockway Glass Container, Inc.: 7.75% Sr. Sec. Nts., 5/15/11 450,000 473,625 8.25% Sr. Unsec. Nts., 5/15/13 419,000 445,188 8.75% Sr. Sec. Nts., 11/15/12 1,000,000 1,097,500 8.875% Sr. Sec. Nts., 2/15/09 200,000 214,500 - ------------------------------------------------------------------------------------------------------------------------- Pliant Corp., 0%/11.125% Sr. Sec. Disc. Nts., 6/15/09 11 400,000 362,000 - ------------------------------------------------------------------------------------------------------------------------- Solo Cup Co., 8.50% Sr. Sub. Nts., 2/15/14 500,000 502,500 - ------------------------------------------------------------------------------------------------------------------------- Stone Container Corp.: 8.375% Sr. Nts., 7/1/12 850,000 881,875 9.25% Sr. Unsec. Nts., 2/1/08 200,000 214,000 9.75% Sr. Unsec. Nts., 2/1/11 600,000 645,000 - ------------------------------------------------------------------------------------------------------------------------- Stone Container Finance Co. of Canada II, 7.375% Sr. Unsec. Nts., 7/15/14 300,000 298,500 - ------------------------------------------------------------------------------------------------------------------------- TriMas Corp., 9.875% Sr. Unsec. Sub. Nts., 6/15/12 500,000 512,500 -------------- 8,824,313 - ------------------------------------------------------------------------------------------------------------------------- METALS & MINING--1.0% AK Steel Corp.: 7.75% Sr. Unsec. Nts., 6/15/12 519,000 502,133 7.875% Sr. Unsec. Nts., 2/15/09 500,000 492,500 - ------------------------------------------------------------------------------------------------------------------------- Alrosa Finance SA, 8.875% Nts., 11/17/14 7 1,270,000 1,319,213 - ------------------------------------------------------------------------------------------------------------------------- Arch Western Finance LLC, 6.75% Sr. Nts., 7/1/13 400,000 404,000 - ------------------------------------------------------------------------------------------------------------------------- California Steel Industries, Inc., 6.125% Sr. Nts., 3/15/14 400,000 382,000 - ------------------------------------------------------------------------------------------------------------------------- Century Aluminum Co., 7.50% Sr. Unsec. Nts., 8/15/14 600,000 609,000 - ------------------------------------------------------------------------------------------------------------------------- Foundation PA Coal Co., 7.25% Sr. Unsec. Nts., 8/1/14 250,000 255,000 - ------------------------------------------------------------------------------------------------------------------------- IMCO Recycling, Inc., 10.375% Sr. Sec. Nts., 10/15/10 300,000 334,500 - ------------------------------------------------------------------------------------------------------------------------- International Utility Structures, Inc., 13% Unsec. Sub. Nts., 2/1/08 1,3,4 71,000 -- - ------------------------------------------------------------------------------------------------------------------------- Ispat Inland ULC, 9.75% Sr. Sec. Nts., 4/1/14 585,000 687,375 - ------------------------------------------------------------------------------------------------------------------------- Jorgensen (Earle M.) Co., 9.75% Sr. Sec. Nts., 6/1/12 500,000 542,500 - ------------------------------------------------------------------------------------------------------------------------- Kaiser Aluminum & Chemical Corp., 10.875% Sr. Nts., Series B, 10/15/06 3,4 500,000 430,000 - -------------------------------------------------------------------------------------------------------------------------
22 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2005/Unaudited - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ------------------------------------------------------------------------------------------------------------------------- METALS & MINING CONTINUED Koppers Industry, Inc., 9.875% Sr. Sec. Nts., 10/15/13 $ 300,000 $ 336,000 - ------------------------------------------------------------------------------------------------------------------------- Massey Energy Co., 6.625% Sr. Nts., 11/15/10 200,000 202,000 - ------------------------------------------------------------------------------------------------------------------------- Novelis, Inc., 7.25% Sr. Nts., 2/15/15 7 675,000 664,875 - ------------------------------------------------------------------------------------------------------------------------- Oregon Steel Mills, Inc., 10% Sr. Nts., 7/15/09 400,000 435,000 - ------------------------------------------------------------------------------------------------------------------------- Peabody Energy Corp., 6.875% Sr. Unsec. Nts., Series B, 3/15/13 400,000 414,000 - ------------------------------------------------------------------------------------------------------------------------- Steel Dynamics, Inc., 9.50% Sr. Nts., 3/15/09 200,000 216,500 - ------------------------------------------------------------------------------------------------------------------------- UCAR Finance, Inc., 10.25% Sr. Nts., 2/15/12 1 300,000 322,500 - ------------------------------------------------------------------------------------------------------------------------- United States Steel Corp.: 9.75% Sr. Nts., 5/15/10 336,000 373,800 10.75% Sr. Nts., 8/1/08 519,000 599,445 -------------- 9,522,341 - ------------------------------------------------------------------------------------------------------------------------- PAPER & FOREST PRODUCTS--0.6% Abitibi-Consolidated, Inc., 8.55% Nts., 8/1/10 200,000 204,000 - ------------------------------------------------------------------------------------------------------------------------- Appleton Papers, Inc., 8.125% Sr. Nts., 6/15/11 300,000 311,250 - ------------------------------------------------------------------------------------------------------------------------- Buckeye Technologies, Inc., 8.50% Sr. Nts., 10/1/13 100,000 105,500 - ------------------------------------------------------------------------------------------------------------------------- Fort James Corp., 6.875% Sr. Nts., 9/15/07 500,000 521,875 - ------------------------------------------------------------------------------------------------------------------------- Georgia-Pacific Corp.: 8.125% Sr. Unsec. Nts., 5/15/11 1,050,000 1,162,875 9.375% Sr. Unsec. Nts., 2/1/13 1,250,000 1,403,125 - ------------------------------------------------------------------------------------------------------------------------- Inland Fiber Group LLC, 9.625% Sr. Unsec. Nts., 11/15/07 1,3,4 300,000 145,500 - ------------------------------------------------------------------------------------------------------------------------- JSG Holding plc, 11.50% Sr. Nts., 10/1/15 7,12 [EUR] 140,000 180,574 - ------------------------------------------------------------------------------------------------------------------------- Mercer International, Inc., 9.25% Sr. Nts., 2/15/13 315,000 299,250 - ------------------------------------------------------------------------------------------------------------------------- Norske Skog Canada Ltd., 7.375% Sr. Unsec. Nts., 3/1/14 300,000 292,500 - ------------------------------------------------------------------------------------------------------------------------- Tekni-Plex, Inc.: 8.75% Sr. Sec. Nts., 11/15/13 7 669,000 637,223 12.75% Sr. Unsec. Sub. Nts., Series B, 6/15/10 200,000 168,000 - ------------------------------------------------------------------------------------------------------------------------- Tembec Industries, Inc., 8.50% Sr. Unsec. Nts., 2/1/11 19,000 18,098 - ------------------------------------------------------------------------------------------------------------------------- Western Forest Products, Inc., 15% Sec. Nts., 7/28/09 1,12 187,000 205,700 -------------- 5,655,470 - ------------------------------------------------------------------------------------------------------------------------- TELECOMMUNICATION SERVICES--3.6% - ------------------------------------------------------------------------------------------------------------------------- DIVERSIFIED TELECOMMUNICATION SERVICES--1.6% American Tower Corp.: 7.125% Sr. Unsec. Nts., 10/15/12 250,000 250,000 9.375% Sr. Nts., 2/1/09 133,000 140,315 - ------------------------------------------------------------------------------------------------------------------------- Cincinnati Bell, Inc.: 7% Sr. Nts., 2/15/15 7 450,000 429,750 8.375% Sr. Sub. Nts., 1/15/14 7 160,000 158,400 - ------------------------------------------------------------------------------------------------------------------------- Citizens Communications Co., 6.25% Sr. Nts., 1/15/13 800,000 756,000 - ------------------------------------------------------------------------------------------------------------------------- Crown Castle International Corp., 7.50% Sr. Nts., 12/1/13 400,000 441,000 - ------------------------------------------------------------------------------------------------------------------------- Intelsat Bermuda Ltd., 8.625% Sr. Nts., 1/15/15 7 450,000 461,250 - ------------------------------------------------------------------------------------------------------------------------- Level 3 Communications, Inc., 9.125% Sr. Unsec. Nts., 5/1/08 600,000 502,500 - ------------------------------------------------------------------------------------------------------------------------- MCI, Inc.: 6.908% Sr. Unsec. Nts., 5/1/07 2 468,000 477,360 7.688% Sr. Unsec. Nts., 5/1/09 2 1,550,000 1,615,875 - ------------------------------------------------------------------------------------------------------------------------- PanAmSat Holding Corp., 0%/10.375% Sr. Disc. Nts., 11/1/14 7,11 225,000 147,375 - ------------------------------------------------------------------------------------------------------------------------- PSINet, Inc., 11% Sr. Nts., 8/1/09 1,3,4 261,926 164 - ------------------------------------------------------------------------------------------------------------------------- Qwest Capital Funding, Inc., 7.90% Unsec. Nts., 8/15/10 819,000 788,288 - ------------------------------------------------------------------------------------------------------------------------- Qwest Communications International, Inc., 7.50% Sr. Nts., 2/15/11 7 300,000 294,750 - -------------------------------------------------------------------------------------------------------------------------
23 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2005/Unaudited - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ------------------------------------------------------------------------------------------------------------------------- DIVERSIFIED TELECOMMUNICATION SERVICES CONTINUED Qwest Corp., 9.125% Nts., 3/15/12 7 $ 800,000 $ 874,000 - ------------------------------------------------------------------------------------------------------------------------- Qwest Services Corp.: 14% Nts., 12/15/10 2,7 2,700,000 3,138,750 14.50% Nts., 12/15/14 7 1,350,000 1,636,875 - ------------------------------------------------------------------------------------------------------------------------- Teligent, Inc., 11.50% Sr. Nts., 12/1/07 1,3,4 500,000 -- - ------------------------------------------------------------------------------------------------------------------------- Telus Corp., 7.50% Nts., 6/1/07 790,000 841,314 - ------------------------------------------------------------------------------------------------------------------------- Time Warner Telecom Holdings, Inc., 9.25% Sr. Nts., 2/15/14 7 450,000 434,250 - ------------------------------------------------------------------------------------------------------------------------- Time Warner Telecom LLC/Time Warner Telecom, Inc., 9.75% Sr. Nts., 7/15/08 150,000 147,000 - ------------------------------------------------------------------------------------------------------------------------- Time Warner Telecom, Inc., 10.125% Sr. Unsec. Sub. Nts., 2/1/11 500,000 485,000 - ------------------------------------------------------------------------------------------------------------------------- Valor Telecom Enterprise, 7.75% Sr. Nts., 2/15/15 7 225,000 225,000 - ------------------------------------------------------------------------------------------------------------------------- Winstar Communications, Inc., 12.75% Sr. Nts., 4/15/10 1,3,4 250,000 -- -------------- 14,245,216 - ------------------------------------------------------------------------------------------------------------------------- WIRELESS TELECOMMUNICATION SERVICES--2.0% Alamosa Delaware, Inc.: 8.50% Sr. Nts., 1/31/12 400,000 416,500 11% Sr. Unsec. Nts., 7/31/10 19,000 21,708 12.50% Sr. Unsec. Nts., 2/1/11 50,000 56,750 - ------------------------------------------------------------------------------------------------------------------------- American Cellular Corp., 10% Sr. Nts., Series B, 8/1/11 320,000 296,000 - ------------------------------------------------------------------------------------------------------------------------- American Tower Corp., 7.50% Sr. Nts., 5/1/12 400,000 408,000 - ------------------------------------------------------------------------------------------------------------------------- American Tower Escrow Corp., 12.25% Sr. Sub. Disc. Nts., 8/1/08 8 800,000 604,000 - ------------------------------------------------------------------------------------------------------------------------- AT&T Corp.: 9.05% Sr. Unsec. Nts., 11/15/11 2 1,250,000 1,426,563 9.75% Sr. Nts., 11/15/31 2 500,000 612,500 - ------------------------------------------------------------------------------------------------------------------------- CellNet Data Systems, Inc., Sr. Unsec. Disc. Nts., 10/1/07 1,3,4 400,000 -- - ------------------------------------------------------------------------------------------------------------------------- Centennial Cellular Operating Co. LLC/Centennial Communications Corp., 10.125% Sr. Nts., 6/15/13 1,050,000 1,165,500 - ------------------------------------------------------------------------------------------------------------------------- Crown Castle International Corp., 10.75% Sr. Nts., 8/1/11 1,000,000 1,072,500 - ------------------------------------------------------------------------------------------------------------------------- Dobson Cellular Systems, Inc., 8.375% Sr. Sec. Nts., 11/1/11 7 280,000 287,000 - ------------------------------------------------------------------------------------------------------------------------- Dobson Communications Corp., 8.875% Sr. Nts., 10/1/13 159,000 125,610 - ------------------------------------------------------------------------------------------------------------------------- IWO Escrow Co., 6.32% Sr. Sec. Nts., 1/15/12 2,7 110,000 112,750 - ------------------------------------------------------------------------------------------------------------------------- Nextel Communications, Inc., 7.375% Sr. Nts., 8/1/15 3,880,000 4,117,650 - ------------------------------------------------------------------------------------------------------------------------- Nextel Partners, Inc.: 8.125% Sr. Nts., 7/1/11 500,000 533,750 12.50% Sr. Nts., 11/15/09 342,000 377,910 - ------------------------------------------------------------------------------------------------------------------------- Rogers Wireless, Inc.: 7.50% Sec. Nts., 3/15/15 950,000 985,625 8% Sr. Sub. Nts., 12/15/12 700,000 722,750 - ------------------------------------------------------------------------------------------------------------------------- Rural Cellular Corp.: 8.25% Sr. Sec. Nts., 3/15/12 275,000 281,875 9.625% Sr. Sub. Nts., Series B, 5/15/08 500,000 480,000 9.75% Sr. Sub. Nts., 1/15/10 319,000 293,480 9.875% Sr. Nts., 2/1/10 300,000 303,000 - ------------------------------------------------------------------------------------------------------------------------- SBA Communications Corp., 8.50% Sr. Nts., 12/1/12 7 550,000 572,000 - ------------------------------------------------------------------------------------------------------------------------- SBA Telecommunications, Inc./SBA Communications Corp., 0%/9.75% Sr. Disc. Nts., 12/15/11 11 1,169,000 1,014,108 - ------------------------------------------------------------------------------------------------------------------------- Triton PCS, Inc., 8.50% Sr. Unsec. Nts., 6/1/13 750,000 693,750 - ------------------------------------------------------------------------------------------------------------------------- UbiquiTel Operating Co., 9.875% Sr. Nts., 3/1/11 600,000 664,500 - -------------------------------------------------------------------------------------------------------------------------
24 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2005/Unaudited - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ------------------------------------------------------------------------------------------------------------------------- WIRELESS TELECOMMUNICATION SERVICES CONTINUED US Unwired, Inc., 10% Sr. Sec. Nts., 6/15/12 $ 250,000 $ 278,125 - ------------------------------------------------------------------------------------------------------------------------- Western Wireless Corp., 9.25% Sr. Unsec. Nts., 7/15/13 235,000 269,075 -------------- 18,192,979 - ------------------------------------------------------------------------------------------------------------------------- UTILITIES--2.0% - ------------------------------------------------------------------------------------------------------------------------- ELECTRIC UTILITIES--1.4% AES Corp. (The), 8.75% Sr. Sec. Nts., 5/15/13 7 700,000 766,500 - ------------------------------------------------------------------------------------------------------------------------- Caithness Coso Funding Corp., 9.05% Sr. Sec. Nts., Series B, 12/15/09 293,438 315,445 - ------------------------------------------------------------------------------------------------------------------------- Calpine Corp.: 7.625% Sr. Nts., 4/15/06 1,000,000 975,000 8.41% Sr. Sec. Nts., 7/15/07 2,7 295,500 254,130 - ------------------------------------------------------------------------------------------------------------------------- CenterPoint Energy, Inc., 7.25% Sr. Nts., Series B, 9/1/10 200,000 218,905 - ------------------------------------------------------------------------------------------------------------------------- CITGO Trustees Cayman Ltd., 8.50% Nts., 12/21/14 1 610,000 579,500 - ------------------------------------------------------------------------------------------------------------------------- CMS Energy Corp.: 7.50% Sr. Nts., 1/15/09 19,000 19,665 7.75% Sr. Nts., 8/1/10 200,000 209,500 8.50% Sr. Nts., 4/15/11 250,000 271,250 9.875% Sr. Unsec. Nts., 10/15/07 900,000 981,000 - ------------------------------------------------------------------------------------------------------------------------- FPL Energy National Wind Power: 5.608% Nts., 3/10/24 7 270,000 267,668 6.125% Nts., 3/25/19 7 160,000 159,146 - ------------------------------------------------------------------------------------------------------------------------- Funding Corp./Beaver Valley Funding Corp., 9% Second Lease Obligation Bonds, 6/1/17 199,000 232,822 - ------------------------------------------------------------------------------------------------------------------------- Midwest Generation LLC, 8.75% Sr. Sec. Nts., 5/1/34 1,850,000 2,072,000 - ------------------------------------------------------------------------------------------------------------------------- Mirant Americas Generation LLC, 7.625% Sr. Unsec. Nts., 5/1/06 3,4 200,000 227,000 - ------------------------------------------------------------------------------------------------------------------------- MSW Energy Holdings II LLC/MSW Energy Finance Co. II, Inc., 7.375% Sr. Sec. Nts., Series B, 9/1/10 350,000 357,000 - ------------------------------------------------------------------------------------------------------------------------- MSW Energy Holdings LLC/MSW Energy Finance Co., Inc., 8.50% Sr. Sec. Nts., 9/1/10 200,000 211,000 - ------------------------------------------------------------------------------------------------------------------------- NRG Energy, Inc., 8% Sr. Sec. Nts., 12/15/13 7 860,000 913,750 - ------------------------------------------------------------------------------------------------------------------------- Reliant Resources, Inc.: 9.25% Sr. Sec. Nts., 7/15/10 669,000 719,175 9.50% Sr. Sec. Nts., 7/15/13 900,000 983,250 - ------------------------------------------------------------------------------------------------------------------------- Teco Energy, Inc., 7.20% Unsec. Unsub. Nts., 5/1/11 850,000 899,938 - ------------------------------------------------------------------------------------------------------------------------- Texas Genco LLC, 6.875% Sr. Nts., 12/15/14 7 875,000 881,563 -------------- 12,515,207 - ------------------------------------------------------------------------------------------------------------------------- GAS UTILITIES--0.1% AmeriGas Partners LP/AmeriGas Eagle Finance Corp., 8.875% Sr. Unsec. Nts., Series B, 5/20/11 500,000 532,500 - ------------------------------------------------------------------------------------------------------------------------- SEMCO Energy, Inc., 7.125% Sr. Nts., 5/15/08 150,000 153,431 -------------- 685,931 - ------------------------------------------------------------------------------------------------------------------------- MULTI-UTILITIES & UNREGULATED POWER--0.5% AES Red Oak LLC, 8.54% Sr. Sec. Bonds, Series A, 11/30/19 561,836 629,256 - ------------------------------------------------------------------------------------------------------------------------- Calpine Canada Energy Finance ULC, 8.50% Sr. Unsec. Nts., 5/1/08 1,100,000 786,500 - ------------------------------------------------------------------------------------------------------------------------- Dynegy Holdings, Inc.: 6.875% Sr. Unsec. Unsub. Nts., 4/1/11 200,000 178,500 8.75% Sr. Nts., 2/15/12 1,669,000 1,606,413 10.125% Sr. Sec. Nts., 7/15/13 7 800,000 876,000 - ------------------------------------------------------------------------------------------------------------------------- Mirant Mid-Atlantic LLC, 8.625% Sec. Pass-Through Certificates, Series A, 6/30/12 461,023 512,024 - -------------------------------------------------------------------------------------------------------------------------
25 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2005/Unaudited - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ------------------------------------------------------------------------------------------------------------------------- MULTI-UTILITIES & UNREGULATED POWER CONTINUED NorthWestern Corp., 5.875% Sr. Sec. Nts., 11/1/14 7 $ 90,000 $ 89,984 -------------- 4,678,677 -------------- Total Corporate Bonds and Notes (Cost $252,904,012) 255,824,649 SHARES - ------------------------------------------------------------------------------------------------------------------------- PREFERRED STOCKS--0.3% - ------------------------------------------------------------------------------------------------------------------------- AmeriKing, Inc., 13% Cum. Sr. Exchangeable, Non-Vtg. 1,4,12 4,253 -- - ------------------------------------------------------------------------------------------------------------------------- Doane Pet Care Co., 14.25% Jr. Sub. Exchange Debs., Non-Vtg. 1,4 5,000 251,250 - ------------------------------------------------------------------------------------------------------------------------- Dobson Communications Corp., 6% Cv., Series F (converts into Dobson Communications Corp., Cl. A common stock), Non-Vtg. 7 550 42,763 - ------------------------------------------------------------------------------------------------------------------------- e.spire Communications, Inc., 12.75% Jr. Redeemable, Non-Vtg. 1,4,12 216 22 - ------------------------------------------------------------------------------------------------------------------------- Eagle-Picher Holdings, Inc., 11.75% Cum. Exchangeable, Series B, Non-Vtg. 1,4 5,000 191,250 - ------------------------------------------------------------------------------------------------------------------------- ICG Holdings, Inc., 14.25% Exchangeable, Non-Vtg. 1,4,12 151 -- - ------------------------------------------------------------------------------------------------------------------------- Paxson Communications Corp.: 14.25% Cum. Jr. Exchangeable, Non-Vtg. 1,12 44 299,310 14.25% Cum. Jr. Exchangeable, Non-Vtg. 1,4,12 1 4,796 - ------------------------------------------------------------------------------------------------------------------------- Pennsylvania Real Estate Investment Trust, 11% 2,000 116,900 - ------------------------------------------------------------------------------------------------------------------------- PTV, Inc., 10% Cum., Series A, Non-Vtg 7 27 - ------------------------------------------------------------------------------------------------------------------------- Rural Cellular Corp., 11.375% Cum., Series B, Non-Vtg. 1,4,12 630 562,275 - ------------------------------------------------------------------------------------------------------------------------- Sovereign Real Estate Investment Trust, 12% Non-Cum., Series A 1 4,600 704,950 -------------- Total Preferred Stocks (Cost $2,471,559) 2,173,543 - ------------------------------------------------------------------------------------------------------------------------- COMMON STOCKS--2.7% - ------------------------------------------------------------------------------------------------------------------------- 3i Group plc 13,480 171,057 - ------------------------------------------------------------------------------------------------------------------------- Aetna, Inc. 2,400 179,880 - ------------------------------------------------------------------------------------------------------------------------- All Nippon Airways Co. Ltd. 48,000 163,835 - ------------------------------------------------------------------------------------------------------------------------- Amerada Hess Corp. 1,700 163,557 - ------------------------------------------------------------------------------------------------------------------------- American Stock Exchange Basic Industries SPDR 24,200 729,872 - ------------------------------------------------------------------------------------------------------------------------- Anadarko Petroleum Corp. 2,210 168,181 - ------------------------------------------------------------------------------------------------------------------------- Apache Corp. 2,700 165,321 - ------------------------------------------------------------------------------------------------------------------------- Apple Computer, Inc. 4 4,200 175,014 - ------------------------------------------------------------------------------------------------------------------------- Arriva plc 17,180 170,446 - ------------------------------------------------------------------------------------------------------------------------- Asahi Glass Co. Ltd. 16,350 172,298 - ------------------------------------------------------------------------------------------------------------------------- Ashland, Inc. 2,700 182,169 - ------------------------------------------------------------------------------------------------------------------------- AutoNation, Inc. 4 9,000 170,460 - ------------------------------------------------------------------------------------------------------------------------- BAE Systems plc 36,580 179,385 - ------------------------------------------------------------------------------------------------------------------------- BASF AG 2,414 171,014 - ------------------------------------------------------------------------------------------------------------------------- Bear Stearns Cos., Inc. (The) 1,700 169,830 - ------------------------------------------------------------------------------------------------------------------------- Beverly Hills Bancorp, Inc. 6,273 67,247 - ------------------------------------------------------------------------------------------------------------------------- Billiton plc 12,340 165,802 - ------------------------------------------------------------------------------------------------------------------------- BNP Paribas SA 2,480 175,689 - ------------------------------------------------------------------------------------------------------------------------- Brambles Industries plc 30,700 175,787 - ------------------------------------------------------------------------------------------------------------------------- Broadwing Corp. 738 3,055 - ------------------------------------------------------------------------------------------------------------------------- Burlington Resources, Inc. 3,400 170,238 - ------------------------------------------------------------------------------------------------------------------------- Capcom Co. Ltd. 18,000 175,753 - ------------------------------------------------------------------------------------------------------------------------- Cebridge Connections Holding LLC 4 529 -- - -------------------------------------------------------------------------------------------------------------------------
26 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2005/Unaudited - --------------------------------------------------------------------------------
SHARES VALUE Centex Corp. 2,700 $ 154,629 - ------------------------------------------------------------------------------------------------------------------------- Charles River Laboratories International, Inc. 4 2,660 125,126 - ------------------------------------------------------------------------------------------------------------------------- Chesapeake Energy Corp. 91 1,997 - ------------------------------------------------------------------------------------------------------------------------- ChevronTexaco Corp. 2,900 169,099 - ------------------------------------------------------------------------------------------------------------------------- Chubb Corp. 2,300 182,321 - ------------------------------------------------------------------------------------------------------------------------- CIGNA Corp. 2,000 178,600 - ------------------------------------------------------------------------------------------------------------------------- CNP Assurances SA 2,520 178,523 - ------------------------------------------------------------------------------------------------------------------------- ConocoPhillips 1,600 172,544 - ------------------------------------------------------------------------------------------------------------------------- Conseco, Inc. 4 13,986 285,594 - ------------------------------------------------------------------------------------------------------------------------- Continental AG 2,436 188,519 - ------------------------------------------------------------------------------------------------------------------------- Countrywide Financial Corp. 5,100 165,546 - ------------------------------------------------------------------------------------------------------------------------- Covad Communications Group, Inc. 4 16,528 19,834 - ------------------------------------------------------------------------------------------------------------------------- Criimi MAE, Inc. 4 71,447 1,436,085 - ------------------------------------------------------------------------------------------------------------------------- Crunch Equity Holdings, Cl. A 1,4 120 156,133 - ------------------------------------------------------------------------------------------------------------------------- Cummins, Inc. 2,400 168,840 - ------------------------------------------------------------------------------------------------------------------------- DaimlerChrysler AG 3,871 173,471 - ------------------------------------------------------------------------------------------------------------------------- Dainippon Ink & Chemicals, Inc. 63,740 174,166 - ------------------------------------------------------------------------------------------------------------------------- Daiwa Securities Group, Inc. 26,742 175,308 - ------------------------------------------------------------------------------------------------------------------------- Dentsu, Inc. 68 185,806 - ------------------------------------------------------------------------------------------------------------------------- Devon Energy Corp. 3,700 176,675 - ------------------------------------------------------------------------------------------------------------------------- Dillard's, Inc., Cl. A 7,500 201,750 - ------------------------------------------------------------------------------------------------------------------------- Dobson Communications Corp., Cl. A 4 24,300 49,086 - ------------------------------------------------------------------------------------------------------------------------- E.ON AG 2,006 171,884 - ------------------------------------------------------------------------------------------------------------------------- Energy Select Sector SPDR Fund 17,200 737,880 - ------------------------------------------------------------------------------------------------------------------------- EOG Resources, Inc. 3,800 185,212 - ------------------------------------------------------------------------------------------------------------------------- Equinix, Inc. 4 1,887 79,896 - ------------------------------------------------------------------------------------------------------------------------- Ford Motor Co. 14,500 164,285 - ------------------------------------------------------------------------------------------------------------------------- Gecina SA 1,680 191,862 - ------------------------------------------------------------------------------------------------------------------------- General Motors Corp. 5,200 152,828 - ------------------------------------------------------------------------------------------------------------------------- Geotek Communications, Inc., Series B, Escrow Shares 1,4,13 210 -- - ------------------------------------------------------------------------------------------------------------------------- Globix Corp. 4 6,880 25,456 - ------------------------------------------------------------------------------------------------------------------------- Heidelberger Zement AG 2,719 171,085 - ------------------------------------------------------------------------------------------------------------------------- Hilton Group plc 29,610 168,426 - ------------------------------------------------------------------------------------------------------------------------- Horizon Natural Resources Co. 1,4 6,667 -- - ------------------------------------------------------------------------------------------------------------------------- Humana, Inc. 4 5,200 166,088 - ------------------------------------------------------------------------------------------------------------------------- ICO Global Communication Holdings Ltd. 4 6,016 20,214 - ------------------------------------------------------------------------------------------------------------------------- iPCS, Inc. 4 8,548 282,939 - ------------------------------------------------------------------------------------------------------------------------- Ishikawajima-Harima Heavy Industries Co. Ltd. 4 111,000 179,082 - ------------------------------------------------------------------------------------------------------------------------- Japan Real Estate Investment Corp. 21 171,361 - ------------------------------------------------------------------------------------------------------------------------- Karstadt Quelle AG 15,482 155,536 - ------------------------------------------------------------------------------------------------------------------------- KB Home 1,400 164,444 - ------------------------------------------------------------------------------------------------------------------------- Kelda Group plc 15,530 175,500 - ------------------------------------------------------------------------------------------------------------------------- Klepierre 1,920 172,604 - ------------------------------------------------------------------------------------------------------------------------- Lafarge SA 1,730 167,521 - ------------------------------------------------------------------------------------------------------------------------- Leap Wireless International, Inc. 4 1,714 44,650 - ------------------------------------------------------------------------------------------------------------------------- Lehman Brothers Holdings, Inc. 1,900 178,904 - ------------------------------------------------------------------------------------------------------------------------- Lloyds TSB Group plc 19,120 172,711 - ------------------------------------------------------------------------------------------------------------------------- Loews Corp. 2,400 176,496 - -------------------------------------------------------------------------------------------------------------------------
27 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2005/Unaudited - --------------------------------------------------------------------------------
SHARES VALUE Louisiana-Pacific Corp. 6,300 $ 158,382 - ------------------------------------------------------------------------------------------------------------------------- Marathon Oil Corp. 3,700 173,604 - ------------------------------------------------------------------------------------------------------------------------- MCI, Inc. 1,629 40,595 - ------------------------------------------------------------------------------------------------------------------------- Merck KGaA 4 2,344 168,668 - ------------------------------------------------------------------------------------------------------------------------- MetLife, Inc. 4,400 172,040 - ------------------------------------------------------------------------------------------------------------------------- Mitchells & Butlers plc 27,070 176,231 - ------------------------------------------------------------------------------------------------------------------------- National City Corp. 5,000 167,500 - ------------------------------------------------------------------------------------------------------------------------- NCR Corp. 4 4,700 158,578 - ------------------------------------------------------------------------------------------------------------------------- Nippon Building Fund, Inc. 21 179,390 - ------------------------------------------------------------------------------------------------------------------------- Norfolk Southern Corp. 4,900 181,545 - ------------------------------------------------------------------------------------------------------------------------- Novar plc 49,160 173,027 - ------------------------------------------------------------------------------------------------------------------------- Novell, Inc. 4 33,000 196,680 - ------------------------------------------------------------------------------------------------------------------------- NSK Ltd. 33,748 173,728 - ------------------------------------------------------------------------------------------------------------------------- NTL, Inc. 4 7,842 499,300 - ------------------------------------------------------------------------------------------------------------------------- Nucor Corp. 2,800 161,168 - ------------------------------------------------------------------------------------------------------------------------- NVIDIA Corp. 4 6,500 154,440 - ------------------------------------------------------------------------------------------------------------------------- Occidental Petroleum Corp. 2,400 170,808 - ------------------------------------------------------------------------------------------------------------------------- OfficeMax, Inc. 5,500 184,250 - ------------------------------------------------------------------------------------------------------------------------- Orbital Sciences Corp. 4 745 7,212 - ------------------------------------------------------------------------------------------------------------------------- Peninsular & Oriental Steam Navigation Co. 29,820 163,140 - ------------------------------------------------------------------------------------------------------------------------- PG&E Corp. 4 5,000 170,500 - ------------------------------------------------------------------------------------------------------------------------- Phelps Dodge Corp. 1,700 172,941 - ------------------------------------------------------------------------------------------------------------------------- Pilkington plc 78,040 174,759 - ------------------------------------------------------------------------------------------------------------------------- Pioneer Cos., Inc. 4 7,312 165,982 - ------------------------------------------------------------------------------------------------------------------------- Prandium, Inc. 1,4 24,165 145 - ------------------------------------------------------------------------------------------------------------------------- Premier Holdings Ltd. 1,4 18,514 -- - ------------------------------------------------------------------------------------------------------------------------- Providian Financial Corp. 4 10,100 173,316 - ------------------------------------------------------------------------------------------------------------------------- PSA Peugeot Citroen 2,750 174,747 - ------------------------------------------------------------------------------------------------------------------------- Pulte Homes, Inc. 2,210 162,722 - ------------------------------------------------------------------------------------------------------------------------- Rakuten, Inc. 199 173,520 - ------------------------------------------------------------------------------------------------------------------------- Rockwell Automation, Inc. 2,900 164,256 - ------------------------------------------------------------------------------------------------------------------------- RWE AG 2,968 179,481 - ------------------------------------------------------------------------------------------------------------------------- Sega Sammy Holdings, Inc. 4 2,920 177,547 - ------------------------------------------------------------------------------------------------------------------------- Sempra Energy 4,400 175,296 - ------------------------------------------------------------------------------------------------------------------------- Severn Trent plc 10,260 177,408 - ------------------------------------------------------------------------------------------------------------------------- Societe Generale, Cl. A 1,700 176,627 - ------------------------------------------------------------------------------------------------------------------------- Sony Corp. 4,700 187,158 - ------------------------------------------------------------------------------------------------------------------------- Star Gas Partners LP 187 597 - ------------------------------------------------------------------------------------------------------------------------- Sterling Chemicals, Inc. 1,4 716 29,714 - ------------------------------------------------------------------------------------------------------------------------- Suez SA 6,650 178,959 - ------------------------------------------------------------------------------------------------------------------------- Sumitomo Bakelite Co. Ltd. 27,000 168,451 - ------------------------------------------------------------------------------------------------------------------------- Sunoco, Inc. 1,700 175,984 - ------------------------------------------------------------------------------------------------------------------------- SUPERVALU, Inc. 5,500 183,425 - ------------------------------------------------------------------------------------------------------------------------- Tate & Lyle plc 17,960 180,391 - ------------------------------------------------------------------------------------------------------------------------- Telewest Global, Inc. 4 31,828 566,220 - ------------------------------------------------------------------------------------------------------------------------- Telus Corp. 269 8,288 - ------------------------------------------------------------------------------------------------------------------------- ThyssenKrupp AG 7,880 162,620 - ------------------------------------------------------------------------------------------------------------------------- TonenGeneral Sekiyu K.K. 16,850 172,696 - ------------------------------------------------------------------------------------------------------------------------- TUI AG 6,978 183,805 - -------------------------------------------------------------------------------------------------------------------------
28 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2005/Unaudited - --------------------------------------------------------------------------------
SHARES VALUE TVMAX Holdings, Inc. 1,4 1,000 $ 5,500 - ------------------------------------------------------------------------------------------------------------------------- TXU Corp. 2,300 183,149 - ------------------------------------------------------------------------------------------------------------------------- Unibail 1,450 171,892 - ------------------------------------------------------------------------------------------------------------------------- United States Steel Corp. 2,900 147,465 - ------------------------------------------------------------------------------------------------------------------------- United Utilities plc 15,090 179,938 - ------------------------------------------------------------------------------------------------------------------------- UnitedGlobalCom, Inc., Cl. A 4 58,063 549,276 - ------------------------------------------------------------------------------------------------------------------------- Unocal Corp. 3,000 185,070 - ------------------------------------------------------------------------------------------------------------------------- Utilities Select Sector SPDR Fund 25,800 752,070 - ------------------------------------------------------------------------------------------------------------------------- Valero Energy Corp. 2,400 175,848 - ------------------------------------------------------------------------------------------------------------------------- Viatel Holding (Bermuda) Ltd. 1,4 2,251 1,519 - ------------------------------------------------------------------------------------------------------------------------- Vinci 1,230 177,302 - ------------------------------------------------------------------------------------------------------------------------- Western Forest Products, Inc. 4 38,252 229,291 - ------------------------------------------------------------------------------------------------------------------------- WRC Media Corp. 1,4 1,082 22 - ------------------------------------------------------------------------------------------------------------------------- XL Capital Ltd., Cl. A 2,400 173,688 - ------------------------------------------------------------------------------------------------------------------------- XO Communications, Inc. 4 1,100 2,728 - ------------------------------------------------------------------------------------------------------------------------- XTO Energy, Inc. 5,333 175,147 -------------- Total Common Stocks (Cost $21,558,832) 24,250,152 UNITS - ------------------------------------------------------------------------------------------------------------------------- RIGHTS, WARRANTS AND CERTIFICATES--0.1% - ------------------------------------------------------------------------------------------------------------------------- American Tower Corp. Wts., Exp. 8/1/08 4,7 800 179,600 - ------------------------------------------------------------------------------------------------------------------------- ASAT Finance LLC Wts., Exp. 11/1/06 1,4 250 -- - ------------------------------------------------------------------------------------------------------------------------- Citigroup, Inc. Litigation Wts., Exp. 12/31/50 4 2,404 4,183 - ------------------------------------------------------------------------------------------------------------------------- COLO.com, Inc. Wts., Exp. 3/15/10 1,4 400 -- - ------------------------------------------------------------------------------------------------------------------------- Concentric Network Corp. Wts., Exp. 12/15/07 1,4 100 -- - ------------------------------------------------------------------------------------------------------------------------- HF Holdings, Inc. Wts., Exp. 9/27/09 1,4 530 5 - ------------------------------------------------------------------------------------------------------------------------- Huntsman Co. LLC Wts., Exp. 5/15/11 1,4 300 157,425 - ------------------------------------------------------------------------------------------------------------------------- ICG Communications, Inc. Wts., Exp. 9/15/05 1,4 825 -- - ------------------------------------------------------------------------------------------------------------------------- ICO Global Communication Holdings Ltd. Wts.: Exp. 5/16/06 1,4 1,509 12 Exp. 5/16/06 1,4 2 -- - ------------------------------------------------------------------------------------------------------------------------- Imperial Credit Industries, Inc. Wts., Exp. 1/31/08 1,4 2,135 -- - ------------------------------------------------------------------------------------------------------------------------- Insilco Corp. Wts., Exp. 8/15/07 1,4 270 -- - ------------------------------------------------------------------------------------------------------------------------- iPCS, Inc. Wts., Exp. 6/15/10 1,4 300 -- - ------------------------------------------------------------------------------------------------------------------------- Long Distance International, Inc. Wts., Exp. 4/13/08 1,4 200 -- - ------------------------------------------------------------------------------------------------------------------------- Loral Space & Communications Ltd. Wts., Exp. 1/15/07 1,4 150 -- - ------------------------------------------------------------------------------------------------------------------------- Ntelos, Inc. Wts., Exp. 8/15/10 1,4 450 -- - ------------------------------------------------------------------------------------------------------------------------- Pathmark Stores, Inc. Wts., Exp. 9/19/10 4 5,710 1,028 - ------------------------------------------------------------------------------------------------------------------------- PLD Telekom, Inc. Wts., Exp. 6/1/06 1,4 300 3 - ------------------------------------------------------------------------------------------------------------------------- Sterling Chemicals, Inc. Wts., Exp. 12/19/08 1,4 1,165 7,460 - ------------------------------------------------------------------------------------------------------------------------- Venezuela (Republic of) Oil Linked Payment Obligation Wts., Exp. 4/15/20 1,4 3,256 68,376 - ------------------------------------------------------------------------------------------------------------------------- Verado Holdings, Inc., Cl. B Wts., Exp. 4/15/08 4 175 118 - ------------------------------------------------------------------------------------------------------------------------- XO Communications, Inc., Cl. A Wts., Exp. 1/16/10 4 2,204 838 - -------------------------------------------------------------------------------------------------------------------------
29 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2005/Unaudited - --------------------------------------------------------------------------------
UNITS VALUE XO Communications, Inc., Cl. B Wts., Exp. 1/16/10 4 1,653 $ 380 - ------------------------------------------------------------------------------------------------------------------------- XO Communications, Inc., Cl. C Wts., Exp. 1/16/10 4 1,653 293 -------------- Total Rights, Warrants and Certificates (Cost $80,050) 419,721 PRINCIPAL AMOUNT - ------------------------------------------------------------------------------------------------------------------------- STRUCTURED NOTES--10.1% - ------------------------------------------------------------------------------------------------------------------------- Aon Capital Markets/Helix 04 Ltd. Catastrophe Linked Nts., 8.493%, 6/30/09 2 $ 1,000,000 1,004,240 - ------------------------------------------------------------------------------------------------------------------------- Arbor I Ltd. Catastrophe Linked Nts., 18.51%, 6/15/06 2,7 500,000 517,451 - ------------------------------------------------------------------------------------------------------------------------- Arbor Ltd. Series IV Catastrophe Linked Nts., 17.01%, 3/15/06 2 250,000 253,581 - ------------------------------------------------------------------------------------------------------------------------- Citigroup Global Markets Holdings, Inc.: Brazil (Federal Republic of) Unsec. Credit Linked Nts., 19.85%, 1/2/09 [BRR] 2,231,957 452,193 Brazil (Federal Republic of) Unsec. Credit Linked Nts., 10%, 1/5/10 [BRR] 2,927,000 876,499 Brazil (Federal Republic of) Unsec. Credit Linked Nts., 10%, 1/5/10 [BRR] 4,619,000 1,383,174 Brazil (Federal Republic of) Unsec. Credit Linked Nts., 18.80%, 1/3/08 [BRR] 1,948,615 461,625 Brazil (Federal Republic of) Unsec. Credit Linked Nts., 20.40%, 1/5/10 [BRR] 2,480,096 435,466 Colombia (Republic of) Credit Linked Nts., Series II, 15%, 4/27/12 [COP] 552,359,546 292,820 Colombia (Republic of) Unsec. Credit Linked Nts., 15%, 3/15/07 [COP] 3,860,150,000 1,804,751 Colombia (Republic of) Unsec. Credit Linked Nts., 15%, 4/27/12 [COP] 1,800,000,000 954,233 Colombia (Republic of) Unsec. Credit Linked Nts., 15%, 4/27/12 [COP] 1,200,000,000 636,156 Colombia (Republic of) Unsec. Credit Linked Nts., 15%, 4/27/12 [COP] 1,034,000,000 548,150 Colombia (Republic of) Unsec. Credit Linked Nts., 15%, 4/27/12 [COP] 927,000,000 480,996 Dominican Republic Credit Linked Nts., 19.163%, 3/10/06 [DOP] 22,703,730 716,155 Dominican Republic Credit Linked Nts., 19.69%, 3/31/06 5,8 [DOP] 17,740,000 558,125 Dominican Republic Unsec. Credit Linked Nts., 23.60%, 3/3/06 [DOP] 42,662,900 1,352,277 Egypt (The Arab Republic of) Unsec. Credit Linked Nts., 8%, 10/28/05 [EGP] 3,970,000 645,809 Egypt (The Arab Republic of) Unsec. Credit Linked Nts., 8.407%, 2/9/06 [EGP] 5,773,000 908,750 Egypt (The Arab Republic of) Unsec. Credit Linked Nts., 8.90%, 1/12/06 [EGP] 4,530,000 730,423 Egypt (The Arab Republic of) Unsec. Credit Linked Nts., 8.90%, 12/29/05 [EGP] 1,380,000 223,227 Peruvian Sol Credit Linked Nts., Series II, 2.33%, 4/13/05 [PEN] 2,760,000 851,718 Ukraine Hryvnia Unsec. Credit Linked Nts., 7.50%, 5/6/05 1 [UAH] 3,980,000 753,374 - ------------------------------------------------------------------------------------------------------------------------- Credit Suisse First Boston Corp. (Cayman): Russia (Government of) Linked Bonds, Series 24, 15%, 9/2/05 [RUR] 22,279,000 845,677 Turkey (Republic of) Credit Linked Nts., Series EMG 7, 15%, 2/10/10 [TRY] 3,014,000 2,228,466 - ------------------------------------------------------------------------------------------------------------------------- Credit Suisse First Boston International: OAO Gazprom Credit Linked Nts., 8.11%, 1/21/07 [RUR] 28,065,000 1,034,151 South African Rand Interest Bearing Linked Nts., Series FBi 43, 2.425%, 5/23/22 825,000 816,173 Ukraine (Republic of) Credit Linked Nts., Series EMG 13, 11.94%, 12/30/09 [UAH] 2,195,000 522,481 - ------------------------------------------------------------------------------------------------------------------------- Credit Suisse First Boston, Inc.: (Nassau Branch), Turkey (Republic of) Credit Linked Nts., 20%, 10/18/07 352,000 396,672 (Nassau Branch), Turkey (Republic of) Credit Linked Nts., Series EM 868, 27.50%, 8/25/05 2,125,000 1,999,200 (Nassau Branch), Turkey (Republic of) Credit Linked Nts., Series EM 872, 25.85%, 10/20/05 2 396,000 428,034 (Nassau Branch), Turkey (Republic of) Credit Linked Nts., Series EM 880, 20%, 10/18/07 1,190,000 1,484,537
30 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2005/Unaudited - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE (Nassau Branch), Turkey (Republic of) Credit Linked Nts., Series EMG 4, 18.70%, 7/6/06 [TRY] 1,909,191 $ 1,147,646 (Nassau Branch), Turkey (Republic of) Credit Linked Nts., Series NAS 316, 18.641%, 2/23/06 607,000 523,720 (Nassau Branch), Ukraine (Republic of) Credit Linked Nts., Series EMG 11, 11.94%, 12/30/09 [UAH] 661,000 157,339 - ------------------------------------------------------------------------------------------------------------------------- Deutsche Bank AG: Botswana (Republic of) Credit Linked Nts., 10.75%, 6/1/05 1 [BWP] 1,030,000 223,819 Brazil Real Credit Linked Nts., 9.638%, 3/3/10 [BRR] 4,580,760 823,507 European Investment Bank, Russian Federation Ruble Linked Nts., 5.65%, 1/19/10 705,000 522,017 Indonesia (Republic of) Credit Linked Nts., 14.25%, 6/22/13 1 942,000 1,131,342 Indonesia (Republic of) Credit Linked Nts., 9.50%, 6/22/15 820,000 759,320 Indonesia (Republic of) Credit Linked Nts., Series II, 14.25%, 6/22/13 1 938,000 1,126,538 Indonesia (Republic of) Credit Linked Nts., Series III, 14.25%, 6/22/13 5 873,600 1,049,194 Moscow (City of) Linked Nts., 10%, 5/27/05 [RUR] 13,440,000 490,754 Moscow (City of) Linked Nts., 15%, 9/2/05 [RUR] 30,255,000 1,144,526 Nigeria (Federal Republic of) Credit Linked Nts., 11%, 6/16/05 [NGN] 92,000,000 675,151 Nigeria (Federal Republic of) Credit Linked Nts., 11%, 6/2/05 [NGN] 113,390,000 831,612 Nigeria (Federal Republic of) Credit Linked Nts., 11.64%, 6/2/05 [NGN] 67,783,000 497,126 Nigeria (Federal Republic of) Credit Linked Nts., 13%, 8/17/05 [NGN] 64,290,000 457,286 Nigeria (Federal Republic of) Credit Linked Nts., 13.25%, 4/14/05 [NGN] 51,440,000 385,200 OAO Gazprom I Credit Nts., 6.20%, 10/20/07 790,000 854,340 OAO Gazprom II Credit Nts., 5.95%, 4/20/07 790,000 845,037 Philippines (Republic of) Credit Linked Nts., 12%, 1/20/09 1 [PHP] 23,740,000 449,414 Philippines (Republic of) Credit Linked Nts., 12.375%, 11/1/09 1 [PHP] 46,230,000 901,063 Philippines (Republic of) Credit Linked Nts., 12.375%, 3/1/15 1 [PHP] 8,110,000 148,318 Romania (The State of) Credit Linked Nts., 11.49%, 12/7/06 [ROL] 7,886,400,000 295,959 Romania (The State of) Credit Linked Nts., 6%, 5/12/05 [ROL] 15,800,000,000 555,442 Russian Federation Linked Nts., 8.40%, 12/2/09 [RUR] 19,221,000 708,236 Ukraine (Republic of) Credit Linked Nts., 11.70%, 5/31/06 [UAH] 1,727,000 348,038 Ukraine (Republic of) Credit Linked Nts., 11.94%, 12/30/09 [UAH] 269,000 62,035 Ukraine (Republic of) Credit Linked Nts., 11.94%, 12/30/09 [UAH] 955,000 220,234 Ukraine (Republic of) Credit Linked Nts., 6.57%, 8/5/11 4,070,000 4,399,548 Videocon International Ltd. Credit Linked Nts, 4.86%, 12/29/09 1 1,630,000 1,618,427 - ------------------------------------------------------------------------------------------------------------------------- Dow Jones CDX High Yield Index Pass-Through Certificates: Series 3-1, 7.75%, 12/29/09 7,14 13,200,000 12,903,000 Series 3-3, 8%, 12/29/09 7,14 12,700,000 12,350,750 - ------------------------------------------------------------------------------------------------------------------------- Foundation RE Ltd. Catastrophe Linked Nts., 6.91%, 11/24/08 1,2 500,000 500,438 - ------------------------------------------------------------------------------------------------------------------------- ING Bank NV: Ukraine (Republic of) Credit Linked Nts., 11.89%, 12/30/09 [UAH] 1,226,000 290,220 Ukraine (Republic of) Credit Linked Nts.-A, 11.89%, 12/30/09 [UAH] 92,000 21,778 Ukraine (Republic of) Credit Linked Nts.-B, 11.89%, 12/30/09 [UAH] 1,181,000 279,568 - ------------------------------------------------------------------------------------------------------------------------- JPMorgan Chase Bank: Brazil (Federal Republic of) Credit Linked Nts., 15.89%, 1/2/15 8 [BRR] 10,948,600 895,038 Brazil (Federal Republic of) Credit Linked Nts., 16.13%, 1/2/15 8 [BRR] 3,693,700 301,957 - ------------------------------------------------------------------------------------------------------------------------- Lehman Brothers International: Romania (The State of) Treasury Bills Total Return Linked Nts., 13.99%, 4/4/05 [ROL] 4,670,000,000 187,555 Romania (The State of) Treasury Bills Total Return Linked Nts., 14.20%, 4/18/05 [ROL] 1,900,000,000 76,211
31 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2005/Unaudited - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE Romania (The State of) Treasury Bills Total Return Linked Nts., 14.80%, 5/23/05 [ROL] 1,387,000,000 $ 55,477 Romania (The State of) Treasury Bills Total Return Linked Nts., 15%, 5/9/05 [ROL] 1,870,000,000 75,156 Romania (The State of) Treasury Bills Total Return Linked Nts., 7.90%, 2/8/10 [ROL] 8,214,000,000 292,711 Romania (The State of) Treasury Bills Total Return Linked Nts., 8.59%, 4/21/05 [ROL] 1,642,000,000 57,634 Romania (The State of) Treasury Bills Total Return Linked Nts., 8.88%, 4/28/05 [ROL] 1,091,000,000 38,235 Turkey (Republic of) Treasury Bills Total Return Linked Nts., 20%, 10/17/07 1,260,000 1,555,596 Turkey (Republic of) Treasury Bills Total Return Linked Nts., 22.419%, 5/26/05 1,261,309 1,347,330 Turkey (Republic of) Treasury Bills Total Return Linked Nts., 24.20%, 8/25/05 1,165,000 1,070,286 - ------------------------------------------------------------------------------------------------------------------------- Lehman Brothers Special Financing, Inc.: Romania (The State of) Treasury Bills Total Return Linked Nts., 6.50%, 3/8/10 [ROL] 22,283,000,000 788,951 Romania (The State of) Treasury Bills Total Return Linked Nts., 6.75%, 3/10/08 [ROL] 26,000,000,000 919,569 Romania (The State of) Treasury Bills Total Return Linked Nts., 7.90%, 2/11/08 [ROL] 18,851,000,000 670,816 - ------------------------------------------------------------------------------------------------------------------------- Swiss Re Capital Markets Corp./Oak Capital Ltd. Catastrophe Linked Nts., 7.76%, 6/15/07 1,2 250,000 258,233 - ------------------------------------------------------------------------------------------------------------------------- Swiss Re Capital Markets Corp./Pioneer 2002 Ltd. Sec. Catastrophe Linked Nts.: Series 2002, Cl. A-A, 9.01%, 6/15/06 2,7 250,000 253,638 Series 2002-1, Cl. E-A, 7.26%, 6/15/06 2 750,000 757,281 Series 2003-II, Cl. A, 9.01%, 6/15/06 2,7 500,000 507,180 Series 2003-II, Cl. B, 8.01%, 6/15/06 2,7 500,000 511,486 Series 2003-II, Cl. C, 8.76%, 6/15/06 2,7 500,000 506,988 - ------------------------------------------------------------------------------------------------------------------------- Swiss Re Capital Markets Corp./Redwood Capital V Catastrophe Linked Nts., 6.71%, 1/9/07 1,2 750,000 751,575 - ------------------------------------------------------------------------------------------------------------------------- UBS AG: Israel (State of) Credit Linked Nts., 7.50%, 4/5/14 [ILS] 4,792,700 1,197,432 OAO Gazprom III Credit Nts., 5.928%, 7/5/06 1,980,000 2,052,628 -------------- Total Structured Notes (Cost $90,153,634) 91,423,489 DATE STRIKE CONTRACTS - ------------------------------------------------------------------------------------------------------------------------- OPTIONS PURCHASED--0.0% - ------------------------------------------------------------------------------------------------------------------------- Mexican Nuevo Peso Put 1,4 (Cost $3,554) 4/07/05 11.19MXN 9,700,000 3,434 PRINCIPAL AMOUNT - ------------------------------------------------------------------------------------------------------------------------- JOINT REPURCHASE AGREEMENTS--15.2% 15 - ------------------------------------------------------------------------------------------------------------------------- Undivided interest of 16.43% 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 $137,738,521 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 $137,728,000) $ 137,728,000 137,728,000
32 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2005/Unaudited - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ------------------------------------------------------------------------------------------------------------------------- Total Investments, at Value (Excluding Investments Purchased with Cash $ 974,125,321 Collateral from Securities Loaned) (Cost $960,284,770) - ------------------------------------------------------------------------------------------------------------------------- INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITIES LOANED--0.8% - ------------------------------------------------------------------------------------------------------------------------- ASSET-BACKED FLOATING NOTE--0.1% Whitehawk CDO Funding Corp., 3.08%, 6/15/05 16 $ 1,000,000 1,000,000 - ------------------------------------------------------------------------------------------------------------------------- REPURCHASE AGREEMENTS--0.7% Undivided interest of 1.32% 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 $6,576,552 on 4/1/05, collateralized by AA Asset-Backed Securities, 0.0%-7.76%, 6/15/09-1/25/45, with a value of $525,002,014 16 6,576,013 6,576,013 -------------- Total Investments Purchased with Cash Collateral from Securities Loaned (Cost $7,576,013) 7,576,013 - ------------------------------------------------------------------------------------------------------------------------- TOTAL INVESTMENTS, AT VALUE (COST $967,860,783) 108.6% 981,701,334 - ------------------------------------------------------------------------------------------------------------------------- LIABILITIES IN EXCESS OF OTHER ASSETS (8.6) (69,925,836) ------------------------------- NET ASSETS 100.0% $ 911,775,498 ===============================
FOOTNOTES TO STATEMENT OF INVESTMENTS Principal amount is reported in U.S. Dollars, except for those denoted in the following currencies: ARP Argentine Peso AUD Australian Dollar BRR Brazilian Real BWP Botswana Pula CAD Canadian Dollar COP Colombian Peso DEM German Mark DOP Dominican Republic Peso EGP Egyptian Pounds EUR Euro FRF French Franc GBP British Pound Sterling ILS Israeli Shekel JPY Japanese Yen MXN Mexican Nuevo Peso NGN Nigeria Naira NOK Norwegian Krone NZD New Zealand Dollar PEN Peruvian New Sol PHP Philippines Peso PLZ Polish Zloty ROL Romanian Leu RUR Russian Ruble SEK Swedish Krona TRY New Turkish Lira UAH Ukraine Hryvnia ZAR South African Rand 1. Illiquid or restricted and currency security. The aggregate value of illiquid or restricted and currency securities as of March 31, 2005 was $29,337,810, which represents 3.22% of the Fund's net assets, of which $145 is considered restricted. In addition, the Fund held restricted currency with a value of $884,410, which represents 0.10% of the Fund's net assets. See accompanying Notes to Quarterly Statement of Investments. 2. Represents the current interest rate for a variable or increasing rate security. 3. Issue is in default. See accompanying Notes to Quarterly Statement of Investments. 4. Non-income producing security. 33 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2005/Unaudited - -------------------------------------------------------------------------------- 5. When-issued security or forward commitment to be delivered and settled after March 31, 2005. See accompanying Notes to Quarterly Statement of Investments. 6. 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 $3,845,414 or 0.42% of the Fund's net assets as of March 31, 2005. 7. 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 $82,604,293 or 9.06% of the Fund's net assets as of March 31, 2005. 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 $1,932,261. See accompanying Notes to Quarterly Statement of Investments. 10. A sufficient amount of securities has been designated to cover outstanding foreign currency contracts. See accompanying Notes to Quarterly Statement of Investments. 11. Denotes a step bond: a zero coupon bond that converts to a fixed or variable interest rate at a designated future date. 12. Interest or dividend is paid-in-kind. 13. Received as the result of issuer reorganization. 14. Interest rate represents a weighted average rate comprised of the interest rates of the underlying securities. 15. The Fund may have elements of risk due to concentrated investments. Such concentrations may subject the Fund to additional risks. 16. 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 $ 968,215,226 ============= Gross unrealized appreciation $ 30,334,914 Gross unrealized depreciation (16,848,806) ------------- Net unrealized appreciation $ 13,486,108 ============= 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 34 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2005/Unaudited - -------------------------------------------------------------------------------- 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 10.1% of the Fund's net assets and resulted in unrealized cumulative gains of $1,269,855. 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 $85,896,187 of securities on a when-issued basis or forward commitment and sold $16,873,311 of securities issued on a when-issued basis or forward commitment. In connection with its ability to purchase or sell securities on a when-issued basis, the Fund may enter into forward roll transactions with respect to mortgage-related securities. Forward roll transactions require the sale of securities for delivery in the current month, and a simultaneous agreement with the same counterparty to repurchase similar (same type, coupon and maturity) but not identical securities on a specified future date. The Fund records the incremental difference between the forward purchase and sale of each forward roll as realized gain (loss) on investments or as fee income in the case of such transactions that have an associated fee in lieu of a difference in the forward purchase and sale price. Risks of entering into forward roll transactions include the potential inability of the counterparty to meet the terms of the agreement; the potential of the Fund to receive inferior securities at redelivery as compared to the securities sold to the counterparty; counterparty credit risk; and the potential pay down speed variance between the mortgage related pools. 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 $4,822,823, representing 0.53% 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 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 35 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2005/Unaudited - -------------------------------------------------------------------------------- pledged as collateral for repurchase agreements are held by a custodian bank until the agreements mature. Each agreement requires that the market value of the collateral be sufficient to cover payments of interest and principal. In the event of default by the other party to the agreement, retention of the collateral may be subject to legal proceedings. FOREIGN CURRENCY CONTRACTS. A foreign currency contract is a commitment to purchase or sell a foreign currency at a future date, at a negotiated rate. The Fund may enter into foreign currency contracts to settle specific purchases or sales of securities denominated in a foreign currency and for protection from adverse exchange rate fluctuation. Risks to the Fund include the potential inability of the counterparty to meet the terms of the contract. The net U.S. dollar value of foreign currency underlying all contractual commitments held by the Fund and the resulting unrealized appreciation or depreciation are determined using prevailing foreign currency exchange rates. Unrealized appreciation and depreciation on foreign currency contracts are reported in the Statement of Assets and Liabilities as a receivable or payable and in the Statement of Operations with the change in unrealized appreciation or depreciation. The Fund may realize a gain or loss upon the closing or settlement of the foreign transaction. Contracts closed or settled with the same broker are recorded as net realized gains or losses. Such realized gains and losses are reported with all other foreign currency gains and losses in the Statement of Operations. As of March 31, 2005, the Fund had outstanding foreign currency contracts as follows:
CONTRACT EXPIRATION AMOUNT VALUATION AS OF UNREALIZED UNREALIZED CONTRACT DESCRIPTION DATES (000S) MARCH 31, 2005 APPRECIATION DEPRECIATION - --------------------------------------------------------------------------------------------------------------------------------- CONTRACTS TO PURCHASE Argentine Peso (ARP) 2/2/06 3,375ARP $ 1,107,374 $ -- $ 13,888 Australian Dollar (AUD) 4/26/05 3,820AUD 2,943,983 -- 7,635 Brazilian Real (BRR) 4/4/05 - 3/7/06 20,073BRR 6,940,600 481,360 4,907 British Pound Sterling (GBP) 7/6/05 370GBP 695,889 7,356 -- Chilian Peso (CLP) 4/28/05 - 4/29/05 3,063,070CLP 5,226,231 6,444 -- Czech Koruna (CZK) 4/22/05 31,700CZK 1,368,551 103,562 -- Dominican Republic Peso (DOP) 4/15/05 14,818DOP 558,125 36,357 -- Hungary Forints (HUF) 4/11/05 217,610HUF 1,138,350 -- 5,822 Indian Rupee (INR) 11/09/05 - 12/20/05 43,280INR 979,911 21,052 1,465 Japanese Yen (JPY) 5/16/05 - 7/5/05 6,439JPY 60,377,498 6,937 1,022,806 New Zealand Dollar (NZD) 4/26/05 4,130NZD 2,930,184 -- 8,064 Norwegian Krone (NOK) 4/21/05 18,640NOK 2,942,967 -- 9,390 Polish Zloty (PLZ) 4/25/05 - 9/21/05 14,480PLZ 4,549,983 -- 115,362 Russian Ruble (RUR) 10/27/05 28,475RUR 1,017,304 41,799 -- Slovakia Koruna (SKK) 6/21/05 24,050SKK 806,617 -- 37,687 South African Rand (ZAR) 4/11/05 5,670ZAR 906,378 -- 9,128 South Korean Won (KRW) 6/28/05 - 6/29/05 4,328,000KRW 4,253,413 11,007 4,890
36 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2005/Unaudited - -------------------------------------------------------------------------------- Swiss Franc (CHF) 4/25/05 3,670CHF 3,072,031 -- 22,874 Thailand Baht (THB) 8/31/05 42,800THB 1,095,176 -- 19,989 ------------------------------- 715,874 1,283,907 ------------------------------- CONTRACTS TO SELL Australian Dollar (AUD) 6/3/05 8,400AUD 8,454,175 100,135 -- British Pound Sterling (GBP) 4/26/05 - 6/8/05 11,405GBP 21,506,381 -- 331,576 Canadian Dollar (CAD) 8/1/05 355CAD 294,108 -- 6,659 Euro (EUR) 90,125EUR 117,041,004 1,039,428 229,200 Japanese Yen (JPY) 4/21/05 - 6/29/05 1,173,000JPY 10,977,334 239,533 -- Swiss Franc (CHF) 4/21/05 3,490CHF 2,920,675 707 -- Turkish Lira (TRY) 6/21/05 -2/8/06 12,897TRY 9,023,841 -- 169,915 ------------------------------- 1,379,803 737,350 ------------------------------- Total unrealized appreciation and depreciation $ 2,095,677 $ 2,021,257 ===============================
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:
UNREALIZED EXPIRATION NUMBER OF VALUATION AS OF APPRECIATION CONTRACT DESCRIPTION DATES CONTRACTS MARCH 31, 2005 (DEPRECIATION) - -------------------------------------------------------------------------------------------- CONTRACTS TO PURCHASE NASDAQ 100 Index 6/17/05 100 $ 2,982,000 $ 25,969
37 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2005/Unaudited - -------------------------------------------------------------------------------- Nikkei 225 Index 6/9/05 5 290,000 (5,126) U.S. Long Bonds 6/21/05 295 32,855,625 (116,226) U.S. Treasury Nts., 10 yr. 6/21/05 206 22,508,719 84,230 United Kingdom Long Gilt 6/28/05 2 415,934 3,793 ------------ (7,360) ------------ CONTRACTS TO SELL CAC-40 10 Index 6/17/05 22 1,140,311 2,175 DAX Index 6/17/05 22 3,110,295 1,505 Euro-Bundesobligation, 10 yr. 6/8/05 15 2,306,301 (27,808) FTSE 100 Index 6/17/05 28 2,599,354 38,886 Japan (Government of) Bonds, 10 yr. 6/9/05 6 7,800,616 (101,278) Japan (Government of) Bonds, 10 yr. 6/8/05 18 2,340,017 (10,549) Nikkei 225 Index 6/9/05 17 1,845,379 42,615 Standard & Poor's 500 Index 6/16/05 40 11,839,000 289,350 U.S. Treasury Nts., 10 yr. 6/21/05 82 8,959,781 29,807 U.S. Treasury Nts., 2 yr. 6/30/05 360 74,480,625 177,564 U.S. Treasury Nts., 5 yr. 6/21/05 155 16,599,531 100,016 ------------ 542,283 ------------ $ 534,923 ============
OPTION ACTIVITY The Fund may buy and sell put and call options, or write put and covered call options on portfolio securities in order to produce incremental earnings or protect against changes in the value of portfolio securities. The Fund generally purchases put options or writes covered call options to hedge against adverse movements in the value of portfolio holdings. When an option is written, the Fund receives a premium and becomes obligated to sell or purchase the underlying security at a fixed price, upon exercise of the option. Options are valued daily based upon the last sale price on the principal exchange on which the option is traded and unrealized appreciation or depreciation is recorded. The Fund will realize a gain or loss upon the expiration or closing of the option transaction. When an option is exercised, the proceeds on sales for a written call option, the purchase cost for a written put option, or the cost of the security for a purchased put or call option is adjusted by the amount of premium received or paid. Securities designated to cover outstanding call options are noted in the Statement of Investments where applicable. Contracts subject to call, expiration date, exercise price, premium received and market value are detailed in a note to the Statement of Investments. Options written are reported as a liability in the Statement of Assets and Liabilities. Realized gains and losses are reported in the Statement of Operations. The risk in writing a call option is that the Fund gives up the opportunity for profit if the market price of the security increases and the option is exercised. The risk in writing a put option is that the Fund may incur a loss if the market price of the security decreases and the option is exercised. The risk in buying an option is that the Fund pays a premium whether or not the option is exercised. The Fund also has the additional risk of not being able to enter into a closing transaction if a liquid secondary market does not exist. Written option activity for the period ended March 31, 2005 was as follows: 38 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2005/Unaudited - --------------------------------------------------------------------------------
CALL OPTIONS PUT OPTIONS ------------------------- ------------------------ PRINCIPAL/ PRINCIPAL/ NUMBER OF AMOUNT OF NUMBER OF AMOUNT OF CONTRACTS PREMIUMS CONTRACTS PREMIUMS - --------------------------------------------------------------------------------------- Options outstanding as of December 31, 2004 945 $ 2,661 2,325,000 $ 5,357 Options written 1,190 935 -- -- Options closed or expired (2,135) (3,595) (2,325,000) (5,357) ----------------------------------------------------- Options outstanding as of March 31, 2005 -- $ -- -- $ -- =====================================================
CREDIT SWAP CONTRACTS. The Fund may enter into a credit 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 a notional principal amount. 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. Credit swaps are subject to credit risks (if the counterparty fails to meet its obligations). The Fund pays an annual interest fee on the notional amount in exchange for the counterparty paying in a potential credit event. During the period ended March 31, 2005, the Fund entered into transactions to hedge credit risk. Information regarding the credit swaps is as follows:
UNREALIZED EXPIRATION NOTIONAL APPRECIATION CONTRACT DESCRIPTION DATES AMOUNT (DEPRECIATION) - ------------------------------------------------------------------------------- Deutsche Bank AG: Peru (Republic of) Credit Nts. 2/20/15 $ 820,000 $ 13,597 United Mexican States Credit Bonds 9/20/13 1,235,000 (50,112) - ------------------------------------------------------------------------------- JPMorgan Chase Bank: Jordan (Kingdom of) Credit Nts. 6/6/06 250,000 (2,184) Russian Federation Credit Bonds 10/9/13 730,000 (33,729) - ------------------------------------------------------------------------------- Lehman Brothers Special Financing, Inc.: Brazil (Federal Republic of) Credit Bonds 8/20/09 3,000,000 (268,662) General Motors Corp. Credit Bonds 6/20/10 1,300,000 (7,352) General Motors Corp. Credit Bonds 6/20/06 1,300,000 (18,392) Turkey (Republic of) Credit Bonds 11/11/09 580,000 (12,656) Turkey (Republic of) Credit Bonds 11/11/06 1,270,000 15,704 - ------------------------------------------------------------------------------ Morgan Stanley Capital Services, Inc.:
39 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2005/Unaudited - -------------------------------------------------------------------------------- Brazil (Federal Republic of) Credit Bonds 8/20/09 1,220,000 (108,923) Brazil (Federal Republic of) Credit Bonds 8/20/09 1,220,000 (106,610) Hungary (Republic of) Credit Bonds 12/2/13 1,880,000 (47,186) Turkey (Republic of) Credit Bonds 2/20/15 1,560,000 46,780 - --------------------------------------------------------------------------------- UBS AG: Brazil (Federal Republic of) Credit Bonds 10/20/09 900,000 (27,768) Brazil (Federal Republic of) Credit Bonds 4/20/10 3,055,000 (80,351) Russian Federation Credit Bonds 11/4/14 1,530,000 (49,599) -------------- $ (737,443) ==============
INTEREST RATE SWAP CONTRACTS. The Fund may enter into an interest rate swap transaction to maintain a total return or yield spread on a particular investment, or portion of its portfolio, or for other non-speculative purposes. Interest rate swaps involve the exchange of commitments to pay or receive interest, e.g., an exchange of floating rate payments for fixed rate payments. The coupon payments are based on an agreed upon principal amount and a specified index. 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. Interest rate swaps are subject to credit risk (if the counterparty fails to meet its obligations) and interest rate risk. The Fund could be obligated to pay more under its swap agreements than it receives under them, as a result of interest rate changes. As of March 31, 2005, the Fund had entered into the following interest rate swap agreements:
RATE RATE PAID BY RECEIVED BY UNREALIZED SWAP NOTIONAL THE FUND AT THE FUND AT FLOATING TERMINATION APPRECIATION COUNTERPARTY AMOUNT MAR. 31, 2005 MAR. 31, 2005 RATE INDEX DATES (DEPRECIATION) - --------------------------------------------------------------------------------------------------------------------------------- Citigroup Global Markets Holdings, Inc. 1,407,000,000KRW 3.6300% 4.3400% 3-Month KWCDC 2/17/10 $ 13,762 Citigroup Global Markets Holdings, Inc. 1,260,000PLZ 5.9000 5.5200 6-Month WIBO 3/24/10 699 Citigroup Global Markets Holdings, Inc. 2,016,000PLZ 5.9000 5.5500 6-Month WIBO 3/24/10 1,946 Deutsche Bank AG 1,444,000,000KRW 3.5500 4.3100 KWCDC 3/4/10 10,767 Deutsche Bank AG 1,156,000,000KRW 3.5500 4.2700 KWCDC 3/4/10 6,537
40 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2005/Unaudited - -------------------------------------------------------------------------------- Deutsche Bank AG 11,110,000 4.8160 2.9588 3-Month BBA LIBOR 3/18/15 153,275 Deutsche Bank AG 8,110,000EUR 2.1340 3.8300 3-Month EURIBOR 3/8/15 70,765 Deutsche Bank AG 1,156,000,000KRW 3.5500 4.2700 KWCDC 3/4/10 6,582 Deutsche Bank AG 578,000,000KRW 3.5500 4.2800 KWCDC 3/4/10 3,549 Deutsche Bank AG 3,290,000CAD 3.4750 2.5900 3-Month CDOR 1/28/07 17,464 Deutsche Bank AG 1,444,000,000KRW 3.5500 4.1728 KWCDC 3/4/10 6,371 Deutsche Bank AG 74,350,000INR 4.8800 4.9716 IRS 1/15/09 77,916 Deutsche Bank AG 3,185,000 3.1025 2.9400 3-Month LIBOR flat 3/4/08 117,347 Deutsche Bank AG 55,240,000TWD 2.5900 1.1900 90-Day CPTW 8/19/09 (1,005) Three-Month LIBOR Deutsche Bank AG 10,000,000 2.7944 5.3200 BBA 5/12/14 415,111 Goldman Sachs Capital Markets LP 651,592BRR 18.6900 16.2800 BZDI 1/4/10 (8,055) Goldman Sachs Capital Markets LP 1,682,090BRR 18.2500 17.7200 BZDI 1/2/07 (7,939) Goldman Sachs Capital Markets LP 436,214BRR 18.7000 16.1500 BZDI 1/4/10 (7,310) Goldman Sachs Capital Markets LP 564,716BRR 18.7000 16.2500 BZDI 1/4/10 (6,324) Goldman Sachs Capital Markets LP 9,160,000MXN 9.7200 10.2200 MXN TIIE 1/30/15 (44,399) Goldman Sachs Group, Inc. (The) 11,510,000MXN 9.7200 9.7400 MXN TIIE 1/5/10 (33,541) Goldman Sachs Group, Inc. (The) 4,100,000MXN 9.7900 10.8500 MXN TIIE 3/5/15 (5,704) Goldman Sachs Group, Inc. (The) 7,801,000BRR 18.6300 18.0000 BZDI 1/2/07 (21,494) Goldman Sachs Group, Inc. (The) 1,314,230BRR 18.2500 17.1700 BZDI 1/2/08 (9,438) Goldman Sachs Group, Inc. (The) 1,606,280BRR 18.2500 17.1700 BZDI 1/2/08 (11,535) Goldman Sachs Group, Inc. (The) 23,010,000MXN 9.8200 9.8400 MXN TIIE 12/31/09 (58,957)
41 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2005/Unaudited - -------------------------------------------------------------------------------- Six-Month LIBOR JPMorgan Chase Bank 245,400,000HUF 8.8800 7.0000 flat 7/14/08 26,486 JPMorgan Chase Bank 14,620,000MXN 9.7150 10.8800 28-Day MXN TIIE 11/16/14 (20,492) Three-Month LIBOR JPMorgan Chase Bank 6,625,000 3.0520 2.9700 flat 3/10/08 255,578 JPMorgan Chase Bank 25,000,000 4.2400 2.6925 Three-Month LIBOR 7/23/09 308,827 Three-Month LIBOR JPMorgan Chase Bank 1,820,000 2.7300 4.9400 BBA 4/30/14 27,048 Three-Month LIBOR JPMorgan Chase Bank 50,000,000 2.21 4.0725 BBA 5/6/09 (389,188) Three-Month LIBOR JPMorgan Chase Bank 35,000,000 2.21 4.985 BBA 5/6/14 604,626 Morgan Stanley Capital Three-Month LIBOR Services, Inc. 13,000,000 3.8200 2.7706 flat 11/10/08 216,874 Morgan Stanley Capital Three-Month LIBOR Services, Inc. 22,000,000 2.3200 2.7700 flat 11/10/05 166,546 Morgan Stanley Capital Services, Inc. 1,760,273BRR 18.6800 16.8800 BZDI 1/2/08 (16,037) ------------ $ 1,866,658 ============
Notional amount is reported in U.S. Dollars, except for those denoted in the following currencies.- Index abbreviations and currencies are as follows: BBA Canada Bankers Acceptances Rate BRR Brazilian Real BZDI Commercial Mortgage Backed Securities Markets CAD Canadian Dollar CDOR Bloomberg Taiwan Secondary Commercial Papers CPTW French Franc/Austrian Schilling EUR Euro EURIBOR India Swap Composites HUF Hungary Forints INR Indian Rupee IRS South Korean Won-3 Months KRW South Korean Won KWCDC London-Interbank Offered Rate British Bankers 42 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2005/Unaudited - -------------------------------------------------------------------------------- Association LIBOR Mexican Peso-Interbank Equilibrium Interest Rate LIBOR BBA Mid Market Interest Rate for FRAS and IRS MXN Mexican Nuevo Peso MXN TIIE Mumbai Interbank Forward Offer Rate PLZ Polish Zloty TWD New Taiwan Dollar WIB0 Poland Warsah Interbank Offer Bid Rate SWAPTION TRANSACTIONS. The Fund may enter into a swaption transaction, whereby a contract that grants the holder, in return for payment of the purchase price (the "premium") of the option, the right, but not the obligation, to enter into an interest rate swap at a preset rate within a specified period of time, with the writer of the contract. The writer receives premiums and bears the risk of unfavorable changes in the preset rate on the underlying interest rate swap. Swaption contracts written by the Fund do not give rise to counterparty credit risk as they obligate the Fund, not its counterparty, to perform. Swaptions written are reported as a liability in the Statement of Assets and Liabilities. Written swaption activity for the period ended March 31, 2005 was as follows:
CALL SWAPTIONS PUT SWAPTIONS ---------------------------------- ----------------------------------- NOTIONAL AMOUNT OF NOTIONAL AMOUNT OF AMOUNT PREMIUMS AMOUNT PREMIUMS - ---------------------------------------------------------------------------------------------------------- Swaptions outstanding as of December 31, 2004 6,670,000 $ 66,002 8,240,000 $ 28,460 Swaptions written 19,150,000 112,572 -- -- Swaptions closed or expired (8,790,000) (73,988) (8,240,000) (28,460) -------------------------------------------------------------------------- Swaptions outstanding as of March 31, 2005 17,030,000 $ 104,586 -- $ -- ==========================================================================
As of March 31, 2005, the Fund had entered into the following swaption contracts:
NOTIONAL EXPIRATION EXERCISE PREMIUM SWAPTIONS AMOUNT DATES PRICE/RATE RECEIVED VALUE - ------------------------------------------------------------------------------------------------------------- British Pound Sterling 8,790,000 GBP 6/29/05 5.12GBP $ 78,247 $ (93,021) Deutsche Bank AG 8,240,000 AUD 5/3/05 5.755AUD 26,336 (582) ------------------------ $104,583 $ (93,603) ========================
Notional amount and exercise price are denoted in the following currencies : AUD Australian Dollar GBP British Pound Sterling ILLIQUID OR RESTRICTED SECURITIES AND CURRENCY. 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 and currency is as follows: 43 | OPPENHEIMER STRATEGIC BOND FUND/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS March 31, 2005/Unaudited - --------------------------------------------------------------------------------
UNREALIZED ACQUISITION VALUATION AS OF APPRECIATION SECURITY DATES COST MARCH 31, 2005 (DEPRECIATION) - --------------------------------------------------------------------------------------------- Geotek Communications, Inc., Series B, Escrow Shares 1/4/01 $ 840 $ -- $ (840) Prandium, Inc. 3/19/99-9/25/02 284,000 145 (283,855) CURRENCY Argentine Peso 6/25/04 73,019 74,059 1,040 Russian Ruble 3/11/05 822,747 810,351 (12,396)
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 $24,222,187. Collateral of $24,752,832 was received for the loans, of which $7,576,013 was received in cash and subsequently invested in approved instruments. 44 | OPPENHEIMER STRATEGIC BOND 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 Strategic Bond 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 rq265_15544ex99cert.txt RQ265_15544EX99CERT.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 Strategic Bond 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 Strategic Bond 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-----