-----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, VqPeSGJAp6CrMzulK1m06KrqN6bAjIJbPq4xQG1x5nuzOA9oBljczk9T0QPkhP12 HbfGiSuPJKAkVwgz5lGAgg== 0000935069-05-003259.txt : 20051129 0000935069-05-003259.hdr.sgml : 20051129 20051129171605 ACCESSION NUMBER: 0000935069-05-003259 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20050930 FILED AS OF DATE: 20051129 DATE AS OF CHANGE: 20051129 EFFECTIVENESS DATE: 20051129 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: 051232737 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 rq620_18599nq.txt RQ620_18599NQ 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 VARIABLE ACCOUNT FUNDS (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: SEPTEMBER 30, 2005 ITEM 1. SCHEDULE OF INVESTMENTS. Oppenheimer Aggressive Growth Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - --------------------------------------------------------------------------------
Shares Value - ------------------------------------------------------------------------------------------------------ COMMON STOCKS--97.8% - ------------------------------------------------------------------------------------------------------ CONSUMER DISCRETIONARY--19.3% - ------------------------------------------------------------------------------------------------------ HOTELS, RESTAURANTS & LEISURE--2.4% Cheesecake Factory, Inc. (The) 1 269,100 $ 8,406,684 - ------------------------------------------------------------------------------------------------------ P.F. Chang's China Bistro, Inc. 1 135,600 6,078,948 - ------------------------------------------------------------------------------------------------------ Starbucks Corp. 1 297,600 14,909,760 -------------- 29,395,392 - ------------------------------------------------------------------------------------------------------ HOUSEHOLD DURABLES--1.4% Harman International Industries, Inc. 165,500 16,925,685 - ------------------------------------------------------------------------------------------------------ LEISURE EQUIPMENT & PRODUCTS--1.9% Brunswick Corp. 628,800 23,724,624 - ------------------------------------------------------------------------------------------------------ MEDIA--2.6% Getty Images, Inc. 1 374,800 32,247,792 - ------------------------------------------------------------------------------------------------------ SPECIALTY RETAIL--7.5% Bed Bath & Beyond, Inc. 1 382,000 15,348,760 - ------------------------------------------------------------------------------------------------------ Chico's FAS, Inc. 1 636,000 23,404,800 - ------------------------------------------------------------------------------------------------------ O'Reilly Automotive, Inc. 1 1,015,924 28,628,738 - ------------------------------------------------------------------------------------------------------ Tractor Supply Co. 1 129,600 5,916,240 - ------------------------------------------------------------------------------------------------------ Urban Outfitters, Inc. 1 601,900 17,695,860 -------------- 90,994,398 - ------------------------------------------------------------------------------------------------------ TEXTILES, APPAREL & LUXURY GOODS--3.5% Coach, Inc. 1 804,900 25,241,664 - ------------------------------------------------------------------------------------------------------ Polo Ralph Lauren Corp. 340,600 17,132,180 -------------- 42,373,844 - ------------------------------------------------------------------------------------------------------ CONSUMER STAPLES--2.3% - ------------------------------------------------------------------------------------------------------ FOOD & STAPLES RETAILING--2.3% Whole Foods Market, Inc. 205,100 27,575,695 - ------------------------------------------------------------------------------------------------------ ENERGY--6.4% - ------------------------------------------------------------------------------------------------------ ENERGY EQUIPMENT & SERVICES--2.2% BJ Services Co. 282,200 10,156,378 - ------------------------------------------------------------------------------------------------------ Smith International, Inc. 512,600 17,074,706 -------------- 27,231,084 - ------------------------------------------------------------------------------------------------------ OIL & GAS--4.2% Apache Corp. 310,600 23,363,332 - ------------------------------------------------------------------------------------------------------ Murphy Oil Corp. 191,100 9,530,157 - ------------------------------------------------------------------------------------------------------ XTO Energy, Inc. 392,899 17,806,183 -------------- 50,699,672 - ------------------------------------------------------------------------------------------------------ FINANCIALS--10.2% - ------------------------------------------------------------------------------------------------------ COMMERCIAL BANKS--1.8% Commerce Bancorp, Inc. 736,000 22,587,840 - ------------------------------------------------------------------------------------------------------ DIVERSIFIED FINANCIAL SERVICES--6.9% Chicago Mercantile Exchange (The) 94,700 31,942,310 - ------------------------------------------------------------------------------------------------------ Investors Financial Services Corp. 364,400 11,988,760 - ------------------------------------------------------------------------------------------------------ Legg Mason, Inc. 369,500 40,530,455 -------------- 84,461,525 - ------------------------------------------------------------------------------------------------------ INSURANCE--1.5% Brown & Brown, Inc. 357,700 17,774,113
1 Oppenheimer Aggressive Growth Fund/VA Oppenheimer Aggressive Growth Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - --------------------------------------------------------------------------------
Shares Value - ------------------------------------------------------------------------------------------------------ HEALTH CARE--17.7% - ------------------------------------------------------------------------------------------------------ BIOTECHNOLOGY--1.7% Gilead Sciences, Inc. 1 422,700 $ 20,610,852 - ------------------------------------------------------------------------------------------------------ HEALTH CARE EQUIPMENT & SUPPLIES--8.3% Bard (C.R.), Inc. 464,200 30,651,126 - ------------------------------------------------------------------------------------------------------ Cooper Cos., Inc. (The) 312,100 23,909,981 - ------------------------------------------------------------------------------------------------------ Gen-Probe, Inc. 1 348,800 17,248,160 - ------------------------------------------------------------------------------------------------------ ResMed, Inc. 1 107,800 8,586,270 - ------------------------------------------------------------------------------------------------------ Varian Medical Systems, Inc. 1 509,800 20,142,198 -------------- 100,537,735 - ------------------------------------------------------------------------------------------------------ HEALTH CARE PROVIDERS & SERVICES--7.7% Coventry Health Care, Inc. 1 466,050 40,089,621 - ------------------------------------------------------------------------------------------------------ Health Management Associates, Inc., Cl. A 1,291,000 30,299,770 - ------------------------------------------------------------------------------------------------------ Patterson Cos., Inc. 1 596,300 23,869,889 -------------- 94,259,280 - ------------------------------------------------------------------------------------------------------ INDUSTRIALS--17.3% - ------------------------------------------------------------------------------------------------------ AEROSPACE & DEFENSE--3.2% L-3 Communications Holdings, Inc. 243,200 19,229,824 - ------------------------------------------------------------------------------------------------------ Rockwell Collins, Inc. 418,500 20,221,920 -------------- 39,451,744 - ------------------------------------------------------------------------------------------------------ AIR FREIGHT & LOGISTICS--2.7% Expeditors International of Washington, Inc. 573,100 32,540,618 - ------------------------------------------------------------------------------------------------------ COMMERCIAL SERVICES & SUPPLIES--3.5% Corporate Executive Board Co. 299,100 23,323,818 - ------------------------------------------------------------------------------------------------------ Stericycle, Inc. 1 349,100 19,951,065 -------------- 43,274,883 - ------------------------------------------------------------------------------------------------------ MACHINERY--3.5% Donaldson Co., Inc. 535,100 16,336,603 - ------------------------------------------------------------------------------------------------------ Oshkosh Truck Corp. 598,000 25,809,680 -------------- 42,146,283 - ------------------------------------------------------------------------------------------------------ ROAD & RAIL--1.9% C.H. Robinson Worldwide, Inc. 356,200 22,839,544 - ------------------------------------------------------------------------------------------------------ TRADING COMPANIES & DISTRIBUTORS--2.5% Fastenal Co. 503,800 30,777,142 - ------------------------------------------------------------------------------------------------------ INFORMATION TECHNOLOGY--24.6% - ------------------------------------------------------------------------------------------------------ COMMUNICATIONS EQUIPMENT--2.5% Comverse Technology, Inc. 1 1,152,200 30,268,294 - ------------------------------------------------------------------------------------------------------ ELECTRONIC EQUIPMENT & INSTRUMENTS--1.4% CDW Corp. 290,200 17,098,584 - ------------------------------------------------------------------------------------------------------ IT SERVICES--9.4% Alliance Data Systems Corp. 1 523,800 20,506,770 - ------------------------------------------------------------------------------------------------------ Cognizant Technology Solutions Corp. 1 507,800 23,658,402 - ------------------------------------------------------------------------------------------------------ Fiserv, Inc. 1 617,900 28,343,073 - ------------------------------------------------------------------------------------------------------ Global Payments, Inc. 239,100 18,582,852 - ------------------------------------------------------------------------------------------------------ NAVTEQ Corp. 1 209,300 10,454,535 - ------------------------------------------------------------------------------------------------------ SRA International, Inc., Cl. A 1 357,300 12,677,004 -------------- 114,222,636
2 Oppenheimer Aggressive Growth Fund/VA Oppenheimer Aggressive Growth Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - --------------------------------------------------------------------------------
Shares Value - ------------------------------------------------------------------------------------------------------ SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT--3.3% Linear Technology Corp. 665,700 $ 25,023,663 - ------------------------------------------------------------------------------------------------------ Microchip Technology, Inc. 518,900 15,629,268 -------------- 40,652,931 - ------------------------------------------------------------------------------------------------------ SOFTWARE--8.0% Activision, Inc. 1 747,000 15,276,150 - ------------------------------------------------------------------------------------------------------ Adobe Systems, Inc. 710,600 21,211,410 - ------------------------------------------------------------------------------------------------------ Amdocs Ltd. 1 697,200 19,333,356 - ------------------------------------------------------------------------------------------------------ Autodesk, Inc. 453,200 21,046,608 - ------------------------------------------------------------------------------------------------------ Electronic Arts, Inc. 1 226,500 12,885,585 - ------------------------------------------------------------------------------------------------------ FactSet Research Systems, Inc. 201,750 7,109,670 -------------- 96,862,779 -------------- Total Common Stocks (Cost $875,336,514) 1,191,534,969 - ------------------------------------------------------------------------------------------------------ PREFERRED STOCKS--0.0% - ------------------------------------------------------------------------------------------------------ Blaze Network Products, Inc., 8% Cv., Series D 1,2,3 1,147,862 2,586 - ------------------------------------------------------------------------------------------------------ BroadBand Office, Inc., Cv., Series C 1,2,3 211,641 -- - ------------------------------------------------------------------------------------------------------ Centerpoint Broadband Technologies, Inc.: Cv., Series D 1,2,3 1,298,701 -- Cv., Series Z 1,2,3 262,439 -- - ------------------------------------------------------------------------------------------------------ MicroPhotonix Integration Corp., Cv., Series C 1,2,3 633,383 -- - ------------------------------------------------------------------------------------------------------ Multiplex, Inc., Cv., Series C 1,2,3 2,330,253 40,080 - ------------------------------------------------------------------------------------------------------ Questia Media, Inc., Cv., Series B 1,2,3 2,329,735 61,715 -------------- Total Preferred Stocks (Cost $62,496,986) 104,381 - ------------------------------------------------------------------------------------------------------ Total Investments, at Value (Cost $937,833,500) 97.8% 1,191,639,350 - ------------------------------------------------------------------------------------------------------ Other Assets Net of Liabilities 2.2 26,205,376 ---------------------------- Net Assets 100.0% $1,217,844,726 ============================
Footnotes to Statement of Investments 1. Non-income producing security. 3 Oppenheimer Aggressive Growth Fund/VA Oppenheimer Aggressive Growth Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - -------------------------------------------------------------------------------- 2. Illiquid or restricted security. The aggregate value of illiquid or restricted securities as of September 30, 2005 was $104,381, which represents 0.01% of the Fund's net assets, all of which is considered restricted. See accompanying Notes to Quarterly Statement of Investments. 3. Affiliated company. Represents ownership of at least 5% of the voting securities of the issuer, and is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended September 30, 2005. The aggregate fair value of securities of affiliated companies held by the Fund as of September 30, 2005 amounts to $104,381. Transactions during the period in which the issuer was an affiliate are as follows:
SHARES GROSS GROSS SHARES DECEMBER 31, 2004 ADDITIONS REDUCTIONS SEPTEMBER 30, 2005 - ------------------------------------------------------------------------------------------------------------------------------------ Blaze Network Products, Inc., 8% Cv., Series D 1,147,862 -- -- 1,147,862 BroadBand Office, Inc., Cv., Series C 211,641 -- -- 211,641 Centerpoint Broadband Technologies, Inc., Cv., Series D 1,298,701 -- -- 1,298,701 Centerpoint Broadband Technologies, Inc., Cv., Series Z 262,439 -- -- 262,439 MicroPhotonix Integration Corp., Cv., Series C 633,383 -- -- 633,383 Multiplex, Inc., Cv., Series C 2,330,253 -- -- 2,330,253 Questia Media, Inc., Cv., Series B 2,329,735 -- -- 2,329,735
DIVIDEND VALUE INCOME - ------------------------------------------------------------------------------------- Blaze Network Products, Inc., 8% Cv., Series D $ 2,586 $ -- BroadBand Office, Inc., Cv., Series C -- -- Centerpoint Broadband Technologies, Inc., Cv., Series D -- -- Centerpoint Broadband Technologies, Inc., Cv., Series Z -- -- MicroPhotonix Integration Corp., Cv., Series C -- -- Multiplex, Inc., Cv., Series C 40,080 -- Questia Media, Inc., Cv., Series B 61,715 -- ----------------------- $104,381 $ -- =======================
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 September 30, 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 $ 937,902,055 =============== Gross unrealized appreciation $ 320,753,546 Gross unrealized (depreciation) (67,016,251) --------------- Net unrealized appreciation $ 253,737,295 =============== 4 Oppenheimer Aggressive Growth Fund/VA Oppenheimer Aggressive Growth Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - -------------------------------------------------------------------------------- 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 may be valued primarily using dealer-supplied valuations or a portfolio pricing service authorized by the Board of Trustees. Securities listed or traded on National Stock Exchanges or other domestic 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. Securities traded on foreign exchanges are valued based on the last sale price on the principal exchange on which the security is traded, in the country that is identified by the portfolio pricing service, prior to the time when the Fund's assets are valued. In the absence of a sale, the security is valued at the official closing price on the principal exchange. 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. Futures contracts traded on a commodities or futures exchange will be valued at the final settlement price or official closing price on the principal exchange as reported by such principal exchange at its trading session ending at, or most recently prior to, the time when the Fund's assets are valued. 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). ILLIQUID OR RESTRICTED SECURITIES As of September 30, 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. Securities that are illiquid or restricted are marked with the applicable footnote on the Statement of Investments. Information concerning restricted securities is as follows:
ACQUISITION VALUATION AS OF UNREALIZED SECURITY DATES COST SEPTEMBER 30, 2005 DEPRECIATION - ----------------------------------------------------------------------------------------------------------------------------------- Blaze Network Products, Inc., 8% Cv., Series D 10/17/00 $ 7,346,317 $ 2,586 $ 7,343,731 BroadBand Office, Inc., Cv., Series C 8/28/00 4,000,015 -- 4,000,015 Centerpoint Broadband Technologies, Inc., Cv., Series D 10/23/00 13,999,997 -- 13,999,997 Centerpoint Broadband Technologies, Inc., Cv., Series Z 5/26/00 6,999,992 -- 6,999,992 MicroPhotonix Integration Corp., Cv., Series C 7/6/00 4,000,004 -- 4,000,004 Multiplex, Inc., Cv., Series C 2/9/01 17,150,662 40,080 17,110,582 Questia Media, Inc., Cv., Series B 8/18/00 8,999,999 61,715 8,938,284 ------------------------------------------------------ $62,496,986 $104,381 $62,392,605 ======================================================
5 Oppenheimer Aggressive Growth Fund/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ------------------------------------------------------------------------------------------------------- ASSET-BACKED SECURITIES--10.1% - ------------------------------------------------------------------------------------------------------- Aesop Funding II LLC, Automobile Asset-Backed Certificates, Series 2005-1A, Cl. A2, 3.856%, 4/20/08 1 $ 640,000 $ 640,466 - ------------------------------------------------------------------------------------------------------- Capital Auto Receivables Asset Trust, Automobile Mtg.-Backed Nts., Series 2004-2, Cl. A3, 3.58%, 1/15/09 2,250,000 2,210,524 - ------------------------------------------------------------------------------------------------------- Centex Home Equity Co. LLC, Home Equity Loan Asset-Backed Certificates: Series 2004-D, Cl. AF1, 2.98%, 4/25/20 476,986 474,419 Series 2005-B, Cl. AF1, 4.02%, 3/26/35 537,960 535,159 Series 2005-C, Cl. AF1, 4.196%, 6/25/35 1,549,143 1,544,347 - ------------------------------------------------------------------------------------------------------- Chase Funding Mortgage Loan Asset-Backed Certificates, Home Equity Mtg. Obligations: Series 2003-5, Cl. 1A2, 2.451%, 11/25/18 113,012 112,747 Series 2004-1, Cl. 1A2, 2.427%, 6/25/19 698,686 696,660 - ------------------------------------------------------------------------------------------------------- Chase Manhattan Auto Owner Trust, Automobile Loan Pass-Through Certificates: Series 2002-A, Cl. A4, 4.24%, 9/15/08 300,606 300,856 Series 2005-A, Cl. A2, 3.72%, 12/15/07 2,070,000 2,061,703 - ------------------------------------------------------------------------------------------------------- CIT Equipment Collateral, Equipment Receivable-Backed Nts., Series 2004-DFS, Cl. A2, 2.66%, 11/20/06 1,607,468 1,601,088 - ------------------------------------------------------------------------------------------------------- Citibank Credit Card Issuance Trust, Credit Card Receivable Nts.: Series 2001-A6, Cl. A6, 5.65%, 6/16/08 2,040,000 2,058,036 Series 2003-C4, Cl. C4, 5%, 6/10/15 310,000 307,140 - ------------------------------------------------------------------------------------------------------- Citigroup Mortgage Loan Trust, Inc., Collateralized Mtg. Obligations, Series 2005-WF2, Cl. AF2, 4.922%, 8/25/35 1 3,081,000 3,082,926 - ------------------------------------------------------------------------------------------------------- Countrywide Asset-Backed Certificates, Inc., Home Equity Asset-Backed Certificates: Series 2002-4, Cl. A1, 4.20%, 2/25/33 1 35,747 36,075 Series 2005-7, Cl. AF1B, 4.317%, 11/25/35 1,673,062 1,667,059 - ------------------------------------------------------------------------------------------------------- DaimlerChrysler Auto Trust, Automobile Loan Pass-Through Certificates: Series 2004-B, Cl. A2, 2.48%, 2/8/07 199,170 198,991 Series 2004-C, Cl. A2, 2.62%, 6/8/07 1,947,885 1,941,332 - ------------------------------------------------------------------------------------------------------- Equity One ABS, Inc., Home Equity Mtg. Pass-Through Certificates, Series 2004-3, Cl. AF2, 3.80%, 7/25/34 410,000 408,141 - ------------------------------------------------------------------------------------------------------- Ford Credit Auto Owner Trust, Automobile Loan Pass-Through Certificates: Series 2004-A, Cl. A2, 2.13%, 10/15/06 246,485 246,150 Series 2005-A, Cl. A3, 3.48%, 11/17/08 1,630,000 1,612,150 Series 2005-B, Cl. A2, 3.77%, 9/15/07 1,999,708 1,997,094 - ------------------------------------------------------------------------------------------------------- Harley-Davidson Motorcycle Trust, Motorcycle Receivable Nts., Series 2003-3, Cl. A1, 1.50%, 1/15/08 460,968 460,441 - ------------------------------------------------------------------------------------------------------- Honda Auto Receivables Owner Trust, Automobile Receivable Obligations: Series 2005-1, Cl. A2, 3.21%, 5/21/07 1,017,990 1,015,180 Series 2005-3, Cl. A2, 3.73%, 10/18/07 1,930,000 1,921,260 - ------------------------------------------------------------------------------------------------------- Lehman XS Trust, Home Equity Obligations, Series 2005-4, Cl. 2A1B, 5.17%, 10/25/35 1,670,000 1,677,306 - ------------------------------------------------------------------------------------------------------- Litigation Settlement Monetized Fee Trust, Asset-Backed Certificates, Series 2001-1A, Cl. A1, 8.33%, 4/25/31 2 3,638,796 3,718,158 - ------------------------------------------------------------------------------------------------------- NC Finance Trust, Collateralized Mtg. Obligations, Series 1999-I, 3,370,016 909,904 Cl. ECFD, 8.75%, 1/25/29 2
1 Oppenheimer Core Bond Fund/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ------------------------------------------------------------------------------------------------------- Nissan Auto Lease Trust, Automobile Lease Obligations, Series 2004-A, Cl. A2, 2.55%, 1/15/07 $ 787,253 $ 785,608 - ------------------------------------------------------------------------------------------------------- Onyx Acceptance Owner Trust, Automobile Receivable Obligations, Series 2005-B, Cl. A2, 4.03%, 4/15/08 1,530,000 1,526,345 - ------------------------------------------------------------------------------------------------------- Popular ABS Mortgage Pass-Through Trust, Home Equity Pass-Through Certificates: Series 2004-5, Cl. A F2, 3.735%, 11/10/34 620,000 611,597 Series 2005-1, Cl. A F2, 3.914%, 5/25/35 450,000 443,647 Series 2005-2, Cl. A F2, 4.415%, 4/25/35 730,000 724,258 - ------------------------------------------------------------------------------------------------------- Residential Asset Mortgage Products, Inc., Home Equity Asset-Backed Pass-Through Certificates, Series 2004-RS7, Cl. AI3, 4.45%, 7/25/28 1,500,000 1,491,939 - ------------------------------------------------------------------------------------------------------- Tobacco Settlement Authority, Asset-Backed Securities, Series 2001-A, 6.79%, 6/1/10 1,850,000 1,890,460 - ------------------------------------------------------------------------------------------------------- USAA Auto Owner Trust, Automobile Loan Asset-Backed Nts.: Series 2004-2, Cl. A2, 2.41%, 2/15/07 704,466 703,486 Series 2004-3, Cl. A2, 2.79%, 6/15/07 1,057,501 1,054,878 - ------------------------------------------------------------------------------------------------------- Volkswagen Auto Lease Trust, Automobile Lease Asset-Backed Securities, Series 2004-A, Cl. A2, 2.47%, 1/22/07 1,316,280 1,312,621 - ------------------------------------------------------------------------------------------------------- Wachovia Auto Owner Trust, Automobile Receivable Nts., Series 2004-B, Cl. A2, 2.40%, 5/21/07 722,621 720,734 - ------------------------------------------------------------------------------------------------------- Wells Fargo Home Equity Trust, Collateralized Mtg. Obligations, Series 2004-2, Cl. AI1B, 2.94%, 9/25/18 1,701,529 1,687,792 - ------------------------------------------------------------------------------------------------------- Whole Auto Loan Trust, Automobile Loan Receivable Certificates, Series 2004-1, Cl. A2A, 2.59%, 5/15/07 1,253,443 1,247,902 -------------- Total Asset-Backed Securities (Cost $50,104,513) 47,636,579 - ------------------------------------------------------------------------------------------------------- MORTGAGE-BACKED OBLIGATIONS--71.4% - ------------------------------------------------------------------------------------------------------- GOVERNMENT AGENCY--57.2% - ------------------------------------------------------------------------------------------------------- FHLMC/FNMA/SPONSORED--57.0% Fannie Mae Whole Loan, Collateralized Mtg. Obligations Pass-Through Certificates, Trust 2004-W9, Cl. 2A2, 7%, 2/25/44 942,158 988,382 - ------------------------------------------------------------------------------------------------------- Federal Home Loan Mortgage Corp.: 4.50%, 5/1/19 6,309,015 6,184,403 6%, 7/1/17-10/1/34 24,147,977 24,631,242 6.50%, 4/1/18-4/1/34 2,145,397 2,214,343 7%, 5/1/29-3/1/35 12,813,086 13,400,627 8%, 4/1/16 1,126,530 1,204,980 9%, 8/1/22-5/1/25 304,311 330,973 - ------------------------------------------------------------------------------------------------------- Federal Home Loan Mortgage Corp., Collateralized Mtg. Obligations, Pass-Through Participation Certificates, Series 151, Cl. F, 9%, 5/15/21 56,589 56,557 - ------------------------------------------------------------------------------------------------------- Federal Home Loan Mortgage Corp., Gtd. Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates: Series 2326, Cl. ZP, 6.50%, 6/15/31 775,873 799,322 Series 2456, Cl. BD, 6%, 3/15/30 466,657 468,432 Series 2500, Cl. FD, 4.268%, 3/15/32 1 582,471 587,124 Series 2526, Cl. FE, 4.168%, 6/15/29 1 827,475 831,860 Series 2551, Cl. FD, 4.168%, 1/15/33 1 644,793 649,828 - ------------------------------------------------------------------------------------------------------- Federal Home Loan Mortgage Corp., Interest-Only Stripped Mtg.-Backed Security: Series 176, Cl. IO, 1.477%, 6/1/26 3 946,909 188,376 Series 183, Cl. IO, (0.83)%, 4/1/27 3 1,435,095 283,102 Series 184, Cl. IO, 4.69%, 12/1/26 3 1,569,346 291,421
2 Oppenheimer Core Bond Fund/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ------------------------------------------------------------------------------------------------------- FHLMC/FNMA/SPONSORED CONTINUED Series 192, Cl. IO, 6.779%, 2/1/28 3 $ 367,553 $ 66,844 Series 200, Cl. IO, 5.511%, 1/1/29 3 438,029 82,911 Series 206, Cl. IO, (16.952)%, 12/1/29 3 994,432 206,457 Series 2130, Cl. SC, 0.236%, 3/15/29 3 1,001,708 80,233 Series 2796, Cl. SD, 6.1%, 7/15/26 3 1,601,885 131,225 Series 2920, Cl. S, 8.859%, 1/15/35 3 6,227,541 349,548 Series 3000, Cl. SE, 29.13%, 7/15/25 3 6,444,319 311,518 - ------------------------------------------------------------------------------------------------------- Federal Home Loan Mortgage Corp., Principal-Only Stripped Mtg.-Backed Security, Series 176, Cl. PO, 6.685%, 6/1/26 4 385,785 329,667 - ------------------------------------------------------------------------------------------------------- Federal National Mortgage Assn.: 4.50%, 10/1/20 5 7,589,000 7,432,477 5%, 6/1/18-7/1/18 5,832,371 5,822,861 5%, 10/1/35-11/1/35 5 33,048,000 32,350,055 5.50%, 3/1/33-1/1/34 17,566,039 17,579,673 5.50%, 10/1/20-10/1/35 5 46,284,000 46,360,775 6%, 7/1/17-11/1/32 15,625,022 16,036,856 6%, 10/1/30 2 2,543,449 2,603,458 6%, 11/1/20-11/1/35 5 13,078,000 13,339,709 6.50%, 3/1/11-11/1/31 3,801,777 3,930,079 6.50%, 10/1/35-11/1/35 5 36,812,000 37,883,045 7%, 11/1/17 2,552,768 2,669,419 7.50%, 1/1/08-1/1/26 69,753 73,546 8%, 5/1/17 13,631 14,589 8.50%, 7/1/32 140,481 152,796 - ------------------------------------------------------------------------------------------------------- Federal National Mortgage Assn., Collateralized Mtg. Obligations, Gtd. Real Estate Mtg. Investment Conduit Pass-Through Certificates: Trust 131, Cl. G, 8.75%, 11/25/05 356 356 Trust 1989-17, Cl. E, 10.40%, 4/25/19 105,105 112,465 Trust 1993-87, Cl. Z, 6.50%, 6/25/23 2,075,922 2,142,657 Trust 1998-58, Cl. PC, 6.50%, 10/25/28 1,736,465 1,796,991 Trust 2001-70, Cl. LR, 6%, 9/25/30 673,257 680,346 Trust 2001-72, Cl. NH, 6%, 4/25/30 453,191 455,697 Trust 2001-74, Cl. PD, 6%, 5/25/30 181,211 182,025 Trust 2002-77, Cl. WF, 4.189%, 12/18/32 1 1,012,517 1,019,168 Trust 2003-10, Cl. HP, 5%, 2/25/18 2,900,000 2,891,241 Trust 2003-28, Cl. KG, 5.50%, 4/25/23 3,964,000 4,072,880 Trust 2004-101, Cl. BG, 5%, 1/25/20 1,908,000 1,907,178 - ------------------------------------------------------------------------------------------------------- Federal National Mortgage Assn., Collateralized Mtg. Obligations, Gtd. Real Estate Mtg. Investment Conduit Pass-Through Certificates, Interest-Only Stripped Mtg.-Backed Security: Trust 2002-47, Cl. NS, 1.931%, 4/25/32 3 1,933,566 184,639 Trust 2002-51, Cl. S, 2.125%, 8/25/32 3 1,775,020 175,051 - ------------------------------------------------------------------------------------------------------- Federal National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security: Trust 222, Cl. 2, 3.37%, 6/1/23 3 2,968,037 586,143 Trust 240, Cl. 2, 4.84%, 9/1/23 3 3,491,359 668,652 Trust 252, Cl. 2, 0.164%, 11/1/23 3 2,345,105 454,699 Trust 254, Cl. 2, 3.873%, 1/1/24 3 1,151,471 227,765 Trust 273, Cl. 2, 4.395%, 7/1/26 3 695,977 134,031 Trust 303, Cl. IO, (11.801)%, 11/1/29 3 418,713 85,516
3 Oppenheimer Core Bond Fund/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ------------------------------------------------------------------------------------------------------- FHLMC/FNMA/SPONSORED CONTINUED Trust 319, Cl. 2, 1.513%, 2/1/32 3 $ 659,522 $ 137,782 Trust 321, Cl. 2, (3.86)%, 3/1/32 3 7,234,742 1,525,905 Trust 329, Cl. 2, 4.985%, 1/1/33 3 2,924,890 623,495 Trust 331, Cl. 9, (13.529)%, 2/1/33 3 1,726,777 345,906 Trust 333, Cl. 2, 5.61%, 3/1/33 3 3,249,885 702,364 Trust 334, Cl. 17, (5.342)%, 2/1/33 3 1,183,491 233,371 Trust 338, Cl. 2, 3.26%, 6/1/33 3 1,057,493 228,665 Trust 346, Cl. 2, 8.72%, 12/1/33 3 4,243,350 906,409 Trust 350, Cl. 2, 6.07%, 2/1/34 3 6,256,506 1,333,559 Trust 2001-65, Cl. S, 18.658%, 11/25/31 3 2,884,625 265,467 Trust 2001-81, Cl. S, 4.542%, 1/25/32 3 757,419 70,532 Trust 2002-52, Cl. SD, (0.801)%, 9/25/32 3 2,187,703 212,616 Trust 2002-77, Cl. SH, 9.375%, 12/18/32 3 915,445 91,559 Trust 2002-84, Cl. SA, 18.674%, 12/25/32 3 2,477,823 230,858 Trust 2003-4, Cl. S, 17.135%, 2/25/33 3 1,666,177 173,566 Trust 2004-54, Cl. DS, 3.602%, 11/25/30 3 1,537,756 105,968 Trust 2005-6, Cl. SE, 11.131%, 2/25/35 3 4,331,134 257,937 Trust 2005-19, Cl. SA, 9.55%, 3/25/35 3 16,247,549 955,991 Trust 2005-40, Cl. SA, 11.533%, 5/25/35 3 3,740,103 221,407 Trust 2005-71, Cl. SA, 22.845%, 8/25/25 3 4,124,284 234,857 - ------------------------------------------------------------------------------------------------------- Federal National Mortgage Assn., Principal-Only Stripped Mtg.-Backed Security, Trust 1993-184, Cl. M, 8.218%, 9/25/23 4 800,335 685,369 -------------- 268,239,796 - ------------------------------------------------------------------------------------------------------- GNMA/GUARANTEED--0.2% Government National Mortgage Assn.: 7%, 1/15/09-5/15/09 36,685 38,005 8.50%, 8/15/17-12/15/17 407,086 441,890 - ------------------------------------------------------------------------------------------------------- Government National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security: Series 2001-21, Cl. SB, 4.769%, 1/16/27 3 1,610,833 125,330 Series 2002-15, Cl. SM, 0.751%, 2/16/32 3 1,903,518 142,754 Series 2004-11, Cl. SM, 0.305%, 1/17/30 3 1,412,948 103,784 -------------- 851,763 - ------------------------------------------------------------------------------------------------------- NON-AGENCY--14.2% - ------------------------------------------------------------------------------------------------------- COMMERCIAL--11.9% Asset Securitization Corp., Commercial Mtg. Pass-Through Certificates, Series 1996-MD6, Cl. A3, 7.692%, 11/13/29 1 1,200,000 1,247,677 - ------------------------------------------------------------------------------------------------------- Asset Securitization Corp., Interest-Only Stripped Mtg.-Backed Security Collateralized Mtg. Obligations, Series 1997-D4, Cl. PS1, 4.451%, 4/14/29 3 40,708,270 1,269,553 - ------------------------------------------------------------------------------------------------------- Banc of America Commercial Mortgage, Inc., Commercial Mtg. Pass-Through Certificates: Series 2005-3, Cl. A2, 4.501%, 7/10/43 2,100,000 2,066,436 Series 2004-6, Cl. A3, 4.512%, 12/10/42 1,720,000 1,682,341 Series 2005-2, Cl. A4, 4.783%, 7/10/43 2,550,000 2,528,977 - ------------------------------------------------------------------------------------------------------- Banc of America Funding Corp., Collateralized Mtg. Obligations Pass-Through Certificates, Series 2004-2, Cl. 2A1, 6.50%, 7/20/32 2,411,311 2,429,393 - -------------------------------------------------------------------------------------------------------
4 Oppenheimer Core Bond Fund/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ------------------------------------------------------------------------------------------------------- COMMERCIAL CONTINUED Banc of America Mortgage Securities, Inc., Collateralized Mtg. Obligations Pass-Through Certificates: Series 2004-E, Cl. 2A9, 3.712%, 6/25/34 $ 521,533 $ 521,530 Series 2005-E, Cl. 2A2, 4.989%, 6/25/35 1 567,399 566,371 Series 2004-8, Cl. 5A1, 6.50%, 5/25/32 1,823,834 1,858,601 - ------------------------------------------------------------------------------------------------------- Bear Stearns Commercial Mortgage Securities, Inc., Commercial Mtg. Obligations, Series 2005-PWR7, Cl. A2, 4.945%, 2/11/41 860,000 859,846 - ------------------------------------------------------------------------------------------------------- Capital Lease Funding Securitization LP, Interest-Only Corporate-Backed Pass-Through Certificates, Series 1997-CTL1, 7.314%, 6/22/24 3 20,632,809 810,589 - ------------------------------------------------------------------------------------------------------- Countrywide Alternative Loan Trust, Collateralized Mtg. Obligations: Series 2004-J9, Cl. 1A1, 4.01%, 10/25/34 1 891,908 892,671 Series 2005-J3, Cl. 3A1, 6.50%, 9/25/34 3,682,234 3,760,059 - ------------------------------------------------------------------------------------------------------- First Chicago/Lennar Trust 1, Commercial Mtg. Pass-Through Certificates, Series 1997-CHL1, Cl. D, 7.67%, 4/29/39 1,6 1,480,000 1,483,700 - ------------------------------------------------------------------------------------------------------- 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 1,426,357 1,480,739 - ------------------------------------------------------------------------------------------------------- GE Capital Commercial Mortgage Corp., Commercial Mtg. Obligations: Series 2005-CA, Cl. A3, 4.578%, 6/10/48 730,000 717,298 Series 2005-C3, Cl. A2, 4.853%, 7/10/45 1,190,000 1,192,368 - ------------------------------------------------------------------------------------------------------- GMAC Commercial Mortgage Securities, Inc., Commercial Mtg. Pass-Through Certificates: Series 1997-C1, Cl. A3, 6.869%, 7/15/29 966,165 995,999 Series 2004-C3, Cl. A4, 4.547%, 12/10/41 1,110,000 1,087,496 - ------------------------------------------------------------------------------------------------------- Greenwich Capital Commercial Funding Corp., Commercial Mtg. Pass-Through Certificates, Series 2005-G G3, Cl. A2, 4.305%, 8/10/42 1,460,000 1,432,114 - ------------------------------------------------------------------------------------------------------- GS Mortgage Securities Corp. II, Commercial Mtg. Pass-Through Certificates, Series 2004-C1, Cl. A1, 3.659%, 10/10/28 1,260,843 1,228,617 - ------------------------------------------------------------------------------------------------------- GSR Mortgage Loan Trust, Collateralized Mtg. Obligations, Series 2004-12, Cl. 3A1, 4.494%, 12/25/34 1 618,029 616,422 - ------------------------------------------------------------------------------------------------------- JPMorgan Chase Commercial Mortgage Securities Corp., Commercial Mtg. Pass-Through Certificates, Series 2005-LDP2, Cl. A2, 4.575%, 7/15/42 510,000 503,953 - ------------------------------------------------------------------------------------------------------- LB-UBS Commercial Mortgage Trust, Commercial Mtg. Pass-Through Certificates, Series 2005-C5, Cl. A2, 4.885%, 9/15/40 1,430,000 1,432,883 - ------------------------------------------------------------------------------------------------------- Lehman Brothers Commercial Conduit Mortgage Trust, Interest-Only Stripped Mtg.-Backed Security, Series 1998-C1, Cl. IO, 6.196%, 2/18/30 3 17,450,582 484,306 - ------------------------------------------------------------------------------------------------------- Lehman Structured Securities Corp., Collateralized Mtg. Obligations, Series 2002-GE1, Cl. A, 2.514%, 7/26/24 2 353,470 305,310 - ------------------------------------------------------------------------------------------------------- Mastr Alternative Loan Trust, Pass-Through Collateralized Mtg. Obligations, Series 2004-6, Cl. 10A1, 6%, 7/25/34 2,664,736 2,696,655 - ------------------------------------------------------------------------------------------------------- Mastr Asset Securitization Trust, Pass-Through Collateralized Mtg. Obligations, Series 2004-9, Cl. A3, 4.70%, 8/25/34 1 2,885,183 2,875,922 - ------------------------------------------------------------------------------------------------------- Mastr Seasoned Securities Trust, Collateralized Mtg. Obligations, Series 2004-2, Cl. A1, 6.50%, 8/25/32 4,094,783 4,148,529 - ------------------------------------------------------------------------------------------------------- Nomura Asset Securities Corp., Commercial Mtg. Pass-Through Certificates, Series 1998-D6, Cl. A1B, 6.59%, 3/15/30 7 1,680,000 1,755,384 - ------------------------------------------------------------------------------------------------------- Residential Accredit Loans, Inc., Mtg. Asset-Backed Pass-Through Certificates, Series 2003-QS1, Cl. A2, 5.75%, 1/25/33 1,484,958 1,491,640 - ------------------------------------------------------------------------------------------------------- Salomon Brothers Mortgage Securities VII, Inc., Interest-Only Commercial Mtg. Pass-Through Certificates, Series 1999-C1, Cl. X, (2.33)%, 5/18/32 3 344,485,550 1,038,900 - -------------------------------------------------------------------------------------------------------
5 Oppenheimer Core Bond Fund/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ------------------------------------------------------------------------------------------------------- COMMERCIAL CONTINUED Wachovia Bank Commercial Mortgage Trust, Commercial Mtg. Obligations: Series 2005-C17, Cl. A2, 4.782%, 3/15/42 $ 2,520,000 $ 2,513,090 Series 2005-C20, Cl. A5, 5.087%, 7/15/42 1,440,000 1,445,112 - ------------------------------------------------------------------------------------------------------- Washington Mutual Mortgage Securities Corp., Collateralized Mtg. Pass-Through Certificates, Series 2005-AR5, Cl. A1, 4.684%, 5/25/35 1 2,348,836 2,350,057 - ------------------------------------------------------------------------------------------------------- Wells Fargo Mortgage-Backed Securities Trust, Collateralized Mtg. Obligations: Series 2004-DD, Cl. 2 A1, 4.53%, 1/25/35 1 1,304,413 1,302,014 Series 2004-N, Cl. A10, 3.803%, 8/25/34 665,898 666,485 Series 2004-W, Cl. A2, 4.594%, 11/25/34 1 276,028 275,388 -------------- 56,014,425 - ------------------------------------------------------------------------------------------------------- OTHER--0.9% JPMorgan Chase Commercial Mortgage Securities Corp., Commercial Mtg. Pass-Through Certificates, Series 2005-LDP4, Cl. A2, 4.79%, 10/15/42 1,720,000 1,715,803 - ------------------------------------------------------------------------------------------------------- Salomon Brothers Mortgage Securities VI, Inc., Interest-Only Stripped Mtg.-Backed Security, Series 1987-3, Cl. B, 48.76%, 10/23/17 3 19,666 4,098 - ------------------------------------------------------------------------------------------------------- Salomon Brothers Mortgage Securities VI, Inc., Principal-Only Stripped Mtg.-Backed Security, Series1987-3, Cl. A, 7.79%, 10/23/17 4 29,105 26,626 - ------------------------------------------------------------------------------------------------------- Washington Mutual Mortgage Securities Corp., Collateralized Mtg. Pass-Through Certificates, Series 2005-AR8, Cl. 2AB1, 4.08%, 7/25/45 1 2,426,049 2,426,049 -------------- 4,172,576 - ------------------------------------------------------------------------------------------------------- RESIDENTIAL--1.4% Countrywide Alternative Loan Trust, Collateralized Mtg. Obligations, Series 2005-J1, Cl. 3A1, 6.50%, 8/25/32 5 3,992,355 4,054,735 - ------------------------------------------------------------------------------------------------------- Structured Asset Securities Corp., Collateralized Mtg. Obligations Pass-Through Certificates, Series 2002-AL1, Cl. B2, 3.45%, 2/25/32 2,787,173 2,463,031 -------------- 6,517,766 -------------- Total Mortgage-Backed Obligations (Cost $339,055,156) 335,796,326 - ------------------------------------------------------------------------------------------------------- U.S. GOVERNMENT OBLIGATIONS--9.2% - ------------------------------------------------------------------------------------------------------- Federal Home Loan Mortgage Corp. Unsec. Nts.: 4.125%, 7/12/10 7 12,283,000 12,094,898 6.625%, 9/15/09 7 4,775,000 5,141,443 - ------------------------------------------------------------------------------------------------------- Federal National Mortgage Assn. Unsec. Nts.: 3.01%, 6/2/06 500,000 495,593 4.25%, 8/15/10 7,8 4,180,000 4,130,325 6.625%, 9/15/09 2,260,000 2,430,759 7.25%, 5/15/30 1,665,000 2,203,811 - ------------------------------------------------------------------------------------------------------- Tennessee Valley Authority Bonds: 4.65%, 6/15/35 3,555,000 3,398,264 Series A, 6.79%, 5/23/12 5,659,000 6,360,541 - ------------------------------------------------------------------------------------------------------- U.S. Treasury Nts.: 3.875%, 9/15/10 3,800,000 3,747,454 3.875%, 7/31/07 7 700,000 696,501 4.125%, 8/15/08 2,770,000 2,766,756 -------------- Total U.S. Government Obligations (Cost $44,069,204) 43,466,345
6 Oppenheimer Core Bond Fund/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ------------------------------------------------------------------------------------------------------- FOREIGN GOVERNMENT OBLIGATIONS--0.5% - ------------------------------------------------------------------------------------------------------- United Mexican States Nts., 7.50%, 1/14/12 (Cost $2,085,783) $ 2,070,000 $ 2,327,715 - ------------------------------------------------------------------------------------------------------- CORPORATE BONDS AND NOTES--33.6% - ------------------------------------------------------------------------------------------------------- CONSUMER DISCRETIONARY--10.1% - ------------------------------------------------------------------------------------------------------- AUTO COMPONENTS--0.5% Lear Corp., 8.11% Sr. Unsec. Nts., Series B, 5/15/09 2,265,000 2,254,323 - ------------------------------------------------------------------------------------------------------- AUTOMOBILES--2.6% DaimlerChrysler NA Holdings Corp.: 7.20% Unsec. Nts., 9/1/09 1,300,000 1,388,070 8% Nts., 6/15/10 748,000 829,077 - ------------------------------------------------------------------------------------------------------- Ford Motor Credit Co.: 5.80% Sr. Unsec. Nts., 1/12/09 1,910,000 1,783,476 6.25% Unsec. Nts., 12/8/05 715,000 715,886 7.375% Nts., 10/28/09 485,000 468,887 - ------------------------------------------------------------------------------------------------------- General Motors Acceptance Corp., 6.125% Unsec. Unsub. Nts., 2/1/07 7 4,710,000 4,683,784 - ------------------------------------------------------------------------------------------------------- Hertz Corp. (The), 6.35% Nts., 6/15/10 2,460,000 2,328,552 -------------- 12,197,732 - ------------------------------------------------------------------------------------------------------- HOTELS, RESTAURANTS & LEISURE--1.4% Harrah's Operating Co., Inc., 5.625% Bonds, 6/1/15 6 1,180,000 1,168,650 - ------------------------------------------------------------------------------------------------------- Hilton Hotels Corp., 8.25% Sr. Unsec. Nts., 2/15/11 1,068,000 1,211,124 - ------------------------------------------------------------------------------------------------------- Starwood Hotels & Resorts Worldwide, Inc., 7.375% Nts., 5/1/07 1,580,000 1,637,275 - ------------------------------------------------------------------------------------------------------- Yum! Brands, Inc., 8.50% Sr. Unsec. Nts., 4/15/06 2,465,000 2,515,749 -------------- 6,532,798 - ------------------------------------------------------------------------------------------------------- HOUSEHOLD DURABLES--1.2% Beazer Homes USA, Inc., 6.875% Sr. Nts., 7/15/15 6 1,150,000 1,121,250 - ------------------------------------------------------------------------------------------------------- D.R. Horton, Inc., 6.125% Nts., 1/15/14 7 1,035,000 1,037,867 - ------------------------------------------------------------------------------------------------------- K. Hovnanian Enterprises, Inc., 6.50% Sr. Nts., 1/15/14 7 1,155,000 1,117,235 - ------------------------------------------------------------------------------------------------------- KB Home, 5.75% Sr. Unsec. Unsub. Nts., 2/1/14 1,445,000 1,376,323 - ------------------------------------------------------------------------------------------------------- Lennar Corp., 5.95% Sr. Unsec. Nts., 3/1/13 1,100,000 1,120,142 -------------- 5,772,817 - ------------------------------------------------------------------------------------------------------- MEDIA--2.8% AOL Time Warner, Inc., 7.70% Debs., 5/1/32 1,145,000 1,359,797 - ------------------------------------------------------------------------------------------------------- Chancellor Media CCU, 8% Sr. Unsec. Nts., 11/1/08 2,145,000 2,311,242 - ------------------------------------------------------------------------------------------------------- Cox Communications, Inc., 4.625% Unsec. Nts., 1/15/10 2,375,000 2,324,382 - ------------------------------------------------------------------------------------------------------- Liberty Media Corp., 5.70% Sr. Unsec. Nts., 5/15/13 7 1,200,000 1,098,020 - ------------------------------------------------------------------------------------------------------- TCI Communications, Inc., 9.80% Sr. Unsec. Debs., 2/1/12 2,210,000 2,721,292 - ------------------------------------------------------------------------------------------------------- Time Warner Entertainment Co. LP, 10.15% Sr. Nts., 5/1/12 1,073,000 1,347,503 - ------------------------------------------------------------------------------------------------------- Univision Communications, Inc.: 2.875% Sr. Unsec. Nts., 10/15/06 357,000 350,025 3.50% Sr. Unsec. Nts., 10/15/07 1,860,000 1,805,963 -------------- 13,318,224 - ------------------------------------------------------------------------------------------------------- MULTILINE RETAIL--1.2% Federated Department Stores, Inc., 6.625% Sr. Unsec. Nts., 9/1/08 1,500,000 1,571,493 - ------------------------------------------------------------------------------------------------------- J.C. Penney Co., Inc. (Holding Co.), 7.40% Nts., 4/1/37 2,060,000 2,237,675 - ------------------------------------------------------------------------------------------------------- May Department Stores Co.: 3.95% Nts., 7/15/07 863,000 851,241 7.90% Unsec. Debs., 10/15/07 860,000 905,405 -------------- 5,565,814
7 Oppenheimer Core Bond Fund/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ------------------------------------------------------------------------------------------------------- SPECIALTY RETAIL--0.4% Gap, Inc. (The): 6.90% Nts., 9/15/07 $ 1,315,000 $ 1,356,887 9.55% Unsub. Nts., 12/15/08 1 466,000 524,745 -------------- 1,881,632 - ------------------------------------------------------------------------------------------------------- CONSUMER STAPLES--3.0% - ------------------------------------------------------------------------------------------------------- FOOD & STAPLES RETAILING--1.4% Albertson's, Inc., 8% Sr. Unsec. Debs., 5/1/31 1,360,000 1,241,590 - ------------------------------------------------------------------------------------------------------- Delhaize America, Inc., 9% Unsub. Debs., 4/15/31 1,500,000 1,739,012 - ------------------------------------------------------------------------------------------------------- Kroger Co. (The), 6.80% Sr. Unsec. Nts., 4/1/11 1,640,000 1,749,805 - ------------------------------------------------------------------------------------------------------- Safeway, Inc., 7.50% Sr. Unsec. Nts., 9/15/09 1,555,000 1,674,925 -------------- 6,405,332 - ------------------------------------------------------------------------------------------------------- FOOD PRODUCTS--1.6% Archer Daniels Midland Co., 5.375% Nts., 9/15/35 1,175,000 1,142,624 - ------------------------------------------------------------------------------------------------------- ConAgra Foods, Inc., 6% Nts., 9/15/06 1,320,000 1,336,846 - ------------------------------------------------------------------------------------------------------- General Mills, Inc., 3.875% Nts., 11/30/07 1,715,000 1,685,866 - ------------------------------------------------------------------------------------------------------- Kraft Foods, Inc., 5.25% Nts., 6/1/07 3,275,000 3,309,656 -------------- 7,474,992 - ------------------------------------------------------------------------------------------------------- ENERGY--1.7% - ------------------------------------------------------------------------------------------------------- OIL & GAS--1.7% Kinder Morgan, Inc., 6.50% Sr. Unsec. Nts., 9/1/12 1,265,000 1,356,143 - ------------------------------------------------------------------------------------------------------- Pemex Project Funding Master Trust, 5.75% Unsec. Unsub. Nts., Series 12, 12/15/15 6,7 1,865,000 1,848,681 - ------------------------------------------------------------------------------------------------------- Petroleum Export Ltd. Cayman SPV, 4.623% Sr. Nts., Cl. A1, 6/15/10 6 3,570,000 3,553,499 - ------------------------------------------------------------------------------------------------------- PF Export Receivables Master Trust, 3.748% Sr. Nts., Series B, 6/1/13 6 1,409,581 1,333,809 -------------- 8,092,132 - ------------------------------------------------------------------------------------------------------- FINANCIALS--9.6% - ------------------------------------------------------------------------------------------------------- CAPITAL MARKETS--0.9% Credit Suisse First Boston, Inc. (USA), 5.50% Nts., 8/15/13 2,385,000 2,461,370 - ------------------------------------------------------------------------------------------------------- JPMorgan Capital XV, 5.875% Nts., 3/15/35 1,695,000 1,664,890 -------------- 4,126,260 - ------------------------------------------------------------------------------------------------------- COMMERCIAL BANKS--1.2% Bank of America Corp., 4.875% Sr. Unsec. Nts., 1/15/13 33,000 32,934 - ------------------------------------------------------------------------------------------------------- Barclays Bank plc, 6.278% Perpetual Bond 9 1,860,000 1,832,584 - ------------------------------------------------------------------------------------------------------- HSBC Finance Corp., 4.75% Sr. Unsec. Nts., 7/15/13 2,335,000 2,282,691 - ------------------------------------------------------------------------------------------------------- National City Bank, 6.20% Sub. Nts., 12/15/11 178,000 191,085 - ------------------------------------------------------------------------------------------------------- SunTrust Banks, Inc.: 1,370,000 1,343,903 4% Nts., 10/15/08 7.75% Unsec. Sub. Nts., 5/1/10 123,000 137,932 -------------- 5,821,129 - ------------------------------------------------------------------------------------------------------- DIVERSIFIED FINANCIAL SERVICES--2.9% CIT Group, Inc.: 4.75% Sr. Nts., 8/15/08 310,000 310,291 7.75% Sr. Unsec. Unsub. Nts., 4/2/12 930,000 1,067,471 - ------------------------------------------------------------------------------------------------------- Citigroup, Inc., 6.625% Unsec. Sub. Nts., 6/15/32 890,000 1,006,773 - ------------------------------------------------------------------------------------------------------- Franklin Resources, Inc., 3.70% Nts., 4/15/08 1,430,000 1,397,599 - ------------------------------------------------------------------------------------------------------- Goldman Sachs Group, Inc. (The), 5.70% Sr. Unsec. Nts., 9/1/12 2,150,000 2,233,115 - ------------------------------------------------------------------------------------------------------- Lehman Brothers Holdings, Inc., 7% Nts., 2/1/08 1,660,000 1,743,579 - -------------------------------------------------------------------------------------------------------
8 Oppenheimer Core Bond Fund/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ------------------------------------------------------------------------------------------------------- DIVERSIFIED FINANCIAL SERVICES CONTINUED Lehman Brothers, Inc., 6.625% Sr. Sub. Nts., 2/15/08 $ 262,000 $ 273,499 - ------------------------------------------------------------------------------------------------------- MBNA Corp., 7.50% Sr. Nts., Series F, 3/15/12 1,745,000 1,986,543 - ------------------------------------------------------------------------------------------------------- Merrill Lynch & Co., Inc., 5% Sr. Unsub. Nts., Series C, 2/3/14 2,325,000 2,316,232 - ------------------------------------------------------------------------------------------------------- Morgan Stanley, 6.60% Nts., 4/1/12 1,130,000 1,225,835 - ------------------------------------------------------------------------------------------------------- Telecom Italia Capital, 5.25% Nts., 10/1/15 290,000 285,510 -------------- 13,846,447 - ------------------------------------------------------------------------------------------------------- INSURANCE--2.3% Allstate Financial Global Funding LLC, 4.25% Nts., 9/10/08 6 520,000 513,812 - ------------------------------------------------------------------------------------------------------- Marsh & McLennan Cos., Inc., 5.875% Sr. Unsec. Bonds, 8/1/33 1,470,000 1,335,743 - ------------------------------------------------------------------------------------------------------- MetLife, Inc., 5.70% Sr. Unsec. Nts., 6/15/35 7 1,170,000 1,167,215 - ------------------------------------------------------------------------------------------------------- Nationwide Financial Services, Inc.: 5.90% Nts., 7/1/12 990,000 1,036,875 6.25% Sr. Unsec. Nts., 11/15/11 105,000 112,645 - ------------------------------------------------------------------------------------------------------- Prudential Holdings LLC, 8.695% Bonds, Series C, 12/18/23 6 1,885,000 2,415,829 - ------------------------------------------------------------------------------------------------------- Prudential Insurance Co. of America, 8.30% Nts., 7/1/25 1,885,000 2,443,921 - ------------------------------------------------------------------------------------------------------- Travelers Property Casualty Corp., 3.75% Sr. Unsec. Nts., 3/15/08 1,700,000 1,653,813 -------------- 10,679,853 - ------------------------------------------------------------------------------------------------------- REAL ESTATE--2.0% EOP Operating LP, 8.10% Unsec. Nts., 8/1/10 1,700,000 1,909,608 - ------------------------------------------------------------------------------------------------------- iStar Financial, Inc., 4.875% Sr. Unsec. Nts., Series B, 1/15/09 1,830,000 1,813,828 - ------------------------------------------------------------------------------------------------------- Liberty Property Trust, 5.65% Sr. Nts., 8/15/14 1,185,000 1,209,852 - ------------------------------------------------------------------------------------------------------- Simon Property Group LP: 5.45% Unsec. Nts., 3/15/13 965,000 976,547 5.625% Unsec. Unsub. Nts., 8/15/14 7 835,000 856,535 - ------------------------------------------------------------------------------------------------------- Vornado Realty LP, 5.625% Sr. Unsec. Unsub. Nts., 6/15/07 2,630,000 2,652,984 -------------- 9,419,354 - ------------------------------------------------------------------------------------------------------- THRIFTS & MORTGAGE FINANCE--0.3% Countrywide Financial Corp., 4.50% Nts., Series A, 6/15/10 1,265,000 1,239,909 - ------------------------------------------------------------------------------------------------------- HEALTH CARE--1.3% - ------------------------------------------------------------------------------------------------------- HEALTH CARE PROVIDERS & SERVICES--1.3% Aetna, Inc., 7.375% Sr. Unsec. Nts., 3/1/06 2,730,000 2,761,867 - ------------------------------------------------------------------------------------------------------- CIGNA Corp.: 7% Sr. Unsec. Nts., 1/15/11 805,000 879,104 7.40% Unsec. Nts., 5/15/07 1,625,000 1,690,673 - ------------------------------------------------------------------------------------------------------- HCA, Inc., 7.125% Sr. Unsec. Nts., 6/1/06 840,000 855,032 -------------- 6,186,676 - ------------------------------------------------------------------------------------------------------- INDUSTRIALS--1.8% - ------------------------------------------------------------------------------------------------------- AEROSPACE & DEFENSE--0.3% Northrop Grumman Corp., 7.125% Sr. Nts., 2/15/11 1,440,000 1,593,189 - ------------------------------------------------------------------------------------------------------- AIR FREIGHT & LOGISTICS--0.5% FedEx Corp., 2.65% Unsec. Nts., 4/1/07 2,390,000 2,323,493 - ------------------------------------------------------------------------------------------------------- COMMERCIAL SERVICES & SUPPLIES--0.3% Allied Waste North America, Inc., 8.875% Sr. Nts., Series B, 4/1/08 7 1,070,000 1,120,825 - ------------------------------------------------------------------------------------------------------- Waste Management, Inc., 6.875% Sr. Unsec. Nts., 5/15/09 400,000 425,930 -------------- 1,546,755 - ------------------------------------------------------------------------------------------------------- INDUSTRIAL CONGLOMERATES--0.3% Tyco International Group SA, 6.375% Sr. Unsec. Unsub. Nts., 2/15/06 1,445,000 1,454,778
9 Oppenheimer Core Bond Fund/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ------------------------------------------------------------------------------------------------------- ROAD & RAIL--0.4% Canadian National Railway Co., 4.25% Nts., 8/1/09 7 $ 358,000 $ 352,784 - ------------------------------------------------------------------------------------------------------- CSX Corp., 6.25% Unsec. Nts., 10/15/08 1,247,000 1,298,379 -------------- 1,651,163 - ------------------------------------------------------------------------------------------------------- TELECOMMUNICATION SERVICES--2.1% - ------------------------------------------------------------------------------------------------------- DIVERSIFIED TELECOMMUNICATION SERVICES--1.7% British Telecommunications plc, 8.875% Bonds, 12/15/30 1,015,000 1,380,897 - ------------------------------------------------------------------------------------------------------- Deutsche Telekom International Finance BV, 8.50% Unsub. Nts., 6/15/10 1,405,000 1,594,461 - ------------------------------------------------------------------------------------------------------- France Telecom SA: 7.75% Sr. Unsec. Nts., 3/1/11 1 1,090,000 1,239,047 8.50% Sr. Unsec. Nts., 3/1/31 1 350,000 470,490 - ------------------------------------------------------------------------------------------------------- Sprint Capital Corp., 8.75% Nts., 3/15/32 1,455,000 1,957,011 - ------------------------------------------------------------------------------------------------------- Verizon Global Funding Corp., 5.85% Nts., 9/15/35 1,155,000 1,139,848 -------------- 7,781,754 - ------------------------------------------------------------------------------------------------------- WIRELESS TELECOMMUNICATION SERVICES--0.4% AT&T Wireless Services, Inc., 8.125% Sr. Unsec. Nts., 5/1/12 1,685,000 1,978,534 - ------------------------------------------------------------------------------------------------------- UTILITIES--4.0% - ------------------------------------------------------------------------------------------------------- ELECTRIC UTILITIES--3.4% CenterPoint Energy, Inc., 7.25% Sr. Nts., Series B, 9/1/10 1,295,000 1,407,455 - ------------------------------------------------------------------------------------------------------- Constellation Energy Group, Inc., 7% Unsec. Nts., 4/1/12 1,720,000 1,893,328 - ------------------------------------------------------------------------------------------------------- Dominion Resources, Inc., 8.125% Sr. Unsub. Nts., 6/15/10 1,650,000 1,861,797 - ------------------------------------------------------------------------------------------------------- DTE Energy Co., 6.45% Sr. Unsub. Nts., 6/1/06 725,000 733,930 - ------------------------------------------------------------------------------------------------------- FirstEnergy Corp.: 5.50% Sr. Unsub. Nts., Series A, 11/15/06 995,000 1,003,680 7.375% Sr. Unsub. Nts., Series C, 11/15/31 1,000,000 1,176,560 - ------------------------------------------------------------------------------------------------------- IPALCO Enterprises, Inc., 8.375% Sr. Sec. Nts., 11/14/08 1 1,180,000 1,256,700 - ------------------------------------------------------------------------------------------------------- MidAmerican Energy Holdings Co., 5.875% Sr. Unsec. Nts., 10/1/12 1,955,000 2,042,778 - ------------------------------------------------------------------------------------------------------- Portland General Electric Co., 8.125% First Mortgage Nts., 2/1/10 6 1,040,000 1,161,609 - ------------------------------------------------------------------------------------------------------- PSE&G Energy Holdings LLC, 7.75% Unsec. Nts., 4/16/07 1,575,000 1,618,313 - ------------------------------------------------------------------------------------------------------- PSE&G Power LLC, 6.875% Sr. Unsec. Nts., 4/15/06 355,000 359,287 - ------------------------------------------------------------------------------------------------------- TXU Corp., 6.55% Sr. Unsec. Nts., Series R, 11/15/34 7 1,585,000 1,478,967 -------------- 15,994,404 - ------------------------------------------------------------------------------------------------------- GAS UTILITIES--0.6% NiSource Finance Corp., 7.875% Sr. Unsec. Nts., 11/15/10 1,590,000 1,789,517 - ------------------------------------------------------------------------------------------------------- Sempra Energy, 7.95% Sr. Unsec. Unsub. Nts., 3/1/10 990,000 1,100,459 -------------- 2,889,976 -------------- Total Corporate Bonds and Notes (Cost $158,317,640) 158,029,470 Units - ------------------------------------------------------------------------------------------------------- RIGHTS, WARRANTS AND CERTIFICATES--0.0% - ------------------------------------------------------------------------------------------------------- Pathmark Stores, Inc. Wts., Exp. 9/19/10 10 (Cost $14,872) 5,408 2,163 - ------------------------------------------------------------------------------------------------------- Total Investments, at Value (excluding Investments Purchased with 587,258,598 Cash Collateral from Securities Loaned) (Cost $593,647,168)
10 Oppenheimer Core Bond Fund/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ------------------------------------------------------------------------------------------------------- INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITIES LOANED--2.6% - ------------------------------------------------------------------------------------------------------- ASSET-BACKED FLOATING NOTE--0.6% Trust Money Market Securities, Series A-2, 3.84%, 10/17/05 11 $ 1,000,000 1,000,000 - ------------------------------------------------------------------------------------------------------- Whitehawk CDO Funding Corp., 3.94%, 12/15/05 11 1,500,000 $ 1,500,000 -------------- 2,500,000 - ------------------------------------------------------------------------------------------------------- JOINT REPURCHASE AGREEMENTS--1.5% Undivided interest of 0.22% in joint repurchase agreement (Principal Amount/Value $3,300,000,000, with maturity value of $3,301,064,250) with Nomura Securities, 3.87%, dated 9/30/05, to be repurchased at $7,105,973 on 10/3/05, collateralized by U.S. Agency Mortgages, 5%--5.50%, 9/1/20--8/1/35, with a value of $3,366,000,000 11 7,103,682 7,103,682 - ------------------------------------------------------------------------------------------------------- MASTER FLOATING NOTE--0.5% Bear Stearns, 4.06%, 10/3/05 11 2,500,000 2,500,000 -------------- Total Investments Purchased with Cash Collateral from Securities Loaned (Cost $12,103,682) 12,103,682 - ------------------------------------------------------------------------------------------------------- Total Investments, at Value (Cost $605,750,850) 127.4% 599,362,280 - ------------------------------------------------------------------------------------------------------- Liabilities in Excess of Other Assets (27.4) (141,043,111) -------------------------------- Net Assets 100.0% $ 458,319,169 ================================
Footnotes to Statement of Investments 1. Represents the current interest rate for a variable or increasing rate security. 2. Illiquid security. The aggregate value of illiquid securities as of September 30, 2005 was $7,536,830, which represents 1.64% of the Fund's net assets. See accompanying Notes to Quarterly Statement of Investments. 3. 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 $17,345,659 or 3.78% of the Fund's net assets as of September 30, 2005. 11 Oppenheimer Core Bond Fund/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - -------------------------------------------------------------------------------- 4. Principal-Only Strips represent the right to receive the monthly principal payments on an underlying pool of mortgage loans. The value of these securities generally increases as interest rates decline and prepayment rates rise. The price of these securities is typically more volatile than that of coupon-bearing bonds of the same maturity. Interest rates disclosed represent current yields based upon the current cost basis and estimated timing of future cash flows. These securities amount to $1,041,662 or 0.23% of the Fund's net assets as of September 30, 2005. 5. When-issued security or forward commitment to be delivered and settled after September 30, 2005. See accompanying Notes to Quarterly Statement of Investments. 6. 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 $14,600,839 or 3.19% of the Fund's net assets as of September 30, 2005. 7. Partial or fully-loaned security. See accompanying Notes to Quarterly Statement of Investments. 8. All or a portion of the security is held in collateralized accounts to cover initial margin requirements on open futures sales contracts. The aggregate market value of such securities is $4,130,325. See accompanying Notes to Quarterly Statement of Investments. 9. This bond has no contractual maturity date, is not redeemable and contractually pays an indefinite stream of interest. 10. Non-income producing security. 11. The security has been segregated to satisfy the forward commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned. See accompanying Notes to Quarterly Statement of Investments. FEDERAL TAX. The approximate aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments for federal income tax purposes as of September 30, 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 $ 607,192,395 =============== Gross unrealized appreciation $ 3,695,190 Gross unrealized depreciation (11,525,305) --------------- Net unrealized depreciation $ (7,830,115) =============== 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 may be valued primarily using dealer-supplied valuations or a portfolio pricing service authorized by the Board of Trustees. Securities listed or traded on National Stock Exchanges or other domestic 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, 12 Oppenheimer Core Bond Fund/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - -------------------------------------------------------------------------------- and if not, at the closing bid price. Securities traded on foreign exchanges are valued based on the last sale price on the principal exchange on which the security is traded, in the country that is identified by the portfolio pricing service, prior to the time when the Fund's assets are valued. In the absence of a sale, the security is valued at the official closing price on the principal exchange. 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. Futures contracts traded on a commodities or futures exchange will be valued at the final settlement price or official closing price on the principal exchange as reported by such principal exchange at its trading session ending at, or most recently prior to, the time when the Fund's assets are valued. Securities (including restricted securities) for which market quotations are not readily available are valued at their fair value. Foreign and domestic securities whose values have been materially affected by what the Manager identifies as a significant event occurring before the Fund's assets are valued but after the close of their respective exchanges will be fair valued. Fair value is determined in good faith using consistently applied procedures under the supervision of the Board of Trustees. Short-term "money market type" debt securities with remaining maturities of sixty days or less are valued at amortized cost (which approximates market value). SECURITIES ON A WHEN-ISSUED BASIS OR FORWARD COMMITMENT. Delivery and payment for securities that have been purchased by the Fund on a when-issued basis or forward commitment can take place up to ten days or more after the trade date. Normally the settlement date occurs within six months after the trade date; however, the Fund may, from time to time, purchase securities whose settlement date extends six months or more beyond trade date. During this period, such securities do not earn interest, are subject to market fluctuation and may increase or decrease in value prior to their delivery. The Fund maintains internally designated assets with a market value equal to or greater than the amount of its purchase commitments. The purchase of securities on a when-issued basis or forward commitment may increase the volatility of the Fund's net asset value to the extent the Fund executes such transactions while remaining substantially fully invested. The Fund may also sell securities that it purchased on a when-issued basis or forward commitment prior to settlement of the original purchase. As of September 30, 2005, the Fund had purchased $174,938,162 of securities issued on a when-issued basis or forward commitment and sold $35,285,841 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. 13 Oppenheimer Core Bond Fund/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - -------------------------------------------------------------------------------- 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. 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. 14 Oppenheimer Core Bond Fund/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - -------------------------------------------------------------------------------- As of September 30, 2005, the Fund had outstanding futures contracts as follows:
UNREALIZED EXPIRATION NUMBER OF VALUATION AS OF APPRECIATION CONTRACT DESCRIPTION DATES CONTRACTS SEPTEMBER 30, 2005 (DEPRECIATION) - --------------------------------------------------------------------------------------------------- CONTRACTS TO PURCHASE U.S. Long Bonds 12/20/05 458 $ 52,398,063 $(1,151,518) ------------ CONTRACTS TO SELL U.S. Treasury Nts., 2 yr 12/30/05 605 124,563,828 614,484 U.S. Treasury Nts., 5 yr 12/20/05 69 7,373,297 43,834 U.S. Treasury Nts., 10 yr 12/20/05 489 53,751,797 720,083 ------------ 1,378,401 ------------ $ 226,883 ============
TOTAL RETURN SWAP CONTRACTS The Fund may enter into a total return swap transaction to maintain a total return on a particular investment, or portion of its portfolio, or for other non-speculative purposes. Because the principal amount is not exchanged, it represents neither an asset nor a liability to either counterparty, and is referred to as notional. The Fund records an increase or decrease to unrealized gain (loss), in the amount due to or owed by the Fund at termination or settlement. Total return swaps are subject to risks (if the counterparty fails to meet its obligations). As of September 30, 2005, the Fund had entered into the following total return swap agreements.
PAID BY RECEIVED BY SWAP NOTIONAL THE FUND AT RATE AS OF THE FUND AT RATE AS OF TERMINATION UNREALIZED COUNTERPARTY AMOUNT SEPT. 30, 2005 SEPT. 30, 2005 SEPT. 30, 2005 SEPT. 30, 2005 DATE DEPRECIATION - ----------------------------------------------------------------------------------------------------------------------------------- One-Month Change of LIBOR Minus Total Return 0.25% (+or -) of Lehman Brothers CMBS UBS AG $9,190,000 Rate Received 5.04893% Index (1.36)%* 12/1/05 $ 124,647 - -----------------------------------------------------------------------------------------------------------------------------------
* Represents an additional amount paid by the Fund at September 30, 2005. ILLIQUID SECURITIES As of September 30, 2005, investments in securities included issues that are illiquid. A security may be considered illiquid if it lacks a readily available market or if its valuation has not changed for a certain period of time. The Fund will not invest more than 15% of its net assets (determined at the time of purchase and reviewed periodically) in illiquid securities. Securities that are illiquid are marked with the applicable footnote on the Statement of Investments. 15 Oppenheimer Core Bond Fund/VA Oppenheimer Core Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - -------------------------------------------------------------------------------- SECURITIES LENDING The Fund lends portfolio securities from time to time in order to earn additional income. In return, the Fund receives collateral in the form of US Treasury obligations or cash, against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the funds and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund could experience delays and cost in recovering the securities loaned or in gaining access to the collateral. Cash collateral is invested in cash equivalents. The Fund retains a portion of the interest earned from the collateral. The Fund continues to receive the economic benefit of interest or dividends paid on the securities loaned in the form of a substitute payment received from the borrower. As of September 30, 2005, the Fund had on loan securities valued at $36,429,472. Collateral of $37,187,750 was received for the loans, of which $12,103,682 was received in cash and subsequently invested in approved instruments. 16 Oppenheimer Core Bond Fund/VA Oppenheimer Capital Appreciation Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - --------------------------------------------------------------------------------
Shares Value - ------------------------------------------------------------------------------------------------------- COMMON STOCKS--98.0% - ------------------------------------------------------------------------------------------------------- CONSUMER DISCRETIONARY--17.2% - ------------------------------------------------------------------------------------------------------- HOTELS, RESTAURANTS & LEISURE--2.1% Carnival Corp. 492,200 $ 24,600,156 - ------------------------------------------------------------------------------------------------------- McDonald's Corp. 204,900 6,862,101 - ------------------------------------------------------------------------------------------------------- Royal Caribbean Cruises Ltd. 151,600 6,549,120 - ------------------------------------------------------------------------------------------------------- Starbucks Corp. 1 79,800 3,997,980 --------------- 42,009,357 - ------------------------------------------------------------------------------------------------------- HOUSEHOLD DURABLES--0.8% Lennar Corp., Cl. A 84,000 5,019,840 - ------------------------------------------------------------------------------------------------------- Toll Brothers, Inc. 1 218,700 9,769,329 --------------- 14,789,169 - ------------------------------------------------------------------------------------------------------- INTERNET & CATALOG RETAIL--1.7% eBay, Inc. 1 780,900 32,173,080 - ------------------------------------------------------------------------------------------------------- MEDIA--7.3% Comcast Corp., Cl. A Special, Non-Vtg. 1 1,767,700 50,874,406 - ------------------------------------------------------------------------------------------------------- News Corp., Inc., Cl. B 94,400 1,557,600 - ------------------------------------------------------------------------------------------------------- Time Warner, Inc. 1,740,800 31,525,888 - ------------------------------------------------------------------------------------------------------- Univision Communications, Inc., Cl. A 1 393,165 10,430,667 - ------------------------------------------------------------------------------------------------------- Viacom, Inc., Cl. B 651,200 21,496,112 - ------------------------------------------------------------------------------------------------------- Walt Disney Co. (The) 717,000 17,301,210 - ------------------------------------------------------------------------------------------------------- XM Satellite Radio Holdings, Inc. 1 307,500 11,042,325 --------------- 144,228,208 - ------------------------------------------------------------------------------------------------------- MULTILINE RETAIL--1.9% Federated Department Stores, Inc. 138,800 9,281,556 - ------------------------------------------------------------------------------------------------------- J.C. Penney Co., Inc. (Holding Co.) 201,700 9,564,614 - ------------------------------------------------------------------------------------------------------- Kohl's Corp. 1 169,500 8,505,510 - ------------------------------------------------------------------------------------------------------- Target Corp. 190,300 9,882,279 --------------- 37,233,959 - ------------------------------------------------------------------------------------------------------- SPECIALTY RETAIL--3.4% Bed Bath & Beyond, Inc. 1 146,600 5,890,388 - ------------------------------------------------------------------------------------------------------- Best Buy Co., Inc. 387,750 16,878,758 - ------------------------------------------------------------------------------------------------------- Home Depot, Inc. 273,000 10,412,220 - ------------------------------------------------------------------------------------------------------- Lowe's Cos., Inc. 232,200 14,953,680 - ------------------------------------------------------------------------------------------------------- Staples, Inc. 417,800 8,907,496 - ------------------------------------------------------------------------------------------------------- Williams-Sonoma, Inc. 1 266,200 10,208,770 --------------- 67,251,312 - ------------------------------------------------------------------------------------------------------- CONSUMER STAPLES--5.4% - ------------------------------------------------------------------------------------------------------- BEVERAGES--1.7% PepsiCo, Inc. 600,000 34,026,000 - ------------------------------------------------------------------------------------------------------- FOOD & STAPLES RETAILING--1.9% Costco Wholesale Corp. 177,600 7,652,784 - ------------------------------------------------------------------------------------------------------- CVS Corp. 239,100 6,936,291 - ------------------------------------------------------------------------------------------------------- Sysco Corp. 184,300 5,781,491 - ------------------------------------------------------------------------------------------------------- Wal-Mart Stores, Inc. 405,900 17,786,538 --------------- 38,157,104 - ------------------------------------------------------------------------------------------------------- HOUSEHOLD PRODUCTS--1.8% Procter & Gamble Co. (The) 577,400 34,332,204
1 Oppenheimer Capital Appreciation Fund/VA Oppenheimer Capital Appreciation Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - --------------------------------------------------------------------------------
Shares Value - ------------------------------------------------------------------------------------------------------- ENERGY--6.5% - ------------------------------------------------------------------------------------------------------- ENERGY EQUIPMENT & SERVICES--3.2% GlobalSantaFe Corp. 271,300 $ 12,376,706 - ------------------------------------------------------------------------------------------------------- Schlumberger Ltd. 367,200 30,984,336 - ------------------------------------------------------------------------------------------------------- Smith International, Inc. 147,600 4,916,556 - ------------------------------------------------------------------------------------------------------- Transocean, Inc. 1 224,300 13,751,833 --------------- 62,029,431 - ------------------------------------------------------------------------------------------------------- OIL & GAS--3.3% Apache Corp. 46,300 3,482,686 - ------------------------------------------------------------------------------------------------------- Exxon Mobil Corp. 781,300 49,643,802 - ------------------------------------------------------------------------------------------------------- Kinder Morgan Management LLC 234,801 11,636,738 - ------------------------------------------------------------------------------------------------------- Occidental Petroleum Corp. 7,500 640,725 --------------- 65,403,951 - ------------------------------------------------------------------------------------------------------- FINANCIALS--8.3% - ------------------------------------------------------------------------------------------------------- COMMERCIAL BANKS--0.4% Bank of America Corp. 174,600 7,350,660 - ------------------------------------------------------------------------------------------------------- DIVERSIFIED FINANCIAL SERVICES--6.0% American Express Co. 490,800 28,191,552 - ------------------------------------------------------------------------------------------------------- Chicago Mercantile Exchange (The) 11,800 3,980,140 - ------------------------------------------------------------------------------------------------------- Citigroup, Inc. 858,900 39,097,128 - ------------------------------------------------------------------------------------------------------- Franklin Resources, Inc. 94,600 7,942,616 - ------------------------------------------------------------------------------------------------------- Goldman Sachs Group, Inc. (The) 175,000 21,276,500 - ------------------------------------------------------------------------------------------------------- Legg Mason, Inc. 63,600 6,976,284 - ------------------------------------------------------------------------------------------------------- Lehman Brothers Holdings, Inc. 55,500 6,464,640 - ------------------------------------------------------------------------------------------------------- Morgan Stanley 74,800 4,034,712 --------------- 117,963,572 - ------------------------------------------------------------------------------------------------------- INSURANCE--1.9% American International Group, Inc. 198,550 12,302,158 - ------------------------------------------------------------------------------------------------------- Hartford Financial Services Group, Inc. (The) 125,700 9,700,269 - ------------------------------------------------------------------------------------------------------- Prudential Financial, Inc. 245,700 16,599,492 --------------- 38,601,919 - ------------------------------------------------------------------------------------------------------- HEALTH CARE--17.9% - ------------------------------------------------------------------------------------------------------- BIOTECHNOLOGY--4.0% Amgen, Inc. 1 526,000 41,906,420 - ------------------------------------------------------------------------------------------------------- Genentech, Inc. 1 171,300 14,425,173 - ------------------------------------------------------------------------------------------------------- Genzyme Corp. (General Division) 1 243,400 17,437,176 - ------------------------------------------------------------------------------------------------------- Gilead Sciences, Inc. 1 90,400 4,407,904 --------------- 78,176,673 - ------------------------------------------------------------------------------------------------------- HEALTH CARE EQUIPMENT & SUPPLIES--4.9% Medtronic, Inc. 787,700 42,236,474 - ------------------------------------------------------------------------------------------------------- Millipore Corp. 1 264,100 16,609,249 - ------------------------------------------------------------------------------------------------------- PerkinElmer, Inc. 407,400 8,298,738 - ------------------------------------------------------------------------------------------------------- Stryker Corp. 332,100 16,415,703 - ------------------------------------------------------------------------------------------------------- Varian Medical Systems, Inc. 1 190,500 7,526,655 - ------------------------------------------------------------------------------------------------------- Waters Corp. 1 126,000 5,241,600 --------------- 96,328,419 - ------------------------------------------------------------------------------------------------------- HEALTH CARE PROVIDERS & SERVICES--2.4% Aetna, Inc. 153,100 13,188,034 - -------------------------------------------------------------------------------------------------------
2 Oppenheimer Capital Appreciation Fund/VA Oppenheimer Capital Appreciation Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - --------------------------------------------------------------------------------
Shares Value - ------------------------------------------------------------------------------------------------------- HEALTH CARE PROVIDERS & SERVICES CONTINUED Caremark Rx, Inc. 1 51,300 $ 2,561,409 - ------------------------------------------------------------------------------------------------------- CIGNA Corp. 20,900 2,463,274 - ------------------------------------------------------------------------------------------------------- Laboratory Corp. of America Holdings 1 101,300 4,934,323 - ------------------------------------------------------------------------------------------------------- Medco Health Solutions, Inc. 1 68,100 3,733,923 - ------------------------------------------------------------------------------------------------------- UnitedHealth Group, Inc. 363,800 20,445,560 --------------- 47,326,523 - ------------------------------------------------------------------------------------------------------- PHARMACEUTICALS--6.6% Abbott Laboratories 254,000 10,769,600 - ------------------------------------------------------------------------------------------------------- Johnson & Johnson 692,700 43,834,056 - ------------------------------------------------------------------------------------------------------- Novartis AG 497,588 25,233,983 - ------------------------------------------------------------------------------------------------------- Roche Holdings AG 106,393 14,776,920 - ------------------------------------------------------------------------------------------------------- Sanofi-Aventis SA 187,930 15,528,138 - ------------------------------------------------------------------------------------------------------- Teva Pharmaceutical Industries Ltd., Sponsored ADR 604,846 20,213,953 --------------- 130,356,650 - ------------------------------------------------------------------------------------------------------- INDUSTRIALS--12.7% - ------------------------------------------------------------------------------------------------------- AEROSPACE & DEFENSE--3.9% Empresa Brasileira de Aeronautica SA, ADR 325,000 12,545,000 - ------------------------------------------------------------------------------------------------------- General Dynamics Corp. 82,200 9,827,010 - ------------------------------------------------------------------------------------------------------- Honeywell International, Inc. 195,700 7,338,750 - ------------------------------------------------------------------------------------------------------- L-3 Communications Holdings, Inc. 152,100 12,026,547 - ------------------------------------------------------------------------------------------------------- Lockheed Martin Corp. 291,300 17,780,952 - ------------------------------------------------------------------------------------------------------- United Technologies Corp. 325,400 16,868,736 --------------- 76,386,995 - ------------------------------------------------------------------------------------------------------- AIR FREIGHT & LOGISTICS--1.2% Expeditors International of Washington, Inc. 180,500 10,248,790 - ------------------------------------------------------------------------------------------------------- FedEx Corp. 162,600 14,167,338 --------------- 24,416,128 - ------------------------------------------------------------------------------------------------------- COMMERCIAL SERVICES & SUPPLIES--0.7% Apollo Group, Inc., Cl. A 1 198,400 13,171,776 - ------------------------------------------------------------------------------------------------------- INDUSTRIAL CONGLOMERATES--5.8% 3M Co. 262,700 19,271,672 - ------------------------------------------------------------------------------------------------------- General Electric Co. 2,467,300 83,073,991 - ------------------------------------------------------------------------------------------------------- Tyco International Ltd. 425,300 11,844,605 --------------- 114,190,268 - ------------------------------------------------------------------------------------------------------- MACHINERY--1.1% Danaher Corp. 94,600 5,092,318 - ------------------------------------------------------------------------------------------------------- Ingersoll-Rand Co., Cl. A 447,200 17,096,456 --------------- 22,188,774 - ------------------------------------------------------------------------------------------------------- INFORMATION TECHNOLOGY--26.3% - ------------------------------------------------------------------------------------------------------- COMMUNICATIONS EQUIPMENT--5.2% Cisco Systems, Inc. 1 2,424,800 43,476,664 - ------------------------------------------------------------------------------------------------------- Corning, Inc. 1 461,200 8,914,996 - ------------------------------------------------------------------------------------------------------- Lucent Technologies, Inc. 1 2,049,300 6,660,225 - ------------------------------------------------------------------------------------------------------- Motorola, Inc. 805,000 17,782,450 - ------------------------------------------------------------------------------------------------------- Nokia Corp., Sponsored ADR 1,008,100 17,046,971 - ------------------------------------------------------------------------------------------------------- QUALCOMM, Inc. 196,600 8,797,850 --------------- 102,679,156
3 Oppenheimer Capital Appreciation Fund/VA Oppenheimer Capital Appreciation Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - --------------------------------------------------------------------------------
Shares Value - ------------------------------------------------------------------------------------------------------- COMPUTERS & PERIPHERALS--3.0% Apple Computer, Inc. 1 121,700 $ 6,524,337 - ------------------------------------------------------------------------------------------------------- Dell, Inc. 1 458,700 15,687,540 - ------------------------------------------------------------------------------------------------------- EMC Corp. 1 615,900 7,969,746 - ------------------------------------------------------------------------------------------------------- International Business Machines Corp. 360,900 28,951,398 --------------- 59,133,021 - ------------------------------------------------------------------------------------------------------- ELECTRONIC EQUIPMENT & INSTRUMENTS--1.1% Agilent Technologies, Inc. 1 258,000 8,449,500 - ------------------------------------------------------------------------------------------------------- Ingram Micro, Inc., Cl. A 1 293,900 5,448,906 - ------------------------------------------------------------------------------------------------------- Tektronix, Inc. 309,300 7,803,639 --------------- 21,702,045 - ------------------------------------------------------------------------------------------------------- INTERNET SOFTWARE & SERVICES--2.8% Google, Inc., Cl. A 1 67,700 21,424,342 - ------------------------------------------------------------------------------------------------------- VeriSign, Inc. 1 207,800 4,440,686 - ------------------------------------------------------------------------------------------------------- Yahoo!, Inc. 1 845,800 28,621,872 --------------- 54,486,900 - ------------------------------------------------------------------------------------------------------- IT SERVICES--1.6% Automatic Data Processing, Inc. 552,300 23,770,992 - ------------------------------------------------------------------------------------------------------- Cognizant Technology Solutions Corp. 1 161,800 7,538,262 --------------- 31,309,254 - ------------------------------------------------------------------------------------------------------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT--5.3% Advanced Micro Devices, Inc. 1 216,700 5,460,840 - ------------------------------------------------------------------------------------------------------- Analog Devices, Inc. 264,600 9,827,244 - ------------------------------------------------------------------------------------------------------- Broadcom Corp., Cl. A 1 520,700 24,426,037 - ------------------------------------------------------------------------------------------------------- Intel Corp. 1,040,900 25,658,185 - ------------------------------------------------------------------------------------------------------- International Rectifier Corp. 1 44,500 2,006,060 - ------------------------------------------------------------------------------------------------------- Linear Technology Corp. 261,500 9,829,785 - ------------------------------------------------------------------------------------------------------- Marvell Technology Group Ltd. 1 66,600 3,070,926 - ------------------------------------------------------------------------------------------------------- Microchip Technology, Inc. 122,700 3,695,724 - ------------------------------------------------------------------------------------------------------- Texas Instruments, Inc. 601,500 20,390,850 --------------- 104,365,651 - ------------------------------------------------------------------------------------------------------- SOFTWARE--7.3% Adobe Systems, Inc. 614,000 18,327,900 - ------------------------------------------------------------------------------------------------------- Autodesk, Inc. 212,500 9,868,500 - ------------------------------------------------------------------------------------------------------- Cadence Design Systems, Inc. 1 335,000 5,413,600 - ------------------------------------------------------------------------------------------------------- Mercury Interactive Corp. 1 287,500 11,385,000 - ------------------------------------------------------------------------------------------------------- Microsoft Corp. 2,741,800 70,546,514 - ------------------------------------------------------------------------------------------------------- SAP AG, Sponsored ADR 629,800 27,289,234 --------------- 142,830,748 - ------------------------------------------------------------------------------------------------------- MATERIALS--3.1% - ------------------------------------------------------------------------------------------------------- CHEMICALS--3.1% Air Products & Chemicals, Inc. 258,600 14,259,204 - ------------------------------------------------------------------------------------------------------- E.I. DuPont de Nemours & Co. 470,100 18,413,817 - ------------------------------------------------------------------------------------------------------- Monsanto Co. 94,600 5,936,150 - ------------------------------------------------------------------------------------------------------- Praxair, Inc. 455,600 21,836,908 --------------- 60,446,079
4 Oppenheimer Capital Appreciation Fund/VA Oppenheimer Capital Appreciation Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - --------------------------------------------------------------------------------
Shares Value - ------------------------------------------------------------------------------------------------------- TELECOMMUNICATION SERVICES--0.6% - ------------------------------------------------------------------------------------------------------- DIVERSIFIED TELECOMMUNICATION SERVICES--0.6% Sprint Nextel Corp. 524,200 $ 12,465,476 --------------- Total Common Stocks (Cost $1,718,233,688) 1,927,510,462 Principal Amount - ------------------------------------------------------------------------------------------------------- JOINT REPURCHASE AGREEMENTS--2.2% - ------------------------------------------------------------------------------------------------------- Undivided interest of 4.69% in joint repurchase agreement (Principal Amount/Value $951,774,000, with a maturity value of $952,055,566) with UBS Warburg LLC, 3.55%, dated 9/30/05, to be repurchased at $44,644,203 on 10/3/05, collateralized by Federal National Mortgage Assn., 5%, 10/1/35, with a value of $972,647,107 (Cost $44,631,000) $44,631,000 44,631,000 - ------------------------------------------------------------------------------------------------------- Total Investments, at Value (Cost $1,762,864,688) 100.2% 1,972,141,462 - ------------------------------------------------------------------------------------------------------- Liabilities in Excess of Other Assets (0.2) (4,842,881) ------------------------------- Net Assets 100.0% $1,967,298,581 ===============================
Footnote to Statement of Investments 1. Non-income producing security. FEDERAL TAX. The approximate aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments for federal income tax purposes as of September 30, 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 $ 1,770,091,694 =============== Gross unrealized appreciation $ 283,028,008 Gross unrealized depreciation (80,978,240) --------------- Net unrealized appreciation $ 202,049,768 =============== 5 Oppenheimer Capital Appreciation Fund/VA Oppenheimer Capital Appreciation Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - -------------------------------------------------------------------------------- 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 may be valued primarily using dealer-supplied valuations or a portfolio pricing service authorized by the Board of Trustees. Securities listed or traded on National Stock Exchanges or other domestic 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. Securities traded on foreign exchanges are valued based on the last sale price on the principal exchange on which the security is traded, in the country that is identified by the portfolio pricing service, prior to the time when the Fund's assets are valued. In the absence of a sale, the security is valued at the official closing price on the principal exchange. 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. Futures contracts traded on a commodities or futures exchange will be valued at the final settlement price or official closing price on the principal exchange as reported by such principal exchange at its trading session ending at, or most recently prior to, the time when the Fund's assets are valued. Securities (including restricted securities) for which market quotations are not readily available are valued at their fair value. Foreign and domestic securities whose values have been materially affected by what the Manager identifies as a significant event occurring before the Fund's assets are valued but after the close of their respective exchanges will be fair valued. Fair value is determined in good faith using consistently applied procedures under the supervision of the Board of Trustees. Short-term "money market type" debt securities with remaining maturities of sixty days or less are valued at amortized cost (which approximates market value). FOREIGN CURRENCY TRANSLATION. The Fund's accounting records are maintained in U.S. dollars. The values of securities denominated in foreign currencies and amounts related to the purchase and sale of foreign securities and foreign investment income 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. 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 6 Oppenheimer Capital Appreciation Fund/VA Oppenheimer Capital Appreciation Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - -------------------------------------------------------------------------------- values of assets and liabilities, including investments in securities at fiscal period end, resulting from changes in exchange rates. The effect of changes in foreign currency exchange rates on investments is separately identified from the fluctuations arising from changes in market values of securities held and reported with all other foreign currency gains and losses in the Fund's Statement of Operations. JOINT REPURCHASE AGREEMENTS. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission, the Fund, along with other affiliated funds advised by the Manager, may transfer uninvested cash balances into joint trading accounts on a daily basis. These balances are invested in one or more repurchase agreements. Securities pledged as collateral for repurchase agreements are held by a custodian bank until the agreements mature. Each agreement requires that the market value of the collateral be sufficient to cover payments of interest and principal. In the event of default by the other party to the agreement, retention of the collateral may be subject to legal proceedings. 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 September 30, 2005, the Fund had outstanding foreign currency contracts as follows:
EXPIRATION CONTRACT AMOUNT VALUATION AS OF UNREALIZED CONTRACT DESCRIPTION DATES (000S) SEPTEMBER 30, 2005 DEPRECIATION - ---------------------------------------------------------------------------------------------------------- CONTRACTS TO PURCHASE Swiss Franc (CHF) 10/4/05 4,13CHF $3,197,395 $ 5,910 Euro (EUR) 10/4/05 2,01EUR 2,415,827 6,053 ------- Total unrealized depreciation $11,963 =======
7 Oppenheimer Capital Appreciation Fund/VA Oppenheimer Global Securities Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - --------------------------------------------------------------------------------
Shares Value - ------------------------------------------------------------------------------------------------------- COMMON STOCKS--98.8% - ------------------------------------------------------------------------------------------------------- CONSUMER DISCRETIONARY--16.9% - ------------------------------------------------------------------------------------------------------- AUTOMOBILES--1.4% Porsche AG, Preference 18,742 $ 14,391,279 - ------------------------------------------------------------------------------------------------------- Toyota Motor Corp. 548,000 25,287,338 --------------- 39,678,617 - ------------------------------------------------------------------------------------------------------- HOTELS, RESTAURANTS & LEISURE--1.6% Carnival Corp. 342,500 17,118,150 - ------------------------------------------------------------------------------------------------------- International Game Technology 622,600 16,810,200 - ------------------------------------------------------------------------------------------------------- Starbucks Corp. 1 274,600 13,757,460 --------------- 47,685,810 - ------------------------------------------------------------------------------------------------------- HOUSEHOLD DURABLES--2.0% Koninklijke (Royal) Philips Electronics NV 1,232,900 32,761,756 - ------------------------------------------------------------------------------------------------------- Sony Corp. 815,300 26,950,402 --------------- 59,712,158 - ------------------------------------------------------------------------------------------------------- INTERNET & CATALOG RETAIL--2.0% Amazon.com, Inc. 1 231,500 10,486,950 - ------------------------------------------------------------------------------------------------------- eBay, Inc. 1 938,300 38,657,960 - ------------------------------------------------------------------------------------------------------- GUS plc 669,010 10,083,058 --------------- 59,227,968 - ------------------------------------------------------------------------------------------------------- MEDIA--4.9% Grupo Televisa SA, Sponsored GDR 354,499 25,421,123 - ------------------------------------------------------------------------------------------------------- JC Decaux SA 1 408,864 9,021,986 - ------------------------------------------------------------------------------------------------------- Pearson plc 1,410,238 16,391,753 - ------------------------------------------------------------------------------------------------------- Singapore Press Holdings Ltd. 4,779,840 13,094,736 - ------------------------------------------------------------------------------------------------------- Sirius Satellite Radio, Inc. 1 5,345,082 35,010,287 - ------------------------------------------------------------------------------------------------------- Television Broadcasts Ltd. 2,497,832 15,278,688 - ------------------------------------------------------------------------------------------------------- WPP Group plc 886,660 9,023,614 - ------------------------------------------------------------------------------------------------------- Zee Telefilms Ltd. 4,795,700 18,847,848 --------------- 142,090,035 - ------------------------------------------------------------------------------------------------------- SPECIALTY RETAIL--3.4% Circuit City Stores, Inc./Circuit City Group 117,934 2,023,747 - ------------------------------------------------------------------------------------------------------- DSG International plc 4,982,705 13,226,632 - ------------------------------------------------------------------------------------------------------- Gap, Inc. (The) 429,100 7,479,213 - ------------------------------------------------------------------------------------------------------- Hennes & Mauritz AB, B Shares 1,506,800 53,729,964 - ------------------------------------------------------------------------------------------------------- Industria de Diseno Textil SA 521,200 15,296,802 - ------------------------------------------------------------------------------------------------------- Tiffany & Co. 200,100 7,957,977 --------------- 99,714,335 - ------------------------------------------------------------------------------------------------------- TEXTILES, APPAREL & LUXURY GOODS--1.6% Coach, Inc. 1 484,100 15,181,376 - ------------------------------------------------------------------------------------------------------- LVMH Moet Hennessey Louis Vuitton 398,690 32,870,782 --------------- 48,052,158 - ------------------------------------------------------------------------------------------------------- CONSUMER STAPLES--6.4% - ------------------------------------------------------------------------------------------------------- BEVERAGES--1.5% Companhia de Bebidas das Americas, ADR, Preference 463,515 17,233,488 - ------------------------------------------------------------------------------------------------------- Fomento Economico Mexicano SA de CV, UBD 2,353,700 16,447,674 - -------------------------------------------------------------------------------------------------------
1 Oppenheimer Global Securities Fund/VA Oppenheimer Global Securities Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - --------------------------------------------------------------------------------
Shares Value - ------------------------------------------------------------------------------------------------------- BEVERAGES CONTINUED Grupo Modelo SA de CV, Series C 3,279,000 $ 10,607,902 --------------- 44,289,064 - ------------------------------------------------------------------------------------------------------- FOOD PRODUCTS--0.9% Cadbury Schweppes plc 2,748,004 27,724,324 - ------------------------------------------------------------------------------------------------------- HOUSEHOLD PRODUCTS--2.5% Hindustan Lever Ltd. 5,321,600 21,931,699 - ------------------------------------------------------------------------------------------------------- Reckitt Benckiser plc 1,644,247 50,084,919 --------------- 72,016,618 - ------------------------------------------------------------------------------------------------------- PERSONAL PRODUCTS--1.2% Gillette Co. 405,900 23,623,380 - ------------------------------------------------------------------------------------------------------- Shiseido Co. Ltd. 825,000 11,949,589 --------------- 35,572,969 - ------------------------------------------------------------------------------------------------------- TOBACCO--0.3% Altria Group, Inc. 110,400 8,137,584 - ------------------------------------------------------------------------------------------------------- ENERGY--9.2% - ------------------------------------------------------------------------------------------------------- ENERGY EQUIPMENT & SERVICES--3.5% GlobalSantaFe Corp. 624,400 28,485,128 - ------------------------------------------------------------------------------------------------------- Technip SA 574,600 34,133,004 - ------------------------------------------------------------------------------------------------------- Transocean, Inc. 1 662,600 40,624,006 --------------- 103,242,138 - ------------------------------------------------------------------------------------------------------- OIL & GAS--5.7% BP plc, ADR 425,969 30,179,904 - ------------------------------------------------------------------------------------------------------- Burlington Resources, Inc. 363,100 29,527,292 - ------------------------------------------------------------------------------------------------------- Chevron Corp. 383,944 24,852,695 - ------------------------------------------------------------------------------------------------------- ENI SpA 495,500 14,715,227 - ------------------------------------------------------------------------------------------------------- Husky Energy, Inc. 882,415 49,012,935 - ------------------------------------------------------------------------------------------------------- Neste Oil Oyj 1 105,900 3,923,919 - ------------------------------------------------------------------------------------------------------- Total SA, B Shares 55,560 15,110,806 --------------- 167,322,778 - ------------------------------------------------------------------------------------------------------- FINANCIALS--15.4% - ------------------------------------------------------------------------------------------------------- CAPITAL MARKETS--2.4% 3i Group plc 916,975 12,680,055 - ------------------------------------------------------------------------------------------------------- Credit Suisse Group 663,473 29,366,964 - ------------------------------------------------------------------------------------------------------- Northern Trust Corp. 568,300 28,727,565 --------------- 70,774,584 - ------------------------------------------------------------------------------------------------------- COMMERCIAL BANKS--5.0% Anglo Irish Bank Corp. 1,075,854 14,611,081 - ------------------------------------------------------------------------------------------------------- Australia & New Zealand Banking Group Ltd. 391,050 7,157,172 - ------------------------------------------------------------------------------------------------------- HSBC Holdings plc 1,669,729 27,163,890 - ------------------------------------------------------------------------------------------------------- ICICI Bank Ltd., Sponsored ADR 576,950 16,298,838 - ------------------------------------------------------------------------------------------------------- Resona Holdings, Inc. 1 4,959 12,901,416 - ------------------------------------------------------------------------------------------------------- Royal Bank of Scotland Group plc (The) 1,498,487 42,526,203 - ------------------------------------------------------------------------------------------------------- Societe Generale, Cl. A 229,670 26,208,962 --------------- 146,867,562 - ------------------------------------------------------------------------------------------------------- DIVERSIFIED FINANCIAL SERVICES--4.0% American Express Co. 476,600 27,375,904 - ------------------------------------------------------------------------------------------------------- Citigroup, Inc. 171,266 7,796,028 - -------------------------------------------------------------------------------------------------------
2 Oppenheimer Global Securities Fund/VA Oppenheimer Global Securities Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - --------------------------------------------------------------------------------
Shares Value - ------------------------------------------------------------------------------------------------------- DIVERSIFIED FINANCIAL SERVICES CONTINUED Credit Saison Co. Ltd. 395,100 $ 17,332,611 - ------------------------------------------------------------------------------------------------------- Investor AB, B Shares 646,652 10,049,015 - ------------------------------------------------------------------------------------------------------- JPMorgan Chase & Co. 633,263 21,486,614 - ------------------------------------------------------------------------------------------------------- Morgan Stanley 579,700 31,269,018 --------------- 115,309,190 - ------------------------------------------------------------------------------------------------------- INSURANCE--4.0% ACE Ltd. 531,271 25,006,926 - ------------------------------------------------------------------------------------------------------- Allianz AG 233,811 31,585,069 - ------------------------------------------------------------------------------------------------------- Berkshire Hathaway, Inc., Cl. B 1 5,920 16,167,520 - ------------------------------------------------------------------------------------------------------- Everest Re Group Ltd. 104,800 10,259,920 - ------------------------------------------------------------------------------------------------------- Manulife Financial Corp. 279,713 14,918,027 - ------------------------------------------------------------------------------------------------------- Prudential plc 2,120,558 19,243,458 --------------- 117,180,920 - ------------------------------------------------------------------------------------------------------- HEALTH CARE--12.9% - ------------------------------------------------------------------------------------------------------- BIOTECHNOLOGY--4.5% Affymetrix, Inc. 1 322,800 14,923,044 - ------------------------------------------------------------------------------------------------------- Amgen, Inc. 1 376,500 29,995,755 - ------------------------------------------------------------------------------------------------------- Amylin Pharmaceuticals, Inc. 1 131,100 4,560,969 - ------------------------------------------------------------------------------------------------------- Eyetech Pharmaceuticals, Inc. 1 433,400 7,783,864 - ------------------------------------------------------------------------------------------------------- Genentech, Inc. 1 217,700 18,332,517 - ------------------------------------------------------------------------------------------------------- Genzyme Corp. (General Division) 1 202,700 14,521,428 - ------------------------------------------------------------------------------------------------------- Gilead Sciences, Inc. 1 573,260 27,952,158 - ------------------------------------------------------------------------------------------------------- Wyeth 305,500 14,135,485 --------------- 132,205,220 - ------------------------------------------------------------------------------------------------------- HEALTH CARE EQUIPMENT & SUPPLIES--1.9% Boston Scientific Corp. 1 570,900 13,341,933 - ------------------------------------------------------------------------------------------------------- Essilor International SA 147,010 12,173,534 - ------------------------------------------------------------------------------------------------------- Medtronic, Inc. 120,500 6,461,210 - ------------------------------------------------------------------------------------------------------- Nektar Therapeutics 1,2 314,361 4,262,735 - ------------------------------------------------------------------------------------------------------- Smith & Nephew plc 2,188,313 18,372,319 --------------- 54,611,731 - ------------------------------------------------------------------------------------------------------- HEALTH CARE PROVIDERS & SERVICES--1.3% Express Scripts, Inc. 1 268,200 16,682,040 - ------------------------------------------------------------------------------------------------------- Quest Diagnostics, Inc. 447,000 22,591,380 --------------- 39,273,420 - ------------------------------------------------------------------------------------------------------- PHARMACEUTICALS--5.2% Chugai Pharmaceutical Co. Ltd. 622,100 11,912,675 - ------------------------------------------------------------------------------------------------------- Novartis AG 331,768 16,824,819 - ------------------------------------------------------------------------------------------------------- Pfizer, Inc. 541,619 13,524,226 - ------------------------------------------------------------------------------------------------------- Roche Holdings AG 254,589 35,359,856 - ------------------------------------------------------------------------------------------------------- Sanofi-Aventis SA 567,994 46,931,780 - ------------------------------------------------------------------------------------------------------- Shionogi & Co. Ltd. 1,585,000 21,640,693 - ------------------------------------------------------------------------------------------------------- Takeda Pharmaceutical Co. Ltd. 123,700 7,366,209 --------------- 153,560,258
3 Oppenheimer Global Securities Fund/VA Oppenheimer Global Securities Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - --------------------------------------------------------------------------------
Shares Value - ------------------------------------------------------------------------------------------------------- INDUSTRIALS--8.6% - ------------------------------------------------------------------------------------------------------- AEROSPACE & DEFENSE--4.1% Boeing Co. 229,200 $ 15,574,140 - ------------------------------------------------------------------------------------------------------- Empresa Brasileira de Aeronautica SA, ADR 784,434 30,279,152 - ------------------------------------------------------------------------------------------------------- European Aeronautic Defence & Space Co. 857,190 30,391,329 - ------------------------------------------------------------------------------------------------------- Lockheed Martin Corp. 222,900 13,605,816 - ------------------------------------------------------------------------------------------------------- Northrop Grumman Corp. 248,200 13,489,670 - ------------------------------------------------------------------------------------------------------- Raytheon Co. 474,400 18,036,688 --------------- 121,376,795 - ------------------------------------------------------------------------------------------------------- COMMERCIAL SERVICES & SUPPLIES--0.0% Contax Participacoes SA, Preference 1 1,065,784 659,484 - ------------------------------------------------------------------------------------------------------- CONSTRUCTION & ENGINEERING--0.3% JGC Corp. 407,000 7,509,808 - ------------------------------------------------------------------------------------------------------- ELECTRICAL EQUIPMENT--0.7% Emerson Electric Co. 264,200 18,969,560 - ------------------------------------------------------------------------------------------------------- INDUSTRIAL CONGLOMERATES--1.9% 3M Co. 250,600 18,384,016 - ------------------------------------------------------------------------------------------------------- Hutchison Whampoa Ltd. 1,175,000 12,155,407 - ------------------------------------------------------------------------------------------------------- Siemens AG 321,212 24,765,038 --------------- 55,304,461 - ------------------------------------------------------------------------------------------------------- MACHINERY--0.9% Fanuc Ltd. 104,500 8,450,581 - ------------------------------------------------------------------------------------------------------- Hyundai Heavy Industries Co. Ltd. 258,440 19,218,921 --------------- 27,669,502 - ------------------------------------------------------------------------------------------------------- MARINE--0.4% Peninsular & Oriental Steam Navigation Co. 2,092,659 12,327,997 - ------------------------------------------------------------------------------------------------------- TRANSPORTATION INFRASTRUCTURE--0.3% Macquarie Airports 3,801,284 9,508,283 - ------------------------------------------------------------------------------------------------------- INFORMATION TECHNOLOGY--21.7% - ------------------------------------------------------------------------------------------------------- COMMUNICATIONS EQUIPMENT--6.6% Cisco Systems, Inc. 1 923,000 16,549,390 - ------------------------------------------------------------------------------------------------------- Corning, Inc. 1 1,825,800 35,292,714 - ------------------------------------------------------------------------------------------------------- Hoya Corp. 1 552,900 18,800,159 - ------------------------------------------------------------------------------------------------------- Juniper Networks, Inc. 1 352,300 8,381,217 - ------------------------------------------------------------------------------------------------------- QUALCOMM, Inc. 566,200 25,337,450 - ------------------------------------------------------------------------------------------------------- Telefonaktiebolaget LM Ericsson, B Shares 24,038,000 88,424,704 --------------- 192,785,634 - ------------------------------------------------------------------------------------------------------- COMPUTERS & PERIPHERALS--1.3% International Business Machines Corp. 273,417 21,933,512 - ------------------------------------------------------------------------------------------------------- Nidec Corp. 1 69,100 4,060,051 - ------------------------------------------------------------------------------------------------------- Sun Microsystems, Inc. 1 2,848,200 11,164,944 --------------- 37,158,507 - ------------------------------------------------------------------------------------------------------- ELECTRONIC EQUIPMENT & INSTRUMENTS--2.1% Hoya Corp. 184,300 6,155,743 - ------------------------------------------------------------------------------------------------------- Keyence Corp. 55,100 13,906,561 - ------------------------------------------------------------------------------------------------------- Murata Manufacturing Co. Ltd. 416,900 23,390,816 - ------------------------------------------------------------------------------------------------------- Nidec Corp. 69,100 4,108,747 - -------------------------------------------------------------------------------------------------------
4 Oppenheimer Global Securities Fund/VA Oppenheimer Global Securities Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - --------------------------------------------------------------------------------
Shares Value - ------------------------------------------------------------------------------------------------------- ELECTRONIC EQUIPMENT & INSTRUMENTS CONTINUED Tandberg ASA 1,153,550 $ 15,463,269 --------------- 63,025,136 - ------------------------------------------------------------------------------------------------------- INTERNET SOFTWARE & SERVICES--0.3% Yahoo Japan Corp. 3,192 3,764,511 - ------------------------------------------------------------------------------------------------------- Yahoo! Japan Corp. 1 3,192 3,795,983 --------------- 7,560,494 - ------------------------------------------------------------------------------------------------------- IT SERVICES--1.2% Infosys Technologies Ltd. 639,358 36,611,627 - ------------------------------------------------------------------------------------------------------- OFFICE ELECTRONICS--0.3% Canon, Inc. 172,700 9,363,037 - ------------------------------------------------------------------------------------------------------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT--4.7% Advanced Micro Devices, Inc. 1 1,936,300 48,794,760 - ------------------------------------------------------------------------------------------------------- Altera Corp. 1 346,200 6,615,882 - ------------------------------------------------------------------------------------------------------- Cree, Inc. 1 573,300 14,343,966 - ------------------------------------------------------------------------------------------------------- International Rectifier Corp. 1 264,000 11,901,120 - ------------------------------------------------------------------------------------------------------- Samsung Electronics Co. 61,710 34,948,672 - ------------------------------------------------------------------------------------------------------- Silicon Laboratories, Inc. 1 124,900 3,795,711 - ------------------------------------------------------------------------------------------------------- Taiwan Semiconductor Manufacturing Co. Ltd. 10,658,194 17,118,372 --------------- 137,518,483 - ------------------------------------------------------------------------------------------------------- SOFTWARE--5.2% Adobe Systems, Inc. 526,400 15,713,040 - ------------------------------------------------------------------------------------------------------- Cadence Design Systems, Inc. 1 731,070 11,814,091 - ------------------------------------------------------------------------------------------------------- Enix Corp. 324,800 8,984,073 - ------------------------------------------------------------------------------------------------------- Intuit, Inc. 1 293,100 13,133,811 - ------------------------------------------------------------------------------------------------------- Microsoft Corp. 1,595,200 41,044,496 - ------------------------------------------------------------------------------------------------------- Nintendo Co. Ltd. 63,800 7,471,966 - ------------------------------------------------------------------------------------------------------- Novell, Inc. 1 2,193,226 16,339,534 - ------------------------------------------------------------------------------------------------------- SAP AG 173,160 29,968,199 - ------------------------------------------------------------------------------------------------------- Trend Micro, Inc. 278,500 8,869,236 --------------- 153,338,446 - ------------------------------------------------------------------------------------------------------- TELECOMMUNICATION SERVICES--6.6% - ------------------------------------------------------------------------------------------------------- DIVERSIFIED TELECOMMUNICATION SERVICES--1.3% France Telecom SA 741,918 21,293,194 - ------------------------------------------------------------------------------------------------------- Tele Norte Leste Participacoes SA, Preference 1,065,784 17,533,681 --------------- 38,826,875 - ------------------------------------------------------------------------------------------------------- WIRELESS TELECOMMUNICATION SERVICES--5.3% KDDI Corp. 6,323 35,779,714 - ------------------------------------------------------------------------------------------------------- SK Telecom Co. Ltd., ADR 1,277,460 27,899,726 - ------------------------------------------------------------------------------------------------------- Vodafone Group plc 34,955,950 90,941,206 --------------- 154,620,646 - ------------------------------------------------------------------------------------------------------- UTILITIES--1.1% - ------------------------------------------------------------------------------------------------------- ELECTRIC UTILITIES--0.6% Energias de Portugal SA 2,905,006 8,100,011 - ------------------------------------------------------------------------------------------------------- Fortum Oyj 521,500 10,466,979 --------------- 18,566,990
5 Oppenheimer Global Securities Fund/VA Oppenheimer Global Securities Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - --------------------------------------------------------------------------------
Shares Value - ------------------------------------------------------------------------------------------------------- GAS UTILITIES--0.5% Hong Kong & China Gas Co. Ltd. 6,593,000 $ 13,598,458 --------------- Total Common Stocks (Cost $2,046,467,926) 2,900,549,664 Principal Amount - ------------------------------------------------------------------------------------------------------- JOINT REPURCHASE AGREEMENTS--1.3% - ------------------------------------------------------------------------------------------------------- Undivided interest of 9.31% in joint repurchase agreement (Principal Amount/Value $400,132,000, with a maturity value of $400,240,369) with Cantor Fitzgerald & Co./Cantor Fitzgerald Securities, 3.25%, dated 9/30/05, to be repurchased at $37,271,092 on 10/3/05, collateralized by U.S. Treasury Bonds, 7.50%--8.875%, 11/15/16--11/15/21, with a value of $408,618,137 (Cost $37,261,000) $37,261,000 37,261,000 - ------------------------------------------------------------------------------------------------------- Total Investments, at Value (Cost $2,083,728,926) 100.1% 2,937,810,664 - ------------------------------------------------------------------------------------------------------- Liabilities in Excess of Other Assets (0.1) (3,988,659) ------------------------------- Net Assets 100.0% $2,933,822,005 ===============================
Footnotes to Statement of Investments 1. Non-income producing security. 2. Illiquid or restricted security. The aggregate value of illiquid or restricted securities as of September 30, 2005 was $4,262,735, which represents 0.15% of the Fund's net assets, all of which is considered restricted. See accompanying Notes to Quarterly Statement of Investments. Distribution of investments representing geographic holdings, as a percentage of total investments at value, is as follows: Geographic Holdings Value Percent - -------------------------------------------------------------------------------- United States $1,099,101,326 37.4% United Kingdom 379,969,332 12.9 Japan 299,751,919 10.2 France 228,135,377 7.8 Sweden 152,203,683 5.2 Germany 100,709,585 3.4 India 93,690,012 3.2 Korea, Republic of South 82,067,319 2.8 Switzerland 81,551,639 2.8 Brazil 65,705,805 2.2 Canada 63,930,962 2.2 Mexico 52,476,699 1.8 Hong Kong 41,032,553 1.4 The Netherlands 32,761,756 1.1 Cayman Islands 25,006,926 0.9 Taiwan 17,118,372 0.6 Australia 16,665,455 0.6 Norway 15,463,269 0.5 Spain 15,296,802 0.5 Italy 14,715,227 0.5 Ireland 14,611,081 0.5 Finland 14,390,898 0.5 Singapore 13,094,736 0.4 Bermuda 10,259,920 0.3 Portugal 8,100,011 0.3 ---------------------------- Total $2,937,810,664 100.0% ============================ 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 September 30, 2005 are noted below. The primary difference between book and tax appreciation or depreciation of securities and other investments, if applicable, is attributable to the tax deferral of losses. Federal tax cost of securities $ 2,088,353,088 =============== Gross unrealized appreciation $ 880,578,248 Gross unrealized depreciation (31,120,672) --------------- Net unrealized appreciation $ 849,457,576 =============== 6 Oppenheimer Global Securities Fund/VA Oppenheimer Global Securities Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - -------------------------------------------------------------------------------- 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 may be valued primarily using dealer-supplied valuations or a portfolio pricing service authorized by the Board of Trustees. Securities listed or traded on National Stock Exchanges or other domestic 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. Securities traded on foreign exchanges are valued based on the last sale price on the principal exchange on which the security is traded, in the country that is identified by the portfolio pricing service, prior to the time when the Fund's assets are valued. In the absence of a sale, the security is valued at the official closing price on the principal exchange. 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. Futures contracts traded on a commodities or futures exchange will be valued at the final settlement price or official closing price on the principal exchange as reported by such principal exchange at its trading session ending at, or most recently prior to, the time when the Fund's assets are valued. Securities (including restricted securities) for which market quotations are not readily available are valued at their fair value. Foreign and domestic securities whose values have been materially affected by what the Manager identifies as a significant event occurring before the Fund's assets are valued but after the close of their respective exchanges will be fair valued. Fair value is determined in good faith using consistently applied procedures under the supervision of the Board of Trustees. Short-term "money market type" debt securities with remaining maturities of sixty days or less are valued at amortized cost (which approximates market value). FOREIGN CURRENCY TRANSLATION. The Fund's accounting records are maintained in U.S. dollars. The values of securities denominated in foreign currencies and amounts related to the purchase and sale of foreign securities and foreign investment income 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. Foreign exchange rates may be valued primarily using dealer supplied valuations or a portfolio pricing service authorized by the Board of Trustees. Reported net realized foreign exchange gains or losses arise from sales of portfolio securities, sales and maturities of short-term securities, sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the values of assets and liabilities, including investments in securities at fiscal period end, resulting from changes in exchange rates. The effect of changes in foreign currency exchange rates on investments is separately identified from the fluctuations arising from changes in market values of securities held and reported with all other foreign currency gains and losses in the Fund's Statement of Operations. JOINT REPURCHASE AGREEMENTS. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission, the Fund, along with other affiliated funds advised by the Manager, may transfer uninvested cash balances into joint trading accounts on a daily basis. These balances are invested in one or more repurchase agreements. Securities pledged as collateral for repurchase agreements are held by a custodian bank until the agreements mature. Each agreement requires that the market value of the collateral be sufficient to cover payments of interest and principal. In the event of default by the other party to the agreement, retention of the collateral may be subject to legal proceedings. 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. 7 Oppenheimer Global Securities Fund/VA Oppenheimer Global Securities Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - -------------------------------------------------------------------------------- As of September 30, 2005, the Fund had outstanding foreign currency contracts as follows:
EXPIRATION CONTRACT AMOUNT VALUATION AS OF UNREALIZED CONTRACT DESCRIPTION DATES (000S) SEPTEMBER 30, 2005 DEPRECIATION - ---------------------------------------------------------------------------------------------------------------------- CONTRACTS TO PURCHASE Japanese Yen (JPY) 10/3/05-10/4/05 2,446,822JPY $21,562,486 $77,049 ------- CONTRACTS TO SELL Canadian Dollar (CAD) 10/3/05 97CAD 83,826 679 ------- Total unrealized depreciation $77,728 =======
ILLIQUID OR RESTRICTED SECURITIES As of September 30, 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. Securities that are illiquid or restricted are marked with the applicable footnote on the Statement of Investments. Information concerning restricted securities is as follows:
ACQUISITION VALUATION AS OF UNREALIZED SECURITY DATE COST SEPTEMBER 30, 2005 APPRECIATION - ------------------------------------------------------------------------------------------------ Nektar Therapeutics 6/25/03 $3,568,000 $4,262,735 $694,735
8 Oppenheimer Global Securities Fund/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ------------------------------------------------------------------------------------------------------ ASSET-BACKED SECURITIES--0.2% - ------------------------------------------------------------------------------------------------------ Norse CBO Ltd., Collateralized Bond Obligations, Series 1A, Cl. C2, 9.342% Sub. Bonds, 8/13/10 1 (Cost $1,500,000) $ 1,500,000 $ 1,297,500 - ------------------------------------------------------------------------------------------------------ CORPORATE BONDS AND NOTES--88.2% - ------------------------------------------------------------------------------------------------------ CONSUMER DISCRETIONARY--28.4% - ------------------------------------------------------------------------------------------------------ AUTO COMPONENTS--2.1% Collins & Aikman Floorcoverings, Inc., 9.75% Sr. Sub. Nts., Series B, 2/15/10 800,000 776,000 - ------------------------------------------------------------------------------------------------------ Dana Corp., 10.125% Nts., 3/15/10 500,000 515,000 - ------------------------------------------------------------------------------------------------------ Dura Operating Corp.: 8.625% Sr. Nts., Series B, 4/15/12 1,592,683 1,425,451 9% Sr. Unsec. Sub. Nts., Series D, 5/1/09 300,000 210,000 - ------------------------------------------------------------------------------------------------------ Eagle-Picher, Inc., 9.75% Sr. Nts., 9/1/13 2 1,000,000 745,000 - ------------------------------------------------------------------------------------------------------ Goodyear Tire & Rubber Co. (The): 7.857% Nts., 8/15/11 1,950,000 1,896,375 9% Sr. Nts., 7/1/15 3 1,445,000 1,430,550 - ------------------------------------------------------------------------------------------------------ Keystone Automotive Operations, Inc., 9.75% Sr. Unsec. Sub. Nts., 11/1/13 200,000 200,000 - ------------------------------------------------------------------------------------------------------ Stoneridge, Inc., 11.50% Sr. Nts., 5/1/12 900,000 958,500 - ------------------------------------------------------------------------------------------------------ Tenneco Automotive, Inc.: 8.625% Sr. Unsec. Sub. Nts., 11/15/14 1,050,000 1,063,125 10.25% Sr. Sec. Nts., Series B, 7/15/13 900,000 1,010,250 - ------------------------------------------------------------------------------------------------------ United Components, Inc., 9.375% Sr. Sub. Nts., 6/15/13 400,000 400,000 - ------------------------------------------------------------------------------------------------------ Visteon Corp.: 7% Sr. Unsec. Nts., 3/10/14 700,000 610,750 8.25% Sr. Unsec. Nts., 8/1/10 600,000 573,000 ------------ 11,814,001 - ------------------------------------------------------------------------------------------------------ AUTOMOBILES--1.9% Ford Motor Credit Co.: 5.625% Nts., 10/1/08 3,700,000 3,498,709 5.80% Sr. Unsec. Nts., 1/12/09 1,200,000 1,120,508 7.375% Nts., 10/28/09 600,000 580,066 - ------------------------------------------------------------------------------------------------------ General Motors Acceptance Corp.: 5.125% Nts., 5/9/08 2,100,000 1,956,030 5.85% Sr. Unsec. Unsub. Nts., 1/14/09 2,013,000 1,875,830 6.875% Nts., 9/15/11 1,100,000 1,001,755 7.25% Nts., 3/2/11 800,000 744,715 ------------ 10,777,613 - ------------------------------------------------------------------------------------------------------ DIVERSIFIED CONSUMER SERVICES--0.2% Alderwoods Group, Inc., 7.75% Sr. Nts., 9/15/12 1,150,000 1,213,250 - ------------------------------------------------------------------------------------------------------ HOTELS, RESTAURANTS & LEISURE--7.7% Apcoa, Inc., 9.25% Sr. Unsec. Sub. Nts., 3/15/08 940,000 925,900 - ------------------------------------------------------------------------------------------------------ Aztar Corp., 9% Sr. Unsec. Sub. Nts., 8/15/11 450,000 480,375 - ------------------------------------------------------------------------------------------------------ Boyd Gaming Corp., 8.75% Sr. Sub. Nts., 4/15/12 1,200,000 1,299,000 - ------------------------------------------------------------------------------------------------------ Carrols Corp., 9% Sr. Sub. Nts., 1/15/13 3 270,000 275,400 - ------------------------------------------------------------------------------------------------------ CCM Merger, Inc., 8% Unsec. Nts., 8/1/13 3 240,000 243,300 - ------------------------------------------------------------------------------------------------------ Domino's, Inc., 8.25% Sr. Unsec. Sub. Nts., 7/1/11 875,000 923,125 - ------------------------------------------------------------------------------------------------------ Gaylord Entertainment Co., 8% Sr. Nts., 11/15/13 700,000 738,500 - ------------------------------------------------------------------------------------------------------ Intrawest Corp., 7.50% Sr. Unsec. Nts., 10/15/13 917,000 943,364 - ------------------------------------------------------------------------------------------------------ Isle of Capri Casinos, Inc.: 7% Sr. Unsec. Sub. Nts., 3/1/14 2,700,000 2,602,125 9% Sr. Sub. Nts., 3/15/12 600,000 639,000 - ------------------------------------------------------------------------------------------------------
1 Oppenheimer High Income Fund/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ------------------------------------------------------------------------------------------------------ HOTELS, RESTAURANTS & LEISURE CONTINUED Kerzner International Ltd., 6.75% Sr. Sub. Nts., 10/1/15 3 $ 970,000 $ 944,538 - ------------------------------------------------------------------------------------------------------ La Quinta Properties, Inc., 7% Sr. Sec. Nts., 8/15/12 500,000 516,250 - ------------------------------------------------------------------------------------------------------ Mandalay Resort Group: 9.375% Sr. Sub. Nts., 2/15/10 41,000 45,408 10.25% Sr. Unsec. Sub. Nts., Series B, 8/1/07 800,000 864,000 - ------------------------------------------------------------------------------------------------------ MGM Mirage, Inc.: 5.875% Sr. Nts., 2/27/14 600,000 573,000 6.625% Sr. Nts., 7/15/15 3 1,000,000 993,750 8.375% Sr. Unsec. Sub. Nts., 2/1/11 3,600,000 3,888,000 9.75% Sr. Unsec. Sub. Nts., 6/1/07 800,000 856,000 - ------------------------------------------------------------------------------------------------------ Mohegan Tribal Gaming Authority: 6.125% Sr. Unsec. Sub. Nts., 2/15/13 440,000 440,000 6.375% Sr. Sub. Nts., 7/15/09 800,000 804,000 6.875% Sr. Unsec. Sub. Nts., 2/15/15 915,000 937,875 8% Sr. Sub. Nts., 4/1/12 1,700,000 1,802,000 - ------------------------------------------------------------------------------------------------------ NCL Corp., 11.625% Sr. Nts., 7/15/14 3,4 600,000 636,000 - ------------------------------------------------------------------------------------------------------ Park Place Entertainment Corp.: 7.875% Sr. Sub. Nts., 3/15/10 1,500,000 1,638,750 9.375% Sr. Unsec. Sub. Nts., 2/15/07 1,500,000 1,586,250 - ------------------------------------------------------------------------------------------------------ Penn National Gaming, Inc.: 6.75% Sr. Unsec. Sub. Nts., 3/1/15 445,000 438,325 6.875% Sr. Sub. Nts., 12/1/11 850,000 858,500 8.875% Sr. Sub. Nts., 3/15/10 600,000 636,000 - ------------------------------------------------------------------------------------------------------ Pinnacle Entertainment, Inc., 8.25% Sr. Unsec. Sub. Nts., 3/15/12 1,950,000 1,959,750 - ------------------------------------------------------------------------------------------------------ Royal Caribbean Cruises Ltd., 8.75% Sr. Unsub. Nts., 2/2/11 600,000 676,500 - ------------------------------------------------------------------------------------------------------ Six Flags, Inc.: 8.875% Sr. Unsec. Nts., 2/1/10 400,000 398,000 9.625% Sr. Nts., 6/1/14 157,000 155,430 9.75% Sr. Nts., 4/15/13 1,950,000 1,930,500 - ------------------------------------------------------------------------------------------------------ Starwood Hotels & Resorts Worldwide, Inc., 7.875% Sr. Nts., 5/1/12 1,500,000 1,642,500 - ------------------------------------------------------------------------------------------------------ Station Casinos, Inc.: 6.50% Sr. Unsec. Sub. Nts., 2/1/14 3,800,000 3,819,000 6.875% Sr. Sub. Nts., 3/1/16 3 480,000 489,000 - ------------------------------------------------------------------------------------------------------ Universal City Development Partners Ltd., 11.75% Sr. Nts., 4/1/10 1,000,000 1,135,000 - ------------------------------------------------------------------------------------------------------ Vail Resorts, Inc., 6.75% Sr. Sub. Nts., 2/15/14 1,100,000 1,102,750 - ------------------------------------------------------------------------------------------------------ Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 6.625% Nts., 12/1/14 3,600,000 3,460,500 ------------ 44,297,665 - ------------------------------------------------------------------------------------------------------ HOUSEHOLD DURABLES--1.8% Beazer Homes USA, Inc., 8.375% Sr. Nts., 4/15/12 500,000 530,000 - ------------------------------------------------------------------------------------------------------ Blount, Inc., 8.875% Sr. Sub. Nts., 8/1/12 775,000 829,250 - ------------------------------------------------------------------------------------------------------ D.R. Horton, Inc., 9.75% Sr. Sub. Nts., 9/15/10 300,000 342,908 - ------------------------------------------------------------------------------------------------------ K. Hovnanian Enterprises, Inc.: 7.75% Sr. Unsec. Sub. Nts., 5/15/13 900,000 921,375 8.875% Sr. Sub. Nts., 4/1/12 800,000 848,000 - ------------------------------------------------------------------------------------------------------ KB Home: 8.625% Sr. Sub. Nts., 12/15/08 150,000 160,192 9.50% Sr. Unsec. Sub. Nts., 2/15/11 350,000 372,200 - ------------------------------------------------------------------------------------------------------ Meritage Homes Corp., 6.25% Sr. Unsec. Nts., 3/15/15 795,000 731,400 - ------------------------------------------------------------------------------------------------------ Sealy Mattress Co., 8.25% Sr. Sub. Nts., 6/15/14 1,400,000 1,414,000 - ------------------------------------------------------------------------------------------------------ Standard Pacific Corp.: 7.75% Sr. Nts., 3/15/13 650,000 658,125
2 Oppenheimer High Income Fund/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ------------------------------------------------------------------------------------------------------ HOUSEHOLD DURABLES CONTINUED 9.25% Sr. Sub. Nts., 4/15/12 $ 700,000 $ 752,500 - ------------------------------------------------------------------------------------------------------ Toll Corp., 8.25% Sr. Sub. Nts., 12/1/11 500,000 532,500 - ------------------------------------------------------------------------------------------------------ WCI Communities, Inc.: 9.125% Sr. Sub. Nts., 5/1/12 800,000 828,000 10.625% Sr. Unsec. Sub. Nts., 2/15/11 600,000 640,500 - ------------------------------------------------------------------------------------------------------ William Lyon Homes, Inc., 10.75% Sr. Nts., 4/1/13 800,000 866,000 ------------ 10,426,950 - ------------------------------------------------------------------------------------------------------ LEISURE EQUIPMENT & PRODUCTS--0.2% Leslie's Poolmart, Inc., 7.75% Sr. Unsec. Nts., 2/1/13 445,000 451,675 - ------------------------------------------------------------------------------------------------------ Rexnord Corp., 10.125% Sr. Unsec. Sub. Nts., 12/15/12 700,000 770,000 ------------ 1,221,675 - ------------------------------------------------------------------------------------------------------ MEDIA--11.4% Adelphia Communications Corp.: 7.875% Sr. Unsec. Nts., 5/1/09 2 360,000 262,800 8.125% Sr. Nts., Series B, 7/15/03 2 575,000 431,250 8.375% Sr. Nts., Series B, 2/1/08 2 1,000,000 750,000 10.25% Sr. Unsec. Sub. Nts., 6/15/11 2 1,000,000 765,000 10.875% Sr. Unsec. Nts., 10/1/10 2 1,000,000 750,000 - ------------------------------------------------------------------------------------------------------ Allbritton Communications Co., 7.75% Sr. Unsec. Sub. Nts., 12/15/12 700,000 698,250 - ------------------------------------------------------------------------------------------------------ AMC Entertainment, Inc.: 8% Sr. Unsec. Sub. Nts., 3/1/14 1,050,000 929,250 9.50% Sr. Unsec. Sub. Nts., 2/1/11 1,192,000 1,138,360 - ------------------------------------------------------------------------------------------------------ American Media Operations, Inc.: 8.875% Sr. Unsec. Sub. Nts., 1/15/11 900,000 801,000 10.25% Sr. Unsec. Sub. Nts., Series B, 5/1/09 900,000 879,750 - ------------------------------------------------------------------------------------------------------ Block Communications, Inc., 9.25% Sr. Sub. Nts., 4/15/09 600,000 639,000 - ------------------------------------------------------------------------------------------------------ Carmike Cinemas, Inc., 7.50% Sr. Sub. Nts., 2/15/14 850,000 741,625 - ------------------------------------------------------------------------------------------------------ CBD Media LLC/CBD Finance, Inc., 8.625% Sr. Sub. Nts., 6/1/11 200,000 207,500 - ------------------------------------------------------------------------------------------------------ Charter Communications Holdings I LLC, 0%/11.75% Sr. Unsec. Unsub. Nts., 5/15/14 3,5 1,500,000 1,080,000 - ------------------------------------------------------------------------------------------------------ Charter Communications Holdings LLC/Charter Communications Holdings Capital Corp., 8.375% Sr. Nts., Second Lien, 4/30/14 3 7,150,000 7,221,500 - ------------------------------------------------------------------------------------------------------ Cinemark USA, Inc., 9% Sr. Unsec. Sub. Nts., 2/1/13 400,000 415,000 - ------------------------------------------------------------------------------------------------------ Cinemark, Inc., 0%/9.75% Sr. Unsec. Disc. Nts., 3/15/14 5 1,800,000 1,269,000 - ------------------------------------------------------------------------------------------------------ Corus Entertainment, Inc., 8.75% Sr. Sub. Nts., 3/1/12 800,000 861,000 - ------------------------------------------------------------------------------------------------------ CSC Holdings, Inc., 7.625% Sr. Unsec. Unsub. Nts., Series B, 4/1/11 1,700,000 1,678,750 - ------------------------------------------------------------------------------------------------------ Dex Media East LLC/Dex Media East Finance Co., 9.875% Sr. Unsec. Nts., 11/15/09 800,000 874,000 - ------------------------------------------------------------------------------------------------------ Dex Media West LLC/Dex Media West Finance Co.: 5.875% Sr. Nts., 11/15/11 1,200,000 1,194,000 8.50% Sr. Nts., 8/15/10 700,000 743,750 9.875% Sr. Sub. Nts., 8/15/13 1,172,000 1,299,455 - ------------------------------------------------------------------------------------------------------ Dex Media, Inc., 8% Unsec. Nts., 11/15/13 5,950,000 6,143,375 - ------------------------------------------------------------------------------------------------------ DirecTV Holdings LLC/DirecTV Financing Co., Inc., 8.375% Sr. Unsec. Nts., 3/15/13 2,246,000 2,462,178 - ------------------------------------------------------------------------------------------------------ EchoStar DBS Corp.: 6.625% Sr. Unsec. Nts., 10/1/14 4,000,000 3,980,000 9.125% Sr. Nts., 1/15/09 1,895,000 1,999,225 - ------------------------------------------------------------------------------------------------------ Emmis Operating Co., 6.875% Sr. Unsec. Sub. Nts., 5/15/12 1,200,000 1,201,500 - ------------------------------------------------------------------------------------------------------
3 Oppenheimer High Income Fund/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ------------------------------------------------------------------------------------------------------ MEDIA CONTINUED Granite Broadcasting Corp., 9.75% Sr. Sec. Nts., 12/1/10 $ 1,057,000 $ 972,440 - ------------------------------------------------------------------------------------------------------ Gray Television, Inc., 9.25% Sr. Sub. Nts., 12/15/11 500,000 543,750 - ------------------------------------------------------------------------------------------------------ Lamar Media Corp.: 6.625% Sr. Sub. Nts., 8/15/15 3 1,572,000 1,607,370 7.25% Sr. Unsec. Sub. Nts., 1/1/13 200,000 210,000 - ------------------------------------------------------------------------------------------------------ Liberty Media Group, 8.50% Debs., 7/15/29 450,000 437,962 - ------------------------------------------------------------------------------------------------------ Lin Television Corp., 6.50% Sr. Sub. Nts., 5/15/13 785,000 747,713 - ------------------------------------------------------------------------------------------------------ LodgeNet Entertainment Corp., 9.50% Sr. Sub. Debs., 6/15/13 400,000 440,000 - ------------------------------------------------------------------------------------------------------ Mediacom Broadband LLC, 8.50% Sr. Nts., 10/15/15 3 580,000 562,600 - ------------------------------------------------------------------------------------------------------ Mediacom LLC/Mediacom Capital Corp., 9.50% Sr. Unsec. Nts., 1/15/13 1,257,000 1,253,858 - ------------------------------------------------------------------------------------------------------ MediaNews Group, Inc.: 6.375% Sr. Sub. Nts., 4/1/14 1,400,000 1,351,000 6.875% Sr. Unsec. Sub. Nts., 10/1/13 800,000 798,000 - ------------------------------------------------------------------------------------------------------ News America Holdings, Inc., 8.875% Sr. Debs., 4/26/23 625,000 798,636 - ------------------------------------------------------------------------------------------------------ PRIMEDIA, Inc.: 8% Sr. Nts., 5/15/13 1,100,000 1,113,750 8.875% Sr. Unsec. Nts., 5/15/11 57,000 59,993 - ------------------------------------------------------------------------------------------------------ R.H. Donnelley Corp., 6.875% Sr. Nts., 1/15/13 1,250,000 1,190,625 - ------------------------------------------------------------------------------------------------------ R.H. Donnelley Financial Corp. I: 8.875% Sr. Nts., 12/15/10 3 700,000 754,250 10.875% Sr. Sub. Nts., 12/15/12 3 1,000,000 1,127,500 - ------------------------------------------------------------------------------------------------------ Radio One, Inc., 8.875% Sr. Unsec. Sub. Nts., Series B, 7/1/11 800,000 854,000 - ------------------------------------------------------------------------------------------------------ Rainbow National Services LLC, 8.75% Sr. Nts., 9/1/12 3 1,700,000 1,821,125 - ------------------------------------------------------------------------------------------------------ Rogers Wireless, Inc.: 6.375% Sec. Nts., 3/1/14 2,100,000 2,121,000 7.50% Sec. Nts., 3/15/15 900,000 974,250 8% Sr. Sub. Nts., 12/15/12 300,000 318,375 - ------------------------------------------------------------------------------------------------------ Sinclair Broadcast Group, Inc., 8% Sr. Unsec. Sub. Nts., 3/15/12 1,600,000 1,646,000 - ------------------------------------------------------------------------------------------------------ Vertis, Inc., 9.75% Sr. Sec. Nts., 4/1/09 800,000 830,000 - ------------------------------------------------------------------------------------------------------ WMG Holdings Corp., 0%/9.50% Sr. Disc. Nts., 12/15/14 5 2,365,000 1,667,325 ------------ 65,618,040 - ------------------------------------------------------------------------------------------------------ MULTILINE RETAIL--0.8% Neiman Marcus Group, Inc.: 9% Sr. Nts., 10/15/15 3,6 2,845,000 2,866,338 10.375% Sr. Sub. Nts., 10/15/15 3,6 1,425,000 1,425,000 - ------------------------------------------------------------------------------------------------------ Saks, Inc.: 8.25% Sr. Unsec. Nts., 11/15/08 250,000 265,000 9.875% Nts., 10/1/11 300,000 333,000 ------------ 4,889,338 - ------------------------------------------------------------------------------------------------------ SPECIALTY RETAIL--0.9% Asbury Automotive Group, Inc., 9% Sr. Sub. Nts., 6/15/12 600,000 606,000 - ------------------------------------------------------------------------------------------------------ Atlantic Broadband Finance LLC, 9.375% Sr. Unsec. Sub. Nts., 1/15/14 500,000 475,000 - ------------------------------------------------------------------------------------------------------ AutoNation, Inc., 9% Sr. Unsec. Nts., 8/1/08 1,200,000 1,302,000 - ------------------------------------------------------------------------------------------------------ Boise Cascade LLC, 7.125% Sr. Unsec. Sub. Nts., 10/15/14 950,000 904,875 - ------------------------------------------------------------------------------------------------------ Finlay Fine Jewelry Corp., 8.375% Sr. Unsec. Nts., 6/1/12 600,000 510,750 - ------------------------------------------------------------------------------------------------------ Petco Animal Supplies, Inc., 10.75% Sr. Sub. Nts., 11/1/11 750,000 828,750 - ------------------------------------------------------------------------------------------------------ Rent-A-Center, Inc., 7.50% Sr. Unsec. Sub. Nts., Series B, 5/1/10 350,000 334,688 ------------ 4,962,063
4 Oppenheimer High Income Fund/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ------------------------------------------------------------------------------------------------------ TEXTILES, APPAREL & LUXURY GOODS--1.4% Invista, Inc., 9.25% Sr. Nts., 5/1/12 3 $ 2,575,000 $ 2,813,188 - ------------------------------------------------------------------------------------------------------ Levi Strauss & Co.: 7% Unsec. Nts., 11/1/06 800,000 809,000 8.254% Sr. Unsec. Unsub. Nts., 4/1/12 4 900,000 902,250 9.75% Sr. Unsec. Unsub. Nts., 1/15/15 1,755,000 1,798,875 - ------------------------------------------------------------------------------------------------------ Oxford Industries, Inc., 8.875% Sr. Nts., 6/1/11 500,000 522,500 - ------------------------------------------------------------------------------------------------------ Quiksilver, Inc., 6.875% Sr. Nts., 4/15/15 3 675,000 651,375 - ------------------------------------------------------------------------------------------------------ Russell Corp., 9.25% Sr. Nts., 5/1/10 600,000 609,000 ------------ 8,106,188 - ------------------------------------------------------------------------------------------------------ CONSUMER STAPLES--3.1% - ------------------------------------------------------------------------------------------------------ BEVERAGES--0.1% Constellation Brands, Inc., 8.125% Sr. Sub. Nts., 1/15/12 500,000 530,625 - ------------------------------------------------------------------------------------------------------ FOOD & STAPLES RETAILING--0.5% Jean Coutu Group (PJC), Inc. (The): 7.625% Sr. Unsec. Nts., 8/1/12 450,000 460,125 8.50% Sr. Sub. Nts., 8/1/14 1,200,000 1,200,000 - ------------------------------------------------------------------------------------------------------ Real Time Data Co., 11% Disc. Nts., 5/31/09 1,2 476,601 -- - ------------------------------------------------------------------------------------------------------ Rite Aid Corp.: 8.125% Sr. Sec. Nts., 5/1/10 900,000 922,500 9.50% Sr. Sec. Nts., 2/15/11 450,000 479,250 ------------ 3,061,875 - ------------------------------------------------------------------------------------------------------ FOOD PRODUCTS--1.8% American Seafoods Group LLC, 10.125% Sr. Sub. Nts., 4/15/10 500,000 535,000 - ------------------------------------------------------------------------------------------------------ Burns Philp Capital Property Ltd., 9.75% Sr. Unsec. Sub. Nts., 7/15/12 400,000 450,000 - ------------------------------------------------------------------------------------------------------ Del Monte Corp.: 6.75% Sr. Sub. Nts., 2/15/15 3 350,000 353,500 8.625% Sr. Sub. Nts., 12/15/12 1,000,000 1,080,000 - ------------------------------------------------------------------------------------------------------ Doane Pet Care Co.: 9.75% Sr. Unsec. Sub. Nts., 5/15/07 400,000 400,000 10.75% Sr. Nts., 3/1/10 1,700,000 1,861,500 - ------------------------------------------------------------------------------------------------------ Dole Food Co., Inc.: 8.625% Sr. Nts., 5/1/09 687,000 721,350 8.875% Sr. Unsec. Nts., 3/15/11 146,000 152,205 - ------------------------------------------------------------------------------------------------------ Hines Nurseries, Inc., 10.25% Sr. Unsec. Sub. Nts., 10/1/11 600,000 612,000 - ------------------------------------------------------------------------------------------------------ Smithfield Foods, Inc.: 7.625% Sr. Unsec. Sub. Nts., 2/15/08 925,000 962,000 8% Sr. Nts., Series B, 10/15/09 1 900,000 956,250 - ------------------------------------------------------------------------------------------------------ Swift & Co., 10.125% Sr. Nts., 10/1/09 1,000,000 1,081,250 - ------------------------------------------------------------------------------------------------------ United Biscuits Finance plc, 10.625% Sr. Sub. Nts., 4/15/11 [EUR] 1,000,000 1,296,497 ------------ 10,461,552 - ------------------------------------------------------------------------------------------------------ HOUSEHOLD PRODUCTS--0.5% Church & Dwight Co., Inc., 6% Sr. Unsec. Sub. Nts., 12/15/12 900,000 882,000 - ------------------------------------------------------------------------------------------------------ Playtex Products, Inc.: 8% Sr. Sec. Nts., 3/1/11 1,000,000 1,052,500 9.375% Sr. Unsec. Sub. Nts., 6/1/11 800,000 839,000 ------------ 2,773,500 - ------------------------------------------------------------------------------------------------------ PERSONAL PRODUCTS--0.1% Elizabeth Arden, Inc., 7.75% Sr. Unsec. Sub. Nts., 1/15/14 300,000 306,750
5 Oppenheimer High Income Fund/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ------------------------------------------------------------------------------------------------------ TOBACCO--0.1% R.J. Reynolds Tobacco Holdings, Inc., 6.50% Nts., 7/15/10 3 $ 500,000 $ 501,250 - ------------------------------------------------------------------------------------------------------ ENERGY--7.5% - ------------------------------------------------------------------------------------------------------ ENERGY EQUIPMENT & SERVICES--0.5% Dresser, Inc., 9.375% Sr. Sub. Nts., 4/15/11 400,000 424,000 - ------------------------------------------------------------------------------------------------------ Hanover Compressor Co., 8.625% Sr. Unsec. Sub. Nts., 12/15/10 700,000 757,750 - ------------------------------------------------------------------------------------------------------ Hanover Equipment Trust, 8.50% Sr. Sec. Nts., Series A, 9/1/08 221,000 230,945 - ------------------------------------------------------------------------------------------------------ Petroleum Helicopters, Inc., 9.375% Sr. Nts., 5/1/09 600,000 640,500 - ------------------------------------------------------------------------------------------------------ Universal Compression, Inc., 7.25% Sr. Unsec. Sub. Nts., 5/15/10 800,000 832,000 ------------ 2,885,195 - ------------------------------------------------------------------------------------------------------ OIL & GAS--7.0% ANR Pipeline Co., 8.875% Sr. Nts., 3/15/10 400,000 434,364 - ------------------------------------------------------------------------------------------------------ Arch Western Finance LLC, 6.75% Sr. Nts., 7/1/13 900,000 922,500 - ------------------------------------------------------------------------------------------------------ Chesapeake Energy Corp.: 6.375% Sr. Unsec. Nts., 6/15/15 550,000 555,500 6.875% Sr. Unsec. Nts., 1/15/16 1,420,000 1,462,600 - ------------------------------------------------------------------------------------------------------ Clayton Williams Energy, Inc., 7.75% Sr. Nts., 8/1/13 3 390,000 383,175 - ------------------------------------------------------------------------------------------------------ Delta Petroleum Corp., 7% Sr. Unsec. Nts., 4/1/15 265,000 254,400 - ------------------------------------------------------------------------------------------------------ El Paso Corp., 7.875% Sr. Unsec. Nts., 6/15/12 3,207,000 3,335,280 - ------------------------------------------------------------------------------------------------------ El Paso Energy Corp., 7.625% Nts., 7/15/11 350,000 357,000 - ------------------------------------------------------------------------------------------------------ El Paso Production Holding Co., 7.75% Sr. Unsec. Nts., 6/1/13 3,000,000 3,150,000 - ------------------------------------------------------------------------------------------------------ Forest Oil Corp., 7.75% Sr. Nts., 5/1/14 1,000,000 1,067,500 - ------------------------------------------------------------------------------------------------------ Foundation PA Coal Co., 7.25% Sr. Unsec. Nts., 8/1/14 850,000 890,375 - ------------------------------------------------------------------------------------------------------ Frontier Oil Corp., 6.625% Sr. Unsec. Nts., 10/1/11 450,000 466,313 - ------------------------------------------------------------------------------------------------------ Massey Energy Co., 6.625% Sr. Nts., 11/15/10 400,000 410,000 - ------------------------------------------------------------------------------------------------------ Newfield Exploration Co.: 6.625% Sr. Unsec. Sub. Nts., 9/1/14 1,300,000 1,358,500 8.375% Sr. Sub. Nts., 8/15/12 600,000 651,000 - ------------------------------------------------------------------------------------------------------ Pacific Energy Partners LP/Pacific Energy Finance Corp., 6.25% Sr. Nts., 9/15/15 3 195,000 196,463 - ------------------------------------------------------------------------------------------------------ Peabody Energy Corp., 6.875% Sr. Unsec. Nts., Series B, 3/15/13 1,200,000 1,260,000 - ------------------------------------------------------------------------------------------------------ Plains Exploration & Production Co., 7.125% Sr. Nts., 6/15/14 600,000 634,500 - ------------------------------------------------------------------------------------------------------ Premcor Refining Group, Inc.: 6.75% Sr. Nts., 5/1/14 700,000 749,000 9.50% Sr. Nts., 2/1/13 1,000,000 1,132,500 - ------------------------------------------------------------------------------------------------------ Range Resources Corp.: 6.375% Sr. Sub. Nts., 3/15/15 445,000 450,563 7.375% Sr. Sub. Nts., 7/15/13 400,000 426,000 - ------------------------------------------------------------------------------------------------------ Southern Natural Gas Co.: 7.35% Nts., 2/15/31 2,100,000 2,154,363 8% Sr. Unsub. Nts., 3/1/32 900,000 998,219 8.875% Sr. Nts., 3/15/10 700,000 760,136 - ------------------------------------------------------------------------------------------------------ Stone Energy Corp.: 6.75% Sr. Unsec. Sub. Nts., 12/15/14 860,000 849,250 8.25% Sr. Unsec. Sub. Nts., 12/15/11 1,600,000 1,688,000 - ------------------------------------------------------------------------------------------------------ Teekay Shipping Corp., 8.875% Sr. Nts., 7/15/11 575,000 658,375 - ------------------------------------------------------------------------------------------------------ Tennessee Gas Pipeline Co., 7.50% Bonds, 4/1/17 4,415,000 4,780,129 - ------------------------------------------------------------------------------------------------------ Tesoro Petroleum Corp.: 8% Sr. Sec. Nts., 4/15/08 1,000,000 1,047,500 9.625% Sr. Sub. Nts., 4/1/12 557,000 616,181 - ------------------------------------------------------------------------------------------------------
6 Oppenheimer High Income Fund/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ------------------------------------------------------------------------------------------------------ OIL & GAS CONTINUED Transcontinental Gas Pipe Line Corp., 8.875% Sr. Unsub. Nts., Series B, 7/15/12 $ 200,000 $ 234,250 - ------------------------------------------------------------------------------------------------------ Whiting Petroleum Corp., 7.25% Sr. Sub. Nts., 5/1/12 800,000 818,000 - ------------------------------------------------------------------------------------------------------ Williams Cos., Inc. (The): 7.125% Nts., 9/1/11 1,550,000 1,631,375 7.625% Nts., 7/15/19 900,000 978,750 8.75% Unsec. Nts., 3/15/32 1,900,000 2,251,500 - ------------------------------------------------------------------------------------------------------ Williams Holdings of Delaware, Inc., 6.50% Nts., 12/1/08 300,000 310,500 ------------ 40,324,061 - ------------------------------------------------------------------------------------------------------ FINANCIALS--3.3% - ------------------------------------------------------------------------------------------------------ CAPITAL MARKETS--0.7% Berry Plastics Corp., 10.75% Sr. Sub. Nts., 7/15/12 1,600,000 1,728,000 - ------------------------------------------------------------------------------------------------------ DeCrane Aircraft Holdings, Inc., 12% Sr. Unsec. Sub. Nts., Series B, 9/30/08 1 1,550,000 930,000 - ------------------------------------------------------------------------------------------------------ E*TRADE Financial Corp.: 7.375% Sr. Nts., 9/15/13 3 291,000 295,365 8% Sr. Nts., 6/15/11 3 825,000 855,938 ------------ 3,809,303 - ------------------------------------------------------------------------------------------------------ COMMERCIAL BANKS--0.2% Bank Plus Corp., 12% Sr. Nts., 7/18/07 1 517,000 560,945 - ------------------------------------------------------------------------------------------------------ Western Financial Bank, 9.625% Unsec. Sub. Debs., 5/15/12 400,000 460,000 ------------ 1,020,945 - ------------------------------------------------------------------------------------------------------ DIVERSIFIED FINANCIAL SERVICES--1.5% Affinia Group, Inc., 9% Sr. Sub. Nts., 11/30/14 3 450,000 353,250 - ------------------------------------------------------------------------------------------------------ American Commercial Lines LLC/American Commercial Lines Finance Corp., 9.50% Sr. Unsec. Nts., 2/15/15 265,000 287,525 - ------------------------------------------------------------------------------------------------------ Crystal US Holdings 3 LLC/Crystal US Sub 3 Corp.: 0%/10.50% Sr. Unsec. Disc. Nts., Series B, 10/1/14 5 1,600,000 1,128,000 9.625% Sr. Sub. Nts., 6/15/14 1,560,000 1,743,300 - ------------------------------------------------------------------------------------------------------ Global Cash Access LLC/Global Cash Finance Corp., 8.75% Sr. Sub. Nts., 3/15/12 575,000 621,000 - ------------------------------------------------------------------------------------------------------ JSG Funding plc, 7.75% Sr. Unsec. Sub. Nts., 4/1/15 865,000 739,575 - ------------------------------------------------------------------------------------------------------ Nell AF Sarl, 8.375% Sr. Nts., 8/15/15 3 3,540,000 3,478,050 - ------------------------------------------------------------------------------------------------------ Universal City Florida: 8.375% Sr. Unsec. Nts., 5/1/10 270,000 281,475 8.443% Sr. Unsec. Nts., 5/1/10 4 270,000 281,475 ------------ 8,913,650 - ------------------------------------------------------------------------------------------------------ REAL ESTATE--0.9% American Casino & Entertainment Properties LLC, 7.85% Sr. Sec. Nts., 2/1/12 1,300,000 1,347,125 - ------------------------------------------------------------------------------------------------------ Felcor Lodging LP, 9% Sr. Nts., 6/1/11 837,000 914,423 - ------------------------------------------------------------------------------------------------------ HMH Properties, Inc., 7.875% Sr. Nts., Series B, 8/1/08 196,000 199,430 - ------------------------------------------------------------------------------------------------------ Host Marriott LP, 6.375% Sr. Nts., Series O, 3/15/15 1,025,000 999,375 - ------------------------------------------------------------------------------------------------------ MeriStar Hospitality Corp.: 9.125% Sr. Unsec. Nts., 1/15/11 457,000 486,705 10.50% Sr. Unsec. Nts., 6/15/09 350,000 372,750 - ------------------------------------------------------------------------------------------------------ Trustreet Properties, Inc.: 7.50% Sr. Nts., 4/1/15 3 390,000 400,725
7 Oppenheimer High Income Fund/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ------------------------------------------------------------------------------------------------------ REAL ESTATE CONTINUED 7.50% Sr. Unsec. Nts., 4/1/15 $ 755,000 $ 775,763 ------------ 5,496,296 - ------------------------------------------------------------------------------------------------------ HEALTH CARE--6.8% - ------------------------------------------------------------------------------------------------------ HEALTH CARE EQUIPMENT & SUPPLIES--0.4% Inverness Medical Innovations, Inc., 8.75% Sr. Sub. Nts., 2/15/12 600,000 612,000 - ------------------------------------------------------------------------------------------------------ Sybron Dental Specialties, Inc., 8.125% Sr. Sub. Nts., 6/15/12 700,000 752,500 - ------------------------------------------------------------------------------------------------------ Universal Hospital Services, Inc., 10.125% Sr. Unsec. Nts., 11/1/11 800,000 824,000 ------------ 2,188,500 - ------------------------------------------------------------------------------------------------------ HEALTH CARE PROVIDERS & SERVICES--6.3% AmeriPath, Inc., 10.50% Sr. Unsec. Sub. Nts., 4/1/13 700,000 731,500 - ------------------------------------------------------------------------------------------------------ Beverly Enterprises, Inc., 7.875% Sr. Sub. Nts., 6/15/14 600,000 667,500 - ------------------------------------------------------------------------------------------------------ Community Health Systems, Inc., 6.50% Sr. Unsec. Sub. Nts., 12/15/12 900,000 906,750 - ------------------------------------------------------------------------------------------------------ Coventry Health Care, Inc., 6.125% Sr. Unsec. Nts., 1/15/15 440,000 453,200 - ------------------------------------------------------------------------------------------------------ DaVita, Inc.: 6.625% Sr. Unsec. Nts., 3/15/13 890,000 905,575 7.25% Sr. Unsec. Sub. Nts., 3/15/15 1,910,000 1,945,813 - ------------------------------------------------------------------------------------------------------ Extendicare Health Services, Inc.: 6.875% Sr. Sub. Nts., 5/1/14 600,000 594,000 9.50% Sr. Unsec. Sub. Nts., 7/1/10 500,000 535,000 - ------------------------------------------------------------------------------------------------------ Fresenius Medical Care Capital Trust II, 7.875% Nts., 2/1/08 1,600,000 1,668,000 - ------------------------------------------------------------------------------------------------------ Genesis HealthCare Corp., 8% Sr. Sub. Nts., 10/15/13 400,000 433,000 - ------------------------------------------------------------------------------------------------------ HCA, Inc.: 6.30% Sr. Unsec. Nts., 10/1/12 3,200,000 3,196,739 6.375% Nts., 1/15/15 2,500,000 2,485,878 7.875% Sr. Nts., 2/1/11 305,000 328,433 8.75% Sr. Nts., 9/1/10 2,800,000 3,106,320 - ------------------------------------------------------------------------------------------------------ HealthSouth Corp.: 7.625% Nts., 6/1/12 2,600,000 2,444,000 8.375% Unsec. Nts., 10/1/11 700,000 670,250 10.75% Sr. Unsec. Sub. Nts., 10/1/08 357,000 350,753 - ------------------------------------------------------------------------------------------------------ Magellan Health Services, Inc., 9.375% Sr. Unsec. Nts., Series A, 11/15/08 1,867,644 1,972,699 - ------------------------------------------------------------------------------------------------------ Medquest, Inc., 11.875% Sr. Unsec. Sub. Nts., Series B, 8/15/12 900,000 954,000 - ------------------------------------------------------------------------------------------------------ National Nephrology Assn., 9% Sr. Sub. Nts., 11/1/11 3 200,000 223,500 - ------------------------------------------------------------------------------------------------------ NDCHealth Corp., 10.50% Sr. Unsec. Sub. Nts., 12/1/12 600,000 690,000 - ------------------------------------------------------------------------------------------------------ PacifiCare Health Systems, Inc., 10.75% Sr. Unsec. Unsub. Nts., 6/1/09 714,000 773,798 - ------------------------------------------------------------------------------------------------------ Psychiatric Solutions, Inc., 7.75% Sr. Sub. Nts., 7/15/15 3 485,000 503,188 - ------------------------------------------------------------------------------------------------------ Quintiles Transnational Corp., 10% Sr. Sub. Nts., 10/1/13 600,000 678,000 - ------------------------------------------------------------------------------------------------------ Rotech Healthcare, Inc., 9.50% Sr. Unsec. Sub. Nts., 4/1/12 600,000 645,000 - ------------------------------------------------------------------------------------------------------ Select Medical Corp., 7.625% Sr. Unsec. Sub. Nts., 2/1/15 1,575,000 1,515,938 - ------------------------------------------------------------------------------------------------------ Tenet Healthcare Corp.: 6.375% Sr. Nts., 12/1/11 1,074,000 1,006,875 7.375% Nts., 2/1/13 57,000 54,293 9.875% Sr. Nts., 7/1/14 1,900,000 1,995,000 - ------------------------------------------------------------------------------------------------------ Triad Hospitals, Inc.: 7% Sr. Nts., 5/15/12 250,000 258,125 7% Sr. Sub. Nts., 11/15/13 2,120,000 2,157,100 - ------------------------------------------------------------------------------------------------------ US Oncology, Inc.: 9% Sr. Unsec. Nts., 8/15/12 650,000 705,250 10.75% Sr. Unsec. Sub. Nts., 8/15/14 650,000 731,250 ------------ 36,286,727
8 Oppenheimer High Income Fund/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ------------------------------------------------------------------------------------------------------ PHARMACEUTICALS--0.1% Valeant Pharmaceuticals International, Inc., 7% Sr. Nts., 12/15/11 $ 800,000 $ 792,000 - ------------------------------------------------------------------------------------------------------ INDUSTRIALS--6.9% - ------------------------------------------------------------------------------------------------------ AEROSPACE & DEFENSE--1.3% Alliant Techsystems, Inc., 8.50% Sr. Unsec. Sub. Nts., 5/15/11 900,000 951,750 - ------------------------------------------------------------------------------------------------------ BE Aerospace, Inc.: 8% Sr. Unsec. Sub. Nts., Series B, 3/1/08 300,000 301,500 8.875% Sr. Unsec. Sub. Nts., 5/1/11 57,000 60,135 - ------------------------------------------------------------------------------------------------------ L-3 Communications Corp.: 5.875% Sr. Sub. Nts., 1/15/15 684,000 665,190 6.125% Sr. Unsec. Sub. Nts., 1/15/14 1,100,000 1,094,500 6.375% Sr. Sub. Nts., 10/15/15 3 1,280,000 1,296,000 7.625% Sr. Sub. Nts., 6/15/12 500,000 527,500 - ------------------------------------------------------------------------------------------------------ TD Funding Corp., 8.375% Sr. Sub. Nts., 7/15/11 1,200,000 1,263,000 - ------------------------------------------------------------------------------------------------------ TRW Automotive, Inc.: 9.375% Sr. Nts., 2/15/13 580,000 632,200 11% Sr. Sub. Nts., 2/15/13 454,000 514,155 ------------ 7,305,930 - ------------------------------------------------------------------------------------------------------ AIRLINES--0.1% AMR Corp., 9% Debs., 8/1/12 700,000 497,000 - ------------------------------------------------------------------------------------------------------ ATA Holdings Corp., 13% Sr. Unsec. Nts., 2/1/09 2 1,575,000 228,375 ------------ 725,375 - ------------------------------------------------------------------------------------------------------ BUILDING PRODUCTS--0.5% Associated Materials, Inc., 9.75% Sr. Sub. Nts., 4/15/12 700,000 680,750 - ------------------------------------------------------------------------------------------------------ Goodman Global Holding Co., Inc., 7.875% Sr. Sub. Nts., 12/15/12 3 1,060,000 964,600 - ------------------------------------------------------------------------------------------------------ Jacuzzi Brands, Inc., 9.625% Sr. Sec. Nts., 7/1/10 544,000 579,360 - ------------------------------------------------------------------------------------------------------ Nortek, Inc., 8.50% Sr. Unsec. Unsub. Nts., 9/1/14 600,000 555,000 ------------ 2,779,710 - ------------------------------------------------------------------------------------------------------ COMMERCIAL SERVICES & SUPPLIES--1.8% Allied Waste North America, Inc.: 7.25% Sr. Nts., 3/15/15 3 725,000 717,750 7.375% Sr. Sec. Nts., Series B, 4/15/14 2,550,000 2,409,750 8.875% Sr. Nts., Series B, 4/1/08 1,900,000 1,990,250 9.25% Sr. Sec. Debs., Series B, 9/1/12 283,000 307,763 - ------------------------------------------------------------------------------------------------------ American Pad & Paper Co., 13% Sr. Sub. Nts., Series B, 11/15/05 1,2 200,000 -- - ------------------------------------------------------------------------------------------------------ Cenveo Corp., 7.875% Sr. Sub. Nts., 12/1/13 1,600,000 1,552,000 - ------------------------------------------------------------------------------------------------------ Comforce Operating, Inc., 12% Sr. Nts., Series B, 12/1/07 1 350,000 350,875 - ------------------------------------------------------------------------------------------------------ Corrections Corp. of America: 6.25% Sr. Unsec. Sub. Nts., 3/15/13 890,000 885,550 7.50% Sr. Nts., 5/1/11 500,000 518,125 - ------------------------------------------------------------------------------------------------------ Mail-Well I Corp., 9.625% Sr. Nts., 3/15/12 600,000 646,500 - ------------------------------------------------------------------------------------------------------ School Specialty, Inc., 10% Sr. Nts., 10/1/13 3,6 810,000 816,075 ------------ 10,194,638 - ------------------------------------------------------------------------------------------------------ ELECTRICAL EQUIPMENT--0.3% Belden & Blake Corp., 8.75% Sec. Nts., 7/15/12 650,000 682,500 - ------------------------------------------------------------------------------------------------------ Dayton Superior Corp., 13% Sr. Unsec. Sub. Nts., 6/15/09 100,000 80,500 - ------------------------------------------------------------------------------------------------------ General Cable Corp., 9.50% Sr. Nts., 11/15/10 500,000 528,750 - ------------------------------------------------------------------------------------------------------ UCAR Finance, Inc., 10.25% Sr. Nts., 2/15/12 400,000 431,000 ------------ 1,722,750
9 Oppenheimer High Income Fund/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ------------------------------------------------------------------------------------------------------ INDUSTRIAL CONGLOMERATES--0.0% Great Lakes Dredge & Dock Co., 7.75% Sr. Unsec. Sub. Nts., 12/15/13 $ 250,000 $ 230,625 - ------------------------------------------------------------------------------------------------------ MACHINERY--1.5% Douglas Dynamics LLC, 7.75% Sr. Nts., 1/15/12 3 600,000 603,000 - ------------------------------------------------------------------------------------------------------ Greenbrier Cos., Inc., 8.375% Sr. Unsec. Nts., 5/15/15 740,000 773,300 - ------------------------------------------------------------------------------------------------------ Manitowoc Co., Inc. (The): 7.125% Sr. Nts., 11/1/13 150,000 156,000 10.50% Sr. Sub. Nts., 8/1/12 520,000 583,700 - ------------------------------------------------------------------------------------------------------ Milacron Escrow Corp., 11.50% Sr. Sec. Nts., 5/15/11 1,700,000 1,674,500 - ------------------------------------------------------------------------------------------------------ Navistar International Corp.: 6.25% Sr. Unsec. Nts., 3/1/12 445,000 424,975 7.50% Sr. Nts., 6/15/11 800,000 812,000 - ------------------------------------------------------------------------------------------------------ NMHG Holding Co., 10% Sr. Nts., 5/15/09 600,000 645,000 - ------------------------------------------------------------------------------------------------------ Terex Corp.: 7.375% Sr. Unsec. Sub. Nts., 1/15/14 592,683 601,573 9.25% Sr. Unsec. Sub. Nts., 7/15/11 800,000 864,000 10.375% Sr. Unsec. Sub. Nts., Series B, 4/1/11 500,000 537,500 - ------------------------------------------------------------------------------------------------------ Trinity Industries, Inc., 6.50% Sr. Nts., 3/15/14 1,000,000 990,000 ------------ 8,665,548 - ------------------------------------------------------------------------------------------------------ MARINE--0.3% CP Ships Ltd., 10.375% Sr. Nts., 7/15/12 1,000,000 1,140,000 - ------------------------------------------------------------------------------------------------------ Navigator Gas Transport plc, 10.50% First Priority Ship Mtg. Nts., 6/30/07 2,3 361,000 386,721 - ------------------------------------------------------------------------------------------------------ WPO Shipholding Co. LLC, 12% Sr. Sec. Nts., 7/15/05 1,2 700,000 3,920 ------------ 1,530,641 - ------------------------------------------------------------------------------------------------------ ROAD & RAIL--0.4% Kansas City Southern Railway Co. (The), 7.50% Sr. Nts., 6/15/09 500,000 526,250 - ------------------------------------------------------------------------------------------------------ Stena AB: 7% Sr. Unsec. Nts., 12/1/16 300,000 279,000 7.50% Sr. Unsec. Nts., 11/1/13 928,000 907,120 9.625% Sr. Nts., 12/1/12 600,000 654,000 ------------ 2,366,370 - ------------------------------------------------------------------------------------------------------ TRADING COMPANIES & DISTRIBUTORS--0.6% United Rentals, Inc., 7% Sr. Sub. Nts., 2/15/14 4,000,000 3,730,000 - ------------------------------------------------------------------------------------------------------ TRANSPORTATION INFRASTRUCTURE--0.1% Horizon Lines LLC, 9% Nts., 11/1/12 600,000 645,750 - ------------------------------------------------------------------------------------------------------ INFORMATION TECHNOLOGY--3.6% - ------------------------------------------------------------------------------------------------------ COMMUNICATIONS EQUIPMENT--0.7% Lucent Technologies, Inc., 6.45% Unsec. Debs., 3/15/29 3,700,000 3,256,000 - ------------------------------------------------------------------------------------------------------ Orion Network Systems, Inc., 12.50% Sr. Unsub. Disc. Nts., 1/15/07 2 1,150,000 649,750 ------------ 3,905,750 - ------------------------------------------------------------------------------------------------------ COMPUTERS & PERIPHERALS--0.1% Seagate Technology Hdd Holdings, 8% Sr. Nts., 5/15/09 700,000 738,500 - ------------------------------------------------------------------------------------------------------ ELECTRONIC EQUIPMENT & INSTRUMENTS--0.9% Flextronics International Ltd., 6.25% Sr. Sub. Nts., 11/15/14 2,700,000 2,700,000 - ------------------------------------------------------------------------------------------------------ Loews Cineplex Entertainment Corp., 9% Sr. Unsec. Sub. Nts., 8/1/14 875,000 855,313 - ------------------------------------------------------------------------------------------------------ Sanmina-SCI Corp., 6.75% Unsec. Sub. Nts., 3/1/13 920,000 878,600 - ------------------------------------------------------------------------------------------------------ Sensus Metering System, Inc., 8.625% Sr. Unsec. Sub. Nts., 12/15/13 1,000,000 925,000 ------------ 5,358,913
10 Oppenheimer High Income Fund/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ------------------------------------------------------------------------------------------------------ INTERNET SOFTWARE & SERVICES--0.0% Exodus Communications, Inc., 10.75% Sr. Nts., 12/15/09 1,2 [EUR] 846,550 $ 2,544 - ------------------------------------------------------------------------------------------------------ NorthPoint Communications Group, Inc., 12.875% Nts., 2/15/10 1,2 240,208 -- - ------------------------------------------------------------------------------------------------------ PSINet, Inc., 10.50% Sr. Unsec. Nts., 12/1/06 1,2 [EUR] 1,000,000 -- ------------ 2,544 - ------------------------------------------------------------------------------------------------------ IT SERVICES--0.9% DynCorp International LLC, 9.50% Sr. Sub. Nts., 2/15/13 3 1,300,000 1,365,000 - ------------------------------------------------------------------------------------------------------ Iron Mountain, Inc., 8.625% Sr. Unsec. Sub. Nts., 4/1/13 1,000,000 1,052,500 - ------------------------------------------------------------------------------------------------------ SunGard Data Systems, Inc.: 9.125% Sr. Unsec. Nts., 8/15/13 3 1,530,000 1,593,113 10.25% Sr. Sub. Nts., 8/15/15 3 1,390,000 1,414,325 ------------ 5,424,938 - ------------------------------------------------------------------------------------------------------ SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT--1.0% Advanced Micro Devices, Inc., 7.75% Sr. Unsec. Nts., 11/1/12 3,050,000 3,141,500 - ------------------------------------------------------------------------------------------------------ Amkor Technology, Inc., 9.25% Sr. Unsec. Sub. Nts., 2/15/08 1,231,000 1,160,218 - ------------------------------------------------------------------------------------------------------ Freescale Semiconductor, Inc., 7.125% Sr. Unsec. Nts., 7/15/14 1,100,000 1,177,000 ------------ 5,478,718 - ------------------------------------------------------------------------------------------------------ MATERIALS--10.3% - ------------------------------------------------------------------------------------------------------ CHEMICALS--3.4% ClimaChem, Inc., 10.75% Sr. Unsec. Nts., Series B, 12/1/07 1 250,000 167,500 - ------------------------------------------------------------------------------------------------------ Compass Minerals Group, Inc., 10% Sr. Sub. Nts., 8/15/11 335,000 365,150 - ------------------------------------------------------------------------------------------------------ Crompton Corp., 9.875% Sr. Nts., 8/1/12 800,000 915,000 - ------------------------------------------------------------------------------------------------------ Equistar Chemicals LP/Equistar Funding Corp.: 8.75% Sr. Unsec. Nts., 2/15/09 400,000 418,000 10.125% Sr. Unsec. Nts., 9/1/08 57,000 61,560 10.625% Sr. Unsec. Nts., 5/1/11 1,400,000 1,533,000 - ------------------------------------------------------------------------------------------------------ Huntsman Corp./ICI Chemical Co. plc: 10.125% Sr. Unsec. Sub. Nts., 7/1/09 [EUR] 62,000 76,843 10.125% Sr. Unsec. Sub. Nts., 7/1/09 1,645,000 1,700,519 - ------------------------------------------------------------------------------------------------------ Huntsman International LLC: 7.375% Sr. Sub. Nts., 1/1/15 3 2,200,000 2,117,500 9.875% Sr. Nts., 3/1/09 2,000,000 2,122,500 - ------------------------------------------------------------------------------------------------------ Huntsman LLC: 11.50% Sr. Unsec. Nts., 7/15/12 4 332,000 380,970 11.625% Sr. Unsec. Nts., 10/15/10 37,000 42,458 - ------------------------------------------------------------------------------------------------------ IMC Global, Inc.: 7.625% Bonds, 11/1/05 1 3,000 3,064 10.875% Sr. Unsec. Nts., 8/1/13 57,000 67,545 10.875% Sr. Unsec. Nts., Series B, 6/1/08 11,000 12,485 - ------------------------------------------------------------------------------------------------------ Innophos, Inc., 8.875% Sr. Sub. Nts., 8/15/14 3 1,000,000 1,027,500 - ------------------------------------------------------------------------------------------------------ ISP Chemco, Inc., 10.25% Sr. Unsec. Sub. Nts., 7/1/11 500,000 541,875 - ------------------------------------------------------------------------------------------------------ ISP Holdings, Inc., 10.625% Sr. Sec. Nts., 12/15/09 300,000 318,750 - ------------------------------------------------------------------------------------------------------ KI Holdings, Inc., 0%/9.875% Sr. Unsec. Sub. Disc. Nts., 11/15/14 5 750,000 515,625 - ------------------------------------------------------------------------------------------------------ Lyondell Chemical Co.: 9.50% Sec. Nts., 12/15/08 57,000 59,993 9.50% Sr. Sec. Nts., 12/15/08 100,000 105,250 9.625% Sr. Sec. Nts., Series A, 5/1/07 1,000,000 1,055,000 10.50% Sr. Sec. Nts., 6/1/13 800,000 908,000 11.125% Sr. Sec. Nts., 7/15/12 300,000 336,000 - ------------------------------------------------------------------------------------------------------
11 Oppenheimer High Income Fund/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ------------------------------------------------------------------------------------------------------ CHEMICALS CONTINUED Millennium America, Inc., 9.25% Sr. Unsec. Sub. Nts., 6/15/08 $ 711,000 $ 767,880 - ------------------------------------------------------------------------------------------------------ PCI Chemicals Canada, 10% Sr. Sec. Nts., 12/31/08 319,909 337,504 - ------------------------------------------------------------------------------------------------------ PolyOne Corp., 10.625% Sr. Unsec. Nts., 5/15/10 957,000 990,495 - ------------------------------------------------------------------------------------------------------ Resolution Performance Products LLC: 450,000 465,750 8% Sr. Sec. Nts., 12/15/09 13.50% Sr. Unsec. Sub. Nts., 11/15/10 300,000 320,250 - ------------------------------------------------------------------------------------------------------ Rhodia SA, 10.25% Sr. Unsec. Nts., 6/1/10 390,000 414,375 - ------------------------------------------------------------------------------------------------------ Rockwood Specialties Group, Inc.: 400,000 390,000 7.50% Sr. Sub. Nts., 11/15/14 3 10.625% Sr. Unsec. Sub. Nts., 5/15/11 291,000 318,645 - ------------------------------------------------------------------------------------------------------ Sterling Chemicals, Inc., 10% Sr. Sec. Nts., 12/19/07 1,7 409,135 407,089 - ------------------------------------------------------------------------------------------------------ Westlake Chemical Corp., 8.75% Sr. Nts., 7/15/11 260,000 281,450 ------------ 19,545,525 - ------------------------------------------------------------------------------------------------------ CONSTRUCTION MATERIALS--0.2% NTK Holdings, Inc., 0%/10.75% Sr. Disc. Nts., 3/1/14 5 1,420,000 802,300 - ------------------------------------------------------------------------------------------------------ CONTAINERS & PACKAGING--2.8% Crown Euro Holdings SA, 9.50% Sr. Sec. Nts., 3/1/11 900,000 990,000 - ------------------------------------------------------------------------------------------------------ Graham Packaging Co., Inc.: 8.50% Sr. Unsec. Nts., 10/15/12 350,000 350,000 9.875% Sr. Unsec. Sub. Nts., 10/15/14 600,000 579,000 - ------------------------------------------------------------------------------------------------------ Graphic Packaging International Corp.: 8.50% Sr. Nts., 8/15/11 1,000,000 985,000 9.50% Sr. Sub. Nts., 8/15/13 700,000 661,500 - ------------------------------------------------------------------------------------------------------ Jefferson Smurfit Corp.: 7.50% Sr. Unsec. Unsub. Nts., 6/1/13 350,000 316,750 8.25% Sr. Unsec. Nts., 10/1/12 900,000 850,500 - ------------------------------------------------------------------------------------------------------ MDP Acquisitions plc, 9.625% Sr. Nts., 10/1/12 800,000 808,000 - ------------------------------------------------------------------------------------------------------ Owens-Brockway Glass Container, Inc.: 7.75% Sr. Sec. Nts., 5/15/11 500,000 522,500 8.25% Sr. Unsec. Nts., 5/15/13 557,000 582,065 8.75% Sr. Sec. Nts., 11/15/12 1,350,000 1,464,750 8.875% Sr. Sec. Nts., 2/15/09 1,300,000 1,371,500 - ------------------------------------------------------------------------------------------------------ Pliant Corp.: 11.125% Sr. Sec. Nts., 9/1/09 600,000 519,000 11.625% Sr. Sec. Nts., 6/15/09 3,7 510,590 543,778 - ------------------------------------------------------------------------------------------------------ Solo Cup Co., 8.50% Sr. Sub. Nts., 2/15/14 1,050,000 934,500 - ------------------------------------------------------------------------------------------------------ Stone Container Corp.: 8.375% Sr. Nts., 7/1/12 750,000 716,250 9.25% Sr. Unsec. Nts., 2/1/08 1,000,000 1,025,000 9.75% Sr. Unsec. Nts., 2/1/11 1,000,000 1,020,000 - ------------------------------------------------------------------------------------------------------ Stone Container Finance Co. of Canada II, 7.375% Sr. Unsec. Nts., 7/15/14 300,000 268,500 - ------------------------------------------------------------------------------------------------------ Tekni-Plex, Inc., 10.875% Sr. Sec. Nts., 8/15/12 3 290,000 311,750 - ------------------------------------------------------------------------------------------------------ TriMas Corp., 9.875% Sr. Unsec. Sub. Nts., 6/15/12 1,800,000 1,485,000 ------------ 16,305,343 - ------------------------------------------------------------------------------------------------------ METALS & MINING--2.3% AK Steel Corp.: 7.75% Sr. Unsec. Nts., 6/15/12 2,007,000 1,861,493 7.875% Sr. Unsec. Nts., 2/15/09 300,000 292,500 - ------------------------------------------------------------------------------------------------------ Century Aluminum Co., 7.50% Sr. Unsec. Nts., 8/15/14 1,000,000 1,035,000 - ------------------------------------------------------------------------------------------------------ IMCO Recycling, Inc., 10.375% Sr. Sec. Nts., 10/15/10 700,000 775,250 - ------------------------------------------------------------------------------------------------------
12 Oppenheimer High Income Fund/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ------------------------------------------------------------------------------------------------------ METALS & MINING CONTINUED IPSCO, Inc., 8.75% Sr. Nts., 6/1/13 1 $ 300,000 $ 333,000 - ------------------------------------------------------------------------------------------------------ Ispat Inland ULC, 9.75% Sr. Sec. Nts., 4/1/14 1 1,364,000 1,589,060 - ------------------------------------------------------------------------------------------------------ Jorgensen (Earle M.) Co., 9.75% Sr. Sec. Nts., 6/1/12 800,000 872,000 - ------------------------------------------------------------------------------------------------------ Kaiser Aluminum & Chemical Corp., 10.875% Sr. Nts., Series B, 10/15/06 2 1,000,000 977,500 - ------------------------------------------------------------------------------------------------------ Koppers Industry, Inc., 9.875% Sr. Sec. Nts., 10/15/13 900,000 999,000 - ------------------------------------------------------------------------------------------------------ Northwest Pipeline Corp., 8.125% Sr. Nts., 3/1/10 200,000 214,500 - ------------------------------------------------------------------------------------------------------ Novelis, Inc., 7.25% Sr. Nts., 2/15/15 3 1,315,000 1,249,250 - ------------------------------------------------------------------------------------------------------ Oregon Steel Mills, Inc., 10% Sr. Nts., 7/15/09 1,300,000 1,407,250 - ------------------------------------------------------------------------------------------------------ Steel Dynamics, Inc., 9.50% Sr. Nts., 3/15/09 400,000 427,000 - ------------------------------------------------------------------------------------------------------ United States Steel Corp.: 9.75% Sr. Nts., 5/15/10 505,000 556,763 10.75% Sr. Nts., 8/1/08 389,000 439,570 ------------ 13,029,136 - ------------------------------------------------------------------------------------------------------ PAPER & FOREST PRODUCTS--1.6% Abitibi-Consolidated, Inc., 8.55% Nts., 8/1/10 300,000 306,750 - ------------------------------------------------------------------------------------------------------ Appleton Papers, Inc., 8.125% Sr. Nts., 6/15/11 600,000 591,000 - ------------------------------------------------------------------------------------------------------ Buckeye Technologies, Inc., 8.50% Sr. Nts., 10/1/13 350,000 357,000 - ------------------------------------------------------------------------------------------------------ Georgia-Pacific Corp.: 7.75% Sr. Unsec. Nts., 11/15/29 2,000,000 2,155,000 8.125% Sr. Unsec. Nts., 5/15/11 800,000 888,000 9.375% Sr. Unsec. Nts., 2/1/13 1,100,000 1,232,000 - ------------------------------------------------------------------------------------------------------ Inland Fiber Group LLC, 9.625% Sr. Unsec. Nts., 11/15/07 2 1,700,000 790,500 - ------------------------------------------------------------------------------------------------------ JSG Holding plc, 11.50% Sr. Nts., 10/1/15 3,7 [EUR] 275,261 291,951 - ------------------------------------------------------------------------------------------------------ Mercer International, Inc., 9.25% Sr. Nts., 2/15/13 620,000 530,100 - ------------------------------------------------------------------------------------------------------ Norske Skog Canada Ltd., 7.375% Sr. Unsec. Nts., 3/1/14 600,000 573,000 - ------------------------------------------------------------------------------------------------------ Tekni-Plex, Inc., 8.75% Sr. Sec. Nts., 11/15/13 3 747,000 642,420 - ------------------------------------------------------------------------------------------------------ Tembec Industries, Inc.: 7.75% Sr. Nts., 3/15/12 700,000 448,000 8.50% Sr. Unsec. Nts., 2/1/11 149,000 97,968 - ------------------------------------------------------------------------------------------------------ Western Forest Products, Inc., 15% Sec. Nts., 7/28/09 1,7 432,430 423,781 ------------ 9,327,470 - ------------------------------------------------------------------------------------------------------ TELECOMMUNICATION SERVICES--11.5% - ------------------------------------------------------------------------------------------------------ DIVERSIFIED TELECOMMUNICATION SERVICES--5.2% American Tower Corp., 7.125% Sr. Unsec. Nts., 10/15/12 500,000 527,500 - ------------------------------------------------------------------------------------------------------ Cincinnati Bell, Inc., 7% Sr. Nts., 2/15/15 475,000 460,750 - ------------------------------------------------------------------------------------------------------ Citizens Communications Co.: 6.25% Sr. Nts., 1/15/13 3 200,000 193,000 9.25% Sr. Nts., 5/15/11 600,000 661,500 - ------------------------------------------------------------------------------------------------------ Intelsat Bermuda Ltd., 8.625% Sr. Nts., 1/15/15 3 2,580,000 2,644,500 - ------------------------------------------------------------------------------------------------------ Level 3 Communications, Inc., 9.125% Sr. Unsec. Nts., 5/1/08 1 1,900,000 1,558,000 - ------------------------------------------------------------------------------------------------------ MCI, Inc.: 6.908% Sr. Unsec. Nts., 5/1/07 4 2,229,000 2,251,290 7.688% Sr. Unsec. Nts., 5/1/09 4 1,800,000 1,872,000 - ------------------------------------------------------------------------------------------------------ PanAmSat Corp., 9% Sr. Unsec. Nts., 8/15/14 1,300,000 1,378,000 - ------------------------------------------------------------------------------------------------------ PanAmSat Holding Corp., 0%/10.375% Sr. Unsec. Disc. Nts., 11/1/14 5 750,000 521,250 - ------------------------------------------------------------------------------------------------------ Qwest Capital Funding, Inc., 7.90% Unsec. Nts., 8/15/10 1,557,000 1,553,108 - ------------------------------------------------------------------------------------------------------
13 Oppenheimer High Income Fund/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ------------------------------------------------------------------------------------------------------ DIVERSIFIED TELECOMMUNICATION SERVICES CONTINUED Qwest Communications International, Inc., 7.25% Sr. Unsec. Sub. Nts., 2/15/11 4 $ 600,000 $ 587,250 - ------------------------------------------------------------------------------------------------------ Qwest Corp., 8.875% Unsec. Unsub. Nts., 3/15/12 4 3,200,000 3,512,000 - ------------------------------------------------------------------------------------------------------ Qwest Services Corp.: 13.50% Sr. Sec. Sub. Nts., 12/15/10 4,800,000 5,520,000 14% Sr. Sec. Sub. Nts., 12/15/14 3,000,000 3,652,500 - ------------------------------------------------------------------------------------------------------ Teligent, Inc., 11.50% Sr. Nts., 12/1/07 1,2 400,000 -- - ------------------------------------------------------------------------------------------------------ Time Warner Telecom Holdings, Inc., 9.25% Sr. Unsec. Unsub. Nts., 2/15/14 1,375,000 1,399,063 - ------------------------------------------------------------------------------------------------------ Time Warner Telecom LLC/Time Warner Telecom, Inc., 9.75% Sr. Nts., 7/15/08 50,000 50,875 - ------------------------------------------------------------------------------------------------------ Time Warner Telecom, Inc., 10.125% Sr. Unsec. Sub. Nts., 2/1/11 1,100,000 1,138,500 - ------------------------------------------------------------------------------------------------------ Valor Telecommunications Enterprises LLC, 7.75% Sr. Unsec. Sub. Nts., 2/15/15 445,000 433,875 - ------------------------------------------------------------------------------------------------------ Winstar Communications, Inc., 12.75% Sr. Nts., 4/15/10 1,2 1,000,000 -- ------------ 29,914,961 - ------------------------------------------------------------------------------------------------------ WIRELESS TELECOMMUNICATION SERVICES--6.3% Alamosa Delaware, Inc.: 8.50% Sr. Nts., 1/31/12 1,300,000 1,394,250 11% Sr. Unsec. Nts., 7/31/10 57,000 64,553 12.50% Sr. Unsec. Nts., 2/1/11 100,000 113,500 - ------------------------------------------------------------------------------------------------------ American Cellular Corp., 10% Sr. Nts., Series B, 8/1/11 1,710,000 1,872,450 - ------------------------------------------------------------------------------------------------------ American Tower Corp., 7.50% Sr. Nts., 5/1/12 1,650,000 1,757,250 - ------------------------------------------------------------------------------------------------------ American Tower Escrow Corp., 12.25% Sr. Sub. Disc. Nts., 8/1/08 8 1,400,000 1,085,000 - ------------------------------------------------------------------------------------------------------ AT&T Corp.: 9.05% Sr. Unsec. Nts., 11/15/11 4 3,576,000 4,045,350 9.75% Sr. Nts., 11/15/31 4 1,000,000 1,271,250 - ------------------------------------------------------------------------------------------------------ CellNet Data Systems, Inc., Sr. Unsec. Disc. Nts., 10/1/07 1,2 1,834,000 -- - ------------------------------------------------------------------------------------------------------ Centennial Cellular Operating Co. LLC/Centennial Communications Corp., 10.125% Sr. Nts., 6/15/13 1,700,000 1,921,000 - ------------------------------------------------------------------------------------------------------ Dobson Cellular Systems, Inc., 8.375% Sr. Sec. Nts., 11/1/11 470,000 497,025 - ------------------------------------------------------------------------------------------------------ Dobson Communications Corp.: 8.10% Sr. Nts., 10/15/12 3,4 290,000 287,463 8.875% Sr. Nts., 10/1/13 369,000 370,845 - ------------------------------------------------------------------------------------------------------ IWO Holdings, Inc., 7.349% Sr. Sec. Nts., 1/15/12 4 220,000 229,900 - ------------------------------------------------------------------------------------------------------ Loral Skynet Corp., 14% Sr. Sec. Nts., 7/29/15 1,7 198,000 235,620 - ------------------------------------------------------------------------------------------------------ Nextel Communications, Inc.: 5.95% Sr. Unsec. Nts., Series F, 3/15/14 1,000,000 1,025,028 7.375% Sr. Nts., Series D, 8/1/15 7,490,000 8,025,213 - ------------------------------------------------------------------------------------------------------ Nextel Partners, Inc.: 8.125% Sr. Nts., 7/1/11 700,000 759,500 12.50% Sr. Nts., 11/15/09 1,162,000 1,246,245 - ------------------------------------------------------------------------------------------------------ Rural Cellular Corp.: 8.25% Sr. Sec. Nts., 3/15/12 775,000 817,625 9.75% Sr. Sub. Nts., 1/15/10 1,157,000 1,174,355 9.875% Sr. Nts., 2/1/10 1,500,000 1,582,500 - ------------------------------------------------------------------------------------------------------ SBA Communications Corp., 8.50% Sr. Unsec. Nts., Cl. A, 12/1/12 1,400,000 1,529,500 - ------------------------------------------------------------------------------------------------------ SBA Telecommunications, Inc./SBA Communications Corp., 0%/9.75% Sr. Disc. Nts., 12/15/11 5 1,849,000 1,687,213 - ------------------------------------------------------------------------------------------------------
14 Oppenheimer High Income Fund/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ------------------------------------------------------------------------------------------------------ WIRELESS TELECOMMUNICATION SERVICES CONTINUED Triton PCS, Inc., 8.50% Sr. Unsec. Nts., 6/1/13 $ 1,222,000 $ 1,170,065 - ------------------------------------------------------------------------------------------------------ UbiquiTel Operating Co., 9.875% Sr. Nts., 3/1/11 1,100,000 1,226,500 - ------------------------------------------------------------------------------------------------------ US Unwired, Inc., 10% Sr. Sec. Nts., 6/15/12 500,000 577,500 ------------ 35,966,700 - ------------------------------------------------------------------------------------------------------ UTILITIES--6.8% - ------------------------------------------------------------------------------------------------------ ELECTRIC UTILITIES--5.0% AES Corp. (The), 8.75% Sr. Sec. Nts., 5/15/13 3 1,150,000 1,265,000 - ------------------------------------------------------------------------------------------------------ Calpine Corp., 9.349% Sr. Sec. Nts., 7/15/07 3,4 2,906,680 2,238,144 - ------------------------------------------------------------------------------------------------------ CMS Energy Corp.: 7.50% Sr. Nts., 1/15/09 357,000 375,743 7.75% Sr. Nts., 8/1/10 400,000 432,000 - ------------------------------------------------------------------------------------------------------ ESI Tractebel Acquisition Corp., 7.99% Sec. Bonds, Series B, 12/30/11 862,000 908,379 - ------------------------------------------------------------------------------------------------------ FPL Energy National Wind Power LLC: 5.608% Nts., 3/10/24 3 522,925 521,190 6.125% Nts., 3/25/19 3 301,909 298,656 - ------------------------------------------------------------------------------------------------------ Midwest Generation LLC, 8.75% Sr. Sec. Nts., 5/1/34 3,900,000 4,363,125 - ------------------------------------------------------------------------------------------------------ Mirant Americas Generation LLC, 8.30% Sr. Unsec. Nts., 5/1/11 2 200,000 250,500 - ------------------------------------------------------------------------------------------------------ MSW Energy Holdings II LLC/MSW Energy Finance Co. II, Inc., 7.375% Sr. Sec. Nts., Series B, 9/1/10 700,000 729,750 - ------------------------------------------------------------------------------------------------------ MSW Energy Holdings LLC/MSW Energy Finance Co., Inc., 8.50% Sr. Sec. Nts., 9/1/10 400,000 431,000 - ------------------------------------------------------------------------------------------------------ NRG Energy, Inc., 8% Sr. Sec. Nts., 12/15/13 1,780,000 1,904,600 - ------------------------------------------------------------------------------------------------------ Reliant Resources, Inc.: 9.25% Sr. Sec. Nts., 7/15/10 1,657,000 1,806,130 9.50% Sr. Sec. Nts., 7/15/13 2,600,000 2,886,000 - ------------------------------------------------------------------------------------------------------ Sierra Pacific Resources, 6.75% Sr. Nts., 8/15/17 1 2,081,000 2,096,608 - ------------------------------------------------------------------------------------------------------ Teco Energy, Inc., 7.20% Unsec. Unsub. Nts., 5/1/11 1,300,000 1,384,500 - ------------------------------------------------------------------------------------------------------ Texas Genco LLC, 6.875% Sr. Nts., 12/15/14 3 2,750,000 2,811,875 - ------------------------------------------------------------------------------------------------------ TXU Corp., 5.55% Sr. Unsec. Nts., Series P, 11/15/14 4,250,000 4,055,890 ------------ 28,759,090 - ------------------------------------------------------------------------------------------------------ GAS UTILITIES--0.1% SEMCO Energy, Inc., 7.125% Sr. Nts., 5/15/08 400,000 409,515 - ------------------------------------------------------------------------------------------------------ MULTI-UTILITIES & UNREGULATED POWER--1.7% AES Red Oak LLC: 8.54% Sr. Sec. Bonds, Series A, 11/30/19 1,9 1,017,584 1,144,781 9.20% Sr. Sec. Bonds, Series B, 11/30/29 1 500,000 572,500 - ------------------------------------------------------------------------------------------------------ Calpine Canada Energy Finance ULC, 8.50% Sr. Unsec. Nts., 5/1/08 2,450,000 1,476,125 - ------------------------------------------------------------------------------------------------------ Consumers Energy Co., 6.375% Sr. Sec. Nts., 2/1/08 450,000 465,322 - ------------------------------------------------------------------------------------------------------ Dynegy Holdings, Inc.: 6.875% Sr. Unsec. Unsub. Nts., 4/1/11 901,000 885,233 8.75% Sr. Nts., 2/15/12 424,000 462,160 10.125% Sr. Sec. Nts., 7/15/13 3 3,100,000 3,472,000 - ------------------------------------------------------------------------------------------------------ Mirant Mid-Atlantic LLC, 8.625% Sec. Pass-Through Certificates, Series A, 6/30/12 846,999 881,408 - ------------------------------------------------------------------------------------------------------ NorthWestern Corp., 5.875% Sr. Sec. Nts., 11/1/14 580,000 588,837 ------------ 9,948,366 ------------ Total Corporate Bonds and Notes (Cost $504,050,042) 507,494,118
15 Oppenheimer High Income Fund/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - --------------------------------------------------------------------------------
Shares Value - ------------------------------------------------------------------------------------------------------ PREFERRED STOCKS--0.5% - ------------------------------------------------------------------------------------------------------ AmeriKing, Inc., 13% Cum. Sr. Exchangeable, Non-Vtg. 1,10 13,764 $ -- - ------------------------------------------------------------------------------------------------------ Dobson Communications Corp., 6% Cv., Series F (converts into Dobson Communications Corp., Cl. A common stock), Non-Vtg. 3 885 154,322 - ------------------------------------------------------------------------------------------------------ e.spire Communications, Inc., 12.75% Jr. Redeemable, Non-Vtg. 1,10 498 50 - ------------------------------------------------------------------------------------------------------ Eagle-Picher Holdings, Inc., 11.75% Cum. Exchangeable, Series B, Non-Vtg. 1,10 8,000 10,000 - ------------------------------------------------------------------------------------------------------ ICG Holdings, Inc., 14.25% Exchangeable, Non-Vtg. 1,10 342 -- - ------------------------------------------------------------------------------------------------------ McLeodUSA, Inc., 2.50% Cv., Series A 10 3,258 391 - ------------------------------------------------------------------------------------------------------ Pacific & Atlantic Holdings, Inc., 7.50% Cum. Cv., Series A 1,10 23,546 45,390 - ------------------------------------------------------------------------------------------------------ Paxson Communications Corp., 14.25% Cum. Jr. Exchangeable, Non-Vtg. 1,7 98 666,645 - ------------------------------------------------------------------------------------------------------ PTV, Inc., 10% Cum., Series A, Non-Vtg. 22 37 - ------------------------------------------------------------------------------------------------------ Rural Cellular Corp., 11.375% Cum., Series B, Non-Vtg. 10 245 305,638 - ------------------------------------------------------------------------------------------------------ Sovereign Real Estate Investment Trust, 12% Non-Cum., Series A 1 10,000 1,472,500 ------------ Total Preferred Stocks (Cost $3,659,051) 2,654,973 - ------------------------------------------------------------------------------------------------------ COMMON STOCKS--1.4% - ------------------------------------------------------------------------------------------------------ Broadwing Corp. 494 2,465 - ------------------------------------------------------------------------------------------------------ Cebridge Connections Holding LLC 1,10 2,645 -- - ------------------------------------------------------------------------------------------------------ Charles River Laboratories International, Inc. 10 8,360 364,663 - ------------------------------------------------------------------------------------------------------ Citigroup, Inc. 359 16,342 - ------------------------------------------------------------------------------------------------------ Covad Communications Group, Inc. 10 20,660 21,900 - ------------------------------------------------------------------------------------------------------ Dobson Communications Corp., Cl. A 10 43,391 333,243 - ------------------------------------------------------------------------------------------------------ Dow Chemical Co. 13,000 541,710 - ------------------------------------------------------------------------------------------------------ Globix Corp. 10 11,467 22,590 - ------------------------------------------------------------------------------------------------------ Gulfstream Holding, Inc. 1,10 56 -- - ------------------------------------------------------------------------------------------------------ Horizon Natural Resources Co. 1,10 20,000 -- - ------------------------------------------------------------------------------------------------------ Huntsman Corp. 10 19,570 363,464 - ------------------------------------------------------------------------------------------------------ ICO Global Communication Holdings Ltd. 10 42,107 210,535 - ------------------------------------------------------------------------------------------------------ iPCS, Inc. 10 10,189 423,862 - ------------------------------------------------------------------------------------------------------ Leap Wireless International, Inc. 10 1,913 67,338 - ------------------------------------------------------------------------------------------------------ Liberty Global, Inc., Series A 8,343 225,928 - ------------------------------------------------------------------------------------------------------ Liberty Global, Inc., Series C 10 8,343 214,832 - ------------------------------------------------------------------------------------------------------ Magellan Health Services, Inc. 10 10,104 355,156 - ------------------------------------------------------------------------------------------------------ Manitowoc Co., Inc. (The) 1,039 52,210 - ------------------------------------------------------------------------------------------------------ MCI, Inc. 1,629 41,328 - ------------------------------------------------------------------------------------------------------ NTL, Inc. 10 18,902 1,262,654 - ------------------------------------------------------------------------------------------------------ Orbital Sciences Corp. 10 2,235 27,938 - ------------------------------------------------------------------------------------------------------ Pioneer Cos., Inc. 10 10,688 257,153 - ------------------------------------------------------------------------------------------------------ Polymer Group, Inc., Cl. A 10 24,040 613,020 - ------------------------------------------------------------------------------------------------------ Prandium, Inc. 1,10 62,829 1,257 - ------------------------------------------------------------------------------------------------------ Sterling Chemicals, Inc. 1,10 396 9,504 - ------------------------------------------------------------------------------------------------------ Teco Energy, Inc. 20,000 360,400 - ------------------------------------------------------------------------------------------------------ Telewest Global, Inc. 10 76,326 1,751,682 - ------------------------------------------------------------------------------------------------------ Telus Corp. 1,079 43,958 - ------------------------------------------------------------------------------------------------------ TVMAX Holdings, Inc. 1,10 7,500 8,250
16 Oppenheimer High Income Fund/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - --------------------------------------------------------------------------------
Shares Value - ------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------ Viatel Holding (Bermuda) Ltd. 1,10 2,701 $ 8 - ------------------------------------------------------------------------------------------------------ Western Forest Products, Inc. 10 85,047 182,897 - ------------------------------------------------------------------------------------------------------ Williams Cos., Inc. (The) 20,000 501,000 - ------------------------------------------------------------------------------------------------------ WRC Media Corp. 1,10 1,353 27 - ------------------------------------------------------------------------------------------------------ XO Communications, Inc. 10 2,646 6,774 ------------ Total Common Stocks (Cost $7,874,917) 8,284,088 Units - ------------------------------------------------------------------------------------------------------ RIGHTS, WARRANTS AND CERTIFICATES--0.1% - ------------------------------------------------------------------------------------------------------ American Tower Corp. Wts., Exp. 8/1/08 3,10 1,400 493,049 - ------------------------------------------------------------------------------------------------------ ASAT Finance LLC Wts., Exp. 11/1/06 1,10 500 1 - ------------------------------------------------------------------------------------------------------ COLO.com, Inc. Wts., Exp. 3/15/10 1,10 600 -- - ------------------------------------------------------------------------------------------------------ Concentric Network Corp. Wts., Exp. 12/15/07 1,10 750 -- - ------------------------------------------------------------------------------------------------------ DeCrane Aircraft Holdings, Inc. Wts., Exp. 9/30/08 1,10 1,750 -- - ------------------------------------------------------------------------------------------------------ Diva Systems Corp. Wts., Exp. 3/1/08 1,10 1,500 -- - ------------------------------------------------------------------------------------------------------ e.spire Communications, Inc. Wts., Exp. 11/1/05 1,10 475 5 - ------------------------------------------------------------------------------------------------------ ICO Global Communication Holdings Ltd. Wts.: Exp.5/16/06 1,10 10,561 475 Exp.5/16/06 1,10 16 -- - ------------------------------------------------------------------------------------------------------ Imperial Credit Industries, Inc. Wts., Exp. 1/31/08 1,10 5,148 -- - ------------------------------------------------------------------------------------------------------ iPCS, Inc. Wts., Exp. 6/15/10 1,10 750 -- - ------------------------------------------------------------------------------------------------------ Long Distance International, Inc. Wts., Exp. 4/13/08 3,10 800 -- - ------------------------------------------------------------------------------------------------------ Loral Space & Communications Ltd. Wts., Exp. 1/15/07 1,10 800 -- - ------------------------------------------------------------------------------------------------------ McLeodUSA, Inc. Wts., Exp. 4/16/07 10 7,220 58 - ------------------------------------------------------------------------------------------------------ Ntelos, Inc. Wts., Exp. 8/15/10 1,10 1,000 -- - ------------------------------------------------------------------------------------------------------ Pathmark Stores, Inc. Wts., Exp. 9/19/10 10 20,000 8,000 - ------------------------------------------------------------------------------------------------------ Sterling Chemicals, Inc. Wts., Exp. 12/19/08 10 647 326 - ------------------------------------------------------------------------------------------------------ XO Communications, Inc., Cl. A Wts., Exp. 1/16/10 1,10 5,300 1,855 - ------------------------------------------------------------------------------------------------------ XO Communications, Inc., Cl. B Wts., Exp. 1/16/10 1,10 3,975 954 - ------------------------------------------------------------------------------------------------------ XO Communications, Inc., Cl. C Wts., Exp. 1/16/10 1,10 3,975 875 ------------ Total Rights, Warrants and Certificates (Cost $97,702) 505,598 Principal Amount - ------------------------------------------------------------------------------------------------------ STRUCTURED NOTES--2.8% - ------------------------------------------------------------------------------------------------------ Dow Jones CDX High Yield Index Pass-Through Certificates: Series 3-4, 10.50%, 12/29/09, 3,11 $ 1,450,000 1,429,156 Series 4-T1, 8.25%, 6/29/10 3,11 9,553,500 9,505,733 - ------------------------------------------------------------------------------------------------------ Lehman Brothers Holdings, Inc., High Yield Targeted Return Index Securities, Series 2005-1, 7.651%, 6/15/15 1,11 5,053,919 5,240,712 ------------ Total Structured Notes (Cost $16,489,442) 16,175,601
17 Oppenheimer High Income Fund/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ------------------------------------------------------------------------------------------------------ JOINT REPURCHASE AGREEMENTS--3.5% - ------------------------------------------------------------------------------------------------------ Undivided interest of 5.05% in joint repurchase agreement (Principal Amount/Value $400,132,000, with a maturity value of $400,240,369) with Cantor Fitzgerald & Co./Cantor Fitzgerald Securities, 3.25%, dated 9/30/05, to be repurchased at $20,197,469 on 10/3/05, collateralized by U.S. Treasury Bonds, 7.50%--8.875%, 11/15/16--11/15/21, with a value of $408,618,137 (Cost $20,192,000) $20,192,000 $ 20,192,000 - ------------------------------------------------------------------------------------------------------ Total Investments, at Value (Cost $553,863,154) 96.7% 556,603,878 - ------------------------------------------------------------------------------------------------------ Other Assets Net of Liabilities 3.3 19,013,676 ------------------------------ Net Assets 100.0% $575,617,554 ==============================
Footnotes to Statement of Investments PRINCIPAL AMOUNT IS REPORTED IN U.S. DOLLARS, EXCEPT FOR THOSE DENOTED IN THE FOLLOWING CURRENCIES: EUR Euro 1. Illiquid or restricted security. The aggregate value of illiquid or restricted securities as of September 30, 2005 was $20,091,545, which represents 3.49% of the Fund's net assets, of which $1,257 is considered restricted. See accompanying Notes to Quarterly Statement of Investments. 2. Issue is in default. Non-income producing. See accompanying Notes to Quarterly Statement of Investments. 3. Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended. These securities have been determined to be liquid under guidelines established by the Board of Trustees. These securities amount to $75,532,009 or 13.12% of the Fund's net assets as of September 30, 2005. 4. Represents the current interest rate for a variable or increasing rate security. 5. Denotes a step bond: a zero coupon bond that converts to a fixed or variable interest rate at a designated future date. 6. When-issued security or forward commitment to be delivered and settled after September 30, 2005. See accompanying Notes to Quarterly Statement of Investments. 7. Interest or dividend is paid-in-kind. 8. Zero coupon bond reflects effective yield on the date of purchase. 9. All or a portion of the security is held in collateralized accounts to cover initial margin requirements on open futures sales contracts. The aggregate market value of such securities is $1,046,250. See accompanying Notes to Quarterly Statement of Investments. 10. Non-income producing security. 11. Interest rate represents a weighted average rate comprised of the interest rates of the underlying securities. FEDERAL TAX. The approximate aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments for federal income tax purposes as of September 30, 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 $ 554,881,671 =============== Gross unrealized appreciation $ 20,828,621 Gross unrealized (depreciation) (19,106,414) --------------- Net unrealized appreciation $ 1,722,207 =============== 18 Oppenheimer High Income Fund/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - -------------------------------------------------------------------------------- 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 may be valued primarily using dealer-supplied valuations or a portfolio pricing service authorized by the Board of Trustees. Securities listed or traded on National Stock Exchanges or other domestic 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. Securities traded on foreign exchanges are valued based on the last sale price on the principal exchange on which the security is traded, in the country that is identified by the portfolio pricing service, prior to the time when the Fund's assets are valued. In the absence of a sale, the security is valued at the official closing price on the principal exchange. 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. Futures contracts traded on a commodities or futures exchange will be valued at the final settlement price or official closing price on the principal exchange as reported by such principal exchange at its trading session ending at, or most recently prior to, the time when the Fund's assets are valued. Securities (including restricted securities) for which market quotations are not readily available are valued at their fair value. Foreign and domestic securities whose values have been materially affected by what the Manager identifies as a significant event occurring before the Fund's assets are valued but after the close of their respective exchanges will be fair valued. Fair value is determined in good faith using consistently applied procedures under the supervision of the Board of Trustees. Short-term "money market type" debt securities with remaining maturities of sixty days or less are valued at amortized cost (which approximates market value). STRUCTURED NOTES. The Fund invests in structured notes whose market values, interest rates and/or redemption prices are linked to the performance of underlying foreign currencies, interest rate spreads, stock market indices, prices of individual securities, commodities or other financial instruments or the occurrence of other specific events. The structured notes are often leveraged, increasing the volatility of each note's market value relative to the change in the underlying linked financial element or event. Fluctuations in value of these securities are recorded as unrealized gains and losses in the 19 Oppenheimer High Income Fund/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - -------------------------------------------------------------------------------- accompanying Statement of Operations. The Fund records a realized gain or loss when a structured note is sold or matures. As of September 30, 2005, the market value of these securities comprised 2.8% of the Fund's net assets and resulted in unrealized cumulative losses of $313,841. 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 September 30, 2005, the Fund had purchased $5,080,000 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 September 30, 2005, securities with an aggregate market value of $6,993,860, representing 1.22% of the Fund's net assets, were in default. 20 Oppenheimer High Income Fund/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - -------------------------------------------------------------------------------- FOREIGN CURRENCY TRANSLATION. The Fund's accounting records are maintained in U.S. dollars. The values of securities denominated in foreign currencies and amounts related to the purchase and sale of foreign securities and foreign investment income 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. Foreign exchange rates may be valued primarily using dealer supplied valuations or a portfolio pricing service authorized by the Board of Trustees. Reported net realized foreign exchange gains or losses arise from sales of portfolio securities, sales and maturities of short-term securities, sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the values of assets and liabilities, including investments in securities at fiscal period end, resulting from changes in exchange rates. The effect of changes in foreign currency exchange rates on investments is separately identified from the fluctuations arising from changes in market values of securities held and reported with all other foreign currency gains and losses in the Fund's Statement of Operations. JOINT REPURCHASE AGREEMENTS. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission, the Fund, along with other affiliated funds advised by the Manager, may transfer uninvested cash balances into joint trading accounts on a daily basis. These balances are invested in one or more repurchase agreements. Securities pledged as collateral for repurchase agreements are held by a custodian bank until the agreements mature. Each agreement requires that the market value of the collateral be sufficient to cover payments of interest and principal. In the event of default by the other party to the agreement, retention of the collateral may be subject to legal proceedings. 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 21 Oppenheimer High Income Fund/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - -------------------------------------------------------------------------------- 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 September 30, 2005, the Fund had outstanding futures contracts as follows:
EXPIRATION NUMBER OF VALUATION AS OF UNREALIZED CONTRACT DESCRIPTION DATE CONTRACTS SEPTEMBER 30, 2005 APPRECIATION - ----------------------------------------------------------------------------------------------------- CONTRACTS TO PURCHASE NASDAQ 100 Index 12/15/05 10 $1,614,000 $1,413
ILLIQUID OR RESTRICTED SECURITIES As of September 30, 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. Securities that are illiquid or restricted are marked with the applicable 22 Oppenheimer High Income Fund/VA Oppenheimer High Income Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - -------------------------------------------------------------------------------- footnote on the Statement of Investments. Information concerning restricted securities is as follows:
ACQUISITION VALUATION AS OF UNREALIZED SECURITY DATES COST SEPTEMBER 30, 2005 DEPRECIATION - ----------------------------------------------------------------------------------------------------- Prandium, Inc. 3/19/99-7/19/02 $738,000 $1,257 $736,743
23 Oppenheimer High Income Fund/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - -------------------------------------------------------------------------------
Shares Value - ------------------------------------------------------------------------------------------------------- COMMON STOCKS--98.6% - ------------------------------------------------------------------------------------------------------- CONSUMER DISCRETIONARY--8.2% - ------------------------------------------------------------------------------------------------------- AUTO COMPONENTS--0.0% Autoliv, Inc. 2,200 $ 95,700 - ------------------------------------------------------------------------------------------------------- AUTOMOBILES--0.3% Ford Motor Co. 1 414,415 4,086,132 - ------------------------------------------------------------------------------------------------------- Harley-Davidson, Inc. 11,000 532,840 --------------- 4,618,972 - ------------------------------------------------------------------------------------------------------- DISTRIBUTORS--0.0% Genuine Parts Co. 11,500 493,350 - ------------------------------------------------------------------------------------------------------- HOTELS, RESTAURANTS & LEISURE--1.4% CBRL Group, Inc. 1 5,200 175,032 - ------------------------------------------------------------------------------------------------------- CEC Entertainment, Inc. 1,2 9,100 289,016 - ------------------------------------------------------------------------------------------------------- Choice Hotels International, Inc. 1 2,900 187,456 - ------------------------------------------------------------------------------------------------------- CKE Restaurants, Inc. 1 8,700 114,666 - ------------------------------------------------------------------------------------------------------- Darden Restaurants, Inc. 1 26,900 816,953 - ------------------------------------------------------------------------------------------------------- Hilton Hotels Corp. 25,000 558,000 - ------------------------------------------------------------------------------------------------------- International Game Technology 23,800 642,600 - ------------------------------------------------------------------------------------------------------- Isle of Capri Casinos, Inc. 1,2 1,000 21,380 - ------------------------------------------------------------------------------------------------------- Jack in the Box, Inc. 1,2 4,300 128,613 - ------------------------------------------------------------------------------------------------------- Marriott International, Inc., Cl. A 46,400 2,923,200 - ------------------------------------------------------------------------------------------------------- McDonald's Corp. 137,850 4,616,597 - ------------------------------------------------------------------------------------------------------- MGM Mirage, Inc. 1,2 107,300 4,696,521 - ------------------------------------------------------------------------------------------------------- Penn National Gaming, Inc. 2 13,300 413,763 - ------------------------------------------------------------------------------------------------------- Starbucks Corp. 2 2,700 135,270 - ------------------------------------------------------------------------------------------------------- Starwood Hotels & Resorts Worldwide, Inc. 39,900 2,281,083 - ------------------------------------------------------------------------------------------------------- Wendy's International, Inc. 12,000 541,800 - ------------------------------------------------------------------------------------------------------- Yum! Brands, Inc. 80,000 3,872,800 --------------- 22,414,750 - ------------------------------------------------------------------------------------------------------- HOUSEHOLD DURABLES--0.6% American Greetings Corp., Cl. A 1 11,700 320,580 - ------------------------------------------------------------------------------------------------------- Black & Decker Corp. 1 5,600 459,704 - ------------------------------------------------------------------------------------------------------- Cavco Industries, Inc. 1,2 930 33,740 - ------------------------------------------------------------------------------------------------------- Centex Corp. 1 8,200 529,556 - ------------------------------------------------------------------------------------------------------- D.R. Horton, Inc. 89,799 3,252,520 - ------------------------------------------------------------------------------------------------------- KB Home 1 5,900 431,880 - ------------------------------------------------------------------------------------------------------- Lennar Corp., Cl. A 24,700 1,476,072 - ------------------------------------------------------------------------------------------------------- MDC Holdings, Inc. 1 4,200 331,338 - ------------------------------------------------------------------------------------------------------- NVR, Inc. 1,2 800 707,960 - ------------------------------------------------------------------------------------------------------- Pulte Homes, Inc. 17,600 755,392 - ------------------------------------------------------------------------------------------------------- Ryland Group, Inc. (The) 1 13,400 916,828 - ------------------------------------------------------------------------------------------------------- Standard Pacific Corp. 1 6,600 273,966 - ------------------------------------------------------------------------------------------------------- Toll Brothers, Inc. 1,2 8,000 357,360 - ------------------------------------------------------------------------------------------------------- Tupperware Corp. 1 7,200 164,016 - ------------------------------------------------------------------------------------------------------- Whirlpool Corp. 4,800 363,696 --------------- 10,374,608
1 Oppenheimer Main Street Fund/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - --------------------------------------------------------------------------------
Shares Value - ------------------------------------------------------------------------------------------------------- INTERNET & CATALOG RETAIL--0.0% eBay, Inc. 2 16,100 $ 663,320 - ------------------------------------------------------------------------------------------------------- LEISURE EQUIPMENT & PRODUCTS--0.1% Eastman Kodak Co. 1 19,300 469,569 - ------------------------------------------------------------------------------------------------------- Marvel Entertainment, Inc. 1,2 10,800 192,996 - ------------------------------------------------------------------------------------------------------- Nautilus, Inc. 1 11,300 249,391 --------------- 911,956 - ------------------------------------------------------------------------------------------------------- MEDIA--2.0% Arbitron, Inc. 1 2,700 107,568 - ------------------------------------------------------------------------------------------------------- Catalina Marketing Corp. 1 2,800 63,672 - ------------------------------------------------------------------------------------------------------- Comcast Corp., Cl. A 2 185,215 5,441,617 - ------------------------------------------------------------------------------------------------------- Discovery Holding Co., Cl. A 2 5,100 73,644 - ------------------------------------------------------------------------------------------------------- Gannett Co., Inc. 10,100 695,183 - ------------------------------------------------------------------------------------------------------- Getty Images, Inc. 1,2 4,200 361,368 - ------------------------------------------------------------------------------------------------------- Liberty Media Corp., Cl. A 2 82,000 660,100 - ------------------------------------------------------------------------------------------------------- McGraw-Hill Cos., Inc. (The) 65,800 3,161,032 - ------------------------------------------------------------------------------------------------------- NTL, Inc. 1,2 900 60,120 - ------------------------------------------------------------------------------------------------------- R.H. Donnelley Corp. 2 1,600 101,216 - ------------------------------------------------------------------------------------------------------- Time Warner, Inc. 688,900 12,475,979 - ------------------------------------------------------------------------------------------------------- Viacom, Inc., Cl. B 187,846 6,200,796 - ------------------------------------------------------------------------------------------------------- Walt Disney Co. (The) 145,000 3,498,850 --------------- 32,901,145 - ------------------------------------------------------------------------------------------------------- MULTILINE RETAIL--1.3% Dillard's, Inc., Cl. A 1 14,800 309,024 - ------------------------------------------------------------------------------------------------------- Federated Department Stores, Inc. 72,200 4,828,014 - ------------------------------------------------------------------------------------------------------- J.C. Penney Co., Inc. (Holding Co.) 95,300 4,519,126 - ------------------------------------------------------------------------------------------------------- Nordstrom, Inc. 80,700 2,769,624 - ------------------------------------------------------------------------------------------------------- Target Corp. 185,900 9,653,787 --------------- 22,079,575 - ------------------------------------------------------------------------------------------------------- SPECIALTY RETAIL--2.3% Abercrombie & Fitch Co., Cl. A 6,500 324,025 - ------------------------------------------------------------------------------------------------------- Advance Auto Parts, Inc. 1,2 16,350 632,418 - ------------------------------------------------------------------------------------------------------- American Eagle Outfitters, Inc. 27,200 640,016 - ------------------------------------------------------------------------------------------------------- AutoNation, Inc. 1,2 28,000 559,160 - ------------------------------------------------------------------------------------------------------- Barnes & Noble, Inc. 1 8,200 309,140 - ------------------------------------------------------------------------------------------------------- bebe stores, inc. 1 2,975 52,063 - ------------------------------------------------------------------------------------------------------- Bed Bath & Beyond, Inc. 2 75,800 3,045,644 - ------------------------------------------------------------------------------------------------------- Best Buy Co., Inc. 72,700 3,164,631 - ------------------------------------------------------------------------------------------------------- Blockbuster, Inc., Cl. B 50,056 224,251 - ------------------------------------------------------------------------------------------------------- Borders Group, Inc. 1 8,000 177,360 - ------------------------------------------------------------------------------------------------------- Building Materials Holding Corp. 1 3,000 279,570 - ------------------------------------------------------------------------------------------------------- Children's Place Retail Stores, Inc. 1,2 5,300 188,892 - ------------------------------------------------------------------------------------------------------- Circuit City Stores, Inc./Circuit City Group 34,000 583,440 - ------------------------------------------------------------------------------------------------------- Electronics Boutique Holdings Corp. 1,2 6,800 427,312 - ------------------------------------------------------------------------------------------------------- Gap, Inc. (The) 125,600 2,189,208 - ------------------------------------------------------------------------------------------------------- Home Depot, Inc. 319,300 12,178,102 - -------------------------------------------------------------------------------------------------------
2 Oppenheimer Main Street Fund/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - --------------------------------------------------------------------------------
Shares Value - ------------------------------------------------------------------------------------------------------- SPECIALTY RETAIL CONTINUED Limited Brands, Inc. 3,800 $ 77,634 - ------------------------------------------------------------------------------------------------------- Lowe's Cos., Inc. 94,800 6,105,120 - ------------------------------------------------------------------------------------------------------- Men's Wearhouse, Inc. (The) 2 13,500 360,450 - ------------------------------------------------------------------------------------------------------- Michaels Stores, Inc. 1 23,400 773,604 - ------------------------------------------------------------------------------------------------------- Movie Gallery, Inc. 1 7,900 82,081 - ------------------------------------------------------------------------------------------------------- Office Depot, Inc. 2 20,100 596,970 - ------------------------------------------------------------------------------------------------------- Pacific Sunwear of California, Inc. 1,2 11,500 246,560 - ------------------------------------------------------------------------------------------------------- Sherwin-Williams Co. 5,200 229,164 - ------------------------------------------------------------------------------------------------------- Staples, Inc. 91,750 1,956,110 - ------------------------------------------------------------------------------------------------------- Tiffany & Co. 1 11,300 449,401 - ------------------------------------------------------------------------------------------------------- TJX Cos., Inc. (The) 84,900 1,738,752 - ------------------------------------------------------------------------------------------------------- Too, Inc. 1,2 6,900 189,267 - ------------------------------------------------------------------------------------------------------- Weight Watchers International, Inc. 1,2 4,600 237,268 - ------------------------------------------------------------------------------------------------------- Zale Corp. 1,2 10,600 288,108 --------------- 38,305,721 - ------------------------------------------------------------------------------------------------------- TEXTILES, APPAREL & LUXURY GOODS--0.2% Coach, Inc. 2 74,300 2,330,048 - ------------------------------------------------------------------------------------------------------- Nike, Inc., Cl. B 10,400 849,472 - ------------------------------------------------------------------------------------------------------- Timberland Co., Cl. A 1,2 18,000 608,040 --------------- 3,787,560 - ------------------------------------------------------------------------------------------------------- CONSUMER STAPLES--8.0% - ------------------------------------------------------------------------------------------------------- BEVERAGES--1.9% Anheuser-Busch Cos., Inc. 1 35,400 1,523,616 - ------------------------------------------------------------------------------------------------------- Brown-Forman Corp., Cl. B 1,900 113,126 - ------------------------------------------------------------------------------------------------------- Coca-Cola Co. (The) 326,200 14,088,578 - ------------------------------------------------------------------------------------------------------- Coca-Cola Enterprises, Inc. 10,500 204,750 - ------------------------------------------------------------------------------------------------------- Pepsi Bottling Group, Inc. (The) 39,700 1,133,435 - ------------------------------------------------------------------------------------------------------- PepsiCo, Inc. 262,650 14,894,882 --------------- 31,958,387 - ------------------------------------------------------------------------------------------------------- FOOD & STAPLES RETAILING--1.4% 7-Eleven, Inc. 2 8,600 306,246 - ------------------------------------------------------------------------------------------------------- Albertson's, Inc. 1 24,900 638,685 - ------------------------------------------------------------------------------------------------------- Costco Wholesale Corp. 27,100 1,167,739 - ------------------------------------------------------------------------------------------------------- Kroger Co. (The) 2 92,000 1,894,280 - ------------------------------------------------------------------------------------------------------- Longs Drug Stores, Inc. 1 6,900 295,941 - ------------------------------------------------------------------------------------------------------- Safeway, Inc. 79,700 2,040,320 - ------------------------------------------------------------------------------------------------------- SUPERVALU, Inc. 21,100 656,632 - ------------------------------------------------------------------------------------------------------- Sysco Corp. 11,900 373,303 - ------------------------------------------------------------------------------------------------------- Wal-Mart Stores, Inc. 286,300 12,545,666 - ------------------------------------------------------------------------------------------------------- Walgreen Co. 94,800 4,119,060 - ------------------------------------------------------------------------------------------------------- Whole Foods Market, Inc. 500 67,225 --------------- 24,105,097 - ------------------------------------------------------------------------------------------------------- FOOD PRODUCTS--0.9% Archer-Daniels-Midland Co. 242,300 5,975,118 - ------------------------------------------------------------------------------------------------------- Campbell Soup Co. 3,700 110,075 - ------------------------------------------------------------------------------------------------------- Chiquita Brands International, Inc. 1 12,300 343,785 - -------------------------------------------------------------------------------------------------------
3 Oppenheimer Main Street Fund/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - --------------------------------------------------------------------------------
Shares Value - ------------------------------------------------------------------------------------------------------- FOOD PRODUCTS CONTINUED Dean Foods Co. 1,2 4,800 $ 186,528 - ------------------------------------------------------------------------------------------------------- General Mills, Inc. 74,100 3,571,620 - ------------------------------------------------------------------------------------------------------- Hershey Co. (The) 56,800 3,198,408 - ------------------------------------------------------------------------------------------------------- Kellogg Co. 4,500 207,585 - ------------------------------------------------------------------------------------------------------- Pilgrim's Pride Corp., Cl. B 1 17,800 647,920 - ------------------------------------------------------------------------------------------------------- Sara Lee Corp. 1 15,400 291,830 - ------------------------------------------------------------------------------------------------------- TreeHouse Foods, Inc. 2 960 25,805 --------------- 14,558,674 - ------------------------------------------------------------------------------------------------------- HOUSEHOLD PRODUCTS--1.3% Colgate-Palmolive Co. 33,000 1,742,070 - ------------------------------------------------------------------------------------------------------- Energizer Holdings, Inc. 1,2 14,900 844,830 - ------------------------------------------------------------------------------------------------------- Kimberly-Clark Corp. 51,000 3,036,030 - ------------------------------------------------------------------------------------------------------- Procter & Gamble Co. (The) 258,200 15,352,572 --------------- 20,975,502 - ------------------------------------------------------------------------------------------------------- PERSONAL PRODUCTS--0.9% Avon Products, Inc. 23,400 631,800 - ------------------------------------------------------------------------------------------------------- Gillette Co. 239,400 13,933,080 --------------- 14,564,880 - ------------------------------------------------------------------------------------------------------- TOBACCO--1.6% Altria Group, Inc. 324,100 23,889,411 - ------------------------------------------------------------------------------------------------------- Loews Corp./Carolina Group 1 7,300 289,299 - ------------------------------------------------------------------------------------------------------- Reynolds American, Inc. 1 34,300 2,847,586 --------------- 27,026,296 - ------------------------------------------------------------------------------------------------------- ENERGY--13.3% - ------------------------------------------------------------------------------------------------------- ENERGY EQUIPMENT & SERVICES--0.5% Baker Hughes, Inc. 25,000 1,492,000 - ------------------------------------------------------------------------------------------------------- Cal Dive International, Inc. 1,2 10,100 640,441 - ------------------------------------------------------------------------------------------------------- Diamond Offshore Drilling, Inc. 1 14,200 869,750 - ------------------------------------------------------------------------------------------------------- GlobalSantaFe Corp. 1 12,500 570,250 - ------------------------------------------------------------------------------------------------------- Halliburton Co. 9,500 650,940 - ------------------------------------------------------------------------------------------------------- Helmerich & Payne, Inc. 1 13,700 827,343 - ------------------------------------------------------------------------------------------------------- Precision Drilling Corp. 2 15,200 748,036 - ------------------------------------------------------------------------------------------------------- Transocean, Inc. 1,2 49,600 3,040,976 - ------------------------------------------------------------------------------------------------------- Universal Compression Holdings, Inc. 1,2 1,200 47,724 --------------- 8,887,460 - ------------------------------------------------------------------------------------------------------- OIL & GAS--12.8% Amerada Hess Corp. 1 24,300 3,341,250 - ------------------------------------------------------------------------------------------------------- Anadarko Petroleum Corp. 78,000 7,468,500 - ------------------------------------------------------------------------------------------------------- Apache Corp. 75,900 5,709,198 - ------------------------------------------------------------------------------------------------------- Burlington Resources, Inc. 123,600 10,051,152 - ------------------------------------------------------------------------------------------------------- Cabot Oil & Gas Corp., Cl. A 1 2,900 146,479 - ------------------------------------------------------------------------------------------------------- Canadian Natural Resources Ltd. 59,600 2,691,613 - ------------------------------------------------------------------------------------------------------- Chesapeake Energy Corp. 1 70,300 2,688,975 - ------------------------------------------------------------------------------------------------------- Chevron Corp. 412,526 26,702,808 - ------------------------------------------------------------------------------------------------------- ConocoPhillips 262,442 18,347,320 - -------------------------------------------------------------------------------------------------------
4 Oppenheimer Main Street Fund/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - --------------------------------------------------------------------------------
Shares Value - ------------------------------------------------------------------------------------------------------- OIL & GAS CONTINUED CONSOL Energy, Inc. 1 6,500 $ 495,755 - ------------------------------------------------------------------------------------------------------- Devon Energy Corp. 122,700 8,422,128 - ------------------------------------------------------------------------------------------------------- EOG Resources, Inc. 77,100 5,774,790 - ------------------------------------------------------------------------------------------------------- Exxon Mobil Corp. 1,104,716 70,193,655 - ------------------------------------------------------------------------------------------------------- Forest Oil Corp. 2 6,000 312,600 - ------------------------------------------------------------------------------------------------------- Frontier Oil Corp. 1 10,300 456,805 - ------------------------------------------------------------------------------------------------------- Holly Corp. 4,400 281,512 - ------------------------------------------------------------------------------------------------------- Houston Exploration Co. 1,2 5,300 356,425 - ------------------------------------------------------------------------------------------------------- Kerr-McGee Corp. 48,323 4,692,647 - ------------------------------------------------------------------------------------------------------- Kinder Morgan, Inc. 23,200 2,230,912 - ------------------------------------------------------------------------------------------------------- Marathon Oil Corp. 104,500 7,203,185 - ------------------------------------------------------------------------------------------------------- Murphy Oil Corp. 31,300 1,560,931 - ------------------------------------------------------------------------------------------------------- Newfield Exploration Co. 1,2 16,900 829,790 - ------------------------------------------------------------------------------------------------------- Noble Energy, Inc. 14,200 665,980 - ------------------------------------------------------------------------------------------------------- Occidental Petroleum Corp. 91,500 7,816,845 - ------------------------------------------------------------------------------------------------------- Paramount Resources Ltd., Cl. A 2 150,500 4,427,613 - ------------------------------------------------------------------------------------------------------- Peabody Energy Corp. 1 2,900 244,615 - ------------------------------------------------------------------------------------------------------- Pogo Producing Co. 1 6,700 394,898 - ------------------------------------------------------------------------------------------------------- Remington Oil & Gas Corp. 1,2 1,600 66,400 - ------------------------------------------------------------------------------------------------------- St. Mary Land & Exploration Co. 1 2,900 106,140 - ------------------------------------------------------------------------------------------------------- Stone Energy Corp. 1,2 1,900 115,976 - ------------------------------------------------------------------------------------------------------- Sunoco, Inc. 21,500 1,681,300 - ------------------------------------------------------------------------------------------------------- Swift Energy Co. 1,2 6,900 315,675 - ------------------------------------------------------------------------------------------------------- Talisman Energy, Inc. 59,300 2,901,492 - ------------------------------------------------------------------------------------------------------- Tesoro Corp. 1 13,800 927,912 - ------------------------------------------------------------------------------------------------------- Trilogy Energy Trust 55,000 1,320,000 - ------------------------------------------------------------------------------------------------------- Valero Energy Corp. 1 55,905 6,320,619 - ------------------------------------------------------------------------------------------------------- Vintage Petroleum, Inc. 1 16,300 744,258 - ------------------------------------------------------------------------------------------------------- Williams Cos., Inc. (The) 154,100 3,860,205 --------------- 211,868,358 - ------------------------------------------------------------------------------------------------------- FINANCIALS--22.6% - ------------------------------------------------------------------------------------------------------- CAPITAL MARKETS--0.2% Bank of New York Co., Inc. (The) 69,300 2,038,113 - ------------------------------------------------------------------------------------------------------- Mellon Financial Corp. 15,100 482,747 - ------------------------------------------------------------------------------------------------------- Northern Trust Corp. 12,500 631,875 --------------- 3,152,735 - ------------------------------------------------------------------------------------------------------- COMMERCIAL BANKS--7.5% AmSouth Bancorp 1 26,800 676,968 - ------------------------------------------------------------------------------------------------------- Astoria Financial Corp. 1 22,450 593,129 - ------------------------------------------------------------------------------------------------------- Bank of America Corp. 767,602 32,316,044 - ------------------------------------------------------------------------------------------------------- BB&T Corp. 77,300 3,018,565 - ------------------------------------------------------------------------------------------------------- Comerica, Inc. 44,700 2,632,830 - ------------------------------------------------------------------------------------------------------- Compass Bancshares, Inc. 8,100 371,223 - ------------------------------------------------------------------------------------------------------- Downey Financial Corp. 1 4,300 261,870 - ------------------------------------------------------------------------------------------------------- Fifth Third Bancorp 1 35,800 1,314,934 - ------------------------------------------------------------------------------------------------------- Golden West Financial Corp. 1 36,700 2,179,613 - -------------------------------------------------------------------------------------------------------
5 Oppenheimer Main Street Fund/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - --------------------------------------------------------------------------------
Shares Value - ------------------------------------------------------------------------------------------------------- COMMERCIAL BANKS CONTINUED Hibernia Corp., Cl. A 19,100 $ 573,764 - ------------------------------------------------------------------------------------------------------- Huntington Bancshares, Inc. 6,800 152,796 - ------------------------------------------------------------------------------------------------------- Indymac Mortgage Holdings, Inc. 1 21,200 839,096 - ------------------------------------------------------------------------------------------------------- KeyCorp 1 150,300 4,847,175 - ------------------------------------------------------------------------------------------------------- M&T Bank Corp. 1 37,800 3,995,838 - ------------------------------------------------------------------------------------------------------- Marshall & Ilsley Corp. 1 37,300 1,622,923 - ------------------------------------------------------------------------------------------------------- National City Corp. 135,300 4,524,432 - ------------------------------------------------------------------------------------------------------- PNC Financial Services Group, Inc. 71,900 4,171,638 - ------------------------------------------------------------------------------------------------------- Regions Financial Corp. 1 73,305 2,281,252 - ------------------------------------------------------------------------------------------------------- Sterling Financial Corp., Western US 1 1,650 37,208 - ------------------------------------------------------------------------------------------------------- SunTrust Banks, Inc. 71,200 4,944,840 - ------------------------------------------------------------------------------------------------------- SVB Financial Group 1,2 6,200 301,568 - ------------------------------------------------------------------------------------------------------- Toronto-Dominion Bank (The) 8,087 398,851 - ------------------------------------------------------------------------------------------------------- U.S. Bancorp 448,070 12,581,806 - ------------------------------------------------------------------------------------------------------- UnionBanCal Corp. 1 22,300 1,554,756 - ------------------------------------------------------------------------------------------------------- Wachovia Corp. 351,800 16,742,162 - ------------------------------------------------------------------------------------------------------- Washington Mutual, Inc. 143,000 5,608,460 - ------------------------------------------------------------------------------------------------------- Wells Fargo & Co. 250,700 14,683,499 - ------------------------------------------------------------------------------------------------------- Zions Bancorp 14,800 1,053,908 --------------- 124,281,148 - ------------------------------------------------------------------------------------------------------- DIVERSIFIED FINANCIAL SERVICES--8.8% American Capital Strategies Ltd. 1 22,500 824,850 - ------------------------------------------------------------------------------------------------------- American Express Co. 134,000 7,696,960 - ------------------------------------------------------------------------------------------------------- AmeriCredit Corp. 1,2 36,500 871,255 - ------------------------------------------------------------------------------------------------------- Bear Stearns Cos., Inc. (The) 48,000 5,268,000 - ------------------------------------------------------------------------------------------------------- Capital One Financial Corp. 1 57,100 4,540,592 - ------------------------------------------------------------------------------------------------------- CIT Group, Inc. 25,200 1,138,536 - ------------------------------------------------------------------------------------------------------- Citigroup, Inc. 875,288 39,843,110 - ------------------------------------------------------------------------------------------------------- Franklin Resources, Inc. 51,900 4,357,524 - ------------------------------------------------------------------------------------------------------- Goldman Sachs Group, Inc. (The) 54,400 6,613,952 - ------------------------------------------------------------------------------------------------------- JPMorgan Chase & Co. 555,944 18,863,180 - ------------------------------------------------------------------------------------------------------- Legg Mason, Inc. 1 7,850 861,067 - ------------------------------------------------------------------------------------------------------- Lehman Brothers Holdings, Inc. 76,300 8,887,424 - ------------------------------------------------------------------------------------------------------- MBNA Corp. 175,300 4,319,392 - ------------------------------------------------------------------------------------------------------- Merrill Lynch & Co., Inc. 207,500 12,730,125 - ------------------------------------------------------------------------------------------------------- Moody's Corp. 1 40,800 2,084,064 - ------------------------------------------------------------------------------------------------------- Morgan Stanley 218,400 11,780,496 - ------------------------------------------------------------------------------------------------------- Principal Financial Group, Inc. (The) 1 118,000 5,589,660 - ------------------------------------------------------------------------------------------------------- Providian Financial Corp. 2 18,300 323,544 - ------------------------------------------------------------------------------------------------------- Schwab (Charles) Corp. 394,100 5,686,863 - ------------------------------------------------------------------------------------------------------- SLM Corp. 55,500 2,977,020 --------------- 145,257,614 - ------------------------------------------------------------------------------------------------------- INSURANCE--5.1% ACE Ltd. 47,400 2,231,118 - ------------------------------------------------------------------------------------------------------- AFLAC, Inc. 30,500 1,381,650 - ------------------------------------------------------------------------------------------------------- Allstate Corp. 161,800 8,945,922 - ------------------------------------------------------------------------------------------------------- American International Group, Inc. 350,440 21,713,262 - -------------------------------------------------------------------------------------------------------
6 Oppenheimer Main Street Fund/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - --------------------------------------------------------------------------------
Shares Value - ------------------------------------------------------------------------------------------------------- INSURANCE CONTINUED AmerUs Group Co. 1 15,100 $ 866,287 - ------------------------------------------------------------------------------------------------------- Aon Corp. 11,700 375,336 - ------------------------------------------------------------------------------------------------------- Assurant, Inc. 16,900 643,214 - ------------------------------------------------------------------------------------------------------- Berkley (W.R.) Corp. 8,500 335,580 - ------------------------------------------------------------------------------------------------------- Chubb Corp. 63,900 5,722,245 - ------------------------------------------------------------------------------------------------------- Cincinnati Financial Corp. 1,903 79,717 - ------------------------------------------------------------------------------------------------------- Fidelity National Financial, Inc. 1 29,659 1,320,419 - ------------------------------------------------------------------------------------------------------- First American Corp. (The) 1 23,400 1,068,678 - ------------------------------------------------------------------------------------------------------- Hartford Financial Services Group, Inc. (The) 77,800 6,003,826 - ------------------------------------------------------------------------------------------------------- HCC Insurance Holdings, Inc. 1 16,500 470,745 - ------------------------------------------------------------------------------------------------------- Jefferson-Pilot Corp. 1 3,900 199,563 - ------------------------------------------------------------------------------------------------------- LandAmerica Financial Group, Inc. 1 8,600 555,990 - ------------------------------------------------------------------------------------------------------- Lincoln National Corp. 6,800 353,736 - ------------------------------------------------------------------------------------------------------- Loews Corp. 53,500 4,943,935 - ------------------------------------------------------------------------------------------------------- Marsh & McLennan Cos., Inc. 8,800 267,432 - ------------------------------------------------------------------------------------------------------- MBIA, Inc. 1 10,400 630,448 - ------------------------------------------------------------------------------------------------------- MetLife, Inc. 127,900 6,373,257 - ------------------------------------------------------------------------------------------------------- Old Republic International Corp. 1 11,400 304,038 - ------------------------------------------------------------------------------------------------------- Partnerre Holdings Ltd. 2,500 160,125 - ------------------------------------------------------------------------------------------------------- Progressive Corp. 1 42,600 4,463,202 - ------------------------------------------------------------------------------------------------------- Protective Life Corp. 4,700 193,546 - ------------------------------------------------------------------------------------------------------- Prudential Financial, Inc. 104,400 7,053,264 - ------------------------------------------------------------------------------------------------------- Safeco Corp. 23,100 1,233,078 - ------------------------------------------------------------------------------------------------------- St. Paul Travelers Cos., Inc. (The) 135,000 6,057,450 - ------------------------------------------------------------------------------------------------------- StanCorp Financial Group, Inc. 1 5,700 479,940 - ------------------------------------------------------------------------------------------------------- Universal American Financial Corp. 1,2 4,800 109,152 --------------- 84,536,155 - ------------------------------------------------------------------------------------------------------- REAL ESTATE--0.0% CB Richard Ellis Group, Inc., Cl. A 1,2 5,800 285,360 - ------------------------------------------------------------------------------------------------------- THRIFTS & MORTGAGE FINANCE--1.0% Countrywide Financial Corp. 117,498 3,875,084 - ------------------------------------------------------------------------------------------------------- Fannie Mae 132,300 5,929,686 - ------------------------------------------------------------------------------------------------------- Freddie Mac 102,500 5,787,150 - ------------------------------------------------------------------------------------------------------- Fremont General Corp. 1 11,300 246,679 - ------------------------------------------------------------------------------------------------------- MGIC Investment Corp. 6,600 423,720 - ------------------------------------------------------------------------------------------------------- PMI Group, Inc. (The) 1 5,300 211,311 - ------------------------------------------------------------------------------------------------------- Radian Group, Inc. 1 7,100 377,010 --------------- 16,850,640 - ------------------------------------------------------------------------------------------------------- HEALTH CARE--13.3% - ------------------------------------------------------------------------------------------------------- BIOTECHNOLOGY--1.6% Amgen, Inc. 2 143,100 11,400,777 - ------------------------------------------------------------------------------------------------------- Applera Corp./Applied Biosystems Group 35,100 815,724 - ------------------------------------------------------------------------------------------------------- Genentech, Inc. 2 36,500 3,073,665 - ------------------------------------------------------------------------------------------------------- Gilead Sciences, Inc. 2 35,400 1,726,104 - ------------------------------------------------------------------------------------------------------- Invitrogen Corp. 2 4,100 308,443 - -------------------------------------------------------------------------------------------------------
7 Oppenheimer Main Street Fund/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - --------------------------------------------------------------------------------
Shares Value - ------------------------------------------------------------------------------------------------------- BIOTECHNOLOGY CONTINUED Wyeth 201,000 $ 9,300,270 --------------- 26,624,983 - ------------------------------------------------------------------------------------------------------- HEALTH CARE EQUIPMENT & SUPPLIES--1.4% Bausch & Lomb, Inc. 4,000 322,720 - ------------------------------------------------------------------------------------------------------- Baxter International, Inc. 90,700 3,616,209 - ------------------------------------------------------------------------------------------------------- Becton, Dickinson & Co. 88,200 4,624,326 - ------------------------------------------------------------------------------------------------------- Boston Scientific Corp. 2 68,400 1,598,508 - ------------------------------------------------------------------------------------------------------- Edwards Lifesciences Corp. 1,2 6,400 284,224 - ------------------------------------------------------------------------------------------------------- Guidant Corp. 32,800 2,259,592 - ------------------------------------------------------------------------------------------------------- Haemonetics Corp. 1,2 3,800 180,614 - ------------------------------------------------------------------------------------------------------- Medtronic, Inc. 177,000 9,490,740 - ------------------------------------------------------------------------------------------------------- Mentor Corp. 1 4,200 231,042 - ------------------------------------------------------------------------------------------------------- Thermo Electron Corp. 1,2 5,000 154,500 --------------- 22,762,475 - ------------------------------------------------------------------------------------------------------- HEALTH CARE PROVIDERS & SERVICES--3.9% Aetna, Inc. 53,800 4,634,332 - ------------------------------------------------------------------------------------------------------- American Healthways, Inc. 1,2 8,600 364,640 - ------------------------------------------------------------------------------------------------------- AmerisourceBergen Corp. 1 9,800 757,540 - ------------------------------------------------------------------------------------------------------- Beverly Enterprises, Inc. 1,2 7,200 88,200 - ------------------------------------------------------------------------------------------------------- Cardinal Health, Inc. 28,600 1,814,384 - ------------------------------------------------------------------------------------------------------- Caremark Rx, Inc. 2 60,600 3,025,758 - ------------------------------------------------------------------------------------------------------- CIGNA Corp. 50,700 5,975,502 - ------------------------------------------------------------------------------------------------------- Community Health Systems, Inc. 1,2 4,000 155,240 - ------------------------------------------------------------------------------------------------------- Express Scripts, Inc. 1,2 12,600 783,720 - ------------------------------------------------------------------------------------------------------- Genesis HealthCare Corp. 1,2 5,100 205,632 - ------------------------------------------------------------------------------------------------------- HCA, Inc. 138,900 6,656,088 - ------------------------------------------------------------------------------------------------------- Health Net, Inc. 1,2 9,700 459,004 - ------------------------------------------------------------------------------------------------------- Humana, Inc. 2 22,900 1,096,452 - ------------------------------------------------------------------------------------------------------- Kindred Healthcare, Inc. 1,2 10,300 306,940 - ------------------------------------------------------------------------------------------------------- LCA-Vision, Inc. 1 8,800 326,656 - ------------------------------------------------------------------------------------------------------- Lincare Holdings, Inc. 1,2 13,100 537,755 - ------------------------------------------------------------------------------------------------------- McKesson Corp. 102,200 4,849,390 - ------------------------------------------------------------------------------------------------------- Medco Health Solutions, Inc. 2 79,281 4,346,977 - ------------------------------------------------------------------------------------------------------- PacifiCare Health Systems, Inc. 2 11,000 877,580 - ------------------------------------------------------------------------------------------------------- Pediatrix Medical Group, Inc. 1,2 4,600 353,372 - ------------------------------------------------------------------------------------------------------- Quest Diagnostics, Inc. 1 58,300 2,946,482 - ------------------------------------------------------------------------------------------------------- Sierra Health Services, Inc. 1,2 4,600 316,802 - ------------------------------------------------------------------------------------------------------- Sunrise Senior Living, Inc. 1,2 3,100 206,894 - ------------------------------------------------------------------------------------------------------- Triad Hospitals, Inc. 1,2 9,900 448,173 - ------------------------------------------------------------------------------------------------------- UnitedHealth Group, Inc. 284,648 15,997,218 - ------------------------------------------------------------------------------------------------------- VCA Antech, Inc. 1,2 3,600 91,872 - ------------------------------------------------------------------------------------------------------- WellChoice, Inc. 2 8,500 645,150 - ------------------------------------------------------------------------------------------------------- WellPoint, Inc. 2 95,200 7,218,064 --------------- 65,485,817
8 Oppenheimer Main Street Fund/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - --------------------------------------------------------------------------------
Shares Value - ------------------------------------------------------------------------------------------------------- PHARMACEUTICALS--6.4% Abbott Laboratories 221,400 $ 9,387,360 - ------------------------------------------------------------------------------------------------------- Allergan, Inc. 1 39,400 3,609,828 - ------------------------------------------------------------------------------------------------------- Barr Pharmaceuticals, Inc. 1,2 19,900 1,092,908 - ------------------------------------------------------------------------------------------------------- Bristol-Myers Squibb Co. 255,300 6,142,518 - ------------------------------------------------------------------------------------------------------- Eli Lilly & Co. 71,100 3,805,272 - ------------------------------------------------------------------------------------------------------- Johnson & Johnson 548,606 34,715,788 - ------------------------------------------------------------------------------------------------------- Medicis Pharmaceutical Corp., Cl. A 1 10,200 332,112 - ------------------------------------------------------------------------------------------------------- Merck & Co., Inc. 572,900 15,588,609 - ------------------------------------------------------------------------------------------------------- Pfizer, Inc. 1,237,800 30,907,866 --------------- 105,582,261 - ------------------------------------------------------------------------------------------------------- INDUSTRIALS--9.7% - ------------------------------------------------------------------------------------------------------- AEROSPACE & DEFENSE--2.6% Boeing Co. 160,300 10,892,385 - ------------------------------------------------------------------------------------------------------- General Dynamics Corp. 32,400 3,873,420 - ------------------------------------------------------------------------------------------------------- Goodrich Corp. 15,600 691,704 - ------------------------------------------------------------------------------------------------------- Honeywell International, Inc. 52,600 1,972,500 - ------------------------------------------------------------------------------------------------------- Lockheed Martin Corp. 96,100 5,865,944 - ------------------------------------------------------------------------------------------------------- Northrop Grumman Corp. 108,000 5,869,800 - ------------------------------------------------------------------------------------------------------- Precision Castparts Corp. 22,600 1,200,060 - ------------------------------------------------------------------------------------------------------- Raytheon Co. 88,000 3,345,760 - ------------------------------------------------------------------------------------------------------- Rockwell Collins, Inc. 15,100 729,632 - ------------------------------------------------------------------------------------------------------- United Technologies Corp. 177,400 9,196,416 --------------- 43,637,621 - ------------------------------------------------------------------------------------------------------- AIR FREIGHT & LOGISTICS--0.3% FedEx Corp. 40,800 3,554,904 - ------------------------------------------------------------------------------------------------------- United Parcel Service, Inc., Cl. B 15,100 1,043,863 --------------- 4,598,767 - ------------------------------------------------------------------------------------------------------- AIRLINES--0.0% Alaska Air Group, Inc. 1,2 9,100 264,446 - ------------------------------------------------------------------------------------------------------- BUILDING PRODUCTS--0.3% American Standard Cos., Inc. 30,200 1,405,810 - ------------------------------------------------------------------------------------------------------- Masco Corp. 74,000 2,270,320 - ------------------------------------------------------------------------------------------------------- USG Corp. 1,2 12,500 859,000 --------------- 4,535,130 - ------------------------------------------------------------------------------------------------------- COMMERCIAL SERVICES & SUPPLIES--0.4% Apollo Group, Inc., Cl. A 1,2 8,800 584,232 - ------------------------------------------------------------------------------------------------------- Cendant Corp. 86,500 1,785,360 - ------------------------------------------------------------------------------------------------------- Corporate Executive Board Co. 1 1,600 124,768 - ------------------------------------------------------------------------------------------------------- Donnelley (R.R.) & Sons Co. 16,900 626,483 - ------------------------------------------------------------------------------------------------------- Equifax, Inc. 1 10,500 366,870 - ------------------------------------------------------------------------------------------------------- Labor Ready, Inc. 1,2 3,500 89,775 - ------------------------------------------------------------------------------------------------------- PHH Corp. 1,2 5,680 155,973 - ------------------------------------------------------------------------------------------------------- Pitney Bowes, Inc. 6,600 275,484 - ------------------------------------------------------------------------------------------------------- Republic Services, Inc. 1 18,800 663,452 - ------------------------------------------------------------------------------------------------------- Robert Half International, Inc. 1 4,900 174,391 - -------------------------------------------------------------------------------------------------------
9 Oppenheimer Main Street Fund/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - --------------------------------------------------------------------------------
Shares Value - ------------------------------------------------------------------------------------------------------- COMMERCIAL SERVICES & SUPPLIES CONTINUED Waste Management, Inc. 59,300 $ 1,696,573 --------------- 6,543,361 - ------------------------------------------------------------------------------------------------------- CONSTRUCTION & ENGINEERING--0.0% Washington Group International, Inc. 1,2 5,400 291,006 - ------------------------------------------------------------------------------------------------------- ELECTRICAL EQUIPMENT--0.2% Emerson Electric Co. 34,200 2,455,560 - ------------------------------------------------------------------------------------------------------- Rockwell Automation, Inc. 11,300 597,770 - ------------------------------------------------------------------------------------------------------- Thomas & Betts Corp. 2 3,600 123,876 --------------- 3,177,206 - ------------------------------------------------------------------------------------------------------- INDUSTRIAL CONGLOMERATES--4.1% 3M Co. 153,900 11,290,104 - ------------------------------------------------------------------------------------------------------- General Electric Co. 1,561,900 52,589,173 - ------------------------------------------------------------------------------------------------------- Textron, Inc. 38,300 2,746,876 - ------------------------------------------------------------------------------------------------------- Tyco International Ltd. 50,300 1,400,855 --------------- 68,027,008 - ------------------------------------------------------------------------------------------------------- MACHINERY--1.0% Caterpillar, Inc. 127,000 7,461,250 - ------------------------------------------------------------------------------------------------------- Cummins, Inc. 1 4,000 351,960 - ------------------------------------------------------------------------------------------------------- Deere & Co. 11,000 673,200 - ------------------------------------------------------------------------------------------------------- Flowserve Corp. 1,2 7,400 268,990 - ------------------------------------------------------------------------------------------------------- Harsco Corp. 1 3,200 209,824 - ------------------------------------------------------------------------------------------------------- Ingersoll-Rand Co., Cl. A 60,200 2,301,446 - ------------------------------------------------------------------------------------------------------- ITT Industries, Inc. 10,000 1,136,000 - ------------------------------------------------------------------------------------------------------- Joy Global, Inc. 9,700 489,462 - ------------------------------------------------------------------------------------------------------- Mueller Industries, Inc. 1 2,900 80,533 - ------------------------------------------------------------------------------------------------------- Paccar, Inc. 29,250 1,985,783 - ------------------------------------------------------------------------------------------------------- Pall Corp. 1 3,400 93,500 - ------------------------------------------------------------------------------------------------------- SPX Corp. 1 7,100 326,245 - ------------------------------------------------------------------------------------------------------- Terex Corp. 2 4,000 197,720 - ------------------------------------------------------------------------------------------------------- Toro Co. (The) 1 19,300 709,468 --------------- 16,285,381 - ------------------------------------------------------------------------------------------------------- ROAD & RAIL--0.8% Burlington Northern Santa Fe Corp. 98,000 5,860,400 - ------------------------------------------------------------------------------------------------------- CNF Transportation, Inc. 1 13,200 693,000 - ------------------------------------------------------------------------------------------------------- CSX Corp. 55,100 2,561,048 - ------------------------------------------------------------------------------------------------------- Laidlaw International, Inc. 17,800 430,226 - ------------------------------------------------------------------------------------------------------- Norfolk Southern Corp. 82,000 3,325,920 - ------------------------------------------------------------------------------------------------------- Swift Transportation Co., Inc. 1,2 11,700 207,090 - ------------------------------------------------------------------------------------------------------- Yellow Roadway Corp. 1,2 5,731 237,378 --------------- 13,315,062 - ------------------------------------------------------------------------------------------------------- TRADING COMPANIES & DISTRIBUTORS--0.0% GATX Corp. 1 9,000 355,950 - ------------------------------------------------------------------------------------------------------- WESCO International, Inc. 1,2 9,800 331,926 --------------- 687,876
10 Oppenheimer Main Street Fund/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - --------------------------------------------------------------------------------
Shares Value - ------------------------------------------------------------------------------------------------------- INFORMATION TECHNOLOGY--14.4% - ------------------------------------------------------------------------------------------------------- COMMUNICATIONS EQUIPMENT--2.4% ADTRAN, Inc. 1 7,500 $ 236,250 - ------------------------------------------------------------------------------------------------------- Brocade Communications Systems, Inc. 1,2 94,000 383,520 - ------------------------------------------------------------------------------------------------------- Cisco Systems, Inc. 2 1,152,300 20,660,739 - ------------------------------------------------------------------------------------------------------- Corning, Inc. 2 140,600 2,717,798 - ------------------------------------------------------------------------------------------------------- Motorola, Inc. 481,600 10,638,544 - ------------------------------------------------------------------------------------------------------- QUALCOMM, Inc. 108,800 4,868,800 --------------- 39,505,651 - ------------------------------------------------------------------------------------------------------- COMPUTERS & PERIPHERALS--4.0% Apple Computer, Inc. 2 212,700 11,402,847 - ------------------------------------------------------------------------------------------------------- Dell, Inc. 2 595,000 20,349,000 - ------------------------------------------------------------------------------------------------------- EMC Corp. 2 303,400 3,925,996 - ------------------------------------------------------------------------------------------------------- Hewlett-Packard Co. 380,800 11,119,360 - ------------------------------------------------------------------------------------------------------- International Business Machines Corp. 226,000 18,129,720 - ------------------------------------------------------------------------------------------------------- NCR Corp. 2 27,300 871,143 - ------------------------------------------------------------------------------------------------------- Palm, Inc. 1,2 3,400 96,322 - ------------------------------------------------------------------------------------------------------- Western Digital Corp. 1,2 72,100 932,253 --------------- 66,826,641 - ------------------------------------------------------------------------------------------------------- ELECTRONIC EQUIPMENT & INSTRUMENTS--0.1% Agilent Technologies, Inc. 2 29,000 949,750 - ------------------------------------------------------------------------------------------------------- Amphenol Corp., Cl. A 26,500 1,069,010 --------------- 2,018,760 - ------------------------------------------------------------------------------------------------------- INTERNET SOFTWARE & SERVICES--0.9% EarthLink, Inc. 1,2 49,500 529,650 - ------------------------------------------------------------------------------------------------------- Google, Inc., Cl. A 2 25,200 7,974,792 - ------------------------------------------------------------------------------------------------------- Internet Security Systems, Inc. 1,2 14,300 343,343 - ------------------------------------------------------------------------------------------------------- United Online, Inc. 1 40,100 555,385 - ------------------------------------------------------------------------------------------------------- Websense, Inc. 1,2 7,900 404,559 - ------------------------------------------------------------------------------------------------------- Yahoo!, Inc. 2 126,700 4,287,528 --------------- 14,095,257 - ------------------------------------------------------------------------------------------------------- IT SERVICES--0.3% Automatic Data Processing, Inc. 8,100 348,624 - ------------------------------------------------------------------------------------------------------- Ceridian Corp. 2 4,100 85,075 - ------------------------------------------------------------------------------------------------------- CSG Systems International, Inc. 1,2 1,300 28,223 - ------------------------------------------------------------------------------------------------------- Electronic Data Systems Corp. 1 73,500 1,649,340 - ------------------------------------------------------------------------------------------------------- First Data Corp. 54,700 2,188,000 - ------------------------------------------------------------------------------------------------------- Fiserv, Inc. 1,2 12,800 587,136 - ------------------------------------------------------------------------------------------------------- Global Payments, Inc. 1 1,500 116,580 - ------------------------------------------------------------------------------------------------------- Paychex, Inc. 12,300 456,084 --------------- 5,459,062 - ------------------------------------------------------------------------------------------------------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT--3.3% Applied Materials, Inc. 201,400 3,415,744 - ------------------------------------------------------------------------------------------------------- ATMI, Inc. 1,2 2,000 62,000 - ------------------------------------------------------------------------------------------------------- Broadcom Corp., Cl. A 2 25,400 1,191,514 - -------------------------------------------------------------------------------------------------------
11 Oppenheimer Main Street Fund/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - --------------------------------------------------------------------------------
Shares Value - ------------------------------------------------------------------------------------------------------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT CONTINUED Cymer, Inc. 1,2 3,300 $ 103,356 - ------------------------------------------------------------------------------------------------------- Freescale Semiconductor, Inc., Cl. B 2 18,043 425,454 - ------------------------------------------------------------------------------------------------------- Intel Corp. 1,288,900 31,771,385 - ------------------------------------------------------------------------------------------------------- Intersil Corp., Cl. A 1 11,000 239,580 - ------------------------------------------------------------------------------------------------------- KLA-Tencor Corp. 1 1,200 58,512 - ------------------------------------------------------------------------------------------------------- LSI Logic Corp. 2 34,700 341,795 - ------------------------------------------------------------------------------------------------------- MEMC Electronic Materials, Inc. 1,2 44,300 1,009,597 - ------------------------------------------------------------------------------------------------------- Micrel, Inc. 1,2 15,100 169,573 - ------------------------------------------------------------------------------------------------------- National Semiconductor Corp. 24,300 639,090 - ------------------------------------------------------------------------------------------------------- NVIDIA Corp. 2 1,900 65,132 - ------------------------------------------------------------------------------------------------------- Photronics, Inc. 1,2 6,400 124,160 - ------------------------------------------------------------------------------------------------------- Texas Instruments, Inc. 447,500 15,170,250 --------------- 54,787,142 - ------------------------------------------------------------------------------------------------------- SOFTWARE--3.4% Activision, Inc. 1,2 16,100 329,245 - ------------------------------------------------------------------------------------------------------- Autodesk, Inc. 8,600 399,384 - ------------------------------------------------------------------------------------------------------- Cadence Design Systems, Inc. 1,2 1,900 30,704 - ------------------------------------------------------------------------------------------------------- Compuware Corp. 2 36,300 344,850 - ------------------------------------------------------------------------------------------------------- Fair Isaac Corp. 1 3,800 170,240 - ------------------------------------------------------------------------------------------------------- Hyperion Solutions Corp. 1,2 1,500 72,975 - ------------------------------------------------------------------------------------------------------- McAfee, Inc. 1,2 24,100 757,222 - ------------------------------------------------------------------------------------------------------- Microsoft Corp. 1,597,500 41,103,675 - ------------------------------------------------------------------------------------------------------- Oracle Corp. 2 893,700 11,072,943 - ------------------------------------------------------------------------------------------------------- Parametric Technology Corp. 2 53,700 374,289 - ------------------------------------------------------------------------------------------------------- Symantec Corp. 2 68,242 1,546,364 - ------------------------------------------------------------------------------------------------------- Synopsys, Inc. 1,2 52,400 990,360 --------------- 57,192,251 - ------------------------------------------------------------------------------------------------------- MATERIALS--2.1% - ------------------------------------------------------------------------------------------------------- CHEMICALS--1.4% Agrium, Inc. 22,600 496,522 - ------------------------------------------------------------------------------------------------------- Air Products & Chemicals, Inc. 36,900 2,034,666 - ------------------------------------------------------------------------------------------------------- Ashland, Inc. 5,600 309,344 - ------------------------------------------------------------------------------------------------------- Dow Chemical Co. 134,900 5,621,283 - ------------------------------------------------------------------------------------------------------- E.I. DuPont de Nemours & Co. 146,800 5,750,156 - ------------------------------------------------------------------------------------------------------- Eastman Chemical Co. 13,000 610,610 - ------------------------------------------------------------------------------------------------------- Engelhard Corp. 1 8,600 240,026 - ------------------------------------------------------------------------------------------------------- FMC Corp. 2 11,200 640,864 - ------------------------------------------------------------------------------------------------------- Monsanto Co. 20,400 1,280,100 - ------------------------------------------------------------------------------------------------------- PPG Industries, Inc. 50,900 3,012,771 - ------------------------------------------------------------------------------------------------------- Praxair, Inc. 10,500 503,265 - ------------------------------------------------------------------------------------------------------- Rohm & Haas Co. 76,400 3,142,332 - ------------------------------------------------------------------------------------------------------- Valspar Corp. (The) 3,400 76,024 --------------- 23,717,963 - ------------------------------------------------------------------------------------------------------- CONSTRUCTION MATERIALS--0.1% Eagle Materials, Inc. 1 2,200 267,014 - -------------------------------------------------------------------------------------------------------
12 Oppenheimer Main Street Fund/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - --------------------------------------------------------------------------------
Shares Value - ------------------------------------------------------------------------------------------------------- CONSTRUCTION MATERIALS CONTINUED Eagle Materials, Inc., Cl. B 1 7,543 $ 872,725 - ------------------------------------------------------------------------------------------------------- Martin Marietta Materials, Inc. 7,700 604,142 - ------------------------------------------------------------------------------------------------------- Vulcan Materials Co. 1 7,000 519,470 --------------- 2,263,351 - ------------------------------------------------------------------------------------------------------- CONTAINERS & PACKAGING--0.1% Crown Holdings, Inc. 2 28,800 459,072 - ------------------------------------------------------------------------------------------------------- Owens-Illinois, Inc. 2 42,600 878,412 - ------------------------------------------------------------------------------------------------------- Pactiv Corp. 2 3,700 64,824 --------------- 1,402,308 - ------------------------------------------------------------------------------------------------------- METALS & MINING--0.4% Alcoa, Inc. 4,900 119,658 - ------------------------------------------------------------------------------------------------------- Carpenter Technology Corp. 1 7,300 427,853 - ------------------------------------------------------------------------------------------------------- Freeport-McMoRan Copper & Gold, Inc., Cl. B 1 2,400 116,616 - ------------------------------------------------------------------------------------------------------- Nucor Corp. 19,200 1,132,608 - ------------------------------------------------------------------------------------------------------- Phelps Dodge Corp. 29,300 3,806,949 - ------------------------------------------------------------------------------------------------------- Quanex Corp. 1 6,400 423,808 - ------------------------------------------------------------------------------------------------------- Reliance Steel & Aluminum Co. 1 4,400 232,892 --------------- 6,260,384 - ------------------------------------------------------------------------------------------------------- PAPER & FOREST PRODUCTS--0.1% Louisiana-Pacific Corp. 16,600 459,654 - ------------------------------------------------------------------------------------------------------- Potlatch Corp. 6,000 312,720 - ------------------------------------------------------------------------------------------------------- Weyerhaeuser Co. 1 3,400 233,750 --------------- 1,006,124 - ------------------------------------------------------------------------------------------------------- TELECOMMUNICATION SERVICES--3.4% - ------------------------------------------------------------------------------------------------------- DIVERSIFIED TELECOMMUNICATION SERVICES--3.1% Alltel Corp. 49,600 3,229,456 - ------------------------------------------------------------------------------------------------------- BellSouth Corp. 254,100 6,682,830 - ------------------------------------------------------------------------------------------------------- CenturyTel, Inc. 1 32,400 1,133,352 - ------------------------------------------------------------------------------------------------------- MCI, Inc. 400 10,148 - ------------------------------------------------------------------------------------------------------- SBC Communications, Inc. 320,100 7,672,797 - ------------------------------------------------------------------------------------------------------- Sprint Nextel Corp. 564,723 13,429,113 - ------------------------------------------------------------------------------------------------------- Verizon Communications, Inc. 601,856 19,674,673 --------------- 51,832,369 - ------------------------------------------------------------------------------------------------------- WIRELESS TELECOMMUNICATION SERVICES--0.3% AT&T Corp. 210,000 4,158,000 - ------------------------------------------------------------------------------------------------------- UTILITIES--3.6% - ------------------------------------------------------------------------------------------------------- ELECTRIC UTILITIES--3.4% American Electric Power Co., Inc. 125,900 4,998,230 - ------------------------------------------------------------------------------------------------------- CenterPoint Energy, Inc. 1 25,800 383,646 - ------------------------------------------------------------------------------------------------------- Cinergy Corp. 8,400 373,044 - ------------------------------------------------------------------------------------------------------- CMS Energy Corp. 1,2 21,400 352,030 - ------------------------------------------------------------------------------------------------------- Constellation Energy Group, Inc. 34,500 2,125,200 - ------------------------------------------------------------------------------------------------------- Dominion Resources, Inc. 39,100 3,368,074 - ------------------------------------------------------------------------------------------------------- Duke Energy Corp. 149,600 4,363,832 - ------------------------------------------------------------------------------------------------------- Edison International, Inc. 127,700 6,037,656 - ------------------------------------------------------------------------------------------------------- Entergy Corp. 1 40,100 2,980,232 - -------------------------------------------------------------------------------------------------------
13 Oppenheimer Main Street Fund/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - --------------------------------------------------------------------------------
Shares Value - ------------------------------------------------------------------------------------------------------- ELECTRIC UTILITIES CONTINUED Exelon Corp. 123,100 $ 6,578,464 - ------------------------------------------------------------------------------------------------------- FirstEnergy Corp. 45,600 2,376,672 - ------------------------------------------------------------------------------------------------------- FPL Group, Inc. 73,300 3,489,080 - ------------------------------------------------------------------------------------------------------- NRG Energy, Inc. 1,2 14,100 600,660 - ------------------------------------------------------------------------------------------------------- PG&E Corp. 117,300 4,604,025 - ------------------------------------------------------------------------------------------------------- PPL Corp. 51,000 1,648,830 - ------------------------------------------------------------------------------------------------------- Progress Energy, Inc. 1 7,100 317,725 - ------------------------------------------------------------------------------------------------------- Progress Energy, Inc., Contingent Value Obligation 2,3 32,000 2,560 - ------------------------------------------------------------------------------------------------------- Public Service Enterprise Group, Inc. 1 62,200 4,003,192 - ------------------------------------------------------------------------------------------------------- Southern Co. 1 34,000 1,215,840 - ------------------------------------------------------------------------------------------------------- TXU Corp. 49,100 5,542,408 --------------- 55,361,400 - ------------------------------------------------------------------------------------------------------- GAS UTILITIES--0.2% Atmos Energy Corp. 1 19,200 542,400 - ------------------------------------------------------------------------------------------------------- ONEOK, Inc. 1 12,300 418,446 - ------------------------------------------------------------------------------------------------------- Sempra Energy 50,500 2,376,530 - ------------------------------------------------------------------------------------------------------- UGI Corp. 6,800 191,420 --------------- 3,528,796 - ------------------------------------------------------------------------------------------------------- MULTI-UTILITIES & UNREGULATED POWER--0.0% Energy East Corp. 6,400 161,216 --------------- Total Common Stocks (Cost $1,382,787,807) 1,636,350,038 - ------------------------------------------------------------------------------------------------------- PREFERRED STOCKS--0.0% - ------------------------------------------------------------------------------------------------------- Wachovia Corp., Dividend Equalization Preferred Shares 2,3 (Cost $0) 6,000 23 Units - ------------------------------------------------------------------------------------------------------- RIGHTS, WARRANTS AND CERTIFICATES--0.0% - ------------------------------------------------------------------------------------------------------- Dime Bancorp, Inc. Wts., Exp. 1/2/10 2 31,900 5,104 - ------------------------------------------------------------------------------------------------------- Lucent Technologies, Inc. Wts., Exp. 12/10/07 2 4,837 4,595 --------------- Total Rights, Warrants and Certificates (Cost $0) 9,699 Principal Amount - ------------------------------------------------------------------------------------------------------- JOINT REPURCHASE AGREEMENTS--0.9% - ------------------------------------------------------------------------------------------------------- Undivided interest of 3.48% in joint repurchase agreement (Principal Amount/Value $400,132,000, with a maturity value of $400,240,369) with Cantor Fitzgerald & Co./Cantor Fitzgerald Securities, 3.25%, dated 9/30/05, to be repurchased at $13,941,775 on 10/3/05, collateralized by U.S. Treasury Bonds, 7.50%--8.875%, 11/15/16--11/15/21, with a value of $408,618,137 (Cost $13,938,000) $13,938,000 13,938,000 - ------------------------------------------------------------------------------------------------------- Total Investments, at Value (excluding Investments Purchased with Cash Collateral from Securities Loaned) (Cost $1,396,725,807) 1,650,297,760 - ------------------------------------------------------------------------------------------------------- INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITIES LOANED--6.4% - ------------------------------------------------------------------------------------------------------- ASSET BACKED FLOATING NOTE--0.1% Trust Money Market Securities, Series A-2, 3.84%, 10/17/05 4 1,000,000 1,000,000
14 Oppenheimer Main Street Fund/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ------------------------------------------------------------------------------------------------------- JOINT REPURCHASE AGREEMENTS--6.1% Undivided interest of 0.65% in joint repurchase agreement (Principal Amount/Value $3,300,000,000, with a maturity value of $3,301,064,250) with Nomura Securities, 3.87%, dated 9/30/05, to be repurchased at $21,578,782 on 10/3/05, collateralized by U.S. Agency Mortgages, 5%--5.50%, 9/1/20--8/1/35, with a value of $3,366,000,000 4 $21,571,825 $ 21,571,825 - ------------------------------------------------------------------------------------------------------- Undivided interest of 1% in joint repurchase agreement (Principal Amount/Value $500,000,000 with a maturity value of $500,166,979) with Greenwich Capital, 4.0075%, dated 9/30/05, to be repurchased at $5,001,670 on 10/3/05, collateralized by AAA Asset-Backed Securities, 0.00%--7.449%, 2/25/33--1/25/45, with a value of $525,002,809 4 5,000,000 5,000,000 - ------------------------------------------------------------------------------------------------------- Undivided interest of 1.49% in joint repurchase agreement (Principal Amount/Value $1,675,000,000, with a maturity value of $1,675,556,589) with Dresdner Bank AG, 3.9875%, dated 9/30/05, to be repurchased at $25,008,307 on 10/3/05, collateralized by AAA Asset-Backed Securities, 0.00%--8.03%, 4/3/07--5/25/50, with a value of $1,755,814,086 4 25,000,000 25,000,000 - ------------------------------------------------------------------------------------------------------- Undivided interest of 10.87% in joint repurchase agreement (Principal Amount/Value $460,000,000, with a maturity value of $460,149,500) with BNP Paribas Securities Corp., 3.90%, dated 9/30/05, to be repurchased at $50,016,250 on 10/3/05, collateralized by U.S. Agency Mortgages, 3.33%--7.50%, 9/1/08--9/1/44, with a value of $469,200,000 4 50,000,000 50,000,000 --------------- 101,571,825 - ------------------------------------------------------------------------------------------------------- MASTER FLOATING NOTES--0.2% Bear Stearns, 4.06%, 10/3/05 4 3,500,000 3,500,000 --------------- Total Investments Purchased with Cash Collateral from Securities Loaned (Cost $106,071,825) 106,071,825 - ------------------------------------------------------------------------------------------------------- Total Investments, at Value (Cost $1,502,797,632) 105.9% 1,756,369,585 - ------------------------------------------------------------------------------------------------------- Liabilities in Excess of Other Assets (5.9) (97,213,838) ------------------------------- Net Assets 100.0% $1,659,155,747 ===============================
Footnotes to Statement of Investments 1. Partial or fully-loaned security. See accompanying Notes to Quarterly Statement of Investments. 2. Non-income producing security. 3. Illiquid security. The aggregate value of illiquid securities as of September 30, 2005 was $2,583, which represents less than 0.005% of the Fund's net assets. See accompanying Notes to Quarterly Statement of Investments. 4. 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 September 30, 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 $ 1,520,275,738 =============== Gross unrealized appreciation $ 267,879,231 Gross unrealized (depreciation) (31,785,384) --------------- Net unrealized appreciation $ 236,093,847 =============== 15 Oppenheimer Main Street Fund/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - -------------------------------------------------------------------------------- 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 may be valued primarily using dealer-supplied valuations or a portfolio pricing service authorized by the Board of Trustees. Securities listed or traded on National Stock Exchanges or other domestic 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. Securities traded on foreign exchanges are valued based on the last sale price on the principal exchange on which the security is traded, in the country that is identified by the portfolio pricing service, prior to the time when the Fund's assets are valued. In the absence of a sale, the security is valued at the official closing price on the principal exchange. 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. Futures contracts traded on a commodities or futures exchange will be valued at the final settlement price or official closing price on the principal exchange as reported by such principal exchange at its trading session ending at, or most recently prior to, the time when the Fund's assets are valued. Securities (including restricted securities) for which market quotations are not readily available are valued at their fair value. Foreign and domestic securities whose values have been materially affected by what the Manager identifies as a significant event occurring before the Fund's assets are valued but after the close of their respective exchanges will be fair valued. Fair value is determined in good faith using consistently applied procedures under the supervision of the Board of Trustees. Short-term "money market type" debt securities with remaining maturities of sixty days or less are valued at amortized cost (which approximates market value). FOREIGN CURRENCY TRANSLATION. The Fund's accounting records are maintained in U.S. dollars. The values of securities denominated in foreign currencies and amounts related to the purchase and sale of foreign securities and foreign investment income 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. Foreign exchange rates may be valued primarily using dealer supplied valuations or a portfolio pricing service authorized by the Board of Trustees. Reported net realized foreign exchange gains or losses arise from sales of portfolio securities, sales and maturities of short-term securities, sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the values of assets and liabilities, including investments in securities at fiscal period end, resulting from changes in exchange rates. The effect of changes in foreign currency exchange rates on investments is separately identified from the fluctuations arising from changes in market values of securities held and reported with all other foreign currency gains and losses in the Fund's Statement of Operations. JOINT REPURCHASE AGREEMENTS. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission, the Fund, along with other affiliated funds advised by the Manager, may transfer uninvested cash balances into joint trading accounts on a daily basis. These balances are invested in one or more repurchase agreements. Securities pledged as collateral for repurchase agreements are held 16 Oppenheimer Main Street Fund/VA Oppenheimer Main Street Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - -------------------------------------------------------------------------------- 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 September 30, 2005, the Fund had outstanding foreign currency contracts as follows:
EXPIRATION CONTRACT AMOUNT VALUATION AS OF UNREALIZED CONTRACT DESCRIPTION DATE (000S) SEPTEMBER 30, 2005 DEPRECIATION - --------------------------------------------------------------------------------------------------------- CONTRACTS TO SELL Canadian Dollar (CAD) 10/3/05 136CAD $116,791 $937
ILLIQUID SECURITIES As of September 30, 2005, investments in securities included issues that are illiquid. A security may be considered illiquid if it lacks a readily available market or if its valuation has not changed for a certain period of time. The Fund will not invest more than 15% of its net assets (determined at the time of purchase and reviewed periodically) in illiquid securities. Securities that are illiquid are marked with the applicable footnote on the Statement of Investments. 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 continues to receive the economic benefit of interest or dividends paid on the securities loaned in the form of a substitute payment received from the borrower. As of September 30, 2005, the Fund had on loan securities valued at $105,267,683. Collateral of $106,687,852 was received for the loans, of which $106,071,825 was received in cash and subsequently invested in approved instruments. 17 Oppenheimer Main Street Fund/VA Oppenheimer Money Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited
Principal Amount Value - ------------------------------------------------------------------------------------------------------- CERTIFICATES OF DEPOSIT--17.5% - ------------------------------------------------------------------------------------------------------- Barclays Bank plc, New York: 3.81%, 12/13/05 $1,500,000 $ 1,500,000 3.825%, 12/14/05 3,000,000 3,000,000 - ------------------------------------------------------------------------------------------------------- BNP Paribas, New York, 3.77%, 11/23/05 2,000,000 1,999,970 - ------------------------------------------------------------------------------------------------------- Citibank NA: 3.625%, 10/28/05 1,450,000 1,450,000 3.845%, 12/16/05 2,000,000 2,000,000 - ------------------------------------------------------------------------------------------------------- Skandinaviska Enskilda Banken, New York, 3.81%, 10/3/06 1 2,000,000 1,999,602 - ------------------------------------------------------------------------------------------------------- Societe Generale, New York, 3.75%, 11/16/05 2,000,000 2,000,000 - ------------------------------------------------------------------------------------------------------- Toronto Dominion Bank, New York, 3.47%, 11/30/05 5,000,000 4,996,398 - ------------------------------------------------------------------------------------------------------- UBS AG Stamford CT: 3.775%, 11/1/05 4,000,000 3,999,999 3.80%, 11/10/05 1,500,000 1,500,000 - ------------------------------------------------------------------------------------------------------- Washington Mutual Bank FA: 3.70%, 11/1/05 2,000,000 2,000,000 3.71%, 11/2/05 2,000,000 2,000,000 - ------------------------------------------------------------------------------------------------------- Wells Fargo Bank NA: 3.69%, 10/26/05 2,000,000 2,000,000 3.73%, 10/6/05 2,500,000 2,499,993 ------------- Total Certificates of Deposit (Cost $32,945,962) 32,945,962 - ------------------------------------------------------------------------------------------------------- DIRECT BANK OBLIGATIONS--16.4% - ------------------------------------------------------------------------------------------------------- AB SPINTAB, 3.56%, 10/13/05 2,000,000 1,997,627 - ------------------------------------------------------------------------------------------------------- Barclays US Funding Corp., 3.72%, 11/17/05 1,500,000 1,492,715 - ------------------------------------------------------------------------------------------------------- Canadian Imperial Holdings, Inc., 3.75%, 10/19/05 4,000,000 3,992,500 - ------------------------------------------------------------------------------------------------------- Dexia Delaware LLC, 3.90%, 12/21/05 2 1,000,000 991,236 - ------------------------------------------------------------------------------------------------------- DnB NOR Bank ASA: 3.57%, 10/27/05 3,000,000 2,992,265 3.75%, 10/12/05 2,400,000 2,397,250 - ------------------------------------------------------------------------------------------------------- National City Bank, 3.66%, 11/4/05 5,000,000 5,000,023 - ------------------------------------------------------------------------------------------------------- Nationwide Building Society: 3.56%, 10/25/05 2 3,700,000 3,691,219 3.60%, 10/28/05 2 1,500,000 1,495,950 - ------------------------------------------------------------------------------------------------------- St. George Bank Ltd., 3.82%, 12/7/05 2 1,800,000 1,787,203 - ------------------------------------------------------------------------------------------------------- Standard Federal Bank, 3.74%, 11/14/05 2,000,000 2,000,000 - ------------------------------------------------------------------------------------------------------- Westpac Capital Corp., 3.86%, 12/9/05 1,400,000 1,389,642 - ------------------------------------------------------------------------------------------------------- Westpac Trust Securities NZ Ltd., 3.68%, 10/24/05 1,600,000 1,596,238 ------------- Total Direct Bank Obligations (Cost $30,823,868) 30,823,868 - ------------------------------------------------------------------------------------------------------- LETTERS OF CREDIT--0.8% - ------------------------------------------------------------------------------------------------------- Chase Manhattan Bank, guaranteeing commercial paper of NATC California LLC, 3.57%, 10/20/05 (Cost $1,497,087) 1,500,000 1,497,087 - ------------------------------------------------------------------------------------------------------- SHORT-TERM NOTES--66.0% - ------------------------------------------------------------------------------------------------------- ASSET-BACKED SECURITIES--19.4% Cable Beach LP, 3.58%, 10/14/05 2 3,500,000 3,495,480 - ------------------------------------------------------------------------------------------------------- Chesham Finance LLC, 3.70%, 10/26/05 2 1,000,000 997,431 - ------------------------------------------------------------------------------------------------------- Eiffel Funding LLC, 3.93%, 12/22/05 2 2,000,000 1,982,097 - ------------------------------------------------------------------------------------------------------- FCAR Owner Trust I: 3.73%, 11/15/05 1,500,000 1,493,006
1 Oppenheimer Money Fund/VA Oppenheimer Money Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ------------------------------------------------------------------------------------------------------- 3.83%, 12/16/05 $2,000,000 $ 1,983,829 - ------------------------------------------------------------------------------------------------------- FCAR Owner Trust II, 3.53%, 10/6/05 2,000,000 1,999,019 - ------------------------------------------------------------------------------------------------------- Gotham Funding Corp., 3.78%, 10/18/05 2 1,400,000 1,397,501 - ------------------------------------------------------------------------------------------------------- GOVCO, Inc., 3.78%, 11/28/05 2 2,000,000 1,987,820 - ------------------------------------------------------------------------------------------------------- Legacy Capital LLC, 3.65%, 10/5/05 2 2,000,000 1,999,190 - ------------------------------------------------------------------------------------------------------- Lexington Parker Capital Co. LLC: 3.67%, 10/4/05 2 1,600,000 1,599,511 3.67%, 10/6/05 2 2,000,000 1,998,981 3.74%, 11/7/05 2 2,000,000 1,992,312 - ------------------------------------------------------------------------------------------------------- Neptune Funding Corp.: 3.71%, 10/24/05 2 2,000,000 1,995,259 3.79%, 10/17/05 2 1,207,000 1,205,053 - ------------------------------------------------------------------------------------------------------- Perry Global Funding LLC, Series A, 3.54%, 10/3/05 2 5,300,000 5,298,958 - ------------------------------------------------------------------------------------------------------- Victory Receivables Corp., 3.58%, 10/21/05 2 3,000,000 2,994,033 - ------------------------------------------------------------------------------------------------------- Windmill Funding Corp., 3.69%, 10/20/05 2 2,000,000 1,996,105 ------------- 36,415,585 - ------------------------------------------------------------------------------------------------------- AUTOMOBILES--1.1% Ande Chevrolet Olds, Inc., 3.99%, 10/1/05 1 2,000,000 2,000,000 - ------------------------------------------------------------------------------------------------------- CAPITAL MARKETS--13.1% Banc of America Securities LLC, 3.90%, 10/3/05 1 5,000,000 5,000,000 - ------------------------------------------------------------------------------------------------------- Bear Stearns Cos., Inc.: 3.55%, 10/17/05 2,000,000 1,996,844 3.69%, 11/9/05 2,000,000 1,992,005 3.90%, 12/19/05 1,600,000 1,586,307 - ------------------------------------------------------------------------------------------------------- Citigroup Funding, Inc., 3.64%, 11/4/05 3,000,000 2,989,701 - ------------------------------------------------------------------------------------------------------- First Clearing LLC, 3.99%, 3/6/06 1 6,000,000 6,000,000 - ------------------------------------------------------------------------------------------------------- Lehman Brothers, Inc., 4.13%, 12/15/05 1 5,000,000 5,000,000 ------------- 24,564,857 - ------------------------------------------------------------------------------------------------------- COMMERCIAL BANKS--1.1% Bank of America Corp., 3.54%, 10/19/05 2,000,000 1,996,460 - ------------------------------------------------------------------------------------------------------- COMMERCIAL FINANCE--1.4% Countrywide Financial Corp., 3.82%, 10/11/05 2,620,000 2,617,220 - ------------------------------------------------------------------------------------------------------- DIVERSIFIED FINANCIAL SERVICES--0.5% HSBC Finance Corp., 3.87%, 12/12/05 1,000,000 992,270 - ------------------------------------------------------------------------------------------------------- HEALTH CARE EQUIPMENT & SUPPLIES--1.2% Alta Mira LLC, Series 2004, 3.94%, 10/1/05 1 2,250,000 2,250,000 - ------------------------------------------------------------------------------------------------------- INSURANCE--11.4% ING America Insurance Holdings, Inc.: 3.70%, 11/7/05 1,000,000 996,197 3.77%, 11/22/05 2,000,000 1,989,109 - ------------------------------------------------------------------------------------------------------- Jackson National Life Global Funding, 3.81%, 10/17/05 1,3 2,500,000 2,500,000 - ------------------------------------------------------------------------------------------------------- Metropolitan Life Global Funding I, Series 2003-5, 3.83%, 10/17/05 1,3 4,000,000 4,000,000 - ------------------------------------------------------------------------------------------------------- Prudential Insurance Co. of America, 3.72%, 10/1/05 1 3,000,000 3,000,000 - ------------------------------------------------------------------------------------------------------- Security Life of Denver Insurance Co., 3.95%, 1/23/06 1 5,000,000 5,000,000
2 Oppenheimer Money Fund/VA Oppenheimer Money Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ------------------------------------------------------------------------------------------------------- United of Omaha Life Insurance Co., 3.79%, 11/17/05 1,3 $4,000,000 $ 4,000,000 ------------- 21,485,306 - ------------------------------------------------------------------------------------------------------- LEASING & FACTORING--1.0% Toyota Motor Credit Corp., 3.90%, 12/19/05 2,000,000 1,982,883 - ------------------------------------------------------------------------------------------------------- MUNICIPAL--0.4% Hayward, CA Multifamily Housing Revenue Bonds, Lord Tennyson Apts., 4.18%, 10/3/05 1 710,000 710,000 - ------------------------------------------------------------------------------------------------------- SPECIAL PURPOSE FINANCIAL--15.4% Cooperative Assn. of Tractor Dealers, Inc., Series A: 3.78%, 10/17/05 2,000,000 1,996,640 3.96%, 12/9/05 1,197,000 1,187,915 4%, 12/13/05 1,100,000 1,091,078 - ------------------------------------------------------------------------------------------------------- Cooperative Assn. of Tractor Dealers, Inc., Series B: 3.54%, 10/11/05 1,000,000 999,017 3.78%, 10/7/05 3,200,000 3,197,984 - ------------------------------------------------------------------------------------------------------- K2 (USA) LLC, 3.72%, 11/14/05 2 1,500,000 1,493,180 - ------------------------------------------------------------------------------------------------------- LINKS Finance LLC: 3.58%, 10/27/05 2 2,000,000 1,994,829 3.718%, 12/15/05 1,4 3,000,000 2,999,815 - ------------------------------------------------------------------------------------------------------- Parkland (USA) LLC, 3.77%, 1/18/06 1,4 3,000,000 2,999,910 - ------------------------------------------------------------------------------------------------------- RACERS Trust, Series 2004-6-MM, 3.82%, 10/24/05 1 1,000,000 1,000,000 - ------------------------------------------------------------------------------------------------------- Sigma Finance, Inc.: 3.70%, 11/10/05 2 2,000,000 1,991,778 3.718%, 12/15/05 1,4 2,900,000 2,899,828 - ------------------------------------------------------------------------------------------------------- Ticonderoga Funding LLC, 3.69%, 10/21/05 4 3,000,000 2,993,850 - ------------------------------------------------------------------------------------------------------- Union Hamilton Special Purpose Funding LLC, 4%, 3/28/06 1 2,000,000 2,000,000 ------------- 28,845,824 ------------- Total Short-Term Notes (Cost $123,860,405) 123,860,405 - ------------------------------------------------------------------------------------------------------- Total Investments, at Value (Cost $189,127,322) 100.7% 189,127,322 - ------------------------------------------------------------------------------------------------------- Liabilities in Excess of Other Assets (0.7) (1,374,285) ------------------------------ Net Assets 100.0% $187,753,037 ==============================
Footnotes to Statement of Investments Short-term notes, direct bank obligations and letters of credit are generally traded on a discount basis; the interest rate shown is the discount rate received by the Fund at the time of purchase. Other securities normally bear interest at the rates shown. 1. Represents the current interest rate for a variable or increasing rate security. 2. Security issued in an exempt transaction without registration under the Securities Act of 1933. Such securities amount to $44,385,126, or 23.64% of the Fund's net assets, and have been determined to be liquid pursuant to guidelines adopted by the Board of Trustees. 3. Illiquid security. The aggregate value of illiquid securities as of September 30, 2005 was $10,500,000, which represents 5.59% of the Fund's net assets. See accompanying Notes to Quarterly Statement of Investments. 4. 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 $11,893,403 or 6.33% of the Fund's net assets as of September 30, 2005. 3 Oppenheimer Money Fund/VA Oppenheimer Money Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - -------------------------------------------------------------------------------- NOTES TO QUARTERLY STATEMENT OF INVESTMENTS SECURITIES VALUATION. Portfolio securities are valued on the basis of amortized cost, which approximates market value. ILLIQUID SECURITIES As of September 30, 2005, investments in securities included issues that are illiquid. A security may be considered illiquid if it lacks a readily available market or if its valuation has not changed for a certain period of time. The Fund will not invest more than 10% of its net assets (determined at the time of purchase and reviewed periodically) in illiquid securities. Securities that are illiquid are marked with the applicable footnote on the Statement of Investments. 4 Oppenheimer Money Fund/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - --------------------------------------------------------------------------------
Shares Value - ------------------------------------------------------------------------------------------------------- COMMON STOCKS--52.5% - ------------------------------------------------------------------------------------------------------- CONSUMER DISCRETIONARY--6.5% - ------------------------------------------------------------------------------------------------------- HOUSEHOLD DURABLES--0.3% WCI Communities, Inc. 1 63,500 $ 1,801,495 - ------------------------------------------------------------------------------------------------------- MEDIA--6.0% Liberty Global, Inc., Series A 391,021 10,588,849 - ------------------------------------------------------------------------------------------------------- Liberty Global, Inc., Series C 1 391,021 10,068,791 - ------------------------------------------------------------------------------------------------------- Liberty Media Corp., Cl. A 1 1,469,400 11,828,670 - ------------------------------------------------------------------------------------------------------- Viacom, Inc., Cl. B 120,200 3,967,802 ------------- 36,454,112 - ------------------------------------------------------------------------------------------------------- SPECIALTY RETAIL--0.2% Gap, Inc. (The) 75,000 1,307,250 - ------------------------------------------------------------------------------------------------------- CONSUMER STAPLES--3.9% - ------------------------------------------------------------------------------------------------------- BEVERAGES--0.8% Constellation Brands, Inc., Cl. A 1 192,100 4,994,600 - ------------------------------------------------------------------------------------------------------- FOOD PRODUCTS--0.7% Tyson Foods, Inc., Cl. A 213,200 3,848,260 - ------------------------------------------------------------------------------------------------------- TOBACCO--2.4% Altria Group, Inc. 199,600 14,712,516 - ------------------------------------------------------------------------------------------------------- ENERGY--5.0% - ------------------------------------------------------------------------------------------------------- ENERGY EQUIPMENT & SERVICES--0.8% Halliburton Co. 67,000 4,590,840 - ------------------------------------------------------------------------------------------------------- OIL & GAS--4.2% BP plc, ADR 47,400 3,358,290 - ------------------------------------------------------------------------------------------------------- Kinder Morgan, Inc. 15,800 1,519,328 - ------------------------------------------------------------------------------------------------------- LUKOIL, Sponsored ADR 113,100 6,516,116 - ------------------------------------------------------------------------------------------------------- Petroleo Brasileiro SA, Preference 304,000 4,848,570 - ------------------------------------------------------------------------------------------------------- Talisman Energy, Inc. 129,600 6,341,203 - ------------------------------------------------------------------------------------------------------- TotalFinaElf SA, Sponsored ADR 22,500 3,055,950 ------------- 25,639,457 - ------------------------------------------------------------------------------------------------------- FINANCIALS--9.6% - ------------------------------------------------------------------------------------------------------- CAPITAL MARKETS--0.9% UBS AG 65,512 5,566,660 - ------------------------------------------------------------------------------------------------------- COMMERCIAL BANKS--1.7% Bank of America Corp. 64,468 2,714,103 - ------------------------------------------------------------------------------------------------------- Wachovia Corp. 55,715 2,651,477 - ------------------------------------------------------------------------------------------------------- Wells Fargo & Co. 79,800 4,673,886 ------------- 10,039,466 - ------------------------------------------------------------------------------------------------------- DIVERSIFIED FINANCIAL SERVICES--3.6% Alliance Capital Management Holding LP 50,600 2,421,210 - ------------------------------------------------------------------------------------------------------- Capital One Financial Corp. 61,800 4,914,336 - ------------------------------------------------------------------------------------------------------- Citigroup, Inc. 89,100 4,055,832 - ------------------------------------------------------------------------------------------------------- JPMorgan Chase & Co. 91,700 3,111,381 - ------------------------------------------------------------------------------------------------------- Lehman Brothers Holdings, Inc. 46,100 5,369,728 - ------------------------------------------------------------------------------------------------------- Morgan Stanley 31,600 1,704,504 ------------- 21,576,991 - ------------------------------------------------------------------------------------------------------- INSURANCE--2.2% American International Group, Inc. 29,300 1,815,428 - ------------------------------------------------------------------------------------------------------- Assured Guaranty Ltd. 67,400 1,612,882 - -------------------------------------------------------------------------------------------------------
1 Oppenheimer Balanced Fund/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - --------------------------------------------------------------------------------
Shares Value - ------------------------------------------------------------------------------------------------------- INSURANCE CONTINUED Everest Re Group Ltd. 32,200 $ 3,152,380 - ------------------------------------------------------------------------------------------------------- Genworth Financial, Inc., Cl. A 218,100 7,031,544 ------------- 13,612,234 - ------------------------------------------------------------------------------------------------------- REAL ESTATE--0.4% Host Marriott Corp. 128,000 2,163,200 - ------------------------------------------------------------------------------------------------------- THRIFTS & MORTGAGE FINANCE--0.8% Countrywide Financial Corp. 92,300 3,044,054 - ------------------------------------------------------------------------------------------------------- Freddie Mac 34,000 1,919,640 ------------- 4,963,694 - ------------------------------------------------------------------------------------------------------- HEALTH CARE--6.4% - ------------------------------------------------------------------------------------------------------- BIOTECHNOLOGY--1.4% MedImmune, Inc. 1 112,200 3,775,530 - ------------------------------------------------------------------------------------------------------- Wyeth 99,100 4,585,357 ------------- 8,360,887 - ------------------------------------------------------------------------------------------------------- HEALTH CARE EQUIPMENT & SUPPLIES--0.8% Beckman Coulter, Inc. 55,500 2,995,890 - ------------------------------------------------------------------------------------------------------- Cooper Cos., Inc. (The) 24,700 1,892,267 ------------- 4,888,157 - ------------------------------------------------------------------------------------------------------- HEALTH CARE PROVIDERS & SERVICES--0.6% Manor Care, Inc. 43,400 1,666,994 - ------------------------------------------------------------------------------------------------------- Tenet Healthcare Corp. 1 188,300 2,114,609 ------------- 3,781,603 - ------------------------------------------------------------------------------------------------------- PHARMACEUTICALS--3.6% GlaxoSmithKline plc, ADR 79,900 4,097,272 - ------------------------------------------------------------------------------------------------------- Pfizer, Inc. 189,300 4,726,821 - ------------------------------------------------------------------------------------------------------- Sanofi-Aventis SA, ADR 131,200 5,451,360 - ------------------------------------------------------------------------------------------------------- Schering-Plough Corp. 2 159,700 3,361,685 - ------------------------------------------------------------------------------------------------------- Watson Pharmaceuticals, Inc. 1 112,800 4,129,608 ------------- 21,766,746 - ------------------------------------------------------------------------------------------------------- INDUSTRIALS--6.4% - ------------------------------------------------------------------------------------------------------- AEROSPACE & DEFENSE--3.6% Empresa Brasileira de Aeronautica SA, ADR 101,400 3,914,040 - ------------------------------------------------------------------------------------------------------- Honeywell International, Inc. 240,700 9,026,250 - ------------------------------------------------------------------------------------------------------- Orbital Sciences Corp. 1 680,864 8,510,800 - ------------------------------------------------------------------------------------------------------- Raytheon Co. 1,400 53,228 ------------- 21,504,318 - ------------------------------------------------------------------------------------------------------- COMMERCIAL SERVICES & SUPPLIES--2.2% Cendant Corp. 602,300 12,431,472 - ------------------------------------------------------------------------------------------------------- Corinthian Colleges, Inc. 1 52,800 700,656 ------------- 13,132,128 - ------------------------------------------------------------------------------------------------------- ELECTRICAL EQUIPMENT--0.1% GrafTech International Ltd. 1 159,100 863,913 - ------------------------------------------------------------------------------------------------------- INDUSTRIAL CONGLOMERATES--0.5% Tyco International Ltd. 115,000 3,202,750
2 Oppenheimer Balanced Fund/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - --------------------------------------------------------------------------------
Shares Value - ------------------------------------------------------------------------------------------------------- INFORMATION TECHNOLOGY--11.0% - ------------------------------------------------------------------------------------------------------- COMMUNICATIONS EQUIPMENT--0.5% Cisco Systems, Inc. 1 176,300 $ 3,161,059 - ------------------------------------------------------------------------------------------------------- COMPUTERS & PERIPHERALS--2.0% Hewlett-Packard Co. 132,500 3,869,000 - ------------------------------------------------------------------------------------------------------- Hutchinson Technology, Inc. 1 100 2,612 - ------------------------------------------------------------------------------------------------------- International Business Machines Corp. 103,500 8,302,770 ------------- 12,174,382 - ------------------------------------------------------------------------------------------------------- ELECTRONIC EQUIPMENT & INSTRUMENTS--0.7% Flextronics International Ltd. 1 317,100 4,074,735 - ------------------------------------------------------------------------------------------------------- INTERNET SOFTWARE & SERVICES--0.1% Net2Phone, Inc. 1 466,700 816,725 - ------------------------------------------------------------------------------------------------------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT--1.3% ATI Technologies, Inc. 1, 3 215,300 3,001,282 - ------------------------------------------------------------------------------------------------------- Freescale Semiconductor, Inc., Cl. A 1 198,000 4,635,180 ------------- 7,636,462 - ------------------------------------------------------------------------------------------------------- SOFTWARE--6.4% Compuware Corp. 1 233,200 2,215,400 - ------------------------------------------------------------------------------------------------------- Microsoft Corp. 482,300 12,409,579 - ------------------------------------------------------------------------------------------------------- Novell, Inc. 1 608,400 4,532,580 - ------------------------------------------------------------------------------------------------------- Synopsys, Inc. 1 184,500 3,487,050 - ------------------------------------------------------------------------------------------------------- Take-Two Interactive Software, Inc. 1 723,750 15,987,638 ------------- 38,632,247 - ------------------------------------------------------------------------------------------------------- MATERIALS--1.1% - ------------------------------------------------------------------------------------------------------- CHEMICALS--0.4% Praxair, Inc. 55,400 2,655,322 - ------------------------------------------------------------------------------------------------------- Sterling Chemicals, Inc. 1, 4 18 432 ------------- 2,655,754 - ------------------------------------------------------------------------------------------------------- METALS & MINING--0.7% Companhia Vale do Rio Doce, Sponsored ADR 108,900 4,237,299 - ------------------------------------------------------------------------------------------------------- TELECOMMUNICATION SERVICES--1.0% - ------------------------------------------------------------------------------------------------------- DIVERSIFIED TELECOMMUNICATION SERVICES--1.0% IDT Corp., Cl. B 1 479,400 5,843,886 - ------------------------------------------------------------------------------------------------------- WorldCom, Inc./WorldCom Group 1, 4 375,000 -- ------------- 5,843,886 - ------------------------------------------------------------------------------------------------------- UTILITIES--1.6% - ------------------------------------------------------------------------------------------------------- ELECTRIC UTILITIES--1.6% AES Corp. (The) 1 355,500 5,840,865 - ------------------------------------------------------------------------------------------------------- Reliant Energy, Inc. 1 245,000 3,782,800 ------------- 9,623,665 ------------- Total Common Stocks (Cost $226,797,280) 317,627,491
3 Oppenheimer Balanced Fund/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - --------------------------------------------------------------------------------
Units Value - ------------------------------------------------------------------------------------------------------- RIGHTS, WARRANTS AND CERTIFICATES--0.0% - ------------------------------------------------------------------------------------------------------- HF Holdings, Inc. Wts., Exp. 9/27/09 1, 4 2,593 $ -- - ------------------------------------------------------------------------------------------------------- Lucent Technologies, Inc. Wts., Exp. 12/10/07 1 8,881 8,437 - ------------------------------------------------------------------------------------------------------- Sterling Chemicals, Inc. Wts., Exp. 12/19/08 1 31 16 ------------- Total Rights, Warrants and Certificates (Cost $38,932) 8,453 Principal Amount - ------------------------------------------------------------------------------------------------------- ASSET-BACKED SECURITIES--6.5% - ------------------------------------------------------------------------------------------------------- Aesop Funding II LLC, Automobile Asset-Backed Certificates, Series 2005-1A, Cl. A2, 3.856%, 4/20/08 5 $ 370,000 370,269 - ------------------------------------------------------------------------------------------------------- BMW Vehicle Owner Trust, Automobile Loan Certificates, Series 2005-A, Cl. A2, 3.66%, 12/26/07 3,040,000 3,033,116 - ------------------------------------------------------------------------------------------------------- Capital Auto Receivables Asset Trust, Automobile Mtg.-Backed Nts.: Series 2004-2, Cl. A3, 3.58%, 1/15/09 1,270,000 1,247,718 Series 2005-1, Cl. A2B, 3.73%, 7/16/07 600,000 599,353 - ------------------------------------------------------------------------------------------------------- Capital One Prime Auto Receivables Trust, Automobile Loan Asset-Backed Securities, Series 2005-1, Cl. A2, 4.24%, 11/15/07 1,380,000 1,378,848 - ------------------------------------------------------------------------------------------------------- Centex Home Equity Co. LLC, Home Equity Loan Asset-Backed Certificates: Series 2004-D, Cl. AF1, 2.98%, 4/25/20 223,587 222,384 Series 2005-B, Cl. AF1, 4.02%, 3/26/35 310,362 308,746 Series 2005-C, Cl. AF1, 4.196%, 6/25/35 770,195 767,811 - ------------------------------------------------------------------------------------------------------- Chase Funding Mortgage Loan Asset-Backed Certificates, Home Equity Mtg. Obligations: Series 2003-5, Cl. 1A2, 2.451%, 11/25/18 67,807 67,648 Series 2004-1, Cl. 1A2, 2.427%, 6/25/19 320,708 319,778 - ------------------------------------------------------------------------------------------------------- Chase Manhattan Auto Owner Trust, Automobile Loan Pass-Through Certificates: Series 2002-A, Cl. A4, 4.24%, 9/15/08 137,420 137,534 Series 2005-A, Cl. A2, 3.72%, 12/15/07 1,020,000 1,015,912 - ------------------------------------------------------------------------------------------------------- CIT Equipment Collateral, Equipment Receivable-Backed Nts., Series 2004-DFS, Cl. A2, 2.66%, 11/20/06 786,262 783,141 - ------------------------------------------------------------------------------------------------------- Citibank Credit Card Issuance Trust, Credit Card Receivable Nts.: Series 2001-A6, Cl. A6, 5.65%, 6/16/08 1,180,000 1,190,432 Series 2003-C4, Cl. C4, 5%, 6/10/15 180,000 178,339 - ------------------------------------------------------------------------------------------------------- Citigroup Mortgage Loan Trust, Inc., Collateralized Mtg. Obligations, Series 2005-WF2, Cl. AF2, 4.922%, 8/25/35 5 1,594,000 1,594,996 - ------------------------------------------------------------------------------------------------------- Consumer Credit Reference Index Securities Program, Credit Card Asset-Backed Certificates, Series 2002-B, Cl. FX, 10.421%, 3/22/07 4 330,000 345,375 - ------------------------------------------------------------------------------------------------------- Countrywide Asset-Backed Certificates, Inc., Home Equity Asset-Backed Certificates: Series 2002-4, Cl. A1, 4.20%, 2/25/33 5 18,836 19,009 Series 2005-7, Cl. AF1B, 4.317%, 11/25/35 5 836,531 833,529 - ------------------------------------------------------------------------------------------------------- DaimlerChrysler Auto Trust, Automobile Loan Pass-Through Certificates: Series 2002-A, Cl. A4, 4.49%, 10/6/08 265,603 265,945 Series 2004-B, Cl. A2, 2.48%, 2/8/07 297,269 297,002 Series 2004-C, Cl. A2, 2.62%, 6/8/07 1,006,115 1,002,730 Series 2005-A, Cl. A2, 3.17%, 9/8/07 1,292,281 1,288,409 - ------------------------------------------------------------------------------------------------------- Equity One ABS, Inc., Home Equity Mtg. Pass-Through Certificates, Series 2004-3, Cl. AF2, 3.80%, 7/25/34 1,060,000 1,055,193 - ------------------------------------------------------------------------------------------------------- Ford Credit Auto Owner Trust, Automobile Loan Pass-Through Certificates: Series 2004-A, Cl. A2, 2.13%, 10/15/06 492,970 492,300
4 Oppenheimer Balanced Fund/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ------------------------------------------------------------------------------------------------------- Series 2005-A, Cl. A3, 3.48%, 11/17/08 $ 930,000 $ 919,815 Series 2005-B, Cl. A2, 3.77%, 9/15/07 858,322 857,200 - ------------------------------------------------------------------------------------------------------- GS Auto Loan Trust, Automobile Loan Asset-Backed Securities, Series 2005-1, Cl. A2, 4.32%, 5/15/08 2,650,000 2,647,152 - ------------------------------------------------------------------------------------------------------- Harley-Davidson Motorcycle Trust, Motorcycle Receivable Nts., Series 2003-3, Cl. A1, 1.50%, 1/15/08 149,413 149,242 - ------------------------------------------------------------------------------------------------------- Honda Auto Receivables Owner Trust, Automobile Receivable Obligations: Series 2005-1, Cl. A2, 3.21%, 5/21/07 593,828 592,188 Series 2005-3, Cl. A2, 3.73%, 10/18/07 950,000 945,698 - ------------------------------------------------------------------------------------------------------- Lehman XS Trust, Home Equity Obligations, Series 2005-2, Cl. 2A1B, 5.18%, 8/25/35 1,359,103 1,364,686 - ------------------------------------------------------------------------------------------------------- MBNA Credit Card Master Note Trust, Credit Card Receivables, Series 2003-C7, Cl. C7, 5.118%, 3/15/16 5 1,710,000 1,817,431 - ------------------------------------------------------------------------------------------------------- Nissan Auto Lease Trust, Automobile Lease Obligations, Series 2004-A, Cl. A2, 2.55%, 1/15/07 415,907 415,038 - ------------------------------------------------------------------------------------------------------- Onyx Acceptance Owner Trust, Automobile Receivable Obligations: Series 2002-B, Cl. A4, 4.71%, 3/15/09 587,647 588,083 Series 2005-B, Cl. A2, 4.03%, 4/15/08 780,000 778,137 - ------------------------------------------------------------------------------------------------------- Popular ABS Mortgage Pass-Through Trust, Home Equity Pass-Through Certificates: Series 2004-5, Cl. A F2, 3.735%, 11/10/34 5 340,000 335,392 Series 2005-1, Cl. A F2, 3.914%, 5/25/35 5 260,000 256,329 Series 2005-2, Cl. A F2, 4.415%, 4/25/35 5 420,000 416,696 - ------------------------------------------------------------------------------------------------------- Residential Asset Mortgage Products, Inc., Home Equity Asset-Backed Pass-Through Certificates, Series 2004-RS7, Cl. AI3, 4.45%, 7/25/28 750,000 745,970 - ------------------------------------------------------------------------------------------------------- Structured Asset Securities Corp., Collateralized Mtg. Obligations Pass-Through Certificates, Series 2005-4XS, Cl. 3A1, 5.18%, 3/26/35 1,916,449 1,920,209 - ------------------------------------------------------------------------------------------------------- Toyota Auto Receivables Owner Trust, Automobile Mtg.-Backed Obligations, Series 2002-B, Cl. A4, 4.39%, 5/15/09 1,199,010 1,200,024 - ------------------------------------------------------------------------------------------------------- USAA Auto Owner Trust, Automobile Loan Asset-Backed Nts.: Series 2004-2, Cl. A2, 2.41%, 2/15/07 319,648 319,203 Series 2004-3, Cl. A2, 2.79%, 6/15/07 563,085 561,688 - ------------------------------------------------------------------------------------------------------- Volkswagen Auto Lease Trust, Automobile Lease Asset-Backed Securities: Series 2004-A, Cl. A2, 2.47%, 1/22/07 625,083 623,345 Series 2005-A, Cl. A2, 3.52%, 4/20/07 1,080,000 1,076,392 - ------------------------------------------------------------------------------------------------------- Wachovia Auto Owner Trust, Automobile Receivable Nts., Series 2004-B, Cl. A2, 2.40%, 5/21/07 330,086 329,224 - ------------------------------------------------------------------------------------------------------- Wells Fargo Home Equity Trust, Collateralized Mtg. Obligations, Series 2004-2, Cl. AI1B, 2.94%, 9/25/18 775,559 769,298 - ------------------------------------------------------------------------------------------------------- WFS Financial Owner Trust, Automobile Receivable Obligations, Series 2002-2, Cl. A4, 4.50%, 2/20/10 280,769 281,222 - ------------------------------------------------------------------------------------------------------- Whole Auto Loan Trust, Automobile Loan Receivable Certificates, Series 2004-1, Cl. A2A, 2.59%, 5/15/07 670,592 667,628 ------------- Total Asset-Backed Securities (Cost $39,524,304) 39,392,807 - ------------------------------------------------------------------------------------------------------- MORTGAGE-BACKED OBLIGATIONS--28.0% - ------------------------------------------------------------------------------------------------------- GOVERNMENT AGENCY--23.1% - ------------------------------------------------------------------------------------------------------- FHLMC/FNMA/SPONSORED--23.0% Federal Home Loan Mortgage Corp.: 6.50%, 4/1/18-4/1/34 1,567,778 1,618,328 7%, 5/1/29-11/1/32 2,229,900 2,330,981 - -------------------------------------------------------------------------------------------------------
5 Oppenheimer Balanced Fund/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ------------------------------------------------------------------------------------------------------- FHLMC/FNMA/SPONSORED CONTINUED Federal Home Loan Mortgage Corp., Collateralized Mtg. Obligations, Gtd. Multiclass Mtg. Participation Certificates, Series 2790, Cl. DY, 5.50%, 5/15/25 $ 880,000 $ 883,650 - ------------------------------------------------------------------------------------------------------- Federal Home Loan Mortgage Corp., Gtd. Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates: Series 1669, Cl. G, 6.50%, 2/15/23 68,312 68,347 Series 2055, Cl. ZM, 6.50%, 5/15/28 542,728 557,750 Series 2075, Cl. D, 6.50%, 8/15/28 1,248,842 1,285,108 Series 2080, Cl. Z, 6.50%, 8/15/28 346,225 354,928 Series 2387, Cl. PD, 6%, 4/15/30 489,906 493,781 Series 2456, Cl. BD, 6%, 3/15/30 229,565 230,438 Series 2498, Cl. PC, 5.50%, 10/15/14 27,577 27,605 Series 2500, Cl. FD, 4.268%, 3/15/32 5 190,034 191,552 Series 2526, Cl. FE, 4.168%, 6/15/29 5 245,635 246,937 Series 2551, Cl. FD, 4.168%, 1/15/33 5 190,836 192,326 Series 2583, Cl. KA, 5.50%, 3/15/22 1,122,022 1,126,325 - ------------------------------------------------------------------------------------------------------- Federal Home Loan Mortgage Corp., Interest-Only Stripped Mtg.-Backed Security: Series 176, Cl. IO, 1.44%, 6/1/26 6 350,640 69,756 Series 183, Cl. IO, (0.87)%, 4/1/27 6 550,802 108,657 Series 184, Cl. IO, 4.68%, 12/1/26 6 596,214 110,714 Series 192, Cl. IO, 6.744%, 2/1/28 6 158,716 28,864 Series 200, Cl. IO, 5.472%, 1/1/29 6 189,193 35,811 Series 2130, Cl. SC, 0.236%, 3/15/29 6 427,558 34,246 Series 2796, Cl. SD, 6.137%, 7/15/26 6 614,821 50,366 Series 2920, Cl. S, 8.859%, 1/15/35 6 3,613,385 202,817 Series 3000, Cl. SE, 29.13%, 7/15/25 6 3,231,609 156,216 - ------------------------------------------------------------------------------------------------------- Federal Home Loan Mortgage Corp., Principal-Only Stripped Mtg.-Backed Security, Series 176, Cl. PO, 6.692%, 6/1/26 7 154,314 131,867 - ------------------------------------------------------------------------------------------------------- Federal National Mortgage Assn.: 4.50%, 10/1/20 8 7,086,000 6,939,851 5%, 6/1/18-7/1/18 3,200,172 3,194,953 5%, 10/1/35-11/1/35 8 17,346,000 16,977,340 5.50%, 3/1/33-11/1/34 15,054,353 15,064,588 5.50%, 10/1/20-11/1/35 8 17,307,000 17,331,237 6%, 4/1/16-10/1/35 28,559,960 29,194,239 6%, 11/1/20 8 4,195,000 4,310,363 6.50%, 11/1/27-10/1/30 1,037,878 1,072,341 6.50%, 10/1/34-11/1/35 8 16,853,738 17,350,063 7%, 11/1/17 1,147,021 1,199,435 7.50%, 7/1/30-9/1/30 677,985 717,831 8.50%, 7/1/32 39,305 42,751 - ------------------------------------------------------------------------------------------------------- Federal National Mortgage Assn. Grantor Trust, Commercial Mtg. Obligations, Trust 2002-T1, Cl. A2, 7%, 11/25/31 1,184,160 1,233,952 - ------------------------------------------------------------------------------------------------------- Federal National Mortgage Assn., Collateralized Mtg. Obligations, Gtd. Real Estate Mtg. Investment Conduit Pass-Through Certificates: Trust 1993-87, Cl. Z, 6.50%, 6/25/23 971,984 1,003,230 Trust 1998-63, Cl. PG, 6%, 3/25/27 83,048 83,002 Trust 2001-50, Cl. NE, 6%, 8/25/30 252,610 254,116 Trust 2001-51, Cl. OD, 6.50%, 10/25/31 1,295,727 1,338,659
6 Oppenheimer Balanced Fund/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ------------------------------------------------------------------------------------------------------- FHLMC/FNMA/SPONSORED CONTINUED Trust 2001-70, Cl. LR, 6%, 9/25/30 $ 292,584 $ 295,664 Trust 2001-72, Cl. NH, 6%, 4/25/30 198,271 199,368 Trust 2001-74, Cl. PD, 6%, 5/25/30 80,251 80,611 Trust 2002-77, Cl. WF, 4.189%, 12/18/32 5 299,674 301,643 Trust 2002-94, Cl. MA, 4.50%, 8/25/09 76,556 76,440 Trust 2003-10, Cl. HP, 5%, 2/25/18 1,660,000 1,654,986 Trust 2003-28, Cl. KG, 5.50%, 4/25/23 1,052,000 1,080,895 Trust 2004-101, Cl. BG, 5%, 1/25/20 1,110,000 1,109,522 - ------------------------------------------------------------------------------------------------------- Federal National Mortgage Assn., Collateralized Mtg. Obligations, Gtd. Real Estate Mtg. Investment Conduit Pass-Through Certificates, Interest-Only Stripped Mtg.-Backed Security: Trust 2002-47, Cl. NS, 1.931%, 4/25/32 6 742,836 70,934 Trust 2002-51, Cl. S, 2.125%, 8/25/32 6 682,099 67,268 - ------------------------------------------------------------------------------------------------------- Federal National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security: Trust 222, Cl. 2, 2.81%, 6/1/23 6 1,175,324 232,109 Trust 233, Cl. 2, 8.007%, 8/1/23 6 1,105,463 218,171 Trust 240, Cl. 2, 6.08%, 9/1/23 6 1,823,269 349,186 Trust 252, Cl. 2, 0.124%, 11/1/23 6 896,409 173,807 Trust 254, Cl. 2, 3.831%, 1/1/24 6 454,467 89,895 Trust 273, Cl. 2, 4.363%, 7/1/26 6 257,704 49,629 Trust 319, Cl. 2, 1.476%, 2/1/32 6 338,720 70,763 Trust 321, Cl. 2, (3.66)%, 3/1/32 6 3,491,063 736,313 Trust 329, Cl. 2, 4.973%, 1/1/33 6 834,575 177,905 Trust 331, Cl. 9, (13.553)%, 2/1/33 6 979,106 196,133 Trust 333, Cl. 2, 5.76%, 3/1/33 6 3,873,121 837,057 Trust 334, Cl. 17, (5.385)%, 2/1/33 6 560,612 110,546 Trust 346, Cl. 2, 8.72%, 12/1/33 6 2,204,790 470,958 Trust 350, Cl. 2, 6.07%, 2/1/34 6 2,567,681 547,295 Trust 2001-65, Cl. S, 18.658%, 11/25/31 6 1,480,522 136,250 Trust 2001-81, Cl. S, 4.542%, 1/25/32 6 346,332 32,251 Trust 2002-52, Cl. SD, (0.566)%, 9/25/32 6 837,067 81,352 Trust 2002-77, Cl. SH, 9.375%, 12/18/32 6 453,624 45,369 Trust 2002-84, Cl. SA, 18.674%, 12/25/32 6 1,269,047 118,237 Trust 2002-9, Cl. MS, 3.062%, 3/25/32 6 507,076 49,229 Trust 2003-4, Cl. S, 17.135%, 2/25/33 6 821,015 85,525 Trust 2004-54, Cl. DS, 3.602%, 11/25/30 6 691,595 47,658 Trust 2005-19, Cl. SA, 9.55%, 3/25/35 6 9,736,916 572,911 Trust 2005-40, Cl. SA, 11.533%, 5/25/35 6 2,148,352 127,179 Trust 2005-6, Cl. SE, 11.131%, 2/25/35 6 2,479,418 147,659 Trust 2005-71, Cl. SA, 22.845%, 8/25/25 6 2,071,601 117,967 - ------------------------------------------------------------------------------------------------------- Federal National Mortgage Assn., Principal-Only Stripped Mtg.-Backed Security, Trust 1993-184, Cl. M, 8.229%, 9/25/23 7 378,251 323,916 ------------- 138,927,922 - ------------------------------------------------------------------------------------------------------- GNMA/GUARANTEED--0.1% Government National Mortgage Assn., 8%, 4/15/23 231,452 247,936 - -------------------------------------------------------------------------------------------------------
7 Oppenheimer Balanced Fund/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ------------------------------------------------------------------------------------------------------- GNMA/GUARANTEED CONTINUED Government National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security: Series 2001-21, Cl. SB, 4.769%, 1/16/27 6 $ 718,671 $ 55,916 Series 2002-15, Cl. SM, 0.751%, 2/16/32 6 821,079 61,577 Series 2002-76, Cl. SY, 6.006%, 12/16/26 6 1,632,325 134,907 Series 2004-11, Cl. SM, 0.305%, 1/17/30 6 618,766 45,450 ------------- 545,786 - ------------------------------------------------------------------------------------------------------- NON-AGENCY--4.9% - ------------------------------------------------------------------------------------------------------- COMMERCIAL--4.5% Banc of America Commercial Mortgage, Inc., Commercial Mtg. Pass-Through Certificates: Series 2005-3, Cl. A2, 4.501%, 7/10/43 1,050,000 1,033,218 Series 2004-6, Cl. A3, 4.512%, 12/10/42 1,000,000 978,105 Series 2005-2, Cl. A4, 4.783%, 7/10/43 5 1,280,000 1,269,447 - ------------------------------------------------------------------------------------------------------- Banc of America Funding Corp., Collateralized Mtg. Obligations Pass-Through Certificates, Series 2004-E, Cl. 2A9, 3.712%, 6/25/34 5 242,273 242,271 - ------------------------------------------------------------------------------------------------------- Banc of America Mortgage Securities, Inc., Collateralized Mtg. Obligations Pass-Through Certificates: Series 2005-E, Cl. 2A2, 4.989%, 6/25/35 5 276,032 275,532 Series 2004-8, Cl. 5A1, 6.50%, 5/25/32 860,622 877,028 Series 2004-2, Cl. 2A1, 6.50%, 7/20/32 1,093,502 1,101,702 - ------------------------------------------------------------------------------------------------------- Bear Stearns Commercial Mortgage Securities, Inc., Commercial Mtg. Obligations, Series 2005-PWR7, Cl. A2, 4.945%, 2/11/41 490,000 489,912 - ------------------------------------------------------------------------------------------------------- Countrywide Alternative Loan Trust, Collateralized Mtg. Obligations, Series 2004-J9, Cl. 1A1, 4.01%, 10/25/34 5 463,411 463,807 - ------------------------------------------------------------------------------------------------------- First Chicago/Lennar Trust 1, Commercial Mtg. Pass-Through Certificates, Series 1997-CHL1, Cl. D, 7.67%, 4/29/39 5,9 770,000 771,925 - ------------------------------------------------------------------------------------------------------- First Union National Bank/Lehman Brothers/Bank of America Commercial Mtg. Trust, Pass-Through Certificates, Series 1998-C2, Cl. A2, 6.56%, 11/18/35 642,333 666,823 - ------------------------------------------------------------------------------------------------------- GE Capital Commercial Mortgage Corp., Commercial Mtg. Obligations: Series 2005-CA, Cl. A3, 4.578%, 6/10/48 440,000 432,344 Series 2005-C3, Cl. A2, 4.853%, 7/10/45 620,000 621,234 - ------------------------------------------------------------------------------------------------------- GMAC Commercial Mortgage Securities, Inc., Commercial Mtg. Pass-Through Certificates: Series 1997-C1, Cl. A3, 6.869%, 7/15/29 424,838 437,957 Series 2004-C3, Cl. A4, 4.547%, 12/10/41 640,000 627,024 - ------------------------------------------------------------------------------------------------------- Greenwich Capital Commercial Funding Corp., Commercial Mtg. Pass-Through Certificates, Series 2005-G G3, Cl. A2, 4.305%, 8/10/42 890,000 873,001 - ------------------------------------------------------------------------------------------------------- GS Mortgage Securities Corp. II, Commercial Mtg. Pass-Through Certificates: Series 2004-C1, Cl. A1, 3.659%, 10/10/28 679,673 662,301 Series 2004-GG2, Cl. A3, 4.602%, 8/10/38 410,000 407,570 - ------------------------------------------------------------------------------------------------------- GSR Mortgage Loan Trust, Collateralized Mtg. Obligations, Series 2004-12, Cl. 3A1, 4.494%, 12/25/34 5 328,710 327,855 - ------------------------------------------------------------------------------------------------------- JPMorgan Chase Commercial Mortgage Securities Corp., Commercial Mtg. Pass-Through Certificates, Series 2005-LDP2, Cl. A2, 4.575%, 7/15/42 260,000 256,917 - ------------------------------------------------------------------------------------------------------- LB-UBS Securities Commercial Mortgage Trust, Commercial Mtg. Pass-Through Certificates, Series 2005-C5, Cl. A2, 4.885%, 9/15/40 740,000 741,492 - -------------------------------------------------------------------------------------------------------
8 Oppenheimer Balanced Fund/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ------------------------------------------------------------------------------------------------------- COMMERCIAL CONTINUED Mastr Alternative Loan Trust, Pass-Through Collateralized Mtg. Obligations, Series 2004-6, Cl. 10A1, 6%, 7/25/34 $ 1,433,192 $ 1,450,359 - ------------------------------------------------------------------------------------------------------- Mastr Asset Securitization Trust, Pass-Through Collateralized Mtg. Obligations, Series 2004-9, Cl. A3, 4.70%, 8/25/34 5 2,476,850 2,468,900 - ------------------------------------------------------------------------------------------------------- Mastr Seasoned Securities Trust, Collateralized Mtg. Obligations, Series 2004-2, Cl. A1, 6.50%, 8/25/32 2,054,355 2,081,320 - ------------------------------------------------------------------------------------------------------- Nomura Asset Securities Corp., Commercial Mtg. Pass-Through Certificates, Series 1998-D6, Cl. A1B, 6.59%, 3/15/30 3 780,000 815,000 - ------------------------------------------------------------------------------------------------------- Prudential Mortgage Capital Co. II LLC, Commercial Mtg. Pass-Through Certificates, Series PRU-HTG 2000-C1, Cl. A2, 7.306%, 10/6/15 983,000 1,090,045 - ------------------------------------------------------------------------------------------------------- Residential Accredit Loans, Inc., Mtg. Asset-Backed Pass-Through Certificates, Series 2003-QS1, Cl. A2, 5.75%, 1/25/33 744,897 748,249 - ------------------------------------------------------------------------------------------------------- Wachovia Bank Commercial Mortgage Trust, Commercial Mtg. Obligations: Series 2005-C17, Cl. A2, 4.782%, 3/15/42 1,450,000 1,446,024 Series 2005-C20, Cl. A5, 5.087%, 7/15/42 5 740,000 742,627 - ------------------------------------------------------------------------------------------------------- Washington Mutual Mortgage Securities Corp., Collateralized Mtg. Pass-Through Certificates, Series 2005-AR5, Cl. A1, 4.684%, 5/25/35 5 1,030,054 1,030,590 - ------------------------------------------------------------------------------------------------------- Wells Fargo Mortgage-Backed Securities Trust, Collateralized Mtg. Obligations: Series 2004-DD, Cl. 2 A1, 4.53%, 1/25/35 5 1,160,620 1,158,485 Series 2004-N, Cl. A10, 3.803%, 8/25/34 5 309,584 309,857 Series 2004-W, Cl. A2, 4.594%, 11/25/34 5 133,291 132,982 ------------- 27,031,903 - ------------------------------------------------------------------------------------------------------- OTHER--0.1% JPMorgan Chase Commercial Mortgage Securities Corp., Commercial Mtg. Pass-Through Certificates, Series 2005-LDP4, Cl. A2, 4.79%, 10/15/42 890,000 887,828 ------------- 887,828 - ------------------------------------------------------------------------------------------------------- RESIDENTIAL--0.3% Countrywide Alternative Loan Trust, Collateralized Mtg. Obligations, Series 2005-J1, Cl. 3A1, 6.50%, 8/25/32 8 2,051,265 2,083,316 ------------- 2,083,316 ------------- Total Mortgage-Backed Obligations (Cost $170,771,277) 169,476,755 - ------------------------------------------------------------------------------------------------------- U.S. GOVERNMENT OBLIGATIONS--5.6% - ------------------------------------------------------------------------------------------------------- Federal Home Loan Bank Unsec. Bonds: 3.125%, 11/15/06 2,150,000 2,120,610 3.50%, 11/15/07 650,000 638,342 - ------------------------------------------------------------------------------------------------------- Federal Home Loan Mortgage Corp. Unsec. Nts.: 3.625%, 9/15/06 10 2,535,000 2,518,381 4.125%, 7/12/10 3 1,707,000 1,680,859 - ------------------------------------------------------------------------------------------------------- Federal National Mortgage Assn. Unsec. Nts.: 4%, 2/28/07 1,470,000 1,462,088 4.25%, 7/15/07 3 2,215,000 2,210,333 6%, 5/15/11 2,500,000 2,677,770 7.25%, 1/15/10 800,000 884,506 7.25%, 5/15/30 3 775,000 1,025,798 - ------------------------------------------------------------------------------------------------------- Tennessee Valley Authority Bonds: 1,100,000 1,051,502 4.65%, 6/15/35 3
9 Oppenheimer Balanced Fund/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ------------------------------------------------------------------------------------------------------- Series A, 6.79%, 5/23/12 $ 7,916,000 $ 8,897,339 - ------------------------------------------------------------------------------------------------------- U.S. Treasury Bonds, 5.375%, 2/15/31 727,000 814,695 - ------------------------------------------------------------------------------------------------------- U.S. Treasury Nts.: 3.625%, 6/15/10 3 749,000 730,276 3.75%, 3/31/07 3 2,690,000 2,673,610 3.875%, 9/15/10 975,000 961,518 3.875%, 7/31/07-7/15/10 3 1,024,000 1,012,022 4%, 8/31/07 3 160,000 159,506 4.125%, 5/15/15 3 610,000 599,682 4.25%, 8/15/15 850,000 844,954 5%, 2/15/11 348,000 360,928 5%, 8/15/11 3 620,000 644,437 ------------- Total U.S. Government Obligations (Cost $34,332,082) 33,969,156 - ------------------------------------------------------------------------------------------------------- FOREIGN GOVERNMENT OBLIGATIONS--0.2% - ------------------------------------------------------------------------------------------------------- United Mexican States Nts., 7.50%, 1/14/12 (Cost $1,173,351) 1,065,000 1,197,593 - ------------------------------------------------------------------------------------------------------- NON-CONVERTIBLE CORPORATE BONDS AND NOTES--13.7% - ------------------------------------------------------------------------------------------------------- ABN Amro Bank NV (NY Branch), 7.125% Sub. Nts., Series B, 10/15/93 400,000 478,926 - ------------------------------------------------------------------------------------------------------- Aetna, Inc., 7.375% Sr. Unsec. Nts., 3/1/06 1,185,000 1,198,833 - ------------------------------------------------------------------------------------------------------- Albertson's, Inc., 8% Sr. Unsec. Debs., 5/1/31 710,000 648,183 - ------------------------------------------------------------------------------------------------------- Allied Waste North America, Inc., 8.875% Sr. Nts., Series B, 4/1/08 555,000 581,363 - ------------------------------------------------------------------------------------------------------- Allstate Financial Global Funding LLC, 4.25% Nts., 9/10/08 9 245,000 242,085 - ------------------------------------------------------------------------------------------------------- AOL Time Warner, Inc., 7.70% Debs., 5/1/32 550,000 653,178 - ------------------------------------------------------------------------------------------------------- Archer Daniels Midland Co., 5.375% Nts., 9/15/35 615,000 598,054 - ------------------------------------------------------------------------------------------------------- AT&T Wireless Services, Inc., 8.125% Sr. Unsec. Nts., 5/1/12 810,000 951,105 - ------------------------------------------------------------------------------------------------------- Bank of America Corp., 4.875% Sr. Unsec. Nts., 1/15/13 15,000 14,970 - ------------------------------------------------------------------------------------------------------- Bankers Trust Corp., 7.375% Unsec. Sub. Nts., 5/1/08 100,000 106,356 - ------------------------------------------------------------------------------------------------------- Barclays Bank plc, 6.278% Perpetual Bond 11 960,000 945,850 - ------------------------------------------------------------------------------------------------------- Beazer Homes USA, Inc., 6.875% Sr. Nts., 7/15/15 9 595,000 580,125 - ------------------------------------------------------------------------------------------------------- British Telecommunications plc, 8.875% Bonds, 12/15/30 520,000 707,455 - ------------------------------------------------------------------------------------------------------- Canadian National Railway Co., 4.25% Nts., 8/1/09 3 161,000 158,654 - ------------------------------------------------------------------------------------------------------- CenterPoint Energy, Inc., 7.25% Sr. Nts., Series B, 9/1/10 650,000 706,445 - ------------------------------------------------------------------------------------------------------- Chancellor Media CCU, 8% Sr. Unsec. Nts., 11/1/08 1,100,000 1,185,252 - ------------------------------------------------------------------------------------------------------- CIGNA Corp.: 7% Sr. Unsec. Nts., 1/15/11 405,000 442,282 7.40% Unsec. Nts., 5/15/07 3 810,000 842,735 - ------------------------------------------------------------------------------------------------------- CIT Group, Inc.: 4.75% Sr. Nts., 8/15/08 170,000 170,160 7.75% Sr. Unsec. Unsub. Nts., 4/2/12 460,000 527,996 - ------------------------------------------------------------------------------------------------------- Citigroup, Inc., 6.625% Unsec. Sub. Nts., 6/15/32 465,000 526,011 - ------------------------------------------------------------------------------------------------------- Coca-Cola Co. (The), 7.375% Unsec. Debs., 7/29/93 360,000 471,926 - ------------------------------------------------------------------------------------------------------- ConAgra Foods, Inc., 6% Nts., 9/15/06 610,000 617,785 - ------------------------------------------------------------------------------------------------------- Constellation Energy Group, Inc., 7% Unsec. Nts., 4/1/12 975,000 1,073,253 - ------------------------------------------------------------------------------------------------------- Countrywide Financial Corp., 4.50% Nts., Series A, 6/15/10 620,000 607,702 - ------------------------------------------------------------------------------------------------------- Cox Communications, Inc., 4.625% Unsec. Nts., 1/15/10 1,230,000 1,203,785 - ------------------------------------------------------------------------------------------------------- Credit Suisse First Boston, Inc., (USA), 5.50% Nts., 8/15/13 1,130,000 1,166,184 - ------------------------------------------------------------------------------------------------------- CSX Corp., 6.25% Unsec. Nts., 10/15/08 545,000 567,455 - ------------------------------------------------------------------------------------------------------- D.R. Horton, Inc., 6.125% Nts., 1/15/14 3 525,000 526,454 - ------------------------------------------------------------------------------------------------------- DaimlerChrysler NA Holdings Corp.: 7.20% Unsec. Nts., 9/1/09 580,000 619,293
10 Oppenheimer Balanced Fund/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ------------------------------------------------------------------------------------------------------- 8% Nts., 6/15/10 $ 456,000 $ 505,427 - ------------------------------------------------------------------------------------------------------- Delhaize America, Inc., 9% Unsub. Debs., 4/15/31 775,000 898,489 - ------------------------------------------------------------------------------------------------------- Deutsche Telekom International Finance BV, 8.50% Unsub. Nts., 6/15/10 725,000 822,765 - ------------------------------------------------------------------------------------------------------- Dominion Resources, Inc., 8.125% Sr. Unsub. Nts., 6/15/10 845,000 953,466 - ------------------------------------------------------------------------------------------------------- DTE Energy Co., 6.45% Sr. Unsub. Nts., 6/1/06 580,000 587,144 - ------------------------------------------------------------------------------------------------------- EOP Operating LP: 6.763% Sr. Unsec. Nts., 6/15/07 180,000 185,505 8.10% Unsec. Nts., 8/1/10 700,000 786,309 8.375% Nts., 3/15/06 425,000 432,410 - ------------------------------------------------------------------------------------------------------- Federated Department Stores, Inc., 6.625% Sr. Unsec. Nts., 9/1/08 770,000 806,700 - ------------------------------------------------------------------------------------------------------- FedEx Corp., 2.65% Unsec. Nts., 4/1/07 1,230,000 1,195,773 - ------------------------------------------------------------------------------------------------------- FirstEnergy Corp.: 5.50% Sr. Unsub. Nts., Series A, 11/15/06 495,000 499,318 7.375% Sr. Unsub. Nts., Series C, 11/15/31 505,000 594,163 - ------------------------------------------------------------------------------------------------------- Ford Motor Credit Co.: 5.80% Sr. Unsec. Nts., 1/12/09 1,000,000 933,757 6.25% Unsec. Nts., 12/8/05 413,000 413,512 7.375% Nts., 10/28/09 255,000 246,528 - ------------------------------------------------------------------------------------------------------- France Telecom SA: 7.75% Sr. Unsec. Nts., 3/1/11 5 560,000 636,574 8.50% Sr. Unsec. Nts., 3/1/31 5 180,000 241,966 - ------------------------------------------------------------------------------------------------------- Franklin Resources, Inc., 3.70% Nts., 4/15/08 425,000 415,370 - ------------------------------------------------------------------------------------------------------- Gap, Inc. (The): 6.90% Nts., 9/15/07 685,000 706,819 9.55% Unsub. Nts., 12/15/08 5 141,000 158,775 - ------------------------------------------------------------------------------------------------------- General Mills, Inc., 3.875% Nts., 11/30/07 890,000 874,881 - ------------------------------------------------------------------------------------------------------- General Motors Acceptance Corp., 6.125% Unsec. Unsub. Nts., 2/1/07 3 2,415,000 2,401,558 - ------------------------------------------------------------------------------------------------------- Goldman Sachs Group, Inc. (The), 5.70% Sr. Unsec. Nts., 9/1/12 1,105,000 1,147,717 - ------------------------------------------------------------------------------------------------------- Harrah's Operating Co., Inc., 5.625% Bonds, 6/1/15 9 615,000 609,084 - ------------------------------------------------------------------------------------------------------- HCA, Inc., 7.125% Sr. Unsec. Nts., 6/1/06 361,000 367,460 - ------------------------------------------------------------------------------------------------------- Hertz Corp. (The), 6.35% Nts., 6/15/10 1,240,000 1,173,742 - ------------------------------------------------------------------------------------------------------- Hilton Hotels Corp., 8.25% Sr. Unsec. Nts., 2/15/11 532,000 603,294 - ------------------------------------------------------------------------------------------------------- HSBC Finance Corp., 4.75% Sr. Unsec. Nts., 7/15/13 1,210,000 1,182,894 - ------------------------------------------------------------------------------------------------------- IPALCO Enterprises, Inc., 8.375% Sr. Sec. Nts., 11/14/08 5 540,000 575,100 - ------------------------------------------------------------------------------------------------------- iStar Financial, Inc., 4.875% Sr. Unsec. Nts., Series B, 1/15/09 815,000 807,798 - ------------------------------------------------------------------------------------------------------- J.C. Penney Co., Inc., (Holding Co.), 7.40% Nts., 4/1/37 1,060,000 1,151,425 - ------------------------------------------------------------------------------------------------------- JPMorgan Capital XV, 5.875% Nts., 3/15/35 820,000 805,434 - ------------------------------------------------------------------------------------------------------- K. Hovnanian Enterprises, Inc., 6.50% Sr. Nts., 1/15/14 3 595,000 575,545 - ------------------------------------------------------------------------------------------------------- Kaiser Aluminum & Chemical Corp., 10.875% Sr. Nts., Series B, 10/15/06 13 250,000 244,375 - ------------------------------------------------------------------------------------------------------- KB Home, 5.75% Sr. Unsec. Unsub. Nts., 2/1/14 750,000 714,355 - ------------------------------------------------------------------------------------------------------- Kinder Morgan, Inc., 6.50% Sr. Unsec. Nts., 9/1/12 655,000 702,193 - ------------------------------------------------------------------------------------------------------- Kraft Foods, Inc., 5.25% Nts., 6/1/07 1,435,000 1,450,185 - ------------------------------------------------------------------------------------------------------- Kroger Co. (The), 6.80% Sr. Unsec. Nts., 4/1/11 845,000 901,576 - ------------------------------------------------------------------------------------------------------- Lear Corp., 8.11% Sr. Unsec. Nts., Series B, 5/15/09 1,000,000 995,286 - ------------------------------------------------------------------------------------------------------- Lehman Brothers Holdings, Inc., 7% Nts., 2/1/08 765,000 803,517 - ------------------------------------------------------------------------------------------------------- Lehman Brothers, Inc., 6.625% Sr. Sub. Nts., 2/15/08 125,000 130,486 - ------------------------------------------------------------------------------------------------------- Lennar Corp., 5.95% Sr. Unsec. Nts., 3/1/13 580,000 590,620 - ------------------------------------------------------------------------------------------------------- Liberty Media Corp., 5.70% Sr. Unsec. Nts., 5/15/13 3 615,000 562,735 - ------------------------------------------------------------------------------------------------------- Liberty Property Trust, 5.65% Sr. Nts., 8/15/14 595,000 607,478 - ------------------------------------------------------------------------------------------------------- Marsh & McLennan Cos., Inc., 5.875% Sr. Unsec. Bonds, 8/1/33 735,000 667,872 - -------------------------------------------------------------------------------------------------------
11 Oppenheimer Balanced Fund/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ------------------------------------------------------------------------------------------------------- May Department Stores Co.: 3.95% Nts., 7/15/07 $ 401,000 $ 395,536 7.90% Unsec. Debs., 10/15/07 495,000 521,134 - ------------------------------------------------------------------------------------------------------- MBNA Corp., 7.50% Sr. Nts., Series F, 3/15/12 905,000 1,030,270 - ------------------------------------------------------------------------------------------------------- Merrill Lynch & Co., Inc., 5% Sr. Unsub. Nts., Series C, 2/3/14 1,205,000 1,200,456 - ------------------------------------------------------------------------------------------------------- MetLife, Inc., 5.70% Sr. Unsec. Nts., 6/15/35 3 605,000 603,560 - ------------------------------------------------------------------------------------------------------- MidAmerican Energy Holdings Co., 5.875% Sr. Unsec. Nts., 10/1/12 1,005,000 1,050,124 - ------------------------------------------------------------------------------------------------------- Morgan Stanley, 6.60% Nts., 4/1/12 570,000 618,342 - ------------------------------------------------------------------------------------------------------- National City Bank, 6.20% Sub. Nts., 12/15/11 83,000 89,102 - ------------------------------------------------------------------------------------------------------- Nationwide Financial Services, Inc.: 5.90% Nts., 7/1/12 440,000 460,833 6.25% Sr. Unsec. Nts., 11/15/11 130,000 139,466 - ------------------------------------------------------------------------------------------------------- NiSource Finance Corp.: 3.20% Nts., 11/1/06 180,000 177,159 7.875% Sr. Unsec. Nts., 11/15/10 790,000 889,134 - ------------------------------------------------------------------------------------------------------- Northrop Grumman Corp., 7.125% Sr. Nts., 2/15/11 767,000 848,594 - ------------------------------------------------------------------------------------------------------- Pemex Project Funding Master Trust, 5.75% Unsec. Unsub. Nts., Series 12, 12/15/15 9 965,000 956,556 - ------------------------------------------------------------------------------------------------------- Petroleum Export Ltd. Cayman SPV, 4.623% Sr. Nts., Cl. A1, 6/15/10 9 1,820,000 1,811,588 - ------------------------------------------------------------------------------------------------------- PF Export Receivables Master Trust, 3.748% Sr. Nts., Series B, 6/1/13 9 393,269 372,129 - ------------------------------------------------------------------------------------------------------- Portland General Electric Co., 8.125% First Mortgage Nts., 2/1/10 9 470,000 524,958 - ------------------------------------------------------------------------------------------------------- Prudential Holdings LLC, 8.695% Bonds, Series C, 12/18/23 9 1,095,000 1,403,360 - ------------------------------------------------------------------------------------------------------- Prudential Insurance Co. of America, 8.30% Nts., 7/1/25 920,000 1,192,789 - ------------------------------------------------------------------------------------------------------- PSE&G Energy Holdings LLC, 7.75% Unsec. Nts., 4/16/07 595,000 611,363 - ------------------------------------------------------------------------------------------------------- PSE&G Power LLC, 6.875% Sr. Unsec. Nts., 4/15/06 560,000 566,762 - ------------------------------------------------------------------------------------------------------- R&B Falcon Corp., 9.50% Sr. Unsec. Nts., 12/15/08 500,000 568,490 - ------------------------------------------------------------------------------------------------------- Safeway, Inc., 7.50% Sr. Unsec. Nts., 9/15/09 795,000 856,312 - ------------------------------------------------------------------------------------------------------- Sempra Energy, 7.95% Sr. Unsec. Unsub. Nts., 3/1/10 602,000 669,168 - ------------------------------------------------------------------------------------------------------- Simon Property Group LP: 555,000 561,641 5.45% Unsec. Nts., 3/15/13 3 5.625% Unsec. Unsub. Nts., 8/15/14 355,000 364,156 - ------------------------------------------------------------------------------------------------------- Sprint Capital Corp., 8.75% Nts., 3/15/32 730,000 981,868 - ------------------------------------------------------------------------------------------------------- Starwood Hotels & Resorts Worldwide, Inc., 7.375% Nts., 5/1/07 900,000 932,625 - ------------------------------------------------------------------------------------------------------- Sterling Chemicals, Inc., 10% Sr. Sec. Nts., 12/19/07 3,4,12 221,615 220,507 - ------------------------------------------------------------------------------------------------------- SunTrust Banks, Inc.: 4% Nts., 10/15/08 640,000 627,809 7.75% Unsec. Sub. Nts., 5/1/10 57,000 63,920 - ------------------------------------------------------------------------------------------------------- TCI Communications, Inc., 9.80% Sr. Unsec. Debs., 2/1/12 1,095,000 1,348,333 - ------------------------------------------------------------------------------------------------------- Telecom Italia Capital, 5.25% Nts., 10/1/15 155,000 152,600 - ------------------------------------------------------------------------------------------------------- Time Warner Entertainment Co. LP, 10.15% Sr. Nts., 5/1/12 500,000 627,914 - ------------------------------------------------------------------------------------------------------- Travelers Property Casualty Corp., 3.75% Sr. Unsec. Nts., 3/15/08 880,000 856,091 - ------------------------------------------------------------------------------------------------------- TXU Corp., 6.55% Sr. Unsec. Nts., Series R, 11/15/34 3 780,000 727,820 - ------------------------------------------------------------------------------------------------------- Tyco International Group SA, 6.375% Sr. Unsec. Unsub. Nts., 2/15/06 745,000 750,041 - ------------------------------------------------------------------------------------------------------- Univision Communications, Inc.: 2.875% Sr. Unsec. Nts., 10/15/06 163,000 159,815 3.50% Sr. Unsec. Nts., 10/15/07 845,000 820,451 - ------------------------------------------------------------------------------------------------------- Verizon Global Funding Corp., 5.85% Nts., 9/15/35 600,000 592,129 - ------------------------------------------------------------------------------------------------------- Vornado Realty LP, 5.625% Sr. Unsec. Unsub. Nts., 6/15/07 1,225,000 1,235,705 - ------------------------------------------------------------------------------------------------------- Waste Management, Inc., 6.875% Sr. Unsec. Nts., 5/15/09 1,050,000 1,118,067 - ------------------------------------------------------------------------------------------------------- Western Forest Products, Inc., 15% Sec. Nts., 7/28/09 4,12 151,402 148,374
12 Oppenheimer Balanced Fund/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ------------------------------------------------------------------------------------------------------- Yum! Brands, Inc., 8.50% Sr. Unsec. Nts., 4/15/06 $ 1,230,000 $ 1,255,323 ------------- Total Non-Convertible Corporate Bonds and Notes (Cost $82,857,502) 82,889,609 - ------------------------------------------------------------------------------------------------------- JOINT REPURCHASE AGREEMENTS--4.4% - ------------------------------------------------------------------------------------------------------- Undivided interest of 2.79% in joint repurchase agreement (Principal Amount/Value $951,774,000, with a maturity value of $952,055,566) with UBS Warburg LLC, 3.55%, dated 9/30/05, to be repurchased at $26,548,852 on 10/3/05, collateralized by Federal National Mortgage Assn., 5%, 10/1/35, with a value of $972,647,107 (Cost $26,541,000) 26,541,000 26,541,000 - ------------------------------------------------------------------------------------------------------- Total Investments, at Value (excluding Investments Purchased with Cash Collateral from Securities Loaned) (Cost $582,035,728) 671,102,864 - ------------------------------------------------------------------------------------------------------- INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITIES LOANED--2.3% - ------------------------------------------------------------------------------------------------------- JOINT REPURCHASE AGREEMENTS--2.1% Undivided interest of 0.38% in joint repurchase agreement (Principal Amount/Value $3,300,000,000, with a maturity value of $3,301,064,250) with Nomura Securities, 3.87%, dated 9/30/05, to be repurchased at $12,564,715 on 10/3/05, collateralized by U.S. Agency Mortgages, 5%--5.50%, 9/1/20--8/1/35, with a value of $3,366,000,000 14 12,560,664 12,560,664 - ------------------------------------------------------------------------------------------------------- MASTER FLOATING NOTES--0.2% Bear Stearns, 4.06%, 10/3/05 14 500,000 500,000 - ------------------------------------------------------------------------------------------------------- Merrill Lynch Mortgage Capital, Inc., 4.04%, 10/3/05 14 500,000 500,000 ------------- 1,000,000 ------------- Total Investments Purchased with Cash Collateral from Securities Loaned (Cost $13,560,664) 13,560,664 - ------------------------------------------------------------------------------------------------------- Total Investments, at Value (Cost $595,596,392) 113.2% 684,663,528 - ------------------------------------------------------------------------------------------------------- Liabilities in Excess of Other Assets (13.2) (80,019,256) ------------------------------- Net Assets 100.0% $604,644,272 ===============================
Footnotes to Statement of Investments 1. Non-income producing security. 2. A sufficient amount of liquid assets has been designated to cover outstanding written call options, as follows: CONTRACTS SUBJECT TO EXPIRATION EXERCISE PREMIUM CALL DATE PRICE RECEIVED VALUE - -------------------------------------------------------------------------------- Schering-Plough Corp. 539 1/23/06 $22.50 $66,15 $37,730 3. Partial or fully-loaned security. See accompanying Notes to Quarterly Statement of Investments. 4. Illiquid security. The aggregate value of illiquid securities as of September 30, 2005 was $714,688, which represents 0.12% of the Fund's net assets. See accompanying Notes to Quarterly Statement of Investments. 5. Represents the current interest rate for a variable or increasing rate security. 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 $7,054,853 or 1.17% of the Fund's net assets as of September 30, 2005. 7. Principal-Only Strips represent the right to receive the monthly principal payments on an underlying pool of mortgage loans. The value of these securities generally increases as interest rates decline and prepayment rates rise. The price of these securities is typically more volatile than that of coupon-bearing bonds of the same maturity. Interest rates disclosed represent current yields based upon the current cost basis and estimated timing of future cash flows. These securities amount to $455,783 or 0.08% of the Fund's net assets as of September 30, 2005. 8. When-issued security or forward commitment to be delivered and settled after September 30, 2005. See accompanying Notes to Quarterly Statement of Investments. 9. 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 $7,271,810 or 1.20% of the Fund's net assets as of September 30, 2005. 10. All or a portion of the security is held in collateralized accounts to cover initial margin requirements on open futures sales contracts. The aggregate market value of such securities is $1,291,477. See accompanying Notes to Quarterly Statement of Investments. 11. This bond has no contractual maturity date, is not redeemable and contractually pays an indefinite stream of interest. 12. Interest or dividend is paid-in-kind. 13. Issue is in default. Non-income producing. See accompanying Notes to Quarterly Statement of Investments. 14. 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 September 30, 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 $ 596,132,730 =============== Gross unrealized appreciation $ 101,156,231 Gross unrealized depreciation (12,625,433) --------------- Net unrealized appreciation $ 88,530,798 =============== 13 Oppenheimer Balanced Fund/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - -------------------------------------------------------------------------------- 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 may be valued primarily using dealer-supplied valuations or a portfolio pricing service authorized by the Board of Trustees. Securities listed or traded on National Stock Exchanges or other domestic 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. Securities traded on foreign exchanges are valued based on the last sale price on the principal exchange on which the security is traded, in the country that is identified by the portfolio pricing service, prior to the time when the Fund's assets are valued. In the absence of a sale, the security is valued at the official closing price on the principal exchange. 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. Futures contracts traded on a commodities or futures exchange will be valued at the final settlement price or official closing price on the principal exchange as reported by such principal exchange at its trading session ending at, or most recently prior to, the time when the Fund's assets are valued. Securities (including restricted securities) for which market quotations are not readily available are valued at their fair value. Foreign and domestic securities whose values have been materially affected by what the Manager identifies as a significant event occurring before the Fund's assets are valued but after the close of their respective exchanges will be fair valued. Fair value is determined in good faith using consistently applied procedures under the supervision of the Board of Trustees. Short-term "money market type" debt securities with remaining maturities of sixty days or less are valued at amortized cost (which approximates market value). SECURITIES ON A WHEN-ISSUED BASIS OR FORWARD COMMITMENT. Delivery and payment for securities that have been purchased by the Fund on a when-issued basis or forward commitment can take place up to ten days or more after the trade date. Normally the settlement date occurs within six months after the trade date; however, the Fund may, from time to time, purchase securities whose settlement date extends six months or more beyond trade date. During this period, such securities do not earn interest, are subject to market fluctuation and may increase or decrease in value prior to their delivery. The Fund maintains internally designated assets with a market value equal to or greater than the amount of its purchase commitments. The purchase of securities on a when-issued basis or forward commitment may increase the volatility of the Fund's net asset value to the extent the Fund executes such transactions while remaining substantially fully invested. The Fund may also sell securities that it purchased on a when-issued basis or forward commitment prior to settlement of the original purchase. As of September 30, 2005, the Fund had purchased $100,080,746 of securities issued on a when-issued basis or forward commitment and sold $24,373,415 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 September 30, 2005, securities with an aggregate market value of $244,375, representing 0.04% of the Fund's net assets, were in default. 14 Oppenheimer Balanced Fund/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - -------------------------------------------------------------------------------- FOREIGN CURRENCY TRANSLATION. The Fund's accounting records are maintained in U.S. dollars. The values of securities denominated in foreign currencies and amounts related to the purchase and sale of foreign securities and foreign investment income 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. Foreign exchange rates may be valued primarily using dealer supplied valuations or a portfolio pricing service authorized by the Board of Trustees. Reported net realized foreign exchange gains or losses arise from sales of portfolio securities, sales and maturities of short-term securities, sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the values of assets and liabilities, including investments in securities at fiscal period end, resulting from changes in exchange rates. The effect of changes in foreign currency exchange rates on investments is separately identified from the fluctuations arising from changes in market values of securities held and reported with all other foreign currency gains and losses in the Fund's Statement of Operations. JOINT REPURCHASE AGREEMENTS. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission, the Fund, along with other affiliated funds advised by the Manager, may transfer uninvested cash balances into joint trading accounts on a daily basis. These balances are invested in one or more repurchase agreements. Securities pledged as collateral for repurchase agreements are held by a custodian bank until the agreements mature. Each agreement requires that the market value of the collateral be sufficient to cover payments of interest and principal. In the event of default by the other party to the agreement, retention of the collateral may be subject to legal proceedings. 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. 15 Oppenheimer Balanced Fund/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - -------------------------------------------------------------------------------- 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 September 30, 2005, the Fund had no outstanding foreign currency contracts. FUTURES CONTRACTS A futures contract is a commitment to buy or sell a specific amount of a commodity or financial instrument at a negotiated price on a stipulated future date. Futures contracts are traded on a commodity exchange. The Fund may buy and sell futures contracts that relate to broadly based securities indices (financial futures) or debt securities (interest rate futures) in order to gain exposure to or protection from changes in market value of stocks and bonds or interest rates. The Fund may also buy or write put or call options on these futures contracts. The Fund generally sells futures contracts as a hedge against increases in interest rates and decreases in market value of portfolio securities. The Fund may also purchase futures contracts to gain exposure to market changes as it may be more efficient or cost effective than actually buying securities. Upon entering into a futures contract, the Fund is required to deposit either cash or securities (initial margin) in an amount equal to a certain percentage of the contract value. Subsequent payments (variation margin) are made or received by the Fund each day. The variation margin payments are equal to the daily changes in the contract value and are recorded as unrealized gains and losses. The Fund recognizes a realized gain or loss when the contract is closed or has expired. Cash held by the broker to cover initial margin requirements on open futures contracts is noted in the Statement of Assets and Liabilities. Securities held in collateralized accounts to cover initial margin requirements on open futures contracts are noted in the Statement of Investments. The Statement of Assets and Liabilities reflects a receivable and/or payable for the daily mark to market for variation margin. Realized gains and losses are reported in the Statement of Operations as the closing and expiration of futures contracts. The net change in unrealized appreciation and depreciation is reported in the Statement of Operations. Risks of entering into futures contracts (and related options) include the possibility that there may be an illiquid market and that a change in the value of the contract or option may not correlate with changes in the value of the underlying securities. As of September 30, 2005, the Fund had outstanding futures contracts as follows: 16 Oppenheimer Balanced Fund/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - --------------------------------------------------------------------------------
UNREALIZED EXPIRATION NUMBER OF VALUATION AS OF APPRECIATION CONTRACT DESCRIPTION DATES CONTRACTS SEPTEMBER 30, 2005 (DEPRECIATION) - ---------------------------------------------------------------------------------------------------- CONTRACTS TO PURCHASE U.S. Long Bonds 12/20/05 187 $21,393,969 $(457,176) ---------- CONTRACTS TO SELL U.S. Treasury Nts., 2 yr 12/30/05 303 62,384,859 412,085 U.S. Treasury Nts., 5 yr 12/20/05 297 31,737,234 185,062 U.S. Treasury Nts., 10 yr 12/20/05 124 13,630,313 162,383 ---------- 759,530 ---------- $ 302,354 ==========
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 September 30, 2005 was as follows: 17 Oppenheimer Balanced Fund/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - -------------------------------------------------------------------------------- CALL OPTIONS ----------------------- NUMBER OF AMOUNT OF CONTRACTS PREMIUMS - ---------------------------------------------------------------- Options outstanding as of December 31, 2004 -- $ -- Options written 539 66,159 ----------------------- Options outstanding as of September 30, 2005 539 $66,159 ======================= TOTAL RETURN SWAP CONTRACTS The Fund may enter into a total return swap transaction to maintain a total return on a particular investment, or portion of its portfolio, or for other non-speculative purposes. Because the principal amount is not exchanged, it represents neither an asset nor a liability to either counterparty, and is referred to as notional. The Fund records an increase or decrease to unrealized gain (loss), in the amount due to or owed by the Fund at termination or settlement. Total return swaps are subject to risks (if the counterparty fails to meet its obligations). As of September 30, 2005, the Fund had entered into the following total return swap agreements.
PAID BY RECEIVED BY SWAP NOTIONAL THE FUND AT RATE AS OF THE FUND AT RATE AS OF TERMINATION UNREALIZED COUNTERPARTY AMOUNT SEPT. 30, 2005 SEPT. 30, 2005 SEPT. 30, 2005 SEPT. 30, 2005 DATE DEPRECIATION - ------------------------------------------------------------------------------------------------------------------------------------ One-Month LIBOR Change of Total Minus 0.25% (+ or Return of Lehman UBS AG $3,530,000 -) Rate Received 5.04893% Brothers CMBS Index (1.36)%* 12/1/05 $47,879
*Represents an additional amount paid by the Fund at September 30, 2005. Index abbreviations are as follows: CMBS Commercial Mortgage Backed Securities LIBOR London-Interbank Offered Rate ILLIQUID SECURITIES As of September 30, 2005, investments in securities included issues that are illiquid. A security may be considered illiquid if it lacks a readily available market or if its valuation has not changed for a certain period of time. The Fund will not invest more than 15% of its net assets (determined at the time of purchase and reviewed periodically) in illiquid securities. Securities that are illiquid are marked with the applicable footnote on the Statement of Investments. 18 Oppenheimer Balanced Fund/VA Oppenheimer Balanced Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - -------------------------------------------------------------------------------- SECURITIES LENDING The Fund lends portfolio securities from time to time in order to earn additional income. In return, the Fund receives collateral in the form of US Treasury obligations or cash, against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the funds and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund could experience delays and cost in recovering the securities loaned or in gaining access to the collateral. Cash collateral is invested in cash equivalents. The Fund retains a portion of the interest earned from the collateral. The Fund continues to receive the economic benefit of interest or dividends paid on the securities loaned in the form of a substitute payment received from the borrower. As of September 30, 2005, the Fund had on loan securities valued at $21,967,194. Collateral of $22,499,281 was received for the loans, of which $13,560,664 was received in cash and subsequently invested in approved instruments. 19 Oppenheimer Balanced Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - --------------------------------------------------------------------------------
Shares Value - ------------------------------------------------------------------------------------------------------- COMMON STOCKS--98.5% - ------------------------------------------------------------------------------------------------------- CONSUMER DISCRETIONARY--15.1% - ------------------------------------------------------------------------------------------------------- AUTO COMPONENTS--0.7% Aftermarket Technology Corp. 1 5,700 $ 104,823 - ------------------------------------------------------------------------------------------------------- ArvinMeritor, Inc. 7,300 122,056 - ------------------------------------------------------------------------------------------------------- Autoliv, Inc. 1,100 47,850 - ------------------------------------------------------------------------------------------------------- Cooper Tire & Rubber Co. 2,800 42,756 - ------------------------------------------------------------------------------------------------------- Goodyear Tire & Rubber Co. (The) 1,2 22,800 355,452 - ------------------------------------------------------------------------------------------------------- Midas, Inc. 1,2 12,000 238,560 - ------------------------------------------------------------------------------------------------------- Modine Manufacturing Co. 9,200 337,456 - ------------------------------------------------------------------------------------------------------- Proliance International, Inc. 1,2 1,107 6,066 - ------------------------------------------------------------------------------------------------------- Sauer-Danfoss, Inc. 9,200 184,000 - ------------------------------------------------------------------------------------------------------- Shiloh Industries, Inc. 1 2,800 37,492 - ------------------------------------------------------------------------------------------------------- Spartan Motors, Inc. 2 500 5,435 - ------------------------------------------------------------------------------------------------------- Standard Motor Products, Inc. 3,400 27,574 - ------------------------------------------------------------------------------------------------------- Tenneco Automotive, Inc. 1 30,300 530,553 - ------------------------------------------------------------------------------------------------------- TRW Automotive Holdings Corp. 1 5,900 173,106 --------------- 2,213,179 - ------------------------------------------------------------------------------------------------------- DISTRIBUTORS--0.1% Andersons, Inc. (The) 500 14,640 - ------------------------------------------------------------------------------------------------------- Audiovox Corp., Cl. A 1 1,700 23,766 - ------------------------------------------------------------------------------------------------------- Handleman Co. 2 5,400 68,202 - ------------------------------------------------------------------------------------------------------- Jorgensen (Earle M.) Co. 1 3,200 30,496 - ------------------------------------------------------------------------------------------------------- Prestige Brands Holdings, Inc. 1 400 4,928 --------------- 142,032 - ------------------------------------------------------------------------------------------------------- HOTELS, RESTAURANTS & LEISURE--2.8% AFC Enterprises, Inc. 2 10,200 117,708 - ------------------------------------------------------------------------------------------------------- Ambassadors Group, Inc. 9,600 214,080 - ------------------------------------------------------------------------------------------------------- Ameristar Casinos, Inc. 14,500 302,180 - ------------------------------------------------------------------------------------------------------- Argosy Gaming Co. 1 5,100 239,649 - ------------------------------------------------------------------------------------------------------- Bluegreen Corp. 1,2 16,100 284,165 - ------------------------------------------------------------------------------------------------------- Bob Evans Farms, Inc. 2 5,400 122,634 - ------------------------------------------------------------------------------------------------------- Brinker International, Inc. 7,100 266,676 - ------------------------------------------------------------------------------------------------------- California Pizza Kitchen, Inc. 1 4,500 131,580 - ------------------------------------------------------------------------------------------------------- Caribou Coffee Co., Inc. 1 900 10,215 - ------------------------------------------------------------------------------------------------------- CBRL Group, Inc. 2,100 70,686 - ------------------------------------------------------------------------------------------------------- CEC Entertainment, Inc. 1 16,650 528,804 - ------------------------------------------------------------------------------------------------------- Checkers Drive-In Restaurants, Inc. 1 1,900 29,032 - ------------------------------------------------------------------------------------------------------- Choice Hotels International, Inc. 2 4,300 277,952 - ------------------------------------------------------------------------------------------------------- CKE Restaurants, Inc. 2 48,100 633,958 - ------------------------------------------------------------------------------------------------------- Darden Restaurants, Inc. 12,500 379,625 - ------------------------------------------------------------------------------------------------------- Dave & Buster's, Inc. 1,2 7,100 94,785 - ------------------------------------------------------------------------------------------------------- Dover Downs Gaming & Entertainment, Inc. 6,600 89,760 - ------------------------------------------------------------------------------------------------------- IHOP Corp. 2 12,500 509,250 - ------------------------------------------------------------------------------------------------------- Isle of Capri Casinos, Inc. 1,2 16,500 352,770 - ------------------------------------------------------------------------------------------------------- Jack in the Box, Inc. 1 17,700 529,407 - -------------------------------------------------------------------------------------------------------
1 Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - --------------------------------------------------------------------------------
Shares Value - ------------------------------------------------------------------------------------------------------- HOTELS, RESTAURANTS & LEISURE CONTINUED La Quinta Corp. 1 47,400 $ 411,906 - ------------------------------------------------------------------------------------------------------- Landry's Restaurants, Inc. 2 16,200 474,660 - ------------------------------------------------------------------------------------------------------- Lone Star Steakhouse & Saloon, Inc. 9,800 254,800 - ------------------------------------------------------------------------------------------------------- Luby's, Inc. 1 6,300 82,278 - ------------------------------------------------------------------------------------------------------- Mikohn Gaming Corp. 1 5,400 71,766 - ------------------------------------------------------------------------------------------------------- Monarch Casino & Resort, Inc. 1,2 5,500 93,445 - ------------------------------------------------------------------------------------------------------- MTR Gaming Group, Inc. 1 4,000 32,040 - ------------------------------------------------------------------------------------------------------- Navigant International, Inc. 1,2 4,600 56,580 - ------------------------------------------------------------------------------------------------------- O'Charley's, Inc. 1,2 10,300 147,393 - ------------------------------------------------------------------------------------------------------- Papa John's International, Inc. 1,2 8,700 436,044 - ------------------------------------------------------------------------------------------------------- Penn National Gaming, Inc. 1 7,800 242,658 - ------------------------------------------------------------------------------------------------------- Riviera Holdings Corp. 1,2 1,100 24,398 - ------------------------------------------------------------------------------------------------------- Ruth's Chris Steak House, Inc. 1 2,600 47,788 - ------------------------------------------------------------------------------------------------------- Steak n Shake Co. (The) 1,2 1,800 32,670 - ------------------------------------------------------------------------------------------------------- Sunterra Corp. 1 4,300 56,459 - ------------------------------------------------------------------------------------------------------- Vail Resorts, Inc. 1,2 20,700 595,125 - ------------------------------------------------------------------------------------------------------- Wendy's International, Inc. 2,800 126,420 --------------- 8,371,346 - ------------------------------------------------------------------------------------------------------- HOUSEHOLD DURABLES--1.4% American Greetings Corp., Cl. A 2 19,900 545,260 - ------------------------------------------------------------------------------------------------------- Avatar Holdings, Inc. 1,2 300 17,772 - ------------------------------------------------------------------------------------------------------- Beazer Homes USA, Inc. 2 4,100 240,547 - ------------------------------------------------------------------------------------------------------- Blount International, Inc. 1 4,600 81,144 - ------------------------------------------------------------------------------------------------------- Brookfield Homes Corp. 4,000 222,120 - ------------------------------------------------------------------------------------------------------- CSS Industries, Inc. 2 850 27,642 - ------------------------------------------------------------------------------------------------------- Ethan Allen Interiors, Inc. 2 4,800 150,480 - ------------------------------------------------------------------------------------------------------- Furniture Brands International, Inc. 2 8,900 160,467 - ------------------------------------------------------------------------------------------------------- Interface, Inc., Cl. A 1,2 14,500 119,770 - ------------------------------------------------------------------------------------------------------- KB Home 400 29,280 - ------------------------------------------------------------------------------------------------------- Kimball International, Inc., Cl. B 4,000 48,360 - ------------------------------------------------------------------------------------------------------- M/I Homes, Inc. 2 2,900 157,354 - ------------------------------------------------------------------------------------------------------- MDC Holdings, Inc. 3,654 288,264 - ------------------------------------------------------------------------------------------------------- Mestek, Inc. 1 700 8,652 - ------------------------------------------------------------------------------------------------------- Ryland Group, Inc. (The) 5,300 362,626 - ------------------------------------------------------------------------------------------------------- Snap-On, Inc. 2,500 90,300 - ------------------------------------------------------------------------------------------------------- Standard Pacific Corp. 9,100 377,741 - ------------------------------------------------------------------------------------------------------- Stanley Furniture Co., Inc. 9,000 235,710 - ------------------------------------------------------------------------------------------------------- Tupperware Corp. 31,000 706,180 - ------------------------------------------------------------------------------------------------------- Whirlpool Corp. 2,200 166,694 - ------------------------------------------------------------------------------------------------------- William Lyon Homes, Inc. 1,2 1,000 155,200 - ------------------------------------------------------------------------------------------------------- Yankee Candle, Inc. (The) 7,100 173,950 --------------- 4,365,513 - ------------------------------------------------------------------------------------------------------- INTERNET & CATALOG RETAIL--0.1% Audible, Inc. 1 1,100 13,519 - -------------------------------------------------------------------------------------------------------
2 Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - --------------------------------------------------------------------------------
Shares Value - ------------------------------------------------------------------------------------------------------- INTERNET & CATALOG RETAIL CONTINUED GSI Commerce, Inc. 1,2 2,100 $ 41,790 - ------------------------------------------------------------------------------------------------------- Insight Enterprises, Inc. 1 6,000 111,600 - ------------------------------------------------------------------------------------------------------- Priceline.com, Inc. 1,2 1,000 19,320 - ------------------------------------------------------------------------------------------------------- Stamps.com, Inc. 1,2 13,300 228,893 --------------- 415,122 - ------------------------------------------------------------------------------------------------------- LEISURE EQUIPMENT & PRODUCTS--0.4% Hasbro, Inc. 9,200 180,780 - ------------------------------------------------------------------------------------------------------- JAKKS Pacific, Inc. 1,2 9,600 155,808 - ------------------------------------------------------------------------------------------------------- Marine Products Corp. 1,400 15,442 - ------------------------------------------------------------------------------------------------------- Nautilus, Inc. 2 25,100 553,957 - ------------------------------------------------------------------------------------------------------- Oakley, Inc. 2 11,800 204,612 - ------------------------------------------------------------------------------------------------------- SCP Pool Corp. 2 2,712 94,730 - ------------------------------------------------------------------------------------------------------- Steinway Musical Instruments, Inc. 1 4,800 126,480 --------------- 1,331,809 - ------------------------------------------------------------------------------------------------------- MEDIA--2.0% 4Kids Entertainment, Inc. 1,2 4,700 81,733 - ------------------------------------------------------------------------------------------------------- Arbitron, Inc. 17,400 693,216 - ------------------------------------------------------------------------------------------------------- Catalina Marketing Corp. 2 22,100 502,554 - ------------------------------------------------------------------------------------------------------- Emmis Communications Corp., Cl. A 1,2 18,200 402,038 - ------------------------------------------------------------------------------------------------------- Focus Media Holding Ltd., ADR 1 6,000 160,440 - ------------------------------------------------------------------------------------------------------- Getty Images, Inc. 1,2 4,200 361,368 - ------------------------------------------------------------------------------------------------------- Gray Television, Inc. 8,300 87,897 - ------------------------------------------------------------------------------------------------------- Harte-Hanks, Inc. 1,100 29,073 - ------------------------------------------------------------------------------------------------------- Insight Communications Co., Inc. 1 6,200 72,106 - ------------------------------------------------------------------------------------------------------- Interactive Data Corp. 6,000 135,900 - ------------------------------------------------------------------------------------------------------- Journal Communications, Inc. 2 3,300 49,170 - ------------------------------------------------------------------------------------------------------- Liberty Corp. 2 2,800 131,292 - ------------------------------------------------------------------------------------------------------- Media General, Inc., Cl. A 7,100 411,871 - ------------------------------------------------------------------------------------------------------- Mediacom Communications Corp. 1,2 3,700 27,306 - ------------------------------------------------------------------------------------------------------- Meredith Corp. 7,500 374,175 - ------------------------------------------------------------------------------------------------------- PRIMEDIA, Inc. 1,2 19,800 80,982 - ------------------------------------------------------------------------------------------------------- ProQuest Co. 1,2 7,800 282,360 - ------------------------------------------------------------------------------------------------------- R.H. Donnelley Corp. 1 6,000 379,560 - ------------------------------------------------------------------------------------------------------- Readers Digest Assn., Inc. (The), Cl. A, Non-Vtg. 33,700 538,189 - ------------------------------------------------------------------------------------------------------- Salem Communications Corp., Cl. A 1 700 12,908 - ------------------------------------------------------------------------------------------------------- Scholastic Corp. 1,2 12,200 450,912 - ------------------------------------------------------------------------------------------------------- Sinclair Broadcast Group, Inc., Cl. A 2 15,800 140,146 - ------------------------------------------------------------------------------------------------------- Valassis Communications, Inc. 1 4,300 167,614 - ------------------------------------------------------------------------------------------------------- Wiley (John) & Sons, Inc., Cl. A 8,200 342,268 - ------------------------------------------------------------------------------------------------------- World Wrestling Federation Entertainment, Inc. 2 2,000 26,000 --------------- 5,941,078 - ------------------------------------------------------------------------------------------------------- MULTILINE RETAIL--0.7% Big Lots, Inc. 1,2 12,000 131,880 - ------------------------------------------------------------------------------------------------------- Conn's, Inc. 1,2 2,700 74,844 - -------------------------------------------------------------------------------------------------------
3 Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - --------------------------------------------------------------------------------
Shares Value - ------------------------------------------------------------------------------------------------------- MULTILINE RETAIL CONTINUED Dillard's, Inc., Cl. A 16,900 $ 352,872 - ------------------------------------------------------------------------------------------------------- Neiman Marcus Group, Inc. (The), Cl. A 600 59,970 - ------------------------------------------------------------------------------------------------------- Retail Ventures, Inc. 1,2 4,800 52,704 - ------------------------------------------------------------------------------------------------------- Shopko Stores, Inc. 1 12,700 324,104 - ------------------------------------------------------------------------------------------------------- Stage Stores, Inc. 2 25,450 683,842 - ------------------------------------------------------------------------------------------------------- Stein Mart, Inc. 27,200 552,160 --------------- 2,232,376 - ------------------------------------------------------------------------------------------------------- SPECIALTY RETAIL--5.3% Aaron Rents, Inc. 2 10,100 213,615 - ------------------------------------------------------------------------------------------------------- Advance Auto Parts, Inc. 1 8,300 321,044 - ------------------------------------------------------------------------------------------------------- American Eagle Outfitters, Inc. 9,300 218,829 - ------------------------------------------------------------------------------------------------------- AutoNation, Inc. 1 11,400 227,658 - ------------------------------------------------------------------------------------------------------- Barnes & Noble, Inc. 10,100 380,770 - ------------------------------------------------------------------------------------------------------- bebe stores, inc. 12,812 224,210 - ------------------------------------------------------------------------------------------------------- Blair Corp. 967 35,673 - ------------------------------------------------------------------------------------------------------- Blockbuster, Inc., Cl. A 2 17,300 82,175 - ------------------------------------------------------------------------------------------------------- Buckle, Inc. (The) 2 7,300 247,981 - ------------------------------------------------------------------------------------------------------- Building Materials Holding Corp. 10,800 1,006,452 - ------------------------------------------------------------------------------------------------------- Burlington Coat Factory Warehouse Corp. 7,100 270,084 - ------------------------------------------------------------------------------------------------------- Casual Male Retail Group, Inc. 1 16,800 115,584 - ------------------------------------------------------------------------------------------------------- Cato Corp., Cl. A 18,450 367,709 - ------------------------------------------------------------------------------------------------------- Charming Shoppes, Inc. 1,2 87,100 929,357 - ------------------------------------------------------------------------------------------------------- Children's Place Retail Stores, Inc. 1 7,100 253,044 - ------------------------------------------------------------------------------------------------------- Circuit City Stores, Inc./Circuit City Group 13,500 231,660 - ------------------------------------------------------------------------------------------------------- CSK Auto Corp. 1 14,700 218,736 - ------------------------------------------------------------------------------------------------------- Deb Shops, Inc. 800 17,392 - ------------------------------------------------------------------------------------------------------- Electronics Boutique Holdings Corp. 1 12,100 760,364 - ------------------------------------------------------------------------------------------------------- Finish Line, Inc. (The), Cl. A 11,200 163,408 - ------------------------------------------------------------------------------------------------------- GameStop Corp. 1,2 6,600 207,702 - ------------------------------------------------------------------------------------------------------- GameStop Corp., Cl. B 1,2 2,167 61,521 - ------------------------------------------------------------------------------------------------------- Genesco, Inc. 1,2 21,500 800,660 - ------------------------------------------------------------------------------------------------------- Golf Galaxy, Inc. 1 3,200 51,008 - ------------------------------------------------------------------------------------------------------- Goody's Family Clothing, Inc. 2,000 15,140 - ------------------------------------------------------------------------------------------------------- Group 1 Automotive, Inc. 1 2,000 55,200 - ------------------------------------------------------------------------------------------------------- Guess?, Inc. 1,2 17,900 383,597 - ------------------------------------------------------------------------------------------------------- Guitar Center, Inc. 1,2 6,500 358,865 - ------------------------------------------------------------------------------------------------------- Hibbett Sporting Goods, Inc. 1 23,787 529,261 - ------------------------------------------------------------------------------------------------------- Jos. A. Banks Clothiers, Inc. 1,2 4,500 194,490 - ------------------------------------------------------------------------------------------------------- Maidenform Brands, Inc. 1 8,200 112,750 - ------------------------------------------------------------------------------------------------------- Men's Wearhouse, Inc. (The) 1 21,250 567,375 - ------------------------------------------------------------------------------------------------------- Michaels Stores, Inc. 10,600 350,436 - ------------------------------------------------------------------------------------------------------- Movie Gallery, Inc. 2 15,100 156,889 - ------------------------------------------------------------------------------------------------------- NetFlix.com, Inc. 1,2 8,300 215,717 - ------------------------------------------------------------------------------------------------------- O'Reilly Automotive, Inc. 1 5,400 152,172 - ------------------------------------------------------------------------------------------------------- Office Depot, Inc. 1 2,300 68,310 - -------------------------------------------------------------------------------------------------------
4 Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - --------------------------------------------------------------------------------
Shares Value - ------------------------------------------------------------------------------------------------------- SPECIALTY RETAIL CONTINUED Pacific Sunwear of California, Inc. 1 13,875 $ 297,480 - ------------------------------------------------------------------------------------------------------- Pantry, Inc. (The) 1 19,300 721,241 - ------------------------------------------------------------------------------------------------------- Payless ShoeSource, Inc. 1 35,800 622,920 - ------------------------------------------------------------------------------------------------------- Rent-A-Center, Inc. 1 2,700 52,137 - ------------------------------------------------------------------------------------------------------- Rent-Way, Inc. 1,2 14,000 96,180 - ------------------------------------------------------------------------------------------------------- Restoration Hardware, Inc. 1,2 10,600 66,992 - ------------------------------------------------------------------------------------------------------- Select Comfort Corp. 1,2 4,700 93,906 - ------------------------------------------------------------------------------------------------------- Shoe Carnival, Inc. 1,2 2,100 33,411 - ------------------------------------------------------------------------------------------------------- Sonic Automotive, Inc. 9,600 213,312 - ------------------------------------------------------------------------------------------------------- Sports Authority, Inc. (The) 1,2 7,100 209,024 - ------------------------------------------------------------------------------------------------------- Steiner Leisure Ltd. 1,2 6,400 217,408 - ------------------------------------------------------------------------------------------------------- Syms Corp. 700 9,373 - ------------------------------------------------------------------------------------------------------- Talbots, Inc. (The) 7,700 230,384 - ------------------------------------------------------------------------------------------------------- TBC Corp. 1 700 24,143 - ------------------------------------------------------------------------------------------------------- Tiffany & Co. 10,000 397,700 - ------------------------------------------------------------------------------------------------------- Too, Inc. 1 21,400 587,002 - ------------------------------------------------------------------------------------------------------- Trans World Entertainment Corp. 1 10,000 78,900 - ------------------------------------------------------------------------------------------------------- Tuesday Morning Corp. 2 800 20,696 - ------------------------------------------------------------------------------------------------------- United Auto Group, Inc. 2 23,900 789,656 - ------------------------------------------------------------------------------------------------------- Weight Watchers International, Inc. 1,2 2,500 128,950 - ------------------------------------------------------------------------------------------------------- Zale Corp. 1 22,500 611,550 --------------- 16,069,203 - ------------------------------------------------------------------------------------------------------- TEXTILES, APPAREL & LUXURY GOODS--1.6% Brown Shoe Co., Inc. 4,700 155,100 - ------------------------------------------------------------------------------------------------------- Carter's, Inc. 1 7,800 443,040 - ------------------------------------------------------------------------------------------------------- Cherokee, Inc. 5,800 202,884 - ------------------------------------------------------------------------------------------------------- Hartmarx Corp. 1 13,800 90,390 - ------------------------------------------------------------------------------------------------------- K-Swiss, Inc., Cl. A 21,900 647,583 - ------------------------------------------------------------------------------------------------------- Kellwood Co. 2 11,100 286,935 - ------------------------------------------------------------------------------------------------------- Phillips/Van Heusen Corp. 23,100 716,562 - ------------------------------------------------------------------------------------------------------- Russell Corp. 3,200 44,928 - ------------------------------------------------------------------------------------------------------- Skechers U.S.A., Inc., Cl. A 1 11,200 183,344 - ------------------------------------------------------------------------------------------------------- Stride Rite Corp. 15,600 199,992 - ------------------------------------------------------------------------------------------------------- Timberland Co., Cl. A 1 3,600 121,608 - ------------------------------------------------------------------------------------------------------- Tommy Hilfiger Corp. 1 24,400 423,340 - ------------------------------------------------------------------------------------------------------- UniFirst Corp. 5,400 189,378 - ------------------------------------------------------------------------------------------------------- Warnaco Group, Inc. (The) 1 5,600 122,696 - ------------------------------------------------------------------------------------------------------- Wolverine World Wide, Inc. 40,650 855,683 --------------- 4,683,463 - ------------------------------------------------------------------------------------------------------- CONSUMER STAPLES--3.8% - ------------------------------------------------------------------------------------------------------- BEVERAGES--0.2% Boston Beer Co., Inc., Cl. A 1 6,400 160,000 - ------------------------------------------------------------------------------------------------------- Hansen Natural Corp. 1,2 5,100 240,108 - ------------------------------------------------------------------------------------------------------- National Beverage Corp. 1 1,500 11,640 - -------------------------------------------------------------------------------------------------------
5 Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - --------------------------------------------------------------------------------
Shares Value - ------------------------------------------------------------------------------------------------------- BEVERAGES CONTINUED PepsiAmericas, Inc. 9,100 $ 206,843 --------------- 618,591 - ------------------------------------------------------------------------------------------------------- FOOD & STAPLES RETAILING--1.1% 7-Eleven, Inc. 1 16,100 573,321 - ------------------------------------------------------------------------------------------------------- Arden Group, Inc., Cl. A 2 900 67,734 - ------------------------------------------------------------------------------------------------------- BJ's Wholesale Club, Inc. 1 1,400 38,920 - ------------------------------------------------------------------------------------------------------- Casey's General Stores, Inc. 2 13,900 322,480 - ------------------------------------------------------------------------------------------------------- Ingles Markets, Inc., Cl. A 1,000 15,800 - ------------------------------------------------------------------------------------------------------- Longs Drug Stores, Inc. 2 20,900 896,401 - ------------------------------------------------------------------------------------------------------- Nash Finch Co. 2 8,300 350,177 - ------------------------------------------------------------------------------------------------------- Pathmark Stores, Inc. 1 13,900 156,653 - ------------------------------------------------------------------------------------------------------- Ruddick Corp. 21,800 502,490 - ------------------------------------------------------------------------------------------------------- Spartan Stores, Inc. 1 4,800 49,440 - ------------------------------------------------------------------------------------------------------- SUPERVALU, Inc. 12,000 373,440 - ------------------------------------------------------------------------------------------------------- Weis Markets, Inc. 3,000 120,030 --------------- 3,466,886 - ------------------------------------------------------------------------------------------------------- FOOD PRODUCTS--1.3% American Italian Pasta Co. 2 500 5,330 - ------------------------------------------------------------------------------------------------------- Chiquita Brands International, Inc. 27,700 774,215 - ------------------------------------------------------------------------------------------------------- Darling International, Inc. 1 39,000 137,670 - ------------------------------------------------------------------------------------------------------- Delta & Pine Land Co. 1,100 29,051 - ------------------------------------------------------------------------------------------------------- Flowers Foods, Inc. 29,300 799,304 - ------------------------------------------------------------------------------------------------------- Imperial Sugar Co. 1,100 14,905 - ------------------------------------------------------------------------------------------------------- J&J Snack Foods Corp. 4,100 236,980 - ------------------------------------------------------------------------------------------------------- Lancaster Colony Corp. 11,000 473,000 - ------------------------------------------------------------------------------------------------------- Lance, Inc. 2 8,300 144,918 - ------------------------------------------------------------------------------------------------------- M&F Worldwide Corp. 1 2,300 35,765 - ------------------------------------------------------------------------------------------------------- Pilgrim's Pride Corp., Cl. B 2 11,900 433,160 - ------------------------------------------------------------------------------------------------------- Ralcorp Holdings, Inc. 7,900 331,168 - ------------------------------------------------------------------------------------------------------- Reddy Ice Holdings, Inc. 7,000 143,570 - ------------------------------------------------------------------------------------------------------- Sanderson Farms, Inc. 2 5,650 209,954 - ------------------------------------------------------------------------------------------------------- Seaboard Corp. 2 200 274,600 --------------- 4,043,590 - ------------------------------------------------------------------------------------------------------- HOUSEHOLD PRODUCTS--0.5% Central Garden & Pet Co. 1 2,200 99,550 - ------------------------------------------------------------------------------------------------------- Chattem, Inc. 1,2 13,600 482,800 - ------------------------------------------------------------------------------------------------------- Church & Dwight Co., Inc. 6,500 240,110 - ------------------------------------------------------------------------------------------------------- Energizer Holdings, Inc. 1 7,400 419,580 - ------------------------------------------------------------------------------------------------------- Nu Skin Asia Pacific, Inc., Cl. A 7,600 144,780 --------------- 1,386,820 - ------------------------------------------------------------------------------------------------------- PERSONAL PRODUCTS--0.5% Elizabeth Arden, Inc. 1,2 8,400 181,272 - ------------------------------------------------------------------------------------------------------- Mannatech, Inc. 2 7,100 84,135 - ------------------------------------------------------------------------------------------------------- Nature's Sunshine Products, Inc. 10,900 253,316 - ------------------------------------------------------------------------------------------------------- Parlux Fragrances, Inc. 1,2 8,800 256,432 - -------------------------------------------------------------------------------------------------------
6 Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - --------------------------------------------------------------------------------
Shares Value - ------------------------------------------------------------------------------------------------------- PERSONAL PRODUCTS CONTINUED USANA Health Sciences, Inc. 1 12,100 $ 577,170 --------------- 1,352,325 - ------------------------------------------------------------------------------------------------------- TOBACCO--0.2% Loews Corp./Carolina Group 9,000 356,670 - ------------------------------------------------------------------------------------------------------- Vector Group Ltd. 2 6,635 132,766 --------------- 489,436 - ------------------------------------------------------------------------------------------------------- ENERGY--8.2% - ------------------------------------------------------------------------------------------------------- ENERGY EQUIPMENT & SERVICES--2.4% Bronco Drilling Co., Inc. 1 500 13,775 - ------------------------------------------------------------------------------------------------------- Cal Dive International, Inc. 1,2 12,800 811,648 - ------------------------------------------------------------------------------------------------------- CHC Helicopter Corp., Cl. A 1,400 30,108 - ------------------------------------------------------------------------------------------------------- Diamond Offshore Drilling, Inc. 2 3,400 208,250 - ------------------------------------------------------------------------------------------------------- Dresser-Rand Group, Inc. 1 18,100 445,803 - ------------------------------------------------------------------------------------------------------- Ensign Energy Services, Inc. 13,600 463,511 - ------------------------------------------------------------------------------------------------------- Global Industries Ltd. 1 3,500 51,590 - ------------------------------------------------------------------------------------------------------- Grant Prideco, Inc. 1 9,700 394,305 - ------------------------------------------------------------------------------------------------------- Gulf Island Fabrication, Inc. 4,400 126,500 - ------------------------------------------------------------------------------------------------------- Helmerich & Payne, Inc. 7,500 452,925 - ------------------------------------------------------------------------------------------------------- Hydril Co. 1 5,200 356,928 - ------------------------------------------------------------------------------------------------------- Lone Star Technologies, Inc. 1 2,600 144,534 - ------------------------------------------------------------------------------------------------------- Lufkin Industries, Inc. 1,700 74,035 - ------------------------------------------------------------------------------------------------------- Maverick Tube Corp. 1,2 7,600 228,000 - ------------------------------------------------------------------------------------------------------- Newpark Resources, Inc. 1 8,300 69,886 - ------------------------------------------------------------------------------------------------------- NS Group, Inc. 1 5,600 219,800 - ------------------------------------------------------------------------------------------------------- Offshore Logistics, Inc. 1 6,900 255,300 - ------------------------------------------------------------------------------------------------------- Oil States International, Inc. 1,2 2,500 90,775 - ------------------------------------------------------------------------------------------------------- Prairie Schooner Petroleum Ltd. 1,3 1,200 21,677 - ------------------------------------------------------------------------------------------------------- Precision Drilling Corp. 1 3,000 147,639 - ------------------------------------------------------------------------------------------------------- RPC, Inc. 2 2,100 54,096 - ------------------------------------------------------------------------------------------------------- Superior Energy Services, Inc. 1 4,600 106,214 - ------------------------------------------------------------------------------------------------------- Superior Well Services, Inc. 1,2 3,200 73,920 - ------------------------------------------------------------------------------------------------------- Technicoil Corp. 1 7,100 22,964 - ------------------------------------------------------------------------------------------------------- Technicoil Corp. 1 47,900 154,928 - ------------------------------------------------------------------------------------------------------- Tetra Technologies, Inc. 1 9,100 284,102 - ------------------------------------------------------------------------------------------------------- Tidewater, Inc. 3,400 165,478 - ------------------------------------------------------------------------------------------------------- Todco, Cl. A 9,000 375,390 - ------------------------------------------------------------------------------------------------------- Trican Well Service Ltd. 1 12,300 447,667 - ------------------------------------------------------------------------------------------------------- Universal Compression Holdings, Inc. 1 9,000 357,930 - ------------------------------------------------------------------------------------------------------- Veritas DGC, Inc. 1 14,300 523,666 --------------- 7,173,344 - ------------------------------------------------------------------------------------------------------- OIL & GAS--5.8% Alberta Clipper Energy, Inc. 1 7,887 32,226 - ------------------------------------------------------------------------------------------------------- Alon USA Energy, Inc. 1 3,600 86,940 - ------------------------------------------------------------------------------------------------------- Atlas America, Inc. 1 3,068 149,872 - -------------------------------------------------------------------------------------------------------
7 Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - --------------------------------------------------------------------------------
Shares Value - ------------------------------------------------------------------------------------------------------- OIL & GAS CONTINUED Atlas Energy Ltd. 1 73,300 $ 322,835 - ------------------------------------------------------------------------------------------------------- Berry Petroleum Co., Cl. A 2 10,600 706,914 - ------------------------------------------------------------------------------------------------------- Cabot Oil & Gas Corp., Cl. A 1,400 70,714 - ------------------------------------------------------------------------------------------------------- Callon Petroleum Co. 1 12,100 253,253 - ------------------------------------------------------------------------------------------------------- Capital Energy Resources Ltd. 1 24,500 115,914 - ------------------------------------------------------------------------------------------------------- Chamaelo Exploration Ltd. 1 2,080 14,225 - ------------------------------------------------------------------------------------------------------- Cimarex Energy Co. 1,2 12,781 579,363 - ------------------------------------------------------------------------------------------------------- Clear Energy, Inc. 1 36,133 173,749 - ------------------------------------------------------------------------------------------------------- Comstock Resources, Inc. 1 17,000 557,770 - ------------------------------------------------------------------------------------------------------- CONSOL Energy, Inc. 500 38,135 - ------------------------------------------------------------------------------------------------------- Crew Energy, Inc. 1 3,866 66,512 - ------------------------------------------------------------------------------------------------------- Cyries Energy, Inc. 1 1,940 29,605 - ------------------------------------------------------------------------------------------------------- Daylight Energy Trust 9,100 99,806 - ------------------------------------------------------------------------------------------------------- Duvernay Oil Corp. 1 4,500 163,935 - ------------------------------------------------------------------------------------------------------- Ember Resources, Inc. 1 7,887 48,306 - ------------------------------------------------------------------------------------------------------- Ember Resources, Inc. 1 9,700 55,527 - ------------------------------------------------------------------------------------------------------- Encore Acquisition Co. 1,2 21,600 839,160 - ------------------------------------------------------------------------------------------------------- Energy Partners Ltd. 1 12,800 399,616 - ------------------------------------------------------------------------------------------------------- Find Energy Ltd. 1,4 4,200 29,987 - ------------------------------------------------------------------------------------------------------- Find Energy Ltd. 1,4 28,100 200,628 - ------------------------------------------------------------------------------------------------------- Forest Oil Corp. 1 8,500 442,850 - ------------------------------------------------------------------------------------------------------- Frontier Oil Corp. 2 14,500 643,075 - ------------------------------------------------------------------------------------------------------- Galleon Energy, Inc., Cl. A 1 6,900 135,923 - ------------------------------------------------------------------------------------------------------- Galleon Energy, Inc., Subscription Receipts 1 7,500 147,742 - ------------------------------------------------------------------------------------------------------- Highpine Oil & Gas Ltd. 1 1,700 34,804 - ------------------------------------------------------------------------------------------------------- Holly Corp. 8,400 537,432 - ------------------------------------------------------------------------------------------------------- Houston Exploration Co. 1 14,700 988,575 - ------------------------------------------------------------------------------------------------------- Innova Exploration Ltd. 1 3,900 27,510 - ------------------------------------------------------------------------------------------------------- KCS Energy, Inc. 1,2 11,700 322,101 - ------------------------------------------------------------------------------------------------------- Mahalo Energy Ltd. 1,3 19,500 94,774 - ------------------------------------------------------------------------------------------------------- Maritrans, Inc. 4,200 134,400 - ------------------------------------------------------------------------------------------------------- Midnight Oil Exploration Ltd. 1 45,050 170,512 - ------------------------------------------------------------------------------------------------------- Mission Oil & Gas, Inc. 1 5,532 44,970 - ------------------------------------------------------------------------------------------------------- Mission Oil & Gas, Inc. 1,5 6,400 52,026 - ------------------------------------------------------------------------------------------------------- Newfield Exploration Co. 1 2,100 103,110 - ------------------------------------------------------------------------------------------------------- Overseas Shipholding Group, Inc. 300 17,499 - ------------------------------------------------------------------------------------------------------- Paramount Resources Ltd., Cl. A 1 25,200 741,368 - ------------------------------------------------------------------------------------------------------- Petroleum Development Corp. 1 9,000 345,060 - ------------------------------------------------------------------------------------------------------- Pogo Producing Co. 5,600 330,064 - ------------------------------------------------------------------------------------------------------- ProEx Energy Ltd. 1 1,940 29,989 - ------------------------------------------------------------------------------------------------------- ProspEx Resources Ltd. 1 33,020 107,936 - ------------------------------------------------------------------------------------------------------- Real Resources, Inc. 1 7,000 164,387 - ------------------------------------------------------------------------------------------------------- Remington Oil & Gas Corp. 1,2 16,200 672,300 - -------------------------------------------------------------------------------------------------------
8 Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - --------------------------------------------------------------------------------
Shares Value - ------------------------------------------------------------------------------------------------------- OIL & GAS CONTINUED Resource America, Inc., Cl. A 2 5,400 $ 95,742 - ------------------------------------------------------------------------------------------------------- Sequoia Oil & Gas Trust 275 4,956 - ------------------------------------------------------------------------------------------------------- Sequoia Oil & Gas Trust 3,600 64,877 - ------------------------------------------------------------------------------------------------------- Shiningbank Energy Income Fund 6,713 149,332 - ------------------------------------------------------------------------------------------------------- Spinnaker Exploration Co. 1 8,200 530,458 - ------------------------------------------------------------------------------------------------------- St. Mary Land & Exploration Co. 2 22,800 834,480 - ------------------------------------------------------------------------------------------------------- Stone Energy Corp. 1,2 13,300 811,832 - ------------------------------------------------------------------------------------------------------- Swift Energy Co. 1,2 20,200 924,150 - ------------------------------------------------------------------------------------------------------- Tesoro Corp. 6,100 410,164 - ------------------------------------------------------------------------------------------------------- Thunder Energy Trust 11,833 138,026 - ------------------------------------------------------------------------------------------------------- TKE Energy Trust 14,000 133,196 - ------------------------------------------------------------------------------------------------------- TransMontaigne, Inc. 1 13,900 111,061 - ------------------------------------------------------------------------------------------------------- Trilogy Energy Trust 9,800 235,200 - ------------------------------------------------------------------------------------------------------- True Energy, Inc. 1 15,000 76,129 - ------------------------------------------------------------------------------------------------------- Tusk Energy Corp. 1 26,300 109,498 - ------------------------------------------------------------------------------------------------------- Tusk Energy Corp. 1,5 21,300 88,681 - ------------------------------------------------------------------------------------------------------- USEC, Inc. 2 15,900 177,444 - ------------------------------------------------------------------------------------------------------- Vault Energy Trust 5,200 61,416 - ------------------------------------------------------------------------------------------------------- Vintage Petroleum, Inc. 17,000 776,220 - ------------------------------------------------------------------------------------------------------- West Energy Ltd. 1 8,600 60,736 - ------------------------------------------------------------------------------------------------------- White Fire Energy Ltd. 1 275 766 - ------------------------------------------------------------------------------------------------------- White Fire Energy Ltd. 1 3,600 10,034 - ------------------------------------------------------------------------------------------------------- Whiting Petroleum Corp. 1,2 9,800 429,632 - ------------------------------------------------------------------------------------------------------- Zenas Energy Corp. 1 17,437 95,247 --------------- 17,652,676 - ------------------------------------------------------------------------------------------------------- FINANCIALS--16.3% - ------------------------------------------------------------------------------------------------------- CAPITAL MARKETS--0.4% GAMCO Investors, Inc., Cl. A 2 4,500 206,325 - ------------------------------------------------------------------------------------------------------- Greenhill & Co., Inc. 2 4,500 187,605 - ------------------------------------------------------------------------------------------------------- National Financial Partners Corp. 11,300 510,082 - ------------------------------------------------------------------------------------------------------- Refco, Inc. 1 5,700 161,139 - ------------------------------------------------------------------------------------------------------- SWS Group, Inc. 8,400 137,760 --------------- 1,202,911 - ------------------------------------------------------------------------------------------------------- COMMERCIAL BANKS--5.1% Amcore Financial, Inc. 1,300 40,573 - ------------------------------------------------------------------------------------------------------- AmericanWest Bancorporation 1 1,310 30,287 - ------------------------------------------------------------------------------------------------------- Anchor BanCorp Wisconsin, Inc. 2 4,300 126,764 - ------------------------------------------------------------------------------------------------------- Astoria Financial Corp. 15,550 410,831 - ------------------------------------------------------------------------------------------------------- BancFirst Corp. 500 42,500 - ------------------------------------------------------------------------------------------------------- BancorpSouth, Inc. 2 12,000 274,200 - ------------------------------------------------------------------------------------------------------- Bank of Hawaii Corp. 5,600 275,632 - ------------------------------------------------------------------------------------------------------- BankAtlantic Bancorp, Inc. 8,800 149,512 - ------------------------------------------------------------------------------------------------------- Banner Corp. 1,000 26,640 - ------------------------------------------------------------------------------------------------------- Berkshire Hills Bancorp, Inc. 1,200 40,800 - ------------------------------------------------------------------------------------------------------- BOK Financial Corp. 2,000 96,340 - ------------------------------------------------------------------------------------------------------- Camden National Corp. 300 11,301 - -------------------------------------------------------------------------------------------------------
9 Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - --------------------------------------------------------------------------------
Shares Value - ------------------------------------------------------------------------------------------------------- COMMERCIAL BANKS CONTINUED Capital Corp. of the West 2 720 $ 21,996 - ------------------------------------------------------------------------------------------------------- Capital Crossing Bank 1 700 24,318 - ------------------------------------------------------------------------------------------------------- Capitol Bancorp Ltd. 1,200 38,880 - ------------------------------------------------------------------------------------------------------- Central Pacific Financial Corp. 2 5,900 207,562 - ------------------------------------------------------------------------------------------------------- Chemical Financial Corp. 991 32,208 - ------------------------------------------------------------------------------------------------------- Chittenden Corp. 10,100 267,751 - ------------------------------------------------------------------------------------------------------- Citizens First Bancorp, Inc. 2,400 51,216 - ------------------------------------------------------------------------------------------------------- City Holding Co. 2 8,500 303,960 - ------------------------------------------------------------------------------------------------------- City National Corp. 1,600 112,144 - ------------------------------------------------------------------------------------------------------- Columbia Banking System, Inc. 6,290 164,987 - ------------------------------------------------------------------------------------------------------- Commerce Bancshares, Inc. 2 4,100 211,068 - ------------------------------------------------------------------------------------------------------- Commercial Federal Corp. 2 3,700 126,318 - ------------------------------------------------------------------------------------------------------- Community Bank System, Inc. 2 25,800 583,080 - ------------------------------------------------------------------------------------------------------- Community Banks, Inc. 2 1,408 39,579 - ------------------------------------------------------------------------------------------------------- Community Trust Bancorp, Inc. 2,015 64,843 - ------------------------------------------------------------------------------------------------------- Corus Bankshares, Inc. 6,300 345,429 - ------------------------------------------------------------------------------------------------------- Cullen/Frost Bankers, Inc. 2,300 113,482 - ------------------------------------------------------------------------------------------------------- Dime Community Bancshares, Inc. 2 1,012 14,897 - ------------------------------------------------------------------------------------------------------- Downey Financial Corp. 5,700 347,130 - ------------------------------------------------------------------------------------------------------- F.N.B. Corp. 2 2,600 44,928 - ------------------------------------------------------------------------------------------------------- Fidelity Bankshares, Inc. 2 324 9,898 - ------------------------------------------------------------------------------------------------------- First BanCorp 2 8,600 145,512 - ------------------------------------------------------------------------------------------------------- First Citizens BancShares, Inc., Cl. A 900 153,585 - ------------------------------------------------------------------------------------------------------- First Commonwealth Financial Corp. 30,200 402,566 - ------------------------------------------------------------------------------------------------------- First Community Bancorp 1,100 52,613 - ------------------------------------------------------------------------------------------------------- First Defiance Financial Corp. 1,600 43,888 - ------------------------------------------------------------------------------------------------------- First Financial Bancorp 2 1,900 35,340 - ------------------------------------------------------------------------------------------------------- First Financial Corp. 300 8,100 - ------------------------------------------------------------------------------------------------------- First Financial Holdings, Inc. 2,900 89,088 - ------------------------------------------------------------------------------------------------------- First Midwest Bancorp, Inc. 2 4,800 178,752 - ------------------------------------------------------------------------------------------------------- First Place Financial Corp. 2 5,900 130,803 - ------------------------------------------------------------------------------------------------------- First Republic Bank 8,000 281,840 - ------------------------------------------------------------------------------------------------------- First Security Group, Inc. 1,2 24,900 244,892 - ------------------------------------------------------------------------------------------------------- First South Bancorp, Inc. 2 400 13,324 - ------------------------------------------------------------------------------------------------------- FirstFed Financial Corp. 1,2 10,800 581,148 - ------------------------------------------------------------------------------------------------------- FirstMerit Corp. 4,000 107,160 - ------------------------------------------------------------------------------------------------------- GB&T Bancshares, Inc. 2 400 8,492 - ------------------------------------------------------------------------------------------------------- Greater Bay Bancorp 9,100 224,224 - ------------------------------------------------------------------------------------------------------- Greene County Bancshares, Inc. 3,500 90,580 - ------------------------------------------------------------------------------------------------------- Hancock Holding Co. 1,700 58,038 - ------------------------------------------------------------------------------------------------------- Hanmi Financial Corp. 5,000 89,750 - ------------------------------------------------------------------------------------------------------- Harbor Florida Bancshares, Inc. 2 8,500 308,295 - ------------------------------------------------------------------------------------------------------- Hibernia Corp., Cl. A 6,000 180,240 - ------------------------------------------------------------------------------------------------------- Horizon Financial Corp. 200 4,400 - ------------------------------------------------------------------------------------------------------- Hudson United Bancorp 1,000 42,330 - ------------------------------------------------------------------------------------------------------- Independent Bank Corp. 10,650 309,276 - ------------------------------------------------------------------------------------------------------- Indymac Mortgage Holdings, Inc. 11,300 447,254 - -------------------------------------------------------------------------------------------------------
10 Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - --------------------------------------------------------------------------------
Shares Value - ------------------------------------------------------------------------------------------------------- COMMERCIAL BANKS CONTINUED ITLA Capital Corp. 1 900 $ 47,241 - ------------------------------------------------------------------------------------------------------- MAF Bancorp, Inc. 6,100 250,100 - ------------------------------------------------------------------------------------------------------- MainSource Financial Group, Inc. 2 3,483 61,754 - ------------------------------------------------------------------------------------------------------- Mercantile Bankshares Corp. 200 10,776 - ------------------------------------------------------------------------------------------------------- NASB Financial, Inc. 2 600 24,000 - ------------------------------------------------------------------------------------------------------- National Bankshares, Inc. 400 18,768 - ------------------------------------------------------------------------------------------------------- NBT Bancorp, Inc. 2 1,600 37,744 - ------------------------------------------------------------------------------------------------------- Net.B@nk, Inc. 13,300 110,523 - ------------------------------------------------------------------------------------------------------- Old National Bancorp 2 4,200 89,124 - ------------------------------------------------------------------------------------------------------- Pacific Capital Bancorp 25,410 845,899 - ------------------------------------------------------------------------------------------------------- People's Bank 2,450 71,001 - ------------------------------------------------------------------------------------------------------- PFF Bancorp, Inc. 2 12,910 390,657 - ------------------------------------------------------------------------------------------------------- Preferred Bank 100 4,019 - ------------------------------------------------------------------------------------------------------- PrivateBancorp, Inc. 2 2,400 82,272 - ------------------------------------------------------------------------------------------------------- Provident Bankshares Corp. 14,451 502,606 - ------------------------------------------------------------------------------------------------------- Provident Financial Holdings, Inc. 900 25,245 - ------------------------------------------------------------------------------------------------------- Republic Bancorp, Inc. 957 13,532 - ------------------------------------------------------------------------------------------------------- Republic Bancorp, Inc., Cl. A 2 3,838 80,291 - ------------------------------------------------------------------------------------------------------- Seacoast Banking Corp. of Florida 2 1,130 26,476 - ------------------------------------------------------------------------------------------------------- Sound Federal Bancorp, Inc. 100 1,671 - ------------------------------------------------------------------------------------------------------- Southside Bancshares, Inc. 2 31 589 - ------------------------------------------------------------------------------------------------------- Southwest Bancorp, Inc. 2,300 50,531 - ------------------------------------------------------------------------------------------------------- State Bancorp, Inc. 1,294 23,188 - ------------------------------------------------------------------------------------------------------- State Financial Services Corp. 7,800 284,856 - ------------------------------------------------------------------------------------------------------- Sterling Bancorp 2 1,660 37,367 - ------------------------------------------------------------------------------------------------------- Sterling Bancshares, Inc. 7,100 104,441 - ------------------------------------------------------------------------------------------------------- Sterling Financial Corp., Western US 28,076 633,103 - ------------------------------------------------------------------------------------------------------- Sterling Financial Corp., Eastern US 100 2,015 - ------------------------------------------------------------------------------------------------------- Susquehanna Bancshares, Inc. 3,200 76,928 - ------------------------------------------------------------------------------------------------------- SVB Financial Group 1,2 15,100 734,464 - ------------------------------------------------------------------------------------------------------- Taylor Capital Group, Inc. 2,100 79,422 - ------------------------------------------------------------------------------------------------------- TCF Financial Corp. 12,800 342,400 - ------------------------------------------------------------------------------------------------------- TierOne Corp. 2 6,500 171,015 - ------------------------------------------------------------------------------------------------------- UMB Financial Corp. 1,700 111,656 - ------------------------------------------------------------------------------------------------------- Union Bankshares Corp. 900 37,602 - ------------------------------------------------------------------------------------------------------- United Community Financial Corp. 900 10,098 - ------------------------------------------------------------------------------------------------------- Vineyard National Bancorp Co. 2 1,200 35,460 - ------------------------------------------------------------------------------------------------------- W. Holding Co., Inc. 9,500 90,820 - ------------------------------------------------------------------------------------------------------- Webster Financial Corp. 8,000 359,680 - ------------------------------------------------------------------------------------------------------- WesBanco, Inc. 3,200 88,000 - ------------------------------------------------------------------------------------------------------- Whitney Holding Corp. 5,550 150,072 - ------------------------------------------------------------------------------------------------------- Wilmington Trust Corp. 4,200 153,090 - ------------------------------------------------------------------------------------------------------- WSFS Financial Corp. 4,400 259,116 --------------- 15,412,156 - ------------------------------------------------------------------------------------------------------- CONSUMER FINANCE--0.2% ASTA Funding, Inc. 2 10,800 327,888 - -------------------------------------------------------------------------------------------------------
11 Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - --------------------------------------------------------------------------------
Shares Value - ------------------------------------------------------------------------------------------------------- CONSUMER FINANCE CONTINUED Nelnet, Inc., Cl. A 1,2 4,900 $ 186,249 --------------- 514,137 - ------------------------------------------------------------------------------------------------------- DIVERSIFIED FINANCIAL SERVICES--1.8% Ace Cash Express, Inc. 1,2 400 7,804 - ------------------------------------------------------------------------------------------------------- Advanta Corp., Cl. B 2 16,700 471,441 - ------------------------------------------------------------------------------------------------------- Affiliated Managers Group, Inc. 1,2 3,900 282,438 - ------------------------------------------------------------------------------------------------------- American Capital Strategies Ltd. 11,800 432,588 - ------------------------------------------------------------------------------------------------------- AmeriCredit Corp. 1 16,500 393,855 - ------------------------------------------------------------------------------------------------------- Apollo Investment Corp. 21,200 419,760 - ------------------------------------------------------------------------------------------------------- Asset Acceptance Capital Corp. 1,2 10,200 305,694 - ------------------------------------------------------------------------------------------------------- Cash America International, Inc. 2 5,900 122,425 - ------------------------------------------------------------------------------------------------------- CompuCredit Corp. 1,2 15,100 670,742 - ------------------------------------------------------------------------------------------------------- Encore Capital Group, Inc. 1 3,900 69,576 - ------------------------------------------------------------------------------------------------------- First Cash Financial Services, Inc. 1,2 5,500 144,760 - ------------------------------------------------------------------------------------------------------- Investment Technology Group, Inc. 1,2 28,100 831,760 - ------------------------------------------------------------------------------------------------------- Ladenburg Thalmann Financial Services, Inc. 1 768 468 - ------------------------------------------------------------------------------------------------------- Lazard Ltd., Cl. A 2 3,400 86,020 - ------------------------------------------------------------------------------------------------------- Medallion Financial Corp. 3,200 31,712 - ------------------------------------------------------------------------------------------------------- Metris Cos., Inc. 1 9,700 141,911 - ------------------------------------------------------------------------------------------------------- Providian Financial Corp. 1 12,200 215,696 - ------------------------------------------------------------------------------------------------------- Raymond James Financial, Inc. 1,000 32,120 - ------------------------------------------------------------------------------------------------------- Sanders Morris Harris Group, Inc. 2 3,500 57,225 - ------------------------------------------------------------------------------------------------------- Student Loan Corp. (The) 1,100 260,568 - ------------------------------------------------------------------------------------------------------- United PanAm Financial Corp. 1,2 800 19,976 - ------------------------------------------------------------------------------------------------------- WFS Financial, Inc. 4,600 309,074 - ------------------------------------------------------------------------------------------------------- World Acceptance Corp. 1 6,900 175,329 --------------- 5,482,942 - ------------------------------------------------------------------------------------------------------- INSURANCE--6.4% 21st Century Insurance Group 2 900 14,355 - ------------------------------------------------------------------------------------------------------- Affirmative Insurance Holdings, Inc. 3,600 52,416 - ------------------------------------------------------------------------------------------------------- Alfa Corp. 6,800 113,424 - ------------------------------------------------------------------------------------------------------- Allmerica Financial Corp. 1 6,800 279,752 - ------------------------------------------------------------------------------------------------------- American Equity Investment Life Holding Co. 2 15,600 177,060 - ------------------------------------------------------------------------------------------------------- American Financial Group, Inc. 10,000 339,300 - ------------------------------------------------------------------------------------------------------- American Physicians Capital, Inc. 1 5,800 284,954 - ------------------------------------------------------------------------------------------------------- AmerUs Group Co. 13,200 757,284 - ------------------------------------------------------------------------------------------------------- Arch Capital Group Ltd. 1 12,100 600,039 - ------------------------------------------------------------------------------------------------------- Argonaut Group, Inc. 1,2 10,100 272,801 - ------------------------------------------------------------------------------------------------------- Aspen Insurance Holdings Ltd. 12,100 357,555 - ------------------------------------------------------------------------------------------------------- Assurant, Inc. 9,900 376,794 - ------------------------------------------------------------------------------------------------------- Baldwin & Lyons, Inc., Cl. B, Non-Vtg. 2 600 15,018 - ------------------------------------------------------------------------------------------------------- Berkley (W.R.) Corp. 9,700 382,956 - ------------------------------------------------------------------------------------------------------- Bristol West Holdings, Inc. 2 7,600 138,700 - ------------------------------------------------------------------------------------------------------- Clark, Inc. 700 11,781 - ------------------------------------------------------------------------------------------------------- Commerce Group, Inc. (The) 3,400 197,268 - -------------------------------------------------------------------------------------------------------
12 Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - --------------------------------------------------------------------------------
Shares Value - ------------------------------------------------------------------------------------------------------- INSURANCE CONTINUED Delphi Financial Group, Inc., Cl. A 2 11,800 $ 552,240 - ------------------------------------------------------------------------------------------------------- Direct General Corp. 2 4,300 84,839 - ------------------------------------------------------------------------------------------------------- Donegal Group, Inc., Cl. A 2 5,601 121,542 - ------------------------------------------------------------------------------------------------------- Fidelity National Financial, Inc. 779 34,681 - ------------------------------------------------------------------------------------------------------- First American Corp. (The) 9,800 447,566 - ------------------------------------------------------------------------------------------------------- FPIC Insurance Group, Inc. 1,2 5,700 205,143 - ------------------------------------------------------------------------------------------------------- Great American Financial Resources, Inc. 3,000 60,000 - ------------------------------------------------------------------------------------------------------- HCC Insurance Holdings, Inc. 16,400 467,892 - ------------------------------------------------------------------------------------------------------- Hilb, Rogal & Hamilton Co. 2 3,600 134,352 - ------------------------------------------------------------------------------------------------------- Horace Mann Educators Corp. 30,700 607,246 - ------------------------------------------------------------------------------------------------------- Independence Holding Co. 640 11,648 - ------------------------------------------------------------------------------------------------------- Infinity Property & Casualty Corp. 14,400 505,296 - ------------------------------------------------------------------------------------------------------- IPC Holdings Ltd. 700 22,855 - ------------------------------------------------------------------------------------------------------- James River Group, Inc. 1 3,900 68,640 - ------------------------------------------------------------------------------------------------------- LandAmerica Financial Group, Inc. 2 14,600 943,890 - ------------------------------------------------------------------------------------------------------- Markel Corp. 1 200 66,100 - ------------------------------------------------------------------------------------------------------- Mercury General Corp. 2,100 125,979 - ------------------------------------------------------------------------------------------------------- National Western Life Insurance Co., Cl. A 1 500 105,625 - ------------------------------------------------------------------------------------------------------- Odyssey Re Holdings Corp. 2 16,000 408,640 - ------------------------------------------------------------------------------------------------------- Ohio Casualty Corp. 37,500 1,017,000 - ------------------------------------------------------------------------------------------------------- Old Republic International Corp. 14,300 381,381 - ------------------------------------------------------------------------------------------------------- Partnerre Holdings Ltd. 2,600 166,530 - ------------------------------------------------------------------------------------------------------- Philadelphia Consolidated Holding Co. 1 5,700 483,930 - ------------------------------------------------------------------------------------------------------- Phoenix Cos., Inc. (The) 2 29,500 359,900 - ------------------------------------------------------------------------------------------------------- Presidential Life Corp. 2 3,000 54,000 - ------------------------------------------------------------------------------------------------------- ProAssurance Corp. 1 8,900 415,363 - ------------------------------------------------------------------------------------------------------- ProCentury Corp. 10,400 106,496 - ------------------------------------------------------------------------------------------------------- Protective Life Corp. 8,000 329,440 - ------------------------------------------------------------------------------------------------------- Pxre Group Ltd. 2 900 12,114 - ------------------------------------------------------------------------------------------------------- Reinsurance Group of America, Inc. 300 13,410 - ------------------------------------------------------------------------------------------------------- Republic Cos. Group, Inc. 24,700 312,702 - ------------------------------------------------------------------------------------------------------- RLI Corp. 2 15,600 721,656 - ------------------------------------------------------------------------------------------------------- Safety Insurance Group, Inc. 2 7,500 266,925 - ------------------------------------------------------------------------------------------------------- Selective Insurance Group, Inc. 2 18,600 909,540 - ------------------------------------------------------------------------------------------------------- StanCorp Financial Group, Inc. 7,300 614,660 - ------------------------------------------------------------------------------------------------------- State Auto Financial Corp. 9,100 287,924 - ------------------------------------------------------------------------------------------------------- Stewart Information Services Corp. 12,800 655,360 - ------------------------------------------------------------------------------------------------------- Triad Guaranty, Inc. 1 700 27,454 - ------------------------------------------------------------------------------------------------------- UICI 11,900 428,400 - ------------------------------------------------------------------------------------------------------- United America Indemnity Ltd., Cl. A 1 1,006 18,460 - ------------------------------------------------------------------------------------------------------- United Fire & Casualty Co. 2 13,600 613,496 - ------------------------------------------------------------------------------------------------------- Unitrin, Inc. 7,300 346,458 - ------------------------------------------------------------------------------------------------------- Universal American Financial Corp. 1 34,000 773,160 - ------------------------------------------------------------------------------------------------------- Vesta Insurance Group, Inc. 1 700 1,421 - ------------------------------------------------------------------------------------------------------- Zenith National Insurance Corp. 12,400 777,356 --------------- 19,440,167
13 Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - --------------------------------------------------------------------------------
Shares Value - ------------------------------------------------------------------------------------------------------- REAL ESTATE--2.0% Acadia Realty Trust 1,100 $ 19,789 - ------------------------------------------------------------------------------------------------------- Agree Realty Corp. 2 4,600 129,950 - ------------------------------------------------------------------------------------------------------- Alexandria Real Estate Equities, Inc. 1,100 90,959 - ------------------------------------------------------------------------------------------------------- Amli Residential Properties Trust 2 800 25,656 - ------------------------------------------------------------------------------------------------------- Arden Realty, Inc. 2,500 102,925 - ------------------------------------------------------------------------------------------------------- Associated Estates Realty Corp. 2,000 19,600 - ------------------------------------------------------------------------------------------------------- Brandywine Realty Trust 4,600 143,014 - ------------------------------------------------------------------------------------------------------- Camden Property Trust 800 44,600 - ------------------------------------------------------------------------------------------------------- Capital Automotive REIT 1,500 58,065 - ------------------------------------------------------------------------------------------------------- Capstead Mortgage Corp. 2 1,100 7,601 - ------------------------------------------------------------------------------------------------------- CarrAmerica Realty Corp. 1,900 68,305 - ------------------------------------------------------------------------------------------------------- CB Richard Ellis Group, Inc., Cl. A 1 7,500 369,000 - ------------------------------------------------------------------------------------------------------- CBL & Associates Properties, Inc. 2,800 114,772 - ------------------------------------------------------------------------------------------------------- Colonial Properties Trust 2 1,454 64,674 - ------------------------------------------------------------------------------------------------------- Consolidated-Tomoka Land Co. 2,000 136,000 - ------------------------------------------------------------------------------------------------------- Corporate Office Properties Trust 3,100 108,345 - ------------------------------------------------------------------------------------------------------- Correctional Properties Trust 1,300 38,233 - ------------------------------------------------------------------------------------------------------- Entertainment Properties Trust 600 26,778 - ------------------------------------------------------------------------------------------------------- Equity Inns, Inc. 9,200 124,200 - ------------------------------------------------------------------------------------------------------- Federal Realty Investment Trust 1,300 79,209 - ------------------------------------------------------------------------------------------------------- First Industrial Realty Trust, Inc. 2 2,800 112,140 - ------------------------------------------------------------------------------------------------------- Forest City Enterprises, Inc., Cl. A 3,600 137,160 - ------------------------------------------------------------------------------------------------------- Friedman, Billings, Ramsey Group, Inc., Cl. A 2 3,800 38,722 - ------------------------------------------------------------------------------------------------------- Getty Realty Corp. 2 2,100 60,438 - ------------------------------------------------------------------------------------------------------- Glenborough Realty Trust, Inc. 800 15,360 - ------------------------------------------------------------------------------------------------------- Glimcher Realty Trust 2 2,100 51,387 - ------------------------------------------------------------------------------------------------------- Health Care REIT, Inc. 3,000 111,270 - ------------------------------------------------------------------------------------------------------- Healthcare Realty Trust, Inc. 2 3,100 124,434 - ------------------------------------------------------------------------------------------------------- Heritage Property Investment Trust 2 2,100 73,500 - ------------------------------------------------------------------------------------------------------- Highwoods Properties, Inc. 2,300 67,873 - ------------------------------------------------------------------------------------------------------- HRPT Properties Trust 2 4,300 53,363 - ------------------------------------------------------------------------------------------------------- Jones Lang LaSalle, Inc. 18,300 842,898 - ------------------------------------------------------------------------------------------------------- Kilroy Realty Corp. 2,200 123,266 - ------------------------------------------------------------------------------------------------------- Lexington Corporate Properties Trust 5,700 134,235 - ------------------------------------------------------------------------------------------------------- LTC Properties, Inc. 1,000 21,200 - ------------------------------------------------------------------------------------------------------- Macerich Co. (The) 600 38,964 - ------------------------------------------------------------------------------------------------------- Mack-Cali Realty Corp. 1,500 67,410 - ------------------------------------------------------------------------------------------------------- Maguire Properties, Inc. 1,400 42,070 - ------------------------------------------------------------------------------------------------------- Mid-America Apartment Communities, Inc. 2,200 102,322 - ------------------------------------------------------------------------------------------------------- Mills Corp. 1,900 104,652 - ------------------------------------------------------------------------------------------------------- Nationwide Health Properties, Inc. 2 3,800 88,540 - ------------------------------------------------------------------------------------------------------- Omega Healthcare Investors, Inc. 1,100 15,312 - ------------------------------------------------------------------------------------------------------- Pan Pacific Retail Properties, Inc. 1,300 85,670 - ------------------------------------------------------------------------------------------------------- Parkway Properties, Inc. 500 23,460 - ------------------------------------------------------------------------------------------------------- Pennsylvania Real Estate Investment Trust 3,100 130,758 - ------------------------------------------------------------------------------------------------------- Prentiss Properties Trust 600 24,360 - ------------------------------------------------------------------------------------------------------- PS Business Parks, Inc. 500 22,900 - ------------------------------------------------------------------------------------------------------- RAIT Investment Trust 600 17,100 - -------------------------------------------------------------------------------------------------------
14 Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - --------------------------------------------------------------------------------
Shares Value - ------------------------------------------------------------------------------------------------------- REAL ESTATE CONTINUED Ramco-Gershenson Properties Trust 2,100 $ 61,299 - ------------------------------------------------------------------------------------------------------- Realty Income Corp. 2 1,500 35,865 - ------------------------------------------------------------------------------------------------------- Redwood Trust, Inc. 2 800 38,888 - ------------------------------------------------------------------------------------------------------- Regency Centers Corp. 800 45,960 - ------------------------------------------------------------------------------------------------------- Senior Housing Properties Trust 2 3,200 60,800 - ------------------------------------------------------------------------------------------------------- Simon Property Group, Inc. 158 11,711 - ------------------------------------------------------------------------------------------------------- SL Green Realty Corp. 1,100 74,998 - ------------------------------------------------------------------------------------------------------- Spirit Finance Corp. 12,400 139,500 - ------------------------------------------------------------------------------------------------------- Stratus Properties, Inc. 1 1,500 28,125 - ------------------------------------------------------------------------------------------------------- Tanger Factory Outlet Centers, Inc. 4,800 133,488 - ------------------------------------------------------------------------------------------------------- Town & Country Trust 2 900 26,118 - ------------------------------------------------------------------------------------------------------- Trammell Crow Co. 1 17,000 419,560 - ------------------------------------------------------------------------------------------------------- Trizec Properties, Inc. 1,600 36,896 - ------------------------------------------------------------------------------------------------------- United Capital Corp. 1,2 400 9,384 - ------------------------------------------------------------------------------------------------------- United Dominion Realty Trust, Inc. 2,400 56,880 - ------------------------------------------------------------------------------------------------------- Ventas, Inc. 1,900 61,180 - ------------------------------------------------------------------------------------------------------- W.P. Carey & Co. LLC 1,500 40,380 - ------------------------------------------------------------------------------------------------------- Weingarten Realty Investors 1,900 71,915 --------------- 5,855,386 - ------------------------------------------------------------------------------------------------------- THRIFTS & MORTGAGE FINANCE--0.4% Accredited Home Lenders Holding Co. 1,2 3,600 126,576 - ------------------------------------------------------------------------------------------------------- Bank Mutual Corp. 2 17,536 187,986 - ------------------------------------------------------------------------------------------------------- Clifton Savings Bancorp, Inc. 2 300 3,090 - ------------------------------------------------------------------------------------------------------- Commercial Capital Bancorp, Inc. 2 900 15,300 - ------------------------------------------------------------------------------------------------------- Fremont General Corp. 2 7,900 172,457 - ------------------------------------------------------------------------------------------------------- KBNT Bancorp, Inc. 2 1,900 29,583 - ------------------------------------------------------------------------------------------------------- PMI Group, Inc. (The) 8,000 318,960 - ------------------------------------------------------------------------------------------------------- Radian Group, Inc. 8,500 451,350 --------------- 1,305,302 - ------------------------------------------------------------------------------------------------------- HEALTH CARE--11.9% - ------------------------------------------------------------------------------------------------------- BIOTECHNOLOGY--1.5% Aastrom Biosciences, Inc. 1,2 3,500 8,225 - ------------------------------------------------------------------------------------------------------- Acadia Pharmaceuticals, Inc. 1,2 3,200 36,384 - ------------------------------------------------------------------------------------------------------- Albany Molecular Research, Inc. 1,2 13,900 169,302 - ------------------------------------------------------------------------------------------------------- Alexion Pharmaceuticals, Inc. 1,2 4,400 121,792 - ------------------------------------------------------------------------------------------------------- Alkermes, Inc. 1 5,700 95,760 - ------------------------------------------------------------------------------------------------------- Anadys Pharmaceuticals, Inc. 1 2,100 22,407 - ------------------------------------------------------------------------------------------------------- Applera Corp./Applied Biosystems Group 20,600 478,744 - ------------------------------------------------------------------------------------------------------- Arena Pharmaceuticals, Inc. 1 12,100 119,790 - ------------------------------------------------------------------------------------------------------- ArQule, Inc. 1,2 9,300 72,819 - ------------------------------------------------------------------------------------------------------- Array BioPharma, Inc. 1,2 16,300 117,034 - ------------------------------------------------------------------------------------------------------- BioMarin Pharmaceutical, Inc. 1,2 9,200 80,316 - ------------------------------------------------------------------------------------------------------- Cotherix, Inc. 1,2 2,900 40,455 - ------------------------------------------------------------------------------------------------------- Cubist Pharmaceuticals, Inc. 1,2 1,300 28,002 - ------------------------------------------------------------------------------------------------------- CV Therapeutics, Inc. 1,2 5,800 155,150 - -------------------------------------------------------------------------------------------------------
15 Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - --------------------------------------------------------------------------------
Shares Value - ------------------------------------------------------------------------------------------------------- BIOTECHNOLOGY CONTINUED Human Genome Sciences, Inc. 1,2 2,200 $ 29,898 - ------------------------------------------------------------------------------------------------------- ID Biomedical Corp. 1 7,800 234,390 - ------------------------------------------------------------------------------------------------------- Idenix Pharmaceuticals, Inc. 1,2 3,900 97,890 - ------------------------------------------------------------------------------------------------------- ImmunoGen, Inc. 1,2 2,300 16,882 - ------------------------------------------------------------------------------------------------------- Invitrogen Corp. 1,2 4,400 331,012 - ------------------------------------------------------------------------------------------------------- Medarex, Inc. 1 4,400 41,888 - ------------------------------------------------------------------------------------------------------- Myriad Genetics, Inc. 1,2 8,500 185,810 - ------------------------------------------------------------------------------------------------------- NeoPharm, Inc. 1,2 3,100 38,440 - ------------------------------------------------------------------------------------------------------- Northfield Laboratories, Inc. 1 1,600 20,640 - ------------------------------------------------------------------------------------------------------- Orchid Cellmark, Inc. 1,2 3,900 33,150 - ------------------------------------------------------------------------------------------------------- Progenics Pharmaceuticals, Inc. 1,2 1,000 23,710 - ------------------------------------------------------------------------------------------------------- Protein Design Labs, Inc. 1 1,300 36,400 - ------------------------------------------------------------------------------------------------------- Senomyx, Inc. 1,2 3,700 63,011 - ------------------------------------------------------------------------------------------------------- Techne Corp. 1 10,200 581,196 - ------------------------------------------------------------------------------------------------------- Third Wave Technologies, Inc. 1,2 18,500 91,575 - ------------------------------------------------------------------------------------------------------- United Therapeutics Corp. 1,2 10,500 732,900 - ------------------------------------------------------------------------------------------------------- Vertex Pharmaceuticals, Inc. 1,2 7,600 169,860 - ------------------------------------------------------------------------------------------------------- ViroPharma, Inc. 1,2 8,900 185,120 --------------- 4,459,952 - ------------------------------------------------------------------------------------------------------- HEALTH CARE EQUIPMENT & SUPPLIES--3.7% Adeza Biomedical Corp. 1,2 300 5,223 - ------------------------------------------------------------------------------------------------------- Advanced Neuromodulation Systems, Inc. 1,2 7,200 341,712 - ------------------------------------------------------------------------------------------------------- American Medical Systems Holdings, Inc. 1 20,800 419,120 - ------------------------------------------------------------------------------------------------------- Analogic Corp. 2 3,000 151,230 - ------------------------------------------------------------------------------------------------------- Anika Therapeutics, Inc. 1 5,300 62,646 - ------------------------------------------------------------------------------------------------------- Arrow International, Inc. 2,300 64,860 - ------------------------------------------------------------------------------------------------------- Aspect Medical Systems, Inc. 1,2 13,700 405,931 - ------------------------------------------------------------------------------------------------------- Bausch & Lomb, Inc. 4,800 387,264 - ------------------------------------------------------------------------------------------------------- Bio-Rad Laboratories, Inc., Cl. A 1 2,600 142,974 - ------------------------------------------------------------------------------------------------------- ConMed Corp. 1,2 11,000 306,680 - ------------------------------------------------------------------------------------------------------- Cutera, Inc. 1,2 12,100 313,874 - ------------------------------------------------------------------------------------------------------- Dade Behring Holdings, Inc. 7,700 282,282 - ------------------------------------------------------------------------------------------------------- Diagnostic Products Corp. 2,800 147,644 - ------------------------------------------------------------------------------------------------------- DJ Orthopedics, Inc. 1,2 12,700 367,538 - ------------------------------------------------------------------------------------------------------- Edwards Lifesciences Corp. 1 7,300 324,193 - ------------------------------------------------------------------------------------------------------- Greatbatch, Inc. 1,2 900 24,696 - ------------------------------------------------------------------------------------------------------- Haemonetics Corp. 1,2 15,600 741,468 - ------------------------------------------------------------------------------------------------------- HealthTronics, Inc. 1 1,100 10,956 - ------------------------------------------------------------------------------------------------------- Hologic, Inc. 1,2 14,800 854,700 - ------------------------------------------------------------------------------------------------------- Inamed Corp. 1 1,150 87,032 - ------------------------------------------------------------------------------------------------------- Intuitive Surgical, Inc. 1,2 12,100 886,809 - ------------------------------------------------------------------------------------------------------- Kensey Nash Corp. 1,2 500 15,330 - ------------------------------------------------------------------------------------------------------- Kyphon, Inc. 1,2 4,800 210,912 - -------------------------------------------------------------------------------------------------------
16 Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - --------------------------------------------------------------------------------
Shares Value - ------------------------------------------------------------------------------------------------------- HEALTH CARE EQUIPMENT & SUPPLIES CONTINUED LifeCell Corp. 1,2 8,000 $ 173,040 - ------------------------------------------------------------------------------------------------------- Lifeline Systems, Inc. 1,2 4,200 140,406 - ------------------------------------------------------------------------------------------------------- Matthews International Corp., Cl. A 2 3,700 139,823 - ------------------------------------------------------------------------------------------------------- Medical Action Industries, Inc. 1 1,300 22,308 - ------------------------------------------------------------------------------------------------------- Mentor Corp. 2 14,200 781,142 - ------------------------------------------------------------------------------------------------------- Meridian Bioscience, Inc. 2 20,800 430,560 - ------------------------------------------------------------------------------------------------------- NuVasive, Inc. 1,2 2,600 48,724 - ------------------------------------------------------------------------------------------------------- OraSure Technologies, Inc. 1,2 25,800 243,294 - ------------------------------------------------------------------------------------------------------- Respironics, Inc. 1 3,100 130,758 - ------------------------------------------------------------------------------------------------------- Somanetics Corp. 1,2 4,300 107,500 - ------------------------------------------------------------------------------------------------------- SonoSite, Inc. 1,2 4,400 130,592 - ------------------------------------------------------------------------------------------------------- SurModics, Inc. 1,2 2,800 108,332 - ------------------------------------------------------------------------------------------------------- Sybron Dental Specialties, Inc. 1 11,800 490,644 - ------------------------------------------------------------------------------------------------------- Syneron Medical Ltd. 1,2 1,200 43,848 - ------------------------------------------------------------------------------------------------------- Thermo Electron Corp. 1 4,000 123,600 - ------------------------------------------------------------------------------------------------------- Thoratec Corp. 1,2 24,100 428,016 - ------------------------------------------------------------------------------------------------------- Varian, Inc. 1 10,000 343,200 - ------------------------------------------------------------------------------------------------------- Ventana Medical Systems, Inc. 1,2 10,200 388,314 - ------------------------------------------------------------------------------------------------------- Viasys Healthcare, Inc. 1 9,900 247,401 - ------------------------------------------------------------------------------------------------------- Vital Signs, Inc. 2,000 92,180 - ------------------------------------------------------------------------------------------------------- West Pharmaceutical Services, Inc. 2 3,400 100,878 --------------- 11,269,634 - ------------------------------------------------------------------------------------------------------- HEALTH CARE PROVIDERS & SERVICES--5.7% Allscripts Healthcare Solutions, Inc. 1,2 22,700 409,054 - ------------------------------------------------------------------------------------------------------- Amedisys, Inc. 1 1,300 50,700 - ------------------------------------------------------------------------------------------------------- American Healthways, Inc. 1,2 19,100 809,840 - ------------------------------------------------------------------------------------------------------- American Retirement Corp. 1,2 14,300 269,269 - ------------------------------------------------------------------------------------------------------- AMICAS, Inc. 1 5,000 27,000 - ------------------------------------------------------------------------------------------------------- AMN Healthcare Services, Inc. 1 6,400 99,008 - ------------------------------------------------------------------------------------------------------- AmSurg Corp. 1,2 9,300 254,448 - ------------------------------------------------------------------------------------------------------- Apria Healthcare Group, Inc. 1 17,800 567,998 - ------------------------------------------------------------------------------------------------------- Beverly Enterprises, Inc. 1,2 46,300 567,175 - ------------------------------------------------------------------------------------------------------- Bio-Reference Laboratories, Inc. 1 3,300 57,057 - ------------------------------------------------------------------------------------------------------- Cantel Medical Corp. 1,2 2,450 51,548 - ------------------------------------------------------------------------------------------------------- Cerner Corp. 1,2 3,400 295,562 - ------------------------------------------------------------------------------------------------------- Chemed Corp. 13,400 580,756 - ------------------------------------------------------------------------------------------------------- Community Health Systems, Inc. 1 7,100 275,551 - ------------------------------------------------------------------------------------------------------- Computer Programs & Systems, Inc. 9,000 310,860 - ------------------------------------------------------------------------------------------------------- CorVel Corp. 1 200 4,792 - ------------------------------------------------------------------------------------------------------- Cross Country Healthcare, Inc. 1 11,900 220,864 - ------------------------------------------------------------------------------------------------------- Dendrite International, Inc. 1,2 2,600 52,234 - ------------------------------------------------------------------------------------------------------- Genesis HealthCare Corp. 1,2 17,400 701,568 - ------------------------------------------------------------------------------------------------------- Gentiva Health Services, Inc. 1 11,700 212,004 - -------------------------------------------------------------------------------------------------------
17 Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - --------------------------------------------------------------------------------
Shares Value - ------------------------------------------------------------------------------------------------------- HEALTH CARE PROVIDERS & SERVICES CONTINUED Health Net, Inc. 1 9,100 $ 430,612 - ------------------------------------------------------------------------------------------------------- Humana, Inc. 1 6,500 311,220 - ------------------------------------------------------------------------------------------------------- IDX Systems Corp. 1,2 3,900 168,402 - ------------------------------------------------------------------------------------------------------- Kindred Healthcare, Inc. 1,2 23,200 691,360 - ------------------------------------------------------------------------------------------------------- LCA-Vision, Inc. 15,400 571,648 - ------------------------------------------------------------------------------------------------------- LHC Group, Inc. 1 8,100 125,145 - ------------------------------------------------------------------------------------------------------- Lincare Holdings, Inc. 1 8,500 348,925 - ------------------------------------------------------------------------------------------------------- Magellan Health Services, Inc. 1 1,600 56,240 - ------------------------------------------------------------------------------------------------------- Manor Care, Inc. 2,900 111,389 - ------------------------------------------------------------------------------------------------------- Matria Healthcare, Inc. 2 8,800 332,200 - ------------------------------------------------------------------------------------------------------- MedCath Corp. 1,2 8,300 197,125 - ------------------------------------------------------------------------------------------------------- Merge Technologies, Inc. 1 1,900 32,471 - ------------------------------------------------------------------------------------------------------- MWI Veterinary Supply, Inc. 1 2,200 43,890 - ------------------------------------------------------------------------------------------------------- National HealthCare Corp. 2 1,300 45,500 - ------------------------------------------------------------------------------------------------------- National Medical Health Card Systems, Inc. 1 800 22,112 - ------------------------------------------------------------------------------------------------------- NovaMed Eyecare, Inc. 1,2 2,500 17,101 - ------------------------------------------------------------------------------------------------------- Odyssey Healthcare, Inc. 1,2 7,400 125,578 - ------------------------------------------------------------------------------------------------------- Option Care, Inc. 2 18,150 265,716 - ------------------------------------------------------------------------------------------------------- Owens & Minor, Inc. 2 18,900 554,715 - ------------------------------------------------------------------------------------------------------- PacifiCare Health Systems, Inc. 1 4,500 359,010 - ------------------------------------------------------------------------------------------------------- Parexel International Corp. 1,2 6,700 134,603 - ------------------------------------------------------------------------------------------------------- Pediatrix Medical Group, Inc. 1 13,100 1,006,342 - ------------------------------------------------------------------------------------------------------- Per-Se Technologies, Inc. 1,2 16,800 347,088 - ------------------------------------------------------------------------------------------------------- PSS World Medical, Inc. 1,2 5,600 74,704 - ------------------------------------------------------------------------------------------------------- Psychiatric Solutions, Inc. 1,2 1,800 97,614 - ------------------------------------------------------------------------------------------------------- RehabCare Group, Inc. 1 6,700 137,484 - ------------------------------------------------------------------------------------------------------- Res-Care, Inc. 1 7,600 116,964 - ------------------------------------------------------------------------------------------------------- Rural/Metro Corp. 1 8,700 76,995 - ------------------------------------------------------------------------------------------------------- Service Corp. International 50,800 421,132 - ------------------------------------------------------------------------------------------------------- SFBC International, Inc. 1,2 900 39,951 - ------------------------------------------------------------------------------------------------------- Sierra Health Services, Inc. 1,2 7,000 482,090 - ------------------------------------------------------------------------------------------------------- Stewart Enterprises, Inc. 48,100 318,903 - ------------------------------------------------------------------------------------------------------- Sunrise Senior Living, Inc. 1,2 13,800 921,012 - ------------------------------------------------------------------------------------------------------- Triad Hospitals, Inc. 1 4,800 217,296 - ------------------------------------------------------------------------------------------------------- Trizetto Group, Inc. 1 23,500 331,820 - ------------------------------------------------------------------------------------------------------- U.S. Physical Therapy, Inc. 1 2,900 52,664 - ------------------------------------------------------------------------------------------------------- United Surgical Partners International, Inc. 1,2 27,950 1,093,125 - ------------------------------------------------------------------------------------------------------- Universal Health Services, Inc., Cl. B 700 33,341 - ------------------------------------------------------------------------------------------------------- VCA Antech, Inc. 1 18,700 477,224 - ------------------------------------------------------------------------------------------------------- Ventiv Health, Inc. 1 1,100 28,831 - ------------------------------------------------------------------------------------------------------- WebMD Health Corp., Cl. A 1 1,300 32,044 - ------------------------------------------------------------------------------------------------------- WellChoice, Inc. 1 2,100 159,390 --------------- 17,228,264
18 Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - --------------------------------------------------------------------------------
Shares Value - ------------------------------------------------------------------------------------------------------- PHARMACEUTICALS--1.0% Adams Respiratory Therapeutics, Inc. 1 1,400 $ 45,206 - ------------------------------------------------------------------------------------------------------- Alpharma, Inc., Cl. A 22,400 557,088 - ------------------------------------------------------------------------------------------------------- Barr Pharmaceuticals, Inc. 1 7,800 428,376 - ------------------------------------------------------------------------------------------------------- Caraco Pharmaceutical Laboratories Ltd. 1 700 6,083 - ------------------------------------------------------------------------------------------------------- CNS, Inc. 12,000 312,840 - ------------------------------------------------------------------------------------------------------- DOV Pharmaceutical, Inc. 1,2 2,000 33,960 - ------------------------------------------------------------------------------------------------------- Encysive Pharmaceuticals, Inc. 1 13,600 160,208 - ------------------------------------------------------------------------------------------------------- Endo Pharmaceuticals Holdings, Inc. 1,2 12,300 328,041 - ------------------------------------------------------------------------------------------------------- First Horizon Pharmaceutical Corp. 1,2 6,700 133,129 - ------------------------------------------------------------------------------------------------------- Hi-Tech Pharmacal Co., Inc. 1 9,700 291,776 - ------------------------------------------------------------------------------------------------------- Keryx Biopharmaceuticals, Inc. 1 2,400 37,824 - ------------------------------------------------------------------------------------------------------- Kos Pharmaceuticals, Inc. 1 2,300 153,939 - ------------------------------------------------------------------------------------------------------- Medicis Pharmaceutical Corp., Cl. A 2 20,100 654,456 - ------------------------------------------------------------------------------------------------------- NitroMed, Inc. 1,2 1,800 32,400 --------------- 3,175,326 - ------------------------------------------------------------------------------------------------------- INDUSTRIALS--17.5% - ------------------------------------------------------------------------------------------------------- AEROSPACE & DEFENSE--1.3% AAR Corp. 1 10,100 173,518 - ------------------------------------------------------------------------------------------------------- Argon ST, Inc. 1 1,200 35,208 - ------------------------------------------------------------------------------------------------------- Armor Holdings, Inc. 1,2 1,800 77,418 - ------------------------------------------------------------------------------------------------------- Astronics Corp., Cl. B 1 650 6,045 - ------------------------------------------------------------------------------------------------------- Aviall, Inc. 1 10,400 351,312 - ------------------------------------------------------------------------------------------------------- DRS Technologies, Inc. 2 7,900 389,944 - ------------------------------------------------------------------------------------------------------- ESCO Technologies, Inc. 1,2 15,200 761,064 - ------------------------------------------------------------------------------------------------------- Goodrich Corp. 9,900 438,966 - ------------------------------------------------------------------------------------------------------- HEICO Corp., Cl. A 30 534 - ------------------------------------------------------------------------------------------------------- Innovative Solutions & Support, Inc. 1,2 14,702 228,322 - ------------------------------------------------------------------------------------------------------- K&F Industries Holdings, Inc. 1 5,200 86,996 - ------------------------------------------------------------------------------------------------------- Kaman Corp., Cl. A 3,800 77,710 - ------------------------------------------------------------------------------------------------------- Moog, Inc., Cl. A 1 4,200 123,984 - ------------------------------------------------------------------------------------------------------- Precision Castparts Corp. 3,200 169,920 - ------------------------------------------------------------------------------------------------------- Teledyne Technologies, Inc. 1 22,100 761,787 - ------------------------------------------------------------------------------------------------------- Triumph Group, Inc. 1 5,300 197,001 --------------- 3,879,729 - ------------------------------------------------------------------------------------------------------- AIR FREIGHT & LOGISTICS--0.1% ABX Air, Inc. 1 14,900 122,180 - ------------------------------------------------------------------------------------------------------- Dynamex, Inc. 1,2 2,600 40,664 - ------------------------------------------------------------------------------------------------------- Forward Air Corp. 6,850 252,354 - ------------------------------------------------------------------------------------------------------- Hub Group, Inc., Cl. A 1 1,600 58,736 --------------- 473,934 - ------------------------------------------------------------------------------------------------------- AIRLINES--0.7% Alaska Air Group, Inc. 1,2 23,900 694,534 - ------------------------------------------------------------------------------------------------------- AMR Corp. 1,2 14,900 166,582 - ------------------------------------------------------------------------------------------------------- Continental Airlines, Inc., Cl. B 1,2 8,600 83,076 - -------------------------------------------------------------------------------------------------------
19 Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - --------------------------------------------------------------------------------
Shares Value - ------------------------------------------------------------------------------------------------------- AIRLINES CONTINUED ExpressJet Holdings, Inc. 1,2 13,900 $ 124,683 - ------------------------------------------------------------------------------------------------------- Frontier Airlines, Inc. 1,2 7,700 75,306 - ------------------------------------------------------------------------------------------------------- Hawaiian Holdings, Inc. 1 3,300 9,702 - ------------------------------------------------------------------------------------------------------- Mesa Air Group, Inc. 1,2 41,200 339,900 - ------------------------------------------------------------------------------------------------------- SkyWest, Inc. 15,700 421,074 - ------------------------------------------------------------------------------------------------------- World Air Holdings, Inc. 1 13,300 140,980 --------------- 2,055,837 - ------------------------------------------------------------------------------------------------------- BUILDING PRODUCTS--1.2% Apogee Enterprises, Inc. 8,600 147,060 - ------------------------------------------------------------------------------------------------------- Builders FirstSource, Inc. 1,2 32,000 714,560 - ------------------------------------------------------------------------------------------------------- Crane Co. 8,400 249,816 - ------------------------------------------------------------------------------------------------------- Lennox International, Inc. 31,000 849,710 - ------------------------------------------------------------------------------------------------------- Universal Forest Products, Inc. 2 10,700 613,324 - ------------------------------------------------------------------------------------------------------- USG Corp. 1,2 12,500 859,000 - ------------------------------------------------------------------------------------------------------- Watsco, Inc. 6,000 318,660 --------------- 3,752,130 - ------------------------------------------------------------------------------------------------------- COMMERCIAL SERVICES & SUPPLIES--5.2% ABM Industries, Inc. 2 4,400 91,564 - ------------------------------------------------------------------------------------------------------- Acco Brands Corp. 1 1,599 45,124 - ------------------------------------------------------------------------------------------------------- Adesa, Inc. 5,700 125,970 - ------------------------------------------------------------------------------------------------------- Administaff, Inc. 2 20,200 802,748 - ------------------------------------------------------------------------------------------------------- Advisory Board Co. (The) 1,2 5,800 301,832 - ------------------------------------------------------------------------------------------------------- American Reprographics Co. 1 1,500 25,650 - ------------------------------------------------------------------------------------------------------- Banta Corp. 17,500 890,575 - ------------------------------------------------------------------------------------------------------- Brady Corp., Cl. A 2 12,300 380,562 - ------------------------------------------------------------------------------------------------------- Bright Horizons Family Solutions, Inc. 1 17,300 664,320 - ------------------------------------------------------------------------------------------------------- Brink's Co. (The) 900 36,954 - ------------------------------------------------------------------------------------------------------- Clean Harbors, Inc. 1,2 13,100 444,745 - ------------------------------------------------------------------------------------------------------- CompX International, Inc. 600 9,840 - ------------------------------------------------------------------------------------------------------- Consolidated Graphics, Inc. 1 5,900 253,995 - ------------------------------------------------------------------------------------------------------- Copart, Inc. 1 1,100 26,257 - ------------------------------------------------------------------------------------------------------- Corporate Executive Board Co. 4,400 343,112 - ------------------------------------------------------------------------------------------------------- CPI Corp. 600 10,554 - ------------------------------------------------------------------------------------------------------- DiamondCluster International, Inc. 1 4,600 34,868 - ------------------------------------------------------------------------------------------------------- Dun & Bradstreet Corp. 1 4,300 283,241 - ------------------------------------------------------------------------------------------------------- Duratek, Inc. 1,2 1,700 31,076 - ------------------------------------------------------------------------------------------------------- Equifax, Inc. 7,800 272,532 - ------------------------------------------------------------------------------------------------------- Exponent, Inc. 1 5,000 156,950 - ------------------------------------------------------------------------------------------------------- G&K Services, Inc., Cl. A 1,300 51,207 - ------------------------------------------------------------------------------------------------------- Geo Group, Inc. (The) 1 2,200 58,300 - ------------------------------------------------------------------------------------------------------- Global Cash Access, Inc. 1,2 11,000 155,100 - ------------------------------------------------------------------------------------------------------- Harland (John H.) Co. 19,200 852,480 - ------------------------------------------------------------------------------------------------------- Healthcare Services Group, Inc. 2 16,474 317,125 - ------------------------------------------------------------------------------------------------------- Heidrick & Struggles International, Inc. 1,2 7,400 239,612 - ------------------------------------------------------------------------------------------------------- HNI Corp. 6,400 385,408 - -------------------------------------------------------------------------------------------------------
20 Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - --------------------------------------------------------------------------------
Shares Value - ------------------------------------------------------------------------------------------------------- COMMERCIAL SERVICES & SUPPLIES CONTINUED Hudson Highland Group, Inc. 1,2 4,200 $ 104,874 - ------------------------------------------------------------------------------------------------------- Ikon Office Solutions, Inc. 10,100 100,798 - ------------------------------------------------------------------------------------------------------- Imagistics International, Inc. 1 1,500 62,775 - ------------------------------------------------------------------------------------------------------- Integrated Alarm Services Group, Inc. 1 9,600 36,000 - ------------------------------------------------------------------------------------------------------- Jackson Hewitt Tax Service, Inc. 27,900 667,089 - ------------------------------------------------------------------------------------------------------- Kforce, Inc. 1,2 4,300 44,290 - ------------------------------------------------------------------------------------------------------- Knoll, Inc. 11,500 211,025 - ------------------------------------------------------------------------------------------------------- Korn-Ferry International 1,2 22,300 365,497 - ------------------------------------------------------------------------------------------------------- Labor Ready, Inc. 1,2 34,000 872,100 - ------------------------------------------------------------------------------------------------------- McGrath RentCorp 2 7,200 203,976 - ------------------------------------------------------------------------------------------------------- Miller (Herman), Inc. 11,400 345,420 - ------------------------------------------------------------------------------------------------------- Mobile Mini, Inc. 1,2 2,800 121,380 - ------------------------------------------------------------------------------------------------------- PHH Corp. 1 35,200 966,592 - ------------------------------------------------------------------------------------------------------- Portfolio Recovery Associates, Inc. 1,2 12,400 535,432 - ------------------------------------------------------------------------------------------------------- Pre-Paid Legal Services, Inc. 2 7,300 282,510 - ------------------------------------------------------------------------------------------------------- PRG-Schultz International, Inc. 1 2,500 7,525 - ------------------------------------------------------------------------------------------------------- Republic Services, Inc. 9,100 321,139 - ------------------------------------------------------------------------------------------------------- Resources Connection, Inc. 1,2 18,700 554,081 - ------------------------------------------------------------------------------------------------------- Robert Half International, Inc. 1,900 67,621 - ------------------------------------------------------------------------------------------------------- Rollins, Inc. 16,100 314,272 - ------------------------------------------------------------------------------------------------------- ServiceMaster Co. (The) 17,600 238,304 - ------------------------------------------------------------------------------------------------------- SITEL Corp. 1 1,900 5,320 - ------------------------------------------------------------------------------------------------------- Sotheby's Holdings, Inc., Cl. A 1 16,300 272,536 - ------------------------------------------------------------------------------------------------------- Sourcecorp, Inc. 1 400 8,576 - ------------------------------------------------------------------------------------------------------- Spherion Corp. 1 18,700 142,120 - ------------------------------------------------------------------------------------------------------- Steelcase, Inc., Cl. A 2 11,700 169,182 - ------------------------------------------------------------------------------------------------------- TeleTech Holdings, Inc. 1,2 29,100 291,582 - ------------------------------------------------------------------------------------------------------- United Stationers, Inc. 1 8,000 382,880 - ------------------------------------------------------------------------------------------------------- Vertrue, Inc. 1,2 2,100 76,335 - ------------------------------------------------------------------------------------------------------- Viad Corp. 2 11,000 300,850 - ------------------------------------------------------------------------------------------------------- Volt Information Sciences, Inc. 1 2,700 54,864 - ------------------------------------------------------------------------------------------------------- Waste Connections, Inc. 1 6,800 238,544 - ------------------------------------------------------------------------------------------------------- Waste Industries USA, Inc. 200 2,660 - ------------------------------------------------------------------------------------------------------- West Corp. 1 2,000 74,780 --------------- 15,734,630 - ------------------------------------------------------------------------------------------------------- CONSTRUCTION & ENGINEERING--1.6% Comfort Systems USA, Inc. 1,2 8,700 76,647 - ------------------------------------------------------------------------------------------------------- EMCOR Group, Inc. 1 12,500 741,250 - ------------------------------------------------------------------------------------------------------- Granite Construction, Inc. 10,100 386,224 - ------------------------------------------------------------------------------------------------------- Insituform Technologies, Inc., Cl. A 1,2 400 6,916 - ------------------------------------------------------------------------------------------------------- MasTec, Inc. 1,2 9,600 104,640 - ------------------------------------------------------------------------------------------------------- McDermott International, Inc. 1 12,600 461,286 - ------------------------------------------------------------------------------------------------------- Perini Corp. 1,2 10,200 185,640 - ------------------------------------------------------------------------------------------------------- Quanta Services, Inc. 1,2 25,900 330,484 - -------------------------------------------------------------------------------------------------------
21 Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - --------------------------------------------------------------------------------
Shares Value - ------------------------------------------------------------------------------------------------------- CONSTRUCTION & ENGINEERING CONTINUED Shaw Group, Inc. (The) 1 1,800 $ 44,388 - ------------------------------------------------------------------------------------------------------- URS Corp. 1 21,700 876,463 - ------------------------------------------------------------------------------------------------------- Washington Group International, Inc. 1 17,400 937,686 - ------------------------------------------------------------------------------------------------------- Williams Scotsman International, Inc. 1,2 38,900 622,400 --------------- 4,774,024 - ------------------------------------------------------------------------------------------------------- ELECTRICAL EQUIPMENT--0.9% Acuity Brands, Inc. 7,600 225,492 - ------------------------------------------------------------------------------------------------------- American Power Conversion Corp. 13,500 349,650 - ------------------------------------------------------------------------------------------------------- AMETEK, Inc. 100 4,297 - ------------------------------------------------------------------------------------------------------- General Cable Corp. 1,2 15,400 258,720 - ------------------------------------------------------------------------------------------------------- Genlyte Group, Inc. (The) 1 9,800 471,184 - ------------------------------------------------------------------------------------------------------- II-VI, Inc. 1 100 1,774 - ------------------------------------------------------------------------------------------------------- LaBarge, Inc. 1,2 4,900 63,308 - ------------------------------------------------------------------------------------------------------- LSI Industries, Inc. 7,700 146,300 - ------------------------------------------------------------------------------------------------------- Preformed Line Products Co. 2 600 28,320 - ------------------------------------------------------------------------------------------------------- Smith (A.O.) Corp. 6,300 179,550 - ------------------------------------------------------------------------------------------------------- Thomas & Betts Corp. 1 11,800 406,038 - ------------------------------------------------------------------------------------------------------- Vicor Corp. 2 5,100 77,265 - ------------------------------------------------------------------------------------------------------- Woodward Governor Co. 4,700 399,735 --------------- 2,611,633 - ------------------------------------------------------------------------------------------------------- INDUSTRIAL CONGLOMERATES--0.1% Alleghany Corp. 600 183,600 - ------------------------------------------------------------------------------------------------------- Raven Industries, Inc. 2 5,600 163,800 - ------------------------------------------------------------------------------------------------------- Teleflex, Inc. 500 35,250 - ------------------------------------------------------------------------------------------------------- Tredegar Corp. 1,300 16,913 --------------- 399,563 - ------------------------------------------------------------------------------------------------------- MACHINERY--3.6% Albany International Corp., Cl. A 24,100 888,567 - ------------------------------------------------------------------------------------------------------- Ampco-Pittsburgh Corp. 900 13,950 - ------------------------------------------------------------------------------------------------------- Astec Industries, Inc. 1 9,800 278,222 - ------------------------------------------------------------------------------------------------------- Barnes Group, Inc. 2 11,600 415,976 - ------------------------------------------------------------------------------------------------------- Bucyrus International, Inc., Cl. A 2 8,500 417,605 - ------------------------------------------------------------------------------------------------------- Cascade Corp. 6,800 331,160 - ------------------------------------------------------------------------------------------------------- Chicago Bridge & Iron Co. NV 12,700 394,843 - ------------------------------------------------------------------------------------------------------- CIRCOR International, Inc. 3,000 82,350 - ------------------------------------------------------------------------------------------------------- Clarcor, Inc. 2 3,200 91,904 - ------------------------------------------------------------------------------------------------------- Cummins, Inc. 4,900 431,151 - ------------------------------------------------------------------------------------------------------- EnPro Industries, Inc. 1 2,800 94,332 - ------------------------------------------------------------------------------------------------------- Flowserve Corp. 1 25,800 937,830 - ------------------------------------------------------------------------------------------------------- Freightcar America, Inc. 6,100 248,758 - ------------------------------------------------------------------------------------------------------- Harsco Corp. 6,400 419,648 - ------------------------------------------------------------------------------------------------------- Hexcel Corp. 1,2 8,200 149,978 - ------------------------------------------------------------------------------------------------------- Idex Corp. 2 3,100 131,905 - ------------------------------------------------------------------------------------------------------- JLG Industries, Inc. 2 25,200 922,068 - ------------------------------------------------------------------------------------------------------- Joy Global, Inc. 8,173 412,410 - -------------------------------------------------------------------------------------------------------
22 Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - --------------------------------------------------------------------------------
Shares Value - ------------------------------------------------------------------------------------------------------- MACHINERY CONTINUED Middleby Corp. (The) 1,2 2,400 $ 174,000 - ------------------------------------------------------------------------------------------------------- Mueller Industries, Inc. 9,100 252,707 - ------------------------------------------------------------------------------------------------------- NACCO Industries, Inc., Cl. A 3,800 434,910 - ------------------------------------------------------------------------------------------------------- Omega Flex, Inc. 1 500 7,995 - ------------------------------------------------------------------------------------------------------- Oshkosh Truck Corp. 2,800 120,848 - ------------------------------------------------------------------------------------------------------- Pall Corp. 11,300 310,750 - ------------------------------------------------------------------------------------------------------- RBC Bearings, Inc. 1 6,800 108,460 - ------------------------------------------------------------------------------------------------------- SPX Corp. 3,600 165,420 - ------------------------------------------------------------------------------------------------------- Stewart & Stevenson Services, Inc. 25,200 601,020 - ------------------------------------------------------------------------------------------------------- Sun Hydraulics Corp. 2 7,500 182,250 - ------------------------------------------------------------------------------------------------------- Tennant Co. 600 24,588 - ------------------------------------------------------------------------------------------------------- Terex Corp. 1 9,100 449,813 - ------------------------------------------------------------------------------------------------------- Timken Co. 7,000 207,410 - ------------------------------------------------------------------------------------------------------- Titan International, Inc. 2 7,700 105,721 - ------------------------------------------------------------------------------------------------------- Toro Co. (The) 2 18,500 680,060 - ------------------------------------------------------------------------------------------------------- Wabtec Corp. 19,800 540,144 --------------- 11,028,753 - ------------------------------------------------------------------------------------------------------- MARINE--0.4% Alexander & Baldwin, Inc. 8,900 473,836 - ------------------------------------------------------------------------------------------------------- Horizon Lines, Inc., Cl. A 1 28,300 306,489 - ------------------------------------------------------------------------------------------------------- Kirby Corp. 1 6,100 301,523 --------------- 1,081,848 - ------------------------------------------------------------------------------------------------------- ROAD & RAIL--1.2% Amerco, Inc. 4,000 232,760 - ------------------------------------------------------------------------------------------------------- Arkansas Best Corp. 2 4,800 167,376 - ------------------------------------------------------------------------------------------------------- C.H. Robinson Worldwide, Inc. 2,200 141,064 - ------------------------------------------------------------------------------------------------------- CNF Transportation, Inc. 9,700 509,250 - ------------------------------------------------------------------------------------------------------- Dollar Thrifty Automotive Group, Inc. 1,2 6,000 202,020 - ------------------------------------------------------------------------------------------------------- Florida East Coast Industries, Inc., Cl. A 2,500 113,225 - ------------------------------------------------------------------------------------------------------- Genesee & Wyoming, Inc., Cl. A 1,2 7,350 232,995 - ------------------------------------------------------------------------------------------------------- Heartland Express, Inc. 2 6,000 122,040 - ------------------------------------------------------------------------------------------------------- Kansas City Southern 1 800 18,648 - ------------------------------------------------------------------------------------------------------- Laidlaw International, Inc. 20,700 500,319 - ------------------------------------------------------------------------------------------------------- Mullen Group Income Fund 3,900 90,044 - ------------------------------------------------------------------------------------------------------- Pacer International, Inc. 17,200 453,392 - ------------------------------------------------------------------------------------------------------- SCS Transportation, Inc. 1 5,500 86,405 - ------------------------------------------------------------------------------------------------------- Swift Transportation Co., Inc. 1 26,400 467,280 - ------------------------------------------------------------------------------------------------------- Universal Truckload Services, Inc. 1 3,800 70,604 - ------------------------------------------------------------------------------------------------------- USA Truck, Inc. 1 3,400 86,020 - ------------------------------------------------------------------------------------------------------- Yellow Roadway Corp. 1 1,326 54,923 --------------- 3,548,365 - ------------------------------------------------------------------------------------------------------- TRADING COMPANIES & DISTRIBUTORS--1.2% Applied Industrial Technologies, Inc. 25,450 913,146 - ------------------------------------------------------------------------------------------------------- Fastenal Co. 2,200 134,398 - ------------------------------------------------------------------------------------------------------- GATX Corp. 27,500 1,087,625 - ------------------------------------------------------------------------------------------------------- Lawson Products, Inc. 300 11,016 - -------------------------------------------------------------------------------------------------------
23 Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - --------------------------------------------------------------------------------
Shares Value - ------------------------------------------------------------------------------------------------------- TRADING COMPANIES & DISTRIBUTORS CONTINUED MSC Industrial Direct Co., Inc., Cl. A 5,100 $ 169,167 - ------------------------------------------------------------------------------------------------------- UAP Holding Corp. 13,300 240,730 - ------------------------------------------------------------------------------------------------------- United Rentals, Inc. 1,2 15,600 307,476 - ------------------------------------------------------------------------------------------------------- WESCO International, Inc. 1 22,900 775,623 --------------- 3,639,181 - ------------------------------------------------------------------------------------------------------- TRANSPORTATION INFRASTRUCTURE--0.0% Interpool, Inc. 2 1,500 27,375 - ------------------------------------------------------------------------------------------------------- Macquarie Infrastructure Co. Trust 2 1,300 36,660 --------------- 64,035 - ------------------------------------------------------------------------------------------------------- INFORMATION TECHNOLOGY--17.0% - ------------------------------------------------------------------------------------------------------- COMMUNICATIONS EQUIPMENT--1.8% ADC Telecommunications, Inc. 1 1,700 38,862 - ------------------------------------------------------------------------------------------------------- ADTRAN, Inc. 17,400 548,100 - ------------------------------------------------------------------------------------------------------- Anaren Microwave, Inc. 1,2 1,100 15,510 - ------------------------------------------------------------------------------------------------------- Arris Group, Inc. 1 10,500 124,530 - ------------------------------------------------------------------------------------------------------- Avocent Corp. 1 8,400 265,776 - ------------------------------------------------------------------------------------------------------- Black Box Corp. 2 7,800 327,288 - ------------------------------------------------------------------------------------------------------- Brocade Communications Systems, Inc. 1 63,700 259,896 - ------------------------------------------------------------------------------------------------------- CommScope, Inc. 1,2 22,300 386,682 - ------------------------------------------------------------------------------------------------------- Comtech Telecommunications Corp. 1,2 16,500 684,255 - ------------------------------------------------------------------------------------------------------- Digi International, Inc. 1 17,200 184,556 - ------------------------------------------------------------------------------------------------------- Echelon Corp. 1 3,700 34,077 - ------------------------------------------------------------------------------------------------------- Emulex Corp. 1 39,400 796,274 - ------------------------------------------------------------------------------------------------------- Extreme Networks, Inc. 1 11,400 50,730 - ------------------------------------------------------------------------------------------------------- Foundry Networks, Inc. 1 9,500 120,650 - ------------------------------------------------------------------------------------------------------- Harris Corp. 6,800 284,240 - ------------------------------------------------------------------------------------------------------- Netgear, Inc. 1,2 24,500 589,470 - ------------------------------------------------------------------------------------------------------- Packeteer, Inc. 1 9,300 116,715 - ------------------------------------------------------------------------------------------------------- Performance Technologies, Inc. 1 8,100 57,915 - ------------------------------------------------------------------------------------------------------- SiRF Technology Holdings, Inc. 1 9,600 289,248 - ------------------------------------------------------------------------------------------------------- SpectraLink Corp. 2 7,600 96,900 - ------------------------------------------------------------------------------------------------------- Symmetricom, Inc. 1,2 36,400 281,736 --------------- 5,553,410 - ------------------------------------------------------------------------------------------------------- COMPUTERS & PERIPHERALS--1.4% Electronics for Imaging, Inc. 1,2 25,200 578,088 - ------------------------------------------------------------------------------------------------------- Imation Corp. 23,100 990,297 - ------------------------------------------------------------------------------------------------------- Intergraph Corp. 1,2 22,200 992,562 - ------------------------------------------------------------------------------------------------------- M-Systems Flash Disk Pioneers Ltd. 1,2 8,200 245,344 - ------------------------------------------------------------------------------------------------------- NCR Corp. 1 3,300 105,303 - ------------------------------------------------------------------------------------------------------- Palm, Inc. 1 23,300 660,089 - ------------------------------------------------------------------------------------------------------- Rimage Corp. 1 400 10,668 - ------------------------------------------------------------------------------------------------------- SimpleTech, Inc. 1 4,200 20,790 - ------------------------------------------------------------------------------------------------------- Stratasys, Inc. 1,2 1,100 32,670 - -------------------------------------------------------------------------------------------------------
24 Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - --------------------------------------------------------------------------------
Shares Value - ------------------------------------------------------------------------------------------------------- COMPUTERS & PERIPHERALS CONTINUED Western Digital Corp. 1 51,500 $ 665,895 --------------- 4,301,706 - ------------------------------------------------------------------------------------------------------- ELECTRONIC EQUIPMENT & INSTRUMENTS--2.2% Agilysys, Inc. 15,200 255,968 - ------------------------------------------------------------------------------------------------------- Amphenol Corp., Cl. A 10,500 423,570 - ------------------------------------------------------------------------------------------------------- Anixter International, Inc. 1 12,200 492,026 - ------------------------------------------------------------------------------------------------------- Avnet, Inc. 1 8,500 207,825 - ------------------------------------------------------------------------------------------------------- BEI Technologies, Inc. 300 10,497 - ------------------------------------------------------------------------------------------------------- Belden CDT, Inc. 2 9,400 182,642 - ------------------------------------------------------------------------------------------------------- Bell Microproducts, Inc. 1,2 15,800 158,474 - ------------------------------------------------------------------------------------------------------- Brightpoint, Inc. 1,2 23,150 443,091 - ------------------------------------------------------------------------------------------------------- Checkpoint Systems, Inc. 1,2 5,900 139,948 - ------------------------------------------------------------------------------------------------------- Coherent, Inc. 1 19,700 576,816 - ------------------------------------------------------------------------------------------------------- Electro Scientific Industries, Inc. 1,2 16,100 359,996 - ------------------------------------------------------------------------------------------------------- Fargo Electronics, Inc. 1 4,600 80,362 - ------------------------------------------------------------------------------------------------------- Hypercom Corp. 1,2 1,900 12,388 - ------------------------------------------------------------------------------------------------------- Itron, Inc. 1 3,900 178,074 - ------------------------------------------------------------------------------------------------------- Keithley Instruments, Inc. 7,100 103,660 - ------------------------------------------------------------------------------------------------------- Komag, Inc. 1,2 6,600 210,936 - ------------------------------------------------------------------------------------------------------- LoJack Corp. 1 400 8,456 - ------------------------------------------------------------------------------------------------------- MTS Systems Corp. 14,000 528,780 - ------------------------------------------------------------------------------------------------------- PAR Technology Corp. 1,2 2,100 48,300 - ------------------------------------------------------------------------------------------------------- Park Electrochemical Corp. 13,200 351,780 - ------------------------------------------------------------------------------------------------------- Paxar Corp. 1 10,100 170,185 - ------------------------------------------------------------------------------------------------------- PC Connection, Inc. 1 4,300 23,392 - ------------------------------------------------------------------------------------------------------- Plexus Corp. 1 9,600 164,064 - ------------------------------------------------------------------------------------------------------- RadiSys Corp. 1,2 6,300 122,220 - ------------------------------------------------------------------------------------------------------- Rofin-Sinar Technologies, Inc. 1,2 5,300 201,347 - ------------------------------------------------------------------------------------------------------- Tech Data Corp. 1 3,400 124,814 - ------------------------------------------------------------------------------------------------------- Trimble Navigation Ltd. 1 750 25,268 - ------------------------------------------------------------------------------------------------------- UNOVA, Inc. 1,2 24,000 839,520 - ------------------------------------------------------------------------------------------------------- Zygo Corp. 1 3,400 52,088 --------------- 6,496,487 - ------------------------------------------------------------------------------------------------------- INTERNET SOFTWARE & SERVICES--2.0% AsiaInfo Holdings, Inc. 1,2 18,400 89,240 - ------------------------------------------------------------------------------------------------------- Blackboard, Inc. 1,2 4,300 107,543 - ------------------------------------------------------------------------------------------------------- Blue Coat Systems, Inc. 1,2 3,600 156,528 - ------------------------------------------------------------------------------------------------------- Corillian Corp. 1 4,800 15,360 - ------------------------------------------------------------------------------------------------------- Covansys Corp. 1 4,500 71,820 - ------------------------------------------------------------------------------------------------------- CyberSource Corp. 1 15,900 104,622 - ------------------------------------------------------------------------------------------------------- Digital Insight Corp. 1 27,300 711,438 - ------------------------------------------------------------------------------------------------------- EarthLink, Inc. 1 77,400 828,180 - ------------------------------------------------------------------------------------------------------- eCollege.com, Inc. 1 1,200 17,832 - -------------------------------------------------------------------------------------------------------
25 Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - --------------------------------------------------------------------------------
Shares Value - ------------------------------------------------------------------------------------------------------- INTERNET SOFTWARE & SERVICES CONTINUED InfoSpace, Inc. 1 800 $ 19,096 - ------------------------------------------------------------------------------------------------------- Internet Security Systems, Inc. 1,2 35,600 854,756 - ------------------------------------------------------------------------------------------------------- Interwoven, Inc. 1 900 7,353 - ------------------------------------------------------------------------------------------------------- iPass, Inc. 1 1,200 6,456 - ------------------------------------------------------------------------------------------------------- j2 Global Communications, Inc. 1 1,700 68,714 - ------------------------------------------------------------------------------------------------------- MicroStrategy, Inc., Cl. A 1,2 6,900 485,001 - ------------------------------------------------------------------------------------------------------- Online Resources & Communications Corp. 1 10,900 115,322 - ------------------------------------------------------------------------------------------------------- Selectica, Inc. 1,2 1,900 6,099 - ------------------------------------------------------------------------------------------------------- SonicWALL, Inc. 1,2 52,100 330,835 - ------------------------------------------------------------------------------------------------------- United Online, Inc. 49,200 681,420 - ------------------------------------------------------------------------------------------------------- ValueClick, Inc. 1,2 28,804 492,260 - ------------------------------------------------------------------------------------------------------- Vignette Corp. 1 15,100 240,241 - ------------------------------------------------------------------------------------------------------- WebEx Communications, Inc. 1,2 2,500 61,275 - ------------------------------------------------------------------------------------------------------- webMethods, Inc. 1,2 4,500 31,815 - ------------------------------------------------------------------------------------------------------- Websense, Inc. 1,2 13,100 670,851 --------------- 6,174,057 - ------------------------------------------------------------------------------------------------------- IT SERVICES--1.6% Anteon International Corp. 1 8,600 367,736 - ------------------------------------------------------------------------------------------------------- Ceridian Corp. 1 11,400 236,550 - ------------------------------------------------------------------------------------------------------- Convergys Corp. 1 8,100 116,397 - ------------------------------------------------------------------------------------------------------- CSG Systems International, Inc. 1 44,600 968,266 - ------------------------------------------------------------------------------------------------------- eFunds Corp. 1 8,800 165,704 - ------------------------------------------------------------------------------------------------------- Forrester Research, Inc. 1,2 2,200 45,804 - ------------------------------------------------------------------------------------------------------- Global Payments, Inc. 2 3,100 240,932 - ------------------------------------------------------------------------------------------------------- infoUSA, Inc. 2 19,900 211,338 - ------------------------------------------------------------------------------------------------------- Integral Systems, Inc. 100 2,064 - ------------------------------------------------------------------------------------------------------- Intrado, Inc. 1,2 8,500 153,255 - ------------------------------------------------------------------------------------------------------- Keane, Inc. 1,2 8,900 101,727 - ------------------------------------------------------------------------------------------------------- Lawson Software, Inc. 2 39,600 274,824 - ------------------------------------------------------------------------------------------------------- ManTech International Corp. 1,2 11,700 308,997 - ------------------------------------------------------------------------------------------------------- Maximus, Inc. 11,600 414,700 - ------------------------------------------------------------------------------------------------------- MPS Group, Inc. 1 16,500 194,700 - ------------------------------------------------------------------------------------------------------- Pegasus Solutions, Inc. 1,2 3,100 27,838 - ------------------------------------------------------------------------------------------------------- Perot Systems Corp., Cl. A 1 23,500 332,525 - ------------------------------------------------------------------------------------------------------- SI International, Inc. 1 600 18,582 - ------------------------------------------------------------------------------------------------------- SRA International, Inc., Cl. A 1,2 2,000 70,960 - ------------------------------------------------------------------------------------------------------- SS&C Technologies, Inc. 2,700 98,928 - ------------------------------------------------------------------------------------------------------- Startek, Inc. 2 1,400 18,480 - ------------------------------------------------------------------------------------------------------- Sykes Enterprises, Inc. 1,2 15,000 178,500 - ------------------------------------------------------------------------------------------------------- Vasco Data Security International, Inc. 1,2 14,900 135,143 --------------- 4,683,950 - ------------------------------------------------------------------------------------------------------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT--3.4% ADE Corp. 1,2 13,200 296,736 - -------------------------------------------------------------------------------------------------------
26 Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - --------------------------------------------------------------------------------
Shares Value - ------------------------------------------------------------------------------------------------------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT CONTINUED Advanced Analogic Technologies, Inc. 1 2,800 $ 31,332 - ------------------------------------------------------------------------------------------------------- Advanced Energy Industries, Inc. 1,2 24,500 263,620 - ------------------------------------------------------------------------------------------------------- ATMI, Inc. 1,2 21,200 657,200 - ------------------------------------------------------------------------------------------------------- Axcelis Technologies, Inc. 1 35,100 183,222 - ------------------------------------------------------------------------------------------------------- Cascade Microtech, Inc. 1 900 12,114 - ------------------------------------------------------------------------------------------------------- Cirrus Logic, Inc. 1,2 12,800 97,152 - ------------------------------------------------------------------------------------------------------- Cohu, Inc. 13,300 314,545 - ------------------------------------------------------------------------------------------------------- Cymer, Inc. 1 29,400 920,808 - ------------------------------------------------------------------------------------------------------- Cypress Semiconductor Corp. 1,2 5,700 85,785 - ------------------------------------------------------------------------------------------------------- Diodes, Inc. 1,2 6,550 237,503 - ------------------------------------------------------------------------------------------------------- DSP Group, Inc. 1 2,800 71,848 - ------------------------------------------------------------------------------------------------------- Entegris, Inc. 1 17,475 197,468 - ------------------------------------------------------------------------------------------------------- FEI Co. 1,2 11,400 219,450 - ------------------------------------------------------------------------------------------------------- Freescale Semiconductor, Inc., Cl. A 1 1,200 28,092 - ------------------------------------------------------------------------------------------------------- Genesis Microchip, Inc. 1 11,400 250,230 - ------------------------------------------------------------------------------------------------------- Helix Technology Corp. 1,900 28,025 - ------------------------------------------------------------------------------------------------------- Hittite Microwave Corp. 1 6,600 133,650 - ------------------------------------------------------------------------------------------------------- Ikanos Communications, Inc. 1,2 12,000 147,480 - ------------------------------------------------------------------------------------------------------- Integrated Device Technology, Inc. 1 17,800 191,172 - ------------------------------------------------------------------------------------------------------- Intersil Corp., Cl. A 15,700 341,946 - ------------------------------------------------------------------------------------------------------- IXYS Corp. 1 3,100 32,736 - ------------------------------------------------------------------------------------------------------- Kopin Corp. 1,2 27,400 190,430 - ------------------------------------------------------------------------------------------------------- Lam Research Corp. 1 3,700 112,739 - ------------------------------------------------------------------------------------------------------- LSI Logic Corp. 1 37,500 369,375 - ------------------------------------------------------------------------------------------------------- MEMC Electronic Materials, Inc. 1 20,300 462,637 - ------------------------------------------------------------------------------------------------------- Micrel, Inc. 1,2 69,000 774,870 - ------------------------------------------------------------------------------------------------------- Microsemi Corp. 1 32,100 819,834 - ------------------------------------------------------------------------------------------------------- Microtune, Inc. 1,2 17,100 106,533 - ------------------------------------------------------------------------------------------------------- MIPS Technologies, Inc., Cl. A 1 18,000 122,940 - ------------------------------------------------------------------------------------------------------- NVIDIA Corp. 1 13,000 445,640 - ------------------------------------------------------------------------------------------------------- O2Micro International Ltd. 1 2,600 40,924 - ------------------------------------------------------------------------------------------------------- OmniVision Technologies, Inc. 1,2 12,800 161,536 - ------------------------------------------------------------------------------------------------------- ON Semiconductor Corp. 1 13,500 69,795 - ------------------------------------------------------------------------------------------------------- PDF Solutions, Inc. 1,2 9,400 156,040 - ------------------------------------------------------------------------------------------------------- Photronics, Inc. 1,2 32,000 620,800 - ------------------------------------------------------------------------------------------------------- PortalPlayer, Inc. 1 9,000 246,870 - ------------------------------------------------------------------------------------------------------- Skyworks Solutions, Inc. 1,2 15,300 107,406 - ------------------------------------------------------------------------------------------------------- Supertex, Inc. 1 4,600 137,954 - ------------------------------------------------------------------------------------------------------- Ultra Clean Holdings, Inc. 1 1,500 8,970 - ------------------------------------------------------------------------------------------------------- Varian Semiconductor Equipment Associates, Inc. 1 15,300 648,261 --------------- 10,345,668 - ------------------------------------------------------------------------------------------------------- SOFTWARE--4.6% Activision, Inc. 1 16,333 334,017 - -------------------------------------------------------------------------------------------------------
27 Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - --------------------------------------------------------------------------------
Shares Value - ------------------------------------------------------------------------------------------------------- SOFTWARE CONTINUED Ansoft Corp. 1 6,500 $ 189,150 - ------------------------------------------------------------------------------------------------------- Ansys, Inc. 1,2 20,800 800,592 - ------------------------------------------------------------------------------------------------------- Atari, Inc. 1 500 720 - ------------------------------------------------------------------------------------------------------- BEA Systems, Inc. 1 14,800 132,904 - ------------------------------------------------------------------------------------------------------- Blackbaud, Inc. 17,289 244,985 - ------------------------------------------------------------------------------------------------------- BMC Software, Inc. 1 17,100 360,810 - ------------------------------------------------------------------------------------------------------- Borland Software Corp. 1 34,500 200,790 - ------------------------------------------------------------------------------------------------------- Bottomline Technologies, Inc. 1,2 12,600 190,134 - ------------------------------------------------------------------------------------------------------- Cadence Design Systems, Inc. 1 22,300 360,368 - ------------------------------------------------------------------------------------------------------- Captiva Software Corp. 1 6,000 107,760 - ------------------------------------------------------------------------------------------------------- Catapult Communications Corp. 1 8,100 148,554 - ------------------------------------------------------------------------------------------------------- CCC Information Services Group, Inc. 1 4,600 120,198 - ------------------------------------------------------------------------------------------------------- Compuware Corp. 1 45,900 436,050 - ------------------------------------------------------------------------------------------------------- Entrust Technologies, Inc. 1,2 26,700 149,520 - ------------------------------------------------------------------------------------------------------- Epicor Software Corp. 1 12,900 167,700 - ------------------------------------------------------------------------------------------------------- EPIQ Systems, Inc. 1 5,000 109,100 - ------------------------------------------------------------------------------------------------------- ePlus, inc. 1 1,200 15,660 - ------------------------------------------------------------------------------------------------------- FactSet Research Systems, Inc. 2 5,250 185,010 - ------------------------------------------------------------------------------------------------------- Fair Isaac Corp. 9,300 416,640 - ------------------------------------------------------------------------------------------------------- FileNet Corp. 1,2 22,800 636,120 - ------------------------------------------------------------------------------------------------------- Hyperion Solutions Corp. 1 9,600 467,040 - ------------------------------------------------------------------------------------------------------- Informatica Corp. 1 51,600 620,232 - ------------------------------------------------------------------------------------------------------- InterVideo, Inc. 1 4,000 40,120 - ------------------------------------------------------------------------------------------------------- InterVoice-Brite, Inc. 1,2 3,300 29,733 - ------------------------------------------------------------------------------------------------------- Macromedia, Inc. 1 1,900 77,273 - ------------------------------------------------------------------------------------------------------- Macrovision Corp. 1 700 13,370 - ------------------------------------------------------------------------------------------------------- McAfee, Inc. 1 18,500 581,270 - ------------------------------------------------------------------------------------------------------- MICROS Systems, Inc. 1 10,200 446,250 - ------------------------------------------------------------------------------------------------------- MRO Software, Inc. 1 12,600 212,184 - ------------------------------------------------------------------------------------------------------- MSC.Software Corp. 1 2,900 45,588 - ------------------------------------------------------------------------------------------------------- Net 1 UEPS Technologies, Inc. 1 2,100 47,082 - ------------------------------------------------------------------------------------------------------- Parametric Technology Corp. 1 152,900 1,065,713 - ------------------------------------------------------------------------------------------------------- Pervasive Software, Inc. 1 200 840 - ------------------------------------------------------------------------------------------------------- Progress Software Corp. 1 28,900 918,153 - ------------------------------------------------------------------------------------------------------- Quality Systems, Inc. 2 3,200 221,088 - ------------------------------------------------------------------------------------------------------- Quest Software, Inc. 1 200 3,014 - ------------------------------------------------------------------------------------------------------- Radiant Systems, Inc. 1,2 18,000 185,760 - ------------------------------------------------------------------------------------------------------- Reynolds & Reynolds Co., Cl. A 10,700 293,287 - ------------------------------------------------------------------------------------------------------- SERENA Software, Inc. 1 3,500 69,755 - ------------------------------------------------------------------------------------------------------- SPSS, Inc. 1 2,700 64,800 - ------------------------------------------------------------------------------------------------------- Sybase, Inc. 1 20,300 475,426 - ------------------------------------------------------------------------------------------------------- Synopsys, Inc. 1 26,000 491,400 - ------------------------------------------------------------------------------------------------------- TALX Corp. 4,500 147,555 - -------------------------------------------------------------------------------------------------------
28 Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - --------------------------------------------------------------------------------
Shares Value - ------------------------------------------------------------------------------------------------------- SOFTWARE CONTINUED THQ, Inc. 1 10,550 $ 224,926 - ------------------------------------------------------------------------------------------------------- Transaction Systems Architects, Inc., Cl. A 1 32,800 913,480 - ------------------------------------------------------------------------------------------------------- Ultimate Software Group, Inc. (The) 1,2 11,000 202,620 - ------------------------------------------------------------------------------------------------------- Verint Systems, Inc. 1,2 2,900 118,726 - ------------------------------------------------------------------------------------------------------- Verity, Inc. 1 2,600 27,612 - ------------------------------------------------------------------------------------------------------- Wind River Systems, Inc. 1 27,800 359,454 - ------------------------------------------------------------------------------------------------------- Witness Systems, Inc. 1,2 7,200 150,408 --------------- 13,820,941 - ------------------------------------------------------------------------------------------------------- MATERIALS--5.6% - ------------------------------------------------------------------------------------------------------- CHEMICALS--1.6% Agrium, Inc. 23,900 525,083 - ------------------------------------------------------------------------------------------------------- Ashland, Inc. 2,400 132,576 - ------------------------------------------------------------------------------------------------------- Chemtura Corp. 36,882 458,074 - ------------------------------------------------------------------------------------------------------- Compass Minerals International, Inc. 2 9,700 223,100 - ------------------------------------------------------------------------------------------------------- Eastman Chemical Co. 7,100 333,487 - ------------------------------------------------------------------------------------------------------- Engelhard Corp. 1,900 53,029 - ------------------------------------------------------------------------------------------------------- Ferro Corp. 2,900 53,128 - ------------------------------------------------------------------------------------------------------- FMC Corp. 1 12,300 703,806 - ------------------------------------------------------------------------------------------------------- Fuller (H.B.) Co. 21,500 668,220 - ------------------------------------------------------------------------------------------------------- Georgia Gulf Corp. 3,800 91,504 - ------------------------------------------------------------------------------------------------------- Lubrizol Corp. (The) 3,500 151,655 - ------------------------------------------------------------------------------------------------------- MacDermid, Inc. 9,700 254,722 - ------------------------------------------------------------------------------------------------------- NL Industries, Inc. 2 6,000 112,740 - ------------------------------------------------------------------------------------------------------- PolyOne Corp. 1 17,400 105,444 - ------------------------------------------------------------------------------------------------------- Scotts Miracle-Gro Co. (The), Cl. A 2 4,200 369,306 - ------------------------------------------------------------------------------------------------------- Sensient Technologies Corp. 3,900 73,905 - ------------------------------------------------------------------------------------------------------- Stepan Co. 1,500 37,590 - ------------------------------------------------------------------------------------------------------- Valhi, Inc. 2 1,500 26,970 - ------------------------------------------------------------------------------------------------------- Valspar Corp. (The) 14,600 326,456 - ------------------------------------------------------------------------------------------------------- W.R. Grace & Co. 1,2 13,300 119,035 - ------------------------------------------------------------------------------------------------------- Wellman, Inc. 24,700 156,351 --------------- 4,976,181 - ------------------------------------------------------------------------------------------------------- CONSTRUCTION MATERIALS--0.7% Eagle Materials, Inc. 2 9,200 1,116,604 - ------------------------------------------------------------------------------------------------------- Eagle Materials, Inc., Cl. B 2 100 11,570 - ------------------------------------------------------------------------------------------------------- Florida Rock Industries, Inc. 2 700 44,863 - ------------------------------------------------------------------------------------------------------- Lafarge North America, Inc. 1,000 67,610 - ------------------------------------------------------------------------------------------------------- Martin Marietta Materials, Inc. 6,400 502,144 - ------------------------------------------------------------------------------------------------------- Texas Industries, Inc. 4,900 266,560 - ------------------------------------------------------------------------------------------------------- Vulcan Materials Co. 1,500 111,315 --------------- 2,120,666 - ------------------------------------------------------------------------------------------------------- CONTAINERS & PACKAGING--1.1% Caraustar Industries, Inc. 1,2 11,200 122,976 - ------------------------------------------------------------------------------------------------------- Chesapeake Corp. 2 800 14,712 - ------------------------------------------------------------------------------------------------------- Crown Holdings, Inc. 1 32,900 524,426 - -------------------------------------------------------------------------------------------------------
29 Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - --------------------------------------------------------------------------------
Shares Value - ------------------------------------------------------------------------------------------------------- CONTAINERS & PACKAGING CONTINUED Graphic Packaging Corp. 1 2,900 $ 8,120 - ------------------------------------------------------------------------------------------------------- Greif, Inc., Cl. A 11,600 697,160 - ------------------------------------------------------------------------------------------------------- Longview Fibre Co. 8,900 173,461 - ------------------------------------------------------------------------------------------------------- Owens-Illinois, Inc. 1 18,200 375,284 - ------------------------------------------------------------------------------------------------------- Pactiv Corp. 1 3,000 52,560 - ------------------------------------------------------------------------------------------------------- Sealed Air Corp. 1 2,700 128,142 - ------------------------------------------------------------------------------------------------------- Silgan Holdings, Inc. 25,400 844,804 - ------------------------------------------------------------------------------------------------------- Temple-Inland, Inc. 11,200 457,520 --------------- 3,399,165 - ------------------------------------------------------------------------------------------------------- METALS & MINING--1.7% Aleris International, Inc. 1 2,100 57,645 - ------------------------------------------------------------------------------------------------------- Amerigo Resources Ltd. 66,000 99,355 - ------------------------------------------------------------------------------------------------------- Carpenter Technology Corp. 13,400 785,374 - ------------------------------------------------------------------------------------------------------- Castle (A.M.) & Co. 1,2 3,400 59,500 - ------------------------------------------------------------------------------------------------------- Chaparral Steel Co. 1 4,100 103,402 - ------------------------------------------------------------------------------------------------------- Commercial Metals Co. 8,400 283,416 - ------------------------------------------------------------------------------------------------------- Desert Sun Mining Corp. 1 15,700 28,361 - ------------------------------------------------------------------------------------------------------- Dynatec Corp. 1 73,900 100,440 - ------------------------------------------------------------------------------------------------------- FNX Mining Co., Inc. 1 3,100 40,693 - ------------------------------------------------------------------------------------------------------- Goldcorp, Inc. 2,425 48,604 - ------------------------------------------------------------------------------------------------------- HudBay Minerals, Inc. 1 26,100 75,213 - ------------------------------------------------------------------------------------------------------- Inmet Mining Corp. 1 8,800 157,832 - ------------------------------------------------------------------------------------------------------- LionOre Mining International Ltd. 1 24,300 118,103 - ------------------------------------------------------------------------------------------------------- Meridian Gold, Inc. 1 900 19,626 - ------------------------------------------------------------------------------------------------------- Metal Management, Inc. 2 13,900 352,365 - ------------------------------------------------------------------------------------------------------- Quanex Corp. 2 17,250 1,142,295 - ------------------------------------------------------------------------------------------------------- Reliance Steel & Aluminum Co. 2 17,800 942,154 - ------------------------------------------------------------------------------------------------------- RTI International Metals, Inc. 1,2 2,000 78,700 - ------------------------------------------------------------------------------------------------------- Ryerson Tull, Inc. 2 12,100 257,730 - ------------------------------------------------------------------------------------------------------- Schnitzer Steel Industries, Inc. 2 1,800 58,626 - ------------------------------------------------------------------------------------------------------- Steel Dynamics, Inc. 2 1,300 44,148 - ------------------------------------------------------------------------------------------------------- Worthington Industries, Inc. 2 6,800 143,004 --------------- 4,996,586 - ------------------------------------------------------------------------------------------------------- PAPER & FOREST PRODUCTS--0.5% Buckeye Technologies, Inc. 1 12,200 99,064 - ------------------------------------------------------------------------------------------------------- Glatfelter 2,900 40,861 - ------------------------------------------------------------------------------------------------------- Louisiana-Pacific Corp. 10,500 290,745 - ------------------------------------------------------------------------------------------------------- Pope & Talbot, Inc. 5,300 54,113 - ------------------------------------------------------------------------------------------------------- Potlatch Corp. 17,600 917,312 --------------- 1,402,095 - ------------------------------------------------------------------------------------------------------- TELECOMMUNICATION SERVICES--0.6% - ------------------------------------------------------------------------------------------------------- DIVERSIFIED TELECOMMUNICATION SERVICES--0.4% Alaska Communications Systems Group, Inc. 2 24,700 282,568 - ------------------------------------------------------------------------------------------------------- CenturyTel, Inc. 12,600 440,748 - ------------------------------------------------------------------------------------------------------- Commonwealth Telephone Enterprises, Inc. 3,000 113,100 - -------------------------------------------------------------------------------------------------------
30 Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - --------------------------------------------------------------------------------
Shares Value - ------------------------------------------------------------------------------------------------------- DIVERSIFIED TELECOMMUNICATION SERVICES CONTINUED CT Communications, Inc. 3,200 $ 39,584 - ------------------------------------------------------------------------------------------------------- North Pittsburgh Systems, Inc. 2 5,800 118,378 - ------------------------------------------------------------------------------------------------------- Premiere Global Services, Inc. 1,2 22,000 179,960 - ------------------------------------------------------------------------------------------------------- Shenandoah Telecommunications Co. 100 4,119 - ------------------------------------------------------------------------------------------------------- Talk America Holdings, Inc. 1,2 7,000 66,010 --------------- 1,244,467 - ------------------------------------------------------------------------------------------------------- WIRELESS TELECOMMUNICATION SERVICES--0.2% Centennial Communications Corp. 1 4,100 61,418 - ------------------------------------------------------------------------------------------------------- Cincinnati Bell, Inc. 1 4,100 18,081 - ------------------------------------------------------------------------------------------------------- Dobson Communications Corp., Cl. A 1,2 18,700 143,616 - ------------------------------------------------------------------------------------------------------- Telephone & Data Systems, Inc., Special Shares 1,900 71,345 - ------------------------------------------------------------------------------------------------------- UbiquiTel, Inc. 1,2 34,400 300,656 - ------------------------------------------------------------------------------------------------------- United States Cellular Corp. 1,2 1,000 53,420 --------------- 648,536 - ------------------------------------------------------------------------------------------------------- UTILITIES--2.5% - ------------------------------------------------------------------------------------------------------- ELECTRIC UTILITIES--1.2% ALLETE, Inc. 9,700 444,357 - ------------------------------------------------------------------------------------------------------- Canadian Hydro Developers, Inc. 1 14,000 63,828 - ------------------------------------------------------------------------------------------------------- CenterPoint Energy, Inc. 2 23,600 350,932 - ------------------------------------------------------------------------------------------------------- CH Energy Group, Inc. 2 7,500 356,100 - ------------------------------------------------------------------------------------------------------- Cleco Corp. 2 2,200 51,876 - ------------------------------------------------------------------------------------------------------- CMS Energy Corp. 1 46,200 759,990 - ------------------------------------------------------------------------------------------------------- Green Mountain Power Corp. 1,000 32,930 - ------------------------------------------------------------------------------------------------------- Northeast Utilities Co. 7,100 141,645 - ------------------------------------------------------------------------------------------------------- NRG Energy, Inc. 1,2 11,400 485,640 - ------------------------------------------------------------------------------------------------------- NSTAR, Inc. 2 700 20,244 - ------------------------------------------------------------------------------------------------------- Ormat Technologies, Inc. 2 19,400 429,322 - ------------------------------------------------------------------------------------------------------- PNM Resources, Inc. 4,700 134,749 - ------------------------------------------------------------------------------------------------------- UIL Holdings Corp. 1,500 78,465 - ------------------------------------------------------------------------------------------------------- Wisconsin Energy Corp. 4,200 167,664 - ------------------------------------------------------------------------------------------------------- WPS Resources Corp. 600 34,680 --------------- 3,552,422 - ------------------------------------------------------------------------------------------------------- GAS UTILITIES--0.9% Atmos Energy Corp. 2 15,400 435,050 - ------------------------------------------------------------------------------------------------------- Chesapeake Utilities Corp. 900 31,635 - ------------------------------------------------------------------------------------------------------- New Jersey Resources Corp. 2 2,700 124,146 - ------------------------------------------------------------------------------------------------------- Nicor, Inc. 2 300 12,609 - ------------------------------------------------------------------------------------------------------- Northwest Natural Gas Co. 2 7,000 260,540 - ------------------------------------------------------------------------------------------------------- ONEOK, Inc. 11,900 404,838 - ------------------------------------------------------------------------------------------------------- Peoples Energy Corp. 2 7,400 291,412 - ------------------------------------------------------------------------------------------------------- South Jersey Industries, Inc. 2,000 58,280 - ------------------------------------------------------------------------------------------------------- Southwest Gas Corp. 13,300 364,287 - ------------------------------------------------------------------------------------------------------- UGI Corp. 12,800 360,320 - ------------------------------------------------------------------------------------------------------- WGL Holdings, Inc. 17,200 552,636 --------------- 2,895,753
31 Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - --------------------------------------------------------------------------------
Shares Value - ------------------------------------------------------------------------------------------------------- MULTI-UTILITIES & UNREGULATED POWER--0.4% Avista Corp. 2 5,100 $ 98,940 - ------------------------------------------------------------------------------------------------------- Energy East Corp. 12,300 309,837 - ------------------------------------------------------------------------------------------------------- MDU Resources Group, Inc. 4,000 142,600 - ------------------------------------------------------------------------------------------------------- Sierra Pacific Resources 46,400 689,040 --------------- 1,240,417 --------------- Total Common Stocks (Cost $249,678,894) 298,191,135 - ------------------------------------------------------------------------------------------------------- PREFERRED STOCKS--0.0% - ------------------------------------------------------------------------------------------------------ Simon Property Group, Inc., 6% Cv., Non-Vtg. (Cost $3,213) 60 3,786 Principal Amount - ------------------------------------------------------------------------------------------------------- NON-CONVERTIBLE CORPORATE BONDS AND NOTES--0.0% - ------------------------------------------------------------------------------------------------------- Mueller Industries, Inc., 6% Sub. Nts., 11/1/14 2 (Cost $51,000) $ 51,000 49,725 - ------------------------------------------------------------------------------------------------------- JOINT REPURCHASE AGREEMENTS--2.9% - ------------------------------------------------------------------------------------------------------- Undivided interest of 0.91% in joint repurchase agreement (Principal Amount/Value $951,774,000, with a maturity value of $952,055,566) with UBS Warburg LLC, 3.55%, dated 9/30/05, to be repurchased at $8,710,576 on 10/3/05, collateralized by Federal National Mortgage Assn., 5%, 10/1/35, with a value of $972,647,107 (Cost $8,708,000) 8,708,000 8,708,000 - ------------------------------------------------------------------------------------------------------- Total Investments, at Value (excluding Investments Purchased with 306,952,646 Cash Collateral from Securities Loaned) (Cost $258,441,107) - ------------------------------------------------------------------------------------------------------- INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITIES LOANED--22.6% - ------------------------------------------------------------------------------------------------------- ASSET BACKED FLOATING NOTE--0.8% Whitehawk CDO Funding Corp., 3.94%, 12/15/05 6 2,250,000 2,250,000 - ------------------------------------------------------------------------------------------------------- JOINT REPURCHASE AGREEMENTS--21.7% Undivided interest of 0.48% in joint repurchase agreement (Principal Amount/Value $3,300,000,000, with a maturity value of $3,301,064,250) with Nomura Securities, 3.87%, dated 9/30/05, to be repurchased at $15,762,791 on 10/3/05, collateralized by U.S. Agency Mortgages, 5%--5.50%, 9/1/20--8/1/35, with a value of $3,366,000,000 6 15,757,709 15,757,709 - ------------------------------------------------------------------------------------------------------- Undivided interest of 10.87% in joint repurchase agreement (Principal Amount/Value $460,000,000, with a maturity value of $460,149,500) with BNP Paribas Securities Corp., 3.90%, dated 9/30/05, to be repurchased at $50,016,250 on 10/3/05, collateralized by U.S. Agency Mortgages, 3.33%--7.50%, 9/1/08--9/1/44, with a value of $469,200,000 6 50,000,000 50,000,000 --------------- 65,757,709 - ------------------------------------------------------------------------------------------------------- MASTER FLOATING NOTES--0.1% Bear Stearns, 4.06%, 10/3/05 6 250,000 250,000 --------------- Total Investments Purchased with Cash Collateral from Securities Loaned (Cost $68,257,709) 68,257,709 - ------------------------------------------------------------------------------------------------------- Total Investments, at Value (Cost $326,698,816) 124.0% 375,210,355 - ------------------------------------------------------------------------------------------------------- Liabilities in Excess of Other Assets (24.0) (72,508,836) -------------------------------- Net Assets 100.0% $ 302,701,519 ================================
32 Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - -------------------------------------------------------------------------------- Footnotes to Statement of Investments 1. Non-income producing security. 2. Partial or fully-loaned security. See accompanying Notes to Quarterly Statement of Investments. 3. Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended. These securities have been determined to be liquid under guidelines established by the Board of Trustees. These securities amount to $116,451 or 0.04% of the Fund's net assets as of September 30, 2005. 4. The Fund holds securities which have been issued by the same entity and that trade on separate exchanges. 5. Illiquid or restricted security. The aggregate value of illiquid or restricted securities as of September 30, 2005 was $140,707, which represents 0.05% of the Fund's net assets, all of which is considered restricted. See accompanying Notes to Quarterly Statement of Investments. 6. 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 September 30, 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 $ 326,987,712 =============== Gross unrealized appreciation $ 52,535,166 Gross unrealized depreciation (4,312,523) --------------- Net unrealized appreciation $ 48,222,643 =============== 33 Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - -------------------------------------------------------------------------------- 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 may be valued primarily using dealer-supplied valuations or a portfolio pricing service authorized by the Board of Trustees. Securities listed or traded on National Stock Exchanges or other domestic 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. Securities traded on foreign exchanges are valued based on the last sale price on the principal exchange on which the security is traded, in the country that is identified by the portfolio pricing service, prior to the time when the Fund's assets are valued. In the absence of a sale, the security is valued at the official closing price on the principal exchange. 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. Futures contracts traded on a commodities or futures exchange will be valued at the final settlement price or official closing price on the principal exchange as reported by such principal exchange at its trading session ending at, or most recently prior to, the time when the Fund's assets are valued. Securities (including restricted securities) for which market quotations are not readily available are valued at their fair value. Foreign and domestic securities whose values have been materially affected by what the Manager identifies as a significant event occurring before the Fund's assets are valued but after the close of their respective exchanges will be fair valued. Fair value is determined in good faith using consistently applied procedures under the supervision of the Board of Trustees. Short-term "money market type" debt securities with remaining maturities of sixty days or less are valued at amortized cost (which approximates market value). FOREIGN CURRENCY TRANSLATION. The Fund's accounting records are maintained in U.S. dollars. The values of securities denominated in foreign currencies and amounts related to the purchase and sale of foreign securities and foreign investment income 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. Foreign exchange rates may be valued primarily using dealer supplied valuations or a portfolio pricing service authorized by the Board of Trustees. Reported net realized foreign exchange gains or losses arise from sales of portfolio securities, sales and maturities of short-term securities, sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the values of assets and liabilities, including investments in securities at fiscal period end, resulting from changes in exchange rates. The effect of changes in foreign currency exchange rates on investments is separately identified from the fluctuations arising from changes in market values of securities held and reported with all other foreign currency gains and losses in the Fund's Statement of Operations. JOINT REPURCHASE AGREEMENTS. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission, the Fund, along with other affiliated funds advised by the Manager, may transfer uninvested cash balances into joint trading accounts on a daily basis. These balances are invested in one or more repurchase agreements. Securities pledged as collateral for repurchase agreements are held by a custodian bank until the agreements mature. Each agreement requires that the market value of the collateral be sufficient to cover payments of interest and principal. In the event of default by the other party to the agreement, retention of the collateral may be subject to legal proceedings. 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. 34 Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small Cap Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - -------------------------------------------------------------------------------- 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 September 30, 2005, the Fund had outstanding foreign currency contracts as follows:
EXPIRATION CONTRACT AMOUNT VALUATION AS OF UNREALIZED CONTRACT DESCRIPTION DATE (000S) SEPTEMBER 30, 2005 DEPRECIATION - ------------------------------------------------------------------------------------------------------------ CONTRACTS TO SELL Canadian Dollar (CAD) 10/3/05 24CAD $ 21,022 $ 169
ILLIQUID OR RESTRICTED SECURITIES As of September 30, 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 10% 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. Securities that are illiquid or restricted are marked with the applicable footnote on the Statement of Investments. Information concerning restricted securities is as follows:
ACQUISITION VALUATION AS OF UNREALIZED SECURITY DATES COST SEPTEMBER 30, 2005 APPRECIATION - -------------------------------------------------------------------------------------------------------- Mission Oil & Gas, Inc. 1/18/05 $ 34,507 $ 52,026 $ 17,519 Tusk Energy Corp. 11/15/04 38,148 88,681 50,533 -------------------------------------------------- $ 72,655 $ 140,707 $ 68,052 ==================================================
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 continues to receive the economic benefit of interest or dividends paid on the securities loaned in the form of a substitute payment received from the borrower. As of September 30, 2005, the Fund had on loan securities valued at $67,755,192. Collateral of $68,794,302 was received for the loans, of which $68,257,709 was received in cash and subsequently invested in approved instruments. 35 Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ------------------------------------------------------------------------------------------------------------------------- ASSET-BACKED SECURITIES--2.4% - ------------------------------------------------------------------------------------------------------------------------- Aesop Funding II LLC, Automobile Asset-Backed Certificates, Series 2005-1A, Cl. A2, 3.856%, 4/20/08 1 $ 200,000 $ 200,146 - ------------------------------------------------------------------------------------------------------------------------- BMW Vehicle Owner Trust, Automobile Loan Certificates, Series 2005-A, Cl. A2, 3.66%, 12/26/07 1,890,000 1,885,720 - ------------------------------------------------------------------------------------------------------------------------- Capital Auto Receivables Asset Trust, Automobile Mtg.-Backed Nts.: Series 2004-2, Cl. A3, 3.58%, 1/15/09 740,000 727,017 Series 2005-1, Cl. A2B, 3.73%, 7/16/07 370,000 369,601 - ------------------------------------------------------------------------------------------------------------------------- Capital One Prime Auto Receivables Trust, Automobile Loan Asset-Backed Securities, Series 2005-1, Cl. A2, 4.24%, 11/15/07 970,000 969,190 - ------------------------------------------------------------------------------------------------------------------------- Centex Home Equity Co. LLC, Home Equity Loan Asset-Backed Certificates: Series 2004-D, Cl. AF1, 2.98%, 4/25/20 137,879 137,137 Series 2005-B, Cl. AF1, 4.02%, 3/26/35 172,423 171,525 Series 2005-C, Cl. AF1, 4.196%, 6/25/35 490,124 488,607 - ------------------------------------------------------------------------------------------------------------------------- Chase Funding Mortgage Loan Asset-Backed Certificates, Home Equity Mtg. Obligations: Series 2003-5, Cl. 1A2, 2.451%, 11/25/18 37,671 37,582 Series 2004-1, Cl. 1A2, 2.427%, 6/25/19 223,350 222,703 - ------------------------------------------------------------------------------------------------------------------------- Chase Manhattan Auto Owner Trust, Automobile Loan Pass-Through Certificates: Series 2002-A, Cl. A4, 4.24%, 9/15/08 77,299 77,363 Series 2005-A, Cl. A2, 3.72%, 12/15/07 650,000 647,395 - ------------------------------------------------------------------------------------------------------------------------- CIT Equipment Collateral, Equipment Receivable-Backed Nts., Series 2004-DFS, Cl. A2, 2.66%, 11/20/06 480,493 478,586 - ------------------------------------------------------------------------------------------------------------------------- Citibank Credit Card Issuance Trust, Credit Card Receivable Nts., Series 2001-A6, Cl. A6, 5.65%, 6/16/08 690,000 696,100 - ------------------------------------------------------------------------------------------------------------------------- Consumer Credit Reference Index Securities Program, Credit Card Asset-Backed Certificates, Series 2002-B, Cl. FX, 10.421%, 3/22/07 2 500,000 523,296 - ------------------------------------------------------------------------------------------------------------------------- Countrywide Asset-Backed Certificates, Inc., Home Equity Asset-Backed Certificates, Series 2005-7, Cl. AF1B, 4.317%, 11/25/35 548,393 546,425 - ------------------------------------------------------------------------------------------------------------------------- DaimlerChrysler Auto Trust, Automobile Loan Pass-Through Certificates: Series 2002-A, Cl. A4, 4.49%, 10/6/08 151,119 151,313 Series 2004-B, Cl. A2, 2.48%, 2/8/07 178,361 178,201 Series 2004-C, Cl. A2, 2.62%, 6/8/07 564,477 562,578 Series 2005-A, Cl. A2, 3.17%, 9/8/07 767,031 764,733 Series 2005-B, Cl. A2, 3.75%, 12/8/07 640,000 638,764 - ------------------------------------------------------------------------------------------------------------------------- Embarcadero Aircraft Securitization Trust, Airplane Receivable Nts., Series 2000-A, Cl. B, 8/15/25 2,3 1,820,063 13,650 - ------------------------------------------------------------------------------------------------------------------------- Equity One ABS, Inc., Home Equity Mtg. Pass-Through Certificates, Series 2004-3, Cl. AF2, 3.80%, 7/25/34 700,000 696,826 - ------------------------------------------------------------------------------------------------------------------------- Ford Credit Auto Owner Trust, Automobile Loan Pass-Through Certificates: Series 2004-A, Cl. A2, 2.13%, 10/15/06 250,966 250,625 Series 2005-A, Cl. A3, 3.48%, 11/17/08 550,000 543,977 Series 2005-B, Cl. A2, 3.77%, 9/15/07 666,569 665,698 - ------------------------------------------------------------------------------------------------------------------------- GS Auto Loan Trust, Automobile Loan Asset-Backed Securities, Series 2005-1, Cl. A2, 4.32%, 5/15/08 1,840,000 1,838,022 - ------------------------------------------------------------------------------------------------------------------------- Harley-Davidson Motorcycle Trust, Motorcycle Receivable Nts., Series 2003-3, Cl. A1, 1.50%, 1/15/08 75,711 75,625 - ------------------------------------------------------------------------------------------------------------------------- Honda Auto Receivables Owner Trust, Automobile Receivable Obligations: 339,330 338,393 Series 2005-1, Cl. A2, 3.21%, 5/21/07
1 Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ------------------------------------------------------------------------------------------------------------------------- Series 2005-3, Cl. A2, 3.73%, 10/18/07 $ 610,000 $ 607,238 - ------------------------------------------------------------------------------------------------------------------------- Lehman XS Trust, Home Equity Obligations: Series 2005-2, Cl. 2A1B, 5.18%, 8/25/35 912,030 915,776 Series 2005-4, Cl. 2A1B, 5.17%, 10/25/35 650,000 652,844 - ------------------------------------------------------------------------------------------------------------------------- NC Finance Trust, Collateralized Mtg. Obligations, Series 1999-I, Cl. ECFD, 8.75%, 1/25/29 2 66,744 18,021 - ------------------------------------------------------------------------------------------------------------------------- Nissan Auto Lease Trust, Automobile Lease Obligations, Series 2004-A, Cl. A2, 2.55%, 1/15/07 237,661 237,165 - ------------------------------------------------------------------------------------------------------------------------- Nissan Auto Receivables Owner Trust, Automobile Receivable Nts.: Series 2003-B, Cl. A3, 1.51%, 8/15/07 44,141 43,903 Series 2005-C, Cl. A2, 3.99%, 1/15/08 1,160,000 1,157,301 - ------------------------------------------------------------------------------------------------------------------------- Onyx Acceptance Owner Trust, Automobile Receivable Obligations: Series 2002-B, Cl. A4, 4.71%, 3/15/09 363,099 363,368 Series 2005-B, Cl. A2, 4.03%, 4/15/08 520,000 518,758 - ------------------------------------------------------------------------------------------------------------------------- Popular ABS Mortgage Pass-Through Trust, Home Equity Pass-Through Certificates: Series 2004-5, Cl. A F2, 3.735%, 11/10/34 200,000 197,289 Series 2005-1, Cl. A F2, 3.914%, 5/25/35 150,000 147,882 Series 2005-2, Cl. A F2, 4.415%, 4/25/35 240,000 238,112 - ------------------------------------------------------------------------------------------------------------------------- Residential Asset Mortgage Products, Inc., Home Equity Asset-Backed Pass-Through Certificates, Series 2004-RS7, Cl. AI3, 4.45%, 7/25/28 480,000 477,421 - ------------------------------------------------------------------------------------------------------------------------- Structured Asset Securities Corp., Collateralized Mtg. Obligations Pass-Through Certificates, Series 2005-4XS, Cl. 3A1, 5.18%, 3/26/35 893,274 895,026 - ------------------------------------------------------------------------------------------------------------------------- Toyota Auto Receivables Owner Trust, Automobile Mtg.-Backed Obligations, Series 2002-B, Cl. A4, 4.39%, 5/15/09 605,383 605,894 - ------------------------------------------------------------------------------------------------------------------------- USAA Auto Owner Trust, Automobile Loan Asset-Backed Nts.: Series 2004-2, Cl. A2, 2.41%, 2/15/07 189,306 189,042 Series 2004-3, Cl. A2, 2.79%, 6/15/07 336,478 335,643 - ------------------------------------------------------------------------------------------------------------------------- Volkswagen Auto Lease Trust, Automobile Lease Asset-Backed Securities: Series 2004-A, Cl. A2, 2.47%, 1/22/07 384,666 383,597 Series 2005-A, Cl. A2, 3.52%, 4/20/07 580,000 578,062 - ------------------------------------------------------------------------------------------------------------------------- Wachovia Auto Owner Trust, Automobile Receivable Nts., Series 2004-B, Cl. A2, 2.40%, 5/21/07 205,189 204,653 - ------------------------------------------------------------------------------------------------------------------------- Wells Fargo Home Equity Trust, Collateralized Mtg. Obligations, Series 2004-2, Cl. AI1B, 2.94%, 9/25/18 479,437 475,566 - ------------------------------------------------------------------------------------------------------------------------- WFS Financial Owner Trust, Automobile Receivable Obligations, Series 2002-2, Cl. A4, 4.50%, 2/20/10 194,379 194,692 - ------------------------------------------------------------------------------------------------------------------------- Whole Auto Loan Trust, Automobile Loan Receivable Certificates: Series 2003-1, Cl. A3B, 1.99%, 5/15/07 133,451 132,602 Series 2004-1, Cl. A2A, 2.59%, 5/15/07 388,567 386,850 ---------------- Total Asset-Backed Securities (Cost $26,772,319) 24,853,503 - ------------------------------------------------------------------------------------------------------------------------- MORTGAGE-BACKED OBLIGATIONS--12.1% - ------------------------------------------------------------------------------------------------------------------------- Asset Securitization Corp., Commercial Mtg. Pass-Through Certificates, Series 1997-D4, Cl. B1, 7.525%, 4/14/29 375,000 422,815 - ------------------------------------------------------------------------------------------------------------------------- Banc of America Commercial Mortgage, Inc., Commercial Mtg. Pass-Through Certificates: Series 2004-6, Cl. A3, 4.512%, 12/10/42 560,000 547,739 Series 2005-2, Cl. A4, 4.783%, 7/10/43 820,000 813,240 Series 2005-3, Cl. A2, 4.501%, 7/10/43 690,000 678,972 - ------------------------------------------------------------------------------------------------------------------------- Banc of America Funding Corp., Collateralized Mtg. Obligations Pass-Through Certificates, Series 2004-2, Cl. 2A1, 6.50%, 7/20/32 656,101 661,021 - -------------------------------------------------------------------------------------------------------------------------
2 Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ------------------------------------------------------------------------------------------------------------------------- Banc of America Mortgage Securities, Inc., Collateralized Mtg. Obligations Pass-Through Certificates: Series 2004-8, Cl. 5A1, 6.50%, 5/25/32 $ 530,052 $ 540,156 Series 2004-E, Cl. 2A9, 3.712%, 6/25/34 129,459 129,458 Series 2005-E, Cl. 2A2, 4.989%, 6/25/35 1 168,686 168,380 - ------------------------------------------------------------------------------------------------------------------------- Bear Stearns Commercial Mortgage Securities, Inc., Commercial Mtg. Obligations, Series 2005-PWR7, Cl. A2, 4.945%, 2/11/41 280,000 279,950 - ------------------------------------------------------------------------------------------------------------------------- Countrywide Alternative Loan Trust, Collateralized Mtg. Obligations: Series 2004-J9, Cl. 1A1, 4.01%, 10/25/34 1 272,968 273,202 Series 2005-10, Cl. AF1, 3.956%, 2/25/36 1,2 1,310,000 1,310,000 Series 2005-J1, Cl. 3A1, 6.50%, 8/25/32 5 1,549,487 1,573,698 - ------------------------------------------------------------------------------------------------------------------------- Federal Home Loan Mortgage Corp.: 4.50%, 5/1/19 1,027,513 1,007,218 6%, 9/1/24-10/1/34 7,529,482 7,684,345 6.50%, 4/1/18-6/1/35 3,576,322 3,681,623 7%, 3/1/31-10/1/31 869,784 909,183 11%, 11/1/14 52,686 56,566 - ------------------------------------------------------------------------------------------------------------------------- Federal Home Loan Mortgage Corp., Collateralized Mtg. Obligations, Gtd. Multiclass Mtg. Participation Certificates, Series 2790, Cl. DY, 5.50%, 5/15/25 1,270,000 1,275,267 - ------------------------------------------------------------------------------------------------------------------------- Federal Home Loan Mortgage Corp., Collateralized Mtg. Obligations, Pass-Through Participation Certificates, Series 151, Cl. F, 9%, 5/15/21 84,883 84,835 - ------------------------------------------------------------------------------------------------------------------------- Federal Home Loan Mortgage Corp., Gtd. Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates: Series 1669, Cl. G, 6.50%, 2/15/23 35,453 35,471 Series 2055, Cl. ZM, 6.50%, 5/15/28 275,186 282,803 Series 2080, Cl. Z, 6.50%, 8/15/28 173,113 177,464 Series 2116, Cl. ZA, 6%, 1/15/29 1,379,119 1,415,452 Series 2326, Cl. ZP, 6.50%, 6/15/31 307,886 317,191 Series 2368, Cl. PR, 6.50%, 10/15/31 1,159,904 1,196,577 Series 2387, Cl. PD, 6%, 4/15/30 256,910 258,942 Series 2456, Cl. BD, 6%, 3/15/30 146,771 147,330 Series 2498, Cl. PC, 5.50%, 10/15/14 12,362 12,375 Series 2500, Cl. FD, 4.268%, 3/15/32 1 97,828 98,610 Series 2526, Cl. FE, 4.168%, 6/15/29 1 126,248 126,917 Series 2551, Cl. FD, 4.168%, 1/15/33 1 98,309 99,077 Series 2583, Cl. KA, 5.50%, 3/15/22 601,730 604,037 - ------------------------------------------------------------------------------------------------------------------------- Federal Home Loan Mortgage Corp., Interest-Only Stripped Mtg.-Backed Security: Series 177, Cl. B, 2.16%, 7/1/26 4 332,915 66,166 Series 192, Cl. IO, 7.984%, 2/1/28 4 85,294 15,512 Series 200, Cl. IO, 6.674%, 1/1/29 4 101,972 19,301 Series 205, Cl. IO, 0.684%, 9/1/29 4 459,905 87,303 Series 2074, Cl. S, 7.031%, 7/17/28 4 111,704 12,436 Series 2079, Cl. S, 6.435%, 7/17/28 4 176,577 19,747 Series 208, Cl. IO, (26.99)%, 6/1/30 4 522,731 99,684 Series 2526, Cl. SE, 8.289%, 6/15/29 4 236,029 16,053 Series 2920, Cl. S, 10.714%, 1/15/35 4 2,102,052 117,987 Series 3000, Cl. SE, 29.396%, 7/15/25 4 2,116,609 102,317 - ------------------------------------------------------------------------------------------------------------------------- Federal National Mortgage Assn.: 7,009,000 6,864,439 4.50%, 10/1/20 5
3 Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ------------------------------------------------------------------------------------------------------------------------- 5%, 6/1/18 $ 973,261 $ 971,674 5%, 2/1/18-11/1/35 5 14,585,991 14,312,113 5.50%, 3/1/33-1/1/34 8,017,618 8,023,841 5.50%, 10/1/20-10/1/35 5 14,852,000 14,922,337 6%, 7/1/16-11/1/32 6,156,064 6,326,594 6%, 11/1/20-11/1/35 5 7,869,000 8,014,625 6.50%, 5/1/29-10/1/30 268,008 276,844 6.50%, 10/1/34-11/1/35 5 10,524,582 10,834,410 7%, 11/1/17-2/1/32 2,077,704 2,176,934 7.50%, 8/1/25-2/1/27 224,786 238,594 8.50%, 7/1/32 21,109 22,959 - ------------------------------------------------------------------------------------------------------------------------- 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 43,456 43,432 Trust 2001-50, Cl. NE, 6%, 8/25/30 130,737 131,516 Trust 2001-51, Cl. OD, 6.50%, 10/25/31 815,828 842,859 Trust 2001-70, Cl. LR, 6%, 9/25/30 154,157 155,780 Trust 2001-72, Cl. NH, 6%, 4/25/30 102,998 103,568 Trust 2001-74, Cl. PD, 6%, 5/25/30 41,420 41,606 Trust 2002-77, Cl. WF, 4.189%, 12/18/32 1 154,300 155,314 Trust 2002-94, Cl. MA, 4.50%, 8/25/09 40,405 40,343 Trust 2003-10, Cl. HP, 5%, 2/25/18 910,000 907,251 Trust 2003-17, Cl. EQ, 5.50%, 3/25/23 1,265,000 1,280,509 Trust 2003-23, Cl. EQ, 5.50%, 4/25/23 890,000 899,831 Trust 2004-101, Cl. BG, 5%, 1/25/20 630,000 629,729 Trust 2005-71, Cl. DB, 4.50%, 8/25/25 480,000 458,190 - ------------------------------------------------------------------------------------------------------------------------- Federal National Mortgage Assn., Collateralized Mtg. Obligations, Gtd. Real Estate Mtg. Investment Conduit Pass-Through Certificates, Interest-Only Stripped Mtg.-Backed Security: Trust 2002-28, Cl. SA, 3.723%, 4/25/32 4 123,445 10,875 Trust 2002-38, Cl. SO, 3.181%, 4/25/32 4 661,738 46,033 Trust 2002-48, Cl. S, 3.203%, 7/25/32 4 198,575 18,509 Trust 2002-52, Cl. SL, 3.278%, 9/25/32 4 124,042 11,722 Trust 2002-56, Cl. SN, 4.869%, 7/25/32 4 272,866 25,280 Trust 2002-77, Cl. IS, 3.876%, 12/18/32 4 1,127,405 111,801 - ------------------------------------------------------------------------------------------------------------------------- Federal National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security: Trust 214, Cl. 2, 7.023%, 3/1/23 4 1,371,548 268,916 Trust 221, Cl. 2, 3.68%, 5/1/23 4 152,057 29,844 Trust 240, Cl. 2, 10.649%, 9/1/23 4 266,735 51,084 Trust 301, Cl. 2, 0.376%, 4/1/29 4 616,012 115,595 Trust 313, Cl. 2, (23.246)%, 6/1/31 4 667,573 138,482 Trust 319, Cl. 2, 2.838%, 2/1/32 4 201,957 42,191 Trust 321, Cl. 2, 2.28%, 3/1/32 4 892,727 188,288 Trust 324, Cl. 2, (3.89)%, 6/1/32 4 1,560,599 313,980 Trust 329, Cl. 2, 5.552%, 1/1/33 4 1,314,603 280,233 Trust 333, Cl. 2, 6.66%, 3/1/33 4 2,206,665 476,904 Trust 346, Cl. 2, 9.53%, 12/1/33 4 3,711,160 792,730 Trust 350, Cl. 2, 6.81%, 2/1/34 4 2,367,582 504,644 Trust 2001-61, Cl. SH, 18.434%, 11/18/31 4 1,056,318 95,503
4 Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ------------------------------------------------------------------------------------------------------------------------- Trust 2001-63, Cl. SD, 7.783%, 12/18/31 4 $ 231,610 $ 20,094 Trust 2001-68, Cl. SC, 6.153%, 11/25/31 4 165,944 16,220 Trust 2001-81, Cl. S, 4.542%, 1/25/32 4 213,183 19,852 Trust 2002-9, Cl. MS, 3.043%, 3/25/32 4 264,739 25,702 Trust 2002-77, Cl. SH, 9.375%, 12/18/32 4 271,901 27,194 Trust 2003-4, Cl. S, 17.135%, 2/25/33 4 516,756 53,831 Trust 2005-40, Cl. SA, 11.533%, 5/25/35 4 6,307,088 373,368 Trust 2005-40, Cl. SB, 18.258%, 5/25/35 4 1,392,179 81,335 Trust 2005-71, Cl. SA, 22.845%, 8/25/25 4 1,362,149 77,567 - ------------------------------------------------------------------------------------------------------------------------- First Union National Bank/Lehman Brothers/Bank of America Commercial Mtg. Trust, Pass-Through Certificates, Series 1998-C2, Cl. A2, 6.56%, 11/18/35 340,059 353,024 - ------------------------------------------------------------------------------------------------------------------------- Ford Credit Auto Owner Trust, Automobile Loan Pass-Through Certificates, Series 2005-C, Cl. A2, 4.24%, 3/15/08 1,020,000 1,019,957 - ------------------------------------------------------------------------------------------------------------------------- GE Capital Commercial Mortgage Corp., Commercial Mtg. Obligations: Series 2004-C3, Cl. A2, 4.433%, 7/10/39 390,000 385,753 Series 2005-C3, Cl. A2, 4.853%, 7/10/45 430,000 430,856 Series 2005-CA, Cl. A3, 4.578%, 6/10/48 220,000 216,172 - ------------------------------------------------------------------------------------------------------------------------- GMAC Commercial Mortgage Securities, Inc., Commercial Mtg. Pass-Through Certificates: Series 1997-C1, Cl. A3, 6.869%, 7/15/29 246,680 254,298 Series 1998-C1, Cl. F, 7.19%, 5/15/30 1 1,567,000 1,634,569 Series 2004-C3, Cl. A4, 4.547%, 12/10/41 360,000 352,701 - ------------------------------------------------------------------------------------------------------------------------- Government National Mortgage Assn.: 4.125%, 11/20/25 1 14,407 14,681 7%, 3/15/28-7/15/28 823,805 867,535 7.50%, 2/15/27 96,255 102,408 8%, 11/15/25-5/15/26 135,673 145,509 - ------------------------------------------------------------------------------------------------------------------------- Government National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security: Series 1998-6, Cl. SA, 7.993%, 3/16/28 4 217,254 22,170 Series 1998-19, Cl. SB, 5.766%, 7/16/28 4 353,526 39,228 Series 2001-21, Cl. SB, 4.769%, 1/16/27 4 1,736,243 135,087 - ------------------------------------------------------------------------------------------------------------------------- Greenwich Capital Commercial Funding Corp., Commercial Mtg. Pass-Through Certificates, Series 2005-G G3, Cl. A2, 4.305%, 8/10/42 500,000 490,450 - ------------------------------------------------------------------------------------------------------------------------- GS Mortgage Securities Corp. II, Commercial Mtg. Pass-Through Certificates: Series 2004-C1, Cl. A1, 3.659%, 10/10/28 403,864 393,541 Series 2004-GG2, Cl. A3, 4.602%, 8/10/38 250,000 248,518 - ------------------------------------------------------------------------------------------------------------------------- GSR Mortgage Loan Trust, Collateralized Mtg. Obligations, Series 2004-12, Cl. 3A1, 4.494%, 12/25/34 1 191,521 191,023 - ------------------------------------------------------------------------------------------------------------------------- JPMorgan Chase Commercial Mortgage Securities Corp., Commercial Mtg. Pass-Through Certificates: Series 2005-LDP2, Cl. A2, 4.575%, 7/15/42 160,000 158,103 Series 2005-LDP4, Cl. A2, 4.79%, 10/15/42 670,000 668,365 - ------------------------------------------------------------------------------------------------------------------------- LB-UBS Commercial Mortgage Trust, Commercial Mtg. Pass-Through Certificates, Series 2005-C5, Cl. A2, 4.885%, 9/15/40 520,000 521,048 - ------------------------------------------------------------------------------------------------------------------------- Mastr Alternative Loan Trust, Pass-Through Collateralized Mtg. Obligations, Series 2004-6, Cl. 10A1, 6%, 7/25/34 791,030 800,505 - ------------------------------------------------------------------------------------------------------------------------- Merrill Lynch Mortgage Investors, Inc., Mtg. Pass-Through Certificates, 91,290 91,214 Series 1995-C2, Cl. D, 7.735%, 6/15/21 1
5 Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ------------------------------------------------------------------------------------------------------------------------- Morgan Stanley Capital I Trust, Commercial Mtg. Pass-Through Certificates: Series 1996-C1, Cl. F, 7.313%, 2/15/28 1,6 $ 162,744 $ 162,543 Series 1997-XL1, Cl. G, 7.695%, 10/3/30 390,000 285,689 - ------------------------------------------------------------------------------------------------------------------------- Nomura Asset Securities Corp., Commercial Mtg. Pass-Through Certificates, Series 1998-D6, Cl. A1B, 6.59%, 3/15/30 420,000 438,846 - ------------------------------------------------------------------------------------------------------------------------- Prudential Mortgage Capital Co. II LLC, Commercial Mtg. Pass-Through Certificates, Series PRU-HTG 2000-C1, Cl. A2, 7.306%, 10/6/15 556,000 616,546 - ------------------------------------------------------------------------------------------------------------------------- Salomon Brothers Mortgage Securities VII, Inc., Commercial Mtg. Pass-Through Certificates, Series 1996-C1, Cl. F, 8.301%, 1/20/28 1,2 1,000,000 820,000 - ------------------------------------------------------------------------------------------------------------------------- Wachovia Bank Commercial Mortgage Trust, Commercial Mtg. Obligations: Series 2005-C17, Cl. A2, 4.782%, 3/15/42 820,000 817,752 Series 2005-C20, Cl. A5, 5.087%, 7/15/42 520,000 521,846 - ------------------------------------------------------------------------------------------------------------------------- Washington Mutual Mortgage Securities Corp., Collateralized Mtg. Pass-Through Certificates: Series 2005-AR5, Cl. A1, 4.684%, 5/25/35 1 724,160 724,536 Series 2005-AR8, Cl. 2AB1, 4.08%, 7/25/45 1 953,091 953,091 - ------------------------------------------------------------------------------------------------------------------------- Wells Fargo Mortgage-Backed Securities Trust, Collateralized Mtg. Obligations: Series 2004-DD, Cl. 2 A1, 4.53%, 1/25/35 1 576,715 575,654 Series 2004-N, Cl. A10, 3.803%, 8/25/34 181,078 181,237 Series 2004-W, Cl. A2, 4.594%, 11/25/34 1 80,814 80,627 ---------------- Total Mortgage-Backed Obligations (Cost $127,340,561) 126,034,571 - ------------------------------------------------------------------------------------------------------------------------- U.S. GOVERNMENT OBLIGATIONS--7.3% - ------------------------------------------------------------------------------------------------------------------------- Fannie Mae Unsec. Nts., 3.58%, 1/31/07 7 3,482,000 3,288,376 - ------------------------------------------------------------------------------------------------------------------------- Federal Home Loan Bank Unsec. Bonds: 3.50%, 11/15/07 425,000 417,377 Series S906, 3.50%, 8/15/06 1,715,000 1,703,177 - ------------------------------------------------------------------------------------------------------------------------- Federal Home Loan Mortgage Corp. Nts., 3.75%, 7/15/09 [EUR] 949,000 1,183,612 - ------------------------------------------------------------------------------------------------------------------------- Federal Home Loan Mortgage Corp. Unsec. Nts.: 2.75%, 8/15/06 280,000 276,304 3.625%, 9/15/06 8 4,459,000 4,429,767 4.125%, 7/12/10 9 4,376,000 4,308,986 - ------------------------------------------------------------------------------------------------------------------------- Federal National Mortgage Assn. Unsec. Nts.: 3.01%, 6/2/06 1,219,000 1,208,255 3.25%, 7/31/06 9 1,335,000 1,323,654 4%, 2/28/07 965,000 959,806 4.25%, 7/15/07-8/15/10 9 6,538,000 6,481,792 6%, 5/15/11 1,800,000 1,927,994 6.625%, 9/15/09 8 2,625,000 2,823,337 7.25%, 1/15/10-5/15/30 3,262,000 3,761,338 - ------------------------------------------------------------------------------------------------------------------------- Resolution Funding Corp. STRIPS, 5.16%, 1/15/21 7 5,667,000 2,725,124 - ------------------------------------------------------------------------------------------------------------------------- Tennessee Valley Authority Bonds: 4.65%, 6/15/35 455,000 434,940 Series A, 6.79%, 5/23/12 8,412,000 9,454,827 - ------------------------------------------------------------------------------------------------------------------------- U.S. Treasury Bills, 3.32%, 10/6/05 9 13,040,000 13,034,032 - ------------------------------------------------------------------------------------------------------------------------- U.S. Treasury Bonds: 900,000 1,011,516 5.50%, 8/15/28 9
6 Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ------------------------------------------------------------------------------------------------------------------------- 7.25%, 5/15/16 9 $ 1,454,000 $ 1,799,155 8.875%, 8/15/17 8,9 1,419,000 1,990,037 9.25%, 2/15/16 9 208,000 291,013 STRIPS, 4.20%, 2/15/11 7,9 900,000 720,435 STRIPS, 4.60%, 2/15/16 7 491,000 309,235 - ------------------------------------------------------------------------------------------------------------------------- U.S. Treasury Nts.: 2.50%, 9/30/06 9 4,727,000 4,654,620 2.50%, 10/31/06 9,10 5,367,000 5,277,065 3.625%, 6/30/07 9 515,000 510,253 ---------------- Total U.S. Government Obligations (Cost $76,673,025) 76,306,027 - ------------------------------------------------------------------------------------------------------------------------- FOREIGN GOVERNMENT OBLIGATIONS--25.4% - ------------------------------------------------------------------------------------------------------------------------- ARGENTINA--1.1% Argentina (Republic of) Bonds: 1.20%, 12/31/38 1 [EUR] 1,390,000 664,053 1.33%, 12/31/38 1 4,020,000 1,597,950 3.663%, 9/30/14 1,2 [ARP] 1,802,000 639,644 4.005%, 8/3/12 1 7,394,625 6,732,370 - ------------------------------------------------------------------------------------------------------------------------- Argentina (Republic of) Unsec. Unsub. Bonds, 5.83%, 12/31/33 2 [ARP] 2,416,338 853,503 - ------------------------------------------------------------------------------------------------------------------------- Buenos Aires (Province of) Bonds, Bonos de Consolidacion de Deudas, Series PBA1, 4/1/07 2,3 [ARP] 39,892 17,471 - ------------------------------------------------------------------------------------------------------------------------- Central Bank of Argentina Bonds, 2%, 2/4/18 2 [ARP] 2,410,560 1,246,406 ---------------- 11,751,397 - ------------------------------------------------------------------------------------------------------------------------- AUSTRALIA--0.8% Queensland Treasury Corp. Unsec. Nts., Series 09G, 6%, 7/14/09 [AUD] 11,350,000 8,802,590 - ------------------------------------------------------------------------------------------------------------------------- AUSTRIA--0.5% Austria (Republic of) Nts., 3.80%, 10/20/13 6 [EUR] 3,850,000 4,878,726 - ------------------------------------------------------------------------------------------------------------------------- BELGIUM--0.1% Belgium (Kingdom of) Bonds, Series 28, 5.75%, 3/28/08 [EUR] 701,000 908,844 - ------------------------------------------------------------------------------------------------------------------------- BRAZIL--1.5% Brazil (Federal Republic of) Bonds: 8%, 1/15/18 6,043,000 6,414,645 8.75%, 2/4/25 5,490,000 5,813,910 12.50%, 1/5/16 [BRR] 8,340,000 3,593,732 Series 15 yr., 4.313%, 4/15/09 1 11,766 11,766 ---------------- 15,834,053 - ------------------------------------------------------------------------------------------------------------------------- BULGARIA--0.2% Bulgaria (Republic of) Bonds: 8.25%, 1/15/15 743,000 920,391 8.25%, 1/15/15 6 743,000 920,391 ------------------ 1,840,782 - ------------------------------------------------------------------------------------------------------------------------- COLOMBIA--0.7% Colombia (Republic of) Bonds, 12%, 10/22/15 [COP] 2,955,000,000 1,589,418 - ------------------------------------------------------------------------------------------------------------------------- Colombia (Republic of) Nts.: 8.25%, 12/22/14 933,000 1,050,092 11.75%, 3/1/10 [COP] 2,617,240,000 1,333,764
7 Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ------------------------------------------------------------------------------------------------------------------------- Colombia (Republic of) Unsec. Bonds, 8.125%, 5/21/24 $ 3,375,000 $ 3,636,563 ---------------- 7,609,837 - ------------------------------------------------------------------------------------------------------------------------- DOMINICAN REPUBLIC--0.1% Dominican Republic Unsec. Unsub. Bonds, Series REG S, 9.04%, 1/23/18 425,396 472,403 - ------------------------------------------------------------------------------------------------------------------------- Dominican Republic Unsec. Unsub. Nts., 9.50%, 9/27/11 6 838,000 925,990 ---------------- 1,398,393 - ------------------------------------------------------------------------------------------------------------------------- EL SALVADOR--0.1% El Salvador (Republic of) Bonds, 7.625%, 9/21/34 6 590,000 657,850 - ------------------------------------------------------------------------------------------------------------------------- FINLAND--0.0% Finland (Republic of) Sr. Unsec. Unsub. Bonds, 2.75%, 7/4/06 [EUR] 220,000 265,460 - ------------------------------------------------------------------------------------------------------------------------- FRANCE--0.8% France (Government of) Obligations Assimilables du Tresor Bonds: 4.75%, 10/25/12 [EUR] 620,000 831,130 5.50%, 10/25/10 [EUR] 5,260,000 7,142,992 - ------------------------------------------------------------------------------------------------------------------------- France (Government of) Treasury Nts., 5 yr., 4.75%, 7/12/07 [EUR] 10,000 12,515 ---------------- 7,986,637 - ------------------------------------------------------------------------------------------------------------------------- GERMANY--3.4% Germany (Republic of) Bonds, Series 03, 3.75% 7/4/13 [EUR] 27,655,000 34,958,871 - ------------------------------------------------------------------------------------------------------------------------- GREECE--0.5% Greece (Republic of) Bonds: 3.50%, 4/18/08 [EUR] 1,055,000 1,298,117 4.60%, 5/20/13 [EUR] 1,545,000 2,040,484 - ------------------------------------------------------------------------------------------------------------------------- Greece (Republic of) Sr. Unsub. Bonds, 4.65%, 4/19/07 [EUR] 1,610,000 2,000,431 ---------------- 5,339,032 - ------------------------------------------------------------------------------------------------------------------------- GUATEMALA--0.0% Guatemala (Republic of) Nts.: 10.25%, 11/8/11 6 250,000 306,563 10.25%, 11/8/11 95,000 116,494 ---------------- 423,057 - ------------------------------------------------------------------------------------------------------------------------- INDONESIA--0.0% Indonesia (Republic of) Nts.: 6.75%, 3/10/14 6 120,000 118,500 7.25%, 4/20/15 6 200,000 200,500 ---------------- 319,000 - ------------------------------------------------------------------------------------------------------------------------- ISRAEL--0.4% Israel (State of) Aid Bonds, United States Gtd., 5.50%, 12/4/23 891,000 956,536 - ------------------------------------------------------------------------------------------------------------------------- Israel (State of) Bonds, Series 2682, 7.50%, 3/31/14 [ILS] 13,610,000 3,276,755 ---------------- 4,233,291 - ------------------------------------------------------------------------------------------------------------------------- ITALY--0.5% Italy (Republic of) Treasury Bonds, Buoni del Tesoro Poliennali, 4.25%, 2/1/19 [EUR] 3,800,000 4,929,199 - ------------------------------------------------------------------------------------------------------------------------- JAPAN--3.9% Japan (Government of) Bonds, 10 yr., Series 239, 1.40%, 6/20/12 [JPY] 4,483,000,000 40,337,522
8 Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ------------------------------------------------------------------------------------------------------------------------- MALAYSIA--0.3% Johor Corp. Malaysia (Government of) Bonds, Series P3, 1%, 7/31/12 1,2 [MYR] 7,980,000 $ 2,233,722 - ------------------------------------------------------------------------------------------------------------------------- Malaysia (Government of) Bonds, Series 2/05, 4.72%, 9/30/15 [MYR] 3,490,000 983,617 ---------------- 3,217,339 - ------------------------------------------------------------------------------------------------------------------------- MEXICO--1.4% United Mexican States Bonds: 7.50%, 4/8/33 863,000 1,003,238 8.30%, 8/15/31 400,000 501,000 Series MI10, 8%, 12/19/13 [MXN] 16,100,000 1,448,485 Series M20, 8%, 12/7/23 1 [MXN] 20,056,000 1,727,622 Series MI10, 9.50%, 12/18/14 1 [MXN] 20,590,800 2,027,157 Series M20, 10%, 12/5/24 1 [MXN] 14,345,000 1,479,631 Series M10, 10.50%, 7/14/11 1 [MXN] 27,370,000 2,805,085 - ------------------------------------------------------------------------------------------------------------------------- United Mexican States Nts., 7.50%, 1/14/12 1,132,000 1,272,934 - ------------------------------------------------------------------------------------------------------------------------- United Mexican States Treasury Bills, Series BI, 10.32%, 10/13/05 7 [MXN] 8,340,000 767,556 - ------------------------------------------------------------------------------------------------------------------------- United Mexican States Unsec. Unsub. Nts., Series 6 BR, 6.75%, 6/6/06 [JPY] 135,000,000 1,232,743 ---------------- 14,265,451 - ------------------------------------------------------------------------------------------------------------------------- NEW ZEALAND--0.4% New Zealand (Government of) Bonds, 7%, 7/15/09 [NZD] 2,930,000 2,098,507 - ------------------------------------------------------------------------------------------------------------------------- New Zealand (Government of) Treasury Bills, 6.47%, 3/22/06 7 [NZD] 3,140,000 2,106,013 ---------------- 4,204,520 - ------------------------------------------------------------------------------------------------------------------------- NIGERIA--0.1% Central Bank of Nigeria Gtd. Bonds, Series WW, 6.25%, 11/15/20 960,000 962,400 - ------------------------------------------------------------------------------------------------------------------------- Nigeria (Federal Republic of) Promissory Nts., Series RC, 5.092%, 1/5/10 204,756 192,716 ---------------- 1,155,116 - ------------------------------------------------------------------------------------------------------------------------- PANAMA--0.6% Panama (Republic of) Bonds: 8.125%, 4/28/34 5,035,000 5,739,900 9.375%, 4/1/29 655,000 835,125 ---------------- 6,575,025 - ------------------------------------------------------------------------------------------------------------------------- PERU--1.3% Peru (Republic of) Bonds: 7.35%, 7/21/25 820,000 873,300 7.84%, 8/12/20 [PEN] 15,860,000 4,891,313 8.375%, 5/3/16 290,000 340,750 9.91%, 5/5/15 [PEN] 6,840,000 2,428,681 Series 2, 9%, 1/31/12 [PEN] 1,340,000 451,103 Series 7, 8.60%, 8/12/17 [PEN] 3,450,000 1,127,468 Series 8-1, 12.25%, 8/10/11 [PEN] 1,427,000 546,383 - ------------------------------------------------------------------------------------------------------------------------- Peru (Republic of) Past Due Interest Bonds, Series 20 yr., 5%, 3/7/17 1 1,427,620 1,406,206 - ------------------------------------------------------------------------------------------------------------------------- Peru (Republic of) Sr. Nts., 4.53%, 2/28/16 7 1,318,757 848,106 - ------------------------------------------------------------------------------------------------------------------------- Peru (Republic of) Unsec. Unsub. Bonds, 8.75%, 11/21/33 690,000 836,625 ---------------- 13,749,935
9 Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ------------------------------------------------------------------------------------------------------------------------- PHILIPPINES--0.3% Philippines (Republic of) Bonds: 8%, 1/15/16 $ 700,000 $ 706,125 8.375%, 2/15/11 438,000 459,079 9.50%, 2/2/30 809,000 865,630 Series 5-57, 11.50%, 1/27/10 [PHP] 39,310,000 714,812 Series 5-56, 12.375%, 10/28/09 [PHP] 11,560,000 214,887 - ------------------------------------------------------------------------------------------------------------------------- Philippines (Republic of) Nts., 8.25%, 1/15/14 441,000 459,191 ---------------- 3,419,724 - ------------------------------------------------------------------------------------------------------------------------- POLAND--0.2% Poland (Republic of) Bonds: Series DS1013, 5%, 10/24/13 [PLZ] 4,640,000 1,449,800 Series WS0922, 5.75%, 9/23/22 [PLZ] 1,000,000 340,209 ---------------- 1,790,009 - ------------------------------------------------------------------------------------------------------------------------- PORTUGAL--0.4% Portugal (Republic of) Obrig Do Tes Medio Prazo Nts.: 3.25%, 7/15/08 [EUR] 1,480,000 1,812,180 4.875%, 8/17/07 [EUR] 1,410,000 1,770,291 - ------------------------------------------------------------------------------------------------------------------------- Portugal (Republic of) Obrig Do Tes Medio Prazo Unsec. Unsub. Nts., 5.85%, 5/20/10 [EUR] 450,000 613,448 ---------------- 4,195,919 - ------------------------------------------------------------------------------------------------------------------------- RUSSIA--0.8% Aries Vermoegensverwaltungs GmbH Unsub. Nts.: Series B, 7.75%, 10/25/09 6 [EUR] 700,000 989,364 Series C, 9.60%, 10/25/14 1,450,000 1,916,114 - ------------------------------------------------------------------------------------------------------------------------- Ministry Finance of Russia Debs., Series VII, 3%, 5/14/11 1,950,000 1,729,114 - ------------------------------------------------------------------------------------------------------------------------- Russian Federation Unsec. Debs., Series V, 3%, 5/14/08 1,717,000 1,629,854 - ------------------------------------------------------------------------------------------------------------------------- Russian Federation Unsec. Unsub. Bonds, 5%, 3/31/30 1,6 1,578,875 1,815,706 ---------------- 8,080,152 - ------------------------------------------------------------------------------------------------------------------------- SOUTH AFRICA--0.7% South Africa (Republic of) Bonds: Series 153, 13%, 8/31/10 [ZAR] 7,700,000 1,459,502 Series R157, 13.50%, 9/15/15 [ZAR] 6,355,000 1,362,317 Series R186, 10.50%, 12/21/26 [ZAR] 17,528,000 3,519,443 Series R203, 8.25%, 9/15/17 [ZAR] 3,000,000 477,922 Series R204, 8%, 12/21/18 [ZAR] 3,175,000 496,283 ---------------- 7,315,467 - ------------------------------------------------------------------------------------------------------------------------- SPAIN--0.8% Spain (Kingdom of) Bonds: Bonos y Obligacion del Estado, 5.35%, 10/31/11 [EUR] 3,216,000 4,398,253 Bonos y Obligacion del Estado, 5.75%, 7/30/32 [EUR] 2,203,000 3,616,092 ---------------- 8,014,345 - ------------------------------------------------------------------------------------------------------------------------- THE NETHERLANDS--0.1% Netherlands (Kingdom of the) Bonds, 5.50%, 1/15/28 [EUR] 740,000 1,151,734 - ------------------------------------------------------------------------------------------------------------------------- TURKEY--0.4% Turkey (Republic of) Bonds, 8%, 2/14/34 955,000 1,012,300 - -------------------------------------------------------------------------------------------------------------------------
10 Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ------------------------------------------------------------------------------------------------------------------------- Turkey (Republic of) Nts., 7.25%, 3/15/15 $ 2,701,000 $ 2,856,308 ---------------- 3,868,608 - ------------------------------------------------------------------------------------------------------------------------- UNITED KINGDOM--2.1% United Kingdom Treasury Nts., 4%, 3/7/09 [GBP] 12,168,000 21,315,891 - ------------------------------------------------------------------------------------------------------------------------- VENEZUELA--0.9% Venezuela (Republic of) Bonds: 7%, 12/1/18 750,000 737,813 9.25%, 9/15/27 5,135,000 6,087,543 13.625%, 8/15/18 1,000,000 1,480,500 - ------------------------------------------------------------------------------------------------------------------------- Venezuela (Republic of) Nts., 7%, 3/16/15 [EUR] 1,097,000 1,428,190 ---------------- 9,734,046 ---------------- Total Foreign Government Obligations (Cost $259,123,060) 264,527,822 - ------------------------------------------------------------------------------------------------------------------------- LOAN PARTICIPATIONS--0.2% - ------------------------------------------------------------------------------------------------------------------------- Algeria (Republic of) Loan Participation Nts., 4.809%, 3/4/10 1,2 349,500 346,879 - ------------------------------------------------------------------------------------------------------------------------- Deutsche Bank AG, Indonesia (Republic of) Rupiah Loan Participation Nts., 3.813%, 1/25/06 1 1,490,000 1,498,642 ---------------- Total Loan Participations (Cost $1,811,917) 1,845,521 - ------------------------------------------------------------------------------------------------------------------------- CORPORATE BONDS AND NOTES--26.2% - ------------------------------------------------------------------------------------------------------------------------- CONSUMER DISCRETIONARY--7.3% - ------------------------------------------------------------------------------------------------------------------------- AUTO COMPONENTS--0.5% Collins & Aikman Floorcoverings, Inc., 9.75% Sr. Sub. Nts., Series B, 2/15/10 200,000 194,000 - ------------------------------------------------------------------------------------------------------------------------- Dana Corp., 10.125% Nts., 3/15/10 200,000 206,000 - ------------------------------------------------------------------------------------------------------------------------- Dura Operating Corp.: 8.625% Sr. Nts., Series B, 4/15/12 200,000 179,000 9% Sr. Unsec. Sub. Nts., Series D, 5/1/09 500,000 350,000 - ------------------------------------------------------------------------------------------------------------------------- Eagle-Picher, Inc., 9.75% Sr. Nts., 9/1/13 3 300,000 223,500 - ------------------------------------------------------------------------------------------------------------------------- Goodyear Tire & Rubber Co. (The): 7.857% Nts., 8/15/11 825,000 802,313 9% Sr. Nts., 7/1/15 6 645,000 638,550 - ------------------------------------------------------------------------------------------------------------------------- Stoneridge, Inc., 11.50% Sr. Nts., 5/1/12 500,000 532,500 - ------------------------------------------------------------------------------------------------------------------------- Tenneco Automotive, Inc.: 8.625% Sr. Unsec. Sub. Nts., 11/15/14 900,000 911,250 10.25% Sr. Sec. Nts., Series B, 7/15/13 150,000 168,375 - ------------------------------------------------------------------------------------------------------------------------- United Components, Inc., 9.375% Sr. Sub. Nts., 6/15/13 200,000 200,000 - ------------------------------------------------------------------------------------------------------------------------- Visteon Corp.: 7% Sr. Unsec. Nts., 3/10/14 425,000 370,813 8.25% Sr. Unsec. Nts., 8/1/10 100,000 95,500 ---------------- 4,871,801 - ------------------------------------------------------------------------------------------------------------------------- AUTOMOBILES--0.4% Ford Motor Credit Co.: 5.625% Nts., 10/1/08 1,700,000 1,607,515 5.80% Sr. Unsec. Nts., 1/12/09 300,000 280,127 7.375% Nts., 10/28/09 400,000 386,711 - ------------------------------------------------------------------------------------------------------------------------- General Motors Acceptance Corp.: 5.125% Nts., 5/9/08 300,000 279,433 5.85% Sr. Unsec. Unsub. Nts., 1/14/09 900,000 838,672 6.875% Nts., 9/15/11 300,000 273,206
11 Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ------------------------------------------------------------------------------------------------------------------------- AUTOMOBILES CONTINUED 7.25% Nts., 3/2/11 $ 500,000 $ 465,447 ---------------- 4,131,111 - ------------------------------------------------------------------------------------------------------------------------- DIVERSIFIED CONSUMER SERVICES--0.1% Alderwoods Group, Inc., 7.75% Sr. Nts., 9/15/12 650,000 685,750 - ------------------------------------------------------------------------------------------------------------------------- HOTELS, RESTAURANTS & LEISURE--2.0% Apcoa, Inc., 9.25% Sr. Unsec. Sub. Nts., 3/15/08 100,000 98,500 - ------------------------------------------------------------------------------------------------------------------------- Aztar Corp., 9% Sr. Unsec. Sub. Nts., 8/15/11 850,000 907,375 - ------------------------------------------------------------------------------------------------------------------------- Boyd Gaming Corp., 8.75% Sr. Sub. Nts., 4/15/12 500,000 541,250 - ------------------------------------------------------------------------------------------------------------------------- Carrols Corp., 9% Sr. Sub. Nts., 1/15/13 6 130,000 132,600 - ------------------------------------------------------------------------------------------------------------------------- CCM Merger, Inc., 8% Unsec. Nts., 8/1/13 6 110,000 111,513 - ------------------------------------------------------------------------------------------------------------------------- Domino's, Inc., 8.25% Sr. Unsec. Sub. Nts., 7/1/11 547,000 577,085 - ------------------------------------------------------------------------------------------------------------------------- Gaylord Entertainment Co., 8% Sr. Nts., 11/15/13 400,000 422,000 - ------------------------------------------------------------------------------------------------------------------------- Intrawest Corp., 7.50% Sr. Unsec. Nts., 10/15/13 625,000 642,969 - ------------------------------------------------------------------------------------------------------------------------- Isle of Capri Casinos, Inc.: 7% Sr. Unsec. Sub. Nts., 3/1/14 1,100,000 1,060,125 9% Sr. Sub. Nts., 3/15/12 500,000 532,500 - ------------------------------------------------------------------------------------------------------------------------- Kerzner International Ltd., 6.75% Sr. Sub. Nts., 10/1/15 6 490,000 477,138 - ------------------------------------------------------------------------------------------------------------------------- La Quinta Properties, Inc., 7% Sr. Sec. Nts., 8/15/12 250,000 258,125 - ------------------------------------------------------------------------------------------------------------------------- Mandalay Resort Group, 10.25% Sr. Unsec. Sub. Nts., Series B, 8/1/07 650,000 702,000 - ------------------------------------------------------------------------------------------------------------------------- MGM Mirage, Inc.: 8.375% Sr. Unsec. Sub. Nts., 2/1/11 1,800,000 1,944,000 9.75% Sr. Unsec. Sub. Nts., 6/1/07 350,000 374,500 - ------------------------------------------------------------------------------------------------------------------------- Mohegan Tribal Gaming Authority: 6.125% Sr. Unsec. Sub. Nts., 2/15/13 225,000 225,000 6.375% Sr. Sub. Nts., 7/15/09 250,000 251,250 6.875% Sr. Unsec. Sub. Nts., 2/15/15 515,000 527,875 8% Sr. Sub. Nts., 4/1/12 1,000,000 1,060,000 - ------------------------------------------------------------------------------------------------------------------------- NCL Corp., 11.625% Sr. Nts., 7/15/14 1,6 300,000 318,000 - ------------------------------------------------------------------------------------------------------------------------- Park Place Entertainment Corp.: 7.875% Sr. Sub. Nts., 3/15/10 200,000 218,500 9.375% Sr. Unsec. Sub. Nts., 2/15/07 800,000 846,000 - ------------------------------------------------------------------------------------------------------------------------- Penn National Gaming, Inc.: 6.75% Sr. Unsec. Sub. Nts., 3/1/15 230,000 226,550 6.875% Sr. Sub. Nts., 12/1/11 500,000 505,000 - ------------------------------------------------------------------------------------------------------------------------- Pinnacle Entertainment, Inc., 8.25% Sr. Unsec. Sub. Nts., 3/15/12 1,000,000 1,005,000 - ------------------------------------------------------------------------------------------------------------------------- Premier Cruise Ltd., 11% Sr. Nts., 3/15/08 3,6 250,000 -- - ------------------------------------------------------------------------------------------------------------------------- Royal Caribbean Cruises Ltd., 8.75% Sr. Unsub. Nts., 2/2/11 300,000 338,250 - ------------------------------------------------------------------------------------------------------------------------- Six Flags, Inc.: 8.875% Sr. Unsec. Nts., 2/1/10 874,000 869,630 9.625% Sr. Nts., 6/1/14 19,000 18,810 9.75% Sr. Nts., 4/15/13 300,000 297,000 - ------------------------------------------------------------------------------------------------------------------------- Starwood Hotels & Resorts Worldwide, Inc., 7.875% Sr. Nts., 5/1/12 835,000 914,325 - ------------------------------------------------------------------------------------------------------------------------- Station Casinos, Inc.: 6.50% Sr. Unsec. Sub. Nts., 2/1/14 1,803,000 1,812,015 6.875% Sr. Sub. Nts., 3/1/16 6 235,000 239,406 - ------------------------------------------------------------------------------------------------------------------------- Universal City Development Partners Ltd., 11.75% Sr. Nts., 4/1/10 500,000 567,500 - ------------------------------------------------------------------------------------------------------------------------- Vail Resorts, Inc., 6.75% Sr. Sub. Nts., 2/15/14 600,000 601,500 - ------------------------------------------------------------------------------------------------------------------------- Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 6.625% Nts., 12/1/14 1,474,000 1,416,883 ---------------- 21,040,174
12 Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ------------------------------------------------------------------------------------------------------------------------- HOUSEHOLD DURABLES--0.4% Beazer Homes USA, Inc., 8.375% Sr. Nts., 4/15/12 $ 400,000 $ 424,000 - ------------------------------------------------------------------------------------------------------------------------- Blount, Inc., 8.875% Sr. Sub. Nts., 8/1/12 350,000 374,500 - ------------------------------------------------------------------------------------------------------------------------- D.R. Horton, Inc.: 9.375% Sr. Unsec. Sub. Nts., 3/15/11 400,000 425,942 9.75% Sr. Sub. Nts., 9/15/10 400,000 457,210 - ------------------------------------------------------------------------------------------------------------------------- K. Hovnanian Enterprises, Inc., 7.75% Sr. Unsec. Sub. Nts., 5/15/13 300,000 307,125 - ------------------------------------------------------------------------------------------------------------------------- KB Home: 8.625% Sr. Sub. Nts., 12/15/08 250,000 266,986 9.50% Sr. Unsec. Sub. Nts., 2/15/11 400,000 425,371 - ------------------------------------------------------------------------------------------------------------------------- Meritage Homes Corp., 6.25% Sr. Unsec. Nts., 3/15/15 480,000 441,600 - ------------------------------------------------------------------------------------------------------------------------- Sealy Mattress Co., 8.25% Sr. Sub. Nts., 6/15/14 450,000 454,500 - ------------------------------------------------------------------------------------------------------------------------- Standard Pacific Corp., 9.25% Sr. Sub. Nts., 4/15/12 200,000 215,000 - ------------------------------------------------------------------------------------------------------------------------- WCI Communities, Inc., 9.125% Sr. Sub. Nts., 5/1/12 300,000 310,500 - ------------------------------------------------------------------------------------------------------------------------- William Lyon Homes, Inc., 10.75% Sr. Nts., 4/1/13 400,000 433,000 ------------------ 4,535,734 - ------------------------------------------------------------------------------------------------------------------------- LEISURE EQUIPMENT & PRODUCTS--0.1% Leslie's Poolmart, Inc., 7.75% Sr. Unsec. Nts., 2/1/13 225,000 228,375 - ------------------------------------------------------------------------------------------------------------------------- Rexnord Corp., 10.125% Sr. Unsec. Sub. Nts., 12/15/12 350,000 385,000 ------------------ 613,375 - ------------------------------------------------------------------------------------------------------------------------- MEDIA--3.0% Adelphia Communications Corp.: 7.875% Sr. Unsec. Nts., 5/1/09 3 350,000 255,500 10.25% Sr. Unsec. Sub. Nts., 6/15/11 3 200,000 153,000 10.875% Sr. Unsec. Nts., 10/1/10 3 400,000 300,000 - ------------------------------------------------------------------------------------------------------------------------- Allbritton Communications Co., 7.75% Sr. Unsec. Sub. Nts., 12/15/12 700,000 698,250 - ------------------------------------------------------------------------------------------------------------------------- AMC Entertainment, Inc.: 8% Sr. Unsec. Sub. Nts., 3/1/14 650,000 575,250 9.50% Sr. Unsec. Sub. Nts., 2/1/11 360,000 343,800 - ------------------------------------------------------------------------------------------------------------------------- American Media Operations, Inc.: 8.875% Sr. Unsec. Sub. Nts., 1/15/11 150,000 133,500 10.25% Sr. Unsec. Sub. Nts., Series B, 5/1/09 400,000 391,000 - ------------------------------------------------------------------------------------------------------------------------- Block Communications, Inc., 9.25% Sr. Sub. Nts., 4/15/09 400,000 426,000 - ------------------------------------------------------------------------------------------------------------------------- Carmike Cinemas, Inc., 7.50% Sr. Sub. Nts., 2/15/14 500,000 436,250 - ------------------------------------------------------------------------------------------------------------------------- Charter Communications Holdings I LLC, 0%/11.75% Sr. Unsec. Unsub. Nts., 5/15/14 6,11 875,000 630,000 - ------------------------------------------------------------------------------------------------------------------------- Charter Communications Holdings LLC/Charter Communications Holdings Capital Corp., 8.375% Sr. Nts., Second Lien, 4/30/14 6 3,703,000 3,740,030 - ------------------------------------------------------------------------------------------------------------------------- Cinemark USA, Inc., 9% Sr. Unsec. Sub. Nts., 2/1/13 400,000 415,000 - ------------------------------------------------------------------------------------------------------------------------- Cinemark, Inc., 0%/9.75% Sr. Unsec. Disc. Nts., 3/15/14 11 500,000 352,500 - ------------------------------------------------------------------------------------------------------------------------- Corus Entertainment, Inc., 8.75% Sr. Sub. Nts., 3/1/12 300,000 322,875 - ------------------------------------------------------------------------------------------------------------------------- CSC Holdings, Inc., 7.625% Sr. Unsec. Unsub. Nts., Series B, 4/1/11 1,106,000 1,092,175 - ------------------------------------------------------------------------------------------------------------------------- Dex Media East LLC/Dex Media East Finance Co., 9.875% Sr. Unsec. Nts., 11/15/09 200,000 218,500 - ------------------------------------------------------------------------------------------------------------------------- Dex Media West LLC/Dex Media West Finance Co.: 5.875% Sr. Nts., 11/15/11 900,000 895,500 8.50% Sr. Nts., 8/15/10 300,000 318,750 9.875% Sr. Sub. Nts., 8/15/13 586,000 649,728 - ------------------------------------------------------------------------------------------------------------------------- Dex Media, Inc., 8% Unsec. Nts., 11/15/13 2,475,000 2,555,438 - ------------------------------------------------------------------------------------------------------------------------- DirecTV Holdings LLC/DirecTV Financing Co., Inc., 8.375% Sr. Unsec. Nts., 3/15/13 776,000 850,690 - -------------------------------------------------------------------------------------------------------------------------
13 Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ------------------------------------------------------------------------------------------------------------------------- MEDIA CONTINUED EchoStar DBS Corp.: 6.625% Sr. Unsec. Nts., 10/1/14 $ 1,327,000 $ 1,320,365 9.125% Sr. Nts., 1/15/09 936,000 987,480 - ------------------------------------------------------------------------------------------------------------------------- Emmis Operating Co., 6.875% Sr. Unsec. Sub. Nts., 5/15/12 600,000 600,750 - ------------------------------------------------------------------------------------------------------------------------- Granite Broadcasting Corp., 9.75% Sr. Sec. Nts., 12/1/10 619,000 569,480 - ------------------------------------------------------------------------------------------------------------------------- Lamar Media Corp., 6.625% Sr. Sub. Nts., 8/15/15 6 460,000 470,350 - ------------------------------------------------------------------------------------------------------------------------- Lin Television Corp., 6.50% Sr. Sub. Nts., 5/15/13 550,000 523,875 - ------------------------------------------------------------------------------------------------------------------------- LodgeNet Entertainment Corp., 9.50% Sr. Sub. Debs., 6/15/13 200,000 220,000 - ------------------------------------------------------------------------------------------------------------------------- Mediacom Broadband LLC, 8.50% Sr. Nts., 10/15/15 6 280,000 271,600 - ------------------------------------------------------------------------------------------------------------------------- Mediacom LLC/Mediacom Capital Corp., 9.50% Sr. Unsec. Nts., 1/15/13 969,000 966,578 - ------------------------------------------------------------------------------------------------------------------------- MediaNews Group, Inc.: 6.375% Sr. Sub. Nts., 4/1/14 800,000 772,000 6.875% Sr. Unsec. Sub. Nts., 10/1/13 200,000 199,500 - ------------------------------------------------------------------------------------------------------------------------- News America Holdings, Inc., 8.875% Sr. Debs., 4/26/23 625,000 798,636 - ------------------------------------------------------------------------------------------------------------------------- PRIMEDIA, Inc.: 8% Sr. Nts., 5/15/13 900,000 911,250 8.875% Sr. Unsec. Nts., 5/15/11 19,000 19,998 - ------------------------------------------------------------------------------------------------------------------------- R.H. Donnelley Corp., 6.875% Sr. Nts., 1/15/13 500,000 476,250 - ------------------------------------------------------------------------------------------------------------------------- R.H. Donnelley Financial Corp. I, 10.875% Sr. Sub. Nts., 12/15/12 6 400,000 451,000 - ------------------------------------------------------------------------------------------------------------------------- Radio One, Inc., 8.875% Sr. Unsec. Sub. Nts., Series B, 7/1/11 600,000 640,500 - ------------------------------------------------------------------------------------------------------------------------- Rainbow National Services LLC, 8.75% Sr. Nts., 9/1/12 6 1,000,000 1,071,250 - ------------------------------------------------------------------------------------------------------------------------- Rogers Wireless, Inc.: 7.50% Sec. Nts., 3/15/15 882,000 954,765 8% Sr. Sub. Nts., 12/15/12 400,000 424,500 - ------------------------------------------------------------------------------------------------------------------------- Shaw Communications, Inc., 8.54% Debs., 9/30/27 [CAD] 340,000 310,048 - ------------------------------------------------------------------------------------------------------------------------- Sinclair Broadcast Group, Inc.: 8% Sr. Unsec. Sub. Nts., 3/15/12 975,000 1,003,031 8.75% Sr. Sub. Nts., 12/15/11 300,000 316,500 - ------------------------------------------------------------------------------------------------------------------------- Vertis, Inc., 9.75% Sr. Sec. Nts., 4/1/09 400,000 415,000 - ------------------------------------------------------------------------------------------------------------------------- WMG Holdings Corp., 0%/9.50% Sr. Disc. Nts., 12/15/14 11 957,000 674,685 ---------------- 31,123,127 - ------------------------------------------------------------------------------------------------------------------------- MULTILINE RETAIL--0.3% Neiman Marcus Group, Inc.: 9% Sr. Nts., 10/15/15 5,6 1,520,000 1,531,400 10.375% Sr. Sub. Nts., 10/15/15 5,6 760,000 760,000 - ------------------------------------------------------------------------------------------------------------------------- Saks, Inc.: 8.25% Sr. Unsec. Nts., 11/15/08 700,000 742,000 9.875% Nts., 10/1/11 200,000 222,000 ---------------- 3,255,400 - ------------------------------------------------------------------------------------------------------------------------- SPECIALTY RETAIL--0.2% Asbury Automotive Group, Inc., 9% Sr. Sub. Nts., 6/15/12 300,000 303,000 - ------------------------------------------------------------------------------------------------------------------------- Atlantic Broadband Finance LLC, 9.375% Sr. Unsec. Sub. Nts., 1/15/14 250,000 237,500 - ------------------------------------------------------------------------------------------------------------------------- AutoNation, Inc., 9% Sr. Unsec. Nts., 8/1/08 500,000 542,500 - ------------------------------------------------------------------------------------------------------------------------- Boise Cascade LLC, 7.125% Sr. Unsec. Sub. Nts., 10/15/14 450,000 428,625 - ------------------------------------------------------------------------------------------------------------------------- Finlay Fine Jewelry Corp., 8.375% Sr. Unsec. Nts., 6/1/12 300,000 255,375 - ------------------------------------------------------------------------------------------------------------------------- Petco Animal Supplies, Inc., 10.75% Sr. Sub. Nts., 11/1/11 200,000 221,000 - ------------------------------------------------------------------------------------------------------------------------- Rent-A-Center, Inc., 7.50% Sr. Unsec. Sub. Nts., Series B, 5/1/10 150,000 143,438 ---------------- 2,131,438
14 Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ------------------------------------------------------------------------------------------------------------------------- TEXTILES, APPAREL & LUXURY GOODS--0.3% Invista, Inc., 9.25% Sr. Nts., 5/1/12 6 $ 1,067,000 $ 1,165,698 - ------------------------------------------------------------------------------------------------------------------------- Levi Strauss & Co.: 8.254% Sr. Unsec. Unsub. Nts., 4/1/12 1 440,000 441,100 9.75% Sr. Unsec. Unsub. Nts., 1/15/15 1,059,000 1,085,475 - ------------------------------------------------------------------------------------------------------------------------- Oxford Industries, Inc., 8.875% Sr. Nts., 6/1/11 250,000 261,250 - ------------------------------------------------------------------------------------------------------------------------- Quiksilver, Inc., 6.875% Sr. Nts., 4/15/15 6 310,000 299,150 - ------------------------------------------------------------------------------------------------------------------------- Russell Corp., 9.25% Sr. Nts., 5/1/10 200,000 203,000 ---------------- 3,455,673 - ------------------------------------------------------------------------------------------------------------------------- CONSUMER STAPLES--0.8% - ------------------------------------------------------------------------------------------------------------------------- BEVERAGES--0.1% Constellation Brands, Inc., 8.125% Sr. Sub. Nts., 1/15/12 300,000 318,375 - ------------------------------------------------------------------------------------------------------------------------- FOOD & STAPLES RETAILING--0.2% Jean Coutu Group (PJC), Inc. (The): 7.625% Sr. Unsec. Nts., 8/1/12 250,000 255,625 8.50% Sr. Sub. Nts., 8/1/14 600,000 600,000 - ------------------------------------------------------------------------------------------------------------------------- Real Time Data Co., 11% Disc. Nts., 5/31/09 2,3 142,981 -- - ------------------------------------------------------------------------------------------------------------------------- Rite Aid Corp.: 8.125% Sr. Sec. Nts., 5/1/10 450,000 461,250 9.50% Sr. Sec. Nts., 2/15/11 200,000 213,000 ---------------- 1,529,875 - ------------------------------------------------------------------------------------------------------------------------- FOOD PRODUCTS--0.4% American Seafoods Group LLC, 10.125% Sr. Sub. Nts., 4/15/10 200,000 214,000 - ------------------------------------------------------------------------------------------------------------------------- Burns Philp Capital Property Ltd., 9.75% Sr. Unsec. Sub. Nts., 7/15/12 450,000 506,250 - ------------------------------------------------------------------------------------------------------------------------- Del Monte Corp.: 6.75% Sr. Sub. Nts., 2/15/15 6 180,000 181,800 8.625% Sr. Sub. Nts., 12/15/12 400,000 432,000 - ------------------------------------------------------------------------------------------------------------------------- Doane Pet Care Co.: 9.75% Sr. Unsec. Sub. Nts., 5/15/07 400,000 400,000 10.75% Sr. Nts., 3/1/10 610,000 667,950 - ------------------------------------------------------------------------------------------------------------------------- Dole Food Co., Inc.: 8.625% Sr. Nts., 5/1/09 306,000 321,300 8.875% Sr. Unsec. Nts., 3/15/11 71,000 74,018 - ------------------------------------------------------------------------------------------------------------------------- Hines Nurseries, Inc., 10.25% Sr. Unsec. Sub. Nts., 10/1/11 200,000 204,000 - ------------------------------------------------------------------------------------------------------------------------- Smithfield Foods, Inc., 7.625% Sr. Unsec. Sub. Nts., 2/15/08 400,000 416,000 - ------------------------------------------------------------------------------------------------------------------------- United Biscuits Finance plc, 10.75% Sr. Sub. Nts., 4/15/11 [GBP] 400,000 752,258 ---------------- 4,169,576 - ------------------------------------------------------------------------------------------------------------------------- HOUSEHOLD PRODUCTS--0.1% Church & Dwight Co., Inc., 6% Sr. Unsec. Sub. Nts., 12/15/12 350,000 343,000 - ------------------------------------------------------------------------------------------------------------------------- Playtex Products, Inc.: 8% Sr. Sec. Nts., 3/1/11 500,000 526,250 9.375% Sr. Unsec. Sub. Nts., 6/1/11 400,000 419,500 ---------------- 1,288,750 - ------------------------------------------------------------------------------------------------------------------------- PERSONAL PRODUCTS--0.0% Elizabeth Arden, Inc., 7.75% Sr. Unsec. Sub. Nts., 1/15/14 175,000 178,938 - ------------------------------------------------------------------------------------------------------------------------- TOBACCO--0.0% R.J. Reynolds Tobacco Holdings, Inc., 6.50% Nts., 7/15/10 6 220,000 220,550 - ------------------------------------------------------------------------------------------------------------------------- ENERGY--3.9% - ------------------------------------------------------------------------------------------------------------------------- ENERGY EQUIPMENT & SERVICES--0.1% Dresser, Inc., 9.375% Sr. Sub. Nts., 4/15/11 300,000 318,000 - -------------------------------------------------------------------------------------------------------------------------
15 Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ------------------------------------------------------------------------------------------------------------------------- ENERGY EQUIPMENT & SERVICES CONTINUED Hanover Compressor Co., 8.625% Sr. Unsec. Sub. Nts., 12/15/10 $ 300,000 $ 324,750 - ------------------------------------------------------------------------------------------------------------------------- Hanover Equipment Trust, 8.50% Sr. Sec. Nts., Series A, 9/1/08 221,000 230,945 - ------------------------------------------------------------------------------------------------------------------------- Petroleum Helicopters, Inc., 9.375% Sr. Nts., 5/1/09 200,000 213,500 - ------------------------------------------------------------------------------------------------------------------------- Universal Compression, Inc., 7.25% Sr. Unsec. Sub. Nts., 5/15/10 400,000 416,000 ---------------- 1,503,195 - ------------------------------------------------------------------------------------------------------------------------- OIL & GAS--3.8% Arch Western Finance LLC, 6.75% Sr. Nts., 7/1/13 700,000 717,500 - ------------------------------------------------------------------------------------------------------------------------- Chesapeake Energy Corp.: 6.375% Sr. Unsec. Nts., 6/15/15 250,000 252,500 6.875% Sr. Unsec. Nts., 1/15/16 822,000 846,660 - ------------------------------------------------------------------------------------------------------------------------- Clayton Williams Energy, Inc., 7.75% Sr. Nts., 8/1/13 6 175,000 171,938 - ------------------------------------------------------------------------------------------------------------------------- Delta Petroleum Corp., 7% Sr. Unsec. Nts., 4/1/15 140,000 134,400 - ------------------------------------------------------------------------------------------------------------------------- El Paso Corp., 7.875% Sr. Unsec. Nts., 6/15/12 2,784,000 2,895,360 - ------------------------------------------------------------------------------------------------------------------------- El Paso Energy Corp., 7.625% Nts., 7/15/11 200,000 204,000 - ------------------------------------------------------------------------------------------------------------------------- El Paso Production Holding Co., 7.75% Sr. Unsec. Nts., 6/1/13 1,319,000 1,384,950 - ------------------------------------------------------------------------------------------------------------------------- Forest Oil Corp., 7.75% Sr. Nts., 5/1/14 300,000 320,250 - ------------------------------------------------------------------------------------------------------------------------- Foundation PA Coal Co., 7.25% Sr. Unsec. Nts., 8/1/14 550,000 576,125 - ------------------------------------------------------------------------------------------------------------------------- Frontier Oil Corp., 6.625% Sr. Unsec. Nts., 10/1/11 200,000 207,250 - ------------------------------------------------------------------------------------------------------------------------- Gazprom International SA, 7.201% Sr. Unsec. Bonds, 2/1/20 9,074,000 9,934,850 - ------------------------------------------------------------------------------------------------------------------------- Massey Energy Co., 6.625% Sr. Nts., 11/15/10 200,000 205,000 - ------------------------------------------------------------------------------------------------------------------------- Newfield Exploration Co.: 6.625% Sr. Unsec. Sub. Nts., 9/1/14 600,000 627,000 8.375% Sr. Sub. Nts., 8/15/12 500,000 542,500 - ------------------------------------------------------------------------------------------------------------------------- Pacific Energy Partners LP/Pacific Energy Finance Corp., 6.25% Sr. Nts., 9/15/15 6 100,000 100,750 - ------------------------------------------------------------------------------------------------------------------------- Peabody Energy Corp., 6.875% Sr. Unsec. Nts., Series B, 3/15/13 700,000 735,000 - ------------------------------------------------------------------------------------------------------------------------- Pemex Project Funding Master Trust: 7.375% Unsec. Unsub. Nts., 12/15/14 740,000 823,250 8.50% Unsub. Nts., 2/15/08 420,000 454,125 9.125% Unsec. Unsub. Nts., 10/13/10 610,000 715,225 - ------------------------------------------------------------------------------------------------------------------------- Petroleum Export Ltd. Cayman SPV, 5.265% Sr. Nts., Cl. A3, 6/15/11 6 3,960,000 3,948,631 - ------------------------------------------------------------------------------------------------------------------------- Plains Exploration & Production Co., 7.125% Sr. Nts., 6/15/14 300,000 317,250 - ------------------------------------------------------------------------------------------------------------------------- Premcor Refining Group, Inc.: 6.75% Sr. Nts., 5/1/14 350,000 374,500 9.50% Sr. Nts., 2/1/13 835,000 945,638 - ------------------------------------------------------------------------------------------------------------------------- Range Resources Corp.: 6.375% Sr. Sub. Nts., 3/15/15 230,000 232,875 7.375% Sr. Sub. Nts., 7/15/13 200,000 213,000 - ------------------------------------------------------------------------------------------------------------------------- Southern Natural Gas Co.: 7.35% Nts., 2/15/31 500,000 512,944 8% Sr. Unsub. Nts., 3/1/32 300,000 332,740 - ------------------------------------------------------------------------------------------------------------------------- Stone Energy Corp., 6.75% Sr. Unsec. Sub. Nts., 12/15/14 1,020,000 1,007,250 - ------------------------------------------------------------------------------------------------------------------------- Tengizchevroil LLP, 6.124% Nts., 11/15/14 6 2,123,000 2,181,383 - ------------------------------------------------------------------------------------------------------------------------- Tennessee Gas Pipeline Co., 7.50% Bonds, 4/1/17 1,567,000 1,696,594 - ------------------------------------------------------------------------------------------------------------------------- Tesoro Petroleum Corp.: 8% Sr. Sec. Nts., 4/15/08 928,000 972,080 9.625% Sr. Sub. Nts., 4/1/12 19,000 21,019 - ------------------------------------------------------------------------------------------------------------------------- Titan Petrochemicals Group Ltd., 8.50% Sr. Unsec. Nts., 3/18/12 6 846,000 818,505 - ------------------------------------------------------------------------------------------------------------------------- Whiting Petroleum Corp., 7.25% Sr. Sub. Nts., 5/1/12 500,000 511,250 - -------------------------------------------------------------------------------------------------------------------------
16 Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ------------------------------------------------------------------------------------------------------------------------- OIL & GAS CONTINUED Williams Cos., Inc. (The): 7.125% Nts., 9/1/11 $ 500,000 $ 526,250 7.625% Nts., 7/15/19 928,000 1,009,200 8.75% Unsec. Nts., 3/15/32 1,319,000 1,563,015 ---------------- 39,032,757 - ------------------------------------------------------------------------------------------------------------------------- FINANCIALS--2.0% - ------------------------------------------------------------------------------------------------------------------------- CAPITAL MARKETS--0.1% Berry Plastics Corp., 10.75% Sr. Sub. Nts., 7/15/12 750,000 810,000 - ------------------------------------------------------------------------------------------------------------------------- E*TRADE Financial Corp.: 7.375% Sr. Nts., 9/15/13 6 146,000 148,190 8% Sr. Nts., 6/15/11 6 410,000 425,375 ---------------- 1,383,565 - ------------------------------------------------------------------------------------------------------------------------- COMMERCIAL BANKS--1.1% Bank Plus Corp., 12% Sr. Nts., 7/18/07 2 7,000 7,595 - ------------------------------------------------------------------------------------------------------------------------- BankUnited Capital Trust, 10.25% Capital Securities, 12/31/26 2 100,000 109,250 - ------------------------------------------------------------------------------------------------------------------------- Dresdner Bank AG (Ukreximbank), 8.75% Bonds, 2/10/10 760,000 797,050 - ------------------------------------------------------------------------------------------------------------------------- HSBC Bank plc: 9.75% Sr. Unsec. Nts., 7/8/09 7 1,960,000 1,364,160 11.60% Sr. Unsec. Nts., 1/12/10 7 2,510,000 1,514,785 12.28% Sr. Unsec. Nts., 3/9/09 7 1,960,000 1,281,840 - ------------------------------------------------------------------------------------------------------------------------- Inter-American Development Bank: 6.26% Nts., 12/8/09 1 [BRR] 920,000 387,859 8.81% Nts., 1/25/12 1 [COP] 1,148,642,859 504,697 - ------------------------------------------------------------------------------------------------------------------------- Ongko International Finance Co. BV, 10.50% Sec. Nts., 3/29/10 2,3 90,000 -- - ------------------------------------------------------------------------------------------------------------------------- UBS Luxembourg SA, 6.23% Sub. Nts., 2/11/15 1 2,500,000 2,562,350 - ------------------------------------------------------------------------------------------------------------------------- VTB Capital SA, 6.25% Bonds, 7/2/35 6 1,870,000 1,951,813 - ------------------------------------------------------------------------------------------------------------------------- Western Financial Bank, 9.625% Unsec. Sub. Debs., 5/15/12 500,000 575,000 ---------------- 11,056,399 - ------------------------------------------------------------------------------------------------------------------------- DIVERSIFIED FINANCIAL SERVICES--0.4% Affinia Group, Inc., 9% Sr. Sub. Nts., 11/30/14 6 200,000 157,000 - ------------------------------------------------------------------------------------------------------------------------- American Commercial Lines LLC/American Commercial Lines Finance Corp., 9.50% Sr. Unsec. Nts., 2/15/15 135,000 146,475 - ------------------------------------------------------------------------------------------------------------------------- Argentine Beverages Financial Trust, 7.375% Bonds, 3/22/12 2 490,000 508,375 - ------------------------------------------------------------------------------------------------------------------------- Crystal US Holdings 3 LLC/Crystal US Sub 3 Corp.: 0%/10.50% Sr. Unsec. Disc. Nts., Series B, 10/1/14 11 570,000 401,850 9.625% Sr. Sub. Nts., 6/15/14 813,000 908,528 - ------------------------------------------------------------------------------------------------------------------------- Global Cash Access LLC/Global Cash Finance Corp., 8.75% Sr. Sub. Nts., 3/15/12 275,000 297,000 - ------------------------------------------------------------------------------------------------------------------------- JSG Funding plc, 7.75% Sr. Unsec. Sub. Nts., 4/1/15 330,000 282,150 - ------------------------------------------------------------------------------------------------------------------------- Nell AF Sarl, 8.375% Sr. Nts., 8/15/15 6 1,510,000 1,483,575 - ------------------------------------------------------------------------------------------------------------------------- Universal City Florida: 8.375% Sr. Unsec. Nts., 5/1/10 130,000 135,525 8.443% Sr. Unsec. Nts., 5/1/10 1 130,000 135,525 ---------------- 4,456,003 - ------------------------------------------------------------------------------------------------------------------------- REAL ESTATE--0.4% American Casino & Entertainment Properties LLC, 7.85% Sr. Sec. Nts., 2/1/12 500,000 518,125 - -------------------------------------------------------------------------------------------------------------------------
17 Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ------------------------------------------------------------------------------------------------------------------------- REAL ESTATE CONTINUED Felcor Lodging LP, 9% Sr. Nts., 6/1/11 $ 425,000 $ 464,313 - ------------------------------------------------------------------------------------------------------------------------- HMH Properties, Inc., 7.875% Sr. Nts., Series B, 8/1/08 89,000 90,558 - ------------------------------------------------------------------------------------------------------------------------- Host Marriott LP: 6.375% Sr. Nts., Series O, 3/15/15 530,000 516,750 9.50% Sr. Nts., 1/15/07 400,000 420,500 - ------------------------------------------------------------------------------------------------------------------------- MeriStar Hospitality Corp., 9.125% Sr. Unsec. Nts., 1/15/11 946,000 1,007,490 - ------------------------------------------------------------------------------------------------------------------------- Trustreet Properties, Inc.: 7.50% Sr. Nts., 4/1/15 6 195,000 200,363 7.50% Sr. Unsec. Nts., 4/1/15 400,000 411,000 ---------------- 3,629,099 - ------------------------------------------------------------------------------------------------------------------------- HEALTH CARE--1.8% - ------------------------------------------------------------------------------------------------------------------------- HEALTH CARE EQUIPMENT & SUPPLIES--0.1% 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., 6/15/12 300,000 322,500 - ------------------------------------------------------------------------------------------------------------------------- Universal Hospital Services, Inc., 10.125% Sr. Unsec. Nts., 11/1/11 300,000 309,000 ---------------- 988,500 - ------------------------------------------------------------------------------------------------------------------------- HEALTH CARE PROVIDERS & SERVICES--1.7% AmeriPath, Inc., 10.50% Sr. Unsec. Sub. Nts., 4/1/13 300,000 313,500 - ------------------------------------------------------------------------------------------------------------------------- Beverly Enterprises, Inc., 7.875% Sr. Sub. Nts., 6/15/14 300,000 333,750 - ------------------------------------------------------------------------------------------------------------------------- Community Health Systems, Inc., 6.50% Sr. Unsec. Sub. Nts., 12/15/12 400,000 403,000 - ------------------------------------------------------------------------------------------------------------------------- Coventry Health Care, Inc., 6.125% Sr. Unsec. Nts., 1/15/15 225,000 231,750 - ------------------------------------------------------------------------------------------------------------------------- DaVita, Inc.: 6.625% Sr. Unsec. Nts., 3/15/13 465,000 473,138 7.25% Sr. Unsec. Sub. Nts., 3/15/15 1,075,000 1,095,156 - ------------------------------------------------------------------------------------------------------------------------- Extendicare Health Services, Inc.: 6.875% Sr. Sub. Nts., 5/1/14 300,000 297,000 9.50% Sr. Unsec. Sub. Nts., 7/1/10 300,000 321,000 - ------------------------------------------------------------------------------------------------------------------------- Fresenius Medical Care Capital Trust II, 7.875% Nts., 2/1/08 900,000 938,250 - ------------------------------------------------------------------------------------------------------------------------- Fresenius Medical Care Capital Trust III, 7.375% Nts., 2/1/08 [DEM] 25,000 16,496 - ------------------------------------------------------------------------------------------------------------------------- Fresenius Medical Care Capital Trust IV, 7.875% Trust Preferred Nts., 6/15/11 600,000 648,000 - ------------------------------------------------------------------------------------------------------------------------- Genesis HealthCare Corp., 8% Sr. Sub. Nts., 10/15/13 200,000 216,500 - ------------------------------------------------------------------------------------------------------------------------- HCA, Inc.: 6.30% Sr. Unsec. Nts., 10/1/12 1,219,000 1,217,758 6.375% Nts., 1/15/15 1,871,000 1,860,431 8.75% Sr. Nts., 9/1/10 200,000 221,880 - ------------------------------------------------------------------------------------------------------------------------- HealthSouth Corp.: 7.625% Nts., 6/1/12 2,017,000 1,895,980 10.75% Sr. Unsec. Sub. Nts., 10/1/08 19,000 18,668 - ------------------------------------------------------------------------------------------------------------------------- Magellan Health Services, Inc., 9.375% Sr. Unsec. Nts., Series A, 11/15/08 653,675 690,444 - ------------------------------------------------------------------------------------------------------------------------- Medquest, Inc., 11.875% Sr. Unsec. Sub. Nts., Series B, 8/15/12 600,000 636,000 - ------------------------------------------------------------------------------------------------------------------------- NDCHealth Corp., 10.50% Sr. Unsec. Sub. Nts., 12/1/12 250,000 287,500 - ------------------------------------------------------------------------------------------------------------------------- PacifiCare Health Systems, Inc., 10.75% Sr. Unsec. Unsub. Nts., 6/1/09 585,000 633,994 - ------------------------------------------------------------------------------------------------------------------------- Psychiatric Solutions, Inc., 7.75% Sr. Sub. Nts., 7/15/15 6 220,000 228,250 - ------------------------------------------------------------------------------------------------------------------------- Quintiles Transnational Corp., 10% Sr. Sub. Nts., 10/1/13 300,000 339,000 - ------------------------------------------------------------------------------------------------------------------------- Select Medical Corp., 7.625% Sr. Unsec. Sub. Nts., 2/1/15 1,050,000 1,010,625 - ------------------------------------------------------------------------------------------------------------------------- Tenet Healthcare Corp.: 6.375% Sr. Nts., 12/1/11 482,000 451,875 7.375% Nts., 2/1/13 19,000 18,098 9.875% Sr. Nts., 7/1/14 982,000 1,031,100 - -------------------------------------------------------------------------------------------------------------------------
18 Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ------------------------------------------------------------------------------------------------------------------------- HEALTH CARE PROVIDERS & SERVICES CONTINUED Triad Hospitals, Inc.: 7% Sr. Nts., 5/15/12 $ 100,000 $ 103,250 7% Sr. Sub. Nts., 11/15/13 925,000 941,188 - ------------------------------------------------------------------------------------------------------------------------- US Oncology, Inc.: 9% Sr. Unsec. Nts., 8/15/12 300,000 325,500 10.75% Sr. Unsec. Sub. Nts., 8/15/14 300,000 337,500 ---------------- 17,536,581 - ------------------------------------------------------------------------------------------------------------------------- PHARMACEUTICALS--0.0% Valeant Pharmaceuticals International, Inc., 7% Sr. Nts., 12/15/11 350,000 346,500 - ------------------------------------------------------------------------------------------------------------------------- INDUSTRIALS--1.9% - ------------------------------------------------------------------------------------------------------------------------- AEROSPACE & DEFENSE--0.3% Alliant Techsystems, Inc., 8.50% Sr. Unsec. Sub. Nts., 5/15/11 300,000 317,250 - ------------------------------------------------------------------------------------------------------------------------- BE Aerospace, Inc.: 8.50% Sr. Unsec. Nts., 10/1/10 200,000 219,000 8.875% Sr. Unsec. Sub. Nts., 5/1/11 219,000 231,045 - ------------------------------------------------------------------------------------------------------------------------- L-3 Communications Corp.: 5.875% Sr. Sub. Nts., 1/15/15 583,000 566,968 6.125% Sr. Unsec. Sub. Nts., 1/15/14 400,000 398,000 6.375% Sr. Sub. Nts., 10/15/15 6 515,000 521,438 - ------------------------------------------------------------------------------------------------------------------------- TD Funding Corp., 8.375% Sr. Sub. Nts., 7/15/11 500,000 526,250 - ------------------------------------------------------------------------------------------------------------------------- TRW Automotive, Inc.: 9.375% Sr. Nts., 2/15/13 223,000 243,070 11% Sr. Sub. Nts., 2/15/13 194,000 219,705 ---------------- 3,242,726 - ------------------------------------------------------------------------------------------------------------------------- AIRLINES--0.0% AMR Corp., 9% Debs., 8/1/12 50,000 35,500 - ------------------------------------------------------------------------------------------------------------------------- ATA Holdings Corp., 13% Sr. Unsec. Nts., 2/1/09 3 735,000 106,575 ---------------- 142,075 - ------------------------------------------------------------------------------------------------------------------------- BUILDING PRODUCTS--0.1% Associated Materials, Inc., 9.75% Sr. Sub. Nts., 4/15/12 200,000 194,500 - ------------------------------------------------------------------------------------------------------------------------- Goodman Global Holding Co., Inc., 7.875% Sr. Sub. Nts., 12/15/12 6 270,000 245,700 - ------------------------------------------------------------------------------------------------------------------------- Jacuzzi Brands, Inc., 9.625% Sr. Sec. Nts., 7/1/10 311,000 331,215 - ------------------------------------------------------------------------------------------------------------------------- Nortek, Inc., 8.50% Sr. Unsec. Unsub. Nts., 9/1/14 250,000 231,250 ---------------- 1,002,665 - ------------------------------------------------------------------------------------------------------------------------- COMMERCIAL SERVICES & SUPPLIES--0.6% Allied Waste North America, Inc.: 7.25% Sr. Nts., 3/15/15 6 180,000 178,200 7.375% Sr. Sec. Nts., Series B, 4/15/14 700,000 661,500 8.875% Sr. Nts., Series B, 4/1/08 1,900,000 1,990,250 9.25% Sr. Sec. Debs., Series B, 9/1/12 434,000 471,975 - ------------------------------------------------------------------------------------------------------------------------- Cenveo Corp., 7.875% Sr. Sub. Nts., 12/1/13 1,000,000 970,000 - ------------------------------------------------------------------------------------------------------------------------- Corrections Corp. of America: 6.25% Sr. Unsec. Sub. Nts., 3/15/13 460,000 457,700 7.50% Sr. Nts., 5/1/11 200,000 207,250 - ------------------------------------------------------------------------------------------------------------------------- Mail-Well I Corp., 9.625% Sr. Nts., 3/15/12 400,000 431,000 - ------------------------------------------------------------------------------------------------------------------------- School Specialty, Inc., 10% Sr. Nts., 10/1/13 5,6 425,000 428,188 ---------------- 5,796,063 - ------------------------------------------------------------------------------------------------------------------------- ELECTRICAL EQUIPMENT--0.2% Belden & Blake Corp., 8.75% Sec. Nts., 7/15/12 325,000 341,250 - -------------------------------------------------------------------------------------------------------------------------
19 Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ------------------------------------------------------------------------------------------------------------------------- ELECTRICAL EQUIPMENT CONTINUED Dayton Superior Corp., 13% Sr. Unsec. Sub. Nts., 6/15/09 $ 200,000 $ 161,000 - ------------------------------------------------------------------------------------------------------------------------- Eletropaulo Metropolitana SA, 19.125% Nts., 6/28/10 2 [BRR] 1,115,000 536,202 - ------------------------------------------------------------------------------------------------------------------------- General Cable Corp., 9.50% Sr. Nts., 11/15/10 200,000 211,500 - ------------------------------------------------------------------------------------------------------------------------- UCAR Finance, Inc., 10.25% Sr. Nts., 2/15/12 300,000 323,250 ---------------- 1,573,202 - ------------------------------------------------------------------------------------------------------------------------- INDUSTRIAL CONGLOMERATES--0.0% Great Lakes Dredge & Dock Co., 7.75% Sr. Unsec. Sub. Nts., 12/15/13 120,000 110,700 - ------------------------------------------------------------------------------------------------------------------------- MACHINERY--0.4% Douglas Dynamics LLC, 7.75% Sr. Nts., 1/15/12 6 300,000 301,500 - ------------------------------------------------------------------------------------------------------------------------- Greenbrier Cos., Inc., 8.375% Sr. Unsec. Nts., 5/15/15 380,000 397,100 - ------------------------------------------------------------------------------------------------------------------------- Manitowoc Co., Inc. (The), 10.50% Sr. Sub. Nts., 8/1/12 325,000 364,813 - ------------------------------------------------------------------------------------------------------------------------- Milacron Escrow Corp., 11.50% Sr. Sec. Nts., 5/15/11 700,000 689,500 - ------------------------------------------------------------------------------------------------------------------------- Navistar International Corp.: 6.25% Sr. Unsec. Nts., 3/1/12 230,000 219,650 7.50% Sr. Nts., 6/15/11 400,000 406,000 - ------------------------------------------------------------------------------------------------------------------------- NMHG Holding Co., 10% Sr. Nts., 5/15/09 300,000 322,500 - ------------------------------------------------------------------------------------------------------------------------- Terex Corp.: 7.375% Sr. Unsec. Sub. Nts., 1/15/14 300,000 304,500 9.25% Sr. Unsec. Sub. Nts., 7/15/11 400,000 432,000 - ------------------------------------------------------------------------------------------------------------------------- Trinity Industries, Inc., 6.50% Sr. Nts., 3/15/14 300,000 297,000 ---------------- 3,734,563 - ------------------------------------------------------------------------------------------------------------------------- MARINE--0.1% CP Ships Ltd., 10.375% Sr. Nts., 7/15/12 600,000 684,000 - ------------------------------------------------------------------------------------------------------------------------- Navigator Gas Transport plc, 10.50% First Priority Ship Mtg. Nts., 6/30/07 3,6 81,000 86,771 - ------------------------------------------------------------------------------------------------------------------------- WPO Shipholding Co. LLC, 12% Sr. Sec. Nts., 7/15/05 2,3 250,000 1,400 ---------------- 772,171 - ------------------------------------------------------------------------------------------------------------------------- ROAD & RAIL--0.1% Kansas City Southern Railway Co. (The), 7.50% Sr. Nts., 6/15/09 400,000 421,000 - ------------------------------------------------------------------------------------------------------------------------- Stena AB: 7% Sr. Unsec. Nts., 12/1/16 300,000 279,000 7.50% Sr. Unsec. Nts., 11/1/13 387,000 378,293 9.625% Sr. Nts., 12/1/12 250,000 272,500 ---------------- 1,350,793 - ------------------------------------------------------------------------------------------------------------------------- TRADING COMPANIES & DISTRIBUTORS--0.1% United Rentals, Inc., 7% Sr. Sub. Nts., 2/15/14 1,400,000 1,305,500 - ------------------------------------------------------------------------------------------------------------------------- TRANSPORTATION INFRASTRUCTURE--0.0% Horizon Lines LLC, 9% Nts., 11/1/12 300,000 322,875 - ------------------------------------------------------------------------------------------------------------------------- INFORMATION TECHNOLOGY--1.0% - ------------------------------------------------------------------------------------------------------------------------- COMMUNICATIONS EQUIPMENT--0.2% Lucent Technologies, Inc., 6.45% Unsec. Debs., 3/15/29 1,960,000 1,724,800 - ------------------------------------------------------------------------------------------------------------------------- Orion Network Systems, Inc., 12.50% Sr. Unsub. Disc. Nts., 1/15/07 3 675,000 381,375 ---------------- 2,106,175 - ------------------------------------------------------------------------------------------------------------------------- COMPUTERS & PERIPHERALS--0.0% Seagate Technology Hdd Holdings, 8% Sr. Nts., 5/15/09 200,000 211,000 - ------------------------------------------------------------------------------------------------------------------------- ELECTRONIC EQUIPMENT & INSTRUMENTS--0.3% Flextronics International Ltd., 6.25% Sr. Sub. Nts., 11/15/14 1,521,000 1,521,000 - ------------------------------------------------------------------------------------------------------------------------- Loews Cineplex Entertainment Corp., 9% Sr. Unsec. Sub. Nts., 8/1/14 425,000 415,438 - -------------------------------------------------------------------------------------------------------------------------
20 Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ------------------------------------------------------------------------------------------------------------------------- ELECTRONIC EQUIPMENT & INSTRUMENTS CONTINUED Sanmina-SCI Corp., 6.75% Unsec. Sub. Nts., 3/1/13 $ 520,000 $ 496,600 - ------------------------------------------------------------------------------------------------------------------------- Sensus Metering System, Inc., 8.625% Sr. Unsec. Sub. Nts., 12/15/13 850,000 786,250 ---------------- 3,219,288 - ------------------------------------------------------------------------------------------------------------------------- INTERNET SOFTWARE & SERVICES--0.0% Exodus Communications, Inc., 10.75% Sr. Nts., 12/15/09 2,3 [EUR] 338,620 1,017 - ------------------------------------------------------------------------------------------------------------------------- NorthPoint Communications Group, Inc., 12.875% Nts., 2/15/10 2,3 200,173 -- - ------------------------------------------------------------------------------------------------------------------------- PSINet, Inc., 10.50% Sr. Unsec. Nts., 12/1/06 2,3 [EUR] 100,000 -- ---------------- 1,017 - ------------------------------------------------------------------------------------------------------------------------- IT SERVICES--0.3% DynCorp International LLC, 9.50% Sr. Sub. Nts., 2/15/13 6 665,000 698,250 - ------------------------------------------------------------------------------------------------------------------------- Iron Mountain, Inc., 7.75% Sr. Sub. Nts., 1/15/15 400,000 408,000 - ------------------------------------------------------------------------------------------------------------------------- SunGard Data Systems, Inc.: 9.125% Sr. Unsec. Nts., 8/15/13 6 1,235,000 1,285,944 10.25% Sr. Sub. Nts., 8/15/15 6 335,000 340,863 ---------------- 2,733,057 - ------------------------------------------------------------------------------------------------------------------------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT--0.2% Advanced Micro Devices, Inc., 7.75% Sr. Unsec. Nts., 11/1/12 1,475,000 1,519,250 - ------------------------------------------------------------------------------------------------------------------------- Amkor Technology, Inc., 9.25% Sr. Unsec. Sub. Nts., 2/15/08 487,000 458,998 - ------------------------------------------------------------------------------------------------------------------------- Freescale Semiconductor, Inc., 7.125% Sr. Unsec. Nts., 7/15/14 450,000 481,500 ---------------- 2,459,748 - ------------------------------------------------------------------------------------------------------------------------- MATERIALS--3.0% - ------------------------------------------------------------------------------------------------------------------------- CHEMICALS--0.9% Compass Minerals Group, Inc., 10% Sr. Sub. Nts., 8/15/11 200,000 218,000 - ------------------------------------------------------------------------------------------------------------------------- Crompton Corp., 9.875% Sr. Nts., 8/1/12 350,000 400,313 - ------------------------------------------------------------------------------------------------------------------------- Equistar Chemicals LP/Equistar Funding Corp.: 8.75% Sr. Unsec. Nts., 2/15/09 550,000 574,750 10.125% Sr. Unsec. Nts., 9/1/08 19,000 20,520 10.625% Sr. Unsec. Nts., 5/1/11 600,000 657,000 - ------------------------------------------------------------------------------------------------------------------------- Huntsman Corp./ICI Chemical Co. plc: 10.125% Sr. Unsec. Sub. Nts., 7/1/09 [EUR] 123,000 152,447 10.125% Sr. Unsec. Sub. Nts., 7/1/09 853,000 881,789 - ------------------------------------------------------------------------------------------------------------------------- Huntsman International LLC: 7.375% Sr. Sub. Nts., 1/1/15 6 1,710,000 1,645,875 9.875% Sr. Nts., 3/1/09 850,000 902,063 - ------------------------------------------------------------------------------------------------------------------------- Huntsman LLC: 11.50% Sr. Unsec. Nts., 7/15/12 1 198,000 227,205 11.625% Sr. Unsec. Nts., 10/15/10 13,000 14,918 - ------------------------------------------------------------------------------------------------------------------------- IMC Global, Inc., 10.875% Sr. Unsec. Nts., 8/1/13 19,000 22,515 - ------------------------------------------------------------------------------------------------------------------------- Innophos, Inc., 8.875% Sr. Sub. Nts., 8/15/14 6 550,000 565,125 - ------------------------------------------------------------------------------------------------------------------------- ISP Holdings, Inc., 10.625% Sr. Sec. Nts., 12/15/09 200,000 212,500 - ------------------------------------------------------------------------------------------------------------------------- KI Holdings, Inc., 0%/9.875% Sr. Unsec. Sub. Disc. Nts., 11/15/14 11 350,000 240,625 - ------------------------------------------------------------------------------------------------------------------------- Lyondell Chemical Co.: 9.50% Sec. Nts., 12/15/08 19,000 19,998 9.625% Sr. Sec. Nts., Series A, 5/1/07 200,000 211,000 10.50% Sr. Sec. Nts., 6/1/13 600,000 681,000 - ------------------------------------------------------------------------------------------------------------------------- Millennium America, Inc., 9.25% Sr. Unsec. Sub. Nts., 6/15/08 100,000 108,000 - ------------------------------------------------------------------------------------------------------------------------- PCI Chemicals Canada, 10% Sr. Sec. Nts., 12/31/08 113,061 119,279 - ------------------------------------------------------------------------------------------------------------------------- PolyOne Corp., 10.625% Sr. Unsec. Nts., 5/15/10 319,000 330,165 - -------------------------------------------------------------------------------------------------------------------------
21 Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ------------------------------------------------------------------------------------------------------------------------- CHEMICALS CONTINUED Resolution Performance Products LLC: 8% Sr. Sec. Nts., 12/15/09 $ 250,000 $ 258,750 13.50% Sr. Unsec. Sub. Nts., 11/15/10 100,000 106,750 - ------------------------------------------------------------------------------------------------------------------------- Rhodia SA, 10.25% Sr. Unsec. Nts., 6/1/10 430,000 456,875 - ------------------------------------------------------------------------------------------------------------------------- Rockwood Specialties Group, Inc., 7.50% Sr. Sub. Nts., 11/15/14 6 200,000 195,000 - ------------------------------------------------------------------------------------------------------------------------- Sterling Chemicals, Inc., 10% Sr. Sec. Nts., 12/19/07 2,12 170,473 169,621 - ------------------------------------------------------------------------------------------------------------------------- Westlake Chemical Corp., 8.75% Sr. Nts., 7/15/11 260,000 281,450 ---------------- 9,673,533 - ------------------------------------------------------------------------------------------------------------------------- CONSTRUCTION MATERIALS--0.0% NTK Holdings, Inc., 0%/10.75% Sr. Disc. Nts., 3/1/14 11 725,000 409,625 - ------------------------------------------------------------------------------------------------------------------------- CONTAINERS & PACKAGING--0.9% Crown Euro Holdings SA: 9.50% Sr. Sec. Nts., 3/1/11 500,000 550,000 10.875% Sr. Sec. Nts., 3/1/13 200,000 233,000 - ------------------------------------------------------------------------------------------------------------------------- Graham Packaging Co., Inc.: 8.50% Sr. Unsec. Nts., 10/15/12 200,000 200,000 9.875% Sr. Unsec. Sub. Nts., 10/15/14 300,000 289,500 - ------------------------------------------------------------------------------------------------------------------------- Graphic Packaging International Corp.: 8.50% Sr. Nts., 8/15/11 800,000 788,000 9.50% Sr. Sub. Nts., 8/15/13 350,000 330,750 - ------------------------------------------------------------------------------------------------------------------------- Jefferson Smurfit Corp.: 7.50% Sr. Unsec. Unsub. Nts., 6/1/13 300,000 271,500 8.25% Sr. Unsec. Nts., 10/1/12 250,000 236,250 - ------------------------------------------------------------------------------------------------------------------------- MDP Acquisitions plc, 9.625% Sr. Nts., 10/1/12 400,000 404,000 - ------------------------------------------------------------------------------------------------------------------------- Owens-Brockway Glass Container, Inc.: 7.75% Sr. Sec. Nts., 5/15/11 450,000 470,250 8.25% Sr. Unsec. Nts., 5/15/13 419,000 437,855 8.75% Sr. Sec. Nts., 11/15/12 928,000 1,006,880 8.875% Sr. Sec. Nts., 2/15/09 200,000 211,000 - ------------------------------------------------------------------------------------------------------------------------- Pliant Corp., 11.625% Sr. Sec. Nts., 6/15/09 6,12 340,393 362,519 - ------------------------------------------------------------------------------------------------------------------------- Solo Cup Co., 8.50% Sr. Sub. Nts., 2/15/14 500,000 445,000 - ------------------------------------------------------------------------------------------------------------------------- Stone Container Corp.: 8.375% Sr. Nts., 7/1/12 850,000 811,750 9.25% Sr. Unsec. Nts., 2/1/08 200,000 205,000 9.75% Sr. Unsec. Nts., 2/1/11 600,000 612,000 - ------------------------------------------------------------------------------------------------------------------------- Stone Container Finance Co. of Canada II, 7.375% Sr. Unsec. Nts., 7/15/14 300,000 268,500 - ------------------------------------------------------------------------------------------------------------------------- Tekni-Plex, Inc., 10.875% Sr. Sec. Nts., 8/15/12 6 125,000 134,375 - ------------------------------------------------------------------------------------------------------------------------- TriMas Corp., 9.875% Sr. Unsec. Sub. Nts., 6/15/12 700,000 577,500 ---------------- 8,845,629 - ------------------------------------------------------------------------------------------------------------------------- METALS & MINING--0.7% AK Steel Corp.: 7.75% Sr. Unsec. Nts., 6/15/12 819,000 759,623 7.875% Sr. Unsec. Nts., 2/15/09 500,000 487,500 - ------------------------------------------------------------------------------------------------------------------------- Alrosa Finance SA, 8.875% Nts., 11/17/14 6 880,000 1,045,000 - ------------------------------------------------------------------------------------------------------------------------- Century Aluminum Co., 7.50% Sr. Unsec. Nts., 8/15/14 600,000 621,000 - ------------------------------------------------------------------------------------------------------------------------- IMCO Recycling, Inc., 10.375% Sr. Sec. Nts., 10/15/10 300,000 332,250 - ------------------------------------------------------------------------------------------------------------------------- International Utility Structures, Inc., 13% Unsec. Sub. Nts., 2/1/08 2,3 71,000 -- - ------------------------------------------------------------------------------------------------------------------------- Ispat Inland ULC, 9.75% Sr. Sec. Nts., 4/1/14 2 585,000 681,525 - ------------------------------------------------------------------------------------------------------------------------- Jorgensen (Earle M.) Co., 9.75% Sr. Sec. Nts., 6/1/12 500,000 545,000 - -------------------------------------------------------------------------------------------------------------------------
22 Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ------------------------------------------------------------------------------------------------------------------------- METALS & MINING CONTINUED Kaiser Aluminum & Chemical Corp., 10.875% Sr. Nts., Series B, 10/15/06 3 $ 500,000 $ 488,750 - ------------------------------------------------------------------------------------------------------------------------- Koppers Industry, Inc., 9.875% Sr. Sec. Nts., 10/15/13 300,000 333,000 - ------------------------------------------------------------------------------------------------------------------------- Novelis, Inc., 7.25% Sr. Nts., 2/15/15 6 675,000 641,250 - ------------------------------------------------------------------------------------------------------------------------- Oregon Steel Mills, Inc., 10% Sr. Nts., 7/15/09 400,000 433,000 - ------------------------------------------------------------------------------------------------------------------------- Steel Dynamics, Inc., 9.50% Sr. Nts., 3/15/09 200,000 213,500 - ------------------------------------------------------------------------------------------------------------------------- United States Steel Corp.: 9.75% Sr. Nts., 5/15/10 336,000 370,440 10.75% Sr. Nts., 8/1/08 519,000 586,470 ---------------- 7,538,308 - ------------------------------------------------------------------------------------------------------------------------- PAPER & FOREST PRODUCTS--0.5% Abitibi-Consolidated, Inc., 8.55% Nts., 8/1/10 200,000 204,500 - ------------------------------------------------------------------------------------------------------------------------- Appleton Papers, Inc., 8.125% Sr. Nts., 6/15/11 300,000 295,500 - ------------------------------------------------------------------------------------------------------------------------- Buckeye Technologies, Inc., 8.50% Sr. Nts., 10/1/13 100,000 102,000 - ------------------------------------------------------------------------------------------------------------------------- Fort James Corp., 6.875% Sr. Nts., 9/15/07 500,000 517,500 - ------------------------------------------------------------------------------------------------------------------------- Georgia-Pacific Corp.: 8.125% Sr. Unsec. Nts., 5/15/11 714,000 792,540 9.375% Sr. Unsec. Nts., 2/1/13 1,088,000 1,218,560 - ------------------------------------------------------------------------------------------------------------------------- Inland Fiber Group LLC, 9.625% Sr. Unsec. Nts., 11/15/07 3 600,000 279,000 - ------------------------------------------------------------------------------------------------------------------------- JSG Holding plc, 11.50% Sr. Nts., 10/1/15 6,12 [EUR] 142,728 151,382 - ------------------------------------------------------------------------------------------------------------------------- Mercer International, Inc., 9.25% Sr. Nts., 2/15/13 315,000 269,325 - ------------------------------------------------------------------------------------------------------------------------- Norske Skog Canada Ltd., 7.375% Sr. Unsec. Nts., 3/1/14 300,000 286,500 - ------------------------------------------------------------------------------------------------------------------------- Tekni-Plex, Inc.: 8.75% Sr. Sec. Nts., 11/15/13 6 321,000 276,060 12.75% Sr. Unsec. Sub. Nts., Series B, 6/15/10 200,000 112,000 - ------------------------------------------------------------------------------------------------------------------------- Tembec Industries, Inc., 8.50% Sr. Unsec. Nts., 2/1/11 19,000 12,493 - ------------------------------------------------------------------------------------------------------------------------- Western Forest Products, Inc., 15% Sec. Nts., 7/28/09 2,12 193,919 190,041 ---------------- 4,707,401 - ------------------------------------------------------------------------------------------------------------------------- TELECOMMUNICATION SERVICES--2.8% - ------------------------------------------------------------------------------------------------------------------------- DIVERSIFIED TELECOMMUNICATION SERVICES--1.3% American Tower Corp., 7.125% Sr. Unsec. Nts., 10/15/12 250,000 263,750 - ------------------------------------------------------------------------------------------------------------------------- Cincinnati Bell, Inc., 7% Sr. Nts., 2/15/15 450,000 436,500 - ------------------------------------------------------------------------------------------------------------------------- Citizens Communications Co., 6.25% Sr. Nts., 1/15/13 6 530,000 511,450 - ------------------------------------------------------------------------------------------------------------------------- Intelsat Bermuda Ltd., 8.625% Sr. Nts., 1/15/15 6 1,000,000 1,025,000 - ------------------------------------------------------------------------------------------------------------------------- Level 3 Communications, Inc., 9.125% Sr. Unsec. Nts., 5/1/08 2 700,000 574,000 - ------------------------------------------------------------------------------------------------------------------------- MCI, Inc.: 6.908% Sr. Unsec. Nts., 5/1/07 1 468,000 472,680 7.688% Sr. Unsec. Nts., 5/1/09 1 1,550,000 1,612,000 - ------------------------------------------------------------------------------------------------------------------------- PanAmSat Corp., 9% Sr. Unsec. Nts., 8/15/14 650,000 689,000 - ------------------------------------------------------------------------------------------------------------------------- PanAmSat Holding Corp., 0%/10.375% Sr. Unsec. Disc. Nts., 11/1/14 11 225,000 156,375 - ------------------------------------------------------------------------------------------------------------------------- Qwest Capital Funding, Inc., 7.90% Unsec. Nts., 8/15/10 1,019,000 1,016,453 - ------------------------------------------------------------------------------------------------------------------------- Qwest Communications International, Inc., 7.25% Sr. Unsec. Sub. Nts., 2/15/11 1 300,000 293,625 - ------------------------------------------------------------------------------------------------------------------------- Qwest Corp., 8.875% Unsec. Unsub. Nts., 3/15/12 1 800,000 878,000 - ------------------------------------------------------------------------------------------------------------------------- Qwest Services Corp.: 13.50% Sr. Sec. Sub. Nts., 12/15/10 2,350,000 2,702,500 14% Sr. Sec. Sub. Nts., 12/15/14 1,375,000 1,674,063 - ------------------------------------------------------------------------------------------------------------------------- Teligent, Inc., 11.50% Sr. Nts., 12/1/07 2,3 500,000 -- - -------------------------------------------------------------------------------------------------------------------------
23 Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ------------------------------------------------------------------------------------------------------------------------- DIVERSIFIED TELECOMMUNICATION SERVICES CONTINUED Time Warner Telecom Holdings, Inc., 9.25% Sr. Unsec. Unsub. Nts., 2/15/14 $ 650,000 $ 661,375 - ------------------------------------------------------------------------------------------------------------------------- Time Warner Telecom LLC/Time Warner Telecom, Inc., 9.75% Sr. Nts., 7/15/08 150,000 152,625 - ------------------------------------------------------------------------------------------------------------------------- Time Warner Telecom, Inc., 10.125% Sr. Unsec. Sub. Nts., 2/1/11 450,000 465,750 - ------------------------------------------------------------------------------------------------------------------------- Valor Telecommunications Enterprises LLC, 7.75% Sr. Unsec. Sub. Nts., 2/15/15 225,000 219,375 - ------------------------------------------------------------------------------------------------------------------------- Winstar Communications, Inc., 12.75% Sr. Nts., 4/15/10 2,3 250,000 -- ---------------- 13,804,521 - ------------------------------------------------------------------------------------------------------------------------- WIRELESS TELECOMMUNICATION SERVICES--1.5% Alamosa Delaware, Inc.: 8.50% Sr. Nts., 1/31/12 700,000 750,750 11% Sr. Unsec. Nts., 7/31/10 19,000 21,518 12.50% Sr. Unsec. Nts., 2/1/11 50,000 56,750 - ------------------------------------------------------------------------------------------------------------------------- American Cellular Corp., 10% Sr. Nts., Series B, 8/1/11 620,000 678,900 - ------------------------------------------------------------------------------------------------------------------------- American Tower Corp., 7.50% Sr. Nts., 5/1/12 400,000 426,000 - ------------------------------------------------------------------------------------------------------------------------- American Tower Escrow Corp., 12.25% Sr. Sub. Disc. Nts., 8/1/08 7 800,000 620,000 - ------------------------------------------------------------------------------------------------------------------------- AT&T Corp.: 9.05% Sr. Unsec. Nts., 11/15/11 1 592,000 669,700 9.75% Sr. Nts., 11/15/31 1 800,000 1,017,000 - ------------------------------------------------------------------------------------------------------------------------- CellNet Data Systems, Inc., Sr. Unsec. Disc. Nts., 10/1/07 2,3 400,000 -- - ------------------------------------------------------------------------------------------------------------------------- Centennial Cellular Operating Co. LLC/Centennial Communications Corp., 10.125% Sr. Nts., 6/15/13 914,000 1,032,820 - ------------------------------------------------------------------------------------------------------------------------- Dobson Cellular Systems, Inc., 8.375% Sr. Sec. Nts., 11/1/11 280,000 296,100 - ------------------------------------------------------------------------------------------------------------------------- Dobson Communications Corp.: 8.10% Sr. Nts., 10/15/12 1,6 145,000 143,731 8.875% Sr. Nts., 10/1/13 159,000 159,795 - ------------------------------------------------------------------------------------------------------------------------- IWO Holdings, Inc., 7.349% Sr. Sec. Nts., 1/15/12 1 110,000 114,950 - ------------------------------------------------------------------------------------------------------------------------- Loral Skynet Corp., 14% Sr. Sec. Nts., 7/29/15 2,12 116,000 138,040 - ------------------------------------------------------------------------------------------------------------------------- Nextel Communications, Inc., 7.375% Sr. Nts., Series D, 8/1/15 3,378,000 3,619,382 - ------------------------------------------------------------------------------------------------------------------------- Nextel Partners, Inc.: 8.125% Sr. Nts., 7/1/11 500,000 542,500 12.50% Sr. Nts., 11/15/09 342,000 366,795 - ------------------------------------------------------------------------------------------------------------------------- Rural Cellular Corp.: 8.25% Sr. Sec. Nts., 3/15/12 275,000 290,125 9.625% Sr. Sub. Nts., Series B, 5/15/08 500,000 505,000 9.75% Sr. Sub. Nts., 1/15/10 719,000 729,785 9.875% Sr. Nts., 2/1/10 300,000 316,500 - ------------------------------------------------------------------------------------------------------------------------- SBA Communications Corp., 8.50% Sr. Unsec. Nts., Cl. A, 12/1/12 850,000 928,625 - ------------------------------------------------------------------------------------------------------------------------- SBA Telecommunications, Inc./SBA Communications Corp., 0%/9.75% Sr. Disc. Nts., 12/15/11 11 851,000 776,538 - ------------------------------------------------------------------------------------------------------------------------- Triton PCS, Inc., 8.50% Sr. Unsec. Nts., 6/1/13 574,000 549,605 - ------------------------------------------------------------------------------------------------------------------------- UbiquiTel Operating Co., 9.875% Sr. Nts., 3/1/11 600,000 669,000 - ------------------------------------------------------------------------------------------------------------------------- US Unwired, Inc., 10% Sr. Sec. Nts., 6/15/12 250,000 288,750 ---------------- 15,708,659 - ------------------------------------------------------------------------------------------------------------------------- UTILITIES--1.7% - ------------------------------------------------------------------------------------------------------------------------- ELECTRIC UTILITIES--1.3% AES Corp. (The), 8.75% Sr. Sec. Nts., 5/15/13 6 700,000 770,000 - ------------------------------------------------------------------------------------------------------------------------- Calpine Corp., 9.349% Sr. Sec. Nts., 7/15/07 1,6 1,216,180 936,459 - -------------------------------------------------------------------------------------------------------------------------
24 Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ------------------------------------------------------------------------------------------------------------------------- ELECTRIC UTILITIES CONTINUED CITGO Trustees Cayman Ltd., 8.50% Nts., 12/21/14 2 $ 610,000 $ 622,200 - ------------------------------------------------------------------------------------------------------------------------- CMS Energy Corp.: 7.50% Sr. Nts., 1/15/09 19,000 19,998 7.75% Sr. Nts., 8/1/10 200,000 216,000 8.50% Sr. Nts., 4/15/11 250,000 279,375 - ------------------------------------------------------------------------------------------------------------------------- FPL Energy National Wind Power LLC: 5.608% Nts., 3/10/24 6 263,906 263,030 6.125% Nts., 3/25/19 6 155,824 154,145 - ------------------------------------------------------------------------------------------------------------------------- Funding Corp./Beaver Valley Funding Corp., 9% Second Lease Obligation Bonds, 6/1/17 199,000 236,828 - ------------------------------------------------------------------------------------------------------------------------- Midwest Generation LLC, 8.75% Sr. Sec. Nts., 5/1/34 1,610,000 1,801,188 - ------------------------------------------------------------------------------------------------------------------------- Mirant Americas Generation LLC, 7.625% Sr. Unsec. Nts., 5/1/06 3 200,000 243,500 - ------------------------------------------------------------------------------------------------------------------------- MSW Energy Holdings II LLC/MSW Energy Finance Co. II, Inc., 7.375% Sr. Sec. Nts., Series B, 9/1/10 350,000 364,875 - ------------------------------------------------------------------------------------------------------------------------- MSW Energy Holdings LLC/MSW Energy Finance Co., Inc., 8.50% Sr. Sec. Nts., 9/1/10 200,000 215,500 - ------------------------------------------------------------------------------------------------------------------------- NRG Energy, Inc., 8% Sr. Sec. Nts., 12/15/13 1,175,000 1,257,250 - ------------------------------------------------------------------------------------------------------------------------- Reliant Resources, Inc.: 9.25% Sr. Sec. Nts., 7/15/10 669,000 729,210 9.50% Sr. Sec. Nts., 7/15/13 1,400,000 1,554,000 - ------------------------------------------------------------------------------------------------------------------------- Sierra Pacific Resources, 6.75% Sr. Nts., 8/15/17 2 577,000 581,328 - ------------------------------------------------------------------------------------------------------------------------- Teco Energy, Inc., 7.20% Unsec. Unsub. Nts., 5/1/11 958,000 1,020,270 - ------------------------------------------------------------------------------------------------------------------------- Texas Genco LLC, 6.875% Sr. Nts., 12/15/14 6 1,391,000 1,422,298 - ------------------------------------------------------------------------------------------------------------------------- TXU Corp., 5.55% Sr. Unsec. Nts., Series P, 11/15/14 1,300,000 1,240,625 ---------------- 13,928,079 - ------------------------------------------------------------------------------------------------------------------------- GAS UTILITIES--0.0% SEMCO Energy, Inc., 7.125% Sr. Nts., 5/15/08 150,000 153,568 - ------------------------------------------------------------------------------------------------------------------------- MULTI-UTILITIES & UNREGULATED POWER--0.4% AES Red Oak LLC, 8.54% Sr. Sec. Bonds, Series A, 11/30/19 2 555,046 624,426 - ------------------------------------------------------------------------------------------------------------------------- Calpine Canada Energy Finance ULC, 8.50% Sr. Unsec. Nts., 5/1/08 1,250,000 753,125 - ------------------------------------------------------------------------------------------------------------------------- Dynegy Holdings, Inc.: 6.875% Sr. Unsec. Unsub. Nts., 4/1/11 121,000 118,883 8.75% Sr. Nts., 2/15/12 292,000 318,280 10.125% Sr. Sec. Nts., 7/15/13 6 1,400,000 1,568,000 - ------------------------------------------------------------------------------------------------------------------------- Mirant Mid-Atlantic LLC, 8.625% Sec. Pass-Through Certificates, Series A, 6/30/12 456,076 474,604 - ------------------------------------------------------------------------------------------------------------------------- NorthWestern Corp., 5.875% Sr. Sec. Nts., 11/1/14 90,000 91,371 ---------------- 3,948,689 ---------------- Total Corporate Bonds and Notes (Cost $269,737,465) 272,283,876 Shares - ------------------------------------------------------------------------------------------------------------------------- PREFERRED STOCKS--0.2% - ------------------------------------------------------------------------------------------------------------------------- AmeriKing, Inc., 13% Cum. Sr. Exchangeable, Non-Vtg. 2,13 4,253 -- - ------------------------------------------------------------------------------------------------------------------------- Doane Pet Care Co., 14.25% Jr. Sub. Exchange Debs., Non-Vtg. 13 5,000 471,250 - ------------------------------------------------------------------------------------------------------------------------- Dobson Communications Corp., 6% Cv., Series F (converts into Dobson Communications Corp., Cl. A common stock), Non-Vtg. 6 608 106,020 - ------------------------------------------------------------------------------------------------------------------------- e.spire Communications, Inc., 12.75% Jr. Redeemable, Non-Vtg. 2,13 216 22
25 Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - --------------------------------------------------------------------------------
Shares Value - ------------------------------------------------------------------------------------------------------------------------- Eagle-Picher Holdings, Inc., 11.75% Cum. Exchangeable, Series B, 5,000 $ 6,250 Non-Vtg. 2,13 - ------------------------------------------------------------------------------------------------------------------------- ICG Holdings, Inc., 14.25% Exchangeable, Non-Vtg. 2,13 151 -- - ------------------------------------------------------------------------------------------------------------------------- Paxson Communications Corp., 14.25% Cum. Jr. Exchangeable, Non-Vtg. 2,12 47 319,718 - ------------------------------------------------------------------------------------------------------------------------- Pennsylvania Real Estate Investment Trust, 11% 2,000 115,500 - ------------------------------------------------------------------------------------------------------------------------- PTV, Inc., 10% Cum., Series A, Non-Vtg. 7 12 - ------------------------------------------------------------------------------------------------------------------------- Rural Cellular Corp., 11.375% Cum., Series B, Non-Vtg. 13 228 284,430 - ------------------------------------------------------------------------------------------------------------------------- Sovereign Real Estate Investment Trust, 12% Non-Cum., Series A 2 4,600 677,350 ---------------- Total Preferred Stocks (Cost $2,094,348) 1,980,552 - ------------------------------------------------------------------------------------------------------------------------- COMMON STOCKS--2.6% - ------------------------------------------------------------------------------------------------------------------------- Allegheny Energy, Inc. 13 6,500 199,680 - ------------------------------------------------------------------------------------------------------------------------- Altria Group, Inc. 2,900 213,759 - ------------------------------------------------------------------------------------------------------------------------- Amada Co., Ltd. 26,000 208,152 - ------------------------------------------------------------------------------------------------------------------------- Amerada Hess Corp. 1,500 206,250 - ------------------------------------------------------------------------------------------------------------------------- American Electric Power Co., Inc. 5,300 210,410 - ------------------------------------------------------------------------------------------------------------------------- American Stock Exchange Basic Industries SPDR 30,300 832,341 - ------------------------------------------------------------------------------------------------------------------------- Anadarko Petroleum Corp. 2,210 211,608 - ------------------------------------------------------------------------------------------------------------------------- Apache Corp. 2,900 218,138 - ------------------------------------------------------------------------------------------------------------------------- Arcelor 9,050 211,662 - ------------------------------------------------------------------------------------------------------------------------- Ashland, Inc. 3,400 187,816 - ------------------------------------------------------------------------------------------------------------------------- Autodesk, Inc. 4,700 218,268 - ------------------------------------------------------------------------------------------------------------------------- BAE Systems plc 33,790 204,721 - ------------------------------------------------------------------------------------------------------------------------- Beverly Hills Bancorp, Inc. 6,273 64,361 - ------------------------------------------------------------------------------------------------------------------------- BNP Paribas SA 2,730 207,527 - ------------------------------------------------------------------------------------------------------------------------- BPB plc 15,100 196,021 - ------------------------------------------------------------------------------------------------------------------------- Broadwing Corp. 738 3,683 - ------------------------------------------------------------------------------------------------------------------------- Burlington Resources, Inc. 2,700 219,564 - ------------------------------------------------------------------------------------------------------------------------- Cebridge Connections Holding LLC 2,13 529 -- - ------------------------------------------------------------------------------------------------------------------------- Centex Corp. 3,000 193,740 - ------------------------------------------------------------------------------------------------------------------------- Charles River Laboratories International, Inc. 13 2,660 116,029 - ------------------------------------------------------------------------------------------------------------------------- Chesapeake Energy Corp. 91 3,481 - ------------------------------------------------------------------------------------------------------------------------- Chubb Corp. 2,300 205,965 - ------------------------------------------------------------------------------------------------------------------------- CIGNA Corp. 1,700 200,362 - ------------------------------------------------------------------------------------------------------------------------- Citigroup, Inc. 55 2,504 - ------------------------------------------------------------------------------------------------------------------------- CMS Energy Corp. 13 12,500 205,625 - ------------------------------------------------------------------------------------------------------------------------- ConocoPhillips 3,000 209,730 - ------------------------------------------------------------------------------------------------------------------------- Conseco, Inc. 13 13,986 295,244 - ------------------------------------------------------------------------------------------------------------------------- Covad Communications Group, Inc. 13 16,528 17,520 - ------------------------------------------------------------------------------------------------------------------------- Criimi MAE, Inc. 13 62,047 1,067,829 - ------------------------------------------------------------------------------------------------------------------------- Cummins, Inc. 2,300 202,377 - ------------------------------------------------------------------------------------------------------------------------- D.R. Horton, Inc. 5,300 191,966 - ------------------------------------------------------------------------------------------------------------------------- Daido Steel Co. Ltd. 40,000 259,906 - ------------------------------------------------------------------------------------------------------------------------- DaimlerChrysler AG 3,884 206,092 - ------------------------------------------------------------------------------------------------------------------------- Deutsche Telekom AG 10,541 191,804 - ------------------------------------------------------------------------------------------------------------------------- Devon Energy Corp. 3,300 226,512 - ------------------------------------------------------------------------------------------------------------------------- Dobson Communications Corp., Cl. A 13 24,300 186,624 - ------------------------------------------------------------------------------------------------------------------------- Douglas Holding AG 5,120 194,758
26 Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - --------------------------------------------------------------------------------
Shares Value - ------------------------------------------------------------------------------------------------------------------------- Duke Energy Corp. 6,900 $ 201,273 - ------------------------------------------------------------------------------------------------------------------------- E.ON AG 2,088 192,225 - ------------------------------------------------------------------------------------------------------------------------- Edison International, Inc. 4,400 208,032 - ------------------------------------------------------------------------------------------------------------------------- Energy Select Sector SPDR Fund 16,300 875,310 - ------------------------------------------------------------------------------------------------------------------------- EOG Resources, Inc. 3,100 232,190 - ------------------------------------------------------------------------------------------------------------------------- Equinix, Inc. 13 1,887 78,594 - ------------------------------------------------------------------------------------------------------------------------- Exel plc 9,420 203,865 - ------------------------------------------------------------------------------------------------------------------------- Express Scripts, Inc. 13 3,400 211,480 - ------------------------------------------------------------------------------------------------------------------------- Federated Department Stores, Inc. 3,000 200,610 - ------------------------------------------------------------------------------------------------------------------------- Financial Select Sector SPDR Fund 28,100 829,512 - ------------------------------------------------------------------------------------------------------------------------- First Choice Holidays plc 54,190 202,391 - ------------------------------------------------------------------------------------------------------------------------- Gecina SA 1,670 196,695 - ------------------------------------------------------------------------------------------------------------------------- Geotek Communications, Inc., Series B, Escrow Shares 2,13,14 210 -- - ------------------------------------------------------------------------------------------------------------------------- GKN plc 37,900 197,034 - ------------------------------------------------------------------------------------------------------------------------- Globix Corp. 13 6,880 13,554 - ------------------------------------------------------------------------------------------------------------------------- Goodyear Tire & Rubber Co. (The) 13 12,400 193,316 - ------------------------------------------------------------------------------------------------------------------------- Halliburton Co. 3,100 212,412 - ------------------------------------------------------------------------------------------------------------------------- Hanson plc 19,090 198,153 - ------------------------------------------------------------------------------------------------------------------------- Hochtief AG 4,896 217,777 - ------------------------------------------------------------------------------------------------------------------------- Horizon Natural Resources Co. 2,13 6,667 -- - ------------------------------------------------------------------------------------------------------------------------- Humana, Inc. 13 4,200 201,096 - ------------------------------------------------------------------------------------------------------------------------- Huntsman Corp. 13 5,871 109,039 - ------------------------------------------------------------------------------------------------------------------------- ICO Global Communication Holdings Ltd. 13 6,016 30,080 - ------------------------------------------------------------------------------------------------------------------------- iPCS, Inc. 13 8,733 363,293 - ------------------------------------------------------------------------------------------------------------------------- IVG Immobilien AG 9,436 194,946 - ------------------------------------------------------------------------------------------------------------------------- KB Home 2,700 197,640 - ------------------------------------------------------------------------------------------------------------------------- Keisei Electric Railway Co. Ltd. 39,000 214,033 - ------------------------------------------------------------------------------------------------------------------------- Kelda Group plc 16,320 202,215 - ------------------------------------------------------------------------------------------------------------------------- Kinder Morgan, Inc. 2,100 201,936 - ------------------------------------------------------------------------------------------------------------------------- Klepierre 2,020 202,716 - ------------------------------------------------------------------------------------------------------------------------- Kubota Corp. 32,000 222,866 - ------------------------------------------------------------------------------------------------------------------------- Leap Wireless International, Inc. 13 1,714 60,333 - ------------------------------------------------------------------------------------------------------------------------- Lehman Brothers Holdings, Inc. 1,800 209,664 - ------------------------------------------------------------------------------------------------------------------------- Liberty Global, Inc., Series A 3,368 91,205 - ------------------------------------------------------------------------------------------------------------------------- Liberty Global, Inc., Series C 13 3,368 86,726 - ------------------------------------------------------------------------------------------------------------------------- Lloyds TSB Group plc 24,330 200,404 - ------------------------------------------------------------------------------------------------------------------------- Loews Corp. 2,300 212,543 - ------------------------------------------------------------------------------------------------------------------------- MAN AG 3,968 203,395 - ------------------------------------------------------------------------------------------------------------------------- Marathon Oil Corp. 3,091 213,063 - ------------------------------------------------------------------------------------------------------------------------- Matsui Securities Co. Ltd. 18,800 231,001 - ------------------------------------------------------------------------------------------------------------------------- MCI, Inc. 1,629 41,328 - ------------------------------------------------------------------------------------------------------------------------- Motorola, Inc. 9,000 198,810 - ------------------------------------------------------------------------------------------------------------------------- National City Corp. 5,500 183,920 - ------------------------------------------------------------------------------------------------------------------------- National Oilwell Varco, Inc. 13 3,200 210,560 - ------------------------------------------------------------------------------------------------------------------------- Nikon Corp. 17,000 214,447 - ------------------------------------------------------------------------------------------------------------------------- Nippon Mining Holdings, Inc. 29,500 233,879 - ------------------------------------------------------------------------------------------------------------------------- Nippon Steel Corp. 68,000 255,180 - ------------------------------------------------------------------------------------------------------------------------- Novell, Inc. 13 29,300 218,285
27 Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - --------------------------------------------------------------------------------
Shares Value - ------------------------------------------------------------------------------------------------------------------------- NTL, Inc. 13 7,842 $ 523,846 - ------------------------------------------------------------------------------------------------------------------------- Nucor Corp. 3,500 206,465 - ------------------------------------------------------------------------------------------------------------------------- Occidental Petroleum Corp. 2,400 205,032 - ------------------------------------------------------------------------------------------------------------------------- Office Depot, Inc. 13 6,600 196,020 - ------------------------------------------------------------------------------------------------------------------------- OKI Electric Industry Co. 62,000 212,423 - ------------------------------------------------------------------------------------------------------------------------- Orbital Sciences Corp. 13 745 9,313 - ------------------------------------------------------------------------------------------------------------------------- PagesJaunes Groupe SA 7,700 210,072 - ------------------------------------------------------------------------------------------------------------------------- Phelps Dodge Corp. 1,800 233,874 - ------------------------------------------------------------------------------------------------------------------------- Pilkington plc 83,730 205,279 - ------------------------------------------------------------------------------------------------------------------------- Pioneer Cos., Inc. 13 7,312 175,927 - ------------------------------------------------------------------------------------------------------------------------- Prandium, Inc. 2,13 24,165 483 - ------------------------------------------------------------------------------------------------------------------------- Premier Holdings Ltd. 2,13 18,514 -- - ------------------------------------------------------------------------------------------------------------------------- Pulte Homes, Inc. 4,620 198,290 - ------------------------------------------------------------------------------------------------------------------------- Reebok International Ltd. 3,600 203,652 - ------------------------------------------------------------------------------------------------------------------------- Resolution plc 17,700 192,622 - ------------------------------------------------------------------------------------------------------------------------- Royal Dutch Shell plc, B Shares 5,900 203,757 - ------------------------------------------------------------------------------------------------------------------------- RWE AG 2,980 196,983 - ------------------------------------------------------------------------------------------------------------------------- Scottish & Newcastle plc 23,990 196,228 - ------------------------------------------------------------------------------------------------------------------------- Scottish & Southern Energy plc 11,250 204,181 - ------------------------------------------------------------------------------------------------------------------------- ScottishPower plc 22,030 222,064 - ------------------------------------------------------------------------------------------------------------------------- Sears Holdings Corp. 13 1,500 186,630 - ------------------------------------------------------------------------------------------------------------------------- Sempra Energy 4,500 211,770 - ------------------------------------------------------------------------------------------------------------------------- Shionogi & Co. Ltd. 15,000 204,802 - ------------------------------------------------------------------------------------------------------------------------- Societe Generale, Cl. A 1,840 209,973 - ------------------------------------------------------------------------------------------------------------------------- St. Paul Travelers Cos., Inc. (The) 4,700 210,889 - ------------------------------------------------------------------------------------------------------------------------- Star Gas Partners LP 13 187 460 - ------------------------------------------------------------------------------------------------------------------------- Sterling Chemicals, Inc. 2,13 716 17,184 - ------------------------------------------------------------------------------------------------------------------------- Suez SA 6,860 198,285 - ------------------------------------------------------------------------------------------------------------------------- Sumitomo Metal Industries 87,000 308,697 - ------------------------------------------------------------------------------------------------------------------------- Sunoco, Inc. 2,600 203,320 - ------------------------------------------------------------------------------------------------------------------------- Telewest Global, Inc. 13 31,828 730,453 - ------------------------------------------------------------------------------------------------------------------------- Telus Corp. 269 10,959 - ------------------------------------------------------------------------------------------------------------------------- ThyssenKrupp AG 10,445 218,428 - ------------------------------------------------------------------------------------------------------------------------- Tokyo Electron Ltd. 3,500 186,813 - ------------------------------------------------------------------------------------------------------------------------- Tokyo Steel Manufacturing Co. Ltd. 13,800 216,190 - ------------------------------------------------------------------------------------------------------------------------- TonenGeneral Sekiyu K.K. 18,000 209,302 - ------------------------------------------------------------------------------------------------------------------------- Tosoh Corp. 49,000 209,588 - ------------------------------------------------------------------------------------------------------------------------- TUI AG 8,430 179,532 - ------------------------------------------------------------------------------------------------------------------------- TVMAX Holdings, Inc. 2,13 1,000 1,100 - ------------------------------------------------------------------------------------------------------------------------- TXU Corp. 2,000 225,760 - ------------------------------------------------------------------------------------------------------------------------- Unibail 1,400 203,257 - ------------------------------------------------------------------------------------------------------------------------- United States Steel Corp. 4,600 194,810 - ------------------------------------------------------------------------------------------------------------------------- United Utilities plc 17,350 200,442 - ------------------------------------------------------------------------------------------------------------------------- UnumProvident Corp. 10,300 211,150 - ------------------------------------------------------------------------------------------------------------------------- Valero Energy Corp. 1,800 203,508 - ------------------------------------------------------------------------------------------------------------------------- Veolia Environnement SA 4,888 206,259 - ------------------------------------------------------------------------------------------------------------------------- Viatel Holding (Bermuda) Ltd. 2,13 2,251 7 - ------------------------------------------------------------------------------------------------------------------------- Vinci SA 2,250 193,753 - ------------------------------------------------------------------------------------------------------------------------- Vornado Realty Trust 2,300 199,226
28 Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - --------------------------------------------------------------------------------
Shares Value - ------------------------------------------------------------------------------------------------------------------------- Western Forest Products, Inc. 13 38,252 $ 82,262 - ------------------------------------------------------------------------------------------------------------------------- Whirlpool Corp. 2,600 197,002 - ------------------------------------------------------------------------------------------------------------------------- WRC Media Corp. 2,13 1,082 22 - ------------------------------------------------------------------------------------------------------------------------- XO Communications, Inc. 13 1,100 2,816 ---------------- Total Common Stocks (Cost $23,804,013) 27,492,215 Units - ------------------------------------------------------------------------------------------------------------------------- RIGHTS, WARRANTS AND CERTIFICATES--0.0% - ------------------------------------------------------------------------------------------------------------------------- American Tower Corp. Wts., Exp. 8/1/08 6,13 800 281,742 - ------------------------------------------------------------------------------------------------------------------------- ASAT Finance LLC Wts., Exp. 11/1/06 2,13 250 -- - ------------------------------------------------------------------------------------------------------------------------- COLO.com, Inc. Wts., Exp. 3/15/10 2,13 400 -- - ------------------------------------------------------------------------------------------------------------------------- Concentric Network Corp. Wts., Exp. 12/15/07 2,13 100 -- - ------------------------------------------------------------------------------------------------------------------------- HF Holdings, Inc. Wts., Exp. 9/27/09 2,13 530 -- - ------------------------------------------------------------------------------------------------------------------------- ICO Global Communication Holdings Ltd. Wts.: Exp. 5/16/06 2,13 1,509 68 Exp. 5/16/06 2,13 2 -- - ------------------------------------------------------------------------------------------------------------------------- Imperial Credit Industries, Inc. Wts., Exp. 1/31/08 2,13 2,135 -- - ------------------------------------------------------------------------------------------------------------------------- iPCS, Inc. Wts., Exp. 6/15/10 2,13 300 -- - ------------------------------------------------------------------------------------------------------------------------- Long Distance International, Inc. Wts., Exp. 4/13/08 6,13 200 -- - ------------------------------------------------------------------------------------------------------------------------- Loral Space & Communications Ltd. Wts., Exp. 1/15/07 2,13 150 -- - ------------------------------------------------------------------------------------------------------------------------- Ntelos, Inc. Wts., Exp. 8/15/10 2,13 450 -- - ------------------------------------------------------------------------------------------------------------------------- Pathmark Stores, Inc. Wts., Exp. 9/19/10 13 5,710 2,284 - ------------------------------------------------------------------------------------------------------------------------- PLD Telekom, Inc. Wts., Exp. 6/1/06 2,13 300 3 - ------------------------------------------------------------------------------------------------------------------------- Sterling Chemicals, Inc. Wts., Exp. 12/19/08 13 1,165 587 - ------------------------------------------------------------------------------------------------------------------------- Venezuela (Republic of) Oil Linked Payment Obligation Wts., Exp. 4/15/20 2,13 2,300 69,000 - ------------------------------------------------------------------------------------------------------------------------- Verado Holdings, Inc., Cl. B Wts., Exp. 4/15/08 13 175 119 - ------------------------------------------------------------------------------------------------------------------------- XO Communications, Inc., Cl. A Wts., Exp. 1/16/10 2,13 2,204 771 - ------------------------------------------------------------------------------------------------------------------------- XO Communications, Inc., Cl. B Wts., Exp. 1/16/10 2,13 1,653 397 - ------------------------------------------------------------------------------------------------------------------------- XO Communications, Inc., Cl. C Wts., Exp. 1/16/10 2,13 1,653 364 ---------------- Total Rights, Warrants and Certificates (Cost $36,086) 355,335 Principal Amount - ---------------------------------------------------------------------------------------------------------------------------- STRUCTURED NOTES--12.1% Aon Capital Markets/Helix 04 Ltd. Catastrophe Linked Nts., 9.42%, 6/30/09 1 $ 600,000 $ 590,496 - ---------------------------------------------------------------------------------------------------------------------------- Arbor I Ltd. Catastrophe Linked Nts.: 19.37%, 6/15/06 1,6 100,000 101,020 Series IV, 17.87%, 3/15/06 1 250,000 249,863 - ---------------------------------------------------------------------------------------------------------------------------- Bank of America Corp., Russia (Government of) Credit Linked Nts., 5.16%, 8/18/08 7 [RUR] 270,000,000 8,169,165 - ---------------------------------------------------------------------------------------------------------------------------- Cascadia Ltd., 6.915% Nts., 6/13/08 1,2 500,000 501,000 - ---------------------------------------------------------------------------------------------------------------------------- Citigroup Global Markets Holdings, Inc.: Brazil (Federal Republic of) Credit Linked Nts., 17.37%, 7/3/07 [BRR] 4,660,000 1,579,828
29 Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ------------------------------------------------------------------------------------------------------------------------- Brazil (Federal Republic of) Unsec. Credit Linked Nts., 10%, 1/5/10 [BRR] $ 2,927,000 $ 1,114,431 Brazil (Federal Republic of) Unsec. Credit Linked Nts., 10%, 1/5/10 [BRR] 4,619,000 1,758,646 Brazil (Federal Republic of) Unsec. Credit Linked Nts., 18.41%, 10/4/05 [BRR] 2,230,000 999,910 Brazil (Federal Republic of) Unsec. Credit Linked Nts., 18.80%, 1/3/08 [BRR] 1,948,615 614,327 Brazil (Federal Republic of) Unsec. Credit Linked Nts., 19.85%, 1/2/09 [BRR] 2,231,957 609,790 Brazil (Federal Republic of) Unsec. Credit Linked Nts., 20.40%, 1/5/10 [BRR] 2,480,096 594,035 Colombia (Republic of) Credit Linked Bonds, 11%, 7/24/20 [COP] 1,060,000,000 567,701 Colombia (Republic of) Credit Linked Nts., Series II, 15%, 4/27/12 [COP] 552,359,546 339,916 Colombia (Republic of) Unsec. Credit Linked Nts., 15%, 3/15/07 [COP] 3,860,150,000 2,024,100 Colombia (Republic of) Unsec. Credit Linked Nts., 15%, 4/27/12 [COP] 1,800,000,000 1,107,700 Colombia (Republic of) Unsec. Credit Linked Nts., 15%, 4/27/12 [COP] 1,200,000,000 738,467 Colombia (Republic of) Unsec. Credit Linked Nts., 15%, 4/27/12 [COP] 1,034,000,000 636,312 Colombia (Republic of) Unsec. Credit Linked Nts., 15%, 4/27/12 [COP] 927,000,000 570,466 Dominican Republic Credit Linked Nts., 14.11%, 7/10/06 (linked to Dominican Republic Treasury Bills) 7 [DOP] 23,200,000 676,095 Dominican Republic Credit Linked Nts., 15.64%, 5/2/06 (linked to Dominican Republic Treasury Bills) 7 [DOP] 19,490,000 584,574 Dominican Republic Credit Linked Nts., 17%, 3/12/07 [DOP] 21,900,000 709,334 Dominican Republic Credit Linked Nts., 19.69%, 3/31/06 (linked to Dominican Republic Treasury Bills) 7 [DOP] 17,740,000 537,833 Dominican Republic Credit Linked Nts., 22.41%, 3/10/06 (linked to Dominican Republic Treasury Bills) 7 [DOP] 22,703,730 694,763 Dominican Republic Unsec. Credit Linked Nts., 14.67%, 5/15/06 (linked to Dominican Republic Treasury Bills) 7 [DOP] 16,070,000 479,341 Dominican Republic Unsec. Credit Linked Nts., 16.18%, 4/24/06 (linked to Dominican Republic Treasury Bills) 7 [DOP] 6,560,000 197,294 Dominican Republic Unsec. Credit Linked Nts., 23.07%, 3/3/06 (linked to Dominican Republic Treasury Bills) 7 [DOP] 42,662,900 1,309,456 Egypt (The Arab Republic of) Unsec. Credit Linked Nts., 8.01%, 9/19/06 (linked to Egyptian Treasury Bills) 7 [EGP] 5,000,000 798,368 Egypt (The Arab Republic of) Unsec. Credit Linked Nts., 8.407%, 2/9/06 (linked to Egyptian Treasury Bills) [EGP] 5,773,000 971,628 Egypt (The Arab Republic of) Unsec. Credit Linked Nts., 8.90%, 12/29/05 (linked to Egyptian Treasury Bills) [EGP] 1,380,000 234,578 Egypt (The Arab Republic of) Unsec. Credit Linked Nts., 8.90%, 1/12/06 (linked to Egyptian Treasury Bills) [EGP] 4,530,000 767,481 Egypt (The Arab Republic of) Unsec. Credit Linked Nts., 9.65%, 11/29/05 (linked to Egyptian Treasury Bills) 7 [EGP] 5,700,000 981,964 Egypt (The Arab Republic of) Unsec. Credit Linked Nts., 9.67%, 10/28/05 (linked to Egyptian Treasury Bills) 7 [EGP] 3,970,000 684,921 - ------------------------------------------------------------------------------------------------------------------------- Ukraine Hryvnia Unsec. Credit Linked Nts., 11.94%, 1/4/10 [UAH] 880,000 205,624 - ------------------------------------------------------------------------------------------------------------------------- Credit Suisse First Boston Corp. (Cayman), Turkey (Republic of) Credit Linked Nts., Series EMG 7, 15%, 2/10/10 [TRY] 3,014,000 2,404,037 - ------------------------------------------------------------------------------------------------------------------------- Credit Suisse First Boston International: OAO Gazprom Credit Linked Nts., 8.11%, 1/21/07 [RUR] 28,065,000 1,024,729 South African Rand Interest Bearing Linked Nts., Series FBi 43, 3.52%, 5/23/22 825,000 817,905 Ukraine (Republic of) Credit Linked Nts., Series EMG 13, 11.94%, 12/30/09 [UAH] 2,195,000 512,513 - ------------------------------------------------------------------------------------------------------------------------- Credit Suisse First Boston, Inc. (Nassau Branch): Turkey (Republic of) Credit Linked Nts., 20%, 10/18/07 352,000 410,122
30 Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ------------------------------------------------------------------------------------------------------------------------- Turkey (Republic of) Credit Linked Nts., Series EM 872, 22.88%, 10/20/05 1 $ 396,000 $ 414,393 Turkey (Republic of) Credit Linked Nts., Series EM 880, 20%, 10/18/07 1,190,000 1,534,874 Turkey (Republic of) Credit Linked Nts., Series EMG 19, 16.90%, 7/5/06 7 [TRY] 1,440,000 960,068 Turkey (Republic of) Credit Linked Nts., Series EMG 4, 18.70%, 7/6/06 [TRY] 1,909,191 1,272,884 Turkey (Republic of) Credit Linked Nts., Series NAS 316, 22.66%, 2/23/06 7 607,000 787,801 Ukraine (Republic of) Credit Linked Nts., Series EMG 11, 11.94%, 12/30/09 [UAH] 661,000 154,338 Ukraine (Republic of) Credit Linked Nts., Series NPC 12, 11.94%, 12/30/09 [UAH] 4,170,000 973,658 - ------------------------------------------------------------------------------------------------------------------------- Deutsche Bank AG: Argentina (Republic of) Credit Linked Nts., 4%, 12/21/11 5 [ARP] 2,990,000 2,450,078 Brazil Real Credit Linked Nts., 13.88%, 3/3/10 7 [BRR] 4,580,760 1,292,357 Campania Total Return Linked Nts., 2.88%, 7/30/10 1 [EUR] 5,200,000 6,278,998 Egypt (The Arab Republic of) Total Return Linked Nts., 8.52%, 1/17/06 (linked to Egyptian Treasury Bills) 7 [EGP] 4,280,000 724,851 Egypt (The Arab Republic of) Total Return Linked Nts., 9.64%, 3/9/06 (linked to Egyptian Treasury Bills) 7 [EGP] 2,120,000 354,253 European Investment Bank, Russian Federation Credit Linked Nts., 5.65%, 1/19/10 705,000 559,841 Indonesia (Republic of) Credit Linked Nts., 9.50%, 6/22/15 820,000 620,986 Indonesia (Republic of) Credit Linked Nts., Series III, 14.25%, 6/15/13 873,600 878,055 Moscow (City of) Credit Linked Nts., 10%, 3/30/10 [RUR] 22,742,000 898,631 OAO Gazprom I Credit Nts., 6.201%, 10/20/07 790,000 864,791 OAO Gazprom II Credit Nts., 5.951%, 4/20/07 790,000 850,156 Philippines (Republic of) Credit Linked Nts., 12%, 1/20/09 [PHP] 23,740,000 446,066 Philippines (Republic of) Credit Linked Nts., 12.375%, 11/1/09 [PHP] 46,230,000 866,390 Philippines (Republic of) Credit Linked Nts., 12.375%, 3/1/15 [PHP] 8,110,000 148,676 Romania (The State of) Credit Linked Nts., 11.49%, 12/7/06 [RON] 788,640 298,346 Russian Federation Credit Linked Nts., 12/2/09 7 [RUR] 19,221,000 710,105 Ukraine (Republic of) 5 yr. Credit Linked Nts., 4.05%, 8/25/10 2,5 400,000 400,760 Ukraine (Republic of) 5.5 yr. Credit Linked Nts., 4.05%, 2/25/11 2,5 400,000 400,760 Ukraine (Republic of) 6 yr. Credit Linked Nts., 4.05%, 8/25/11 2,5 400,000 400,760 Ukraine (Republic of) 6.5 yr. Credit Linked Nts., 4.05%, 2/27/12 2,5 400,000 400,760 Ukraine (Republic of) 7 yr. Credit Linked Nts., 4.05%, 8/28/12 2,5 400,000 400,760 Ukraine (Republic of) Credit Linked Nts., 11.70%, 5/31/06 [UAH] 1,727,000 356,786 Ukraine (Republic of) Credit Linked Nts., 11.94%, 12/30/09 [UAH] 269,000 62,822 Ukraine (Republic of) Credit Linked Nts., 11.94%, 12/30/09 [UAH] 955,000 223,031 Ukraine (Republic of) Credit Linked Nts., 5.592%, 5/16/07 [UAH] 2,390,000 475,821 Ukraine (Republic of) Credit Linked Nts., Series A, 5.592%, 5/16/07 [UAH] 2,390,000 475,821 Videocon International Ltd. Credit Linked Nts., 5.73%, 12/29/09 1,630,000 1,632,771 - ------------------------------------------------------------------------------------------------------------------------- Dow Jones CDX High Yield Index Pass-Through Certificates, Series 4-T1, 8.25%, 6/29/10 6,15 22,320,540 22,208,937 - ------------------------------------------------------------------------------------------------------------------------- Goldman Sachs Group, Inc. (The)/Residential Reinsurance Ltd. Catastrophe Linked Nts., Series B, 12.32%, 6/6/08 1,2 800,000 736,000 - ------------------------------------------------------------------------------------------------------------------------- ING Bank NV, Ukraine (Republic of) Credit Linked Nts., Series 725, 11.89%, 12/30/09 2 [UAH] 4,689,000 1,090,443 - ------------------------------------------------------------------------------------------------------------------------- JPMorgan Chase Bank: Brazil (Federal Republic of) Credit Linked Nts., 12.08%, 1/2/15 7 [BRR] 3,693,700 500,942 Brazil (Federal Republic of) Credit Linked Nts., 12.68%, 6/1/13 7 [BRR] 5,490,000 883,512
31 Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - --------------------------------------------------------------------------------
Principal Amount Value - ------------------------------------------------------------------------------------------------------------------------- Brazil (Federal Republic of) Credit Linked Nts., 15.33%, 1/2/15 7 [BRR] 10,948,600 $ 1,484,855 Brazil (Federal Republic of) Credit Linked Nts., Series II, 13.55%, 1/2/15 7 [BRR] 8,035,000 1,089,711 Brazil (Federal Republic of) Credit Linked Nts., Series III, 12.18%, 1/2/15 5,7 [BRR] 8,500,000 1,152,775 Colombia (Republic of) Credit Linked Bonds, 13.50%, 8/3/20 [COP] 11,160,000,000 1,356,979 Peru (Republic of) Credit Linked Nts., 8.12%, 9/2/15 7 [PEN] 3,470,000 445,505 Swaziland (Kingdom of) Credit Linked Nts., 7.25%, 6/20/10 1,120,000 1,122,386 - ------------------------------------------------------------------------------------------------------------------------- Lehman Brothers International: Romania (The State of) Total Return Linked Nts., 7.90%, 2/8/10 (linked to Romanian Treasury Bills) [RON] 821,400 297,974 Turkey (Republic of) Total Return Linked Nts., 20%, 10/17/07 (linked to Turkey Treasury Bills) 1,260,000 1,607,004 - ------------------------------------------------------------------------------------------------------------------------- Lehman Brothers Special Financing, Inc.: Romania (The State of) Total Return Linked Nts., 6.50%, 3/8/10 (linked to Romanian Treasury Bills) [RON] 2,228,300 759,336 Romania (The State of) Total Return Linked Nts., 6.75%, 3/10/08 (linked to Romanian Treasury Bills) [RON] 2,600,000 891,426 Romania (The State of) Total Return Linked Nts., 7.25%, 4/18/10 (linked to Romanian Treasury Bills) [RON] 213,000 74,271 Romania (The State of) Total Return Linked Nts., 7.50%, 3/5/07 (linked to Romanian Treasury Bills) [RON] 354,000 123,817 Romania (The State of) Total Return Linked Nts., 7.75%, 4/18/08 (linked to Romanian Treasury Bills) [RON] 199,000 69,536 Romania (The State of) Total Return Linked Nts., 7.75%, 4/18/08 (linked to Romanian Treasury Bills) [RON] 512,000 178,906 Romania (The State of) Total Return Linked Nts., 7.90%, 2/11/08 (linked to Romanian Treasury Bills) [RON] 1,885,100 669,833 - ------------------------------------------------------------------------------------------------------------------------- Morgan Stanley Capital Services, Inc.: Brazil (Federal Republic of) Sr. Sub. Linked Nts., 15.45%, 1/2/14 [BRR] 3,400,000 1,477,114 Philippines (Republic of) Credit Linked Nts., 8.652%, 9/20/15 1 10,300,000 10,300,000 Venezuela (Republic of) Credit Linked Nts., 7.382%, 5/20/10 1,900,000 2,069,100 - ------------------------------------------------------------------------------------------------------------------------- Swiss Re Capital Markets Corp./Foundation RE Ltd. Catastrophe Linked Nts., 7.897%, 11/24/08 1,6 500,000 497,663 - ------------------------------------------------------------------------------------------------------------------------- Swiss Re Capital Markets Corp./Oak Capital Ltd. Catastrophe Linked Nts., 8.62%, 6/15/07 1,6 250,000 252,913 - ------------------------------------------------------------------------------------------------------------------------- Swiss Re Capital Markets Corp./Pioneer 2002 Ltd. Sec. Catastrophe Linked Nts.: Series 2002, Cl. A-A, 9.87%, 6/15/06 1,6 250,000 249,908 Series 2002-1, Cl. E-A, 8.12%, 6/15/06 1 500,000 502,825 Series 2003-I, Cl. C-A, 9.87%, 6/15/06 1 500,000 505,575 Series 2003-II, Cl. A-A, 9.87%, 6/15/06 1,6 500,000 499,550 Series 2003-II, Cl. B-A, 8.87%, 6/15/06 1,6 500,000 501,750 Series 2003-II, Cl. C-A, 9.62%, 6/15/06 1,6 500,000 504,750 - ------------------------------------------------------------------------------------------------------------------------- Swiss Re Capital Markets Corp./Redwood Capital V Catastrophe Linked Nts., 7.70%, 1/9/07 1,2 750,000 751,163 - ------------------------------------------------------------------------------------------------------------------------- UBS AG: Israel (State of) Credit Linked Nts., 7.50%, 4/5/14 [ILS] 4,792,700 1,187,308 OAO Gazprom III Credit Nts., 5.88%, 7/5/06 1,980,000 2,051,173 ---------------- Total Structured Notes (Cost $121,180,891) 125,536,121
32 Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - --------------------------------------------------------------------------------
Date Strike Contracts Value - ------------------------------------------------------------------------------------------------------------------------- SWAPTIONS PURCHASED--0.0% - ------------------------------------------------------------------------------------------------------------------------- Australian Dollar Call 13 2/9/06 5.67AUD 12,000,000 $ 21,488 - ------------------------------------------------------------------------------------------------------------------------- Brazilian Real Call 13 10/3/05 16.50BRR 4,670,000 22 - ------------------------------------------------------------------------------------------------------------------------- Mexican Neuvo Peso Call 13 10/11/05 9.40MXN 47,400,000 50,186 Mexican Neuvo Peso Call 13 11/10/05 9.02MXN 60,800,000 42,765 Mexican Neuvo Peso Call 13 12/2/05 9.42MXN 94,600,000 170,755 Mexican Neuvo Peso Call 13 12/8/05 9.23MXN 60,900,000 70,741 Mexican Neuvo Peso Call 13 12/27/05 9.32MXN 61,205,000 87,985 --------- Total Swaptions Purchased (Cost $426,947) 443,942 Principal Amount - ------------------------------------------------------------------------------------------------------------------------- JOINT REPURCHASE AGREEMENTS--15.3% 16 - ------------------------------------------------------------------------------------------------------------------------- Undivided interest of 83.31% in joint repurchase agreement (Principal Amount/Value $190,460,000, with a maturity value of $190,511,265) with DB Alex Brown LLC, 3.23%, dated 9/30/05, to be repurchased at $158,707,707 on 10/3/05, collateralized by U.S. Treasury Bonds, 3.625%, 5/15/13 with a value of $194,345,063 (Cost $158,665,000) $ 158,665,000 158,665,000 - ------------------------------------------------------------------------------------------------------------------------- Total Investments, at Value (excluding Investments Purchased with Cash Collateral from Securities Loaned) (Cost $1,067,665,632) 1,080,324,485 - ------------------------------------------------------------------------------------------------------------------------- INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITIES LOANED--1.1% - ------------------------------------------------------------------------------------------------------------------------- JOINT REPURCHASE AGREEMENTS--1.1% Undivided interest of 0.33% in joint repurchase agreement (Principal Amount/Value $3,300,000,000, with a maturity value of $3,301,064,250) with Nomura Securities, 3.87%, dated 9/30/05, to be repurchased at $10,872,040 on 10/3/05, collateralized by U.S. Agency Mortgages, 5%--5.50%, 9/1/20--8/1/35, with a value of $3,366,000,000 17 (Cost $10,868,535) 10,868,535 10,868,535 - ------------------------------------------------------------------------------------------------------------------------- Total Investments, at Value (Cost $1,078,534,167) 104.9% 1,091,193,020 - ------------------------------------------------------------------------------------------------------------------------- Liabilities in Excess of Other Assets (4.9) (51,278,699) ------------------------------------- Net Assets 100.0% $ 1,039,914,321 =====================================
33 Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - -------------------------------------------------------------------------------- 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 CAD Canadian Dollar COP Colombian Peso DEM German Mark DOP Dominican Republic Peso EGP Egyptian Pounds EUR Euro GBP British Pound Sterling ILS Israeli Shekel JPY Japanese Yen MXN Mexican Nuevo Peso MYR Malaysian Ringgit NZD New Zealand Dollar PEN Peruvian New Sol PHP Philippines Peso PLZ Polish Zloty RON Romanian Leu RUR Russian Ruble TRY New Turkish Lira UAH Ukraine Hryvnia ZAR South African Rand 1. Represents the current interest rate for a variable or increasing rate security. 2. Illiquid or restricted security. The aggregate value of illiquid or restricted securities as of September 30, 2005 was $18,942,757, which represents 1.82% of the Fund's net assets, of which $483 is considered restricted. In addition, the Fund has restricted currency of $109,152, which represents 0.01% of the Fund's net assets. See accompanying Notes to Quarterly Statement of Investments. 3. Issue is in default. Non-income producing. See accompanying Notes to Quarterly Statement of Investments. 4. 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 $4,970,768 or 0.48% of the Fund's net assets as of September 30, 2005. 5. When-issued security or forward commitment to be delivered and settled after September 30, 2005. See Note 1 of Notes to Financial Statements. 6. 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 $76,603,747 or 7.37% of the Fund's net assets as of September 30, 2005. 7. Zero coupon bond reflects effective yield on the date of purchase. 8. All or a portion of the security is held in collateralized accounts to cover initial margin requirements on open futures sales contracts. The aggregate market value of such securities is $2,981,875. See accompanying Notes to Quarterly Statement of Investments. 9. Partial or fully-loaned security. 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. Non-income producing security. 14. Received as the result of issuer reorganization. 15. Interest rate represents a weighted average rate comprised of the interest rates of the underlying securities. 16. The Fund may have elements of risk due to concentrated investments. Such concentrations may subject the Fund to additional risks. 17. 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 September 30, 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 $ 1,079,246,499 ==================== Gross unrealized appreciation $ 30,246,928 Gross unrealized depreciation (18,300,407) -------------------- Net unrealized appreciation $ 11,946,521 ==================== 34 Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - -------------------------------------------------------------------------------- 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 may be valued primarily using dealer-supplied valuations or a portfolio pricing service authorized by the Board of Trustees. Securities listed or traded on National Stock Exchanges or other domestic 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. Securities traded on foreign exchanges are valued based on the last sale price on the principal exchange on which the security is traded, in the country that is identified by the portfolio pricing service, prior to the time when the Fund's assets are valued. In the absence of a sale, the security is valued at the official closing price on the principal exchange. 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. Futures contracts traded on a commodities or futures exchange will be valued at the final settlement price or official closing price on the principal exchange as reported by such principal exchange at its trading session ending at, or most recently prior to, the time when the Fund's assets are valued. Securities (including restricted securities) for which market quotations are not readily available are valued at their fair value. Foreign and domestic securities whose values have been materially affected by what the Manager identifies as a significant event occurring before the Fund's assets are valued but after the close of their respective exchanges will be fair valued. Fair value is determined in good faith using consistently applied procedures under the supervision of the Board of Trustees. Short-term "money market type" debt securities with remaining maturities of sixty days or less are valued at amortized cost (which approximates market value). STRUCTURED NOTES. The Fund invests in structured notes whose market values, interest rates and/or redemption prices are linked to the performance of underlying foreign currencies, interest rate spreads, stock market indices, prices of individual securities, commodities or other financial instruments or the occurrence of other specific events. The structured notes are often leveraged, increasing the volatility of each note's market value relative to the change in the underlying linked financial element or event. Fluctuations in value of these securities are recorded as unrealized gains and losses in the accompanying Statement of Operations. The Fund records a realized gain or loss when a structured note is sold or matures. As of September 30, 2005, the market value of these securities comprised 12.1% of the Fund's net assets and resulted in unrealized cumulative gains of $4,355,230. 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 35 Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - -------------------------------------------------------------------------------- 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 September 30, 2005, the Fund had purchased $73,669,276 of securities issued on a when-issued basis or forward commitment and sold $13,882,286 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 September 30, 2005, securities with an aggregate market value of $2,551,509, representing 0.25% of the Fund's net assets, were in default. FOREIGN CURRENCY TRANSLATION. The Fund's accounting records are maintained in U.S. dollars. The values of securities denominated in foreign currencies and amounts related to the purchase and sale of foreign securities and foreign investment income 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. Foreign exchange rates may be valued primarily 36 Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - -------------------------------------------------------------------------------- using dealer supplied valuations or a portfolio pricing service authorized by the Board of Trustees. Reported net realized foreign exchange gains or losses arise from sales of portfolio securities, sales and maturities of short-term securities, sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the values of assets and liabilities, including investments in securities at fiscal period end, resulting from changes in exchange rates. The effect of changes in foreign currency exchange rates on investments is separately identified from the fluctuations arising from changes in market values of securities held and reported with all other foreign currency gains and losses in the Fund's Statement of Operations. JOINT REPURCHASE AGREEMENTS. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission, the Fund, along with other affiliated funds advised by the Manager, may transfer uninvested cash balances into joint trading accounts on a daily basis. These balances are invested in one or more repurchase agreements. Securities pledged as collateral for repurchase agreements are held by a custodian bank until the agreements mature. Each agreement requires that the market value of the collateral be sufficient to cover payments of interest and principal. In the event of default by the other party to the agreement, retention of the collateral may be subject to legal proceedings. 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. 37 Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - -------------------------------------------------------------------------------- As of September 30, 2005, the Fund had outstanding foreign currency contracts as follows:
EXPIRATION CONTRACT AMOUNT VALUATION AS OF UNREALIZED UNREALIZED CONTRACT DESCRIPTION DATES (000s) SEPT. 30, 2005 APPRECIATION DEPRECIATION - ------------------------------------------------------------------------------------------------------------------------------------ CONTRACTS TO PURCHASE Argentine Peso (ARP) 10/6/05-2/2/06 10,501 ARP $ 3,603,768 $ 32,862 $ 28,884 Brazilian Real (BRR) 10/17/05-9/25/06 65,936 BRR 27,099,797 1,323,731 -- British Pound Sterling (GBP) 3/9/06 450 GBP 792,848 -- 1,042 Canadian Dollar (CAD) 10/21/05 5,010 CAD 4,312,197 16,754 -- Chiliean Peso (CLP) 10/6/05-12/22/05 1,050,000 CLP 1,980,894 26,085 -- Indian Rupee (INR) 10/26/05-12/20/05 218,580 INR 4,968,154 24,645 -- Indonesia Rupiah (IDR) 1/4/06 9,720,000 IDR 943,689 24,106 -- Japanese Yen (JPY) 3/9/06 545,000 JPY 4,891,439 -- 61,981 Mexican Nuevo Peso (MXN) 10/25/05-10/26/05 65,400 MXN 6,054,053 9,929 9,565 Noregian Krone (NOK) 10/24/05 24,580 NOK 3,756,087 -- 93,446 Philippines Peso (PHP) 10/26/05 211,300 PHP 3,758,139 21,623 -- Russian Ruble (RUR) 10/27/05 28,475 RUR 1,000,565 25,059 -- Slovakia Koruna (SKK) 11/14/05-12/21/05 126,390 SKK 3,915,620 -- 97,350 Swiss Franc (CHF) 10/21/05 21,250 CHF 16,445,763 -- 238,176 Turkish Lira (TRY) 10/26/05-11/7/05 6,270 TRY 4,609,900 -- 25,342 ------------------------------ 1,504,794 555,786 ------------------------------ CONTRACTS TO SELL Argentine Peso (ARP) 10/6/05 6,067 ARP 2,085,688 24,593 -- Australian Dollar (AUD) 12/5/05 7,620 AUD 5,794,132 1,644 132,370 British Pound Sterling (GBP) 10/17/05-3/8/06 4,720 GBP 8,320,152 203,293 -- Canadian Dollar (CAD) 2/17/06 355 CAD 306,600 -- 8,781 Chinese Renminbi (Yuan) 10/26/05 30,500 CNY 3,772,185 6,074 -- Czech Koruna (CZK) 10/26/05 93,800 CZK 3,811,114 79,388 -- Euro (EUR) 10/17/05-3/9/06 34,060 EUR 41,064,278 634,705 -- Japanese Yen (JPY) 10/26/05-3/8/06 2,448,000 JPY 21,794,251 302,245 -- South African Rand (ZAR) 10/11/05-11/15/05 18,865 ZAR 2,958,753 -- 234,744 Swedish Krone (SEK) 10/26/05 29,200 SEK 3,772,021 42,006 -- Swiss Franc (CHF) 10/26/05 4,860 CHF 3,762,920 59,999 -- Turkish Lira (TRY) 11/1/05-2/8/06 6,759 TRY 4,898,088 -- 170,020 ------------------------------ 1,353,947 545,915 ------------------------------ Total unrealized appreciation and depreciation $ 2,858,741 $ 1,101,701 ==============================
38 Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - -------------------------------------------------------------------------------- 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. 39 Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - -------------------------------------------------------------------------------- As of September 30, 2005, the Fund had outstanding futures contracts as follows:
UNREALIZED EXPIRATION NUMBER OF VALUATION AS OF APPRECIATION CONTRACT DESCRIPTION DATES CONTRACTS SEPTEMBER 30, 2005 (DEPRECIATION) - ----------------------------------------------------------------------------------------------------------------------------- CONTRACTS TO PURCHASE Amsterdam Exchange Index 10/21/05 17 $ 1,649,024 $ 27,833 CAC-40 10 Index 10/21/05 40 2,211,886 40,107 DAX Index 12/16/05 11 1,674,524 42,301 FTSE 100 Index 12/16/05 4 386,941 (1,056) Japan (Government of) Mini Bonds, 10 yr. 12/8/05 16 1,940,381 (1,175) Standard & Poor's ASX 200 Index 12/15/05 20 1,768,093 43,411 Standard & Poor's/MIB Index, 10 yr. 12/16/05 8 1,673,265 21,138 U.S. Long Bonds 12/20/05 266 30,432,063 (663,996) U.S. Treasury Nts., 10 yr. 12/20/05 218 23,962,969 (85,633) -------------------- (577,070) -------------------- CONTRACTS TO SELL CAC-40 10 Index 10/21/05 54 2,986,047 (72,444) DAX Index 12/16/05 25 3,805,736 (113,500) Euro-Bundesobligation, 10 yr. 12/8/05 17 2,503,467 6,257 FTSE 100 Index 12/16/05 28 2,708,586 (59,175) NASDAQ 100 E-Mini Index 12/16/05 105 3,389,400 (25,355) Nikkei 225 Index 12/8/05 43 5,136,364 (329,811) Standard & Poor's 500 Index 12/15/05 59 18,205,925 58,041 United Kingdom Long Gilt 12/28/05 2 397,665 689 U.S. Long Bonds 12/20/05 145 16,588,906 19,948 U.S. Treasury Nts., 2 yr. 12/30/05 241 49,619,641 151,818 U.S. Treasury Nts., 5 yr. 12/20/05 53 5,663,547 31,074 U.S. Treasury Nts., 10 yr. 12/20/05 106 11,651,719 143,983 -------------------- (188,475) -------------------- $ (765,545) ====================
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 40 Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - -------------------------------------------------------------------------------- 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 six months ended September 30, 2005 was as follows:
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) (3,596) (2,325,000) (5,357) --------------------------------------------------------------- Options outstanding as of September 30, 2005 -- $ -- -- $ -- ===============================================================
CREDIT SWAP CONTRACTS The Fund may enter into a credit default swap contract to seek to maintain a total return on a particular investment or portion of its portfolio, or for other 41 Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - -------------------------------------------------------------------------------- non-speculative purposes. Credit default swap contracts are subject to credit risks (for example if the counterparty fails to meet its obligations). As a purchaser of a credit default swap contract, the Fund pays a periodic interest fee on the notional amount to the counterparty. This interest fee is accrued daily as a component of unrealized appreciation (depreciation) and is recorded as realized loss upon payment. Upon occurrence of a specific credit event with respect to the underlying referenced debt obligation, the Fund is obligated to deliver that security to the counterparty in exchange for receipt of the notional amount from the counterparty. The difference between the value of the security delivered and the notional amount received is recorded as realized gain. Information regarding such credit swaps as of September 30, 2005 is as follows:
ANNUAL NOTIONAL AMOUNT INTEREST RECEIVED BY THE RATE PAID REFERENCED DEBT FUND UPON BY THE UNREALIZED COUNTERPARTY OBLIGATION CREDIT EVENT FUND DEPRECIATION - ------------------------------------------------------------------------------------------------------------------------------- Citigroup Global Markets Russian Federation 5% $ 3,590,000 1.09% $ 99,469 Limited London, UK Step-up Bond - ------------------------------------------------------------------------------------------------------------------------------- JPMorgan Chase New York, NY: Kingdom of Jordan 6% Step-up Bond 250,000 2.00 2,448 Russian Federation 2.50% Step-up Bond 730,000 2.40 88,131 - ------------------------------------------------------------------------------------------------------------------------------- Lehman Brothers Special Financing, Inc.: Brazil 12.25% Global Bond 3,000,000 6.15 449,267 General Motors 7.125% Bond 700,000 5.45 37,149 General Motors 7.125% Bond 1,300,000 4.40 24,585 Republic of Turkey 11.875% Bond 580,000 3.15 36,791 - ------------------------------------------------------------------------------------------------------------------------------- Morgan Stanley Capital Services, Inc.: Republic of Columbia 10.375% Bond 1,080,000 3.70 68,489 Turkey Government 11.875% International Bond 1,560,000 3.22 52,111 Ukrainian Government Bond 346,000 1.65 536 - ------------------------------------------------------------------------------------------------------------------------------- UBS AG, London Branch Federal Republic of Brazil 12.25% Bond 900,000 4.50 96,892 --------------- $ 955,868 ===============
42 Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - -------------------------------------------------------------------------------- As a seller of a credit default swap contract, the Fund receives a periodic interest fee on the notional amount from the counterparty. This interest fee is accrued daily as a component of unrealized appreciation (depreciation) and is recorded as realized gain upon receipt. Upon occurrence of a specific credit event with respect to the underlying referenced debt obligation, the Fund receives that security from the counterparty in exchange for payment of the notional amount to the counterparty. The difference between the value of the security received and the notional amount paid is recorded as realized loss. Information regarding such credit swaps as of September 30, 2005 is as follows:
NOTIONAL AMOUNT PAID ANNUAL INTEREST UNREALIZED REFERENCED DEBT BY THE FUND UPON RATE RECEIVED APPRECIATION COUNTERPARTY OBLIGATION CREDIT EVEN BY THE FUND (DEPRECIATION) - ------------------------------------------------------------------------------------------------------------------------- Citigroup Global Markets Russian Federation 5% Limited London, UK Step-up Bond $ 6,280,000 0.70% $ 51,879 - ------------------------------------------------------------------------------------------------------------------------- Lehman Brothers Special Financing, Inc.: General Motors 7.125% Bond 700,000 9.80 104,077 General Motors 7.125% Bond 1,300,000 5.55 (80,157) Republic of Turkey 11.875% Bond 1,270,000 1.87 28,126 - ------------------------------------------------------------------------------------------------------------------------- UBS AG, London Federal Republic of Branch Brazil 12.25% Bond 3,055,000 3.80 241,679 ------------- $ 345,604 =============
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. 43 Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - -------------------------------------------------------------------------------- As of September 30, 2005, the Fund had entered into the following interest rate swap agreements:
RATE RATE PAID BY RECEIVED BY THE FUND AT THE FUND AT UNREALIZED SWAP NOTIONAL SEPT. 30, SEPT. 30, FLOATING TERMINATION APPRECIATION COUNTERPARTY AMOUNT 2005 2005 RATE INDEX DATES (DEPRECIATION) - ------------------------------------------------------------------------------------------------------------------------------------ Citigroup Global Markets Holdings, Inc.: 1,407,000,000 KRW 3.93% 4.34% Three-Month KWCDC 2/17/10 $ (9,134) 500,000,000 KRW 3.49 4.575 KWCDC 8/26/10 51 1,260,000 PLZ 4.35 5.52 Six-Month WIBO 3/24/10 25,309 2,016,000 PLZ 4.35 5.55 Six-Month WIBO 3/24/10 41,242 - ------------------------------------------------------------------------------------------------------------------------------------ Credit Suisse First Boston International 9,530,000 MXN 10.03 10 28-Day MXN TIIE 7/9/15 47,085 - ------------------------------------------------------------------------------------------------------------------------------------ Credit Suisse First Boston, Inc. (Nassau Branch) 3,640,000 PLZ 4.91 4.48 Six-Month WIBO 7/1/10 (7,823) - ------------------------------------------------------------------------------------------------------------------------------------ Deutsche Bank AG: 4,055,000 EUR 2.134 3.83 Three-Month EURIBOR 3/8/15 343,230 930,000 3.66 5.25 Six-Month LIBOR 6/23/15 66,271 5,555,000 4.816 3.834 Three-Month BBA LIBOR 3/8/15 (44,816) - ------------------------------------------------------------------------------------------------------------------------------------ Deutsche Bank AG, 5 yr.: 55,240,000 TWD 2.53 1.36 90-Day CPTW 8/19/09 (43,802) 74,350,000 INR 4.88 5.012 IRS 1/15/09 57,110 - ------------------------------------------------------------------------------------------------------------------------------------ Deutsche Bank AG, 10 yr. 10,000,000 3.79 5.32 Three-Month BBA LIBOR 5/12/14 590,054 - ------------------------------------------------------------------------------------------------------------------------------------ Goldman Sachs Capital Markets LP: 15,887,992 BRR 19.73 17.18 BZDI 1/2/08 11,053 1,682,090 BRR 18.25 17.72 BZDI 1/2/07 (7,007) 2,744,000 BRR 19.2 18.16 BZDI 1/2/08 27,431 4,710,000 MXN 9.49 10 MXN TIIE 6/24/15 22,041 9,160,000 MXN 9.61 10.22 MXN TIIE 1/30/15 54,996 7,875,000 MXN 9.48 10.43 MXN TIIE 5/29/15 57,544 7,875,000 MXN 9.48 10.30 MXN TIIE 6/1/15 51,249 7,990,000 MXN 9.735 10.29 MXN TIIE 6/14/15 51,790 - ------------------------------------------------------------------------------------------------------------------------------------ Goldman Sachs Group, Inc. (The): 3,307,000 BRR 18.63 18 BZDI 1/2/07 (5,439) 1,314,230 BRR 18.25 17.17 BZDI 1/2/08 (3,218) 1,606,280 BRR 18.25 17.17 BZDI 1/2/08 (3,933) 9,100,000 MXN 9.72 10.7 MXN TIIE 5/8/15 81,834 6,090,000 MXN 9.625 9.41 MXN TIIE 8/31/20 (565) 12,220,000 MXN 9.675 9.5 MXN TIIE 8/28/25 (764) 18,300,000 MXN 9.625 9.51 MXN TIIE 8/26/25 432 11,510,000 MXN 9.675 9.74 MXN TIIE 1/5/10 32,603 23,010,000 MXN 9.625 9.84 MXN TIIE 12/31/09 73,006 4,100,000 MXN 9.495 10.85 MXN TIIE 3/5/15 40,188 - ------------------------------------------------------------------------------------------------------------------------------------ JPMorgan Chase Bank: 245,400,000 HUF 6.63 7 Six-Month LIBOR flat 7/14/08 23,745 14,620,000 MXN 9.65 10.88 28-Day MXN TIIE 11/16/14 146,242 9,700,000 MXN 9.51 9.76 MXN TIIE 8/17/15 33,425 100,000,000 3.87 4.43 Three-Month LIBOR 9/1/10 (652,665) 1,820,000 3.68 4.94 Three-Month BBA LIBOR 4/30/14 57,976 - ------------------------------------------------------------------------------------------------------------------------------------ JPMorgan Chase Bank, 10 yr. 35,000,000 3.22 4.985 Three-Month BBA LIBOR 5/6/14 1,221,279 - ------------------------------------------------------------------------------------------------------------------------------------ Lehman Brothers Special Financing, Inc.: 1,000,000 GBP 4.598 4.515 Six-Month BPO 2/17/16 (2,912) 4,200,000 GBP 4.515 4.52 Six-Month BPO 2/17/08 9,737 9,440,000 MXN 9.625 9.99 28-Day MXN TIIE 7/19/15 44,392 4,680,000 PLZ 4.74 4.53 Six-Month WIBO 7/5/10 (7,101) - ------------------------------------------------------------------------------------------------------------------------------------ Morgan Stanley Capital Services, Inc.: 1,760,273 BRR 18.68 16.88 BZDI 1/2/08 (10,045) 3,540,000 BRR 19.72 17.59 BZDI 1/2/07 (7,607) 22,000,000 2.32 3.76 Three-Month LIBOR flat 11/10/05 138,922 4,940,000 ZAR 7 8.14 Three-Month JIBA 5/18/10 7,691 ------------ $ 2,551,093 ============
Notional amount is reported in U.S. Dollars, except for those denoted in the following currencies: BRR Brazilian Real EUR Euro GBP British Pound Sterling HUF Hungary Forints INR Indian Rupee KRW South Korean Won MXN Mexican Nuevo Peso PLZ Polish Zloty TWD New Taiwan Dollar ZAR South African Rand Index abbreviations are as follows: BBA LIBOR British Bankers' Association London-Interbank Offered Rate BPO (GBP) British Bankers' Association London-Interbank Offered Rate (British Pound Sterling) BZDI Brazil Cetip Interbank Deposit Rate CPTW Bloomberg Taiwan Secondary Commercial Papers EURIBOR Euro Interbank Offered Rate IRS India Swap Composites JIBA South Africa Johannesburg Interbank Agreed Rate KWCDC South Korean Won-3 Months LIBOR London-Interbank Offered Rate MXN TIIE Mexican Peso-Interbank Equilibrium Interest Rate WIBO Poland Warsaw Interbank Offer Bid Rate 44 Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - -------------------------------------------------------------------------------- TOTAL RETURN SWAP CONTRACTS The Fund may enter into a total return swap transaction to maintain a total return on a particular investment, or portion of its portfolio, or for other non-speculative purposes. Because the principal amount is not exchanged, it represents neither an asset nor a liability to either counterparty, and is referred to as notional. The Fund records an increase or decrease to unrealized gain (loss), in the amount due to or owed by the Fund at termination or settlement. Total return swaps are subject to risks (if the counterparty fails to meet its obligations). As of September 30, 2005, the Fund had entered into the following total return swap agreements.
PAID BY RECEIVED BY UNREALIZED SWAP NOTIONAL THE FUND AT RATES AS OF THE FUND AT RATES AS OF TERMINATION APPRECIATION COUNTERPARTY AMOUNT SEPT. 30, 2005 SEPT. 30, 2005 SEPT. 30, 2005 SEPT. 30, 2005 DATES (DEPRECIATION) - ------------------------------------------------------------------------------------------------------------------------------------ Six-Month Deutsche Bank AG $ 1,620,000 BBA LIBOR 4.23063% UDIS 3.586687% 5/13/15 $ 174,532 - ------------------------------------------------------------------------------------------------------------------------------------ Goldman Sachs Group, Inc. (The): Six-Month 920,000 BBA LIBOR 4.23063 UDIS 3.586687 1/14/15 91,806 Six-Month 920,000 BBA LIBOR 4.23063 UDIS 3.586687 1/20/15 93,546 - ------------------------------------------------------------------------------------------------------------------------------------ One-Month Change of LIBOR Minus Total Return 0.25% (+or -) of Lehman Rate Brothers UBS AG 7,850,000 Received 5.04893 CMBS Index (1.36)* 12/1/05 (106,473) - ------------------------------------------------------------------------------------------------------------------------------------ $ 253,411 ================
*Represents an additional amount paid by the Fund at September 30, 2005. Index abbreviations are as follows: BBA LIBOR British Bankers' Association London-Interbank Offered Rate CMBS Commercial Mortgage Backed Securities LIBOR London-Interbank Offered Rate UDIS Mexican Indice Nacional de Precios al Consumidor 45 Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - -------------------------------------------------------------------------------- FOREIGN EXCHANGE VOLATILITY SWAP CONTRACTS The Fund may enter into a foreign exchange volatility swap transaction to hedge the direction of volatility in a particular currency, or for other non-speculative purposes. In foreign exchange volatility swaps, counterparties agree to buy or sell volatility at a specific volatility level over a fixed period. Payment is normally made on the basis of a currency amount per percentage point above or below the volatility strike level at maturity. 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 a daily increase or decrease to unrealized gain (loss) based on changes in the amount due to or owed by the Fund at the expiration date of the swap. Foreign exchange volatility swaps are subject to credit risks (if the counterparty fails to meet its obligations). As of September 30, 2005, the Fund had entered into the following foreign exchange volatility swap agreements:
NOTIONAL PRINCIPAL EXPIRATION UNREALIZED SWAP COUNTERPARTY CURRENCY AMOUNT DATE PRICE DEPRECIATION - ----------------------------------------------------------------------------------------------------------------------------- Goldman Sachs Group, Inc. (The) Mexican Nuevo Peso $ 2,160,000 10/12/05 11.449 MXN $ 13,299
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 six months ended September 30, 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 39,525,000 204,292 -- -- Swaptions closed or expired (37,195,000) (233,394) (8,240,000) (28,460) ------------------------------------------------------------------------------- Swaptions outstanding as of September 30, 2005 $ 9,000,000 $ 36,900 $ -- $ -- ===============================================================================
46 Oppenheimer Strategic Bond Fund/VA Oppenheimer Strategic Bond Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - -------------------------------------------------------------------------------- As of September 30, 2005, the Fund had entered into the following swaption contracts:
NOTIONAL EXPIRATION EXERCISE PREMIUM SWAPTIONS AMOUNT DATE PRICE RECEIVED VALUE - ---------------------------------------------------------------------------------------------------------------------- US Dollar Call $ 9,000,000 2/9/06 $ 4.74 $ 36,900 $ 48,964
ILLIQUID OR RESTRICTED SECURITIES AND CURRENCY As of September 30, 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. Securities that are illiquid or restricted are marked with the applicable footnote on the Statement of Investments. Information concerning restricted securities and currency is as follows:
ACQUISITION VALUATION AS OF UNREALIZED SECURITY DATES COST SEPTEMBER 30, 2005 DEPRECIATION - ------------------------------------------------------------------------------------------------------------------------ Geotek Communications, Inc., Series B, Escrow Shares 1/4/01 $ 840 $ -- $ 840 Prandium, Inc. 3/19/99-7/18/02 284,000 483 283,517 -------------------------------------------------------------- $ 284,840 $ 483 $ 284,357 ============================================================== CURRENCY Argentine Peso 7/14/05-9/15/05 $ 110,602 $ 109,152 $ 1,450
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 continues to receive the economic benefit of interest or dividends paid on the securities loaned in the form of a substitute payment received from the borrower. As of September 30, 2005, the Fund had on loan securities valued at $38,331,728. Collateral of $39,131,934 was received for the loans, of which $10,868,535 was received in cash and subsequently invested in approved instruments. 47 Oppenheimer Strategic Bond Fund/VA Oppenheimer Value Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - --------------------------------------------------------------------------------
Shares Value - ------------------------------------------------------------------------------------------------------- COMMON STOCKS--98.0% - ------------------------------------------------------------------------------------------------------- CONSUMER DISCRETIONARY--7.4% - ------------------------------------------------------------------------------------------------------- MEDIA--7.4% Liberty Global, Inc., Series A 3,043 $ 82,404 - ------------------------------------------------------------------------------------------------------- Liberty Global, Inc., Series C 1 3,043 78,357 - ------------------------------------------------------------------------------------------------------- News Corp., Inc., Cl. A 3,900 60,801 ----------- 221,562 CONSUMER STAPLES--5.0% - ------------------------------------------------------------------------------------------------------- TOBACCO--5.0% Altria Group, Inc. 2,050 151,106 ENERGY--12.5% - ------------------------------------------------------------------------------------------------------- ENERGY EQUIPMENT & SERVICES--2.2% Halliburton Co. 970 66,464 - ------------------------------------------------------------------------------------------------------- OIL & GAS--10.3% BP plc, ADR 2,070 146,660 - ------------------------------------------------------------------------------------------------------- Exxon Mobil Corp. 1,900 120,726 - ------------------------------------------------------------------------------------------------------- TotalFinaElf SA, Sponsored ADR 300 40,746 ----------- 308,132 FINANCIALS--29.1% - ------------------------------------------------------------------------------------------------------- CAPITAL MARKETS--4.2% UBS AG 1,500 128,250 - ------------------------------------------------------------------------------------------------------- COMMERCIAL BANKS--6.5% Bank of America Corp. 1,188 50,015 - ------------------------------------------------------------------------------------------------------- Wells Fargo & Co. 2,480 145,254 ----------- 195,269 - ------------------------------------------------------------------------------------------------------- DIVERSIFIED FINANCIAL SERVICES--10.1% Capital One Financial Corp. 970 77,134 - ------------------------------------------------------------------------------------------------------- Citigroup, Inc. 1,400 63,728 - ------------------------------------------------------------------------------------------------------- JPMorgan Chase & Co. 3,550 120,452 - ------------------------------------------------------------------------------------------------------- Lehman Brothers Holdings, Inc. 360 41,933 ----------- 303,247 - ------------------------------------------------------------------------------------------------------- INSURANCE--5.4% Everest Re Group Ltd. 300 29,370 - ------------------------------------------------------------------------------------------------------- Genworth Financial, Inc., Cl. A 2,840 91,562 - ------------------------------------------------------------------------------------------------------- Platinum Underwriters Holdings Ltd. 1,360 40,650 ----------- 161,582 - ------------------------------------------------------------------------------------------------------- THRIFTS & MORTGAGE FINANCE--2.9% Countrywide Financial Corp. 1,730 57,055 - ------------------------------------------------------------------------------------------------------- Freddie Mac 520 29,359 ----------- 86,414 HEALTH CARE--3.8% - ------------------------------------------------------------------------------------------------------- BIOTECHNOLOGY--1.4% Wyeth 900 41,643 - ------------------------------------------------------------------------------------------------------- PHARMACEUTICALS--2.4% Sanofi-Aventis SA, ADR 1,720 71,466 INDUSTRIALS--12.3% - ------------------------------------------------------------------------------------------------------- AEROSPACE & DEFENSE--8.2% Honeywell International, Inc. 4,130 154,875 - ------------------------------------------------------------------------------------------------------- Raytheon Co. 740 28,135 - -------------------------------------------------------------------------------------------------------
1 Oppenheimer Value Fund/VA Oppenheimer Value Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - --------------------------------------------------------------------------------
Shares Value - ------------------------------------------------------------------------------------------------------- AEROSPACE & DEFENSE CONTINUED United Technologies Corp. 1,200 $ 62,208 ----------- 245,218 - ------------------------------------------------------------------------------------------------------- COMMERCIAL SERVICES & SUPPLIES--4.1% Cendant Corp. 5,990 123,634 INFORMATION TECHNOLOGY--13.9% - ------------------------------------------------------------------------------------------------------- COMPUTERS & PERIPHERALS--1.9% International Business Machines Corp. 730 58,561 - ------------------------------------------------------------------------------------------------------- SOFTWARE--12.0% Microsoft Corp. 4,860 125,048 - ------------------------------------------------------------------------------------------------------- Novell, Inc. 1 4,870 36,282 - ------------------------------------------------------------------------------------------------------- Synopsys, Inc. 1 3,960 74,844 - ------------------------------------------------------------------------------------------------------- Take-Two Interactive Software, Inc. 1 5,590 123,483 ----------- 359,657 MATERIALS--3.5% - ------------------------------------------------------------------------------------------------------- CHEMICALS--2.2% Praxair, Inc. 1,370 65,664 - ------------------------------------------------------------------------------------------------------- METALS & MINING--1.3% Phelps Dodge Corp. 290 37,680 TELECOMMUNICATION SERVICES--2.1% - ------------------------------------------------------------------------------------------------------- DIVERSIFIED TELECOMMUNICATION SERVICES--2.1% IDT Corp., Cl. B 1 3,030 36,936 - ------------------------------------------------------------------------------------------------------- Verizon Communications, Inc. 830 27,133 ----------- 64,069 UTILITIES--8.4% - ------------------------------------------------------------------------------------------------------- ELECTRIC UTILITIES--7.3% AES Corp. (The) 1 5,110 83,957 - ------------------------------------------------------------------------------------------------------- CMS Energy Corp. 1 1,980 32,571 - ------------------------------------------------------------------------------------------------------- NRG Energy, Inc. 1 800 34,080 - ------------------------------------------------------------------------------------------------------- PG&E Corp. 640 25,120 - ------------------------------------------------------------------------------------------------------- Reliant Energy, Inc. 1 2,800 43,232 ----------- 218,960 - ------------------------------------------------------------------------------------------------------- GAS UTILITIES--1.1% Sempra Energy 730 34,354 ----------- Total Common Stocks (Cost $2,474,734) 2,942,932 Principal Amount - ------------------------------------------------------------------------------------------------------- JOINT REPURCHASE AGREEMENTS--2.5% - ------------------------------------------------------------------------------------------------------- Undivided interest of 0.02% in joint repurchase agreement (Principal Amount/Value $400,132,000, with a maturity value of $400,240,369) with Cantor Fitzgerald & Co./Cantor Fitzgerald Securities, 3.25%, dated 9/30/05, to be repurchased at $75,020 on 10/3/05, collateralized by U.S. Treasury Bonds, 7.50%--8.875%, 11/15/16--11/15/21, with a value of $408,618,137 (Cost $75,000) $75,000 75,000 - ------------------------------------------------------------------------------------------------------- VALUE - ------------------------------------------------------------------------------------------------------- Total Investments, at Value (Cost $2,549,734) 100.5% $3,017,932 - ------------------------------------------------------------------------------------------------------- Liabilities in Excess of Other Assets (0.5) (15,885) --------------------------- Net Assets 100.0% $3,002,047 ===========================
Footnote to Statement of Investments 1. Non-income producing security. FEDERAL TAX. The approximate aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments for federal income tax purposes as of September 30, 2005 are noted below. The primary difference between book and tax appreciation or depreciation of securities and other investments, if applicable, is attributable to the tax deferral of losses. Federal tax cost of securities $ 2,549,734 =============== Gross unrealized appreciation $ 509,682 Gross unrealized depreciation (41,484) --------------- Net unrealized appreciation $ 468,198 =============== 2 Oppenheimer Value Fund/VA Oppenheimer Value Fund/VA STATEMENT OF INVESTMENTS September 30, 2005/Unaudited - -------------------------------------------------------------------------------- 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 may be valued primarily using dealer-supplied valuations or a portfolio pricing service authorized by the Board of Trustees. Securities listed or traded on National Stock Exchanges or other domestic 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. Securities traded on foreign exchanges are valued based on the last sale price on the principal exchange on which the security is traded, in the country that is identified by the portfolio pricing service, prior to the time when the Fund's assets are valued. In the absence of a sale, the security is valued at the official closing price on the principal exchange. 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. Futures contracts traded on a commodities or futures exchange will be valued at the final settlement price or official closing price on the principal exchange as reported by such principal exchange at its trading session ending at, or most recently prior to, the time when the Fund's assets are valued. Securities (including restricted securities) for which market quotations are not readily available are valued at their fair value. Foreign and domestic securities whose values have been materially affected by what the Manager identifies as a significant event occurring before the Fund's assets are valued but after the close of their respective exchanges will be fair valued. Fair value is determined in good faith using consistently applied procedures under the supervision of the Board of Trustees. Short-term "money market type" debt securities with remaining maturities of sixty days or less are valued at amortized cost (which approximates market value). FOREIGN CURRENCY TRANSLATION. The Fund's accounting records are maintained in U.S. dollars. The values of securities denominated in foreign currencies and amounts related to the purchase and sale of foreign securities and foreign investment income 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. Foreign exchange rates may be valued primarily using dealer supplied valuations or a portfolio pricing service authorized by the Board of Trustees. Reported net realized foreign exchange gains or losses arise from sales of portfolio securities, sales and maturities of short-term securities, sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the values of assets and liabilities, including investments in securities at fiscal period end, resulting from changes in exchange rates. The effect of changes in foreign currency exchange rates on investments is separately identified from the fluctuations arising from changes in market values of securities held and reported with all other foreign currency gains and losses in the Fund's Statement of Operations. JOINT REPURCHASE AGREEMENTS. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission, the Fund, along with other affiliated funds advised by the Manager, may transfer uninvested cash balances into joint trading accounts on a daily basis. These balances are invested in one or more repurchase agreements. Securities pledged as collateral for repurchase agreements are held by a custodian bank until the agreements mature. Each agreement requires that the market value of the collateral be sufficient to cover payments of interest and principal. In the event of default by the other party to the agreement, retention of the collateral may be subject to legal proceedings. 3 Oppenheimer Value Fund/VA ITEM 2. CONTROLS AND PROCEDURES. (a) Based on their evaluation of the 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 September 30, 2005, the registrant's principal executive officer and principal financial officer found the registrant's disclosure controls and procedures to provide reasonable assurances that information required to be disclosed by the registrant in the reports that it files under the Securities Exchange Act of 1934 (a) is accumulated and communicated to the 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 the 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. Exhibits attached hereto. 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 Variable Account Funds By: /s/ John V. Murphy ------------------ John V. Murphy Principal Executive Officer Date: November 16, 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: November 16, 2005 By: /s/ Brian W. Wixted ------------------- Brian W. Wixted Principal Financial Officer Date: November 16, 2005 EX-99.CERT 2 rq620_18599ex302.txt RQ620_18599EX302 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 Variable Account Funds; 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 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 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: November 16, 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 Variable Account Funds; 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 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 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 Principal Financial Officer Date: November 16, 2005 -----END PRIVACY-ENHANCED MESSAGE-----